The Bancorp Inc. Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2012
January 23, 2013 at 10:30 pm
Share
The Bancorp Inc. reported earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported net interest income of $22,086,000 against $20,356,000 a year ago. Net income before income tax expense was $6,859,000 against $4,670,000 a year ago. Net income available to common shareholders was $5,237,000 or $0.15 per basic and diluted share against $3,288,000 or $0.10 per basic and diluted share a year ago. Return on average assets was 0.62% against 0.43% a year ago. Return on average equity was 7.04% against 4.84% a year ago. Adjusted operating earnings were $13,875,000 against $9,378,000 a year ago.
For the year, the company reported net interest income of $85,444,000 against $76,406,000 a year ago. Net income before income tax expense was $24,418,000 against $13,229,000 a year ago. Net income available to common shareholders was $16,624,000 or $0.50 per basic and diluted share against $8,918,000 or $0.28 per basic and diluted share a year ago. Return on average assets was 0.48% against 0.31% a year ago. Return on average equity was 5.86% against 3.54% a year ago. As on December 31, 2012, the company's book value per share was $9.06 against $8.18 a year ago. Adjusted operating earnings were $48,905,000 against $34,598,000 a year ago.
The Bancorp, Inc. is a financial holding company. The Company's segments include Specialty Finance and Payments. Its primary lines of specialty lending include securities-backed lines of credit (SBLOC) and cash value of insurance-backed lines of credit (IBLOC), leasing (direct lease financing), Small Business Administration (SBA) loans and non-SBA commercial real estate (CRE) loans. Its SBLOCs and IBLOCs are loans which are generated through institutional banking affinity groups and are respectively collateralized by marketable securities and the cash value of insurance policies. It offers investment advisor financing to investment advisors. The Company also offers small business loans (SBL), which are comprised primarily of SBA loans and vehicle fleet and, to a lesser extent, other equipment leasing to small and medium sized businesses. Its SBLOCs and IBLOCs are offered in conjunction with brokerage accounts. The Companyâs subsidiary is The Bancorp Bank, National Association.