The Bancorp, Inc. Reports First Quarter 2016 Financial Results
Wilmington, DE – April 28, 2016 – The Bancorp, Inc. ("The Bancorp") (NASDAQ: TBBK), a financial holding company, today reported financial results for first quarter 2016.
Highlights
| · | Net interest income increased 24% to $20.6 million for the quarter ended March 31, 2016 compared to $16.5 million for the quarter ended March 31, 2015. |
| · | Loans and continuing operations loans held for sale increased 29% to $1.43 billion at March 31, 2016 compared to $1.11 billion at March 31, 2015. |
| · | Small Business Administration ("SBA") loans increased 51% to $334.4 million from $221.9 million at March 31, 2015. |
| · | Security backed lines of credit ("SBLOC") increased 32% to $592.7 million from $447.6 million at March 31, 2015. |
| · | Direct lease financing increased 9% to $240.7 million from $220.6 million at March 31, 2015. |
| · | Prepaid card fee income increased 3.4% to $13.6 million for the quarter ended March 31, 2016 from $13.1 million at March 31, 2015. |
| · | Gross dollar volume ("GDV") (1) increased 15.4% to $13.5 billion for Q1 2016 from $11.7 billion for Q1 2015. |
| · | Assets held for sale from discontinued operations decreased 8% from December 31, 2015 and 36% from March 31, 2015. |
| · | The rate payable by us for average deposits and interest bearing liabilities of $4.08 billion in Q1 2016 was 0.30% with a rate of 0.08% for $2.03 billion of average prepaid card deposits. |
| · | Book value per common share at March 31, 2016 of $8.35 per share. The Bancorp and its subsidiary, The Bancorp Bank, remain well capitalized. |
John Chrystal, The Bancorp's Interim Chief Executive Officer, said, "During the quarter, our core lending businesses continued to drive healthy net interest income growth while non-interest income was anchored by a 3.4% growth in prepaid card fees to $13.6 million. As anticipated, earnings were negatively impacted by continued high regulatory look back expenses totaling $14.3 million for the quarter. We believe that lookback expenses will be greatly reduced after the second quarter of 2016 and minimal by year-end. While the CMBS business has generated positive revenue each year on an annual basis, we expect some quarter to quarter volatility. Losses from commercial real estate loan sales affected our earnings and resulted from volatility in secondary markets."
The Bancorp reported a net loss of $10.9 million, or $0.29 loss per diluted share, for the quarter ended March 31, 2016 compared to net income of $214,000, or $0.00 net income per share, for the quarter ended March 31, 2015. Net loss from continuing operations for the quarter ended March 31, 2016 was $10.6 million or a loss of $0.28 per diluted share compared to net loss from continuing operations of $1.8 million or a loss of $0.05 per diluted share for the quarter ended March 31, 2015. Loss from continuing operations does not include any income which may result from the reinvestment of the proceeds from sales of the remaining $523.6 million of commercial and residential loans in The Bancorp's discontinued operations. Tier one capital to assets, tier one capital to risk-weighted assets, total capital to risk-weighted assets and common equity-tier 1 ratios were 6.97%, 14.35%, 14.55% and 14.35% compared to well capitalized minimums of 5%, 8%, 10% and 6.5%.
Conference Call Webcast
You may access the LIVE webcast of The Bancorp's Quarterly Earnings Conference Call at 8:00 AM ET Friday, April 29, 2016 by clicking on the webcast link on Bancorp's homepage at www.thebancorp.com. Or, you may dial 877.787.4143, access code 90268500. You may listen to the replay of the webcast following the live call on The Bancorp's investor relations website or telephonically until Friday, May 6, 2016 by dialing 855.859.2056, access code 90268500.
About The Bancorp
With operations in the US and Europe, The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving the unique needs of non-bank financial service companies, ranging from entrepreneurial start-ups to those on the Fortune 500. The company's chief financial institution, The Bancorp Bank (Member FDIC, Equal Housing Lender), has been repeatedly recognized in the payments industry as the Top Issuer of Prepaid Cards (US), a top merchant sponsor bank, and a top ACH originator. Specialized lending distinctions include National Preferred SBA Lender, a leading provider of securities-backed lines of credit, and one of the few bank-owned commercial leasing groups in the nation. For more information please visit www.thebancorp.com.
Forward-Looking Statements
Statements in this earnings release regarding Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. These statements may be identified by the use of forward-looking terminology, including but not limited to the words "may," "believe," "will," "expect," "look," "anticipate," "estimate," "continue," or similar words. For further discussion of the risks and uncertainties to which these forward-looking statements may be subject, see Bancorp's filings with the SEC, including the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of those filings. These risks and uncertainties could cause actual results to differ materially from those projected in the forward-looking statements. The forward-looking statements speak only as of the date of this press release. The Bancorp does not undertake to publicly revise or update forward-looking statements in this press release to reflect events or circumstances that arise after the date of this presentation, except as may be required under applicable law.
The Bancorp, Inc. Contact
Andres Viroslav
215-861-7990
aviroslav@thebancorp.com
| The Bancorp, Inc. | |
| Financial highlights | |
| (unaudited) | |
| | | Three months ended | | | Year ended | |
| | | March 31, | | | December 31, | |
| Condensed income statement | | 2016 | | | 2015 | | | 2015 | |
| | | (dollars in thousands except per share data) | |
| | | | | | | | | | |
| Net interest income | | $ | 20,556 | | | $ | 16,514 | | | $ | 69,931 | |
| Provision for loan and lease losses | | | - | | | | 665 | | | | 2,100 | |
| Non-interest income | | | | | | | | | | | | |
| Service fees on deposit accounts | | | 847 | | | | 1,760 | | | | 7,468 | |
| Card payment and ACH processing fees | | | 1,267 | | | | 1,253 | | | | 5,731 | |
| Prepaid card fees | | | 13,574 | | | | 13,132 | | | | 47,496 | |
| Gain (loss) on sale of loans | | | (1,433 | ) | | | 1,676 | | | | 10,080 | |
| Gain on sale of investment securities | | | 2,026 | | | | 80 | | | | 14,435 | |
| Gain on sale of health savings portfolio | | | - | | | | - | | | | 33,531 | |
| Change in value of investment in unconsolidated entity | | | 812 | | | | 1,045 | | | | 1,729 | |
| Leasing income | | | 404 | | | | 519 | | | | 2,291 | |
| Debit card income | | | (92 | ) | | | 460 | | | | 1,611 | |
| Affinity fees | | | 1,094 | | | | 412 | | | | 3,358 | |
| Other non-interest income | | | 189 | | | | 440 | | | | 5,337 | |
| Total non-interest income | | | 18,688 | | | | 20,777 | | | | 133,067 | |
| Non-interest expense | | | | | | | | | | | | |
| Bank Secrecy Act and lookback consulting expenses | | | 14,315 | | | | 5,744 | | | | 41,444 | |
| Other non-interest expense | | | 40,823 | | | | 35,116 | | | | 152,644 | |
| Total non-interest expense | | | 55,138 | | | | 40,860 | | | | 194,088 | |
| Income (loss) from continuing operations before income tax expense | | | (15,894 | ) | | | (4,234 | ) | | | 6,810 | |
| Income tax expense (benefit) | | | (5,272 | ) | | | (2,427 | ) | | | 1,450 | |
| Net income (loss) from continuing operations | | | (10,622 | ) | | | (1,807 | ) | | | 5,360 | |
| Net income (loss) from discontinued operations, net of tax | | | (290 | ) | | | 2,021 | | | | 8,072 | |
| Net income (loss) available to common shareholders | | $ | (10,912 | ) | | $ | 214 | | | $ | 13,432 | |
| | | | | | | | | | | | | |
| Net income (loss) per share from continuing operations - basic | | $ | (0.28 | ) | | $ | (0.05 | ) | | $ | 0.14 | |
| Net income (loss) per share from discontinued operations - basic | | $ | (0.01 | ) | | $ | 0.05 | | | $ | 0.21 | |
| Net income (loss) per share - basic | | $ | (0.29 | ) | | $ | - | | | $ | 0.35 | |
| | | | | | | | | | | | | |
| Net income (loss) per share from continuing operations - diluted | | $ | (0.28 | ) | | $ | (0.05 | ) | | $ | 0.14 | |
| Net income (loss) per share from discontinued operations - diluted | | $ | (0.01 | ) | | $ | 0.05 | | | $ | 0.21 | |
| Net income (loss) per share - diluted | | $ | (0.29 | ) | | $ | - | | | $ | 0.35 | |
| Common stock shares outstanding | | | 37,945,153 | | | | 37,858,152 | | | | 37,861,218 | |
| | | | | | | | | | | | | |
| Balance sheet | | March 31, | | | December 31, | | | September 30, | | | March 31, | |
| | | 2016 | | | 2015 | | | 2015 | | | 2015 | |
| | | (dollars in thousands) | |
| Assets: | | | | | | | | | | | | |
| Cash and cash equivalents | | | | | | | | | | | | |
| Cash and due from banks | | $ | 8,542 | | | $ | 7,643 | | | $ | 4,002 | | | $ | 18,636 | |
| Interest earning deposits at Federal Reserve Bank | | | 757,773 | | | | 1,147,519 | | | | 995,441 | | | | 994,400 | |
| Securities sold under agreements to resell | | | 10,208 | | | | - | | | | 37,970 | | | | 46,250 | |
| Total cash and cash equivalents | | | 776,523 | | | | 1,155,162 | | | | 1,037,413 | | | | 1,059,286 | |
| | | | | | | | | | | | | | | | | |
| Investment securities, available-for-sale, at fair value | | | 1,252,755 | | | | 1,070,098 | | | | 1,316,705 | | | | 1,442,665 | |
| Investment securities, held-to-maturity | | | 93,550 | | | | 93,590 | | | | 93,604 | | | | 93,662 | |
| Loans held for sale, at fair value | | | 313,595 | | | | 489,938 | | | | 354,600 | | | | 239,820 | |
| Loans, net of deferred fees and costs | | | 1,114,053 | | | | 1,078,077 | | | | 994,518 | | | | 870,901 | |
| Allowance for loan and lease losses | | | (4,378 | ) | | | (4,400 | ) | | | (4,194 | ) | | | (4,243 | ) |
| Loans, net | | | 1,109,675 | | | | 1,073,677 | | | | 990,324 | | | | 866,658 | |
| Federal Home Loan Bank & Atlantic Community Bancshares Inc stock | | | 1,062 | | | | 1,062 | | | | 1,063 | | | | 1,003 | |
| Premises and equipment, net | | | 21,692 | | | | 21,631 | | | | 18,893 | | | | 19,158 | |
| Accrued interest receivable | | | 9,172 | | | | 9,471 | | | | 11,232 | | | | 11,290 | |
| Intangible assets, net | | | 4,672 | | | | 4,929 | | | | 5,248 | | | | 5,791 | |
| Deferred tax asset, net | | | 32,462 | | | | 36,207 | | | | 33,857 | | | | 32,025 | |
| Investment in unconsolidated entity | | | 177,211 | | | | 178,520 | | | | 186,656 | | | | 190,783 | |
| Assets held for sale from discontinued operations | | | 536,548 | | | | 583,909 | | | | 611,729 | | | | 842,574 | |
| Other assets | | | 50,802 | | | | 47,629 | | | | 53,123 | | | | 43,734 | |
| Total assets | | $ | 4,379,719 | | | $ | 4,765,823 | | | $ | 4,714,447 | | | $ | 4,848,449 | |
| | | | | | | | | | | | | | | | | |
| Liabilities: | | | | | | | | | | | | | | | | |
| Deposits | | | | | | | | | | | | | | | | |
| Demand and interest checking | | $ | 3,610,003 | | | $ | 3,602,376 | | | $ | 4,002,638 | | | $ | 4,182,656 | |
| Savings and money market | | | 388,953 | | | | 383,832 | | | | 376,577 | | | | 307,988 | |
| Time deposits | | | - | | | | 428,549 | | | | - | | | | 1,400 | |
| Total deposits | | | 3,998,956 | | | | 4,414,757 | | | | 4,379,215 | | | | 4,492,044 | |
| | | | | | | | | | | | | | | | | |
| Securities sold under agreements to repurchase | | | 671 | | | | 925 | | | | 1,034 | | | | 7,959 | |
| Subordinated debenture | | | 13,401 | | | | 13,401 | | | | 13,401 | | | | 13,401 | |
| Other liabilities | | | 51,102 | | | | 16,739 | | | | 7,100 | | | | 12,992 | |
| Total liabilities | | $ | 4,064,130 | | | $ | 4,445,822 | | | $ | 4,400,750 | | | $ | 4,526,396 | |
| | | | | | | | | | | | | | | | | |
| Shareholders' equity: | | | | | | | | | | | | | | | | |
| Common stock - authorized, 50,000,000 shares of $1.00 par value; 37,945,153 and 37,858,152 shares issued at March 31, 2016 and 2015, respectively | | | 37,945 | | | | 37,861 | | | | 37,858 | | | | 37,858 | |
| Treasury stock (100,000 shares) | | | (866 | ) | | | (866 | ) | | | (866 | ) | | | (866 | ) |
| Additional paid-in capital | | | 301,018 | | | | 300,549 | | | | 299,470 | | | | 298,402 | |
| Accumulated deficit | | | (26,361 | ) | | | (15,449 | ) | | | (33,429 | ) | | | (28,029 | ) |
| Accumulated other comprehensive income (loss) | | | 3,853 | | | | (2,094 | ) | | | 10,664 | | | | 14,688 | |
| Total shareholders' equity | | | 315,589 | | | | 320,001 | | | | 313,697 | | | | 322,053 | |
| | | | | | | | | | | | | | | | | |
| Total liabilities and shareholders' equity | | $ | 4,379,719 | | | $ | 4,765,823 | | | $ | 4,714,447 | | | $ | 4,848,449 | |
| Average balance sheet and net interest income | | Three months ended March 31, 2016 | | | Three months ended March 31, 2015 | |
| | | (dollars in thousands) | |
| | | Average | | | | | | Average | | | Average | | | | | | Average | |
| Assets: | | Balance | | | Interest | | | Rate | | | Balance | | | Interest | | | Rate | |
| Interest-earning assets: | | | | | | | | | | | | | | | | | | |
| Loans net of unearned fees and costs ** | | $ | 1,476,112 | | | $ | 15,556 | | | | 4.22 | % | | $ | 1,110,804 | | | $ | 10,507 | | | | 3.78 | % |
| Leases - bank qualified* | | | 27,798 | | | | 482 | | | | 6.94 | % | | | 17,555 | | | | 292 | | | | 6.65 | % |
| Investment securities-taxable | | | 1,149,101 | | | | 6,532 | | | | 2.27 | % | | | 1,028,718 | | | | 5,060 | | | | 1.97 | % |
| Investment securities-nontaxable* | | | 75,846 | | | | 493 | | | | 2.60 | % | | | 532,324 | | | | 4,883 | | | | 3.67 | % |
| Interest earning deposits at Federal Reserve Bank | | | 799,398 | | | | 902 | | | | 0.45 | % | | | 1,096,344 | | | | 622 | | | | 0.23 | % |
| Federal funds sold and securities purchased under agreement to resell | | | 7,422 | | | | 27 | | | | 1.46 | % | | | 46,250 | | | | 164 | | | | 1.42 | % |
| Net interest earning assets | | | 3,535,677 | | | | 23,992 | | | | 2.71 | % | | | 3,831,995 | | | | 21,528 | | | | 2.25 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Allowance for loan and lease losses | | | (4,399 | ) | | | | | | | | | | | (3,640 | ) | | | | | | | | |
| Assets held for sale from discontinued operations | | | 588,685 | | | | 5,819 | | | | 3.95 | % | | | 861,685 | | | | 8,536 | | | | 3.96 | % |
| Other assets | | | 299,551 | | | | | | | | | | | | 278,667 | | | | | | | | | |
| | | $ | 4,419,514 | | | | | | | | | | | $ | 4,968,707 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Liabilities and Shareholders' Equity: | | | | | | | | | | | | | | | | | | | | | | | | |
| Deposits: | | | | | | | | | | | | | | | | | | | | | | | | |
| Demand and interest checking | | $ | 3,471,909 | | | $ | 2,441 | | | | 0.28 | % | | $ | 4,290,835 | | | $ | 2,606 | | | | 0.24 | % |
| Savings and money market | | | 387,651 | | | | 225 | | | | 0.23 | % | | | 318,776 | | | | 487 | | | | 0.61 | % |
| Time | | | 206,393 | | | | 305 | | | | 0.59 | % | | | 1,400 | | | | 6 | | | | 1.71 | % |
| Total deposits | | | 4,065,953 | | | | 2,971 | | | | 0.29 | % | | | 4,611,011 | | | | 3,099 | | | | 0.27 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Repurchase agreements | | | 856 | | | | - | | | | 0.00 | % | | | 13,147 | | | | 9 | | | | 0.27 | % |
| Subordinated debt | | | 13,401 | | | | 124 | | | | 3.70 | % | | | 13,401 | | | | 95 | | | | 2.84 | % |
| Total deposits and interest bearing liabilities | | | 4,080,210 | | | | 3,095 | | | | 0.30 | % | | | 4,637,559 | | | | 3,203 | | | | 0.28 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Other liabilities | | | 21,329 | | | | | | | | | | | | 10,610 | | | | | | | | | |
| Total liabilities | | | 4,101,539 | | | | | | | | | | | | 4,648,169 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Shareholders' equity | | | 317,975 | | | | | | | | | | | | 320,538 | | | | | | | | | |
| | | $ | 4,419,514 | | | | | | | | | | | $ | 4,968,707 | | | | | | | | | |
| Net interest income on tax equivalent basis* | | | | | | $ | 26,716 | | | | | | | | | | | $ | 26,861 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Tax equivalent adjustment | | | | | | | 341 | | | | | | | | | | | | 1,811 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| Net interest income | | | | | | $ | 26,375 | | | | | | | | | | | $ | 25,050 | | | | | |
| Net interest margin * | | | | | | | | | | | 2.56 | % | | | | | | | | | | | 2.26 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | |
| * Full taxable equivalent basis, using a 35% statutory tax rate. |
| ** Includes loans held for sale. |
| Allowance for loan and lease losses: | Three months ended | | Year ended | | | |
| | March 31, | | March 31, | | December 31, | | | |
| | 2016 | | 2015 | | 2015 | | | |
| | (dollars in thousands) | | | |
| | | | | | | | | |
| Balance in the allowance for loan and lease losses at beginning of period (1) | | $ | 4,400 | | | $ | 3,638 | | | $ | 3,638 | | | |
| | | | | | | | | | | | | | | |
| Loans charged-off: | | | | | | | | | | | | | | |
| SBA non real estate | | | - | | | | 9 | | | | 112 | | | |
| Direct lease financing | | | 20 | | | | - | | | | 30 | | | |
| SBLOC | | | - | | | | - | | | | - | | | |
| Other consumer loans | | | 12 | | | | 52 | | | | 1,219 | | | |
| Total | | | 32 | | | | 61 | | | | 1,361 | | | |
| | | | | | | | | | | | | | | |
| Recoveries: | | | | | | | | | | | | | | |
| SBA non real estate | | | - | | | | - | | | | - | | | |
| Direct lease financing | | | 6 | | | | - | | | | - | | | |
| Other consumer loans | | | 4 | | | | 1 | | | | 23 | | | |
| Total | | | 10 | | | | 1 | | | | 23 | | | |
| Net charge-offs | | | 22 | | | | 60 | | | | 1,338 | | | |
| Provision charged to operations | | | - | | | | 665 | | | | 2,100 | | | |
| | | | | | | | | | | | | | | |
| Balance in allowance for loan and lease losses at end of period | | $ | 4,378 | | | $ | 4,243 | | | $ | 4,400 | | | |
| Net charge-offs/average loans | | | 0.00 | % | | | 0.00 | % | | | 0.11 | % | | |
| Net charge-offs/average loans (annualized) | | | 0.01 | % | | | 0.02 | % | | | 0.11 | % | | |
| Net charge-offs/average assets | | | 0.00 | % | | | 0.00 | % | | | 0.03 | % | | |
| (1) Excludes activity from assets held for sale | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Loan portfolio: | March 31, | | December 31, | | September 30, | | March 31, | |
| | | 2016 | | | 2015 | | | 2015 | | | 2015 | |
| | (dollars in thousands) | |
| | | | | | | | | | | | | | | | | |
| SBA non real estate | | $ | 71,220 | | | $ | 68,887 | | | $ | 64,988 | | | $ | 62,385 | |
| SBA commercial mortgage | | | 120,415 | | | | 114,029 | | | | 116,545 | | | | 84,430 | |
| SBA construction | | | 9,736 | | | | 6,977 | | | | 5,191 | | | | 15,181 | |
| Total SBA loans | | | 201,371 | | | | 189,893 | | | | 186,724 | | | | 161,996 | |
| Direct lease financing | | | 240,670 | | | | 231,514 | | | | 223,929 | | | | 220,559 | |
| SBLOC | | | 592,656 | | | | 575,948 | | | | 539,240 | | | | 447,649 | |
| Other specialty lending | | | 48,153 | | | | 48,315 | | | | 12,119 | | | | 1,862 | |
| Other consumer loans | | | 21,782 | | | | 23,180 | | | | 23,502 | | | | 30,120 | |
| | | | 1,104,632 | | | | 1,068,850 | | | | 985,514 | | | | 862,186 | |
| Unamortized loan fees and costs | | | 9,421 | | | | 9,227 | | | | 9,004 | | | | 8,715 | |
| Total loans, net of deferred loan fees and costs | | $ | 1,114,053 | | | $ | 1,078,077 | | | $ | 994,518 | | | $ | 870,901 | |
| | | | | | | | | | | | | | | | | |
| Small business lending portfolio: | March 31, | | December 31, | | September 30, | | March 31, | |
| | | 2016 | | | 2015 | | | 2015 | | | 2015 | |
| | (dollars in thousands) | |
| | | | | | | | | | | | | | | | | |
| SBA loans, including deferred fees and costs | | | 209,605 | | | | 197,966 | | | | 194,612 | | | | 169,721 | |
| SBA loans included in HFS | | | 124,763 | | | | 109,174 | | | | 86,245 | | | | 52,219 | |
| Total SBA loans | | $ | 334,368 | | | $ | 307,140 | | | $ | 280,857 | | | $ | 221,940 | |
| | | | | | | | | | | | | | | | | |
| Capital Ratios | Tier 1 capital | | Tier 1 capital | | Total capital | | Common equity |
| | to average | | to risk-weighted | | to risk-weighted | | tier 1 to risk |
| | assets ratio | | assets ratio | | assets ratio | | weighted assets |
| As of March 31, 2016 | | | | | | | |
| The Bancorp | 6.97% | | 14.35% | | 14.55% | | 14.35% |
| The Bancorp Bank | 6.68% | | 13.75% | | 13.96% | | 13.75% |
| "Well capitalized" institution (under FDIC regulations) | 5.00% | | 8.00% | | 10.00% | | 6.50% |
| | | | | | | | |
| As of December 31, 2015 | | | | | | | |
| The Bancorp | 7.17% | | 14.67% | | 14.88% | | 14.67% |
| The Bancorp Bank | 6.90% | | 13.98% | | 14.18% | | 13.98% |
| "Well capitalized" institution (under FDIC regulations) | 5.00% | | 8.00% | | 10.00% | | 6.50% |
| | | Three months ended | | | Year ended | | | | |
| | | March 31, | | | December 31, | | | | |
| | | 2016 | | | 2015 | | | 2015 | | | | |
| Selected operating ratios: | | | | | | | | | | | | |
| Return on average assets (annualized) | | nm | | | | 0.02 | % | | | 0.29 | % | | | |
| Return on average equity (annualized) | | nm | | | | 0.26 | % | | | 4.20 | % | | | |
| Net interest margin | | | 2.56 | % | | | 2.26 | % | | | 2.37 | % | | | |
| Book value per share | | $ | 8.34 | | | $ | 8.53 | | | $ | 8.47 | | | | |
| | | | | | | | | | | | | | | | |
| | | March 31, | | | December 31, | | | September 30, | | | March 31, | |
| | | 2016 | | | 2015 | | | 2015 | | | 2015 | |
| Asset quality ratios: | | | | | | | | | | | | | | | | |
Nonperforming loans to total loans (2) | | | 0.24 | % | | | 0.22 | % | | | 0.25 | % | | | 0.52 | % |
Nonperforming assets to total assets (2) | | | 0.06 | % | | | 0.05 | % | | | 0.05 | % | | | 0.09 | % |
| Allowance for loan and lease losses to total loans | | | 0.39 | % | | | 0.41 | % | | | 0.42 | % | | | 0.49 | % |
| | | | | | | | | | | | | | | | | |
| Nonaccrual loans | | $ | 1,908 | | | $ | 1,927 | | | $ | 2,157 | | | $ | 3,744 | |
| Other real estate owned | | | - | | | | - | | | | - | | | | - | |
| Total nonperforming assets | | $ | 1,908 | | | $ | 1,927 | | | $ | 2,157 | | | $ | 3,744 | |
| | | | | | | | | | | | | | | | | |
| Loans 90 days past due still accruing interest | | $ | 787 | | | $ | 403 | | | $ | 294 | | | $ | 769 | |
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(2) Nonperforming loan and asset ratios include nonaccrual loans and loans 90 days past due still accruing interest. | |
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| | | Three months ended | |
| | | March 31, | | | December 31, | | | September 30, | | | March 31, | |
| | | 2016 | | | 2015 | | | 2015 | | | 2015 | |
| | | (in thousands) | |
Gross dollar volume (GDV) (1): | | | | | | | | | | | | | | | | |
| Prepaid card GDV | | $ | 13,512,318 | | | $ | 9,839,782 | | | $ | 9,465,687 | | | $ | 11,712,072 | |
| | | | | | | | | | | | | | | | | |
(1) Gross dollar volume represents the total dollar amount spent on prepaid and debit cards issued by The Bancorp. | |
