The Bancorp, Inc. Reports Third Quarter 2009 Results
- Press Release
- Source: The Bancorp, Inc.
- On 8:50 am EDT, Monday October 26, 2009
WILMINGTON, Del.--(BUSINESS WIRE)--The Bancorp, Inc. ("Bancorp") (NASDAQ: TBBK - News), a bank holding company, today reported results for the quarter ended September 30, 2009.
Related Quotes
| Symbol | Price | Change |
|---|---|---|
| TBBK | 5.83 | -0.17 |
Third Quarter 2009 Financial Highlights:
- Transaction accounts increased to $1.7 billion, a 57% increase from the third quarter of 2008 and a 47% over December 31, 2008.
- Transaction accounts total 95% of total deposits at September 30, 2009.
- The cost of deposits decreased to 0.94% for the third quarter of 2009 as compared to 1.02% for the second quarter of 2009, and 2.51% for the third quarter of 2008.
- Construction loans decreased 26% from December 31, 2008 to $227.2 million at September 30, 2009.
Financial Results
Bancorp reported net income available to common shareholders for the three months ended September 30, 2009 of $787,000 or earnings per share - diluted of $0.04, based on 20,411,872 weighted average shares outstanding, compared to net income available to common shareholders of $241,000 or earnings per share – diluted of $0.02, based on 14,563,919 weighted average shares outstanding, for the three months ended September 30, 2008. For the nine months ended September 30, 2009, Bancorp reported net income available to common shareholders of $1.3 million or earnings per share - diluted of $0.08, based on 16,874,599 weighted average shares outstanding, compared to a net loss of $1.2 million or loss per share – $0.08, based on 14,562,934 weighted average shares outstanding, for the nine months ended September 30, 2008.
Balance Sheet Summary
At September 30, 2009, Bancorp's total assets were $2.0 billion, an increase of $248.6 million or 14% from December 31, 2008. Loans grew to $1.5 billion, an increase of $63.8 million or 4% from those of December 31, 2008, and deposits increased to $1.8 billion, an increase of $250.1 million or 16%, from deposits at December 31, 2008. Total common shares outstanding were 26,181,291 at September 30, 2009 and 14,563,919 December 31, 2008.
Conference Call Webcast
Interested parties can access the LIVE webcast of Bancorp's Quarterly Earnings Conference Call at 10:00 AM EDT on Monday, October 26, 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 866.788.0538 using access code 53183470. 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 Monday, November 2, 2009 by dialing 888.286.8010, access code 80415540.
About Bancorp
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’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 | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| (dollars in thousands except per share data) | (dollars in thousands except per share data) | |||||||||||||||
| Condensed income statement | ||||||||||||||||
| Net interest income | $ | 15,975 | $ | 13,497 | $ | 46,860 | $ | 39,314 | ||||||||
| Provision for loan and lease losses | 3,500 | 4,100 | 9,000 | 8,800 | ||||||||||||
| Non-interest income | ||||||||||||||||
| Other than temporary impairment of investment securities | - | - | - | (8,275 | ) | |||||||||||
| Other non-interest income | 3,113 | 2,672 | 10,244 | 9,172 | ||||||||||||
| Total non-interest income | 3,113 | 2,672 | 10,244 | 897 | ||||||||||||
| Non-interest expense | ||||||||||||||||
| Loss on other real estate owned | - | - | 1,700 | - | ||||||||||||
| Other non-interest expense | 13,018 | 11,674 | 40,104 | 33,246 | ||||||||||||
| Total non-interest expense | 13,018 | 11,674 | 41,804 | 33,246 | ||||||||||||
| Net income (loss) before income tax expense | 2,570 | 395 | 6,300 | (1,835 | ) | |||||||||||
| Income tax expense (benefit) | 818 | 136 | 2,231 | (649 | ) | |||||||||||
| Net income (loss) | 1,752 | 259 | 4,069 | (1,186 | ) | |||||||||||
| Less preferred stock dividends | (565 | ) | (16 | ) | (1,728 | ) | (49 | ) | ||||||||
| Less preferred stock accretion | (400 | ) | - | (1,066 | ) | - | ||||||||||
| Loss allocated to Series A preferred shareholders | - | (2 | ) | - | 8 | |||||||||||
| Net income (loss) available to common shareholders | $ | 787 | $ | 241 | $ | 1,275 | $ | (1,227 | ) | |||||||
| Basic earnings (loss) per share | $ | 0.04 | $ | 0.02 | $ | 0.08 | $ | (0.08 | ) | |||||||
| Diluted earnings (loss) per share | $ | 0.04 | $ | 0.02 | $ | 0.08 | $ | (0.08 | ) | |||||||
| Weighted average shares - basic | 19,731,274 | 14,563,919 | 16,305,299 | 14,562,934 | ||||||||||||
| Weighted average shares - diluted | 20,411,872 | 14,563,919 | 16,874,599 | 14,562,934 | ||||||||||||
| September 30, | June 30, | December 31, | September 30, | |||||||||||||
|
2009 |
2009 |
2008 |
2008 |
|||||||||||||
| Condensed balance sheet | ||||||||||||||||
| Assets | ||||||||||||||||
| Federal funds sold | $ | 210,506 | $ | 12,102 | $ | 87,729 | $ | 36,485 | ||||||||
| Investment securities | 141,388 | 143,323 | 106,458 | 116,106 | ||||||||||||
| Loans | 1,513,131 | 1,459,965 | 1,449,349 | 1,469,615 | ||||||||||||
| Allowance for loan and lease losses | (18,436 | ) | (18,080 | ) | (17,361 | ) | (15,468 | ) | ||||||||
| Other assets | 194,445 | 134,268 | 166,200 | 174,204 | ||||||||||||
| Total assets | $ | 2,041,034 | $ | 1,731,578 | $ | 1,792,375 | $ | 1,780,942 | ||||||||
| Liabilities and shareholders' equity | ||||||||||||||||
| Transaction accounts | $ | 1,681,125 | $ | 1,314,177 | $ | 1,144,515 | $ | 1,069,945 | ||||||||
| Time deposits | 94,350 | 176,308 | 380,847 | 389,184 | ||||||||||||
| Total deposits | 1,775,475 | 1,490,485 | 1,525,362 | 1,459,129 | ||||||||||||
| Short-term borrowings | 696 | 43,394 | 70,419 | 131,499 | ||||||||||||
| Subordinated debt | 13,401 | 13,401 | 13,401 | 13,401 | ||||||||||||
| Other liabilities | 4,918 | 3,019 | 2,790 | 4,149 | ||||||||||||
| Shareholder's equity | 246,544 | 181,279 | 180,403 | 172,764 | ||||||||||||
| Total liabilities and shareholders' equity | $ | 2,041,034 | $ | 1,731,578 | $ | 1,792,375 | $ | 1,780,942 | ||||||||
| Third | Second | Fourth | Third | |||||||||||||
| quarter | quarter | quarter | quarter | |||||||||||||
| Average condensed balance sheet |
average 2009 |
average 2009 |
average 2008 |
average 2008 |
||||||||||||
| Assets | ||||||||||||||||
| Federal funds sold | $ | 119,816 | $ | 23,068 | $ | 37,634 | $ | 82,984 | ||||||||
| Investment securities | 140,942 | 135,102 | 116,816 | 115,814 | ||||||||||||
| Loans | 1,466,921 | 1,470,347 | 1,460,204 | 1,444,000 | ||||||||||||
| Allowance for loan and lease losses | (18,204 | ) | (19,474 | ) | (15,853 | ) | (14,808 | ) | ||||||||
| Other assets | 153,545 | 140,054 | 178,834 | 164,891 | ||||||||||||
| Total assets | $ | 1,863,020 | $ | 1,749,097 | $ | 1,777,635 | $ | 1,792,881 | ||||||||
| Liabilities and shareholders' equity | ||||||||||||||||
| Transaction accounts | $ | 1,454,565 | $ | 1,285,252 | $ | 1,050,658 | $ | 961,358 | ||||||||
| Time deposits | 145,833 | 170,251 | 397,009 | 554,142 | ||||||||||||
| Total deposits | 1,600,398 | 1,455,503 | 1,447,667 | 1,515,500 | ||||||||||||
| Short-term borrowings | 33,800 | 96,384 | 125,596 | 84,599 | ||||||||||||
| Other borrowings | 13,401 | 13,401 | 13,401 | 13,401 | ||||||||||||
| Other liabilities | 4,239 | 1,192 | 7,090 | 5,842 | ||||||||||||
| Shareholders' equity | 211,182 | 182,617 | 183,881 | 173,539 | ||||||||||||
| Total liabilities and shareholders' equity | $ | 1,863,020 | $ | 1,749,097 | $ | 1,777,635 | $ | 1,792,881 | ||||||||
| Loan Portfolio | September 30, | June 30, | December 31, | September 30, | ||||||||||||
| 2009 | 2009 | 2008 | 2008 | |||||||||||||
|
Amount |
Amount |
Amount |
Amount |
|||||||||||||
| Commercial | $ | 394,316 | $ | 363,524 | $ | 353,219 | $ | 354,575 | ||||||||
| Commercial mortgage | 562,611 | 522,510 | 488,986 | 478,534 | ||||||||||||
| Construction | 227,226 | 255,504 | 305,889 | 332,091 | ||||||||||||
| Total commercial loans | 1,184,153 | 1,141,538 | 1,148,094 | 1,165,200 | ||||||||||||
| Direct financing leases | 81,097 | 80,774 | 85,092 | 87,710 | ||||||||||||
| Residential mortgage | 75,413 | 64,934 | 57,636 | 63,472 | ||||||||||||
| Consumer loans and others | 170,238 | 170,999 | 157,446 | 151,876 | ||||||||||||
| 1,510,901 | 1,458,245 | 1,448,268 | 1,468,258 | |||||||||||||
| Unamortized costs (fees) | 2,230 | 1,720 | 1,081 | 1,357 | ||||||||||||
| Total loans, net of unamortized fees and costs | $ | 1,513,131 | $ | 1,459,965 | $ | 1,449,349 | $ | 1,469,615 | ||||||||
| Supplemental loan data : | ||||||||||||||||
| Construction 1-4 family | $ | 119,752 | $ | 124,443 | $ | 163,718 | $ | 158,310 | ||||||||
| Construction commercial, acquisition and development | 107,474 | 131,061 | 142,171 | 173,781 | ||||||||||||
| $ | 227,226 | $ | 255,504 | $ | 305,889 | $ | 332,091 | |||||||||
| Three months ended | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| Selected operating ratios | ||||||||||||||||
| Return on average assets | 0.38 | % | 0.06 | % | 0.30 | % | -0.09 | % | ||||||||
| Return on average equity | 3.32 | % | 0.60 | % | 2.83 | % | -0.89 | % | ||||||||
| Net interest margin | 3.74 | % | 3.28 | % | 3.76 | % | 3.36 | % | ||||||||
| Efficiency ratio | 68.20 | % | 72.20 | % | 74.08 | % | 68.57 | % | ||||||||
| Book value per share (1) | $ | 7.69 | $ | 11.78 | $ | 7.69 | $ | 11.78 | ||||||||
| (1) Excludes Series B Preferred Shares issued to the US Treasury and the associated book value | ||||||||||||||||
| September 30, | June 30, | December 31, | September 30, | |||||||||||||
| 2009 | 2009 | 2008 | 2008 | |||||||||||||
| Asset quality ratios | ||||||||||||||||
| Nonperforming loans to total loans | 1.77 | % | 2.09 | % | 0.88 | % | 0.95 | % | ||||||||
| Nonperforming assets to total assets | 1.31 | % | 1.76 | % | 0.97 | % | 0.78 | % | ||||||||
| Allowance for loan and lease losses to total loans | 1.22 | % | 1.24 | % | 1.20 | % | 1.05 | % | ||||||||
| Nonaccrual loans | $ | 11,776 | $ | 8,716 | $ | 8,729 | $ | 13,637 | ||||||||
| Loans 90 days past due still accruing interest | $ | 15,012 | $ | 21,779 | $ | 4,055 | $ | 331 | ||||||||
| Other real estate owned | $ | - | $ | - | $ | 4,600 | $ | - | ||||||||
| Selected capital ratios | ||||||||||||||||
| Tier 1 capital to average assets |
13.11 |
% | 10.34 | % | 10.10 | % | 7.48 | % | ||||||||
| Tier 1 capital total risk-weighted assets | 15.61 | % | 12.15 | % | 11.72 | % | 8.55 | % | ||||||||
| Total capital to total risk-weighted assets | 16.80 | % | 13.38 | % | 12.87 | % | 9.57 | % | ||||||||
Contact:
The Bancorp, Inc. Contact
Andres Viroslav, 215-861-7990
andres.viroslav@thebancorp.com
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