WILMINGTON, Del.--(BUSINESS WIRE)--
The Bancorp, Inc. ("Bancorp") (NASDAQ:TBBK), a financial holding
company, today reported results for the quarter ended June 30, 2009.
Second Quarter 2009 financial highlights:
-- Transaction accounts increased 67% over the second quarter of 2008 and
15% over December 31, 2008 to $1.3 billion.
-- Transaction accounts total 88% of total deposits at June 30, 2009.
-- Time deposits decreased 67% from the second quarter of 2008 and 54% from
December 31, 2008.
-- Construction loans decreased 16% from December 31, 2008 to $255.5
million at June 30, 2009.
-- The net interest margin increased to 3.96% for the second quarter of
2009 as compared to 3.34% for the second quarter of 2008.
Financial Results
Bancorp reported a net income available to common shareholders for the
three months ended June 30, 2009 of $125,000 or earnings per share -
diluted of $0.01, based on 15,351,843 weighted average shares
outstanding, compared to net loss available to common shareholders of
$4.3 million or a total loss per share - diluted of $0.29, based on
14,563,218 weighted average shares outstanding, for the three months
ended June 30, 2008. For the six months ended June 30, 2009, Bancorp
reported net income available to common shareholders of $488,000 or
earnings per share - diluted of $0.03, based on 15,035,205 weighted
average shares outstanding, compared to a net loss of $1.5 million or a
total loss per share - diluted of $0.10, based on 14,562,434 weighted
average shares outstanding.
Balance Sheet Summary
At June 30, 2009, Bancorp's total assets were $1.732 billion, a decrease
of $60.8 million or 3.3% from December 31, 2008. Loans grew to $1.46
billion, an increase of $10.6 million or 0.7% from those of December 31,
2008, and deposits decreased to $1.49 billion, a decrease of $34.9
million or 2.3%, from deposits at December 31, 2008. Total common shares
outstanding were 14,563,919 at June 30, 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 Friday, July 24, 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 888.396.2356
using access code 26068769. 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 Friday, July 31, 2009 by dialing 888.286.8010,
access code 54109315.
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 Six months ended
June 30, June 30,
2009 2008 2009 2008
(dollars in thousands except (dollars in thousands except per
per share data) share data)
Condensed
income
statement
Net interest $ 15,969 $ 12,921 $ 30,885 $ 25,817
income
Provision for
loan and 2,500 3,350 5,500 4,700
lease losses
Non-interest
income
Other than
temporary
impairment of - (8,275 ) - (8,275 )
investment
securities
Other
non-interest 3,803 3,024 7,131 6,500
income
Total
non-interest 3,803 (5,251 ) 7,131 (1,775 )
income
Non-interest
expense
Loss on other
real estate 1,700 - 1,700 -
owned
FDIC special 775 - 775 -
assessment
Other
non-interest 13,058 11,210 26,311 21,572
expense
Total
non-interest 15,533 11,210 28,786 21,572
expense
Net income
(loss) before 1,739 (6,890 ) 3,730 (2,230 )
income tax
expense
Income tax
expense 632 (2,619 ) 1,413 (785 )
(benefit)
Net income 1,107 (4,271 ) 2,317 (1,445 )
(loss)
Less
preferred (581 ) (16 ) (1,163 ) (33 )
stock
dividends
Less
preferred (401 ) - (666 ) -
stock
accretion
Loss
allocated to
Series A - 31 - 10
preferred
shareholders
Net income
(loss)
available to $ 125 $ (4,256 ) $ 488 $ (1,468 )
common
shareholders
Basic
earnings $ 0.01 $ (0.29 ) $ 0.03 $ (0.10 )
(loss) per
share
Diluted
earnings $ 0.01 $ (0.29 ) $ 0.03 $ (0.10 )
(loss) per
share
Weighted
average 14,563,919 14,563,218 14,563,919 14,562,434
shares -
basic
Weighted
average 15,351,843 14,563,218 15,035,205 14,562,434
shares -
diluted
June 30, March 31, December 31, June 30,
2009 2009 2008 2008
Condensed
balance sheet
Assets
Federal funds $ 12,102 $ 18,114 $ 87,729 $ 18,047
sold
Investment 143,323 109,580 106,458 118,897
securities
Loans 1,459,965 1,471,556 1,449,349 1,427,578
Allowance for
loan and (18,080 ) (18,977 ) (17,361 ) (14,245 )
lease losses
Other assets 134,268 186,799 166,200 127,129
Total assets $ 1,731,578 $ 1,767,072 $ 1,792,375 $ 1,677,406
Liabilities
and
shareholders'
equity
Transaction $ 1,314,177 $ 1,345,397 $ 1,144,515 $ 786,785
accounts
Time deposits 176,308 136,526 380,847 527,582
Total 1,490,485 1,481,923 1,525,362 1,314,367
deposits
Short-term 43,394 89,364 70,419 172,005
borrowings
Subordinated 13,401 13,401 13,401 13,401
debt
Other 3,019 1,222 2,790 4,970
liabilities
Shareholder's 181,279 181,162 180,403 172,663
equity
Total
liabilities
and $ 1,731,578 $ 1,767,072 $ 1,792,375 $ 1,677,406
shareholders'
equity
Second First Fourth Second
quarter quarter quarter quarter
Average condensed average 2009 average 2009 average 2008 average 2008
balance sheet
Assets
Federal funds sold $ 23,068 $ 98,215 $ 37,634 $ 21,566
Investment 135,102 109,761 116,816 127,544
securities
Loans 1,470,347 1,457,084 1,460,204 1,396,421
Allowance for loan (19,474 ) (17,878 ) (15,853 ) (11,875 )
and lease losses
Other assets 140,054 169,816 178,834 116,715
Total assets $ 1,749,097 $ 1,816,998 $ 1,777,635 $ 1,650,371
Liabilities and
shareholders' equity
Transaction accounts $ 1,285,252 $ 1,378,343 $ 1,050,658 $ 799,675
Time deposits 170,251 216,494 397,009 476,468
Total deposits 1,455,503 1,594,837 1,447,667 1,276,143
Short-term 96,384 26,719 125,596 172,693
borrowings
Other borrowings 13,401 13,401 13,401 13,401
Other liabilities 1,192 1,454 7,090 6,626
Shareholders' equity 182,617 180,587 183,881 181,508
Total liabilities
and shareholders' $ 1,749,097 $ 1,816,998 $ 1,777,635 $ 1,650,371
equity
Loan Portfolio
June 30, March 31, December 31, June 30,
2009 2009 2008 2008
Amount Amount Amount Amount
Commercial $ 363,524 $ 348,765 $ 353,219 $ 341,304
Commercial mortgage 522,510 506,337 488,986 461,170
Construction 255,504 309,411 305,889 332,088
Total commercial 1,141,538 1,164,513 1,148,094 1,134,562
loans
Direct financing 80,774 83,326 85,092 90,201
leases
Residential mortgage 64,934 60,282 57,636 52,389
Consumer loans and 170,999 161,945 157,446 149,186
others
1,458,245 1,470,066 1,448,268 1,426,338
Unamortized costs 1,720 1,490 1,081 1,240
(fees)
Total loans, net of
unamortized fees and $ 1,459,965 $ 1,471,556 $ 1,449,349 $ 1,427,578
costs
Supplemental loan
data :
Construction 1-4 $ 124,443 $ 159,148 $ 163,718 $ 174,196
family
Construction
commercial, 131,061 150,263 142,171 157,892
acquisition and
development
$ 255,504 $ 309,411 $ 305,889 $ 332,088
Three months ended Six months ended
June 30, June 30,
2009 2008 2009 2008
Selected operating
ratios
Return on average 0.25 % -1.04 % 0.26 % -0.18 %
assets
Return on average 2.42 % -9.41 % 2.55 % -1.61 %
equity
Net interest margin 3.96 % 3.34 % 3.77 % 3.41 %
Efficiency ratio 81.32 % 70.30 % 77.08 % 66.75 %
Book value per share $ 9.27 $ 11.77 $ 9.27 $ 11.77
(1)
(1) Excludes Series B Preferred Shares issued to the US Treasury and the
associated book value
June 30, March 31, December 31, June 30,
2009 2009 2008 2008
Asset quality ratios
Nonperforming loans to total 2.09 % 1.72 % 0.88 % 0.74 %
loans
Nonperforming assets to total 1.76 % 1.69 % 0.97 % 0.63 %
assets
Allowance for loan and lease 1.24 % 1.29 % 1.20 % 1.00 %
losses to total loans
Nonaccrual loans $ 8,716 $ 11,949 $ 8,729 $ 10,053
Loans 90 days past due still $ 21,779 $ 13,362 $ 4,055 $ 492
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