EXHIBIT 99.1
------------
FOR FURTHER INFORMATION:
Gary L. Svec, CFO
PrivateBancorp, Inc.
312-683-7112
For Immediate Release
PRIVATEBANCORP REPORTS THIRD QUARTER EARNINGS
Earnings, excluding one-time charges, up 14 percent over third quarter 1999
Chicago, IL, October 23, 2000--- PrivateBancorp, Inc. (NASDAQ: PVTB) today
reported that net income for the third quarter ended September 30, 2000 was
$968,000, or $0.20 per diluted share, compared to the third quarter 1999 net
loss of $201,000, or $0.05 loss per diluted share. Excluding special,
non-recurring charges, earnings for the quarter ended September 30, 2000 were
$1,345,000, or $0.28 per diluted share, a 14.0% increase over earnings before
special charges of $1,180,000 for the quarter ended September 30, 1999.
Net income for the quarter ended September 30, 2000 included a previously
announced one-time charge of approximately $377,000 after-tax, or $.08 per
diluted share, reflecting expenses associated with severance packages for two
departing executives as well as costs incurred to secure their replacement. Net
income for the quarter ended September 30, 1999 included an acquisition charge
of $1,382,000 after-tax related to the acquisition of Towne Square Financial
Corporation in St. Charles, Illinois.
Net income for the nine months ended September 30, 2000 was $2,915,000, or $0.61
per diluted share, compared to $1,938,000, or $0.48 per diluted share, for the
same period last year. Excluding the one-time charges in each period, earnings
for the nine months ended September 30, 2000 were $3,292,000, or $0.69 per
diluted share, compared to $3,320,000, or $0.82 per diluted share, for the same
period last year.
According to Ralph B. Mandell, chairman, president and CEO, earnings growth
during the quarter reflected strong loan demand and deposit growth throughout
the franchise. "During the past year, we have opportunistically expanded our
geographic footprint to deliver our unique brand of private banking services in
additional high net worth Chicago suburban markets such as Lake Forest, St.
Charles, and Winnetka through The PrivateBank and Trust Company, as well as to
the St. Louis metropolitan area through The PrivateBank (St. Louis). Despite
costs incurred relating to these expansion activities, we are pleased with the
quarter's performance, including increases in net interest income and
noninterest income." Mandell also
<PAGE>
noted that strong credit quality remains a primary focus of the organization and
loss experience to date has remained excellent.
Net interest income totaled $6.3 million in the third quarter of 2000, an
increase of 52.1 percent over the third quarter of 1999. Average earning assets
during the period were $717.2 million, an increase of 63.3 percent over the
prior year third quarter. Net interest margin averaged 3.59 percent in the third
quarter of 2000, versus 3.87 percent in the prior year third quarter. During the
third quarter of 2000, the Company's average cost of funds increased to 5.77%
versus 4.46% in prior year quarter due primarily to a rise in interest rates as
well as the effect of higher cost borrowings incurred in connection with the
acquisition of Johnson Bank Illinois and the capitalization of The PrivateBank
(St. Louis). Average interest-earning asset yields increased to 8.77% in the
third quarter of 2000 from 7.63% in the prior year quarter as a result of the
overall rise in interest rates.
Noninterest income for the quarter grew to $745,000, reflecting an increase of
$233,000 or 45.5 percent over the third quarter of 1999. The increase in
non-interest income is attributable to increases in service charge income and
trust fee revenues. Service charge income increased $93,000 over the prior year
quarter reflecting activity at the former Johnson Bank Illinois locations. Trust
fee revenue increased to $565,000 as compared to the prior year quarter of
$429,000. Trust assets under administration increased to $785.7 million at
September 30, 2000 compared to $669.0 million at September 30, 1999, an increase
of 17.4 percent, which is partially due to the addition of trust assets from
Johnson Bank Illinois.
Noninterest expense increased to $5.2 million in the third quarter of 2000 from
$4.2 million in the third quarter of 1999, reflecting increases in operating and
personnel expenses associated with the Company's recent expansion. Excluding
one-time charges, noninterest expense was $4.7 million for the quarter compared
to $2.9 million in the prior year quarter. Additionally, goodwill amortization
of $206,000 was recorded during the third quarter resulting from the Johnson
Bank Illinois acquisition, which closed on February 11, 2000.
At September 30, 2000, nonperforming loans as a percentage of total loans were
0.10 percent, versus 0.17 percent at June 30, 2000 and 0.20 percent at September
30, 1999. Net charge-offs totaled $344,000 in the quarter ended September 30,
2000 versus $97,000 in the year-earlier period. The increase in charge-offs is
attributable primarily to a single commercial credit. The provision for loan
losses was $383,000 in the third quarter of 2000, versus $273,000 in the third
quarter of 1999. The increase in the provision for loan losses relates to growth
in the Company's loan portfolio.
2
<PAGE>
PrivateBancorp, Inc. was organized in 1989 to provide highly personalized
financial services primarily to affluent individuals, professionals, owners of
closely held businesses and commercial real estate investors through two banking
subsidiaries, The PrivateBank and Trust Company and The PrivateBank (St. Louis).
The Company, which had assets of $763.8 million at September 30, 2000, currently
operates offices in Chicago, Wilmette, Oak Brook, St. Charles, Lake Forest, and
Winnetka, Illinois, and St. Louis, Missouri.
Forward-Looking Statements: Statements contained in this news release that are
not historical facts may constitute forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as amended. The
Company's ability to predict results or the actual effect of future plans or
strategies is inherently uncertain. Factors which could have a material adverse
effect on the operations and future prospects of the Company include, but are
not limited to, fluctuations in market rates of interest and loan and deposit
pricing, general economic conditions in the greater Chicago and St. Louis
metropolitan areas, legislative or regulatory changes, adverse developments in
the Company's loan or investment portfolios, competition and the possible
dilutive effect of potential acquisitions or expansion. These risks and
uncertainties should be considered in evaluating forward-looking statements and
undue reliance should not be placed on such statements.
Editor's Note: Financial highlights attached.
###
3
<PAGE>
PRIVATEBANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED, DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
-------------------------- --------------------------
2000 1999 2000 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest and fees on loans ............... $ 13,540 $ 7,006 $ 35,182 $ 18,860
Interest on short term investment ........ 357 134 822 215
Interest on investment securities ........ 1,813 1,189 4,741 4,053
---------- ---------- ---------- ----------
Total interest income ................. $ 15,710 $ 8,329 $ 40,745 $ 23,128
---------- ---------- ---------- ----------
INTEREST EXPENSE
Interest on deposits ..................... $ 8,142 $ 3,996 $ 21,011 $ 11,278
Interest on borrowings ................... 1,236 170 2,499 674
---------- ---------- ---------- ----------
Total interest expense ................ $ 9,378 $ 4,166 $ 23,510 $ 11,952
---------- ---------- ---------- ----------
NET INTEREST INCOME ......................... $ 6,332 $ 4,163 $ 17,235 $ 11,176
Provision for loan losses ................ 383 273 1,356 771
---------- ---------- ---------- ----------
Net interest income after provisions .. $ 5,949 $ 3,890 $ 15,879 $ 10,405
---------- ---------- ---------- ----------
NON INTEREST INCOME
Banking and trust services ............... $ 732 $ 504 $ 2,079 $ 1,412
Securities gains and other income ........ 13 8 139 58
---------- ---------- ---------- ----------
Total non interest income ............. $ 745 $ 512 $ 2,218 $ 1,470
---------- ---------- ---------- ----------
NON INTEREST EXPENSE
Salaries and benefits .................... $ 2,211 $ 1,309 $ 5,906 $ 3,403
Severance charge ......................... 562 -- 562 --
Towne Square acquisition ................. -- 1,300 -- 1,300
Other operating expenses ................. 2,248 1,628 6,723 4,168
Amortization of goodwill ................. 206 -- 525 --
---------- ---------- ---------- ----------
Total non interest expense ............ $ 5,227 $ 4,237 $ 13,716 $ 8,871
---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAXES .................. $ 1,467 $ 165 $ 4,381 $ 3,004
Income tax expense ....................... 499 366 1,466 1,066
---------- ---------- ---------- ----------
Net income ............................ $ 968 $ (201) $ 2,915 $ 1,938
========== ========== ========== ==========
Weighted average shares outstanding ...... 4,627,873 4,460,280 4,606,394 3,787,261
Diluted average shares outstanding ....... 4,823,982 4,717,660 4,786,642 4,039,773
EARNINGS PER SHARE
Basic .................................... $ 0.21 $ (0.05) $ 0.63 $ 0.51
Diluted .................................. $ 0.20 $ (0.05) $ 0.61 $ 0.48
</TABLE>
4
<PAGE>
PRIVATEBANCORP, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED, DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
SEPTEMBER 30,
----------------------
2000 1999
---------- ----------
<S> <C> <C>
ASSETS
Cash and due from banks ..................... $ 21,815 $ 14,284
Short term investments ...................... 4,060 1,911
Investments securities-available-for-sale ... 132,814 77,269
Loans, net of unearned income ............... 584,919 352,236
Allowance for loan losses ................... (5,991) (4,079)
-------- --------
Net loans ................................ $578,928 $348,157
Premises and equipment ...................... $ 4,386 $ 1,462
Goodwill .................................... 11,835 --
Other assets ................................ 9,977 6,755
-------- --------
Total assets ............................. $763,815 $449,838
======== ========
LIABILITIES
Non-interest bearing deposits ............... $ 55,831 $ 35,939
Interest bearing deposits ................... 577,176 350,218
-------- --------
Total deposits ........................... $633,007 $386,157
-------- --------
Borrowings .................................. $ 71,258 $ 15,000
Other liabilities ........................... 8,484 2,330
-------- --------
Total liabilities ........................ $712,749 $403,487
======== ========
STOCKHOLDERS' EQUITY
Common stock and surplus .................... $ 44,731 $ 44,305
Retained earnings ........................... 9,994 6,563
Accumulated other comprehensive income ...... (1,830) (2,569)
Deferred compensation ....................... (879) (823)
Loans to executive officers ................. (950) (1,125)
-------- --------
Total stockholders' equity ............... $ 51,066 $ 46,351
======== ========
Total Liabilities and Stockholders' Equity .. $763,815 $449,838
======== ========
Book value per share ........................ $ 11.04 $ 10.11
</TABLE>
5
<PAGE>
PRIVATEBANCORP, INC.
KEY FINANCIAL DATA
UNAUDITED
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
3Q00 2Q00 1Q00 4Q99 3Q99
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
KEY STATISTICS
Earnings before special charges(1) ................... $ 1,345 $ 1,098 $ 849 $ 1,191 $ 1,180
Special charges (net of tax) ......................... $ 377 -- -- $ 214 $ 1,382
Net income ........................................... $ 968 $ 1,098 $ 849 $ 977 $ (201)
Earnings before special charges per diluted share .... $ 0.28 $ 0.23 $ 0.18 $ 0.25 $ 0.25
Special charges (per diluted share) .................. $ 0.08 -- -- $ (0.05) $ (0.29)
Basic earnings per share ............................. $ 0.21 $ 0.24 $ 0.18 $ 0.21 $ (0.05)
Diluted earnings per share ........................... $ 0.20 $ 0.23 $ 0.18 $ 0.20 $ (0.05)
Return on average total assets (before special
charges) .......................................... 0.71% 0.65% 0.57% 0.98% 1.04%
Return on average total equity (before special
charges) .......................................... 10.55% 9.04% 7.20% 10.06% 10.17%
Non-interest income to average assets ................ 0.39% 0.44% 0.49% 0.44% 0.45%
Non-interest expense to average assets ............... 2.76% 2.62% 2.72% 2.65% 3.70%
Net overhead ratio ................................... 2.37% 2.18% 2.23% 2.21% 3.25%
Efficiency ratio excluding special charges (tea)(2) .. 71.6% 63.8% 69.2% 57.5% 57.5%
Net interest margin .................................. 3.59% 3.81% 3.59% 3.85% 3.87%
Yield on average earning assets ...................... 8.77% 8.61% 8.06% 7.83% 7.63%
Cost of average paying liabilities ................... 5.77% 5.39% 5.09% 4.72% 4.46%
Net interest spread .................................. 3.00% 3.22% 2.97% 3.11% 3.17%
Dividend payout ratio ................................ 11.97% 10.51% 13.52% 11.75% NM
BALANCE SHEET RATIOS
Loans to deposits (period end) ....................... 92.40% 97.44% 90.08% 87.68% 91.22%
Average interest-earning assets to average
interest-bearing liabilities ...................... 111.5 112.3 114.0 116.7 115.6
PER SHARE DATA
Dividends ............................................ $ 0.025 $ 0.025 $ 0.025 $ 0.025 $ 0.025
Book value (period end) .............................. $ 11.04 $ 10.73 $ 10.57 $ 10.26 $ 10.11
Tangible book value (period end) ..................... $ 8.48 $ 8.13 $ 7.90 $ 10.26 $ 10.11
Closing price (period end) ........................... $ 13.8125 $ 14.750 $ 10.500 $ 13.375 $ 17.750
Diluted earnings multiple ............................ 17.30x 15.87x 14.69x 16.32x NM
Diluted earnings multiple before special charges ..... 12.37x 15.87x 14.69x 13.30x 17.65x
Book value multiple .................................. 1.25x 1.37x 0.99x 1.30x 1.76x
COMMON STOCK INFORMATION
Outstanding shares at end of period .................. 4,623,532 4,615,832 4,590,332 4,590,332 4,584,092
NUMBER OF SHARES USED TO COMPUTE:
Basic earnings per share .......................... 4,627,873 4,600,740 4,590,332 4,585,109 4,460,280
Diluted earnings per share ........................ 4,823,982 4,752,269 4,777,351 4,794,770 4,717,660
CAPITAL RATIOS (PERIOD END)
Total equity to total assets ......................... 6.69% 6.85% 7.38% 9.08% 10.30%
Total risk-based capital ratio ....................... 8.51% 8.73% 9.56% 13.96% 15.22%
Tier-1 risk-based capital ratio ...................... 6.72% 6.84% 7.56% 12.84% 14.09%
Leverage ratio ....................................... 5.54% 5.94% 6.76% 10.77% 11.19%
</TABLE>
_____________
(1) Special charges represent one time costs associated with the 1999 third
quarter acquisition of Towne Square Financial Corporation, the 1999 fourth
quarter start-up costs for The Private Bank (St. Louis), and the 2000 third
quarter severance charges.
(2) Ratio includes a tax equivalent adjustment for certain items in investment
income.
6
<PAGE>
PRIVATEBANCORP, INC.
KEY FINANCIAL DATA
UNAUDITED
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
3Q00 2Q00 1Q00 4Q99 3Q99
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
SUMMARY INCOME STATEMENT
INTEREST INCOME
Loans, including fees ....................... $13,540 $12,167 $ 9,475 $ 7,737 $ 7,006
Federal funds sold and interest-bearing
deposits ................................. 357 78 387 115 134
Securities .................................. 1,813 1,543 1,385 1,088 1,189
------- ------- ------- ------- -------
Total interest income .................... 15,710 13,788 11,247 8,940 8,329
Interest expense ............................ 9,378 7,781 6,351 4,653 4,166
------- ------- ------- ------- -------
Net interest income ......................... 6,332 6,007 4,896 4,287 4,163
Provision for loan loss ..................... 383 662 311 437 273
------- ------- ------- ------- -------
Net interest income after provisions for loan
loss ..................................... 5,949 5,345 4,585 3,850 3,890
------- ------- ------- ------- -------
NON-INTEREST INCOME
Banking and trust services .................. 732 720 627 535 504
Securities (losses) gains and other income .. 13 31 95 (1) 8
------- ------- ------- ------- -------
Total non-interest income ................ 745 751 722 534 512
------- ------- ------- ------- -------
NON-INTEREST EXPENSE
Salaries and employee benefits .............. 2,211 1,818 1,877 1,753 1,309
Severance charge ............................ 562 -- -- -- --
Towne Square acquisition .................... -- -- -- -- 1,300
Goodwill .................................... 206 206 113 -- --
Occupancy expense ........................... 803 764 613 437 401
Other non-interest expense .................. 1,445 1,664 1,434 1,026 1,227
------- ------- ------- ------- -------
Total non-interest expense ............... 5,227 4,452 4,037 3,216 4,237
------- ------- ------- ------- -------
Income before income taxes .................. 1,467 1,644 1,270 1,168 165
Provision for income taxes .................. 499 546 421 191 366
------- ------- ------- ------- -------
Net income (loss) ........................ $ 968 $ 1,098 $ 849 $ 977 $ (201)
======= ======= ======= ======= =======
</TABLE>
7
<PAGE>
PRIVATEBANCORP, INC.
KEY FINANCIAL DATA
UNAUDITED
(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
3Q00 2Q00 1Q00 4Q99 3Q99
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
CREDIT QUALITY
Ending allowance for loan losses ............ $5,991 $5,951 $5,670 $4,510 $4,079
====== ====== ====== ====== ======
Non-performing assets:
Loans delinquent over 90 days ............ 242 340 355 223 135
Nonaccrual loans ......................... 324 635 1,222 600 569
Other real estate ........................ -- -- -- -- --
------ ------ ------ ------ ------
Total non-performing assets ............ $ 566 $ 975 $1,577 $ 823 $ 704
====== ====== ====== ====== ======
Loans charged off ........................... $ 346 $ 381 $ 20 $ 6 $ 97
Recoveries .................................. 2 -- 5 -- --
------ ------ ------ ------ ------
Net charge-offs ............................. $ 344 $ 381 $ 15 $ 6 $ 97
====== ====== ====== ====== ======
Provision for loan losses ................... $ 383 $ 662 $ 311 $ 437 $ 273
====== ====== ====== ====== ======
KEY RATIOS
Net charge-offs to average loans ............ 0.06% 0.07% 0.003% 0.002% 0.11%
Total non-performing loans to total loans ... 0.10% 0.17% 0.30% 0.21% 0.20%
Total non-performing assets to total assets . 0.07% 0.13% 0.24% 0.16% 0.16%
LOAN LOSS RESERVE SUMMARY
Balance at beginning of period .............. $5,951 $5,670 $4,510 $4,079 $3,903
Johnson Bank Acquisition - loan loss
reserve .................................. -- -- 864 -- --
Provision ................................... 383 662 311 437 273
Net charge-offs ............................. 344 381 15 6 97
------ ------ ------ ------ ------
Ending allowance ............................ $5,991 $5,951 $5,670 $4,510 $4,079
====== ====== ====== ====== ======
NET LOAN CHARGE-OFFS:
Commercial real estate ...................... -- -- -- -- --
Residential real estate ..................... -- -- -- -- --
Commercial .................................. $ 343 $ 361 $ 8 -- --
Personal .................................... $ 1 $ 20 $ 7 $ 6 $ 97
Home equity ................................. -- -- -- -- --
Construction ................................ -- -- -- -- --
------ ------ ------ ------ ------
Total net loan charge-offs ............... $ 344 $ 381 $ 15 $ 6 $ 97
====== ====== ====== ====== ======
</TABLE>
8
<PAGE>
PRIVATEBANCORP, INC.
BALANCE SHEETS
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
SEPTEMBER 30, JUNE 30, MARCH 31, DECEMBER 31, SEPTEMBER 30,
2000 2000 2000 1999 1999
------------- ----------- ----------- ------------ -------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C>
ASSETS
Cash and due from banks ........... $ 21,815 $ 18,341 $ 16,629 $ 14,940 $ 14,284
Federal funds sold ................ 4,060 5,076 10,632 29,243 1,911
Investment securities ............. 132,814 96,969 89,924 71,134 77,269
Loans, net of unearned discount ... 584,919 583,522 521,188 397,277 352,236
Less: allowance for loan
losses .................... (5,991) (5,951) (5,670) (4,510) (4,079)
-------- -------- -------- -------- --------
Net loans .................... $578,928 $577,571 $515,518 $392,767 $348,157
-------- -------- -------- -------- --------
Premises and equipment ............ 4,386 3,814 3,211 2,028 1,462
Goodwill .......................... 11,835 12,031 12,237 -- --
Other assets ...................... 9,977 9,221 8,830 8,585 6,755
-------- -------- -------- -------- --------
Total Assets ................... $763,815 $723,023 $656,981 $518,697 $449,838
======== ======== ======== ======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits ..... $ 55,831 $ 49,950 $ 51,451 $ 36,771 $ 35,939
Interest-bearing demand deposits .. 37,747 34,062 36,926 33,400 26,456
Savings and money market .......... 274,025 257,822 277,747 204,068 187,410
deposits
Time deposits ..................... 265,404 257,047 212,433 178,853 136,352
-------- -------- -------- -------- --------
Total deposits ............... $633,007 $598,881 $578,557 $453,092 $386,157
Funds borrowed .................... 71,258 68,544 23,328 15,000 15,000
Other liabilities ................. 8,484 6,053 6,598 3,525 2,330
-------- -------- -------- -------- --------
Total liabilities ............ $712,749 $673,478 $608,483 $471,617 $403,487
Stockholders' equity .............. 51,066 49,545 48,498 47,080 46,351
-------- -------- -------- -------- --------
Total liabilities and
stockholders' equity ...... $763,815 $723,023 $656,981 $518,697 $449,838
======== ======== ======== ======== ========
</TABLE>
9
<PAGE>
PRIVATEBANCORP, INC.
YEAR-TO-DATE AVERAGE BALANCE SHEETS
(UNAUDITED, DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
YEAR-TO-DATE
-----------------------------
SEPTEMBER 30, SEPTEMBER 30,
2000 1999
------------- -------------
<S> <C> <C>
AVERAGE ASSETS
Cash and due from banks ...................... $ 17,849 $ 11,112
Short-term investments ....................... 18,026 5,786
Investment securities ........................ 97,561 97,965
Loans, net of unearned discount .............. 528,150 316,797
Less: allowance for loan losses ............. (5,675) (3,745)
-------- --------
Net loans .................................... 522,475 313,052
-------- --------
Premises and equipment ....................... 3,624 1,517
Goodwill ..................................... 9,707 --
Other assets ................................. 8,121 5,726
-------- --------
Total average assets ...................... $677,363 $435,158
======== ========
AVERAGE LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits ................ $ 47,654 $ 33,124
Interest-bearing demand deposits ............. 36,821 26,346
Savings and money market deposits ............ 263,224 179,253
Time deposits ................................ 226,118 140,415
-------- --------
Total average deposits ....................... 573,817 379,138
Funds borrowed ............................... 48,501 17,284
Other liabilities ............................ 5,812 3,233
-------- --------
Total average liabilities .................... 628,130 399,655
Average stockholders' equity ................. 49,233 35,503
-------- --------
Average total liabilities and stockholders'
equity .................................. $677,363 $435,158
======== ========
</TABLE>
10
<PAGE>
PRIVATEBANCORP, INC.
AVERAGE QUARTERLY BALANCE SHEETS
(UNAUDITED, DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
THIRD QUARTER
-----------------------------
SEPTEMBER 30, SEPTEMBER 30,
2000 1999
------------- -------------
<S> <C> <C>
AVERAGE ASSETS
Cash and due from banks ...................... $ 19,051 $ 10,950
Short-term investments ....................... 21,560 10,370
Investment securities ........................ 109,855 83,564
Loans, net of unearned discount .............. 583,800 345,135
Less: allowance for loan losses ............. (6,092) (3,992)
-------- --------
Net loans .................................... 577,708 341,143
-------- --------
Premises and equipment ....................... 4,013 1,463
Goodwill ..................................... 11,953 --
Other assets ................................. 8,472 6,948
-------- --------
Total average assets ...................... $752,612 $454,438
======== ========
AVERAGE LIABILITIES AND STOCKHOLDERS' EQUITY
Non-interest bearing deposits ................ $ 51,208 $ 34,253
Interest-bearing demand deposits ............. 39,909 25,704
Savings and money market deposits ............ 267,926 188,698
Time deposits ................................ 269,056 141,200
-------- --------
Total average deposits ....................... 628,099 389,855
Funds borrowed ............................... 66,588 14,700
Other liabilities ............................ 7,236 3,462
-------- --------
Total average liabilities .................... 701,923 408,017
Average stockholders' equity ................. 50,689 46,421
-------- --------
Average total liabilities and stockholders'
equity .................................. $752,612 $454,438
======== ========
</TABLE>
11
