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Bancorp Inc (NASDAQ:TBBK)
Q3 2020 Earnings Call
Oct 30, 2020, 8:00 a.m. ET

Contents:

  • Prepared Remarks
  • Questions and Answers
  • Call Participants

Prepared Remarks:

Operator

Good afternoon, ladies and gentlemen, and welcome to the Quarter Three 2020, The Bancorp Incorporated Earnings Conference Call. [Operator Instructions]

I'd now like to turn the conference over to your host, Mr. Andres Viroslav. You may begin.

Andres Viroslav -- Director, Investor Relations

Thank you, operator. Good morning and thank you for joining us today for The Bancorp's third quarter 2020 financial results conference call. On the call with me today are Damian Kozlowski, Chief Executive Officer; and Paul Frenkiel, our Chief Financial Officer. This morning's call is being webcast on our website at www.thebancorp.com. There will be a replay of the call, beginning approximately 12:00 PM Eastern Time today. The dial-in for the replay is 855-859-2056 with a confirmation code of 5682938.

Before I turn the call over to Damian, I would like to remind everyone that when used in this conference call, the words believes, anticipates, expects, and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties which could cause actual results, performance or achievements to differ materially from those anticipated or suggested by such statements. For further discussion of these risks and uncertainties, please see The Bancorp's filings with the SEC. Listeners are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Bancorp undertakes no obligation to publicly release the results of any revisions to forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Now I'd like to turn the call over to The Bancorp's Chief Executive Officer, Damian Kozlowski. Damian?

Damian Kozlowski -- Chief Executive Officer and President

Thank you, Andres. Good morning, everyone. The Bancorp in $0.40 a share and revenue of $74 million and expenses of $42 million. Revenue climbed 28% driven by a 33% year-over-year increase in net interest income and fee growth of 19%, after removing our third quarter 2019 securitization gain. The fee growth was supported by 20% growth year-over-year on card fees. Cost of funds was down 77% year-over-year illustrating the benefits of our payments funding model. Expenses were flat year-over-year and cost control and efficiency, continue to be a main focus of management. Net income from continuing operations grew 13%, testing 2019 third quarter even without securitization gain revenue. Loan deferrals for our total loan portfolio, dropped to 1.2% from 7.5% driven by our leasing business that saw a drop to 1% of the portfolio from 19% at the end of the second quarter.

In the third quarter, we saw continued business momentum, led by gross dollar volume, GDV, in our cards business of 39%. We also added assets, led by 58% year-over-year growth in our securities, insurance and advisor financing lending platforms. Additionally, our commercial business has renewed momentum with SBA and leasing respectively growing 5% and 2% quarter-over-quarter. In this quarter, we raised approximately $98 million net of fees and new senior secured debt at the holding company to support the continued growth of our company. This debt can be applied to the Bank as equity to support regulatory ratios. We continue to add new card programs into our payments ecosystem in the third quarter as well as adding several new direct rapid funds partners. These new relationships will be announced as products and services add to the marketplace. Our pipelines continue to be very robust and significantly above historic norms suggesting continued growth in transaction volumes.

In the third quarter, we made a strategic determination as to our securitization business. As discussed on previous calls, we have been evaluating our securitization platform and its loan portfolio. After assessing its current profitability market conditions in credit risk, we have decided discontinued future securitization activity. The loan portfolio comprised almost entirely of multifamily loans that have experienced few deferrals and delinquencies, will amortize over next three to five years and be replaced by loans originated in other areas. We expect income from the portfolio to be stable over the first two years. A portion of the portfolio may be sold as whole loans as space is needed in our balance sheet for other lending activities. Our real estate team and our commercial SBA business will continue to originate flat transactions. Lastly, we now believe we have enough information to issue preliminary guidance for 2021. We expect to earn between $1.65 and $1.70 a share. $1.70 a share or approximately $100 million in net income is currently our company budget for 2021.

I now turn over the call to Paul Frenkiel, our CFO, to give you more color on the third quarter.

Paul Frenkiel -- Executive Vice President, Chief Financial Officer and Secretary

Thank you, Damian. Return on assets and equity for the quarter were respectively 1.5% and 17%, which represented increases from second quarter asset and equity returns of 1.3% and 16%. The increases were driven by a $12.4 million increase in net interest income and a $3.3 million increase in prepaid and debit card fee income. As Damian noted, we are retaining the commercial real estate loans we previously had been securitizing, those loans will continue to be fair valued. The vast majority of that portfolio is comprised of multifamily loans with cumulative COVID losses estimated by a nationally recognized analytics firm at 1.2%. These loans generally are on our books at a $99 price or lower, and have a weighted average rate floor of 4.8%. Please see the new tables in the press release for CRE and other loans with a breakdown by loan type and other characteristics.

Commercial real estate loans, which were originally originated for sale and which now will be held on the balance sheet totaled $1.6 billion and represent the largest loan portfolio with the aforementioned 4.8% weighted average rate floor. The next largest portfolio is the combined $1.5 billion SBLOC, IBLOC and advisor financing portfolio. The yield for which is approximately 2.5%. We generated $208 million of PPP loans, earning approximately $5.5 million of fees, which is being recognized over 11 months beginning in April 2020. The actual recognition period may be less depending on the completion of applications for forgiveness and the timing of the SBA loan reimbursements, which have now commenced. Including those short-term PPP loans, small business loans substantially all SBA totaled $841 million excluding -- and excluding PPP loans have an estimated yield of 4.9%.

New vehicle production ramped up in the third quarter and we were able to increase leasing balances to $430 million from $422 million at the prior quarter end. Leases have an estimated yield in the 6% range. The $12.4 million increase in net interest income reflected increases in average quarterly CRE loans to $1.6 billion, while related interest income increased $7.8 million. Interest on SBA loans increased $2.1 million including approximately $1.5 million of recognized PPP fees. While combined SBLOC and IBLOC loans increased 55% over these periods, related interest income decreased $1 million reflecting the impact of 75 basis points of Federal Reserve interest rate reductions in 2019 and additional historic reductions of 1.5% in Q1 2020. SBLOC loans are secured by marketable securities and IBLOC are secured by the cash value of life insurance and credit losses have not been incurred.

Interest expense was $8.3 million lower and the cost of funds was 18 basis points for the quarter, reflecting the impact of the Federal Reserve interest rate reductions. The vast majority of our deposit interest expense is contractual and tied to market interest rates. The net interest margin in Q3 was 3.37% down from 3.53% in Q2 as securities with rates tied to LIBOR experienced a full quarter of lower LIBOR rates. Additionally prepayments of higher yielding securities increased. The provision for credit losses was $1.3 million and resulted primarily from SBA loans. Because SBLOC and IBLOC loans are respectively collateralized by marketable securities in the cash value of life insurance and have not incurred credit losses, management excludes those loans from the ratio of the allowance to total loans and its internal analysis. Accordingly, the adjusted ratio is 1.4%.

Prepaid accounts, our largest funding source are also the primary driver of non-interest income. These and related income on prepaid cards were up 20% to $19.4 million in Q3 compared to $16.1 million in the prior year quarter. Card payment and ACH processing fees exclude -- include rapid funds revenue and decreased $830,000 to $1.8 million reflecting the exit of non-strategic higher risk ACH customers. Non-interest expense for Q3 2020 was $42 million, which was comparable to the same period in 2019, which also included a $1.4 million SEC settlement. Excluding that settlement, non-interest expense increased 3.4% compared to Q3 2019. Book value per share increased to $9.71 compared to $8.52 at September 30, 2019, reflecting earnings per share in the increased value of the investment portfolio in the current rate environment. The Q3 2020 consolidated leverage ratio, which is based upon average quarterly assets was approximately 8.6% and risk-based ratios approximated 14%.

In closing, there are certain characteristics of our loan portfolios as shown in the new tables in the press release, which I would like to highlight. As previously mentioned, the vast majority of our one -- of our largest $1.6 billion of commercial loans held for sale are multifamily loans for which a nationally recognized analytics firm has estimated a cumulative loss of 1.2% in their COVID projections. These loans are already on our books at levels reflecting that discount. Our next largest $1.5 billion loan portfolio consists of SBLOC and IBLOC loans which have not incurred losses, notwithstanding the recent historic declines in equity markets. Approximately 65% of the $836 million small business loan portfolio, including PPP loans is US government guaranteed. The majority of the other remaining loans consist of commercial mortgages with 50% to 60% origination date loan to value. For the leases which experienced credit issues, we have recourse to the leased vehicles. While there is uncertainty related to the future, we believe these are positive characteristics of our loan portfolios which demonstrate lower risk than other forms of lending.

I will now turn the call back to Damian.

Damian Kozlowski -- Chief Executive Officer and President

Okay, thanks a lot Paul. We're going to -- operator, we're going now open the line for questions.

Questions and Answers:

Operator

[Operator Instructions] Your first question comes from the line of Frank Schiraldi from Piper Sandler. You may ask your question.

Frank Schiraldi -- Piper Sandler -- Analyst

Thank you. Good morning.

Damian Kozlowski -- Chief Executive Officer and President

Hi, Frank.

Frank Schiraldi -- Piper Sandler -- Analyst

Just starting out with -- Damian I wondered if you could put any sort of parameters around -- you gave your preliminary expectation for 2021 EPS and any parameters around how you get there in terms of what the growth outlook is for things like the SBLOC business and GDV?

Damian Kozlowski -- Chief Executive Officer and President

Okay. So we put a new investor presentation on our site last night. So we updated all the prospective analysis and everything. So you may want to refer to that if you haven't seen it. And we -- I think we've got -- what we do when we do budgeting is we look at a bunch of different scenarios and think through what are the likely cases on each business line and the under driving macroeconomic indicators like interest rates. And we run these scenarios and like I did when we maintained our guidance at the beginning of the year, we were fairly confident that we would get to that $1.25 number and obviously now with $0.40 this quarter, that looks like likely at this point. So we do the same thing here. And we're looking for continued robust growth on the SBLOC business and the mid-teens and things like SBA in leasing and our GDV growth has -- it had a bump in July, but it settled into the 35% or so range and we expect that kind of growth to continue next year, with 15% to 20% fee growth. So when you put that together with the fact that we were controlling expenses, it's very easy to come to that $1.70 figure considering we just printed $0.40 a share in the third quarter, which is usually our weaker quarter.

Frank Schiraldi -- Piper Sandler -- Analyst

Okay. And then, I did not see the investor presentation. So just curious, do you guys provide or I thought, I know you've talked in the past about perhaps trying to provide some more detail around the make-up of the current growth and/or the size of your largest relationships. I realize there is competitive reasons and partner reasons that you can't go too far into it, but is there any more detail on that or can you share any further color there?

Damian Kozlowski -- Chief Executive Officer and President

It's the usual, I'm going to say is, because we don't want to disclose what our partners want to own. They want to own their information around the growth of their businesses and everything we let them do that. But we're seeing, once again it's a macro. We're seeing growth across the entire spectrum of use cases and payments period. So the devices that we use, the payment devices and the different types of relationships, whether they're government, gift card, corporate incentive, healthcare like FSA accounts and FinTech debit cards are all growing. They're disproportionate in the FinTech area, but they're not the only place that it's growing. That's why -- and if you look at our competitor set and you understand the makeup of the type of programs we have, you see that we're growing disproportionately to the market by using something like the Nielsen ratings, which is the market standard for reporting these competitive data. And it's really being driven by the fact that there is this macro trend, but also because we've built what we think is the best-in-class compliance in BSA infrastructure that overlooks all the different use cases and payments. So people feel increasingly comfortable to come to The Bancorp and know that they're going to have the platform that they need to do business and not have to worry about any regulatory concerns.

Frank Schiraldi -- Piper Sandler -- Analyst

Okay. And just a quick follow-up on that front. Would you be able to say or just given your point on how diverse the growth is and I know you've added a lot of new partners. Can you say -- when I think about the largest partnerships you have, the largest relationships you have, are those becoming less concentrated in terms of total percentage pie of a total percentage of revenue pie or deposit pie. Are those becoming less concentrated those largest relationships or more concentrated?

Damian Kozlowski -- Chief Executive Officer and President

It just goes back and forth depending on, we've had a lot of dislocations this year. So we've had things go up and down. So there -- so I think over time it will actually become, because we know we have -- we do have visibility on the programs we're adding. Over time it will be -- we're very diversified now. So we're extremely diversified across the products and use cases now. But even if you look in the FinTech area with the larger programs that we've added and some we've added recently, which we haven't announced, it's likely to become less concentrated even in that space.

Frank Schiraldi -- Piper Sandler -- Analyst

Okay and then just lastly on the direct rapid funds business. Is there anything baked into -- meaningfully baked into 2021. Is that still more of along the horizon in terms of revenue growth?

Damian Kozlowski -- Chief Executive Officer and President

Well, that's, we've definitely investigated in signed partners. That's also in the investor deck. So you'll see some new partners in that investor deck. There is a page dedicated to that. So it's expanding. So, there's a couple of million in there. When we look at fees $2.5 million or so. So it's -- and that's the direct, not the indirect, which is the Venmo [Phonetic] type of stuff. So we're still expecting to grow that business. It could be much larger than that. But we're very conservative when we put estimates for that product set.

Frank Schiraldi -- Piper Sandler -- Analyst

Got you. Okay. Thank you.

Operator

Your next question comes from the line of William Wallace from Raymond James. Your line is open.

William Wallace -- Raymond James -- Analyst

Thanks, good morning guys. Damian maybe staying with rapid funds. Should we think about new customers in that, just like we would any other program where there's a ramp period etc? Or there -- is the rapid funds product really more of a kind of instantaneous boost to revenue as the customers are turned on to the product?

Damian Kozlowski -- Chief Executive Officer and President

Okay. So you're going to hate this answer. It's both. So there are some clients in the past it was more of a ramp. We're looking at several large partnerships now, that would be more instantaneous resulting in significant fees immediately. So there is kind of two direct types of partnerships, one or more corporates and more our systemwide either tech or network platforms. So we have both those discussions though we haven't announced yet. But they're both. There could be substantial revenue immediately and then there is ones that are more corporate focused that are -- have a little bit higher of a longer of a ramp time.

William Wallace -- Raymond James -- Analyst

Okay. Okay, fair enough. And then on the loan portfolio, you're obviously experiencing very significant growth in the SBLOC line of business and you had mentioned that remaining robust and in mid-teens, I believe you said in SBA leasing and then we've got the run-off of the unsecuritized multifamily portfolio. Can you talk a little bit about maybe let's think kind of three years down the road when the multifamily loans are mostly gone, what's the mix of your loan portfolio that you would target? And then what are the margin implications in a zero interest rate environment?

Damian Kozlowski -- Chief Executive Officer and President

The loan portfolio, first of all with the securitization of multi is very -- it should be very stable. We still have future funding to do in the portfolio. So you're going to get consistent income for at least two years if not more. They could potentially turn into longer term fixed-rate loans. So what happens is those loans will seek permanent financing after a stabilization program. So we may continue to hold a set of those loans into the future. So we have -- we're developing a credit roadmap around what we're going to be invested in three years from now to that very question, we're going to be expanding two sets. One in SBLOC, IBLOC, our advisor loans all those we're building out the product set in the institutional business. We're also establishing a much broader commercial business where we do business in SBA and leasing. So there's a lot of opportunities there. So we don't -- remember in three years, we don't want to balloon the balance sheet. Probably beyond 8.5% level and we have some I think very good ideas of when those loans do roll off, how to put that capital work in increasing other parts of the business, but it will be more, it will be an SBLOC, it will be an institutional, it will also be in our commercial businesses.

And remember, as our -- we probably will continue to hold in some form 200% to 300% of some type of real estate going into the future, whether they are fixed rate loans or other type of exposure within our commercial business. So we haven't decided what that's going to be, but we feel very confident that we'll be able to replace those loans as they roll off with good lending opportunities.

William Wallace -- Raymond James -- Analyst

Am I hearing that you could be replacing them with another business line? Is that reading...

Damian Kozlowski -- Chief Executive Officer and President

Yes. We haven't -- we're expanding our products. We haven't finalized what we're going to do. We're creating a three-year credit roadmap and we are very rigorous about it. So there is a bunch of products that we're going to create that are in the market today that we're going to participate in as extensions on our current platforms. So we're kind of devising of how that's all going to dovetail. If we need this space sooner, because of the lending initiatives that we're creating, we can only sell portion of the multifamily loans in the marketplace. Those are extremely -- they're not hard to sell. Even in this environment, we've had people who would want to buy substantial parts of our multifamily portfolio at par. So we're not worried about replacing that lending revenue. And it's something that the multiple years down the road, so we still have $2 billion of room and we still have a $1.5 billion of securities and stuff. So we've got plenty of room to expand our current platforms into the next three years. And then as they -- as those loans roll-off in the CRE side, we'll decide at that time, whether or not there is -- we should keep that type of exposure and turn it into fixed rate, longer term exposure or we need that room in order to build the other businesses.

William Wallace -- Raymond James -- Analyst

Okay. And so -- and then just sort of stepping back to the SBLOC, I mean, the growth in the SBLOC loan portfolio is twice or more in any other line items. So is there a limit as to what portion or mix of the loan portfolio you would have with the SBLOC or would you just let that go, however, it's going to go and be fine with it to be...

Damian Kozlowski -- Chief Executive Officer and President

So that -- we think of that as a platform. So we're not only -- we're raising in a very difficult time. IBLOC is a 3% loan over funding. SBLOC is more like 2.5% and then ROA financing can be 6% or 7% over funding. So we're slowly lose -- we're slowly raising the total effective yield on the institutional business and the new lending businesses that we do are products and services we sell like banking as a service to other companies who wanted SBLOC capability will raise the effective yield on that platform over time over the next three years. So we -- the SBLOC we could easily double the size of the business to $3 billion over the next couple of years and have enough room. That's what I mean. We would want to put that on and the reason is, even though it would lower our effective margin on our lending portfolio, we are growing fees very aggressively across the entire business. So it's very profitable at zero risk basically and for the SBLOC business. So if you can get an effective yield of above 2.5% and 3% on IBLOC and raise that over time to say 3% on the whole portfolio over funding cost, you would double the size of that business without even thinking about it because it just doesn't have a lot of credit risk. And you might not do that if you were a different business and you were branch funded, but because our payments business is driving such large fee growth, the overall enterprises obviously going to return -- continue to increase its return on equity during that time. So we just don't think of it as one business and we have the unique business model. So we can actually engage in a larger business in a non-risky lending line and still have increases in margins over the entire enterprise, even though we might lose some in NIM.

William Wallace -- Raymond James -- Analyst

Okay, all right, thanks. And my last question is just thinking about the expense base and growth, I know you've got -- you're jaws, targets there and there's a lot going on in the business. So help me -- help us think about kind of a reasonable growth expectation in the expense line as you unlock some of the leverage in the business, but make decisions to reinvest in that platform.

Damian Kozlowski -- Chief Executive Officer and President

This is going to be easy one. We're looking at between $305 million and $310 million of revenue right now for next year. And we're going to have $100 million of net income. So, as you know, we're very rigorous about delivering what we say. So it depends and we have variable cost involved in compensation and stuff. So if we do a little bit better next year and say we have $315 million or $320 million some of that will go into net income, some probably will go into reinvestment in the business around building the platforms that we want to build, and if we don't meet that revenue number, we are more like $300 million, we will make sure that we are very rigorous about meeting our earnings per share target. So as much as you can obviously, we don't control everything. But we are very rigorous about matching revenue and expense and keeping that jaws relationship constant. And luckily we have sizable amount of compensation and discretion here that we can make sure that we can manage the entire cost base depending on what the revenue environment is.

William Wallace -- Raymond James -- Analyst

Okay, thanks. Thank you. Damian I'll step out and let somebody else ask a question. Appreciate it.

Operator

Your next question comes from the line of Bradley Nest [Phonetic] from Core [Phonetic] Capital. You may ask your question.

Bradley Nest -- Core Capital -- Analyst

Well, guys, thanks for the question. So how does buyback fit into the equation as I look out into the next 12 months or so?

Damian Kozlowski -- Chief Executive Officer and President

Okay, so in previous earnings calls, I said that during the COVID situation that we weren't contemplating at that time, the last couple of quarters, saying that because of the dislocation and we want a very good visibility on what was happening in the overall economy. We would not -- we would wait to do that. We don't -- with raising of $100 million of capital at the holding company and holding $113 million in cash and with our performance on deferrals and across the credit spectrum on our portfolio, we no longer have that reservation about doing something on the return of capital to shareholders. That's the only comment I can give.

Bradley Nest -- Core Capital -- Analyst

Okay, thanks. Regarding you're getting out of the multifamily securitization business. Did that have any one-time costs associated with that that was in the third quarter? And, yeah I'll just start with that.

Damian Kozlowski -- Chief Executive Officer and President

Okay. So we did take marks on some of those hoteling. It's of small fraction of the portfolio, but there were some fair value marks that were taken in the first quarter. The total and I will turn it over to Paul on this too, but there is not a significant amount to get out, that we don't have an offset for. There is a cost savings though where we've trimmed the team down to about 30% of what it was to manage the book and we no longer have obviously, the cost of the people, but also the cost of origination. These we were paying based on origination and then securitization of the assets and the gain. So there will be a cost impact around $10 million probably over a full year in 2021. So you have to think about it on a run rate. We didn't have all those costs in 2020, but we did in 2019. Would you like to add anything Paul?

Paul Frenkiel -- Executive Vice President, Chief Financial Officer and Secretary

Only that you won't see a material charge in this quarter or the next related to the discontinuance of that business. And as Damian noted, there will be some cost reductions in 2021.

Bradley Nest -- Core Capital -- Analyst

Okay, great. Last question here. It seems like you guys have a lot of momentum on the card side and the gross dollar volume side is [Indecipherable] like it should be up in the 10% to 20% range, but it looks like you were kind of flattish for the quarter or versus the second quarter. Can you just put some color on that?

Damian Kozlowski -- Chief Executive Officer and President

Yes, so there was a big -- the reason it's flattish is because of the whole stimulus. There is a huge wave that came in through the stimulus to us. And if you saw our deposit substantially gapped up and we -- it's hard to understand exactly what's going on, but it happened over multiple programs, and you saw another -- that's when we closed the economy and everything went virtual. We saw this big bump due to the stimulus, but also unemployment. And then we saw another even increased bump in July. And that was due, it looked like to the economy opening up again, the tax fact that taxes were delayed, and the end of the stimulus funds that were in our major programs. That has settled down again.

And so you're comparing two quarters where there was this huge governmental and very extraordinary situation to this quarter and the third quarter is usually our weakest quarter. And the reason is because that's prior we have two strong quarters. We have the fourth quarter, which is really driven by gift cards and stuff in some healthcare and corporate incentive and then you have the first quarter, which is driven by tax season. So third quarter is usually light quarter-over-quarter, second to third quarter. This year, it wasn't as light, because you had the bump, the double bump. And so the light comparison is a little difficult to make. But what we're seeing now is continued year-over-year growth in the mid 30s. If we do get another stimulus, the same thing will happen. We are -- our client accounts are really where stimulus payments go. So you'll see another bump like that, so it will be hard to really decipher. But it will be over our current growth rate, which is in the 30s already. So it would be -- it's significant impact. We're assuming though that that's not built into any of our forecast at this point. We just don't know what's going to happen.

But we're seeing -- we can look at the base programs and everything and know our pipeline. There is sustainable 20% to 30% GDV growth at the minimum in that portfolio going into the next we think couple of years. We think it's going to be high growth for a while.

Bradley Nest -- Core Capital -- Analyst

Great, thanks guys. I'll let someone else ask the question.

Operator

I am showing no further questions at this time, I would now like to turn the conference back to CEO, Damian Kozlowski. Sir?

Damian Kozlowski -- Chief Executive Officer and President

Okay, thank you, everyone. Have a great day. And thanks for joining the call today. And I'll talk to you soon. Thank you, operator.

Operator

[Operator Closing Remarks]

Duration: 35 minutes

Call participants:

Andres Viroslav -- Director, Investor Relations

Damian Kozlowski -- Chief Executive Officer and President

Paul Frenkiel -- Executive Vice President, Chief Financial Officer and Secretary

Frank Schiraldi -- Piper Sandler -- Analyst

William Wallace -- Raymond James -- Analyst

Bradley Nest -- Core Capital -- Analyst

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