PrivateBancorp Q3 Profit Rises, Beats Estimates

(RTTNews) - PrivateBancorp, Inc. (PVTB), Thursday reported a higher profit for the third quarter. The results reflected decrease in non-interest expense, lower provision for loan losses, and increase in net interest income. Earnings per share surpassed the Street estimates.

Net income available to common shareholders was $33.1 million or $0.42 per share, up from $19.6 million or $0.27 per share last year.

On average, sixteen analysts polled by Thomson Reuters expected the company to report earnings per share of $0.37 for the quarter. Analysts' estimates typically exclude one-time items.

Net revenue was $134.4 million, relatively unchanged from prior year's $133.9 million. Analysts expected the company to generate revenues of $131.83 million for the quarter. Net interest income for the quarter was $105.8 million, compared with $105.4 million a year ago.

Total loans grew 8 percent to $10.4 billion for the quarter, with majority of the growth from commercial and industrial loans. Provision for loan and covered loan losses decreased to $8.1 million, from $13.5 million last year. Non-interest expense also decreased to $71.2 million, from $81.7 million a year ago.