PrivateBancorp Inc. in Chicago reported its second straight profitable quarter as credit quality continued to show signs of stabilizing and it added commercial and industrial loans.
The $12.5 billion-asset company said Tuesday that it had earned $8.5 million in the fourth quarter, compared with an $18.6 million loss a year earlier.
The loan-loss provision was $35.1 million, or half what it was in the fourth quarter of 2009. Nonperforming assets were relatively stable for a third straight quarter, at $454.6 million.
A $9.3 million securities gain helped boost noninterest income to $34.9 million. The growth was also due to expansion in Treasury management, capital markets and wealth management — all part of a growth strategy adopted in late 2007.