Press Release

The Bancorp, Inc. Reports Third Quarter 2017 Financial Results

Company Release - 10/26/2017 4:30 PM ET

WILMINGTON, Del.--(BUSINESS WIRE)-- The Bancorp, Inc. ("The Bancorp") (NASDAQ: TBBK), a financial holding company, today reported financial results for third quarter 2017.

Highlights

  • Net income of $7.3 million and earnings per diluted share of $0.13 for the quarter ended September 30, 2017.
  • Net interest income increased 19% to $27.9 million for the quarter ended September 30, 2017, compared to $23.5 million for the quarter ended September 30, 2016.
  • Non-interest income increased 46% to $29.0 million for the quarter ended September 30, 2017, compared to $19.9 million for the quarter ended September 30, 2016.
  • Net interest margin increased to 3.26% for the quarter ended September 30, 2017, compared to 2.69% for the quarter ended September 30, 2016.
  • Loans increased 15% to $1.37 billion at September 30, 2017, compared to $1.20 billion at September 30, 2016.
  • Security backed lines of credit (“SBLOC”) increased 16% to $720.3 million at September 30, 2017, compared to $621.5 million at September 30, 2016.
  • Direct lease financing increased 11% to $369.1 million at September 30, 2017 compared to $332.6 million at September 30, 2016.
  • Small Business Administration (“SBA”) loans increased 11% to $386.8 million at September 30, 2017, compared to $349.6 million at September 30, 2016.
  • The rate on average deposits and interest bearing liabilities of $3.73 billion in the third quarter of 2017 was 0.43% with a rate of 0.51% for $1.92 billion of average prepaid card deposits.
  • Assets held for sale from discontinued operations decreased 18% to $315.0 million at September 30, 2017, compared to $386.2 million at September 30, 2016.
  • Consolidated leverage ratio increased to 8.25% at September 30, 2017.
  • Book value per common share at September 30, 2017 was $6.09 per share. The Bancorp and its subsidiary, The Bancorp Bank, remain well capitalized.

Damian Kozlowski, The Bancorp’s Chief Executive Officer, said, “Bancorp’s third quarter 2017 performance was another positive step forward for our company. In the third quarter of 2017, The Bancorp earned $7.3 million in net income or 13 cents a share on approximately $57 million of total continuing operations net revenue. All of our businesses are improving, and the Bancorp was able to realize an approximate $11 million gain in the third quarter of 2017 from our floating rate commercial loan securitization business. Our run-rate earnings are improving as revenue continues to build across our businesses while tight expense management improves operating efficiency.”

The Bancorp reported net income of $7.3 million, or $0.13 earnings per diluted share, for the quarter ended September 30, 2017, compared to a net loss of $25.6 million, or $0.54 loss per diluted share for the quarter ended September 30, 2016. Net income from continuing operations for the quarter ended September 30, 2017, was $6.8 million, or $0.12 earnings per diluted share, compared to a net loss of $1.5 million from continuing operations, or $0.03 loss per diluted share, for the quarter ended September 30, 2016. Income from continuing operations does not include any income which may result from the reinvestment of the proceeds from sales or repayment of the remaining assets in The Bancorp’s discontinued operations. Tier one capital to assets, tier one capital to risk-weighted assets, total capital to risk-weighted assets and common equity-tier 1 ratios were 8.25%, 16.27%, 16.62% and 16.27% respectively, compared to well capitalized minimums of 5%, 8%, 10% and 6.5%, respectively. In the third quarter of 2017, we recognized $2.5 million of expense for a non-tax deductible civil money penalty in connection with an internal system programming glitch within one of the Bank’s third party payment processors. As a result, a higher fee was assessed to consumers for certain point of sale transactions during the period from December 2010 to November 2014. Additionally, in the third quarter of 2017, we terminated a data processing contract which resulted in a $1.1 million pretax and $725,000 after tax charge. Adjusted operating earnings after consideration of these two items amounted to $10.5 million for the third quarter of 2017. The following is a reconciliation of net income available to common shareholders to adjusted operating earnings, a non-GAAP measure which reflects the financial impact of those two items:

 
Three months ended
September 30, 2017
(in thousands)
Net income available to common shareholders $ 7,282
Adjustments:
tax-effected:
Civil money penalty * 2,500
Termination of data processing contract   725
Adjusted operating earnings (1) $ 10,507
 
* Civil money penalty may not be deductible for Federal income tax purposes
 
(1)   As a supplement to GAAP, Bancorp has provided this non-GAAP performance measure. Bancorp believes that this non-GAAP financial measure is useful because it allows investors to assess its operating performance. Management utilizes adjusted operating earnings to measure the combined impact of changes in net interest income, non-interest income and certain other expenses. Other companies may calculate adjusted operating earnings differently. Although this non-GAAP financial measure is intended to enhance investors’ understanding of Bancorp’s business and performance, it should not be considered, and is not intended to be, a substitute for net income calculated pursuant to GAAP.
 

Conference Call Webcast

You may access the LIVE webcast of The Bancorp's Quarterly Earnings Conference Call at 8:00 AM ET Friday, October 27, 2017 by clicking on the webcast link on Bancorp's homepage at www.thebancorp.com. Or, you may dial 844.775.2543, access code 95371306. You may listen to the replay of the webcast following the live call on The Bancorp's investor relations website or telephonically until Friday, November 3, 2017 by dialing 855.859.2056, access code 95371306.

About The Bancorp

The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving the unique needs of non-bank financial service companies, ranging from entrepreneurial start-ups to those on the Fortune 500. The company’s only subsidiary, The Bancorp Bank (Member FDIC, Equal Housing Lender), has been repeatedly recognized in the payments industry as the Top Issuer of Prepaid Cards (US), a top merchant sponsor bank and a top ACH originator. Specialized lending distinctions include National Preferred SBA Lender, a leading provider of securities-backed lines of credit, and one of the few bank-owned commercial leasing groups in the nation. For more information please visit www.thebancorp.com.

Forward-Looking Statements

Statements in this earnings release regarding Bancorp’s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. These statements may be identified by the use of forward-looking terminology, including but not limited to the words “may,” “believe,” “will,” “expect,” “look,” “anticipate,” “estimate,” “continue,” or similar words. For further discussion of the risks and uncertainties to which these forward-looking statements may be subject, see Bancorp’s filings with the SEC, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of those filings. These risks and uncertainties could cause actual results to differ materially from those projected in the forward-looking statements. The forward-looking statements speak only as of the date of this press release. The Bancorp does not undertake to publicly revise or update forward-looking statements in this press release to reflect events or circumstances that arise after the date of this presentation, except as may be required under applicable law.

 
The Bancorp, Inc.
Financial highlights
(unaudited)
  Three months ended   Nine months ended
September 30, September 30,
Condensed income statement 2017   2016 2017   2016
(dollars in thousands except per share data)
 
Net interest income $ 27,901 $ 23,542 $ 79,993 $ 64,988
Provision for loan and lease losses   800   750   2,150   1,810
Non-interest income
Service fees on deposit accounts 1,700 1,510 4,895 3,335
Card payment and ACH processing fees 1,564 1,459 4,596 4,183
Prepaid card fees 12,491 12,249 39,272 39,333
Gain on sale of loans 11,394 903 17,535 809
Gain on sale of investment securities 506 981 1,595 3,131
Change in value of investment in unconsolidated entity (4) 811 (20) (12,313)
Leasing income 705 588 2,088 1,456
Affinity fees 275 1,091 1,445 3,507
Gain on sale of health savings accounts - - 2,538 -
Loss from sale of European prepaid card operations - - (3,437) -
Other non-interest income   376   312   892   4,691
Total non-interest income 29,007 19,904 71,399 48,132
Non-interest expense
Bank Secrecy Act and lookback consulting expenses - 1,340 - 29,076
One time fee to exit data processing contract 1,136 - 1,136 -
Civil money penalty 2,500 - 2,500 -
Other non-interest expense   40,246   42,831   115,392   127,369
Total non-interest expense   43,882   44,171   119,028   156,445
Income (loss) from continuing operations before income tax expense 12,226 (1,475) 30,214 (45,135)
Income tax expense (benefit)   5,455   55   (457)   (15,324)
Net income (loss) from continuing operations 6,771 (1,530) 30,671 (29,811)
Net income (loss) from discontinued operations, net of tax   511   (24,021)   3,438   (37,909)
Net income (loss) available to common shareholders $ 7,282 $ (25,551) $ 34,109 $ (67,720)
 
Net income (loss) per share from continuing operations - basic $ 0.12 $ (0.03) $ 0.55 $ (0.73)
Net income (loss) per share from discontinued operations - basic $ 0.01 $ (0.51) $ 0.06 $ (0.92)
Net income (loss) per share - basic $ 0.13 $ (0.54) $ 0.61 $ (1.65)
 
Net income (loss) per share from continuing operations - diluted $ 0.12 $ (0.03) $ 0.55 $ (0.73)
Net income (loss) per share from discontinued operations - diluted $ 0.01 $ (0.51) $ 0.06 $ (0.92)
Net income (loss) per share - diluted $ 0.13 $ (0.54) $ 0.61 $ (1.65)
Weighted average shares - basic 55,758,433 47,153,658 55,661,538 40,957,247
Weighted average shares - diluted 56,312,838 47,153,658 56,043,909 40,957,247
 
For loss periods the weighted averages shares - basic is used in both the basic and diluted computations.
 
       
Balance sheet September 30, June 30, December 31, September 30,
2017 2017 2016 2016
(dollars in thousands)
Assets:
Cash and cash equivalents
Cash and due from banks $ 5,813 $ 6,458 $ 4,127 $ 4,061
Interest earning deposits at Federal Reserve Bank 328,023 475,387 955,733 312,605
Securities sold under agreements to resell   65,095   65,076   39,199   39,463
Total cash and cash equivalents   398,931   546,921   999,059   356,129
 
Investment securities, available-for-sale, at fair value 1,196,956 1,149,116 1,248,614 1,334,927
Investment securities, held-to-maturity 86,402 93,419 93,467 93,495
Loans held for sale, at fair value 380,272 542,819 663,140 562,957
Loans, net of deferred fees and costs 1,374,060 1,370,263 1,222,911 1,198,237
Allowance for loan and lease losses   (7,283)   (7,353)   (6,332)   (6,058)
Loans, net   1,366,777   1,362,910   1,216,579   1,192,179
Federal Home Loan Bank & Atlantic Community Bancshares stock 991 6,211 1,613 11,014
Premises and equipment, net 21,087 22,004 24,125 21,797
Accrued interest receivable 10,131 10,880 10,589 10,496
Intangible assets, net 5,185 5,515 6,906 5,682
Other real estate owned - - 104 -
Deferred tax asset, net 53,017 53,226 55,666 29,765
Investment in unconsolidated entity 107,711 120,862 126,930 157,396
Assets held for sale from discontinued operations 314,994 336,246 360,711 386,155
Other assets   51,164   53,888   50,611   55,519
Total assets $ 3,993,618 $ 4,304,017 $ 4,858,114 $ 4,217,511
 
Liabilities:
Deposits
Demand and interest checking $ 3,113,212 $ 3,437,482 $ 3,816,524 $ 3,364,103
Savings and money market   452,183   438,602   421,780   402,832
Total deposits   3,565,395   3,876,084   4,238,304   3,766,935
 
Securities sold under agreements to repurchase 180 273 274 353
Short-term borrowings - - - 70,000
Subordinated debenture 13,401 13,401 13,401 13,401
Long-term borrowings 42,482 42,680 263,099 -
Other liabilities   32,699   40,560   44,073   27,744
Total liabilities $ 3,654,157 $ 3,972,998 $ 4,559,151 $ 3,878,433
 
Shareholders' equity:
Common stock - authorized, 75,000,000 shares of $1.00 par value; 55,859,660 and 55,419,119 shares issued at September 30, 2017 and 2016, respectively 55,860 55,858 55,419 55,419
Treasury stock (100,000 shares) (866) (866) (866) (866)
Additional paid-in capital 362,340 361,478 360,564 359,793
Accumulated deficit (77,850) (85,114) (111,941) (83,169)
Accumulated other comprehensive income (loss)   (23)   (337)   (4,213)   7,901
Total shareholders' equity   339,461   331,019   298,963   339,078
 
Total liabilities and shareholders' equity $ 3,993,618 $ 4,304,017 $ 4,858,114 $ 4,217,511
 
   
Average balance sheet and net interest income Three months ended September 30, 2017 Three months ended September 30, 2016
(dollars in thousands)
Average   Average Average     Average
Assets: Balance Interest Rate Balance Interest Rate
Interest-earning assets:
Loans net of unearned fees and costs ** $ 1,816,751 $ 21,147 4.66 % $ 1,661,807 $ 17,425 4.19 %
Leases - bank qualified* 20,787 419 8.06 % 21,006 418 7.96 %
Investment securities-taxable 1,235,615 8,847 2.86 % 1,373,776 8,350 2.43 %
Investment securities-nontaxable* 13,238 133 4.02 % 48,683 218 1.79 %
Interest earning deposits at Federal Reserve Bank 366,724 1,190 1.30 % 324,179 397 0.49 %
Federal funds sold and securities purchased under agreement to resell 65,008   371 2.28 % 39,392   146 1.48 %
Net interest earning assets 3,518,123 32,107 3.65 % 3,468,843 26,954 3.11 %
 
Allowance for loan and lease losses (6,961 ) (5,267 )
Assets held for sale from discontinued operations 325,912 3,098 3.80 % 459,400 3,891 3.39 %
Other assets 235,070   246,171  
$ 4,072,144   $ 4,169,147  
 
Liabilities and Shareholders' Equity:
Deposits:
Demand and interest checking $ 3,224,167 $ 3,136 0.39 % $ 3,249,801 $ 2,379 0.29 %
Savings and money market 439,688 552 0.50 % 392,045 423 0.43 %
Time -   - 0.00 % 76,931   104 0.54 %
Total deposits 3,663,855 3,688 0.40 % 3,718,777 2,906 0.31 %
 
Short-term borrowings 51,413 175 1.36 % 102,243 153 0.60 %
Repurchase agreements 189 - 0.00 % 376 - 0.00 %
Subordinated debt 13,401   150 4.48 % 13,401   131 3.91 %
Total deposits and interest bearing liabilities 3,728,858 4,013 0.43 % 3,834,797 3,190 0.33 %
 
Other liabilities 8,046   19,670  
Total liabilities 3,736,904 3,854,467
 
Shareholders' equity 335,240   314,680  
$ 4,072,144   $ 4,169,147  
Net interest income on tax equivalent basis* $ 31,192 $ 27,655
 
Tax equivalent adjustment 193 222
 
Net interest income $ 30,999 $ 27,433
Net interest margin * 3.26 % 2.69 %
       
* Full taxable equivalent basis, using a 35% statutory tax rate.
** Includes loans held for sale.
 
   
Average balance sheet and net interest income Nine months ended September 30, 2017 Nine months ended September 30, 2016
(dollars in thousands)
Average     Average Average     Average
Assets: Balance Interest Rate Balance Interest Rate
Interest-earning assets:
Loans net of unearned fees and costs ** $ 1,740,655 $ 58,266 4.46 % $ 1,543,448 $ 48,061 4.15 %
Leases - bank qualified* 21,167 1,231 7.75 % 20,618 1,334 8.63 %
Investment securities-taxable 1,269,922 26,990 2.83 % 1,280,692 22,782 2.37 %
Investment securities-nontaxable* 14,423 351 3.24 % 59,892 983 2.19 %
Interest earning deposits at Federal Reserve Bank 532,223 3,961 0.99 % 490,037 1,677 0.46 %
Federal funds sold and securities purchased under agreement to resell 60,119   931 2.06 % 27,414   301 1.46 %
Net interest-earning assets 3,638,509 91,730 3.36 % 3,422,101 75,138 2.93 %
 
Allowance for loan and lease losses (6,793 ) (4,538 )
Assets held for sale 337,102 9,594 3.79 % 528,168 15,037 3.80 %
Other assets 251,629   283,171  
$ 4,220,447   $ 4,228,902  
 
Liabilities and Shareholders' Equity:
Deposits:
Demand and interest checking $ 3,433,027 $ 8,836 0.34 % $ 3,325,047 $ 7,217 0.29 %
Savings and money market 434,768 1,718 0.53 % 390,202 1,028 0.35 %
Time -   - 0.00 % 103,624   447 0.58 %
Total deposits 3,867,795 10,554 0.36 % 3,818,873 8,692 0.30 %
 
Short-term borrowings 19,498 197 1.35 % 58,056 263 0.60 %
Repurchase agreements 245 - 0.00 % 812 1 0.16 %
Subordinated debt 13,401   432 4.30 % 13,401   383 3.81 %
Total deposits and interest bearing liabilities 3,900,939 11,183 0.38 % 3,891,142 9,339 0.32 %
 
Other liabilities 431   21,306  
Total liabilities 3,901,370 3,912,448
 
Shareholders' equity 319,077   316,454  
$ 4,220,447   $ 4,228,902  
Net interest income on tax equivalent basis* $ $ 90,141 $ $ 80,836
 
Tax equivalent adjustment 554 811
 
Net interest income $ 89,587 $ 80,025
Net interest margin * 3.02 % 2.57 %
     
* Full taxable equivalent basis, using a 35% statutory tax rate.
** Includes loans held for sale.
 
     
Allowance for loan and lease losses: Nine months ended Year ended
September 30,   September 30, December 31,
2017 2016 2016
(dollars in thousands)
 
Balance in the allowance for loan and lease losses at beginning of period (1) $ 6,332 $ 4,400 $ 4,400
 
Loans charged-off:
SBA non real estate 344 - 128
SBA commercial mortgage - 76 -
Direct lease financing 779 63 119
Other consumer loans   113   39   1,211
Total   1,236   178   1,458
 
Recoveries:
SBA non real estate 12 1 1
Direct lease financing - 17 17
Other consumer loans   25   8   12
Total   37   26   30
Net charge-offs 1,199 152 1,428
Provision charged to operations   2,150   1,810   3,360
 
Balance in allowance for loan and lease losses at end of period $ 7,283 $ 6,058 $ 6,332
Net charge-offs/average loans 0.07% 0.01% 0.09%
Net charge-offs/average loans (annualized) 0.09% 0.01% 0.09%
Net charge-offs/average assets 0.03% 0.00% 0.03%
(1) Excludes activity from assets held for sale.
 
Loan portfolio: September 30, June 30, December 31, September 30,
2017 2017 2016 2016
(dollars in thousands)
 
SBA non real estate $ 72,055 $ 74,511 $ 74,644 $ 74,262
SBA commercial mortgage 132,997 126,224 126,159 117,053
SBA construction   14,205   11,057   8,826   6,317
Total SBA loans 219,257 211,792 209,629 197,632
Direct lease financing 369,069 371,002 346,645 332,632
SBLOC 720,279 718,707 630,400 621,456
Other specialty lending 36,664 44,389 11,073 20,076
Other consumer loans   20,107   15,858   17,374   19,375
1,365,376 1,361,748 1,215,121 1,191,171
Unamortized loan fees and costs   8,684   8,515   7,790   7,066
Total loans, net of deferred loan fees and costs $ 1,374,060 $ 1,370,263 $ 1,222,911 $ 1,198,237
 
Small business lending portfolio: September 30, June 30, December 31, September 30,
2017 2017 2016 2016
(dollars in thousands)
 
SBA loans, including deferred fees and costs 225,909 218,391 215,786 203,196
SBA loans included in HFS   160,855   158,252   154,016   146,450
Total SBA loans $ 386,764 $ 376,642 $ 369,802 $ 349,646
 
       
Capital ratios: Tier 1 capital Tier 1 capital Total capital Common equity
to average to risk-weighted to risk-weighted tier 1 to risk
assets ratio assets ratio assets ratio weighted assets
As of September 30, 2017
The Bancorp, Inc. 8.25% 16.27% 16.62% 16.27%
The Bancorp Bank 8.04% 15.95% 16.30% 15.95%
"Well capitalized" institution (under FDIC regulations) 5.00% 8.00% 10.00% 6.50%
 
As of December 31, 2016
The Bancorp, Inc. 6.90% 13.34% 13.63% 13.34%
The Bancorp Bank 6.84% 13.24% 13.53% 13.24%
"Well capitalized" institution (under FDIC regulations) 5.00% 8.00% 10.00% 6.50%
 
  Three months ended   Nine months ended
September 30, September 30,
2017   2016 2017   2016
Selected operating ratios:
Return on average assets (annualized) 0.71 % nm 1.08 % nm
Return on average equity (annualized) 8.62 % nm 14.29 % nm
Net interest margin 3.26 % 2.69 % 3.02 % 2.57 %
Book value per share $ 6.09 $ 6.13 $ 6.09 $ 6.13
 
September 30, June 30, December 31, September 30,
2017 2017 2016 2016
Asset quality ratios:
Nonperforming loans to total loans (1) 0.39 % 0.41 % 0.30 % 0.58 %
Nonperforming assets to total assets (1) 0.13 % 0.13 % 0.08 % 0.16 %
Allowance for loan and lease losses to total loans 0.53 % 0.54 % 0.52 % 0.51 %
 
Nonaccrual loans $ 4,953 $ 5,115 $ 2,972 $ 4,021
Other real estate owned   -     104     104     -  
Total nonperforming assets $ 4,953   $ 5,219   $ 3,076   $ 4,021  
 
Loans 90 days past due still accruing interest $ 354   $ 494   $ 661   $ 2,933  
 
(1) Nonperforming loan and asset ratios include nonaccrual loans and loans 90 days past due still accruing interest.
 
Three months ended
September 30, June 30, December 31, September 30,
2017 2017 2016 2016
(in thousands)
Gross dollar volume (GDV) (1):
Prepaid card GDV $ 10,970,085   $ 11,894,601   $ 10,647,520   $ 10,459,097  
 
(1) Gross dollar volume represents the total dollar amount spent on prepaid and debit cards issued by The Bancorp.
 
   
Analysis of Walnut Street marks:
 
Loan activity   Marks
(dollars in millions)
 
Original Walnut Street loan balance, December 31, 2014 $ 267
Marks through December 31, 2014 sale date   (58) $ (58)
Sales price of Walnut Street 209
Equity investment from independent investor   (16)
December 31, 2014 Bancorp book value 193
Additional marks 2015 and 2016 (42) (42)
Payments received   (43)
September 30, 2017 Bancorp book value* $ 108
 
Total marks $ (100)
Divided by:
Original Walnut Street loan balance $ 267
Percentage of total mark to original balance 37%
 
* Approximately 30% of expected principal recoveries were classified as nonperforming as of September 30, 2017.
 
Walnut Street portfolio composition as of September 30, 2017
 
Collateral type   % of Portfolio
Commercial real estate non-owner occupied
Retail 30.8%
Office 26.9%
Other 15.5%
Construction and land 16.3%
Commercial non real estate and industrial 3.6%
First mortgage residential owner occupied 3.3%
First mortgage residential non-owner occupied 2.8%
Other   0.8%
Total 100.0%
 
 
Cumulative analysis of marks on discontinued commercial loan principal as of September 30, 2017
     
Discontinued Cumulative % to original
loan principal   marks   principal
(dollars in millions)
 
Commercial loan discontinued principal before marks $ 230
Florida mall held in discontinued OREO 42 24
Previous mark charges 33 33
Mark at September 30, 2017       16
Total $ 305   $ 73 24%
 
Analysis of large loan relationship principal, nonperforming loans and distribution of marks as of September 30, 2017
         
Performing Nonperforming Total Performing Nonperforming Total
loan principal   loan principal   loan principal   loan marks   loan marks   marks
(in millions)
 
9 loan relationships > $8 million $ 155 $ 5 $ 160 $ 6 $ - $ 6
Loan relationships < $8 million   45     9     54   3     7     10
$ 200   $ 14   $ 214 $ 9   $ 7   $ 16
 
Quarterly activity for commercial loan discontinued principal
 
Commercial
loan principal
(in millions)
 
Commercial loan discontinued principal December 31, 2016 before marks $ 324
Transfer of Florida mall to other real estate owned (42)
2017 net paydowns (39)
2017 chargedowns of loans from marks taken in prior years   (13)
Commercial loan discontinued principal September 30, 2017 before marks $ 230
Marks at September 30, 2017   (16)
Net commercial loan exposure September 30, 2017 $ 214
Residential mortgages   64
Net loans $ 278
Florida mall in other real estate owned 18
Other 27 properties in other real estate owned   19
Total discontinued assets at September 30, 2017 $ 315
 
 
Discontinued commercial loan composition as of September 30, 2017
     
Collateral type

Unpaid
principal
balance

 

Mark
September
30, 2017

 

Mark as %
of portfolio

(dollars in millions)
Commercial real estate - non-owner occupied:
Retail $ 15 $ 0.8 5%
Office 9 0.2 2%
Other 43 0.1 -
Construction and land 84 1.7 2%
Commercial non-real estate and industrial 17 3.3 19%
1 to 4 family construction 27 4.5 17%
First mortgage residential non-owner occupied 20 4.9 25%
Commercial real estate owner occupied:
Retail 10 - 0%
Office - - -
Other 2 - 0%
Residential junior mortgage 1 - 0%
Other   2 - -
Total $ 230
Less: mark   (16)    
Net commercial loan exposure September 30, 2017 $ 214 $ 15.5 7%
 

The Bancorp, Inc.
Andres Viroslav, 215-861-7990
aviroslav@thebancorp.com

Source: The Bancorp, Inc.