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The Bancorp, Inc. Reports Fourth Quarter and Full Year 2023 Financial Results and Updates 2024 Guidance

The Bancorp, Inc. ("The Bancorp" or “we”) (NASDAQ: TBBK), a financial holding company, today reported financial results for the fourth quarter and full year of 2023.

Highlights

  • The Bancorp reported net income of $44.0 million, or $0.81 per diluted share, for the quarter ended December 31, 2023, compared to net income of $40.2 million, or $0.71 per diluted share, for the quarter ended December 31, 2022. Excluding the tax effected impact of a $10.0 million provision for credit loss on its only trust preferred security, non-GAAP adjusted diluted earnings per share amounted to $0.95.*
  • Return on assets and equity for the quarter ended December 31, 2023 amounted to 2.4% and 22%, respectively, compared to 2.1% and 24%, respectively, for the quarter ended December 31, 2022 (all percentages “annualized”).
  • Net interest income increased 20% to $92.2 million for the quarter ended December 31, 2023, compared to $76.8 million for the quarter ended December 31, 2022. Net interest income increases reflected the impact of Federal Reserve rate increases on The Bancorp’s variable rate loans and securities.
  • Net interest margin amounted to 5.26% for the quarter ended December 31, 2023, compared to 4.21% for the quarter ended December 31, 2022, and 5.07% for the quarter ended September 30, 2023.
  • Loans, net of deferred fees and costs were $5.36 billion at December 31, 2023, compared to $5.20 billion at September 30, 2023 and $5.49 billion at December 31, 2022. Those changes reflected an increase of 3% quarter over linked quarter and a decrease of 2% year over year.
  • Gross dollar volume (“GDV”), representing the total amounts spent on prepaid and debit cards, increased $3.84 billion, or 13%, to $33.29 billion for the quarter ended December 31, 2023, compared to the quarter ended December 31, 2022. The increase reflects continued organic growth with existing partners and the impact of clients added within the past year. Total prepaid, debit card, ACH and other payment fees increased 15% to $25.1 million for the fourth quarter of 2023 compared to the fourth quarter of 2022.
  • Small business loans (“SBL”), including those held at fair value, amounted to $896.2 million at December 31, 2023, or 13% higher year over year, and 4% quarter over linked quarter, excluding $28.6 million of loans with related secured borrowings.
  • Direct lease financing balances increased 8% year over year to $685.7 million at December 31, 2023, and 2% quarter over September 30, 2023.
  • At December 31, 2023, real estate bridge loans of $2.00 billion had grown 8% compared to the $1.85 billion balance at September 30, 2023, and 20% compared to the December 31, 2022 balance of $1.67 billion. These real estate bridge loans consist entirely of apartment buildings.
  • Security backed lines of credit (“SBLOC”), insurance backed lines of credit (“IBLOC”) and investment advisor financing loans collectively decreased 26% year over year and decreased 4% quarter over linked quarter to $1.85 billion at December 31, 2023.
  • The average interest rate on $6.37 billion of average deposits and interest-bearing liabilities during the fourth quarter of 2023 was 2.51%. Average deposits of $6.25 billion for the fourth quarter of 2023 reflected a decrease of 6% from the $6.62 billion of average deposits for the quarter ended December 31, 2022, and a 1% decrease from $6.29 billion of average deposits for the quarter ended September 30, 2023. The decreases reflected the planned exit of $200 million of higher cost funds on July 1, 2023. Not included in deposit totals are deposits which are sold to other financial institutions totaling $300.7 million at December 31, 2023.
  • The Bancorp emphasizes safety and soundness, and liquidity. The vast majority of its funding is comprised of insured and small balance accounts. The Bancorp also has lines of credit with U.S. government agencies totaling approximately $2.7 billion as of December 31, 2023, as well as access to other liquidity.
  • As of December 31, 2023, tier one capital to assets (leverage), tier one capital to risk-weighted assets, total capital to risk-weighted assets and common equity-tier 1 to risk-weighted assets ratios were 11.19%, 15.66%, 16.23% and 15.66%, respectively, compared to well-capitalized minimums of 5%, 8%, 10% and 6.5%, respectively. The Bancorp and its wholly owned subsidiary, The Bancorp Bank, National Association, each remain well capitalized under banking regulations.
  • Book value per common share at December 31, 2023 was $15.17 compared to $12.46 per common share at December 31, 2022, an increase of 22%.
  • The Bancorp repurchased 664,499 shares of its common stock at an average cost of $37.62 per share during the quarter ended December 31, 2023.

*The Bank purchased a $10.0 million trust preferred security in 2006, which is the only such security in its portfolios. In the fourth quarter of 2023, the Bank took a charge for the full amount of the security through a provision for credit loss. The following reconciliation of GAAP to non-GAAP adjusted net income and diluted earnings per share (“EPS”) for the fourth quarter of 2023, adjusts for the impact of that charge.

 

 

 

Net Income (000’s)

EPS

GAAP

$44,028

$0.81

Provision for credit loss on trust preferred security, net of tax effect

7,489

0.14

As adjusted, non-GAAP

$51,517

$0.95

CEO and President Damian Kozlowski commented, “In 2023, we rode the waves of market turmoil and interest rate hikes and demonstrated the superiority of our rigorous commitment to our business partners, safety and soundness and shareholder advocacy. The strength of our business model and our comprehensive and integrated risk management showed that sound fundamental banking can reduce event risk and create opportunities for exemplar performance even in times of economic dislocations. We are confirming 2024 guidance of $4.25 a share without including the impact of share buybacks of $200 million for the year, or $50 million a quarter.”

Conference Call Webcast

You may access the LIVE webcast of The Bancorp's Quarterly Earnings Conference Call at 8:00 AM ET Friday, January 26, 2024 by clicking on the webcast link on The Bancorp's homepage at www.thebancorp.com. Or you may dial 1.888.259.6580, conference code 18545154. You may listen to the replay of the webcast following the live call on The Bancorp's investor relations website or telephonically until Friday, February 2, 2024 by dialing 1.877.674.7070, access code 545154#.

About The Bancorp

The Bancorp, Inc. (NASDAQ: TBBK), headquartered in Wilmington, Delaware, through its subsidiary, The Bancorp Bank, National Association, (or “The Bancorp Bank, N.A.”) 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., 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. By its company-wide commitment to excellence, The Bancorp has also been ranked as one of the 100 Fastest-Growing Companies by Fortune, a Top 50 Employer by Equal Opportunity Magazine and was selected to be included in the S&P Small Cap 600. 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.

Financial highlights

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Year ended

 

December 31,

 

December 31,

Consolidated condensed income statements

2023

 

2022

 

2023

 

2022

 

 

(Dollars in thousands, except per share and share data)

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

$

92,159

 

$

76,760

 

$

354,052

 

$

248,841

Provision for credit losses on loans

 

4,314

 

 

2,777

 

 

8,330

 

 

7,108

Provision for credit loss on security

 

10,000

 

 

 

 

10,000

 

 

Non-interest income

 

 

 

 

 

 

 

 

 

 

 

ACH, card and other payment processing fees

 

2,669

 

 

2,383

 

 

9,822

 

 

8,935

Prepaid, debit card and related fees

 

22,404

 

 

19,371

 

 

89,417

 

 

77,236

Net realized and unrealized (losses) gains on commercial

 

 

 

 

 

 

 

 

 

 

 

loans, at fair value

 

(426)

 

 

2,269

 

 

3,745

 

 

13,531

Leasing related income

 

1,556

 

 

1,256

 

 

6,324

 

 

4,822

Other non-interest income

 

786

 

 

461

 

 

2,786

 

 

1,159

Total non-interest income

 

26,989

 

 

25,740

 

 

112,094

 

 

105,683

Non-interest expense

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

27,628

 

 

27,520

 

 

121,055

 

 

105,368

Data processing expense

 

1,324

 

 

1,245

 

 

5,447

 

 

4,972

Legal expense

 

740

 

 

703

 

 

3,850

 

 

3,878

Legal settlement

 

 

 

 

 

 

 

1,152

Civil money penalty

 

 

 

 

 

 

 

1,750

FDIC insurance

 

724

 

 

944

 

 

2,957

 

 

3,270

Software

 

4,368

 

 

4,181

 

 

17,349

 

 

16,211

Other non-interest expense

 

10,826

 

 

8,882

 

 

40,384

 

 

32,901

Total non-interest expense

 

45,610

 

 

43,475

 

 

191,042

 

 

169,502

Income before income taxes

 

59,224

 

 

56,248

 

 

256,774

 

 

177,914

Income tax expense

 

15,196

 

 

16,007

 

 

64,478

 

 

47,701

Net income

 

44,028

 

 

40,241

 

 

192,296

 

 

130,213

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share - basic

$

0.82

 

$

0.72

 

$

3.52

 

$

2.30

 

 

 

 

 

 

Net income per share - diluted

$

0.81

 

$

0.71

 

$

3.49

 

$

2.27

Weighted average shares - basic

 

53,549,138

 

 

55,885,015

 

 

54,506,065

 

 

56,556,303

Weighted average shares - diluted

 

54,201,312

 

 

56,588,011

 

 

55,053,497

 

 

57,268,946

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed consolidated balance sheets

December 31,

 

September 30,

 

June 30,

 

December 31,

 

2023 (unaudited)

 

2023 (unaudited)

 

2023 (unaudited)

 

2022

 

 

(Dollars in thousands, except share data)

Assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

4,820

 

$

4,881

 

$

6,496

 

$

24,063

Interest earning deposits at Federal Reserve Bank

 

1,033,270

 

 

898,533

 

 

874,050

 

 

864,126

Total cash and cash equivalents

 

1,038,090

 

 

903,414

 

 

880,546

 

 

888,189

 

 

 

 

 

 

 

 

 

 

 

 

Investment securities, available-for-sale, at fair value, net of $10.0 million allowance for credit loss

 

747,534

 

 

756,636

 

 

776,410

 

 

766,016

Commercial loans, at fair value

 

332,766

 

 

379,603

 

 

396,581

 

 

589,143

Loans, net of deferred fees and costs

 

5,361,139

 

 

5,198,972

 

 

5,267,574

 

 

5,486,853

Allowance for credit losses

 

(27,378)

 

 

(24,145)

 

 

(23,284)

 

 

(22,374)

Loans, net

 

5,333,761

 

 

5,174,827

 

 

5,244,290

 

 

5,464,479

Federal Home Loan Bank, Atlantic Central Bankers Bank, and Federal Reserve Bank stock

 

15,591

 

 

20,157

 

 

20,157

 

 

12,629

Premises and equipment, net

 

27,474

 

 

28,978

 

 

26,408

 

 

18,401

Accrued interest receivable

 

37,534

 

 

34,159

 

 

34,062

 

 

32,005

Intangible assets, net

 

1,651

 

 

1,751

 

 

1,850

 

 

2,049

Other real estate owned

 

16,949

 

 

18,756

 

 

20,952

 

 

21,210

Deferred tax asset, net

 

21,219

 

 

20,379

 

 

19,215

 

 

19,703

Other assets

 

133,126

 

 

127,107

 

 

122,435

 

 

89,176

Total assets

$

7,705,695

 

$

7,465,767

 

$

7,542,906

 

$

7,903,000

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

 

 

 

Demand and interest checking

$

6,630,251

 

$

6,455,043

 

$

6,554,967

 

$

6,559,617

Savings and money market

 

50,659

 

 

49,428

 

 

68,084

 

 

140,496

Time deposits, $100,000 and over

 

330,000

Total deposits

 

6,680,910

6,504,471

6,623,051

7,030,113

 

 

 

 

 

 

 

 

 

 

 

 

Securities sold under agreements to repurchase

 

42

 

 

42

 

 

42

 

 

42

Senior debt

 

95,859

 

 

95,771

 

 

95,682

 

 

99,050

Subordinated debenture

 

13,401

 

 

13,401

 

 

13,401

 

 

13,401

Other long-term borrowings

 

38,561

 

 

9,861

 

 

9,917

 

 

10,028

Other liabilities

 

69,641

68,533

51,646

56,335

Total liabilities

$

6,898,414

$

6,692,079

$

6,793,739

$

7,208,969

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

 

 

 

Common stock - authorized, 75,000,000 shares of $1.00 par value; 53,202,630 and 55,689,627 shares issued and outstanding at December 31, 2023 and 2022, respectively

 

53,203

 

 

53,867

 

 

54,542

 

 

55,690

Additional paid-in capital

 

212,431

 

 

234,320

 

 

256,115

 

 

299,279

Retained earnings

 

561,615

 

 

517,587

 

 

467,450

 

 

369,319

Accumulated other comprehensive loss

 

(19,968)

(32,086)

(28,940)

(30,257)

Total shareholders' equity

 

807,281

 

 

773,688

 

 

749,167

 

 

694,031

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

7,705,695

$

7,465,767

$

7,542,906

$

7,903,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average balance sheet and net interest income

 

Three months ended December 31, 2023

 

 

Three months ended December 31, 2022

 

 

(Dollars in thousands; unaudited)

 

 

Average

 

 

 

 

 

Average

 

 

Average

 

 

 

 

Average

Assets:

 

Balance

 

 

Interest(1)

 

 

Rate

 

 

Balance

 

 

Interest(1)

 

Rate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net of deferred fees and costs(2)

$

5,583,467

 

$

112,334

 

 

8.05%

 

$

6,083,587

 

$

94,477

 

6.21%

Leases-bank qualified(3)

 

4,658

 

 

109

 

 

9.36%

 

 

2,952

 

 

50

 

6.78%

Investment securities-taxable

 

747,384

 

 

10,258

 

 

5.49%

 

 

782,046

 

 

8,483

 

4.34%

Investment securities-nontaxable(3)

 

2,895

 

 

49

 

 

6.77%

 

 

3,559

 

 

32

 

3.60%

Interest earning deposits at Federal Reserve Bank

 

677,524

 

 

9,356

 

 

5.52%

 

 

424,255

 

 

3,886

 

3.66%

Net interest earning assets

 

7,015,928

 

 

132,106

 

 

7.53%

 

 

7,296,399

 

 

106,928

 

5.86%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses

 

(24,070)

 

 

 

 

 

 

 

 

(20,227)

 

 

 

 

 

Other assets

 

356,785

 

 

 

 

 

 

 

 

223,692

 

 

 

 

 

 

$

7,348,643

 

 

 

 

 

 

 

$

7,499,864

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand and interest checking

$

6,204,048

 

$

37,830

 

 

2.44%

 

$

5,891,947

 

$

21,350

 

1.45%

Savings and money market

 

46,428

 

 

392

 

 

3.38%

 

 

474,302

 

 

4,332

 

3.65%

Time deposits

 

 

 

 

 

257,231

 

 

2,193

3.41%

Total deposits

 

6,250,476

 

 

38,222

 

 

2.45%

 

 

6,623,480

 

 

27,875

 

1.68%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

2,717

 

 

37

 

 

5.45%

 

 

26,847

 

 

271

 

4.04%

Repurchase agreements

 

41

 

 

 

 

 

 

42

 

 

 

Long-term borrowings

 

10,144

 

 

125

 

 

4.94%

 

 

38,951

 

 

498

 

5.11%

Subordinated debentures

 

13,401

 

 

296

8.84%

 

 

13,401

 

 

226

6.75%

Senior debt

 

95,808

 

 

1,234

5.15%

 

 

99,005

 

 

1,280

5.17%

Total deposits and liabilities

 

6,372,587

 

 

39,914

 

 

2.51%

 

 

6,801,726

 

 

30,150

 

1.77%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

185,572

 

 

 

 

 

 

 

 

19,254

 

 

 

 

 

Total liabilities

 

6,558,159

 

 

 

 

 

 

 

 

6,820,980

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

790,484

 

 

 

 

 

 

 

 

678,884

 

 

 

 

 

 

$

7,348,643

 

 

 

 

 

 

 

$

7,499,864

 

 

 

 

 

Net interest income on tax equivalent basis(3)

 

 

 

$

92,192

 

 

 

 

 

$

76,778

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax equivalent adjustment

 

 

 

33

 

 

 

 

 

 

18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

$

92,159

 

 

 

$

76,760

Net interest margin(3)

 

 

 

 

 

 

 

5.26%

 

 

 

 

 

 

 

4.21%

(1)Interest on loans for 2023 and 2022 includes $5,000 and $12,000, respectively, of interest and fees on PPP loans.

(2)Includes commercial loans, at fair value. All periods include non-accrual loans.

(3)Full taxable equivalent basis, using 21% respective statutory federal tax rates in 2023 and 2022.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average balance sheet and net interest income

Year ended December 31, 2023

 

Year ended December 31, 2022

 

 

(Dollars in thousands; unaudited)

 

Average

 

 

 

 

 

Average

 

Average

 

 

 

 

Average

Assets:

Balance

 

Interest(1)

 

 

Rate

 

Balance

 

Interest(1)

 

Rate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, net of deferred fees and costs(2)

$

5,724,679

 

$

436,343

 

 

7.62%

 

$

5,670,957

 

$

275,651

 

4.86%

Leases-bank qualified(3)

 

4,106

 

 

388

 

 

9.45%

 

 

3,479

 

 

235

 

6.75%

Investment securities-taxable

 

766,906

 

 

39,078

 

 

5.10%

 

 

855,629

 

 

25,598

 

2.99%

Investment securities-nontaxable(3)

 

3,118

 

 

193

 

 

6.19%

 

 

3,559

 

 

125

 

3.51%

Interest earning deposits at Federal Reserve Bank

 

649,873

 

 

33,627

 

 

5.17%

 

 

479,791

 

 

6,762

 

1.41%

Net interest earning assets

 

7,148,682

 

 

509,629

 

 

7.13%

 

 

7,013,415

 

 

308,371

 

4.40%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses

 

(23,412)

 

 

 

 

 

 

 

 

(19,374)

 

 

 

 

 

Other assets

 

292,491

 

 

 

 

 

 

 

 

213,491

 

 

 

 

 

 

$

7,417,761

 

 

 

 

 

 

 

$

7,207,532

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand and interest checking

$

6,308,509

 

$

144,814

 

 

2.30%

 

$

5,670,818

 

$

39,872

 

0.70%

Savings and money market

 

78,074

 

 

2,857

 

 

3.66%

 

 

510,370

 

 

8,524

 

1.67%

Time deposits

 

20,794

 

 

858

4.13%

 

 

86,907

 

 

2,740

3.15%

Total deposits

 

6,407,377

 

 

148,529

 

 

2.32%

 

 

6,268,095

 

 

51,136

 

0.82%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Short-term borrowings

 

5,739

 

 

271

 

 

4.72%

 

 

60,312

 

 

1,538

 

2.55%

Repurchase agreements

 

41

 

 

 

 

 

 

41

 

 

 

Long-term borrowings

 

9,995

 

 

507

 

 

5.07%

 

 

39,202

 

 

1,004

 

2.56%

Subordinated debentures

 

13,401

 

 

1,121

8.37%

 

 

13,401

 

 

658

4.91%

Senior debt

 

96,864

 

 

5,027

5.19%

 

 

98,865

 

 

5,118

5.18%

Total deposits and liabilities

 

6,533,417

 

 

155,455

 

 

2.38%

 

 

6,479,916

 

 

59,454

 

0.92%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other liabilities

 

133,688

 

 

 

 

 

 

 

 

54,374

 

 

 

 

 

Total liabilities

 

6,667,105

 

 

 

 

 

 

 

 

6,534,290

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

750,656

 

 

 

 

 

 

 

 

673,242

 

 

 

 

 

 

$

7,417,761

 

 

 

 

 

 

 

$

7,207,532

 

 

 

 

 

Net interest income on tax equivalent basis(3)

 

 

 

$

354,174

 

 

 

 

 

$

248,917

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax equivalent adjustment

 

 

 

122

 

 

 

 

 

 

76

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

$

354,052

 

 

 

$

248,841

Net interest margin(3)

 

 

 

 

 

 

 

4.95%

 

 

 

 

 

 

 

3.55%

(1)Interest on loans for 2023 and 2022 includes $32,000 and $514,000, respectively, of interest and fees on PPP loans.

(2)Includes commercial loans, at fair value. All periods include non-accrual loans.

(3)Full taxable equivalent basis, using 21% respective statutory federal tax rates in 2023 and 2022.

 

 

 

 

 

 

Allowance for credit losses

 

Year ended

 

December 31,

 

December 31,

 

2023 (unaudited)

 

2022

 

(Dollars in thousands)

 

 

 

 

 

 

Balance in the allowance for credit losses at beginning of period

$

22,374

 

$

17,806

 

 

 

 

 

 

Loans charged-off:

 

 

 

 

 

SBA non-real estate

 

871

 

 

885

SBA commercial mortgage

 

76

 

 

Direct lease financing

 

3,666

 

 

576

IBLOC

 

24

 

 

Consumer - other

 

3

 

 

Total

 

4,640

 

 

1,461

 

 

 

 

 

 

Recoveries:

 

 

 

 

 

SBA non-real estate

 

475

 

 

140

SBA commercial mortgage

 

75

 

 

Direct lease financing

 

330

 

 

124

Consumer - home equity

 

299

 

 

Other loans

 

 

 

24

Total

 

1,179

 

 

288

Net charge-offs

 

3,461

 

 

1,173

Provision for credit losses, excluding commitment provision

 

8,465

 

 

5,741

 

 

 

 

 

 

Balance in allowance for credit losses at end of period

$

27,378

 

$

22,374

Net charge-offs/average loans

 

0.07%

 

 

0.03%

Net charge-offs/average assets

 

0.05%

 

 

0.02%

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan portfolio

December 31,

 

September 30,

 

June 30,

 

December 31,

 

2023 (unaudited)

 

2023 (unaudited)

 

2023 (unaudited)

 

2022

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

SBL non-real estate

$

137,752

 

$

130,579

 

$

117,621

 

$

108,954

SBL commercial mortgage

 

606,986

 

 

547,107

 

 

515,008

 

 

474,496

SBL construction

 

22,627

19,204

32,471

30,864

Small business loans

 

767,365

 

 

696,890

 

 

665,100

 

 

614,314

Direct lease financing

 

685,657

 

 

670,208

 

 

657,316

 

 

632,160

SBLOC / IBLOC(1)

 

1,627,285

 

 

1,720,513

 

 

1,883,607

 

 

2,332,469

Advisor financing(2)

 

221,612

 

 

199,442

 

 

173,376

 

 

172,468

Real estate bridge loans

 

1,999,782

 

 

1,848,224

 

 

1,826,227

 

 

1,669,031

Other loans(3)

 

50,638

55,800

55,644

61,679

 

 

5,352,339

 

 

5,191,077

 

 

5,261,270

 

 

5,482,121

Unamortized loan fees and costs

 

8,800

7,895

6,304

4,732

Total loans, including unamortized fees and costs

$

5,361,139

$

5,198,972

$

5,267,574

$

5,486,853

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Small business portfolio

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

December 31,

 

 

2023 (unaudited)

 

 

2023 (unaudited)

 

 

2023 (unaudited)

 

 

2022

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

SBL, including unamortized fees and costs

$

776,867

$

705,790

$

673,667

 

$

621,641

SBL, included in loans, at fair value

 

119,287

126,543

134,131

 

 

146,717

Total small business loans(4)

$

896,154

$

832,333

$

807,798

 

$

768,358

(1)SBLOC are collateralized by marketable securities, while IBLOC are collateralized by the cash surrender value of insurance policies. At December 31, 2023 and December 31, 2022, IBLOC loans amounted to $646.9 million and $1.12 billion, respectively.

(2)In 2020 The Bancorp began originating loans to investment advisors for purposes of debt refinancing, acquisition of another firm or internal succession. Maximum loan amounts are subject to loan-to-value (“LTV”) ratios of 70% of the business enterprise value based on a third-party valuation, but may be increased depending upon the debt service coverage ratio. Personal guarantees and blanket business liens are obtained as appropriate.

(3)Includes demand deposit overdrafts reclassified as loan balances totaling $1.7 million and $2.6 million at December 31, 2023 and December 31, 2022, respectively. Estimated overdraft charge-offs and recoveries are reflected in the allowance for credit losses and are immaterial.

(4)The SBLs held at fair value are comprised of the government guaranteed portion of 7(a) Program loans at the dates indicated.

Small business loans as of December 31, 2023

 

 

 

 

 

 

 

 

 

 

Loan principal

 

 

(Dollars in millions)

U.S. government guaranteed portion of SBA loans(1)

 

$

399

PPP loans(1)

 

 

2

Commercial mortgage SBA(2)

 

 

284

Construction SBA(3)

 

 

12

Non-guaranteed portion of U.S. government guaranteed 7(a) Program loans(4)

 

 

113

Non-SBA SBLs

 

 

46

Other(5)

 

 

29

Total principal

 

$

885

Unamortized fees and costs

 

 

11

Total SBLs

 

$

896

(1)Includes the portion of SBA 7(a) Program loans and PPP loans which have been guaranteed by the U.S. government, and therefore are assumed to have no credit risk.

(2)Substantially all these loans are made under the 504 Program, which dictates origination date LTV percentages, generally 50-60%, to which The Bancorp adheres.

(3)Includes $4.0 million in 504 Program first mortgages with an origination date LTV of 50-60%, and $8.0 million in SBA interim loans with an approved SBA post-construction full takeout/payoff.

(4)Includes the unguaranteed portion of 7(a) Program loans which are 70% or more guaranteed by the U.S. government. SBA 7(a) Program 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 7(a) Program loans and 504 Program loans require the personal guaranty of all 20% or greater owners.

(5)Comprised of $29.0 million of loans sold that do not qualify for true sale accounting.

Small business loans by type as of December 31, 2023

(Excludes government guaranteed portion of SBA 7(a) Program and PPP loans)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SBL commercial mortgage(1)

 

SBL construction(1)

 

SBL non-real estate

 

Total

 

 

% Total

 

 

 

(Dollars in millions)

Hotels and motels

 

$

77

 

$

 

$

 

$

77

 

 

17%

Funeral homes and funeral services

 

 

41

 

 

 

 

 

 

41

 

 

9%

Full-service restaurants

 

 

24

 

 

6

 

 

2

 

 

32

 

 

7%

Car washes

 

 

19

 

 

 

 

 

 

19

 

 

4%

Child day care services

 

 

16

 

 

2

 

 

2

 

 

20

 

 

4%

Outpatient mental health and substance abuse centers

 

 

15

 

 

 

 

 

 

15

 

 

3%

Homes for the elderly

 

 

13

 

 

 

 

 

 

13

 

 

3%

Gasoline stations with convenience stores

 

 

12

 

 

 

 

 

 

12

 

 

3%

Fitness and recreational sports centers

 

 

8

 

 

 

 

2

 

 

10

 

 

2%

Lessors of other real estate property

 

 

9

 

 

 

 

1

 

 

10

 

 

2%

Offices of lawyers

 

 

9

 

 

 

 

 

 

9

 

 

2%

Limited-service restaurants

 

 

3

 

 

1

 

 

3

 

 

7

 

 

2%

Caterers

 

 

7

 

 

 

 

 

 

7

 

 

2%

General warehousing and storage

 

 

7

 

 

 

 

 

 

7

 

 

2%

Lessors of nonresidential buildings

 

 

6

 

 

 

 

 

 

6

 

 

1%

Plumbing, heating, and air-conditioning

 

 

6

 

 

 

 

1

 

 

7

 

 

2%

All other specialty trade contractors

 

 

5

 

 

 

 

 

 

5

 

 

1%

Lessors of residential buildings

 

 

5

 

 

 

 

 

 

5

 

 

1%

Miscellaneous durable goods merchants

 

 

5

 

 

 

 

 

 

5

 

 

1%

Packaged frozen food merchant wholesalers

 

 

5

 

 

 

 

 

 

5

 

 

1%

Technical and trade schools

 

 

5

 

 

 

 

 

 

5

 

 

1%

Amusement and recreation

 

 

4

 

 

 

 

 

 

4

 

 

1%

Offices of dentists

 

 

3

 

 

 

 

 

 

3

 

 

1%

Vocational rehabilitation services

 

 

 

 

3

 

 

 

 

3

 

 

1%

Other(2)

 

 

99

 

 

2

 

 

27

 

 

128

 

 

27%

Total

 

$

403

 

$

14

 

$

38

 

$

455

 

 

100%

(1)Of the SBL commercial mortgage and SBL construction loans, $121.0 million represents the total of the non-guaranteed portion of SBA 7(a) Program loans and non-SBA loans. The balance of those categories represents SBA 504 Program loans with 50%-60% origination date LTVs. SBL Commercial excludes $29.0 million of loans sold that do not qualify for true sale accounting.

(2)Loan types of less than $3.0 million are spread over approximately one hundred different business types.

State diversification as of December 31, 2023

(Excludes government guaranteed portion of SBA 7(a) Program loans and PPP loans)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SBL commercial mortgage(1)

 

SBL construction(1)

 

SBL non-real estate

 

Total

 

 

% Total

 

 

 

(Dollars in millions)

California

 

$

82

 

$

5

 

$

3

 

$

90

 

 

20%

Florida

 

 

68

 

 

1

 

 

3

 

 

72

 

 

16%

North Carolina

 

 

38

 

 

1

 

 

2

 

 

41

 

 

9%

Pennsylvania

 

 

34

 

 

 

 

1

 

 

35

 

 

8%

New York

 

 

25

 

 

2

 

 

2

 

 

29

 

 

6%

New Jersey

 

 

17

 

 

3

 

 

4

 

 

24

 

 

5%

Texas

 

 

18

 

 

 

 

6

 

 

24

 

 

5%

Georgia

 

 

20

 

 

1

 

 

2

 

 

23

 

 

5%

Other States

 

 

101

 

 

1

 

 

15

 

 

117

 

 

26%

Total

 

$

403

 

$

14

 

$

38

 

$

455

 

 

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)Of the SBL commercial mortgage and SBL construction loans, $121.0 million represents the total of the non-guaranteed portion of SBA 7(a) Program loans and non-SBA loans. The balance of those categories represents SBA 504 Program loans with 50%-60% origination date LTVs. SBL Commercial excludes $29.0 million of loans that do not qualify for true sale accounting.

Top 10 loans as of December 31, 2023

 

 

 

 

 

 

 

 

Type(1)

 

State

 

SBL commercial mortgage

 

 

 

 

(Dollars in millions)

Funeral homes and funeral services

 

 

PA

 

$

13

 

Mental health and substance abuse center

 

 

FL

 

 

10

 

Funeral homes and funeral services

 

 

ME

 

 

9

 

Hotel

 

 

FL

 

 

8

 

Lawyers office

 

 

CA

 

 

8

 

Hotel

 

 

NC

 

 

7

 

General warehousing and storage

 

 

PA

 

 

7

 

Hotel

 

 

FL

 

 

6

 

Hotel

 

 

NY

 

 

6

 

Hotel

 

 

NC

 

 

5

 

Total

 

 

 

 

$

79

 

(1)The table above does not include loans to the extent that they are U.S. government guaranteed.

Commercial real estate loans, excluding SBA loans, are as follows including LTV at origination:

Type as of December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

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 amortized cost)(1)

 

 

148

 

$

2,000

 

71%

 

9.30%

 

 

 

 

 

 

 

 

 

 

 

Non-SBA commercial real estate loans, at fair value:

 

 

 

 

 

 

 

 

 

 

Multi-family (apartment bridge loans)(1)

 

 

9

 

$

168

 

77%

 

8.82%

Hospitality (hotels and lodging)

 

 

2

 

 

27

 

65%

 

9.82%

Retail

 

 

2

 

 

12

 

72%

 

8.19%

Other

 

 

2

 

 

9

 

73%

 

4.97%

 

 

 

15

 

 

216

 

75%

 

8.74%

Fair value adjustment

 

 

 

 

 

(3)

 

 

 

 

Total non-SBA commercial real estate loans, at fair value

 

 

 

 

 

213

 

 

 

 

Total commercial real estate loans

 

 

 

 

$

2,213

 

72%

 

9.26%

(1)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 they are not accounted for at fair value.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State diversification as of December 31, 2023

 

 

15 largest loans as of December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

State

 

 

Balance

 

 

Origination date LTV

 

 

State

 

 

 

Balance

 

Origination date LTV

(Dollars in millions)

 

 

(Dollars in millions)

Texas

 

$

814

 

 

72%

 

 

Texas

 

 

$

46

 

75%

Georgia

 

 

247

 

 

69%

 

 

Texas

 

 

 

44

 

72%

Florida

 

 

221

 

 

70%

 

 

Tennessee

 

 

 

40

 

72%

Michigan

 

 

112

 

 

69%

 

 

Texas

 

 

 

39

 

75%

Indiana

 

 

92

 

 

73%

 

 

Texas

 

 

 

39

 

79%

New Jersey

 

 

78

 

 

69%

 

 

Texas

 

 

 

37

 

80%

Ohio

 

 

73

 

 

67%

 

 

Michigan

 

 

 

37

 

62%

Other States each <$63 million

 

 

576

 

 

73%

 

 

Texas

 

 

 

36

 

67%

Total

 

$

2,213

 

 

72%

 

 

Florida

 

 

 

35

 

72%

 

 

 

 

 

 

 

 

 

Indiana

 

 

 

34

 

76%

 

 

 

 

 

 

 

 

 

Texas

 

 

 

34

 

62%

 

 

 

 

 

 

 

 

 

Michigan

 

 

 

32

 

79%

 

 

 

 

 

 

 

 

 

Oklahoma

 

 

 

31

 

78%

 

 

 

 

 

 

 

 

 

New Jersey

 

 

 

30

 

62%

 

 

 

 

 

 

 

 

 

Georgia

 

 

 

29

 

69%

 

 

 

 

 

 

 

 

 

15 largest commercial real estate loans

 

 

$

543

 

72%

Institutional banking loans outstanding at December 31, 2023

 

 

 

 

 

Type

Principal

 

% of total

 

 

(Dollars in millions)

 

 

SBLOC

$

980

 

53%

IBLOC

 

647

 

35%

Advisor financing

 

222

 

12%

Total

$

1,849

 

100%

For SBLOC, we generally lend up to 50% of the value of equities and 80% for investment grade securities. While the value of equities has 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. Second, 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 December 31, 2023

 

 

 

 

 

 

Principal amount

 

% Principal to collateral

 

(Dollars in millions)

 

$

11

 

20%

 

 

9

 

94%

 

 

9

 

39%

 

 

9

 

41%

 

 

9

 

94%

 

 

8

 

72%

 

 

8

 

68%

 

 

8

 

27%

 

 

8

 

52%

 

 

7

 

74%

Total and weighted average

$

86

 

57%

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, fifteen insurance companies have been approved and, as of December 31, 2023, all were rated A- (Excellent) or better by AM BEST.

Direct lease financing by type as of December 31, 2023

 

 

 

 

 

 

 

Principal balance(1)

 

% Total

 

 

(Dollars in millions)

 

 

Government agencies and public institutions(2)

$

109

 

16%

Waste management and remediation services

 

106

 

15%

Construction

 

104

 

15%

Real estate and rental and leasing

 

76

 

11%

Manufacturing

 

35

 

5%

Finance and insurance

 

33

 

5%

Health care and social assistance

 

26

 

4%

Other services (except public administration)

 

26

 

4%

General freight trucking

 

25

 

4%

Professional, scientific, and technical services

 

22

 

3%

Wholesale trade

 

18

 

3%

Utilities

 

15

 

2%

Transportation and warehousing

 

14

 

2%

Other

 

77

 

11%

Total

$

686

 

100%

(1)Of the total $686.0 million of direct lease financing, $611.0 million consisted of vehicle leases with the remaining balance consisting of equipment leases.

(2)Includes public universities and school districts.

Direct lease financing by state as of December 31, 2023

 

 

 

 

 

State

 

Principal balance

 

% Total

 

 

(Dollars in millions)

 

 

Florida

$

98

 

14%

Utah

 

67

 

10%

California

 

57

 

8%

New York

 

51

 

7%

Pennsylvania

 

42

 

6%

New Jersey

 

39

 

6%

North Carolina

 

35

 

5%

Maryland

 

33

 

5%

Texas

 

31

 

5%

Connecticut

 

30

 

4%

Idaho

 

17

 

2%

Washington

 

15

 

2%

Georgia

 

14

 

2%

Ohio

 

13

 

2%

Alabama

 

12

 

2%

Other States

 

132

 

20%

Total

$

686

 

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 December 31, 2023

 

 

 

 

 

 

 

The Bancorp, Inc.

11.19%

 

15.66%

 

16.23%

 

15.66%

The Bancorp Bank, National Association

12.37%

 

17.35%

 

17.92%

 

17.35%

"Well capitalized" institution (under federal regulations-Basel III)

5.00%

 

8.00%

 

10.00%

 

6.50%

 

 

 

 

 

 

 

 

As of December 31, 2022

 

 

 

 

 

 

 

The Bancorp, Inc.

9.63%

 

13.40%

 

13.87%

 

13.40%

The Bancorp Bank, National Association

10.73%

 

14.95%

 

15.42%

 

14.95%

"Well capitalized" institution (under federal regulations-Basel III)

5.00%

 

8.00%

 

10.00%

 

6.50%

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Year ended

 

December 31,

 

December 31,

 

2023

 

2022

 

2023

 

2022

Selected operating ratios

 

 

 

 

 

 

 

 

 

 

 

Return on average assets(1)

 

2.38%

 

 

2.13%

 

 

2.59%

 

 

1.81%

Return on average equity(1)

 

22.10%

 

 

23.52%

 

 

25.62%

 

 

19.34%

Net interest margin

 

5.26%

 

 

4.21%

 

 

4.95%

 

 

3.55%

(1) Annualized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per share table

December 31,

 

September 30,

 

June 30,

 

December 31,

 

2023

 

2023

 

2023

 

2022

Book value per share

$

15.17

 

$

14.36

 

$

13.74

 

$

12.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan quality table

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

December 31,

 

 

2023

 

2023

 

2023

 

2022

 

 

(Dollars in thousands)

Nonperforming loans to total loans

 

0.25%

 

 

0.30%

 

 

0.28%

 

 

0.33%

Nonperforming assets to total assets

 

0.39%

 

 

0.46%

 

 

0.47%

 

 

0.50%

Allowance for credit losses to total loans

 

0.51%

 

 

0.46%

 

 

0.44%

 

 

0.41%

 

 

 

 

 

 

 

 

 

 

 

 

Nonaccrual loans

$

11,525

 

$

15,100

 

$

14,027

 

$

10,356

Loans 90 days past due still accruing interest

 

1,744

 

 

677

 

 

563

 

 

7,775

Other real estate owned

 

16,949

 

18,756

 

20,952

 

21,210

Total nonperforming assets

$

30,218

 

$

34,533

 

$

35,542

 

$

39,341

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross dollar volume (GDV) (1)

Three months ended

 

December 31,

 

September 30,

 

June 30,

 

December 31,

 

2023

 

2023

 

2023

 

2022

 

 

(Dollars in thousands)

Prepaid and debit card GDV

$

33,292,350

 

$

32,972,249

 

$

32,776,154

 

$

29,454,074

(1) Gross dollar volume represents the total dollar amount spent on prepaid and debit cards issued by The Bancorp Bank, N.A.

 
 

Business line quarterly summary

Quarter ended December 31, 2023

(Dollars in millions)

 

Balances

% Growth

Major business lines

Average approximate rates(1)

Balances(2)

Year over year

 

Linked quarter annualized

Loans

Institutional banking(3)

6.8%

$ 1,849

(26%)

(15%)

Small business lending(4)

7.3%

896

13%

17%

Leasing

7.4%

686

8%

9%

Commercial real estate (non-SBA loans, at fair value)

8.7%

216

nm

nm

Real estate bridge loans (recorded at book value)

 

9.3%

 

2,000

 

20%

 

33%

 

 

 

 

 

Weighted average yield

7.9%

$ 5,647

Non-interest income

% Growth

Deposits: Fintech solutions group

Current quarter

Year over year

Prepaid and debit card issuance, and other payments

2.5%

$ 5,998

6%

nm

$ 25.1

15%

(1)Average rates are for the three months ended December 31, 2023.

(2)Loan and deposit categories are based on period-end and average quarterly balances, respectively.

(3)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.

(4)Small Business Lending is substantially comprised of SBA loans. Growth rates exclude $29.0 million of loans that do not qualify for true sale accounting.

Summary of credit lines available

Notwithstanding that the vast majority of The Bancorp’s funding is comprised of insured and small balance accounts, The Bancorp maintains lines of credit exceeding potential liquidity requirements as follows. The Bancorp also has access to other substantial sources of liquidity.

 

 

 

 

December 31, 2023

 

 

(Dollars in thousands)

Federal Reserve Bank

$

1,947,513

Federal Home Loan Bank

 

731,500

Total lines of credit available

$

2,679,013

Estimated insured vs uninsured deposits

The vast majority of The Bancorp’s deposits are insured and low balance and accordingly do not constitute the liquidity risk experienced by certain institutions. Accordingly the deposit base is comprised as follows.

 

 

 

 

December 31, 2023

Insured

 

91%

Low balance accounts

 

5%

Other uninsured

 

4%

Total deposits

 

100%

Calculation of efficiency ratio(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Year ended

 

December 31,

 

December 31,

 

December 31,

 

December 31,

 

2023

 

2022

 

2023

 

2022

 

(Dollars in thousands)

Net interest income

$

92,159

 

$

76,760

 

$

354,052

 

$

248,841

Non-interest income

 

26,989

 

 

25,740

 

 

112,094

 

 

105,683

Total revenue

$

119,148

 

$

102,500

 

$

466,146

 

$

354,524

Non-interest expense

$

45,610

 

$

43,475

 

$

191,042

 

$

169,502

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio

 

38%

 

 

42%

 

 

41%

 

 

48%

(1) The efficiency ratio is calculated by dividing GAAP total non-interest expense by the total of GAAP net interest income and non-interest income. This ratio compares revenues generated with the amount of expense required to generate such revenues, and may be used as one measure of overall efficiency.

 

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