PrivateBancorp, Inc., said it returned to profitability in the third quarter as a result of new loan growth. The Chicago-based bank on Tuesday reported net income of $4.5 million, or 6 cents a share for the third quarter, compared with a net loss of $31.2 million, or 68 cents a share, in the year-ago period.
For the nine months ended Sept. 30, the company’s net loss totaled $20.6 million, or 29 cents a share, compared with $23.9 million, or 62 cents a share, a year ago.
Larry Richman, president and CEO, attributed the turnaround to new loan growth and “consistent execution of our commercial banking strategy.”
Private Bancorp’s non-performing assets totaled $462.1 million, its non-performing loans were flat and other real estate owned assets rose $22.3 million from the second quarter.
The company’s results surprised analysts, which had expected a loss of 3 cents a share for the quarter. As a result, shares rose more than 3 percent this morning in early trading, to $12.10 a share.
