The Bancorp, Inc. ("Bancorp") (NASDAQ: TBBK), a financial holding company, today reported fourth quarter and fiscal 2011 financial results.
Net income for the fourth quarter of 2011 increased by 61%, to $3.3 million compared to $2.0 million in the same quarter of 2010. For the fiscal year ended December 31, 2011, net income increased 71% to $8.9 million compared to $5.2 million in the prior year. Diluted earnings per share for the fourth quarter of 2011 increased to $0.10 on 33.2 million shares versus $0.08 on 26.2 million shares in the same quarter of 2010. For the fiscal year ended December 31, 2011, diluted earnings per share amounted to $0.28 compared to a loss per share of $0.04 in the prior year.
Key factors driving these results were:
- A 90% increase in quarterly prepaid card fees to $5.5 million compared to $2.9 million in fourth quarter 2010 with a 70% increase to $18.7 million for fiscal year 2011 from $11.0 million in the prior year.
- A 12% increase in quarterly net interest income to $20.4 million compared to $18.2 million in fourth quarter 2010 with a 12% increase to $76.4 million for fiscal year 2011 from $68.2 million in the prior year.
- A 54% increase in quarterly non-interest income (including prepaid card fees) to $8.2 million compared to $5.4 million in fourth quarter 2010 with a 53% increase to $29.8 million for fiscal year 2011 from $19.5 in the prior year, excluding security gains and OTTI.
- At December 31, 2011 the portfolio of loans and securities had grown to $2.2 billion, an increase of $344 million, or 18% over the prior year. Outstanding loans increased 8% year over year.
- Average deposits for full year 2011 totaled $2.6 billion, an increase of $548 million or 27% over 2010, reflecting growth in all of the major categories of deposits. The interest paid on deposits between those respective periods decreased to 0.43% from 0.67%
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