For further information:
Dennis Klaeser, CFO
PrivateBancorp, Inc.
312-683-7100
For Immediate Release
PrivateBancorp Reports Third Quarter 2007 Earnings per Share of $0.42
Chicago, IL, October 22, 2007 -- PrivateBancorp, Inc. (NASDAQ: PVTB) today reported third quarter 2007 net income of $9.2 million, or $0.42 per diluted share, compared to $9.8 million, or $0.46 per diluted share, for the third quarter 2006. Net income for the nine months ended September 30, 2007 was $27.0 million, or $1.23 per diluted share, compared to $28.8 million, or $1.35 per diluted share for the prior year period.
“We continue to face a difficult banking environment primarily as a result of weakness in the real estate sector. Given the current credit cycle, we experienced relatively slow growth in our loan portfolio as a result of cautiousness both on our part and on the part of our clients. However, we are encouraged by the year over year growth in our core deposits, which grew 16 percent organically, or excluding the core deposits of The PrivateBank – Georgia at acquisition,” said Ralph B. Mandell, Chairman, President and CEO.
“During the third quarter we increased the number of managing directors with three net new hires and five promotions. In addition, earlier today we announced the recent hiring of 11 middle market commercial bankers including Robert Frentzel, Jeffrey Steele, and Brant Ahrens all of whom were previously Group Senior Vice Presidents with LaSalle Bank. In addition to these bankers, we hired Joan Schellhorn, a former LaSalle human resources executive, who serves as our Chief Human Resources Officer. The addition of Mr. Frentzel, Mr. Steele, and Mr. Ahrens along with the other new hires, will greatly enhance the opportunity to grow our middle market commercial banking client base in the Chicago market. We continue to look for opportunities to aggressively hire managing directors to support our growth. We remain optimistic that our business model and market focus will drive growth and enhance shareholder value over the long term,” said Mandell.
Net interest income totaled $32.3 million in the third quarter 2007, compared to $30.0 million for the third quarter 2006 and $32.1 million for the second quarter 2007. Net interest margin (on a tax equivalent basis) was 3.13 percent for the third quarter 2007 compared to 3.47 percent in the third quarter 2006, and 3.19 percent in the second quarter 2007. Yields on earning assets decreased by 14 basis points over prior year quarter while our cost of funds increased by 16 basis points. During the quarter, we reversed approximately $296,000 in accruing interest income due to non-performing loans, compared to $611,000 in the second quarter 2007.
Non-performing assets to total assets were 0.80 percent at September 30, 2007, compared to 0.06 percent at September 30, 2006 and 0.70 percent at June 30, 2007. Of $36.0 million in total non-performing assets at September 30, 2007, 29 percent are in Chicago, 28 percent are in St. Louis, 26 percent are in Michigan and 17 percent are in Georgia. Of total non-performing assets, 41 percent are commercial real estate, 41 percent are construction, eight percent are commercial and industrial, and the remaining 10 percent are classified as residential real estate and personal.
The provision for loan losses in the third quarter 2007 was $2.4 million, compared to $1.5 million in the third quarter 2006 and $3.0 million in the second quarter 2007. Net charge offs totaled $1.6 million or 0.17 percent of average loans, in the quarter ended September 30, 2007, versus net charge offs of $291,000, or 0.04 percent of average loans in the prior year quarter and net charge-offs of $571,000, or 0.06 percent of average loans in the second quarter 2007. The allowance for loan losses as a percentage of total loans was 1.13 percent at September 30, 2007, versus 1.11 percent at June 30, 2007 and September 30, 2006.
Wealth management fee income was $4.0 million during the third quarter 2007, an increase of 16 percent from $3.5 million in the third quarter 2006 and unchanged from $4.0 million in the second quarter 2007. Wealth management assets under management increased 18 percent to $3.3 billion at September 30, 2007 from $2.8 billion at September 30, 2006 and increased five percent from $3.1 billion at June 30, 2007. Fees paid to third-party investment managers were $857,000 in the third quarter 2007, compared to $774,000 in the prior year quarter and $868,000 in the second quarter 2007.
Mortgage banking income was $1.2 million for the third quarter 2007 compared to $804,000 in the third quarter 2006 and $1.2 million for the second quarter 2007.
Non-interest expense increased by 20 percent to $23.9 million in the third quarter 2007 from $20.0 million in the third quarter 2006, and increased three percent from $23.3 million at the second quarter 2007. For the quarter ended September 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 eight percent year over year. During the third quarter 2007, non-interest expense was $1.7 million at The PrivateBank – Georgia and $592,000 at The PrivateBank – Kansas City. 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 for the quarter increased by 18 percent from prior year third quarter primarily as a result of the impact of office relocations and the opening of one new office.
During the quarter, the number of managing directors increased to 168, compared to 129 at September 30, 2006 and 160 at June 30, 2007. Since the end of the last quarter, the increase was the result of eight net new hires and promotions. 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 517 at the end of the third quarter 2007, from 421 at the end of the third 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. As previously mentioned, subsequent to quarter end, we hired 11 additional managing directors.
The efficiency ratio was 59.6 percent in the third quarter 2007, up from 53.9 percent in the prior year third quarter and 58.1 percent reported in the second 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, without a commensurate increase in net interest income, which was constrained by a lower net interest margin.
Total assets were $4.5 billion at September 30, 2007, an increase of 16 percent from $3.9 billion at September 30, 2006, and an increase of five percent from $4.3 billion at December 31, 2006. At September 30, 2007, total loans were $3.7 billion, versus $3.1 billion at September 30, 2006 and $3.5 billion at December 31, 2006. Excluding The PrivateBank- Georgia at acquisition, loans grew 13 percent year over year.
Total deposits were $3.6 billion at September 30, 2007, up from $3.2 billion at September 30, 2006 and unchanged from December 31, 2006. Core deposits, defined as total deposits less brokered deposits, were $3.1 billion at quarter’s end, compared to $2.5 billion at September 30, 2006 and $3.0 billion at December 31, 2006. Excluding The PrivateBank – Georgia at acquisition, core deposits grew 16 percent year over year. Brokered deposits were $500.3 million at September 30, 2007, down from $720.7 million at September 30, 2006 and $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 $464.0 million at September 30, 2007 from $235.9 million at September 30, 2006, and increased 65 percent from $281.7 million at December 31, 2006, primarily as a result of the issuance of $115.0 million of contingent convertible senior notes to qualified institutional investors during the first quarter 2007, the proceeds of which were used to replace more expensive funding.
PrivateBancorp, Inc., through its PrivateBank subsidiary provides 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 PrivateBank 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 September 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, unforeseen difficulties in integrating new hires, 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
Unaudited
(dollars in thousands except per share data)
| | | Three Months Ended | | | Nine Months Ended | |
| | | September 30, | | | September 30, | |
| | | 2007 | | | 2006 | | | 2007 | | | 2006 | |
Interest Income | | | | | | | | | | | | |
| Interest and fees on loans | | $ | 72,299 | | | $ | 60,361 | | | $ | 211,917 | | | $ | 164,398 | |
| Interest on investment securities | | | 5,795 | | | | 6,367 | | | | 17,670 | | | | 22,499 | |
| Interest on short-term investments | | | 259 | | | | 116 | | | | 736 | | | | 402 | |
Total Interest Income | | | 78,353 | | | | 66,844 | | | | 230,323 | | | | 187,299 | |
| | | | | | | | | | | | | | | | | |
Interest Expense | | | | | | | | | | | | | | | | |
| Interest on deposits | | | 40,111 | | | | 32,804 | | | | 115,887 | | | | 86,637 | |
| Interest on borrowings | | | 4,350 | | | | 2,398 | | | | 13,306 | | | | 8,253 | |
| Interest on long-term debt - trust preferred securities | | | 1,604 | | | | 1,602 | | | | 4,756 | | | | 4,731 | |
Total Interest Expense | | | 46,065 | | | | 36,804 | | | | 133,949 | | | | 99,621 | |
| | | | | | | | | | | | | | | | | |
Net Interest Income | | | 32,288 | | | | 30,040 | | | | 96,374 | | | | 87,678 | |
| Provision for loan losses | | | 2,399 | | | | 1,494 | | | | 6,763 | | | | 6,129 | |
Net Interest Income After Provision | | | 29,889 | | | | 28,546 | | | | 89,611 | | | | 81,549 | |
| | | | | | | | | | | | | | | | | |
Non Interest Income | | | | | | | | | | | | | | | | |
| Wealth management income | | | 4,029 | | | | 3,477 | | | | 11,878 | | | | 10,240 | |
| Mortgage banking income | | | 1,157 | | | | 804 | | | | 3,700 | | | | 2,532 | |
| Other income | | | 1,214 | | | | 1,351 | | | | 4,144 | | | | 5,106 | |
| Net securities gains (losses) | | | 366 | | | | 1,212 | | | | 348 | | | | (373 | ) |
| (Losses) Gains on interest rate swap | | | - | | | | (904 | ) | | | - | | | | 64 | |
Total Non Interest Income | | | 6,766 | | | | 5,940 | | | | 20,070 | | | | 17,569 | |
| | | | | | | | | | | | | | | | | |
Non Interest Expense | | | | | | | | | | | | | | | | |
| Salaries and benefits | | | 13,083 | | | | 10,864 | | | | 39,546 | | | | 31,725 | |
| Occupancy expense | | | 3,336 | | | | 2,639 | | | | 9,286 | | | | 3,877 | |
| Professional fees | | | 2,109 | | | | 1,866 | | | | 5,434 | | | | 4,837 | |
| Wealth management fees | | | 857 | | | | 774 | | | | 2,507 | | | | 1,979 | |
| Marketing | | | 1,058 | | | | 1,159 | | | | 3,676 | | | | 3,154 | |
| Data processing | | | 1,039 | | | | 788 | | | | 2,924 | | | | 2,318 | |
| Amortization of intangibles | | | 241 | | | | 152 | | | | 726 | | | | 459 | |
| Insurance | | | 452 | | | | 349 | | | | 1,166 | | | | 982 | |
| Other operating expenses | | | 1,749 | | | | 1,420 | | | | 5,334 | | | | 7,172 | |
Total Non Interest Expense | | | 23,924 | | | | 20,011 | | | | 70,599 | | | | 56,503 | |
| | | | | | | | | | | | | | | | | |
| Minority interest expense | | | 100 | | | | 85 | | | | 285 | | | | 248 | |
Income Before Income Taxes | | | 12,631 | | | | 14,390 | | | | 38,797 | | | | 42,367 | |
| Income tax expense | | | 3,466 | | | | 4,596 | | | | 11,845 | | | | 13,572 | |
Net Income | | $ | 9,165 | | | $ | 9,794 | | | $ | 26,952 | | | $ | 28,795 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Weighted Average Shares Outstanding | | | 21,223,341 | | | | 20,581,504 | | | | 21,246,193 | | | | 20,519,959 | |
Diluted Average Shares Outstanding | | | 21,819,333 | | | | 21,440,343 | | | | 21,887,666 | | | | 21,413,356 | |
| | | | | | | | | | | | | | | | | |
Per Share Data | | | | | | | | | | | | | | | | |
| Basic | | $ | 0.43 | | | $ | 0.48 | | | $ | 1.27 | | | $ | 1.40 | |
| Diluted | | $ | 0.42 | | | $ | 0.46 | | | $ | 1.23 | | | $ | 1.35 | |
| Dividends | | $ | 0.075 | | | $ | 0.060 | | | $ | 0.225 | | | $ | 0.180 | |
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)
| | | 09/30/07 | | | 12/31/06 | | | 09/30/06 | |
| | | unaudited | | | audited | | | unaudited | |
Assets | | | | | | | | | |
| Cash and due from banks | | $ | 52,922 | | | $ | 42,428 | | | $ | 91,026 | |
| Short-term investments | | | 22,117 | | | | 36,969 | | | | 33,565 | |
| Investment securities: available-for-sale | | | 497,948 | | | | 496,782 | | | | 458,869 | |
| Loans held for sale | | | 4,262 | | | | 14,515 | | | | 7,719 | |
| | | | | | | | | | | | | |
| Loans | | | 3,737,523 | | | | 3,499,988 | | | | 3,136,634 | |
| Allowance for loan losses | | | (42,113 | ) | | | (38,069 | ) | | | (34,693 | ) |
| Net loans | | | 3,695,410 | | | | 3,461,919 | | | | 3,101,941 | |
| | | | | | | | | | | | | |
| Premises and equipment, net | | | 24,844 | | | | 21,413 | | | | 19,825 | |
| Goodwill | | | 93,357 | | | | 93,043 | | | | 63,176 | |
| Other assets | | | 107,366 | | | | 97,355 | | | | 101,472 | |
Total Assets | | $ | 4,498,226 | | | $ | 4,264,424 | | | $ | 3,877,593 | |
| | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | |
| Non-interest bearing deposits | | $ | 285,003 | | | $ | 300,689 | | | $ | 280,478 | |
| Interest bearing deposits | | | 3,303,059 | | | | 3,250,324 | | | | 2,958,344 | |
| Total deposits | | | 3,588,062 | | | | 3,551,013 | | | | 3,238,822 | |
| | | | | | | | | | | | | |
| Funds borrowed | | | 464,021 | | | | 281,733 | | | | 235,858 | |
| Trust preferred securities | | | 101,033 | | | | 101,033 | | | | 101,033 | |
| Other liabilities | | | 26,710 | | | | 33,521 | | | | 36,653 | |
Total Liabilities | | | 4,179,826 | | | | 3,967,300 | | | | 3,612,366 | |
| | | | | | | | | | | | | |
Stockholders' Equity | | | | | | | | | | | | |
| Common stock and additional paid-in-capital | | | 181,790 | | | | 174,968 | | | | 148,459 | |
| Treasury stock | | | (13,475 | ) | | | (5,254 | ) | | | (3,830 | ) |
| Retained earnings | | | 143,585 | | | | 121,539 | | | | 113,798 | |
| Accumulated other comprehensive income | | | 6,500 | | | | 5,871 | | | | 6,800 | |
Total Stockholders' Equity | | | 318,400 | | | | 297,124 | | | | 265,227 | |
| | | | | | | | | | | | | |
Total Liabilities and | | | | | | | | | | | | |
Stockholders' Equity | | $ | 4,498,226 | | | $ | 4,264,424 | | | $ | 3,877,593 | |
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)
| | | 3Q07 | | | 2Q07 | | | 1Q07 | | | 4Q06 | | | 3Q06 | |
Key Statistics | | | | | | | | | | | | | | | |
| Net income | | $ | 9,165 | | | $ | 8,751 | | | $ | 9,036 | | | $ | 9,052 | | | $ | 9,794 | |
| Basic earnings per share | | $ | 0.43 | | | $ | 0.41 | | | $ | 0.42 | | | $ | 0.43 | | | $ | 0.48 | |
| Diluted earnings per share | | $ | 0.42 | | | $ | 0.40 | | | $ | 0.41 | | | $ | 0.42 | | | $ | 0.46 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Return on average total assets | | | 0.82 | % | | | 0.80 | % | | | 0.86 | % | | | 0.91 | % | | | 1.04 | % |
| Return on average total equity | | | 11.80 | % | | | 11.66 | % | | | 12.37 | % | | | 13.61 | % | | | 15.43 | % |
| Dividend payout ratio | | | 17.84 | % | | | 18.64 | % | | | 18.50 | % | | | 14.44 | % | | | 12.96 | % |
Fee revenue as a percent of total revenue (1) | | | 16.54 | % | | | 18.01 | % | | | 16.39 | % | | | 15.81 | % | | | 15.79 | % |
| Wealth management assets under management | | �� | 3,268,211 | | | | 3,119,878 | | | | 2,952,227 | | | | 2,902,205 | | | | 2,780,121 | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Non-interest income to average assets | | | 0.60 | % | | | 0.64 | % | | | 0.60 | % | | | 0.56 | % | | | 0.63 | % |
| Non-interest expense to average assets | | | 2.13 | % | | | 2.13 | % | | | 2.22 | % | | | 2.27 | % | | | 2.13 | % |
Net overhead ratio (2) | | | 1.53 | % | | | 1.49 | % | | | 1.62 | % | | | 1.71 | % | | | 1.50 | % |
Efficiency ratio (3) | | | 59.6 | % | | | 58.1 | % | | | 59.3 | % | | | 61.9 | % | | | 53.9 | % |
| | | | | | | | | | | | | | | | | | | | | |
Net interest margin | | | | | | | | | | | | | | | | | | | | |
| Fed funds sold & other short-term investments | | | 5.37 | % | | | 5.15 | % | | | 3.26 | % | | | 5.48 | % | | | 6.40 | % |
| Investment Securities (taxable) | | | 4.85 | % | | | 5.16 | % | | | 5.01 | % | | | 4.51 | % | | | 5.50 | % |
| Investment Securities (non-taxable) | | | 6.90 | % | | | 6.89 | % | | | 6.89 | % | | | 6.90 | % | | | 6.88 | % |
| Loans, net of unearned discount | | | 7.69 | % | | | 7.76 | % | | | 7.84 | % | | | 7.78 | % | | | 7.83 | % |
| Yield on average earning assets | | | 7.45 | % | | | 7.53 | % | | | 7.56 | % | | | 7.49 | % | | | 7.59 | % |
| Interest bearing deposits | | | 4.72 | % | | | 4.70 | % | | | 4.67 | % | | | 4.65 | % | | | 4.53 | % |
| Funds borrowed | | | 4.85 | % | | | 4.94 | % | | | 4.87 | % | | | 5.15 | % | | | 5.20 | % |
| Trust preferred securities | | | 6.21 | % | | | 6.20 | % | | | 6.21 | % | | | 6.21 | % | | | 6.21 | % |
| Cost of average interest-bearing liabilities | | | 4.78 | % | | | 4.77 | % | | | 4.73 | % | | | 4.73 | % | | | 4.62 | % |
Net interest spread (4) | | | 2.68 | % | | | 2.76 | % | | | 2.84 | % | | | 2.77 | % | | | 2.97 | % |
Net interest margin (5) | | | 3.13 | % | | | 3.19 | % | | | 3.26 | % | | | 3.25 | % | | | 3.47 | % |
| | | | | | | | | | | | | | | | | | | | | |
Tax equivalent adjustment to net interest income (6) | | $ | 1,072 | | | $ | 1,072 | | | $ | 1,073 | | | $ | 1,058 | | | $ | 1,166 | |
(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 | |
| | | | | | | | | | | | | | | | |
| | | 3Q07 | | | 2Q07 | | | 1Q07 | | | 4Q06 | | | 3Q06 | |
| Net interest income | | $ | 32,288 | | | $ | 32,111 | | | $ | 31,975 | | | $ | 29,797 | | | $ | 30,040 | |
| Tax equivalent adjustment to net interest income | | | 1,072 | | | | 1,072 | | | | 1,073 | | | | 1,058 | | | | 1,166 | |
| Net interest income, tax equivalent basis | | $ | 33,360 | | | $ | 33,183 | | | $ | 33,048 | | | $ | 30,855 | | | $ | 31,206 | |
Key Financial Data
Unaudited
(dollars in thousands except per share data)
| | | 3Q07 | | | 2Q07 | | | 1Q07 | | | 4Q06 | | | 3Q06 | |
Balance Sheet Ratios | | | | | | | | | | | | | | | |
| Loans to Deposits (period end) | | | 104.17 | % | | | 101.84 | % | | | 99.96 | % | | | 98.56 | % | | | 96.84 | % |
| | | | | | | | | | | | | | | | | | | | | |
| Average interest-earning assets to average interest-bearing liabilities | | | 110.4 | | | | 109.9 | | | | 109.8 | | | | 111.3 | | | | 112.2 | |
| | | | | | | | | | | | | | | | | | | | | |
Per Share Data | | | | | | | | | | | | | | | | | | | | |
| Dividends | | $ | 0.075 | | | $ | 0.075 | | | $ | 0.075 | | | $ | 0.060 | | | $ | 0.060 | |
| Book value (period end) | | $ | 14.73 | | | $ | 14.19 | | | $ | 13.92 | | | $ | 13.83 | | | $ | 12.73 | |
Tangible book value (period end) (1) | | $ | 10.10 | | | $ | 9.56 | | | $ | 9.26 | | | $ | 9.15 | | | $ | 9.45 | |
| | | | | | | | | | | | | | | | | | | | | |
Share Price Data (period end) | | | | | | | | | | | | | | | | | | | | |
| Closing Price | | $ | 34.84 | | | $ | 28.80 | | | $ | 36.56 | | | $ | 41.63 | | | $ | 45.72 | |
Diluted earnings multiple (2) | | | 20.91 | | | | 17.95 | | | | 21.99 | | | | 24.98 | | | | 25.05 | |
| Book value multiple | | | 2.36 | | | | 2.03 | | | | 2.63 | | | | 3.01 | | | | 3.59 | |
| | | | | | | | | | | | | | | | | | | | | |
Common Stock Information | | | | | | | | | | | | | | | | | | | | |
| Outstanding shares at end of period | | | 21,611,721 | | | | 21,567,545 | | | | 21,531,296 | | | | 21,481,250 | | | | 20,842,083 | |
| | | | | | | | | | | | | | | | | | | | | |
Number of shares used to compute: | | | | | | | | | | | | | | | | | | | | |
| Basic earnings per share | | | 21,223,341 | | | | 21,185,400 | | | | 21,331,021 | | | | 20,882,759 | | | | 20,581,504 | |
| Diluted earnings per share | | | 21,819,333 | | | | 21,810,173 | | | | 22,018,295 | | | | 21,637,210 | | | | 21,440,343 | |
| | | | | | | | | | | | | | | | | | | | | |
Capital Ratios (period end) (3): | | | | | | | | | | | | | | | | | | | | |
| Total equity to total assets | | | 7.08 | % | | | 6.82 | % | | | 6.90 | % | | | 6.97 | % | | | 6.84 | % |
| Total risk-based capital ratio | | | 10.99 | % | | | 10.63 | % | | | 10.45 | % | | | 10.36 | % | | | 10.71 | % |
| Tier-1 risk-based capital ratio | | | 8.37 | % | | | 8.06 | % | | | 7.93 | % | | | 8.06 | % | | | 8.53 | % |
| Leverage ratio | | | 7.20 | % | | | 7.08 | % | | | 6.95 | % | | | 7.51 | % | | | 7.26 | % |
(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)
| | | 3Q07 | | | 2Q07 | | | 1Q07 | | | 4Q06 | | | 3Q06 | |
Credit Quality Key Ratios: | | | | | | | | | | | | | | | |
| Net charge-offs to average loans | | | 0.17 | % | | | 0.06 | % | | | 0.07 | % | | | 0.01 | % | | | 0.04 | % |
| Total non-performing loans to total loans | | | 0.77 | % | | | 0.72 | % | | | 0.28 | % | | | 0.25 | % | | | 0.06 | % |
| Total non-performing assets to total assets | | | 0.80 | % | | | 0.70 | % | | | 0.34 | % | | | 0.23 | % | | | 0.06 | % |
| Nonaccrual loans to: | | | | | | | | | | | | | | | | | | | | |
| total loans | | | 0.69 | % | | | 0.56 | % | | | 0.13 | % | | | 0.11 | % | | | 0.02 | % |
| total assets | | | 0.57 | % | | | 0.46 | % | | | 0.11 | % | | | 0.09 | % | | | 0.02 | % |
| Allowance for loan losses to: | | | | | | | | | | | | | | | | | | | | |
| total loans | | | 1.13 | % | | | 1.11 | % | | | 1.09 | % | | | 1.09 | % | | | 1.11 | % |
| non-performing loans | | | 145 | % | | | 155 | % | | | 391 | % | | | 427 | % | | | 1,877 | % |
| nonaccrual loans | | | 164 | % | | | 199 | % | | | 808 | % | | | 1,010 | % | | | 5,897 | % |
| | | | | | | | | | | | | | | | | | | | | |
Non-performing assets: | | | | | | | | | | | | | | | | | | | | |
| Loans delinquent over 90 days | | $ | 3,294 | | | $ | 5,844 | | | $ | 5,124 | | | $ | 5,137 | | | $ | 1,260 | |
| Nonaccrual loans | | | 25,657 | | | | 20,731 | | | | 4,816 | | | | 3,770 | | | | 588 | |
| OREO | | | 7,044 | | | | 4,683 | | | | 4,831 | | | | 1,101 | | | | 480 | |
| Total non-performing assets | | $ | 35,995 | | | $ | 31,258 | | | $ | 14,771 | | | $ | 10,008 | | | $ | 2,328 | |
| | | | | | | | | | | | | | | | | | | | | |
Net loan charge-offs (recoveries): | | | | | | | | | | | | | | | | | | | | |
| Loans charged off | | $ | 1,648 | | | $ | 647 | | | $ | 586 | | | $ | 86 | | | $ | 308 | |
| (Recoveries) | | | (82 | ) | | | (76 | ) | | | (4 | ) | | | (37 | ) | | | (17 | ) |
| Net charge-offs | | $ | 1,566 | | | $ | 571 | | | $ | 582 | | | $ | 49 | | | $ | 291 | |
| | | | | | | | | | | | | | | | | | | | | |
Provision for loan losses | | $ | 2,399 | | | $ | 2,958 | | | $ | 1,406 | | | $ | 707 | �� | | $ | 1,494 | |
| | | | | | | | | | | | | | | | | | | | | |
Allowance for Loan Losses Summary | | | | | | | | | | | | | | | | | | | | |
| Balance at beginning of period | | $ | 41,280 | | | $ | 38,893 | | | $ | 38,069 | | | $ | 34,693 | | | $ | 33,490 | |
| Provision | | | 2,399 | | | | 2,958 | | | | 1,406 | | | | 707 | | | | 1,494 | |
| Net charge-offs | | | 1,566 | | | | 571 | | | | 582 | | | | 49 | | | | 291 | |
| Addition of The PrivateBank - Georgia allowance | | | - | | | | - | | | | - | | | | 2,718 | | | | - | |
| Balance at end of period | | $ | 42,113 | | | $ | 41,280 | | | $ | 38,893 | | | $ | 38,069 | | | $ | 34,693 | |
| | | | | | | | | | | | | | | | | | | | | |
Net loan charge-offs (recoveries): | | | | | | | | | | | | | | | | | | | | |
| Commercial real estate | | $ | 295 | | | $ | (1 | ) | | $ | 236 | | | | - | | | | - | |
| Residential real estate | | | - | | | | - | | | | (1 | ) | | | - | | | | - | |
| Commercial | | | 1,077 | | | | 397 | | | | 273 | | | $ | 29 | | | $ | 298 | |
| Personal | | | 99 | | | | (1 | ) | | | 3 | | | $ | 20 | | | $ | (7 | ) |
| Home equity | | | - | | | | - | | | | - | | | | - | | | | - | |
| Construction | | | 95 | | | | 176 | | | | 71 | | | | - | | | | - | |
| Total net loan charge-offs | | $ | 1,566 | | | $ | 571 | | | $ | 582 | | | $ | 49 | | | $ | 291 | |
Key Financial Data
Unaudited
(dollars in thousands)
June 30, 2007 |
| | | | | | | | | | | | | | | | |
| | | 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 | % |
September 30, 2007 | |
| | | | | | | | | | | | | | | | |
| | | 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 | | $ | 7,779 | | | | 0.32 | % | | $ | 2,290 | | | $ | 10,069 | | | | 0.33 | % |
| St. Louis (3) | | $ | 8,191 | | | | 2.20 | % | | $ | 2,356 | | | | 10,547 | | | | 2.37 | % |
| Michigan | | $ | 6,878 | | | | 1.25 | % | | $ | 2,398 | | | | 9,276 | | | | 1.48 | % |
| Georgia | | $ | 6,103 | | | | 2.36 | % | | $ | - | | | | 6,103 | | | | 1.81 | % |
| Wisconsin | | $ | - | | | | - | | | $ | - | | | | -- | | | | -- | |
| Consolidated non-performing assets | | $ | 28,951 | | | | 0.77 | % | | $ | 7,044 | | | $ | 35,995 | | | | 0.80 | % |
Non-performing assets (4): | | Commercial | | | Commercial Real Estate | | | Construction | | | Residential Real Estate | | | Personal | |
| Chicago | | | 1 | % | | | 13 | % | | | 8 | % | | | 3 | % | | | 4 | % |
| St. Louis (3) | | | 3 | % | | | 12 | % | | | 10 | % | | | 3 | % | | | -- | |
| Michigan | | | 4 | % | | | 16 | % | | | 6 | % | | | -- | | | | -- | |
| Georgia | | | -- | | | | -- | | | | 17 | % | | | -- | | | | -- | |
| Wisconsin | | | -- | | | | -- | | | | -- | | | | -- | | | | -- | |
| Consolidated non-performing assets | | | 8 | % | | | 41 | % | | | 41 | % | | | 6 | % | | | 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 and 9/30/07. |
| (4) | Non performing assets are presented here as a percentage of consolidated non performing assets |
Key Financial Data
Unaudited
(dollars in thousands)
| | | 3Q07 | | | 2Q07 | | | 1Q07 | | | 4Q06 | | | 3Q06 | |
Summary Income Statement | | | | | | | | | | | | | | | |
Interest Income | | | | | | | | | | | | | | | |
| Interest and fees on loans | | $ | 72,299 | | | $ | 70,732 | | | $ | 68,886 | | | $ | 64,418 | | | $ | 60,361 | |
| Interest on investment securities | | | 5,795 | | | | 5,938 | | | | 5,937 | | | | 5,274 | | | | 6,367 | |
| Interest on short-term investments | | | 259 | | | | 239 | | | | 238 | | | | 320 | | | | 116 | |
Total Interest Income | | | 78,353 | | | | 76,909 | | | | 75,061 | | | | 70,012 | | | | 66,844 | |
| | | | | | | | | | | | | | | | | | | | | |
Interest Expense | | | 46,065 | | | | 44,798 | | | | 43,086 | | | | 40,215 | | | | 36,804 | |
| | | | | | | | | | | | | | | | | | | | | |
Net Interest Income | | | 32,288 | | | | 32,111 | | | | 31,975 | | | | 29,797 | | | | 30,040 | |
| Provision for loan losses | | | 2,399 | | | | 2,958 | | | | 1,406 | | | | 707 | | | | 1,494 | |
| | | | | | | | | | | | | | | | | | | | | |
Net Interest Income after Provision for Loan Losses | | | 29,889 | | | | 29,153 | | | | 30,569 | | | | 29,090 | | | | 28,546 | |
| | | | | | | | | | | | | | | | | | | | | |
Non Interest Income | | | | | | | | | | | | | | | | | | | | |
| Wealth management income | | | 4,029 | | | | 4,024 | | | | 3,826 | | | | 3,615 | | | | 3,477 | |
| Mortgage banking income | | | 1,157 | | | | 1,229 | | | | 1,314 | | | | 807 | | | | 804 | |
| Other income | | | 1,214 | | | | 1,803 | | | | 1,126 | | | | 1,172 | | | | 1,351 | |
| Net securities gains (losses) | | | 366 | | | | (97 | ) | | | 79 | | | | (1 | ) | | | 1,212 | |
| (Losses) on interest rate swap | | | - | | | | - | | | | - | | | | - | | | | (904 | ) |
Total Non Interest Income | | | 6,766 | | | | 6,959 | | | | 6,345 | | | | 5,593 | | | | 5,940 | |
| | | | | | | | | | | | | | | | | | | | | |
Non Interest Expense | | | | | | | | | | | | | | | | | | | | |
| Salaries and benefits | | | 13,083 | | | | 12,734 | | | | 13,729 | | | | 12,205 | | | | 10,864 | |
| Occupancy expense | | | 3,336 | | | | 3,160 | | | | 2,790 | | | | 2,733 | | | | 2,639 | |
| Professional fees | | | 2,109 | | | | 1,610 | | | | 1,715 | | | | 1,976 | | | | 1,866 | |
| Wealth management fees | | | 857 | | | | 868 | | | | 782 | | | | 686 | | | | 774 | |
| Marketing | | | 1,058 | | | | 1,330 | | | | 1,289 | | | | 1,137 | | | | 1,159 | |
| Data processing | | | 1,039 | | | | 984 | | | | 901 | | | | 999 | | | | 788 | |
| Insurance | | | 452 | | | | 363 | | | | 352 | | | | 337 | | | | 349 | |
| Amortization of intangibles | | | 241 | | | | 242 | | | | 243 | | | | 169 | | | | 152 | |
| Other operating expenses | | | 1,749 | | | | 2,019 | | | | 1,564 | | | | 2,321 | | | | 1,420 | |
Total Non Interest Expense | | | 23,924 | | | | 23,310 | | | | 23,365 | | | | 22,563 | | | | 20,011 | |
| | | | | | | | | | | | | | | | | | | | | |
| Minority interest expense | | | 100 | | | | 95 | | | | 90 | | | | 82 | | | | 85 | |
Income Before Income Taxes | | | 12,631 | | | | 12,707 | | | | 13,459 | | | | 12,038 | | | | 14,390 | |
| Income tax expense | | | 3,466 | | | | 3,956 | | | | 4,423 | | | | 2,986 | | | | 4,596 | |
Net income | | $ | 9,165 | | | $ | 8,751 | | | $ | 9,036 | | | $ | 9,052 | | | $ | 9,794 | |
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)
| | | 09/30/07 | | | 06/30/07 | | | 03/31/07 | | | 12/31/06 | | | 09/30/06 | |
| | | unaudited | | | unaudited | | | unaudited | | | audited | | | unaudited | |
Assets | | | | | | | | | | | | | | | |
| Cash and due from banks | | $ | 52,922 | | | $ | 63,074 | | | $ | 73,736 | | | $ | 42,428 | | | $ | 91,026 | |
| Short-term investments | | | 22,117 | | | | 19,672 | | | | 17,535 | | | | 36,969 | | | | 33,565 | |
| Investment securities: available-for-sale | | | 497,948 | | | | 495,854 | | | | 482,024 | | | | 496,782 | | | | 458,869 | |
| Loans held for sale | | | 4,262 | | | | 20,905 | | | | 14,928 | | | | 14,515 | | | | 7,719 | |
| Loans | | | 3,737,523 | | | | 3,705,339 | | | | 3,581,398 | | | | 3,499,988 | | | | 3,136,634 | |
| Less: Allowance for loan losses | | | (42,113 | ) | | | (41,280 | ) | | | (38,893 | ) | | | (38,069 | ) | | | (34,693 | ) |
| Net loans | | | 3,695,410 | | | | 3,664,059 | | | | 3,542,505 | | | | 3,461,919 | | | | 3,101,941 | |
| Premises and equipment, net | | | 24,844 | | | | 23,415 | | | | 21,674 | | | | 21,413 | | | | 19,825 | |
| Goodwill | | | 93,357 | | | | 93,043 | | | | 93,043 | | | | 93,043 | | | | 63,176 | |
| Other assets | | | 107,366 | | | | 105,988 | | | | 98,427 | | | | 97,355 | | | | 101,472 | |
| Total Assets | | $ | 4,498,226 | | | $ | 4,486,010 | | | $ | 4,343,872 | | | $ | 4,264,424 | | | $ | 3,877,593 | |
| | | | | | | | | | | | | | | | | | | | | |
Liabilities and Stockholders' Equity | | | | | | | | | | | | | | | | | | | | |
| Non-interest bearing deposits | | $ | 285,003 | | | $ | 303,455 | | | $ | 312,648 | | | $ | 300,689 | | | $ | 280,478 | |
| Interest bearing demand deposits | | | 134,428 | | | | 150,324 | | | | 144,812 | | | | 152,323 | | | | 115,531 | |
| Savings and money market deposits | | | 1,577,930 | | | | 1,505,303 | | | | 1,485,783 | | | | 1,575,080 | | | | 1,327,932 | |
| Time deposits | | | 1,590,701 | | | | 1,679,463 | | | | 1,639,578 | | | | 1,522,921 | | | | 1,514,881 | |
| Total deposits | | | 3,588,062 | | | | 3,638,545 | | | | 3,582,821 | | | | 3,551,013 | | | | 3,238,822 | |
| Funds borrowed | | | 464,021 | | | | 407,696 | | | | 334,128 | | | | 281,733 | | | | 235,858 | |
| Long-term debt - Trust Preferred Securities | | | 101,033 | | | | 101,033 | | | | 101,033 | | | | 101,033 | | | | 101,033 | |
| Other liabilities | | | 26,710 | | | | 32,627 | | | | 26,218 | | | | 33,521 | | | | 36,653 | |
| Total liabilities | | | 4,179,826 | | | | 4,179,901 | | | | 4,044,200 | | | | 3,967,300 | | | | 3,612,366 | |
| Stockholders' equity | | | 318,400 | | | | 306,109 | | | | 299,672 | | | | 297,124 | | | | 265,227 | |
| Total Liabilities and Stockholders' Equity | | $ | 4,498,226 | | | $ | 4,486,010 | | | $ | 4,343,872 | | | $ | 4,264,424 | | | $ | 3,877,593 | |
Average Quarterly Balance Sheets
Unaudited
(dollars in thousands)
| | | 09/30/07 | | | 06/30/07 | | | 03/31/07 | | | 12/31/06 | | | 09/30/06 | |
Assets | | | | | | | | | | | | | | | |
| Cash and due from banks | | $ | 50,613 | | | $ | 68,293 | | | $ | 45,656 | | | $ | 48,478 | | | $ | 43,029 | |
| Short-term investments | | | 15,390 | | | | 14,670 | | | | 29,348 | | | | 21,341 | | | | 7,101 | |
| Investment securities: available-for-sale | | | 487,942 | | | | 485,354 | | | | 490,844 | | | | 464,005 | | | | 494,626 | |
| Loans held for sale | | | 10,005 | | | | 12,891 | | | | 10,493 | | | | 10,891 | | | | 6,875 | |
| Loans | | | 3,704,278 | | | | 3,629,839 | | | | 3,528,404 | | | | 3,259,404 | | | | 3,037,863 | |
| Less: Allowance for loan losses | | | (41,174 | ) | | | (39,304 | ) | | | (38,157 | ) | | | (36,175 | ) | | | (34,335 | ) |
| Net loans | | | 3,663,104 | | | | 3,590,535 | | | | 3,490,247 | | | | 3,223,229 | | | | 3,003,528 | |
| Premises and equipment, net | | | 24,534 | | | | 23,040 | | | | 21,485 | | | | 20,594 | | | | 19,137 | |
| Goodwill | | | 93,057 | | | | 93,044 | | | | 93,043 | | | | 69,344 | | | | 63,176 | |
| Other assets | | | 101,750 | | | | 99,148 | | | | 93,959 | | | | 80,779 | | | | 92,902 | |
| Total Assets | | $ | 4,446,395 | | | $ | 4,386,975 | | | $ | 4,275,075 | | | $ | 3,938,661 | | | $ | 3,730,374 | |
| | | | | | | | | | | | | | | | | | | | | |
Liabilities and Stockholders' Equity | | | | | | | | | | | | | | | | | | | | |
| Non-interest bearing deposits | | $ | 299,201 | | | $ | 302,941 | | | $ | 265,914 | | | $ | 273,576 | | | $ | 271,287 | |
| Interest bearing demand deposits | | | 137,740 | | | | 147,590 | | | | 139,808 | | | | 119,575 | | | | 122,321 | |
| Savings and money market deposits | | | 1,566,711 | | | | 1,482,747 | | | | 1,553,254 | | | | 1,445,841 | | | | 1,315,230 | |
| Time deposits | | | 1,657,904 | | | | 1,638,127 | | | | 1,556,657 | | | | 1,490,239 | | | | 1,435,345 | |
| Total deposits | | | 3,661,556 | | | | 3,571,405 | | | | 3,515,633 | | | | 3,329,231 | | | | 3,144,183 | |
| Funds borrowed | | | 343,820 | | | | 382,991 | | | | 333,312 | | | | 209,039 | | | | 180,608 | |
| Long-term debt - Trust Preferred Securities | | | 101,033 | | | | 101,033 | | | | 101,033 | | | | 101,033 | | | | 101,033 | |
| Other liabilities | | | 32,063 | | | | 30,472 | | | | 28,874 | | | | 35,570 | | | | 52,704 | |
| Total liabilities | | | 4,138,472 | | | | 4,085,901 | | | | 3,978,852 | | | | 3,674,873 | | | | 3,478,528 | |
| Stockholders' equity | | | 307,923 | | | | 301,074 | | | | 296,223 | | | | 263,788 | | | | 251,846 | |
| Total Liabilities and Stockholders' Equity | | $ | 4,446,395 | | | $ | 4,386,975 | | | $ | 4,275,075 | | | $ | 3,938,661 | | | $ | 3,730,374 | |
Average Year-To-Date Balance Sheets
Unaudited
(dollars in thousands)
| | | | | | | | | | | | | | | | |
| | | 09/30/07 | | | 06/30/07 | | | 03/31/07 | | | 12/31/06 | | | 09/30/06 | |
Assets | | | | | | | | | | | | | | | |
| Cash and due from banks | | $ | 60,250 | | | $ | 62,928 | | | $ | 45,656 | | | $ | 28,848 | | | $ | 38,598 | |
| Short-term investments | | | 16,229 | | | | 19,423 | | | | 29,348 | | | | 10,696 | | | | 6,593 | |
| Investment securities: available-for-sale | | | 488,037 | | | | 488,084 | | | | 490,844 | | | | 557,696 | | | | 589,318 | |
| Loans held for sale | | | 10,818 | | | | 11,042 | | | | 10,493 | | | | 7,719 | | | | 7,368 | |
| Loans | | | 3,621,671 | | | | 3,579,872 | | | | 3,528,404 | | | | 2,959,125 | | | | 2,857,212 | |
| Less: Allowance for loan losses | | | (39,556 | ) | | | (38,733 | ) | | | (38,157 | ) | | | (33,281 | ) | | | (32,305 | ) |
| Net loans | | | 3,582,115 | | | | 3,541,139 | | | | 3,490,247 | | | | 2,925,844 | | | | 2,824,907 | |
| Premises and equipment, net | | | 23,031 | | | | 22,267 | | | | 21,485 | | | | 18,094 | | | | 17,190 | |
| Goodwill | | | 93,048 | | | | 93,044 | | | | 93,043 | | | | 64,730 | | | | 63,176 | |
| Other assets | | | 97,912 | | | | 96,773 | | | | 93,959 | | | | 81,879 | | | | 87,709 | |
| Total Assets | | $ | 4,371,440 | | | $ | 4,334,700 | | | $ | 4,275,075 | | | $ | 3,695,506 | | | $ | 3,634,859 | |
| | | | | | | | | | | | | | | | | | | | | |
Liabilities and Stockholders' Equity | | | | | | | | | | | | | | | | | | | | |
| Non-interest bearing deposits | | $ | 294,980 | | | $ | 290,848 | | | $ | 265,914 | | | $ | 252,338 | | | $ | 259,094 | |
| Interest bearing demand deposits | | | 141,705 | | | | 143,720 | | | | 139,808 | | | | 123,554 | | | | 124,895 | |
| Savings and money market deposits | | | 1,534,094 | | | | 1,517,512 | | | | 1,553,254 | | | | 1,319,457 | | | | 1,276,866 | |
| Time deposits | | | 1,617,933 | | | | 1,597,618 | | | | 1,556,657 | | | | 1,387,214 | | | | 1,352,495 | |
| Total deposits | | | 3,588,712 | | | | 3,549,698 | | | | 3,515,633 | | | | 3,082,563 | | | | 3,013,350 | |
| Funds borrowed | | | 349,818 | | | | 355,589 | | | | 333,312 | | | | 230,461 | | | | 237,247 | |
| Long-term debt - Trust Preferred Securities | | | 101,033 | | | | 101,033 | | | | 101,033 | | | | 101,033 | | | | 101,033 | |
| Other liabilities | | | 30,073 | | | | 29,699 | | | | 28,874 | | | | 36,492 | | | | 44,411 | |
| Total liabilities | | | 4,069,636 | | | | 4,036,019 | | | | 3,978,852 | | | | 3,450,549 | | | | 3,396,041 | |
| Stockholders' equity | | | 301,804 | | | | 298,681 | | | | 296,223 | | | | 244,957 | | | | 238,818 | |
| Total Liabilities and Stockholders' Equity | | $ | 4,371,440 | | | $ | 4,334,700 | | | $ | 4,275,075 | | | $ | 3,695,506 | | | $ | 3,634,859 | |
