The Bancorp, Inc. Reports Fourth Quarter and Fiscal 2006 Earnings
Wilmington, De – January 30, 2007 - The Bancorp, Inc. ("Bancorp") (Nasdaq NM: TBBK)
Fourth Quarter and Fiscal 2006 Financial highlights:
- Total loans increased 56.2% to $1.064 billion at December 31, 2006 from $681.6 million at December 31, 2005
- Efficiency ratio improved to 50.11% for the three months ended December 31, 2006 from 56.48% for the three monthsended December 31, 2005
Bancorp, a bank holding company, reported net income available to common shareholders for the three months ended December 31, 2006 of $3.1 million (after tax expense of $2.5 million), or $0.22 diluted earnings per share, based on diluted shares of 14,398,485, compared to net income available to common shareholders of $2.6 million (after tax expense of $1.4 million), or $0.19 diluted earnings per share, based on diluted shares of 14,072,525, for the three months ended December 31, 2005. Bancorp reported net income available to common shareholders for the year ended December 31, 2006 of $12.3 million (after tax expense of $8.3 million), or $0.86 diluted earnings per share, based on diluted shares of 14,310,050, compared to net income available to common shareholders of $6.3 million (after tax expense of $4.2 million), or $0.48 diluted earnings per share, based on diluted shares of 13,199,925, for the year ended December 31, 2005.
At December 31, 2006, Bancorp's total assets were $1.3 billion, an increase of $416.5 million or 45.4% from December 31, 2005. Loans grew to $1.064 billion, an increase of $383.2 million or 56.2% from those of December 31, 2005, and deposits grew to $1.07 billion, an increase of $336.7 million or 46.0%, from deposits at December 31, 2005. Total common shares outstanding were 13,724,023 at December 31, 2006 and 13,637,148 at December 31, 2005.
Conference Call Webcast
Interested parties can access the LIVE webcast of Bancorp's Quarterly Earnings Conference Call at 9:00 AM EST on
Wednesday, January 31, 2007 by clicking on the webcast link on Bancorp's homepage atwww.thebancorp.com. For those who are not available to listen to the live broadcast, the replay of the webcast will be available following the live call on Bancorp's investor relations website and telephonically until Wednesday, February 7, 2007 by dialing 888-286-8010, access code 66926772.
About Bancorp
Bancorp, a bank holding company that operates The Bancorp Bank, an FDIC-insured commercial bank that delivers a full array of financial services and products both directly and through private-label affinity partner programs nationwide. The Bancorp Bank, through Philadelphia Private Bank, its regional community bank division, serves the needs of small and mid-size businesses and their principals in the Philadelphia-Wilmington region.
The Bancorp, Inc. Contact
Andres Viroslav
215-861-7990
andres.viroslav@thebancorp.com
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| The Bancorp, Inc. |
| Financial highlights |
| (unaudited) |
| | | | | Three months ended | | | | Year ended | | |
| | | | | December 31, | | | | | | December 31, | | |
| | | 2006 | | | | 2005 | | | | 2006 | | | | 2005 |
| | | | | (unaudited) (dollars in thousands except per share data) | | |
| |
| Condensed income statement | | | | | | | | | | | | | | | | |
| Net interest income | | $ | | 11,954 | | $ | | 9,572 | | $ | | 44,273 | | $ | | 32,159 |
| Provision for loan and lease losses | | | | 850 | | | | 500 | | | | 2,975 | | | | 2,100 |
| Non-interest income | | | | 1,216 | | | | 1,048 | | | | 5,038 | | | | 4,323 |
| Non-interest expense | | | | 6,599 | | | | 6,005 | | | | 25,505 | | | | 21,469 |
| Net income from operations | | | | 5,721 | | | | 4,115 | | | | 20,831 | | | | 12,913 |
| Prepayment expense for the redemption of trust preferred | | | | | | | | | | | | | | | | |
| subordinated debt | | | | - | | | | - | | | | - | | | | (1,285) |
| Net income before income tax expense | | | | 5,721 | | | | 4,115 | | | | 20,831 | | | | 11,628 |
| Income tax expense | | | | 2,528 | | | | 1,422 | | | | 8,331 | | | | 4,181 |
| Net income | | | | 3,193 | | | | 2,693 | | | | 12,500 | | | | 7,447 |
| Less preferred stock dividends and accretion | | | | (18) | | | | (20) | | | | (75) | | | | (598) |
| Income allocated to Series A preferred shareholders | | | | (27) | | | | (26) | | | | (110) | | | | (72) |
| Less preferred stock conversion dividend | | | | - | | | | - | | | | - | | | | (459) |
| Net income available to common shareholders | | $ | | 3,148 | | $ | | 2,647 | | $ | | 12,315 | | $ | | 6,318 |
| |
| Basic earnings per share | | $ | | 0.23 | | $ | | 0.19 | | $ | | 0.90 | | $ | | 0.49 |
| |
| Diluted earnings per share | | $ | | 0.22 | | $ | | 0.19 | | $ | | 0.86 | | $ | | 0.48 |
| Weighted average shares - basic | | 13,706,406 | | | | 13,586,489 | | | | 13,673,730 | | | | 12,805,690 |
| Weighted average shares - diluted | | 14,398,485 | | | | 14,072,525 | | | | 14,310,050 | | | | 13,199,925 |
| |
| |
| | | December 31, | | September 30, | | | | June 30, | | December 31, |
| | | 2006 | | | | 2006 | | | | 2006 | | | | 2005 |
| Condensed balance sheet | | | | | | | | (unaudited) | | | | | | |
| Assets | | | | | | | | | | | | | | | | |
| Federal funds sold | | $ | | 122,048 | | $ | | 156,222 | | $ | | 118,918 | | $ | | 89,437 |
| Investment securities | | | | 115,946 | | | | 115,477 | | | | 113,725 | | | | 103,596 |
| Loans | | 1,064,819 | | | | 947,501 | | | | 842,822 | | | | 681,582 |
| Allowance for loan and lease losses | | | | (8,400) | | | | (7,583) | | | | (6,751) | | | | (5,513) |
| Other assets | | | | 40,245 | | | | 41,447 | | | | 36,645 | | | | 48,369 |
| Total assets | | $ 1,334,658 | | $ | | 1,253,064 | | $ | | 1,105,359 | | $ | | 917,471 |
| |
| Liabilities and shareholders' equity | | | | | | | | | | | | | | | | |
| Transaction accounts | | | | 611,286 | | | | 509,868 | | $ | | 479,687 | | | | 467,826 |
| Time deposits | | | | 457,969 | | | | 511,600 | | | | 417,164 | | | | 264,762 |
| Total deposits | | 1,069,255 | | | | 1,021,468 | | | | 896,851 | | | | 732,588 |
| Other borrowings | | | | 108,145 | | | | 81,181 | | | | 64,569 | | | | 46,908 |
| Other liabilities | | | | 8,349 | | | | 4,990 | | | | 3,213 | | | | 3,028 |
| Shareholders' equity | | | | 148,909 | | | | 145,425 | | | | 140,726 | | | | 134,947 |
| Total liabilities and shareholders' equity | | $ 1,334,658 | | $ | | 1,253,064 | | $ | | 1,105,359 | | $ | | 917,471 |
| | | Fourth | | | | Third | | Second | | | | Fourth |
| | | quarter | | | | quarter | | quarter | | | | quarter |
| Average condensed balance sheet | | average 2006 | | average 2006 | | average 2006 | | average 2005 |
| Assets | | | | | | | | | | | | |
| Federal funds sold | | $ 61,665 | | $ | | 57,148 | | $ 57,762 | | $ | | 63,742 |
| Investment securities | | 114,406 | | | | 113,337 | | 112,885 | | | | 104,888 |
| Loans | | 990,788 | | | | 899,369 | | 803,704 | | | | 631,554 |
| Allowance for loan and lease losses | | (7,915) | | | | (7,022) | | (6,359) | | | | (5,268) |
| Other assets | | 37,514 | | | | 34,382 | | 35,614 | | | | 42,237 |
| Total assets | | $ 1,196,458 | | $ | | 1,097,214 | | $ 1,003,606 | | $ | | 837,153 |
| |
| Liabilities and shareholders' equity | | | | | | | | | | | | |
| Transaction accounts | | $ 500,615 | | $ | | 464,223 | | $ 474,392 | | $ | | 413,473 |
| Time deposits | | 497,715 | | | | 443,585 | | 348,607 | | | | 259,073 |
| Total deposits | | 998,330 | | | | 907,808 | | 822,999 | | | | 672,546 |
| Other borrowings | | 42,505 | | | | 43,765 | | 37,130 | | | | 28,492 |
| Other liabilities | | 8,175 | | | | 4,368 | | 4,972 | | | | 2,176 |
| Shareholders' equity | | 147,448 | | | | 141,273 | | 138,505 | | | | 133,939 |
| Total liabilities and shareholders' equity | | $ 1,196,458 | | $ | | 1,097,214 | | $ 1,003,606 | | $ | | 837,153 |
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| Loan Portfolio | | | | | | | | | | | | |
| | | December 31, | | September 30, | | June 30, | | December 31, |
| | | 2006 | | | | 2006 | | 2006 | | | | 2005 |
| | | Amount | | | | Amount | | Amount | | | | Amount |
| |
| Commercial | | $ 199,397 | | $ | | 154,750 | | $ 136,892 | | $ | | 104,337 |
| Commercial mortgage | | 327,639 | | | | 287,719 | | 238,406 | | | | 205,470 |
| Construction | | 275,079 | | | | 245,338 | | 227,842 | | | | 168,149 |
| Total commercial loans | | 802,115 | | | | 687,807 | | 603,140 | | | | 477,956 |
| Direct financing leases, net | | 92,947 | | | | 93,447 | | 92,729 | | | | 81,162 |
| Residential mortgage | | 62,413 | | | | 62,763 | | 67,823 | | | | 62,378 |
| Consumer loans and others | | 108,374 | | | | 104,174 | | 79,867 | | | | 60,972 |
| | | 1,065,849 | | | | 948,191 | | 843,559 | | | | 682,468 |
| Unamortized fees | | (1,030) | | | | (690) | | (737) | | | | (886) |
| Total loans, net of unamortized fees and costs | | $ 1,064,819 | | $ | | 947,501 | | $ 842,822 | | $ | | 681,582 |
| |
| |
| | | Three months ended | | Year ended | | |
| | | December 31, | | | | December 31, | | |
| | | 2006 | | | | 2005 | | 2006 | | | | 2005 |
| Selected operating ratios | | | | | | | | | | | | |
| Return on average assets | | 1.07% | | | | 1.29% | | 1.19% | | | | 1.02% |
| Return on average equity | | 8.66% | | | | 8.05% | | 8.89% | | | | 5.69% |
| Net interest margin | | 4.09% | | | | 4.75% | | 4.32% | | | | 4.57% |
| Efficiency ratio | | 50.11% | | | | 56.48% | | 51.72% | | | | 62.47% |
| Book value per share | | $ 10.76 | | $ | | 9.80 | | $ 10.76 | | $ | | 9.80 |
| | | | | As of or for the period ended |
| | | | | December 31, | | |
| Asset quality ratios | | | | 2006 | | | | 2005 |
| Nonperforming loans to total loans | | | | 0.06% | | | | 0.08% |
| Nonperforming assets to total assets | | | | 0.05% | | | | 0.06% |
| Allowance for loan and lease losses to total loans | | | | 0.79% | | | | 0.81% |
| Nonaccrual loans | | $ | | - | | $ | | - |
| Loans 90 days past due still accruing interest | | $ | | 668 | | $ | | 538 |
