The Bancorp (TBBK) Tops Q3 EPS by 2c, Revenues In-Line
The Bancorp (NASDAQ: TBBK) reported Q3 EPS of $0.13, $0.02 better than the analyst estimate of $0.11. Revenue for the quarter came in at $27.9 million versus the consensus estimate of $27.89 million.
Highlights
- Net income of $7.3 million and earnings per diluted share of $0.13 for the quarter ended September 30, 2017.
- Net interest income increased 19% to $27.9 million for the quarter ended September 30, 2017, compared to $23.5 million for the quarter ended September 30, 2016.
- Non-interest income increased 46% to $29.0 million for the quarter ended September 30, 2017, compared to $19.9 million for the quarter ended September 30, 2016.
- Net interest margin increased to 3.26% for the quarter ended September 30, 2017, compared to 2.69% for the quarter ended September 30, 2016.
- Loans increased 15% to $1.37 billion at September 30, 2017, compared to $1.20 billion at September 30, 2016.
- Security backed lines of credit (“SBLOC”) increased 16% to $720.3 million at September 30, 2017, compared to $621.5 million at September 30, 2016.
- Direct lease financing increased 11% to $369.1 million at September 30, 2017 compared to $332.6 million at September 30, 2016.
- Small Business Administration (“SBA”) loans increased 11% to $386.8 million at September 30, 2017, compared to $349.6 million at September 30, 2016.
- The rate on average deposits and interest bearing liabilities of $3.73 billion in the third quarter of 2017 was 0.43% with a rate of 0.51% for $1.92 billion of average prepaid card deposits.
- Assets held for sale from discontinued operations decreased 18% to $315.0 million at September 30, 2017, compared to $386.2 million at September 30, 2016.
- Consolidated leverage ratio increased to 8.25% at September 30, 2017.
- Book value per common share at September 30, 2017 was $6.09 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.