THE BANCORP, INC. REPORTS FOURTH QUARTER AND FISCAL 2004 RESULTS
WILMINGTON, Del. - Feb. 2, 2005--n BW6105 issued Feb. 1, 2005: Please replace
the release dated February 1, 2005 with the following due to production errors
in the third quarter 2004 average column in the "Average Condensed Balance
Sheet" section of the release.
The corrected release reads:
Wilmington, DE, February 1, 2005 - The Bancorp, Inc. ("Bancorp") (NASDAQ NM:
TBBK), a bank holding company, into which merged The Bancorp Bank on December
22, 2004, reported total assets of $575.3 million at December 31, 2004, an
increase of $271.1 million or 89.1% from December 31, 2003. Loans grew to $427.9
million an increase of $195.5 million or 84.1% from those of December 31, 2003,
and deposits grew to $388.1 million, an increase of $111.3 million or 40.2%
during the same period.
Net income available to common shareholders for the fourth quarter of 2004 was
$1.6 million, which reflects non-recurring reorganization expenses of $378,000
related to the merger, compared to a net loss of $70,000 for the fourth quarter
of 2003. Net income available to common shareholders for fiscal 2004 was $2.7
million as compared to $129,000 for fiscal 2003. Total common shares outstanding
were 11,888,061 at December 31, 2004 and 2,284,200 at December 31, 2003. As a
result of the merger, shareholders of 7.2 million shares of The Bancorp Bank
received 1.15 shares of The Bancorp, Inc. for each share of The Bancorp Bank
that was held.
Conference Call Webcast
Interested parties can access the LIVE webcast of Bancorp's Quarterly Earnings
Conference Call at 11:30 AM EST on Wednesday, February 2, 2005 by clicking on
the webcast link on Bancorp's homepage at www.thebancorp.com. The webcast will
be archived on the Bancorp website for four weeks and can be accessed
telephonically until February 9, 2005, by dialing 1-888-286-8012, access code
61203235.
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 through private-label affinity partner programs. Bancorp, through
Philadelphia Private Bank (www.philadelphiaprivatebank.com), its regional
affinity bank, serves the needs of small and mid-size businesses and their
principals in the Philadelphia-Wilmington region.
THE BANCORP, INC.
FINANCIAL HIGHLIGHTS
Three months ended For the year ended
December 31, December 31,
--------------------------- ------------------------
2004 2003 2004 2003
------- ------- ------- ------
(dollars in thousands except per share data)
CONDENSED INCOME STATEMENT
Net interest income $ 5,446 $ 2,731 $ 17,596 $ 9,374
Provision for loan and lease losses 650 235 1,632 685
Non-interest income 2,395 3,164 8,904 10,487
Non-interest expense 5,914 5,665 21,706 18,355
Reorganization expense 378 - 487 -
----------- ---------- ----------- ----------
Net income before income tax benefit 899 (5) 2,675 821
Income tax benefit (1,043) (125) (1,043) (250)
----------- ---------- ----------- ----------
Net income 1,942 120 3,718 1,071
Less preferred stock dividends and accretion (219) (222) (818) (881)
Income allocated to Series A preferred shareholders (170) 32 (323) (61)
----------- ---------- ----------- ----------
Net income available to common shareholders $ 1,553 $ (70) $ 2,577 $ 129
=========== ========== =========== ==========
Basic earnings per share excluding reorganization expense $ 0.16 $ (0.04) $ 0.30 $ 0.06
=========== ========== =========== ==========
Basic earnings per share reorganization expense $ (0.03) $ - $ (0.05) $ -
=========== ========== =========== ==========
Basic earnings per share $ 0.13 $ (0.04) $ 0.25 $ 0.06
=========== ========== =========== ==========
Diluted earnings per share excluding reorganization expense $ 0.16 $ (0.04) $ 0.29 $ 0.06
=========== ========== =========== ==========
Diluted earnings per share reorganization expense $ (0.03) $ - $ (0.05) $ -
=========== ========== =========== ==========
Diluted earnings per share $ 0.13 $ (0.04) $ 0.24 $ 0.06
=========== ========== =========== ==========
Weighted average shares - basic 11,887,496 2,270,960 10,307,441 2,010,529
Weighted average shares - diluted 11,953,766 2,493,007 10,416,980 2,076,906
December 31, September 30, December 31,
2004 2004 2003
------------ ------------- ------------
CONDENSED BALANCE SHEET
Assets
Federal funds sold $ 8,291 $ 53,604 $ 29,506
Investment securities 120,252 113,810 24,387
Loans 427,881 347,275 232,397
Allowance for loan and lease losses (3,593) (2,955) (1,991)
Other assets 23,448 20,559 19,862
-------- -------- --------
Total assets $576,279 $532,293 $304,161
======== ======== ========
Liabilities and shareholder's equity
Transaction accounts $205,249 $221,942 $159,444
Time deposits 182,832 137,109 117,321
-------- -------- --------
Total deposits 388,081 359,051 276,765
Other borrowings 60,052 47,372 3
Trust preferred 5,413 5,413
Guaranteed preferred interest in Company's
subordinated debt 5,250
Other liabilities 1,332 1,118 470
Shareholder's equity 121,401 119,339 21,673
-------- -------- --------
Total liabilities and shareholder's equity $576,279 $532,293 $304,161
======== ======== ========
Fourth Third Fourth
quarter quarter quarter
average 2004 average 2004 average 2003
------------ ------------ ------------
AVERAGE CONDENSED BALANCE SHEET
Assets
Federal funds sold $ 36,749 $ 35,421 $ 41,955
Investment securities 116,518 113,523 27,774
Loans 383,800 332,056 221,058
Allowance for loan and lease losses (3,050) (2,844) (1,845)
Other assets 18,839 20,798 15,140
-------- -------- --------
Total assets $552,856 $498,954 $304,082
======== ======== ========
Liabilities and shareholders' equity
Transaction accounts $228,990 $208,816 $171,160
Time deposits 150,291 132,192 105,852
-------- -------- --------
Total deposits 379,281 341,008 277,012
Other borrowings 47,769 38,883 3
Trust preferred 5,413 5,413
Guaranteed preferred interest in Company's
subordinated debt 5,250
Other liabilities 392 770 270
Shareholder's equity 120,001 112,880 21,547
-------- -------- --------
Total liabilities and shareholders' equity $552,856 $498,954 $304,082
======== ======== ========
Three months ended For the year ended
December 31, December 31,
------------------------ ------------------------
2004 2003 2004 2003
------ ------ ------ ------
SELECTED OPERATING RATIOS
Return on average assets 1.41% 0.15% 0.79% 0.41%
Return on average equity 6.47% 2.23% 3.94% 4.93%
Net interest margin 4.05% 3.82% 3.86% 3.77%
Book value per share $ 9.27 $ 6.43 $ 9.27 $ 6.43
As of or for the period ended
December 31,
------------------------------
2004 2003
---------- ------
ASSET QUALITY RATIOS
Nonperforming loans to total loans 0.05% 0.02%
Nonperforming assets to total assets 0.04% 0.01%
Allowance for loan and lease losses to total loans 0.84% 0.86%
Nonaccrual loans 205 -
Loans 90 days past due still accruing interest 23 44