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The Bancorp, Inc. Reports Second Quarter 2022 Financial Results and Updates Full Year 2022 Guidance

The Bancorp, Inc. ("The Bancorp" or “we”) (NASDAQ: TBBK), a financial holding company, today reported financial results for the second quarter of 2022.

Highlights

  • For the quarter ended June 30, 2022, The Bancorp earned pre-tax income of $41.1 million, compared to $37.0 million for the quarter ended June 30, 2021. The 2021 quarter included $4.3 million of Payroll Protection Program (“PPP”) related interest and fees, substantially all of which were eliminated in the current year quarter. For those respective periods, net income amounted to $30.4 million, or $0.53 diluted earnings per share, compared to net income of $29.4 million, or $0.50 diluted earnings per share.
  • Return on assets and equity for the quarter ended June 30, 2022 amounted to 1.7% and 19%, respectively, compared to 1.7% and 19%, respectively, for the quarter ended June 30, 2021 (all percentages “annualized”).
  • Net interest margin amounted to 3.17% for the quarter ended June 30, 2022, compared to 3.19% for the quarter ended June 30, 2021.
  • Net interest income was $54.6 million for the quarter ended June 30, 2022, compared to $54.1 million for the quarter ended June 30, 2021. The 2021 quarter included $4.3 million of PPP related interest and fees, substantially all of which were eliminated in the current year quarter.
  • Excluding commercial loans, at fair value, which were originally generated for sale, total loans increased to $4.75 billion at June 30, 2022, compared to $4.16 billion at March 31, 2022 and $2.92 billion at June 30, 2021. Those increases reflected growth of 13% quarter over quarter and 61% year over year. Those percentage increases exclude the impact of $55.6 million of June 30, 2022 balances previously included in discontinued assets which were reclassified to loans in the first quarter of 2022.
  • Gross dollar volume (“GDV”), representing the total amounts spent on prepaid and debit cards, increased $1.29 billion, or 5%, to $28.39 billion for the quarter ended June 30, 2022 compared to the quarter ended June 30, 2021. GDV was increased in 2021 by the impact of pandemic related government stimulus payments.
  • SBLOC (securities backed lines of credit), IBLOC (insurance backed lines of credit) and investment advisor financing loans collectively increased 35% year over year and 10% quarter over quarter to $2.43 billion at June 30, 2022.
  • Small Business Loans, including those held at fair value, grew 6% year over year to $729.8 million at June 30, 2022, and 3.5% quarter over quarter. That growth is exclusive of PPP loan balances which amounted to $10.3 million and $129.4 million, respectively, at June 30, 2022 and June 30, 2021.
  • Direct lease financing balances increased 15% year over year to $583.1 million at June 30, 2022, and 8% quarter over quarter.
  • We resumed non-SBA commercial real estate bridge lending in the third quarter of 2021. At June 30, 2022, the balance of such real estate bridge loans was $1.11 billion compared to $803.5 million at March 31, 2022, reflecting quarter over quarter growth of 38%.
  • The average interest rate on $6.38 billion of average deposits and interest-bearing liabilities during the second quarter of 2022 was 0.44%. Average deposits of $6.25 billion for second quarter 2022, reflected a decrease of 0.1% from the $6.26 billion of average deposits for the quarter ended June 30, 2021, which had increased 17% over the June 30, 2020 quarter. Deposit levels during these periods reflected variability resulting from the pandemic and related government stimulus payments.
  • As of June 30, 2022, tier one capital to assets (leverage), tier one capital to risk-weighted assets, total capital to risk-weighted assets and common equity-tier 1 to risk-weighted assets ratios were 9.51%, 13.46%, 13.84% and 13.46%, respectively, compared to well-capitalized minimums of 5%, 8%, 10% and 6.5%, respectively. The Bancorp and its wholly owned subsidiary, The Bancorp Bank, each remain well capitalized under banking regulations.
  • Book value per common share at June 30, 2022 was $11.55 per share compared to $10.77 per share at June 30, 2021, an increase of 7%, primarily as a result of retained earnings. Increases resulting from retained earnings and reductions in shares from related repurchases were partially offset by reductions in the market value of securities, which are recognized through equity.
  • The Bancorp repurchased 577,926 shares of its common stock at an average cost of $25.95 per share during the quarter ended June 30, 2022.

“The second quarter continued to show strong growth across our platform. With the anticipated continued increase in interest rates based on fed funds futures and strong business pipelines, we expect profitability to steadily increase over the next 18 months. We are raising our guidance for 2022 from $2.15 per share to a range of $2.25 to $2.30 per share. This range excludes the impact of 2022 share repurchases but includes interest rate assumptions based on fed funds expectations.”

The Bancorp reported net income of $30.4 million, or $0.53 per diluted share, for the quarter ended June 30, 2022, compared to net income of $29.4 million, or $0.50 per diluted share, for the quarter ended June 30, 2021.

Conference Call Webcast

You may access the LIVE webcast of The Bancorp's Quarterly Earnings Conference Call at 8:00 AM ET Friday, July 29, 2022 by clicking on the webcast link on The Bancorp's homepage at www.thebancorp.com. Or you may dial 866.374.5140, access code 81692741. You may listen to the replay of the webcast following the live call on The Bancorp's investor relations website.

About The Bancorp

The Bancorp, Inc. (NASDAQ: TBBK), headquartered in Wilmington, Delaware, through its subsidiary, The Bancorp Bank, provides non-bank financial companies with the people, processes, and technology to meet their unique banking needs. Through its Fintech Solutions, Institutional Banking, Commercial Lending, and Real Estate Bridge Lending businesses, The Bancorp provides partner-focused solutions paired with cutting-edge technology for companies that range from entrepreneurial startups to Fortune 500 companies. With over 20 years of experience, The Bancorp has become a leader in the financial services industry, earning recognition as the #1 issuer of prepaid cards in the U.S. in June 2021, a nationwide provider of bridge financing for real estate capital improvement plans, an SBA National Preferred Lender, a leading provider of securities-backed lines of credit, with one of the few bank-owned commercial vehicle leasing groups. As evidence of its company-wide commitment to excellence, The Bancorp has also been ranked in October 2020 as one of the 100 Fastest-Growing Companies by Fortune, a Top 50 Employer in March 2021 by Equal Opportunity Magazine and was selected to be included in the S&P Small Cap 600 in May 2021. For more about The Bancorp, visit https://thebancorp.com/.

Forward-Looking Statements

Statements in this earnings release regarding The Bancorp’s business which are not historical facts are "forward-looking statements." These statements may be identified by the use of forward-looking terminology, including but not limited to the words “intend,” “may,” “believe,” “will,” “expect,” “look,” “anticipate,” “plan,” “estimate,” “continue,” or similar words , and are based on current expectations about important economic, political, and technological factors, among others, and are subject to risks and uncertainties, which could cause the actual results, events or achievements to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. For further discussion of the risks and uncertainties to which these forward-looking statements may be subject, see The Bancorp’s filings with the Securities and Exchange Commission, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of those filings. 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 press release, except as may be required under applicable law.

The Bancorp, Inc.

Financial highlights

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

 

Six months ended

 

 

June 30,

 

 

June 30,

Consolidated condensed income statements

2022

 

2021

 

2022

 

2021

 

 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

$

54,569

 

$

54,069

 

$

107,422

 

$

107,826

Provision for (reversal of) credit losses

 

(1,450)

 

 

(951)

 

 

3,509

 

 

(129)

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

ACH, card and other payment processing fees

 

2,338

 

 

1,904

 

 

4,322

 

 

3,700

Prepaid, debit card and related fees

 

20,038

 

 

19,447

 

 

38,690

 

 

38,655

Net realized and unrealized gains on commercial

 

 

 

 

 

 

 

 

 

 

 

loans, at fair value

 

3,682

 

 

2,579

 

 

10,517

 

 

4,575

Leasing related income

 

1,545

 

 

1,767

 

 

2,518

 

 

2,732

Other non-interest income

 

350

 

 

164

 

 

470

 

 

273

Total non-interest income

 

27,953

 

 

25,861

 

 

56,517

 

 

49,935

Non-interest expense

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

25,999

 

 

27,087

 

 

49,847

 

 

52,745

Data processing expense

 

1,246

 

 

1,146

 

 

2,435

 

 

2,272

Legal expense

 

1,474

 

 

2,044

 

 

2,268

 

 

4,098

Legal settlement

 

1,152

 

 

 

 

1,152

 

 

FDIC insurance

 

673

 

 

2,589

 

 

1,647

 

 

4,969

Software

 

4,165

 

 

3,706

 

 

8,029

 

 

7,390

Other non-interest expense

 

8,136

 

 

7,311

 

 

15,819

 

 

14,292

Total non-interest expense

 

42,845

 

 

43,883

 

 

81,197

 

 

85,766

Income from continuing operations before income taxes

 

41,127

 

 

36,998

 

 

79,233

 

 

72,124

Income tax expense

 

10,725

 

 

7,840

 

 

19,865

 

 

16,906

Net income from continuing operations

 

30,402

 

 

29,158

 

 

59,368

 

 

55,218

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

Income from discontinued operations before income taxes

 

 

 

361

 

 

 

 

237

Income tax expense

 

 

 

84

 

 

 

 

55

Net income from discontinued operations, net of tax

 

 

 

277

 

 

 

 

182

Net income

$

30,402

 

$

29,435

 

$

59,368

 

$

55,400

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share from continuing operations - basic

$

0.54

 

$

0.51

 

$

1.04

 

$

0.96

Net income per share from discontinued operations - basic

$

 

$

 

$

 

$

0.01

Net income per share - basic

$

0.54

 

$

0.51

 

$

1.04

 

$

0.97

 

 

 

 

 

 

Net income per share from continuing operations - diluted

$

0.53

 

$

0.49

 

$

1.03

 

$

0.93

Net income per share from discontinued operations - diluted

$

 

$

 

$

 

$

0.01

Net income per share - diluted

$

0.53

 

$

0.50

 

$

1.03

 

$

0.94

Weighted average shares - basic

 

56,801,518

 

 

57,230,576

 

 

56,962,000

 

 

57,232,557

Weighted average shares - diluted

 

57,453,730

 

 

59,022,925

 

 

57,772,538

 

 

59,086,956

Note: Compared to higher rates in recent periods, the effective tax rate for the three months ended June 30, 2021 approximated 21% as a result of the impact of tax deductions related to stock-based compensation, recorded as discrete items. The large deductions and tax benefits resulted from the increase in the Company’s stock price as compared to the original various grant dates.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed consolidated balance sheets

June 30,

 

March 31,

 

December 31,

 

June 30,

 

2022 (unaudited)

 

2022 (unaudited)

 

2021

 

2021 (unaudited)

 

 

(in thousands, except share data)

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

12,873

 

$

11,399

 

$

5,382

 

$

5,470

Interest earning deposits at Federal Reserve Bank

 

329,992

 

 

662,827

 

 

596,402

 

 

583,498

Total cash and cash equivalents

 

342,865

 

 

674,226

 

 

601,784

 

 

588,968

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities, available-for-sale, at fair value

 

826,616

 

 

907,338

 

 

953,709

 

 

1,106,075

Commercial loans, at fair value

 

995,493

 

 

1,180,885

 

 

1,388,416

 

 

1,758,264

Loans, net of deferred fees and costs

 

4,754,697

 

 

4,164,298

 

 

3,747,224

 

 

2,915,344

Allowance for credit losses

 

(19,087)

 

 

(19,051)

 

 

(17,806)

 

 

(15,292)

Loans, net

 

4,735,610

 

 

4,145,247

 

 

3,729,418

 

 

2,900,052

Federal Home Loan Bank and Atlantic Central Bankers Bank stock

 

1,643

 

 

1,663

 

 

1,663

 

 

1,667

Premises and equipment, net

 

16,693

 

 

16,314

 

 

16,156

 

 

17,392

Accrued interest receivable

 

19,264

 

 

17,284

 

 

17,871

 

 

18,668

Intangible assets, net

 

2,248

 

 

2,348

 

 

2,447

 

 

2,646

Other real estate owned

 

18,873

 

 

18,873

 

 

18,873

 

 

17,343

Deferred tax asset, net

 

23,344

 

 

18,521

 

 

12,667

 

 

10,923

Investment in unconsolidated entity, at fair value

 

 

 

 

 

 

 

24,988

Assets held-for-sale from discontinued operations

 

 

 

 

 

3,268

 

 

12,105

Other assets

 

124,511

 

 

99,961

 

 

96,967

 

 

91,516

Total assets

$

7,107,160

 

$

7,082,660

 

$

6,843,239

 

$

6,550,607

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

Demand and interest checking

$

5,394,562

 

$

5,506,083

 

$

5,561,365

 

$

5,225,024

Savings and money market

 

486,189

 

 

722,240

 

 

415,546

 

 

459,688

Total deposits

 

5,880,751

6,228,323

5,976,911

5,684,712

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold under agreements to repurchase

 

42

 

 

42

 

 

42

 

 

42

Short-term borrowings

 

385,000

 

 

 

 

 

 

Senior debt

 

98,866

 

 

98,774

 

 

98,682

 

 

98,498

Subordinated debenture

 

13,401

 

 

13,401

 

 

13,401

 

 

13,401

Other long-term borrowings

 

39,125

 

 

39,318

 

 

39,521

 

 

39,901

Other liabilities

 

33,439

50,507

62,228

94,944

Total liabilities

$

6,450,624

$

6,430,365

$

6,190,785

$

5,931,498

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

 

 

 

Common stock - authorized, 75,000,000 shares of $1.00 par value; 56,865,494 and 57,458,287 shares issued and outstanding at June 30, 2022 and 2021, respectively

 

56,865

 

 

57,155

 

 

57,371

 

 

57,458

Additional paid-in capital

 

323,774

 

 

336,604

 

 

349,686

 

 

363,241

Retained earnings

 

298,474

 

 

268,072

 

 

239,106

 

 

183,853

Accumulated other comprehensive (loss) income

 

(22,577)

(9,536)

6,291

14,557

Total shareholders' equity

 

656,536

 

 

652,295

 

 

652,454

 

 

619,109

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

7,107,160

$

7,082,660

$

6,843,239

$

6,550,607

Note: Previous balance sheets included assets held-for-sale from discontinued operations, which were reclassified to continuing operations in the first quarter of 2022. Previous balance sheets also included investment in unconsolidated entity, which reflected Bancorp’s balance of the Walnut Street investment. Walnut Street was comprised of Bancorp loans sold to that entity, which was partially financed by an independent investor. In the third quarter of 2021, The Bancorp and that investor dissolved the entity, as the remaining balance did not warrant ongoing administrative and accounting expenses.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average balance sheet and net interest income

 

Three months ended June 30, 2022

 

 

Three months ended June 30, 2021

 

 

(dollars in thousands; unaudited)

 

 

Average

 

 

 

 

 

Average

 

 

Average

 

 

 

 

Average

Assets:

 

Balance

 

 

Interest

 

 

Rate

 

 

Balance

 

 

Interest

 

Rate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net of deferred fees and costs**

$

5,467,516

 

$

55,100

 

 

4.03%

 

$

4,572,712

 

$

49,378

 

4.32%

Leases-bank qualified*

 

3,665

 

 

63

 

 

6.88%

 

 

5,783

 

 

96

 

6.64%

Investment securities-taxable

 

879,112

 

 

5,432

 

 

2.47%

 

 

1,081,419

 

 

7,201

 

2.66%

Investment securities-nontaxable*

 

3,559

 

 

31

 

 

3.48%

 

 

3,878

 

 

32

 

3.30%

Interest earning deposits at Federal Reserve Bank

 

545,027

 

 

1,004

 

 

0.74%

 

 

1,120,039

 

 

300

 

0.11%

Net interest earning assets

 

6,898,879

 

 

61,630

 

 

3.57%

 

 

6,783,831

 

 

57,007

 

3.36%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses

 

(20,295)

 

 

 

 

 

 

 

 

(16,406)

 

 

 

 

 

Assets held-for-sale from discontinued operations

 

 

 

 

 

 

 

98,895

 

 

781

 

3.16%

Other assets

 

243,459

 

 

 

 

 

 

 

 

201,539

 

 

 

 

 

 

$

7,122,043

 

 

 

 

 

 

 

$

7,067,859

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand and interest checking

$

5,697,507

 

$

4,390

 

 

0.31%

 

$

5,736,776

 

$

1,327

 

0.09%

Savings and money market

 

556,847

 

 

1,200

 

 

0.86%

 

 

526,112

 

 

192

 

0.15%

Total deposits

 

6,254,354

 

 

5,590

 

 

0.36%

 

 

6,262,888

 

 

1,519

 

0.10%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

11,593

 

 

32

 

 

1.10%

 

 

 

 

 

Repurchase agreements

 

41

 

 

 

 

 

 

41

 

 

 

Subordinated debentures

 

13,401

 

 

139

4.15%

 

 

13,401

 

 

112

3.34%

Senior debt

 

98,816

 

 

1,280

5.18%

 

 

100,239

 

 

1,280

5.11%

Total deposits and liabilities

 

6,378,205

 

 

7,041

 

 

0.44%

 

 

6,376,569

 

 

2,911

 

0.18%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

89,422

 

 

 

 

 

 

 

 

83,353

 

 

 

 

 

Total liabilities

 

6,467,627

 

 

 

 

 

 

 

 

6,459,922

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

654,416

 

 

 

 

 

 

 

 

607,937

 

 

 

 

 

 

$

7,122,043

 

 

 

 

 

 

 

$

7,067,859

 

 

 

 

 

Net interest income on tax equivalent basis*

 

 

 

$

54,589

 

 

 

 

 

$

54,877

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax equivalent adjustment

 

 

 

20

 

 

 

 

 

 

27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

$

54,569

 

 

 

$

54,850

Net interest margin *

 

 

 

 

 

 

 

3.17%

 

 

 

 

 

 

 

3.19%

* Full taxable equivalent basis, using a statutory Federal tax rate of 21% for 2022 and 2021.

** Includes commercial loans, at fair value. All periods include non-accrual loans.

NOTE: In the table above, the 2021 interest on loans reflects $3.0 million of interest and fees which were earned on a short-term line of credit to another institution to initially fund Payroll Protection Program (“PPP”) loans, which did not significantly increase average loans or assets and which are not expected to recur. Interest on loans for 2022 and 2021 includes $41,000 and $1.3 million, respectively, of interest and fees on PPP loans.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average balance sheet and net interest income

Six months ended June 30, 2022

 

Six months ended June 30, 2021

 

 

(dollars in thousands; unaudited)

 

Average

 

 

 

 

 

Average

 

Average

 

 

 

 

Average

Assets:

Balance

 

Interest

 

 

Rate

 

Balance

 

Interest

 

Rate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net of deferred fees and costs**

$

5,302,850

 

$

105,638

 

 

3.98%

 

$

4,524,911

 

$

97,189

 

4.30%

Leases-bank qualified*

 

3,839

 

 

130

 

 

6.77%

 

 

6,379

 

 

214

 

6.71%

Investment securities-taxable

 

909,017

 

 

10,323

 

 

2.27%

 

 

1,136,631

 

 

16,009

 

2.82%

Investment securities-nontaxable*

 

3,559

 

 

62

 

 

3.48%

 

 

3,960

 

 

67

 

3.38%

Interest earning deposits at Federal Reserve Bank

 

616,865

 

 

1,351

 

 

0.44%

 

 

935,239

 

 

483

 

0.10%

Net interest earning assets

 

6,836,130

 

 

117,504

 

 

3.44%

 

 

6,607,120

 

 

113,962

 

3.45%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses

 

(19,075)

 

 

 

 

 

 

 

 

(16,241)

 

 

 

 

 

Assets held for sale from discontinued operations

 

 

 

 

 

 

 

103,983

 

 

1,634

 

3.14%

Other assets

 

232,402

 

 

 

 

 

 

 

 

203,821

 

 

 

 

 

 

$

7,049,457

 

 

 

 

 

 

 

$

6,898,683

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand and interest checking

$

5,636,415

 

$

5,796

 

 

0.21%

 

$

5,619,608

 

$

2,944

 

0.10%

Savings and money market

 

544,515

 

 

1,400

 

 

0.51%

 

 

466,978

 

 

341

 

0.15%

Total deposits

 

6,180,930

 

 

7,196

 

 

0.23%

 

 

6,086,586

 

 

3,285

 

0.11%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

6,104

 

 

32

 

 

1.05%

 

 

6,491

 

 

8

 

0.25%

Repurchase agreements

 

41

 

 

 

 

 

 

41

 

 

 

Subordinated debentures

 

13,401

 

 

255

3.81%

 

 

13,401

 

 

225

3.36%

Senior debt

 

98,770

 

 

2,559

5.18%

 

 

100,190

 

 

2,559

5.11%

Total deposits and liabilities

 

6,299,246

 

 

10,042

 

 

0.32%

 

 

6,206,709

 

 

6,077

 

0.20%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

95,716

 

 

 

 

 

 

 

 

91,837

 

 

 

 

 

Total liabilities

 

6,394,962

 

 

 

 

 

 

 

 

6,298,546

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

654,495

 

 

 

 

 

 

 

 

600,137

 

 

 

 

 

 

$

7,049,457

 

 

 

 

 

 

 

$

6,898,683

 

 

 

 

 

Net interest income on tax equivalent basis*

 

 

 

$

107,462

 

 

 

 

 

$

109,519

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax equivalent adjustment

 

 

 

40

 

 

 

 

 

 

59

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

$

107,422

 

 

 

$

109,460

Net interest margin *

 

 

 

 

 

 

 

3.14%

 

 

 

 

 

 

 

3.26%

* Full taxable equivalent basis, using a statutory Federal tax rate of 21% for 2022 and 2021.

** Includes commercial loans, at fair value. All periods include non-accrual loans.

NOTE: In the table above, the 2021 interest on loans reflects $4.5 million of interest and fees which were earned on a short-term line of credit to another institution to initially fund PPP loans, which did not significantly increase average loans or assets and which are not expected to recur. Interest on loans for 2022 and 2021 includes $481,000 and $3.7 million, respectively, of interest and fees on PPP loans.

 

 

 

 

 

 

 

 

 

Allowance for credit losses

 

Six months ended

 

Year ended

 

June 30,

 

June 30,

 

December 31,

 

2022 (unaudited)

 

2021 (unaudited)

2021

 

(dollars in thousands)

 

 

 

 

 

 

 

 

 

Balance in the allowance for credit losses at beginning of period (1)

$

17,806

 

$

16,082

$

16,082

 

 

 

 

 

 

 

 

 

Loans charged-off:

 

 

 

 

 

 

 

 

SBA non-real estate

 

844

 

 

321

 

 

1,138

SBA commercial mortgage

 

 

 

23

 

 

417

Direct lease financing

 

199

 

 

193

 

 

412

SBLOC

 

 

 

15

 

 

15

Consumer - home equity

 

 

 

 

10

Consumer - other

 

 

 

 

14

Total

 

1,043

 

 

552

 

2,006

 

 

 

 

 

 

 

 

 

Recoveries:

 

 

 

 

 

 

 

 

SBA non-real estate

 

33

 

 

15

 

 

51

SBA commercial mortgage

 

 

 

 

 

9

Direct lease financing

 

93

 

 

7

 

 

58

Consumer - home equity

 

 

 

 

1,099

Total

 

126

 

 

22

 

1,217

Net charge-offs

 

917

 

 

530

 

 

789

Provision for (reversal of) credit losses, excluding unfunded commitments

 

2,198

 

 

(260)

 

2,513

 

 

 

 

 

 

 

 

��

Balance in allowance for credit losses at end of period

$

19,087

 

$

15,292

 

$

17,806

Net charge-offs/average loans

 

0.02%

 

 

0.02%

 

 

0.03%

Net charge-offs/average assets

 

0.01%

 

 

0.01%

 

 

0.01%

(1) Excludes activity from discontinued operations.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan portfolio

June 30,

 

March 31,

 

December 31,

 

June 30,

 

2022

 

2022

 

2021

 

2021

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

SBL non-real estate

$

112,854

 

$

122,387

 

$

147,722

 

$

228,958

SBL commercial mortgage

 

425,219

 

 

385,559

 

 

361,171

 

 

343,487

SBL construction

 

27,042

31,432

27,199

18,494

Small business loans

 

565,115

 

 

539,378

 

 

536,092

 

 

590,939

Direct lease financing

 

583,086

 

 

538,616

 

 

531,012

 

 

506,424

SBLOC / IBLOC *

 

2,274,256

 

 

2,067,233

 

 

1,929,581

 

 

1,729,628

Advisor financing **

 

155,235

 

 

146,461

 

 

115,770

 

 

72,190

Real estate bridge loans

 

1,106,875

 

 

803,477

 

 

621,702

 

 

Other loans ***

 

63,514

61,096

5,014

5,840

 

 

4,748,081

 

 

4,156,261

 

 

3,739,171

 

 

2,905,021

Unamortized loan fees and costs

 

6,616

8,037

8,053

10,323

Total loans, including unamortized fees and costs

$

4,754,697

$

4,164,298

$

3,747,224

$

2,915,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Small business portfolio

June 30,

 

March 31,

 

December 31,

 

June 30,

 

2022

 

2022

 

2021

 

2021

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

SBL, including unamortized fees and costs

$

571,559

$

545,462

$

541,437

 

$

593,401

SBL, included in loans, at fair value

 

168,579

183,408

199,585

 

 

225,534

Total small business loans ****

$

740,138

$

728,870

$

741,022

 

$

818,935

* Securities Backed Lines of Credit, or SBLOC, are collateralized by marketable securities, while Insurance Backed Lines of Credit, or IBLOC, are collateralized by the cash surrender value of eligible life insurance policies.

** In 2020, we began originating loans to investment advisors for purposes of debt refinance, acquisition of another firm or internal succession. Maximum loan amounts are subject to loan-to-value ratios of 70%, based on third-party business appraisals, but may be increased depending upon the debt service coverage ratio. Personal guarantees and blanket business liens are obtained as appropriate.

*** Includes demand deposit overdrafts reclassified as loan balances totaling $170,000 and $322,000 at June 30, 2022 and December 31, 2021, respectively. Estimated overdraft charge-offs and recoveries are reflected in the allowance for credit losses and have been immaterial.

****The small business loans held at fair value are comprised of the government guaranteed portion of certain SBA loans at the dates indicated (in thousands). A reduction in SBL non-real estate from $122.4 million to $112.9 million in the second quarter of 2022 resulted primarily from U.S. government repayments of PPP loans authorized by The Consolidated Appropriations Act, 2021. PPP loans totaled $10.3 million at June 30, 2022, $23.7 million at March 31, 2022 and $129.4 million at June 30, 2021.

 Small business loans as of June 30, 2022

 

 

 

 

 

 

 

 

 

Loan principal

 

 

(in millions)

U.S. government guaranteed portion of SBA loans (a)

 

$

375

Paycheck Protection Program loans (PPP) (a)

 

 

10

Commercial mortgage SBA (b)

 

 

216

Construction SBA (c)

 

 

12

Non-guaranteed portion of U.S. government guaranteed loans (d)

 

 

100

Non-SBA small business loans (e)

 

 

21

Total principal

 

$

734

Unamortized fees and costs

 

 

6

Total small business loans

 

$

740

(a) This is the portion of SBA 7a loans (7a) and PPP loans which have been guaranteed by the U.S. government, and therefore are assumed to have no credit risk.

(b) Substantially all these loans are made under the SBA 504 Fixed Asset Financing program (504) which dictates origination date loan-to-value percentages (“LTV”), generally 50-60%, to which the Bank adheres.

(c) Of the $12 million in Construction SBA loans, $11 million are 504 first mortgages with an origination date LTV of 50-60% and $1 million are SBA interim loans with an approved SBA post-construction full takeout/payoff.

(d) The $100 million represents the unguaranteed portion of 7a loans which are 70% or more guaranteed by the U.S. government. 7a loans are not made on the basis of real estate LTV; however, they are subject to SBA's "All Available Collateral" rule which mandates that to the extent a borrower or its 20% or greater principals have available collateral (including personal residences), the collateral must be pledged to fully collateralize the loan, after applying SBA-determined liquidation rates. In addition, all 7a and 504 loans require the personal guaranty of all 20% or greater owners.

(e) The $21 million of non-SBA loans are primarily comprised of approximately 20 conventional coffee/doughnut/carryout franchisee note purchases.

Small business loans by type as of June 30, 2022

 

(Excludes government guaranteed portion of SBA 7a loans and PPP loans)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SBL commercial mortgage*

 

SBL construction*

 

SBL non-real estate

 

Total

 

 

% Total

 

 

 

(dollars in millions)

Hotels (except casino hotels) and motels

 

$

69

 

$

 

$

 

$

69

 

 

19%

Full-service restaurants

 

 

13

 

 

2

 

 

2

 

 

17

 

 

5%

Car washes

 

 

16

 

 

1

 

 

 

 

17

 

 

5%

Child day care services

 

 

15

 

 

 

 

1

 

 

16

 

 

4%

Outpatient mental health and substance abuse centers

 

 

15

 

 

 

 

 

 

15

 

 

4%

Baked goods stores

 

 

4

 

 

 

 

9

 

 

13

 

 

4%

Funeral homes and funeral services

 

 

10

 

 

 

 

 

 

10

 

 

3%

Fitness and recreational sports centers

 

 

5

 

 

2

 

 

2

 

 

9

 

 

3%

Offices of lawyers

 

 

9

 

 

 

 

 

 

9

 

 

3%

Assisted living facilities for the elderly

 

 

9

 

 

 

 

 

 

9

 

 

3%

Gasoline stations with convenience stores

 

 

8

 

 

 

 

 

 

8

 

 

2%

Lessors of nonresidential buildings

 

 

8

 

 

 

 

 

 

8

 

 

2%

General warehousing and storage

 

 

7

 

 

 

 

 

 

7

 

 

2%

Lessors of other real estate property

 

 

6

 

 

 

 

 

 

6

 

 

2%

All other amusement and recreation industries

 

 

5

 

 

 

 

1

 

 

6

 

 

2%

Limited-service restaurants

 

 

1

 

 

2

 

 

2

 

 

5

 

 

1%

Other miscellaneous durable goods merchant wholesalers

 

 

5

 

 

 

 

 

 

5

 

 

1%

Other technical and trade schools

 

 

 

 

5

 

 

 

 

5

 

 

1%

Other spectator sports

 

 

5

 

 

 

 

 

 

5

 

 

1%

Plumbing, heating, and air-conditioning contractors

 

 

3

 

 

 

 

1

 

 

4

 

 

1%

Offices of dentists

 

 

2

 

 

1

 

 

 

 

3

 

 

1%

Landscaping services

 

 

2

 

 

 

 

1

 

 

3

 

 

1%

Other warehousing and storage

 

 

3

 

 

 

 

 

 

3

 

 

1%

All other miscellaneous wood product manufacturing

 

 

3

 

 

 

 

 

 

3

 

 

1%

Offices of physicians (except mental health specialists)

 

 

3

 

 

 

 

 

 

3

 

 

1%

Vocational rehabilitation services

 

 

3

 

 

 

 

 

 

3

 

 

1%

Elementary and secondary schools

 

 

2

 

 

 

 

 

 

2

 

 

1%

All other miscellaneous general purpose machinery manufacturing

 

 

2

 

 

 

 

 

 

2

 

 

1%

Sewing, needlework, and piece goods stores

 

 

2

 

 

 

 

 

 

2

 

 

1%

Pet care (except veterinary) services

 

 

2

 

 

 

 

 

 

2

 

 

1%

Automotive body, paint, and interior repair and maintenance

 

 

2

 

 

 

 

 

 

2

 

 

1%

Amusement arcades

 

 

2

 

 

 

 

 

 

2

 

 

1%

Offices of real estate agents and brokers

 

 

2

 

 

 

 

 

 

2

 

 

1%

Other**

 

 

49

 

 

1

 

 

23

 

 

73

 

 

19%

Total

 

$

292

 

$

14

 

$

42

 

$

348

 

 

100%

* Of the SBL commercial mortgage and SBL construction loans, $79 million represents the total of the non-guaranteed portion of SBA 7a loans and non-SBA loans. The balance of those categories represents SBA 504 loans with 50%-60% origination date loan-to-values.

**Loan types less than $2 million are spread over a hundred different classifications such as Commercial Printing, Pet and Pet Supplies Stores, Securities Brokerage, etc.

State diversification as of June 30, 2022

 

(Excludes government guaranteed portion of SBA 7a loans and PPP loans)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SBL commercial mortgage*

 

SBL construction*

 

SBL non-real estate

 

Total

 

 

% Total

 

 

 

(dollars in millions)

Florida

 

$

67

 

$

 

$

5

 

$

72

 

 

20%

California

 

 

48

 

 

2

 

 

3

 

 

53

 

 

15%

North Carolina

 

 

23

 

 

7

 

 

2

 

 

32

 

 

9%

New York

 

 

25

 

 

 

 

3

 

 

28

 

 

8%

Pennsylvania

 

 

22

 

 

 

 

2

 

 

24

 

 

6%

Colorado

 

 

11

 

 

4

 

 

1

 

 

16

 

 

5%

Illinois

 

 

15

 

 

 

 

2

 

 

17

 

 

5%

Texas

 

 

12

 

 

 

 

4

 

 

16

 

 

5%

New Jersey

 

 

7

 

 

 

 

7

 

 

14

 

 

4%

Virginia

 

 

9

 

 

 

 

1

 

 

10

 

 

3%

Connecticut

 

 

10

 

 

 

 

 

 

10

 

 

3%

Georgia

 

 

7

 

 

 

 

2

 

 

9

 

 

3%

Tennessee

 

 

8

 

 

 

 

 

 

8

 

 

2%

Ohio

 

 

6

 

 

 

 

 

 

6

 

 

2%

Michigan

 

 

3

 

 

 

 

 

 

3

 

 

1%

Other States

 

 

19

 

 

1

 

 

10

 

 

30

 

 

9%

Total

 

$

292

 

$

14

 

$

42

 

$

348

 

 

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Of the SBL commercial mortgage and SBL construction loans, $79 million represents the total of the non-guaranteed portion of SBA 7a loans and non-SBA loans. The balance of those categories represents SBA 504 loans with 50%-60% origination date loan-to-values.

Top 10 loans as of June 30, 2022

 

 

 

 

 

 

 

 

Type*

 

State

 

SBL commercial mortgage*

 

 

 

 

(in millions)

Mental health and substance abuse center

 

 

FL

 

$

10

 

Hotel

 

 

FL

 

 

9

 

Lawyer’s office

 

 

CA

 

 

9

 

General warehousing and storage

 

 

PA

 

 

7

 

Hotel

 

 

NY

 

 

6

 

Hotel

 

 

NC

 

 

5

 

Assisted living facility

 

 

FL

 

 

5

 

Mental health and substance abuse center

 

 

CT

 

 

5

 

Technical and trade school

 

 

NC

 

 

5

 

Hotel

 

 

PA

 

 

5

 

Total

 

 

 

 

$

66

 

 

 

 

 

 

 

 

 

* All of the top 10 loans are 504 SBA loans with 50%-60% origination date loan-to-value and are in the commercial mortgage category. The top 10 loan table above does not include loans to the extent that they are U.S. government guaranteed.

Commercial real estate loans, excluding SBA loans, are as follows including LTV at origination:

 

Type as of June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

Type

 

 

# Loans

 

 

Balance

 

Weighted average origination date

LTV

 

Weighted average

interest rate

 

 

 

(dollars in millions)

Real estate bridge loans (multi-family apartment loans recorded at book value)*

 

 

95

 

$

1,107

 

74%

 

4.52%

 

 

 

 

 

 

 

 

 

 

 

Non-SBA commercial real estate loans, at fair value:

 

 

 

 

 

 

 

 

 

 

Multi-family (apartment bridge loans)*

 

 

48

 

$

697

 

76%

 

4.74%

Hospitality (hotels and lodging)

 

 

8

 

 

71

 

65%

 

5.65%

Retail

 

 

4

 

 

52

 

71%

 

5.01%

Other

 

 

5

 

 

13

 

74%

 

5.06%

 

 

 

65

 

 

833

 

74%

 

4.84%

Fair value adjustment

 

 

 

 

 

(6)

 

 

 

 

Total non-SBA commercial real estate loans, at fair value

 

 

 

 

 

827

 

 

 

 

Total commercial real estate loans

 

 

 

 

$

1,934

 

74%

 

4.67%

*In the third quarter of 2021, we resumed the origination of multi-family apartment loans. These are similar to the multi-family apartment loans carried at fair value, but at origination are intended to be held on the balance sheet, so are not accounted for at fair value.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State diversification as of June 30, 2022

 

 

15 largest loans as of June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State

 

 

Balance

 

 

Origination

date LTV

 

 

State

 

 

 

Balance

 

Origination

date LTV

(dollars in millions)

 

 

(dollars in millions)

Texas

 

$

678

 

 

76%

 

 

Texas

 

 

$

41

 

75%

Georgia

 

 

189

 

 

73%

 

 

Texas

 

 

 

39

 

79%

Ohio

 

 

115

 

 

72%

 

 

Texas

 

 

 

39

 

72%

Florida

 

 

103

 

 

73%

 

 

Tennessee

 

 

 

38

 

72%

Tennessee

 

 

101

 

 

70%

 

 

Texas

 

 

 

37

 

75%

Alabama

 

 

89

 

 

74%

 

 

Texas

 

 

 

37

 

80%

Arizona

 

 

56

 

 

72%

 

 

Michigan

 

 

 

31

 

79%

Other States each <$55 million

 

 

603

 

 

74%

 

 

Tennessee

 

 

 

30

 

62%

Total

 

$

1,934

 

 

74%

 

 

Missouri

 

 

 

30

 

72%

 

 

 

 

 

 

 

 

 

Mississippi

 

 

 

29

 

79%

 

 

 

 

 

 

 

 

 

Texas

 

 

 

28

 

77%

 

 

 

 

 

 

 

 

 

Texas

 

 

 

27

 

77%

 

 

 

 

 

 

 

 

 

New Jersey

 

 

 

27

 

77%

 

 

 

 

 

 

 

 

 

Ohio

 

 

 

27

 

74%

 

 

 

 

 

 

 

 

 

Oklahoma

 

 

 

27

 

78%

 

 

 

 

 

 

 

 

15 Largest loans

 

 

$

487

 

75%

Institutional banking loans outstanding at June 30, 2022

 

 

 

 

 

Type

Principal

 

% of total

 

 

(dollars in millions)

 

 

Securities backed lines of credit (SBLOC)

$

1,257

 

52%

Insurance backed lines of credit (IBLOC)

 

1,017

 

42%

Advisor financing

 

155

 

6%

Total

$

2,429

 

100%

For SBLOC, we generally lend up to 50% of the value of equities and 80% for investment grade securities. While equities have fallen in excess of 30% in recent years, the reduction in collateral value of brokerage accounts collateralizing SBLOCs generally has been less, for two reasons. First, many collateral accounts are “balanced” and accordingly have a component of debt securities, which have either not decreased in value as much as equities, or in some cases may have increased in value. Secondly, many of these accounts have the benefit of professional investment advisors who provided some protection against market downturns, through diversification and other means. Additionally, borrowers often utilize only a portion of collateral value, which lowers the percentage of principal to collateral.

Top 10 SBLOC loans at June 30, 2022

 

 

 

 

 

 

Principal amount

 

% Principal to collateral

 

(dollars in millions)

 

$

18

 

41%

 

 

16

 

62%

 

 

14

 

35%

 

 

9

 

32%

 

 

9

 

64%

 

 

9

 

44%

 

 

9

 

70%

 

 

8

 

73%

 

 

6

 

29%

 

 

6

 

51%

Total and weighted average

$

104

 

49%

Insurance backed lines of credit (IBLOC)

IBLOC loans are backed by the cash value of eligible life insurance policies which have been assigned to us. We generally lend up to 95% of such cash value. Our underwriting standards require approval of the insurance companies which carry the policies backing these loans. Currently, eight insurance companies have been approved and, as of April 21, 2022, all were rated Excellent (A or better) by AM BEST.

Direct lease financing* by type as of June 30, 2022

 

 

 

 

 

 

 

Principal balance

 

% Total

 

 

(dollars in millions)

 

 

Construction

$

116

 

20%

Government agencies and public institutions**

 

91

 

16%

Waste management and remediation services

 

68

 

12%

Real estate and rental and leasing

 

60

 

10%

Retail trade

 

49

 

8%

Health care and social assistance

 

31

 

5%

Transportation and warehousing

 

31

 

5%

Professional, scientific, and technical services

 

20

 

3%

Wholesale trade

 

17

 

3%

Manufacturing

 

17

 

3%

Educational services

 

8

 

1%

Finance and insurance

 

7

 

1%

Arts, entertainment and recreation

 

4

 

1%

Other

 

64

 

12%

Total

$

583

 

100%

* Of the total $583 million of direct lease financing, $500 million consisted of vehicle leases with the remaining balance consisting of equipment leases.

** Includes public universities and school districts.

Direct lease financing by state as of June 30, 2022

 

 

 

 

 

State

 

Principal balance

 

% Total

 

 

(dollars in millions)

 

 

Florida

$

93

 

16%

Utah

 

52

 

9%

California

 

49

 

8%

New Jersey

 

40

 

7%

Pennsylvania

 

39

 

7%

Texas

 

39

 

7%

New York

 

31

 

5%

North Carolina

 

26

 

4%

Maryland

 

24

 

4%

Connecticut

 

17

 

3%

Washington

 

17

 

3%

Georgia

 

14

 

2%

Idaho

 

12

 

2%

Alabama

 

10

 

2%

Illinois

 

10

 

2%

Other States

 

110

 

19%

Total

$

583

 

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 June 30, 2022

 

 

 

 

 

 

 

The Bancorp, Inc.

9.51%

 

13.46%

 

13.84%

 

13.46%

The Bancorp Bank

10.45%

 

14.84%

 

15.22%

 

14.84%

"Well capitalized" institution (under FDIC regulations-Basel III)

5.00%

 

8.00%

 

10.00%

 

6.50%

 

 

 

 

 

 

 

 

As of December 31, 2021

 

 

 

 

 

 

 

The Bancorp, Inc.

10.40%

 

14.72%

 

15.13%

 

14.72%

The Bancorp Bank

10.98%

 

15.48%

 

15.88%

 

15.48%

"Well capitalized" institution (under FDIC regulations-Basel III)

5.00%

 

8.00%

 

10.00%

 

6.50%

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Six months ended

 

June 30,

 

June 30,

 

2022

 

2021

 

2022

 

2021

Selected operating ratios

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (1)

 

1.71%

 

 

1.67%

 

 

1.70%

 

 

1.62%

Return on average equity (1)

 

18.63%

 

 

19.42%

 

 

18.29%

 

 

18.62%

Net interest margin

 

3.17%

 

 

3.19%

 

 

3.14%

 

 

3.26%

(1) Annualized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share table

June 30,

 

March 31,

 

 

December 31,

 

June 30,

 

2022

 

2022

 

2021

 

2021

Book value per share

$

11.55

 

$

11.41

 

$

11.37

 

$

10.77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan quality table

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

June 30,

 

 

2022

 

2022

 

2021

 

2021

 

 

(dollars in thousands)

Nonperforming loans to total loans

 

0.18%

 

 

0.20%

 

 

0.10%

 

 

0.31%

Nonperforming assets to total assets

 

0.39%

 

 

0.38%

 

 

0.33%

 

 

0.40%

Allowance for credit losses to total loans

 

0.40%

 

 

0.46%

 

 

0.48%

 

 

0.52%

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans

$

3,698

 

$

3,621

 

$

3,161

 

$

7,346

Loans 90 days past due still accruing interest

 

4,848

 

 

4,597

 

 

461

 

 

1,550

Other real estate owned

 

18,873

 

18,873

 

18,873

 

17,343

Total nonperforming assets

$

27,419

 

$

27,091

 

$

22,495

 

$

26,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross dollar volume (GDV) (1)

Three months ended

 

June 30,

 

March 31,

 

December 31,

 

June 30,

 

2022

 

2021

 

2021

 

2021

 

 

(in thousands)

 

 

 

 

 

Prepaid and debit card GDV

$

28,394,897

 

$

28,564,582

 

$

24,821,576

 

$

27,106,763

(1) Gross dollar volume represents the total dollar amount spent on prepaid and debit cards issued by The Bancorp Bank.

 
 

Business line quarterly summary

Quarter ended June 30, 2022

(dollars in millions)

 

Balances

% Growth

Major business lines

Average

approximate

rates *

Balances **

Year over

year

 

Linked

quarter

annualized

Loans

Institutional banking ***

2.9%

$ 2,429

35%

39%

Small business lending****

4.9%

740

6%

14%

Leasing

6.0%

583

15%

33%

Commercial real estate (non-SBA loans, at fair value)

4.8%

827

nm

nm

Real estate bridge loans (recorded at book value)

 

4.5%

 

1,107

 

nm

 

nm

 

 

 

 

 

Weighted average yield

4.1%

$ 5,686

Non-interest income

% Growth

Deposits: Fintech solutions group

Current

quarter

Year over

year

Prepaid and debit card issuance, and other payments

0.4%

$ 5,650

(1%)

nm

$ 22.4

5%

* Average rates are for the quarter ended June 30, 2022.

** Loan and deposit categories are respectively based on period-end and average quarterly balances.

*** Institutional Banking loans are comprised of security backed lines of credit (SBLOC), collateralized by marketable securities, insurance backed lines of credit (IBLOC), collateralized by the cash surrender value of eligible life insurance policies, and investment advisor financing.

**** Small Business Lending is substantially comprised of SBA loans. Loan growth percentages exclude short-term PPP loans.

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