News Press Releases

PrivateBancorp Reports Fourth Quarter and Full Year 2015 Earnings

January 21, 2016

Earnings per share up 38 percent for the quarter from prior year quarter and up 20 percent for the year from full year 2014

CHICAGO, Jan. 21, 2016 /PRNewswire/ -- PrivateBancorp, Inc. (NASDAQ: PVTB) today reported net income of $52.1 million, or $0.65 per diluted share, for the fourth quarter 2015, compared to $37.2 million, or $0.47 per diluted share, for the fourth quarter 2014, and $45.3 million, or $0.57 per diluted share, for the third quarter 2015. For the year ended December 31, 2015, the Company had net income of $185.3 million, or $2.32 per diluted share, compared to $153.1 million, or $1.94 per diluted share, for the year ended December 31, 2014.

"Our 2015 results reflect the benefit of our focus on consistent execution and building long-term profitable client relationships," said Larry D. Richman, President and Chief Executive Officer, PrivateBancorp, Inc. "We grew loans, deposits and fee income as we built new client relationships and expanded services to existing clients. In fact, in the fourth quarter we generated almost $500 million in new loans to new clients and increased noninterest bearing deposits by more than $285 million. Our ability to generate earning assets and grow revenue throughout the year, and to manage expenses, led to a 20 percent increase in operating profit. Net income was up 21 percent compared to a year ago, our seventh consecutive year of improving our bottom line results and strengthening our balance sheet.

"As we look into 2016, we believe we are well positioned to continue to add new client relationships and serve existing clients as they carry out their business objectives. We are confident in the business we have built and proud of the value we deliver to our clients, our communities and our shareholders."

Fourth Quarter 2015 Highlights

Total loans grew to $13.3 billion, up $1.4 billion from a year ago and $187.2 million from September 30, 2015.
Total deposits were $14.3 billion, increasing $1.3 billion from a year ago and $447.9 million from September 30, 2015. Noninterest-bearing demand deposits grew $839.0 million from a year ago and $286.9 million from September 30, 2015, representing 30 percent of total deposits at December 31, 2015, compared to 27 percent a year ago.
Net revenue of $170.4 million for the fourth quarter 2015 benefited from growth in average loans, increasing 15 percent from the fourth quarter 2014 and 4 percent from the third quarter 2015. Average loans grew $1.4 billion, or 13 percent, from the fourth quarter 2014 and $397.2 million, or 3 percent, from the third quarter 2015.
Net interest margin was 3.25 percent for the fourth quarter 2015, up from 3.07 percent for the fourth quarter 2014 and 3.23 percent for the third quarter 2015. Fourth quarter 2015 net interest margin benefited from fees recognized on early loan repayments. An improvement in short-term rates during the quarter also contributed modestly to net interest margin.
The provision for loan and covered loan losses was $2.8 million for the fourth quarter 2015, compared to $4.1 million for the fourth quarter 2014 and $4.2 million for the third quarter 2015.
Return on average assets was 1.21 percent and return on average common equity was 12.3 percent for the fourth quarter 2015. For the full year 2015, return on average assets was 1.13 percent, up from 1.04 percent for 2014, and return on average common equity was 11.6 percent, up from 10.9 percent for the prior year.

Operating Performance

Net interest income of $136.6 million in the fourth quarter 2015 increased 17 percent from the fourth quarter 2014 and 4 percent from the third quarter 2015, reflecting growth in average loans of 13 percent from the fourth quarter 2014 and 3 percent from the third quarter 2015. The fourth quarter 2014 also included a charge of $2.4 million related to the trust preferred securities redemption.

Net interest margin was 3.25 percent in the fourth quarter 2015, up 18 basis points from the fourth quarter 2014, reflecting higher loan yields and lower borrowing costs on a comparative basis. Compared to the third quarter 2015, net interest margin increased two basis points. Loan yields were two basis points higher compared to the prior quarter, benefiting from significant loan fees related to early loan repayments and a slight rise in short-term rates during the quarter. Deposits costs increased by one basis point, but the impact on margin was offset by an increase in average noninterest-bearing funds compared to the third quarter. The December interest rate moves will be more impactful in the first quarter 2016 as variable loans reprice.

Noninterest income was $32.6 million in the fourth quarter 2015, compared to $30.4 million for the fourth quarter 2014 and $30.8 million for the third quarter 2015. Treasury management fees were $7.9 million in the fourth quarter 2015, up 8 percent from the fourth quarter 2014, reflecting success in cross-sell activities. Syndication fees were $4.8 million in the fourth quarter 2015, up from $3.9 million in the fourth quarter 2014 and $4.4 million in the third quarter 2015. Syndication fees vary from quarter to quarter depending on the level and mix of loans originated and distributed.

Capital markets revenue of $6.3 million in the fourth quarter 2015 reflected a positive credit valuation adjustment (CVA) of $1.0 million. Excluding the CVA impact for all periods, capital markets revenue was $5.3 million in the fourth quarter 2015, down $623,000 from the fourth quarter 2014 and up $1.0 million from the third quarter 2015. Compared to the third quarter 2015, the fourth quarter benefited from additional interest rate derivative transactions, and foreign exchange revenues grew as spreads increased.

Assets under management and administration (AUMA) were $7.3 billion as of December 31, 2015, compared to $6.6 billion a year ago and $7.2 billion at September 30, 2015, benefiting from the continued focus on cross-selling asset management services to commercial clients and their owners and executives and ongoing client development. Asset management revenue was $4.4 million in the fourth quarter 2015, compared to $4.2 million for the fourth quarter 2014 and $4.5 million for the third quarter 2015.

Expenses

Noninterest expense was $83.0 million for the fourth quarter 2015, comparable to the fourth quarter 2014 and down $2.2 million from the third quarter 2015. The efficiency ratio was 48.7 percent for the fourth quarter 2015, compared to 56.0 percent for the fourth quarter 2014 and 52.2 percent for the third quarter 2015. Other expenses declined $6.6 million from the fourth quarter 2014 and $4.8 million from the third quarter 2015, primarily reflecting a release of reserves for unfunded commitments in the fourth quarter 2015 attributable to a problem credit provided for in the third quarter.

Higher incentive compensation accruals primarily drove an increase in salaries and benefits expense of 13 percent from the fourth quarter 2014 and 5 percent from the third quarter 2015. Compared to the prior year quarter, the quarter also reflected annual salary adjustments made during the first quarter and additional hires made over the last year.

Credit Quality

The allowance for loan losses was $160.7 million, or 1.21 percent of total loans, at December 31, 2015, compared to $162.9 million, or 1.25 percent of total loans, at September 30, 2015. The provision for loan losses was $2.9 million for the fourth quarter 2015, declining $1.1 million from the fourth quarter 2014 and $1.3 million from the third quarter 2015. Factors contributing to the reduction in the overall loan loss reserve and quarterly provision expense from the third quarter 2015 include commercial loan repayments and growth in commercial real estate loans; portfolio movement, including the migration of several commercial loans to improved risk rating positions; and a lower specific reserve requirement related to impaired loans. Annualized net charge-offs to average loans were 0.15 percent for the fourth quarter 2015, compared to 0.05 percent for the fourth quarter 2014 and annualized net recoveries to average loans of 0.05 percent for the third quarter 2015.

Nonperforming assets were 0.35 percent of total assets at December 31, 2015, compared to 0.34 percent at September 30, 2015. At December 31, 2015, nonperforming loans were $53.7 million, increasing $9.8 million from September 30, 2015. OREO declined $5.5 million to $7.3 million at December 31, 2015, largely reflecting properties sold during the quarter.

Credit quality results exclude covered assets acquired through an FDIC-assisted transaction that are subject to a loss sharing agreement.

Balance Sheet

Total assets were $17.3 billion at December 31, 2015, compared to $15.6 billion at December 31, 2014, and $16.9 billion at September 30, 2015. Total loans of $13.3 billion increased $1.4 billion from December 31, 2014, driven primarily by growth of $751.3 million in commercial and industrial loans and $435.8 million in commercial real estate loans. Compared to September 30, 2015, total loans increased $187.2 million, reflecting growth in commercial real estate and construction loans of $212.7 million and a reduction of commercial loans of $36.4 million from September 30, 2015, impacted by payoffs resulting from several clients completing sales of their businesses prior to year end. At year end, commercial loans represented 65 percent of total loans, and commercial real estate and construction loans represented 29 percent of total loans, relatively consistent with the prior comparative periods.

Total liabilities were $15.6 billion at December 31, 2015, compared to $14.1 billion at December 31, 2014, and $15.2 billion compared to September 30, 2015. Total deposits were $14.3 billion at December 31, 2015, increasing 10 percent from December 31, 2014, and 3 percent from September 30, 2015, reflecting growth in noninterest-bearing demand deposit balances offset by lower traditional brokered time deposits. Average deposits grew 9 percent from the fourth quarter 2014 and 4 percent from the third quarter 2015. Noninterest-bearing demand deposits represented 30 percent of total deposits at December 31, 2015, compared to 27 percent a year ago and 29 percent at September 30, 2015. At December 31, 2015, the loan-to-deposit ratio was 92 percent, compared to 91 percent as of December 31, 2014, and 94 percent as of September 30, 2015.

Capital

As of December 31, 2015, the total risk-based capital ratio was 12.37 percent, the Tier 1 risk-based capital ratio was 10.56 percent, and the leverage ratio was 10.35 percent. The common equity Tier 1 ratio was 9.54 percent and the tangible common equity ratio was 9.33 percent at the end of the year end 2015.

Quarterly Conference Call and Webcast Presentation

PrivateBancorp will host a conference call Thursday, January 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 #8500868. 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 #8500868 beginning approximately two hours after the call until midnight ET February 4, 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 December 31, 2015, the Company had 35 offices in 12 states and $17.3 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 recent 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 changes in the pace of, or market expectations for, future interest rate increases;
an inability to attract and maintain sufficient or 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 costs or regulatory burdens; 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.

These factors should be considered in evaluating forward-looking statements and undue reliance should not be placed on our forward-looking statements. Readers should also consider the risks, assumptions and uncertainties set forth in the "Risk Factors" section of our Annual Report on Form 10-K for our fiscal year ended December 31, 2014, and "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, as well as those set forth in our subsequent periodic and current reports filed with the SEC. 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)

	Quarter Ended December 31,				Year Ended December 31,
	2015		2014		2015		2014
	Unaudited		Unaudited		Unaudited		Audited
Interest Income
Loans, including fees	$	137,006	$	120,649	$	517,461	$	463,755
Federal funds sold and interest-bearing deposits in banks	229		347		903		770
Securities:
Taxable	14,587		13,250		55,283		53,500
Exempt from Federal income taxes	2,306		1,683		8,270		6,173
Other interest income	115		49		295		189
Total interest income	154,243		135,978		582,212		524,387
Interest Expense
Interest-bearing demand deposits	936		1,026		3,845		3,728
Savings deposits and money market accounts	5,487		4,623		20,169		16,857
Time deposits	5,941		5,803		23,092		21,366
Short-term borrowings	201		143		656		638
Long-term debt	5,087		7,507		20,035		27,061
Total interest expense	17,652		19,102		67,797		69,650
Net interest income	136,591		116,876		514,415		454,737
Provision for loan and covered loan losses	2,831		4,120		14,790		12,044
Net interest income after provision for loan and covered loan losses	133,760		112,756		499,625		442,693
Non-interest Income
Asset management	4,392		4,241		17,958		17,268
Mortgage banking	2,812		3,083		14,079		10,245
Capital markets products	6,341		5,705		18,530		18,047
Treasury management	7,878		7,262		30,636		27,472
Loan, letter of credit and commitment fees	4,958		4,901		20,648		19,311
Syndication fees	4,844		3,943		17,205		19,514
Deposit service charges and fees and other income	1,394		1,291		10,134		5,203
Net securities gains	29		—		822		530
Total non-interest income	32,648		30,426		130,012		117,590
Non-interest Expense
Salaries and employee benefits	52,619		46,746		205,019		182,192
Net occupancy and equipment expense	8,505		7,947		32,708		31,258
Technology and related costs	3,843		3,431		14,267		13,281
Marketing	4,196		3,687		16,122		13,441
Professional services	2,746		3,471		11,320		11,761
Outsourced servicing costs	1,994		1,814		7,494		6,864
Net foreclosed property expenses	1,217		1,456		4,210		8,681
Postage, telephone, and delivery	964		809		3,582		3,400
Insurance	3,644		3,455		13,972		12,451
Loan and collection expense	1,754		2,037		8,556		6,765
Other expenses	1,538		8,172		15,987		21,982
Total non-interest expense	83,020		83,025		333,237		312,076
Income before income taxes	83,388		60,157		296,400		248,207
Income tax provision	31,251		22,934		111,089		95,128
Net income available to common stockholders	$	52,137	$	37,223	$	185,311	$	153,079
Per Common Share Data
Basic earnings per share	$	0.66	$	0.48	$	2.36	$	1.96
Diluted earnings per share	$	0.65	$	0.47	$	2.32	$	1.94
Cash dividends declared	$	0.01	$	0.01	$	0.04	$	0.04
Weighted-average common shares outstanding	78,366		77,173		77,968		77,007
Weighted-average diluted common shares outstanding	79,738		78,122		79,206		77,822

Consolidated Income Statements
(Amounts in thousands, except per share data)
(Unaudited)

	4Q15		3Q15		2Q15		1Q15		4Q14
Interest Income
Loans, including fees	$	137,006	$	132,106	$	125,647	$	122,702	$	120,649
Federal funds sold and interest-bearing deposits in banks	229		168		245		261		347
Securities:
Taxable	14,587		13,599		13,541		13,556		13,250
Exempt from Federal income taxes	2,306		2,177		1,981		1,806		1,683
Other interest income	115		69		63		48		49
Total interest income	154,243		148,119		141,477		138,373		135,978
Interest Expense
Interest-bearing demand deposits	936		937		966		1,006		1,026
Savings deposits and money market accounts	5,487		5,119		4,953		4,610		4,623
Time deposits	5,941		5,782		5,730		5,639		5,803
Short-term borrowings	201		24		234		197		143
Long-term debt	5,087		5,048		4,972		4,928		7,507
Total interest expense	17,652		16,910		16,855		16,380		19,102
Net interest income	136,591		131,209		124,622		121,993		116,876
Provision for loan and covered loan losses	2,831		4,197		2,116		5,646		4,120
Net interest income after provision for loan and covered loan losses	133,760		127,012		122,506		116,347		112,756
Non-interest Income
Asset management	4,392		4,462		4,741		4,363		4,241
Mortgage banking	2,812		3,340		4,152		3,775		3,083
Capital markets products	6,341		3,098		4,919		4,172		5,705
Treasury management	7,878		8,010		7,421		7,327		7,262
Loan, letter of credit and commitment fees	4,958		5,670		4,914		5,106		4,901
Syndication fees	4,844		4,364		5,375		2,622		3,943
Deposit service charges and fees and other income	1,394		1,585		1,538		5,617		1,291
Net securities gains (losses)	29		260		(1)		534		—
Total non-interest income	32,648		30,789		33,059		33,516		30,426
Non-interest Expense
Salaries and employee benefits	52,619		50,019		50,020		52,361		46,746
Net occupancy and equipment expense	8,505		8,180		8,159		7,864		7,947
Technology and related costs	3,843		3,583		3,420		3,421		3,431
Marketing	4,196		3,682		4,666		3,578		3,687
Professional services	2,746		3,679		2,585		2,310		3,471
Outsourced servicing costs	1,994		1,786		2,034		1,680		1,814
Net foreclosed property expenses	1,217		1,080		585		1,328		1,456
Postage, telephone, and delivery	964		857		899		862		809
Insurance	3,644		3,667		3,450		3,211		3,455
Loan and collection expense	1,754		2,324		2,210		2,268		2,037
Other expenses	1,538		6,318		3,869		4,262		8,172
Total non-interest expense	83,020		85,175		81,897		83,145		83,025
Income before income taxes	83,388		72,626		73,668		66,718		60,157
Income tax provision	31,251		27,358		27,246		25,234		22,934
Net income available to common stockholders	$	52,137	$	45,268	$	46,422	$	41,484	$	37,223
Per Common Share Data
Basic earnings per share	$	0.66	$	0.58	$	0.59	$	0.53	$	0.48
Diluted earnings per share	$	0.65	$	0.57	$	0.58	$	0.52	$	0.47
Cash dividends declared	$	0.01	$	0.01	$	0.01	$	0.01	$	0.01
Weighted-average common shares outstanding	78,366		78,144		77,942		77,407		77,123
Weighted-average diluted common shares outstanding	79,738		79,401		79,158		78,512		78,122

Consolidated Balance Sheets
(Dollars in thousands)

	12/31/15		9/30/15		6/30/15		3/31/15		12/31/14
	Unaudited		Unaudited		Unaudited		Unaudited		Audited
Assets
Cash and due from banks	$	145,147	$	145,477	$	185,983	$	158,431	$	132,211
Federal funds sold and interest-bearing deposits in banks	238,511		231,600		192,531		799,953		292,341
Loans held-for-sale	108,798		76,225		54,263		89,461		115,161
Securities available-for-sale, at fair value	1,765,366		1,703,926		1,698,233		1,631,237		1,645,344
Securities held-to-maturity, at amortized cost	1,355,283		1,293,433		1,199,120		1,159,853		1,129,285
Federal Home Loan Bank ("FHLB") stock	26,613		30,740		25,854		28,556		28,666
Loans – excluding covered assets, net of unearned fees	13,266,475		13,079,314		12,543,281		12,170,484		11,892,219
Allowance for loan losses	(160,736)		(162,868)		(157,051)		(156,610)		(152,498)
Loans, net of allowance for loan losses and unearned fees	13,105,739		12,916,446		12,386,230		12,013,874		11,739,721
Covered assets	26,954		28,559		30,529		32,191		34,132
Allowance for covered loan losses	(5,712)		(6,337)		(6,332)		(6,021)		(5,191)
Covered assets, net of allowance for covered loan losses	21,242		22,222		24,197		26,170		28,941
Other real estate owned, excluding covered assets	7,273		12,760		15,084		15,625		17,416
Premises, furniture, and equipment, net	42,405		38,265		37,672		38,544		39,143
Accrued interest receivable	45,482		43,064		43,442		41,202		40,531
Investment in bank owned life insurance	56,653		56,292		55,926		55,561		55,207
Goodwill	94,041		94,041		94,041		94,041		94,041
Other intangible assets	3,430		4,008		4,586		5,230		5,885
Derivative assets	40,615		59,978		47,442		56,607		43,062
Other assets	202,823		166,128		161,291		147,003		196,427
Total assets	$	17,259,421	$	16,894,605	$	16,225,895	$	16,361,348	$	15,603,382
Liabilities
Demand deposits:
Noninterest-bearing	$	4,355,700	$	4,068,816	$	3,702,377	$	3,936,181	$	3,516,695
Interest-bearing	1,503,372		1,264,201		1,304,270		1,498,810		1,907,320
Savings deposits and money market accounts	6,296,443		6,249,485		5,992,288		6,156,331		5,171,025
Time deposits	2,190,077		2,315,237		2,390,001		2,510,406		2,494,928
Total deposits	14,345,592		13,897,739		13,388,936		14,101,728		13,089,968
Deposits held-for-sale	—		—		—		—		122,216
Short-term borrowings	372,467		514,121		434,695		258,788		432,385
Long-term debt	694,788		694,788		694,788		344,788		344,788
Accrued interest payable	7,080		6,509		7,543		7,004		6,948
Derivative liabilities	18,229		21,967		24,696		26,967		26,767
Other liabilities	122,314		111,482		90,441		82,644		98,631
Total liabilities	15,560,470		15,246,606		14,641,099		14,821,919		14,121,703
Equity
Common stock:
Voting	78,439		78,197		78,047		77,968		77,211
Treasury stock	(103)		(63)		(29)		(5,560)		(53)
Additional paid-in capital	1,071,674		1,060,274		1,051,778		1,047,227		1,034,048
Retained earnings	531,682		480,342		435,872		390,247		349,556
Accumulated other comprehensive income, net of tax	17,259		29,249		19,128		29,547		20,917
Total equity	1,698,951		1,647,999		1,584,796		1,539,429		1,481,679
Total liabilities and equity	$	17,259,421	$	16,894,605	$	16,225,895	$	16,361,348	$	15,603,382

Selected Financial Data
(Amounts in thousands, except per share data)
(Unaudited)

	4Q15				3Q15				2Q15				1Q15				4Q14
Selected Statement of Income Data:
Net interest income	$	136,591			$	131,209			$	124,622			$	121,993			$	116,876
Net revenue ⁽¹⁾⁽²⁾	$	170,445			$	163,134			$	158,717			$	156,453			$	148,180
Operating profit ⁽¹⁾⁽²⁾	$	87,425			$	77,959			$	76,820			$	73,308			$	65,155
Provision for loan and covered loan losses	$	2,831			$	4,197			$	2,116			$	5,646			$	4,120
Income before income taxes	$	83,388			$	72,626			$	73,668			$	66,718			$	60,157
Net income available to common stockholders	$	52,137			$	45,268			$	46,422			$	41,484			$	37,223
Per Common Share Data:
Basic earnings per share	$	0.66			$	0.58			$	0.59			$	0.53			$	0.48
Diluted earnings per share	$	0.65			$	0.57			$	0.58			$	0.52			$	0.47
Dividends declared	$	0.01			$	0.01			$	0.01			$	0.01			$	0.01
Book value (period end)⁽¹⁾	$	21.48			$	20.90			$	20.13			$	19.61			$	18.95
Tangible book value (period end) ⁽¹⁾⁽²⁾	$	20.25			$	19.65			$	18.88			$	18.35			$	17.67
Market value (period end)	$	41.02			$	38.33			$	39.82			$	35.17			$	33.40
Book value multiple (period end)	1.91			x	1.83			x	1.98			x	1.79			x	1.76			x
Share Data:
Weighted-average common shares outstanding	78,366				78,144				77,942				77,407				77,173
Weighted-average diluted common shares outstanding	79,738				79,401				79,158				78,512				78,122
Common shares issued (period end)	79,099				78,865				78,718				78,654				78,180
Common shares outstanding (period end)	79,097				78,863				78,717				78,494				78,178
Performance Ratio:
Return on average common equity	12.29		%		11.05		%		11.85		%		11.05		%		10.03		%
Return on average assets	1.21		%		1.09		%		1.15		%		1.07		%		0.95		%
Return on average tangible common equity ⁽¹⁾⁽²⁾	13.13		%		11.85		%		12.75		%		11.94		%		10.89		%
Net interest margin ⁽¹⁾⁽²⁾	3.25		%		3.23		%		3.17		%		3.21		%		3.07		%
Fee revenue as a percent of total revenue⁽¹⁾	19.28		%		18.88		%		20.97		%		21.28		%		20.66		%
Non-interest income to average assets	0.75		%		0.74		%		0.82		%		0.86		%		0.78		%
Non-interest expense to average assets	1.92		%		2.04		%		2.03		%		2.14		%		2.12		%
Net overhead ratio⁽¹⁾	1.16		%		1.30		%		1.21		%		1.27		%		1.35		%
Efficiency ratio ⁽¹⁾⁽²⁾	48.71		%		52.21		%		51.60		%		53.14		%		56.03		%
Balance Sheet Ratios:
Loans to deposits (period end)⁽³⁾	92.48		%		94.11		%		93.68		%		86.30		%		90.85		%
Average interest-earning assets to average interest-bearing liabilities	152.94		%		149.67		%		144.67		%		144.69		%		145.10		%
Capital Ratios (period end):
Total risk-based capital⁽¹⁾	12.37		%		12.28		%		12.41		%		12.29		%		12.51		%
Tier 1 risk-based capital ⁽¹⁾	10.56		%		10.39		%		10.49		%		10.34		%		10.49		%
Tier 1 leverage ratio⁽¹⁾	10.35		%		10.35		%		10.24		%		10.16		%		9.96		%
Common equity Tier 1 ⁽¹⁾⁽⁴⁾	9.54		%		9.35		%		9.41		%		9.23		%		9.33		%
Tangible common equity to tangible assets⁽¹⁾⁽²⁾	9.33		%		9.23		%		9.22		%		8.86		%		8.91		%
Total equity to total assets	9.84		%		9.75		%		9.77		%		9.41		%		9.50		%

⁽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.
⁽⁴⁾	Effective January 1, 2015, the common equity Tier 1 ratio is a required regulatory capital measure and as presented for the 2015 periods is calculated in accordance with the new Basel III capital rules. For periods prior to January 1, 2015, this ratio was considered a non-U.S. GAAP financial measure and was calculated without giving effect to the final Basel III capital rules. Refer to "Non-U.S. GAAP Financial Measures" for a reconciliation from non-U.S. GAAP to U.S. GAAP for periods prior to 2015.

Selected Financial Data (continued)
(Dollars in thousands)
(Unaudited)

	4Q15		3Q15		2Q15		1Q15		4Q14
Additional Selected Information:
Decrease (increase) credit valuation adjustment on capital markets derivatives ⁽¹⁾	$	1,043	$	(1,227)	$	616	$	(805)	$	(216)
Salaries and employee benefits:
Salaries and wages	$	28,113	$	28,143	$	27,461	$	27,002	$	26,521
Share-based costs	4,871		4,509		4,316		5,143		4,118
Incentive compensation and commissions	14,676		13,308		13,091		11,062		12,053
Payroll taxes, insurance and retirement costs	4,959		4,059		5,152		9,154		4,054
Total salaries and employee benefits	$	52,619	$	50,019	$	50,020	$	52,361	$	46,746
Loan and collection expense:
Loan origination and servicing expense	$	1,445	$	1,522	$	1,607	$	1,626	$	1,528
Loan remediation expense	309		802		603		642		509
Total loan and collection expense	$	1,754	$	2,324	$	2,210	$	2,268	$	2,037
Assets under management and administration (AUMA):
Personal managed	$	1,872,737	$	1,839,829	$	1,892,973	$	1,897,644	$	1,786,633
Corporate and institutional managed	1,787,187		1,800,522		1,883,166		1,826,215		1,347,299
Total managed assets	3,659,924		3,640,351		3,776,139		3,723,859		3,133,932
Custody assets	3,631,149		3,519,364		3,682,388		3,604,333		3,511,996
Total AUMA	$	7,291,073	$	7,159,715	$	7,458,527	$	7,328,192	$	6,645,928