8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 28, 2008

The Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Commission File Number: 000-51018

Delaware	23-3016517
(State or other jurisdiction of incorporation)	(IRS Employer Identification No.)

405 Silverside Road

Wilmington, DE 19809

(Address of principal executive offices, including zip code)

302-385-5000

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

On April 28, 2008, The Bancorp, Inc. (the “Company”) issued a press release regarding its earnings for the three month period ended March 31, 2008. A copy of this press release is furnished with this report as exhibit 99.1. The information in this Current Report, including the exhibit hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

The exhibits furnished as part of this Current Report on Form 8-K are identified in the Exhibit Index immediately following the signature page of this report. Such Exhibit Index is incorporated herein by reference.

Signature(s)

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		The Bancorp, Inc.
Date: April 28, 2008	By:	/s/ Martin F. Egan
		Martin F. Egan
		Chief Financial Officer, Senior Vice President and Secretary

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press release of the Company dated April 28, 2008.

EX-99.1

Exhibit 99.1

The Bancorp, Inc. Reports First Quarter 2008 Earnings

Wilmington, De – April 28, 2008—The Bancorp, Inc. ("Bancorp") (Nasdaq NM: TBBK), a bank holding company, today reported results for the quarter ended March 31, 2008.

Betsy Z. Cohen, Bancorp's Chief Executive Officer, said, “During the first full quarter of operations after the acquisition of Stored Value Solutions ("SVS"), significant opportunities were identified, many of which have been consummated and which we expect will impact Bancorp in the second and third quarters of 2008. Additionally, average deposits generated by SVS were $173 million, approximately 10% above our estimate, at an average cost of 172 bps. However, our first quarter results were impacted significantly by the timing of the steep and immediate decline in asset yields as a result of the Federal Reserve Board’s lowering of interest rates in contrast to the lagging re-pricing of deposit costs. These factors put downward pressure on the net interest margin in the short term. We anticipate that the net interest margin will rebound over the coming quarters as deposit costs re-price. Further, as part of our desire to build the loan loss reserve coverage ratio throughout 2008, the provision in the quarter was increased by $600,000.”

Bancorp reported net income available to common shareholders for the three months ended March 31, 2008 of $2.8 million, or $0.19 diluted earnings per share, based on diluted shares of 14,669,003, compared to net income available to common shareholders of $2.9 million, or $0.20 diluted earnings per share, based on diluted shares of 14,382,223, for the three months ended December 31, 2007.

Bancorp reported net income available to common shareholders for the three months ended March 31, 2008 of $2.8 million, or $0.19 diluted earnings per share, based on diluted shares of 14,669,003, compared to net income available to common shareholders of $3.5 million, or $0.25 diluted earnings per share, based on diluted shares of 14,417,329, for the three months ended March 31, 2007.

At March 31, 2008, Bancorp's total assets were $1.6 billion, an increase of $253.2 million or 18.2% from March 31, 2007 and an increase of $79.1 million or 5.0% from December 31, 2007. Loans grew to $1.363 billion, an increase of $260.3 million or 23.6% from March 31, 2007 and an increase of $75.9 million or 5.9% from those of December 31, 2007. Deposits grew to $1.255 billion, an increase of $26.7 million or 2.2% from March 31, 2007 and a decrease of $23.5 million or 1.8%, from deposits at December 31, 2007.

Conference Call Webcast

Interested parties can access the LIVE webcast of Bancorp's Quarterly Earnings Conference Call at 10:00 AM EDT on Monday, April 28, 2008 by clicking on the webcast link on Bancorp's homepage at www.thebancorp.com. The conference call may also be listened to by dialing 800.901.5213 using passcode 58765009. For those who are not available to listen to the live broadcast, the replay of the webcast will be available following the live call on Bancorp's investor relations website and telephonically until Monday, May 5, 2008 by dialing 888-286-8010, access code 20551183.

About Bancorp

The Bancorp, Inc. is a bank holding company that operates The Bancorp Bank, an FDIC-insured commercial bank that delivers a full array of financial services and products both directly and through private-label affinity partner programs nationwide. The Bancorp Bank’s regional community bank division serves the needs of small and mid-size businesses and their principals in the Philadelphia-Wilmington region.

The Bancorp, Inc. Contact

Andres Viroslav

215-861-7990

andres.viroslav@thebancorp.com

The Bancorp, Inc.

Financial Highlights

(unaudited)

	Three months ended
	March 31,
Condensed income statement	2008			2007
	(dollars in thousands except per share data)
Net interest income	$	12,896		$	12,554
Provision for loan and lease losses		1,350			750
Non-interest income		3,476			1,506
Non-interest expense		10,362			7,435
Net income before income tax expense		4,660			5,875
Income tax expense		1,833			2,293
Net income		2,827			3,582
Less preferred stock dividends and accretion		(17	)		(18	)
Income allocated to Series A preferred shareholders		(21	)		(29	)
Net income available to common shareholders	$	2,789		$	3,535
Basic earnings per share	$	0.19		$	0.26
Diluted earnings per share	$	0.19		$	0.25
Weighted average shares - basic		14,561,640			13,753,476
Weighted average shares - diluted		14,669,003			14,417,329

	March 31,			December 31,			September 30			March 31
Condensed balance sheet	2008			2007			2007			2007
Assets
Federal funds sold	$	45,714		$	40,783		$	87,394		$	148,832
Investment securities		127,962			122,215			117,790			114,794
Loans		1,362,653			1,286,789			1,262,333			1,102,372
Allowance for loan and lease losses		(11,328	)		(10,233	)		(9,527	)		(8,857	)
Other assets		122,453			128,828			50,197			37,118
Total assets	$	1,647,454		$	1,568,382		$	1,508,187		$	1,394,259
Liabilities and shareholders’ equity
Transaction accounts	$	829,611		$	864,254		$	705,858		$	747,514
Time deposits		425,159			414,064			400,066			480,521
Total deposits		1,254,770			1,278,318			1,105,924			1,228,035
Short term borrowings		177,658			93,846			233,845			4,116
Subordinated debt		13,401			13,401			—			—
Long term borrowings		15,000			—			—			—
Other liabilities		6,438			6,558			5,834			8,658
Shareholder's equity		180,187			176,259			162,584			153,450
Total liabilities and shareholders’ equity	$	1,647,454		$	1,568,382		$	1,508,187		$	1,394,259

	First			Fourth			Third			First
	quarter			Quarter			quarter			quarter
Average condensed balance sheet	average 2008			average 2007			average 2007			average 2007
Assets
Federal funds sold	$	28,708		$	31,880		$	30,536		$	108,008
Investment securities		122,161			118,313			114,361			115,313
Loans		1,330,566			1,269,324			1,213,002			1,072,293
Allowance for loan and lease losses		(10,928	)		(9,863	)		(9,748	)		(8,746	)
Other assets		124,654			60,842			43,868			36,461
Total assets	$	1,595,161		$	1,470,496		$	1,392,019		$	1,323,329
Liabilities and shareholders’ equity
Transaction accounts	$	886,567		$	731,571		$	725,666		$	605,375
Time deposits		392,594			423,617			385,387			488,344
Total deposits		1,279,161			1,155,188			1,111,053			1,093,719
Short term borrowings		134,922			144,937			116,144			68,186
Other borrowings		165			—			—			—
Other liabilities		3,515			6,325			6,876			11,304
Shareholders' equity		177,398			164,046			157,946			150,120
Total liabilities and shareholders’ equity	$	1,595,161		$	1,470,496		$	1,392,019		$	1,323,329
	March 31			December 31			September 30			March 31
	2008			2007			2007			2007
Loan Portfolio	Amount			Amount			Amount			Amount
Commercial	$	324,824		$	325,166		$	282,339		$	226,888
Commercial mortgage		419,764			369,124			383,397			323,741
Construction		348,133			307,614			314,543			293,915
Total commercial loans		1,092,721			1,001,904			980,279			844,544
Direct financing leases, net		87,772			89,519			89,564			83,211
Residential mortgage		48,764			50,193			50,553			57,287
Consumer loans and others		132,671			144,882			142,221			117,595
		1,361,928			1,286,498			1,262,617			1,102,637
Unamortized costs (fees)		725			291			(284	)		(265	)
Total loans, net of unamortized fees and costs	$	1,362,653		$	1,286,789		$	1,262,333		$	1,102,372
Supplemental loan data (1):
Construction 1-4 family	$	177,843		$	167,485
Construction commercial, land acquisition and development		170,290			140,129
	$	348,133		$	307,614

(1) Prior to December 31, 2007 Construction loans were tracked as a single category.

	Three months ended
	March 31,
Selected operating ratios	2008			2007
Return on average assets		0.71	%		1.08	%
Return on average equity		6.37	%		9.54	%
Return on average tangible equity (1)		9.80	%		9.80	%
Net interest margin		3.45	%		3.87	%
Efficiency ratio		63.29	%		52.88	%
Book value per share	$	12.28		$	11.05
(1) Reconciliation table for Non-GAAP financial measure
Return on average equity		6.37	%		9.54	%
Effect of goodwill and intangibles		3.43	%		0.26	%
Return on average tangible equity		9.80	%		9.80	%
Average tangible equity excludes acquisition related average goodwill and intangibles:
Average shareholders’ equity		177,398			150,120
Average goodwill and intangibles		(62,061	)		(3,951	)
Average tangible equity		115,337			146,169
	As of or for the period ended
	March 31,
Asset quality ratios	2008			2007
Nonperforming loans to total loans		0.70	%		0.03	%
Nonperforming assets to total assets		0.58	%		0.02	%
Allowance for loan and lease losses to total loans		0.83	%		0.80	%
Nonaccrual loans		8,488			—
Loans 90 days past due still accruing interest		985			279