-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, D/gVa7YZxESQk7/psy5Y/Kh19T7wkt+wjOoO0FOey69TekQBTgq9UdLCn+o1bQnm zjFP3SFsbFr71kUuSIdBjw== 0001299933-05-005532.txt : 20051027 0001299933-05-005532.hdr.sgml : 20051027 20051027135744 ACCESSION NUMBER: 0001299933-05-005532 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051025 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051027 DATE AS OF CHANGE: 20051027 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Bancorp, Inc. CENTRAL INDEX KEY: 0001295401 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 233016517 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-51018 FILM NUMBER: 051159572 BUSINESS ADDRESS: BUSINESS PHONE: 302-385-5000 MAIL ADDRESS: STREET 1: 405 SILVERSIDE ROAD CITY: WILMINGTON STATE: DE ZIP: 19809 8-K 1 htm_7875.htm LIVE FILING The Bancorp, Inc. (Form: 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):   October 25, 2005

The Bancorp, Inc.
__________________________________________
(Exact name of registrant as specified in its charter)

     
Delaware 51018 23-3016517
_____________________
(State or other jurisdiction 		_____________
(Commission 		______________
(I.R.S. Employer
of incorporation) File Number) Identification No.)
      
405 Silverside Road, Wilmington, Delaware   19809
_________________________________
(Address of principal executive offices) 		  ___________
(Zip Code)
     
Registrant’s telephone number, including area code:   302-385-5000

Not Applicable
______________________________________________
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 October 25, 2005, The Bancorp, Inc. issued a press release regarding its earnings for the three and nine months ended September 30, 2005. A copy of the press release is furnished with this report as exhibit 99.





Item 9.01 Financial Statements and Exhibits.

(c) Exhibits

See Exhibit Index attached hereto.





SIGNATURES

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

         
    The Bancorp, Inc.
          
October 27, 2005   By:   /s/ Martin F. Egan
       
        Name: Martin F. Egan
        Title: Senior Vice President, Chief Financial Officer and Secretary

Exhibit Index


     
Exhibit No.   Description
 
99
  Press Release
EX-99 2 exhibit1.htm EX-99 EX-99

The Bancorp, Inc. Reports Third Quarter 2005 Earnings

Wilmington, Del. — October 25, 2005 — The Bancorp, Inc. (“Bancorp”) (Nasdaq NM: TBBK)

Financial highlights:

  •   Return on average assets for the three months ended September 30, 2005 increased to 1.22% from 0.66% at September 30, 2004

  •   Loans increased $265.4 million or 76.4% from September 30, 2004

  •   Total assets grew to $838.8 million an increase of $306.5 million from September 30, 2004

Bancorp, a financial holding company, reported net income available to common shareholders for the three months ended September 30, 2005 of $1.7 million, or $0.12 diluted earnings per share, including a non-recurring expense of $459,000 ($0.04 per diluted share) related to a preferred stock conversion dividend, compared to net income available to common shareholders of $609,000, or $0.05 diluted earnings per share, for the three months ended September 30, 2004. Bancorp reported net income available to common shareholders for the nine months ended September 30, 2005 of $3.7 million, or $0.28 diluted earnings per share, including non-recurring expenses of $1.3 million ($0.06 per diluted share) related to the early redemption of trust preferred subordinated debt and $459,000 ($0.04 per diluted share) related to preferred stock conversion dividends, compared to net income available to common shareholders for the nine months ended September 30, 2004 of $1.0 million, or $0.10 diluted earnings per share.

At September 30, 2005, Bancorp’s total assets were $838.8 million, an increase of $262.6 million or 45.6% from December 31, 2004. Loans grew to $612.7 million an increase of $184.8 million or 43.2% from those of December 31, 2004, and deposits grew to $657.7 million, an increase of $269.6 million or 69.5% during the same period. Total common shares outstanding were 13,588,935 at September 30, 2005 and 11,888,061 at December 31, 2004.

Conference Call Webcast
Interested parties can access the LIVE webcast of Bancorp’s Quarterly Earnings Conference Call at 8:30 AM EDT on Wednesday, October 26, 2005 by clicking on the webcast link on Bancorp’s homepage at www.thebancorp.com. 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 Wednesday, November 2, 2005 by dialing 888-286-8010, access code 93639922.

About The Bancorp, Inc.
The Bancorp, Inc. is a bank holding company that operates The Bancorp Bank, an FDIC-insured commercial bank that delivers a full array of financial services and products both directly and through private-label affinity partner programs nationwide. The Bancorp Bank, through Philadelphia Private Bank, its 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

1

The Bancorp, Inc.
Financial highlights
(unaudited)

                                                 
    Three months ended   Nine months ended
    September 30,   September 30,
    2005   2004   2005   2004
                    (dollars in thousands except per share data)                
Condensed income statement
                                                
Net interest income
   $ 8,755             $ 4,766     $ 22,587             $ 12,150  
Provision for loan and lease losses
     550               250       1,600               982  
Non-interest income
     970               744       3,275               2,163  
Non-interest expense
     5,670               4,431       15,790               11,555  
 
                                                
Net income from operations
     3,505               829       8,472               1,776  
Payment expense from redemption of trust preferred
                                                
subordinated debt
     —               —       (1,285 )             —  
 
                                                
Net income before income tax expense
     3,505               829       7,187               1,776  
Income tax expense
     1,199               —       2,433               —  
 
                                                
Net income
     2,306               829       4,754               1,776  
Less preferred stock dividends and accretion
     (171 )             (149 )     (579 )             (600 )
Income allocated to Series A preferred shareholders
     (21 )             (71 )     (45 )             (152 )
Less preferred stock conversion dividend
     (459 )             —       (459 )             —  
 
                                                
Net income available to common shareholders
   $ 1,655             $ 609 (1)   $ 3,671             $ 1,024 (1)
 
                                                
Basic earnings per share net of preferred stock
                                                
conversion dividend
   $ 0.16             $ 0.05     $ 0.33             $ 0.10  
 
                                                
Basic earnings per share from preferred stock
                                                
conversion dividend
   $ (0.04 )           $ —     $ (0.04 )           $ —  
 
                                                
Basic earnings per share
   $ 0.12             $ 0.05     $ 0.29             $ 0.10  
 
                                                
Diluted earnings per share net of preferred stock
                                                
conversion dividend
   $ 0.16             $ 0.05     $ 0.32             $ 0.10  
 
                                                
Diluted earnings per share from preferred stock
                                                
conversion dividend
   $ (0.04 )           $ —     $ (0.04 )           $ —  
 
                                                
Diluted earnings per share
   $ 0.12             $ 0.05     $ 0.28             $ 0.10  
 
                                                
Weighted average shares — basic
     12,917,879               11,617,580 (2)     12,540,093               9,774,875 (2)
Weighted average shares — diluted
     13,426,497               11,712,362 (2)     12,948,421               9,823,047 (2)
                                 
    September 30,   June 30,   December 31,   September 30,
    2005   2005   2004   2004
Condensed balance sheet
                                
Assets
                                
Federal funds sold
   $ 85,811     $ 4,858     $ 8,291     $ 53,604  
Investment securities
     105,888       107,860       120,252       113,810  
Loans
     612,712       556,421       427,881       347,275  
Allowance for loan and lease losses
     (5,075 )     (4,610 )     (3,593 )     (2,955 )
Other assets
     39,493       72,437       23,448       20,561  
 
                                
Total assets
   $ 838,829     $ 736,966     $ 576,279     $ 532,295  
 
                                
Liabilities and shareholders’ equity
                                
Transaction accounts
     381,941     $ 323,972     $ 205,249     $ 221,942  
Time deposits
     275,762       233,094       182,832       137,109  
 
                                
Total deposits
     657,703       557,066       388,081       359,051  
Other borrowings
     45,546       45,252       60,052       47,372  
Trust preferred subordinated debt
     —       —       5,413       5,413  
Other liabilities
     2,487       3,964       1,331       1,119  
Shareholder’s equity
     133,093       130,684       121,402       119,340 (3)
 
                                
Total liabilities and shareholders’ equity
   $ 838,829     $ 736,966     $ 576,279     $ 532,295  
 
                                
                                 
    Third   Second   Fourth   Third
    quarter   quarter   quarter   quarter
    average 2005   average 2005   average 2004   average 2004
Average condensed balance sheet
                                
Assets
                                
Federal funds sold
   $ 43,474     $ 65,345     $ 36,749     $ 35,422  
Investment securities
     107,112       105,558       116,518       113,523  
Loans
     583,119       530,003       383,800       332,736  
Allowance for loan and lease losses
     (4,805 )     (4,278 )     (3,050 )     (2,844 )
Other assets
     28,398       37,173       18,839       20,117  
 
                                
Total assets
   $ 757,298     $ 733,801     $ 552,856     $ 498,954  
 
                                
Liabilities and shareholders’ equity
                                
Transaction accounts
   $ 335,499     $ 347,151     $ 228,990     $ 208,366  
Time deposits
     239,013       212,781       150,291       132,192  
 
                                
Total deposits
     574,512       559,932       379,281       340,558  
Other borrowings
     48,178       43,322       47,769       38,883  
Trust preferred
                     5,413          
Guaranteed preferred interest in Company’s
                                
subordinated debt
     —       —       —       5,250  
Other liabilities
     2,109       3,324       392       968  
Shareholders’ equity
     132,499       127,223       120,001       113,295  
 
                                
Total liabilities and shareholders’ equity
   $ 757,298     $ 733,801     $ 552,856     $ 498,954  
 
                                
                                 
    September 30, 2005   June 30, 2005   December 31, 2004   September 30, 2004
    Amount   Amount   Amount   Amount
Loan Portfolio
                                
Commercial
   $ 98,067     $ 96,775     $ 89,327     $ 58,082  
Commercial mortgage
     187,040       167,185       140,755       122,731  
Construction
     156,442       133,962       97,239       78,461  
 
                                
Total commercial loans
     441,549       397,922       327,321       259,274  
Direct financing leases, net
     74,895       73,863       44,795       42,860  
Residential mortgage
     46,183       47,115       31,388       26,980  
Consumer loans and others
     50,928       38,205       24,894       18,198  
 
                                
 
     613,555       557,105       428,398       347,312  
Unamortized costs
     (843 )     (684 )     (517 )     (37 )
 
                                
Total loans, net of unamortized fees and costs
   $ 612,712     $ 556,421     $ 427,881     $ 347,275  
 
                                
                                 
    Three months ended   Nine Months ended
    September 30,   September 30,
    2005   2004   2005   2004
Selected operating ratios
                                
Return on average assets
     1.22 %     0.66 %     0.90 %     0.54 %
Return on average equity
     6.96 %     2.93 %     5.16 %     2.47 %
Net interest margin
     4.77 %     3.95 %     4.47 %     3.79 %
Efficiency ratio
     58.3 %     80.4 %     61.1 %     80.7 %
Book value per share
   $ 9.70     $ 9.18     $ 9.70     $ 9.18  
                 
    As of or for the period ended
    September 30,
    2005   2004
Asset quality ratios
                
Nonperforming loans to total loans
     0.04 %     0.06 %
Nonperforming assets to total assets
     0.03 %     0.04 %
Allowance for loan and lease losses to total loans
     0.83 %     0.85 %
Nonaccrual loans
   $ —     $ —  
Loans 90 days past due still accruing interest
   $ 247     $ 205  
 
 
(1) The September 30, 2004 net income reflects the December 2004 reorganization by eliminating the minority interest previously presented.
 
(2) The September 30, 2004 earnings per share and book value calculations include the shares issued in The Bancorp Bank’s public offering
in February 2004. These shares were issued by The Bancorp, Inc. in December 2004 upon the completion of our reorganization.
 
(3) The September 30, 2004 shareholders’ equity includes the funds raised from The Bancorp Bank’s public offering in February 2004. These
funds were contributed in December 2004 to The Bancorp, Inc. upon completion of our reorganization.
 

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