PrivateBancorp Inc. (PVTB, Financial) filed Quarterly Report for the period ended 2010-09-30.
Privatebancorp Inc. has a market cap of $846.7 million; its shares were traded at around $11.86 with and P/S ratio of 1.5. The dividend yield of Privatebancorp Inc. stocks is 0.3%.PVTB is in the portfolios of John Rogers of ARIEL CAPITAL MANAGEMENT LLC, NWQ Managers of NWQ Investment Management Co, Jim Simons of Renaissance Technologies LLC.
The third quarter 2010 interest expense declined by $11.6 million, of which $8.2 million was attributable to an overall decrease in the average rate paid on interest-bearing deposits, due to higher-yielding term deposits shifting to lower-yielding money market accounts and deposit repricing initiatives. Also, a reduction in the volume of short-term borrowings and long-term debt decreased interest expense by $4.3 million. Net interest income increased year-over-year despite the negative effect on our net interest margin of the significant increase in non-accrual loans. Interest foregone on non-accrual loans was estimated to be approximately $4.2 million for the quarter ended September 30, 2010, compared to the estimated $2.9 million for the same period in 2009.
As shown in Table 4, for the nine months ended September 30, 2010, net interest margin was 3.37%, an increase of 44 basis points from 2.93% for the prior year period. Tax-equivalent interest income increased to $387.8 million for the nine months ended September 30, 2010, compared to $348.6 million in the prior period. The increase in interest-earning assets increased interest income by $48.0 million, while a decline in the average rate earned on interest-earning assets reduced interest income by $8.8 million. Interest expense for the nine months ended September 30, 2010 decreased 30% to $84.5 million, compared to $120.5 million in the prior period. Increases in net interest margin and interest income for the current year includes the benefit of a full nine months of higher interest earning assets from the third quarter 2009 FDIC acquisition, primarily in the form of covered assets as presented in Table 4 while the prior year to date period includes three months contribution.
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Privatebancorp Inc. has a market cap of $846.7 million; its shares were traded at around $11.86 with and P/S ratio of 1.5. The dividend yield of Privatebancorp Inc. stocks is 0.3%.PVTB is in the portfolios of John Rogers of ARIEL CAPITAL MANAGEMENT LLC, NWQ Managers of NWQ Investment Management Co, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
As shown in Table 3, the third quarter 2010 tax-equivalent interest income remained flat at $125.5 million compared to the third quarter 2009. The higher volume in average interest-earning assets increased interest income by $3.5 million and a decline in the average rate earned on interest-earning assets decreased interest income by $3.5 million.The third quarter 2010 interest expense declined by $11.6 million, of which $8.2 million was attributable to an overall decrease in the average rate paid on interest-bearing deposits, due to higher-yielding term deposits shifting to lower-yielding money market accounts and deposit repricing initiatives. Also, a reduction in the volume of short-term borrowings and long-term debt decreased interest expense by $4.3 million. Net interest income increased year-over-year despite the negative effect on our net interest margin of the significant increase in non-accrual loans. Interest foregone on non-accrual loans was estimated to be approximately $4.2 million for the quarter ended September 30, 2010, compared to the estimated $2.9 million for the same period in 2009.
As shown in Table 4, for the nine months ended September 30, 2010, net interest margin was 3.37%, an increase of 44 basis points from 2.93% for the prior year period. Tax-equivalent interest income increased to $387.8 million for the nine months ended September 30, 2010, compared to $348.6 million in the prior period. The increase in interest-earning assets increased interest income by $48.0 million, while a decline in the average rate earned on interest-earning assets reduced interest income by $8.8 million. Interest expense for the nine months ended September 30, 2010 decreased 30% to $84.5 million, compared to $120.5 million in the prior period. Increases in net interest margin and interest income for the current year includes the benefit of a full nine months of higher interest earning assets from the third quarter 2009 FDIC acquisition, primarily in the form of covered assets as presented in Table 4 while the prior year to date period includes three months contribution.
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