Private Bancorp, ticker symbol PVTB, reported net income of $40.8 million, equating to $.52 per diluted share for the Q2 2014. This compares to $28.9 million, or $.37 per diluted share, for Q2 2013. For the first six months of 2014, the company reported net income of $75.3 million, of $.96 per diluted share, compared to that of $56.2 million, or $.72 per diluted share for the first six months of 2013.
According to the CEO, Larry Richman, "Our second quarter results reflect the benefit of our consistent focus on developing client relationships as higher net interest income and strong fee income led to net income of $40.8 million, a 41% increase over last year. Total loans increased 10% year-over-year, with about $365 million in funding to new clients in the second quarter. Operating profits are up 21% from a year ago on higher revenue drive by loan growth and lower credit costs."
The statement by Private Bancorp's CEO, as well as the strong performance in Q2 2014, demonstrate the growth of the company within the past year. Our initial investment thesis, which was centered upon increasing net interest income, solid fee income, as well as expansion into the middle market, continues to hold true as the company has improved in each of these areas. We feel confident in our position and will continue to monitor the company moving forward throughout the summer.
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