WILMINGTON, Del.--(BUSINESS WIRE)--
The Bancorp, Inc. ("Bancorp") (Nasdaq:TBBK), a financial holding
company, today reported results for the quarter ended March 31, 2009.
First Quarter 2009 financial highlights:
-- Transaction deposit accounts increased 62% over the first quarter of
2008 and 18% over December 31, 2008 to $1.3 billion
-- Transaction deposit accounts were 91% of total deposits at March 31,
2009
-- Health Savings Account (HSA) deposits increased to $261.9 million, a
23.9% increase from December 31, 2008 and a 91.8% increase from March
31, 2008
-- Loans increased 1.5% to $1.47 billion from December 31, 2008
-- The allowance for loan and lease losses to total loans increased to
1.29% at March 31, 2009 from 0.83% at March 31, 2008
Financial Results
Bancorp reported a net income available to common shareholders for the
three months ended March 31, 2009 of $363,000, or earnings per share -
diluted of $0.03, after preferred dividends and accretion of $847,000,
based on 14,563,919 diluted shares, compared to net income available to
common shareholders of $2.8 million, or $0.19 diluted earnings per
share, after preferred dividends and accretion of $17,000, based on
14,669,003 diluted shares, for the three months ended March 31, 2008.
Balance Sheet Summary
At March 31, 2009, Bancorp's total assets were $1.77 billion, a decrease
of $25.3 million or 1.4% from December 31, 2008. Loans grew to $1.47
billion, an increase of $22.2 million or 1.5% from those of December 31,
2008, and deposits decreased to $1.48 billion, a decrease of $43.4
million or 2.9%, from deposits at December 31, 2008. Total common shares
outstanding were 14,563,919 at March 31, 2009 and December 31, 2008
respectively.
Conference Call Webcast
Interested parties can access the LIVE webcast of Bancorp's Quarterly
Earnings Conference Call at 9:00 AM EDT on Tuesday, April 28, 2009 by
clicking on the webcast link on Bancorp's homepage at www.thebancorp.com.
The conference call may also be listened to by dialing 866.730.5762
using access code 48067260. 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 Tuesday, May 5, 2009 by dialing 888.286.8010,
access code 71976011.
About Bancorp
The Bancorp, Inc. is a financial 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's
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
March 31, March 31, December 31,
2009 2008 2008
(dollars in thousands except per share data)
Condensed income
statement
Net interest $ 14,916 $ 12,896 $ 14,905
income
Provision for
loan and lease 3,000 1,350 3,700
losses
Non-interest 3,329 3,476 3,111
income
Other than
temporary
impairment of - - (11,611 )
investment
securities
Impairment of - - 51,888
goodwill
Non-interest 13,254 10,362 12,254
expense
Net income (loss)
before income tax 1,991 4,660 (61,437 )
expense
Income tax 781 1,833 (20,242 )
expense (benefit)
Net income (loss) 1,210 2,827 (41,195 )
Less preferred
stock dividends (847 ) (17 ) (202 )
and accretion
Income allocated
to Series A - (21 ) -
preferred
shareholders
Net income (loss)
available to $ 363 $ 2,789 $ (41,397 )
common
shareholders
Basic earnings $ 0.03 $ 0.19 $ (2.84 )
(loss) per share
Diluted earnings $ 0.03 $ 0.19 $ (2.84 )
(loss) per share
Weighted average 14,563,919 14,561,640 14,563,919
shares - basic
Weighted average 14,563,919 14,669,003 14,563,919
shares - diluted
March 31, December 31, September 30 March 31,
2009 2008 2008 2008
Condensed balance
sheet
Assets
Federal funds $ 18,114 $ 87,729 $ 36,485 $ 45,714
sold
Investment 109,580 106,458 116,106 127,962
securities
Loans 1,471,556 1,449,349 1,469,615 1,362,653
Allowance for
loan and lease (18,977 ) (17,361 ) (15,468 ) (11,328 )
losses
Other assets 186,799 166,200 174,204 122,453
Total assets $ 1,767,072 $ 1,792,375 $ 1,780,942 $ 1,647,454
Liabilities and
shareholders'
equity
Transaction $ 1,345,398 $ 1,144,515 $ 1,069,945 $ 829,611
accounts
Time deposits 136,526 380,847 389,184 425,159
Total deposits 1,481,924 1,525,362 1,459,129 1,254,770
Short-term 89,364 70,419 131,499 192,658
borrowings
Subordinated debt 13,401 13,401 13,401 13,401
Other liabilities 1,221 2,790 4,149 6,437
Shareholders' 181,162 180,403 172,764 180,188
equity
Total liabilities
and shareholders' $ 1,767,072 $ 1,792,375 $ 1,780,942 $ 1,647,454
equity
First Fourth Third First
quarter quarter quarter quarter
Average condensed average 2009 average 2008 average 2008 average 2008
balance sheet
Assets
Federal funds sold $ 98,215 $ 37,634 $ 82,984 $ 28,708
Investment 109,761 116,816 115,814 122,161
securities
Loans 1,457,084 1,460,204 1,444,000 1,330,566
Allowance for loan (17,878 ) (15,853 ) (14,808 ) (10,928 )
and lease losses
Other assets 169,816 178,834 164,891 124,654
Total assets $ 1,816,998 $ 1,777,635 $ 1,792,881 $ 1,595,161
Liabilities and
shareholders' equity
Transaction accounts $ 1,378,343 $ 1,050,658 $ 961,358 $ 886,567
Time deposits 216,494 397,009 554,142 392,594
Total deposits 1,594,837 1,447,667 1,515,500 1,279,161
Short- term 26,719 125,596 84,599 122,083
borrowings
Other borrowings 13,401 13,401 13,401 13,004
Other liabilities 1,454 7,090 5,842 3,515
Shareholders' equity 180,587 183,881 173,539 177,398
Total liabilities
and shareholders' $ 1,816,998 $ 1,777,635 $ 1,792,881 $ 1,595,161
equity
Loan Portfolio
March 31, December 31, September 30, March 31,
2009 2008 2008 2008
Amount Amount Amount Amount
Commercial $ 348,765 $ 353,219 $ 354,575 $ 324,824
Commercial mortgage 506,337 488,986 478,534 419,764
Construction 309,411 305,889 332,091 348,133
Total commercial 1,164,513 1,148,094 1,165,200 1,092,721
loans
Direct financing 83,326 85,092 87,710 87,772
leases
Residential mortgage 60,282 57,636 63,472 48,764
Consumer loans and 161,945 157,446 151,876 132,671
others
1,470,066 1,448,268 1,468,258 1,361,928
Unamortized costs 1,490 1,081 1,357 725
(fees)
Total loans, net of
unamortized fees and $ 1,471,556 $ 1,449,349 $ 1,469,615 $ 1,362,653
costs
Supplemental loan
data :
Construction 1-4 $ 159,148 $ 163,718 $ 158,310 $ 177,843
family
Construction
commercial, 150,263 142,171 173,781 170,290
acquisition and
development
$ 309,411 $ 305,889 $ 332,091 $ 348,133
March 31, March 31,
2009 2008
Selected operating ratios
Return on average assets 0.27 % 0.71 %
Return on average equity 2.68 % 6.37 %
Net interest margin 3.58 % 3.45 %
Efficiency ratio 72.64 % 63.29 %
Book value per share (1) $ 9.27 $ 12.28
(1) Excludes Series B
Preferred Shares
March 31, December 31, September 30, March 31,
2009 2008 2008 2008
Asset quality ratios
Nonperforming loans to total 1.72 % 0.88 % 0.95 % 0.70 %
loans
Nonperforming assets to 1.69 % 0.97 % 0.78 % 0.58 %
total assets
Allowance for loan and lease 1.29 % 1.20 % 1.05 % 0.83 %
losses to total loans
Nonaccrual loans $ 11,949 $ 8,729 $ 13,637 $ 8,488
Loans 90 days past due still $ 13,362 $ 4,055 $ 331 $ 985
accruing interest
Other real estate owned $ 4,600 $ 4,600 $ - $ -
Source: The Bancorp, Inc.
Contact: The Bancorp, Inc.
Andres Viroslav
215-861-7990
andres.viroslav@thebancorp.com