For further information:
Dennis Klaeser, CFO
PrivateBancorp, Inc.
312-683-7100
For Immediate Release
PrivateBancorp Reports Second Quarter Earnings per Share of $0.40
Chicago, IL, July 23, 2007 -- PrivateBancorp, Inc. (NASDAQ: PVTB) today reported second quarter 2007 net income of $8.8 million, or $0.40 per diluted share, compared to $10.0 million, or $0.47 per diluted share, for the second quarter 2006. Net income for the six months ended June 30, 2007 was $17.8 million, or $0.81 per diluted share, compared to $19.0 million, or $0.88 per diluted share for the prior year period.
“The year over year decrease in our net interest margin and the increase in non-performing assets negatively affected our operating results. We have been proactive in identifying our non-performing assets, and we are committed to improving our credit quality,” said Ralph B. Mandell, Chairman, President and CEO.
“We remain focused and optimistic about the growth prospects for the Company and the scalability of our unique approach to private banking, especially given the potential consolidation of the Chicago market. Also, we are encouraged by the expansion of our client base and resultant loan growth in our Atlanta, Kansas City and Milwaukee markets,” said Mr. Mandell. “We have made and continue to make significant investments in our infrastructure and new hires, and we expect these investments to enhance stockholder value in the long term.”
Net interest income totaled $32.1 million in the second quarter 2007, compared to $29.9 million for the second quarter 2006 and $32.0 million for the first quarter 2007. Excluding net interest income from The PrivateBank – Georgia, net interest income decreased by $435,000 compared to the second quarter 2006. A lower net interest margin, which decreased 36 basis points year over year and 7 basis points compared to the prior quarter, affected the second quarter 2007 results. Loans placed on non-accrual status during the second quarter explain most of the decrease when compared to prior quarter. Net interest margin (on a tax equivalent basis) was 3.19 percent for the second quarter 2007 compared to 3.55 percent in the second quarter 2006, and 3.26 percent in the first quarter 2007.
Non-performing assets to total assets were 0.70 percent at June 30, 2007, compared to 0.09 percent at June 30, 2006 and 0.34 percent at March 31, 2007. Of $31.3 million in total non-performing assets at June 30, 2007, 45 percent are from the Chicago market, 32 percent are from St. Louis, 17 percent are from Michigan and 6 percent are from Georgia. None of the loans in our Wisconsin or Kansas City markets are non-performing. Of total non-performing assets, 33 percent are commercial real estate, 24 percent are commercial and industrial, 28 percent are construction loans, and the remaining 15 percent are residential real estate and personal loans.
The provision for loan losses in the second quarter 2007 was $3.0 million, compared to $2.4 million in the second quarter 2006 and $1.4 million in the first quarter 2007. Net charge offs totaled $571,000, or 0.06 percent of average loans, in the quarter ended June 30, 2007, versus net charge offs of $389,000, or 0.05 percent of average loans in the prior year quarter and net charge-offs of $582,000, or 0.07 percent of average loans in the first quarter 2007. The allowance for loan losses as a percentage of total loans was 1.11 percent at June 30, 2007, compared to 1.09 at March 31, 2007 and 1.13 percent at June 30, 2006.
Wealth management fee income was $4.0 million during the second quarter 2007, an increase of 12 percent from $3.6 million in the second quarter 2006 and up 5 percent from $3.8 million in the first quarter 2007. Wealth management assets under management increased 16 percent to $3.12 billion at June 30, 2007 from $2.69 billion at June 30, 2006 and increased 6 percent from $2.95 billion at March 31, 2007.
Mortgage banking income was $1.2 million for the second quarter 2007 compared to $1.0 million in the second quarter 2006 and $1.3 million for the first quarter 2007.
During the second quarter, the Company received $646,000 of insurance proceeds covering a portion of losses the Company incurred in the fourth quarter 2006 as a result of an employee fraud, which was previously disclosed. The Company does not expect to recover any additional insurance proceeds relating to this fraud.
Non-interest expense increased by 23 percent to $23.3 million in the second quarter 2007 from $18.9 million in the second quarter 2006, and remained flat with the first quarter 2007. For the quarter ended June 30, 2007, excluding the impact of The PrivateBank – Georgia and costs associated with the start up of The PrivateBank – Kansas City (in organization), non-interest expense increased 12 percent year over year. During the second quarter 2007, non-interest expense at The PrivateBank – Georgia was $1.6 million, and the portion of non-interest expense attributable to The PrivateBank – Kansas City was $0.5 million. The year over year core growth in our non-interest expense is primarily attributable to increased salary expenses associated with new hires and higher occupancy costs. Excluding the effect of The PrivateBank – Georgia, occupancy expense increased by 33 percent year over year as a result of opening two new offices and the relocation of three offices, including our headquarters, to larger facilities.
The number of managing directors increased to 160, compared to 126 at June 30, 2006 and 150 at March 31, 2007. Since the end of the last quarter, seven of the ten were the result of promotions and three were net new hires. The year over year increase includes 11 managing directors from the acquisition of The PrivateBank – Georgia and four managing directors from the start-up of The PrivateBank – Kansas City. Full-time equivalent (FTE) employees increased 23 percent to 503 at the end of the second quarter 2007, from 409 at the end of the second quarter 2006, reflecting the continued growth of our Company and the addition of 37 FTEs as a result of the acquisition of The PrivateBank – Georgia.
During the second quarter 2007, share-based compensation expenses increased approximately $537,000 compared to the first quarter 2007 and $1.0 million compared to the second quarter 2006 due to new restricted stock and stock option awards. The awards included a planned grant to Mr. Mandell of approximately $400,000, which, as previously reported, was immediately expensed based on accounting rules applicable to awards to retirement-eligible employees under the plan.
The efficiency ratio was 58.1 percent in the second quarter 2007, up from 50.3 percent in the prior year second quarter, but down from 59.3 percent reported in the first quarter 2007. The year over year increase in the efficiency ratio was due to the combined effect of the increase in the Company’s operating expenses and the modest increase in net interest income as a result of lower net interest margin.
Total assets were $4.5 billion at June 30, 2007, an increase of 23 percent from $3.7 billion at June 30, 2006, and an increase of 5 percent from $4.3 billion at December 31, 2006. At June 30, 2007, total loans were $3.7 billion, versus $3.0 billion at June 30, 2006 and $3.5 billion at December 31, 2006. During the second quarter, loans grew by over 3 percent and at an annualized rate of approximately 14 percent. Excluding The PrivateBank- Georgia, loans grew 18 percent year over year.
Total deposits were $3.6 billion at June 30, 2007, up from $3.1 billion at June 30, 2006 and unchanged from December 31, 2006. Core deposits, defined as total deposits less brokered deposits, were $3.0 billion at quarter’s end, compared to $2.4 billion at June 30, 2006 and $3.0 billion at December 31, 2006. During the second quarter, core deposits grew by 2 percent and at an annualized rate of 8 percent. Excluding The PrivateBank - Georgia, core deposits grew 20 percent year over year. Brokered deposits were $630.9 million at June 30, 2007, down from $748.0 million at June 30, 2006 and up from $589.3 million at December 31, 2006. Funds borrowed, which include federal funds purchased, FHLB advances, borrowings under the Company’s credit facility, and convertible senior notes, increased to $407.7 million at June 30, 2007 from $133.2 million at June 30, 2006, and increased 45 percent from $281.7 million at December 31, 2006. As previously announced, during the first quarter 2007, the Company issued $115.0 million of contingent convertible senior notes to qualified institutional investors, the proceeds of which were used to replace more expensive funding.
PrivateBancorp, Inc. was organized in 1989 to provide distinctive, highly personalized premium financial services primarily to privately held businesses, affluent individuals, wealthy families, professionals, entrepreneurs and real estate investors for their personal and professional interests. The Company uses a European tradition of “private banking” as a model to develop lifetime relationships with its clients. Through a team of highly qualified managing directors, The PrivateBank tailors products and services to meet each client’s personal and commercial banking and wealth management needs. The Company, which had assets of $4.5 billion as of June 30, 2007, has 18 offices located in the Atlanta, Chicago, Detroit, Milwaukee, St. Louis, and Kansas City metropolitan areas.
Additional information can be found in the Investor Relations section of PrivateBancorp, Inc.’s website at www.pvtb.com.
Forward-Looking Statements: Statements contained in this news release that are not historical facts may constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to, fluctuations in market rates of interest and loan and deposit pricing in the Company’s market areas, the effect of continued margin pressure on the Company’s earnings, further deterioration in asset quality, legislative or regulatory changes, adverse developments in the Company’s loan or investment portfolios, slower than anticipated growth of the Company’s business or unanticipated business declines, unforeseen difficulties in the continued integration of The PrivateBank - Georgia or higher than expected operational costs, failure to get regulatory approval for a de novo federal savings bank in Kansas City, competition, failure to improve operating efficiencies through expense controls, and the possible dilutive effect of potential acquisitions, expansion or future capital raises. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company assumes no obligation to update publicly any of these statements in light of future events unless required under the federal securities laws.
Editor’s Note: Financial highlights attached.
Consolidated Statements of Income
(dollars in thousands except per share data)
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2007 | | | 2006 | | | 2007 | | | 2006 | |
| | | unaudited | | | unaudited | | | unaudited | | | unaudited | |
Interest Income | | | | | | | | | | | | |
| Interest and fees on loans | | $ | 70,732 | | | $ | 55,127 | | | $ | 139,618 | | | $ | 104,037 | |
| Interest on investment securities | | | 5,938 | | | | 7,781 | | | | 11,875 | | | | 16,131 | |
| Interest on short-term investments | | | 239 | | | | 199 | | | | 477 | | | | 286 | |
Total Interest Income | | | 76,909 | | | | 63,107 | | | | 151,970 | | | | 120,454 | |
| | | | | | | | | | | | | | | | | |
Interest Expense | | | | | | | | | | | | | | | | |
| Interest on deposits | | | 38,341 | | | | 29,281 | | | | 75,776 | | | | 53,833 | |
| Interest on borrowings | | | 4,872 | | | | 2,387 | | | | 8,956 | | | | 5,855 | |
| Interest on long-term debt - trust preferred securities | | | 1,585 | | | | 1,577 | | | | 3,152 | | | | 3,129 | |
Total Interest Expense | | | 44,798 | | | | 33,245 | | | | 87,884 | | | | 62,817 | |
| | | | | | | | | | | | | | | | | |
Net Interest Income | | | 32,111 | | | | 29,862 | | | | 64,086 | | | | 57,637 | |
| Provision for loan losses | | | 2,958 | | | | 2,382 | | | | 4,364 | | | | 4,635 | |
Net Interest Income After Provision | | | 29,153 | | | | 27,480 | | | | 59,722 | | | | 53,002 | |
| | | | | | | | | | | | | | | | | |
Non Interest Income | | | | | | | | | | | | | | | | |
| Wealth management income | | | 4,024 | | | | 3,603 | | | | 7,850 | | | | 6,763 | |
| Mortgage banking income | | | 1,229 | | | | 1,005 | | | | 2,543 | | | | 1,728 | |
| Other income | | | 1,803 | | | | 2,616 | | | | 2,929 | | | | 3,755 | |
| Net securities losses | | | (97 | ) | | | (1,007 | ) | | | (18 | ) | | | (1,585 | ) |
| Gains on interest rate swap | | | - | | | | 413 | | | | - | | | | 968 | |
Total Non Interest Income | | | 6,959 | | | | 6,630 | | | | 13,304 | | | | 11,629 | |
| | | | | | | | | | | | | | | | | |
Non Interest Expense | | | | | | | | | | | | | | | | |
| Salaries and benefits | | | 12,734 | | | | 10,325 | | | | 26,463 | | | | 20,861 | |
| Occupancy expense | | | 3,160 | | | | 2,214 | | | | 5,950 | | | | 4,383 | |
| Professional fees | | | 1,610 | | | | 1,955 | | | | 3,325 | | | | 2,971 | |
| Wealth management fees | | | 868 | | | | 799 | | | | 1,650 | | | | 1,205 | |
| Marketing | | | 1,330 | | | | 1,083 | | | | 2,619 | | | | 1,996 | |
| Data processing | | | 984 | | | | 764 | | | | 1,885 | | | | 1,530 | |
| Amortization of intangibles | | | 242 | | | | 153 | | | | 485 | | | | 307 | |
| Insurance | | | 363 | | | | 323 | | | | 714 | | | | 632 | |
| Other operating expenses | | | 2,019 | | | | 1,318 | | | | 3,584 | | | | 2,607 | |
Total Non Interest Expense | | | 23,310 | | | | 18,934 | | | | 46,675 | | | | 36,492 | |
| | | | | | | | | | | | | | | | | |
| Minority interest expense | | | 95 | | | | 86 | | | | 185 | | | | 163 | |
Income Before Income Taxes | | | 12,707 | | | | 15,090 | | | | 26,166 | | | | 27,976 | |
| Income tax expense | | | 3,956 | | | | 5,077 | | | | 8,379 | | | | 8,976 | |
Net Income | | $ | 8,751 | | | $ | 10,013 | | | $ | 17,787 | | | $ | 19,000 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Weighted Average Shares Outstanding | | | 21,185,400 | | | | 20,659,566 | | | | 21,257,808 | | | | 20,615,276 | |
Diluted Average Shares Outstanding | | | 21,810,173 | | | | 21,523,387 | | | | 21,917,667 | | | | 21,509,786 | |
| | | | | | | | | | | | | | | | | |
Per Share Data | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.41 | | | $ | 0.48 | | | $ | 0.84 | | | $ | 0.92 | |
| Diluted | | $ | 0.40 | | | $ | 0.47 | | | $ | 0.81 | | | $ | 0.88 | |
| Dividends | | $ | 0.075 | | | $ | 0.060 | | | $ | 0.150 | | | $ | 0.120 | |
Note 1: Certain reclassifications have been made to prior period financial statements to place them on a basis comparable with the current period financial statements.
Consolidated Balance Sheets
(dollars in thousands except per share data)
| | | 06/30/07 | | | 12/31/06 | | | 06/30/06 | |
| | | unaudited | | | audited | | | unaudited | |
Assets | | | | | | | | | |
| Cash and due from banks | | $ | 63,074 | | | $ | 42,428 | | | $ | 46,625 | |
| Short-term investments | | | 19,672 | | | | 36,969 | | | | 1,496 | |
| Investment securities: available-for-sale | | | 495,854 | | | | 496,782 | | | | 499,801 | |
| Loans held for sale | | | 20,905 | | | | 14,515 | | | | 6,443 | |
| | | | | | | | | | | | | |
| Loans | | | 3,705,339 | | | | 3,499,988 | | | | 2,956,026 | |
| Allowance for loan losses | | | (41,280 | ) | | | (38,069 | ) | | | (33,490 | ) |
| Net loans | | | 3,664,059 | | | | 3,461,919 | | | | 2,922,536 | |
| | | | | | | | | | | | | |
| Premises and equipment, net | | | 23,415 | | | | 21,413 | | | | 17,902 | |
| Goodwill | | | 93,043 | | | | 93,043 | | | | 63,176 | |
| Other assets | | | 105,988 | | | | 97,355 | | | | 94,288 | |
Total Assets | | $ | 4,486,010 | | | $ | 4,264,424 | | | $ | 3,652,267 | |
| | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | |
| Non-interest bearing deposits | | $ | 303,455 | | | $ | 300,689 | | | $ | 273,003 | |
| Interest bearing deposits | | | 3,335,090 | | | | 3,250,324 | | | | 2,852,771 | |
| Total deposits | | | 3,638,545 | | | | 3,551,013 | | | | 3,125,774 | |
| | | | | | | | | | | | | |
| Funds borrowed | | | 407,696 | | | | 281,733 | | | | 133,163 | |
| Trust preferred securities | | | 101,033 | | | | 101,033 | | | | 101,033 | |
| Other liabilities | | | 32,627 | | | | 33,521 | | | | 41,497 | |
Total Liabilities | | | 4,179,901 | | | | 3,967,300 | | | | 3,401,467 | |
| | | | | | | | | | | | | |
Stockholders' Equity | | | | | | | | | | | | |
| Common stock and additional paid-in-capital | | | 179,528 | | | | 174,968 | | | | 146,824 | |
| Treasury stock | | | (13,148 | ) | | | (5,254 | ) | | | (3,812 | ) |
| Retained earnings | | | 136,057 | | | | 121,539 | | | | 105,269 | |
| Accumulated other comprehensive income | | | 3,672 | | | | 5,871 | | | | 2,519 | |
Total Stockholders' Equity | | | 306,109 | | | | 297,124 | | | | 250,800 | |
| | | | | | | | | | | | | |
Total Liabilities and Stockholders' Equity | | $ | 4,486,010 | | | $ | 4,264,424 | | | $ | 3,652,267 | |
Note 1: Certain reclassifications have been made to prior period financial statements to place them on a basis comparable with the current period financial statements.
Key Financial Data
Unaudited
(dollars in thousands except per share data)
| | | 2Q07 | | | 1Q07 | | | 4Q06 | | | 3Q06 | | | 2Q06 | |
Key Statistics | | | | | | | | | | | | | | | |
| Net income | | $ | 8,751 | | | $ | 9,036 | | | $ | 9,052 | | | $ | 9,794 | | | $ | 10,013 | |
| Basic earnings per share | | $ | 0.41 | | | $ | 0.42 | | | $ | 0.43 | | | $ | 0.48 | | | $ | 0.48 | |
| Diluted earnings per share | | $ | 0.40 | | | $ | 0.41 | | | $ | 0.42 | | | $ | 0.46 | | | $ | 0.47 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Return on average total assets | | | 0.80 | % | | | 0.86 | % | | | 0.91 | % | | | 1.04 | % | | | 1.10 | % |
| Return on average total equity | | | 11.66 | % | | | 12.37 | % | | | 13.61 | % | | | 15.43 | % | | | 16.65 | % |
| Dividend payout ratio | | | 18.64 | % | | | 18.50 | % | | | 14.44 | % | | | 12.96 | % | | | 12.65 | % |
Fee revenue as a percent of total revenue (1) | | | 18.01 | % | | | 16.39 | % | | | 15.81 | % | | | 15.79 | % | | | 19.48 | % |
| Wealth management assets under management | | | 3,119,878 | | | | 2,952,227 | | | | 2,902,205 | | | | 2,780,121 | | | | 2,686,255 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Non-interest income to average assets | | | 0.64 | % | | | 0.60 | % | | | 0.56 | % | | | 0.63 | % | | | 0.73 | % |
| Non-interest expense to average assets | | | 2.13 | % | | | 2.22 | % | | | 2.27 | % | | | 2.13 | % | | | 2.08 | % |
Net overhead ratio (2) | | | 1.49 | % | | | 1.62 | % | | | 1.71 | % | | | 1.50 | % | | | 1.35 | % |
Efficiency ratio (3) | | | 58.1 | % | | | 59.3 | % | | | 61.9 | % | | | 53.9 | % | | | 50.3 | % |
| | | | | | | | | | | | | | | | | | | | | |
Net interest margin | | | | | | | | | | | | | | | | | | | | |
| Fed funds sold & other short-term investments | | | 5.15 | % | | | 3.26 | % | | | 5.48 | % | | | 6.40 | % | | | 5.02 | % |
| Investment Securities (taxable) | | | 5.16 | % | | | 5.01 | % | | | 4.51 | % | | | 5.50 | % | | | 5.75 | % |
| Investment Securities (non-taxable) | | | 6.89 | % | | | 6.89 | % | | | 6.90 | % | | | 6.88 | % | | | 6.90 | % |
| Loans, net of unearned discount | | | 7.76 | % | | | 7.84 | % | | | 7.78 | % | | | 7.83 | % | | | 7.64 | % |
| Yield on average earning assets | | | 7.53 | % | | | 7.56 | % | | | 7.49 | % | | | 7.59 | % | | | 7.39 | % |
| Interest bearing deposits | | | 4.70 | % | | | 4.67 | % | | | 4.65 | % | | | 4.53 | % | | | 4.21 | % |
| Funds borrowed | | | 4.94 | % | | | 4.87 | % | | | 5.15 | % | | | 5.20 | % | | | 4.58 | % |
| Trust preferred securities | | | 6.20 | % | | | 6.21 | % | | | 6.21 | % | | | 6.21 | % | | | 6.17 | % |
| Cost of average interest-bearing liabilities | | | 4.77 | % | | | 4.73 | % | | | 4.73 | % | | | 4.62 | % | | | 4.29 | % |
Net interest spread (4) | | | 2.76 | % | | | 2.84 | % | | | 2.77 | % | | | 2.97 | % | | | 3.10 | % |
Net interest margin (5) | | | 3.19 | % | | | 3.26 | % | | | 3.25 | % | | | 3.47 | % | | | 3.55 | % |
| | | | | | | | | | | | | | | | | | | | | |
Tax equivalent adjustment to net interest income (6) | | $ | 1,072 | | | $ | 1,073 | | | $ | 1,058 | | | $ | 1,166 | | | $ | 1,173 | |
(1) | Represents wealth management, mortgage banking and other income as a percentage of the sum of net interest income and wealth management, mortgage banking and other income. |
(2) | Non-interest expense less non-interest income divided by average total assets. |
(3) | Non-interest expense divided by the sum of net interest income, on a tax equivalent basis, plus non-interest income. |
(4) | Yield on average interest-earning assets less rate on average interest-bearing liabilities. |
(5) | Net interest income, on a tax equivalent basis, divided by average interest-earning assets. |
(6) | The company adjusts GAAP reported net interest income by the tax equivalent adjustment amount to account for the tax attributes on federally tax exempt municipal securities. For GAAP purposes, tax benefits associated with federally tax exempt municipal securities are recorded as a benefit in income tax expense. The following table reconciles reported net interest income to net interest income on a tax equivalent basis for the periods presented: |
| | | Reconciliation of net interest income to net interest income on a tax equivalent basis | |
| | | 2Q07 | | | 1Q07 | | | 4Q06 | | | 3Q06 | | | 2Q06 | |
| Net interest income | | $ | 32,111 | | | $ | 31,975 | | | $ | 29,797 | | | $ | 30,040 | | | $ | 29,862 | |
| Tax equivalent adjustment to net interest income | | | 1,072 | | | | 1,073 | | | | 1,058 | | | | 1,166 | | | | 1,173 | |
| Net interest income, tax equivalent basis | | $ | 33,183 | | | $ | 33,048 | | | $ | 30,855 | | | $ | 31,206 | | | $ | 31,035 | |
Key Financial Data
Unaudited
(dollars in thousands except per share data)
| | | 2Q07 | | | 1Q07 | | | 4Q06 | | | 3Q06 | | | 2Q06 | |
Balance Sheet Ratios | | | | | | | | | | | | | | | |
| Loans to Deposits (period end) | | | 101.84 | % | | | 99.96 | % | | | 98.56 | % | | | 96.84 | % | | | 94.57 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Average interest-earning assets to average interest-bearing liabilities | | | 109.9 | | | | 109.8 | | | | 111.3 | | | | 112.2 | | | | 111.9 | |
| | | | | | | | | | | | | | | | | | | | | |
Per Share Data | | | | | | | | | | | | | | | | | | | | |
| Dividends | | $ | 0.075 | | | $ | 0.075 | | | $ | 0.060 | | | $ | 0.060 | | | $ | 0.060 | |
| Book value (period end) | | $ | 14.19 | | | $ | 13.92 | | | $ | 13.83 | | | $ | 12.73 | | | $ | 12.08 | |
Tangible book value (period end) (1) | | $ | 9.56 | | | $ | 9.26 | | | $ | 9.15 | | | $ | 9.45 | | | $ | 8.78 | |
| | | | | | | | | | | | | | | | | | | | | |
Share Price Data (period end) | | | | | | | | | | | | | | | | | | | | |
| Closing Price | | $ | 28.80 | | | $ | 36.56 | | | $ | 41.63 | | | $ | 45.72 | | | $ | 41.41 | |
Diluted earnings multiple (2) | | | 17.95 | x | | | 21.99 | x | | | 24.98 | x | | | 25.05 | x | | | 21.97 | x |
| Book value multiple | | | 2.03 | x | | | 2.63 | x | | | 3.01 | x | | | 3.59 | x | | | 3.43 | x |
| | | | | | | | | | | | | | | | | | | | | |
Common Stock Information | | | | | | | | | | | | | | | | | | | | |
| Outstanding shares at end of period | | | 21,567,545 | | | | 21,531,296 | | | | 21,481,250 | | | | 20,842,083 | | | | 20,769,859 | |
| | | | | | | | | | | | | | | | | | | | | |
Number of shares used to compute: | | | | | | | | | | | | | | | | | | | | |
| Basic earnings per share | | | 21,185,400 | | | | 21,331,021 | | | | 20,882,759 | | | | 20,581,504 | | | | 20,659,566 | |
| Diluted earnings per share | | | 21,810,173 | | | | 22,018,295 | | | | 21,637,210 | | | | 21,440,343 | | | | 21,523,387 | |
| | | | | | | | | | | | | | | | | | | | | |
Capital Ratios (period end) (3): | | | | | | | | | | | | | | | | | | | | |
| Total equity to total assets | | | 6.82 | % | | | 6.90 | % | | | 6.97 | % | | | 6.84 | % | | | 6.87 | % |
| Total risk-based capital ratio | | | 10.62 | % | | | 10.45 | % | | | 10.36 | % | | | 10.71 | % | | | 10.66 | % |
| Tier-1 risk-based capital ratio | | | 8.08 | % | | | 7.93 | % | | | 8.06 | % | | | 8.53 | % | | | 8.52 | % |
| Leverage ratio | | | 7.07 | % | | | 6.95 | % | | | 7.51 | % | | | 7.26 | % | | | 7.33 | % |
(1) | Tangible book value is total capital less goodwill and other intangibles divided by outstanding shares at end of period. |
(2) | Period end closing stock price divided by annualized quarterly earnings for the quarter then ended. |
(3) | Capital ratios for the most recent period presented in the press release are based on preliminary data. |
Key Financial Data
Unaudited
(dollars in thousands)
| | | 2Q07 | | | 1Q07 | | | 4Q06 | | | 3Q06 | | | 2Q06 | |
Credit Quality | | | | | | | | | | | | | | | |
Key Ratios | | | | | | | | | | | | | | | |
| Net charge-offs (recoveries) to average loans | | | 0.06 | % | | | 0.07 | % | | | 0.01 | % | | | 0.04 | % | | | 0.05 | % |
| Total non-performing loans to total loans | | | 0.72 | % | | | 0.28 | % | | | 0.25 | % | | | 0.06 | % | | | 0.10 | % |
| Total non-performing assets to total assets | | | 0.70 | % | | | 0.34 | % | | | 0.23 | % | | | 0.06 | % | | | 0.09 | % |
| Nonaccrual loans to: | | | | | | | | | | | | | | | | | | | | |
| total loans | | | 0.56 | % | | | 0.13 | % | | | 0.11 | % | | | 0.02 | % | | | 0.06 | % |
| total assets | | | 0.46 | % | | | 0.11 | % | | | 0.09 | % | | | 0.02 | % | | | 0.05 | % |
| Allowance for loan losses to: | | | | | | | | | | | | | | | | | | | | |
| total loans | | | 1.11 | % | | | 1.09 | % | | | 1.09 | % | | | 1.11 | % | | | 1.13 | % |
| non-performing loans | | | 155 | % | | | 391 | % | | | 427 | % | | | 1877 | % | | | 1122 | % |
| nonaccrual loans | | | 199 | % | | | 808 | % | | | 1010 | % | | | 5897 | % | | 1946% | |
| | | | | | | | | | | | | | | | | | | | | |
Non-performing assets: | | | | | | | | | | | | | | | | | | | | |
| Loans delinquent over 90 days | | $ | 5,844 | | | $ | 5,124 | | | $ | 5,137 | | | $ | 1,260 | | | $ | 1,262 | |
| Nonaccrual loans | | | 20,731 | | | | 4,816 | | | | 3,770 | | | | 588 | | | | 1,721 | |
| OREO | | | 4,683 | | | | 4,831 | | | | 1,101 | | | | 480 | | | | 203 | |
| Total non-performing assets | | $ | 31,258 | | | $ | 14,771 | | | $ | 10,008 | | | $ | 2,328 | | | $ | 3,186 | |
| | | | | | | | | | | | | | | | | | | | | |
Net loan charge-offs (recoveries): | | | | | | | | | | | | | | | | | | | | |
| Loans charged off | | $ | 647 | | | $ | 586 | | | $ | 86 | | | $ | 308 | | | $ | 466 | |
| (Recoveries) | | | (76 | ) | | | (4 | ) | | | (37 | ) | | | (17 | ) | | | (77 | ) |
| Net charge-offs (recoveries) | | $ | 571 | | | $ | 582 | | | $ | 49 | | | $ | 291 | | | $ | 389 | |
| | | | | | | | | | | | | | | | | | | | | |
Provision for loan losses | | $ | 2,958 | | | $ | 1,406 | | | $ | 707 | | | $ | 1,494 | | | $ | 2,382 | |
| | | | | | | | | | | | | | | | | | | | | |
Allowance for Loan Losses Summary | | | | | | | | | | | | | | | | | | | | |
| Balance at beginning of period | | $ | 38,893 | | | $ | 38,069 | | | $ | 34,693 | | | $ | 33,490 | | | $ | 31,497 | |
| Provision | | | 2,958 | | | | 1,406 | | | | 707 | | | | 1,494 | | | | 2,382 | |
| Net charge-offs (recoveries) | | | 571 | | | | 582 | | | | 49 | | | | 291 | | | | 389 | |
| Addition of The PrivateBank - Georgia allowance | | | - | | | | - | | | | 2,718 | | | | - | | | | - | |
| Balance at end of period | | $ | 41,280 | | | $ | 38,893 | | | $ | 38,069 | | | $ | 34,693 | | | $ | 33,490 | |
| | | | | | | | | | | | | | | | | | | | | |
Net loan charge-offs (recoveries): | | | | | | | | | | | | | | | | | | | | |
| Commercial real estate | | | - | | | | - | | | | - | | | | - | | | $ | 250 | |
| Residential real estate | | | - | | | | - | | | | - | | | | - | | | | - | |
| Commercial | | $ | 397 | | | $ | 581 | | | $ | 29 | | | $ | 298 | | | $ | 180 | |
| Personal | | $ | (2 | ) | | $ | 1 | | | $ | 20 | | | $ | (7 | ) | | $ | (41 | ) |
| Home equity | | | - | | | | - | | | | - | | | | - | | | | - | |
| Construction | | $ | 176 | | | | - | | | | - | | | | - | | | | - | |
| Total net loan charge-offs (recoveries) | | $ | 571 | | | $ | 582 | | | $ | 49 | | | $ | 291 | | | $ | 389 | |
Key Financial Data
Unaudited
(dollars in thousands)
| | | Non performing Loans | | | NPLs as % of Total Loans (1) | | | Other Real Estate Owned | | | Non performing Assets | | | NPAs as % of Total Assets (2) | |
Credit Quality | | | | | | | | | | | | | | | |
Non performing assets | | | | | | | | | | | | | | | |
| Chicago | | $ | 13,094 | | | | 0.53 | % | | $ | 1,090 | | | $ | 14,184 | | | | 0.47 | % |
| St. Louis (3) | | | 8,600 | | | | 2.32 | % | | | 1,163 | | | | 9,763 | | | | 2.18 | % |
| Michigan | | | 3,131 | | | | 0.58 | % | | | 2,398 | | | | 5,529 | | | | 0.86 | % |
| Georgia | | | 1,750 | | | | 0.72 | % | | | 32 | | | | 1,782 | | | | 0.56 | % |
| Wisconsin | | | -- | | | | -- | | | | -- | | | | -- | | | | -- | |
| Consolidated non-performing assets | | $ | 26,575 | | | | 0.72 | % | | $ | 4,683 | | | $ | 31,258 | | | | 0.70 | % |
Non-performing assets (4): | | Commercial | | | Commercial Real Estate | | | Construction | | | Residential Real Estate | | | Personal | |
| Chicago | | | 17 | % | | | 13 | % | | | 7 | % | | | 4 | % | | | 4 | % |
| St. Louis (3) | | | 3 | % | | | 17 | % | | | 7 | % | | | 5 | % | | | -- | |
| Michigan | | | 3 | % | | | 3 | % | | | 9 | % | | | 2 | % | | | -- | |
| Georgia | | | 1 | % | | | -- | | | | 5 | % | | | -- | | | | -- | |
| Wisconsin | | | -- | | | | -- | | | | -- | | | | -- | | | | -- | |
| Consolidated non-performing assets | | | 24 | % | | | 33 | % | | | 28 | % | | | 11 | % | | | 4 | % |
Note: Non performing loans are defined as loans delinquent> 90 days and non accrual loans. Non performing assets are non performing loans and Other Real Estate owned.
| (1) | Non performing loans are presented as a percentage of each entities' gross loans |
| (2) | Non performing assets are presented as a percentage of each entities' total assets |
| (3) | St. Louis loans and total assets includes Kansas City total loans and assets. Kansas City had no non-performing assets at 6/30/07. |
| (4) | Non performing assets are presented here as a percentage of consolidated non performing assets |
Key Financial Data
Unaudited
(dollars in thousands)
| | | 2Q07 | | | 1Q07 | | | 4Q06 | | | 3Q06 | | | 2Q06 | |
Summary Income Statement | | | | | | | | | | | | | | | |
Interest Income | | | | | | | | | | | | | | | |
| Interest and fees on loans | | $ | 70,732 | | | $ | 68,886 | | | $ | 64,418 | | | $ | 60,361 | | | $ | 55,127 | |
| Interest on investment securities | | | 5,938 | | | | 5,937 | | | | 5,274 | | | | 6,367 | | | | 7,781 | |
| Interest on short-term investments | | | 239 | | | | 238 | | | | 320 | | | | 116 | | | | 199 | |
Total Interest Income | | | 76,909 | | | | 75,061 | | | | 70,012 | | | | 66,844 | | | | 63,107 | |
| | | | | | | | | | | | | | | | | | | | | |
Interest Expense | | | 44,798 | | | | 43,086 | | | | 40,215 | | | | 36,804 | | | | 33,245 | |
| | | | | | | | | | | | | | | | | | | | | |
Net Interest Income | | | 32,111 | | | | 31,975 | | | | 29,797 | | | | 30,040 | | | | 29,862 | |
| Provision for loan losses | | | 2,958 | | | | 1,406 | | | | 707 | | | | 1,494 | | | | 2,382 | |
| | | | | | | | | | | | | | | | | | | | | |
Net Interest Income after Provision for Loan Losses | | | 29,153 | | | | 30,569 | | | | 29,090 | | | | 28,546 | | | | 27,480 | |
| | | | | | | | | | | | | | | | | | | | | |
Non Interest Income | | | | | | | | | | | | | | | | | | | | |
| Wealth management income | | | 4,024 | | | | 3,826 | | | | 3,615 | | | | 3,477 | | | | 3,603 | |
| Mortgage banking income | | | 1,229 | | | | 1,314 | | | | 807 | | | | 804 | | | | 1,005 | |
| Other income | | | 1,803 | | | | 1,126 | | | | 1,172 | | | | 1,351 | | | | 2,616 | |
| Net securities (losses) gains | | | (97 | ) | | | 79 | | | | (1 | ) | | | 1,212 | | | | (1,007 | ) |
| Gains (losses) on interest rate swap | | | - | | | | - | | | | - | | | | (904 | ) | | | 413 | |
Total Non Interest Income | | | 6,959 | | | | 6,345 | | | | 5,593 | | | | 5,940 | | | | 6,630 | |
| | | | | | | | | | | | | | | | | | | | | |
Non Interest Expense | | | | | | | | | | | | | | | | | | | | |
| Salaries and benefits | | | 12,734 | | | | 13,729 | | | | 12,205 | | | | 10,864 | | | | 10,325 | |
| Occupancy expense | | | 3,160 | | | | 2,790 | | | | 2,733 | | | | 2,639 | | | | 2,214 | |
| Professional fees | | | 1,610 | | | | 1,715 | | | | 1,976 | | | | 1,866 | | | | 1,955 | |
| Wealth management fees | | | 868 | | | | 782 | | | | 686 | | | | 774 | | | | 799 | |
| Marketing | | | 1,330 | | | | 1,289 | | | | 1,137 | | | | 1,159 | | | | 1,083 | |
| Data processing | | | 984 | | | | 901 | | | | 999 | | | | 788 | | | | 764 | |
| Insurance | | | 363 | | | | 352 | | | | 337 | | | | 349 | | | | 323 | |
| Amortization of intangibles | | | 242 | | | | 243 | | | | 169 | | | | 152 | | | | 153 | |
| Other operating expenses | | | 2,019 | | | | 1,564 | | | | 2,321 | | | | 1,420 | | | | 1,318 | |
Total Non Interest Expense | | | 23,310 | | | | 23,365 | | | | 22,563 | | | | 20,011 | | | | 18,934 | |
| | | | | | | | | | | | | | | | | | | | | |
| Minority interest expense | | | 95 | | | | 90 | | | | 82 | | | | 85 | | | | 86 | |
Income Before Income Taxes | | | 12,707 | | | | 13,459 | | | | 12,038 | | | | 14,390 | | | | 15,090 | |
| Income tax expense | | | 3,956 | | | | 4,423 | | | | 2,986 | | | | 4,596 | | | | 5,077 | |
Net income | | $ | 8,751 | | | $ | 9,036 | | | $ | 9,052 | | | $ | 9,794 | | | $ | 10,013 | |
Note 1: Certain reclassifications have been made to prior period financial statements to place them on a basis comparable with the current period financial statements.
Balance Sheets
(dollars in thousands)
| | | unaudited | | | unaudited | | | audited | | | unaudited | | | unaudited | |
| | | 06/30/07 | | | 03/31/07 | | | 12/31/06 | | | 09/30/06 | | | 06/30/06 | |
Assets | | | | | | | | | | | | | | | |
| Cash and due from banks | | $ | 63,074 | | | $ | 73,736 | | | $ | 42,428 | | | $ | 91,026 | | | $ | 46,625 | |
| Short-term investments | | | 19,672 | | | | 17,535 | | | | 36,969 | | | | 33,565 | | | | 1,496 | |
| Investment securities: available-for-sale | | | 495,854 | | | | 482,024 | | | | 496,782 | | | | 458,869 | | | | 499,801 | |
| Loans held for sale | | | 20,905 | | | | 14,928 | | | | 14,515 | | | | 7,719 | | | | 6,443 | |
| Loans | | | 3,705,339 | | | | 3,581,398 | | | | 3,499,988 | | | | 3,136,634 | | | | 2,956,026 | |
| Less: Allowance for loan losses | | | (41,280 | ) | | | (38,893 | ) | | | (38,069 | ) | | | (34,693 | ) | | | (33,490 | ) |
| Net loans | | | 3,664,059 | | | | 3,542,505 | | | | 3,461,919 | | | | 3,101,941 | | | | 2,922,536 | |
| Premises and equipment, net | | | 23,415 | | | | 21,674 | | | | 21,413 | | | | 19,825 | | | | 17,902 | |
| Goodwill | | | 93,043 | | | | 93,043 | | | | 93,043 | | | | 63,176 | | | | 63,176 | |
| Other assets | | | 105,988 | | | | 98,427 | | | | 97,355 | | | | 101,472 | | | | 94,288 | |
| Total Assets | | $ | 4,486,010 | | | $ | 4,343,872 | | | $ | 4,264,424 | | | $ | 3,877,593 | | | $ | 3,652,267 | |
| | | | | | | | | | | | | | | | | | | | | |
Liabilities and Stockholders' Equity | | | | | | | | | | | | | | | | | | | | |
| Non-interest bearing deposits | | $ | 303,455 | | | $ | 312,648 | | | $ | 300,689 | | | $ | 280,478 | | | $ | 273,003 | |
| Interest bearing demand deposits | | | 150,324 | | | | 144,812 | | | | 152,323 | | | | 115,531 | | | | 127,445 | |
| Savings and money market deposits | | | 1,505,303 | | | | 1,485,783 | | | | 1,575,080 | | | | 1,327,932 | | | | 1,277,067 | |
| Time deposits | | | 1,679,463 | | | | 1,639,578 | | | | 1,522,921 | | | | 1,514,881 | | | | 1,448,259 | |
| Total deposits | | | 3,638,545 | | | | 3,582,821 | | | | 3,551,013 | | | | 3,238,822 | | | | 3,125,774 | |
| Funds borrowed | | | 407,696 | | | | 334,128 | | | | 281,733 | | | | 235,858 | | | | 133,163 | |
| Long-term debt - Trust Preferred Securities | | | 101,033 | | | | 101,033 | | | | 101,033 | | | | 101,033 | | | | 101,033 | |
| Other liabilities | | | 32,627 | | | | 26,218 | | | | 33,521 | | | | 36,653 | | | | 41,497 | |
| Total liabilities | | | 4,179,901 | | | | 4,044,200 | | | | 3,967,300 | | | | 3,612,366 | | | | 3,401,467 | |
| Stockholders' equity | | | 306,109 | | | | 299,672 | | | | 297,124 | | | | 265,227 | | | | 250,800 | |
| Total Liabilities and Stockholders' Equity | | $ | 4,486,010 | | | $ | 4,343,872 | | | $ | 4,264,424 | | | $ | 3,877,593 | | | $ | 3,652,267 | |
Average Quarterly Balance Sheets
(unaudited, dollars in thousands)
| | | 06/30/07 | | | 03/31/07 | | | 12/31/06 | | | 09/30/06 | | | 06/30/06 | |
Assets | | | | | | | | | | | | | | | |
| Cash and due from banks | | $ | 68,293 | | | $ | 45,656 | | | $ | 48,478 | | | $ | 43,029 | | | $ | 37,582 | |
| Short-term investments | | | 14,670 | | | | 29,348 | | | | 21,341 | | | | 7,101 | | | | 15,646 | |
| Investment securities: available-for-sale | | | 485,354 | | | | 490,844 | | | | 464,005 | | | | 494,626 | | | | 579,223 | |
| Loans held for sale | | | 12,891 | | | | 10,493 | | | | 10,891 | | | | 6,875 | | | | 7,375 | |
| Loans | | | 3,629,839 | | | | 3,528,404 | | | | 3,259,404 | | | | 3,037,863 | | | | 2,869,754 | |
| Less: Allowance for loan losses | | | (39,304 | ) | | | (38,157 | ) | | | (36,175 | ) | | | (34,335 | ) | | | (32,517 | ) |
| Net loans | | | 3,590,535 | | | | 3,490,247 | | | | 3,223,229 | | | | 3,003,528 | | | | 2,837,237 | |
| Premises and equipment, net | | | 23,040 | | | | 21,485 | | | | 20,594 | | | | 19,137 | | | | 17,148 | |
| Goodwill | | | 93,044 | | | | 93,043 | | | | 69,344 | | | | 63,176 | | | | 63,176 | |
| Other assets | | | 99,148 | | | | 93,959 | | | | 80,779 | | | | 92,902 | | | | 86,282 | |
| Total Assets | | $ | 4,386,975 | | | $ | 4,275,075 | | | $ | 3,938,661 | | | $ | 3,730,374 | | | $ | 3,643,669 | |
| | | | | | | | | | | | | | | | | | | | | |
Liabilities and Stockholders' Equity | | | | | | | | | | | | | | | | | | | | |
| Non-interest bearing deposits | | $ | 302,941 | | | $ | 265,914 | | | $ | 273,576 | | | $ | 271,287 | | | $ | 264,798 | |
| Interest bearing demand deposits | | | 147,590 | | | | 139,808 | | | | 119,575 | | | | 122,321 | | | | 128,854 | |
| Savings and money market deposits | | | 1,482,747 | | | | 1,553,254 | | | | 1,445,841 | | | | 1,315,230 | | | | 1,273,639 | |
| Time deposits | | | 1,638,127 | | | | 1,556,657 | | | | 1,490,239 | | | | 1,435,345 | | | | 1,389,356 | |
| Total deposits | | | 3,571,405 | | | | 3,515,633 | | | | 3,329,231 | | | | 3,144,183 | | | | 3,056,647 | |
| Funds borrowed | | | 382,991 | | | | 333,312 | | | | 209,039 | | | | 180,608 | | | | 206,098 | |
| Long-term debt - Trust Preferred Securities | | | 101,033 | | | | 101,033 | | | | 101,033 | | | | 101,033 | | | | 101,033 | |
| Other liabilities | | | 30,472 | | | | 28,874 | | | | 35,570 | | | | 52,704 | | | | 38,670 | |
| Total liabilities | | | 4,085,901 | | | | 3,978,852 | | | | 3,674,873 | | | | 3,478,528 | | | | 3,402,448 | |
| Stockholders' equity | | | 301,074 | | | | 296,223 | | | | 263,788 | | | | 251,846 | | | | 241,221 | |
| Total Liabilities and Stockholders' Equity | | $ | 4,386,975 | | | $ | 4,275,075 | | | $ | 3,938,661 | | | $ | 3,730,374 | | | $ | 3,643,669 | |
Average Year-To-Date Balance Sheets
(unaudited, dollars in thousands)
| | | 06/30/07 | | | 03/31/07 | | | 12/31/06 | | | 09/30/06 | | | 06/30/06 | |
Assets | | | | | | | | | | | | | | | |
| Cash and due from banks | | $ | 62,928 | | | $ | 45,656 | | | $ | 28,848 | | | $ | 38,598 | | | $ | 36,348 | |
| Short-term investments | | | 19,423 | | | | 29,348 | | | | 10,696 | | | | 6,593 | | | | 11,505 | |
| Investment securities: available-for-sale | | | 488,084 | | | | 490,844 | | | | 557,696 | | | | 589,318 | | | | 637,450 | |
| Loans held for sale | | | 11,042 | | | | 10,493 | | | | 7,719 | | | | 7,368 | | | | 7,520 | |
| Loans | | | 3,579,872 | | | | 3,528,404 | | | | 2,959,125 | | | | 2,857,212 | | | | 2,765,489 | |
| Less: Allowance for loan losses | | | (38,733 | ) | | | (38,157 | ) | | | (33,281 | ) | | | (32,305 | ) | | | (31,274 | ) |
| Net loans | | | 3,541,139 | | | | 3,490,247 | | | | 2,925,844 | | | | 2,824,907 | | | | 2,734,215 | |
| Premises and equipment, net | | | 22,267 | | | | 21,485 | | | | 18,094 | | | | 17,190 | | | | 15,790 | |
| Goodwill | | | 93,044 | | | | 93,043 | | | | 64,730 | | | | 63,176 | | | | 63,176 | |
| Other assets | | | 96,773 | | | | 93,959 | | | | 81,879 | | | | 87,709 | | | | 85,480 | |
| Total Assets | | $ | 4,334,700 | | | $ | 4,275,075 | | | $ | 3,695,506 | | | $ | 3,634,859 | | | $ | 3,591,484 | |
| | | | | | | | | | | | | | | | | | | | | |
Liabilities and Stockholders' Equity | | | | | | | | | | | | | | | | | | | | |
| Non-interest bearing deposits | | $ | 290,848 | | | $ | 265,914 | | | $ | 252,338 | | | $ | 259,094 | | | $ | 252,529 | |
| Interest bearing demand deposits | | | 143,720 | | | | 139,808 | | | | 123,554 | | | | 124,895 | | | | 126,204 | |
| Savings and money market deposits | | | 1,517,512 | | | | 1,553,254 | | | | 1,319,457 | | | | 1,276,866 | | | | 1,257,367 | |
| Time deposits | | | 1,597,618 | | | | 1,556,657 | | | | 1,387,214 | | | | 1,352,495 | | | | 1,310,384 | |
| Total deposits | | | 3,549,698 | | | | 3,515,633 | | | | 3,082,563 | | | | 3,013,350 | | | | 2,946,484 | |
| Funds borrowed | | | 355,589 | | | | 333,312 | | | | 230,461 | | | | 237,247 | | | | 266,123 | |
| Long-term debt - Trust Preferred Securities | | | 101,033 | | | | 101,033 | | | | 101,033 | | | | 101,033 | | | | 101,033 | |
| Other liabilities | | | 29,699 | | | | 28,874 | | | | 36,492 | | | | 44,411 | | | | 40,080 | |
| Total liabilities | | | 4,036,019 | | | | 3,978,852 | | | | 3,450,549 | | | | 3,396,041 | | | | 3,353,720 | |
| Stockholders' equity | | | 298,681 | | | | 296,223 | | | | 244,957 | | | | 238,818 | | | | 237,764 | |
| Total Liabilities and Stockholders' Equity | | $ | 4,334,700 | | | $ | 4,275,075 | | | $ | 3,695,506 | | | $ | 3,634,859 | | | $ | 3,591,484 | |
15
