EXHIBIT 99.1
FOR FURTHER INFORMATION:
[LOGO]
Dennis Klaeser, CFO
PrivateBancorp, Inc.
312-683-7100
For Immediate Release
PRIVATEBANCORP REPORTS RECORD FIRST QUARTER EARNINGS
Earnings per share up 57 percent over first quarter 2002
Chicago, IL, April 21, 2003 -- PrivateBancorp, Inc. (NASDAQ: PVTB)
today reported that earnings per share increased 57 percent to $0.44 per diluted
share for the first quarter 2003 compared to first quarter 2002 earnings per
diluted share of $0.28. Net income for the first quarter ended March 31, 2003
was $3.6 million, an increase of 68 percent over first quarter 2002 net income
of $2.1 million. 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.
"Our record results reflect continued strong financial performance
despite the prevailing economic uncertainty seen in the first quarter of 2003,"
said Ralph B. Mandell, Chairman, President and CEO. "While asset growth slowed
from prior quarters, income growth was driven by increases in net interest
margin and noninterest income. Our acquisition of Lodestar Investment Counsel,
LLC in late 2002 contributed to the sizeable growth in noninterest income."
"We are pleased to report that our asset quality remains strong. Our
ratio of nonperforming loans to total loans was 0.35 percent and nonaccrual
loans to total loans was 0.15 percent. Despite the continued softness in the
economy, we demonstrated improvement in our return on average equity which
increased to 15.5 percent during the first quarter 2003 from 13.4 percent during
the prior year quarter.
1
Our efficiency ratio improved from 62.5 percent in the first quarter of 2002 to
58.5 percent this quarter," added Mandell. "As expected, our efficiency ratio
for the first quarter 2003 was slightly higher than the fourth quarter 2002 due
to the cyclical nature of certain employee salary and benefit related expenses
that we incur in the first quarter of each year."
Net interest income totaled $13.0 million in the first quarter of 2003,
an increase of 55 percent over first quarter 2002 net interest income of $8.4
million, due to growth in average earning assets between periods. Average
earning assets during the period were $1.49 billion, compared to $1.14 billion
in the prior year quarter, an increase of 31 percent. Compared to the fourth
quarter of 2002, average earning assets increased by $110.3 million, or 8
percent during the first quarter of 2003. Net interest margin (on a tax
equivalent basis) was 3.68 percent in the first quarter of 2003, up from 3.18
percent in the prior year first quarter and 3.56 percent in the fourth quarter
of 2002. The improvement in net interest margin compared to the fourth quarter
of 2002 is primarily attributable to continued reductions in the rate paid on
interest bearing liabilities, which more than offset lower interest earning
asset yields in a modestly lower rate environment.
Noninterest income was $2.4 million in the first quarter of 2003,
reflecting an increase of approximately $1.1 million or 84 percent from the
first quarter of 2002. The increase in fee income was attributable primarily to
the inclusion of the full quarter operating results of Lodestar Investment
Counsel, LLC as well as increases in fee income from residential mortgage
originations. PrivateBancorp, Inc. acquired a controlling interest in Lodestar
Investment Counsel in late 2002. Sales of residential real estate loans
generated $782,000 of income during the first quarter 2003 compared to $403,000
during the prior year quarter. Wealth management assets under management were
$1.2 billion at March 31, 2003 compared to $758.2 million at March 31, 2002 and
$1.2 billion at December 31, 2002.
Noninterest income for the first quarter of 2003, also reflects the
fair market value adjustment on a previously disclosed $25.0 million 10-year
treasury rate for 3-month LIBOR interest rate swap which resulted in losses of
$230,000 during the first quarter of 2003. During the first quarter 2003, the
Company recognized $55,000 of net securities losses compared to net securities
losses of $230,000
2
during the first quarter of 2002. The securities losses for the current quarter
include a permanent impairment write-down of $330,000. The Company wrote down
$300,000 on the Company's interest-only collateralized mortgage obligation
("CMO") portfolio and $30,000 on an investment that qualifies for CRA purposes.
Continued low levels of market interest rates during the first quarter 2003 have
resulted in accelerated mortgage prepayments, which have further impaired the
fair value of our interest-only CMO security portfolio. Also included in net
security losses of $55,000 are net security gains of $275,000.
Noninterest expense increased to $9.4 million in the first quarter of
2003 from $6.5 million in the first quarter of 2002. The 46 percent increase in
noninterest expense between periods is attributable to increased costs
associated with internal growth and Lodestar operations. Our full-time
equivalent ("FTE") employees increased to 194 from 162 a year ago. The
efficiency ratio improved to 58.5 percent in the first quarter of 2003 from 62.5
percent in the prior year quarter, primarily due to higher non-interest income
during the first quarter 2003.
Loans outstanding increased to $1.0 billion at March 31, 2003
reflecting growth of 30 percent over the $782.4 million in loans outstanding at
March 31, 2002. Loans outstanding as of March 31, 2003 increased by 5 percent as
compared to December 31, 2002 loans outstanding of $965.6 million. At March 31,
2003, nonperforming loans as a percentage of total loans were 0.35 percent,
versus 0.14 percent at December 31, 2002 and 0.37 percent at March 31, 2002. At
March 31, 2003, nonaccrual loans as a percentage of total loans were 0.15
percent, versus 0.08 percent at December 31, 2002 and 0.19 percent at March 31,
2002. Net charge-offs totaled $70,000 in the quarter ended March 31, 2003 versus
net recoveries of $29,000 in the fourth quarter 2002 and net charge-offs of
$27,000 for the quarter ended March 31, 2002. The allowance as a percentage of
total loans was 1.22 percent as of March 31, 2003 compared to 1.20 percent at
December 31, 2002 and 1.12 percent as of March 31, 2002.
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
3
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 $1.6 billion at March
31, 2003, 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.privatebankandtrust.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, greater than anticipated deterioration in asset quality due to a
prolonged economic downturn in the greater Chicago and St. Louis metropolitan
areas, legislative or regulatory changes, adverse developments in the Company's
loan or investment portfolios, competition 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.
Editor's Note: Financial highlights attached.
###
4
PRIVATEBANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
THREE MONTHS ENDED
MARCH 31,
----------------------------
2003 2002
----------- ------------
UNAUDITED UNAUDITED
INTEREST INCOME
Interest and fees on loans....................................................... $ 15,167 $ 12,148
Interest on investment securities................................................ 5,379 4,206
Interest on short-term investments............................................... 25 17
------------ ------------
Total interest income......................................................... 20,571 16,371
------------ ------------
INTEREST EXPENSE
Interest on deposits............................................................. 5,777 6,213
Interest on borrowings........................................................... 1,312 1,309
Interest on long-term debt-- Trust Preferred Securities.......................... 485 485
------------ ------------
Total interest expense........................................................ 7,574 8,007
------------ ------------
NET INTEREST INCOME 12,997 8,364
Provision for loan losses........................................................ 956 511
------------ ------------
Net interest income after provision........................................... 12,041 7,853
------------ ------------
NON-INTEREST INCOME
Banking, wealth management services and other income............................. 2,701 1,542
Net securities losses............................................................ (55) (230)
Trading losses on interest rate swap............................................. (230) --
------------ ------------
Total non-interest income..................................................... 2,416 1,312
------------ ------------
NON-INTEREST EXPENSE
Salaries and benefits............................................................ 4,778 3,214
Other operating expenses......................................................... 4,599 3,258
Amortization of other intangibles................................................ 42 --
------------ ------------
Total non-interest expense.................................................... 9,419 6,472
------------ ------------
Minority interest expense........................................................ 38 --
------------ ------------
Income before income taxes....................................................... 5,000 2,693
------------ ------------
Income tax expense............................................................... 1,397 549
------------ ------------
Net income....................................................................... $ 3,603 $ 2,144
============ ============
WEIGHTED AVERAGE SHARES O/S...................................................... 7,600,804 7,287,033
DILUTED AVERAGE SHARES O/S....................................................... 8,142,210 7,613,646
EARNINGS PER SHARE
Basic............................................................................ $ 0.47 $ 0.29
Diluted.......................................................................... $ 0.44 $ 0.28
<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.
</FN>
5
PRIVATEBANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
03/31/03 12/31/02 03/31/02
--------- -------- ---------
UNAUDITED UNAUDITED
ASSETS
Cash and due from banks..................................... $ 46,643 $ 34,529 $ 25,852
Short-term investments...................................... 7,415 258 3,558
Investment securities-available for sale.................... 505,877 487,020 388,728
Loans held for sale......................................... 12,591 14,321 1,785
Loans....................................................... 1,018,196 965,641 782,434
Allowance for loan losses................................... (12,471) (11,585) (8,790)
------------ ------------ ------------
Net loans................................................ 1,005,725 954,056 773,644
Premises and equipment, net................................. 6,516 6,851 4,026
Goodwill and other intangibles.............................. 21,743 21,742 10,805
Other assets................................................ 22,484 24,637 22,810
------------ ------------ ------------
Total Assets............................................. $ 1,628,994 $ 1,543,414 $ 1,231,208
============ ============ ============
LIABILITIES
Non-interest bearing deposits............................... $ 88,243 $ 88,986 $ 62,359
Interest bearing deposits................................... 1,277,101 1,116,285 919,506
------------ ------------ ------------
Total deposits........................................... 1,365,344 1,205,271 981,865
------------ ------------ ------------
Borrowings.................................................. 124,933 209,954 155,523
Long-term debt - Trust Preferred Securities................. 20,000 20,000 20,000
Other liabilities........................................... 22,914 19,064 8,894
Minority Interest in Lodestar Investment Counsel............ 70 33 --
------------ ------------ ------------
Total Liabilities........................................ 1,533,261 1,454,322 1,166,282
------------ ------------ ------------
STOCKHOLDERS' EQUITY
Common stock and surplus.................................... 53,356 53,071 47,189
Retained earnings........................................... 31,437 27,784 19,465
Accumulated other comprehensive income...................... 11,403 8,826 31
Deferred compensation....................................... (462) (589) (809)
Loans to executive officers................................. -- -- (950)
------------ ------------ ------------
Total Stockholders' Equity............................... 95,734 89,092 64,926
------------ ------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY.................. $ 1,628,995 $ 1,543,414 $ 1,231,208
============ ============ ============
BOOK VALUE PER SHARE........................................ $ 12.33 $ 11.56 $ 8.80
<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.
</FN>
6
PRIVATEBANCORP, INC.
KEY FINANCIAL DATA
UNAUDITED
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
1Q03 4Q02 3Q02 2Q02 1Q02
------- ------- ------- ------- -------
KEY STATISTICS
Net income....................................... $ 3,603 $ 3,220 $ 3,033 $ 2,610 $ 2,144
Basic earnings per share......................... $ 0.47 $ 0.43 $ 0.41 $ 0.35 $ 0.29
Diluted earnings per share....................... $ 0.44 $ 0.41 $ 0.39 $ 0.33 $ 0.28
Return on average total assets................... 0.92% 0.88% 0.89% 0.82% 0.73%
Return on average total equity................... 15.48% 15.99% 15.86% 15.07% 13.35%
Dividend payout ratio............................ 8.62% 6.14% 6.51% 5.66% 6.88%
Non-interest income to average assets............ 0.62% 0.38% 0.41% 0.65% 0.44%
Non-interest expense to average assets........... 2.41% 2.16% 2.08% 2.24% 2.19%
Net overhead ratio(1)............................ 1.80% 1.78% 1.68% 1.59% 1.75%
Efficiency ratio(2).............................. 58.5% 57.3% 56.3% 55.4% 62.5%
Net interest margin(3)........................... 3.68% 3.56% 3.46% 3.53% 3.18%
Yield on average earning assets.................. 5.73% 5.79% 5.90% 6.03% 6.02%
Cost of average interest-bearing liabilities..... 2.20% 2.42% 2.63% 2.69% 3.06%
Net interest spread(4)........................... 3.53% 3.37% 3.27% 3.34% 2.96%
Tax equivalent adjustment to net interest
income(5)..................................... $ 695 $ 661 $ 756 $ 790 $ 687
<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.
(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) 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:
</FN>
RECONCILIATION OF NET INTEREST INCOME TO NET INTEREST
INCOME ON A TAX EQUIVALENT BASIS
--------------------------------------------------------
1Q03 4Q02 3Q02 2Q02 1Q02
------- ------- ------- -------- ------
Net interest income.......................... $12,997 $11,813 $10,443 $ 9,980 $8,364
Tax equivalent adjustment to net interest
income.................................... 695 661 756 790 687
------- ------- ------- -------- ------
Net interest income, tax equivalent basis.... $13,692 $12,474 $11,199 $10,770 $9,051
======= ======= ======= ======= ======
7
PRIVATEBANCORP, INC.
KEY FINANCIAL DATA
UNAUDITED
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
1Q03 4Q02 3Q02 2Q02 1Q02
----- ----- ----- ----- -----
BALANCE SHEET RATIOS
Loans to Deposits (period end)......... 74.57% 80.12% 78.50% 80.58% 79.69%
Average interest-earning assets to
average interest-bearing
liabilities......................... 107.1 108.2 108.0 107.8 107.5
PER SHARE DATA
Dividends.............................. $0.04 $0.03 $0.03 $0.02 $0.02
Book value (period end)................ $12.33 $11.56 $10.71 $9.71 $8.80
Tangible book value (period end)....... $9.53 $8.74 $9.25 $8.25 $7.34
SHARE PRICE DATA
Closing Price (period end)............. $22.95 $25.24 $20.38 $20.10 $16.33
Diluted earnings multiple.............. 12.86 x 15.52 x 13.17 x 15.35 x 14.70 x
Book value multiple (period end)....... 1.86 x 2.18 x 1.90 x 2.07 x 1.86 x
COMMON STOCK INFORMATION
Outstanding shares at end of period.... 7,762,014 7,704,203 7,404,234 7,382,370 7,375,530
NUMBER OF SHARES USED TO COMPUTE:
Basic earnings per share............... 7,600,804 7,422,471 7,392,542 7,378,748 7,287,033
Diluted earnings per share............. 8,142,210 7,912,101 7,809,603 7,808,900 7,613,646
CAPITAL RATIOS (PERIOD END):
Total equity to total assets........... 5.88% 5.77% 5.65% 5.38% 5.27%
Total risk-based capital ratio......... 8.33% 8.29% 9.10% 9.37% 9.93%
Tier-1 risk-based capital ratio........ 7.02% 6.91% 7.61% 7.84% 8.37%
Leverage ratio......................... 5.29% 5.47% 5.91% 6.07% 6.25%
<FN>
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.
</FN>
8
PRIVATEBANCORP, INC.
KEY FINANCIAL DATA
UNAUDITED
(DOLLARS IN THOUSANDS)
1Q03 4Q02 3Q02 2Q02 1Q02
------- ------- ------- ------- -------
SUMMARY INCOME STATEMENT
INTEREST INCOME
Interest on fees on loans..................... $15,167 $14,043 $13,704 $12,665 $12,148
Interest on investment securities............. 5,379 5,507 4,557 4,886 4,206
Interest on short-term investments............ 25 63 38 8 17
------- ------- ------- ------- -------
Total Interest Income...................... 20,571 19,613 18,299 17,559 16,264
INTEREST EXPENSE.............................. 7,574 7,800 7,856 7,579 8,007
------- ------- ------- ------- -------
NET INTEREST INCOME 12,997 11,813 10,443 9,980 8,364
Provision for loan losses..................... 956 914 828 1,609 511
------- ------- ------- ------- -------
NET INTEREST INCOME AFTER PROVISION FOR
LOAN LOSSES................................ 12,041 10,899 9,615 8,371 7,853
------- ------- ------- ------- -------
NON INTEREST INCOME
Banking, wealth management services and
other income................................ 2,701 1,975 1,763 1,802 1,542
Net securities (losses) gains................. (55) (313) 280 274 (230)
Trading losses on interest rate swap.......... (230) (282) (662) -- --
------- ------- ------- ------- -------
Total non-interest income.................. 2,416 1,380 1,381 2,076 1,312
------- ------- ------- ------- -------
NON INTEREST EXPENSE
Salaries and benefits......................... 4,778 3,903 3,393 3,469 3,214
Amortization of other intangibles............. 42 -- -- -- --
Occupancy expense............................. 1,419 1,319 1,227 1,206 1,139
Other operating expenses...................... 3,180 2,712 2,468 2,438 2,119
------- ------- ------- ------- -------
Total Non-Interest Expense................. 9,419 7,934 7,088 7,113 6,472
------- ------- ------- ------- -------
Minority Interest Expense..................... 38 -- -- -- --
------- ------- ------- ------- -------
INCOME BEFORE INCOME TAXES.................... 5,000 4,345 3,908 3,334 2,693
Income tax expense............................ 1,397 1,125 875 724 549
------- ------- ------- ------- -------
NET INCOME.................................... $ 3,603 $ 3,220 $ 3,033 $ 2,610 $ 2,144
======= ======= ======= ======= =======
9
PRIVATEBANCORP, INC.
KEY FINANCIAL DATA
UNAUDITED
(DOLLARS IN THOUSANDS)
1Q03 4Q02 3Q02 2Q02 1Q02
-------- --------- -------- ------ ------
CREDIT QUALITY
KEY RATIOS
Net charge-offs (recoveries) to average loans....... 0.03% (0.01)% 0.04% 0.24% 0.01%
Total non-performing loans to total loans........... 0.35% 0.14% 0.33% 0.37% 0.37%
Total non-performing assets to total assets......... 0.22% 0.09% 0.21% 0.24% 0.24%
Nonaccrual loans to:
total loans...................................... 0.15% 0.08% 0.05% 0.07% 0.19%
total assets..................................... 0.09% 0.05% 0.03% 0.05% 0.12%
Allowance for loan losses to:
total loans...................................... 1.22% 1.20% 1.17% 1.14% 1.12%
non-performing loans............................. 355% 828% 357% 313% 303%
nonaccrual loans................................. 841% 1547% 2475% 1527% 603%
NON-PERFORMING ASSETS:
Loans delinquent over 90 days....................... $ 2,032 $ 650 $ 2,549 $ 2,518 $1,448
Nonaccrual loans.................................... 1,483 749 430 649 1,458
------- ------- ------- ------- ------
Total non-performing assets...................... $ 3,515 $ 1,399 $ 2,979 $ 3,167 $2,906
======= ======= ======= ======= ======
NET LOAN CHARGE-OFFS (RECOVERIES):
Loans charged off................................... $ 81 $ 4 $ 165 $ 515 $ 66
Recoveries.......................................... 11 33 70 25 39
------- ------- ------- ------- ------
Net charge-offs (recoveries)........................ $ 70 $ (29) $ 95 $ 490 $ 27
======= ======= ======= ======= ======
PROVISION FOR LOAN LOSSES........................... $ 956 $ 914 $ 828 $ 1,609 $ 511
======= ======= ======= ======= ======
ALLOWANCE FOR LOAN LOSSES SUMMARY
Balance at beginning of period...................... $11,585 $10,642 $ 9,909 $ 8,790 $8,306
Provision........................................... 956 914 828 1,609 511
Net charge-offs (recoveries)........................ 70 (29) 95 490 27
------- ------- ------- ------- ------
Balance at end of period............................ $12,471 $11,585 $10,642 $ 9,909 $8,790
======= ======= ======= ======= ======
NET LOAN CHARGE-OFFS (RECOVERIES):
Commercial real estate.............................. -- -- -- -- --
Residential real estate............................. -- -- -- -- --
Commercial.......................................... $ 1 $ (2) $ 46 $ 481 $ 18
Personal............................................ 69 (27) 49 9 9
Home equity......................................... -- -- -- -- --
Construction........................................ -- -- -- -- --
------- ------- ------- ------- ------
Total net loan charge-offs (recoveries)............. $ 70 $ (29) $ 95 $ 490 $ 27
======= ======= ======= ======= ======
10
PRIVATEBANCORP, INC.
BALANCE SHEETS
(DOLLARS IN THOUSANDS)
UNAUDITED AUDITED UNAUDITED UNAUDITED UNAUDITED
3/31/03(1) 12/31/02(1) 09/30/02 06/30/02 03/31/02
---------- ---------- ---------- ---------- ----------
ASSETS
Cash and due from banks........... $ 46,643 $ 34,529 $ 44,561 $ 39,625 $ 25,852
Short-term investments............ 7,415 258 3,848 75 3,558
Investment securities-available
for sale....................... 505,877 487,020 403,192 392,090 388,728
Loans held for sale............... 12,591 14,321 9,062 3,913 1,785
Loans............................. 1,018,196 965,641 913,197 865,778 782,434
Less: Allowance for loan
losses...................... (12,471) (11,585) (10,642) (9,909) (8,790)
---------- ---------- ---------- ---------- ----------
Net loans...................... 1,005,725 954,056 902,555 855,869 773,644
---------- ---------- ---------- ---------- ----------
Premises and equipment, net....... 6,516 6,851 6,378 6,455 4,026
Goodwill and other intangibles.... 21,743 21,742 10,805 10,805 10,805
Other assets...................... 22,484 24,637 23,925 23,176 22,810
---------- ---------- ---------- ---------- ----------
Total Assets...................... $1,628,994 $1,543,414 $1,404,326 $1,332,008 $1,231,208
========== ========== ========== ========== ==========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Non-interest bearing deposits..... $ 88,243 $ 88,986 $ 80,994 $ 81,421 $ 62,359
Interest bearing demand deposits.. 73,699 64,893 57,575 54,694 54,214
Savings and money market deposits. 476,100 488,941 431,455 412,570 369,811
Time deposits..................... 727,302 562,451 593,303 525,790 495,481
---------- ---------- ---------- ---------- ----------
Total deposits................. 1,365,344 1,205,271 1,163,327 1,074,475 981,865
Funds borrowed.................... 124,933 209,954 125,422 154,499 155,523
Long-term debt - Trust Preferred
Securities..................... 20,000 20,000 20,000 20,000 20,000
Minority Interest in Lodestar
Investment Counsel............. 70 33 -- -- --
Other liabilities................. 22,914 19,064 16,296 11,337 8,894
---------- ---------- ---------- ---------- ----------
Total liabilities................. 1,533,261 1,454,322 1,325,045 1,260,311 1,166,282
Stockholders' equity.............. 95,734 89,092 79,281 71,697 64,926
---------- ---------- ---------- ---------- ----------
Total Liabilities and
Stockholders' Equity........ $1,628,995 $1,543,414 $1,404,326 $1,332,008 $1,231,208
========== ========== ========== ========== ==========
<FN>
- ---------------------------
(1) Reflects the consummation of the acquisition of a controlling interest in Lodestar Investment Counsel on
December 30, 2002.
</FN>
11
PRIVATEBANCORP, INC.
AVERAGE QUARTERLY BALANCE SHEETS
(UNAUDITED, DOLLARS IN THOUSANDS)
03/31/03 12/31/02 09/30/02 06/30/02 03/31/02
---------- ---------- ---------- ---------- ----------
ASSETS
Cash and due from banks............... $ 36,159 $ 35,407 $ 35,479 $ 27,114 $ 25,149
Short-term investments................ 11,833 3,015 2,584 1,964 3,737
Investment securities-available for
sale............................... 492,443 442,001 393,565 396,807 355,528
Loans held for sale................... 11,178 11,966 6,578 2,330 5,176
Loans................................. 993,797 936,016 881,916 815,672 777,312
Less: Allowance for loan losses.... (12,091) (11,116) (10,190) (9,081) (8,540)
---------- ---------- ---------- ---------- ----------
Net loans.......................... 981,706 924,900 871,726 806,591 768,772
---------- ---------- ---------- ---------- ----------
Premises and equipment, net........... 6,757 6,438 6,472 5,271 3,937
Goodwill and other intangibles........ 22,271 11,077 10,805 10,805 10,805
Other assets.......................... 19,807 23,301 22,766 23,522 23,335
---------- ---------- ---------- ---------- ----------
Total Assets....................... $1,582,154 $1,458,105 $1,349,975 $1,274,404 $1,196,439
========== ========== ========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits......... $ 81,926 $ 84,649 $ 79,530 $ 70,244 $ 64,285
Interest bearing demand deposits...... 65,977 60,177 57,526 57,127 54,066
Savings and money market deposits..... 477,748 480,110 417,541 379,726 363,351
Time deposits......................... 637,990 572,308 566,333 523,774 485,498
---------- ---------- ---------- ---------- ----------
Total deposits..................... 1,263,641 1,197,244 1,120,930 1,030,871 967,200
Funds borrowed........................ 191,898 144,982 119,714 144,576 135,979
Long-term debt - Trust Preferred
Securities......................... 20,000 20,000 20,000 20,000 20,000
Minority Interest in Lodestar
Investment Counsel................. 23 1 -- -- --
Other liabilities..................... 12,218 15,958 13,505 9,498 8,141
---------- ---------- ---------- ---------- ----------
Total liabilities.................. 1,487,780 1,378,185 1,274,149 1,204,945 1,131,320
Stockholders' equity.................. 94,374 79,920 75,826 69,459 65,119
---------- ---------- ---------- ---------- ----------
Total Liabilities and
Stockholders' Equity............ $1,582,154 $1,458,105 $1,349,975 $1,274,404 $1,196,439
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12