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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2022

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

For the transition period from: _____ to _____

Commission file number: 000-51018

THE BANCORP, INC.

(Exact name of registrant as specified in its charter)

Delaware

23-3016517

(State or other jurisdiction of incorporation or organization)

(IRS Employer Identification No.)

409 Silverside Road, Wilmington, DE 19809

(302) 385-5000

(Address of principal executive offices and zip code)

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading 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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer x

Accelerated filer o

Non-accelerated filer o

Smaller reporting company o

Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of May 3, 2022, there were 56,572,318 outstanding shares of common stock, $1.00 par value.

1


THE BANCORP, INC

Form 10-Q Index

Page

Part I Financial Information

Item 1.

Financial Statements:

3

Consolidated Balance Sheets – March 31, 2022 (unaudited) and December 31, 2021

3

Unaudited Consolidated Statements of Operations – Three months ended March 31, 2022 and 2021

4

Unaudited Consolidated Statements of Comprehensive Income – Three months ended March 31, 2022 and 2021

5

Unaudited Consolidated Statements of Changes in Shareholders’ Equity – Three months ended March 31, 2022 and 2021

6

Unaudited Consolidated Statements of Cash Flows – Three months ended March 31, 2022 and 2021

8

Notes to Unaudited Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

37

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

60

Item 4.

Controls and Procedures

60

Part II Other Information

Item 1.

Legal Proceedings

61

Item 1A.

Risk Factors

61

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

61

Item 3.

Defaults Upon Senior Securities

61

Item 4.

Mine Safety Disclosures

61

Item 5.

Other Information

61

Item 6.

Exhibits

62

Signatures

63


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

THE BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

March 31,

December 31,

2022

2021

(unaudited)

(in thousands, except share data)

ASSETS

Cash and cash equivalents

Cash and due from banks

$

11,399 

$

5,382 

Interest earning deposits at Federal Reserve Bank

662,827 

596,402 

Total cash and cash equivalents

674,226 

601,784 

Investment securities, available-for-sale, at fair value

907,338 

953,709 

Commercial loans, at fair value (includes $0 and $61.6 million of loans held for sale at lower of cost or fair value at March 31, 2022 and December 31, 2021, respectively)

1,180,885 

1,388,416 

Loans, net of deferred loan fees and costs

4,164,298 

3,747,224 

Allowance for credit losses

(19,051)

(17,806)

Loans, net

4,145,247 

3,729,418 

Federal Home Loan Bank and Atlantic Central Bankers Bank stock

1,663 

1,663 

Premises and equipment, net

16,314 

16,156 

Accrued interest receivable

17,284 

17,871 

Intangible assets, net

2,348 

2,447 

Other real estate owned

18,873 

18,873 

Deferred tax asset, net

18,521 

12,667 

Assets held-for-sale from discontinued operations

3,268 

Other assets

99,961 

96,967 

Total assets

$

7,082,660 

$

6,843,239 

LIABILITIES

Deposits

Demand and interest checking

$

5,506,083 

$

5,561,365 

Savings and money market

722,240 

415,546 

Total deposits

6,228,323 

5,976,911 

Securities sold under agreements to repurchase

42 

42 

Senior debt

98,774 

98,682 

Subordinated debentures

13,401 

13,401 

Other long-term borrowings

39,318 

39,521 

Other liabilities

50,507 

62,228 

Total liabilities

6,430,365 

6,190,785 

SHAREHOLDERS' EQUITY

Common stock - authorized, 75,000,000 shares of $1.00 par value; 57,155,028 and 57,370,563

shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively

57,155 

57,371 

Additional paid-in capital

336,604 

349,686 

Retained earnings

268,072 

239,106 

Accumulated other comprehensive (loss) income

(9,536)

6,291 

Total shareholders' equity

652,295 

652,454 

Total liabilities and shareholders' equity

$

7,082,660 

$

6,843,239 

The accompanying notes are an integral part of these consolidated statements.


3


THE BANCORP, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

For the three months ended March 31,

2022

2021

(in thousands, except per share data)

Interest income

Loans, including fees

$

50,591 

$

47,904 

Investment securities:

Taxable interest

4,891 

8,808 

Tax-exempt interest

25 

28 

Interest earning deposits

347 

183 

55,854 

56,923 

Interest expense

Deposits

1,606 

1,766 

Short-term borrowings

8 

Senior debt

1,279 

1,279 

Subordinated debentures

116 

113 

3,001 

3,166 

Net interest income

52,853 

53,757 

Provision for credit losses

1,507 

822 

Net interest income after provision for credit losses

51,346 

52,935 

Non-interest income

ACH, card and other payment processing fees

1,984 

1,796 

Prepaid, debit card and related fees

18,652 

19,208 

Net realized and unrealized gains

on commercial loans, at fair value

3,383 

1,996 

Leasing related income

973 

965 

Other

120 

109 

Total non-interest income

25,112 

24,074 

Non-interest expense

Salaries and employee benefits

23,848 

25,658 

Depreciation and amortization

795 

709 

Rent and related occupancy cost

1,289 

1,250 

Data processing expense

1,189 

1,126 

Printing and supplies

86 

66 

Audit expense

362 

363 

Legal expense

794 

2,054 

Amortization of intangible assets

99 

99 

FDIC insurance

974 

2,380 

Software

3,864 

3,684 

Insurance

1,064 

745 

Telecom and IT network communications

374 

405 

Consulting

303 

264 

Other

3,311 

3,080 

Total non-interest expense

38,352 

41,883 

Income from continuing operations before income taxes

38,106 

35,126 

Income tax expense

9,140 

9,066 

Net income from continuing operations

$

28,966 

$

26,060 

Discontinued operations

Loss from discontinued operations before income taxes

(124)

Income tax benefit

(29)

Loss from discontinued operations, net of tax

(95)

Net income

$

28,966 

$

25,965 

Net income per share from continuing operations - basic

$

0.51 

$

0.45 

Net income (loss) per share from discontinued operations - basic

$

$

Net income per share - basic

$

0.51 

$

0.45 

Net income per share from continuing operations - diluted

$

0.50 

$

0.44 

Net income (loss) per share from discontinued operations - diluted

$

$

Net income per share - diluted

$

0.50 

$

0.44 

The accompanying notes are an integral part of these consolidated statements.


4


THE BANCORP, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the three months ended March 31,

2022

2021

(in thousands)

Net income

$

28,966 

$

25,965 

Other comprehensive loss, net of reclassifications into net income:

Other comprehensive loss

Securities available-for-sale:

Change in net unrealized losses during the period

(21,686)

(4,243)

Reclassification adjustments for losses included in income

6 

7 

Other comprehensive loss

(21,680)

(4,236)

Income tax benefit related to items of other comprehensive loss

Securities available-for-sale:

Change in net unrealized losses during the period

(5,855)

(1,147)

Reclassification adjustments for losses included in income

2 

2 

Income tax benefit related to items of other comprehensive loss

(5,853)

(1,145)

Other comprehensive loss, net of tax and reclassifications into net income

(15,827)

(3,091)

Comprehensive income

$

13,139 

$

22,874 

The accompanying notes are an integral part of these consolidated statements.

5


THE BANCORP, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

For the three months ended March 31, 2022

(in thousands, except share data)