The Bancorp (TBBK) Tops Q1 EPS by 7c

The Bancorp (NASDAQ: TBBK) reported Q1 EPS of $0.14, $0.07 better than the analyst estimate of $0.07.

• Net income of $8.0 million and diluted earnings per share of $0.14.
• Net interest income increased 21% to $24.9 million for the quarter ended March 31, 2017, compared to $20.6 million for the quarter ended March 31, 2016.
• Non-interest income increased 30% to $24.2 million for the quarter ended March 31, 2017, compared to $18.7 million for the quarter ended March 31, 2016.
• Net interest margin increased to 2.70% for the quarter ended March 31, 2017, compared to 2.56% for the quarter ended March 31, 2016.
• Loans and loans held for sale from continuing operations increased 22% to $1.75 billion at March 31, 2017, compared to $1.43 billion at March 31, 2016.
• Direct lease financing increased 51% to $363.2 million at March 31, 2017, from $240.7 million at March 31, 2016, reflecting the impact of organic growth and the purchase of lease receivables.
• Small Business Administration (“SBA”) loans increased 11% to $369.8 million at March 31, 2017, from $334.4 million at March 31, 2016.
• The rate on our average deposits and interest bearing liabilities of $4.10 billion in Q1 2017 was 0.35% with a rate of 0.27% for $2.18 billion of average prepaid card deposits.
• Assets held for sale from discontinued operations decreased 36% to $341.3 million at March 31, 2017, from $536.5 million at March 31, 2016.
• Non-interest expense was reduced by $3.0 million, to $37.8 million for the quarter ended March 31, 2017, compared to $40.8 million for the quarter ended March 31, 2016, excluding BSA lookback expense for 2016.
• Book value per common share at March 31, 2017, of $5.57 per share. The Bancorp and its subsidiary, The Bancorp Bank, remain well capitalized.

For earnings history and earnings-related data on The Bancorp (TBBK) click here.

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