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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bancorp Inc | NASDAQ:TBBK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.60 | 1.92% | 31.92 | 30.74 | 33.30 | 32.75 | 31.64 | 32.20 | 877,256 | 22:58:41 |
The Bancorp, Inc. ("The Bancorp") (NASDAQ: TBBK), a financial holding company, today reported financial results for first quarter 2017.
Highlights
The Bancorp reported net income of $8.0 million, or $0.14 earnings per diluted share, for the quarter ended March 31, 2017, compared to a net loss of $10.9 million, or $0.29 loss per diluted share for the quarter ended March 31, 2016. Net income from continuing operations for the quarter ended March 31, 2017, was $6.3 million, or $0.11 earnings per diluted share, compared to a net loss of $10.6 million from continuing operations, or $0.28 loss per diluted share, for the quarter ended March 31, 2016. 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, tier one capital to risk-weighted assets, total capital to risk-weighted assets and common equity-tier 1 ratios were 6.96%, 14.74%, 15.09%, and 14.74% respectively, compared to well capitalized minimums of 5%, 8%, 10% and 6.5%, respectively.
Damian Kozlowski, The Bancorp’s Chief Executive Officer, said, “While 2016 was a very difficult year for The Bancorp, first quarter 2017 financial results reflect the planned return to profitability. While we did incur financial losses in 2016, it did set the stage to make progress on many key issues that faced The Bancorp. I believe that the actions taken in 2016 have resulted in a much stronger platform and the first quarter was the start of what we believe will be a year of improving performance. In the first quarter, The Bancorp earned $8.0 million in net income or $0.14 cents a share off of $49 million of total revenue, less interest expense. Our earnings showed substantial improvement and revenue momentum continues, while expense cuts and restructuring had a noticeable impact on profitability. I believe this first quarter is a turning point. We have a long way to go to fully implement our integrated business plan but we are on track to deliver better results for all the constituencies that comprise The Bancorp community.”
Conference Call Webcast
You may access the LIVE webcast of The Bancorp's Quarterly Earnings Conference Call at 8:00 AM ET Friday, April 28, 2017 by clicking on the webcast link on Bancorp's homepage at www.thebancorp.com. Or, you may dial 844.775.2543, access code 6292817. You may listen to the replay of the webcast following the live call on The Bancorp's investor relations website or telephonically until Friday, May 5, 2017 by dialing 855.859.2056, access code 6292817.
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 chief financial institution, 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 leasing groups in the nation. For more information please visit www.thebancorp.com.
Forward-Looking Statements
Statements in this earnings release regarding 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 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 March 31, December 31, Condensed income statement 2017 2016 2016 (dollars in thousands except per share data) Net interest income $ 24,877 $ 20,556 $ 89,966 Provision for loan and lease losses 1,000 - 3,360 Non-interest income Service fees on deposit accounts 1,675 847 5,124 Card payment and ACH processing fees 1,528 1,267 5,526 Prepaid card fees 13,547 13,574 51,326 Gain (loss) on sale of loans 5,383 (1,433 ) 2,901 Gain on sale of investment securities 503 2,026 3,171 Change in value of investment in unconsolidated entity (19 ) 812 (37,533 ) Leasing income 551 404 2,007 Affinity fees 1,021 1,094 4,563 Other non-interest income 30 97 5,401 Total non-interest income 24,219 18,688 42,486 Non-interest expense Bank Secrecy Act and lookback consulting expenses - 14,315 29,081 Other non-interest expense 37,783 40,823 169,492 Total non-interest expense 37,783 55,138 198,573 Income (loss) from continuing operations before income tax expense 10,313 (15,894 ) (69,481 ) Income tax expense (benefit) 4,011 (5,272 ) (12,664 ) Net income (loss) from continuing operations 6,302 (10,622 ) (56,817 ) Net income (loss) from discontinued operations, net of tax 1,661 (290 ) (39,675 ) Net income (loss) available to common shareholders $ 7,963 $ (10,912 ) $ (96,492 ) Net income (loss) per share from continuing operations - basic $ 0.11 $ (0.28 ) $ (1.28 ) Net income (loss) per share from discontinued operations - basic $ 0.03 $ (0.01 ) $ (0.89 ) Net income (loss) per share - basic $ 0.14 $ (0.29 ) $ (2.17 ) Net income (loss) per share from continuing operations - diluted $ 0.11 $ (0.28 ) $ (1.28 ) Net income (loss) per share from discontinued operations - diluted $ 0.03 $ (0.01 ) $ (0.89 ) Net income (loss) per share - diluted $ 0.14 $ (0.29 ) $ (2.17 ) Weighted average shares - basic 55,534,279 37,804,741 44,567,357 Weighted average shares - diluted 55,752,496 37,860,665 44,776,138Balance sheet March 31, December 31, September 30, March 31, 2017 2016 2016 2016 (dollars in thousands) Assets: Cash and cash equivalents Cash and due from banks $ 4,671 $ 4,127 $ 4,061 $ 8,542 Interest earning deposits at Federal Reserve Bank 669,042 955,733 312,605 757,773 Securities sold under agreements to resell 65,248 39,199 39,463 10,208 Total cash and cash equivalents 738,961 999,059 356,129 776,523 Investment securities, available-for-sale, at fair value 1,215,892 1,248,614 1,334,927 1,252,754 Investment securities, held-to-maturity 93,443 93,467 93,495 93,550 Loans held for sale, at fair value 480,913 663,140 562,957 313,595 Loans, net of deferred fees and costs 1,264,127 1,222,911 1,198,237 1,114,053 Allowance for loan and lease losses (7,294 ) (6,332 ) (6,058 ) (4,378 ) Loans, net 1,256,833 1,216,579 1,192,179 1,109,675 Federal Home Loan Bank & Atlantic Community Bancshares stock 2,589 1,613 11,014 1,063 Premises and equipment, net 22,993 24,125 21,797 21,692 Accrued interest receivable 10,296 10,589 10,496 9,172 Intangible assets, net 5,844 6,906 5,682 4,672 Other real estate owned 104 104 - - Deferred tax asset, net 54,155 55,666 29,765 32,462 Investment in unconsolidated entity 125,982 126,930 157,396 177,211 Assets held for sale from discontinued operations 341,286 360,711 386,155 536,548 Other assets 55,351 50,611 55,519 50,802 Total assets $ 4,404,642 $ 4,858,114 $ 4,217,511 $ 4,379,719 Liabilities: Deposits Demand and interest checking $ 3,607,076 $ 3,816,524 $ 3,364,103 $ 3,610,003 Savings and money market 428,723 421,780 402,832 388,953 Total deposits 4,035,799 4,238,304 3,766,935 3,998,956 Securities sold under agreements to repurchase 273 274 353 671 Short-term borrowings - - 70,000 - Subordinated debenture 13,401 13,401 13,401 13,401 Long-term borrowings - 263,099 - - Other liabilities 45,400 44,073 27,744 51,102 Total liabilities $ 4,094,873 $ 4,559,151 $ 3,878,433 $ 4,064,130 Shareholders' equity: Common stock - authorized, 75,000,000 shares of $1.00 par value; 55,757,559 and 37,945,153 shares issued at March 31, 2017 and 2016, respectively 55,758 55,419 55,419 37,945 Treasury stock (100,000 shares) (866 ) (866 ) (866 ) (866 ) Additional paid-in capital 360,801 360,564 359,793 301,018 Accumulated deficit (103,978 ) (111,941 ) (83,169 ) (26,361 ) Accumulated other comprehensive income (loss) (1,946 ) (4,213 ) 7,901 3,853 Total shareholders' equity 309,769 298,963 339,078 315,589 Total liabilities and shareholders' equity $ 4,404,642 $ 4,858,114 $ 4,217,511 $ 4,379,719 Average balance sheet and net interest income Three months ended March 31, 2017 Three months ended March 31, 2016 (dollars in thousands) Average Average Average Average Assets: Balance Interest Rate Balance Interest Rate Interest-earning assets: Loans net of unearned fees and costs ** $ 1,634,136 $ 17,371 4.25 % $ 1,476,112 $ 15,556 4.22 % Leases - bank qualified* 21,180 396 7.48 % 27,798 482 6.94 % Investment securities-taxable 1,325,247 9,005 2.72 % 1,149,101 6,532 2.27 % Investment securities-nontaxable* 15,423 111 2.88 % 75,846 493 2.60 % Interest earning deposits at Federal Reserve Bank 771,529 1,516 0.79 % 799,398 902 0.45 % Federal funds sold and securities purchased under agreement to resell 49,829 227 1.82 % 7,422 27 1.46 % Net interest earning assets 3,817,344 28,626 3.00 % 3,535,677 23,992 2.71 % Allowance for loan and lease losses (6,221 ) (4,399 ) Assets held for sale from discontinued operations 335,929 3,361 4.00 % 588,685 5,819 3.95 % Other assets 276,597 299,551 $ 4,423,649 $ 4,419,514 Liabilities and Shareholders' Equity: Deposits: Demand and interest checking $ 3,653,505 $ 2,787 0.31 % $ 3,471,909 $ 2,441 0.28 % Savings and money market 429,713 647 0.60 % 387,651 225 0.23 % Time - - 0.00 % 206,393 305 0.59 % Total deposits 4,083,218 3,434 0.34 % 4,065,953 2,971 0.29 % Repurchase agreements 275 - 0.00 % 856 - 0.00 % Subordinated debt 13,401 138 4.12 % 13,401 124 3.70 % Total deposits and interest bearing liabilities 4,096,894 3,572 0.35 % 4,080,210 3,095 0.30 % Other liabilities 20,234 21,329 Total liabilities 4,117,128 4,101,539 Shareholders' equity 306,521 317,975 $ 4,423,649 $ 4,419,514 Net interest income on tax equivalent basis* $ 28,415 $ 26,716 Tax equivalent adjustment 177 341 Net interest income $ 28,238 $ 26,375 Net interest margin * 2.70 % 2.56 % * Full taxable equivalent basis, using a 35% statutory tax rate. ** Includes loans held for sale. Allowance for loan and lease losses: Three months ended Year ended March 31, March 31, December 31, 2017 2016 2016 (dollars in thousands) Balance in the allowance for loan and lease losses at beginning of period (1) $ 6,332 $ 4,400 $ 4,400 Loans charged-off: SBA non real estate - - 128 Direct lease financing 35 20 119 Other consumer loans 12 12 1,211 Total 47 32 1,458 Recoveries: SBA non real estate - - 1 Direct lease financing - 6 17 Other consumer loans 9 4 12 Total 9 10 30 Net charge-offs 38 22 1,428 Provision charged to operations 1,000 - 3,360 Balance in allowance for loan and lease losses at end of period $ 7,294 $ 4,378 $ 6,332 Net charge-offs/average loans 0.00 % 0.00 % 0.09 % Net charge-offs/average loans (annualized) 0.01 % 0.01 % 0.09 % Net charge-offs/average assets 0.00 % 0.00 % 0.03 % (1) Excludes activity from assets held for sale Loan portfolio: March 31, December 31, September 30, March 31, 2017 2016 2016 2016 (dollars in thousands) SBA non real estate $ 75,800 $ 74,644 $ 74,262 $ 71,220 SBA commercial mortgage 114,703 126,159 117,053 120,415 SBA construction 12,985 8,826 6,317 9,736 Total SBA loans 203,488 209,629 197,632 201,371 Direct lease financing 363,172 346,645 332,632 240,670 SBLOC 660,423 630,400 621,456 592,656 Other specialty lending 12,443 11,073 20,076 48,153 Other consumer loans 16,318 17,374 19,375 21,782 1,255,844 1,215,121 1,191,171 1,104,632 Unamortized loan fees and costs 8,283 7,790 7,066 9,421 Total loans, net of deferred loan fees and costs $ 1,264,127 $ 1,222,911 $ 1,198,237 $ 1,114,053 Small business lending portfolio: March 31, December 31, September 30, March 31, 2017 2016 2016 2016 (dollars in thousands) SBA loans, including deferred fees and costs 209,980 215,786 203,196 209,605 SBA loans included in HFS 159,831 154,016 146,450 124,763 Total SBA loans $ 369,811 $ 369,802 $ 349,646 $ 334,368 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 March 31, 2017 The Bancorp, Inc. 6.96 % 14.74 % 15.09 % 14.74 % The Bancorp Bank 6.74 % 14.28 % 14.63 % 14.28 % "Well capitalized" institution (under FDIC regulations) 5.00 % 8.00 % 10.00 % 6.50 % As of December 31, 2016 The Bancorp, Inc. 6.90 % 13.34 % 13.63 % 13.34 % The Bancorp Bank 6.84 % 13.24 % 13.53 % 13.24 % "Well capitalized" institution (under FDIC regulations) 5.00 % 8.00 % 10.00 % 6.50 % Three months ended Year ended March 31, December 31, 2017 2016 2016 Selected operating ratios: Return on average assets (annualized) 0.73 % nm nm Return on average equity (annualized) 10.54 % nm nm Net interest margin 2.70 % 2.56 % 2.74 % Book value per share $ 5.57 $ 8.34 $ 5.40 March 31, December 31, September 30, March 31, 2017 2016 2016 2016 Asset quality ratios: Nonperforming loans to total loans (1) 0.55 % 0.30 % 0.58 % 0.24 % Nonperforming assets to total assets (1) 0.16 % 0.08 % 0.16 % 0.06 % Allowance for loan and lease losses to total loans 0.58 % 0.52 % 0.51 % 0.39 % Nonaccrual loans $ 5,369 $ 2,972 $ 4,021 $ 1,908 Other real estate owned 104 104 - - Total nonperforming assets $ 5,473 $ 3,076 $ 4,021 $ 1,908 Loans 90 days past due still accruing interest $ 1,534 $ 661 $ 2,933 $ 787 (1) Nonperforming loan and asset ratios include nonaccrual loans and loans 90 days past due still accruing interest. Three months ended March 31, December 31, September 30, March 31, 2017 2016 2016 2016 (in thousands) Gross dollar volume (GDV) (1): Prepaid card GDV $ 13,342,180 $ 10,647,520 $ 10,459,097 $ 13,512,318 (1) Gross dollar volume represents the total dollar amount spent on prepaid and debit cards issued by The Bancorp. Analysis of Walnut Street marks: Loan activity Marks (dollars in millions) Original Walnut Street loan balance 12/31/14 $ 267 Marks through 12/31/14 sale date (58 ) $ (58 ) Sales price of Walnut Street 209 Equity investment from independent investor (16 ) 12/31/14 Bancorp book value 193 Additional marks 2015 and 2016 (42 ) (42 ) Payments received (25 ) 3/31/17 Bancorp book value* $ 126 Total marks $ (100 ) Divided by: Original Walnut Street loan balance $ 267 Percentage of total mark to original balance 37 % * Approximately 21% of expected principal recoveries were classified as non performing as of 3/31/17 Walnut Street portfolio composition 3/31/17: Collateral type % of Portfolio Commercial real estate non-owner occupied Retail 26.7 % Office 20.9 % Other 19.4 % Construction and land 21.0 % Commercial non real estate and industrial 5.0 % First mortgage residential owner occupied 3.4 % First mortgage residential non-owner occupied 3.2 % Other 0.4 % Total 100.0 % Cumulative analysis of marks on discontinued commercial loan principal as of 3/31/17 Discontinued Cumulative % to loan principal marks
original principal
(dollars in millions) Commercial loan discontinued principal before marks $ 269 Florida mall held in discontinued OREO 42 24 Previous mark charges 20 20 Mark at 3/31/17 27 Total $ 331 $ 71 21 %Analysis of large loan relationship principal, non performing loans and distribution of marks as of 3/31/17
Performing Non performing Total Performing Non performing Total loan principal loan principal loan principal loan marks loan marks marks (in millions) 12 loan relationships > $8 million $ 160 $ 30 $ 190 $ 4 $ 12 $ 16 Loan relationships < $8 million32
2052
5 6 11 $192
$ 50 $242
$ 9 $ 18 $ 27 Quarterly activity for commercial loan discontinued principal Commercial loan principal (in millions) Commercial loan discontinued principal 12/31/16 before marks $ 324 Transfer of Florida mall to other real estate owned (42 ) Net paydowns (13 ) Commercial loan discontinued principal 3/31/17 before marks $ 269 Marks at 3/31/17 (27 ) Net commercial loan exposure 3/31/17 $ 242 Residential mortgages 66 Net loans $ 308 Florida mall in other real estate owned 18 Other 28 properties in other real estate owned 15 Total discontinued assets at 3/31/17 $ 341 Discontinued commercial loan composition as of 3/31/17 Unpaid principal Mark as % of Collateral type balance Mark 3/31/17 portfolio (dollars in millions) Commercial real estate - non-owner occupied: Retail $ 14 $ 0.7 5 % Office 14 0.2 1 % Other 50 0.2 - Construction and land 82 3.3 4 % Commercial non-real estate and industrial 38 15.9 42 % 1 to 4 family construction 29 1.1 4 % First mortgage residential non-owner occupied: 20 5.1 25 % Commercial real estate owner occupied: Retail 10 0.1 1 % Office - - - Other 2 0.1 5 % First mortgage residential owner occupied 4 0.2 5 % Residential junior mortgage 3 0.1 3 % Other 3 - - Total $ 269 $ 27.0 10 %
View source version on businesswire.com: http://www.businesswire.com/news/home/20170427006637/en/
The Bancorp Investor RelationsAndres Viroslav, Director, Investor Relations215-861-7990aviroslav@thebancorp.comorThe Bancorp Media RelationsRob Tacey, Director, Public Relations302-385-1418rtacey@thebancorp.com
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