Canadian Imperial Bank of Commerce (CIBC) will remain disciplined and patient on its efforts to buy Chicago-based lender PrivateBancorp as it looks to expand its business in the U.S. amid slowing loan growth at home, CIBC’s CEO said Thursday.

Victor Dodig made his comments after Toronto-based CIBC, Canada’s fifth largest bank by market capitalization, reported first-quarter results that surpassed expectations, with net income of $1.41 billion, up from $982 million a year ago. The earnings amounted to $3.50 per diluted share, up from $2.43 per diluted share during the same period last year.

Analysts had expected earnings of $2.96 per diluted share, according to an estimate compiled by Thomson Reuters.

“Our U.S. strategy continues to remain intact and that is to grow our footprint in the U.S. to be able to better serve our clients, as well as to have exposure into a market that we see growth in over the long term,” Dodig told analysts during a conference call to discuss the bank’s results.

A shareholder vote scheduled for December was postponed after shares of PrivateBancorp rose above the value implied in the proposed deal, which was announced in June. PrivateBancorp said its shareholders needed more time to consider the transaction.

The deadline for both to walk away from the deal is June 29.

Edward Jones analyst Jim Shanahan said the bank’s results for the quarter ended Jan. 31 show that loan growth was weak.

“Our thesis has been that there is limited growth opportunity in Canada, that the consumer is pretty highly leveraged and has limited incremental ability to borrow,” Shanahan said.

“That’s why a company like CIBC would be looking to the States for a PrivateBancorp-type acquisition to drive loan growth.”

With shares of PrivateBancorp trading 10% higher than the deal price, CIBC may have to pay more than originally planned to acquire the lender, Shanahan said.

“I think they would be stubborn to continue to pursue this company because I don’t think it’s going to be the catalyst that they think in terms of driving loan growth,” he said.

“Maybe it’s something they should walk away from.”

Shares of CIBC rose 2% cent in early morning trading on the S&P/TSX composite index before retreating. At midday, the stock was trading at $119.00, an increase of 80¢ or 0.68%.

The bank also boosted its quarterly dividend for the ninth time in 10 quarters. The new dividend of $1.27 per share, an increase of 3¢, will be payable on April 28.

On an adjusted basis, the CIBC had $1.17 billion of income, or $2.89 per share, compared with $1.03 billion, or $2.55 per share, during the first quarter of 2016.

Quarterly revenue was $4.21 billion, up from $3.59 billion a year ago.

CIBC is the first of Canada’s big banks to release its earnings. Royal Bank reports Friday.