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WILMINGTON, Del.--(BUSINESS WIRE)-- The Bancorp, Inc. ("The Bancorp" or “we”) (NASDAQ: TBBK), a financial holding company, today reported financial results for the first quarter of 2023.
Highlights
CEO and President Damian Kozlowski stated “The recent dislocation in the banking industry did not materially impact our company. With granular deposits spread across more than 130 million insured small accounts through our Fin-tech ecosystem, a low risk variable rate and short duration credit book and significant liquidity and borrowing capacity, TBBK was well positioned to manage the increased volatility exhibited in the beginning of 2023. Our performance expectations for the first quarter were significantly surpassed. We are raising guidance from $3.20 a share to $3.60 a share, without including the impact of anticipated share buy backs of $25 million per quarter in 2023.”
Conference Call Webcast
You may access the LIVE webcast of The Bancorp's Quarterly Earnings Conference Call at 8:00 AM ET Friday, April 28, 2023 by clicking on the webcast link on The Bancorp's homepage at www.thebancorp.com. Or you may dial 1.888.886.7786, conference code 02423750. You may listen to the replay of the webcast following the live call on The Bancorp's investor relations website or telephonically until Friday, May 5, 2023 by dialing 1.877.674.7070, access code 423750#.
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. |
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Financial highlights |
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Three months ended |
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Year ended |
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March 31, |
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December 31, |
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Consolidated condensed income statements |
2023 (unaudited) |
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2022 (unaudited) |
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2022 |
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(Dollars in thousands, except per share and share data) |
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|
|
|
|
|
|
|
|
|
|
Net interest income |
$ |
85,816 |
|
$ |
52,853 |
|
$ |
248,841 |
|
Provision for credit losses |
|
1,903 |
|
|
1,507 |
|
|
7,108 |
|
Non-interest income |
|
|
|
|
|
|
|
|
|
ACH, card and other payment processing fees |
|
2,171 |
|
|
1,984 |
|
|
8,935 |
|
Prepaid, debit card and related fees |
|
23,323 |
|
|
18,652 |
|
|
77,236 |
|
Net realized and unrealized gains on commercial |
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|
|
|
|
|
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loans, at fair value |
|
1,725 |
|
|
3,383 |
|
|
13,531 |
|
Leasing related income |
|
1,490 |
|
|
973 |
|
|
4,822 |
|
Other non-interest income |
|
280 |
|
|
120 |
|
|
1,159 |
|
Total non-interest income |
|
28,989 |
|
|
25,112 |
|
|
105,683 |
|
Non-interest expense |
|
|
|
|
|
|
|
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Salaries and employee benefits |
|
29,785 |
|
|
23,848 |
|
|
105,368 |
|
Data processing expense |
|
1,321 |
|
|
1,189 |
|
|
4,972 |
|
Legal expense |
|
958 |
|
|
794 |
|
|
3,878 |
|
Legal settlement |
|
— |
|
|
— |
|
|
1,152 |
|
Civil money penalty |
|
— |
|
|
— |
|
|
1,750 |
|
FDIC insurance |
|
955 |
|
|
974 |
|
|
3,270 |
|
Software |
|
4,237 |
|
|
3,864 |
|
|
16,211 |
|
Other non-interest expense |
|
10,774 |
|
|
7,683 |
|
|
32,901 |
|
Total non-interest expense |
|
48,030 |
|
|
38,352 |
|
|
169,502 |
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Income before income taxes |
|
64,872 |
|
|
38,106 |
|
|
177,914 |
|
Income tax expense |
|
15,750 |
|
|
9,140 |
|
|
47,701 |
|
Net income |
|
49,122 |
|
|
28,966 |
|
|
130,213 |
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Net income per share - basic |
$ |
0.89 |
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$ |
0.51 |
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$ |
2.30 |
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Net income per share - diluted |
$ |
0.88 |
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$ |
0.50 |
|
$ |
2.27 |
|
Weighted average shares - basic |
|
55,452,815 |
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|
57,115,903 |
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|
56,556,303 |
|
Weighted average shares - diluted |
|
56,048,142 |
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|
58,095,980 |
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|
57,268,946 |
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Condensed consolidated balance sheets |
March 31, |
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December 31, |
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September 30, |
|
March 31, |
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2023 (unaudited) |
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2022 |
|
2022 (unaudited) |
|
2022 (unaudited) |
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(Dollars in thousands, except per share and share data) |
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Assets: |
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Cash and cash equivalents |
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Cash and due from banks |
$ |
13,736 |
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$ |
24,063 |
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$ |
22,537 |
|
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$ |
11,399 |
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Interest earning deposits at Federal Reserve Bank |
|
773,446 |
|
|
|
864,126 |
|
|
|
700,175 |
|
|
|
662,827 |
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|
Total cash and cash equivalents |
|
787,182 |
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|
|
888,189 |
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|
722,712 |
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|
674,226 |
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Investment securities, available-for-sale, at fair value |
|
787,429 |
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|
766,016 |
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|
|
790,594 |
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|
|
907,338 |
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Commercial loans, at fair value |
|
493,334 |
|
|
|
589,143 |
|
|
|
818,040 |
|
|
|
1,180,885 |
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Loans, net of deferred fees and costs |
|
5,354,347 |
|
|
|
5,486,853 |
|
|
|
5,267,375 |
|
|
|
4,164,298 |
|
|
Allowance for credit losses |
|
(23,794 |
) |
|
|
(22,374 |
) |
|
|
(19,689 |
) |
|
|
(19,051 |
) |
|
Loans, net |
|
5,330,553 |
|
|
|
5,464,479 |
|
|
|
5,247,686 |
|
|
|
4,145,247 |
|
|
Federal Home Loan Bank, Atlantic Central Bankers Bank, and Federal Reserve Bank stock |
|
12,629 |
|
|
|
12,629 |
|
|
|
12,629 |
|
|
|
1,663 |
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Premises and equipment, net |
|
21,319 |
|
|
|
18,401 |
|
|
|
18,443 |
|
|
|
16,314 |
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Accrued interest receivable |
|
33,729 |
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|
32,005 |
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|
25,506 |
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|
|
17,284 |
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Intangible assets, net |
|
1,950 |
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|
|
2,049 |
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|
|
2,149 |
|
|
|
2,348 |
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Other real estate owned |
|
21,117 |
|
|
|
21,210 |
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|
|
18,873 |
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|
|
18,873 |
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Deferred tax asset, net |
|
18,290 |
|
|
|
19,703 |
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|
|
27,241 |
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|
|
18,521 |
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Other assets |
|
99,427 |
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|
89,176 |
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|
|
93,201 |
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|
|
99,961 |
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Total assets |
$ |
7,606,959 |
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$ |
7,903,000 |
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$ |
7,777,074 |
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$ |
7,082,660 |
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Liabilities: |
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Deposits |
|
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Demand and interest checking |
$ |
6,607,767 |
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|
$ |
6,559,617 |
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|
$ |
5,934,591 |
|
|
$ |
5,506,083 |
|
|
Savings and money market |
|
96,890 |
|
|
|
140,496 |
|
|
|
575,381 |
|
|
|
722,240 |
|
|
Time deposits, $100,000 and over |
|
— |
|
330,000 |
|
401,331 |
|
— |
|
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Total deposits |
|
6,704,657 |
|
7,030,113 |
|
6,911,303 |
|
6,228,323 |
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Securities sold under agreements to repurchase |
|
42 |
|
|
|
42 |
|
|
|
42 |
|
|
|
42 |
|
|
Senior debt |
|
99,142 |
|
|
|
99,050 |
|
|
|
98,958 |
|
|
|
98,774 |
|
|
Subordinated debenture |
|
13,401 |
|
|
|
13,401 |
|
|
|
13,401 |
|
|
|
13,401 |
|
|
Other long-term borrowings |
|
9,972 |
|
|
|
10,028 |
|
|
|
38,928 |
|
|
|
39,318 |
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Other liabilities |
|
54,597 |
|
56,335 |
|
50,704 |
|
50,507 |
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Total liabilities |
$ |
6,881,811 |
|
$ |
7,208,969 |
|
$ |
7,113,336 |
|
$ |
6,430,365 |
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Shareholders' equity: |
|
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|
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Common stock - authorized, 75,000,000 shares of $1.00 par value; 55,329,629 and 57,155,028 shares issued and outstanding at March 31, 2023 and 2022, respectively |
|
55,330 |
|
|
|
55,690 |
|
|
|
56,202 |
|
|
|
57,155 |
|
|
Additional paid-in capital |
|
277,814 |
|
|
|
299,279 |
|
|
|
311,569 |
|
|
|
336,604 |
|
|
Retained earnings |
|
418,441 |
|
|
|
369,319 |
|
|
|
329,078 |
|
|
|
268,072 |
|
|
Accumulated other comprehensive loss |
|
(26,437 |
) |
(30,257 |
) |
(33,111 |
) |
(9,536 |
) |
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Total shareholders' equity |
|
725,148 |
|
|
|
694,031 |
|
|
|
663,738 |
|
|
|
652,295 |
|
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|
|
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Total liabilities and shareholders' equity |
$ |
7,606,959 |
|
$ |
7,903,000 |
|
$ |
7,777,074 |
|
$ |
7,082,660 |
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Average balance sheet and net interest income |
|
Three months ended March 31, 2023 |
|
|
Three months ended March 31, 2022 |
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(Dollars in thousands; unaudited) |
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|
|
Average |
|
|
|
|
|
Average |
|
|
Average |
|
|
|
|
Average |
|||||
Assets: |
|
Balance |
|
|
Interest |
|
|
Rate |
|
|
Balance |
|
|
Interest |
|
Rate |
|||||
|
|
|
|
|
|
|
|
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|
|
|
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|
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Interest earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Loans, net of deferred fees and costs* |
$ |
5,987,179 |
|
|
$ |
106,204 |
|
|
7.10 |
% |
|
$ |
5,136,377 |
|
|
$ |
50,508 |
|
3.93 |
% |
|
Leases-bank qualified** |
|
3,361 |
|
|
|
69 |
|
|
8.21 |
% |
|
|
4,015 |
|
|
|
105 |
|
10.46 |
% |
|
Investment securities-taxable |
|
774,055 |
|
|
|
9,300 |
|
|
4.81 |
% |
|
|
939,511 |
|
|
|
4,891 |
|
2.08 |
% |
|
Investment securities-nontaxable** |
|
3,343 |
|
|
|
41 |
|
|
4.91 |
% |
|
|
3,559 |
|
|
|
32 |
|
3.60 |
% |
|
Interest earning deposits at Federal Reserve Bank |
|
580,058 |
|
|
|
6,585 |
|
|
4.54 |
% |
|
|
686,614 |
|
|
|
347 |
|
0.20 |
% |
|
Net interest earning assets |
|
7,347,996 |
|
|
|
122,199 |
|
|
6.65 |
% |
|
|
6,770,076 |
|
|
|
55,883 |
|
3.30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Allowance for credit losses |
|
(22,533 |
) |
|
|
|
|
|
|
|
|
(17,810 |
) |
|
|
|
|
|
|||
Other assets |
|
237,721 |
|
|
|
|
|
|
|
|
|
224,312 |
|
|
|
|
|
|
|||
|
$ |
7,563,184 |
|
|
|
|
|
|
|
|
$ |
6,976,578 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|||||
Liabilities and Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Demand and interest checking |
$ |
6,406,834 |
|
|
$ |
32,383 |
|
|
2.02 |
% |
|
$ |
5,575,228 |
|
|
$ |
1,406 |
|
0.10 |
% |
|
Savings and money market |
|
132,279 |
|
|
|
1,219 |
|
|
3.69 |
% |
|
|
532,047 |
|
|
|
200 |
|
0.15 |
% |
|
Time deposits |
|
84,333 |
|
|
|
858 |
4.07 |
% |
|
|
— |
|
|
|
— |
— |
|
||||
Total deposits |
|
6,623,446 |
|
|
|
34,460 |
|
|
2.08 |
% |
|
|
6,107,275 |
|
|
|
1,606 |
|
0.11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Short-term borrowings |
|
20,500 |
|
|
|
234 |
|
|
4.57 |
% |
|
|
555 |
|
|
|
— |
|
— |
|
|
Repurchase agreements |
|
42 |
|
|
|
— |
|
|
— |
|
|
|
41 |
|
|
|
— |
|
— |
|
|
Long-term borrowings |
|
9,998 |
|
|
|
126 |
|
|
5.04 |
% |
|
|
— |
|
|
|
— |
|
— |
|
|
Subordinated debentures |
|
13,401 |
|
|
|
261 |
7.79 |
% |
|
|
13,401 |
|
|
|
116 |
3.46 |
% |
||||
Senior debt |
|
99,092 |
|
|
|
1,279 |
5.16 |
% |
|
|
98,724 |
|
|
|
1,279 |
5.18 |
% |
||||
Total deposits and liabilities |
|
6,766,479 |
|
|
|
36,360 |
|
|
2.15 |
% |
|
|
6,219,996 |
|
|
|
3,001 |
|
0.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Other liabilities |
|
87,116 |
|
|
|
|
|
|
|
|
|
104,207 |
|
|
|
|
|
|
|||
Total liabilities |
|
6,853,595 |
|
|
|
|
|
|
|
|
|
6,324,203 |
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Shareholders' equity |
|
709,589 |
|
|
|
|
|
|
|
|
|
652,375 |
|
|
|
|
|
|
|||
|
$ |
7,563,184 |
|
|
|
|
|
|
|
|
$ |
6,976,578 |
|
|
|
|
|
|
|||
Net interest income on tax equivalent basis** |
|
|
|
$ |
85,839 |
|
|
|
|
|
$ |
52,882 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Tax equivalent adjustment |
|
|
|
23 |
|
|
|
|
|
|
29 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net interest income |
|
|
$ |
85,816 |
|
|
|
$ |
52,853 |
||||||||||||
Net interest margin ** |
|
|
|
|
|
|
|
4.67 |
% |
|
|
|
|
|
|
|
3.12 |
% |
|||
* 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 2023 and 2022. |
|
NOTE: In the table above, interest on loans for 2023 and 2022 includes $10,000 and $440,000, respectively, of interest and fees on PPP loans. |
|
|
|
|
|
|
|
|
||
Allowance for credit losses |
|
Three months ended |
|
Year ended |
|||||
|
March 31, |
|
March 31, |
|
December 31, |
||||
|
2023 (unaudited) |
|
2022 (unaudited) |
2022 |
|||||
|
(Dollars in thousands) |
||||||||
|
|
|
|
|
|
|
|
|
|
Balance in the allowance for credit losses at beginning of period |
$ |
22,374 |
|
$ |
17,806 |
$ |
17,806 |
||
|
|
|
|
|
|
|
|
|
|
Loans charged-off: |
|
|
|
|
|
|
|
|
|
SBA non-real estate |
|
214 |
|
|
98 |
|
|
885 |
|
Direct lease financing |
|
905 |
|
|
191 |
|
|
576 |
|
Consumer - other |
|
3 |
|
|
— |
|
— |
||
Total |
|
1,122 |
|
|
289 |
|
1,461 |
||
|
|
|
|
|
|
|
|
|
|
Recoveries: |
|
|
|
|
|
|
|
|
|
SBA non-real estate |
|
202 |
|
|
12 |
|
|
140 |
|
SBA commercial mortgage |
|
75 |
|
|
— |
|
|
— |
|
Direct lease financing |
|
67 |
|
|
19 |
|
|
124 |
|
Other loans |
|
— |
|
|
— |
|
24 |
||
Total |
|
344 |
|
|
31 |
|
288 |
||
Net charge-offs |
|
778 |
|
|
258 |
|
|
1,173 |
|
Provision for credit losses, excluding commitment provision |
|
2,198 |
|
|
1,503 |
|
5,741 |
||
|
|
|
|
|
|
|
|
|
|
Balance in allowance for credit losses at end of period |
$ |
23,794 |
|
$ |
19,051 |
|
$ |
22,374 |
|
Net charge-offs/average loans |
|
0.01% |
|
|
0.01% |
|
|
0.03% |
|
Net charge-offs/average assets |
|
0.01% |
|
|
— |
|
|
0.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loan portfolio |
March 31, |
|
December 31, |
|
September 30, |
|
March 31, |
|||||
|
2023 (unaudited) |
|
2022 |
|
2022 (unaudited) |
|
2022 (unaudited) |
|||||
|
(Dollars in thousands) |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
SBL non-real estate |
$ |
114,334 |
|
$ |
108,954 |
|
$ |
116,080 |
|
$ |
122,387 |
|
SBL commercial mortgage |
|
492,798 |
|
|
474,496 |
|
|
429,865 |
|
|
385,559 |
|
SBL construction |
|
33,116 |
30,864 |
26,841 |
31,432 |
|||||||
Small business loans |
|
640,248 |
|
|
614,314 |
|
|
572,786 |
|
|
539,378 |
|
Direct lease financing |
|
652,541 |
|
|
632,160 |
|
|
599,796 |
|
|
538,616 |
|
SBLOC / IBLOC * |
|
2,053,450 |
|
|
2,332,469 |
|
|
2,369,106 |
|
|
2,067,233 |
|
Advisor financing ** |
|
189,425 |
|
|
172,468 |
|
|
168,559 |
|
|
146,461 |
|
Real estate bridge loans |
|
1,752,322 |
|
|
1,669,031 |
|
|
1,488,119 |
|
|
803,477 |
|
Other loans *** |
|
60,210 |
61,679 |
64,980 |
61,096 |
|||||||
|
|
5,348,196 |
|
|
5,482,121 |
|
|
5,263,346 |
|
|
4,156,261 |
|
Unamortized loan fees and costs |
|
6,151 |
4,732 |
4,029 |
8,037 |
|||||||
Total loans, including unamortized fees and costs |
$ |
5,354,347 |
$ |
5,486,853 |
$ |
5,267,375 |
$ |
4,164,298 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Small business portfolio |
|
March 31, |
|
|
December 31, |
|
|
September 30, |
|
|
March 31, |
|
|
|
2023 (unaudited) |
|
|
2022 |
|
|
2022 (unaudited) |
|
|
2022 (unaudited) |
|
|
|
(Dollars in thousands) |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
SBL, including unamortized fees and costs |
$ |
648,858 |
$ |
621,641 |
$ |
579,156 |
|
$ |
545,462 |
|||
SBL, included in loans, at fair value |
|
140,909 |
146,717 |
159,914 |
|
|
183,408 |
|||||
Total small business loans **** |
$ |
789,767 |
$ |
768,358 |
$ |
739,070 |
|
$ |
728,870 |
|||
* 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 $4.8 million and $2.6 million at March 31, 2023 and December 31, 2022, 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 March 31, 2023 |
|
|
|
|
|
|
|
|
|
Loan principal |
|
|
|
(Dollars in millions) |
|
U.S. government guaranteed portion of SBA loans (a) |
|
$ |
380 |
Paycheck Protection Program loans (PPP) (a) |
|
|
4 |
Commercial mortgage SBA (b) |
|
|
257 |
Construction SBA (c) |
|
|
11 |
Non-guaranteed portion of U.S. government guaranteed loans (d) |
|
|
104 |
Non-SBA small business loans |
|
|
23 |
Total principal |
|
$ |
779 |
Unamortized fees and costs |
|
|
11 |
Total small business loans |
|
$ |
790 |
(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 $11 million in Construction SBA loans, $9 million are 504 first mortgages with an origination date LTV of 50-60% and $2 million are SBA interim loans with an approved SBA post-construction full takeout/payoff. |
(d) The $104 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. |
Small business loans by type as of March 31, 2023 |
|||||||||||||||
(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 |
|
$ |
74 |
|
$ |
— |
|
$ |
— |
|
$ |
74 |
|
|
19% |
Full-service restaurants |
|
|
16 |
|
|
3 |
|
|
2 |
|
|
21 |
|
|
5% |
Lessors of nonresidential buildings |
|
|
19 |
|
|
— |
|
|
— |
|
|
19 |
|
|
5% |
Car washes |
|
|
17 |
|
|
2 |
|
|
— |
|
|
19 |
|
|
5% |
Child day care services |
|
|
14 |
|
|
— |
|
|
1 |
|
|
15 |
|
|
4% |
Homes for the elderly |
|
|
16 |
|
|
— |
|
|
— |
|
|
16 |
|
|
4% |
Outpatient mental health and substance abuse centers |
|
|
15 |
|
|
— |
|
|
— |
|
|
15 |
|
|
4% |
Funeral homes and funeral services |
|
|
15 |
|
|
— |
|
|
— |
|
|
15 |
|
|
4% |
Gasoline stations with convenience stores |
|
|
13 |
|
|
— |
|
|
— |
|
|
13 |
|
|
3% |
Fitness and recreational sports centers |
|
|
8 |
|
|
— |
|
|
2 |
|
|
10 |
|
|
3% |
Offices of lawyers |
|
|
9 |
|
|
— |
|
|
— |
|
|
9 |
|
|
2% |
Lessors of other real estate property |
|
|
8 |
|
|
— |
|
|
— |
|
|
8 |
|
|
2% |
General warehousing and storage |
|
|
7 |
|
|
— |
|
|
— |
|
|
7 |
|
|
2% |
Plumbing, heating, and air-conditioning companies |
|
|
6 |
|
|
— |
|
|
1 |
|
|
7 |
|
|
2% |
Limited-service restaurants |
|
|
1 |
|
|
2 |
|
|
3 |
|
|
6 |
|
|
2% |
Lessors of residential buildings and dwellings |
|
|
5 |
|
|
— |
|
|
— |
|
|
5 |
|
|
1% |
Miscellaneous durable goods merchants |
|
|
5 |
|
|
— |
|
|
— |
|
|
5 |
|
|
1% |
Technical and trade schools |
|
|
— |
|
|
5 |
|
|
— |
|
|
5 |
|
|
1% |
Packaged frozen food merchant wholesalers |
|
|
5 |
|
|
— |
|
|
— |
|
|
5 |
|
|
1% |
Other amusement and recreation industry |
|
|
4 |
|
|
— |
|
|
— |
|
|
4 |
|
|
1% |
Offices of dentists |
|
|
2 |
|
|
1 |
|
|
— |
|
|
3 |
|
|
1% |
Other warehousing and storage |
|
|
3 |
|
|
— |
|
|
— |
|
|
3 |
|
|
1% |
Vocational rehabilitation services |
|
|
3 |
|
|
— |
|
|
— |
|
|
3 |
|
|
1% |
Miscellaneous wood product manufacturing |
|
|
3 |
|
|
— |
|
|
— |
|
|
3 |
|
|
1% |
Other** |
|
|
75 |
|
|
2 |
|
|
28 |
|
|
105 |
|
|
25% |
Total |
|
$ |
343 |
|
$ |
15 |
|
$ |
37 |
|
$ |
395 |
|
|
100% |
* Of the SBL commercial mortgage and SBL construction loans, $90 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 March 31, 2023 |
|||||||||||||||
(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) |
||||||||||||
California |
|
$ |
71 |
|
$ |
3 |
|
$ |
3 |
|
$ |
77 |
|
|
19% |
Florida |
|
|
66 |
|
|
1 |
|
|
4 |
|
|
71 |
|
|
18% |
North Carolina |
|
|
34 |
|
|
7 |
|
|
2 |
|
|
43 |
|
|
11% |
New York |
|
|
26 |
|
|
— |
|
|
5 |
|
|
31 |
|
|
8% |
Pennsylvania |
|
|
21 |
|
|
— |
|
|
1 |
|
|
22 |
|
|
6% |
Georgia |
|
|
15 |
|
|
— |
|
|
2 |
|
|
17 |
|
|
4% |
New Jersey |
|
|
12 |
|
|
— |
|
|
4 |
|
|
16 |
|
|
4% |
Illinois |
|
|
14 |
|
|
— |
|
|
1 |
|
|
15 |
|
|
4% |
Texas |
|
|
12 |
|
|
— |
|
|
4 |
|
|
16 |
|
|
4% |
Other States | |||||||||||||||
