SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
Form
10-Q
x
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended March 31, 2005
o
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES
EXCHANGE ACT OF 1934
For
transition period from ________ to ________
Commission
File Number: 000-25887
PRIVATEBANCORP,
INC.
(Exact
name of Registrant as specified in its charter.)
|
Delaware
(State
or other jurisdiction of incorporation or organization) |
36-3681151
(I.R.S.
Employer Identification Number) |
|
Ten
North Dearborn Street
Chicago,
Illinois
(Address
of principal executive offices) |
60602
(Zip
Code) |
(312)
683-7100
(Registrant’s
telephone number, including area code)
Indicate
by checkmark whether the Registrant: (1) has filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
during the preceding 12 months (or for such shorter period that the Registrant
was required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days. Yes x No
o
Indicate
by checkmark whether the Registrant is an accelerated filer (as defined in Rule
12b-2 of the Act). Yes x No
o
Indicate
the number of shares outstanding of each of the issuer’s classes of common
stock, as of the latest practicable date.
|
Class |
Outstanding
as of April 30, 2005 |
Common,
no par value |
20,441,539 |
PRIVATEBANCORP,
INC.
FORM
10-Q Quarterly Report
Table
of Contents
|
Page
Number | |||
|
Selected
Financial Data |
3 | ||
|
Part
I |
|||
|
Item
1. |
Financial
Statements |
6 | |
|
Item
2. |
Management’s
Discussion and Analysis of Financial
Condition
and Results of Operations |
19 | |
|
Item
3. |
Quantitative
and Qualitative Disclosures About Market Risk |
39 | |
|
Item
4. |
Controls
and Procedures |
42 | |
|
Part II |
|||
|
Item
1. |
Legal
Proceedings |
43 | |
|
Item
2. |
Unregistered
Sales of Equity Securities and Use of Proceeds |
43 | |
|
Item
3. |
Defaults
upon Senior Securities |
43 | |
|
Item
4. |
Submission
of Matters to a Vote of Security Holders |
43 | |
|
Item
5. |
Other
Information |
44 | |
|
Item
6. |
Exhibits |
44 | |
|
Signatures |
45 | ||
SELECTED
FINANCIAL DATA
The
following table summarizes certain selected unaudited consolidated financial
information of PrivateBancorp, Inc. at or for the periods indicated. This
information should be read in conjunction with the unaudited consolidated
financial statements and related notes included pursuant to Item 1 of this
report.
|
Quarter
Ended | |||||
|
03/31/05 |
12/31/04 |
09/30/04 |
06/30/04 |
03/31/04 | |
|
(dollars
in thousands, except per share data)
| |||||
|
Selected
Statement of Income Data: |
|||||
|
Interest
income: |
|||||
|
Loans,
including fees |
$25,591 |
$ 22,802 |
$ 20,315 |
$ 18,702 |
$ 17,680 |
|
Securities |
9,213 |
9,386 |
8,436 |
7,820 |
7,929 |
|
Federal
funds sold and interest-bearing deposits |
34 |
12 |
18 |
4 |
6 |
|
Total
interest income |
34,838 |
32,200 |
28,769 |
26,526 |
25,615 |
|
Interest
expense: |
|||||
|
Interest-bearing
demand deposits |
181 |
179 |
156 |
66 |
147 |
|
Savings
and money market deposit accounts |
5,352 |
4,576 |
3,471 |
2,541 |
1,874 |
|
Brokered
deposits and other time deposits |
5,719 |
4,740 |
4,600 |
4,548 |
4,072 |
|
Funds
borrowed |
2,474 |
2,049 |
1,572 |
1,552 |
1,486 |
|
Long-term
debt --trust preferred securities |
485 |
484 |
485 |
485 |
485 |
|
Total
interest expense |
14,211 |
12,028 |
10,284 |
9,192 |
8,064 |
|
Net
interest income (8) |
20,627 |
20,172 |
18,485 |
17,334 |
17,551 |
|
Provision
for loan losses |
902
|
1,498
|
851
|
724
|
1,326
|
|
Net
interest income after provision for loan losses |
19,725 |
18,674 |
17,634 |
16,610 |
16,225 |
|
Non-interest
income: |
|||||
|
Wealth
management income |
2,316 |
2,113 |
2,117 |
2,129 |
1,957 |
|
Mortgage
banking income |
742 |
834 |
776 |
782 |
464 |
|
Other
income |
865 |
903 |
1,006 |
561 |
559 |
|
Securities
(losses) gains, net |
(105) |
(123) |
1,259 |
(1,166) |
998 |
|
Trading
gains (losses) on interest rate swap |
479 |
(11) |
(1,118) |
1,325 |
(1,066) |
|
Total
non-interest income |
4,297 |
3,716 |
4,040 |
3,631 |
2,912 |
|
Non-interest
expense: |
|||||
|
Salaries
and employee benefits |
7,018 |
7,124 |
6,811 |
6,057 |
6,035 |
|
Occupancy
expense |
1,738 |
1,567 |
1,394 |
1,350 |
1,360 |
|
Professional
fees |
1,333 |
1,082 |
1,407 |
1,451 |
1,114 |
|
Marketing |
614 |
695 |
628 |
703 |
495 |
|
Data
processing |
582 |
529 |
520 |
513 |
446 |
|
Insurance |
263 |
276 |
221 |
207 |
215 |
|
Amortization
of intangibles |
42 |
42 |
42 |
42 |
42 |
|
Other
operating expenses |
993 |
717 |
860 |
897 |
832 |
|
Total
non-interest expense |
12,583 |
12,032 |
11,883 |
11,220 |
10,539 |
|
Minority
interest expense |
76 |
64 |
74 |
65 |
67 |
|
Income
before income taxes |
11,363 |
10,294 |
9,717 |
8,956 |
8,531 |
|
Income
tax expense |
3,557 |
2,768 |
2,654 |
2,500 |
2,581 |
|
Net
income |
$ 7,806 |
$ 7,526 |
$ 7,063 |
$ 6,456 |
$ 5,950 |
|
Per
Share Data: |
|||||
|
Basic
earnings |
$ 0.39 |
$ 0.38 |
$ 0.35 |
$ 0.33 |
$ 0.31 |
|
Diluted
earnings |
0.37 |
0.36 |
0.34 |
0.31 |
0.29 |
|
Dividends |
0.045
|
0.030 |
0.030 |
0.030 |
0.030 |
|
Book
value (at end of period) |
9.79 |
9.51 |
9.19 |
8.54 |
8.72 |
All
previously reported share and per share data has been restated to reflect
the
2-for-1 stock split which occurred on May 31, 2004
|
Quarter
Ended | |||||
|
03/31/05 |
12/31/04 |
09/30/04 |
06/30/04 |
03/31/04 | |
|
Selected
Financial Data (at end of period): |
|||||
|
Total
securities(1) |
$ 764,917 |
$
763,985 |
$ 759,328 |
$ 722,582 |
$ 692,678 |
|
Total
loans |
1,729,882 |
1,653,363 |
1,471,083 |
1,407,586 |
1,344,707 |
|
Total
assets |
2,601,690 |
2,535,817 |
2,352,366 |
2,199,170 |
2,139,095 |
|
Total
deposits |
2,003,239 |
1,872,635 |
1,808,532 |
1,673,404 |
1,622,899 |
|
Funds
borrowed |
340,737 |
414,519 |
301,558 |
306,446 |
297,537 |
|
Long-term
debt—trust preferred securities |
20,000 |
20,000 |
20,000 |
20,000 |
20,000 |
|
Total
stockholders’ equity |
200,372 |
194,073 |
187,035 |
173,669 |
174,041 |