-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, P+Qx1cnV522XK+CF9I+wcrZLzN+mkOKlrV3NISc9wU7Go9nLCUde2RcygxllXmAu oPn6OYCNny1BiUDbUzP7EA== 0000950116-05-000424.txt : 20050204 0000950116-05-000424.hdr.sgml : 20050204 20050204171234 ACCESSION NUMBER: 0000950116-05-000424 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050202 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050204 DATE AS OF CHANGE: 20050204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Bancorp, Inc. CENTRAL INDEX KEY: 0001295401 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 233016517 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51018 FILM NUMBER: 05578004 BUSINESS ADDRESS: BUSINESS PHONE: 302-385-5000 MAIL ADDRESS: STREET 1: 405 SILVERSIDE ROAD CITY: WILMINGTON STATE: DE ZIP: 19809 8-K 1 eightk.txt 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): February 2, 2005 THE BANCORP, INC. ------------------------------------------------------ (Exact name of registrant as specified in its charter) Delaware 51018 23-3016517 - ---------------------------- ---------------------- ------------------ (State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification No.) 405 Silverside Road, Wilmington, DE 19809 ------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (302) 385-5000 N/A ------------------------------------------------------------ (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: |_| Written communication pursuant to Rule 425 under the Securities Act |_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act |_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On February 2, 2005, The Bancorp, Inc. issued a press release regarding its earning for the three months and year ended December 31, 2004. This press release was issued to correct and replace a press release issued by The Bancorp, Inc. on February 1, 2005 that contained certain production errors. A copy of the press release issued February 2, 2005 is furnished with this report as exhibit 99. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. (c) Exhibits EXHIBIT NUMBER DESCRIPTION OF DOCUMENT -------------- ----------------------- 99 Press Release SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. THE BANCORP, INC. By: /s/ Martin F. Egan -------------------------------- Name: Martin F. Egan Date: February 4, 2005 Title: Senior Vice President, Chief Financial Officer and Secretary Exhibit Index EXHIBIT NUMBER DESCRIPTION OF DOCUMENT -------------- ----------------------- 99 Press Release EX-99 2 ex99.txt EXHIBIT 99 THE BANCORP, INC. REPORTS FOURTH QUARTER AND FISCAL 2004 RESULTS WILMINGTON, Del. - Feb. 2, 2005--n BW6105 issued Feb. 1, 2005: Please replace the release dated February 1, 2005 with the following due to production errors in the third quarter 2004 average column in the "Average Condensed Balance Sheet" section of the release. The corrected release reads: Wilmington, DE, February 1, 2005 - The Bancorp, Inc. ("Bancorp") (NASDAQ NM: TBBK), a bank holding company, into which merged The Bancorp Bank on December 22, 2004, reported total assets of $575.3 million at December 31, 2004, an increase of $271.1 million or 89.1% from December 31, 2003. Loans grew to $427.9 million an increase of $195.5 million or 84.1% from those of December 31, 2003, and deposits grew to $388.1 million, an increase of $111.3 million or 40.2% during the same period. Net income available to common shareholders for the fourth quarter of 2004 was $1.6 million, which reflects non-recurring reorganization expenses of $378,000 related to the merger, compared to a net loss of $70,000 for the fourth quarter of 2003. Net income available to common shareholders for fiscal 2004 was $2.7 million as compared to $129,000 for fiscal 2003. Total common shares outstanding were 11,888,061 at December 31, 2004 and 2,284,200 at December 31, 2003. As a result of the merger, shareholders of 7.2 million shares of The Bancorp Bank received 1.15 shares of The Bancorp, Inc. for each share of The Bancorp Bank that was held. Conference Call Webcast Interested parties can access the LIVE webcast of Bancorp's Quarterly Earnings Conference Call at 11:30 AM EST on Wednesday, February 2, 2005 by clicking on the webcast link on Bancorp's homepage at www.thebancorp.com. The webcast will be archived on the Bancorp website for four weeks and can be accessed telephonically until February 9, 2005, by dialing 1-888-286-8012, access code 61203235. About The Bancorp, Inc. 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 through private-label affinity partner programs. Bancorp, through Philadelphia Private Bank (www.philadelphiaprivatebank.com), its regional affinity bank, serves the needs of small and mid-size businesses and their principals in the Philadelphia-Wilmington region. THE BANCORP, INC. FINANCIAL HIGHLIGHTS
Three months ended For the year ended December 31, December 31, --------------------------- ------------------------ 2004 2003 2004 2003 ------- ------- ------- ------ (dollars in thousands except per share data) CONDENSED INCOME STATEMENT Net interest income $ 5,446 $ 2,731 $ 17,596 $ 9,374 Provision for loan and lease losses 650 235 1,632 685 Non-interest income 2,395 3,164 8,904 10,487 Non-interest expense 5,914 5,665 21,706 18,355 Reorganization expense 378 - 487 - ----------- ---------- ----------- ---------- Net income before income tax benefit 899 (5) 2,675 821 Income tax benefit (1,043) (125) (1,043) (250) ----------- ---------- ----------- ---------- Net income 1,942 120 3,718 1,071 Less preferred stock dividends and accretion (219) (222) (818) (881) Income allocated to Series A preferred shareholders (170) 32 (323) (61) ----------- ---------- ----------- ---------- Net income available to common shareholders $ 1,553 $ (70) $ 2,577 $ 129 =========== ========== =========== ========== Basic earnings per share excluding reorganization expense $ 0.16 $ (0.04) $ 0.30 $ 0.06 =========== ========== =========== ========== Basic earnings per share reorganization expense $ (0.03) $ - $ (0.05) $ - =========== ========== =========== ========== Basic earnings per share $ 0.13 $ (0.04) $ 0.25 $ 0.06 =========== ========== =========== ========== Diluted earnings per share excluding reorganization expense $ 0.16 $ (0.04) $ 0.29 $ 0.06 =========== ========== =========== ========== Diluted earnings per share reorganization expense $ (0.03) $ - $ (0.05) $ - =========== ========== =========== ========== Diluted earnings per share $ 0.13 $ (0.04) $ 0.24 $ 0.06 =========== ========== =========== ========== Weighted average shares - basic 11,887,496 2,270,960 10,307,441 2,010,529 Weighted average shares - diluted 11,953,766 2,493,007 10,416,980 2,076,906
December 31, September 30, December 31, 2004 2004 2003 ------------ ------------- ------------ CONDENSED BALANCE SHEET Assets Federal funds sold $ 8,291 $ 53,604 $ 29,506 Investment securities 120,252 113,810 24,387 Loans 427,881 347,275 232,397 Allowance for loan and lease losses (3,593) (2,955) (1,991) Other assets 23,448 20,559 19,862 -------- -------- -------- Total assets $576,279 $532,293 $304,161 ======== ======== ======== Liabilities and shareholder's equity Transaction accounts $205,249 $221,942 $159,444 Time deposits 182,832 137,109 117,321 -------- -------- -------- Total deposits 388,081 359,051 276,765 Other borrowings 60,052 47,372 3 Trust preferred 5,413 5,413 Guaranteed preferred interest in Company's subordinated debt 5,250 Other liabilities 1,332 1,118 470 Shareholder's equity 121,401 119,339 21,673 -------- -------- -------- Total liabilities and shareholder's equity $576,279 $532,293 $304,161 ======== ======== ========
Fourth Third Fourth quarter quarter quarter average 2004 average 2004 average 2003 ------------ ------------ ------------ AVERAGE CONDENSED BALANCE SHEET Assets Federal funds sold $ 36,749 $ 35,421 $ 41,955 Investment securities 116,518 113,523 27,774 Loans 383,800 332,056 221,058 Allowance for loan and lease losses (3,050) (2,844) (1,845) Other assets 18,839 20,798 15,140 -------- -------- -------- Total assets $552,856 $498,954 $304,082 ======== ======== ======== Liabilities and shareholders' equity Transaction accounts $228,990 $208,816 $171,160 Time deposits 150,291 132,192 105,852 -------- -------- -------- Total deposits 379,281 341,008 277,012 Other borrowings 47,769 38,883 3 Trust preferred 5,413 5,413 Guaranteed preferred interest in Company's subordinated debt 5,250 Other liabilities 392 770 270 Shareholder's equity 120,001 112,880 21,547 -------- -------- -------- Total liabilities and shareholders' equity $552,856 $498,954 $304,082 ======== ======== ========
Three months ended For the year ended December 31, December 31, ------------------------ ------------------------ 2004 2003 2004 2003 ------ ------ ------ ------ SELECTED OPERATING RATIOS Return on average assets 1.41% 0.15% 0.79% 0.41% Return on average equity 6.47% 2.23% 3.94% 4.93% Net interest margin 4.05% 3.82% 3.86% 3.77% Book value per share $ 9.27 $ 6.43 $ 9.27 $ 6.43
As of or for the period ended December 31, ------------------------------ 2004 2003 ---------- ------ ASSET QUALITY RATIOS Nonperforming loans to total loans 0.05% 0.02% Nonperforming assets to total assets 0.04% 0.01% Allowance for loan and lease losses to total loans 0.84% 0.86% Nonaccrual loans 205 - Loans 90 days past due still accruing interest 23 44
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