PrivateBancorp Inc. swung to a first-quarter loss that was wider than analysts' estimates as provisions for loan losses quadrupled.

"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," said Chairman and Chief Executive Larry Richman.

The Chicago bank, which focuses mostly on wealthy investors but has been making a push into commercial banking, was slammed during the recession, posting losses in seven of the past 10 quarters and recently ramping up its loan-loss provision as credit woes expanded. In January, Richman said the company wasn't "out of the woods related to stress on our credit portfolio."

PrivateBancorp reported a loss of $24.3 million, or 35 cents a share, compared with a profit of $4.8 million, or 14 cents a share, a year earlier. Net revenue jumped 29% to $114.3 million.

Analysts polled by Thomson Reuters had most recently forecast a loss of 20 cents on $113 million in revenue.

Loan-loss provisions were $72.1 million, up from $17.8 million a year earlier and $69.5 million in the prior quarter. Net charge-offs, or loans lenders don't think are collectible, rose to 2.56% of average loans from 0.17% and 1.8%, respectively. Nonperforming loans, those near default, were 4.28%, compared with from 1.92% and 4.36%.

Shares closed at $17.07 on Friday and were inactive premarket. The stock has risen 90% this year.

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