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The Bancorp, Inc. Reports Fourth Quarter and Full Year 2018 Financial Results

January 24, 2019

WILMINGTON, Del.--(BUSINESS WIRE)-- The Bancorp, Inc. ("The Bancorp") (NASDAQ: TBBK), a financial holding company, today reported financial results for the fourth quarter and full year 2018.

Highlights

  • Net interest income increased 15% to $30.6 million for the quarter ended December 31, 2018, compared to $26.7 million for the quarter ended December 31, 2017.
  • Interest income on security backed lines of credit (“SBLOC”) loans increased 40% to $8.3 million for the quarter ended December 31, 2018, compared to $5.9 million for the quarter ended December 31, 2017.
  • Net interest margin increased to 3.32% for the quarter ended December 31, 2018, compared to 3.11% for the quarter ended December 31, 2017.
  • ACH (Automated Clearing House), card and other payment processing fees increased to $2.4 million, or 38% compared to the quarter ended December 31, 2017.
  • Loans increased 8% to $1.50 billion at December 31, 2018, compared to $1.39 billion at December 31, 2017.
  • Small Business Administration (“SBA”) loans increased 17% to $470.8 million at December 31, 2018, compared to $401.9 million at December 31, 2017.
  • SBLOC loans increased 8% to $785.3 million at December 31, 2018, compared to $730.5 million at December 31, 2017.
  • The rate on $3.70 billion of average deposits and interest-bearing liabilities in the fourth quarter of 2018 was 0.87% with a rate of 1.10% for $2.20 billion of average prepaid card deposits.
  • The Bancorp benefited from the lower federal tax rate in 2018, as the lower federal statutory rate of 21% (compared to 34% in 2017) was applied to the $65 million gain on sale of IRA portfolio in the third quarter of 2018.
  • Consolidated leverage ratio exceeded 10% at December 31, 2018. The Bancorp and its subsidiary, The Bancorp Bank, remain well capitalized.
  • Book value per common share at December 31, 2018 was $7.22 per share.

Damian Kozlowski, The Bancorp’s Chief Executive Officer, said, “This quarter capped a very important year for the Bancorp. We moved the institution ahead on many fronts and created an environment to significantly increase our efforts to innovate and create expanded client opportunities through new and enhanced products and services.”

The Bancorp reported net income of $7.1 million, or $0.13 income per diluted share, for the quarter ended December 31, 2018, compared to net loss of $12.4 million, or $0.22 loss per diluted share, for the quarter ended December 31, 2017. The quarter was impacted by several items which decreased pretax and after tax income. The largest item was $1.3 million of legal and document production expenses related to the Company’s continued cooperation with an SEC investigation related to the restatement of the Company’s financial statement in 2014. Also, in the quarter, the prepaid division incurred $672,000 of expenses related to the exit of one relationship, and atypically wrote off $739,000 of its receivables. Additionally, a valuation charge of $708,000 resulted from a single loan in the Company’s investment in a securitization of loans from its discontinued operations. The 2017 loss resulted from legislation which reduced the federal tax rate to 21% from 35%, thereby reducing the value of deferred tax assets booked at previous higher rate. 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 (leverage), tier one capital to risk-weighted assets, total capital to risk-weighted assets and common equity-tier 1 to risk-weighted assets ratios were 10.11%, 20.64%, 21.07% and 20.64%, respectively, compared to well-capitalized minimums of 5%, 8%, 10% and 6.5%, respectively.

Conference Call Webcast

You may access the LIVE webcast of The Bancorp's Quarterly Earnings Conference Call at 8:00 AM ET Friday, January 25, 2019 by clicking on the webcast link on The Bancorp's homepage at www.thebancorp.com. Or, you may dial 844.775.2543, access code 1896377. You may listen to the replay of the webcast following the live call on The Bancorp's investor relations website or telephonically until Friday, February 1, 2019 by dialing 855.859.2056, access code 1896377.

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 vehicle leasing groups in the nation. For more information please visit www.thebancorp.com.

Forward-Looking Statements

Statements in this earnings release regarding The 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 The 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   Year ended
December 31, December 31,
Condensed income statement 2018   2017 2018   2017
(dollars in thousands except per share data)
 
Net interest income $ 30,609 $ 26,687 $ 120,849 $ 106,680
Provision for loan and lease losses   925   770   3,585   2,920
Non-interest income
Service fees on deposit accounts - 1,893 3,622 6,788
ACH, card and other payment processing fees 2,378 1,722 8,653 6,318
Prepaid card fees 13,068 14,095 54,627 53,367

Net realized and unrealized gains on commercial loans originated for sale

224 384 20,498 17,919
Gain on sale of investment securities - 636 41 2,231
Change in value of investment in unconsolidated entity (708) - (3,689) (20)
Leasing income 718 575 3,071 2,663
Affinity fees 10 100 281 1,545
Gain on sale of IRA portfolio - - 65,000 -
Gain on sale of health savings accounts - - - 2,538
Loss from sale of European prepaid card operations - - - (3,437)
Other non-interest income   1,000   744   1,691   1,636
Total non-interest income 16,690 20,149 153,795 91,548
Non-interest expense
Salaries and employee benefits 20,603 17,930 79,816 75,832
Data processing expense 1,446 2,112 6,187 10,159
One-time fee to exit data processing contract - - - 1,136
Legal expense 2,034 2,163 7,845 8,072
FDIC Insurance 1,430 2,511 8,819 10,097
Software 3,425 3,269 13,304 12,597
Losses and write downs on other real estate owned (45) (19) - -
Civil money penalty - (210) (290) 2,290
Prepaid relationship exit expense 672 - 672 -
Lease termination expense - - 395 -
Other non-interest expense   8,055   8,129   34,530   34,731
Total non-interest expense   37,620   35,885   151,278   154,914
Income from continuing operations before income taxes 8,754 10,181 119,781 40,394
Income tax expense   2,691   23,513   32,241   23,056
Net income (loss) from continuing operations 6,063 (13,332) 87,540 17,338
Discontinued operations
Income (loss) from discontinued operations before income taxes 1,755 (1,429) 1,491 4,059
Income tax expense (benefit)   699   (2,326)   354   (276)
Net income from discontinued operations, net of tax   1,056   897   1,137   4,335
Net income (loss) available to common shareholders $ 7,119 $ (12,435) $ 88,677 $ 21,673
 
Net income (loss) per share from continuing operations - basic $ 0.11 $ (0.24) $ 1.55 $ 0.31
Net income per share from discontinued operations - basic $ 0.02 $ 0.02 $ 0.02 $ 0.08
Net income (loss) per share - basic $ 0.13 $ (0.22) $ 1.57 $ 0.39
 
Net income (loss) per share from continuing operations - diluted $ 0.11 $ (0.24) $ 1.53 $ 0.31
Net income per share from discontinued operations - diluted $ 0.02 $ 0.02 $ 0.02 $ 0.08
Net income (loss) per share - diluted $ 0.13 $ (0.22) $ 1.55 $ 0.39
Weighted average shares - basic 56,446,088 55,759,372 56,343,845 55,686,507
Weighted average shares - diluted 56,964,074 56,656,710 57,068,306 56,176,269
 
       
Balance sheetDecember 31, September 30, June 30, December 31,
2018 2018 2018 2017
(dollars in thousands)
Assets:
Cash and cash equivalents
Cash and due from banks $ 2,440 $ 2,245 $ 3,052 $ 3,152
Interest earning deposits at Federal Reserve Bank 551,862 710,816 373,782 841,471
Securities sold under agreements to resell   -   64,518   64,216   64,312
Total cash and cash equivalents   554,302   777,579   441,050   908,935
 
Investment securities, available-for-sale, at fair value 1,236,324 1,274,417 1,305,494 1,294,484
Investment securities, held-to-maturity 84,432 84,433 86,354 86,380
Commercial loans held for sale, at fair value 688,471 308,470 447,997 503,316
Loans, net of deferred fees and costs 1,504,777 1,496,773 1,506,812 1,392,228
Allowance for loan and lease losses   (8,653)   (8,092)   (8,014)   (7,096)
Loans, net   1,496,124   1,488,681   1,498,798   1,385,132
Federal Home Loan Bank & Atlantic Community Bancshares stock 1,113 1,113 1,113 991
Premises and equipment, net 18,895 17,686 18,275 20,051
Accrued interest receivable 12,753 11,621 11,810 10,900
Intangible assets, net 3,846 4,229 4,612 5,377
Other real estate owned - 405 405 450
Deferred tax asset, net 38,272 40,991 39,779 34,802
Investment in unconsolidated entity 59,273 64,212 67,994 74,473
Assets held for sale from discontinued operations 197,831 226,026 241,694 304,313
Other assets   62,925   60,337   56,499   78,543
Total assets $ 4,454,561 $ 4,360,200 $ 4,221,874 $ 4,708,147
 
Liabilities:
Deposits
Demand and interest checking $ 3,904,638 $ 3,540,605 $ 3,287,682 $ 3,806,965
Savings and money market   31,076   317,453   511,598   453,877
Total deposits   3,935,714   3,858,058   3,799,280   4,260,842
 
Securities sold under agreements to repurchase 93 158 161 217
Subordinated debenture 13,401 13,401 13,401 13,401
Long-term borrowings 41,674 41,841 42,000 42,323
Other liabilities   56,903   54,868   34,485   67,215
Total liabilities $ 4,047,785 $ 3,968,326 $ 3,889,327 $ 4,383,998
 
Shareholders' equity:
Common stock - authorized, 75,000,000 shares of $1.00 par value; 56,446,088 and 55,861,150 shares issued and outstanding at December 31, 2018 and 2017, respectively 56,446 56,446 56,411 55,861
Treasury stock (100,000 shares) (866) (866) (866) (866)
Additional paid-in capital 366,181 365,749 364,460 363,196
Accumulated deficit (817) (7,936) (69,213) (89,485)
Accumulated other comprehensive loss   (14,168)   (21,519)   (18,245)   (4,557)
Total shareholders' equity   406,776   391,874   332,547   324,149
 
Total liabilities and shareholders' equity $ 4,454,561 $ 4,360,200 $ 4,221,874 $ 4,708,147
 
   
Average balance sheet and net interest income Three months ended December 31, 2018 Three months ended December 31, 2017
(dollars in thousands)
Average     Average Average     Average
Assets: Balance Interest Rate Balance Interest Rate
Interest earning assets:
Loans net of deferred fees and costs ** $ 1,905,089 $ 24,782 5.20% $ 1,749,644 $ 19,764 4.52%
Leases - bank qualified* 19,531 353 7.23% 19,510 383 7.85%
Investment securities-taxable 1,329,249 10,619 3.20% 1,329,508 9,132 2.75%
Investment securities-nontaxable* 7,814 60 3.07% 13,119 119 3.63%
Interest earning deposits at Federal Reserve Bank 436,501 2,571 2.36% 386,796 1,241 1.28%

Federal funds sold and securities purchased under agreement to resell

  44,093   340 3.08%   64,839   379 2.34%
Net interest earning assets 3,742,277 38,725 4.14% 3,563,416 31,018 3.48%
 
Allowance for loan and lease losses (7,973) (7,079)
Assets held for sale from discontinued operations 204,354 1,921 3.76% 311,005 3,062 3.94%
Other assets   178,770   190,465
$ 4,117,428 $ 4,057,807
 
Liabilities and Shareholders' Equity:
Deposits:
Demand and interest checking $ 3,602,089 $ 7,522 0.84% $ 3,205,273 $ 3,319 0.41%
Savings and money market   44,029   127 1.15%   454,038   545 0.48%
Total deposits 3,646,118 7,649 0.84% 3,659,311 3,864 0.42%
 
Short-term borrowings 29,184 190 2.60% 38,250 138 1.44%
Securities sold under agreements to repurchase 156 - 0.00% 219 - 0.00%
Subordinated debentures   13,401   190 5.67%   13,401   153 4.57%
Total deposits and liabilities 3,688,859 8,029 0.87% 3,711,181 4,155 0.45%
 
Other liabilities   29,244   14,820
Total liabilities 3,718,103 3,726,001
 
Shareholders' equity   399,325   331,806
$ 4,117,428 $ 4,057,807
Net interest income on tax equivalent basis* $ 32,617 $ 29,925
 
Tax equivalent adjustment   87   176
 
Net interest income $ 32,530 $ 29,749
Net interest margin * 3.32% 3.11%
 

 

* Full taxable equivalent basis, using a statutory rate of 21% for 2018 and 35% for 2017.
** Includes loans held for sale.
 
   
Average balance sheet and net interest income Year ended December 31, 2018 Year ended December 31, 2017
(dollars in thousands)
Average     Average Average     Average
Assets: Balance Interest Rate Balance Interest Rate
Interest earning assets:
Loans net of deferred fees and costs ** $ 1,915,456 $ 94,232 4.92% $ 1,763,392 $ 78,033 4.43%
Leases - bank qualified* 20,025 1,370 6.84% 20,750 1,613 7.77%
Investment securities-taxable 1,375,566 41,994 3.05% 1,284,941 36,121 2.81%
Investment securities-nontaxable* 8,631 262 3.04% 14,094 470 3.33%
Interest earning deposits at Federal Reserve Bank 460,577 8,737 1.90% 495,568 5,202 1.05%

Federal funds sold and securities purchased under agreement to resell

  59,157   1,708 2.89%   61,309   1,310 2.14%
Net interest earning assets 3,839,412 148,303 3.86% 3,640,054 122,749 3.37%
 
Allowance for loan and lease losses (7,528) (6,865)
Assets held for sale from discontinued operations 253,348 8,810 3.48% 310,058 12,655 4.08%
Other assets   190,252   221,096
$ 4,275,484 $ 4,164,343
 
Liabilities and Shareholders' Equity:
Deposits:
Demand and interest checking $ 3,499,288 $ 23,068 0.66% $ 3,371,969 $ 12,155 0.36%
Savings and money market   362,267   2,878 0.79%   439,625   2,263 0.51%
Total deposits 3,861,555 25,946 0.67% 3,811,594 14,418 0.38%
 
Short-term borrowings 20,346 451 2.22% 24,224 336 1.39%
Securities sold under agreements to repurchase 173 - 0.00% 239 - 0.00%
Subordinated debentures   13,401   714 5.33%   13,401   586 4.37%
Total deposits and liabilities 3,895,475 27,111 0.70% 3,849,458 15,340 0.40%
 
Other liabilities   14,546   3,329
Total liabilities 3,910,021 3,852,787
 
Shareholders' equity   365,463   311,556
$ 4,275,484 $ 4,164,343
Net interest income on tax equivalent basis* $ 130,002 $ 120,064
 
Tax equivalent adjustment   343   729
 
Net interest income $ 129,659 $ 119,335
Net interest margin * 3.19% 3.04%
 
 
* Full taxable equivalent basis, using a statutory rate of 21% for 2018 and 35% for 2017.
** Includes loans held for sale.
 
       
Allowance for loan and lease losses: Year ended Year ended
December 31, December 31,
2018 2017
(dollars in thousands)
 
Balance in the allowance for loan and lease losses at beginning of period (1) $ 7,096 $ 6,332
 
Loans charged-off:
SBA non-real estate 1,349 1,171
SBA commercial mortgage 157 -
Direct lease financing 637 927
Other consumer loans   20   109
Total   2,163   2,207
 
Recoveries:
SBA non-real estate 57 19
SBA commercial mortgage 13 -
Direct lease financing 64 8
Other consumer loans   1   24
Total   135   51
Net charge-offs 2,028 2,156
Provision charged to operations   3,585   2,920
 
Balance in allowance for loan and lease losses at end of period $ 8,653 $ 7,096
Net charge-offs/average loans 0.10% 0.12%
Net charge-offs/average assets 0.05% 0.05%
(1) Excludes activity from assets held for sale from discontinued operations.
 
Loan portfolio:December 31, September 30, June 30, December 31,
2018 2018 2018 2017
(in thousands)
 
SBA non-real estate $ 76,340 $ 74,408 $ 75,141 $ 70,379
SBA commercial mortgage 165,406 166,432 156,268 142,086
SBA construction   21,636   17,978   17,781   16,740
Total SBA loans 263,382 258,818 249,190 229,205
Direct lease financing 397,571 395,976 389,387 377,660
SBLOC 785,303 778,552 795,823 730,462
Other specialty lending 31,836 40,799 48,253 30,720
Other consumer loans   16,302   12,172   13,174   14,133
1,494,394 1,486,317 1,495,827 1,382,180
Unamortized loan fees and costs   10,383   10,456   10,985   10,048
Total loans, net of deferred fees and costs $ 1,504,777 $ 1,496,773 $ 1,506,812 $ 1,392,228
 
Small business lending portfolio:December 31, September 30, June 30, December 31,
2018 2018 2018 2017
(in thousands)
 
SBA loans, including deferred fees and costs 270,860 266,433 257,412 236,724
SBA loans included in HFS   199,977   193,372   182,072   165,177
Total SBA loans $ 470,837 $ 459,805 $ 439,484 $ 401,901
 
       
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 December 31, 2018
The Bancorp, Inc. 10.11% 20.64% 21.07% 20.64%
The Bancorp Bank 9.67% 20.12% 20.55% 20.12%
"Well capitalized" institution (under FDIC regulations) 5.00% 8.00% 10.00% 6.50%
 
As of December 31, 2017
The Bancorp, Inc. 7.90% 16.73% 17.09% 16.73%
The Bancorp Bank 7.61% 16.23% 16.59% 16.23%
"Well capitalized" institution (under FDIC regulations) 5.00% 8.00% 10.00% 6.50%
 
   
Three months ended Year ended
December 31, December 31,
2018   2017 2018   2017
Selected operating ratios:
Return on average assets (1) 0.69 % nm 2.07 % 0.52 %
Return on average equity (1) 7.07 % nm 24.26 %

6.96

%
Net interest margin 3.32 % 3.11 % 3.19 % 3.04 %
 
(1) Annualized
 
Book value per share table:December 31, September 30, June 30, December 31,
2018 2018 2018 2017
Book value per share $ 7.22 $ 6.95 $ 5.91 $ 5.81
 
 
Loan quality table:December 31, September 30, June 30, December 31,
2018 2018 2018 2017
Nonperforming loans to total loans (2) 0.36 % 0.35 % 0.42 % 0.30 %
Nonperforming assets to total assets (2) 0.12 % 0.13 % 0.16 % 0.10 %
Allowance for loan and lease losses to total loans 0.58 % 0.54 % 0.53 % 0.51 %
 
Nonaccrual loans $ 4,516 $ 4,234 $ 4,915 $ 3,996
Other real estate owned   -     405     405     450  
Total nonperforming assets $ 4,516   $ 4,639   $ 5,320   $ 4,446  
 
Loans 90 days past due still accruing interest $ 954   $ 1,015   $ 1,459   $ 227  
 
(2) Nonperforming loan and asset ratios include nonaccrual loans and loans 90 days past due still accruing interest.
 
Three months ended
December 31, September 30, June 30, December 31,
2018 2018 2018 2017
(in thousands)
Gross dollar volume (GDV) (3):
Prepaid card GDV $ 13,526,647   $ 12,525,527   $ 12,799,531   $ 10,963,456  
 
(3) Gross dollar volume represents the total dollar amount spent on prepaid and debit cards issued by The Bancorp Bank.
 
 
Business line quarterly summary:
Quarter ended December 31, 2018
(dollars in millions)
 
    Balances   Non interest income
  % Growth   % Growth
Major business lines

Average
approximate
rates

Balances*

Year
over year

 

Linked
quarter
annualized

Current
quarter

Year
over year

Loans

  
Institutional banking ** 4.2% $ 785 8% 3% nm nm
SBA 5.7% 471 17% 10% na na
Leasing 6.0% 398 5% 2% 0.7 25%
Commercial real estate securitization 5.9%     488 nm nm nm nm
Weighted average yield 5.2% $ 2,142
 

Deposits

Payment solutions (primarily prepaid) *** 1.1% $ 2,201 11% nm $ 13.8 -2%
Card payment and ACH processing 0.7% 1,000 25% nm 2.4 38%
 
* Loan categories based on period end balance and Payment Solutions based on average quarterly balances.
** Comprised of SBLOC loans.
***Adjusted for an atypical $739,000 writedown to revenue on one relationship
 
   
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 – 2017 (42) (42)
2018 Marks (4) (4)
Payments received   (88)
December 31, 2018 Bancorp book value** $ 59
 
Total marks $ (104)
Divided by:
Original Walnut Street loan balance $ 267
Percentage of total mark to original balance 39%
 
* Walnut Street is the investment in unconsolidated entity on the balance sheet which reflects the Bank's investment in a securitization of certain loans from the Bank's discontinued loan portfolio.
** Approximately 44% of expected principal recoveries were from loans and properties pending liquidation or other resolution as of December 31, 2018.
 
Walnut Street portfolio composition as of December 31, 2018
 
Collateral type   % of Portfolio
Commercial real estate non-owner occupied
Retail 52.7%
Office 13.3%
Other 4.6%
Construction and land 18.6%
Commercial non real estate and industrial 0.5%
First mortgage residential owner occupied 6.6%
First mortgage residential non-owner occupied 2.8%
Other     0.9%
Total 100.0%
 
 
Cumulative analysis of marks on discontinued commercial loan principal as of December 31, 2018
     
Discontinued Cumulative % to original
loan principal   marks   principal
(dollars in millions)
 
Commercial loan discontinued principal before marks $ 125
Florida mall held in discontinued other real estate owned 42 27
Previous mark charges 14 14
Mark at December 31, 2018       7
Total $ 181   $ 48 27%
 
 

Analysis of discontinued commercial loan relationships as of December 31, 2018

 
    Performing   Nonperforming   Total     Performing   Nonperforming   Total
loan principal   loan principal   loan principal     loan marks   loan marks   marks
(in millions)
 
7 loan relationships > $7 million $ 62 $ 22 $ 84 $ 3 $ 2 $ 5
Loan relationships < $7 million   31     3     34   2     -     2
$ 93   $ 25   $ 118 $ 5   $ 2   $ 7
 
 
Quarterly activity for discontinued commercial loan principal
 
Commercial
loan principal
(in millions)
 
Commercial loan discontinued principal, September 30, 2018 before marks $ 149
Quarterly paydowns   (24)
Commercial loan discontinued principal December 31, 2018 before marks $ 125
Marks December 31, 2018   (7)
Net commercial loan exposure December 31, 2018 $ 118
Residential mortgages   53
Net loans $ 171
Florida Mall in other real estate owned 15
19 Properties in other real estate owned   12
Total discontinued assets at December 31, 2018 $ 198
 
 
Discontinued Commercial Loan Composition December 31, 2018
     
Collateral type

Unpaid
principal
balance

 

Mark
December 31,
2018

 

Mark as %
of portfolio

(dollars in millions)
Commercial real estate - non-owner occupied:
Retail $ 7 $ 0.6 8%
Office 4 - 0%
Other 38 1.7 4%
Construction and land 25 0.1 0%
Commercial non-real estate and industrial 10 0.5 4%
1 to 4 family construction 19 3.8 20%
First mortgage residential non-owner occupied 12 0.5 4%
Commercial real estate owner occupied:
Retail 8 0.1 -
Office - - -
Other - - 1%
Residential junior mortgage 1 - 0%
Other     1 - -
Total $ 125
Less: mark   (7)    
Net commercial loan exposure December 31, 2018 $ 118 $ 7.3 6%
 

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

Source: The Bancorp, Inc.

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