The Bancorp, Inc.NASDAQ: TBBK

The Bancorp, Inc. Reports Third Quarter 2023 Financial Results

· Issued by The Bancorp, Inc. via Business Wire
Watch The Bancorp explain itThe Bancorp, Inc. (TBBK) Q2 2026 Earnings Call · Replay · Jul 31

WILMINGTON, Del.--(BUSINESS WIRE)-- The Bancorp, Inc. ("The Bancorp" or “we”) (NASDAQ: TBBK), a financial holding company, today reported financial results for the third quarter of 2023.

Highlights

  • The Bancorp reported net income of $50.1 million, or $0.92 per diluted share, for the quarter ended September 30, 2023, compared to net income of $30.6 million, or $0.54 per diluted share, for the quarter ended September 30, 2022, or a 70% increase in income per diluted share.
  • Return on assets and equity for the quarter ended September 30, 2023 amounted to 2.7% and 26%, respectively, compared to 1.7% and 18%, respectively, for the quarter ended September 30, 2022 (all percentages “annualized”).
  • Net interest income increased 37% to $88.9 million for the quarter ended September 30, 2023, compared to $64.7 million for the quarter ended September 30, 2022. Net interest income increases reflected the impact of continuing Federal Reserve rate increases on The Bancorp’s variable rate loans and securities.
  • Net interest margin amounted to 5.07% for the quarter ended September 30, 2023, compared to 3.69% for the quarter ended September 30, 2022, and 4.83% for the quarter ended June 30, 2023.
  • Loans, net of deferred fees and costs were $5.20 billion at September 30, 2023, compared to $5.49 billion at December 31, 2022 and $5.27 billion at September 30, 2022. Those changes reflected a decrease of 1% quarter over linked quarter and a decrease of 1% year over year.
  • Gross dollar volume (“GDV”), representing the total amounts spent on prepaid and debit cards, increased $4.85 billion, or 17%, to $32.97 billion for the quarter ended September 30, 2023, compared to the quarter ended September 30, 2022. The increase reflects continued organic growth with existing partners and the impact of clients added within the past year. Total prepaid, debit card, ACH and other payment fees increased 12% to $24.1 million for the third quarter of 2023 compared to the third quarter of 2022.
  • Small business loans (“SBL”), including those held at fair value, grew 13% year over year to $830.1 million at September 30, 2023, and 3% quarter over linked quarter. That growth excludes Paycheck Protection Program (“PPP”) loan balances which amounted to $2.3 million and $6.7 million at September 30, 2023 and September 30, 2022, respectively.
  • Direct lease financing balances increased 12% year over year to $670.2 million at September 30, 2023, and 2% quarter over linked quarter.
  • At September 30, 2023, real estate bridge loans of $1.85 billion had grown 1% compared to the $1.83 billion balance at June 30, 2023, and 24% compared to the September 30, 2022 balance of $1.49 billion. These real estate bridge loans consist entirely of apartment buildings.
  • Security backed lines of credit (“SBLOC”), insurance backed lines of credit (“IBLOC”) and investment advisor financing loans collectively decreased 24% year over year and decreased 7% quarter over linked quarter to $1.92 billion at September 30, 2023.
  • The average interest rate on $6.41 billion of average deposits and interest-bearing liabilities during the third quarter of 2023 was 2.50%. Average deposits of $6.29 billion for the third quarter of 2023 reflected an increase of 3% from the $6.11 billion of average deposits for the quarter ended September 30, 2022, and a 3% decrease from $6.48 billion of average deposits in the second quarter of 2023. The decrease reflected the planned exit of $200 million of higher cost funds on July 1, 2023. Not included in deposit totals are deposits which are sold to other financial institutions totaling $334.7 million at September 30, 2023.
  • The Bancorp emphasizes safety and soundness, and liquidity. The vast majority of its funding is comprised of insured and small balance accounts. The Bancorp also has lines of credit with U.S. government agencies totaling approximately $2.7 billion as of September 30, 2023, as well as access to other liquidity.
  • As of September 30, 2023, 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 10.92%, 15.53%, 16.04% and 15.53%, 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 September 30, 2023 was $14.36 per share compared to $11.81 per common share at September 30, 2022, an increase of 22%.
  • The Bancorp repurchased 685,478 shares of its common stock at an average cost of $36.47 per share during the quarter ended September 30, 2023.

CEO and President Damian Kozlowski commented, “The Bancorp continues to produce record core profitability and exemplar financial performance in a challenging interest rate and macro environment for most financial institutions. We are initiating 2024 preliminary guidance of $4.25 a share without including the impact of share buybacks. The 2024 guidance is 18% earnings growth over 2023 guidance. In addition, as a result of our investments in growth and efficiency, the Bancorp’s increased ROE is driving a continued increase in our regulatory capital ratios. With the reg ii Durbin balance sheet limit of $10 billion, we are fast approaching the maximum equity capital needed to support our business growth into the future. Therefore, we are significantly increasing our planned buyback in 2024 by $100 million to $200 million or $50 million a quarter from $25 million a quarter.”

Conference Call Webcast

You may access the LIVE webcast of The Bancorp's Quarterly Earnings Conference Call at 8:00 AM ET Friday, October 27, 2023 by clicking on the webcast link on The Bancorp's homepage at www.thebancorp.com. Or you may dial 1.888.259.6580, conference code 63043391. You may listen to the replay of the webcast following the live call on The Bancorp's investor relations website or telephonically until Friday, November 3, 2023 by dialing 1.877.674.7070, access code 043391#.

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

Nine months ended

September 30,

September 30,

Consolidated condensed income statements

2023

2022

2023

2022

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

Net interest income

$

88,882

$

64,659

$

261,893

$

172,081

Provision for credit losses

1,752

822

4,016

4,331

Non-interest income

ACH, card and other payment processing fees

2,553

2,230

7,153

6,552

Prepaid, debit card and related fees

21,513

19,175

67,013

57,865

Net realized and unrealized gains on commercial

loans, at fair value

525

745

4,171

11,262

Leasing related income

1,767

1,048

4,768

3,566

Other non-interest income

422

228

2,000

698

Total non-interest income

26,780

23,426

85,105

79,943

Non-interest expense

Salaries and employee benefits

30,475

28,001

93,427

77,848

Data processing expense

1,404

1,292

4,123

3,727

Legal expense

1,203

907

3,110

3,175

Legal settlement

—

—

—

1,152

Civil money penalty

—

1,750

—

1,750

FDIC insurance

806

679

2,233

2,326

Software

4,427

4,001

12,981

12,030

Other non-interest expense

9,144

8,200

29,558

24,019

Total non-interest expense

47,459

44,830

145,432

126,027

Income before income taxes

66,451

42,433

197,550

121,666

Income tax expense

16,314

11,829

49,282

31,694

Net income

50,137

30,604

148,268

89,972

Net income per share - basic

$

0.93

$

0.54

$

2.70

$

1.58

Net income per share - diluted

$

0.92

$

0.54

$

2.68

$

1.56

Weighted average shares - basic

54,175,184

56,429,425

54,828,547

56,782,524

Weighted average shares - diluted

54,738,610

57,008,224

55,336,354

57,510,986

Condensed consolidated balance sheets

September 30,

June 30,

December 31,

September 30,

2023 (unaudited)

2023 (unaudited)

2022

2022 (unaudited)

(Dollars in thousands, except share data)

Assets:

Cash and cash equivalents

Cash and due from banks

$

4,881

$

6,496

$

24,063

$

22,537

Interest earning deposits at Federal Reserve Bank

898,533

874,050

864,126

700,175

Total cash and cash equivalents

903,414

880,546

888,189

722,712

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

756,636

776,410

766,016

790,594

Commercial loans, at fair value

379,603

396,581

589,143

818,040

Loans, net of deferred fees and costs

5,198,972

5,267,574

5,486,853

5,267,375

Allowance for credit losses

(24,145

)

(23,284

)

(22,374

)

(19,689

)

Loans, net

5,174,827

5,244,290

5,464,479

5,247,686

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

20,157

20,157

12,629

12,629

Premises and equipment, net

28,978

26,408

18,401

18,443

Accrued interest receivable

34,159

34,062

32,005

25,506

Intangible assets, net

1,751

1,850

2,049

2,149

Other real estate owned

18,756

20,952

21,210

18,873

Deferred tax asset, net

20,379

19,215

19,703

27,241

Other assets

127,107

122,435

89,176

93,201

Total assets

$

7,465,767

$

7,542,906

$

7,903,000

$

7,777,074

Liabilities:

Deposits

Demand and interest checking

$

6,455,043

$

6,554,967

$

6,559,617

$

5,934,591

Savings and money market

49,428

68,084

140,496

575,381

Time deposits, $100,000 and over

—

—

330,000

401,331

Total deposits

6,504,471

6,623,051

7,030,113

6,911,303

Securities sold under agreements to repurchase

42

42

42

42

Senior debt

95,771

95,682

99,050

98,958

Subordinated debenture

13,401

13,401

13,401

13,401

Other long-term borrowings

9,861

9,917

10,028

38,928

Other liabilities

68,533

51,646

56,335

50,704

Total liabilities

$

6,692,079

$

6,793,739

$

7,208,969

$

7,113,336

Shareholders' equity:

Common stock - authorized, 75,000,000 shares of $1.00 par value; 53,867,129 and 56,201,560 shares issued and outstanding at September 30, 2023 and 2022, respectively

53,867

54,542

55,690

56,202

Additional paid-in capital

234,320

256,115

299,279

311,569

Retained earnings

517,587

467,450

369,319

329,078

Accumulated other comprehensive loss

(32,086

)

(28,940

)

(30,257

)

(33,111

)

Total shareholders' equity

773,688

749,167

694,031

663,738

Total liabilities and shareholders' equity

$

7,465,767

$

7,542,906

$

7,903,000

$

7,777,074

Average balance sheet and net interest income

Three months ended September 30, 2023

Three months ended September 30, 2022

(Dollars in thousands; unaudited)

Average

Average

Average

Average

Assets:

Balance

Interest(1)

Rate

Balance

Interest(1)

Rate

Interest earning assets:

Loans, net of deferred fees and costs(2)

$

5,603,514

$

110,506

7.89

%

$

5,904,996

$

75,536

5.12

%

Leases-bank qualified(3)

4,585

110

9.60

%

3,299

55

6.67

%

Investment securities-taxable

768,364

9,647

5.02

%

824,178

6,792

3.30

%

Investment securities-nontaxable(3)

3,005

50

6.66

%

3,559

31

3.48

%

Interest earning deposits at Federal Reserve Bank

639,946

8,689

5.43

%

267,424

1,525

2.28

%

Net interest earning assets

7,019,414

129,002

7.35

%

7,003,456

83,939

4.79

%

Allowance for credit losses

(23,147

)

(19,111

)

Other assets

338,085

212,078

$

7,334,352

$

7,196,423

Liabilities and Shareholders' Equity:

Deposits:

Demand and interest checking

$

6,229,668

$

37,913

2.43

%

$

5,545,115

$

12,726

0.92

%

Savings and money market

56,538

518

3.66

%

479,260

2,792

2.33

%

Time deposits

—

—

—

87,562

547

2.50

%

Total deposits

6,286,206

38,431

2.45

%

6,111,937

16,065

1.05

%

Short-term borrowings

—

—

—

200,423

1,235

2.46

%

Repurchase agreements

41

—

—

41

—

—

Long-term borrowings

9,889

128

5.18

%

39,035

506

5.19

%

Subordinated debentures

13,401

293

8.75

%

13,401

177

5.28

%

Senior debt

95,714

1,234

5.16

%

98,910

1,279

5.17

%

Total deposits and liabilities

6,405,251

40,086

2.50

%

6,463,747

19,262

1.19

%

Other liabilities

167,673

72,539

Total liabilities

6,572,924

6,536,286

Shareholders' equity

761,428

660,137

$

7,334,352

$

7,196,423

Net interest income on tax equivalent basis(3)

$

88,916

$

64,677

Tax equivalent adjustment

34

18

Net interest income

$

88,882

$

64,659

Net interest margin(3)

5.07

%

3.69

%

(1)Interest on loans for 2023 and 2022 includes $7,000 and $21,000, respectively, of interest and fees on PPP loans.

(2)Includes commercial loans, at fair value. All periods include non-accrual loans.

(3)Full taxable equivalent basis, using 21% respective statutory federal tax rates in 2023 and 2022.

Average balance sheet and net interest income

Nine months ended September 30, 2023

Nine months ended September 30, 2022

(Dollars in thousands; unaudited)

Average

Average

Average

Average

Assets:

Balance

Interest(1)

Rate

Balance

Interest(1)

Rate

Interest earning assets:

Loans, net of deferred fees and costs(2)

$

5,772,266

$

324,009

7.48

%

$

5,531,902

$

181,174

4.37

%

Leases-bank qualified(3)

3,920

279

9.49

%

3,657

185

6.75

%

Investment securities-taxable

773,485

28,820

4.97

%

880,426

17,115

2.59

%

Investment securities-nontaxable(3)

3,193

144

6.01

%

3,559

93

3.48

%

Interest earning deposits at Federal Reserve Bank

640,554

24,271

5.05

%

499,104

2,876

0.77

%

Net interest earning assets

7,193,418

377,523

7.00

%

6,918,648

201,443

3.88

%

Allowance for credit losses

(23,192

)

(19,087

)

Other assets

269,072

203,143

$

7,439,298

$

7,102,704

Liabilities and Shareholders' Equity:

Deposits:

Demand and interest checking

$

6,343,711

$

106,984

2.25

%

$

5,598,028

$

18,522

0.44

%

Savings and money market

88,738

2,465

3.70

%

522,525

4,192

1.07

%

Time deposits

27,802

858

4.11

%

29,508

547

2.47

%

Total deposits

6,460,251

110,307

2.28

%

6,150,061

23,261

0.50

%

Short-term borrowings

6,758

234

4.62

%

71,589

1,267

2.36

%

Repurchase agreements

41

—

—

41

—

—

Long-term borrowings

9,945

382

5.12

%

39,286

506

1.72

%

Subordinated debentures

13,401

825

8.21

%

13,401

432

4.30

%

Senior debt

97,220

3,793

5.20

%

98,817

3,838

5.18

%

Total deposits and liabilities

6,587,616

115,541

2.34

%

6,373,195

29,304

0.61

%

Other liabilities

117,822

71,413

Total liabilities

6,705,438

6,444,608

Shareholders' equity

733,860

658,096

$

7,439,298

$

7,102,704

Net interest income on tax equivalent basis(3)

$

261,982

$

172,139

Tax equivalent adjustment

89

58

Net interest income

$

261,893

$

172,081

Net interest margin(3)

4.86

%

3.32

%

(1)Interest on loans for 2023 and 2022 includes $27,000 and $502,000, respectively, of interest and fees on PPP loans.

(2)Includes commercial loans, at fair value. All periods include non-accrual loans.

(3)Full taxable equivalent basis, using 21% respective statutory federal tax rates in 2023 and 2022.

Allowance for credit losses

Nine months ended

Year ended

September 30,

September 30,

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

871

861

885

Direct lease financing

2,804

312

576

Consumer - other

3

—

—

Total

3,678

1,173

1,461

Recoveries:

SBA non-real estate

446

57

140

SBA commercial mortgage

75

—

—

Direct lease financing

220

108

124

Consumer - home equity

299

—

—

Other loans

—

—

24

Total

1,040

165

288

Net charge-offs

2,638

1,008

1,173

Provision for credit losses, excluding commitment provision

4,409

2,891

5,741

Balance in allowance for credit losses at end of period

$

24,145

$

19,689

$

22,374

Net charge-offs/average loans

0.05

%

0.02

%

0.03

%

Net charge-offs/average assets

0.04

%

0.01

%

0.02

%

Loan portfolio

September 30,

June 30,

December 31,

September 30,

2023 (unaudited)

2023 (unaudited)

2022

2022 (unaudited)

(Dollars in thousands)

SBL non-real estate

$

130,579

$

117,621

$

108,954

$

116,080

SBL commercial mortgage

547,107

515,008

474,496

429,865

SBL construction

19,204

32,471

30,864

26,841

Small business loans

696,890

665,100

614,314

572,786

Direct lease financing

670,208

657,316

632,160

599,796

SBLOC / IBLOC(1)

1,720,513

1,883,607

2,332,469

2,369,106

Advisor financing(2)

199,442

173,376

172,468

168,559

Real estate bridge loans

1,848,224

1,826,227

1,669,031

1,488,119

Other loans(3)

55,800

55,644

61,679

64,980

5,191,077

5,261,270

5,482,121

5,263,346

Unamortized loan fees and costs

7,895

6,304

4,732

4,029

Total loans, including unamortized fees and costs

$

5,198,972

$

5,267,574

$

5,486,853

$

5,267,375

 

Small business portfolio

September 30,

June 30,

December 31,

September 30,

2023 (unaudited)

2023 (unaudited)

2022

2022 (unaudited)

(Dollars in thousands)

SBL, including unamortized fees and costs

$

705,790

$

673,667

$

621,641

$

579,156

SBL, included in loans, at fair value

126,543

134,131

146,717

159,914

Total small business loans(4)

$

832,333

$

807,798

$

768,358

$

739,070

(1)SBLOC are collateralized by marketable securities, while IBLOC are collateralized by the cash surrender value of insurance policies. At September 30, 2023 and December 31, 2022, IBLOC loans amounted to $712.6 million and $1.12 billion, respectively.

(2)In 2020 The Bancorp began originating loans to investment advisors for purposes of debt refinancing, acquisition of another firm or internal succession. Maximum loan amounts are subject to loan-to-value (“LTV”) ratios of 70% of the 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.

(3)Includes demand deposit overdrafts reclassified as loan balances totaling $215,000 and $2.6 million at September 30, 2023 and December 31, 2022, respectively. Estimated overdraft charge-offs and recoveries are reflected in the allowance for credit losses and are immaterial.

(4)The SBLs held at fair value are comprised of the government guaranteed portion of 7(a) Program loans at the dates indicated.

Small business loans as of September 30, 2023

Loan principal

(Dollars in millions)

U.S. government guaranteed portion of SBA loans(1)

$

392

PPP loans(1)

2

Commercial mortgage SBA(2)

273

Construction SBA(3)

11

Non-guaranteed portion of U.S. government guaranteed 7(a) Program loans(4)

109

Non-SBA SBLs

35

Total principal

$

822

Unamortized fees and costs

10

Total SBLs

$

832

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

(2)Substantially all these loans are made under the 504 Program, which dictates origination date LTV percentages, generally 50-60%, to which The Bancorp adheres.

(3)Includes $4.0 million in 504 Program first mortgages with an origination date LTV of 50-60%, and $7.0 million in SBA interim loans with an approved SBA post-construction full takeout/payoff.

(4)Includes the unguaranteed portion of 7(a) Program loans which are 70% or more guaranteed by the U.S. government. SBA 7(a) Program 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 7(a) Program loans and 504 Program loans require the personal guaranty of all 20% or greater owners.

Small business loans by type as of September 30, 2023

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

SBL commercial mortgage(1)

SBL construction(1)

SBL non-real estate

Total

% Total

(Dollars in millions)

Hotels (except casino hotels) and motels

$

74

$

—

$

—

$

74

17%

Full-service restaurants

24

6

2

32

7%

Funeral homes and funeral services

27

—

—

27

6%

Car washes

19

—

—

19

4%

Child day care services

15

1

1

17

4%

Outpatient mental health and substance abuse centers

15

—

—

15

4%

Homes for the elderly

13

—

—

13

3%

Gasoline stations with convenience stores

12

—

—

12

3%

Fitness and recreational sports centers

8

—

2

10

2%

Lessors of other real estate property

9

—

1

10

2%

Offices of lawyers

9

—

—

9

2%

General warehousing and storage

7

—

—

7

2%

Plumbing, heating, and air-conditioning companies

6

—

1

7

2%

Caterers

6

—

—

6

1%

Limited-service restaurants

3

1

3

7

2%

Specialty trade contractors

5

—

—

5

1%

Lessors of residential buildings and dwellings

5

—

—

5

1%

Miscellaneous durable goods merchant

5

—

—

5

1%

Packaged frozen food merchant wholesalers

5

—

—

5

1%

Technical and trade schools

5

—

—

5

1%

All other amusement and recreation

4

—

—

4

1%

Offices of dentists

3

—

—

3

1%

Vocational rehabilitation services

—

3

—

3

1%

Other warehousing and storage

3

—

—

3

1%

Other(2)

96

1

28

125

30%

Total

$

378

$

12

$

38

$

428

100%

(1)Of the SBL commercial mortgage and SBL construction loans, $106.0 million represents the total of the non-guaranteed portion of SBA 7(a) Program loans and non-SBA loans. The balance of those categories represents SBA 504 Program loans with 50%-60% origination date LTVs.

(2)Loan types of less than $3.0 million are spread over approximately one hundred different business types.

State diversification as of September 30, 2023

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

SBL commercial mortgage(1)

SBL construction(1)

SBL non-real estate

Total

% Total

(Dollars in millions)

California

$

78

$

4

$

3

$

85

20%

Florida

69

1

3

73

17%

North Carolina

39

1

2

42

10%

New York

24

1

3

28

7%

New Jersey

17

3

4

24

6%

Texas

19

—

4

23

5%

Pennsylvania

21

—

1

22

5%

Georgia

18

1

2

21

5%

Other States