The Bancorp Inc. Reports Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013
January 23, 2014 at 05:05 pm
Share
The Bancorp Inc. reported unaudited earnings results for the fourth quarter and full year ended December 31, 2013. Net income for the fourth quarter of 2013 increased to $7.3 million compared to $5.2 million in fourth quarter 2012, an increase of 40%. 27% increase in diluted earnings per share. 25% increase in total quarterly revenues. 21% increase in adjusted operating earnings, a non GAAP measure, to $16.8 million for the fourth quarter of 2013 versus $13.9 million for the quarter ended December 31, 2012. 15% increase in quarterly net interest income to $25.4 million compared to $22.1 million in fourth quarter 2012. Bancorp reported net income available to common shareholders for the three months ended December 31, 2013 of $7.3 million, or diluted earnings per share of $0.19, based on 38,349,802 weighted average diluted shares outstanding, compared to net income available to common shareholders of $5.2 million, or diluted earnings per share of $0.15, based on 33,921,763 weighted average diluted shares outstanding, for the three months ended December 31, 2012. Adjusted operating earnings, a non-GAAP measure, increased to $16.8 million for the three months ended December 31, 2013 compared to $13.9 million for the three months ended December 31, 2012. Net income before income tax expense was $11.422 million against $6.859 million a year ago. Return on average assets (annualized) was 0.68% against 0.62% a year ago. Return on average equity (annualized) was 8.17% against 7.04% a year ago.
Year to date net income increased to $25.1 million in 2013 from $16.6 million in 2012, an increase of 51%. On a year to date basis, diluted earnings per share increased to $0.66 in 2013 from $0.50 in 2012, an increase of 32%. Book value per share increased 5%, from $9.06 at December 31, 2012 to $9.53 at December 31, 2013. Net income available to common shareholders was $25.110 million or $0.66 diluted per share against $16.624 million or $0.50 diluted per share a year ago. Adjusted operating earnings was $68.027 million against $48.905 million a year ago. Net interest income was $95.782 million against $85.444 million a year ago. Net income before income tax expense was $38.935 million against $24.418 million a year ago. Return on average assets (annualized) was 0.61% against 0.48% a year ago. Return on average equity (annualized) was 7.22% against 5.86% 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.
THE BANCORP, INC. 
