NBT Bancorp Announces Annual Earnings of $52.4 Million and Stock Buyback; Declares Cash Dividend
NORWICH, NY, Jan 23, 2006 (MARKET WIRE via COMTEX News Network) -- NBT Bancorp Inc. (NBT) (NASDAQ: NBTB) reported today that net income for the year ended December 31, 2005, was $52.4 million, or $1.60 per diluted share, up 6% on a diluted per share basis compared with $50.0 million or $1.51 per diluted share for the same period in 2004. The increase in net income for the year ended December 31, 2005, was primarily the result of increases in net interest income of $7.6 million and noninterest income of $1.6 million partially offset by a $5.5 million increase in noninterest expense. Return on average assets and return on average equity were 1.21% and 15.86%, respectively, for the year ended December 31, 2005, compared with 1.21% and 15.69%, respectively, for the same period in 2004.
Net income for the quarter ended December 31, 2005, was $13.0 million, or $0.40 per diluted share, up 5% on a per diluted share basis from $12.5 million, or $0.38 per diluted share for the same period a year ago. The increase in net income for the quarter ended December 31, 2005, was primarily the result of an increase in net interest income of $1.4 million offset by an increase in income tax expense of $1.3 million. Annualized return on average assets and return on average equity were 1.17% and 15.47%, respectively, for the quarter ended December 31, 2005, compared with 1.18% and 15.08%, respectively, for the same period in 2004.
NBT CEO and President Martin A. Dietrich stated, "I am pleased to see the improvement in earnings over the same periods in 2004. Solid loan growth, supported by strong asset quality, has enabled us to achieve another solid year of results. During 2004 and 2005, we made several investments to expand our presence in the Albany, Binghamton and northeastern Pennsylvania markets. We are pleased with the loan and deposit growth we have experienced in these newer markets. We anticipate that the acquisition of City National Bank and Trust Company will close in the first quarter of 2006. This acquisition coupled with our branch expansion program is an important component for our plan of continued growth. Our team remains committed to increasing our market share through quality growth while focusing on our ultimate goals: to be the premier provider of community banking services in the markets we serve and to enhance our shareholders' value."
Loan and Lease Quality and Provision for Loan and Lease Losses
Nonperforming loans at December 31, 2005 were $14.3 million or 0.47% of total loans and leases compared with $16.2 million or 0.56% of total loans and leases at December 31, 2004. The Company's allowance for loan and lease losses was 1.57% of total loans and leases at December 31, 2005 and 2004. The ratio of the allowance for loan and lease losses to nonperforming loans was 331.92% at December 31, 2005 compared with 277.75% at December 31, 2004. Net charge-offs to average loans and leases for the year ended December 31, 2005, was 0.23% compared with 0.27% for the same period in 2004. For the year and quarter ended December 31, 2005, the provision for loan and lease losses totaled $9.5 million and $2.6 million, respectively, compared with the $9.6 million and $2.8 million for the same periods in 2004.
Net Interest Income
Net interest income for the year ended December 31, 2005 increased 5% to $158.1 million from $150.5 million in the same period for 2004. The Company's net interest margin was 4.01% for the year ended December 31, 2005 compared with 4.03% in 2004. Net interest income was up 4% to $40.0 million for the quarter ended December 31, 2005, compared with $38.7 million for the same period a year ago. The increase in net interest income was due primarily to a 5% increase in average earning assets offset by a slight decline in the Company's net interest margin, which was 3.97% for the quarter ended December 31, 2005, down from 4.03% for the same period in 2004. The increase in average earning assets was due primarily to loan growth, since average loans were up 6% for the quarter ended December 31, 2005, compared with the same period in 2004. The decrease in net interest margin is primarily attributable to the flattening yield curve, resulting in relatively flat reinvestment rates on investment securities and loans and increasing short-term borrowing and deposit costs. Dietrich added "Our expectation going forward is that our net interest margin will continue to decline given the flat yield curve and pressure on deposit pricing. Continuing the trend in loan growth we've experienced the last four years will be a key factor in overcoming this challenge."
Noninterest Income
Noninterest income for the year ended December 31, 2005, was $42.5 million, up $1.6 million from $40.9 million for the same period in 2004. Excluding net securities losses of $1.2 million for 2005, total noninterest income increased $2.9 million or 7% from the same period in 2004. Net securities losses of $1.2 million resulted from the sale of $47.8 million in securities available for sale to improve investment portfolio yield going forward. Retirement plan administration fees were $4.4 million. This is a new service from the acquisition of EPIC Advisors, Inc. in January 2005. ATM and debit card fees increased $0.6 million compared with the same period a year ago, due to growth from transaction deposit accounts, which has led to an increase in the Company's debit card base. Other income increased $0.9 million from increases in consumer banking fees, mortgage banking income and title insurance revenue. Offsetting these increases was a $3.6 million decrease in broker/dealer and insurance revenue due to the sale of the Company's broker/dealer subsidiary, M. Griffith, Inc. in March 2005.
Noninterest income for the quarter ended December 31, 2005, was $10.4 million, up $0.1 million from $10.3 million for the same period in 2004. Excluding net securities losses of $0.5 million during the quarter ended December 31, 2005, total noninterest income increased $0.6 million or 6% from the same period in 2004. Net securities losses of $0.5 million resulted from the previously mentioned sale of certain securities available for sale, which totaled $22.8 million for the quarter to improve investment portfolio yield going forward. Retirement plan administration fees totaled $1.2 million, from the previously mentioned acquisition of EPIC Advisors, Inc. in January 2005. Offsetting this increase was a $1.0 million decrease in broker/dealer and insurance revenue due to the previously mentioned sale of the Company's broker/dealer subsidiary, M. Griffith, Inc. in March 2005.
Noninterest Expense
Noninterest expense for the year ended December 31, 2005, was $115.3 million, up $5.5 million or 5% from $109.8 million for the same period in 2004. The increase in noninterest expense was due largely to increases in salaries and employee benefits and other expense. Also, 2004 included a $2.0 million goodwill impairment charge. Salaries and employee benefits increased $4.8 million primarily from increases in full-time-equivalent employees and merit increases as well as an increase in retirement costs and incentive compensation. Other operating expense increased $2.1 million, principally from the reversal of a previously accrued $1.4 million liability that was determined in the fourth quarter of 2004 to no longer be required. The $2.0 million goodwill impairment charge in 2004 resulted from the expected sale of the Company's broker/dealer subsidiary, M Griffith, Inc. in the first quarter of 2005.
Noninterest expense for the quarter ended December 31, 2005, was $29.1 million, down $0.3 million from $29.4 million for the same period in 2004. The decrease in noninterest expense resulted principally from the previously mentioned $2.0 million goodwill impairment charge in 2004 charge offset by a $1.9 million increase in other operating expense in 2005. The increase in other operating expense resulted from the previously mentioned reversal of a previously accrued $1.4 million liability in 2004 that was determined to no longer be required.
Income Taxes
Income tax expense for the quarter ended December 31, 2005, was $5.7 million, up $1.3 million from the $4.4 million recorded during the same period in 2004. The effective rate for the quarter ended December 31, 2005, was 30.5%, compared with 25.8% for the same period in 2004. The increase in tax expense and the effective tax rate for the quarter ended December 31, 2005, compared with the same period in 2004, was due to the reversal of a previously accrued $0.8 million liability that was determined to no longer be required for the quarter ended December 31, 2004.
Balance Sheet
Total assets were $4.4 billion at December 31, 2005 up $0.2 billion from $4.2 billion at December 31, 2004. Loans and leases increased $0.1 billion or 5% from $2.9 billion at December 31, 2004, to $3.0 billion at December 31, 2005. Loan growth was driven predominantly by consumer loans and commercial loans. Total deposits were $3.2 billion at December 31, 2005, up $0.1 billion from $3.1 billion at December 31, 2004. Stockholders' equity was $333.9 million, representing a total-equity-to-total-assets ratio of 7.54% at December 31, 2005 compared with $332.2 million or a total-equity-to-total-assets ratio of 7.89% at December 31, 2004.
Stock Buyback
NBT announced today that the NBT Board of Directors authorized a new repurchase program whereby NBT intends to repurchase up to an additional 1,000,000 shares (approximately 3%) of its outstanding common stock from time to time as market conditions warrant in open market and privately negotiated transactions. Currently, there are 503,151 shares remaining under a previous authorization that will be combined with the new authorization, increasing the total shares available for repurchase to 1,503,151. Under the program no shares will knowingly be repurchased from officers and directors of NBT or from persons who hold in excess of five percent of its outstanding shares of common stock. The Company acquired 1,008,114 shares of its common stock at an average price of $22.97 per share, totaling $23.2 million for the year ended December 31, 2005.
Dividend Declared
The NBT Board of Directors declared a quarterly cash dividend of $0.19 per share at a meeting held today. The dividend will be paid on March 15, 2006, to shareholders of record as of March 1, 2006.
Corporate Overview
NBT is a financial holding company headquartered in Norwich, NY, with total assets of $4.4 billion at December 31, 2005. The Company primarily operates through NBT Bank, N.A., a full-service community bank with two divisions, and through a financial services company. NBT Bank, N.A. has 113 locations, including 74 NBT Bank offices in upstate New York and 39 Pennstar Bank offices in northeastern Pennsylvania. EPIC Advisors, Inc., based in Rochester, NY, is a full-service 401(k) plan recordkeeping firm. In June 2005, NBT announced that it had agreed to acquire CNB Bancorp, Inc. (CNB), which has total assets of approximately $400 million and is headquartered in Gloversville, NY. The merger is subject to CNB shareholder approval and is expected to close in the first quarter of 2006. More information about NBT and its divisions can be found on the Internet at www.nbtbancorp.com, www.nbtbank.com, www.pennstarbank.com and www.epic1st.com.
Forward-Looking Statements
This news release contains forward-looking statements. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of NBT Bancorp and its subsidiaries and on the information available to management at the time that these statements were made. There are a number of factors, many of which are beyond NBT's control, that could cause actual conditions, events
or results to differ significantly from those described in the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: (1) competitive pressures among depository and other financial institutions may increase significantly; (2) revenues may be lower than expected; (3) changes in the interest rate environment may reduce interest margins; (4) general economic conditions, either nationally or regionally, may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and/or a reduced demand for credit; (5) legislative or regulatory changes, including changes in accounting standards and tax laws, may adversely affect the businesses in which NBT is engaged; (6) competitors may have greater financial resources and develop products that enable such competitors to compete more successfully than NBT; (7) the costs that will be incurred from the CNB acquisition and the risk of not obtaining CNB shareholder approval; and (8) adverse changes may occur in the securities markets or with respect to inflation. Forward-looking statements speak only as of the date they are made. Except as required by law, NBT does not undertake to update forward-looking statements to reflect subsequent circumstances or events.
NBT Bancorp Inc. SELECTED FINANCIAL HIGHLIGHTS (unaudited) Net Percent 2005 2004 Change Change ---- ---- ------ ------ (dollars in thousands, except share and per share data) Three Months Ended December 31, Net Income $12,995 $12,491 $ 504 4% Diluted Earnings Per Share $0.40 $0.38 $ 0.02 5% Weighted Average Diluted Common Shares Outstanding 32,556,147 33,155,085 (598,938) -2% Return on Average Assets 1.17% 1.18% -0.01% -1% Return on Average Equity 15.47% 15.08% 0.39% 3% Net Interest Margin 3.97% 4.03% -0.06% -1% ---- ---- ---- ---- Twelve Months Ended December 31, Net Income $52,438 $50,047 $2,391 5% Diluted Earnings Per Share $1.60 $1.51 $0.09 6% Weighted Average Diluted Common Shares Outstanding 32,710,425 33,086,716 (376,291) -1% Return on Average Assets 1.21% 1.21% 0.00% 0% Return on Average Equity 15.86% 15.69% 0.17% 1% Net Interest Margin 4.01% 4.03% -0.02% 0% ---- ---- ---- ---- Asset Quality December 31, December 31, 2005 2004 ---- ---- Nonaccrual Loans $13,419 $14,991 90 Days Past Due and Still Accruing $878 $ 1,186 Total Nonperforming Loans $14,297 $16,177 Other Real Estate Owned (OREO) $265 $428 Total Nonperforming Assets $14,562 $16,605 Allowance for Loan and Lease Losses $47,455 $44,932 Year-to-Date (YTD) Net Charge-Offs $ 6,941 $ 7,334 Allowance to Loans and Leases 1.57% 1.57% Total Nonperforming Loans to Loans and Leases 0.47% 0.56% Total Nonperforming Assets to Assets 0.33% 0.39% Allowance to Nonperforming Loans 331.92% 277.75% Net Charge-Offs to YTD Average Loans and Leases 0.23% 0.27% ---- ---- Capital Equity to Assets 7.54% 7.89% Book Value Per Share $ 10.34 $ 10.11 Tangible Book Value Per Share $ 8.75 $ 8.66 Tier 1 Leverage Ratio 7.16% 7.13% Tier 1 Capital Ratio 9.80% 9.78% Total Risk-Based Capital Ratio 11.05% 11.04% ----- ----- Quarterly Common Stock Price 2005 2004 2003 Quarter End High Low High Low High Low ----- ----- ----- ----- ----- ----- March 31 $25.66 $21.48 $23.00 $21.21 $18.60 $16.76 June 30 $24.15 $20.10 23.18 19.92 19.94 17.37 September 30 $25.50 $22.79 24.34 21.02 21.76 19.24 December 31 $23.79 $20.75 26.84 21.94 22.78 19.50 ----- ----- ----- ----- ----- ----- NBT Bancorp Inc. SELECTED FINANCIAL HIGHLIGHTS (unaudited) Net Percent 2005 2004 Change Change ----------- ----------- --------- ------- (dollars in thousands, except share and per share data) Balance Sheet as of December 31, Loans $ 3,022,657 $ 2,869,921 $ 152,736 5% Earning Assets $ 4,129,350 $ 3,940,565 $ 188,785 5% Total Assets $ 4,426,773 $ 4,212,304 $ 214,469 5% Deposits $ 3,160,196 $ 3,073,838 $ 86,358 3% Stockholders' Equity $ 333,943 $ 332,233 $ 1,710 1% ----------- ----------- --------- ------- Average Balances Quarter Ended December 31, Loans $ 3,012,561 $ 2,843,841 $ 168,720 6% Securities AFS (excluding unrealized gains or losses) $ 965,742 $ 956,183 $ 9,559 1% Securities HTM $ 92,054 $ 81,152 $ 10,902 13% Regulatory Equity Investment $ 39,277 $ 34,920 $ 4,357 12% Short-Term Interest Bearing Accounts $ 7,676 $ 7,419 $ 257 3% Total Earning Assets $ 4,117,310 $ 3,923,514 $ 193,796 5% Total Assets $ 4,393,140 $ 4,206,900 $ 186,240 4% Interest Bearing Deposits $ 2,602,145 $ 2,593,393 $ 8,752 0% Non-Interest Bearing Deposits $ 571,999 $ 513,795 $ 58,204 11% Short-Term Borrowings $ 396,077 $ 299,372 $ 96,705 32% Long-Term Borrowings $ 439,798 $ 413,255 $ 26,543 6% Total Interest Bearing Liabilities $ 3,438,020 $ 3,306,021 $ 131,999 4% Stockholders' Equity $ 333,450 $ 329,543 $ 3,907 1% ----------- ----------- --------- ------- Average Balances Twelve Months Ended December 31, Loans $ 2,959,256 $ 2,743,753 $ 215,503 8% Securities AFS (excluding unrealized gains or losses) $ 954,461 $ 970,024 $ (15,563) -2% Securities HTM $ 88,244 $ 85,771 $ 2,473 3% Regulatory Equity Investment $ 37,607 $ 34,813 $ 2,794 8% Short-Term Interest Bearing Accounts $ 7,298 $ 7,583 $ (285) -4% Total Earning Assets $ 4,046,866 $ 3,841,944 $ 204,922 5% Total Assets $ 4,326,155 $ 4,120,547 $ 205,608 5% Interest Bearing Deposits $ 2,615,833 $ 2,555,384 $ 60,449 2% Non-Interest Bearing Deposits $ 543,077 $ 492,746 $ 50,331 10% Short-Term Borrowings $ 353,644 $ 302,276 $ 51,368 17% Long-Term Borrowings $ 430,487 $ 400,053 $ 30,434 8% Total Interest Bearing Liabilities $ 3,399,964 $ 3,257,713 $ 142,251 4% Stockholders' Equity $ 330,676 $ 318,901 $ 11,775 4% ----------- ----------- --------- ------- NBT Bancorp Inc. and Subsidiaries December 31, December 31, Consolidated Balance Sheets (unaudited) 2005 2004 ----------- ----------- (in thousands) ASSETS Cash and due from banks $ 134,501 $ 98,437 Short term interest bearing accounts 7,987 8,286 Securities available for sale, at fair value 954,474 952,542 Securities held to maturity (fair value of $93,701 and $82,712 at December 31, 2005 and December 31, 2004, respectively) 93,709 81,782 Federal Reserve and Federal Home Loan Bank stock 40,259 36,842 Loans and leases 3,022,657 2,869,921 Less allowance for loan and lease losses 47,455 44,932 ----------- ----------- Net loans and leases 2,975,202 2,824,989 Premises and equipment, net 63,693 63,743 Goodwill 47,544 45,570 Intangible assets, net 3,808 2,013 Bank owned life insurance 33,648 32,302 Other assets 71,948 65,798 ----------- ----------- TOTAL ASSETS $ 4,426,773 $ 4,212,304 =========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Demand (noninterest bearing) $ 593,422 $ 520,218 Savings, NOW, and money market 1,325,166 1,435,561 Time 1,241,608 1,118,059 ----------- ----------- Total deposits 3,160,196 3,073,838 Short-term borrowings 444,977 338,823 Long-term debt 414,330 394,523 Trust preferred debentures 23,875 18,720 Other liabilities 49,452 54,167 ----------- ----------- Total liabilities 4,092,830 3,880,071 Total stockholders' equity 333,943 332,233 =========== =========== TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 4,426,773 $ 4,212,304 =========== =========== Three months ended Twelve months ended NBT Bancorp Inc. and Subsidiaries December 31, December 31, Consolidated Statements of Income 2005 2004 2005 2004 (unaudited) --------- --------- --------- --------- (in thousands, except per share data) Interest, fee and dividend income: Loans and leases $ 50,726 $ 42,983 $ 189,714 $ 163,795 Securities available for sale 10,544 10,398 41,120 42,264 Securities held to maturity 913 761 3,407 3,044 Other 575 279 2,126 1,076 --------- --------- --------- --------- Total interest, fee and dividend income 62,758 54,421 236,367 210,179 --------- --------- --------- --------- Interest expense: Deposits 14,352 10,299 49,932 39,761 Short-term borrowings 3,911 1,307 10,984 4,086 Long-term debt 4,098 3,919 16,114 15,022 Trust preferred debentures 375 235 1,226 823 --------- --------- --------- --------- Total interest expense 22,736 15,760 78,256 59,692 --------- --------- --------- --------- Net interest income 40,022 38,661 158,111 150,487 Provision for loan and lease losses 2,596 2,750 9,464 9,615 --------- --------- --------- --------- Net interest income after provision for loan and lease losses 37,426 35,911 148,647 140,872 --------- --------- --------- --------- Noninterest income: Trust 1,234 1,174 5,029 4,605 Service charges on deposit accounts 4,340 4,184 16,894 16,470 ATM and debit card fees 1,587 1,402 6,162 5,530 Broker/dealer and insurance revenue 527 1,572 3,186 6,782 Net securities (losses) gains (546) 160 (1,236) 216 Bank owned life insurance income 342 345 1,347 1,487 Retirement plan administration fees 1,212 - 4,426 - Other 1,736 1,503 6,741 5,799 --------- --------- --------- --------- Total noninterest income 10,432 10,340 42,549 40,889 --------- --------- --------- --------- Noninterest expense: Salaries and employee benefits 13,863 14,308 60,005 55,204 Office supplies and postage 1,222 1,118 4,628 4,459 Occupancy 2,689 2,416 10,452 9,905 Equipment 2,120 1,998 8,118 7,573 Professional fees and outside services 1,584 1,583 6,087 6,175 Data processing and communications 2,548 2,740 10,349 10,972 Amortization of intangible assets 142 71 544 284 Loan collection and other real estate owned 278 431 1,002 1,241 Goodwill impairment - 1,950 - 1,950 Other operating 4,703 2,792 14,120 12,014 --------- --------- --------- --------- Total noninterest expense 29,149 29,407 115,305 109,777 --------- --------- --------- --------- Income before income taxes 18,709 16,844 75,891 71,984 Income taxes 5,714 4,353 23,453 21,937 --------- --------- --------- --------- Net income $ 12,995 $ 12,491 $ 52,438 $ 50,047 --------- --------- --------- --------- Earnings Per Share: Basic $ 0.40 $ 0.38 $ 1.62 $ 1.53 Diluted $ 0.40 $ 0.38 $ 1.60 $ 1.51 ========= ========= ========= ========= NBT Bancorp Inc. and Subsidiaries 4Q 3Q 2Q 1Q 4Q Quarterly Consolidated Statements 2005 2005 2005 2005 2004 of Income (unaudited) ------- ------- ------- ------- ------- (in thousands, except per share data) Interest, fee and dividend income: Loans $50,726 $48,784 $46,260 $43,944 $42,983 Securities available for sale 10,544 10,103 10,226 10,247 10,398 Securities held to maturity 913 860 831 803 761 Other 575 535 549 467 279 ------- ------- ------- ------- ------- Total interest, fee and dividend income 62,758 60,282 57,866 55,461 54,421 ------- ------- ------- ------- ------- Interest expense: Deposits 14,352 12,842 12,018 10,720 10,299 Short-term borrowings 3,911 3,005 2,207 1,861 1,307 Long-term debt 4,098 4,176 4,032 3,808 3,919 Trust preferred debentures 375 308 285 258 235 ------- ------- ------- ------- ------- Total interest expense 22,736 20,331 18,542 16,647 15,760 ------- ------- ------- ------- ------- Net interest income 40,022 39,951 39,324 38,814 38,661 Provision for loan and lease losses 2,596 2,752 2,320 1,796 2,750 ------- ------- ------- ------- ------- Net interest income after provision for loan and lease losses 37,426 37,199 37,004 37,018 35,911 ------- ------- ------- ------- ------- Noninterest income: Trust 1,234 1,292 1,251 1,252 1,174 Service charges on deposit accounts 4,340 4,314 4,311 3,929 4,184 ATM and debit card fees 1,587 1,631 1,544 1,400 1,402 Broker/dealer and insurance fees 527 571 736 1,352 1,572 Net securities (losses) gains (546) (737) 51 (4) 160 Bank owned life insurance income 342 339 333 333 345 Retirement plan administration fees 1,212 1,195 1,156 863 - Other 1,736 1,746 1,673 1,586 1,503 ------- ------- ------- ------- ------- Total noninterest income 10,432 10,351 11,055 10,711 10,340 ------- ------- ------- ------- ------- Noninterest expense: Salaries and employee benefits 13,863 15,438 15,253 15,451 14,308 Office supplies and postage 1,222 1,135 1,121 1,150 1,118 Occupancy 2,689 2,425 2,550 2,788 2,416 Equipment 2,120 1,971 1,931 2,096 1,998 Professional fees and outside services 1,584 1,447 1,381 1,675 1,583 Data processing and communications 2,548 2,613 2,530 2,658 2,740 Amortization of intangible assets 142 142 142 118 71 Loan collection and other real estate owned 278 115 208 401 431 Goodwill impairment - - - - 1,950 Other operating 4,703 3,293 3,580 2,544 2,792 ------- ------- ------- ------- ------- Total noninterest expense 29,149 28,579 28,696 28,881 29,407 ------- ------- ------- ------- ------- Income before income taxes 18,709 18,971 19,363 18,848 16,844 Income taxes 5,714 5,445 6,235 6,059 4,353 ------- ------- ------- ------- ------- Net income $12,995 $13,526 $13,128 $12,789 $12,491 ======= ======= ======= ======= ======= Earnings per share: Basic $ 0.40 $ 0.42 $ 0.41 $ 0.39 $ 0.38 Diluted $ 0.40 $ 0.41 $ 0.40 $ 0.39 $ 0.38 ======= ======= ======= ======= =======
Contact:
Martin A. Dietrich
CEO
Michael J. Chewens
CFO
NBT Bancorp Inc.
52 South Broad Street
Norwich, NY 13815
607-337-6119
SOURCE: NBT Bancorp Inc.