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PrivateBancorp CEO Larry Richman on the factors leading to the bank’s success and growth.
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And we thought we'd bring in the CEO of one of these top performers here right now private Bancorp -- more than a 109%.
Over the last year.
Hitting the two and a half year high today talk about timing.
So we thought let's play Larry freshman his -- bankruptcy EO president and he joins us now in a Fox Business exclusive.
From Chicago and and when your company.
Was spit out in art stock screening category with Leary we we thought for -- looks pretty women because it's not often that you see a bank enjoying this kind of move.
To what do you attribute a stock move and I know half the time CEOs say I don't try to fathom what the stocks doing but.
What is it about the underlying business that is making people believe in this company.
The list thank you very much for the opportunity to be here today and end.
-- it's really all about.
Building the business and I feel good that the stock is up but you know again you we can't control there.
But -- we can't control is our business and it's building relationships it's very traditional.
Commercial bank.
Well okay so let's talk about it because as we started to pull apart the balance sheet.
You are very big in commercial real estate which I guess a couple of years ago was worries -- why is it not now what's moving through your books at the moment that makes you a healthier company.
Sure sure listen in reality what we're building is a mid size privately held -- operated.
Commercial bank I mean we're really building Chicago's hometown commercial -- in an important -- within the midwest.
Most of our business really over 60% of our.
Portfolio now is midsize privately held and operated C and I loans are commercial real estate segment which really -- five years ago when I joined.
Was about 67% of our portfolio is now down 30% of our portfolio so what we've really done is fixed and transform the bank in at the same time.
Growing and growing it with you know healthy mid western.
Relationships and -- with those companies that we're doing this.
So which -- of course the way to do business is just slow and steady but there are expense that expenses related very much to property foreclosures that are still coming through.
Not just on your balance sheet but on a lot of banks but particularly with you guys up about 59%.
Year for year.
How those moving through -- -- and will we see that kind of jump in coming quarters or -- moderate.
-- -- -- -- We're really fixing and we've really made some great strides in the -- -- improvement I mean we have.
Two primary goals when his client building relationships and the other is asset quality remediation and it is we've moved -- improve the quality of our assets and and I'm really troubled or wait we call problem loans are down almost 58% over the course the last.
Twelve months there are some will call a -- cost that that existed so yes we have an elevated level of of -- costs -- esque quality.
What I actually feel good about is that we've made some real improvements and I think it's really that improvement in asset quality as well as building the quality of the of the -- that we're.
We're living with that really makes me feel good about -- -- Really Larry a 109%.
To the upside -- her over year of that that's a tough trip to repay will be watching it -- can do it thank you so much for joining us.
You're welcome thank you very much any time Larry Richman private Bancorp CEO president come visit us in New York next time -- here.
-- hear that story more.
