8-K
Bancorp, Inc. (TBBK)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the SecuritiesExchange Act of 1934
Date of Report (Date of earliest event reported): July28, 2022
TheBancorp, Inc.
(Exact name of registrant as specified in its charter)
Commission File Number: 000-51018
| Delaware | 23-3016517 |
|---|---|
| (State or other jurisdiction of | (IRS Employer |
| incorporation) | Identification No.) |
409Silverside Road
Wilmington, DE
19809
(Address of principal executive offices, includingzip code)
302-385-5000
(Registrant’s telephone number, includingarea code)
(Former name or former address, if changed sincelast report)
Check the appropriate box below if the Form 8-K filing is intendedto simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[_] Written communications pursuant to Rule 425 under theSecurities Act (17 CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br><br> <br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, par value $1.00 per share | TBBK | Nasdaq Global Select |
Indicate by check mark whether the registrant is an emerging growthcompany as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).
[_] Emerging growth company
If an emerging growth company, indicate by check mark if the registranthas elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuantto Section 13(a) of the Exchange Act. [_]
Item 2.02. Resultsof Operations and Financial Condition
On July 28, 2022, The Bancorp, Inc. (the "Company") issued a press release regarding its earnings for the three and six months ended June 30, 2022. A copy of this press release is furnished with this report as Exhibit 99.1.
The information in this Current Report, including the exhibit hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
Item 9.01. Financial Statements and Exhibits
| (d) Exhibits | |
|---|---|
| 99.1 | Press Release |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: July 28, 2022 | The Bancorp, Inc. | |
|---|---|---|
| By: | /s/ Paul Frenkiel | |
| Name: | Paul Frenkiel | |
| Title: | Chief Financial Officer and | |
| Secretary |
Exhibit 99.1
The Bancorp, Inc. Reports Second Quarter 2022 FinancialResults and Updates Full Year 2022 Guidance
Wilmington, DE – July 28, 2022 – The Bancorp, Inc. ("The Bancorp" or “we”) (NASDAQ: TBBK), a financial holding company, today reported financial results for the second quarter of 2022.
Highlights
| · | For the quarter ended June 30, 2022, The Bancorp earned pre-tax income of $41.1 million, compared to $37.0 million for the quarter<br>ended June 30, 2021. The 2021 quarter included $4.3 million of Payroll Protection Program (“PPP”) related interest and fees,<br>substantially all of which were eliminated in the current year quarter. For those respective periods, net income amounted to $30.4 million,<br>or $0.53 diluted earnings per share, compared to net income of $29.4 million, or $0.50 diluted earnings per share. |
|---|---|
| · | Return on assets and equity for the quarter ended June 30, 2022 amounted to 1.7% and 19%, respectively, compared to 1.7% and 19%,<br>respectively, for the quarter ended June 30, 2021 (all percentages “annualized”). |
| --- | --- |
| · | Net interest margin amounted to 3.17% for the quarter ended June 30, 2022, compared to 3.19% for the quarter ended June 30, 2021. |
| --- | --- |
| · | Net interest income was $54.6 million for the quarter ended June 30, 2022, compared to $54.1 million for the quarter ended June 30,<br>2021. The 2021 quarter included $4.3 million of PPP related interest and fees, substantially all of which were eliminated in the current<br>year quarter. |
| --- | --- |
| · | Excluding commercial loans, at fair value, which were originally generated for sale, total loans increased to $4.75 billion at<br>June 30, 2022, compared to $4.16 billion at March 31, 2022 and $2.92 billion at June 30, 2021. Those increases reflected growth of 13%<br>quarter over quarter and 61% year over year. Those percentage increases exclude the impact of $55.6 million of June 30, 2022 balances<br>previously included in discontinued assets which were reclassified to loans in the first quarter of 2022. |
| --- | --- |
| · | Gross dollar volume (“GDV”), representing the total amounts spent on prepaid and debit cards, increased $1.29 billion,<br>or 5%, to $28.39 billion for the quarter ended June 30, 2022 compared to the quarter ended June 30, 2021. GDV was increased in 2021 by<br>the impact of pandemic related government stimulus payments. |
| --- | --- |
| · | SBLOC (securities backed lines of credit), IBLOC (insurance backed lines of credit) and investment advisor financing loans collectively<br>increased 35% year over year and 10% quarter over quarter to $2.43 billion at June 30, 2022. |
| --- | --- |
| · | Small Business Loans, including those held at fair value, grew 6% year over year to $729.8 million at June 30, 2022, and 3.5%<br>quarter over quarter. That growth is exclusive of PPP loan balances which amounted to $10.3 million and $129.4 million, respectively,<br>at June 30, 2022 and June 30, 2021. |
| --- | --- |
| · | Direct lease financing balances increased 15% year over year to $583.1 million at June 30, 2022, and 8% quarter over quarter. |
| --- | --- |
| · | We resumed non-SBA commercial real estate bridge lending in the third quarter of 2021. At June 30, 2022, the balance of such real<br>estate bridge loans was $1.11 billion compared to $803.5 million at March 31, 2022, reflecting quarter over quarter growth of 38%. |
| --- | --- |
| · | The average interest rate on $6.38 billion of average deposits and interest-bearing liabilities during the second quarter of<br>2022 was 0.44%. Average deposits of $6.25 billion for second quarter 2022, reflected a decrease of 0.1% from the $6.26 billion of<br>average deposits for the quarter ended June 30, 2021, which had increased 17% over the June 30, 2020 quarter. Deposit levels during these<br>periods reflected variability resulting from the pandemic and related government stimulus payments. |
| --- | --- |
| · | As of June 30, 2022, tier one capital to assets (leverage), tier one capital to risk-weighted assets, total capital to risk-weighted<br>assets and common equity-tier 1 to risk-weighted assets ratios were 9.51%, 13.46%, 13.84% and 13.46%, respectively, compared to well-capitalized<br>minimums of 5%, 8%, 10% and 6.5%, respectively. The Bancorp and its wholly owned subsidiary, The Bancorp Bank, each remain well capitalized<br>under banking regulations. |
| --- | --- |
| · | Book value per common share at June 30, 2022 was $11.55 per share compared to $10.77 per share at June<br>30, 2021, an increase of 7%, primarily as a result of retained earnings. Increases resulting from retained earnings and reductions in<br>shares from related repurchases were partially offset by reductions in the market value of securities, which are recognized through equity. |
| --- | --- |
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| --- | | · | The Bancorp repurchased 577,926 shares of its common stock at an average cost of $25.95<br>per share during the quarter ended June 30, 2022. | | --- | --- |
“The second quarter continued to show strong growth across our platform. With the anticipated continued increase in interest rates based on fed funds futures and strong business pipelines, we expect profitability to steadily increase over the next 18 months. We are raising our guidance for 2022 from $2.15 per share to a range of $2.25 to $2.30 per share. This range excludes the impact of 2022 share repurchases but includes interest rate assumptions based on fed funds expectations.”
The Bancorp reported net income of $30.4 million, or $0.53 per diluted share, for the quarter ended June 30, 2022, compared to net income of $29.4 million, or $0.50 per diluted share, for the quarter ended June 30, 2021.
Conference Call Webcast
You may access the LIVE webcast of The Bancorp's Quarterly Earnings Conference Call at 8:00 AM ET Friday, July 29, 2022 by clicking on the webcast link on The Bancorp's homepage at www.thebancorp.com. Or you may dial 866.374.5140, access code 81692741. You may listen to the replay of the webcast following the live call on The Bancorp's investor relations website.
About The Bancorp
The Bancorp, Inc. (NASDAQ: TBBK), headquartered in Wilmington, Delaware, through its subsidiary, The Bancorp Bank, provides non-bank financial companies with the people, processes, and technology to meet their unique banking needs. Through its Fintech Solutions, Institutional Banking, Commercial Lending, and Real Estate Bridge Lending businesses, The Bancorp provides partner-focused solutions paired with cutting-edge technology for companies that range from entrepreneurial startups to Fortune 500 companies. With over 20 years of experience, The Bancorp has become a leader in the financial services industry, earning recognition as the #1 issuer of prepaid cards in the U.S. in June 2021, a nationwide provider of bridge financing for real estate capital improvement plans, an SBA National Preferred Lender, a leading provider of securities-backed lines of credit, with one of the few bank-owned commercial vehicle leasing groups. As evidence of its company-wide commitment to excellence, The Bancorp has also been ranked in October 2020 as one of the 100 Fastest-Growing Companies by Fortune, a Top 50 Employer in March 2021 by Equal Opportunity Magazine and was selected to be included in the S&P Small Cap 600 in May 2021. For more about The Bancorp, visit https://thebancorp.com/.
Forward-Looking Statements
Statements in this earnings release regarding The Bancorp’s business which are not historical facts are "forward-looking statements." These statements may be identified by the use of forward-looking terminology, including but not limited to the words “intend,” “may,” “believe,” “will,” “expect,” “look,” “anticipate,” “plan,” “estimate,” “continue,” or similar words , and are based on current expectations about important economic, political, and technological factors, among others, and are subject to risks and uncertainties, which could cause the actual results, events or achievements to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. For further discussion of the risks and uncertainties to which these forward-looking statements may be subject, see The Bancorp’s filings with the Securities and Exchange Commission, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of those filings. The forward-looking statements speak only as of the date of this press release. The Bancorp does not undertake to publicly revise or update forward-looking statements in this press release to reflect events or circumstances that arise after the date of this press release, except as may be required under applicable law.
The Bancorp, Inc. Contact
Andres Viroslav
Director, Investor Relations
215-861-7990
andres.viroslav@thebancorp.com
Source: The Bancorp, Inc.
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The Bancorp, Inc.
Financial highlights
(unaudited)
| Three months ended | Six months ended | |||||||
|---|---|---|---|---|---|---|---|---|
| June 30, | June 30, | |||||||
| Consolidated condensed income statements | 2022 | 2021 | 2022 | 2021 | ||||
| (in thousands, except per share data) | ||||||||
| Net interest income | $ | 54,569 | $ | 54,069 | $ | 107,422 | $ | 107,826 |
| Provision for (reversal of) credit losses | (1,450) | (951) | 3,509 | (129) | ||||
| Non-interest income | ||||||||
| ACH, card and other payment processing fees | 2,338 | 1,904 | 4,322 | 3,700 | ||||
| Prepaid, debit card and related fees | 20,038 | 19,447 | 38,690 | 38,655 | ||||
| Net realized and unrealized gains on commercial | ||||||||
| loans, at fair value | 3,682 | 2,579 | 10,517 | 4,575 | ||||
| Leasing related income | 1,545 | 1,767 | 2,518 | 2,732 | ||||
| Other non-interest income | 350 | 164 | 470 | 273 | ||||
| Total non-interest income | 27,953 | 25,861 | 56,517 | 49,935 | ||||
| Non-interest expense | ||||||||
| Salaries and employee benefits | 25,999 | 27,087 | 49,847 | 52,745 | ||||
| Data processing expense | 1,246 | 1,146 | 2,435 | 2,272 | ||||
| Legal expense | 1,474 | 2,044 | 2,268 | 4,098 | ||||
| Legal settlement | 1,152 | — | 1,152 | — | ||||
| FDIC insurance | 673 | 2,589 | 1,647 | 4,969 | ||||
| Software | 4,165 | 3,706 | 8,029 | 7,390 | ||||
| Other non-interest expense | 8,136 | 7,311 | 15,819 | 14,292 | ||||
| Total non-interest expense | 42,845 | 43,883 | 81,197 | 85,766 | ||||
| Income from continuing operations before income taxes | 41,127 | 36,998 | 79,233 | 72,124 | ||||
| Income tax expense | 10,725 | 7,840 | 19,865 | 16,906 | ||||
| Net income from continuing operations | 30,402 | 29,158 | 59,368 | 55,218 | ||||
| Discontinued operations | ||||||||
| Income from discontinued operations before income taxes | — | 361 | — | 237 | ||||
| Income tax expense | — | 84 | — | 55 | ||||
| Net income from discontinued operations, net of tax | — | 277 | — | 182 | ||||
| Net income | $ | 30,402 | $ | 29,435 | $ | 59,368 | $ | 55,400 |
| Net income per share from continuing operations - basic | $ | 0.54 | $ | 0.51 | $ | 1.04 | $ | 0.96 |
| Net income per share from discontinued operations - basic | $ | — | $ | — | $ | — | $ | 0.01 |
| Net income per share - basic | $ | 0.54 | $ | 0.51 | $ | 1.04 | $ | 0.97 |
| Net income per share from continuing operations - diluted | $ | 0.53 | $ | 0.49 | $ | 1.03 | $ | 0.93 |
| Net income per share from discontinued operations - diluted | $ | — | $ | — | $ | — | $ | 0.01 |
| Net income per share - diluted | $ | 0.53 | $ | 0.50 | $ | 1.03 | $ | 0.94 |
| Weighted average shares - basic | 56,801,518 | 57,230,576 | 56,962,000 | 57,232,557 | ||||
| Weighted average shares - diluted | 57,453,730 | 59,022,925 | 57,772,538 | 59,086,956 |
Note: Compared to higher rates in recent periods, the effective tax rate for the three months ended June 30, 2021 approximated 21% as a result of the impact of tax deductions related to stock-based compensation, recorded as discrete items. The large deductions and tax benefits resulted from the increase in the Company’s stock price as compared to the original various grant dates.
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| --- | | Condensed consolidated balance sheets | | March 31, | | December 31, | | June 30, | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2022 (unaudited) | | 2021 | | 2021 (unaudited) | | | | (in thousands, except share data) | | | | | | | | Assets: | | | | | | | | | Cash and cash equivalents | | | | | | | | | Cash and due from banks | 12,873 | $ | 11,399 | $ | 5,382 | $ | 5,470 | | Interest earning deposits at Federal Reserve Bank | 329,992 | | 662,827 | | 596,402 | | 583,498 | | Total cash and cash equivalents | 342,865 | | 674,226 | | 601,784 | | 588,968 | | Investment securities, available-for-sale, at fair value | 826,616 | | 907,338 | | 953,709 | | 1,106,075 | | Commercial loans, at fair value | 995,493 | | 1,180,885 | | 1,388,416 | | 1,758,264 | | Loans, net of deferred fees and costs | 4,754,697 | | 4,164,298 | | 3,747,224 | | 2,915,344 | | Allowance for credit losses | (19,087) | | (19,051) | | (17,806) | | (15,292) | | Loans, net | 4,735,610 | | 4,145,247 | | 3,729,418 | | 2,900,052 | | Federal Home Loan Bank and Atlantic Central Bankers Bank stock | 1,643 | | 1,663 | | 1,663 | | 1,667 | | Premises and equipment, net | 16,693 | | 16,314 | | 16,156 | | 17,392 | | Accrued interest receivable | 19,264 | | 17,284 | | 17,871 | | 18,668 | | Intangible assets, net | 2,248 | | 2,348 | | 2,447 | | 2,646 | | Other real estate owned | 18,873 | | 18,873 | | 18,873 | | 17,343 | | Deferred tax asset, net | 23,344 | | 18,521 | | 12,667 | | 10,923 | | Investment in unconsolidated entity, at fair value | — | | — | | — | | 24,988 | | Assets held-for-sale from discontinued operations | — | | — | | 3,268 | | 12,105 | | Other assets | 124,511 | | 99,961 | | 96,967 | | 91,516 | | Total assets | 7,107,160 | $ | 7,082,660 | $ | 6,843,239 | $ | 6,550,607 | | Liabilities: | | | | | | | | | Deposits | | | | | | | | | Demand and interest checking | 5,394,562 | $ | 5,506,083 | $ | 5,561,365 | $ | 5,225,024 | | Savings and money market | 486,189 | | 722,240 | | 415,546 | | 459,688 | | Total deposits | 5,880,751 | | 6,228,323 | | 5,976,911 | | 5,684,712 | | Securities sold under agreements to repurchase | 42 | | 42 | | 42 | | 42 | | Short-term borrowings | 385,000 | | — | | — | | — | | Senior debt | 98,866 | | 98,774 | | 98,682 | | 98,498 | | Subordinated debenture | 13,401 | | 13,401 | | 13,401 | | 13,401 | | Other long-term borrowings | 39,125 | | 39,318 | | 39,521 | | 39,901 | | Other liabilities | 33,439 | | 50,507 | | 62,228 | | 94,944 | | Total liabilities | 6,450,624 | $ | 6,430,365 | $ | 6,190,785 | $ | 5,931,498 | | Shareholders' equity: | | | | | | | | | Common stock - authorized, 75,000,000 shares of 1.00 par value; 56,865,494 and 57,458,287 shares issued and outstanding at June 30, 2022 and 2021, respectively | 56,865 | | 57,155 | | 57,371 | | 57,458 | | Additional paid-in capital | 323,774 | | 336,604 | | 349,686 | | 363,241 | | Retained earnings | 298,474 | | 268,072 | | 239,106 | | 183,853 | | Accumulated other comprehensive (loss) income | (22,577) | | (9,536) | | 6,291 | | 14,557 | | Total shareholders' equity | 656,536 | | 652,295 | | 652,454 | | 619,109 | | Total liabilities and shareholders' equity | 7,107,160 | $ | 7,082,660 | $ | 6,843,239 | $ | 6,550,607 |
All values are in US Dollars.
Note: Previous balance sheets included assets held-for-sale from discontinued operations, which were reclassified to continuing operations in the first quarter of 2022. Previous balance sheets also included investment in unconsolidated entity, which reflected Bancorp’s balance of the Walnut Street investment. Walnut Street was comprised of Bancorp loans sold to that entity, which was partially financed by an independent investor. In the third quarter of 2021, The Bancorp and that investor dissolved the entity, as the remaining balance did not warrant ongoing administrative and accounting expenses.
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| --- | | Average balance sheet and net interest income | | Three months ended June 30, 2022 | | | | | Three months ended June 30, 2021 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | (dollars in thousands; unaudited) | | | | | | | | | | | | Average | | | Average | | Average | | | Average | | Assets: | | Balance | | Interest | Rate | | Balance | | Interest | Rate | | Interest earning assets: | | | | | | | | | | | | Loans, net of deferred fees and costs** | $ | 5,467,516 | $ | 55,100 | 4.03% | $ | 4,572,712 | $ | 49,378 | 4.32% | | Leases-bank qualified* | | 3,665 | | 63 | 6.88% | | 5,783 | | 96 | 6.64% | | Investment securities-taxable | | 879,112 | | 5,432 | 2.47% | | 1,081,419 | | 7,201 | 2.66% | | Investment securities-nontaxable* | | 3,559 | | 31 | 3.48% | | 3,878 | | 32 | 3.30% | | Interest earning deposits at Federal Reserve Bank | | 545,027 | | 1,004 | 0.74% | | 1,120,039 | | 300 | 0.11% | | Net interest earning assets | | 6,898,879 | | 61,630 | 3.57% | | 6,783,831 | | 57,007 | 3.36% | | Allowance for credit losses | | (20,295) | | | | | (16,406) | | | | | Assets held-for-sale from discontinued operations | | — | | — | — | | 98,895 | | 781 | 3.16% | | Other assets | | 243,459 | | | | | 201,539 | | | | | | $ | 7,122,043 | | | | $ | 7,067,859 | | | | | Liabilities and Shareholders' Equity: | | | | | | | | | | | | Deposits: | | | | | | | | | | | | Demand and interest checking | $ | 5,697,507 | $ | 4,390 | 0.31% | $ | 5,736,776 | $ | 1,327 | 0.09% | | Savings and money market | | 556,847 | | 1,200 | 0.86% | | 526,112 | | 192 | 0.15% | | Total deposits | | 6,254,354 | | 5,590 | 0.36% | | 6,262,888 | | 1,519 | 0.10% | | Short-term borrowings | | 11,593 | | 32 | 1.10% | | — | | — | — | | Repurchase agreements | | 41 | | — | — | | 41 | | — | — | | Subordinated debentures | | 13,401 | | 139 | 4.15% | | 13,401 | | 112 | 3.34% | | Senior debt | | 98,816 | | 1,280 | 5.18% | | 100,239 | | 1,280 | 5.11% | | Total deposits and liabilities | | 6,378,205 | | 7,041 | 0.44% | | 6,376,569 | | 2,911 | 0.18% | | Other liabilities | | 89,422 | | | | | 83,353 | | | | | Total liabilities | | 6,467,627 | | | | | 6,459,922 | | | | | Shareholders' equity | | 654,416 | | | | | 607,937 | | | | | | $ | 7,122,043 | | | | $ | 7,067,859 | | | | | Net interest income on tax equivalent basis* | | | $ | 54,589 | | | | $ | 54,877 | | | Tax equivalent adjustment | | | | 20 | | | | | 27 | | | Net interest income | | | $ | 54,569 | | | | $ | 54,850 | | | Net interest margin * | | | | | 3.17% | | | | | 3.19% |
* Full taxable equivalent basis, using a statutory Federal tax rate of 21% for 2022 and 2021.
** Includes commercial loans, at fair value. All periods include non-accrual loans.
NOTE: In the table above, the 2021 interest on loans reflects $3.0 million of interest and fees which were earned on a short-term line of credit to another institution to initially fund Payroll Protection Program (“PPP”) loans, which did not significantly increase average loans or assets and which are not expected to recur. Interest on loans for 2022 and 2021 includes $41,000 and $1.3 million, respectively, of interest and fees on PPP loans.
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| --- | | Average balance sheet and net interest income | Six months ended June 30, 2022 | | | | | Six months ended June 30, 2021 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | (dollars in thousands; unaudited) | | | | | | | | | | | Average | | | | Average | Average | | | | Average | | Assets: | Balance | | Interest | | Rate | Balance | | Interest | | Rate | | Interest earning assets: | | | | | | | | | | | | Loans, net of deferred fees and costs** | $ | 5,302,850 | $ | 105,638 | 3.98% | $ | 4,524,911 | $ | 97,189 | 4.30% | | Leases-bank qualified* | | 3,839 | | 130 | 6.77% | | 6,379 | | 214 | 6.71% | | Investment securities-taxable | | 909,017 | | 10,323 | 2.27% | | 1,136,631 | | 16,009 | 2.82% | | Investment securities-nontaxable* | | 3,559 | | 62 | 3.48% | | 3,960 | | 67 | 3.38% | | Interest earning deposits at Federal Reserve Bank | | 616,865 | | 1,351 | 0.44% | | 935,239 | | 483 | 0.10% | | Net interest earning assets | | 6,836,130 | | 117,504 | 3.44% | | 6,607,120 | | 113,962 | 3.45% | | Allowance for credit losses | | (19,075) | | | | | (16,241) | | | | | Assets held for sale from discontinued operations | | — | | — | — | | 103,983 | | 1,634 | 3.14% | | Other assets | | 232,402 | | | | | 203,821 | | | | | | $ | 7,049,457 | | | | $ | 6,898,683 | | | | | Liabilities and Shareholders' Equity: | | | | | | | | | | | | Deposits: | | | | | | | | | | | | Demand and interest checking | $ | 5,636,415 | $ | 5,796 | 0.21% | $ | 5,619,608 | $ | 2,944 | 0.10% | | Savings and money market | | 544,515 | | 1,400 | 0.51% | | 466,978 | | 341 | 0.15% | | Total deposits | | 6,180,930 | | 7,196 | 0.23% | | 6,086,586 | | 3,285 | 0.11% | | Short-term borrowings | | 6,104 | | 32 | 1.05% | | 6,491 | | 8 | 0.25% | | Repurchase agreements | | 41 | | — | — | | 41 | | — | — | | Subordinated debentures | | 13,401 | | 255 | 3.81% | | 13,401 | | 225 | 3.36% | | Senior debt | | 98,770 | | 2,559 | 5.18% | | 100,190 | | 2,559 | 5.11% | | Total deposits and liabilities | | 6,299,246 | | 10,042 | 0.32% | | 6,206,709 | | 6,077 | 0.20% | | Other liabilities | | 95,716 | | | | | 91,837 | | | | | Total liabilities | | 6,394,962 | | | | | 6,298,546 | | | | | Shareholders' equity | | 654,495 | | | | | 600,137 | | | | | | $ | 7,049,457 | | | | $ | 6,898,683 | | | | | Net interest income on tax equivalent basis* | | | $ | 107,462 | | | | $ | 109,519 | | | Tax equivalent adjustment | | | | 40 | | | | | 59 | | | Net interest income | | | $ | 107,422 | | | | $ | 109,460 | | | Net interest margin * | | | | | 3.14% | | | | | 3.26% |
* Full taxable equivalent basis, using a statutory Federal tax rate of 21% for 2022 and 2021.
** Includes commercial loans, at fair value. All periods include non-accrual loans.
NOTE: In the table above, the 2021 interest on loans reflects $4.5 million of interest and fees which were earned on a short-term line of credit to another institution to initially fund PPP loans, which did not significantly increase average loans or assets and which are not expected to recur. Interest on loans for 2022 and 2021 includes $481,000 and $3.7 million, respectively, of interest and fees on PPP loans.
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| --- | | Allowance for credit losses | | Six months ended | | | Year ended | | | --- | --- | --- | --- | --- | --- | --- | | | June 30, | | June 30, | | December 31, | | | | 2022 (unaudited) | | 2021 (unaudited) | | 2021 | | | | (dollars in thousands) | | | | | | | Balance in the allowance for credit losses at beginning of period (1) | $ | 17,806 | $ | 16,082 | $ | 16,082 | | Loans charged-off: | | | | | | | | SBA non-real estate | | 844 | | 321 | | 1,138 | | SBA commercial mortgage | | — | | 23 | | 417 | | Direct lease financing | | 199 | | 193 | | 412 | | SBLOC | | — | | 15 | | 15 | | Consumer - home equity | | — | | — | | 10 | | Consumer - other | | — | | — | | 14 | | Total | | 1,043 | | 552 | | 2,006 | | Recoveries: | | | | | | | | SBA non-real estate | | 33 | | 15 | | 51 | | SBA commercial mortgage | | — | | — | | 9 | | Direct lease financing | | 93 | | 7 | | 58 | | Consumer - home equity | | — | | — | | 1,099 | | Total | | 126 | | 22 | | 1,217 | | Net charge-offs | | 917 | | 530 | | 789 | | Provision for (reversal of) credit losses, excluding unfunded commitments | | 2,198 | | (260) | | 2,513 | | Balance in allowance for credit losses at end of period | $ | 19,087 | $ | 15,292 | $ | 17,806 | | Net charge-offs/average loans | | 0.02% | | 0.02% | | 0.03% | | Net charge-offs/average assets | | 0.01% | | 0.01% | | 0.01% |
^(1)^Excludes activity from discontinued operations.
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| --- | | Loan portfolio | June 30, | | March 31, | | December 31, | | June 30, | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2022 | | 2022 | | 2021 | | 2021 | | | | (in thousands) | | | | | | | | | SBL non-real estate | $ | 112,854 | $ | 122,387 | $ | 147,722 | $ | 228,958 | | SBL commercial mortgage | | 425,219 | | 385,559 | | 361,171 | | 343,487 | | SBL construction | | 27,042 | | 31,432 | | 27,199 | | 18,494 | | Small business loans | | 565,115 | | 539,378 | | 536,092 | | 590,939 | | Direct lease financing | | 583,086 | | 538,616 | | 531,012 | | 506,424 | | SBLOC / IBLOC * | | 2,274,256 | | 2,067,233 | | 1,929,581 | | 1,729,628 | | Advisor financing ** | | 155,235 | | 146,461 | | 115,770 | | 72,190 | | Real estate bridge loans | | 1,106,875 | | 803,477 | | 621,702 | | — | | Other loans *** | | 63,514 | | 61,096 | | 5,014 | | 5,840 | | | | 4,748,081 | | 4,156,261 | | 3,739,171 | | 2,905,021 | | Unamortized loan fees and costs | | 6,616 | | 8,037 | | 8,053 | | 10,323 | | Total loans, including unamortized fees and costs | $ | 4,754,697 | $ | 4,164,298 | $ | 3,747,224 | $ | 2,915,344 | | Small business portfolio | | June 30, | | March 31, | | December 31, | | June 30, | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2022 | | 2022 | | 2021 | | 2021 | | | | (in thousands) | | | | | | | | SBL, including unamortized fees and costs | $ | 571,559 | $ | 545,462 | $ | 541,437 | $ | 593,401 | | SBL, included in loans, at fair value | | 168,579 | | 183,408 | | 199,585 | | 225,534 | | Total small business loans **** | $ | 740,138 | $ | 728,870 | $ | 741,022 | $ | 818,935 |
* Securities Backed Lines of Credit, or SBLOC, are collateralized by marketable securities, while Insurance Backed Lines of Credit, or IBLOC, are collateralized by the cash surrender value of eligible life insurance policies.
** In 2020, we began originating loans to investment advisors for purposes of debt refinance, acquisition of another firm or internal succession. Maximum loan amounts are subject to loan-to-value ratios of 70%, based on third-party business appraisals, but may be increased depending upon the debt service coverage ratio. Personal guarantees and blanket business liens are obtained as appropriate.
*** Includes demand deposit overdrafts reclassified as loan balances totaling $170,000 and $322,000 at June 30, 2022 and December 31, 2021, respectively. Estimated overdraft charge-offs and recoveries are reflected in the allowance for credit losses and have been immaterial.
****The small business loans held at fair value are comprised of the government guaranteed portion of certain SBA loans at the dates indicated (in thousands). A reduction in SBL non-real estate from $122.4 million to $112.9 million in the second quarter of 2022 resulted primarily from U.S. government repayments of PPP loans authorized by The Consolidated Appropriations Act, 2021. PPP loans totaled $10.3 million at June 30, 2022, $23.7 million at March 31, 2022 and $129.4 million at June 30, 2021.
Small business loans as of June 30, 2022
| Loan principal | ||
|---|---|---|
| (in millions) | ||
| U.S. government guaranteed portion of SBA loans (a) | $ | 375 |
| Paycheck Protection Program loans (PPP) (a) | 10 | |
| Commercial mortgage SBA (b) | 216 | |
| Construction SBA (c) | 12 | |
| Non-guaranteed portion of U.S. government guaranteed loans (d) | 100 | |
| Non-SBA small business loans (e) | 21 | |
| Total principal | $ | 734 |
| Unamortized fees and costs | 6 | |
| Total small business loans | $ | 740 |
(a) This is the portion of SBA 7a loans (7a) and PPP loans which have been guaranteed by the U.S. government, and therefore are assumed to have no credit risk.
(b) Substantially all these loans are made under the SBA 504 Fixed Asset Financing program (504) which dictates origination date loan-to-value percentages (“LTV”), generally 50-60%, to which the Bank adheres.
(c) Of the $12 million in Construction SBA loans, $11 million are 504 first mortgages with an origination date LTV of 50-60% and $1 million are SBA interim loans with an approved SBA post-construction full takeout/payoff.
(d) The $100 million represents the unguaranteed portion of 7a loans which are 70% or more guaranteed by the U.S. government. 7a loans are not made on the basis of real estate LTV; however, they are subject to SBA's "All Available Collateral" rule which mandates that to the extent a borrower or its 20% or greater principals have available collateral (including personal residences), the collateral must be pledged to fully collateralize the loan, after applying SBA-determined liquidation rates. In addition, all 7a and 504 loans require the personal guaranty of all 20% or greater owners.
(e) The $21 million of non-SBA loans are primarily comprised of approximately 20 conventional coffee/doughnut/carryout franchisee note purchases.
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Small business loans by type as of June 30, 2022
(Excludes government guaranteed portion of SBA 7a loans and PPP loans)
| SBL commercial mortgage* | SBL construction* | SBL non-real estate | Total | % Total | |||||
|---|---|---|---|---|---|---|---|---|---|
| (dollars in millions) | |||||||||
| Hotels (except casino hotels) and motels | $ | 69 | $ | — | $ | — | $ | 69 | 19% |
| Full-service restaurants | 13 | 2 | 2 | 17 | 5% | ||||
| Car washes | 16 | 1 | — | 17 | 5% | ||||
| Child day care services | 15 | — | 1 | 16 | 4% | ||||
| Outpatient mental health and substance abuse centers | 15 | — | — | 15 | 4% | ||||
| Baked goods stores | 4 | — | 9 | 13 | 4% | ||||
| Funeral homes and funeral services | 10 | — | — | 10 | 3% | ||||
| Fitness and recreational sports centers | 5 | 2 | 2 | 9 | 3% | ||||
| Offices of lawyers | 9 | — | — | 9 | 3% | ||||
| Assisted living facilities for the elderly | 9 | — | — | 9 | 3% | ||||
| Gasoline stations with convenience stores | 8 | — | — | 8 | 2% | ||||
| Lessors of nonresidential buildings | 8 | — | — | 8 | 2% | ||||
| General warehousing and storage | 7 | — | — | 7 | 2% | ||||
| Lessors of other real estate property | 6 | — | — | 6 | 2% | ||||
| All other amusement and recreation industries | 5 | — | 1 | 6 | 2% | ||||
| Limited-service restaurants | 1 | 2 | 2 | 5 | 1% | ||||
| Other miscellaneous durable goods merchant wholesalers | 5 | — | — | 5 | 1% | ||||
| Other technical and trade schools | — | 5 | — | 5 | 1% | ||||
| Other spectator sports | 5 | — | — | 5 | 1% | ||||
| Plumbing, heating, and air-conditioning contractors | 3 | — | 1 | 4 | 1% | ||||
| Offices of dentists | 2 | 1 | — | 3 | 1% | ||||
| Landscaping services | 2 | — | 1 | 3 | 1% | ||||
| Other warehousing and storage | 3 | — | — | 3 | 1% | ||||
| All other miscellaneous wood product manufacturing | 3 | — | — | 3 | 1% | ||||
| Offices of physicians (except mental health specialists) | 3 | — | — | 3 | 1% | ||||
| Vocational rehabilitation services | 3 | — | — | 3 | 1% | ||||
| Elementary and secondary schools | 2 | — | — | 2 | 1% | ||||
| All other miscellaneous general purpose machinery manufacturing | 2 | — | — | 2 | 1% | ||||
| Sewing, needlework, and piece goods stores | 2 | — | — | 2 | 1% | ||||
| Pet care (except veterinary) services | 2 | — | — | 2 | 1% | ||||
| Automotive body, paint, and interior repair and maintenance | 2 | — | — | 2 | 1% | ||||
| Amusement arcades | 2 | — | — | 2 | 1% | ||||
| Offices of real estate agents and brokers | 2 | — | — | 2 | 1% | ||||
| Other** | 49 | 1 | 23 | 73 | 19% | ||||
| Total | $ | 292 | $ | 14 | $ | 42 | $ | 348 | 100% |
* Of the SBL commercial mortgage and SBL construction loans, $79 million represents the total of the non-guaranteed portion of SBA 7a loans and non-SBA loans. The balance of those categories represents SBA 504 loans with 50%-60% origination date loan-to-values.
**Loan types less than $2 million are spread over a hundred different classifications such as Commercial Printing, Pet and Pet Supplies Stores, Securities Brokerage, etc.
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State diversification as of June 30, 2022
(Excludes government guaranteed portion of SBA 7a loans and PPP loans)
| SBL commercial mortgage* | SBL construction* | SBL non-real estate | Total | % Total | |||||
|---|---|---|---|---|---|---|---|---|---|
| (dollars in millions) | |||||||||
| Florida | $ | 67 | $ | — | $ | 5 | $ | 72 | 20% |
| California | 48 | 2 | 3 | 53 | 15% | ||||
| North Carolina | 23 | 7 | 2 | 32 | 9% | ||||
| New York | 25 | — | 3 | 28 | 8% | ||||
| Pennsylvania | 22 | — | 2 | 24 | 6% | ||||
| Colorado | 11 | 4 | 1 | 16 | 5% | ||||
| Illinois | 15 | — | 2 | 17 | 5% | ||||
| Texas | 12 | — | 4 | 16 | 5% | ||||
| New Jersey | 7 | — | 7 | 14 | 4% | ||||
| Virginia | 9 | — | 1 | 10 | 3% | ||||
| Connecticut | 10 | — | — | 10 | 3% | ||||
| Georgia | 7 | — | 2 | 9 | 3% | ||||
| Tennessee | 8 | — | — | 8 | 2% | ||||
| Ohio | 6 | — | — | 6 | 2% | ||||
| Michigan | 3 | — | — | 3 | 1% | ||||
| Other States | 19 | 1 | 10 | 30 | 9% | ||||
| Total | $ | 292 | $ | 14 | $ | 42 | $ | 348 | 100% |
* Of the SBL commercial mortgage and SBL construction loans, $79 million represents the total of the non-guaranteed portion of SBA 7a loans and non-SBA loans. The balance of those categories represents SBA 504 loans with 50%-60% origination date loan-to-values.
Top 10 loans as of June 30, 2022
| Type* | State | SBL commercial mortgage* | ||
|---|---|---|---|---|
| (in millions) | ||||
| Mental health and substance abuse center | FL | $ | 10 | |
| Hotel | FL | 9 | ||
| Lawyer’s office | CA | 9 | ||
| General warehousing and storage | PA | 7 | ||
| Hotel | NY | 6 | ||
| Hotel | NC | 5 | ||
| Assisted living facility | FL | 5 | ||
| Mental health and substance abuse center | CT | 5 | ||
| Technical and trade school | NC | 5 | ||
| Hotel | PA | 5 | ||
| Total | $ | 66 | ||
| * All of the top 10 loans are 504 SBA loans with 50%-60% origination date loan-to-value and are in the commercial mortgage category. The top 10 loan table above does not include loans to the extent that they are U.S. government guaranteed. |
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Commercial real estate loans, excluding SBA loans, are as follows including LTV at origination:
Type as of June 30, 2022
| Type | # Loans | Balance | Weighted average origination date LTV | Weighted average interest rate | |
|---|---|---|---|---|---|
| (dollars in millions) | |||||
| Real estate bridge loans (multi-family apartment loans recorded at book value)* | 95 | $ | 1,107 | 74% | 4.52% |
| Non-SBA commercial real estate loans, at fair value: | |||||
| Multi-family (apartment bridge loans)* | 48 | $ | 697 | 76% | 4.74% |
| Hospitality (hotels and lodging) | 8 | 71 | 65% | 5.65% | |
| Retail | 4 | 52 | 71% | 5.01% | |
| Other | 5 | 13 | 74% | 5.06% | |
| 65 | 833 | 74% | 4.84% | ||
| Fair value adjustment | (6) | ||||
| Total non-SBA commercial real estate loans, at fair value | 827 | ||||
| Total commercial real estate loans | $ | 1,934 | 74% | 4.67% |
*In the third quarter of 2021, we resumed the origination of multi-family apartment loans. These are similar to the multi-family apartment loans carried at fair value, but at origination are intended to be held on the balance sheet, so are not accounted for at fair value.
| State diversification as of June 30, 2022 | 15 largest loans as of June 30, 2022 | |||||
|---|---|---|---|---|---|---|
| State | Balance | Origination date LTV | State | Balance | Origination date LTV | |
| (dollars in millions) | (dollars in millions) | |||||
| Texas | 678 | 76% | Texas | $ | 41 | 75% |
| Georgia | 189 | 73% | Texas | 39 | 79% | |
| Ohio | 115 | 72% | Texas | 39 | 72% | |
| Florida | 103 | 73% | Tennessee | 38 | 72% | |
| Tennessee | 101 | 70% | Texas | 37 | 75% | |
| Alabama | 89 | 74% | Texas | 37 | 80% | |
| Arizona | 56 | 72% | Michigan | 31 | 79% | |
| Other States each <55 million | 603 | 74% | Tennessee | 30 | 62% | |
| Total | 1,934 | 74% | Missouri | 30 | 72% | |
| Mississippi | 29 | 79% | ||||
| Texas | 28 | 77% | ||||
| Texas | 27 | 77% | ||||
| New Jersey | 27 | 77% | ||||
| Ohio | 27 | 74% | ||||
| Oklahoma | 27 | 78% | ||||
| 15 Largest loans | $ | 487 | 75% |
All values are in US Dollars.
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Institutional banking loans outstanding at June 30, 2022
| Type | Principal | % of total | |
|---|---|---|---|
| (dollars in millions) | |||
| Securities backed lines of credit (SBLOC) | $ | 1,257 | 52% |
| Insurance backed lines of credit (IBLOC) | 1,017 | 42% | |
| Advisor financing | 155 | 6% | |
| Total | $ | 2,429 | 100% |
For SBLOC, we generally lend up to 50% of the value of equities and 80% for investment grade securities. While equities have fallen in excess of 30% in recent years, the reduction in collateral value of brokerage accounts collateralizing SBLOCs generally has been less, for two reasons. First, many collateral accounts are “balanced” and accordingly have a component of debt securities, which have either not decreased in value as much as equities, or in some cases may have increased in value. Secondly, many of these accounts have the benefit of professional investment advisors who provided some protection against market downturns, through diversification and other means. Additionally, borrowers often utilize only a portion of collateral value, which lowers the percentage of principal to collateral.
Top 10 SBLOC loans at June 30, 2022
| Principal amount | % Principal to collateral | ||
|---|---|---|---|
| (dollars in millions) | |||
| $ | 18 | 41% | |
| 16 | 62% | ||
| 14 | 35% | ||
| 9 | 32% | ||
| 9 | 64% | ||
| 9 | 44% | ||
| 9 | 70% | ||
| 8 | 73% | ||
| 6 | 29% | ||
| 6 | 51% | ||
| Total and weighted average | $ | 104 | 49% |
Insurance backed lines of credit (IBLOC)
IBLOC loans are backed by the cash value of eligible life insurance policies which have been assigned to us. We generally lend up to 95% of such cash value. Our underwriting standards require approval of the insurance companies which carry the policies backing these loans. Currently, eight insurance companies have been approved and, as of April 21, 2022, all were rated Excellent (A or better) by AM BEST.
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Direct lease financing* by type as of June 30, 2022
| Principal balance | % Total | ||
|---|---|---|---|
| (dollars in millions) | |||
| Construction | $ | 116 | 20% |
| Government agencies and public institutions** | 91 | 16% | |
| Waste management and remediation services | 68 | 12% | |
| Real estate and rental and leasing | 60 | 10% | |
| Retail trade | 49 | 8% | |
| Health care and social assistance | 31 | 5% | |
| Transportation and warehousing | 31 | 5% | |
| Professional, scientific, and technical services | 20 | 3% | |
| Wholesale trade | 17 | 3% | |
| Manufacturing | 17 | 3% | |
| Educational services | 8 | 1% | |
| Finance and insurance | 7 | 1% | |
| Arts, entertainment and recreation | 4 | 1% | |
| Other | 64 | 12% | |
| Total | $ | 583 | 100% |
* Of the total $583 million of direct lease financing, $500 million consisted of vehicle leases with the remaining balance consisting of equipment leases.
** Includes public universities and school districts.
Direct lease financing by state as of June 30, 2022
| State | Principal balance | % Total | |
|---|---|---|---|
| (dollars in millions) | |||
| Florida | $ | 93 | 16% |
| Utah | 52 | 9% | |
| California | 49 | 8% | |
| New Jersey | 40 | 7% | |
| Pennsylvania | 39 | 7% | |
| Texas | 39 | 7% | |
| New York | 31 | 5% | |
| North Carolina | 26 | 4% | |
| Maryland | 24 | 4% | |
| Connecticut | 17 | 3% | |
| Washington | 17 | 3% | |
| Georgia | 14 | 2% | |
| Idaho | 12 | 2% | |
| Alabama | 10 | 2% | |
| Illinois | 10 | 2% | |
| Other States | 110 | 19% | |
| Total | $ | 583 | 100% |
| 13 |
| --- | | Capital ratios | Tier 1 capital | Tier 1 capital | Total capital | Common equity | | --- | --- | --- | --- | --- | | | to average | to risk-weighted | to risk-weighted | tier 1 to risk | | | assets ratio | assets ratio | assets ratio | weighted assets | | As of June 30, 2022 | | | | | | The Bancorp, Inc. | 9.51% | 13.46% | 13.84% | 13.46% | | The Bancorp Bank | 10.45% | 14.84% | 15.22% | 14.84% | | "Well capitalized" institution (under FDIC regulations-Basel III) | 5.00% | 8.00% | 10.00% | 6.50% | | As of December 31, 2021 | | | | | | The Bancorp, Inc. | 10.40% | 14.72% | 15.13% | 14.72% | | The Bancorp Bank | 10.98% | 15.48% | 15.88% | 15.48% | | "Well capitalized" institution (under FDIC regulations-Basel III) | 5.00% | 8.00% | 10.00% | 6.50% | | | Three months ended | | | | Six months ended | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | June 30, | | | | June 30, | | | | | | 2022 | | 2021 | | 2022 | | 2021 | | | Selected operating ratios | | | | | | | | | | Return on average assets ^(1)^ | | 1.71% | | 1.67% | | 1.70% | | 1.62% | | Return on average equity ^(1)^ | | 18.63% | | 19.42% | | 18.29% | | 18.62% | | Net interest margin | | 3.17% | | 3.19% | | 3.14% | | 3.26% |
^(1)^Annualized
| Book value per share table | June 30, | March 31, | December 31, | June 30, | ||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2022 | 2021 | 2021 | |||||
| Book value per share | $ | 11.55 | $ | 11.41 | $ | 11.37 | $ | 10.77 |
| Loan quality table | June 30, | March 31, | December 31, | June 30, | ||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2022 | 2022 | 2021 | 2021 | |||||
| (dollars in thousands) | ||||||||
| Nonperforming loans to total loans | 0.18% | 0.20% | 0.10% | 0.31% | ||||
| Nonperforming assets to total assets | 0.39% | 0.38% | 0.33% | 0.40% | ||||
| Allowance for credit losses to total loans | 0.40% | 0.46% | 0.48% | 0.52% | ||||
| Nonaccrual loans | $ | 3,698 | $ | 3,621 | $ | 3,161 | $ | 7,346 |
| Loans 90 days past due still accruing interest | 4,848 | 4,597 | 461 | 1,550 | ||||
| Other real estate owned | 18,873 | 18,873 | 18,873 | 17,343 | ||||
| Total nonperforming assets | $ | 27,419 | $ | 27,091 | $ | 22,495 | $ | 26,239 |
| Gross dollar volume (GDV) ^(1)^ | Three months ended | |||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| June 30, | March 31, | December 31, | June 30, | |||||
| 2022 | 2021 | 2021 | 2021 | |||||
| (in thousands) | ||||||||
| Prepaid and debit card GDV | $ | 28,394,897 | $ | 28,564,582 | $ | 24,821,576 | $ | 27,106,763 |
^(1)^Gross dollar volume represents the total dollar amount spent on prepaid and debit cards issued by The Bancorp Bank.
| 14 |
| --- | |||||
|---|---|---|---|---|---|
| --- | --- | --- | --- | --- | --- |
| Quarter ended June 30, 2022 | |||||
| (dollars in millions) | |||||
| Balances | |||||
| Major business lines | Average approximate rates * | Balances ** | Linked quarter annualized | ||
| Loans | |||||
| Institutional banking *** | 2.9% | 2,429 | 39% | ||
| Small business lending**** | 4.9% | 740 | 14% | ||
| Leasing | 6.0% | 583 | 33% | ||
| Commercial real estate (non-SBA loans, at fair value) | 4.8% | 827 | nm | ||
| Real estate bridge loans (recorded at book value) | 4.5% | 1,107 | nm | ||
| Weighted average yield | 4.1% | 5,686 | Non-interest income | ||
| % Growth | |||||
| Deposits: Fintech solutions group | Current quarter | Year over year | |||
| Prepaid and debit card issuance, and other payments | 0.4% | 5,650 | nm | $ 22.4 | 5% |
All values are in US Dollars.
* Average rates are for the quarter ended June 30, 2022.
** Loan and deposit categories are respectively based on period-end and average quarterly balances.
*** Institutional Banking loans are comprised of security backed lines of credit (SBLOC), collateralized by marketable securities, insurance backed lines of credit (IBLOC), collateralized by the cash surrender value of eligible life insurance policies, and investment advisor financing.
**** Small Business Lending is substantially comprised of SBA loans. Loan growth percentages exclude short-term PPP loans.
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