PrivateBancorp Q4 Profit Increases - Quick Facts

(RTTNews) - PrivateBancorp, Inc. (PVTB) reported net income available to common shareholders of $33.7 million or $0.43 per share for the fourth quarter 2013, up from $20.0 million or $0.26 per share for the fourth quarter 2012.

Operating profit of $60.2 million in the fourth quarter 2013 was up 12 percent compared to the fourth quarter 2012 and down 5 percent compared to the third quarter 2013. The reduction in operating profit compared to the third quarter 2013 was a result of increased noninterest expenses primarily related to increased employee expense, and an increase in the provision for unfunded commitments.

Net interest income was $108.5 million in the fourth quarter 2013, an increase of 3 percent compared to the fourth quarter 2012 and 2 percent compared to the third quarter 2013. The growth in net interest income over the prior quarter benefited from a 2 percent increase in average loan balances and the repayment of $120 million of long-term subordinated debt.

Noninterest income was $26.7 million in the fourth quarter 2013, a decline of $2.7 million compared to the fourth quarter 2012 and $1.0 million compared to the third quarter 2013. Lower mortgage financing volume reduced noninterest income by $2.3 million compared to the fourth quarter 2012 and $1.1 million compared to the third quarter 2013.

Net revenue was $136.0 million in the fourth quarter 2013, an increase of 1 percent compared to the fourth quarter 2012 and the third quarter 2013. The increase in net revenue was attributable to growth in net interest income from higher average loan balances and lower cost of funds.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share and revenues of $134.45 million for the quarter. Analysts' estimates typically exclude special items.