PrivateBancorp, Inc. (PVTB) reported net income available to common shareholders of $27.3 million, or $0.35 per share, for the first quarter 2013, up from $10.8 million or $0.15 per diluted share for the first quarter 2012, mainly due to lower loan loss provision and net foreclosed property expense, and growth in non-interest income.
Net interest income was $103.0 million in the first quarter 2013, compared to $104.4 million for the first quarter 2012. Non-interest income of $30.5 million increased 11 percent year over year, largely from increased mortgage banking and syndication fee revenue.
Net revenue was $134.3 million in the first quarter 2013, compared to $132.6 million in the first quarter 2012.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.28 per share on revenues of $132.45 million for the quarter. Analysts' estimates typically exclude special items.
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