WILMINGTON, Del.--(BUSINESS WIRE)--Oct. 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 13,958,935 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
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, 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.
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)
Sept. 30, June 30, Dec. 31, Sept. 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 condensed average average average average
balance sheet 2005 2005 2004 2004
----------- ----------- ----------- ----------
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
=========== =========== =========== ==========
Sept. 30, June 30, Dec. 31, Sept. 30,
2005 2005 2004 2004
Loan Portfolio Amount Amount Amount Amount
----------- ----------- ----------- ----------
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,
Asset quality
ratios 2005 2004
----------- -----------
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.
CONTACT: The Bancorp, Inc.
Andres Viroslav, 215-861-7990
andres.viroslav@thebancorp.com
SOURCE: The Bancorp, Inc.