[PRIVATE BANCORP, INC. LOGO]
EXHIBIT 99.1
------------
FOR FURTHER INFORMATION:
Gary L. Svec, CFO
PrivateBancorp, Inc.
312-683-7100
For Immediate Release
PRIVATEBANCORP REPORTS RECORD THIRD QUARTER EARNINGS
Earnings per share up 81 percent over third quarter 2001 and up
16 percent over second quarter 2002
Chicago, IL, October 21, 2002 --- PrivateBancorp, Inc. (NASDAQ: PVTB) today
reported that net income for the third quarter ended September 30, 2002 was $3.0
million, or $0.58 per diluted share, an increase in diluted earnings per share
of 81 percent over third quarter 2001 net income of $1.6 million or $0.32 per
diluted share. Net income for the nine months ended September 30, 2002 was $7.8
million, or $1.51 per diluted share, an increase in diluted earnings per share
of 72 percent compared to net income of $4.3 million, or $0.88 per diluted
share, for the same period last year.
"Despite continued sluggishness in the national economy, high quality loan
and deposit growth across the markets we serve continues to fuel our strong
financial performance. In the third quarter of 2001, PrivateBancorp passed the
$1 billion asset level; in the past 12 months, we have increased total assets by
over 30 percent to reach $1.4 billion," said Ralph B. Mandell, Chairman,
President and Chief Executive Officer. "Our recently announced plans to acquire
Lodestar Investment Counsel, which we anticipate will be completed during the
fourth quarter of 2002, is a significant strategic development and will allow us
to continue to pursue growth in the wealth management arena. Based upon our
strong earnings performance and absent unanticipated circumstances, we expect
our full year 2002 earnings will exceed the high-end of current analysts'
earnings estimates of $1.97 per share."
"Credit quality continues to be strong," said Mandell, "as our
nonperforming loans are one-third of one percent of total loans. However, the
weakened state of the overall economy has impacted some of our clients and has
led us to strengthen our loan loss reserves. As always, we will continue to
monitor economic conditions as well as specific borrower situations and we will
adjust the allowance for loan losses to reflect inherent losses in the loan
portfolio."
Deposits grew by 8 percent during the quarter to $1.2 billion, compared to
total deposits of $1.1 billion as of June 30, 2002. Deposits as of September 30,
2002 increased by 37 percent from $850.5 million at December 31, 2001. Loans
outstanding increased by 5 percent during the quarter to $913.2 million at
September 30, 2002, from $865.8 million at June 30, 2002, and 17 percent from
$780.8 million at December 31, 2001.
Net interest income totaled $10.4 million in the third quarter of 2002, an
increase of 5 percent over second quarter 2002 net interest income of $10.0
million, due to growth in average earning assets during the quarter. Net
interest income in the third quarter of 2002 increased 48 percent over third
quarter 2001 net interest income of $7.0 million, due to growth in average
earning assets between periods as well as higher net interest margin compared to
the prior year quarter. Average earning assets during the period were $1.3
billion, compared to $1.2 billion in the second quarter 2002 and $940.4 million
in the prior year quarter, an increase of 5 percent since the second quarter
2002 and an increase of 36 percent since the prior year quarter. Net interest
margin (on a tax equivalent basis) was 3.46 percent in the third quarter of
2002, versus 3.17 percent in the third quarter of 2001 and 3.53 percent in the
second quarter of 2002. The
margin compression during the third quarter of 2002 reflects a 13 basis point
decrease in yields on average earning assets offset by a 6 basis point decrease
in the costs of average interest-bearing liabilities. The decrease in asset
yields is primarily due to lower mortgage rates which impacted new loan yields,
loan refinancings and yields on our mortgage-backed securities.
Non interest income for the quarter increased to $1.4 million from $1.3
million in the third quarter of 2001. The increase in non interest income is
attributable primarily to an $861,000 increase in banking, trust services and
other income offset by $662,000 in trading losses and an $85,000 decrease in net
gains on the sale of investment securities.
"As market interest rates continued to decline to historic lows late in the
third quarter, the value of the Company's long-term tax-exempt bank-qualified
municipal bond portfolio increased from an unrealized gain of $3.3 million as of
June 30, 2002 to $10.4 million as of September 30, 2002. In order to protect a
portion of the portfolio appreciation should rates rise, the Company entered
into a $25 million swap during the third quarter of 2002. We swapped the 10-year
for 3-month LIBOR to act as an economic hedge to the long municipal bonds," said
Gary L. Svec, Chief Financial Officer. The September 30, 2002 fair market value
adjustment on this swap resulted in the trading loss of $662,000.
Net securities gains of $280,000 during the third quarter of 2002 included
a charge of $520,000 related to a 20 percent permanent impairment write-down on
the Company's interest-only collateralized mortgage obligation ("CMO")
portfolio.
Banking, trust services and other income increased to $1.8 million, or 95
percent, from the prior year quarter. Increased volume of sales of residential
real estate loans during the quarter contributed approximately $522,000 to non
interest income. Trust fee revenue increased to $686,000 from $630,000 in the
prior year quarter and down from $777,000 during the second quarter 2002. Trust
assets under administration increased to $693.9 million at September 30, 2002
compared to $684.8 million at September 30, 2001 and down from $733.9 million at
June 30, 2002. The 5 percent decrease in trust assets under administration since
June 30, 2002 is attributable primarily to continued weakness in the domestic
equity markets.
Non interest expense increased to $7.1 million in the third quarter of 2002
from $5.3 million in the third quarter of 2001. The 33 percent increase in non
interest expense between periods reflects the continued growth of the
organization during the 12-month period. The efficiency ratio improved
significantly to 56.3 percent in the third quarter of 2002 from 60.6 percent in
the prior year quarter and up slightly from 55.4 percent in the second quarter
2002.
At September 30, 2002, nonperforming loans as a percentage of total loans
were 0.33 percent, versus 0.37 percent at June 30, 2002 and 0.91 percent at
September 30, 2001. At September 30, 2002, nonaccrual loans as a percentage of
total loans were 0.05 percent, versus 0.07 percent at June 30, 2002 and 0.37
percent at September 30, 2001. Net charge-offs totaled $95,000 in the quarter
ended September 30, 2002 versus $490,000 in the second quarter 2002 and $183,000
for the quarter ended September 30, 2001. Our allowance as a percentage of total
loans increased to 1.17 percent from 1.14 percent at the end of the second
quarter 2002 and from 1.06 percent on September 30, 2001.
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 $1.4 billion at
September 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, further
declines in market rates of interest and fluctuations in 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 nationally, 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 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.
###
PRIVATEBANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
-------------------------------- -------------------------------
2002 2001 2002 2001
UNAUDITED UNAUDITED UNAUDITED UNAUDITED
-------------- ------------- -------------- -------------
INTEREST INCOME
Interest and fees on loans........................ $ 13,704 $ 12,785 $ 38,517 $ 38,664
Interest on investment securities................. 4,557 3,704 13,649 10,233
Interest on short-term investments................ 38 23 63 231
---------- ---------- ---------- ----------
Total interest income.......................... 18,299 16,512 52,229 49,128
---------- ---------- ---------- ----------
INTEREST EXPENSE
Interest on deposits.............................. 6,067 7,356 18,021 23,154
Interest on borrowings............................ 1,304 1,637 3,967 4,689
Interest on long-term debt-- trust preferred
securities..................................... 485 485 1,454 1,246
---------- ---------- ---------- ----------
Total interest expense......................... 7,856 9,478 23,442 29,089
---------- ---------- ---------- ----------
NET INTEREST INCOME 10,443 7,034 28,787 20,039
Provision for loan losses......................... 828 845 2,948 1,922
---------- ---------- ---------- ----------
Net interest income after provision............ 9,615 6,189 25,839 18,117
---------- ---------- ---------- ----------
NON-INTEREST INCOME
Banking, trust services and other income.......... 1,763 902 5,107 2,879
Net securities gains.............................. 280 365 324 904
Trading losses on interest rate swap.............. (662) -- (662) --
---------- ---------- ---------- ----------
Total non-interest income...................... 1,381 1,267 4,769 3,783
---------- ---------- ---------- ----------
NON-INTEREST EXPENSE
Salaries and benefits............................. 3,393 2,303 10,076 6,592
Other operating expenses.......................... 3,695 2,832 10,597 8,816
Amortization of goodwill.......................... -- 206 -- 618
---------- ---------- ---------- ----------
Total non-interest expense..................... 7,088 5,341 20,673 16,026
---------- ---------- ---------- ----------
Income before income taxes........................ 3,908 2,115 9,935 5,874
Income tax expense................................ 875 524 2,148 1,592
---------- ---------- ---------- ----------
Net income........................................ $ 3,033 $ 1,591 $ 7,787 $ 4,282
========== ========== ========== ==========
Weighted average shares O/S....................... 4,928,361 4,714,506 4,902,107 4,681,651
Diluted average shares O/S........................ 5,206,402 4,929,171 5,159,478 4,841,730
EARNINGS PER SHARE
Basic............................................. $ 0.61 $ 0.34 $ 1.59 $ 0.91
Diluted........................................... $ 0.58 $ 0.32 $ 1.51 $ 0.88
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)
SEPTEMBER 30, JUNE 30, DECEMBER 31,
2002 2002 2001
------------- ------------- ------------
UNAUDITED UNAUDITED
ASSETS
Cash and due from banks...................................... $ 44,561 $ 39,625 $ 22,283
Short-term investments....................................... 3,848 75 518
Investment securities--available for sale.................... 403,192 392,090 332,933
Loans held for sale.......................................... 9,062 3,913 11,335
Loans........................................................ 913,197 865,778 780,771
Allowance for loan losses.................................... (10,642) (9,909) (8,306)
---------- ---------- ----------
Net loans................................................. 902,555 855,869 772,465
Premises and equipment, net.................................. 6,378 6,455 3,814
Goodwill..................................................... 10,805 10,805 10,805
Other assets................................................. 23,925 23,176 22,615
---------- ---------- ----------
Total assets.............................................. $1,404,326 $1,332,008 $1,176,768
========== ========== ==========
LIABILITIES
Non-interest bearing deposits................................ $ 80,994 $ 81,421 $ 73,146
Interest bearing deposits.................................... 1,082,333 993,054 777,349
---------- ---------- ----------
Total deposits............................................ 1,163,327 1,074,475 850,495
---------- ---------- ----------
Borrowings................................................... 125,422 154,499 231,488
Long-term debt-- trust preferred securities.................. 20,000 20,000 20,000
Other liabilities............................................ 16,296 11,337 12,481
---------- ---------- ----------
Total liabilities......................................... $1,325,045 $1,260,311 $1,114,464
========== ========== ==========
STOCKHOLDERS' EQUITY
Common stock and surplus..................................... $ 47,411 $ 47,221 $ 46,320
Retained earnings............................................ 24,760 21,927 17,468
Accumulated other comprehensive income....................... 8,721 4,231 323
Deferred compensation........................................ (661) (732) (857)
Loans to executive officers.................................. (950) (950) (950)
---------- ---------- ----------
Total stockholders' equity................................ $ 79,281 $ 71,697 $ 62,304
---------- ---------- ----------
Total liabilities and stockholders' equity................ $1,404,326 $1,332,008 $1,176,768
========== ========== ==========
Book value per share......................................... $ 16.06 $ 14.57 $ 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.
PRIVATEBANCORP, INC.
KEY FINANCIAL DATA
UNAUDITED
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
3Q02 2Q02 1Q02 4Q01 3Q01
-------- -------- -------- -------- --------
KEY STATISTICS
Net income.............................. $3,033 $2,610 $2,144 $1,918 $1,591
Basic earnings per share................ $ 0.61 $ 0.53 $ 0.44 $ 0.40 $ 0.34
Diluted earnings per share.............. $ 0.58 $ 0.50 $ 0.42 $ 0.39 $ 0.32
Return on average total assets.......... 0.89% 0.82% 0.73% 0.70% 0.64%
Return on average total equity.......... 15.86% 15.07% 13.35% 12.18% 10.46%
Dividend payout ratio................... 6.51% 5.66% 6.88% 7.51% 8.94%
Non-interest income to average assets... 0.41% 0.65% 0.44% 0.86% 0.49%
Non-interest expense to average assets.. 2.08% 2.24% 2.19% 2.43% 2.16%
Net overhead ratio(1)................... 1.68% 1.59% 1.75% 1.57% 1.67%
Efficiency ratio(2)..................... 56.3% 55.4% 62.5% 60.9% 60.6%
Net interest margin(3).................. 3.46% 3.53% 3.18% 3.28% 3.17%
Yield on average earning assets......... 5.90% 6.03% 6.02% 6.57% 7.16%
Cost of average interest-bearing
liabilities.......................... 2.63% 2.69% 3.06% 3.59% 4.40%
Net interest spread(4).................. 3.27% 3.34% 2.96% 2.98% 2.76%
Tax equivalent adjustment............... $ 756 $ 790 $ 687 $ 611 $ 517
- ---------------------------
(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.
PRIVATEBANCORP, INC.
KEY FINANCIAL DATA
UNAUDITED
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
3Q02 2Q02 1Q02 4Q01 3Q01
-------- -------- -------- -------- --------
BALANCE SHEET RATIOS
Loans to deposits (period end)......... 78.50% 80.58% 79.69% 91.80% 89.39%
Average interest-earning assets to
average interest-bearing liabilities 108.0 107.8 107.5 108.9 110.2
PER SHARE DATA
Dividends.............................. $ 0.040 $ 0.030 $ 0.030 $ 0.030 $ 0.030
Book value (period end)................ $ 16.06 $ 14.57 $ 13.20 $ 12.97 $ 13.07
Tangible book value (period end)....... $ 13.87 $ 12.37 $ 11.01 $ 10.72 $ 10.75
SHARE PRICE DATA
Closing price (period end)............. $ 30.57 $ 30.15 $ 24.50 $ 19.63 $ 15.90
Diluted earnings multiple.............. 13.29x 15.03x 14.38x 12.77x 12.42x
Book value multiple (period end)....... 1.90x 2.07x 1.86x 1.51x 1.22x
COMMON STOCK INFORMATION
Outstanding shares at end of period.... 4,936,156 4,921,580 4,917,020 4,804,280 4,750,124
NUMBER OF SHARES USED TO COMPUTE:
Basic earnings per share............... 4,928,361 4,919,165 4,858,022 4,773,572 4,714,506
Diluted earnings per share............. 5,206,402 5,205,933 5,075,764 4,951,338 4,929,171
CAPITAL RATIOS (PERIOD END):
Total equity to total assets........... 5.65% 5.38% 5.27% 5.29% 5.96%
Total risk-based capital ratio......... 9.10% 9.37% 9.93% 9.71% 10.55%
Tier-1 risk-based capital ratio........ 7.61% 7.84% 8.37% 8.18% 8.88%
Leverage ratio......................... 5.91% 6.07% 6.25% 6.64% 6.99%
PRIVATEBANCORP, INC.
KEY FINANCIAL DATA
UNAUDITED
(DOLLARS IN THOUSANDS)
3Q02 2Q02 1Q02 4Q01 3Q01
-------- -------- -------- -------- --------
SUMMARY INCOME STATEMENT
INTEREST INCOME
Loans, including fees................... $13,704 $12,665 $12,148 $12,311 $12,785
Securities.............................. 4,557 4,886 4,206 4,144 3,704
Short-term investments.................. 38 8 17 13 23
------- ------- ------- ------- -------
Total interest income................ 18,299 17,559 16,371 16,468 16,512
Interest expense........................ 7,856 7,579 8,007 8,548 9,478
------- ------- ------- ------- -------
Net interest income..................... 10,443 9,980 8,364 7,920 7,034
Provision for loan losses............... 828 1,609 511 1,257 845
------- ------- ------- ------- -------
Net interest income after provision
for loan losses................... 9,615 8,371 7,853 6,663 6,189
------- ------- ------- ------- -------
NON-INTEREST INCOME
Banking, trust services and other income 1,763 1,802 1,542 1,149 902
Net securities gains (losses)........... 280 274 (230) 1,191 365
Trading losses on interest rate swap.... (662) -- -- -- --
------- ------- ------- ------- -------
Total non-interest income............ 1,381 2,076 1,312 2,340 1,267
------- ------- ------- ------- -------
NON-INTEREST EXPENSE
Salaries and employee benefits.......... 3,393 3,469 3,214 2,519 2,303
Goodwill................................ -- -- -- 206 206
Occupancy expense....................... 1,227 1,206 1,139 1,325 985
Other non-interest expense.............. 2,468 2,438 2,119 2,576 1,847
------- ------- ------- ------- -------
Total non-interest expense........... 7,088 7,113 6,472 6,626 5,341
------- ------- ------- ------- -------
Income before income taxes.............. 3,908 3,334 2,693 2,377 2,115
Provision for income taxes.............. 875 724 549 459 524
------- ------- ------- ------- -------
Net income........................... $ 3,033 $ 2,610 $ 2,144 $ 1,918 $ 1,591
======= ======= ======= ======= =======
PRIVATEBANCORP, INC.
KEY FINANCIAL DATA
UNAUDITED
(DOLLARS IN THOUSANDS)
3Q02 2Q02 1Q02 4Q01 3Q01
-------- -------- -------- -------- --------
CREDIT QUALITY
KEY RATIOS
Net charge-offs to average loans........ 0.04% 0.24% 0.01% 0.27% 0.11%
Total non-performing loans to total
loans................................ 0.33% 0.37% 0.37% 0.41% 0.91%
Total non-performing assets to total
assets............................... 0.21% 0.24% 0.24% 0.27% 0.62%
Nonaccrual loans to:
Total loans.......................... 0.05% 0.07% 0.19% 0.09% 0.37%
Total assets......................... 0.03% 0.05% 0.12% 0.06% 0.26%
Allowance for loan losses to:
Total loans.......................... 1.17% 1.14% 1.12% 1.06% 1.06%
Non-performing loans................. 357% 313% 303% 262% 118%
Nonaccrual loans..................... 2,475% 1,527% 603% 1,250% 284%
NON-PERFORMING ASSETS:
Loans delinquent over 90 days........... $ 2,549 $2,518 $1,448 $2,504 $3,766
Nonaccrual loans........................ 430 649 1,458 664 2,658
Other real estate....................... -- -- -- -- 62
------- ------ ------ ------ ------
Total non-performing assets.......... $ 2,979 $3,167 $2,906 $3,168 $6,486
======= ====== ====== ====== ======
NET LOAN CHARGE-OFFS:
Loans charged off....................... $ 165 $ 515 $ 66 $ 521 $ 199
Recoveries.............................. 70 25 39 12 16
------- ------ ------ ------ ------
Net charge-offs...................... $ 95 $ 490 $ 27 $ 509 $ 183
======= ====== ====== ====== ======
PROVISION FOR LOAN LOSSES............... $ 828 $1,609 $ 511 $1,257 $ 845
======= ====== ====== ====== ======
ALLOWANCE FOR LOAN LOSSES SUMMARY
Balance at beginning of period.......... $ 9,909 $8,790 $8,306 $7,558 $6,896
Provision............................... 828 1,609 511 1,257 845
Net charge-offs......................... 95 490 27 509 183
------- ------ ------ ------ ------
Ending allowance for loan losses..... $10,642 $9,909 $8,790 $8,306 $7,558
======= ====== ====== ====== ======
NET LOAN CHARGE-OFFS (RECOVERIES):
Commercial real estate.................. -- -- -- -- --
Residential real estate................. -- -- -- -- --
Commercial.............................. $ 46 $ 481 $ 18 $ 438 $ 185
Personal................................ 49 9 9 71 (2)
Home equity............................. -- -- -- -- --
Construction............................ -- -- -- -- --
------- ------ ------ ------ ------
Total net loan charge-offs
(recoveries)...................... $ 95 $ 490 $ 27 $ 509 $ 183
======= ====== ====== ====== ======
PRIVATEBANCORP, INC.
BALANCE SHEETS
(DOLLARS IN THOUSANDS)
SEPTEMBER 30, JUNE 30, MARCH 31, DECEMBER 31, SEPTEMBER 30,
2002 2002 2002 2001 2001
------------- ----------- ----------- ------------ -------------
UNAUDITED UNAUDITED UNAUDITED UNAUDITED
ASSETS
Cash and due from banks.. $ 44,561 $ 39,625 $ 25,852 $ 22,283 $ 26,343
Federal funds sold....... 3,848 75 3,558 518 2,959
Investment securities -
available for sale.... 403,192 392,090 388,728 332,933 279,319
Loans held for sale...... 9,062 3,913 1,785 11,335 140
Loans.................... 913,197 865,778 782,434 780,771 715,977
Less: Allowance for
loan losses........ (10,642) (9,909) (8,790) (8,306) (7,558)
---------- ---------- ---------- ---------- ----------
Net loans............. 902,555 855,869 773,644 772,465 708,419
---------- ---------- ---------- ---------- ----------
Premises and equipment,
net................... 6,378 6,455 4,026 3,814 4,198
Goodwill................. 10,805 10,805 10,805 10,805 11,011
Other assets............. 23,925 23,176 22,810 22,615 9,586
---------- ---------- ---------- ---------- ----------
Total assets....... $1,404,326 $1,332,008 $1,231,208 $1,176,768 $1,041,975
========== ========== ========== ========== ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Non-interest bearing
deposits.............. $ 80,994 $ 81,421 $ 62,359 $ 73,146 $ 68,789
Interest bearing demand
deposits.............. 57,575 54,694 54,214 52,061 45,711
Savings and money market
deposits.............. 431,455 412,570 369,811 362,987 361,563
Time deposits............ 593,303 525,790 495,481 362,301 325,083
---------- ---------- ---------- ---------- ----------
Total deposits........ 1,163,327 1,074,475 981,865 850,495 801,146
Funds borrowed........... 125,422 154,499 155,523 231,488 137,956
Long-term debt - trust
preferred securities.. 20,000 20,000 20,000 20,000 20,000
Other liabilities........ 16,296 11,337 8,894 12,481 20,786
---------- ---------- ---------- ---------- ----------
Total liabilities..... 1,325,045 1,260,311 1,166,282 1,114,464 979,888
Stockholders' equity..... 79,281 71,697 64,926 62,304 62,087
---------- ---------- ---------- ---------- ----------
Total liabilities and
stockholders'
equity............. $1,404,326 $1,332,008 $1,231,208 $1,176,768 $1,041,975
========== ========== ========== ========== ==========
PRIVATEBANCORP, INC.
AVERAGE QUARTERLY BALANCE SHEETS
(UNAUDITED, DOLLARS IN THOUSANDS)
SEPTEMBER 30, JUNE 30, MARCH 31, DECEMBER 31, SEPTEMBER 30,
2002 2002 2002 2001 2001
------------- ----------- ----------- ------------ -------------
AVERAGE ASSETS
Cash and due from banks.... $ 35,479 $ 27,114 $ 25,149 $ 24,258 $ 22,483
Federal funds sold......... 2,584 1,964 3,737 2,111 2,429
Investment securities--
available for sale...... 393,565 396,807 355,528 287,553 250,979
Loans held for sale........ 6,578 2,330 5,176 5,093 513
Loans...................... 881,916 815,672 777,312 737,425 689,891
Less: Allowance for loan
losses.................. (10,190) (9,081) (8,540) (7,832) (7,248)
---------- ---------- ---------- ---------- --------
Net loans.................. 871,726 806,591 768,772 729,593 682,643
---------- ---------- ---------- ---------- --------
Premises and equipment, net 6,472 5,271 3,937 4,003 4,308
Goodwill................... 10,805 10,805 10,805 10,931 11,132
Other assets............... 22,766 23,522 23,335 19,863 9,757
---------- ---------- ---------- ---------- --------
Total assets............... $1,349,975 $1,274,404 $1,196,439 $1,083,405 $984,244
========== ========== ========== ========== ========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Non-interest bearing
deposits................ $ 79,530 $ 70,244 $ 64,285 $ 68,591 $ 62,141
Interest bearing demand
deposits................ 57,526 57,127 54,066 47,593 43,311
Savings and money market
deposits................ 417,541 379,726 363,351 370,451 336,297
Time deposits.............. 566,333 523,774 485,498 351,312 328,172
---------- ---------- ---------- ---------- --------
Total deposits............. 1,120,930 1,030,871 967,200 837,947 769,921
Funds borrowed............. 119,714 144,576 135,979 154,141 125,623
Long-term debt - trust
preferred securities.... 20,000 20,000 20,000 20,000 20,000
Other liabilities.......... 13,505 9,498 8,141 8,860 8,380
---------- ---------- ---------- ---------- --------
Total liabilities.......... 1,274,149 1,204,945 1,131,320 1,020,948 923,924
Stockholders' equity....... 75,826 69,459 65,119 62,457 60,320
---------- ---------- ---------- ---------- --------
Total liabilities and
stockholders' equity.... $1,349,975 $1,274,404 $1,196,439 $1,083,405 $984,244
========== ========== ========== ========== ========
PRIVATEBANCORP, INC.
AVERAGE YEAR-TO-DATE BALANCE SHEETS
(UNAUDITED, DOLLARS IN THOUSANDS)
SEPTEMBER 30, JUNE 30, MARCH 31, DECEMBER 31, SEPTEMBER 30,
2002 2002 2002 2001 2001
------------- ----------- ----------- ------------ -------------
ASSETS
Cash and due from banks.... $ 29,285 $ 26,137 $ 25,149 $ 22,374 $ 22,256
Federal funds sold......... 2,758 2,846 3,737 4,862 5,790
Investment securities--
available for sale...... 382,105 376,282 355,528 235,447 217,888
Loans held for sale........ 4,700 3,745 5,176 2,098 1,055
Loans...................... 825,349 796,598 777,312 669,114 646,126
Less: Allowance for loan
losses.................. (9,276) (8,812) (8,540) (7,028) (6,757)
---------- ---------- ---------- -------- --------
Net loans.................. 816,073 787,786 768,772 662,086 639,369
---------- ---------- ---------- -------- --------
Premises and equipment, net 5,229 4,667 3,937 4,128 4,170
Goodwill................... 10,805 10,805 10,805 11,234 11,336
Other assets............... 23,001 23,118 23,335 12,695 10,157
---------- ---------- ---------- -------- --------
Total assets............... $1,273,956 $1,235,386 $1,196,439 $954,924 $912,021
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LIABILITIES AND
STOCKHOLDERS' EQUITY
Non-interest bearing
deposits................ $ 71,385 $ 67,244 $ 64,285 $ 59,998 $ 57,023
Interest bearing demand
deposits................ 56,252 55,605 54,066 44,231 43,098
Savings and money market
deposits................ 387,070 371,584 363,351 326,198 311,285
Time deposits.............. 525,497 504,742 485,498 318,510 307,456
---------- ---------- ---------- -------- --------
Total deposits............. 1,040,204 999,175 967,200 748,937 718,862
Funds borrowed............. 133,364 140,302 135,979 120,585 109,276
Long-term debt - trust
preferred securities.... 20,000 20,000 20,000 17,918 17,216
Other liabilities.......... 10,230 8,553 8,141 8,953 8,971
---------- ---------- ---------- -------- --------
Total liabilities.......... 1,203,798 1,168,030 1,131,320 896,393 854,325
Stockholders' equity....... 70,158 67,356 65,119 58,531 57,696
---------- ---------- ---------- -------- --------
Total liabilities and
stockholders' equity.... $1,273,956 $1,235,386 $1,196,439 $954,924 $912,021
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