Strong commercial loan growth drove an 8% year-over-year increase in Private Bancorp's second-quarter profit.
The Chicago company's net income was $50 million for the three months, it said Thursday. Earnings per share for the $18 billion-asset company, which agreed in June to be sold to Canadian Imperial Bank of Commerce, were 62 cents, in line with an estimate of analysts polled by Bloomberg.
Total loans rose 12% to $14 billion and net interest income rose 14% to $142 million.
The net interest margin widened by 11 basis points to 3.28%.
Noninterest income rose 12% to $37 million on higher asset management income and capital markets income.
Expenses rose 15% to $94.2 million because of higher compensation and costs associated with the CIBC deal.