UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  2/1/2016
 
The Bancorp, Inc.
(Exact name of registrant as specified in its charter)
 
Commission File Number:  000-51018
 
Delaware
  
23-3016517
(State or other jurisdiction of
  
(IRS Employer
incorporation)
  
Identification No.)
 
409 Silverside Road
Wilmington, DE 19809
(Address of principal executive offices, including zip code)
 
302-385-5000
(Registrant's telephone number, including area code)
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 

 
 
 
Item 2.02.    Results of Operations and Financial Condition
 
On February 1, 2016, The Bancorp, Inc. (the "Company") issued a press release regarding its earnings for the three and twelve months ended December 31, 2015. A copy of this press release is furnished with this report as exhibit 99.1. The information in this Current Report, including the exhibit hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
 
 
Item 9.01.    Financial Statements and Exhibits
 
(d) Exhibits
 
The exhibit furnished as part of this Current Report on Form 8-K is identified in the Exhibit Index immediately following the signature page of this report. Such Exhibit Index is incorporated herein by reference.
 
 
 
 

 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
The Bancorp, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Date: February 1, 2016
 
 
 
By:
 
/s/Paul Frenkiel                                                    
 
 
 
 
 
 
 
 
Paul Frenkiel
 
 
 
 
 
 
 
 
Chief Financial Officer and Secretary
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
EXHIBIT INDEX
 
Exhibit No.
  
Description
 
EX-99.1
  


 
 
 
 
 



Exhibit 99.1

The Bancorp, Inc. Reports Fourth Quarter and Fiscal 2015 Financial Results

Wilmington, DE – February 1, 2016 – The Bancorp, Inc. ("Bancorp") (NASDAQ: TBBK), a financial holding company, today reported financial results for fourth quarter and fiscal 2015.

Bancorp reported net income of $19.6 million or diluted earnings per share of $0.52 for fourth quarter 2015 compared to net income of $20.2 million or $0.52 earnings per diluted share in fourth quarter 2014.  Year to date net income was $14.4 million or diluted earnings per share of $0.38 for 2015 compared to net income of $57.1 million or $1.49 earnings per diluted share in 2014.  Net income from continuing operations for fourth quarter 2015 was $19.1 million or $0.51 per diluted share compared to net income of $11.1 million or $0.30 per diluted share in fourth quarter 2014. Income from continuing operations does not include any income which may result upon the reinvestment of the proceeds of sales we are pursuing from the approximately $568.3 million of commercial and residential loans in the Bancorp's discontinued operations.

Financial Highlights

Continuing Operations:

•
Gain of $33.5 million on the sale of the majority of the health savings account ("H.S.A.") administration business.

•
Gain of $14.5 million on sales of tax exempt securities for tax planning purposes.

•
Increases over prior year loan balances in security-backed lines of credit ("SBLOC") 37%, Small Business Administration ("SBA") 45% and Leasing 19%.

•
18% increase in net interest income to $18.6 million in fourth quarter 2015 compared to $15.7 million in fourth quarter 2014.

•
Regulatory lookback expense of $14.8 million.*

•
Loans and continuing operations loans held for sale totaled $1.57 billion at December 31, 2015 compared to $1.09 billion at December 31, 2014, a 44% increase.

•
Tier one capital to assets, tier one capital to risk-weighted assets, total capital to risk-weighted assets and common equity-tier 1 were 7.21%, 14.74%, 14.93% and 14.74%, compared to well capitalized minimums of 5%, 8%, 10% and 6.5%.

John Chrystal, Bancorp's Interim Chief Executive Officer, said, "The fourth quarter continued to show progress in the transition to what we believe, and our historical results evidence, are better performing lines of business. Our portfolio loans exceeded the $1 billion threshold at year end 2015, with a 44% increase over the prior year end for the total of portfolio loans and loans held for sale. We earn carry interest on loans held for sale until such loans are sold.  This growth was achieved in loan segments with historically low loan losses, which continued to be the case in 2015. Growth in those SBLOC, SBA, and Leasing segments drove a net interest income increase of 18% to $18.6 million for the quarter.  Prepaid and payment sponsorship fee income, our principal non-interest income driver, reflected an exited relationship and other factors; however, we believe that year over year increases will result in 2016. During the quarter we sold the majority of our health savings account ("H.S.A.") administration business and approximately $385 million of related deposits with higher interest costs than the majority of our other deposits. With expense savings, this exit is projected to be accretive. Those H.S.A. client relationships were sold at a gain of $33.5 million. Additionally during the quarter, we sold approximately $400 million of tax exempt municipal securities to accelerate the Bank's utilization of deferred tax assets. The majority of the sales proceeds have been reinvested in taxable securities with slightly higher rates and lower duration. The balance of the sales proceeds are anticipated to be similarly invested by the end of first quarter 2016. The gains on the H.S.A. and the investment securities sales also increased our regulatory capital ratios. The H.S.A. deposit exit reduced excess balances maintained at the Federal Reserve Bank ("FRB"). While that reduction was partially offset by other deposit increases, future scheduled deposit exits are projected to further reduce balances maintained at the FRB in 2016.  These balances earn relatively low rates of interest and increase average assets thereby lowering capital ratios. The deposits being exited do not have significant impact on profitability, nor do they provide opportunities for future non interest income.
 
 
1
 

While the lookback consultant has continued to make progress toward final completion, costs continue to be in excess of estimates and amounted to $14.8 million during the quarter. Based on estimates by the consultant, this work should be complete sometime in the second quarter of 2016.

Book value per common share at December 31, 2015 amounted to $8.50 compared to $8.46 at December 31, 2014. The Bancorp and its subsidiary, The Bancorp Bank, remain well capitalized."

Non-recurring income/expense
  
Three months ended
    
Year ended
  
   
December 31, 2015
    
December 31, 2015
  
   
(dollars in thousands)
  
Pre-tax income - continuing operations
  
$
31,156
    
$
8,416
  
Pre-tax income - discontinued operations
    
3,607
      
13,800
  
                 
Continuing operations
                
Gain on sale of health savings portfolio
    
(33,531
)
    
(33,531
)
Gain on sale of securities
    
(14,497
)
    
(14,435
)
Gain on sale of warrants
    
(2,691
)
    
(2,691
)
BSA consultant and lookback fees *
    
14,801
      
41,444
  
Civil money penalty
    
3,000
      
3,000
  
Additional FDIC assessment
    
920
      
920
  
Severance for health savings division
    
550
      
550
  
Regulatory/governance related legal fees
    
603
      
2,292
  
Discontinued operations
                
Restatement related audit fees
    
-
      
2,560
  
Other real estate owned expense
    
1,423
      
3,199
  
Pre-tax income after analysis of non-recurring income/expense
  
$
5,341
    
$
25,524
  
                 
* Lookback expense is being incurred to analyze historical transactions for compliance with suspicious activity reporting requirements.
  

Conference Call Webcast

You may access the LIVE webcast of Bancorp's Quarterly Earnings Conference Call at 10:00 AM ET Monday, February 1, 2016 by clicking on the webcast link on Bancorp's homepage at www.thebancorp.com. Or, you may dial 877.787.4143, access code 31514831.  You may listen to the replay of the webcast following the live call on Bancorp's investor relations website or telephonically until Monday, February 8, 2016 by dialing 855.859.2056, access code 31514831.

About Bancorp

With operations in the US and Europe, The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving the unique needs of non-bank financial service companies, ranging from entrepreneurial start-ups to those on the Fortune 500. The company's chief financial institution, The Bancorp Bank (Member FDIC, Equal Housing Lender), has been repeatedly recognized in the payments industry as the Top Issuer of Prepaid Cards (US), a top merchant sponsor bank, and a top ACH originator. Specialized lending distinctions include National Preferred SBA Lender, a leading provider of securities-backed lines of credit, and one of the few bank-owned commercial leasing groups in the nation. For more information please visit www.thebancorp.com.
 
 
2
 

Forward-Looking Statements

Statements in this earnings release regarding Bancorp'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 Bancorp's filings with the SEC, including the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of those 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 press release. The Bancorp does not undertake to publicly revise or update forward-looking statements in this press release to reflect events or circumstances that arise after the date of this presentation, except as may be required under applicable law.


The Bancorp, Inc. Contact
Andres Viroslav
215-861-7990
aviroslav@thebancorp.com
3



The Bancorp, Inc.
  
Financial highlights
  
(unaudited)
  
   
Three months ended
    
Year ended
  
   
December 31,
    
December 31,
  
Condensed income statement
  
2015
    
2014
    
2015
    
2014
  
   
(dollars in thousands except per share data)
  
                 
Net interest income
  
$
18,582
    
$
15,715
    
$
69,931
    
$
59,425
  
Provision for loan and lease losses
    
300
      
(1,404
)
    
2,100
      
1,202
  
Non-interest income
                                
Service fees on deposit accounts
    
1,889
      
2,060
      
7,468
      
6,339
  
Card payment and ACH processing fees
    
1,489
      
1,413
      
5,731
      
5,402
  
Prepaid card fees
    
11,744
      
12,614
      
47,496
      
51,287
  
Gain (loss) on sale of loans
    
3,333
      
(926
)
    
10,080
      
12,542
  
Gain on sale of investment securities
    
14,497
      
85
      
14,435
      
450
  
Gain on sale of health savings portfolio
    
33,531
      
-
      
33,531
      
-
  
Leasing income
    
367
      
663
      
2,094
      
2,899
  
Debit card income
    
253
      
383
      
1,611
      
1,679
  
Affinity fees
    
967
      
745
      
3,358
      
2,596
  
Other non-interest income
    
4,430
      
638
      
9,496
      
1,855
  
Total non-interest income
    
72,500
      
17,675
      
135,300
      
85,049
  
Non-interest expense
                                
Bank Secrecy Act and lookback consulting expenses
    
14,801
      
3,883
      
41,444
      
8,801
  
Other non-interest expense
    
44,825
      
33,745
      
153,271
      
127,179
  
Total non-interest expense
    
59,626
      
37,628
      
194,715
      
135,980
  
Income (loss) from continuing operations before income tax expense
    
31,156
      
(2,834
)
    
8,416
      
7,292
  
Income tax expense (benefit)
    
12,082
      
(13,929
)
    
1,265
 
    
(14,523
)
Net income from continuing operations
    
19,074
      
11,095
      
7,151
      
21,815
  
Net income from discontinued operations, net of tax
    
498
      
9,096
      
7,234
      
35,294
  
Net income available to common shareholders
  
$
19,572
    
$
20,191
    
$
14,385
    
$
57,109
  
                                 
Net income per share from continuing operations - basic
  
$
0.51
    
$
0.31
    
$
0.19
    
$
0.58
  
Net income per share from discontinued operations - basic
  
$
0.01
    
$
0.24
    
$
0.19
    
$
0.94
  
Net income per share - basic
  
$
0.52
    
$
0.55
    
$
0.38
    
$
1.52
  
                                 
Net income per share from continuing operations - diluted
  
$
0.51
    
$
0.30
    
$
0.19
    
$
0.57
  
Net income per share from discontinued operations - diluted
  
$
0.01
    
$
0.22
    
$
0.19
    
$
0.92
  
Net income per share - diluted
  
$
0.52
    
$
0.52
    
$
0.38
    
$
1.49
  
Common stock shares outstanding
    
37,861,303
      
37,808,777
      
37,861,303
      
37,808,777
  
4



Balance sheet
  
December 31,
    
September 30,
    
June 30,
    
December 31,
  
   
2015
    
2015
    
2015
    
2014
  
   
(dollars in thousands)
  
Assets:
                
Cash and cash equivalents
                
Cash and due from banks
  
$
7,643
    
$
4,002
    
$
13,269
    
$
8,665
  
Interest earning deposits at Federal Reserve Bank
    
1,147,519
      
995,441
      
936,989
      
1,059,320
  
Securities sold under agreements to resell
    
-
      
37,970
      
40,068
      
46,250
  
     Total cash and cash equivalents
    
1,155,162
      
1,037,413
      
990,326
      
1,114,235
  
                                 
Investment securities, available-for-sale, at fair value
    
1,070,098
      
1,316,705
      
1,370,027
      
1,493,639
  
Investment securities, held-to-maturity
    
93,590
      
93,604
      
93,649
      
93,765
  
Loans held for sale, at fair value
    
489,938
      
354,600
      
284,501
      
217,080
  
Loans, net of deferred fees and costs
    
1,078,077
      
994,518
      
968,033
      
874,593
  
Allowance for loan and lease losses
    
(4,400
)
    
(4,194
)
    
(4,352
)
    
(3,638
)
Loans, net
    
1,073,677
      
990,324
      
963,681
      
870,955
  
Federal Home Loan Bank & Atlantic Central Bankers Bank stock
    
1,062
      
1,063
      
1,063
      
1,002
  
Premises and equipment, net
    
21,631
      
18,893
      
19,271
      
17,697
  
Accrued interest receivable
    
9,471
      
11,232
      
11,526
      
11,251
  
Intangible assets, net
    
4,929
      
5,248
      
5,541
      
6,228
  
Deferred tax asset, net
    
35,457
      
33,857
      
35,874
      
33,673
  
Investment in unconsolidated entity
    
180,950
      
186,656
      
187,186
      
193,595
  
Assets held for sale
    
584,916
      
611,729
      
651,158
      
887,929
  
Other assets
    
46,806
      
53,123
      
43,804
      
45,268
  
     Total assets
  
$
4,767,687
    
$
4,714,447
    
$
4,657,607
    
$
4,986,317
  
                                 
Liabilities:
                                
Deposits
                                
Demand and interest checking
  
$
3,602,376
    
$
4,002,638
    
$
3,993,393
    
$
4,289,586
  
Savings and money market
    
383,832
      
376,577
      
321,264
      
330,798
  
Time deposits
    
428,549
      
-
      
1,400
      
1,400
  
     Total deposits
    
4,414,757
      
4,379,215
      
4,316,057
      
4,621,784
  
                                 
Securities sold under agreements to repurchase
    
925
      
1,034
      
2,357
      
19,414
  
Subordinated debenture
    
13,401
      
13,401
      
13,401
      
13,401
  
Other liabilities
    
17,649
      
7,100
      
10,038
      
12,695
  
     Total liabilities
  
$
4,446,732
    
$
4,400,750
    
$
4,341,853
    
$
4,667,294
  
                                 
Shareholders' equity:
                                
Common stock - authorized, 50,000,000 shares of $1.00 par value; 37,861,303 and 37,808,777 shares issued at December 31, 2015 and 2014, respectively
    
37,861
      
37,858
      
37,858
      
37,809
  
Treasury stock (100,000 shares)
    
(866
)
    
(866
)
    
(866
)
    
(866
)
Additional paid-in capital
    
300,549
      
299,470
      
298,978
      
297,987
  
Accumulated deficit
    
(14,495
)
    
(33,429
)
    
(27,854
)
    
(28,242
)
Accumulated other comprehensive income (loss)
    
(2,094
)
    
10,664
      
7,638
      
12,335
  
Total shareholders' equity
    
320,955
      
313,697
      
315,754
      
319,023
  
                                 
     Total liabilities and shareholders' equity
  
$
4,767,687
    
$
4,714,447
    
$
4,657,607
    
$
4,986,317
  
5


Average balance sheet and net interest income
  
Three months ended December 31, 2015
    
Three months ended December 31, 2014
  
   
(dollars in thousands)
  
   
Average
        
Average
    
Average
        
Average
  
Assets:
  
Balance
    
Interest
    
Rate
    
Balance
    
Interest
    
Rate
  
Interest-earning assets:
                        
Loans net of unearned fees and costs **
  
$
1,416,176
    
$
14,502
      
4.10
%
  
$
1,036,760
    
$
9,869
      
3.81
%
Leases - bank qualified*
    
28,658
      
487
      
6.80
%
    
16,341
      
229
      
5.61
%
Investment securities-taxable
    
1,022,914
      
5,290
      
2.07
%
    
1,014,491
      
4,859
      
1.92
%
Investment securities-nontaxable*
    
248,662
      
2,203
      
3.54
%
    
530,431
      
4,843
      
3.65
%
Interest earning deposits at Federal Reserve Bank
    
751,126
      
595
      
0.32
%
    
504,612
      
332
      
0.26
%
Federal funds sold and securities purchased under agreement to resell
    
31,406
      
113
      
1.44
%
    
49,250
      
166
      
1.35
%
Net interest earning assets
    
3,498,942
      
23,190
      
2.65
%
    
3,151,885
      
20,298
      
2.58
%
                                                 
Allowance for loan and lease losses
    
(4,178
)
                    
(8,028
)
                
Assets held for sale
    
617,983
      
6,650
      
4.30
%
    
1,234,255
      
11,161
      
3.62
%
Other assets
    
322,901
                      
28,509
                  
   
$
4,435,648
                    
$
4,406,621
                  
                                                 
Liabilities and Shareholders' Equity:
                                                
Deposits:
                                                
Demand and interest checking
  
$
3,518,223
    
$
2,689
      
0.31
%
  
$
3,709,957
    
$
2,302
      
0.25
%
Savings and money market
    
378,301
      
581
      
0.61
%
    
323,101
      
345
      
0.43
%
Time
    
174,530
      
263
      
0.60
%
    
3,077
      
13
      
1.69
%
Total deposits
    
4,071,054
      
3,533
      
0.35
%
    
4,036,135
      
2,660
      
0.26
%
                                                 
Short-term borrowings
    
18,152
      
12
      
0.26
%
    
-
      
-
      
0.00
%
Repurchase agreements
    
1,148
      
1
      
0.35
%
    
18,191
      
13
      
0.29
%
Subordinated debt
    
13,401
      
120
      
3.58
%
    
13,401
      
135
      
4.03
%
Total deposits and interest bearing liabilities
    
4,103,755
      
3,666
      
0.36
%
    
4,067,727
      
2,808
      
0.28
%
                                                 
Other liabilities
    
13,313
                      
20,884
                  
Total liabilities
    
4,117,068
                      
4,088,611
                  
                                                 
Shareholders' equity
    
318,580
                      
318,010
                  
   
$
4,435,648
                    
$
4,406,621
                  
Net interest income on tax equivalent basis*
          
$
26,174
                    
$
28,651
          
                                                 
Tax equivalent adjustment
            
942
                      
1,775
          
                                                 
Net interest income
          
$
25,232
                    
$
26,876
          
Net interest margin *
                    
2.52
%
                    
2.62
%
 
                                                
* Full taxable equivalent basis, using a 35% statutory tax rate.                       
  
** Includes loans held for sale.                      
    
6


Average balance sheet and net interest income
  
Year ended December 31, 2015
    
Year ended December 31, 2014
  
   
(dollars in thousands)
  
   
Average
        
Average
    
Average
        
Average
  
Assets:
  
Balance
    
Interest
    
Rate
    
Balance
    
Interest
    
Rate
  
Interest-earning assets:
                        
Loans net of unearned fees and costs **
  
$
1,245,189
    
$
48,733
      
3.91
%
  
$
903,681
    
$
35,849
      
3.97
%
Leases - bank qualified*
    
25,126
      
1,734
      
6.90
%
    
17,400
      
938
      
5.39
%
Investment securities-taxable
    
989,705
      
19,918
      
2.01
%
    
1,031,584
      
20,662
      
2.00
%
Investment securities-nontaxable*
    
452,526
      
16,646
      
3.68
%
    
477,384
      
17,454
      
3.66
%
Interest earning deposits at Federal Reserve Bank
    
935,093
      
2,354
      
0.25
%
    
720,240
      
1,792
      
0.25
%
Federal funds sold and securities purchased under agreement to resell
    
40,402
      
578
      
1.43
%
    
33,814
      
462
      
1.37
%
Net interest-earning assets
    
3,688,041
      
89,963
      
2.44
%
    
3,184,103
      
77,157
      
2.42
%
                                                 
Allowance for loan and lease losses
    
(4,111
)
                    
(3,521
)
                
Assets held for sale
    
715,116
      
28,925
      
4.04
%
    
1,162,319
      
49,891
      
4.29
%
Other assets
    
313,232
                      
109,888
                  
   
$
4,712,278
                    
$
4,452,789
                  
                                                 
Liabilities and Shareholders' Equity:
                                                
Deposits:
                                                
Demand and interest checking
  
$
3,975,475
    
$
10,982
      
0.28
%
  
$
3,746,958
    
$
9,097
      
0.24
%
Savings and money market
    
337,168
      
1,867
      
0.55
%
    
366,160
      
1,574
      
0.43
%
Time
    
44,789
      
275
      
0.61
%
    
7,974
      
96
      
1.20
%
Total deposits
    
4,357,432
      
13,124
      
0.30
%
    
4,121,092
      
10,767
      
0.26
%
                                                 
Short-term borrowings
    
4,575
      
12
      
0.26
%
    
5
      
-
      
0.00
%
Repurchase agreements
    
5,224
      
15
      
0.29
%
    
17,496
      
50
      
0.29
%
Subordinated debt
    
13,401
      
448
      
3.34
%
    
13,401
      
478
      
3.57
%
Total deposits and interest bearing liabilities
    
4,380,632
      
13,599
      
0.31
%
    
4,151,994
      
11,295
      
0.27
%
                                                 
Other liabilities
    
10,403
                      
17,721
                  
Total liabilities
    
4,391,035
                      
4,169,715
                  
                                                 
Shareholders' equity
    
321,243
                      
283,074
                  
   
$
4,712,278
                    
$
4,452,789
                  
Net interest income on tax equivalent basis*
            
105,289
                      
115,753
          
                                                 
Tax equivalent adjustment
            
6,433
                      
6,437
          
                                                 
Net interest income
          
$
98,856
                    
$
109,316
          
Net interest margin *
                    
2.37
%
                    
2.60
%
 
                                                
* Full taxable equivalent basis, using a 35% statutory tax rate.                       
  
** Includes loans held for sale.                        

7


Allowance for loan and lease losses:
  
Year ended
          
   
December 31,
    
December 31,
          
   
2015
    
2014
          
   
(dollars in thousands)
          
                 
Balance in the allowance for loan and lease losses at beginning of period (1)
  
$
3,638
    
$
3,881
          
                         
Loans charged-off:
                        
SBA non real estate
    
112
      
307
          
Direct lease financing
    
30
      
323
          
SBLOC
    
-
      
3
          
Other consumer loans
    
1,219
      
871
          
Total
    
1,361
      
1,504
          
                         
Recoveries:
                        
SBA non real estate
    
-
      
12
          
Direct lease financing
    
-
      
25
          
Other consumer loans
    
23
      
22
          
Total
    
23
      
59
          
Net charge-offs
    
1,338
      
1,445
          
Provision charged to operations
    
2,100
      
1,202
          
                         
Balance in allowance for loan and lease losses at end of period
  
$
4,400
    
$
3,638
          
Net charge-offs/average loans
    
0.11
%
    
0.16
%
        
Net charge-offs/average assets
    
0.03
%
    
0.03
%
        
(1) Excludes activity from assets held for sale
                        
                         
Loan portfolio:
  
December 31,
    
September 30,
    
June 30,
    
December 31,
  
    2015     2015     2015     2014  
   
(dollars in thousands)
  
                                 
SBA non real estate
  
$
68,887
    
$
64,988
    
$
63,390
    
$
62,425
  
SBA commercial mortgage
    
114,029
      
116,545
      
85,234
      
82,317
  
SBA construction
    
6,977
      
5,191
      
16,977
      
20,392
  
Total SBA loans
    
189,893
      
186,724
      
165,601
      
165,134
  
Direct lease financing
    
231,514
      
223,929
      
222,169
      
194,464
  
SBLOC
    
575,948
      
539,240
      
512,269
      
421,862
  
Other specialty lending
    
48,315
      
12,119
      
32,118
      
48,625
  
Other consumer loans
    
23,180
      
23,502
      
27,044
      
36,168
  
     
1,068,850
      
985,514
      
959,201
      
866,253
  
Unamortized loan fees and costs
    
9,227
      
9,004
      
8,832
      
8,340
  
Total loans, net of deferred loan fees and costs
  
$
1,078,077
    
$
994,518
    
$
968,033
    
$
874,593
  
                                 
Small business lending portfolio:
  
December 31,
    
September 30,
    
June 30,
    
December 31,
  
    2015     2015     2015     2014  
   
(dollars in thousands)
  
                                 
SBA loans, including deferred fees and costs
    
197,966
      
194,612
      
173,357
      
172,660
  
SBA loans included in HFS
    
109,174
      
86,245
      
65,885
      
38,704
  
Total SBA loans
  
$
307,140
    
$
280,857
    
$
239,242
    
$
211,364
  

 
8


Capital Ratios
Tier 1 capital
  
Tier 1 capital
  
Total capital
  
Common equity
 
to average
  
to risk-weighted
  
to risk-weighted
  
tier 1 to risk
 
assets ratio
  
assets ratio
  
assets ratio
  
weighted assets
As of December 31, 2015
              
The Bancorp
7.21%
  
14.74%
  
14.93%
  
14.74%
The Bancorp Bank
6.94%
  
14.03%
  
14.22%
  
14.03%
"Well capitalized" institution (under FDIC regulations)
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


   
Three months ended
    
Year ended
  
   
December 31,
    
December 31,
  
   
2015
    
2014
    
2015
    
2014
  
Selected operating ratios:
                
Return on average assets (annualized)
    
1.75
%
  
nm
      
0.31
%
  
nm
  
Return on average equity (annualized)
    
24.47
%
  
nm
      
4.50
%
  
nm
  
Net interest margin
    
2.52
%
    
2.62
%
    
2.37
%
    
2.60
%
Book value per share
  
$
8.50
    
$
8.46
    
$
8.50
    
$
8.46
  
                                 
 
   
December 31,
    
September 30,
    
June 30,
    
December 31,
  
   
2015
    
2015
    
2015
    
2014
  
Asset quality ratios:
                
Nonperforming loans to total loans (1)
    
0.22
%
    
0.25
%
    
0.34
%
    
0.24
%
Nonperforming assets to total assets (1)
    
0.05
%
    
0.05
%
    
0.07
%
    
0.04
%
Allowance for loan and lease losses to total loans
    
0.41
%
    
0.42
%
    
0.45
%
    
0.42
%
                                 
Nonaccrual loans
  
$
1,927
    
$
2,157
    
$
2,666
    
$
1,907
  
Other real estate owned
    
-
      
-
      
-
      
-
  
     Total nonperforming assets
  
$
1,927
    
$
2,157
    
$
2,666
    
$
1,907
  
                                 
Loans 90 days past due still accruing interest
  
$
403
    
$
294
    
$
620
    
$
149
  
                                 
(1) Nonperforming loan and asset ratios include nonaccrual loans and loans 90 days past due still accruing interest.
  
                                 
   
Three months ended
  
   
December 31,
    
September 30,
    
June 30,
    
December 31,
  
    2015     2015     2015     2014  
   
(in thousands)
  
Gross dollar volume (GDV):
                                
Prepaid card GDV
  
$
9,839,782
    
$
9,465,687
    
$
10,006,333
    
$
9,119,682
  

 
9
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