The Bancorp, Inc. Reports Third Quarter Earnings
Wilmington, DE - October 29, 2007 - The Bancorp, Inc. ("Bancorp") (Nasdaq NM: TBBK)
Third Quarter and Fiscal 2007 Financial highlights:
- Diluted earnings per share for the three months ended September 30, 2007 increased 17.4% to $0.27 compared to $0.23 for the three months ended September 30, 2006.
- Total loans increased 27.4% on an annualized basis to $1.262 billion at September 30, 2007 from $1.181 billion at June 30, 2007.
Bancorp, a bank holding company, reported net income available to common shareholders for the three months ended September 30, 2007 of $3.8 million, or $0.27 diluted earnings per share, based on 14,301,852 diluted shares, compared to net income available to common shareholders of $3.2 million, or $0.23 diluted earnings per share, based on 14,341,277 diluted shares, for the three months ended September 30, 2006. Bancorp reported net income available to common shareholders for the nine months ended September 30, 2007 of $11.2 million, or $0.78 diluted earnings per share, based on 14,374,789 diluted shares, compared to net income available to common shareholders of $9.2 million, or $0.64 diluted earnings per share, based on 14,273,151 diluted shares, for the nine months ended September 30, 2006.
At September 30, 2007, Bancorp's total assets were $1.508 billion, an increase of $173.4 million or 13.0% from December 31, 2006. Loans grew to $1.262 billion, an increase of $197.5 million or 18.5% from those of December 31, 2006, and deposits increased to $1.106 billion, an increase of $36.7 million or 3.4%, from deposits at December 31, 2006.
Conference Call Webcast
Interested parties can access the LIVE webcast of Bancorp's Quarterly Earnings Conference Call at 10:30 AM EST on Tuesday, October 30, 2007 by clicking on the webcast link on Bancorp's homepage at www.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 Tuesday, November 6, 2007 by dialing 888-286-8010, access code 82486494.
About Bancorp
Bancorp is a financial 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
The Bancorp, Inc. | |||||||
Financial highlights | |||||||
(unaudited) | |||||||
Three months ended | Nine months ended | ||||||
September 30, | September 30, | ||||||
2007 | 2006 | 2007 | 2006 | ||||
(dollars in thousands except per share data) | (dollars in thousands except per share data) | ||||||
Condensed income statement | |||||||
Net interest income | $ 13,753 | $ 11,285 | $ 39,119 | $ 32,319 | |||
Provision for loan and lease losses | 750 | 825 | 2,250 | 2,125 | |||
Non-interest income | 1,161 | 1,089 | 4,342 | 3,822 | |||
Non-interest expense | 7,701 | 6,191 | 22,439 | 19,057 | |||
Net income before income tax expense | 6,463 | 5,358 | 18,772 | 14,959 | |||
Income tax expense | 2,609 | 2,074 | 7,413 | 5,652 | |||
Net income | 3,854 | 3,284 | 11,359 | 9,307 | |||
Less preferred stock dividends and accretion | (17) | (29) | (52) | (83) | |||
Income allocated to Series A preferred shareholders | (31) | (17) | (92) | (57) | |||
Net income available to common shareholders | $ 3,806 | $ 3,238 | $ 11,215 | $ 9,167 | |||
Basic earnings per share | $ 0.28 | $ 0.24 | $ 0.81 | $ 0.67 | |||
Diluted earnings per share | $ 0.27 | $ 0.23 | $ 0.78 | $ 0.64 | |||
Weighted average shares - basic | 13,812,944 | 13,685,520 | 13,787,093 | 13,662,718 | |||
Weighted average shares - diluted | 14,301,852 | 14,341,277 | 14,374,789 | 14,273,151 | |||
September 30, | June 30, | December 31, | September 30, | ||||
2007 | 2007 | 2006 | 2006 | ||||
Condensed balance sheet | |||||||
Assets | |||||||
Federal funds sold | $ 87,394 | $ 136,290 | $ 122,048 | $ 156,222 | |||
Investment securities | 117,790 | 115,810 | 115,946 | 115,477 | |||
Loans | 1,262,333 | 1,181,391 | 1,064,819 | 947,501 | |||
Allowance for loan and lease losses | (9,527) | (9,387) | (8,400) | (7,583) | |||
Other assets | 50,197 | 44,309 | 40,425 | 41,447 | |||
Total assets | $ 1,508,187 | $ 1,468,413 | $ 1,334,838 | $ 1,253,064 | |||
Liabilities and shareholders' equity | |||||||
Transaction accounts | $ 706,175 | $ 716,202 | $ 614,425 | $ 511,605 | |||
Time deposits | 399,749 | 434,885 | 454,830 | 509,862 | |||
Total deposits | 1,105,924 | 1,151,087 | 1,069,255 | 1,021,467 | |||
Total borrowings | 233,845 | 152,823 | 108,145 | 81,181 | |||
Other liabilities | 5,834 | 7,579 | 8,530 | 4,991 | |||
Shareholder's equity | 162,584 | 156,924 | 148,908 | 145,425 | |||
Total liabilities and shareholders' equity | $ 1,508,187 | $ 1,468,413 | $ 1,334,838 | $ 1,253,064 | |||
Third | Second | Fourth | Third | ||||
quarter | quarter | quarter | quarter | ||||
Average condensed balance sheet | average 2007 | average 2007 | average 2006 | average 2006 | |||
Assets | |||||||
Federal funds sold | $ 30,536 | $ 70,432 | $ 61,665 | $ 57,301 | |||
Investment securities | 114,361 | 112,343 | 114,406 | 113,352 | |||
Loans | 1,213,002 | 1,132,682 | 990,788 | 899,376 | |||
Allowance for loan and lease losses | (9,748) | (9,221) | (7,915) | (7,022) | |||
Other assets | 43,868 | 37,405 | 37,514 | 34,231 | |||
Total assets | $ 1,392,019 | $ 1,343,641 | $ 1,196,458 | $ 1,097,238 | |||
Liabilities and shareholders' equity | |||||||
Transaction accounts | $ 725,666 | $ 743,402 | $ 503,019 | $ 464,245 | |||
Time deposits | 385,387 | 404,912 | 495,311 | 443,585 | |||
Total deposits | 1,111,053 | 1,148,314 | 998,330 | 907,830 | |||
Total borrowings | 116,144 | 30,512 | 42,505 | 43,765 | |||
Other liabilities | 6,876 | 9,977 | 8,175 | 4,357 | |||
Shareholders' equity | 157,946 | 154,838 | 147,448 | 141,286 | |||
Total liabilities and shareholders' equity | $ 1,392,019 | $ 1,343,641 | $ 1,196,458 | $ 1,097,238 | |||
Loan Portfolio | |||||||
September 30, | June 30, | December 31, | June 30, | ||||
2007 | 2007 | 2006 | 2006 | ||||
Amount | Amount | Amount | Amount | ||||
Commercial | $ 282,339 | $ 256,362 | $ 199,397 | $ 154,750 | |||
Commercial mortgage | 383,397 | 355,717 | 327,639 | 287,719 | |||
Construction | 314,543 | 297,007 | 275,079 | 245,338 | |||
Total commercial loans | 980,279 | 909,086 | 802,115 | 687,807 | |||
Direct financing leases, net | 89,564 | 88,076 | 92,947 | 93,447 | |||
Residential mortgage | 50,553 | 53,743 | 62,413 | 62,763 | |||
Consumer loans and others | 142,221 | 130,598 | 108,374 | 104,174 | |||
1,262,617 | 1,181,503 | 1,065,849 | 948,191 | ||||
Unamortized costs (fees) | (284) | (112) | (1,030) | (690) | |||
Total loans, net of unamortized fees and costs | $ 1,262,333 | $ 1,181,391 | $ 1,064,819 | $ 947,501 | |||
Three months ended | Nine months ended | ||||||
September 30, | September 30, | ||||||
2007 | 2006 | 2007 | 2006 | ||||
Selected operating ratios | |||||||
Return on average assets | 1.11% | 1.20% | 1.12% | 1.24% | |||
Return on average equity | 9.76% | 9.30% | 9.81% | 8.97% | |||
Net interest margin | 4.05% | 4.21% | 3.93% | 4.41% | |||
Efficiency ratio | 51.64% | 50.04% | 51.63% | 52.73% | |||
Book value per share | $ 11.67 | $ 10.52 | $ 11.67 | $ 10.52 | |||
As of or for the period ended | |||||||
September 30, | |||||||
Asset quality ratios | 2007 | 2006 | |||||
Nonperforming loans to total loans | 0.22% | 0.77% | |||||
Nonperforming assets to total assets | 0.28% | 0.58% | |||||
Allowance for loan and lease losses to total loans | 0.75% | 0.80% | |||||
Nonaccrual loans | $ 2,329 | $ - | |||||
Loans 90 days past due still accruing interest | $ 374 | $ 7,266 | |||||
Other real estate owned | $ 1,566 | $ - | |||||