Exhibit 99.1

The Bancorp, Inc. Reports Fourth Quarter and Full Year 2018 Financial Results

Wilmington, DE – January 24, 2019 – The Bancorp, Inc. ("The Bancorp") (NASDAQ: TBBK), a financial holding company, today reported financial results for the fourth quarter and full year 2018.

Highlights

·
Net interest income increased 15% to $30.6 million for the quarter ended December 31, 2018, compared to $26.7 million for the quarter ended December 31, 2017.

·
Interest income on security backed lines of credit (“SBLOC”) loans increased 40% to $8.3 million for the quarter ended December 31, 2018, compared to $5.9 million for the quarter ended December 31, 2017.

·
Net interest margin increased to 3.32% for the quarter ended December 31, 2018, compared to 3.11% for the quarter ended December 31, 2017.

·
ACH (Automated Clearing House), card and other payment processing fees increased to $2.4 million, or 38% compared to the quarter ended December 31, 2017.

·
Loans increased 8% to $1.50 billion at December 31, 2018, compared to $1.39 billion at December 31, 2017.

·
Small Business Administration (“SBA”) loans increased 17% to $470.8 million at December 31, 2018, compared to $401.9 million at December 31, 2017.

·
SBLOC loans increased 8% to $785.3 million at December 31, 2018, compared to $730.5 million at December 31, 2017.

·
The rate on $3.70 billion of average deposits and interest-bearing liabilities in the fourth quarter of 2018 was 0.87% with a rate of 1.10% for $2.20 billion of average prepaid card deposits.

·
The Bancorp benefited from the lower federal tax rate in 2018, as the lower federal statutory rate of 21% (compared to 34% in 2017) was applied to the $65 million gain on sale of IRA portfolio in the third quarter of 2018.

·
Consolidated leverage ratio exceeded 10% at December 31, 2018. The Bancorp and its subsidiary, The Bancorp Bank, remain well capitalized.

·
Book value per common share at December 31, 2018 was $7.22 per share.


Damian Kozlowski, The Bancorp’s Chief Executive Officer, said, “This quarter capped a very important year for the Bancorp.  We moved the institution ahead on many fronts and created an environment to significantly increase our efforts to innovate and create expanded client opportunities through new and enhanced products and services.”

The Bancorp reported net income of $7.1 million, or $0.13 income per diluted share, for the quarter ended December 31, 2018, compared to net loss of $12.4 million, or $0.22 loss per diluted share, for the quarter ended December 31, 2017.The quarter was impacted by several items which decreased pretax and after tax income.  The largest item was $1.3 million of legal and document production expenses related to the Company’s continued cooperation with an SEC investigation related to the restatement of the Company’s financial statement in 2014. Also, in the quarter, the prepaid division incurred $672,000 of expenses related to the exit of one relationship, and atypically wrote off $739,000 of its receivables. Additionally, a  valuation charge  of $708,000 resulted from a single loan in the Company’s investment in a securitization of loans from its discontinued operations.  The 2017 loss resulted from legislation which reduced the federal tax rate to 21% from 35%, thereby reducing the value of deferred tax assets booked at previous higher rate. Income from continuing operations does not include any income which may result from the reinvestment of the proceeds from sales or repayment of the remaining assets in The Bancorp’s discontinued operations.  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 10.11%, 20.64%, 21.07% and 20.64%, respectively, compared to well-capitalized minimums of 5%, 8%, 10% and 6.5%, respectively.


1

The following information was filed by Bancorp, Inc. (TBBK) on Thursday, January 24, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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