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The Bancorp, Inc. Reports Fourth Quarter and Full Year 2022 Financial Results and Updates 2023 Guidance

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

Highlights

  • The Bancorp reported net income of $40.2 million, or $0.71 per diluted share, for the quarter ended December 31, 2022, compared to net income of $27.0 million, or $0.46 per diluted share, for the quarter ended December 31, 2021, or a 54% increase in income per diluted share.
  • Return on assets and equity for the quarter ended December 31, 2022 amounted to 2.1% and 24%, respectively, compared to 1.7% and 17%, respectively, for the quarter ended December 31, 2021 (all percentages “annualized”).
  • Net interest income increased 47% to $76.8 million for the quarter ended December 31, 2022, compared to $52.2 million for the quarter ended December 31, 2021.
  • Net interest margin amounted to 4.21% for the quarter ended December 31, 2022, compared to 3.51% for the quarter ended December 31, 2021, and 3.69% for the quarter ended September 30, 2022.
  • Excluding commercial loans, at fair value, which were originally generated for sale, total loans increased to $5.49 billion at December 31, 2022, compared to $5.27 billion at September 30, 2022 and $3.75 billion at December 31, 2021. Those increases reflected growth of 4% quarter over quarter and 45% year over year. Those percentage increases exclude the impact of $50.4 million of December 31, 2022 balances previously included in discontinued assets which were reclassified to loans held for investment in the first quarter of 2022.
  • Gross dollar volume (“GDV”), representing the total amounts spent on prepaid and debit cards, increased $3.25 billion, or 13%, to $28.07 billion for the quarter ended December 31, 2022 compared to the quarter ended December 31, 2021. Total prepaid, debit card, ACH and other payment fees increased 10% to $21.8 million for fourth quarter 2022 compared to the fourth quarter of 2021.
  • SBLOC (securities backed lines of credit), IBLOC (insurance backed lines of credit) and investment advisor financing loans collectively increased 22% year over year and decreased 1% quarter over quarter to $2.50 billion at December 31, 2022.
  • Small Business Loans, including those held at fair value, grew 10% year over year to $763.8 million at December 31, 2022, and 4% quarter over quarter. That growth is exclusive of PPP loan balances which amounted to $4.5 million and $44.8 million, respectively, at December 31, 2022 and December 31, 2021.
  • Direct lease financing balances increased 19% year over year to $632.2 million at December 31, 2022, and 5% quarter over quarter.
  • We resumed non-SBA commercial real estate bridge lending in the third quarter of 2021. At December 31, 2022, the balance of such real estate bridge loans, consisting of apartment buildings, was $1.67 billion compared to $1.49 billion at September 30, 2022, reflecting quarter over quarter growth of 12%. At December 31, 2021, these loans totaled $621.7 million.
  • The average interest rate on $6.80 billion of average deposits and interest-bearing liabilities during the fourth quarter of 2022 was 1.77%. Average deposits of $6.62 billion for the fourth quarter of 2022, reflected an increase of 25% from the $5.31 billion of average deposits for the quarter ended December 31, 2021.
  • As of December 31, 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 9.63%, 13.40%, 13.87% and 13.40%, respectively, compared to well-capitalized minimums of 5%, 8%, 10% and 6.5%, respectively. The Bancorp and its wholly owned subsidiary, The Bancorp Bank, National Association, each remain well capitalized under banking regulations.
  • Book value per common share at December 31, 2022 was $12.46 per share compared to $11.37 per share at December 31, 2021, an increase of 10%. Increases resulting from retained earnings were partially offset by reductions in the market value of securities available for sale, which are recognized through equity.
  • The Bancorp repurchased 553,003 shares of its common stock at an average cost of $27.12 per share during the quarter ended December 31, 2022.

“We finished 2022 with significant improvements in profitability, NIM and GDV growth, "said CEO and President Damian Kozlowski. "Our team continues to be focused on further improving our arguably best fintech ecosystem in banking, maintaining a lower risk balance sheet than peers, continuing our rigorous risk management and increasing profitability. We believe 2023 will be another substantial move forward on all fronts and we confirm our guidance of $3.20 a share, an improvement of approximately 40% over 2022 EPS. We expect to increase our share repurchases to $25 million per quarter, or $100 million in 2023, from $15 million a quarter, or $60 million, in 2022.”

Conference Call Webcast

You may access the LIVE webcast of The Bancorp's Quarterly Earnings Conference Call at 8:00 AM ET Friday, January 27, 2023 by clicking on the webcast link on The Bancorp's homepage at www.thebancorp.com. Or you may dial 1.888.396.8049, access code 92735961. You may listen to the replay of the webcast following the live call on The Bancorp's investor relations website or telephonically until Friday, February 3, 2023 by dialing 1.877.674.7070, access code 735961#.

About The Bancorp

The Bancorp, Inc. (NASDAQ: TBBK), headquartered in Wilmington, Delaware, through its subsidiary, The Bancorp Bank, National Association, (or “The Bancorp Bank, N. A.”) 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., 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. By its company-wide commitment to excellence, The Bancorp has also been ranked as one of the 100 Fastest-Growing Companies by Fortune, a Top 50 Employer by Equal Opportunity Magazine and was selected to be included in the S&P Small Cap 600. 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

 

 

Year ended

 

 

December 31,

 

 

December 31,

Consolidated condensed income statements

2022

 

2021

 

2022

 

2021

 

 

(Dollars in thousands, except per share and share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

$

76,760

 

$

52,157

 

 

$

248,841

 

$

210,876

Provision for credit losses

 

2,777

 

 

1,626

 

 

 

7,108

 

 

3,110

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

ACH, card and other payment processing fees

 

2,383

 

 

1,921

 

 

 

8,935

 

 

7,526

Prepaid, debit card and related fees

 

19,371

 

 

17,776

 

 

 

77,236

 

 

74,654

Net realized and unrealized gains on commercial

 

 

 

 

 

 

 

 

 

 

 

loans, at fair value

 

2,269

 

 

6,004

 

 

 

13,531

 

 

14,885

Leasing related income

 

1,256

 

 

1,757

 

 

 

4,822

 

 

6,457

Other non-interest income

 

461

 

 

768

 

 

 

1,159

 

 

1,227

Total non-interest income

 

25,740

 

 

28,226

 

 

 

105,683

 

 

104,749

Non-interest expense

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

27,520

 

 

28,159

 

 

 

105,368

 

 

105,998

Data processing expense

 

1,245

 

 

1,183

 

 

 

4,972

 

 

4,664

Legal expense

 

703

 

 

1,499

 

 

 

3,878

 

 

6,848

Legal settlement

 

 

 

 

 

 

1,152

 

 

Civil money penalty

 

 

 

 

 

 

1,750

 

 

FDIC insurance

 

944

 

 

351

 

 

 

3,270

 

 

5,586

Software

 

4,181

 

 

4,224

 

 

 

16,211

 

 

15,659

Other non-interest expense

 

8,882

 

 

7,784

 

 

 

32,901

 

 

29,595

Total non-interest expense

 

43,475

 

 

43,200

 

 

 

169,502

 

 

168,350

Income from continuing operations before income taxes

 

56,248

 

 

35,557

 

 

 

177,914

 

 

144,165

Income tax expense

 

16,007

 

 

8,529

 

 

 

47,701

 

 

33,724

Net income from continuing operations

 

40,241

 

 

27,028

 

 

 

130,213

 

 

110,441

Discontinued operations

 

 

 

 

 

 

 

 

 

 

 

(Loss) income from discontinued operations before income taxes

 

 

 

(36

)

 

 

 

 

288

Income tax expense

 

 

 

 

 

 

 

 

76

Net (loss) income from discontinued operations, net of tax

 

 

 

(36

)

 

 

 

 

212

Net income

$

40,241

 

$

26,992

 

 

$

130,213

 

$

110,653

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share from continuing operations - basic

$

0.72

 

$

0.47

 

 

$

2.30

 

$

1.93

Net income per share from discontinued operations - basic

$

 

$

 

 

$

 

$

Net income per share - basic

$

0.72

 

$

0.47

 

 

$

2.30

 

$

1.93

 

 

 

 

 

 

Net income per share from continuing operations - diluted

$

0.71

 

$

0.46

 

 

$

2.27

 

$

1.88

Net income per share from discontinued operations - diluted

$

 

$

 

 

$

 

$

Net income per share - diluted

$

0.71

 

$

0.46

 

 

$

2.27

 

$

1.88

Weighted average shares - basic

 

55,885,015

 

 

56,966,661

 

 

 

56,556,303

 

 

57,190,311

Weighted average shares - diluted

 

56,588,011

 

 

58,369,204

 

 

 

57,268,946

 

 

58,830,437

 

 

 

 

 

 

 

 

 

 

 

 

Condensed consolidated balance sheets

December 31,

 

September 30,

 

June 30,

 

December 31,

 

2022 (unaudited)

 

2022 (unaudited)

 

2022 (unaudited)

 

2021

 

 

(Dollars in thousands, except per share and share data)

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

24,063

 

 

$

22,537

 

 

$

12,873

 

 

$

5,382

 

Interest earning deposits at Federal Reserve Bank

 

864,126

 

 

 

700,175

 

 

 

329,992

 

 

 

596,402

 

Total cash and cash equivalents

 

888,189

 

 

 

722,712

 

 

 

342,865

 

 

 

601,784

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

766,016

 

 

 

790,594

 

 

 

826,616

 

 

 

953,709

 

Commercial loans, at fair value

 

589,143

 

 

 

818,040

 

 

 

995,493

 

 

 

1,388,416

 

Loans, net of deferred fees and costs

 

5,486,853

 

 

 

5,267,375

 

 

 

4,754,697

 

 

 

3,747,224

 

Allowance for credit losses

 

(22,374

)

 

 

(19,689

)

 

 

(19,087

)

 

 

(17,806

)

Loans, net

 

5,464,479

 

 

 

5,247,686

 

 

 

4,735,610

 

 

 

3,729,418

 

Federal Home Loan Bank, Atlantic Central Bankers Bank, and Federal Reserve Bank stock

 

12,629

 

 

 

12,629

 

 

 

1,643

 

 

 

1,663

 

Premises and equipment, net

 

18,401

 

 

 

18,443

 

 

 

16,693

 

 

 

16,156

 

Accrued interest receivable

 

32,005

 

 

 

25,506

 

 

 

19,264

 

 

 

17,871

 

Intangible assets, net

 

2,049

 

 

 

2,149

 

 

 

2,248

 

 

 

2,447

 

Other real estate owned

 

21,210

 

 

 

18,873

 

 

 

18,873

 

 

 

18,873

 

Deferred tax asset, net

 

19,703

 

 

 

27,241

 

 

 

23,344

 

 

 

12,667

 

Assets held-for-sale from discontinued operations

 

 

 

 

 

 

 

 

 

 

3,268

 

Other assets

 

89,176

 

 

 

93,201

 

 

 

137,086

 

 

 

96,967

 

Total assets

$

7,903,000

 

 

$

7,777,074

 

 

$

7,119,735

 

 

$

6,843,239

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

Demand and interest checking

$

6,559,617

 

 

$

5,934,591

 

 

$

5,394,562

 

 

$

5,561,365

 

Savings and money market

 

140,496

 

 

 

575,381

 

 

 

486,189

 

 

 

415,546

 

Time deposits, $100,000 and over

 

330,000

 

401,331

 

 

 

Total deposits

 

7,030,113

 

6,911,303

 

5,880,751

 

5,976,911

 

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold under agreements to repurchase

 

42

 

 

 

42

 

 

 

42

 

 

 

42

 

Short-term borrowings

 

 

 

 

 

 

 

385,000

 

 

 

 

Senior debt

 

99,050

 

 

 

98,958

 

 

 

98,866

 

 

 

98,682

 

Subordinated debenture

 

13,401

 

 

 

13,401

 

 

 

13,401

 

 

 

13,401

 

Other long-term borrowings

 

10,028

 

 

 

38,928

 

 

 

39,125

 

 

 

39,521

 

Other liabilities

 

56,335

 

50,704

 

46,014

 

62,228

 

Total liabilities

$

7,208,969

 

$

7,113,336

 

$

6,463,199

 

$

6,190,785

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

 

 

 

Common stock - authorized, 75,000,000 shares of $1.00 par value; 55,689,627 and 57,370,563 shares issued and outstanding at December 31, 2022 and 2021, respectively

 

55,690

 

 

 

56,202

 

 

 

56,865

 

 

 

57,371

 

Additional paid-in capital

 

299,279

 

 

 

311,569

 

 

 

323,774

 

 

 

349,686

 

Retained earnings

 

369,319

 

 

 

329,078

 

 

 

298,474

 

 

 

239,106

 

Accumulated other comprehensive (loss) income

 

(30,257

)

(33,111

)

(22,577

)

6,291

 

Total shareholders' equity

 

694,031

 

 

 

663,738

 

 

 

656,536

 

 

 

652,454

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

7,903,000

 

$

7,777,074

 

$

7,119,735

 

$

6,843,239

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average balance sheet and net interest income

 

Three months ended December 31, 2022

 

 

Three months ended December 31, 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*

$

6,083,587

 

 

$

94,477

 

 

6.21

%

 

$

4,766,271

 

 

$

48,792

 

4.09

%

Leases-bank qualified**

 

2,952

 

 

 

50

 

 

6.78

%

 

 

4,465

 

 

 

76

 

6.81

%

Investment securities-taxable

 

782,046

 

 

 

8,483

 

 

4.34

%

 

 

954,172

 

 

 

5,770

 

2.42

%

Investment securities-nontaxable**

 

3,559

 

 

 

32

 

 

3.60

%

 

 

3,558

 

 

 

31

 

3.49

%

Interest earning deposits at Federal Reserve Bank

 

424,255

 

 

 

3,886

 

 

3.66

%

 

 

208,120

 

 

 

65

 

0.12

%

Net interest earning assets

 

7,296,399

 

 

 

106,928

 

 

5.86

%

 

 

5,936,586

 

 

 

54,734

 

3.69

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses

 

(20,227

)

 

 

 

 

 

 

 

 

(17,108

)

 

 

 

 

 

Assets held-for-sale from discontinued operations

 

 

 

 

 

 

 

 

 

83,821

 

 

 

708

 

3.38

%

Other assets

 

223,692

 

 

 

 

 

 

 

 

 

189,760

 

 

 

 

 

 

 

$

7,499,864

 

 

 

 

 

 

 

 

$

6,193,059

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand and interest checking

$

5,891,947

 

 

$

21,350

 

 

1.45

%

 

$

4,931,891

 

 

$

1,015

 

0.08

%

Savings and money market

 

474,302

 

 

 

4,332

 

 

3.65

%

 

 

373,381

 

 

 

114

 

0.12

%

Time deposits

 

257,231

 

 

 

2,193

3.41

%

 

 

 

 

 

 

Total deposits

 

6,623,480

 

 

 

27,875

 

 

1.68

%

 

 

5,305,272

 

 

 

1,129

 

0.09

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

26,847

 

 

 

271

 

 

4.04

%

 

 

53,315

 

 

 

34

 

0.26

%

Repurchase agreements

 

42

 

 

 

 

 

 

 

 

41

 

 

 

 

 

Long-term borrowings

 

38,951

 

 

 

498

 

 

5.11

%

 

 

 

 

 

 

 

Subordinated debentures

 

13,401

 

 

 

226

6.75

%

 

 

13,401

 

 

 

112

3.34

%

Senior debt

 

99,005

 

 

 

1,280

5.17

%

 

 

100,419

 

 

 

1,280

5.10

%

Total deposits and liabilities

 

6,801,726

 

 

 

30,150

 

 

1.77

%

 

 

5,472,448

 

 

 

2,555

 

0.19

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

19,254

 

 

 

 

 

 

 

 

 

75,395

 

 

 

 

 

 

Total liabilities

 

6,820,980

 

 

 

 

 

 

 

 

 

5,547,843

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

678,884

 

 

 

 

 

 

 

 

 

645,216

 

 

 

 

 

 

 

$

7,499,864

 

 

 

 

 

 

 

 

$

6,193,059

 

 

 

 

 

 

Net interest income on tax equivalent basis**

 

 

 

$

76,778

 

 

 

 

 

$

52,887

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax equivalent adjustment

 

 

 

18

 

 

 

 

 

 

22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

$

76,760

 

 

 

$

52,865

Net interest margin **

 

 

 

 

 

 

 

4.21

%

 

 

 

 

 

 

 

3.51

%

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

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

NOTE: In the table above, interest on loans for 2022 and 2021 includes $12,000 and $991,000, respectively, of interest and fees on PPP loans.

 

Average balance sheet and net interest income

Year ended December 31, 2022

 

Year ended December 31, 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*

$

5,670,957

 

 

$

275,651

 

 

4.86

%

 

$

4,597,977

 

 

$

192,338

 

4.18

%

Leases-bank qualified**

 

3,479

 

 

 

235

 

 

6.75

%

 

 

5,557

 

 

 

377

 

6.78

%

Investment securities-taxable

 

855,629

 

 

 

25,598

 

 

2.99

%

 

 

1,059,229

 

 

 

28,661

 

2.71

%

Investment securities-nontaxable**

 

3,559

 

 

 

125

 

 

3.51

%

 

 

3,757

 

 

 

130

 

3.46

%

Interest earning deposits at Federal Reserve Bank

 

479,791

 

 

 

6,762

 

 

1.41

%

 

 

637,056

 

 

 

715

 

0.11

%

Net interest earning assets

 

7,013,415

 

 

 

308,371

 

 

4.40

%

 

 

6,303,576

 

 

 

222,221

 

3.53

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses

 

(19,374

)

 

 

 

 

 

 

 

 

(16,469

)

 

 

 

 

 

Assets held for sale from discontinued operations

 

 

 

 

 

 

 

 

 

95,527

 

 

 

3,096

 

3.24

%

Other assets

 

213,491

 

 

 

 

 

 

 

 

 

217,476

 

 

 

 

 

 

 

$

7,207,532

 

 

 

 

 

 

 

 

$

6,600,110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand and interest checking

$

5,670,818

 

 

$

39,872

 

 

0.70

%

 

$

5,321,283

 

 

$

5,022

 

0.09

%

Savings and money market

 

510,370

 

 

 

8,524

 

 

1.67

%

 

 

427,708

 

 

 

601

 

0.14

%

Time deposits

 

86,907

 

 

 

2,740

3.15

%

 

 

 

 

 

 

Total deposits

 

6,268,095

 

 

 

51,136

 

 

0.82

%

 

 

5,748,991

 

 

 

5,623

 

0.10

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

60,312

 

 

 

1,538

 

 

2.55

%

 

 

19,958

 

 

 

49

 

0.25

%

Repurchase agreements

 

41

 

 

 

 

 

 

 

 

41

 

 

 

 

 

Long-term borrowings

 

39,202

 

 

 

1,004

 

 

2.56

%

 

 

 

 

 

 

 

Subordinated debentures

 

13,401

 

 

 

658

4.91

%

 

 

13,401

 

 

 

449

3.35

%

Senior debt

 

98,865

 

 

 

5,118

5.18

%

 

 

100,283

 

 

 

5,118

5.10

%

Total deposits and liabilities

 

6,479,916

 

 

 

59,454

 

 

0.92

%

 

 

5,882,674

 

 

 

11,239

 

0.19

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

54,374

 

 

 

 

 

 

 

 

 

100,627

 

 

 

 

 

 

Total liabilities

 

6,534,290

 

 

 

 

 

 

 

 

 

5,983,301

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

673,242

 

 

 

 

 

 

 

 

 

616,809

 

 

 

 

 

 

 

$

7,207,532

 

 

 

 

 

 

 

 

$

6,600,110

 

 

 

 

 

 

Net interest income on tax equivalent basis**

 

 

 

$

248,917

 

 

 

 

 

$

214,078

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax equivalent adjustment

 

 

 

76

 

 

 

 

 

 

106

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

$

248,841

 

 

 

$

213,972

Net interest margin **

 

 

 

 

 

 

 

3.55

%

 

 

 

 

 

 

 

3.35

%

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

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

NOTE: In the table above, the 2021 interest on loans reflects $4.6 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 materially increase average loans or assets and which are not expected to recur. Interest on loans for 2022 and 2021 includes $514,000 and $5.8 million, respectively, of interest and fees on PPP loans.

 

 

 

 

 

 

Allowance for credit losses

 

Year ended

 

December 31,

 

December 31,

 

2022 (unaudited)

 

2021

 

(Dollars in thousands)

 

 

 

 

 

 

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

$

17,806

 

 

$

16,082

 

 

 

 

 

 

 

Loans charged-off:

 

 

 

 

 

SBA non-real estate

 

885

 

 

 

1,138

 

SBA commercial mortgage

 

 

 

 

417

 

Direct lease financing

 

576

 

 

 

412

 

SBLOC

 

 

 

 

15

 

Consumer - home equity

 

 

 

 

10

 

Consumer - other

 

 

 

 

14

 

Total

 

1,461

 

 

 

2,006

 

 

 

 

 

 

 

Recoveries:

 

 

 

 

 

SBA non-real estate

 

140

 

 

 

51

 

SBA commercial mortgage

 

 

 

 

9

 

Direct lease financing

 

124

 

 

 

58

 

Consumer - home equity

 

 

 

 

1,099

 

Other loans

 

24

 

 

 

 

Total

 

288

 

 

 

1,217

 

Net charge-offs

 

1,173

 

 

 

789

 

Provision for credit losses, excluding commitment provision

 

5,741

 

 

 

2,513

 

 

 

 

 

 

 

Balance in allowance for credit losses at end of period

$

22,374

 

 

$

17,806

 

Net charge-offs/average loans

 

0.03

%

 

 

0.03

%

Net charge-offs/average assets

 

0.02

%

 

 

0.01

%

(1) Excludes activity from discontinued operations.

 

Loan portfolio

December 31,

 

September 30,

 

June 30,

 

December 31,

 

2022 (unaudited)

 

2022 (unaudited)

 

2022 (unaudited)

 

2021

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

SBL non-real estate

$

108,954

 

$

116,080

 

$

112,854

 

$

147,722

SBL commercial mortgage

 

474,496

 

 

429,865

 

 

425,219

 

 

361,171

SBL construction

 

30,864

26,841

27,042

27,199

Small business loans

 

614,314

 

 

572,786

 

 

565,115

 

 

536,092

Direct lease financing

 

632,160

 

 

599,796

 

 

583,086

 

 

531,012

SBLOC / IBLOC *

 

2,332,469

 

 

2,369,106

 

 

2,274,256

 

 

1,929,581

Advisor financing **

 

172,468

 

 

168,559

 

 

155,235

 

 

115,770

Real estate bridge loans

 

1,669,031

 

 

1,488,119

 

 

1,106,875

 

 

621,702

Other loans ***

 

61,679

64,980

63,514

5,014

 

 

5,482,121

 

 

5,263,346

 

 

4,748,081

 

 

3,739,171

Unamortized loan fees and costs

 

4,732

4,029

6,616

8,053

Total loans, including unamortized fees and costs

$

5,486,853

$

5,267,375

$

4,754,697

$

3,747,224

 

Small business portfolio

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

December 31,

 

 

2022 (unaudited)

 

 

2022 (unaudited)

 

 

2022 (unaudited)

 

 

2021

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

SBL, including unamortized fees and costs

$

621,641

$

579,156

$

571,559

 

$

541,437

SBL, included in loans, at fair value

 

146,717

159,914

168,579

 

 

199,585

Total small business loans ****

$

768,358

$

739,070

$

740,138

 

$

741,022

* 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 70% of the estimated business enterprise value, based on a third-party valuation, 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 $2.6 million and $322,000 at December 31, 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.

Small business loans as of December 31, 2022

 

 

Loan principal

 

 

(Dollars in millions)

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

 

$

375

Paycheck Protection Program loans (PPP) (a)

 

 

5

Commercial mortgage SBA (b)

 

 

248

Construction SBA (c)

 

 

10

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

 

 

100

Non-SBA small business loans

 

 

23

Total principal

 

$

761

Unamortized fees and costs

 

 

7

Total small business loans

 

$

768

(a) This is the portion of SBA 7a loans (7a) and PPP loans that 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 $10 million in Construction SBA loans, $9 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 generally 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.

Small business loans by type as of December 31, 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 and motels

 

$

79

 

$

 

$

 

$

79

 

 

21%

Car washes

 

 

18

 

 

1

 

 

 

 

19

 

 

5%

Full-service restaurants

 

 

12

 

 

3

 

 

2

 

 

17

 

 

4%

Lessors of nonresidential buildings

 

 

16

 

 

 

 

 

 

16

 

 

4%

Child day care services

 

 

14

 

 

 

 

1

 

 

15

 

 

4%

Outpatient mental health and substance abuse centers

 

 

15

 

 

 

 

 

 

15

 

 

4%

Funeral homes and funeral services

 

 

10

 

 

 

 

 

��

10

 

 

3%

Assisted living facilities for the elderly

 

 

10

 

 

 

 

 

 

10

 

 

3%

Offices of lawyers

 

 

9

 

 

 

 

 

 

9

 

 

2%

Packaged frozen food merchant wholesalers

 

 

9

 

 

 

 

 

 

9

 

 

2%

Gasoline stations with convenience stores

 

 

8

 

 

 

 

 

 

8

 

 

2%

Lessors of other real estate property

 

 

8

 

 

 

 

 

 

8

 

 

2%

Fitness and recreational sports centers

 

 

6

 

 

 

 

2

 

 

8

 

 

2%

General warehousing and storage

 

 

7

 

 

 

 

 

 

7

 

 

2%

Plumbing, heating, and air-conditioning contractors

 

 

6

 

 

 

 

1

 

 

7

 

 

2%

Limited-service restaurants

 

 

1

 

 

2

 

 

2

 

 

5

 

 

1%

Other miscellaneous durable goods merchant wholesalers

 

 

5

 

 

 

 

 

 

5

 

 

1%

Lessors of residential buildings and dwellings

 

 

5

 

 

 

 

 

 

5

 

 

1%

Other spectator sports

 

 

5

 

 

 

 

 

 

5

 

 

1%

All other amusement and recreation industries

 

 

4

 

 

 

 

 

 

4

 

 

1%

Gas stations

 

 

4

 

 

 

 

 

 

4

 

 

1%

Offices of dentists

 

 

3

 

 

1

 

 

 

 

4

 

 

1%

Other warehousing and storage

 

 

3

 

 

 

 

 

 

3

 

 

1%

Vocational rehabilitation services

 

 

3

 

 

 

 

 

 

3

 

 

1%

Other**

 

 

74

 

 

3

 

 

29

 

 

106

 

 

29%

Total

 

$

334

 

$

10

 

$

37

 

$

381

 

 

100%

* Of the SBL commercial mortgage and SBL construction loans, $85 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 $3 million are spread over a hundred different classifications such as Commercial Printing, Pet and Pet Supplies Stores, Securities Brokerage, etc.

State diversification as of December 31, 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

 

$

65

 

$

 

$

4

 

$

69

 

 

18%

California

 

 

61

 

 

3

 

 

3

 

 

67

 

 

18%

North Carolina

 

 

40

 

 

7

 

 

2

 

 

49

 

 

13%

New York

 

 

25

 

 

 

 

5

 

 

30

 

 

8%

Pennsylvania

 

 

18

 

 

 

 

1

 

 

19

 

 

5%

Georgia

 

 

15

 

 

 

 

2

 

 

17

 

 

4%

Illinois

 

 

15

 

 

 

 

1

 

 

16

 

 

4%

New Jersey

 

 

12

 

 

 

 

3

 

 

15

 

 

4%

Texas

 

 

12

 

 

 

 

3

 

 

15

 

 

4%

Tennessee

 

 

14

 

 

 

 

 

 

14

 

 

4%

Colorado

 

 

12

 

 

 

 

1

 

 

13

 

 

3%

Ohio

 

 

11

 

 

 

 

1

 

 

12

 

 

3%

Connecticut

 

 

10

 

 

 

 

1

 

 

11

 

 

3%

Virginia

 

 

8

 

 

 

 

1

 

 

9

 

 

2%

Michigan

 

 

4

 

 

 

 

1

 

 

5

 

 

1%

Other States

 

 

12

 

 

 

 

8

 

 

20

 

 

6%

Total

 

$

334

 

$

10

 

$

37

 

$

381

 

 

100%

* Of the SBL commercial mortgage and SBL construction loans, $85 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 December 31, 2022

Type

 

State

 

SBL commercial mortgage

 

 

 

 

(Dollars in millions)

Mental health and substance abuse center

 

 

FL

 

$

10

 

Hotel

 

 

FL

 

 

9

 

Lawyer's office

 

 

CA

 

 

8

 

General warehousing and storage

 

 

PA

 

 

7

 

Hotel

 

 

NC

 

 

7

 

Hotel

 

 

FL

 

 

6

 

Hotel

 

 

NY

 

 

6

 

Hotel

 

 

NC

 

 

5

 

Mental health and substance abuse center

 

 

CT

 

 

5

 

Assisted living facility

 

 

FL

 

 

5

 

Total

 

 

 

 

$

68

 

 

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

Type as of December 31, 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 amortized cost)*

 

 

130

 

$

1,669

 

 

72

%

 

7.69

%

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

Multi-family (apartment bridge loans)*

 

 

22

 

$

354

 

 

76

%

 

7.52

%

Hospitality (hotels and lodging)

 

 

4

 

 

36

 

 

65

%

 

8.00

%

Retail

 

 

3

 

 

42

 

 

72

%

 

7.30

%

Other

 

 

3

 

 

11

 

 

73

%

 

5.20

%

 

 

 

32

 

 

443

 

 

74

%

 

7.48

%

Fair value adjustment

 

 

 

 

 

(1

)

 

 

 

 

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

 

 

 

 

 

442

 

 

 

 

 

Total commercial real estate loans

 

 

 

 

$

2,111

 

 

73

%

 

7.65

%

*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 December 31, 2022

 

 

15 largest loans as of December 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State

 

 

Balance

 

 

Origination date LTV

 

 

State

 

 

 

Balance

 

Origination date LTV

(Dollars in millions)

 

 

(Dollars in millions)

Texas

 

$

760

 

 

74%

 

 

Texas

 

 

$

42

 

75%

Georgia

 

 

232

 

 

71%

 

 

Texas

 

 

 

39

 

75%

Florida

 

 

217

 

 

71%

 

 

Texas

 

 

 

39

 

79%

Ohio

 

 

95

 

 

69%

 

 

Texas

 

 

 

39

 

72%

Tennessee

 

 

98

 

 

72%

 

 

Tennessee

 

 

 

37

 

72%

Alabama

 

 

62

 

 

72%

 

 

Texas

 

 

 

37

 

80%

Michigan

 

 

72

 

 

70%

 

 

Michigan

 

 

 

36

 

62%

Other States each <$55 million

 

 

575

 

 

74%

 

 

Florida

 

 

 

32

 

72%

Total

 

$

2,111

 

 

74%

 

 

Texas

 

 

 

32

 

67%

 

 

 

 

 

 

 

 

 

Michigan

 

 

 

31

 

79%

 

 

 

 

 

 

 

 

 

Tennessee

 

 

 

30

 

71%

 

 

 

 

 

 

 

 

 

Missouri

 

 

 

30

 

72%

 

 

 

 

 

 

 

 

 

Texas

 

 

 

30

 

62%

 

 

 

 

 

 

 

 

 

Ohio

 

 

 

29

 

74%

 

 

 

 

 

 

 

 

 

Texas

 

 

 

29

 

77%

 

 

 

 

 

 

 

 

 

15 Largest loans

 

 

$

512

 

73%

Institutional banking loans outstanding at December 31, 2022

Type

Principal

 

% of total

 

 

(Dollars in millions)

 

 

Securities backed lines of credit (SBLOC)

$

1,209

 

48%

Insurance backed lines of credit (IBLOC)

 

1,124

 

45%

Advisor financing

 

172

 

7%

Total

$

2,505

 

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 December 31, 2022

 

Principal amount

 

% Principal to collateral

 

(Dollars in millions)

 

$

20

 

55%

 

 

18

 

41%

 

 

13

 

32%

 

 

9

 

34%

 

 

9

 

66%

 

 

9

 

45%

 

 

9

 

62%

 

 

8

 

73%

 

 

7

 

38%

 

 

6

 

39%

Total and weighted average

$

108

 

48%

 

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, nine insurance companies have been approved and, as of December 31, 2022, all were rated A- or better by AM BEST.

Direct lease financing* by type as of December 31, 2022

 

 

Principal balance

 

% Total

 

 

(Dollars in millions)

 

 

Construction

$

115

 

18%

Government agencies and public institutions**

 

99

 

16%

Waste management and remediation services

 

69

 

11%

Real estate and rental and leasing

 

59

 

9%

Retail trade

 

49

 

8%

Transportation and warehousing

 

33

 

5%

Health care and social assistance

 

32

 

5%

Finance and insurance

 

31

 

5%

Professional, scientific, and technical services

 

19

 

3%

Manufacturing

 

18

 

3%

Wholesale trade

 

18

 

3%

Educational services

 

8

 

1%

Mining, quarrying, and gas extraction

 

4

 

1%

Other

 

78

 

12%

Total

$

632

 

100%

* Of the total $632 million of direct lease financing, $555 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 December 31, 2022

State

 

Principal balance

 

% Total

 

 

(Dollars in millions)

 

 

Florida

$

88

 

14%

California

 

68

 

11%

Utah

 

65

 

10%

New Jersey

 

42

 

7%

Pennsylvania

 

41

 

6%

New York

 

29

 

5%

North Carolina

 

29

 

5%

Texas

 

28

 

4%

Maryland

 

27

 

4%

Connecticut

 

23

 

4%

Washington

 

16

 

3%

Idaho

 

15

 

2%

Georgia

 

14

 

2%

Illinois

 

12

 

2%

Ohio

 

11

 

2%

Other States

 

124

 

19%

Total

$

632

 

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 December 31, 2022

 

 

 

 

 

 

 

The Bancorp, Inc.

9.63%

 

13.40%

 

13.87%

 

13.40%

The Bancorp Bank, National Association

10.73%

 

14.95%

 

15.42%

 

14.95%

"Well capitalized" institution (under federal 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, National Association

10.98%

 

15.48%

 

15.88%

 

15.48%

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

5.00%

 

8.00%

 

10.00%

 

6.50%

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Year ended

 

December 31,

 

December 31,

 

2022

 

2021

 

2022

 

2021

Selected operating ratios

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (1)

 

2.13%

 

 

1.73%

 

 

1.81%

 

 

1.68%

Return on average equity (1)

 

23.52%

 

 

16.60%

 

 

19.34%

 

 

17.94%

Net interest margin

 

4.21%

 

 

3.51%

 

 

3.55%

 

 

3.35%

(1) Annualized

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share table

December 31,

 

September 30,

 

 

June 30,

 

December 31,

 

2022

 

2022

 

2022

 

2021

Book value per share

$

12.46

 

$

11.81

 

$

11.55

 

$

11.37

 

 

 

 

 

 

 

 

 

 

 

 

Loan quality table

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

December 31,

 

 

2022

 

2022

 

2022

 

2021

 

 

(Dollars in thousands)

Nonperforming loans to total loans

 

0.33

%

 

 

0.16

%

 

 

0.18

%

 

 

0.10

%

Nonperforming assets to total assets

 

0.50

%

 

 

0.35

%

 

 

0.39

%

 

 

0.33

%

Allowance for credit losses to total loans

 

0.41

%

 

 

0.37

%

 

 

0.40

%

 

 

0.48

%

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans (1)

$

10,356

 

 

$

3,860

 

 

$

3,698

 

 

$

3,161

 

Loans 90 days past due still accruing interest (2)

 

7,775

 

 

 

4,415

 

 

 

4,848

 

 

 

461

 

Other real estate owned

 

21,210

 

 

18,873

 

 

18,873

 

 

18,873

 

Total nonperforming assets

$

39,341

 

 

$

27,148

 

 

$

27,419

 

 

$

22,495

 

(1) Of the $10.4 million of nonaccrual loans at December 31, 2022, $3.1 million were guaranteed under various SBA loan programs, with the majority of such loans classified as nonaccrual in the fourth quarter of 2022. The majority of the balance of the increase in that quarter resulted from $3.1 million representing 78 vehicles from one leasing relationship which were marked to their estimated market value.

(2) The majority of the fourth quarter increase resulted from $2.0 million for an IBLOC loan which is in process of pay-off from the cash value of life insurance, and $878,000 from an SBLOC loan which was brought current in January 2023. To the extent that IBLOC loans become non-performing or are not repaid by borrowers, the Bank can utilize the related cash value of life insurance collateral for loan repayment. Similarly, marketable securities collateralizing SBLOC loans may be sold to repay those loans.

 

 

 

 

 

 

 

 

 

 

 

 

Gross dollar volume (GDV) (1)

 

Three months ended

 

December 31,

 

September 30,

 

June 30,

 

December 31,

 

2022

 

2022

 

2022

 

2021

 

 

 

 

(Dollars in thousands)

 

 

 

 

 

Prepaid and debit card GDV

$

28,066,895

 

$

28,119,428

 

$

28,394,897

 

$

24,821,576

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

Business line quarterly summary

Quarter ended December 31, 2022

(Dollars in millions)

Balances

% Growth

Major business lines

Average approximate rates *

Balances **

Year over year

 

Linked quarter annualized

Loans

Institutional banking ***

5.3%

$

2,505

22%

(5)%

Small business lending****

6.1%

 

768

10%

17%

Leasing

6.3%

 

632

19%

22%

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

7.3%

 

443

nm

nm

Real estate bridge loans (recorded at book value)

 

7.4%

 

 

1,669

 

nm

 

nm

 

 

 

 

Weighted average yield

6.2%

$

6,017

Non-interest income

% Growth

Deposits: Fintech solutions group

Current quarter

Year over year

Prepaid and debit card issuance, and other payments

 

1.8%

$

5,685

15%

nm

$

21.8

10%

* Average rates are for the quarter ended December 31, 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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