The Bancorp, Inc. ("Bancorp") (NASDAQ: TBBK), a financial holding company, today reported financial results for the third quarter of 2013.
Net income for the third quarter of 2013 increased to $4.8 million compared to $3.6 million in the third quarter of 2012, an increase of 35%. Year to date net income increased to $17.8 million in 2013 from $11.4 million in 2012, an increase of 56%.
- 34% increase in adjusted operating earnings, a non GAAP measure, to $15.2 million for the third quarter of 2013 versus $11.3 million for the quarter ended September 30, 2012.
- 18% increase in diluted earnings per share to $0.13 for the third quarter of 2013 versus $0.11 for the third quarter of 2012. The number of shares used in calculating diluted earnings per share increased to 38.3 million from 33.2 million in 2012. On a year to date basis, diluted earnings per share increased to $0.47 in 2013 from $0.34 in 2012, an increase of 38%.
- 30% increase in total quarterly revenues to $46.4 million compared to $35.6 million in third quarter 2012.
- 76% increase in quarterly non-interest income, to $19.6 million compared to $11.1 million in third quarter 2012, excluding security gains and other than temporary impairment charges.
- 36% increase in prepaid card fees, to $10.2 million compared to $7.5 million in third quarter 2012.
- 12% increase in quarterly net interest income to $24.1 million compared to $21.6 million in third quarter 2012.
Betsy Z. Cohen, Bancorp’s Chief Executive Officer, said, “Our earnings growth in the third quarter reflected increases both in net interest and non-interest income. These drivers resulted in growth of 35% in net income, 34% in adjusted operating earnings and 18% in earnings per diluted share. Our leadership position in the prepaid card industry is a primary vector of growth and related fee income increased 36% to $10.2 million for the quarter, compared to the prior year quarter. Average deposits for the third quarter grew 31% and reflected growth in all major deposit categories. At September 30, 2013 our portfolio of loans and securities had grown to $3.2 billion, an increase of $675.1 million, or 27% over September 30, 2012. Outstanding loans increased 8% over that period. Asset growth within our targeted lending segments – Small Business Administration (SBA), security backed lines of credit and small fleet leasing – contributed disproportionately. Although total loans increased by 8%, SBA loans grew 85%, security backed lines of credit by 27% and small fleet leasing by 21%. Despite the growth, the Company remains well capitalized, with book value per share increasing 8%, from $8.73 at September 30, 2012 to $9.39 at September 30, 2013.”
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