PrivateBancorp (PVTB) Tops Q4 EPS by 7c; Continues to Work Toward CIBC Merger
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PrivateBancorp (NASDAQ: PVTB) reported Q4 EPS of $0.73, $0.07 better than the analyst estimate of $0.66. Revenue for the quarter came in at $196 million versus the consensus estimate of $185.4 million.
"We are pleased with our fourth quarter performance to cap a strong 2016," said Larry D. Richman, President and Chief Executive Officer, PrivateBancorp, Inc. "Through the continued successful execution of our business development efforts, and with the benefit of a rising rate environment, we achieved annual double-digit growth in loans, deposits, revenue and net income as we continued to deliver value for our clients and stockholders in 2016. Our dedicated team members remain focused on executing our strategic priorities and building new client relationships while doing more for existing clients, enabling us to drive our bottom-line results.
"We have built a premier commercial bank that brings an unparalleled level of experience and understanding to our clients," Richman continued. "Our clients turn to us for solutions that help them grow their businesses. I am pleased with our momentum going into 2017 and look forward to more favorable conditions for the banking industry with continued strengthening in our economy.
"Finally, we continue to work toward the successful completion of our proposed merger with CIBC. The long-term strategic benefits of the transaction remain compelling. We will announce the rescheduled stockholder meeting date when it is established by our Board of Directors."
For earnings history and earnings-related data on PrivateBancorp (PVTB) click here.
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