PrivateBancorp in Chicago reported higher quarterly profit as strong loan growth offset lower yields.
The $15.6 billion-asset company said in a press release Friday that its fourth-quarter earnings rose 10% from a year earlier, to $37.2 million. Earnings per share of 47 cents were 3 cents short of the average estimate of analysts polled by Bloomberg.
A surge in lending boosted net interest income, which rose 8%, to $116.9 million. Total loans rose 12%, to $11.9 billion. The net interest margin compressed 11 basis points, to 3.07%, partially from lower yields.
An uptick in mortgage loan sales drove a 14% increase in fee-based revenue, to $30.4 million.
Noninterest expenses rose 9%, to $83 million.