PVTB Revenue, Expenses Above Forecast, J.P. Morgan Reports

PrivateBancorp, Inc. (NASDAQ: PVTB) reported 4Q10 EPS of $0.12, J.P. Morgan reports.

“Adjusting for securities gains of $9 million and roughly $1.8 million in CVA adjustment (our estimate; typically disclosed on the call), at first blush core EPS appears to be in the $0.02 range, which is in line with our forecast as well as consensus,” J.P. Morgan writes.

“Although core EPS seems to be in line with expectations, there were many moving pieces to the quarter, with revenue and expenses each coming in well ahead of forecast, while provision came in below forecast matching a much lower run-rate of net charge-offs.

“Revenue growth was strong on fee income growth, while higher credit workout costs drove a sharp increase in overall expenses. PVTB remains one of the few banks posting positive loan growth. NPAs remained flattish.”

PrivateBancorp currently trades at $15.72.