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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The Bancorp, Inc.
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Date: February 9, 2016
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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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Net interest income increased 34% to $25.0 million for the quarter ended December 31, 2016 compared to $18.6 million for the quarter ended December 31, 2015. Year over year, net interest income increased 29% to $90.0 million from $69.9 million.
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Net interest margin increased to 2.84% for the quarter ended December 31, 2016 compared to 2.52% for the quarter ended December 31, 2015. Year over year, the net interest margin was 2.74% compared to 2.37%.
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Loans, excluding loans held for sale, increased 14% to $1.23 billion at December 31, 2016 compared to $1.08 billion at December 31, 2015.
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Direct lease financing increased 50% to $346.6 million from $231.5 million at December 31, 2015.
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Small Business Administration ("SBA") loans increased 20% to $369.8 million from $307.1 million at December 31, 2015.
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Security backed lines of credit ("SBLOC") increased 9% to $630.4 million from $575.9 million at December 31, 2015.
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Prepaid card fee income increased 2% to $12.0 million for the quarter ended December 31, 2016 from $11.7 million for the quarter ended December 31, 2015. Year over year, prepaid card fee income increased 8% to $51.3 million.
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Gross dollar volume on prepaid cards ("GDV") (1) increased 8% to $10.6 billion for Q4 2016 from $9.8 billion for Q4 2015. Year over year, GDV increased over 12%.
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Assets held for sale from discontinued operations decreased 38% from $583.9 million at December 31, 2015 to $360.7 million at December 31, 2016.
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The rate on our average deposits and interest bearing liabilities of $3.88 billion in Q4 2016 was 0.30% with a rate of 0.14% for $1.86 billion of average prepaid card deposits.
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The $1.86 billion of average Q4 2016 prepaid card deposits, which are among the lowest cost of our deposits, reflected a 16% increase over fourth quarter 2015.
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Book value per common share at December 31, 2016 of $5.40 per share. The Bancorp and its subsidiary, The Bancorp Bank, remain well capitalized.
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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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Year ended
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|||||||||||||||
December 31,
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December 31,
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|||||||||||||||
Condensed income statement
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2016
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2015
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2016
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2015
|
||||||||||||
(dollars in thousands except per share data)
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||||||||||||||||
Net interest income
|
$
|
24,978
|
$
|
18,582
|
$
|
89,966
|
$
|
69,931
|
||||||||
Provision for loan and lease losses
|
1,550
|
300
|
3,360
|
2,100
|
||||||||||||
Non-interest income
|
||||||||||||||||
Service fees on deposit accounts
|
1,789
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1,889
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5,124
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7,468
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||||||||||||
Card payment and ACH processing fees
|
1,343
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1,489
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5,526
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5,731
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||||||||||||
Prepaid card fees
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11,993
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11,744
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51,326
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47,496
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||||||||||||
Gain (loss) on sale of loans
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2,092
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3,333
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2,901
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10,080
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||||||||||||
Gain on sale of investment securities
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40
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14,497
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3,171
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14,435
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||||||||||||
Gain on sale of health savings portfolio
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-
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33,531
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-
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33,531
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||||||||||||
Change in value of investment in unconsolidated entity
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(24,720
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)
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(1,412
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)
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(37,033
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)
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1,729
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|||||||||
Leasing income
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551
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564
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2,007
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2,291
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||||||||||||
Debit card income
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202
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253
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-
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1,611
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||||||||||||
Affinity fees
|
1,056
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967
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4,563
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3,358
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||||||||||||
Other non-interest income
|
508
|
3,412
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5,401
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5,337
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||||||||||||
Total non-interest income
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(5,146
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)
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70,267
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42,986
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133,067
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|||||||||||
Non-interest expense
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||||||||||||||||
Bank Secrecy Act and lookback consulting expenses
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5
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14,801
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29,081
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41,444
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||||||||||||
Other non-interest expense
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42,123
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44,198
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169,492
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152,644
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||||||||||||
Total non-interest expense
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42,128
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58,999
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198,573
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194,088
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||||||||||||
Income (loss) from continuing operations before income tax expense
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(23,846
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)
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29,550
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(68,981
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)
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6,810
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||||||||||
Income tax expense (benefit)
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153
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12,267
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(15,171
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)
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1,450
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|||||||||||
Net income (loss) from continuing operations
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(23,999
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)
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17,283
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(53,810
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)
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5,360
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||||||||||
Net income (loss) from discontinued operations, net of tax
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(5,044
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)
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1,336
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(42,953
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)
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8,072
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||||||||||
Net income (loss) available to common shareholders
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$
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(29,043
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)
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$
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18,619
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$
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(96,763
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)
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$
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13,432
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||||||
Net income (loss) per share from continuing operations - basic
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$
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(0.43
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)
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$
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0.46
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$
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(1.21
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)
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$
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0.14
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||||||
Net income (loss) per share from discontinued operations - basic
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$
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(0.09
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)
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$
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0.03
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$
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(0.96
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)
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$
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0.21
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||||||
Net income (loss) per share - basic
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$
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(0.52
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)
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$
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0.49
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$
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(2.17
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)
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$
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0.35
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||||||
Net income (loss) per share from continuing operations - diluted
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$
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(0.43
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)
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$
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0.46
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$
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(1.21
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)
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$
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0.14
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||||||
Net income (loss) per share from discontinued operations - diluted
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$
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(0.09
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)
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$
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0.03
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$
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(0.96
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)
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$
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0.21
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||||||
Net income (loss) per share - diluted
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$
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(0.52
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)
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$
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0.49
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$
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(2.17
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)
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$
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0.35
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||||||
Weighted average shares - basic
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55,419,204
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37,759,975
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44,567,357
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37,755,588
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Weighted average shares - diluted
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55,790,543
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37,813,345
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44,776,138
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38,074,218
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(a) For loss periods the weighted averages shares - basic is used in both the basic and diluted computations.
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Balance sheet
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December 31,
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September 30,
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June 30,
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December 31,
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||||||||||||
2016
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2016
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2016
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2015
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|||||||||||||
(dollars in thousands)
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||||||||||||||||
Assets:
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||||||||||||||||
Cash and cash equivalents
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||||||||||||||||
Cash and due from banks
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$
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4,127
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$
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4,061
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$
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4,006
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$
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7,643
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||||||||
Interest earning deposits at Federal Reserve Bank
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955,733
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312,605
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528,094
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1,147,519
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||||||||||||
Securities sold under agreements to resell
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39,199
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39,463
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39,360
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-
|
||||||||||||
Total cash and cash equivalents
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999,059
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356,129
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571,460
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1,155,162
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||||||||||||
Investment securities, available-for-sale, at fair value
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1,248,613
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1,334,927
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1,328,693
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1,070,098
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||||||||||||
Investment securities, held-to-maturity
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93,467
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93,495
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93,537
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93,590
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||||||||||||
Loans held for sale, at fair value
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663,140
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562,957
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441,593
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489,938
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||||||||||||
Loans, net of deferred fees and costs
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1,222,911
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1,198,237
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1,182,106
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1,078,077
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||||||||||||
Allowance for loan and lease losses
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(6,332
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)
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(6,058
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)
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(5,398
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)
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(4,400
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)
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||||||||
Loans, net
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1,216,579
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1,192,179
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1,176,708
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1,073,677
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||||||||||||
Federal Home Loan Bank & Atlantic Community Bancshares stock
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1,614
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11,014
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12,289
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1,062
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||||||||||||
Premises and equipment, net
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24,125
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21,797
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22,429
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21,631
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||||||||||||
Accrued interest receivable
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10,589
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10,496
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10,271
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9,471
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||||||||||||
Intangible assets, net
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6,906
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5,682
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6,074
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4,929
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||||||||||||
Other real estate owned
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104
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-
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-
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-
|
||||||||||||
Deferred tax asset, net
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37,862
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29,765
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28,870
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36,207
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||||||||||||
Investment in unconsolidated entity
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127,430
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157,396
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162,275
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178,520
|
||||||||||||
Assets held for sale from discontinued operations
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360,711
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386,155
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487,373
|
583,909
|
||||||||||||
Other assets
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50,683
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55,519
|
60,203
|
47,629
|
||||||||||||
Total assets
|
$
|
4,840,882
|
$
|
4,217,511
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$
|
4,401,775
|
$
|
4,765,823
|
||||||||
Liabilities:
|
||||||||||||||||
Deposits
|
||||||||||||||||
Demand and interest checking
|
$
|
3,816,524
|
$
|
3,364,103
|
$
|
3,569,669
|
$
|
3,602,376
|
||||||||
Savings and money market
|
421,780
|
402,832
|
389,851
|
383,832
|
||||||||||||
Time deposits
|
-
|
-
|
101,160
|
428,549
|
||||||||||||
Total deposits
|
4,238,304
|
3,766,935
|
4,060,680
|
4,414,757
|
||||||||||||
Securities sold under agreements to repurchase
|
274
|
353
|
318
|
925
|
||||||||||||
Short-term borrowings
|
-
|
70,000
|
-
|
-
|
||||||||||||
Long-term borrowings
|
263,099
|
-
|
-
|
-
|
||||||||||||
Subordinated debenture
|
13,401
|
13,401
|
13,401
|
13,401
|
||||||||||||
Other liabilities
|
27,112
|
27,744
|
37,094
|
16,739
|
||||||||||||
Total liabilities
|
$
|
4,542,190
|
$
|
3,878,433
|
$
|
4,111,493
|
$
|
4,445,822
|
||||||||
Shareholders' equity:
|
||||||||||||||||
Common stock - authorized, 75,000,000 shares of $1.00 par value; 55,419,204 and 37,861,303 shares issued at December 31, 2016 and 2015, respectively
|
55,419
|
55,419
|
37,945
|
37,861
|
||||||||||||
Treasury stock (100,000 shares)
|
(866
|
)
|
(866
|
)
|
(866
|
)
|
(866
|
)
|
||||||||
Additional paid-in capital
|
360,564
|
359,793
|
301,680
|
300,549
|
||||||||||||
Accumulated deficit
|
(112,212
|
)
|
(83,169
|
)
|
(57,721
|
)
|
(15,449
|
)
|
||||||||
Accumulated other comprehensive income (loss)
|
(4,213
|
)
|
7,901
|
9,244
|
(2,094
|
)
|
||||||||||
Total shareholders' equity
|
298,692
|
339,078
|
290,282
|
320,001
|
||||||||||||
Total liabilities and shareholders' equity
|
$
|
4,840,882
|
$
|
4,217,511
|
$
|
4,401,775
|
$
|
4,765,823
|
Average balance sheet and net interest income
|
Three months ended December 31, 2016
|
Three months ended December 31, 2015
|
||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
Assets:
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans net of unearned fees and costs **
|
$
|
1,717,927
|
$
|
18,374
|
4.28
|
%
|
$
|
1,416,176
|
$
|
14,502
|
4.10
|
%
|
||||||||||||
Leases - bank qualified*
|
21,018
|
414
|
7.88
|
%
|
28,658
|
487
|
6.80
|
%
|
||||||||||||||||
Investment securities-taxable
|
1,371,209
|
8,437
|
2.46
|
%
|
1,022,914
|
5,290
|
2.07
|
%
|
||||||||||||||||
Investment securities-nontaxable*
|
37,529
|
156
|
1.66
|
%
|
248,662
|
2,203
|
3.54
|
%
|
||||||||||||||||
Interest earning deposits at Federal Reserve Bank
|
403,834
|
560
|
0.55
|
%
|
751,126
|
595
|
0.32
|
%
|
||||||||||||||||
Federal funds sold and securities purchased under agreement to resell
|
39,485
|
151
|
1.53
|
%
|
31,406
|
112
|
1.43
|
%
|
||||||||||||||||
Net interest earning assets
|
3,591,002
|
28,092
|
3.13
|
%
|
3,498,942
|
23,189
|
2.65
|
%
|
||||||||||||||||
Allowance for loan and lease losses
|
(5,781
|
)
|
(4,178
|
)
|
||||||||||||||||||||
Assets held for sale from discontinued operations
|
377,044
|
3,238
|
3.44
|
%
|
617,983
|
6,650
|
4.30
|
%
|
||||||||||||||||
Other assets
|
257,469
|
321,170
|
||||||||||||||||||||||
$
|
4,219,734
|
$
|
4,433,917
|
|||||||||||||||||||||
Liabilities and Shareholders' Equity:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Demand and interest checking
|
$
|
3,405,296
|
$
|
2,182
|
0.26
|
%
|
$
|
3,518,223
|
$
|
2,689
|
0.31
|
%
|
||||||||||||
Savings and money market
|
407,039
|
498
|
0.49
|
%
|
378,301
|
581
|
0.61
|
%
|
||||||||||||||||
Time
|
-
|
-
|
0.00
|
%
|
174,530
|
263
|
0.60
|
%
|
||||||||||||||||
Total deposits
|
3,812,335
|
2,680
|
0.28
|
%
|
4,071,054
|
3,533
|
0.35
|
%
|
||||||||||||||||
Short-term borrowings
|
55,913
|
96
|
0.69
|
%
|
18,152
|
12
|
0.00
|
%
|
||||||||||||||||
Repurchase agreements
|
304
|
-
|
0.00
|
%
|
1,148
|
1
|
0.35
|
%
|
||||||||||||||||
Subordinated debt
|
13,401
|
137
|
4.09
|
%
|
13,401
|
120
|
3.58
|
%
|
||||||||||||||||
Total deposits and interest bearing liabilities
|
3,881,953
|
2,913
|
0.30
|
%
|
4,103,755
|
3,666
|
0.36
|
%
|
||||||||||||||||
Other liabilities
|
18,896
|
13,313
|
||||||||||||||||||||||
Total liabilities
|
3,900,849
|
4,117,068
|
||||||||||||||||||||||
Shareholders' equity
|
318,885
|
316,849
|
||||||||||||||||||||||
$
|
4,219,734
|
$
|
4,433,917
|
|||||||||||||||||||||
Net interest income on tax equivalent basis*
|
$
|
28,417
|
$
|
26,173
|
||||||||||||||||||||
Tax equivalent adjustment
|
200
|
942
|
||||||||||||||||||||||
Net interest income
|
$
|
28,217
|
$
|
25,231
|
||||||||||||||||||||
Net interest margin *
|
2.84
|
%
|
2.52
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
* Full taxable equivalent basis, using a 35% statutory tax rate.
|
||||||||||||||||||||||||
** Includes loans held for sale.
|
Average balance sheet and net interest income
|
Year ended December 31, 2016
|
Year ended December 31, 2015
|
||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
Assets:
|
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans net of unearned fees and costs **
|
$
|
1,587,306
|
$
|
66,436
|
4.19
|
%
|
$
|
1,245,189
|
$
|
48,733
|
3.91
|
%
|
||||||||||||
Leases - bank qualified*
|
20,718
|
1,748
|
8.44
|
%
|
25,126
|
1,734
|
6.90
|
%
|
||||||||||||||||
Investment securities-taxable
|
1,303,445
|
31,219
|
2.40
|
%
|
989,705
|
19,918
|
2.01
|
%
|
||||||||||||||||
Investment securities-nontaxable*
|
54,271
|
1,139
|
2.10
|
%
|
452,526
|
16,646
|
3.68
|
%
|
||||||||||||||||
Interest earning deposits at Federal Reserve Bank
|
466,728
|
2,237
|
0.48
|
%
|
935,093
|
2,354
|
0.25
|
%
|
||||||||||||||||
Federal funds sold and securities purchased under agreement to resell
|
30,448
|
450
|
1.48
|
%
|
40,402
|
578
|
1.43
|
%
|
||||||||||||||||
Net interest-earning assets
|
3,462,916
|
103,229
|
2.98
|
%
|
3,688,041
|
89,963
|
2.44
|
%
|
||||||||||||||||
Allowance for loan and lease losses
|
(4,741
|
)
|
(4,111
|
)
|
||||||||||||||||||||
Assets held for sale
|
490,115
|
18,275
|
3.73
|
%
|
715,116
|
28,925
|
4.04
|
%
|
||||||||||||||||
Other assets
|
266,777
|
311,501
|
||||||||||||||||||||||
$
|
4,215,067
|
$
|
4,710,547
|
|||||||||||||||||||||
Liabilities and Shareholders' Equity:
|
||||||||||||||||||||||||
Deposits:
|
||||||||||||||||||||||||
Demand and interest checking
|
$
|
3,347,191
|
$
|
9,399
|
0.28
|
%
|
$
|
3,975,475
|
$
|
10,982
|
0.28
|
%
|
||||||||||||
Savings and money market
|
394,434
|
1,526
|
0.39
|
%
|
337,168
|
1,867
|
0.55
|
%
|
||||||||||||||||
Time
|
77,576
|
447
|
0.58
|
%
|
44,789
|
275
|
0.61
|
%
|
||||||||||||||||
Total deposits
|
3,819,201
|
11,372
|
0.30
|
%
|
4,357,432
|
13,124
|
0.30
|
%
|
||||||||||||||||
Short-term borrowings
|
57,517
|
359
|
0.62
|
%
|
4,575
|
12
|
0.26
|
%
|
||||||||||||||||
Repurchase agreements
|
685
|
2
|
0.29
|
%
|
5,224
|
15
|
0.29
|
%
|
||||||||||||||||
Subordinated debt
|
13,401
|
520
|
3.88
|
%
|
13,401
|
448
|
3.34
|
%
|
||||||||||||||||
Total deposits and interest bearing liabilities
|
3,890,804
|
12,253
|
0.31
|
%
|
4,380,632
|
13,599
|
0.31
|
%
|
||||||||||||||||
Other liabilities
|
14,916
|
10,403
|
||||||||||||||||||||||
Total liabilities
|
3,905,720
|
4,391,035
|
||||||||||||||||||||||
Shareholders' equity
|
309,347
|
319,512
|
||||||||||||||||||||||
$
|
4,215,067
|
$
|
4,710,547
|
|||||||||||||||||||||
Net interest income on tax equivalent basis*
|
109,251
|
105,289
|
||||||||||||||||||||||
Tax equivalent adjustment
|
1,010
|
6,433
|
||||||||||||||||||||||
Net interest income
|
$
|
108,241
|
$
|
98,856
|
||||||||||||||||||||
Net interest margin *
|
2.74
|
%
|
2.37
|
%
|
||||||||||||||||||||
|
||||||||||||||||||||||||
* Full taxable equivalent basis, using a 35% statutory tax rate.
|
||||||||||||||||||||||||
** Includes loans held for sale.
|
Allowance for loan and lease losses:
|
Year ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2016
|
2015
|
|||||||||||||||
(dollars in thousands)
|
||||||||||||||||
Balance in the allowance for loan and lease losses at beginning of period (1)
|
$
|
4,400
|
$
|
3,638
|
||||||||||||
Loans charged-off:
|
||||||||||||||||
SBA non real estate
|
128
|
111
|
||||||||||||||
SBA commercial mortgage
|
-
|
-
|
||||||||||||||
Direct lease financing
|
119
|
30
|
||||||||||||||
Other consumer loans
|
1,211
|
1,220
|
||||||||||||||
Total
|
1,458
|
1,361
|
||||||||||||||
Recoveries:
|
||||||||||||||||
SBA non real estate
|
1
|
-
|
||||||||||||||
Direct lease financing
|
17
|
-
|
||||||||||||||
Other consumer loans
|
12
|
23
|
||||||||||||||
Total
|
30
|
23
|
||||||||||||||
Net charge-offs
|
1,428
|
1,338
|
||||||||||||||
Provision charged to operations
|
3,360
|
2,100
|
||||||||||||||
Balance in allowance for loan and lease losses at end of period
|
$
|
6,332
|
$
|
4,400
|
||||||||||||
Net charge-offs/average loans
|
0.09
|
%
|
0.11
|
%
|
||||||||||||
Net charge-offs/average assets
|
0.03
|
%
|
0.03
|
%
|
||||||||||||
(1) Excludes activity from assets held for sale
|
||||||||||||||||
Loan portfolio:
|
December 31,
|
September 30,
|
June 30,
|
December 31,
|
||||||||||||
2016
|
2016 |
2016
|
2015
|
|||||||||||||
(dollars in thousands)
|
||||||||||||||||
SBA non real estate
|
$
|
74,644
|
$
|
74,262
|
$
|
71,596
|
$
|
68,887
|
||||||||
SBA commercial mortgage
|
126,159
|
117,053
|
116,617
|
114,029
|
||||||||||||
SBA construction
|
8,826
|
6,317
|
3,751
|
6,977
|
||||||||||||
Total SBA loans
|
209,629
|
197,632
|
191,964
|
189,893
|
||||||||||||
Direct lease financing
|
346,645
|
332,632
|
315,639
|
231,514
|
||||||||||||
SBLOC
|
630,400
|
621,456
|
607,017
|
575,948
|
||||||||||||
Other specialty lending
|
11,073
|
20,076
|
40,543
|
48,315
|
||||||||||||
Other consumer loans
|
17,374
|
19,375
|
20,005
|
23,180
|
||||||||||||
1,215,121
|
1,191,171
|
1,175,168
|
1,068,850
|
|||||||||||||
Unamortized loan fees and costs
|
7,790
|
7,066
|
6,938
|
9,227
|
||||||||||||
Total loans, net of deferred loan fees and costs
|
$
|
1,222,911
|
$
|
1,198,237
|
$
|
1,182,106
|
$
|
1,078,077
|
||||||||
Small business lending portfolio:
|
December 31,
|
September 30,
|
June 30,
|
December 31,
|
||||||||||||
2016 | 2016 | 2016 | 2015 | |||||||||||||
(dollars in thousands)
|
||||||||||||||||
SBA loans, including deferred fees and costs
|
215,786
|
203,196
|
197,544
|
197,966
|
||||||||||||
SBA loans included in HFS
|
154,016
|
146,450
|
136,660
|
109,174
|
||||||||||||
Total SBA loans
|
$
|
369,802
|
$
|
349,646
|
$
|
334,204
|
$
|
307,140
|
Capital ratios:
|
Tier 1 capital
to average |
Tier 1 capital
to risk-weighted |
Total capital
to risk-weighted |
Common equity
tier 1 to risk |
||||||||||||
assets ratio
|
assets ratio
|
assets ratio
|
weighted assets
|
|||||||||||||
As of December 31, 2016
|
||||||||||||||||
The Bancorp, Inc.
|
7.06
|
%
|
13.84
|
%
|
14.13
|
%
|
13.84
|
%
|
||||||||
The Bancorp Bank
|
6.83
|
%
|
13.31
|
%
|
13.60
|
%
|
13.31
|
%
|
||||||||
"Well capitalized" institution (under FDIC regulations)
|
5.00
|
%
|
8.00
|
%
|
10.00
|
%
|
6.50
|
%
|
||||||||
As of December 31, 2015
|
||||||||||||||||
The Bancorp, Inc.
|
7.17
|
%
|
14.67
|
%
|
14.88
|
%
|
14.67
|
%
|
||||||||
The Bancorp Bank
|
6.90
|
%
|
13.98
|
%
|
14.18
|
%
|
13.98
|
%
|
||||||||
"Well capitalized" institution (under FDIC regulations)
|
5.00
|
%
|
8.00
|
%
|
10.00
|
%
|
6.50
|
%
|
Three months ended
|
Year ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Selected operating ratios:
|
||||||||||||||||
Return on average assets (annualized)
|
nm
|
1.67
|
%
|
nm
|
0.28
|
%
|
||||||||||
Return on average equity (annualized)
|
nm
|
23.31
|
%
|
nm
|
4.19
|
%
|
||||||||||
Net interest margin
|
2.84
|
%
|
2.52
|
%
|
2.74
|
%
|
2.37
|
%
|
||||||||
Book value per share
|
$
|
5.40
|
$
|
8.47
|
$
|
5.40
|
$
|
8.47
|
||||||||
December 31,
|
September 30,
|
June 30,
|
December 31,
|
|||||||||||||
2016
|
2016
|
2016
|
2015
|
|||||||||||||
Asset quality ratios:
|
||||||||||||||||
Nonperforming loans to total loans (2)
|
0.30
|
%
|
0.58
|
%
|
0.53
|
%
|
0.22
|
%
|
||||||||
Nonperforming assets to total assets (2)
|
0.08
|
%
|
0.16
|
%
|
0.14
|
%
|
0.05
|
%
|
||||||||
Allowance for loan and lease losses to total loans
|
0.52
|
%
|
0.51
|
%
|
0.46
|
%
|
0.41
|
%
|
||||||||
Nonaccrual loans
|
$
|
2,972
|
$
|
4,021
|
$
|
3,147
|
$
|
1,927
|
||||||||
Other real estate owned
|
104
|
-
|
-
|
-
|
||||||||||||
Total nonperforming assets
|
$
|
3,076
|
$
|
4,021
|
$
|
3,147
|
$
|
1,927
|
||||||||
Loans 90 days past due still accruing interest
|
$
|
661
|
$
|
2,933
|
$
|
3,172
|
$
|
403
|
||||||||
(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,
|
|||||||||||||
2016
|
2016
|
2016
|
2015
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Gross dollar volume (GDV) (1):
|
||||||||||||||||
Prepaid card GDV
|
$
|
10,647,520
|
$
|
10,459,097
|
$
|
11,442,294
|
$
|
9,839,782
|
||||||||
(1) Gross dollar volume represents the total dollar amount spent on prepaid and debit cards issued by The Bancorp.
|
Cumulative analysis of marks on discontinued commercial loan principal
|
||||||||||||||||||||||||
(dollars in millions)
|
||||||||||||||||||||||||
Commercial
loan principal |
Cumulative
marks |
Mark
chargedowns |
Cumulative
marks |
% to principal
|
||||||||||||||||||||
12 loan relationships >$8 million
|
$
|
232
|
$
|
232
|
||||||||||||||||||||
Add back mark chargedowns to principal
|
20
|
|||||||||||||||||||||||
Total principal to compare to cumulative marks
|
$
|
252
|
$
|
40
|
$
|
20
|
$
|
60
|
24
|
%
|
||||||||||||||
Other loans
|
92
|
10
|
-
|
10
|
11
|
%
|
||||||||||||||||||
Total discontinued loan principal *
|
$
|
324
|
$
|
50
|
$
|
20
|
$
|
70
|
||||||||||||||||
* Of the $324 million commercial loan principal at 12.31.16, $93.5 million was non performing.
|
Discontinued operations portfolio composition 12/31/2016:
|
||||||||||||
Collateral type
|
Unpaid principal balance
|
Mark 12.31.16
|
Mark as % of portfolio
|
|||||||||
(dollars in millions)
|
||||||||||||
Commercial real estate - non-owner occupied:
|
||||||||||||
Retail
|
$
|
60
|
$
|
24.5
|
41
|
%
|
||||||
Other
|
51
|
0.2
|
-
|
|||||||||
Office
|
15
|
0.2
|
1
|
%
|
||||||||
Construction and land
|
83
|
2.1
|
3
|
%
|
||||||||
Commercial non-real estate and industrial
|
38
|
15.5
|
41
|
%
|
||||||||
1 to 4 family construction
|
31
|
1.3
|
4
|
%
|
||||||||
First mortgage residential non-owner occupied
|
21
|
5.2
|
25
|
%
|
||||||||
Commercial real estate owner occupied:
|
||||||||||||
Retail
|
11
|
0.2
|
2
|
%
|
||||||||
Other
|
2
|
-
|
-
|
|||||||||
Office
|
-
|
-
|
-
|
|||||||||
First mortgage residential owner occupied
|
4
|
0.2
|
5
|
%
|
||||||||
Multifamily
|
3
|
-
|
-
|
|||||||||
Residential junior mortgage
|
3
|
0.1
|
3
|
%
|
||||||||
Other
|
2
|
-
|
-
|
|||||||||
Total
|
$
|
324
|
$
|
49.5
|
15
|
%
|
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
|
)
|
||||||
12.31.2014 Bancorp book value
|
193
|
|||||||
Additional marks 2015 and 2016
|
(42
|
)
|
(42
|
)
|
||||
Payments received
|
(24
|
)
|
||||||
12.31.2016 Bancorp book value*
|
$
|
127
|
||||||
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 12.31.16.
|
Walnut Street portfolio composition 12/31/2016:
|
|
Collateral type
|
% of Portfolio
|
Commercial real estate non-owner occupied
|
|
Retail
|
25.2%
|
Other
|
23.4%
|
Office
|
19.7%
|
Construction and land
|
19.7%
|
Commercial non real estate and industrial
|
4.7%
|
First mortgage residential owner occupied
|
3.5%
|
First mortgage residential non-owner occupied
|
2.7%
|
Other
|
1.1%
|
Total
|
100.0%
|