The Bancorp, Inc. Reports Third Quarter 2005 Earnings
Wilmington, Del. — October 25, 2005 — The Bancorp, Inc. (“Bancorp”) (Nasdaq NM: TBBK)
Financial highlights:
•
Return on average assets for the three months ended September 30, 2005 increased to 1.22% from 0.66% at September 30, 2004
•
Loans increased $265.4 million or 76.4% from September 30, 2004
•
Total assets grew to $838.8 million an increase of $306.5 million from September 30, 2004
Bancorp, a financial holding company, reported net income available to common shareholders for the three months ended September 30, 2005 of $1.7 million, or $0.12 diluted earnings per share, including a non-recurring expense of $459,000 ($0.04 per diluted share) related to a preferred stock conversion dividend, compared to net income available to common shareholders of $609,000, or $0.05 diluted earnings per share, for the three months ended September 30, 2004. Bancorp reported net income available to common shareholders for the nine months ended September 30, 2005 of $3.7 million, or $0.28 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 and $459,000 ($0.04 per diluted share) related to preferred stock conversion dividends, compared to net income available to common shareholders for the nine months ended September 30, 2004 of $1.0 million, or $0.10 diluted earnings per share.
At September 30, 2005, Bancorp’s total assets were $838.8 million, an increase of $262.6 million or 45.6% from December 31, 2004. Loans grew to $612.7 million an increase of $184.8 million or 43.2% from those of December 31, 2004, and deposits grew to $657.7 million, an increase of $269.6 million or 69.5% during the same period. Total common shares outstanding were 13,588,935 at September 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 8:30 AM EDT on Wednesday, October 26, 2005 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, November 2, 2005 by dialing 888-286-8010, access code 93639922.
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
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The Bancorp, Inc. Financial highlights (unaudited)
Three months ended
Nine months ended
September 30,
September 30,
2005
2004
2005
2004
(dollars in thousands except per share data)
Condensed income statement
Net interest income
$
8,755
$
4,766
$
22,587
$
12,150
Provision for loan and lease losses
550
250
1,600
982
Non-interest income
970
744
3,275
2,163
Non-interest expense
5,670
4,431
15,790
11,555
Net income from operations
3,505
829
8,472
1,776
Payment expense from redemption of trust preferred
subordinated debt
—
—
(1,285
)
—
Net income before income tax expense
3,505
829
7,187
1,776
Income tax expense
1,199
—
2,433
—
Net income
2,306
829
4,754
1,776
Less preferred stock dividends and accretion
(171
)
(149
)
(579
)
(600
)
Income allocated to Series A preferred shareholders
(21
)
(71
)
(45
)
(152
)
Less preferred stock conversion dividend
(459
)
—
(459
)
—
Net income available to common shareholders
$
1,655
$
609
(1)
$
3,671
$
1,024
(1)
Basic earnings per share net of preferred stock
conversion dividend
$
0.16
$
0.05
$
0.33
$
0.10
Basic earnings per share from preferred stock
conversion dividend
$
(0.04
)
$
—
$
(0.04
)
$
—
Basic earnings per share
$
0.12
$
0.05
$
0.29
$
0.10
Diluted earnings per share net of preferred stock
conversion dividend
$
0.16
$
0.05
$
0.32
$
0.10
Diluted earnings per share from preferred stock
conversion dividend
$
(0.04
)
$
—
$
(0.04
)
$
—
Diluted earnings per share
$
0.12
$
0.05
$
0.28
$
0.10
Weighted average shares — basic
12,917,879
11,617,580
(2)
12,540,093
9,774,875
(2)
Weighted average shares — diluted
13,426,497
11,712,362
(2)
12,948,421
9,823,047
(2)
September 30,
June 30,
December 31,
September 30,
2005
2005
2004
2004
Condensed balance sheet
Assets
Federal funds sold
$
85,811
$
4,858
$
8,291
$
53,604
Investment securities
105,888
107,860
120,252
113,810
Loans
612,712
556,421
427,881
347,275
Allowance for loan and lease losses
(5,075
)
(4,610
)
(3,593
)
(2,955
)
Other assets
39,493
72,437
23,448
20,561
Total assets
$
838,829
$
736,966
$
576,279
$
532,295
Liabilities and shareholders’ equity
Transaction accounts
381,941
$
323,972
$
205,249
$
221,942
Time deposits
275,762
233,094
182,832
137,109
Total deposits
657,703
557,066
388,081
359,051
Other borrowings
45,546
45,252
60,052
47,372
Trust preferred subordinated debt
—
—
5,413
5,413
Other liabilities
2,487
3,964
1,331
1,119
Shareholder’s equity
133,093
130,684
121,402
119,340
(3)
Total liabilities and shareholders’ equity
$
838,829
$
736,966
$
576,279
$
532,295
Third
Second
Fourth
Third
quarter
quarter
quarter
quarter
average 2005
average 2005
average 2004
average 2004
Average condensed balance sheet
Assets
Federal funds sold
$
43,474
$
65,345
$
36,749
$
35,422
Investment securities
107,112
105,558
116,518
113,523
Loans
583,119
530,003
383,800
332,736
Allowance for loan and lease losses
(4,805
)
(4,278
)
(3,050
)
(2,844
)
Other assets
28,398
37,173
18,839
20,117
Total assets
$
757,298
$
733,801
$
552,856
$
498,954
Liabilities and shareholders’ equity
Transaction accounts
$
335,499
$
347,151
$
228,990
$
208,366
Time deposits
239,013
212,781
150,291
132,192
Total deposits
574,512
559,932
379,281
340,558
Other borrowings
48,178
43,322
47,769
38,883
Trust preferred
5,413
Guaranteed preferred interest in Company’s
subordinated debt
—
—
—
5,250
Other liabilities
2,109
3,324
392
968
Shareholders’ equity
132,499
127,223
120,001
113,295
Total liabilities and shareholders’ equity
$
757,298
$
733,801
$
552,856
$
498,954
September 30, 2005
June 30, 2005
December 31, 2004
September 30, 2004
Amount
Amount
Amount
Amount
Loan Portfolio
Commercial
$
98,067
$
96,775
$
89,327
$
58,082
Commercial mortgage
187,040
167,185
140,755
122,731
Construction
156,442
133,962
97,239
78,461
Total commercial loans
441,549
397,922
327,321
259,274
Direct financing leases, net
74,895
73,863
44,795
42,860
Residential mortgage
46,183
47,115
31,388
26,980
Consumer loans and others
50,928
38,205
24,894
18,198
613,555
557,105
428,398
347,312
Unamortized costs
(843
)
(684
)
(517
)
(37
)
Total loans, net of unamortized fees and costs
$
612,712
$
556,421
$
427,881
$
347,275
Three months ended
Nine Months ended
September 30,
September 30,
2005
2004
2005
2004
Selected operating ratios
Return on average assets
1.22
%
0.66
%
0.90
%
0.54
%
Return on average equity
6.96
%
2.93
%
5.16
%
2.47
%
Net interest margin
4.77
%
3.95
%
4.47
%
3.79
%
Efficiency ratio
58.3
%
80.4
%
61.1
%
80.7
%
Book value per share
$
9.70
$
9.18
$
9.70
$
9.18
As of or for the period ended
September 30,
2005
2004
Asset quality ratios
Nonperforming loans to total loans
0.04
%
0.06
%
Nonperforming assets to total assets
0.03
%
0.04
%
Allowance for loan and lease losses to total loans
0.83
%
0.85
%
Nonaccrual loans
$
—
$
—
Loans 90 days past due still accruing interest
$
247
$
205
(1) The September 30, 2004 net income reflects the December 2004 reorganization by eliminating the minority interest previously presented.
(2) The September 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 September 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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