PrivateBancorp has reported a net loss of $24.3m, or $0.35 per diluted share, for the first quarter 2010, compared to net income of $4.8m, or $0.14 per diluted share, for the first quarter 2009.
Net revenue was $114.3m in the first quarter 2010, up from $88.3m in the first quarter 2009. Operating profit was $40.9m, compared to $30.2m in the first quarter 2009.
Net interest income was $98.3m, compared to $63.9m for the first quarter 2009. Net interest margin (on a tax equivalent basis) was 3.36% for the first quarter 2010, compared to 2.68% in the first quarter 2009.
Larry Richman, president and CEO of PrivateBancorp, said: “While there is still credit uncertainty, we are encouraged by the slowing pace of our non-performing asset growth and continue to actively manage through the challenges of the cycle. As the economy recovers and credit trends improve over time, we are positioned to return to profitability, leveraging our core earnings capacity and strong commercial banking franchise.”