EXHIBIT 99.1
------------
For further information:
Gary L. Svec, CFO
PrivateBancorp, Inc.
312-683-7100
FOR IMMEDIATE RELEASE
PRIVATEBANCORP REPORTS RECORD FOURTH QUARTER EARNINGS
EARNINGS PER SHARE UP 58 PERCENT OVER FOURTH QUARTER 2001
Chicago, IL, January 21, 2003 -- PrivateBancorp, Inc. (NASDAQ: PVTB)
today reported that net income for the fourth quarter ended December 31, 2002
was $3.2 million, or $0.41 per diluted share, an increase in diluted earnings
per share of 58 percent over fourth quarter 2001 net income of $1.9 million or
$0.26 per diluted share. All per share amounts have been adjusted to reflect
the three-for-two stock split, effected in the form of a 50 percent stock
dividend, paid to shareholders on January 17, 2003. Net income for the twelve
months ended December 31, 2002 was $11.0 million, or $1.42 per diluted share, an
increase in diluted earnings per share of 67 percent compared to net income of
$6.2 million, or $0.85 per diluted share, for the same period last year.
"During the fourth quarter of 2002, we continued our trend of strong
quarterly performance in spite of the slow-growth economic conditions
experienced nationally. Our quarterly earnings performance was fueled by solid
loan growth, stable margins and improvements in banking, and trust services fee
income," said Ralph B. Mandell, Chairman, President and CEO, "At year-end, The
PrivateBank & Trust Company subsidiary acquired a controlling interest in a
Chicago based asset manager, Lodestar Investment Counsel, enhancing our wealth
management capabilities and increasing client assets under management to $1.2
billion at year end."
"Asset quality remains very strong with nonperforming loans to total
loans at 0.14 of one percent and nonaccrual loans to total loans at 0.08 of one
percent," said Mandell.
Deposits grew by 4 percent during the quarter to $1.20 billion,
compared to total deposits of $1.16 billion as of September 30, 2002. Deposits
as of December 31, 2002 increased by 42 percent from $850.5 million at December
31, 2001. Loans outstanding increased by 6 percent during the quarter to $965.6
million at December 31, 2002, from $913.2 million at September 30, 2002, and 24
percent from $780.8 million at December 31, 2001.
Net interest income totaled $11.8 million in the fourth quarter of
2002, an increase of 49 percent over fourth quarter 2001 net interest income of
$7.9 million, due to growth in average earning assets between periods as well as
higher net interest margin compared to the prior year quarter. Net interest
income in the fourth quarter of 2002 increased 13 percent over third quarter
2002 net interest income of $10.4 million due to growth in average earning
assets during the quarter. Average earning assets during the period were $1.4
billion, compared to $1.3 billion in the third quarter 2002 and $908.6 million
in the prior year quarter, an increase of 8 percent since the third quarter 2002
and an increase of 52 percent since the prior year quarter. Net interest margin
(on a tax equivalent basis) was 3.56 percent in the fourth quarter of 2002,
versus 3.28 percent in the fourth quarter of 2001 and 3.46 percent in the third
quarter of 2002. The improvement in net interest margin during the fourth
quarter as compared to the third quarter 2002 reflects the impact of a one
percentage point increase in the Federal Home Loan Bank ("FHLB") dividend rate
from 5 to 6 percent that was received by the Company during the fourth quarter.
Excluding the impact of the FHLB dividend rate increase, net interest margin for
the fourth quarter 2002 was relatively unchanged from third quarter 2002 net
interest margin.
Noninterest income for the quarter decreased to $1.4 million,
reflecting a decrease of $960,000, or 41 percent, from $2.3 million reported in
the fourth quarter of 2001. The decrease in noninterest income is attributable
primarily to the recognition of net investment securities losses in the fourth
quarter of 2002 compared to $1.2 million of net investment securities gains
reported in the fourth quarter of 2001. Net investment securities losses of
$313,000 during the fourth quarter of 2002 were attributable primarily to a
charge of $500,000 related to an additional permanent impairment write-down on
the Company's interest-only collateralized mortgage obligation ("CMO") portfolio
due to accelerated mortgage prepayments experienced during the quarter. The
remaining carrying value of the Company's interest-only collateralized mortgage
obligation ("CMO") portfolio at December 31, 2002 was $1.1 million.
Additionally, the fair market value adjustment on a previously disclosed $25.0
million 10-year for 3-month LIBOR interest rate swap resulted in trading losses
of $282,000 during the fourth quarter of 2002.
Banking, trust services and other income increased 72 percent, or
$826,000, over the prior year quarter, primarily due to fees earned on the sale
of mortgage loans. Gross loan fees from the sale of residential loans in the
secondary market increased by $694,000 to $821,000 during the current quarter
versus the prior year quarter. Income from banking and other services increased
by 25 percent to $314,000 during the quarter ended December 31, 2002 as compared
to the prior year quarter. Trust revenues increased by 7 percent to $690,000 as
compared to the fourth quarter 2001. Trust assets under administration increased
to $757.9 million at December 31, 2002 compared to $722.7 million at December
31, 2001. Including the Lodestar acquisition, PrivateBancorp had approximately
$1.2 billion in client assets under management in the Company's wealth
management area at December 31, 2002.
Noninterest expense increased to $7.9 million in the fourth quarter of
2002 from $6.6 million in the fourth quarter of 2001. The 20 percent increase in
noninterest expense between periods is attributable to increased costs
associated with the greater scope of operations. Our full-time equivalent (FTE)
employees increased to 184 from 161 a year ago. The efficiency ratio improved to
57.3 percent in the fourth quarter of 2002 down from 60.9 percent in the prior
year quarter and up slightly from 56.3 percent in the third quarter 2002.
At December 31, 2002, nonperforming loans as a percentage of total
loans were 0.14 percent, versus 0.33 percent at September 30, 2002 and 0.41
percent at December 31, 2001. At December 31, 2002, nonaccrual loans as a
percentage of total loans were 0.08 percent versus 0.05 percent at September 30,
2002 and 0.09 percent at December 31, 2001. Net recoveries totaled $29,000 in
the quarter ended December 31, 2002 versus net charge offs of $95,000 in the
third quarter 2002 and $509,000 in the year-earlier quarter. Our allowance as a
percentage of total loans increased to 1.20 percent from 1.17 percent at the end
of the third quarter 2002 and up from 1.06 percent at December 31, 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 PrivateBank and Trust Company
subsidiary has a controlling interest in a Chicago-based investment advisor,
Lodestar Investment Counsel, Inc. The Company, which had assets of $1.5 billion
at December 31, 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 TWELVE MONTHS ENDED
DECEMBER 31, DECEMBER 31,
------------------------------ ------------------------------
2002 2001 2002 2001
UNAUDITED UNAUDITED UNAUDITED UNAUDITED
-------------- ------------- -------------- -------------
INTEREST INCOME
Interest and fees on loans.................. $ 14,043 $ 12,311 $ 52,560 $ 50,975
Interest on investment securities........... 5,507 4,144 19,156 14,377
Interest on short-term investments.......... 63 13 126 244
---------- ---------- ---------- ----------
Total Interest Income.................... 19,613 16,468 71,842 65,596
---------- ---------- ---------- ----------
INTEREST EXPENSE
Interest on deposits........................ 5,957 6,425 23,978 29,579
Interest on borrowings...................... 1,358 1,638 5,325 6,327
Interest on long-term debt -- Trust Preferred
Securities............................... 485 485 1,939 1,731
---------- ---------- ---------- ----------
Total Interest Expense................... 7,800 8,548 31,242 37,637
---------- ---------- ---------- ----------
NET INTEREST INCOME 11,813 7,920 40,600 27,959
Provision for loan losses................... 914 1,257 3,862 3,179
---------- ---------- ---------- ----------
Net Interest Income After Provision...... 10,899 6,663 36,738 24,780
---------- ---------- ---------- ----------
NON INTEREST INCOME
Banking, trust services and other income.... 1,975 1,149 7,081 4,028
Net securities (losses) gains............... (313) 1,191 11 2,095
Trading losses on interest rate swap........ (282) -- (943) --
---------- ---------- ---------- ----------
Total Non Interest Income................ 1,380 2,340 6,149 6,123
---------- ---------- ---------- ----------
NON INTEREST EXPENSE
Salaries and benefits....................... 3,903 2,519 13,979 9,111
Other operating expenses.................... 4,031 3,901 14,628 12,717
Amortization of goodwill.................... -- 206 -- 824
---------- ---------- ---------- ----------
Total Non Interest Expense............... 7,934 6,626 28,607 22,652
---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAXES.................. 4,345 2,377 14,280 8,251
Income tax expense.......................... 1,125 459 3,273 2,051
---------- ---------- ---------- ----------
Net Income............................... $ 3,220 $ 1,918 $ 11,007 $ 6,200
========== ========== ========== ==========
Weighted Average Shares O/S................. 7,422,471 7,160,358 7,370,631 7,057,230
Diluted Average Shares O/S.................. 7,912,101 7,427,007 7,775,481 7,274,469
EARNINGS PER SHARE
Basic....................................... $ 0.43 $ 0.27 $ 1.49 $ 0.88
Diluted..................................... $ 0.41 $ 0.26 $ 1.42 $ 0.85
NOTE 1: Certain reclassifications have been made to prior period statements to
place them on a basis comparable with the current period financial statements.
NOTE 2: All previously reported share and per share data has been restated to
reflect the 3-for-2 stock split which occurred on January 17, 2003.
PRIVATEBANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
DECEMBER 31, SEPTEMBER 30, DECEMBER 31,
2002(1) 2002 2001
------------ -------------- -------------
UNAUDITED UNAUDITED
ASSETS
Cash and due from banks..................................... $ 34,529 $ 44,561 $ 22,283
Short-term investments...................................... 258 3,848 518
Investment securities -- available for sale.................. 487,020 403,192 332,933
Loans held for sale......................................... 14,321 9,062 11,335
Loans....................................................... 965,641 913,197 780,771
Allowance for loan losses................................... (11,585) (10,642) (8,306)
---------- ---------- ----------
Net loans................................................ 954,056 902,555 772,465
Premises and equipment, net................................. 6,851 6,378 3,814
Goodwill and other intangibles.............................. 21,742 10,805 10,805
Other assets................................................ 24,637 23,925 22,615
---------- ---------- ----------
Total Assets............................................. $1,543,414 $1,404,326 $1,176,768
========== ========== ==========
LIABILITIES
Non-interest bearing deposits............................... $ 88,986 $ 80,994 $ 73,146
Interest bearing deposits................................... 1,116,285 1,082,333 777,349
---------- ---------- ----------
Total deposits........................................... 1,205,271 1,163,327 850,495
---------- ---------- ----------
Borrowings.................................................. 209,954 125,422 231,488
Long-term debt -- Trust Preferred Securities................ 20,000 20,000 20,000
Other liabilities........................................... 19,064 16,296 12,481
Minority interest in Lodestar Investment Counsel............ 33 -- --
---------- ---------- ----------
Total Liabilities........................................ $1,454,322 $1,325,045 $1,114,464
========== ========== ==========
STOCKHOLDERS' EQUITY
Common stock and surplus.................................... $ 53,071 $ 47,411 $ 46,320
Retained earnings........................................... 27,784 24,760 17,468
Accumulated other comprehensive income...................... 8,826 8,721 323
Deferred compensation....................................... (589) (661) (857)
Loans to executive officers................................. -- (950) (950)
---------- ---------- ----------
Total Stockholders' Equity............................... $ 89,092 $ 79,281 $ 62,304
---------- ---------- ----------
Total Liabilities and Stockholders' Equity............... $1,543,414 $1,404,326 $1,176,768
========== ========== ==========
Book Value Per Share........................................ $ 11.56 $ 10.71 $ 8.65
<FN>
- ---------------------------
(1) Reflects the consummation of the acquisition of a controlling interest in Lodestar
Investment Counsel on December 30, 2002.
</FN>
NOTE 1: Certain reclassifications have been made to prior period statements to
place them on a basis comparable with the current period financial statements.
NOTE 2: All previously reported share and per share data has been restated to
reflect the 3-for-2 stock split which occurred on January 17, 2003.
PRIVATEBANCORP, INC.
KEY FINANCIAL DATA
UNAUDITED
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
4Q02 3Q02 2Q02 1Q02 4Q01
-------- -------- --------- -------- ---------
KEY STATISTICS
Net income.............................. $3,220 $3,033 $2,610 $2,144 $1,918
Basic earnings per share................ $ 0.43 $ 0.41 $ 0.35 $ 0.29 $ 0.27
Diluted earnings per share.............. $ 0.41 $ 0.39 $ 0.33 $ 0.28 $ 0.26
Return on average total assets.......... 0.88% 0.89% 0.82% 0.73% 0.70%
Return on average total equity.......... 15.99% 15.86% 15.07% 13.35% 12.18%
Dividend payout ratio................... 6.14% 6.51% 5.66% 6.88% 7.51%
Non-interest income to average assets... 0.38% 0.41% 0.65% 0.44% 0.86%
Non-interest expense to average assets.. 2.16% 2.08% 2.24% 2.19% 2.43%
Net overhead ratio(1)................... 1.78% 1.68% 1.59% 1.75% 1.57%
Efficiency ratio(2)..................... 57.3% 56.3% 55.4% 62.5% 60.9%
Net interest margin(3).................. 3.56% 3.46% 3.53% 3.18% 3.28%
Yield on average earning assets......... 5.79% 5.90% 6.03% 6.02% 6.57%
Cost of average interest-bearing
liabilities.......................... 2.42% 2.63% 2.69% 3.06% 3.59%
Net interest spread(4).................. 3.37% 3.27% 3.34% 2.96% 2.98%
Net interest income to total income(5).. 56.92% 52.39% 56.15% 51.46% 38.19%
Tax equivalent adjustment to net
interest income...................... $ 661 $ 756 $ 790 $ 687 $ 611
<FN>
- ---------------------------
(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.
(5) Net interest income less securities gains divided by total income less
security gains.
</FN>
NOTE 1: All previously reported share and per share data has been restated to
reflect the 3-for-2 stock split which occurred on January 17, 2003.
PRIVATEBANCORP, INC.
KEY FINANCIAL DATA
UNAUDITED
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
4Q02 3Q02 2Q02 1Q02 4Q01
------ ------ ------ ------ ------
BALANCE SHEET RATIOS
Loans to deposits (period end)......... 80.12% 78.50% 80.58% 79.69% 91.80%
Average interest-earning assets to
average interest-bearing liabilities 108.2 108.0 107.8 107.5 108.9
PER SHARE DATA
Dividends.............................. $ 0.03 $ 0.03 $ 0.02 $ 0.02 $ 0.02
Book value (period end)................ $ 11.56 $ 10.71 $ 9.71 $ 8.80 $ 8.65
Tangible book value (period end)....... $ 8.74 $ 9.25 $ 8.25 $ 7.34 $ 7.15
SHARE PRICE DATA
Closing Price (period end)............. $ 25.24 $ 20.38 $ 20.10 $ 16.33 $ 13.09
Diluted earnings multiple.............. 15.52x 13.17x 15.35x 14.70x 12.69x
Book value multiple (period end)....... 2.18x 1.90x 2.07x 1.86x 1.51x
COMMON STOCK INFORMATION
Outstanding shares at end of period.... 7,704,203 7,404,234 7,382,370 7,375,530 7,206,420
NUMBER OF SHARES USED TO COMPUTE:
Basic earnings per share............... 7,422,471 7,392,542 7,378,748 7,287,033 7,160,358
Diluted earnings per share............. 7,912,101 7,809,603 7,808,900 7,613,646 7,427,007
CAPITAL RATIOS (PERIOD END):
Total equity to total assets........... 5.77% 5.65% 5.38% 5.27% 5.29%
Total risk-based capital ratio......... 8.29% 9.10% 9.37% 9.93% 9.71%
Tier-1 risk-based capital ratio........ 6.91% 7.61% 7.84% 8.37% 8.18%
Leverage ratio......................... 5.47% 5.91% 6.07% 6.25% 6.64%
NOTE: All previously reported share and per share data has been restated to
reflect the 3-for-2 stock split which occurred on January 17, 2003.
PRIVATEBANCORP, INC.
KEY FINANCIAL DATA
UNAUDITED
(DOLLARS IN THOUSANDS)
4Q02 3Q02 2Q02 1Q02 4Q01
------ ------ ------ ------ ------
SUMMARY INCOME STATEMENT
INTEREST INCOME
Loans, including fees................... $14,043 $13,704 $12,665 $12,148 $12,311
Securities.............................. 5,507 4,557 4,886 4,206 4,144
Short term investments.................. 63 38 8 17 13
------- ------- ------- ------- -------
Total interest income................ 19,613 18,299 17,559 16,371 16,468
INTEREST EXPENSE........................ 7,800 7,856 7,579 8,007 8,548
------- ------- ------- ------- -------
Net interest income..................... 11,813 10,443 9,980 8,364 7,920
Provision for loan losses............... 914 828 1,609 511 1,257
------- ------- ------- ------- -------
Net interest income after provision
for loan losses................... 10,899 9,615 8,371 7,853 6,663
------- ------- ------- ------- -------
NON INTEREST INCOME
Banking, trust services and other income 1,975 1,763 1,802 1,542 1,149
Net securities (losses) gains........... (313) 280 274 (230) 1,191
Trading losses on interest rate swap.... (282) (662) -- -- --
------- ------- ------- ------- -------
Total non-interest income............ 1,380 1,381 2,076 1,312 2,340
------- ------- ------- ------- -------
NON INTEREST EXPENSE
Salaries and employee benefits.......... 3,903 3,393 3,469 3,214 2,519
Goodwill................................ -- -- -- -- 206
Occupancy expense....................... 1,319 1,227 1,206 1,139 1,325
Other non interest expense.............. 2,712 2,468 2,438 2,119 2,576
------- ------- ------- ------- -------
Total non interest expense........... 7,934 7,088 7,113 6,472 6,626
------- ------- ------- ------- -------
Income before income taxes.............. 4,345 3,908 3,334 2,693 2,377
Provision for income taxes.............. 1,125 875 724 549 459
------- ------- ------- ------- -------
Net income........................... $ 3,220 $ 3,033 $ 2,610 $ 2,144 $ 1,918
======= ======= ======= ======= =======
PRIVATEBANCORP, INC.
KEY FINANCIAL DATA
UNAUDITED
(DOLLARS IN THOUSANDS)
4Q02 3Q02 2Q02 1Q02 4Q01
------ ------ ------ ------ ------
CREDIT QUALITY
KEY RATIOS
Net charge-offs (recoveries) to average
loans................................ (0.01)% 0.04% 0.24% 0.01% 0.27%
Total non-performing loans to total
loans................................ 0.14% 0.33% 0.37% 0.37% 0.41%
Total non-performing assets to total
assets............................... 0.09% 0.21% 0.24% 0.24% 0.27%
Nonaccrual loans to:
total loans.......................... 0.08% 0.05% 0.07% 0.19% 0.09%
total assets......................... 0.05% 0.03% 0.05% 0.12% 0.06%
Allowance for loan losses to:
total loans.......................... 1.20% 1.17% 1.14% 1.12% 1.06%
non-performing loans................. 828% 357% 313% 303% 262%
nonaccrual loans..................... 1547% 2475% 1527% 603% 1250%
NON-PERFORMING ASSETS:
Loans delinquent over 90 days........... $ 650 $ 2,549 $2,518 $1,448 $2,504
Nonaccrual loans........................ 749 430 649 1,458 664
------- ------- ------ ------ ------
Total non-performing assets.......... $ 1,399 $ 2,979 $3,167 $2,906 $3,168
======= ======= ====== ====== ======
NET LOAN CHARGE-OFFS:
Loans charged off....................... $ 4 $ 165 $ 515 $ 66 $ 521
Recoveries.............................. 33 70 25 39 12
------- ------- ------ ------ ------
Net (recoveries) charge-offs......... $ (29) $ 95 $ 490 $ 27 $ 509
======= ======= ====== ====== ======
PROVISION FOR LOAN LOSSES............... $ 914 $ 828 $1,609 $ 511 $1,257
======= ======= ====== ====== ======
ALLOWANCE FOR LOAN LOSSES SUMMARY
Balance at beginning of period.......... $10,642 $ 9,909 $8,790 $8,306 $7,558
Provision............................... 914 828 1,609 511 1,257
Net (recoveries) charge-offs............ (29) 95 490 27 509
------- ------- ------ ------ ------
Ending Allowance for Loan Losses..... $11,585 $10,642 $9,909 $8,790 $8,306
======= ======= ====== ====== ======
NET LOAN CHARGE-OFFS (RECOVERIES):
Commercial real estate.................. -- -- -- -- --
Residential real estate................. -- -- -- -- --
Commercial.............................. $ (2) $ 46 $ 481 $ 18 $ 438
Personal................................ (27) 49 9 9 71
Home equity............................. -- -- -- -- --
Construction............................ -- -- -- -- --
------- ------- ------ ------ ------
Total net loan (recoveries)
charge-offs....................... $ (29) $ 95 $ 490 $ 27 $ 509
======= ======= ====== ====== ======
PRIVATEBANCORP, INC.
BALANCE SHEETS
(DOLLARS IN THOUSANDS)
DECEMBER 31, SEPTEMBER 30, JUNE 30, MARCH 31, DECEMBER 31,
2002(1) 2002 2002 2002 2001
------------ ------------- --------- --------- ------------
UNAUDITED UNAUDITED UNAUDITED UNAUDITED
ASSETS
Cash and due from banks.. $ 34,529 $ 44,561 $ 39,625 $ 25,852 $ 22,283
Short-term investments... 258 3,848 75 3,558 518
Investment securities --
available for sale.... 487,020 403,192 392,090 388,728 332,933
Loans held for sale...... 14,321 9,062 3,913 1,785 11,335
Loans.................... 965,641 913,197 865,778 782,434 780,771
Less: Allowance for
loan losses........ (11,585) (10,642) (9,909) (8,790) (8,306)
---------- ---------- ---------- ---------- ----------
Net loans............. 954,056 902,555 855,869 773,644 772,465
---------- ---------- ---------- ---------- ----------
Premises and equipment,
net................... 6,851 6,378 6,455 4,026 3,814
Goodwill and other
intangibles........... 21,742 10,805 10,805 10,805 10,805
Other assets............. 24,637 23,925 23,176 22,810 22,615
---------- ---------- ---------- ---------- ----------
Total Assets....... $1,543,414 $1,404,326 $1,332,008 $1,231,208 $1,176,768
========== ========== ========== ========== ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Non-interest bearing
deposits.............. $ 88,986 $ 80,994 $ 81,421 $ 62,359 $ 73,146
Interest bearing demand
deposits.............. 64,893 57,575 54,694 54,214 52,061
Savings and money market
deposits.............. 488,941 431,455 412,570 369,811 362,987
Time deposits............ 562,451 593,303 525,790 495,481 362,301
---------- ---------- ---------- ---------- ----------
Total deposits........ 1,205,271 1,163,327 1,074,475 981,865 850,495
Funds borrowed........... 209,954 125,422 154,499 155,523 231,488
Long-term debt -- Trust
Preferred Securities.. 20,000 20,000 20,000 20,000 20,000
Minority Interest in
Lodestar Investment
Counsel............... 33 -- -- -- --
Other liabilities........ 19,064 16,296 11,337 8,894 12,481
---------- ---------- ---------- ---------- ----------
Total liabilities..... 1,454,322 1,325,045 1,260,311 1,166,282 1,114,464
Stockholders' equity..... 89,092 79,281 71,697 64,926 62,304
---------- ---------- ---------- ---------- ----------
Total Liabilities and
Stockholders'
Equity............. $1,543,414 $1,404,326 $1,332,008 $1,231,208 $1,176,768
========== ========== ========== ========== ==========
<FN>
- ---------------------------
(1) Reflects the consummation of the acquisition of a controlling interest in Lodestar Investment Counsel on December 30, 2002.
</FN>
PRIVATEBANCORP, INC.
AVERAGE QUARTERLY BALANCE SHEETS
(UNAUDITED, DOLLARS IN THOUSANDS)
DECEMBER 31, SEPTEMBER 30, JUNE 30, MARCH 31, DECEMBER 31,
2002 2002 2002 2002 2001
------------ ------------- -------- --------- ------------
ASSETS
Cash and due from banks.... $ 35,407 $ 35,479 $ 27,114 $ 25,149 $ 24,258
Short-term investments..... 3,015 2,584 1,964 3,737 2,111
Investment securities --
available for sale...... 442,001 393,565 396,807 355,528 287,553
Loans held for sale........ 11,966 6,578 2,330 5,176 5,093
Loans...................... 936,016 881,916 815,672 777,312 737,425
Less: Allowance for
loan losses.......... (11,116) (10,190) (9,081) (8,540) (7,832)
---------- ---------- ---------- ---------- ----------
Net loans............... 924,900 871,726 806,591 768,772 729,593
---------- ---------- ---------- ---------- ----------
Premises and equipment, net 6,438 6,472 5,271 3,937 4,003
Goodwill and other
intangibles............. 11,077 10,805 10,805 10,805 10,931
Other assets............... 23,301 22,766 23,522 23,335 19,863
---------- ---------- ---------- ---------- ----------
Total Assets............ $1,458,105 $1,349,975 $1,274,404 $1,196,439 $1,083,405
========== ========== ========== ========== ==========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Non-interest bearing
deposits................ $ 84,649 $ 79,530 $ 70,244 $ 64,285 $ 68,591
Interest bearing demand
deposits................ 60,177 57,526 57,127 54,066 47,593
Savings and money market
deposits................ 480,110 417,541 379,726 363,351 370,451
Time deposits.............. 572,308 566,333 523,774 485,498 351,312
---------- ---------- ---------- ---------- ----------
Total deposits.......... 1,197,244 1,120,930 1,030,871 967,200 837,947
Funds borrowed............. 144,982 119,714 144,576 135,979 154,141
Long-term debt -- Trust
Preferred Securities.... 20,000 20,000 20,000 20,000 20,000
Minority Interest in
Lodestar Investment
Counsel................. 1 -- -- -- --
Other liabilities.......... 15,958 13,505 9,498 8,141 8,860
---------- ---------- ---------- ---------- ----------
Total liabilities....... 1,378,185 1,274,149 1,204,945 1,131,320 1,020,948
Stockholders' equity....... 79,920 75,826 69,459 65,119 62,457
---------- ---------- ---------- ---------- ----------
Total Liabilities
and Stockholders'
Equity............. $1,458,105 $1,349,975 $1,274,404 $1,196,439 $1,083,405
========== ========== ========== ========== ==========
PRIVATEBANCORP, INC.
AVERAGE YEAR-TO-DATE BALANCE SHEETS
(UNAUDITED, DOLLARS IN THOUSANDS)
DECEMBER 31, SEPTEMBER 30, JUNE 30, MARCH 31, DECEMBER 31,
2002 2002 2002 2002 2001
------------ ------------- -------- --------- ------------
ASSETS
Cash and due from banks.... $ 30,828 $ 29,285 $ 26,137 $ 25,149 $ 22,374
Short term investments..... 2,822 2,758 2,846 3,737 4,862
Investment securities --
available for sale...... 397,205 382,105 376,282 355,528 235,447
Loans held for sale........ 6,531 4,700 3,745 5,176 2,098
Loans...................... 853,243 825,349 796,598 777,312 669,114
Less: Allowance for
loan losses.......... (9,740) (9,276) (8,812) (8,540) (7,028)
---------- ---------- ---------- ---------- --------
Net loans............... 843,503 816,073 787,786 768,772 662,086
---------- ---------- ---------- ---------- --------
Premises and equipment, net 5,515 5,229 4,667 3,937 4,128
Goodwill and other
intangibles............. 10,874 10,805 10,805 10,805 11,234
Other assets............... 23,071 23,001 23,118 23,335 12,695
---------- ---------- ---------- ---------- --------
Total Assets......... $1,320,349 $1,273,956 $1,235,386 $1,196,439 $954,924
========== ========== ========== ========== ========
LIABILITIES AND
STOCKHOLDERS' EQUITY
Non-interest bearing
deposits................ $ 74,743 $ 71,385 $ 67,244 $ 64,285 $ 59,998
Interest bearing demand
deposits................ 57,242 56,252 55,605 54,066 44,231
Savings and money market
deposits................ 410,522 387,070 371,584 363,351 326,198
Time deposits.............. 537,297 525,497 504,742 485,498 318,510
---------- ---------- ---------- ---------- --------
Total deposits.......... 1,079,804 1,040,204 999,175 967,200 748,937
Funds borrowed............. 136,292 133,364 140,302 135,979 120,585
Long-term debt -- Trust
Preferred Securities.... 20,000 20,000 20,000 20,000 17,918
Minority Interest in
Lodestar Investment
Counsel................. -- -- -- -- --
Other liabilities.......... 11,682 10,230 8,553 8,141 8,953
---------- ---------- ---------- ---------- --------
Total liabilities....... 1,247,778 1,203,798 1,168,030 1,131,320 896,393
Stockholders' equity....... 72,571 70,158 67,356 65,119 58,531
---------- ---------- ---------- ---------- --------
Total Liabilities
and Stockholders'
Equity............. $1,320,349 $1,273,956 $1,235,386 $1,196,439 $954,924
========== ========== ========== ========== ========