Business
The Bancorp, Inc. Reports First Quarter 2022 Financial Results
WILMINGTON, Del.--(BUSINESS WIRE)-- The Bancorp, Inc. ("The Bancorp") (NASDAQ: TBBK), a financial holding company, today reported financial results for the
About this update from The Bancorp, Inc.
[{"type":"text","content":" WILMINGTON, Del.--(BUSINESS WIRE)--\nThe Bancorp, Inc. (\"The Bancorp\") (NASDAQ: TBBK), a financial holding company, today reported financial results for the first quarter of 2022.\n\nHighlights\n\n\nFor the quarter ended March 31, 2022, The Bancorp earned net income of $29.0 million, or $0.50 diluted earnings per share, compared to net income of $26.0 million, or $0.44 diluted earnings per share for the quarter ended March 31, 2021.\n\n\n\nReturn on assets and equity for the quarter ended March 31, 2022 amounted to 1.7% and 18%, respectively, compared to 1.6% and 18%, respectively, for the quarter ended March 31, 2021 (all percentages “annualized”).\n\n\n\nNet interest margin amounted to 3.12% for the quarter ended March 31, 2022, compared to 3.34% for the quarter ended March 31, 2021.\n\n\n\nNet interest income was $52.9 million for the quarter ended March 31, 2022 compared to $53.8 million for the quarter ended March 31, 2021. In the first quarter of 2022, growth in net interest income was significantly offset by a $3.4 million reduction in Payroll Protection Program (“PPP”) related interest and fees.\n\n\n\nExcluding commercial loans, at fair value, which were originally generated for sale, total loans increased to $4.16 billion at March 31, 2022, compared to $3.75 billion at December 31, 2021 and $2.83 billion at March 31, 2021. Those increases reflected growth of 10% quarter over quarter and 45% year over year. Those percentage increases exclude the impact of $56.1 million of discontinued loans previously included in discontinued assets which were reclassified to loans in the first quarter of 2022.\n\n\n\nGross dollar volume (“GDV”), representing the total amounts spent on prepaid and debit cards, increased $469.7 million, or 2%, to $28.56 billion for the quarter ended March 31, 2022 compared to the quarter ended March 31, 2021, which included the impact of COVID-19 related stimulus payments.\n\n\n\nSBLOC (securities backed lines of credit), IBLOC (insurance backed lines of credit) and investment advisor financing loans collectively increased 32% year over year and 8% quarter over quarter to $2.21 billion at March 31, 2022.\n\n\n\nSmall Business Loans, including those held at fair value, grew 2% year over year to $705.2 million at March 31, 2022. That growth is exclusive of PPP loan balances of $23.7 million and $190.3 m...