The Bancorp posts higher earnings

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BancorpThe Bancorp, Inc. reported a sharp increase in fourth quarter earnings with net income at $5.2 million compared to $3.3 million in the fourth quarter of 2011.

The Bancorp is based in north Wilmington and offers pre-paid cards, manages health savings accounts and operates a regional bank.

Bancorp saw a 27% increase in total quarterly revenues to $40.3 million compared to $31.7 million in fourth quarter 2011. Non-interest incom from prepaid card fees was $15.1 million compared to $8.2 million in fourth quarter 2011.

At December 31, 2012 the portfolio of loans and securities had grown to $2.7 billion, an increase of $466 million, or 21% over fourth quarter 2011. Outstanding loans increased 10% over that period.

Average deposits for fourth quarter 2012 totaled $3.0 billion, an increase of $274 million or 10% over 2011.

Betsy Z. Cohen, Bancorp’s Chief Executive Officer, said, “Fourth quarter 2012 saw a significant earnings increase as a result of increases in both our non-interest and net interest income. Our leadership position in the prepaid card space continues as the major driver of the increase in non-interest income. On the asset side, we grew our loans 10% over the year in a difficult lending environment. We continue to target what we believe to be lower risk assets, including Small Business Administration (SBA) loans, security backed lines of credit and vehicle fleet leasing.”

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