The Bancorp, Inc. (NASDAQ:TBBK), a financial holding company,
provides June 30, 2015 highlights for market update call scheduled
for September 30, 2015, 8:30 a.m. Eastern time. Please see The
Bancorp’s 10-Q for the quarter ended June 30, 2015 for detailed
financial statements and other financial information.
Highlights as of June 30, 2015*:
Progress in transition to lower risk loan portfolio
- Total loans in continuing operations
increased 31% to $1.25 billion
- Securities-Backed Lines of Credit
increased 39% to $512.3 million
- Leasing increased 19% to $221.1
million
- Loans in the discontinued operation
were reduced to $629.3 million
Progress in balance sheet management
- $900 million in non-strategic deposits
to be exited in Q4 2015
Progress in meeting BSA regulatory expectations
- Significant progress of BSA
remediation
Progress in earnings transition to lower risk model
- Loan growth in continuing loans is
impacting earnings – $16.7 million in pre-tax earnings adjusted for
fees related to BSA and restatement
Frank M. Mastrangelo, The Bancorp’s Chief Executive Officer
said, “We continue to make significant progress away from what our
experience and cyclical downturns for the industry have indicated
to be a more risky line of business, namely regional commercial
real estate lending. Our discontinuance of that line of business is
being offset by significant growth in our SBLOC and other loan
categories, which we believe have a better risk adjusted return.
The lower risk profile of SBLOC loans is confirmed by their lower
capital requirements and de minimus losses, and is our largest
lending line of business. We have made significant progress in
addressing regulatory expectations and look forward to fully
satisfying all such expectations as soon as practicable.
Historically our performance ratios, including capital, have been
impacted by excess deposits maintained at the Federal Reserve Bank.
In the fourth quarter we anticipate that we will exit approximately
$900 million of non-strategic deposit relationships. This balance
sheet management will not decrease profitability, but will more
accurately reflect average assets and capital ratios. As of June
30, 2015, we remain well capitalized with a book value of $8.36 per
share.”
Non-recurring Expense during the Six-Months Ended June 30,
2015 ($ in thousands):
Continuing Operations: BSA consultant and lookback fees $
14,956 Regulatory related legal fees 1,276
Discontinued operations:
Restatement related audit fees 1,525 Other real estate owned
expense 1,124 Pre-tax loss-continuing operations (9,417 ) Pre-tax
income-continuing operations
7,196
Pre-tax income after analyses of non-recurring fees $ 16,660
Continuing Operations - Loan Portfolio
June 30,
June 30,
2015
2014
SBA non real estate $ 63,390 $ 60,546
SBA commercialmortgage
85,234 90,316 SBA construction 16,977 9,936 Total SBA
loans 165,601 160,798 Direct lease financing 222,169 185,878 SBLOC
512,269 367,598 Other specialty lending 32,118 38,416 Other
consumer loans 27,044 40,896 959,201 793,586
Unamortized loan feesand costs
8,832 8,169
Loans, net of deferredloan costs
$ 968,033 $ 801,755
Continuing operationsloans held for
sale
284,051 154,474 Total $ 1,252,084 $ 956,229
June 30,
June 30,
2015
2014
Discontinued Loans
$
629,314
$
1,108,972
Capital Ratios
Tier 1capitaltoaverageassetsratio
Tier 1capital
torisk-weightedassetsratio
Totalcapital
torisk-weightedassetsratio
Commonequity tier1 to
riskweightedassets
As of June 30,
2015
The Bancorp 6.46 % 13.68 % 13.88 % 13.68 % The
Bancorp Bank 6.08 % 12.89 % 13.08 % 12.89 %
"Well capitalized" institution (under
FDICregulations-Basel III)
5.00 % 8.00 % 10.00 % 6.50 %
As of December 31,
2014
The Bancorp 7.07 % 11.54 % 11.67 % n/a The Bancorp Bank 6.46 %
10.46 % 10.59 % n/a "Well capitalized" institution (under FDIC
regulations) 5.00 % 6.00 % 10.00 % n/a
Market Update Conference Call Webcast
Interested parties may access the LIVE webcast of The Bancorp's
Market Update Conference Call at 8:30 AM ET Wednesday, September
30, 2015 by clicking on the webcast link on The Bancorp's homepage
at www.thebancorp.com. Or, you may dial 877.703.6102, access code
78556593. You may listen to the replay of the webcast following the
live call on The Bancorp's investor relations website or
telephonically until Wednesday, October 7, 2015 by dialing
888.286.8010, access code 90377196.
About The Bancorp
The Bancorp (NASDAQ: TBBK), with operations in the United States
and Europe, is a family of financial service companies dedicated to
setting a new standard in financial services and payments
innovation. The Bancorp specializes in providing private-label
banking and technology solutions for non-bank companies ranging
from entrepreneurial start-ups to those on the Fortune 500. The
Bancorp Bank, one of The Bancorp’s financial institutions, has been
recognized as a National Preferred SBA Lender, a top custodian of
Health Savings Accounts, a top ACH originator, a top merchant
acquirer and is the leading issuer of prepaid cards.
thebancorp.com
Forward-Looking Statements
Statements in this earnings release regarding The Bancorp,
Inc.’s business, which are not historical facts, are
"forward-looking statements" that involve risks and uncertainties.
These statements may be identified by the use of forward-looking
terminology, including but not limited to the words “may,”
“believe,” “will,” “expect,” “look,” “anticipate,” “estimate,”
“continue,” or similar words. For further discussion of the risks
and uncertainties to which these forward-looking statements may be
subject, see The Bancorp, Inc.’s filings with the SEC, including
the “Risk Factors” sections of The Bancorp Inc.’s filings. These
risks and uncertainties could cause actual results to differ
materially from those projected in the forward-looking statements.
The forward-looking statements speak only as of the date of this
presentation. The Bancorp, Inc. does not undertake to publicly
revise or update forward-looking statements in this presentation to
reflect events or circumstances that arise after the date of this
presentation, except as may be required under applicable law.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150930005484/en/
The Bancorp, Inc.Andres Viroslav,
215-861-7990aviroslav@thebancorp.com
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