PRIVATEBANCORP INC CHICAGO, April 21, 2016 /PRNewswire/ -- PrivateBancorp, Inc. (NASDAQ: PVTB) today reported net income of $49.6 million, or $0.62 per diluted share, for the first quarter 2016, compared to $41.5 million, or $0.52 per diluted share, for the first quarter 2015, and $52.1 million, or $0.65 per diluted share, for the fourth quarter 2015.
"We had a solid first quarter as we continued to drive results through consistent execution and delivery for our clients," said Larry D. Richman, President and Chief Executive Officer, PrivateBancorp, Inc. "We generated solid loan origination activity, deposit growth and cross-sell opportunities and benefited from a full quarter's impact of the December rate rise. Asset quality remains strong and our portfolio is performing well as we would expect at this point in the cycle. Our first quarter results were a good start to the year. We are positioned well as we continue adding new relationships and expanding what we do for existing clients to build long-term value for our shareholders."
First Quarter 2016 Highlights
-- Total loans grew to $13.5 billion, up $1.3 billion from a year ago and
$191.2 million from December 31, 2015.
-- Total deposits were $14.5 billion, increasing $363.1 million from a year
ago and $119.3 million from December 31, 2015. Noninterest-bearing
demand deposits grew 10 percent from a year ago, representing 30 percent
of total deposits at March 31, 2016, comparable to December 31, 2015.
-- Net interest margin was 3.30 percent, up from 3.21 percent for the first
quarter 2015 and 3.25 percent for the fourth quarter 2015. The current
quarter reflected the benefit from the fourth quarter's rise in
short-term interest rates.
-- Operating profit of $83.8 million for the first quarter 2016 increased
14 percent from the first quarter 2015, benefiting from continued growth
in earning assets and higher short-term rates. Compared to the fourth
quarter 2015, operating profit declined 4 percent, as the current
quarter included seasonally higher employee expense.
-- The provision for loan and covered loan losses was $6.4 million for the
first quarter 2016, compared to $5.6 million for the first quarter 2015
and $2.8 million for the fourth quarter 2015.
-- Return on average assets was 1.15 percent and return on average common
equity was 11.4 percent for the first quarter 2016.
Operating Performance
Net interest income grew to $139.5 million in the first quarter 2016, increasing 14 percent from the first quarter 2015 and 2 percent from the fourth quarter 2015. The December 2015 interest rate increase and growth in average loans of 11 percent from the first quarter 2015 and 1 percent from the fourth quarter 2015 positively benefited net interest income.
Net interest margin was 3.30 percent in the first quarter 2016, up nine basis points from a year ago and five basis points from the fourth quarter 2015. Loan yields were 10 basis points higher on a sequential basis, largely reflecting variable loans repricing to higher short-term rates, while loan fees moderated from fourth quarter's levels. Deposit costs increased by three basis points compared to the fourth quarter 2015, primarily impacted by the repricing of deposits indexed to the federal funds rate.
Noninterest income was $33.6 million in the first quarter 2016, comparable to the first quarter 2015 and increasing 3 percent from the fourth quarter 2015. First quarter 2015 included a $4.1 million gain on a branch sale. Treasury management fees were $8.2 million in the first quarter 2016, up 12 percent from the first quarter 2015 and 4 percent from the fourth quarter 2015, primarily reflecting the onboarding of new commercial clients. Syndication fees were $5.4 million in the first quarter 2016, up from $2.6 million in the first quarter 2015 and $4.8 million in the fourth quarter 2015. Syndication fees vary from quarter to quarter depending on the level and mix of loans originated and distributed as well as market conditions.
Capital markets revenue for the first quarter 2016 reflected a negative credit valuation adjustment (CVA) of $1.9 million, compared to a positive CVA of $1.0 million for the fourth quarter 2015. Excluding the CVA impact for all periods, capital markets revenue was $7.1 million in the first quarter 2016, increasing $1.8 million from the fourth quarter 2015. Activity was influenced by the rise in short-term rates and some clients taking advantage of attractive market opportunities to purchase interest rate derivatives.
Asset management revenue was $4.7 million in the first quarter 2016, compared to $4.4 million for the first quarter 2015 and the fourth quarter 2015. Assets under management and administration (AUMA) were $9.6 billion as of March 31, 2016, compared to $7.3 billion a year ago and at December 31, 2015. The increase in AUMA largely reflects the addition of a sizable custodial account during the first quarter 2016.
Expenses
Noninterest expense was $90.5 million for the first quarter 2016, increasing 9 percent from the first quarter 2015 and the fourth quarter 2015. The efficiency ratio was 51.9 percent for the first quarter 2016, compared to 53.1 percent for the first quarter 2015 and 48.7 percent for the fourth quarter 2015.
First quarter 2016 salaries and benefits expense increased $5.7 million compared to the fourth quarter 2015, primarily related to seasonally higher payroll taxes and benefits attributable to incentive compensation payments. Compared to the first quarter 2015, compensation expense increased $6.0 million, largely reflecting additional hires made over the last year and annual salary adjustments. Other expenses includes the provision for unfunded commitments, which was $595,000 for the first quarter 2016, compared to a release of reserves of $3.5 million for fourth quarter 2015, largely attributable to an individual credit reserved for in third quarter 2015.
The effective tax rate for the first quarter 2016 was 35.0 percent, compared to 37.8 percent for the first quarter 2015 and 37.5 percent for the fourth quarter 2015. The lower tax rate in the first quarter 2016 was primarily attributable to net tax benefits of $1.5 million, largely related to the adoption of a new accounting standard regarding income taxes associated with share-based compensation.
Credit Quality
The allowance for loan losses was $165.4 million, or 1.23 percent of total loans, at March 31, 2016, compared to $160.7 million, or 1.21 percent of total loans, at December 31, 2015. The provision for loan losses was $6.4 million for the first quarter 2016, increasing $945,000 from the first quarter 2015 and $3.5 million from the fourth quarter 2015. Annualized net charge-offs to average loans were 0.05 percent for the first quarter 2016, comparable to the first quarter 2015 and 0.15 percent for the fourth quarter 2015.
Nonperforming assets were 0.42 percent of total assets at March 31, 2016, compared to 0.35 percent at December 31, 2015. At March 31, 2016, nonperforming loans were $59.1 million, increasing $5.3 million from December 31, 2015. OREO increased $7.5 million to $14.8 million at March 31, 2016.
Balance Sheet
Total assets were $17.7 billion at March 31, 2016, compared to $16.4 billion at March 31, 2015, and $17.3 billion at December 31, 2015. Total loans of $13.5 billion increased $1.3 billion from March 31, 2015, and $191.2 million from December 31, 2015. Loan growth for the first quarter 2016 included loans to new clients of $396.6 million, offset in part by higher-than-average payoffs and lower revolver usage. At March 31, 2016, commercial loans represented 65 percent of total loans, and commercial real estate and construction loans represented 29 percent of total loans, consistent with December 31, 2015.
Total liabilities were $15.9 billion at March 31, 2016, compared to $14.8 billion at March 31, 2015, and $15.6 billion at December 31, 2015. Total deposits were $14.5 billion at March 31, 2016, increasing 3 percent from March 31, 2015, and 1 percent from December 31, 2015. Noninterest-bearing demand deposits increased $402.0 million from March 31, 2015, representing 30 percent of total deposits at March 31, 2016, compared to 28 percent a year ago and 30 percent at December 31, 2015. At March 31, 2016, the loan-to-deposit ratio was 93 percent, compared to 86 percent as of March 31, 2015, and 92 percent as of December 31, 2015.
Capital
As of March 31, 2016, the total risk-based capital ratio was 12.56 percent, the Tier 1 risk-based capital ratio was 10.76 percent, and the leverage ratio was 10.50 percent. The common equity Tier 1 ratio was 9.76 percent and the tangible common equity ratio was 9.51 percent at the end of the first quarter 2016.
Quarterly Conference Call and Webcast Presentation
PrivateBancorp will host a conference call Thursday, April 21, 2016, at 10 a.m. CT. The call may be accessed by telephone at (888) 782-9127 (U.S. and Canada) or (706) 634-5643 (International) and entering passcode #72434311. A live webcast of the call can be accessed at investor.theprivatebank.com. A rebroadcast will be available at that website and by telephone by calling (855) 859-2056 (U.S. and Canada) or (404) 537-3406 (International) and entering passcode #72434311 beginning approximately two hours after the call until midnight ET May 5, 2016.
About PrivateBancorp, Inc.
PrivateBancorp, Inc., through its subsidiary The PrivateBank, 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 it serves. As of March 31, 2016, the Company had 35 offices in 12 states and $17.7 billion in assets. The Company's website is www.theprivatebank.com.
Forward-Looking Statements
Statements made 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:
-- uncertainty regarding geopolitical developments and the U.S. and global
economic outlook that may continue to impact market conditions or affect
demand for certain banking products and services;
-- unanticipated developments in pending or prospective loan transactions
or greater-than-expected paydowns or payoffs of existing loans;
-- competitive pressures in the financial services industry relating to
both pricing and loan structures, which may impact our growth rate;
-- unforeseen credit quality problems or changing economic conditions that
could result in charge-offs greater than we have anticipated in our
allowance for loan losses or changes in value of our investments;
-- unanticipated changes in monetary policies of the Federal Reserve or
significant adjustments in the pace of, or market expectations for,
future interest rate changes;
-- availability of sufficient and cost-effective sources of liquidity or
funding as and when needed;
-- unanticipated losses of one or more large depositor relationships, or
other significant deposit outflows;
-- loss of key personnel or an inability to recruit appropriate talent
cost-effectively;
-- greater-than-anticipated costs to support the growth of our business,
including investments in technology, process improvements or other
infrastructure enhancements, or greater-than-anticipated compliance or
regulatory costs and burdens;
-- the impact of possible future acquisitions, if any, including the costs
and burdens of integration efforts; or
-- failures or disruptions to, or compromises of, our data processing or
other information or operational systems, including the potential impact
of disruptions or security breaches at our third-party service
providers.
Forward-looking statements are subject to risks, assumptions and uncertainties and could be significantly affected by many factors, including those set forth in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of our Annual Report on Form 10-K for our fiscal year ended December 31, 2015, as well as those set forth in our subsequent periodic and current reports filed with the SEC. 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 we assume no obligation to update any of these statements in light of new information, future events or otherwise unless required under the federal securities laws.
Non-U.S. GAAP Financial Measures
This press release contains both financial measures based on accounting principles generally accepted in the United States (U.S. GAAP) and non-U.S. GAAP based financial measures. We believe that presenting these non-U.S. GAAP financial measures will provide information useful to investors in understanding our underlying operational performance, our business, and performance trends and facilitates comparisons with the performance of others in the banking industry. If non-U.S. GAAP financial measures are used, the comparable U.S. GAAP financial measure, as well as the reconciliation of the non-U.S. GAAP financial measure to the comparable U.S. 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 U.S. GAAP, nor are they necessarily comparable to non-U.S. GAAP performance measures that may be presented by other companies.
Editor's Note: Financial highlights attached. Full financial supplement available on the Company's website at investor.theprivatebank.com.
Consolidated Income Statements
(Amounts in thousands, except per share data)
(Unaudited)
1Q16 4Q15 3Q15 2Q15 1Q15
---- ---- ---- ---- ----
Interest Income
Loans, including fees $140,067 $137,006 $132,106 $125,647 $122,702
Federal funds sold and
interest-bearing deposits
in banks 340 229 168 245 261
Securities:
Taxable 15,210 14,587 13,599 13,541 13,556
Exempt from Federal income
taxes 2,333 2,306 2,177 1,981 1,806
Other interest income 150 115 69 63 48
--- --- --- --- ---
Total interest income 158,100 154,243 148,119 141,477 138,373
------- ------- ------- ------- -------
Interest Expense
Deposits 13,141 12,364 11,838 11,649 11,255
Short-term borrowings 230 201 24 234 197
Long-term debt 5,211 5,087 5,048 4,972 4,928
----- ----- ----- ----- -----
Total interest expense 18,582 17,652 16,910 16,855 16,380
------ ------ ------ ------ ------
Net interest income 139,518 136,591 131,209 124,622 121,993
Provision for loan and
covered loan losses 6,402 2,831 4,197 2,116 5,646
----- ----- ----- ----- -----
Net interest income after
provision for loan and
covered loan losses 133,116 133,760 127,012 122,506 116,347
------- ------- ------- ------- -------
Non-interest Income
Asset management 4,725 4,392 4,462 4,741 4,363
Mortgage banking 2,969 2,812 3,340 4,152 3,775
Capital markets products 5,199 6,341 3,098 4,919 4,172
Treasury management 8,174 7,878 8,010 7,421 7,327
Loan, letter of credit and
commitment fees 5,200 4,958 5,670 4,914 5,106
Syndication fees 5,434 4,844 4,364 5,375 2,622
Deposit service charges and
fees and other income 1,370 1,394 1,585 1,538 5,617
Net securities gains
(losses) 531 29 260 (1) 534
--- --- --- --- ---
Total non-interest income 33,602 32,648 30,789 33,059 33,516
------ ------ ------ ------ ------
Non-interest Expense
Salaries and employee
benefits 58,339 52,619 50,019 50,020 52,361
Net occupancy and equipment
expense 7,215 7,127 7,098 7,055 6,934
Technology and related
costs 5,293 5,221 4,665 4,524 4,351
Marketing 4,404 4,196 3,682 4,666 3,578
Professional services 2,994 2,746 3,679 2,585 2,310
Outsourced servicing costs 1,840 1,994 1,786 2,034 1,680
Net foreclosed property
expenses 566 1,217 1,080 585 1,328
Postage, telephone, and
delivery 840 964 857 899 862
Insurance 3,820 3,644 3,667 3,450 3,211
Loan and collection expense 1,532 1,754 2,324 2,210 2,268
Other expenses 3,650 1,538 6,318 3,869 4,262
----- ----- ----- ----- -----
Total non-interest expense 90,493 83,020 85,175 81,897 83,145
------ ------ ------ ------ ------
Income before income taxes 76,225 83,388 72,626 73,668 66,718
Income tax provision 26,673 31,251 27,358 27,246 25,234
------ ------ ------ ------ ------
Net income available to
common stockholders $49,552 $52,137 $45,268 $46,422 $41,484
======= ======= ======= ======= =======
Per Common Share Data
Basic earnings per share $0.63 $0.66 $0.58 $0.59 $0.53
Diluted earnings per share $0.62 $0.65 $0.57 $0.58 $0.52
Cash dividends declared $0.01 $0.01 $0.01 $0.01 $0.01
Weighted-average common
shares outstanding 78,550 78,366 78,144 77,942 77,407
Weighted-average diluted
common shares outstanding 79,856 79,738 79,401 79,158 78,512
Note: Certain reclassifications have been
made to prior period amounts to conform to
the current period presentation.
Consolidated Balance Sheets
(Dollars in thousands)
3/31/16 12/31/15 9/30/15 6/30/15 3/31/15
------- -------- ------- ------- -------
Unaudited Audited Unaudited Unaudited Unaudited
Assets
Cash and due from
banks $133,001 $145,147 $145,477 $185,983 $158,431
Federal funds sold and
interest-bearing
deposits in banks 337,465 238,511 231,600 192,531 799,953
Loans held-for-sale 64,029 108,798 76,225 54,263 89,461
Securities available-
for-sale, at fair
value 1,831,848 1,765,366 1,703,926 1,698,233 1,631,237
Securities held-to-
maturity, at
amortized cost 1,456,760 1,355,283 1,293,433 1,199,120 1,159,853
Federal Home Loan Bank
("FHLB") stock 38,113 26,613 30,740 25,854 28,556
Loans - excluding
covered assets, net
of unearned fees 13,457,665 13,266,475 13,079,314 12,543,281 12,170,484
Allowance for loan
losses (165,356) (160,736) (162,868) (157,051) (156,610)
-------- -------- -------- -------- --------
Loans, net of
allowance for loan
losses and unearned
fees 13,292,309 13,105,739 12,916,446 12,386,230 12,013,874
Covered assets 25,769 26,954 28,559 30,529 32,191
Allowance for covered
loan losses (5,526) (5,712) (6,337) (6,332) (6,021)
------ ------ ------ ------ ------
Covered assets, net of
allowance for covered
loan losses 20,243 21,242 22,222 24,197 26,170
Other real estate
owned, excluding
covered assets 14,806 7,273 12,760 15,084 15,625
Premises, furniture,
and equipment, net 41,717 42,405 38,265 37,672 38,544
Accrued interest
receivable 47,349 45,482 43,064 43,442 41,202
Investment in bank
owned life insurance 57,011 56,653 56,292 55,926 55,561
Goodwill 94,041 94,041 94,041 94,041 94,041
Other intangible
assets 2,890 3,430 4,008 4,586 5,230
Derivative assets 66,406 40,615 59,978 47,442 56,607
Other assets (1) 169,384 196,250 159,531 154,672 140,361
------- ------- ------- ------- -------
Total assets (1) $17,667,372 $17,252,848 $16,888,008 $16,219,276 $16,354,706
=========== =========== =========== =========== ===========
Liabilities
Deposits:
Noninterest-bearing $4,338,177 $4,355,700 $4,068,816 $3,702,377 $3,936,181
Interest-bearing 10,126,692 9,989,892 9,828,923 9,686,559 10,165,547
Total deposits 14,464,869 14,345,592 13,897,739 13,388,936 14,101,728
Short-term borrowings 602,365 372,467 514,121 434,695 258,788
Long-term debt (1) 688,238 688,215 688,191 688,169 338,146
Accrued interest
payable 6,630 7,080 6,509 7,543 7,004
Derivative liabilities 22,498 18,229 21,967 24,696 26,967
Other liabilities 114,781 122,314 111,482 90,441 82,644
------- ------- ------- ------ ------
Total liabilities (1) 15,899,381 15,553,897 15,240,009 14,634,480 14,815,277
---------- ---------- ---------- ---------- ----------
Equity
Common stock 78,894 78,439 78,197 78,047 77,968
Treasury stock (4,389) (103) (63) (29) (5,560)
Additional paid-in
capital 1,078,470 1,071,674 1,060,274 1,051,778 1,047,227
Retained earnings 580,418 531,682 480,342 435,872 390,247
Accumulated other
comprehensive income,
net of tax 34,598 17,259 29,249 19,128 29,547
------ ------ ------ ------ ------
Total equity 1,767,991 1,698,951 1,647,999 1,584,796 1,539,429
--------- --------- --------- --------- ---------
Total liabilities and
equity (1) $17,667,372 $17,252,848 $16,888,008 $16,219,276 $16,354,706
=========== =========== =========== =========== ===========
(1) Prior period
amounts have
been updated
to reflect
the first
quarter 2016
adoption of
Accounting
Standard
Update
("ASU")
2015-03 and
ASU 2015-15
related to
debt
issuance
costs.
Selected Financial Data
(Amounts in thousands, except per share data)
(Unaudited)
1Q16 4Q15 3Q15 2Q15 1Q15
---- ---- ---- ---- ----
Selected Statement of Income Data:
Net interest income $139,518 $136,591 $131,209 $124,622 $121,993
Net revenue (1)(2) $174,337 $170,445 $163,134 $158,717 $156,453
Operating profit
(1)(2) $83,844 $87,425 $77,959 $76,820 $73,308
Provision for loan
and covered loan
losses $6,402 $2,831 $4,197 $2,116 $5,646
Income before income
taxes $76,225 $83,388 $72,626 $73,668 $66,718
Net income available
to common
stockholders $49,552 $52,137 $45,268 $46,422 $41,484
Per Common Share Data:
Basic earnings per
share $0.63 $0.66 $0.58 $0.59 $0.53
Diluted earnings per
share $0.62 $0.65 $0.57 $0.58 $0.52
Dividends declared $0.01 $0.01 $0.01 $0.01 $0.01
Book value (period
end) (1) $22.29 $21.48 $20.90 $20.13 $19.61
Tangible book value
(period end) (1)(2) $21.07 $20.25 $19.65 $18.88 $18.35
Market value (period
end) $38.60 $41.02 $38.33 $39.82 $35.17
Book value multiple
(period end) 1.73 x 1.91 x 1.83 x 1.98 x 1.79 x
Share Data:
Weighted-average
common shares
outstanding 78,550 78,366 78,144 77,942 77,407
Weighted-average
diluted common
shares outstanding 79,856 79,738 79,401 79,158 78,512
Common shares issued
(period end) 79,443 79,099 78,865 78,718 78,654
Common shares
outstanding (period
end) 79,322 79,097 78,863 78,717 78,494
Performance Ratio:
Return on average
common equity 11.40% 12.29% 11.05% 11.85% 11.05%
Return on average
assets 1.15% 1.21% 1.09% 1.15% 1.07%
Return on average
tangible common
equity (1)(2) 12.16% 13.13% 11.85% 12.75% 11.94%
Net interest margin
(1)(2) 3.30% 3.25% 3.23% 3.17% 3.21%
Fee revenue as a
percent of total
revenue (1) 19.16% 19.28% 18.88% 20.97% 21.28%
Non-interest income
to average assets 0.78% 0.75% 0.74% 0.82% 0.86%
Non-interest expense
to average assets 2.09% 1.92% 2.04% 2.03% 2.14%
Net overhead ratio
(1) 1.32% 1.16% 1.30% 1.21% 1.27%
Efficiency ratio
(1)(2) 51.91% 48.71% 52.21% 51.60% 53.14%
Balance Sheet Ratios:
Loans to deposits
(period end) (3) 93.04% 92.48% 94.11% 93.68% 86.30%
Average interest-
earning assets to
average interest-
bearing liabilities 153.64% 152.94% 149.67% 144.67% 144.69%
Capital Ratios (period end):
Total risk-based
capital (1) 12.56% 12.37% 12.28% 12.41% 12.29%
Tier 1 risk-based
capital (1) 10.76% 10.56% 10.39% 10.49% 10.34%
Tier 1 leverage ratio
(1) 10.50% 10.35% 10.35% 10.24% 10.16%
Common equity Tier 1
(1) 9.76% 9.54% 9.35% 9.41% 9.23%
Tangible common
equity to tangible
assets (1)(2) 9.51% 9.34% 9.23% 9.22% 8.86%
Total equity to total
assets 10.01% 9.85% 9.75% 9.77% 9.41%
(1) Refer to Glossary of Terms for
definition.
(2) This is a non-U.S. GAAP financial
measure. Refer to "Non-U.S. GAAP
Financial Measures" for a
reconciliation from non-U.S.
GAAP to U.S. GAAP.
(3) Excludes covered assets. Refer to
Glossary of Terms for definition.
Selected Financial Data (continued)
(Dollars in thousands)
(Unaudited)
1Q16 4Q15 3Q15 2Q15 1Q15
---- ---- ---- ---- ----
Additional Selected Information:
(Increase) decrease
credit valuation
adjustment on
capital markets
derivatives (1) $(1,904) $1,043 $(1,227) $616 $(805)
Salaries and employee benefits:
Salaries and wages $28,963 $28,113 $28,143 $27,461 $27,002
Share-based costs 6,357 4,871 4,509 4,316 5,143
Incentive
compensation and
commissions 13,307 14,676 13,308 13,091 11,062
Payroll taxes,
insurance and
retirement costs 9,712 4,959 4,059 5,152 9,154
Total salaries and
employee benefits $58,339 $52,619 $50,019 $50,020 $52,361
Loan and collection expense:
Loan origination and
servicing expense $1,297 $1,445 $1,522 $1,607 $1,626
Loan remediation
expense 235 309 802 603 642
--- --- --- --- ---
Total loan and
collection expense $1,532 $1,754 $2,324 $2,210 $2,268
Assets under management and
administration (AUMA):
Personal managed $1,867,572 $1,872,737 $1,839,829 $1,892,973 $1,897,644
Corporate and
institutional
managed 1,592,394 1,787,187 1,800,522 1,883,166 1,826,215
--------- --------- --------- --------- ---------
Total managed assets 3,459,966 3,659,924 3,640,351 3,776,139 3,723,859
Custody assets 6,161,827 3,631,149 3,519,364 3,682,388 3,604,333
---------
Total AUMA $9,621,793 $7,291,073 $7,159,715 $7,458,527 $7,328,192
========== ========== ========== ========== ==========
(1) Refer to Glossary of Terms for
definition.
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SOURCE PrivateBancorp, Inc.
