High earnings at the Bancorp

Reading Time: < 1 minute

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%.

Facebook Comments
Previous articleBusiness People: Nov. 6, 2013
Next articleCBI, Placers named to Future 50
Delaware Business Now is a four-year-old, five-day-a-week newsletter and website operated by Bird Street Media LLC. Publisher and Chief Content Officer is Doug Rainey, a 30-year veteran of business journalism in the state of Delaware.  Business Now focuses on breaking business news in Delaware and immediate adjacent areas with apropriate background and perspective. Also offered exclusively in our FREE newsletter is commentary on state and regional issues. Have a complaint, question or even a compliment? Send an email to drainey@delawarebusinessnow.com. For advertising information, click on the About tab at the top of the home page Our business hours are 8 a.m. to 5 p.m., Monday through Friday. Call us at 302.753.0691.