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The Bancorp, Inc. Reports Fourth Quarter And Fiscal 2011 Financial Results

Stocks in this article: TBBK

The Bancorp, Inc. ("Bancorp") (NASDAQ: TBBK), a financial holding company, today reported fourth quarter and fiscal 2011 financial results.

Financial Highlights

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%

Betsy Z. Cohen, Bancorp’s Chief Executive Officer, said, “The fourth quarter saw a continuation in the growth of adjusted operating earnings, which increased 30% over the prior year fourth quarter resulting in a 61% increase for the quarter in net income. This was achieved while increasing the provision for loan losses. Loans and securities grew by an aggregate of 18% over the prior year including growth in our SBA loan initiative, and our pipeline for new SBA loans continues to increase. Another initiative, vehicle leasing, also exhibited strong growth of 26% on a year over year basis. These are areas in which we are comfortable in a difficult lending environment. Our focus on increasing non-interest income is also evident, especially for prepaid cards for which fee income increased 90% compared to the comparable prior year quarter. Our positioning as a leader in providing services in the prepaid card space continues to drive the increase. The Company is well capitalized and book value per share increased from $7.60 at December 31, 2010 to $8.18, or an increase of 8%, while outstanding shares increased to 33 million from 26 million.”

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