PrivateBancorp in Chicago reported higher third-quarter profit on loan growth.
The $16.9 billion-asset company's net income rose 12% to $45.3 million, or 57 cents per share, from a year earlier. That was two cents higher than the average estimate of analysts polled by Bloomberg.
Net interest income increased 12% to $131.2 million as total loans rose 13% to $13.1 billion. The net interest margin remained unchanged at 3.23%.
Noninterest income rose 0.4% to $30.8 million, as higher treasury management volume and mortgage banking was offset by lower syndication fees.
Noninterest expense grew 9.4% to $85.2 million. The increase was due to a 7.8% increase in salaries and employee benefits as well as other expenses. PrivateBancorp’s efficiency ratio compressed by 30 basis points to 52.21%.