The Bancorp, Inc. Reports First Quarter 2007 Earnings
Wilmington, De - April 30, 2007 - The Bancorp, Inc. ("Bancorp") (Nasdaq NM: TBBK)
First Quarter 2007 Financial highlights:
- Diluted earnings per share increased 25% to $0.25 at March 31, 2007 from $0.20 at March 31, 2006
- Deposits increased 45.1% to $1.228 billion at March 31, 2007 from March 31, 2006
- Loans increased 44.7% to $1.102 billion at March 31, 2007 from March 31, 2006
Bancorp, a bank holding company, reported net income available to common shareholders for the three months ended March 31, 2007 of $3.6 million, or $0.25 diluted earnings per share, based on diluted shares of 14,417,329, compared to net income available to common shareholders of $2.8 million, or $0.20 diluted earnings per share, based on diluted shares of 14,170,237, for the three months ended March 31, 2006.
At March 31, 2007, Bancorp's total assets were $1.4 billion, an increase of $361.8 million or 35% from March 31, 2006 and an increase of $59.4 million or 4.5% from December 31, 2006. Loans grew to $1.102 billion, an increase of $340.6 million or 44.7% from March 31, 2006 and an increase of $37.6 million or 3.5% from those of December 31, 2006. In the first quarter of 2007 loan repayments totaled $77.9 million as compared to average loan repayments per quarter of $31.9 million for 2006. Deposits grew to $1.228 billion, an increase of $382.0 million or 45.1% from March 31, 2006 and an increase of $158.8 million or 14.9%, from deposits at December 31, 2006. Total common shares outstanding were 13,778,857 at March 31, 2007 and 13,724,023 at December 31, 2006.
Conference Call Webcast
Interested parties can access the LIVE webcast of Bancorp's Quarterly Earnings Conference Call at 2:00 PM EST on Monday, April 30, 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 Monday, May 7, 2007 by dialing 888-286-8010, access code 89498781.
About Bancorp
The Bancorp, Inc. is 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's 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
The Bancorp, Inc. |
Financial highlights |
(unaudited) |
| Three months ended | | |
| March 31, | | |
| 2007 | | 2006 | | | | |
| (dollars in thousands except per share data) | | | | |
| | | | | |
Condensed income statement | | | | | | | |
Net interest income | $ 12,554 | | $ 10,226 | | | | |
Provision for loan and lease losses | 750 | | 600 | | | | |
Non-interest income | 1,506 | | 1,300 | | | | |
Non-interest expense | 7,435 | | 6,373 | | | | |
Net income before income tax expense | 5,875 | | 4,553 | | | | |
Income tax expense | 2,293 | | 1,698 | | | | |
Net income | 3,582 | | 2,855 | | | | |
Less preferred stock dividends and accretion | (29) | | (27) | | | | |
Income allocated to Series A preferred shareholders | (18) | | (20) | | | | |
Net income available to common shareholders | $ 3,535 | | $ 2,808 | | | | |
| | | | | | | |
Basic earnings per share | $ 0.26 | | $ 0.21 | | | | |
| | | | | | | |
Diluted earnings per share | $ 0.25 | | $ 0.20 | | | | |
Weighted average shares - basic | 13,753,476 | | 13,639,598 | | | | |
Weighted average shares - diluted | 14,417,329 | | 14,170,237 | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| March 31, | | December 31, | | September 30, | | March 31, |
| 2007 | | 2006 | | 2006 | | 2006 |
Condensed balance sheet | | | | | | | |
Assets | | | | | | | |
Federal funds sold | $ 148,832 | | $ 122,048 | | $ 156,222 | | $ 129,623 |
Investment securities | 114,794 | | 115,946 | | 115,477 | | 113,603 |
Loans | 1,102,371 | | 1,064,819 | | 947,501 | | 761,783 |
Allowance for loan and lease losses | (8,857) | | (8,400) | | (7,583) | | (6,074) |
Other assets | 37,143 | | 40,425 | | 41,447 | | 33,554 |
Total assets | $ 1,394,283 | | $ 1,334,838 | | $ 1,253,064 | | $ 1,032,489 |
| | | | | | | |
Liabilities and shareholders' equity | | | | | | | |
Transaction accounts | $ 744,256 | | $ 611,286 | | $ 509,867 | | $ 510,151 |
Time deposits | 483,779 | | 457,969 | | 511,600 | | 335,911 |
Total deposits | 1,228,035 | | 1,069,255 | | 1,021,467 | | 846,062 |
Other borrowings | 4,116 | | 108,145 | | 81,181 | | 44,985 |
Other liabilities | 8,611 | | 8,530 | | 4,991 | | 4,025 |
Shareholders' equity | 153,521 | | 148,908 | | 145,425 | | 137,417 |
Total liabilities and shareholders' equity | $ 1,394,283 | | $ 1,334,838 | | $ 1,253,064 | | $ 1,032,489 |
| | | | | | | |
| First | | Fourth | | Third | | First |
| quarter | | quarter | | quarter | | quarter |
Average condensed balance sheet | average 2007 | | average 2006 | | average 2006 | | average 2006 |
Assets | | | | | | | |
Federal funds sold | $ 108,008 | | $ 61,665 | | $ 57,301 | | $ 67,130 |
Investment securities | 115,313 | | 114,406 | | 113,352 | | 110,689 |
Loans | 1,072,293 | | 990,788 | | 899,376 | | 701,090 |
Allowance for loan and lease losses | (8,746) | | (7,915) | | (7,022) | | (5,775) |
Other assets | 36,461 | | 37,514 | | 34,231 | | 38,092 |
Total assets | $ 1,323,329 | | $ 1,196,458 | | $ 1,097,238 | | $ 911,226 |
| | | | | | | |
Liabilities and shareholders' equity | | | | | | | |
Transaction accounts | $ 605,375 | | $ 500,615 | | $ 464,245 | | $ 450,736 |
Time deposits | 488,344 | | 497,715 | | 443,585 | | 272,738 |
Total deposits | 1,093,719 | | 998,330 | | 907,830 | | 723,474 |
Other borrowings | 68,186 | | 42,505 | | 43,765 | | 48,700 |
Other liabilities | 11,304 | | 8,175 | | 4,357 | | 3,344 |
Shareholders' equity | 150,120 | | 147,448 | | 141,286 | | 135,708 |
Total liabilities and shareholders' equity | $ 1,323,329 | | $ 1,196,458 | | $ 1,097,238 | | $ 911,226 |
| | | | | | | |
Loan Portfolio | | | | | | | |
| March 31, | | December 31, | | September 30, | | March 31, |
| 2007 | | 2006 | | 2006 | | 2006 |
| Amount | | Amount | | Amount | | Amount |
| | | | | | | |
Commercial | $ 226,887 | | $ 199,397 | | $ 154,750 | | $ 121,756 |
Commercial mortgage | 323,741 | | 327,639 | | 287,719 | | 222,746 |
Construction | 293,915 | | 275,079 | | 245,338 | | 199,292 |
Total commercial loans | 844,543 | | 802,115 | | 687,807 | | 543,794 |
Direct financing leases, net | 83,211 | | 92,947 | | 93,447 | | 90,145 |
Residential mortgage | 57,287 | | 62,413 | | 62,763 | | 64,658 |
Consumer loans and others | 117,595 | | 108,374 | | 104,174 | | 63,961 |
| 1,102,636 | | 1,065,849 | | 948,191 | | 762,558 |
Unamortized fees | (265) | | (1,030) | | (690) | | (775) |
Total loans, net of unamortized fees and costs | $ 1,102,371 | | $ 1,064,819 | | $ 947,501 | | $ 761,783 |
| | | | | | | |
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| Three months ended | | |
| March 31, | | |
| 2007 | | 2006 | | | | |
Selected operating ratios | | | | | | | |
Return on average assets | 1.08% | | 1.25% | | | | |
Return on average equity | 9.54% | | 8.42% | | | | |
Net interest margin | 3.87% | | 4.65% | | | | |
Efficiency ratio | 52.88% | | 55.29% | | | | |
Book value per share | $ 11.05 | | $ 9.98 | | | | |
| | | | | | | |
| As of or for the period ended | | | | |
| March 31, | | | | |
Asset quality ratios | 2007 | | 2006 | | | | |
Nonperforming loans to total loans | 0.03% | | 0.04% | | | | |
Nonperforming assets to total assets | 0.02% | | 0.03% | | | | |
Allowance for loan and lease losses to total loans | 0.80% | | 0.80% | | | | |
Nonaccrual loans | - | | - | | | | |
Loans 90 days past due still accruing interest | 279 | | 270 | | | | |
