The Bancorp, Inc., based in north Wilmington, reported a turnaround in financial results in the second quarter and first half.
The Bancorp reported net income of $18.9 million for the quarter ended June 30, compared to a net loss of $31.4 million, for the quarter ended June 30, 2016.
Net income from continuing operations for the quarter ended June 30, 2017, was $17.6 million, compared to a net loss of $17.8 million from continuing operations for the quarter ended June 30, 2016.
Income from continuing operations does not include any income which may result from the reinvestment of the proceeds from sales or repayment of the remaining assets in The Bancorp’s discontinued operations.
Damian Kozlowski, The Bancorp’s CEO said, “The first quarter of 2017 was a turning point for our company and our second quarter demonstrates that we have turned the corner on our financial performance. Our run-rate earnings continue to improve, reflecting further revenue momentum and the positive results from our on-going restructuring and expense management efforts.”
Other highlights included:
- Direct lease financing increased 18% to $371.0 million at June 30, 2017 from $315.6 million at June 30, 2016.
- Small Business Administration loans increased 13% to $376.6 million at June 30, 2017, from $334.2 million at June 30, 2016.
- The rate onaverage deposits and interest bearing liabilities of $3.90 billion in the second quarter of 2017 was 0.37% with a rate of 0.40% for $2.06 billion of average prepaid card deposits.
- Assets held for sale from discontinued operations decreased 31% to $336.1 million at June 30, 2017, from $487.4 million at June 30, 2016.
- Non-interest expense was reduced by $6.4 million, to $37.4 million for the quarter ended June 30, 2017, compared to $43.7 million for the quarter ended June 30, 2016, excluding Bank Secrecy Act lookback expense for 2016.]