Business
The Bancorp, Inc. Reports Fourth Quarter and Full Year 2019 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 fourth quarter and full year of 2019.\n\n\nHighlights\n\n\n\nFor the quarter ended December 31, 2019, The Bancorp earned net income of $2.9 million from continuing operations and $0.03 diluted earnings per share from combined continuing and discontinued operations. That net income adjusted for a $7.5 million non-deductible FDIC civil money penalty, was $10.3 million, or $0.18 per diluted share. This compares to $0.11 diluted earnings per share from continuing operations for the quarter ended December 31, 2018.\n\n\n\n\nNet interest margin increased to 3.32% for the year ended December 31, 2019, compared to 3.19% for the year ended December 31, 2018.\n\n\n\n\nNet interest income increased 15% to $35.2 million for the quarter ended December 31, 2019, compared to $30.6 million for the quarter ended December 31, 2018.\n\n\n\n\nAverage loans and leases, including loans held for sale, increased 31% to $2.5 billion for the quarter ended December 31, 2019, compared to $1.9 billion for the quarter ended December 31, 2018.\n\n\n\n\nPrepaid, debit card and related fees increased 30% to $17.0 million for the quarter ended December 31, 2019, compared to $13.1 million for the quarter ended December 31, 2018. Gross dollar volume (GDV), representing total spend on cards, increased 41%.\n\n\n\n\nTotal year-end SBLOC (securities-backed lines of credit) and IBLOC (insurance backed lines of credit) loans increased 30% year over year and 11% quarter over third quarter 2019 to $1.0 billion at December 31, 2019.\n\n\n\n\nSmall Business Loans, including those held-for-sale, increased 22% year over year to $572.6 million at December 31, 2019.\n\n\n\n\nThe average rate on $4.3 billion of average deposits and interest-bearing liabilities in the fourth quarter of 2019 was 0.77%. Average prepaid card deposits of $2.7 billion for fourth quarter 2019, reflected an increase of 22% over the $2.2 billion for the quarter ended December 31, 2018.\n\n\n\n\nConsolidated leverage ratio was 9.65% at December 31, 2019. The Bancorp and its subsidiary, The Bancorp Bank, remain well capitalized.\n\n\n\n\nBook value per common share at December 31, 2019 was $8.52 per share compared to $7.22 a year earlier, an increa...