Delaware
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23-3016517
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(State or other jurisdiction of
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(IRS Employer
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incorporation)
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Identification No.)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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The Bancorp, Inc.
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||||||||
Date: July 23, 2014
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By:
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/s/Paul Frenkiel
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||||||
Paul Frenkiel
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||||||||
Chief Financial Officer and Secretary
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||||||||
Exhibit No.
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Description
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EX-99.1
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|
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·
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18% increase in net interest income to $27.9 million compared to $23.6 million in second quarter 2013.
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·
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12% increase in prepaid card fees to $12.9 million compared to $11.5 million in second quarter 2013.
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·
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Increases over prior year targeted loan balances as follows: SBA lending 69%, SBLOC 53%, Leasing 8%.
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·
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An increase in the net interest margin to 2.69% from 2.46% in second quarter 2013.
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The Bancorp, Inc.
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||||||||||||||||
Financial highlights
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||||||||||||||||
(unaudited)
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||||||||||||||||
Three months ended
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Six months ended
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|||||||||||||||
June 30,
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June 30,
|
|||||||||||||||
2014
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2013
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2014
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2013
|
|||||||||||||
(dollars in thousands except per share data)
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||||||||||||||||
Condensed income statement
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||||||||||||||||
Net interest income
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$ | 27,915 | $ | 23,579 | $ | 54,483 | $ | 46,263 | ||||||||
Provision for loan and lease losses
|
15,500 | 9,500 | 32,800 | 15,000 | ||||||||||||
Non-interest income
|
||||||||||||||||
Service fees on deposit accounts
|
1,377 | 1,084 | 2,587 | 2,144 | ||||||||||||
Card payment and ACH processing fees
|
1,317 | 1,046 | 2,620 | 1,913 | ||||||||||||
Prepaid card fees
|
12,898 | 11,531 | 26,366 | 23,505 | ||||||||||||
Gain on sale of loans
|
5,212 | 5,748 | 10,696 | 7,926 | ||||||||||||
Gain on sales of investment securities
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159 | 476 | 400 | 743 | ||||||||||||
Other than temporary impairment of investment securities
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- | - | - | (20 | ) | |||||||||||
Leasing income
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1,015 | 642 | 1,396 | 1,229 | ||||||||||||
Debit card income
|
456 | 201 | 882 | 397 | ||||||||||||
Affinity fees
|
668 | 850 | 1,202 | 1,706 | ||||||||||||
Other non-interest income
|
608 | 784 | 1,716 | 1,951 | ||||||||||||
Total non-interest income
|
23,710 | 22,362 | 47,865 | 41,494 | ||||||||||||
Non-interest expense
|
||||||||||||||||
Losses and write downs on other real estate owned
|
(92 | ) | 815 | (30 | ) | 1,066 | ||||||||||
BSA and lookback consulting expenses
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9,204 | - | 9,204 | - | ||||||||||||
Other non-interest expense
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33,753 | 26,772 | 66,648 | 51,000 | ||||||||||||
Total non-interest expense
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42,865 | 27,587 | 75,822 | 52,066 | ||||||||||||
Net income (loss) before income tax expense
|
(6,740 | ) | 8,854 | (6,274 | ) | 20,691 | ||||||||||
Income tax (benefit) expense
|
(1,194 | ) | 3,262 | (1,026 | ) | 7,693 | ||||||||||
Net income (loss) available to common shareholders
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$ | (5,546 | ) | $ | 5,592 | $ | (5,248 | ) | $ | 12,998 | ||||||
Basic earnings (loss) per share
|
$ | (0.15 | ) | $ | 0.15 | $ | (0.14 | ) | $ | 0.35 | ||||||
Diluted earnings (loss) per share
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$ | (0.15 | ) | $ | 0.15 | $ | (0.14 | ) | $ | 0.34 | ||||||
Weighted average shares - basic
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37,706,491 | 37,343,396 | 37,693,624 | 37,317,750 | ||||||||||||
Weighted average shares - diluted
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37,706,491 | 37,974,814 | 37,693,624 | 37,877,712 |
Balance sheet
|
June 30,
|
March 31,
|
December 31,
|
June 30,
|
||||||||||||
2014
|
2014
|
2013
|
2013
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
Assets:
|
||||||||||||||||
Cash and cash equivalents
|
||||||||||||||||
Cash and due from banks
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$ | 15,192 | $ | 15,298 | $ | 33,883 | $ | 21,560 | ||||||||
Interest earning deposits at Federal Reserve Bank
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441,422 | 796,385 | 1,196,515 | 622,989 | ||||||||||||
Securities sold under agreements to resell
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15,906 | 24,926 | 7,544 | 40,240 | ||||||||||||
Total cash and cash equivalents
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472,520 | 836,609 | 1,237,942 | 684,789 | ||||||||||||
Investment securities, available-for-sale, at fair value
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1,459,626 | 1,411,708 | 1,253,117 | 1,021,848 | ||||||||||||
Investment securities, held-to-maturity
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97,130 | 97,149 | 97,205 | 95,662 | ||||||||||||
Loans held for sale, at fair value
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154,474 | 222,024 | 69,904 | 49,355 | ||||||||||||
Loans, net of deferred fees and costs
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2,049,561 | 2,044,004 | 1,958,445 | 1,967,382 | ||||||||||||
Allowance for loan and lease losses
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(46,945 | ) | (46,409 | ) | (38,182 | ) | (40,274 | ) | ||||||||
Loans, net
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2,002,616 | 1,997,595 | 1,920,263 | 1,927,108 | ||||||||||||
Federal Home Loan Bank & Atlantic Central Bankers Bank stock
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3,409 | 3,209 | 3,209 | 3,209 | ||||||||||||
Premises and equipment, net
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16,236 | 15,692 | 15,659 | 13,709 | ||||||||||||
Accrued interest receivable
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14,508 | 14,715 | 13,131 | 12,360 | ||||||||||||
Intangible assets, net
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6,988 | 7,407 | 7,612 | 6,503 | ||||||||||||
Other real estate owned
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26,781 | 27,763 | 26,295 | 6,308 | ||||||||||||
Deferred tax asset, net
|
24,606 | 27,451 | 30,415 | 27,613 | ||||||||||||
Other assets
|
36,270 | 38,301 | 31,313 | 28,031 | ||||||||||||
Total assets
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$ | 4,315,164 | $ | 4,699,623 | $ | 4,706,065 | $ | 3,876,495 | ||||||||
Liabilities:
|
||||||||||||||||
Deposits
|
||||||||||||||||
Demand and interest checking
|
$ | 3,563,447 | $ | 3,842,569 | $ | 3,722,602 | $ | 2,963,170 | ||||||||
Savings and money market
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307,927 | 393,329 | 536,162 | 469,238 | ||||||||||||
Time deposits
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8,962 | 9,115 | 9,773 | 12,502 | ||||||||||||
Time deposits, $100,000 and over
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1,474 | 2,195 | 4,452 | 5,747 | ||||||||||||
Total deposits
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3,881,810 | 4,247,208 | 4,272,989 | 3,450,657 | ||||||||||||
Securities sold under agreements to repurchase
|
17,481 | 16,491 | 21,221 | 19,059 | ||||||||||||
Accrued Interest Payable
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- | - | - | 95 | ||||||||||||
Subordinated debenture
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13,401 | 13,401 | 13,401 | 13,401 | ||||||||||||
Other liabilities
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35,862 | 56,353 | 38,850 | 49,091 | ||||||||||||
Total liabilities
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$ | 3,948,554 | $ | 4,333,453 | $ | 4,346,461 | $ | 3,532,303 | ||||||||
Shareholders' equity:
|
||||||||||||||||
Common stock - authorized, 50,000,000 shares of $1.00 par value; 37,708,777 and 37,462,939 shares issued at June 30, 2014 and 2013, respectively
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37,809 | 37,805 | 37,721 | 37,463 | ||||||||||||
Treasury stock (100,000 shares)
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(866 | ) | (866 | ) | (866 | ) | (866 | ) | ||||||||
Additional paid-in capital
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296,523 | 295,824 | 294,576 | 286,321 | ||||||||||||
Retained earnings
|
21,878 | 27,424 | 27,615 | 19,993 | ||||||||||||
Accumulated other comprehensive income
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11,266 | 5,983 | 558 | 1,281 | ||||||||||||
Total shareholders' equity
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366,610 | 366,170 | 359,604 | 344,192 | ||||||||||||
Total liabilities and shareholders' equity
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$ | 4,315,164 | $ | 4,699,623 | $ | 4,706,065 | $ | 3,876,495 | ||||||||
Average balance sheet and net interest income
|
Three months ended June 30, 2014
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Three months ended June 30, 2013
|
||||||||||||||||||||||
(dollars in thousands)
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Average
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Average
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Average
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Average
|
||||||||||||||||||||
Assets:
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans net of unearned fees and costs **
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$ | 2,177,072 | $ | 21,767 | 4.00 | % | $ | 1,991,622 | $ | 20,774 | 4.17 | % | ||||||||||||
Leases - bank qualified*
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18,293 | 244 | 5.34 | % | 13,800 | 208 | 6.03 | % | ||||||||||||||||
Investment securities-taxable
|
1,062,951 | 5,356 | 2.02 | % | 836,299 | 3,801 | 1.82 | % | ||||||||||||||||
Investment securities-nontaxable*
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459,164 | 4,548 | 3.96 | % | 206,629 | 1,342 | 2.60 | % | ||||||||||||||||
Interest earning deposits at Federal Reserve Bank
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651,002 | 411 | 0.25 | % | 841,315 | 505 | 0.24 | % | ||||||||||||||||
Federal funds sold/securities purchased under agreement to resell
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24,133 | 85 | 1.41 | % | 33,761 | 98 | 1.16 | % | ||||||||||||||||
Net interest earning assets
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4,392,615 | 32,411 | 2.95 | % | 3,923,426 | 26,728 | 2.72 | % | ||||||||||||||||
Allowance for loan and lease losses
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(49,193 | ) | (36,596 | ) | ||||||||||||||||||||
Other assets
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132,332 | 85,476 | ||||||||||||||||||||||
$ | 4,475,754 | $ | 3,972,306 | |||||||||||||||||||||
Liabilities and Shareholders' Equity:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Demand and interest checking
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$ | 3,698,142 | $ | 2,298 | 0.25 | % | $ | 3,083,831 | $ | 1,901 | 0.25 | % | ||||||||||||
Savings and money market
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332,973 | 364 | 0.44 | % | 482,722 | 528 | 0.44 | % | ||||||||||||||||
Time
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10,844 | 33 | 1.22 | % | 18,310 | 47 | 1.03 | % | ||||||||||||||||
Total deposits
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4,041,959 | 2,695 | 0.27 | % | 3,584,863 | 2,476 | 0.28 | % | ||||||||||||||||
Repurchase agreements
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16,620 | 11 | 0.26 | % | 17,057 | 12 | 0.28 | % | ||||||||||||||||
Subordinated debt
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13,401 | 113 | 3.37 | % | 13,401 | 118 | 3.52 | % | ||||||||||||||||
Total deposits and interest bearing liabilities
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4,071,980 | 2,819 | 0.28 | % | 3,615,321 | 2,606 | 0.29 | % | ||||||||||||||||
Other liabilities
|
15,007 | 9,379 | ||||||||||||||||||||||
Total liabilities
|
4,086,987 | 3,624,700 | ||||||||||||||||||||||
Shareholders' equity
|
388,767 | 347,606 | ||||||||||||||||||||||
$ | 4,475,754 | $ | 3,972,306 | |||||||||||||||||||||
Net interest income on tax equivalent basis*
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$ | 29,592 | $ | 24,122 | ||||||||||||||||||||
Tax equivalent adjustment
|
1,677 | 543 | ||||||||||||||||||||||
Net interest income
|
$ | 27,915 | $ | 23,579 | ||||||||||||||||||||
Net interest margin *
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2.69 | % | 2.46 | % | ||||||||||||||||||||
* Full taxable equivalent basis using a 35% statutory tax rate.
|
||||||||||||||||||||||||
** Includes loans held for sale.
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Average balance sheet and net interest income
|
Six months ended June 30, 2014
|
Six months ended June 30, 2013
|
||||||||||||||||||||||
(dollars in thousands)
|
Average
|
Average
|
Average
|
Average
|
||||||||||||||||||||
Assets:
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans net of unearned fees and costs **
|
$ | 2,159,727 | $ | 42,987 | 3.98 | % | $ | 1,960,399 | $ | 40,964 | 4.18 | % | ||||||||||||
Leases - bank qualified*
|
18,290 | 490 | 5.36 | % | 14,096 | 407 | 5.77 | % | ||||||||||||||||
Investment securities-taxable
|
1,041,218 | 10,493 | 2.02 | % | 759,899 | 7,288 | 1.92 | % | ||||||||||||||||
Investment securities-nontaxable*
|
425,512 | 7,756 | 3.65 | % | 166,648 | 2,460 | 2.95 | % | ||||||||||||||||
Interest earning deposits at Federal Reserve Bank
|
951,983 | 1,175 | 0.25 | % | 1,091,219 | 1,343 | 0.25 | % | ||||||||||||||||
Federal funds sold/securities purchased under agreement to resell
|
27,321 | 191 | 1.40 | % | 27,107 | 122 | 0.90 | % | ||||||||||||||||
Net interest-earning assets
|
4,624,051 | 63,092 | 2.73 | % | 4,019,368 | 52,584 | 2.62 | % | ||||||||||||||||
Allowance for loan and lease losses
|
(43,900 | ) | (35,722 | ) | ||||||||||||||||||||
Other assets
|
137,776 | 85,102 | ||||||||||||||||||||||
$ | 4,717,927 | $ | 4,068,748 | |||||||||||||||||||||
Liabilities and Shareholders' Equity:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Demand and interest checking
|
$ | 3,857,839 | $ | 4,535 | 0.24 | % | $ | 3,170,543 | $ | 3,767 | 0.24 | % | ||||||||||||
Savings and money market
|
415,122 | 868 | 0.42 | % | 494,383 | 1,106 | 0.45 | % | ||||||||||||||||
Time
|
12,086 | 69 | 1.14 | % | 19,607 | 101 | 1.03 | % | ||||||||||||||||
Total deposits
|
4,285,047 | 5,472 | 0.26 | % | 3,684,533 | 4,974 | 0.27 | % | ||||||||||||||||
Short-term borrowings
|
11 | - | 0.00 | % | - | - | 0.00 | % | ||||||||||||||||
Repurchase agreements
|
16,686 | 23 | 0.28 | % | 16,413 | 26 | 0.32 | % | ||||||||||||||||
Subordinated debt
|
13,401 | 228 | 3.40 | % | 13,401 | 318 | 4.75 | % | ||||||||||||||||
Total deposits and interest bearing liabilities
|
4,315,145 | 5,723 | 0.27 | % | 3,714,347 | 5,318 | 0.29 | % | ||||||||||||||||
Other liabilities
|
18,593 | 10,455 | ||||||||||||||||||||||
Total liabilities
|
4,333,738 | 3,724,802 | ||||||||||||||||||||||
Shareholders' equity
|
384,189 | 343,946 | ||||||||||||||||||||||
$ | 4,717,927 | $ | 4,068,748 | |||||||||||||||||||||
Net interest income on tax equivalent basis*
|
57,369 | 47,266 | ||||||||||||||||||||||
Tax equivalent adjustment
|
2,886 | 1,003 | ||||||||||||||||||||||
Net interest income
|
$ | 54,483 | $ | 46,263 | ||||||||||||||||||||
Net interest margin *
|
2.48 | % | 2.35 | % | ||||||||||||||||||||
* Fully taxable equivalent basis using a 35% statutory tax rate
|
||||||||||||||||||||||||
** Includes loans held for sale.
|
Allowance for loan and lease losses:
|
Six months ended
|
Year ended
|
||||||||||||||
June 30,
|
June 30,
|
December 31,
|
||||||||||||||
2014
|
2013
|
2013
|
||||||||||||||
(dollars in thousands)
|
||||||||||||||||
Balance in the allowance for loan and lease losses at beginning of period
|
$ | 38,182 | $ | 33,040 | $ | 33,040 | ||||||||||
Loans charged-off:
|
||||||||||||||||
Commercial
|
15,218 | 3,733 | 14,771 | |||||||||||||
Construction
|
8,546 | 4,382 | 10,295 | |||||||||||||
Lease financing
|
1 | - | 30 | |||||||||||||
Residential mortgage
|
108 | 54 | 54 | |||||||||||||
Consumer
|
561 | 186 | 488 | |||||||||||||
Total
|
24,434 | 8,355 | 25,638 | |||||||||||||
Recoveries:
|
||||||||||||||||
Commercial
|
61 | 51 | 180 | |||||||||||||
Construction
|
317 | 481 | 1,019 | |||||||||||||
Lease financing
|
- | 8 | 8 | |||||||||||||
Residential mortgage
|
- | - | - | |||||||||||||
Consumer
|
19 | 49 | 73 | |||||||||||||
Total
|
397 | 589 | 1,280 | |||||||||||||
Net charge-offs
|
24,037 | 7,766 | 24,358 | |||||||||||||
Provision charged to operations
|
32,800 | 15,000 | 29,500 | |||||||||||||
Balance in allowance for loan and lease losses at end of period
|
$ | 46,945 | $ | 40,274 | $ | 38,182 | ||||||||||
Net charge-offs/average loans
|
1.10 | % | 0.39 | % | 1.21 | % | ||||||||||
Net charge-offs/average loans (annualized)
|
2.21 | % | 0.79 | % | 1.21 | % | ||||||||||
Net charge-offs/average assets
|
0.51 | % | 0.19 | % | 0.59 | % | ||||||||||
Loan portfolio:
|
June 30,
|
March 31,
|
December 31,
|
June 30,
|
||||||||||||
2014 | 2014 | 2013 | 2013 | |||||||||||||
(dollars in thousands)
|
||||||||||||||||
Commercial
|
$ | 476,799 | $ | 489,574 | $ | 450,113 | $ | 481,537 | ||||||||
Commercial mortgage (1)
|
593,622 | 610,990 | 625,810 | 651,034 | ||||||||||||
Construction
|
264,667 | 283,928 | 258,889 | 266,911 | ||||||||||||
Total commercial loans
|
1,335,088 | 1,384,492 | 1,334,812 | 1,399,482 | ||||||||||||
Direct lease financing
|
185,878 | 181,007 | 175,610 | 172,250 | ||||||||||||
Residential mortgage
|
96,009 | 95,397 | 94,850 | 93,960 | ||||||||||||
Consumer and other loans
|
422,835 | 375,818 | 346,334 | 295,576 | ||||||||||||
2,039,810 | 2,036,714 | 1,951,606 | 1,961,268 | |||||||||||||
Unamortized loan fees and costs
|
9,751 | 7,290 | 6,839 | 6,114 | ||||||||||||
Total loans, net of deferred loan fees and costs
|
$ | 2,049,561 | $ | 2,044,004 | $ | 1,958,445 | $ | 1,967,382 | ||||||||
Supplemental loan data:
|
||||||||||||||||
Construction 1-4 family
|
$ | 40,226 | $ | 47,521 | $ | 48,394 | $ | 64,144 | ||||||||
Commercial construction, acquisition and development
|
224,441 | 236,407 | 210,495 | 202,767 | ||||||||||||
$ | 264,667 | $ | 283,928 | $ | 258,889 | $ | 266,911 | |||||||||
(1) At June 30, 2014 our owner-occupied loans amounted to $219 million, or 36.9% of commercial mortgages.
|
Tier 1 capital
|
Tier 1 capital
|
Total capital
|
||||||||||
to average assets
|
to risk-weighted assets
|
to risk-weighted assets
|
||||||||||
As of June 30, 2014
|
||||||||||||
Bancorp
|
8.08 | % | 13.17 | % | 14.43 | % | ||||||
The Bancorp Bank
|
6.73 | % | 10.91 | % | 12.17 | % | ||||||
"Well capitalized" institution (under FDIC regulations)
|
5.00 | % | 6.00 | % | 10.00 | % | ||||||
As of December 31, 2013
|
||||||||||||
Bancorp
|
8.58 | % | 14.57 | % | 15.83 | % | ||||||
The Bancorp Bank
|
6.72 | % | 11.40 | % | 12.66 | % | ||||||
"Well capitalized" institution (under FDIC regulations)
|
5.00 | % | 6.00 | % | 10.00 | % |
Three months ended
|
Six months ended
|
|||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||
2014
|
2013
|
2014
|
2013
|
|||||||||||||
Selected operating ratios:
|
||||||||||||||||
Return on average assets (annualized)
|
N/A | 0.56 | % | N/A | 0.64 | % | ||||||||||
Return on average equity (annualized)
|
N/A | 6.45 | % | N/A | 7.62 | % | ||||||||||
Net interest margin
|
2.69 | % | 2.46 | % | 2.48 | % | 2.35 | % | ||||||||
Efficiency ratio (1)
|
65.40 | % | 60.68 | % | 65.35 | % | 59.84 | % | ||||||||
Book value per share
|
$ | 9.72 | $ | 9.21 | $ | 9.72 | $ | 9.21 | ||||||||
June 30,
|
March 31,
|
December 31,
|
June 30,
|
|||||||||||||
2014 | 2014 | 2013 | 2013 | |||||||||||||
Asset quality ratios:
|
||||||||||||||||
Nonperforming loans to total loans (2)
|
1.94 | % | 2.20 | % | 2.08 | % | 2.16 | % | ||||||||
Nonperforming assets to total assets (2)
|
1.54 | % | 1.55 | % | 1.42 | % | 1.26 | % | ||||||||
Allowance for loan and lease losses to total loans
|
2.29 | % | 2.27 | % | 1.95 | % | 2.05 | % | ||||||||
Nonaccrual loans
|
$ | 38,714 | $ | 44,701 | $ | 40,551 | $ | 41,743 | ||||||||
Other real estate owned
|
26,781 | 27,763 | 26,295 | 6,308 | ||||||||||||
Total nonperforming assets
|
$ | 65,495 | $ | 72,464 | $ | 66,846 | $ | 48,051 | ||||||||
Loans 90 days past due still accruing interest
|
$ | 1,031 | $ | 189 | $ | 110 | $ | 755 | ||||||||
Three months ended
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June 30,
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March 31,
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December 31,
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June 30,
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2014 | 2014 | 2013 | 2013 | |||||||||||||
Gross dollar volume (GDV):
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Prepaid card GDV
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$ | 10,025,213 | $ | 11,791,386 | $ | 7,720,554 | $ | 7,651,849 | ||||||||
(1) As a supplement to GAAP, Bancorp has provided this non-GAAP performance result. The Bancorp believes that this non-GAAP financial measure is useful because it allows investors to assess its operating performance. Management utilizes the efficiency ratio to measure overhead as a percentage of revenue. Other companies may calculate the efficiency ratio differently. Although this non-GAAP financial measure is intended to enhance investors’ understanding of Bancorp’s business and performance, it should not be considered, and is not intended to be, a substitute for net income calculated pursuant to GAAP.
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Three months ended
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Six months ended
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June 30,
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June 30,
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2014 | 2013 | 2014 | 2013 | |||||||||||||
Reconciliation of the efficiency ratio, a non-GAAP measure:
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Non-interest expense
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$ | 42,865 | $ | 27,587 | $ | 75,822 | $ | 52,066 | ||||||||
Less: BSA and lookback consulting expenses
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(9,204 | ) | - | (9,204 | ) | - | ||||||||||
Adjusted non-interest expense (a)
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33,661 | 27,587 | 66,618 | 52,066 | ||||||||||||
Net interest income
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27,915 | 23,579 | 54,483 | 46,263 | ||||||||||||
Non-interest income
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23,710 | 22,362 | 47,865 | 41,494 | ||||||||||||
Less: Gain on sale of securities
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(159 | ) | (476 | ) | (400 | ) | (743 | ) | ||||||||
Adjusted net interest and non-interest income (b)
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$ | 51,466 | $ | 45,465 | $ | 101,948 | $ | 87,014 | ||||||||
(a) divided by (b)
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65.40 | % | 60.68 | % | 65.35 | % | 59.84 | % | ||||||||
(2) Nonperforming loan and asset ratios include nonaccrual loans and loans 90 days past due still accruing interest.
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