PrivateBancorp has reported a net loss for the fourth quarter of 2008 of $62 million, or $1.96 per diluted share, compared to a net loss of $15.1 million, or $0.68 per diluted share, for the fourth quarter of 2007.
Net interest income totalled $59.2 million in the fourth quarter of 2008, compared to $31.7 million for the fourth quarter 2007, an increase of 86%. Net interest margin decreased to 2.62% compared to 3% for the fourth quarter of 2007.
The net loss for the fiscal year ended December 31, 2008, was $91.5 million, or $3.11 per diluted share, compared to a net income of $11.8 million, or $0.53 per diluted share, for the 2007 fiscal year.
Total assets increased over 100% to $10 billion at December 31, 2008, from $5 billion at December 31, 2007. Total loans increased 92% to $8 billion at December 31, 2008, from $4.2 billion at December 31, 2007. Total deposits increased 113% to $8 billion at December 31, 2008, from $3.8 billion at December 31, 2007.
PrivateBancorp has received preliminary approval from the U.S. Department of the Treasury to participate in its capital purchase programme under the Emergency Economic Stabilisation Act of 2008. PrivateBancorp received preliminary approval for a $244 million investment.
