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%
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV