EXHIBIT 99.1
------------
FOR FURTHER INFORMATION:
Gary L. Svec, CFO
PrivateBancorp, Inc.
312-683-7100
For Immediate Release
PRIVATEBANCORP REPORTS RECORD SECOND QUARTER EARNINGS
Earnings per share up 79 percent over second quarter 2001
Chicago, IL, July 22, 2002 -- PrivateBancorp, Inc. (NASDAQ: PVTB) today
reported that earnings per share increased 79 percent to $0.50 per diluted share
for the second quarter 2002 compared to second quarter 2001 earnings per diluted
share of $0.28. Net income for the second quarter ended June 30, 2002 was $2.6
million, an increase of 92 percent over second quarter 2001 net income of $1.4
million. Net income for the six months ended June 30, 2002 increased 77 percent
to $4.8 million, or $0.92 per diluted share, compared to $2.7 million, or $0.56
per diluted share, for the same period last year.
"Continued strong growth in loans and deposits, increased net interest
margin and significant improvement in our operating efficiency drove second
quarter financial performance. We have invested substantially in our people, our
systems and the expansion of the PrivateBank concept over the past three years
and we are now seeing the benefits of those investments reflected in the
financial performance of PrivateBancorp," said Ralph B. Mandell, Chairman,
President and Chief Executive Officer.
"We continue to see ample opportunities in the markets we currently
serve, to attract new clients while at the same time continuing to pursue
expansion of services offered to current clients. Additionally, we are exploring
opportunities to expand the PrivateBank concept to potential markets which we do
not yet serve," said Mandell. "Based on our current assessment of the credit
quality of our loan portfolio, we expect our earnings will exceed the high-end
of current analysts' earnings estimates for 2002 of $1.84 per share."
Deposit and loan growth continues to be strong. Deposits grew by 9
percent during the quarter to $1.1 billion, compared to total deposits of $981.9
million as of March 31, 2002. Deposits increased by 26 percent as of June 30,
2002 from $850.5 million at December 31, 2001. Loans outstanding increased by 11
percent to $865.8 million at June 30, 2002, from $782.4 million at March 31,
2002 and $780.8 million at December 31, 2001.
Net interest income totaled $10.0 million in the second quarter of
2002, an increase of 51 percent over second quarter 2001 net interest income of
$6.6 million, due to growth in average earning assets between periods as well as
improvements in net interest margin. Average earning assets during the period
were $1.2 billion, compared to $864.0 million in the prior year quarter, an
increase of 40 percent. Net interest margin (on a tax equivalent basis) improved
to 3.53 percent in the second quarter of 2002, up substantially from 3.18
percent in the first quarter of 2002, and up from 3.21 percent in the second
quarter of 2001. The improvement in net interest margin compared to the first
quarter of 2002 is primarily attributable to decreases in our cost of funds
resulting from maturing funding sources that have been replaced at lower rates.
Non-interest income was $2.1 million in the second quarter of 2002,
reflecting an increase of approximately $699,000 or 51 percent compared to the
second quarter of 2001. The increase in non-
5
interest income is attributable to increased banking, trust service and other
income, offset by lower securities gains. Banking, trust services and other
income increased $777,000, or 76%, from the prior year quarter. Increased volume
levels in sales of residential real estate loans during the quarter contributed
approximately $418,000 to this increase. Securities gains totaled $274,000
during the second quarter of 2002, compared to $353,000 in the second quarter of
2001. Trust assets under administration increased to $733.9 million at June 30,
2002 compared to $711.9 million at June 30, 2001, and down from $758.2 million
at March 31, 2002. The nominal 3 percent decrease in trust assets under
administration since March 31, 2002 is attributable primarily to continued
weakness in the domestic equity markets, offset by new wealth management
business revenue generated during the quarter.
Non-interest expense increased to $7.1 million in the second quarter of
2002 from $5.4 million in the second quarter of 2001. The 32 percent increase in
non-interest expense between periods is primarily attributable to increases in
salaries and employee benefits resulting from the increased scope of operations
and compares favorably to the larger increases in net interest income and
non-interest income for the same period. As a result, the efficiency ratio
improved significantly to 55.4 percent in the second quarter of 2002 from 64.5
percent in the prior year quarter.
Credit quality remains high. At June 30, 2002, nonperforming loans as a
percentage of total loans were 0.37 percent, unchanged from March 31, 2002 and
June 30, 2001. At June 30, 2002, nonaccrual loans as a percentage of total loans
were 0.07 percent, versus 0.19 percent at March 31, 2002 and 0.23 percent at
June 30, 2001. Net charge-offs, primarily relating to one commercial real estate
credit, totaled $490,000 in the quarter ended June 30, 2002 versus $27,000 in
the first quarter 2002 and $297,000 for the quarter ended June 30, 2001. The
provision for loan losses was $1.6 million in the second quarter of 2002, versus
$511,000 in the first quarter 2002 and $738,000 in the second quarter of 2001.
The allowance as a percentage of loans was 1.14 percent as of June 30, 2002
compared to 1.12 percent at March 31, 2002 and 1.04 percent as of June 30, 2001.
The increased level of the allowance reflects management's ongoing assessment of
the losses that are probable and reasonably estimable in the loan portfolio. Our
analysis is influenced by the volume and quality of loans and commitments in the
portfolio, loss experience and economic conditions.
PrivateBancorp, Inc. was organized in 1989 to provide highly
personalized financial services primarily to affluent individuals,
professionals, owners of closely-held businesses and commercial real estate
investors. The Company operates two banking subsidiaries, The PrivateBank and
Trust Company and The PrivateBank (St. Louis). The Company, which had assets of
$1.3 billion at June 30, 2002, currently has banking offices in Chicago,
Wilmette, Oak Brook, St. Charles, Lake Forest, Winnetka, and Geneva, Illinois,
and in St. Louis, Missouri.
Additional information can be found in the Investor Relations section
of PrivateBancorp, Inc.'s website at www.privatebk.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
and Section 27A of the Securities Act of 1933, 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, greater
than anticipated deterioration in asset quality due to a prolonged economic
downturn in the greater Chicago and St. Louis metropolitan areas or other
unanticipated circumstances, legislative or regulatory changes, adverse
developments in the Company's loan or investment portfolios, competition and the
possible dilutive effect of potential acquisitions or expansion. These risks and
uncertainties should be considered in evaluating forward-looking statements and
undue reliance should not be placed
6
on such statements. The Company assumes no obligation to update publicly any of
these statements in light of future events.
Editor's Note: Financial highlights attached.
###
7
PRIVATEBANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, JUNE 30,
-------------------------------- -----------------------------
2002 2001 2002 2001
UNAUDITED UNAUDITED UNAUDITED UNAUDITED
------------ ------------ ------------- -----------
INTEREST INCOME
Interest and fees on loans........................ $ 12,665 $ 12,877 $ 24,813 $ 25,879
Interest on investment securities................. 4,886 3,327 9,092 6,529
Interest on short-term investments................ 8 31 25 208
---------- ---------- ---------- ----------
Total interest income.......................... 17,559 16,235 33,930 32,616
---------- ---------- ---------- ----------
INTEREST EXPENSE
Interest on deposits.............................. 5,741 7,595 11,954 15,798
Interest on borrowings............................ 1,353 1,545 2,662 3,052
Interest on long-term debt -- trust preferred
securities..................................... 485 485 970 761
---------- ---------- ---------- ----------
Total interest expense......................... 7,579 9,625 15,586 19,611
---------- ---------- ---------- ----------
NET INTEREST INCOME 9,980 6,610 18,344 13,005
Provision for loan losses......................... 1,609 738 2,120 1,077
---------- ---------- ---------- ----------
Net interest income after provision............ 8,371 5,872 16,224 11,928
---------- ---------- ---------- ----------
NON-INTEREST INCOME
Banking, trust services and other income.......... 1,802 1,024 3,344 1,977
Net securities gains.............................. 274 353 44 539
---------- ---------- ---------- ----------
Total non-interest income...................... 2,076 1,377 3,388 2,516
---------- ---------- ---------- ----------
NON-INTEREST EXPENSE
Salaries and benefits............................. 3,469 1,855 6,683 4,289
Other operating expenses.......................... 3,644 3,338 6,902 5,984
Amortization of goodwill.......................... -- 206 -- 412
---------- ---------- ---------- ----------
Total non-interest expense..................... 7,113 5,399 13,585 10,685
---------- ---------- ---------- ----------
Income before income taxes........................ 3,334 1,850 6,027 3,759
Income tax expense................................ 724 492 1,273 1,068
---------- ---------- ---------- ----------
Net income........................................ $ 2,610 $ 1,358 $ 4,754 $ 2,691
========== ========== ========== ==========
Weighted average shares O/S....................... 4,919,165 4,681,655 4,888,762 4,664,951
Diluted average shares O/S........................ 5,205,933 4,855,083 5,139,872 4,818,867
EARNINGS PER SHARE
Basic............................................. $ 0.53 $ 0.29 $ 0.97 $ 0.58
Diluted........................................... $ 0.50 $ 0.28 $ 0.92 $ 0.56
NOTE: Certain reclassifications have been made to prior periods' statements to
place them on a basis comparable with the current period's financial statements.
PRIVATEBANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
JUNE 30, MARCH 31, DECEMBER 31,
2002 2002 2001
------------ ------------ ------------
UNAUDITED UNAUDITED
ASSETS
Cash and due from banks...................................... $ 39,625 $ 25,852 $ 22,283
Short term investments....................................... 75 3,558 518
Investment securities--available for sale.................... 392,090 388,728 332,933
Loans held for sale.......................................... 3,913 1,785 11,335
Loans........................................................ 865,778 782,434 780,771
Allowance for loan losses.................................... (9,909) (8,790) (8,306)
---------- ---------- ----------
Net loans................................................. 855,869 773,644 772,465
Premises and equipment, net.................................. 6,455 4,026 3,814
Goodwill..................................................... 10,805 10,805 10,805
Other assets................................................. 23,176 22,810 22,615
---------- ---------- ----------
Total assets.............................................. $1,332,008 $1,231,208 $1,176,768
========== ========== ==========
LIABILITIES
Non-interest bearing deposits................................ $ 81,421 $ 62,359 $ 73,146
Interest bearing deposits.................................... 993,054 919,506 777,349
---------- ---------- ----------
Total deposits............................................ 1,074,475 981,865 850,495
---------- ---------- ----------
Borrowings................................................... 154,499 155,523 231,488
Long-term debt--trust preferred securities................... 20,000 20,000 20,000
Other liabilities............................................ 11,337 8,894 12,481
---------- ---------- ----------
Total liabilities......................................... $1,260,311 $1,166,282 $1,114,464
========== ========== ==========
STOCKHOLDERS' EQUITY
Common stock and surplus..................................... $ 47,221 $ 47,189 $ 46,320
Retained earnings............................................ 21,927 19,465 17,468
Accumulated other comprehensive income....................... 4,231 31 323
Deferred compensation........................................ (732) (809) (857)
Loans to executive officers.................................. (950) (950) (950)
---------- ---------- ----------
Total stockholders' equity................................ $ 71,697 $ 64,926 $ 62,304
========== ========== ==========
Total liabilities and stockholders' equity................ $1,332,008 $1,231,208 $1,176,768
========== ========== ==========
Book value per share......................................... $ 14.57 $ 13.20 $ 12.97
NOTE: Certain reclassifications have been made to prior periods' statements to
place them on a basis comparable with the current period's financial statements.
9
PRIVATEBANCORP, INC.
KEY FINANCIAL DATA
UNAUDITED
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
2Q02 1Q02 4Q01 3Q01 2Q01
------- ------- ------- ------- -------
KEY STATISTICS
Net income.............................. $2,610 $2,144 $1,918 $1,591 $1,358
Basic earnings per share................ $ 0.53 $ 0.44 $ 0.40 $ 0.34 $ 0.29
Diluted earnings per share.............. $ 0.50 $ 0.42 $ 0.39 $ 0.32 $ 0.28
Return on average total assets.......... 0.82% 0.73% 0.70% 0.64% 0.60%
Return on average total equity.......... 15.07% 13.35% 12.18% 10.46% 9.46%
Dividend payout ratio................... 5.66% 6.88% 7.51% 8.94% 8.62%
Non-interest income to average assets... 0.65% 0.44% 0.86% 0.49% 0.57%
Non-interest expense to average assets.. 2.24% 2.19% 2.43% 2.16% 2.39%
Net overhead ratio(1)................... 1.59% 1.75% 1.57% 1.67% 1.82%
Efficiency ratio(2)..................... 55.4% 62.5% 60.9% 60.6% 64.5%
Net interest margin(3).................. 3.53% 3.18% 3.28% 3.17% 3.21%
Yield on average earning assets......... 6.03% 6.02% 6.57% 7.16% 7.67%
Cost of average interest-bearing
liabilities.......................... 2.69% 3.06% 3.59% 4.40% 4.92%
Net interest spread(4).................. 3.34% 2.96% 2.98% 2.76% 2.75%
- ---------------------------
(1) Non-interest expense less non-interest income divided by average total assets.
(2) Non-interest expense divided by the sum of net interest income, on a tax equivalent basis, plus non-interest
income.
(3) Net interest income, on a tax equivalent basis, divided by average interest-earning assets.
(4) Yield on average interest-earning assets less rate on average interest-bearing liabilities.
10
PRIVATEBANCORP, INC.
KEY FINANCIAL DATA
UNAUDITED
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
2Q02 1Q02 4Q01 3Q01 2Q01
----------- ----------- ----------- ----------- -----------
BALANCE SHEET RATIOS
Loans to deposits (period end)......... 80.58% 79.69% 91.80% 89.39% 88.84%
Average interest-earning assets to
average interest-bearing liabilities 107.8 107.5 108.9 110.2 110.4
PER SHARE DATA
Dividends.............................. $ 0.030 $ 0.030 $ 0.030 $ 0.030 $ 0.025
Book value (period end)................ $ 14.57 $ 13.20 $ 12.97 $ 13.07 $ 12.35
Tangible book value (period end)....... $ 12.37 $ 11.01 $ 10.72 $ 10.75 $ 9.96
SHARE PRICE DATA
Closing price (period end)............. $30.1500 $24.5000 $19.6300 $15.9000 $16.2200
Diluted earnings multiple.............. 15.03x 14.38x 12.77x 12.42x 14.46x
Book value multiple (period end)....... 2.07x 1.86x 1.51x 1.22x 1.31x
COMMON STOCK INFORMATION
Outstanding shares at end of period.... 4,921,580 4,917,020 4,804,280 4,750,124 4,680,668
NUMBER OF SHARES USED TO COMPUTE:
Basic earnings per share............... 4,919,165 4,858,022 4,773,572 4,714,506 4,681,655
Diluted earnings per share............. 5,205,933 5,075,764 4,951,338 4,929,171 4,855,083
CAPITAL RATIOS (PERIOD END):
Total equity to total assets........... 5.38% 5.27% 5.29% 5.96% 6.12%
Total risk-based capital ratio......... 9.36% 9.93% 9.71% 10.55% 10.98%
Tier-1 risk-based capital ratio........ 7.84% 8.37% 8.18% 8.88% 9.17%
Leverage ratio......................... 6.02% 6.25% 6.64% 6.99% 7.26%
11
PRIVATEBANCORP, INC.
KEY FINANCIAL DATA
UNAUDITED
(DOLLARS IN THOUSANDS)
2Q02 1Q02 4Q01 3Q01 2Q01
----------- ----------- ----------- ----------- -----------
SUMMARY INCOME STATEMENT
INTEREST INCOME
Loans, including fees................... $12,665 $12,148 $12,311 $12,785 $12,877
Securities.............................. 4,886 4,206 4,144 3,704 3,327
Short-term investments.................. 8 17 13 23 31
------- ------- ------- ------- -------
Total interest income................ 17,559 16,371 16,468 16,512 16,235
Interest expense........................ 7,579 8,007 8,548 9,478 9,625
------- ------- ------- ------- -------
Net interest income..................... 9,980 8,364 7,920 7,034 6,610
Provision for loan losses............... 1,609 511 1,257 845 738
------- ------- ------- ------- -------
Net interest income after provision
for loan losses................... 8,371 7,853 6,663 6,189 5,872
------- ------- ------- ------- -------
NON-INTEREST INCOME
Banking, trust services and other income 1,802 1,542 1,149 902 1,024
Net securities gains (losses)........... 274 (230) 1,191 365 353
------- ------- ------- ------- -------
Total non-interest income............ 2,076 1,312 2,340 1,267 1,377
------- ------- ------- ------- -------
NON-INTEREST EXPENSE
Salaries and employee benefits.......... 3,469 3,214 2,519 2,303 1,855
Goodwill................................ -- -- 206 206 206
Occupancy expense....................... 1,206 1,139 1,325 985 960
Other non-interest expense.............. 2,438 2,119 2,576 1,847 2,378
------- ------- ------- ------- -------
Total non-interest expense........... 7,113 6,472 6,626 5,341 5,399
------- ------- ------- ------- -------
Income before income taxes.............. 3,334 2,693 2,377 2,115 1,850
Provision for income taxes.............. 724 549 459 524 492
------- ------- ------- ------- -------
Net income........................... $ 2,610 $ 2,144 $ 1,918 $ 1,591 $ 1,358
======= ======= ======= ======= =======
12
PRIVATEBANCORP, INC.
KEY FINANCIAL DATA
UNAUDITED
(DOLLARS IN THOUSANDS)
2Q02 1Q02 4Q01 3Q01 2Q01
----------- ----------- ----------- ----------- -----------
CREDIT QUALITY
KEY RATIOS
Net charge-offs to average loans........ 0.24% 0.01% 0.27% 0.11% 0.18%
Total non-performing loans to total
loans................................ 0.37% 0.37% 0.41% 0.91% 0.37%
Total non-performing assets to total
assets............................... 0.24% 0.24% 0.27% 0.62% 0.26%
Nonaccrual loans to:
Total loans.......................... 0.07% 0.19% 0.09% 0.37% 0.23%
Total assets......................... 0.05% 0.12% 0.06% 0.26% 0.16%
Allowance for loan losses to:
Total loans.......................... 1.14% 1.12% 1.06% 1.06% 1.04%
Non-performing loans................. 313% 303% 262% 118% 282%
Nonaccrual loans..................... 1,527% 603% 1,250% 284% 459%
NON-PERFORMING ASSETS:
Loans delinquent over 90 days........... $2,518 $1,448 $2,504 $3,766 $ 938
Nonaccrual loans........................ 649 1,458 664 2,658 1,504
Other real estate....................... -- -- -- 62 --
------ ------ ------ ------ ------
Total non-performing assets.......... $3,167 $2,906 $3,168 $6,486 $2,442
====== ====== ====== ====== ======
NET LOAN CHARGE-OFFS:
Loans charged off....................... $ 515 $ 66 $ 521 $ 199 $ 332
Recoveries.............................. 25 39 12 16 35
------ ------ ------ ------ ------
Net charge-offs...................... $ 490 $ 27 $ 509 $ 183 $ 297
====== ====== ====== ====== ======
PROVISION FOR LOAN LOSSES............... $1,609 $ 511 $1,257 $ 845 $ 738
====== ====== ====== ====== ======
ALLOWANCE FOR LOAN LOSSES SUMMARY
Balance at beginning of period.......... $8,790 $8,306 $7,558 $6,896 $6,455
Provision............................... 1,609 511 1,257 845 738
Net charge-offs......................... 490 27 509 183 297
------ ------ ------ ------ ------
Ending allowance for loan losses..... $9,909 $8,790 $8,306 $7,558 $6,896
====== ====== ====== ====== ======
NET LOAN CHARGE-OFFS (RECOVERIES):
Commercial real estate.................. -- -- -- -- --
Residential real estate................. -- -- -- -- --
Commercial.............................. $ 481 $ 18 $ 438 $ 185 $ 276
Personal................................ 9 9 71 (2) 21
Home equity............................. -- -- -- -- --
Construction............................ -- -- -- -- --
------ ------ ------ ------ ------
Total net loan charge-offs
(recoveries)...................... $ 490 $ 27 $ 509 $ 183 $ 297
====== ====== ====== ====== ======
13
PRIVATEBANCORP, INC.
BALANCE SHEETS
(DOLLARS IN THOUSANDS)
JUNE 30, MARCH 31, DECEMBER 31, SEPTEMBER 30, JUNE 30,
2002 2002 2001 2001 2001
-------- --------- -------- -------- --------
UNAUDITED UNAUDITED UNAUDITED UNAUDITED
ASSETS
Cash and due from banks.. $ 39,625 $ 25,852 $ 22,283 $ 26,343 $ 28,515
Federal funds sold....... 75 3,558 518 2,959 7,305
Investment securities -
available for sale.... 392,090 388,728 332,933 279,319 224,505
Loans held for sale...... 3,913 1,785 11,335 140 448
Loans.................... 865,778 782,434 780,771 715,977 666,262
Less: Allowance for
loan losses........ (9,909) (8,790) (8,306) (7,558) (6,896)
---------- ---------- ---------- ---------- --------
Net loans............. 855,869 773,644 772,465 708,419 659,366
---------- ---------- ---------- ---------- --------
Premises and equipment,
net................... 6,455 4,026 3,814 4,198 4,260
Goodwill................. 10,805 10,805 10,805 11,011 11,217
Other assets............. 23,176 22,810 22,615 9,586 9,271
---------- ---------- ---------- ---------- --------
Total assets....... $1,332,008 $1,231,208 $1,176,768 $1,041,975 $944,887
========== ========== ========== ========== ========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Non-interest bearing
deposits.............. $ 81,421 $ 62,359 $ 73,146 $ 68,789 $ 65,373
Interest bearing demand
deposits.............. 54,694 54,214 52,061 45,711 44,436
Savings and money market
deposits.............. 412,570 369,811 362,987 361,563 302,258
Time deposits............ 525,790 495,481 362,301 325,083 338,427
---------- ---------- ---------- ---------- --------
Total deposits........ 1,074,475 981,865 850,495 801,146 750,494
Funds borrowed........... 154,499 155,523 231,488 137,956 106,128
Long-term debt - trust
preferred securities.. 20,000 20,000 20,000 20,000 20,000
Other liabilities........ 11,337 8,894 12,481 20,786 10,439
---------- ---------- ---------- ---------- --------
Total liabilities..... 1,260,311 1,166,282 1,114,464 979,888 887,061
Stockholders' equity..... 71,697 64,926 62,304 62,087 57,826
---------- ---------- ---------- ---------- --------
Total liabilities and
stockholders'
equity............. $1,332,008 $1,231,208 $1,176,768 $1,041,975 $944,887
========== ========== ========== ========== ========
14
PRIVATEBANCORP, INC.
AVERAGE QUARTERLY BALANCE SHEETS
(UNAUDITED, DOLLARS IN THOUSANDS)
JUNE 30, MARCH 31, DECEMBER 31, SEPTEMBER 30, JUNE 30,
2002 2002 2001 2001 2001
-------- --------- -------- -------- --------
AVERAGE ASSETS
Cash and due from banks.. $ 27,114 $ 25,149 $ 24,258 $ 22,483 $ 23,033
Federal funds sold....... 1,964 3,737 2,111 2,429 2,724
Investment securities--
available for sale.... 396,807 355,528 287,553 250,979 213,241
Loans held for sale...... 2,330 5,176 5,093 513 1,393
Loans.................... 815,672 777,312 737,425 689,891 648,261
Less: Allowance for
loan losses........... (9,081) (8,540) (7,832) (7,248) (6,813)
---------- ---------- ---------- --------- ---------
Net loans................ 806,591 768,772 729,593 682,643 641,448
---------- ---------- ---------- --------- ---------
Premises and equipment,
net................... 5,271 3,937 4,003 4,308 4,132
Goodwill................. 10,805 10,805 10,931 11,132 11,333
Other assets............. 23,522 23,335 19,863 9,757 10,229
---------- ---------- ---------- --------- ---------
Total assets............. $1,274,404 $1,196,439 $1,083,405 $984,244 $907,533
========== ========== ========== ========= =========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Non-interest bearing
deposits.............. $ 70,244 $ 64,285 $ 68,591 $ 62,141 $ 59,051
Interest bearing demand
deposits.............. 57,127 54,066 47,593 43,311 45,759
Savings and money market
deposits.............. 379,726 363,351 370,451 336,297 296,302
Time deposits............ 523,774 485,498 351,312 328,172 309,777
---------- ---------- ---------- --------- ---------
Total deposits........... 1,030,871 967,200 837,947 769,921 710,889
Funds borrowed........... 144,576 135,979 154,141 125,623 110,708
Long-term debt - trust
preferred securities.. 20,000 20,000 20,000 20,000 20,000
Other liabilities........ 9,498 8,141 8,860 8,380 8,381
---------- ---------- ---------- --------- ---------
Total liabilities........ 1,204,945 1,131,320 1,020,948 923,924 849,978
Stockholders' equity..... 69,459 65,119 62,457 60,320 57,555
---------- ---------- ---------- --------- ---------
Total liabilities and
stockholders' equity.. $1,274,404 $1,196,439 $1,083,405 $984,244 $907,533
========== ========== ========== ========= =========
15
PRIVATEBANCORP, INC.
AVERAGE YEAR-TO-DATE BALANCE SHEETS
(UNAUDITED, DOLLARS IN THOUSANDS)
JUNE 30, MARCH 31, DECEMBER 31, SEPTEMBER 30, JUNE 30,
2002 2002 2001 2001 2001
-------- --------- -------- -------- --------
AVERAGE ASSETS
Cash and due from banks.... $ 26,137 $ 25,149 $ 22,374 $ 22,256 $ 22,140
Federal funds sold......... 2,846 3,737 4,862 5,790 7,498
Investment securities--
available for sale...... 376,282 355,528 235,447 217,888 201,069
Loans held for sale........ 3,745 5,176 2,098 1,055 1,380
Loans...................... 796,598 777,312 669,114 646,126 623,830
Less: Allowance for loan
losses.................. (8,812) (8,540) (7,028) (6,757) (6,508)
---------- ---------- -------- -------- --------
Net loans.................. 787,786 768,772 662,086 639,369 617,322
---------- ---------- -------- -------- --------
Premises and equipment, net 4,667 3,937 4,128 4,170 4,099
Goodwill................... 10,805 10,805 11,234 11,336 11,440
Other assets............... 23,118 23,335 12,695 10,157 10,620
---------- ---------- -------- -------- --------
Total assets............... $1,235,386 $1,196,439 $954,924 $912,021 $875,568
========== ========== ======== ======== ========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Non-interest bearing
deposits................ $ 67,244 $ 64,285 $ 59,998 $ 57,023 $ 54,635
Interest bearing demand
deposits................ 55,605 54,066 44,231 43,098 42,990
Savings and money market
deposits................ 371,584 363,351 326,198 311,285 298,572
Time deposits.............. 504,742 485,498 318,510 307,456 296,924
---------- ---------- -------- -------- --------
Total deposits............. 999,175 967,200 748,937 718,862 693,121
Funds borrowed............. 140,302 135,979 120,585 109,276 100,968
Long-term debt - trust
preferred securities.... 20,000 20,000 17,918 17,216 15,801
Other liabilities.......... 8,553 8,141 8,953 8,971 9,239
---------- ---------- -------- -------- --------
Total liabilities.......... 1,168,030 1,131,320 896,393 854,325 819,129
Stockholders' equity....... 67,356 65,119 58,531 57,696 56,439
---------- ---------- -------- -------- --------
Total liabilities and
stockholders' equity.... $1,235,386 $1,196,439 $954,924 $912,021 $875,568
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