Private Bancorp reports lower Q3 earnings
PrivateBancorp, Inc. (Nasdaq: PVTB) are up after the bank holding company reported third-quarter earnings of $9.2 million, or $0.42 per share, below analyst estimates of $0.43 per share and lower than $9.8 million, or $0.46 per share, a year earlier. The firm’s quarterly net interest income totaled $32.3 million, below Wall Street projections of $40.96 million and compared with $30 million during the same period of 2006.
“We continue to face a difficult banking environment primarily as a result of weakness in the real estate sector,” CEO Ralph Mandell said in a statement. “Given the current credit cycle, we experienced relatively slow growth in our loan portfolio as a result of cautiousness both on our part and on the part of our clients.”
The Chicago-based firm also announced before the opening that 12 former LaSalle Bank executives joined PrivateBancorp.
“We have an established track record of attracting and integrating such individuals in all of the markets we serve, whether in teams through de novo expansion or acquisitions, or through individual hires,” Mandell said.
Non-performing assets to total assets were 0.80% at Sept. 30, compared with 0.06% a year earlier.
In afternoon trading, PVTB shares are up 1.45%, or $0.41, at $28.63. Over the last 52 weeks, shares have ranged from $25.41 to $43.12.
