PrivateBancorp Reports Fourth Quarter and Full Year 2011 Results

CHICAGO, Jan. 24, 2012 /PRNewswire/ -- PrivateBancorp, Inc. (NASDAQ: PVTB) today reported net income available to common shareholders of $7.6 million, or $0.11per diluted share, for the fourth quarter 2011, compared to $8.5 million, or $0.12per diluted share, for the fourth quarter 2010.  For the 12 months ended December 31, 2011, the Company had net income available to common shareholders of $30.7 million, or $0.43per diluted share, compared to a net loss of $12.1 million, or $0.17loss per diluted share, for the prior year.

"We remain focused on executing our relationship-based commercial middle market strategy and our results in 2011 reflect the improvement in overall asset quality as well as the success we've had in growing our business," said Larry D. Richman, President and Chief Executive Officer, PrivateBancorp, Inc.  "Over the year, we added important new client relationships, continued to grow our commercial and industrial loans, and increased non-interest income.  In 2011, our loan mix improved, the credit characteristics of the portfolio were stronger and non-performing assets declined, which combined to help drive the turnaround and led to $30.7 millionin net income for the year.  I believe we are positioned to benefit as the economic environment improves.

"We ended the year with a solid fourth quarter, including more than $330 millionin net loan growth from new commercial relationships and increased demand from existing clients.  Given our healthy pipeline and the opportunities we have to grow client relationships, I am confident that, as we move into 2012, we will continue to leverage the strengths of our team to serve our clients and our communities and continue to build long-term shareholder value."

Fourth Quarter and Full Year Results

• Full year 2011 net income available to common shareholders grew to $30.7 millioncompared to a net loss of $12.1 millionfor the full year 2010. Net interest margin was 3.48 percent for the fourth quarter 2011, compared to 3.49 percent in the prior quarter.
• Total loans grew $333.6 millionthis quarter with the majority of the growth in commercial and industrial loans.  Over the course of the year, the Company increased commercial and industrial loans to 60 percent of the total loan portfolio at year-end 2011 compared to 54 percent a year ago.  
• Total deposits increased to $10.4 billionat December 31, 2011, with growth in non-interest bearing deposits of 15 percent from the end of the third quarter 2011.  While total deposits were relatively flat compared to prior year, non-interest bearing deposits comprised 31 percent of total deposits at December 31, 2011, compared to 21 percent at December 31, 2010.
• Special mention and potential problem loans continued to decline.  At year-end 2011, special mention and potential problem loans were $382.1 million, a decrease of $113.6 million, or 23 percent, from September 30, 2011, and a decrease of $524.4 million, or 58 percent, from the prior year.
• Non-performing assets declined 8 percent from September 30, 2011, and 15 percent from December 31, 2010, reflecting disposition activity and ongoing workout efforts.  Disposition activity for the quarter included $68.1 millionin problem loans and $20.3 millionin other real estate owned (OREO).  Total problem asset dispositions were $387.8 millionfor the full year 2011.

Operating Performance

Net revenue was $129.0 millionin the fourth quarter 2011, compared to $136.1 millionin the fourth quarter 2010 and $129.4 millionin the third quarter 2011.  The fourth quarter 2011 results include net securities gains of $364,000, compared to $9.3 millionnet securities gains in the fourth quarter 2010 and $4.4 millionnet securities gains in the third quarter 2011.  Excluding net securities gains, net revenue increased 2 percent from the fourth quarter 2010 and 3 percent from the third quarter 2011. 

For the full year 2011, net revenue increased to $508.2 millioncompared to $497.8 millionin 2010.  Excluding net securities gains of $5.8 millionand $12.2 millionfor years ended 2011 and 2010, respectively, net revenue increased 3 percent.  Overall net revenue performance on a year-over-year basis was driven by net interest margin expansion and ongoing cross-sell to new and existing clients. 

Net interest margin was 3.48 percent for the fourth quarter 2011, compared to 3.33 percent in the fourth quarter 2010 and 3.49 percent for the third quarter 2011.  During the fourth quarter 2011, net interest margin benefited from a number of factors including the continued execution of the Company's strategy to improve the loan mix including the replacement of low-yielding commercial real estate loans and non-performing loan balances with better priced commercial and industrial and commercial real estate loans.  Net interest margin also benefited from the increase in short-term LIBOR during the quarter.  Increased volume of non-interest bearing demand accounts and downward deposit repricing during the quarter favorably impacted the cost of funds, benefiting net interest margin by 5 basis points as compared to the third quarter 2011.  Net interest income increased to $103.0 millionin the fourth quarter 2011, compared to $100.3 millionfor the fourth quarter 2010 and $101.1 millionin the third quarter 2011.  For the full year 2011, net interest income increased 2 percent to $407.1 million, from $401.0 millionfor full year 2010. 

Operating profit was $52.8 millionin the fourth quarter 2011, compared to $53.9 millionin the fourth quarter 2010 and $54.4 millionin the third quarter 2011.  Excluding net securities gains, operating profit increased 18 percent from the fourth quarter 2010 and 5 percent from the third quarter 2011.  For the full year, operating profit increased to $206.0 million, compared to $198.2 millionin 2010.  Operating profit, excluding net securities gains, grew 8 percent from the prior year.

Non-interest income was $25.4 millionin the fourth quarter 2011, compared to $34.9 millionin the fourth quarter 2010 and $27.6 millionin the third quarter 2011.  Non-interest income decreased 2 percent compared to the fourth quarter 2010 and increased 8 percent compared to the third quarter 2011, excluding net securities gains.  For the full year 2011, non-interest income increased to $98.2 million, up from $93.2 millionfor the year ended December 31, 2010.  Excluding net securities gains, non-interest income grew 14 percent from the prior year.

Treasury management income increased 14 percent from the fourth quarter 2010 and 5 percent from the third quarter 2011.  Trust and investment income for the fourth quarter was $4.0 million, compared to $4.6 millionin the fourth quarter 2010 and $4.5 millionin the third quarter 2011.  Capital markets revenue was $5.5 millionfor the fourth quarter 2011, compared to $6.8 millionfor the fourth quarter 2010 and $5.5 millionfor the third quarter 2011.  Excluding the impact of the credit valuation adjustment, capital markets revenue was $5.2 millionin the fourth quarter 2011, compared to $5.0 millionin the fourth quarter 2010 and $6.7 millionin the third quarter 2011.  Capital markets revenue declined compared to the third quarter 2011 due to some large transactions that occurred in the third quarter.  Loan and credit related fees grew 19 percent from the fourth quarter 2010 and 4 percent from last quarter due to increased syndications revenue.  

Mortgage banking income was $3.0 millionin the fourth quarter 2011, compared to $3.5 millionin the fourth quarter 2010 and $1.6 millionin the third quarter 2011.  The fourth quarter 2011 benefited from a full quarter of refinance activity based on the low interest rate environment.

Expenses

Non-interest expense was $76.2 millionin the fourth quarter 2011, compared to $82.1 millionin the fourth quarter 2010 and $75.0 millionin the third quarter 2011.  Non-interest expense for the full year 2011 was $302.3 million, relatively flat compared to $299.6 millionfor the full year 2010 due to continued expense management throughout the year.

Salary and benefit expense was higher in the fourth quarter 2011, compared to the fourth quarter 2010 and the third quarter 2011, due to an increase in commission-based compensation and a higher annual incentive compensation accrual.  Insurance expense declined compared to the fourth quarter 2010 and the third quarter 2011 due to the implementation of a change in the FDIC calculation methodology.  Overall credit costs remain elevated.

The efficiency ratio was 59.1 percent in the fourth quarter 2011, compared to 60.4 percent in the fourth quarter 2010 and 58.0 percent in the third quarter 2011.

The effective tax rate for the fourth quarter was 46.1 percent and was impacted by the non-deductibility of certain compensation expense as well as reduced tax benefits relating to the impact of current share price valuation on stock-based compensation.  Based on the Company's current projection, the effective tax rate for 2012 should decline from the fourth quarter rate, although the rate will continue to be dependent on a number of factors, including future share prices.

Credit Quality  

The 2011 results reflect strong progress in improving the overall asset quality of the portfolio and reducing problem assets.  Non-performing assets declined to $385.6 millionat December 31, 2011, down from $454.6 millionat December 31, 2010, and $421.1 millionat September 30, 2011.  Non-performing assets to total assets were 3.11 percent at December 31, 2011, compared to 3.65 percent at December 31, 2010, and 3.50 percent at September 30, 2011.  Non-performing loans were $259.9 millionat year-end 2011, down from $365.9 milliona year ago and $304.7 millionat the end of last quarter.  Non-performing loan inflows were $67.5 millionin the fourth quarter 2011. 

Special mention and potential problem loans declined further in the fourth quarter 2011, down 23 percent from third quarter 2011.  Over the past year, special mention and potential problem loans have declined $524.4 million, or 58 percent, to $382.1 millionat December 31, 2011.  The Company disposed of $387.8 millionproblem assets this year, with an aggregate incremental charge of 15 percent based on the carrying value net of specific reserves at the time of disposition.  The Company expects continued strengthening of the credit quality of the portfolio as problem loan resolutions continue. 

The fourth quarter 2011 provision for loan losses was $29.8 million, excluding covered loan provision, down from $34.5 millionin the fourth quarter 2010 and $32.3 millionin the third quarter 2011.  For the full year 2011, the provision for loan losses was $130.6 million, excluding covered loan provision, down from $192.0 millionin the prior year.  The allowance for loan losses at December 31, 2011was $191.6 million, or 2.13% of total loans, compared to $222.8 million, or 2.44% of total loans, at December 31, 2010and $200.0 million, or 2.31% of total loans at September 30, 2011.  The allowance for loan losses as a percentage of non-performing loans was 74 percent at December 31, 2011, compared to 61 percent at December 31, 2010, and 66 percent at September 30, 2011.

Net charge-offs were $38.2 millionfor the quarter ended December 31, 2011, compared to $35.1 millionfor the fourth quarter 2010 and $38.6 millionfor the third quarter 2011.  For the year ended December 31, 2011, net charge-offs were $161.8 million, down from $190.9 millionin the prior year.

Restructured loans accruing interest were $100.9 millionat December 31, 2011, compared to $87.6 millionat December 31, 2010and $106.3 millionat September 30, 2011.  The Company utilizes loan restructuring in an effort to maximize economic recovery.

Credit quality results exclude $306.8 millionin covered assets as of the end of the fourth quarter 2011, referring to certain assets acquired through an FDIC-assisted transaction that are subject to a loss-sharing agreement, compared to $397.2 millionin the fourth quarter 2010 and $319.0 millionin the third quarter 2011.  

Balance Sheet

Commercial and industrial loans were $5.4 billion, an increase of 11 percent compared to prior year and an increase of 6 percent from September 30, 2011.  Total loans were $9.0 billionat year-end 2011, compared to $9.1 billionat year-end 2010 and $8.7 billionat September 30, 2011.

Total assets were $12.4 billionat December 31, 2011, compared to $12.5 billionat December 31, 2010, and $12.0 billionat September 30, 2011.  Total deposits were $10.4 billionat December 31, 2011, compared to $10.5 billionat December 31, 2010, and $10.1 billionat September 30, 2011.  Non-interest bearing deposits grew to $3.2 billion, an increase of 44 percent compared to $2.3 billiona year ago.  The increase in non-interest bearing deposit balances can be attributed to several factors including growth from existing and new commercial client relationships, client focused treasury management product offerings, and deposit movements reflecting our clients' desire to hold greater liquidity in this economic environment.

The Company's investment securities portfolio was $2.3 billionat December 31, 2011, compared to $1.9 billionat December 31, 2010, and $2.2 billionat September 30, 2011.  Net unrealized gains were $73.6 million, compared to $32.0 millionat the end of the fourth quarter 2010 and $74.2 millionat the end of the third quarter 2011.  The change in net unrealized gains compared to the prior year was primarily due to the decrease in interest rates.  The securities portfolio is primarily composed of U.S. government agency backed mortgage pools, agency collateralized mortgage obligations, and investment grade municipal bonds.

Capital

As of December 31, 2011, the total risk-based capital ratio was 14.28 percent, the Tier 1 risk-based capital ratio was 12.38 percent, and the leverage ratio was 11.33 percent. Tier 1 common capital ratio was 8.04 percent and tangible common equity ratio was 7.69 percent at the end of the fourth quarter 2011.

Quarterly Conference Call and Webcast Presentation

PrivateBancorp will host a conference call on Tuesday, January 24, 2012, at 10 a.m. CT. The call may be accessed by telephone at [phone] (U.S. and Canada) or [phone] (International) and entering passcode # 38453385.  A live webcast of the call can be accessed on the Company website at by visiting the Investor Relations tab under the About Us section.  A rebroadcast will be available beginning approximately two hours after the call until midnight on January 26, 2012, by calling [phone] (U.S. and Canada) or [phone] (International) and entering passcode # 38453385.

About PrivateBancorp, Inc.

PrivateBancorp, Inc., through its subsidiaries, delivers customized business and personal financial services to middle-market companies, as well as business owners, executives, entrepreneurs and families in all of the markets and communities we serve.  As of December 31, 2011, the Company had 34 offices in 10 states and $12.4 billion.

Forward-Looking Statements

Statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of federal securities laws.  Our ability to predict results or the actual effects of future plans, strategies or events is inherently uncertain.  Factors which could cause actual results to differ from those reflected in forward-looking statements include, but are not limited to: unforeseen credit quality problems or further deterioration in problem assets that could result in charge-offs greater than we have anticipated in our allowance for loan losses; adverse developments impacting one or more large credits; the extent of further deterioration in real estate values in our market areas, particularly in the Chicagoarea; difficulties in resolving problem credits or slower than anticipated dispositions of OREO which may result in increased losses or higher credit costs; continued uncertainty regarding U.S. and global economic recovery and economic outlook, and ongoing volatility in market conditions, that may impact credit quality or prolong weakness in demand for loans or other banking products and services; weakness in the commercial and industrial sector; unanticipated withdrawals of significant client deposits; lack of sufficient or cost-effective sources of liquidity or funding; the terms and availability of capital when and to the extent necessary or required to repay TARP or otherwise; loss of key personnel or an inability to recruit and retain appropriate talent; unanticipated changes in interest rates or significant tightening of credit spreads; competitive pricing pressures; uncertainty regarding implications of the Dodd-Frank Act and the rules and regulations to be adopted in connection with implementation of the legislation, including evolving regulatory capital standards; other legislative, regulatory or accounting changes affecting financial services companies and/or the products and services offered by financial services companies; uncertainties related to potential costs associated with pending litigation; or failures or disruptions to our data processing or other information or operational systems.  These factors should be considered in evaluating forward-looking statements and undue reliance should not be placed on our forward-looking statements. Forward-looking statements speak only as of the date they are made, and the Company assumes no obligation to update publicly any of these statements in light of future events unless required under the federal securities laws.

Non-GAAP Measures

This press release contains both financial measures based on accounting principles generally accepted in the United States(GAAP) and non-GAAP based financial measures.  The Company believes that these non-GAAP financial measures provide information useful to investors in understanding the underlying operational performance of the Company, its business, and performance trends and facilitates comparisons with the performance of others in the banking industry.  If non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconcilement to the comparable GAAP financial measure, can be found in this press release.  These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Editor's Note: Financial highlights attached.   

Consolidated Income Statements
(Amounts in thousands except per share data)
	Three Months Ended				Years Ended
	December 31,				December 31,
	2011		2010		2011		2010
	unaudited		unaudited		unaudited		audited
Interest Income
Loans, including fees	$      102,897		$   105,375		$    413,109		$    434,884
Federal funds sold and other short-term investments	215		366		1,181		1,950
Securities:
Taxable	15,263		15,453		61,417		64,316
Exempt from Federal income taxes	1,273		1,644		5,439		6,775
Total interest income	119,648		122,838		481,146		507,925
Interest Expense
Interest-bearing demand deposits	585		702		2,439		3,148
Savings deposits and money market accounts	4,857		7,437		22,957		34,431
Brokered and time deposits	5,561		7,367		24,676		36,458
Short-term borrowings	152		962		2,011		5,088
Long-term debt	5,511		6,023		21,936		27,843
Total interest expense	16,666		22,491		74,019		106,968
Net interest income	102,982		100,347		407,127		400,957
Provision for loan and covered loan losses	31,611		35,166		132,897		194,541
Net interest income after provision for
loan and covered loan losses	71,371		65,181		274,230		206,416
Non-interest Income
Trust and Investments	3,992		4,574		17,826		18,140
Mortgage banking	3,032		3,479		6,703		10,187
Capital markets products	5,471		6,791		19,341		14,286
Treasury management	5,283		4,625		19,923		16,920
Loan and credit-related fees	5,606		4,710		22,207		16,526
Other income, service charges, and fees	1,645		1,377		6,476		5,005
Net securities gains	364		9,309		5,771		12,182
Total non-interest income	25,393		34,865		98,247		93,246
Non-interest Expense
Salaries and employee benefits	40,729		38,577		156,763		149,863
Net occupancy expense	7,394		7,385		29,986		29,935
Technology and related costs	3,142		2,447		11,388		10,224
Marketing	2,250		1,997		8,911		8,501
Professional services	2,126		3,020		9,206		12,931
Outsourced servicing costs	2,077		1,950		8,001		7,807
Net foreclosed property expenses	6,862		7,028		27,782		15,192
Postage, telephone, and delivery	953		1,049		3,716		3,659
Insurance	3,462		8,348		21,287		26,534
Loan and collection expense	3,840		4,029		13,571		14,623
Other expenses	3,395		6,318		11,666		20,329
Total non-interest expense	76,230		82,148		302,277		299,598
Income before income taxes	20,534		17,898		70,200		64
Income tax provision (benefit)	9,468		5,919		25,660		(1,737)
Net income	11,066		11,979		44,540		1,801
Net income attributable to noncontrolling interests	7		67		170		284
Net income attributable to controlling interests	11,059		11,912		44,370		1,517
Preferred stock dividends and discount accretion	3,430		3,409		13,690		13,607
Net income (loss) available to common stockholders	$          7,629		$       8,503		$      30,680		$    (12,090)
Per Common Share Data
Basic	$            0.11		$         0.12		$          0.43		$        (0.17)
Diluted	$            0.11		$         0.12		$          0.43		$        (0.17)
Common dividends per share	$            0.01		$         0.01		$          0.04		$          0.04
Weighted-average common shares outstanding	70,540		70,098		70,449		70,024
Weighted-average diluted common shares outstanding	70,713		70,135		70,642		70,024
Note 1:  Due to the net loss available to common stockholders reported for the year ended December 31, 2010, all potentially dilutive common stock equivalents were excluded from the diluted net loss per share computation as their inclusion would have been antidilutive.
Note 2:  Certain reclassifications have been made to prior period financial statements to place them on a basis comparable with the current period financial statements.

Quarterly Consolidated Income Statements
Unaudited
(Amounts in thousands except per share data)
	4Q11		3Q11		2Q11		1Q11		4Q10
Interest Income
Loans, including fees	$    102,897		$    102,174		$    102,391		$    105,647		$    105,375
Federal funds sold and other short-term investments	215		231		399		336		366
Securities:
Taxable	15,263		15,196		15,568		15,390		15,453
Exempt from Federal income taxes	1,273		1,293		1,387		1,486		1,644
Total interest income	119,648		118,894		119,745		122,859		122,838
Interest Expense
Interest-bearing demand deposits	585		625		587		642		702
Savings deposits and money market accounts	4,857		5,356		6,082		6,662		7,437
Brokered and time deposits	5,561		5,895		6,528		6,692		7,367
Short-term borrowings	152		466		566		827		962
Long-term debt	5,511		5,463		5,479		5,483		6,023
Total interest expense	16,666		17,805		19,242		20,306		22,491
Net interest income	102,982		101,089		100,503		102,553		100,347
Provision for loan and covered loan losses	31,611		32,615		31,093		37,578		35,166
Net interest income after provision for
loan and covered loan losses	71,371		68,474		69,410		64,975		65,181
Non-interest Income
Trust and Investments	3,992		4,452		4,720		4,662		4,574
Mortgage banking	3,032		1,565		704		1,402		3,479
Capital markets products	5,471		5,510		3,871		4,489		6,791
Treasury management	5,283		5,016		4,873		4,751		4,625
Loan and credit-related fees	5,606		5,413		5,290		5,898		4,710
Other income, service charges, and fees	1,645		1,309		1,464		2,058		1,377
Net securities gains	364		4,370		670		367		9,309
Total non-interest income	25,393		27,635		21,592		23,627		34,865
Non-interest Expense
Salaries and employee benefits	40,729		38,841		38,636		38,557		38,577
Net occupancy expense	7,394		7,515		7,545		7,532		7,385
Technology and related costs	3,142		2,856		2,729		2,661		2,447
Marketing	2,250		2,218		2,500		1,943		1,997
Professional services	2,126		2,434		2,312		2,334		3,020
Outsourced servicing costs	2,077		1,918		1,852		2,154		1,950
Net foreclosed property expenses	6,862		7,129		7,485		6,306		7,028
Postage, telephone, and delivery	953		944		931		888		1,049
Insurance	3,462		5,393		5,092		7,340		8,348
Loan and collection expense	3,840		2,931		4,247		2,553		4,029
Other expenses	3,395		2,855		2,335		3,081		6,318
Total non-interest expense	76,230		75,034		75,664		75,349		82,148
Income before income taxes	20,534		21,075		15,338		13,253		17,898
Income tax provision	9,468		7,593		6,320		2,279		5,919
Net income	11,066		13,482		9,018		10,974		11,979
Net income attributable to noncontrolling interests	7		33		58		72		67
Net income attributable to controlling interests	11,059		13,449		8,960		10,902		11,912
Preferred stock dividends and discount accretion	3,430		3,426		3,419		3,415		3,409
Net income available to common stockholders	$        7,629		$      10,023		$        5,541		$        7,487		$        8,503
Per Common Share Data
Basic	$          0.11		$          0.14		$          0.08		$          0.10		$          0.12
Diluted	$          0.11		$          0.14		$          0.08		$          0.10		$          0.12
Common dividends per share	$          0.01		$          0.01		$          0.01		$          0.01		$          0.01
Weighted-average common shares outstanding	70,540		70,479		70,428		70,347		70,098
Weighted-average diluted common shares outstanding	70,713		70,621		70,663		70,396		70,135

Consolidated Balance Sheets
(Dollars in thousands)
	12/31/11		09/30/11		06/30/11		03/31/11		12/31/10
	unaudited		unaudited		unaudited		unaudited		audited
Assets
Cash and due from banks	$     156,131		$     171,268		$    160,289		$     181,738		$     112,772
Fed funds sold and other short-term investments	205,610		248,559		457,422		621,206		541,316
Loans held for sale	32,049		24,126		13,503		22,611		30,758
Securities available-for-sale, at fair value	1,783,465		1,872,587		2,057,290		1,892,304		1,881,786
Securities held-to-maturity, at amortized cost	490,143		273,200		-		-		-
Non-marketable equity investments	43,604		43,894		20,406		23,490		23,537
Loans - excluding covered assets, net of unearned fees	9,008,561		8,674,955		8,672,642		9,037,067		9,114,357
Allowance for loan losses	(191,594)		(200,041)		(206,286)		(218,237)		(222,821)
Loans, net of allowance for loan losses and unearned fees	8,816,967		8,474,914		8,466,356		8,818,830		8,891,536
Covered assets	306,807		318,973		346,452		364,372		397,210
Allowance for covered loan losses	(25,939)		(16,689)		(16,904)		(19,738)		(15,334)
Covered assets, net of allowance for covered loan losses	280,868		302,284		329,548		344,634		381,876
Other real estate owned, excluding covered assets	125,729		116,364		123,997		93,770		88,728
Premises, furniture, and equipment, net	38,633		39,069		38,171		39,019		40,975
Accrued interest receivable	35,732		32,686		32,128		33,960		33,854
Investment in bank owned life insurance	50,966		50,565		50,183		49,799		49,408
Goodwill	94,571		94,584		94,596		94,609		94,621
Other intangible assets	15,353		15,715		16,089		16,464		16,840
Capital markets derivative assets	101,676		111,248		93,453		87,273		100,250
Other assets	145,373		148,798		161,946		177,735		177,364
Total assets	$12,416,870		$12,019,861		12,115,377		$12,497,442		$12,465,621
Liabilities
Demand deposits:
Noninterest-bearing	$  3,244,307		$  2,832,481		$ 2,527,230		$  2,438,709		$  2,253,661
Interest-bearing	595,238		611,293		531,107		540,215		616,761
Savings deposits and money market accounts	4,378,220		4,392,697		4,497,297		4,831,253		4,821,823
Brokered deposits	815,951		902,002		1,342,422		1,467,196		1,450,827
Time deposits	1,359,138		1,370,190		1,336,212		1,348,603		1,392,357
Total deposits	10,392,854		10,108,663		10,234,268		10,625,976		10,535,429
Short-term borrowings	156,000		59,154		63,311		88,468		118,561
Long-term debt	379,793		379,793		409,793		409,793		414,793
Accrued interest payable	5,567		5,841		5,767		5,529		5,968
Capital markets derivative liabilities	104,140		113,968		95,043		88,351		102,018
Other liabilities	81,764		66,266		46,547		41,193		60,942
Total liabilities	11,120,118		10,733,685		10,854,729		11,259,310		11,237,711
Equity
Preferred stock - Series B	240,403		240,020		239,642		239,270		238,903
Common stock	71,483		71,220		71,155		71,036		70,972
Treasury stock	(21,454)		(20,680)		(20,615)		(20,312)		(20,054)
Additional paid-in capital	968,787		965,640		963,156		959,135		954,977
Accumulated deficit	(9,164)		(16,075)		(25,388)		(30,223)		(36,999)
Accumulated other comprehensive income, net of tax	46,697		46,051		32,535		19,121		20,078
Total stockholders' equity	1,296,752		1,286,176		1,260,485		1,238,027		1,227,877
Noncontrolling interests	-		-		163		105		33
Total equity	1,296,752		1,286,176		1,260,648		1,238,132		1,227,910
Total liabilities and equity	$12,416,870		$12,019,861		$12,115,377		$12,497,442		$12,465,621

Selected Financial Data
Unaudited
(Amounts in thousands except per share data)
			4Q11		3Q11		2Q11		1Q11		4Q10
Selected Statement of Income Data:
		Net interest income	$   102,982		$   101,089		$   100,503		$   102,553		$   100,347
		Net revenue (1) (2)	$   129,045		$   129,404		$   122,811		$   126,970		$   136,088
		Operating profit (1) (2)	$     52,815		$     54,370		$     47,147		$     51,621		$     53,940
		Provision for loan and covered loan losses	$     31,611		$     32,615		$     31,093		$     37,578		$     35,166
		Income before taxes	$     20,534		$     21,075		$     15,338		$     13,253		$     17,898
		Net income available to common stockholders	$       7,629		$     10,023		$       5,541		$       7,487		$       8,503
Per Common Share Data:
		Basic earnings per share	$         0.11		$         0.14		$         0.08		$         0.10		$         0.12
		Diluted earnings per share	$         0.11		$         0.14		$         0.08		$         0.10		$         0.12
		Dividends	$         0.01		$         0.01		$         0.01		$         0.01		$         0.01
		Book value (period end) (1)	$       14.72		$       14.57		$       14.22		$       13.98		$       13.87
		Tangible book value (period end) (1) (2)	$       13.19		$       13.04		$       12.68		$       12.43		$       12.30
		Market value (close)	$       10.98		$         7.52		$       13.80		$       15.29		$       14.38
		Book value multiple	0.75	x	0.52	x	0.97	x	1.09	x	1.04	x
Share Data:
		Weighted average common shares outstanding	70,540		70,479		70,428		70,347		70,098
		Diluted average common shares outstanding	70,713		70,621		70,663		70,396		70,135
		Common shares issued (at period end)	72,514		72,491		72,497		72,096		71,979
		Common shares outstanding (at period end)	71,745		71,789		71,808		71,428

SOURCE PrivateBancorp, Inc.