PrivateBancorp, Inc. (NASDAQ:PVTB) Q1 2015 Earnings Conference Call - Final Transcript

Apr 16, 2015 • 11:00 am ET


PrivateBancorp, Inc. (NASDAQ:PVTB) Q1 2015 Earnings Conference Call - Final Transcript


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Good morning, and welcome to PrivateBancorp Inc.'s First Quarter 2015 Earnings Call. At this time, I would like to inform you that this conference is being recorded and that all participants are in a listen-only mode. At the request of the company, we will open the conference up for question-and-answers after the presentation. Please note that the company will be taking questions from individuals and companies that have been invited to attend the live portion of the conference call.

I will now turn the call over to Ms. Jeanette O'Loughlin, Head of Investor Relations.

Jeanette O'Loughlin

Good morning and welcome to PrivateBancorp's first quarter 2015 earnings conference call. Participating on the call today are Larry Richman, PrivateBancorp President and Chief Executive Officer and Kevin Killips, our Chief Financial Officer. Kevin Van Solkema our Chief Credit Risk Officer will also be available for questions. PrivateBancorp's first quarter 2015 earnings press release was distributed this morning over the Newswires. The release and the financial supplement with additional financial tables are available on our website at

Before we begin, I would like to read our Safe Harbor statement. Statements made during this conference call that are not historical facts may constitute forward-looking statements within the meaning of federal securities laws. Management's ability to predict the results or the actual effect of future plans or strategies is inherently uncertain. Factors, which could have a material adverse effect on our operations and future prospects, are disclosed in the filings we make with the SEC, including our Form 8-K dated today, relating to today's earnings release. You should consider these risks and uncertainties when evaluating any forward-looking statements, and undue reliance should not be placed on such statements. The company assumes no obligation to update any of these statements in light of future events.

Now, I will turn the call over to Larry Richman, President and CEO of PrivateBancorp.

Larry Richman

Thank you, Jeanette. And good morning everyone. I appreciate you joining us for this discussion of our first-quarter results. I'm going to begin today by looking at key business drivers. Second, I will discuss a few highlights from our first-quarter results. And third, I will talk to you about we are positioned for the rest of the year.

Starting with my view on our business, we continue to deliver improving results by consistently executing against our differentiated commercial banking strategy. It is through our strong focus on client relationship development adding new clients and expanding what we do with our existing clients, that we deliver the results that creates value for our shareholders.

We increased total loans to 11% year-over-year and 2% from year-end to $12 billion. Our growth is selective and disciplined as we focus on quality clients who want a full banking relationship with us. We generated this quarter about $386 million in new loans to new clients largely in our commercial and industrial portfolio. We had nice balance and diversification in clients added in both traditional middle markets and in our specialty businesses in Chicago and