Attached files
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| 8-K - THE BANCORP, INC. FORM 8-K - Bancorp, Inc. | bancorp8k.htm |
Exhibit 99.1
The Bancorp, Inc. Reports Fourth Quarter 2010 Financial Results
Wilmington, Delaware – January 26, 2011 - The Bancorp, Inc. ("Bancorp") (NASDAQ: TBBK), a financial holding company, today reported results for the quarter ended December 31, 2010.
Financial Highlights
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-
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Fourth quarter 2010 diluted earnings per share of $0.08, as compared to diluted loss per share of $0.04 in the fourth quarter 2009.
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-
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Net income increased to $2.0 million in the fourth quarter of 2010 from $33,000 in fourth quarter 2009, before preferred stock dividends and accretion (TARP repaid March 10, 2010).
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-
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Non-interest income, excluding security gains and losses, increased to $5.4 million, representing a 64% increase over fourth quarter 2009.
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-
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Net interest income increased by 8% to $18.2 million over fourth quarter 2009.
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-
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Total non-performing loans and loans 90 days past due and accruing interest declined to 1.08% of total loans at December 31, 2010, compared to 1.66% at the prior year end.
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-
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Average loans for the fourth quarter totaled $1.6 billion, an increase of $85 million or 6% over fourth quarter 2009.
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-
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Average deposits for the fourth quarter totaled $2.1 billion, an increase of $524 million or 32% over fourth quarter 2009, while transaction accounts grew to 99% of total average deposits. The average cost of funds between those respective periods decreased to 0.61% from 0.86%.
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Betsy Z. Cohen, Bancorp’s Chief Executive Officer, said, “We are pleased to report meaningful increases in non-interest income and net interest income. Although the provision for loan and lease losses remained elevated during the quarter; operating earnings, excluding the provision, amounted to $7.2 million compared to $5.8 million in fourth quarter 2009. Additionally, improvement in several key asset quality indicators is reflected in the decrease in total non-performing assets and loans over 90 days past due still accruing. Those categories totaled $19.6 million at December 31, 2010, compared to $25.7 million at the prior year end, or a decrease of 24%, while the allowance for loan losses to total loans increased to 1.49% from 1.26% over that period. In a weak economy, we grew our average quarterly loans by 6%, and have begun closing Small Business Administration loans. We also have developed new relationships to market our security backed lines of credit and are optimistic about growth in that area. We continue to grow prepaid relationships with our pipeline of prepaid customers.”
Financial Results
Bancorp reported net income available to common shareholders for the three months ended December 31, 2010 of $2.0 million or $0.08 diluted earnings per share, on 26,181,354 weighted average shares, compared to a net loss available to common shareholders of $932,000 or a diluted loss per share of $0.04, based on 26,181,291 weighted average shares, for the three months ended December 31, 2009. Core operating earnings as shown below, a non-GAAP measure, increased to $7.2 million for the three months ended December 31, 2010 as compared to $5.8 million for the three months ended December 31, 2009. The following is a reconciliation of core operating earnings to GAAP net income available to common shareholders (for the three month periods):
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December 31,
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December 31,
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2010
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2009
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|||||||
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Net income (loss) available to common shareholders
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$ | 2,041 | $ | (932 | ) | |||
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Preferred stock dividends and accretion
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- | 965 | ||||||
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Income tax expense
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946 | 17 | ||||||
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(Gains) and losses on securities
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14 | (436 | ) | |||||
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Other than temporary impairment in securities
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- | 2,225 | ||||||
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Provision for loan and lease losses
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4,212 | 4,000 | ||||||
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Core operating earnings (1)
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$ | 7,213 | $ | 5,839 | ||||
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(1)
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As a supplement to GAAP, Bancorp has provided this non-GAAP performance result. The Bancorp believes that this non-GAAP financial measure is useful because it allows investors to assess its operating performance, specifically its overall earnings capacity. Other companies may calculate core earnings differently. Although this non-GAAP financial measure is intended to enhance investors’ understanding of Bancorp’s business and performance, it should not be considered, and is not intended to be, a substitute for GAAP.
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Balance Sheet Summary
At December 31, 2010, Bancorp's total assets were $2.4 billion, an increase of $350 million or 17% over December 31, 2009. During that period, investments increased to $253 million, an increase of $138 million or 120%; loans increased to $1.6 billion, an increase of $95 million or 6%; and deposits increased to $2.0 billion, an increase of $370 million or 22%.
Conference Call Webcast
You may access the LIVE webcast of Bancorp's Quarterly Earnings Conference Call at 10:30 AM EST Thursday, January 27, 2011 by clicking on the webcast link on Bancorp's homepage at www.thebancorp.com. Or, you may dial 866.730.5769 using access code 21625636. You may listen to the replay of the webcast following the live call on Bancorp's investor relations website or telephonically until Thursday, February 3, 2011 by dialing 888.286.8010, access code 16943233.
About Bancorp
The Bancorp, Inc. is a financial holding company that operates The Bancorp Bank, an FDIC-insured commercial bank that delivers a full array of financial services and products both directly and through private-label affinity programs nationwide. The Bancorp Bank’s regional community bank operations serve the needs of small and mid-size businesses and their principals in the Philadelphia-Wilmington region.
Forward Looking Statements
Statements in this earnings release regarding The Bancorp, Inc.’s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. These statements may be identified by the use of forward-looking terminology, including but not limited to the words “may,” “believe,” “will,” “expect,” “look,” “anticipate,” “estimate,” “continue,” or similar words. For further discussion of the risks and uncertainties to which these forward-looking statements may be subject, see The Bancorp, Inc.’s filings with the SEC, including the “Risk Factors” sections of The Bancorp Inc.’s filings. These risks and uncertainties could cause actual results to differ materially from those projected in the forward-looking statements. The forward-looking statements speak only as of the date of this presentation. The Bancorp, Inc. does not undertake to publicly revise or update forward-looking statements in this presentation to reflect events or circumstances that arise after the date of this presentation, except as may be required under applicable law.
The Bancorp, Inc. Contact
Andres Viroslav
215-861-7990
andres.viroslav@thebancorp.com
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The Bancorp, Inc.
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Financial highlights
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(unaudited)
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Three months ended
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Year ended
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December 31,
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December 31,
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2010
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2009
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2010
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2009
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(dollars in thousands except per share data)
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(dollars in thousands except per share data)
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Condensed income statement
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Net interest income
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$ | 18,174 | $ | 16,849 | $ | 68,193 | $ | 63,709 | ||||||||
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Provision for loan and lease losses
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4,212 | 4,000 | 19,287 | 13,000 | ||||||||||||
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Non-interest income
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Gain and losses on securities
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(14 | ) | 436 | 1,207 | 1,106 | |||||||||||
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Other than temporary impairment of investment securities
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- | (2,225 | ) | (135 | ) | (2,225 | ) | |||||||||
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Other non-interest income
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5,372 | 3,272 | 19,524 | 12,576 | ||||||||||||
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Total non-interest income
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5,358 | 1,483 | 20,596 | 11,457 | ||||||||||||
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Non-interest expense
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Loss on other real estate owned
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- | - | 22 | 1,700 | ||||||||||||
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Other non-interest expense
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16,333 | 14,282 | 61,726 | 54,116 | ||||||||||||
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Total non-interest expense
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16,333 | 14,282 | 61,748 | 55,816 | ||||||||||||
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Net income before income tax expense
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2,987 | 50 | 7,754 | 6,350 | ||||||||||||
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Income tax expense
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946 | 17 | 2,532 | 2,248 | ||||||||||||
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Net income
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2,041 | 33 | 5,222 | 4,102 | ||||||||||||
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Less preferred stock dividends
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- | (565 | ) | (433 | ) | (2,293 | ) | |||||||||
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Less preferred stock accretion
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- | (400 | ) | (5,809 | ) | (1,467 | ) | |||||||||
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Net income (loss) available to common shareholders
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$ | 2,041 | $ | (932 | ) | $ | (1,020 | ) | $ | 342 | ||||||
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Basic earnings (loss) per share
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$ | 0.08 | $ | (0.04 | ) | $ | (0.04 | ) | $ | 0.02 | ||||||
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Diluted earnings (loss) per share
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$ | 0.08 | $ | (0.04 | ) | $ | (0.04 | ) | $ | 0.02 | ||||||
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Weighted average shares - basic
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26,181,281 | 26,181,291 | 26,181,281 | 18,794,590 | ||||||||||||
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Weighted average shares - diluted
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26,181,354 | 26,181,291 | 26,181,281 | 19,324,335 | ||||||||||||
3
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Balance sheet
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December 31
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September 30
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June 30
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December 31
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2010
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2010
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2010
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2009
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Assets:
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Cash and cash equivalents
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Cash and due from banks
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$ | 157,411 | $ | 164,948 | $ | 92,620 | $ | 135,246 | ||||||||
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Interest bearing deposits
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314,908 | 584,857 | 171,054 | 219,213 | ||||||||||||
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Total cash and cash equivalents
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472,319 | 749,805 | 263,674 | 354,459 | ||||||||||||
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Investment securities, available-for-sale, at fair value
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231,165 | 249,342 | 208,080 | 93,478 | ||||||||||||
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Investment securities, held-to-maturity
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21,364 | 21,354 | 21,496 | 21,468 | ||||||||||||
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Loans, net of deferred costs
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1,619,195 | 1,590,507 | 1,576,525 | 1,523,722 | ||||||||||||
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Allowance for loan and lease losses
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(24,063 | ) | (21,798 | ) | (22,336 | ) | (19,123 | ) | ||||||||
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Loans, net
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1,595,132 | 1,568,709 | 1,554,189 | 1,504,599 | ||||||||||||
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Premises and equipment, net
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8,767 | 8,602 | 8,229 | 7,942 | ||||||||||||
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Accrued interest receivable
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8,878 | 8,396 | 8,483 | 7,722 | ||||||||||||
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Intangible assets, net
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9,005 | 9,255 | 9,505 | 10,005 | ||||||||||||
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Other real estate owned
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2,115 | 225 | 459 | 459 | ||||||||||||
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Deferred tax asset, net
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21,872 | 19,434 | 20,258 | 20,875 | ||||||||||||
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Other assets
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23,327 | 24,554 | 29,497 | 22,527 | ||||||||||||
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Total assets
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$ | 2,393,944 | $ | 2,659,676 | $ | 2,123,870 | $ | 2,043,534 | ||||||||
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Liabilities:
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Deposits
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Demand (non-interest bearing)
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$ | 945,605 | $ | 1,402,538 | $ | 827,268 | $ | 661,383 | ||||||||
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Savings, money market and interest checking
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975,973 | 1,001,959 | 903,599 | 850,306 | ||||||||||||
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Time deposits
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90,862 | 9,218 | 1,178 | 125,255 | ||||||||||||
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Time deposits, $100,000 and over
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11,657 | 8,672 | 149,562 | 17,565 | ||||||||||||
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Total deposits
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2,024,097 | 2,422,387 | 1,881,607 | 1,654,509 | ||||||||||||
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Securities sold under agreements to repurchase
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14,383 | 9,429 | 7,552 | 2,588 | ||||||||||||
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Short-term borrowings
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87,000 | - | - | 100,000 | ||||||||||||
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Federal funds purchased
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49,000 | - | - | - | ||||||||||||
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Accrued interest payable
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124 | 109 | 165 | 362 | ||||||||||||
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Subordinated debenture
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13,401 | 13,401 | 13,401 | 13,401 | ||||||||||||
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Other liabilities
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7,033 | 12,918 | 17,367 | 27,471 | ||||||||||||
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Total liabilities
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$ | 2,195,038 | $ | 2,458,244 | $ | 1,920,092 | $ | 1,798,331 | ||||||||
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Shareholders' equity:
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Series B, $1,000 liquidation value, 0 and 45,220 shares issued and outstanding at December 31, 2010 and 2009, respectively
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- | - | - | 39,411 | ||||||||||||
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Common stock - authorized, 50,000,000 shares of $1.00 par value; 26,181,281 issued and outstanding at December 31, 2010 and 2009, respectively
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26,181 | 26,181 | 26,181 | 26,181 | ||||||||||||
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Additional paid-in capital
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192,711 | 192,492 | 197,027 | 196,875 | ||||||||||||
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Accumulated deficit
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(18,195 | ) | (20,236 | ) | (20,824 | ) | (17,175 | ) | ||||||||
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Accumulated other comprehensive (loss) gain
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(1,791 | ) | 2,995 | 1,394 | (89 | ) | ||||||||||
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Total shareholders' equity
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198,906 | 201,432 | 203,778 | 245,203 | ||||||||||||
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Total liabilities and shareholders' equity
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$ | 2,393,944 | $ | 2,659,676 | $ | 2,123,870 | $ | 2,043,534 | ||||||||
4
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Average balance sheet and net interest income
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Three months ended December 31, 2010
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Three months ended December 31, 2009
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(Dollars in thousands)
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Average
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Average
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Average
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Average
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||||||||||||||||||||
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Assets:
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Balance
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Interest
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Rate
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Balance
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Interest
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Rate
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Interest-earning assets:
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Loans net of unearned discount
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$ | 1,597,630 | $ | 19,048 | 4.77 | % | $ | 1,515,632 | $ | 18,666 | 4.93 | % | ||||||||||||
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Leases – nontaxable*
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2,646 | 48 | 7.26 | % | - | - | ||||||||||||||||||
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Investment securities-taxable
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192,716 | 1,530 | 3.18 | % | 111,548 | 1,198 | 4.30 | % | ||||||||||||||||
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Investment securities-nontaxable*
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76,401 | 1,029 | 5.39 | % | 34,709 | 712 | 8.21 | % | ||||||||||||||||
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Interest bearing deposits at Federal Reserve Bank
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332,010 | 207 | 0.25 | % | 79,122 | 51 | 0.26 | % | ||||||||||||||||
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Federal funds sold
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- | - | 0.00 | % | 39,243 | 30 | 0.31 | % | ||||||||||||||||
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Net interest-earning assets
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2,201,403 | 21,862 | 3.97 | % | 1,780,254 | 20,657 | 4.64 | % | ||||||||||||||||
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Allowance for loan and lease losses
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(22,660 | ) | (18,946 | ) | ||||||||||||||||||||
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Other assets
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200,647 | 157,708 | ||||||||||||||||||||||
| $ | 2,379,390 | $ | 1,919,016 | |||||||||||||||||||||
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Liabilities and Shareholders' Equity:
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Deposits:
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Demand (non-interest bearing)
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$ | 1,119,463 | $ | 417 | 0.15 | % | $ | 741,239 | $ | 97 | 0.05 | % | ||||||||||||
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Interest bearing deposits
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Interest checking
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684,740 | 1,793 | 1.05 | % | 420,498 | 1,688 | 1.61 | % | ||||||||||||||||
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Savings and money market
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303,749 | 823 | 1.08 | % | 375,530 | 1,297 | 1.38 | % | ||||||||||||||||
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Time
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29,481 | 63 | 0.85 | % | 76,192 | 218 | 1.14 | % | ||||||||||||||||
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Total interest bearing deposits
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1,017,970 | 2,679 | 1.05 | % | 872,220 | 3,203 | 1.47 | % | ||||||||||||||||
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Total deposits
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2,137,433 | 3,096 | 0.58 | % | 1,613,459 | 3,300 | 0.82 | % | ||||||||||||||||
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Short-term borrowings
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4,272 | 8 | 0.75 | % | 29,837 | 50 | 0.67 | % | ||||||||||||||||
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Repurchase agreements
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12,126 | 9 | 0.30 | % | 1,602 | 4 | 1.00 | % | ||||||||||||||||
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Subordinated debt
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13,401 | 216 | 6.45 | % | 13,401 | 216 | 6.45 | % | ||||||||||||||||
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Net interest bearing liabilities
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1,047,769 | 2,912 | 1.11 | % | 917,060 | 3,473 | 1.51 | % | ||||||||||||||||
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Total cost of funds
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2,167,232 | 3,329 | 0.61 | % | 1,658,299 | 3,570 | 0.86 | % | ||||||||||||||||
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Other liabilities
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8,423 | 12,456 | ||||||||||||||||||||||
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Total Liabilities
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2,175,655 | 1,670,755 | ||||||||||||||||||||||
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Shareholders' equity
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203,735 | 248,261 | ||||||||||||||||||||||
| $ | 2,379,390 | $ | 1,919,016 | |||||||||||||||||||||
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Net interest income on tax equivalent basis*
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18,533 | 17,087 | ||||||||||||||||||||||
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Tax equivalent adjustment
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359 | 238 | ||||||||||||||||||||||
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Net interest income
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$ | 18,174 | $ | 16,849 | ||||||||||||||||||||
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Net interest margin *
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3.36 | % | 3.84 | % | ||||||||||||||||||||
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* Taxable equivalent basis for comparability to other interest categories, using a 34% statutory tax rate
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5
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Average balance sheet and net interest income
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Year ended December 31, 2010
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Year ended December 31, 2009
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(Dollars in thousands)
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Average
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Average
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Average
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Average
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Assets:
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Balance
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Interest
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Rate
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Balance
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Interest
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Rate
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Interest-earning assets:
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Loans net of unearned discount
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$ | 1,567,947 | $ | 73,741 | 4.70 | % | $ | 1,477,614 | $ | 73,074 | 4.95 | % | ||||||||||||
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Leases - bank qualified
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1,038 | 48 | 4.62 | % | - | - | 0.00 | % | ||||||||||||||||
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Investment securities-taxable
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164,238 | 6,181 | 3.76 | % | 107,695 | 5,017 | 4.66 | % | ||||||||||||||||
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Investment securities-nontaxable*
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48,913 | 2,919 | 5.97 | % | 25,449 | 2,041 | 8.02 | % | ||||||||||||||||
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Interest bearing deposits at Federal Reserve Bank
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327,943 | 817 | 0.25 | % | 39,271 | 87 | 0.22 | % | ||||||||||||||||
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Federal funds sold
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- | - | 0.00 | % | 70,061 | 234 | 0.33 | % | ||||||||||||||||
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Net interest-earning assets
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2,110,079 | 83,706 | 3.97 | % | 1,720,090 | 80,453 | 4.68 | % | ||||||||||||||||
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Allowance for loan and lease losses
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(21,676 | ) | (18,632 | ) | ||||||||||||||||||||
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Other assets
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183,850 | 135,917 | ||||||||||||||||||||||
| $ | 2,272,253 | $ | 1,837,375 | |||||||||||||||||||||
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Liabilities and Shareholders' Equity:
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Deposits:
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Demand (non-interest bearing)
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$ | 1,011,667 | $ | 1,311 | 0.13 | % | $ | 529,477 | $ | 406 | 0.08 | % | ||||||||||||
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Interest bearing deposits
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Interest checking
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622,116 | 7,870 | 1.27 | % | 365,715 | 5,937 | 1.62 | % | ||||||||||||||||
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Savings and money market
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311,251 | 3,921 | 1.26 | % | 516,356 | 5,959 | 1.15 | % | ||||||||||||||||
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Time
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69,169 | 457 | 0.66 | % | 151,791 | 2,510 | 1.65 | % | ||||||||||||||||
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Total interest bearing deposits
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1,002,536 | 12,248 | 1.22 | % | 1,033,862 | 14,406 | 1.39 | % | ||||||||||||||||
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Total deposits
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2,014,203 | 13,559 | 0.67 | % | 1,563,339 | 14,812 | 0.95 | % | ||||||||||||||||
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Short-term Borrowings
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13,464 | 89 | 0.66 | % | 44,895 | 329 | 0.73 | % | ||||||||||||||||
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Repurchase agreements
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8,637 | 27 | 0.31 | % | 2,175 | 26 | 1.20 | % | ||||||||||||||||
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Subordinated debt
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13,211 | 864 | 6.54 | % | 13,401 | 883 | 6.59 | % | ||||||||||||||||
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Net interest bearing liabilities
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1,037,848 | 13,228 | 1.27 | % | 1,094,333 | 15,644 | 1.43 | % | ||||||||||||||||
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Total cost of funds
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2,049,515 | 14,539 | 0.71 | % | 1,623,810 | 16,050 | 0.99 | % | ||||||||||||||||
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Other liabilities
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9,569 | 7,608 | ||||||||||||||||||||||
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Total Liabilities
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2,059,084 | 1,631,418 | ||||||||||||||||||||||
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Shareholders' equity
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213,169 | 205,957 | ||||||||||||||||||||||
| $ | 2,272,253 | $ | 1,837,375 | |||||||||||||||||||||
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Net interest income on tax equivalent basis*
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69,167 | 64,403 | ||||||||||||||||||||||
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Tax equivalent adjustment
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974 | 694 | ||||||||||||||||||||||
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Net interest income
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$ | 68,193 | $ | 63,709 | ||||||||||||||||||||
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Net interest margin *
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3.28 | % | 3.74 | % | ||||||||||||||||||||
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* Full taxable equivalent basis to be comparable to the interest income of all other categories, using a 34% statutory tax rate
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6
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Allowance for loan and lease losses:
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For year ended
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For year ended
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December 31,
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December 31,
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2010
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2009
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Balance in the allowance for loan and lease losses at beginning of period
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$ | 19,123 | $ | 17,361 | ||||
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Loans charged-off:
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Commercial
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12,948 | 6,314 | ||||||
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Construction
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565 | 4,546 | ||||||
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Lease financing
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3 | 49 | ||||||
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Residential mortgage
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1,254 | 328 | ||||||
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Consumer
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618 | 127 | ||||||
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Total
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15,388 | 11,364 | ||||||
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Recoveries:
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Commercial
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254 | 53 | ||||||
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Construction
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29 | 32 | ||||||
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Lease financing
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10 | 27 | ||||||
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Residential mortgage
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742 | 12 | ||||||
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Consumer
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6 | 2 | ||||||
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Total
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1,041 | 126 | ||||||
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Net charge-offs
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14,347 | 11,238 | ||||||
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Provision charged to operations
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19,287 | 13,000 | ||||||
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Balance in allowance for loan and lease losses at end of period
|
$ | 24,063 | $ | 19,123 | ||||
|
Net charge-offs/average loans
|
0.92 | % | 0.76 | % | ||||
7
|
Loan portfolio:
|
December 31
|
September 30,
|
June 30,
|
December 31,
|
||||||||||||
|
2010
|
2010
|
2010
|
2009
|
|||||||||||||
|
Commercial
|
$ | 441,835 | $ | 409,697 | $ | 403,320 | $ | 402,232 | ||||||||
|
Commercial mortgage (1)
|
580,780 | 580,491 | 580,542 | 569,434 | ||||||||||||
|
Construction
|
203,120 | 206,551 | 207,846 | 207,184 | ||||||||||||
|
Total commercial loans
|
1,225,735 | 1,196,739 | 1,191,708 | 1,178,850 | ||||||||||||
|
Direct financing leases
|
103,289 | 103,278 | 96,319 | 78,802 | ||||||||||||
|
Residential mortgage
|
93,004 | 93,833 | 95,542 | 85,759 | ||||||||||||
|
Consumer loans and others
|
194,320 | 193,968 | 190,729 | 178,608 | ||||||||||||
| 1,616,348 | 1,587,818 | 1,574,298 | 1,522,019 | |||||||||||||
|
Unamortized costs (fees)
|
2,847 | 2,689 | 2,227 | 1,703 | ||||||||||||
|
Total loans, net of unamortized fees and costs
|
$ | 1,619,195 | $ | 1,590,507 | $ | 1,576,525 | $ | 1,523,722 | ||||||||
|
Supplemental loan data :
|
||||||||||||||||
|
Construction 1-4 family
|
92,190 | 95,905 | 102,730 | 100,088 | ||||||||||||
|
Construction commercial, acquisition and development
|
110,930 | 110,646 | 105,116 | 107,096 | ||||||||||||
| $ | 203,120 | $ | 206,551 | $ | 207,846 | $ | 207,184 | |||||||||
|
(1) At December 31, 2010 our owner-occupied loans amounted to $127 million, or 22% of commercial mortgages.
|
||||||||||||||||
8
|
December 31,
|
September 30,
|
June 30,
|
March 31,
|
December 31, | ||||||||||||||||
|
2010
|
2010
|
2010
|
2010
|
2009
|
||||||||||||||||
|
Asset quality ratios:
|
||||||||||||||||||||
|
Nonperforming loans to total loans (1)
|
1.08 | % | 1.51 | % | 1.82 | % | 1.44 | % | 1.66 | % | ||||||||||
|
Nonperforming assets to total assets (1)
|
0.82 | % | 0.91 | % | 1.37 | % | 1.08 | % | 1.26 | % | ||||||||||
|
Allowance for loan and lease losses to total loans
|
1.49 | % | 1.37 | % | 1.42 | % | 1.33 | % | 1.26 | % | ||||||||||
|
Nonaccrual loans
|
$ | 15,298 | $ | 19,640 | $ | 18,193 | $ | 17,863 | $ | 12,270 | ||||||||||
|
Total nonperforming loans
|
15,298 | 19,640 | 18,193 | 17,863 | 12,270 | |||||||||||||||
|
Other real estate owned
|
2,115 | 225 | 459 | 648 | 459 | |||||||||||||||
|
Total nonperforming assets
|
$ | 17,413 | $ | 19,865 | $ | 18,652 | $ | 18,511 | $ | 12,729 | ||||||||||
|
Loans 90 days past due still accruing interest
|
$ | 2,219 | $ | 4,352 | $ | 10,529 | $ | 4,071 | $ | 12,994 | ||||||||||
|
(1) Nonperforming loans are defined as nonaccrual loans and restructure loans. Loans 90 days past due and still accruing interest are also included in these ratios.
|
||||||||||||||||||||
|
Three months ended
|
Year ended
|
|||||||||||||||
|
December 31,
|
December 31,
|
|||||||||||||||
|
2010
|
2009
|
2010
|
2009
|
|||||||||||||
|
Selected operating ratios:
|
||||||||||||||||
|
Return on average assets
|
0.34 | % | 0.01 | % | 0.23 | % | 0.22 | % | ||||||||
|
Return on average equity
|
4.01 | % | 0.05 | % | 2.45 | % | 1.99 | % | ||||||||
|
Net interest margin
|
3.36 | % | 3.84 | % | 3.28 | % | 3.74 | % | ||||||||
|
Efficiency ratio (1)
|
69.37 | % | 71.11 | % | 70.52 | % | 73.29 | % | ||||||||
|
Book value per share (2)
|
$ | 7.60 | $ | 7.64 | $ | 7.60 | $ | 7.64 | ||||||||
|
(1) Excludes OREO loss in 2009.
|
||||||||||||||||
|
(2) Excludes Series B Preferred Shares issued to the U.S. Treasury and the associated book value.
|
||||||||||||||||
Capital Ratios
|
Tier 1 capital
|
Tier 1 capital
|
Total capital
|
||||||||||
|
to average
|
to risk-weighted
|
to risk-weighted
|
||||||||||
|
assets ratio
|
assets ratio
|
assets ratio
|
||||||||||
|
As of December 31, 2010
|
||||||||||||
|
The Company
|
8.37 | % | 11.99 | % | 13.24 | % | ||||||
|
The Bancorp Bank
|
7.39 | % | 10.60 | % | 11.85 | % | ||||||
|
"Well capitalized" institution (under FDIC regulations)
|
5.00 | % | 6.00 | % | 10.00 | % | ||||||
|
As of December 31, 2009
|
||||||||||||
|
The Company
|
12.68 | % | 15.81 | % | 17.06 | % | ||||||
|
The Bancorp Bank
|
8.78 | % | 10.97 | % | 12.22 | % | ||||||
|
"Well capitalized" institution (under FDIC regulations)
|
5.00 | % | 6.00 | % | 10.00 | % | ||||||
9