The Bancorp posts higher earnings


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.”

Facebook Comments