PrivateBancorp. Q3 Profit Increases

(RTTNews) - PrivateBancorp. Inc. (PVTB) Thursday announced an increase in third quarter net income to $48.89 million from $45.27 million in the previous year. On a per share basis, earnings increased to $0.60 from $0.57 a year ago.

On an adjusted basis, profits were $149.804 million.

On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.66 per share. Analysts estimates usually exclude special items.

Total interest income for the quarter wee $166.88 million, up from $148.119 million in the previous year. Non-interest income for the quarter increased to $37.614 million from $37.79 million in the prior year. Analysts were looking for $182.33 million.

The company said it has earmarked $180.3 million or $1.23 percent of the total loans compared to $168.6 million or $1.20 percent in the June quarter.

Larry Richman, president and chief executive officer said, "We remain on track to close our pending transaction with CIBC, announced in June, by the end of the first quarter 2017 and remain eager for the opportunities this proposed merger presents for both PrivateBancorp and CIBC."

In another announcement, the company has disclosed the results for Dodd-Frank Act company-run stress test.