The Bancorp, Inc., a financial holding company based in north Wilmington, posted higher earnings for the third quarter. Bancorp specializes in prepaid cards and operates a commercial bank.
Net income for the quarter increased to $4.8 million compared to $3.6 million in the third quarter of 2012, an increase of 35%. Year to date net income increased to $17.8 million in 2013 from $11.4 million in 2012, an increase of 56%.
Betsy Z. Cohen, Bancorp’s Chief Executive Officer, said, “Our earnings growth in the third quarter reflected increases both in net interest and non-interest income. These drivers resulted in growth of 35% in net income, 34% in adjusted operating earnings and 18% in earnings per diluted share. Our leadership position in the prepaid card industry is a primary vector of growth and related fee income increased 36% to $10.2 million for the quarter, compared to the prior year quarter. Average deposits for the third quarter grew 31% and reflected growth in all major deposit categories. At of September 30, 2013, the portfolio of loans and securities had grown to $3.2 billion, an increase of $675.1 million, or 27% over September 30, 2012.
Outstanding loans increased 8% over that period. Asset growth was within the targeted lending segments – Small Business Administration (SBA), security backed lines of credit and small fleet leasing – contributed disproportionately. Although total loans increased by 8%, SBA loans grew 85%, security backed lines of credit grew by 27% and small fleet leasing increased by 21%.