The Bancorp, Inc., incorporated on July 20, 1999, is a financial holding company and its primary subsidiary is The Bancorp Bank (the Bank). The Company has four primary lines of specialty lending: securities backed lines of credit (SBLOC), automobile fleet and other equipment leasing, Small Business Administration (SBA), loans and loans generated for sale into capital markets primarily through both commercial mortgage backed securities (CMBS) and collateralized loan obligations (CLOs). SBLOCs are loans, which are generated through institutional banking affinity groups and are collateralized by marketable securities. SBLOCs are typically offered in conjunction with brokerage accounts and are offered nationally. Automobile fleet and other equipment leases are generated in a range of Atlantic Coast and other states. SBA loans and loans generated for sale into CMBS and securitization capital markets are made nationally.
For the Company's institutional banking, including SBLOC and its other deposit generating activities, the Company focuses on providing its services to organizations. These services include private label banking for investment advisory companies through its institutional banking department; credit and debit card processing for merchants affiliated with independent service organizations, and prepaid cards for general purpose card sponsors, insurers, incentive plans, large retail chains, consumer service organizations and others. The Company's prepaid card, private label banking for investment advisory companies and card payment processing are its primary sources of deposits. The majority of its services are provided in the United States.
Lending Activities
The Company makes loans to individuals, trusts and entities. The Company provides lease financing for commercial and government automobile fleets and provides lease financing for other equipment. It participates in two loan programs established by the SBA: the 7(a) Loan Guarantee Program and the 504 Fixed Asset Financing Program. The 7(a) Loan Guarantee Program is designed to help small business borrowers start or expand their businesses by providing partial guarantees of loans made by banks and non-bank lending institutions for specific business purposes, including long or short term working capital; funds for the purchase of equipment, machinery, supplies and materials; funds for the purchase, construction or renovation of real estate, and funds to acquire, operate or expand an existing business or refinance existing debt, all under conditions established by the SBA.
The 504 Fixed Asset Financing Program is designed to provide small businesses with financing for the purchase of fixed assets, including real estate and buildings; the purchase of improvements to real estate; the construction of new facilities or modernizing, renovating or converting existing facilities; the purchase of long-term machinery and equipment, and debt refinancing. Additionally, the Bank makes SBA loans to franchisees of various business concepts, including loans to multiple franchisees with the same concept. It originates loans for sale into secondary securities markets. These loans are typically collateralized by various types of commercial real estate, including retail space, office space, apartments and hotels. As of December 31, 2016, the Company's total net loans amounted to $1.22 billion.
Investment Activities
The Company's investment securities are classified as available-for-sale and held-to-maturity. The Company's available for sale securities include the United Sates Government agency securities, Asset-backed securities, Tax-exempt obligations of states and political subdivisions, Taxable obligations of states and political subdivisions, Residential mortgage-backed securities, Collateralized mortgage obligation securities, Commercial mortgage-backed securities, Foreign debt securities and Corporate debt securities. Its held-to-maturity securities include Corporate debt securities. Other securities included in the held-to-maturity classification as of December 31, 2016 consisted of three securities secured by portfolios of corporate securities, one bank senior note and two single-issuer trust preferred securities. As of December 31, 2016, the Company's total available-for-sale securities having a fair value amounted to $1.248 billion and total held-to-maturity securities amounted to $91.79 million.
Sources of Funds
The Company's sources of funds are deposit products and services. The Company offers a range of deposit products and services, such as checking accounts, savings accounts, money market accounts, commercial accounts, and various types of prepaid and payroll cards. It also offers deposit products, which include demand and interest checking; savings and money market, and time. As of December 31, 2016, the Company's, total deposits amounted to $4.12 billion. Its borrowings include short-term borrowings, repurchase agreements and subordinated debt. The Company also uses other sources to fund its loan growth, including Federal Home Loan Bank (FHLB) advances and institutional (brokered) certificates of deposit.
409 Silverside Rd
The company trades on NASDAQ exchange. The company headquarter is located in Delaware, DE. The company was established in the 1999.| Ticker | TBBK |
| Long Name | The Bancorp, Inc. |
| Short Name | The Bancorp |