was up 8% on Monday morning in the pre-market, and by as much as 11% in the first minutes of trading after the opening bell, after a narrower-than-expected in the fourth quarter.
Analysts has been expecting a 33-cent-per-share loss, but a net income spike of 69% -- to approximately $100 million -- allowed PrivateBancorp to beat the Street by 3 cents, with a 30 cent per share loss.
For the fourth quarter, Private Bancorp's net loss was $18.6 million, compared with a loss of $62.8 million, or $1.98 a share last year.
PrivateBancorp also reduced its provision for loan losses to $69.5 million, down from $119.3 million a year ago.
PrivateBancorp was continuing an earnings trend among regional banking players that last week saw
Fifth Third Bank
all report narrower than expected losses.
The regional banks like
KeyCorp and Fifth Third Bancorp traded up last week, even while Wall Street's big banks were taking losses.
-- Reported by Eric Rosenbaum in New York.
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