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: April 27, 2017
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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 income of $8.0 million and diluted earnings per share of $0.14.
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Net interest income increased 21% to $24.9 million for the quarter ended March 31, 2017 compared to $20.6 million for the quarter ended March 31, 2016.
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Non-interest income increased 30% to $24.2 million for the quarter ended March 31, 2017 compared to $18.7 million for the quarter ended March 31, 2016.
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Net interest margin increased to 2.70% for the quarter ended March 31, 2017 compared to 2.56% for the quarter ended March 31, 2016.
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Loans and loans held for sale from continuing operations increased 22% to $1.75 billion at March 31, 2017 compared to $1.43 billion at March 31, 2016.
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Direct lease financing increased 51% to $363.2 million at March 31, 2017 from $240.7 million at March 31, 2016, reflecting the impact of organic growth and the purchase of lease receivables.
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Small Business Administration ("SBA") loans increased 11% to $369.8 million at March 31, 2017 from $334.4 million at March 31, 2016.
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The rate on our average deposits and interest bearing liabilities of $4.10 billion in Q1 2017 was 0.35% with a rate of 0.27% for $2.18 billion of average prepaid card deposits.
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Assets held for sale from discontinued operations decreased 36% to $341.3 million at March 31, 2017 from $536.5 million at March 31, 2016.
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Non-interest expense was reduced by $3.0 million, to $37.8 million for the quarter ended March 31, 2017 compared to $40.8 million for the quarter ended March 31, 2016, excluding BSA lookback expense for 2016.
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Book value per common share at March 31, 2017 of $5.57 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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|||||||||||
March 31,
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December 31,
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|||||||||||
Condensed income statement
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2017
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2016
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2016
|
|||||||||
(dollars in thousands except per share data)
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||||||||||||
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
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13,574
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51,326
|
|||||||||
Gain (loss) on sale of loans
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5,383
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(1,433
|
)
|
2,901
|
||||||||
Gain on sale of investment securities
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503
|
2,026
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3,171
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|||||||||
Change in value of investment in unconsolidated entity
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(19
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)
|
812
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(37,533
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)
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|||||||
Leasing income
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551
|
404
|
2,007
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|||||||||
Affinity fees
|
1,021
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1,094
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4,563
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|||||||||
Other non-interest income
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30
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97
|
5,401
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|||||||||
Total non-interest income
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24,219
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18,688
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42,486
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|||||||||
Non-interest expense
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||||||||||||
Bank Secrecy Act and lookback consulting expenses
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-
|
14,315
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29,081
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|||||||||
Other non-interest expense
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37,783
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40,823
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169,492
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|||||||||
Total non-interest expense
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37,783
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55,138
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198,573
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|||||||||
Income (loss) from continuing operations before income tax expense
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10,313
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(15,894
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)
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(69,481
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)
|
|||||||
Income tax expense (benefit)
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4,011
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(5,272
|
)
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(12,664
|
)
|
|||||||
Net income (loss) from continuing operations
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6,302
|
(10,622
|
)
|
(56,817
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)
|
|||||||
Net income (loss) from discontinued operations, net of tax
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1,661
|
(290
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)
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(39,675
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)
|
|||||||
Net income (loss) available to common shareholders
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$
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7,963
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$
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(10,912
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)
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$
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(96,492
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)
|
||||
Net income (loss) per share from continuing operations - basic
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$
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0.11
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$
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(0.28
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)
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$
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(1.28
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)
|
||||
Net income (loss) per share from discontinued operations - basic
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$
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0.03
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$
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(0.01
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)
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$
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(0.89
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)
|
||||
Net income (loss) per share - basic
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$
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0.14
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$
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(0.29
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)
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$
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(2.17
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)
|
||||
Net income (loss) per share from continuing operations - diluted
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$
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0.11
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$
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(0.28
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)
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$
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(1.28
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)
|
||||
Net income (loss) per share from discontinued operations - diluted
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$
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0.03
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$
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(0.01
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)
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$
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(0.89
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)
|
||||
Net income (loss) per share - diluted
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$
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0.14
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$
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(0.29
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)
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$
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(2.17
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)
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||||
Weighted average shares - basic
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55,534,279
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37,804,741
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44,567,357
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|||||||||
Weighted average shares - diluted
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55,752,496
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37,860,665
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44,776,138
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|||||||||
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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March 31,
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December 31,
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September 30,
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March 31,
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||||||||||||
2017
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2016
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2016
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2016
|
|||||||||||||
(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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4,671
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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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8,542
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||||||||
Interest earning deposits at Federal Reserve Bank
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669,042
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955,733
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312,605
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757,773
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||||||||||||
Securities sold under agreements to resell
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65,248
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39,199
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39,463
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10,208
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||||||||||||
Total cash and cash equivalents
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738,961
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999,059
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356,129
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776,523
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||||||||||||
Investment securities, available-for-sale, at fair value
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1,215,892
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1,248,614
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1,334,927
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1,252,754
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||||||||||||
Investment securities, held-to-maturity
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93,443
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93,467
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93,495
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93,550
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||||||||||||
Loans held for sale, at fair value
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480,913
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663,140
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562,957
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313,595
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||||||||||||
Loans, net of deferred fees and costs
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1,264,127
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1,222,911
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1,198,237
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1,114,053
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||||||||||||
Allowance for loan and lease losses
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(7,294
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)
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(6,332
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)
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(6,058
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)
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(4,378
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)
|
||||||||
Loans, net
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1,256,833
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1,216,579
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1,192,179
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1,109,675
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||||||||||||
Federal Home Loan Bank & Atlantic Community Bancshares stock
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2,589
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1,613
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11,014
|
1,063
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||||||||||||
Premises and equipment, net
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22,993
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24,125
|
21,797
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21,692
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||||||||||||
Accrued interest receivable
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10,296
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10,589
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10,496
|
9,172
|
||||||||||||
Intangible assets, net
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5,844
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6,906
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5,682
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4,672
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||||||||||||
Other real estate owned
|
104
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104
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-
|
-
|
||||||||||||
Deferred tax asset, net
|
54,155
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55,666
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29,765
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32,462
|
||||||||||||
Investment in unconsolidated entity
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125,982
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126,930
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157,396
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177,211
|
||||||||||||
Assets held for sale from discontinued operations
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341,286
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360,711
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386,155
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536,548
|
||||||||||||
Other assets
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55,351
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50,611
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55,519
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50,802
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||||||||||||
Total assets
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$
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4,404,642
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$
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4,858,114
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$
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4,217,511
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$
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4,379,719
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||||||||
Liabilities:
|
||||||||||||||||
Deposits
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||||||||||||||||
Demand and interest checking
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$
|
3,607,076
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$
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3,816,524
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$
|
3,364,103
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$
|
3,610,003
|
||||||||
Savings and money market
|
428,723
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421,780
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402,832
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388,953
|
||||||||||||
Total deposits
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4,035,799
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4,238,304
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3,766,935
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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
to average |
Tier 1 capital
to risk-weighted |
Total capital
to risk-weighted |
Common equity
tier 1 to risk |
||||||||||||
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
loan principal |
Cumulative
marks |
% to 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 million
|
32
|
20
|
52
|
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
|
||||||||||||
Collateral type
|
Unpaid principal balance
|
Mark 3/31/17
|
Mark as % of 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
|
%
|