PrivateBancorp Inc. of Chicago said Monday that it lost $7.3 million, or 21 cents a share, in the third quarter as a result of a sharp increase in its loan-loss provision and expenses related to its rapid expansion.
The $9 billion-asset company earned $9.2 million, or 42 cents a share, in last year's third quarter.
Its loan-loss provision was $30.2 million, versus $2.4 million a year earlier. It attributed the increase to rising levels of chargeoffs and delinquencies and its substantial loan growth. In the last year the company has roughly doubled its assets by adding dozens of senior lenders from LaSalle Bank who came with established books of business. PrivateBancorp's noninterest expense rose 97% from a year earlier, to $47.1 million.