The Bancorp, Inc. Reports Second Quarter 2005 Earnings
Wilmington, DE – July 26, 2005 – The Bancorp, Inc. (“Bancorp”) (Nasdaq NM: TBBK)
Financial highlights:
•
Return on average assets for the three months ended June 30, 2005 increased to 1.03% from 0.60% at June 30, 2004
•
Diluted earnings per share for the three months ended June 30, 2005 of $0.12 compared to $0.04 for the three months ended June 30, 2004
•
Loans increased $129.9 million or 30.4 % from December 31, 2004
Bancorp, a financial holding company, reported net income available to common shareholders for the three months ended June 30, 2005 of $1.5 million, or $0.12 diluted earnings per share, compared to net income available to common shareholders of $404,000, or $0.04 diluted earnings per share, for the three months ended June 30, 2004. Bancorp reported net income available to common shareholders for the six months ended June 30, 2005 of $1.9 million, or $0.15 diluted earnings per share, including non-recurring expenses of $1.3 million ($0.06 per diluted share) related to the early redemption of trust preferred subordinated debt, compared to net income available to common shareholders for the six months ended June 30, 2004 of $415,000, or $0.05 diluted earnings per share.
At June 30, 2005, Bancorp’s total assets were $736.6 million, an increase of $160.2 million or 27.8% from December 31, 2004. Loans grew to $557.8 million an increase of $129.9 million or 30.4% from those of December 31, 2004, and deposits grew to $557.1 million, an increase of $169.0 million or 43.5% during the same period. Total common shares outstanding were 12,576,767 at June 30, 2005 and 11,888,061 at December 31, 2004.
Conference Call Webcast Interested parties can access the LIVE webcast of Bancorp’s Quarterly Earnings Conference Call at 10:00 AM EDT on Wednesday, July 27, 2005 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 Wednesday, August 3, 2005 by dialing 888-286-8010, access code 95010995.
About The Bancorp, Inc. 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, 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
1
The Bancorp, Inc. Financial highlights (unaudited)
Three months ended
Six months ended
June 30,
June 30,
2005
2004
2005
2004
(dollars in thousands except per share data)
Condensed income statement
Net interest income
$
7,362
$
4,094
$
13,832
$
7,384
Provision for loan and lease losses
550
400
1,050
732
Non-interest income
1,291
711
2,305
1,419
Non-interest expense
5,248
3,716
10,120
7,124
Net income from operations
2,855
689
4,967
947
Payment expense from redemption of trust preferred
subordinated debt
—
—
(1,285
)
—
Net income before income tax expense
2,855
689
3,682
947
Income tax expense
973
—
1,234
—
Net income
1,882
689
(1)
2,448
947
(1)
Less preferred stock dividends and accretion
(204
)
(223
)
(408
)
(446
)
Income allocated to Series A preferred shareholders
(141
)
(62
)
(186
)
(86
)
Net income available to common shareholders
$
1,537
$
404
$
1,854
$
415
Basic earnings per share excluding loss from early redemption
of trust preferred securities net of tax expense of $436,000
$
0.12
$
0.04
$
0.21
$
0.05
Basic earnings per share from early redemption
of trust preferred securities net of tax expense of $436,000
$
—
$
—
$
(0.06
)
$
—
Basic earnings per share
$
0.12
$
0.04
$
0.15
$
0.05
Diluted earnings per share excluding loss from early redemption
of trust preferred securities net of tax expense of $436,000
$
0.12
$
0.04
$
0.21
$
0.05
Diluted earnings per share from early redemption
of trust preferred securities net of tax expense of $436,000
$
—
$
—
$
(0.06
)
$
—
Diluted earnings per share
$
0.12
$
0.04
$
0.15
$
0.05
Weighted average shares — basic
12,414,366
10,596,997
(2)
12,305,548
8,838,217
(2)
Weighted average shares — diluted
12,849,131
10,823,785
(2)
12,699,731
9,065,004
(2)
June 30,
March 31,
December 31,
June 30,
2005
2005
2004
2004
Condensed balance sheet
Assets
Federal funds sold
$
4,858
$
34,055
$
8,291
$
59,373
Investment securities
107,860
98,675
120,252
107,025
Loans
557,824
497,782
427,881
317,560
Allowance for loan and lease losses
(4,661
)
(4,101
)
(3,593
)
(2,709
)
Other assets
70,625
32,193
23,448
22,217
Total assets
$
736,506
$
658,604
$
576,279
$
503,466
Liabilities and shareholders’ equity
Transaction accounts
$
323,972
$
268,820
$
205,249
$
225,281
Time deposits
233,095
215,270
182,832
131,775
Total deposits
557,067
484,090
388,081
357,056
Other borrowings
45,252
46,837
60,052
33,289
Trust preferred subordinated debt
5,413
5,413
Other liabilities
3,504
2,559
1,331
459
Shareholder’s equity
130,683
125,118
121,402
107,249
(3)
Total liabilities and shareholders’ equity
$
736,506
$
658,604
$
576,279
$
503,466
Second
First
Fourth
Second
quarter
quarter
quarter
quarter
average 2005
average 2005
average 2004
average 2004
Average condensed balance sheet
Assets
Federal funds sold
$
65,345
$
20,066
$
36,749
$
30,707
Investment securities
105,558
109,260
116,518
117,866
Loans
530,003
453,158
383,800
296,932
Allowance for loan and lease losses
(4,278
)
(3,671
)
(3,050
)
(2,506
)
Other assets
37,173
30,164
18,839
16,270
Total assets
$
733,801
$
608,977
$
552,856
$
459,269
Liabilities and shareholders’ equity
Transaction accounts
$
347,151
$
232,419
$
228,990
$
195,735
Time deposits
212,781
193,436
150,291
124,862
Total deposits
559,932
425,855
379,281
320,597
Other borrowings
43,322
54,337
47,769
27,412
Trust preferred
5,250
5,413
Guaranteed preferred interest in Company’s
subordinated debt
5,250
Other liabilities
3,324
747
392
114
Shareholders’ equity
127,223
122,788
120,001
105,896
(3)
Total liabilities and shareholders’ equity
$
733,801
$
608,977
$
552,856
$
459,269
June 30,
March 31,
December 31,
June 30,
2005
2005
2004
2004
Amount
Amount
Amount
Amount
Loan Portfolio
Commercial
$
96,775
$
90,264
$
89,327
$
59,840
Commercial mortgage
167,185
149,883
140,755
115,323
Construction
133,962
116,014
97,239
61,723
Total commercial loans
397,922
356,161
327,321
236,886
Direct financing leases, net
75,266
72,566
44,795
40,188
Residential mortgage
47,115
43,148
31,388
22,437
Consumer loans and others
38,205
26,488
24,894
17,889
558,508
498,363
428,398
317,400
Unamortized costs
(684
)
(581
)
(517
)
160
Total loans, net of unamortized fees and costs
$
557,824
$
497,782
$
427,881
$
317,560
Three months ended
Six months ended
June 30,
June 30,
2005
2004
2005
2004
Selected operating ratios
Return on average assets
1.03
%
0.60
%
0.73
%
0.46
%
Return on average equity
5.92
%
2.60
%
3.91
%
2.17
%
Net interest margin
4.20
%
3.66
%
4.31
%
3.71
%
Efficiency ratio
60.65
%
80.55
%
62.97
%
83.71
%
Book value per share
$
9.61
$
9.02
$
9.61
$
9.02
As of or for the period ended
June 30,
2005
2004
Asset quality ratios
Nonperforming loans to total loans
0.23
%
Nonperforming assets to total assets
0.18
%
Allowance for loan and lease losses to total loans
0.84
%
0.85
%
Nonaccrual loans
$
205
$
—
Loans 90 days past due still accruing interest
$
1,087
$
—
(1) The June 30, 2004 net income reflects the December 2004 reorganization by eliminating the minority interest previously presented.
(2) The June 30, 2004 earnings per share and book value calculations include the shares issued in The Bancorp Bank’s public offering in February 2004. These shares were issued by The Bancorp, Inc. in December 2004 upon the completion of our reorganization.
(3) The June 30, 2004 shareholders’ equity includes the funds raised from The Bancorp Bank’s public offering in February 2004. These funds were contributed in December 2004 to The Bancorp, Inc. upon completion of our reorganization.
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