The Bancorp (TBBK) Tops Q1 EPS by 7c

The Bancorp (NASDAQ: TBBK) reported Q1 EPS of $0.25, $0.07 better than the analyst estimate of $0.18.

Highlights

• Net income from continuing operations rose 122% to $14.0 million for the quarter ended March 31, 2018 compared to the quarter ended March 31, 2017 and net income overall rose 78% to $14.1 million between those periods.
• Return on Average Equity annualized for the quarter was 17.54% and Return on Average Assets was 1.30%.
• Net interest income increased 21% to $30.1 million for the quarter ended March 31, 2018, compared to $24.9 million for the quarter ended March 31, 2017.
• Interest income on security backed lines of credit (“SBLOC”) loans increased 48% to $6.5 million for the quarter ended March 31, 2018, compared to $4.4 million for the quarter ended March 31, 2017.
• Net interest margin increased to 3.12% for the quarter ended March 31, 2018, compared to 2.70% for the quarter ended March 31, 2017.
• Prepaid fees for the quarter ended March 31, 2018 increased to $14.3 million, or 5%, compared to the quarter ended March 31, 2017. Card payment and ACH processing fees increased 11% to $1.7 million during the same period.
• Loans increased 16% to $1.46 billion at March 31, 2018, compared to $1.26 billion at March 31, 2017.
• SBLOC loans increased 15% to $759.4 million at March 31, 2018, compared to $660.4 million at March 31, 2017.
• Small Business Administration (“SBA”) loans increased 15% to $424.5 million at March 31, 2018, compared to $369.8 million at March 31, 2017.
• Direct lease financing increased 6% to $385.5 million at March 31, 2018, compared to $362.7 million at March 31, 2017.
• The rate on $4.06 billion of average deposits and interest bearing liabilities in the first quarter of 2018 was 0.52% with a rate of 0.66% for $2.22 billion of average prepaid card deposits.
• Consolidated leverage ratio was 7.69% at March 31, 2018. The Bancorp and its subsidiary, The Bancorp Bank, remain well capitalized.
• Book value per common share at March 31, 2018 was $5.87 per share.

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

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