8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  April 25, 2005

THE BANCORP, INC.

(Exact name of registrant as specified in its charter)

Delaware	51018	23-3016517
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

405 Silverside Road, Wilmington, DE 19809

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (302) 385-5000

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

	Written communication pursuant to Rule 425 under the Securities Act
	Soliciting material pursuant to Rule 14a-12 under the Exchange Act
	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act

ITEM 2.02  RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On April 25, 2005, The Bancorp, Inc. issued a press release regarding its earnings for the three months ended March 31, 2005.  A copy of the press release is furnished with this report as exhibit 99.

ITEM 9.01  FINANCIAL STATEMENTS AND EXHIBITS.

(c) Exhibits

EXHIBIT NUMBER	DESCRIPTION OF DOCUMENT
99	Press Release

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	THE BANCORP, INC.
	By:	/s/ Martin F. Egan
	Name:	Martin F. Egan
Date:  April 25, 2005	Title:	Senior Vice President, Chief Financial Officer and Secretary

Exhibit Index

EXHIBIT NUMBER	DESCRIPTION OF DOCUMENT
99	Press Release

EX-99

Exhibit 99

The Bancorp, Inc. Reports First Quarter 2005 Earnings

Wilmington, DE – April 25, 2005 – The Bancorp, Inc. (“Bancorp”) (NASDAQ NM: TBBK)

Financial highlights:

- Loans increased $69.9 million or 16.3% from December 31, 2004

- Deposits increased $96.0 million or 24.7% from December 31, 2004

- Net income from operations (income before payment expense from the redemption of the trust preferred subordinated debt and income taxes) increased $1.2 million from the fourth quarter of 2004

Bancorp, a financial holding company that operates The Bancorp Bank, reported total assets of $658.6 million at March 31, 2005, an increase of $82.3 million or 14.3% from December 31, 2004. Loans grew to $497.8 million an increase of $69.9 million or 16.3% from those of December 31, 2004, and deposits grew to $484.1 million, an increase of $96.0 million or 24.7% during the same period.  Total common shares outstanding were 12,238,499 at March 31, 2005 and 11,888,061 at December 31, 2004. 

Net income available to common shareholders for the first quarter of 2005 was $317,000, which reflects non-recurring expenses of $1.3 million related to the early redemption of trust preferred subordinated debt, compared to net income of $11,000 for the first quarter of 2004. 

Net interest income for the first quarter of 2005 was $6.5 million compared to $5.4 million for the fourth quarter of 2004, an increase of $1.0 million or 18.8% and net interest margin for the first quarter of 2005 was 4.44% compared to 4.05% for the fourth quarter of 2004. 

“The redemption of the trust preferred subordinated debt in the first quarter of 2005 was our initial step in simplifying our capital structure and reducing our cost of capital,” said Betsy Z. Cohen, CEO of The Bancorp, Inc.

Conference Call Webcast

Interested parties can access the LIVE webcast of Bancorp’s Quarterly Earnings Conference Call at 9:30 AM EDT on Wednesday, April 27, 2005 by clicking on the webcast link on Bancorp’s homepage at www.thebancorp.com. For those who are not available to listen to the live broadcast, the replay of the webcast will be available following the live call on Bancorp’s investor relations website and telephonically until Wednesday, May 4, 2005 by dialing 888-286-8010, access code 54221396.

About The Bancorp, Inc.

The Bancorp, Inc. is a financial holding company that operates The Bancorp Bank an FDIC insured commercial bank that delivers a full array of financial services and products through private-label affinity partner programs nationwide. Bancorp, through Philadelphia Private Bank (www.philadelphiaprivatebank.com), its regional community bank division, serves the needs of small and mid-size businesses and their principals in the Philadelphia-Wilmington region.

The Bancorp, Inc. Contact
Andres Viroslav
215-861-7990

andres.viroslav@thebancorp.com

	Three months ended March 31,
	2005			2004
	(dollars in thousands except per share data)
Condensed income statement
Net interest income	$	6,470		$	3,290
Provision for loan and lease losses		500			332
Non-interest income		4,075			1,884
Non-interest expense		7,933			4,584
Net income from operations		2,112			258
Payment expense from redemption of trust preferred subordinated debt		(1,285	)		—
Net income before income tax expense		827			258
Income tax expense		261			—
Net income		566			258
Less preferred stock dividends and accretion		(204	)		(223	)
Income allocated to Series A preferred shareholders		(45	)		(24	)
Net income available to common shareholders	$	317		$	11
Basic earnings per share excluding loss from early redemption of trust preferred securities net of tax expense of $436,000	$	0.09		$	—
Basic earnings per share from early redemption of trust preferred securities net of tax expense of $436,000	$	(0.06	)	$	—
Basic earnings per share	$	0.03		$	—
Diluted earnings per share excluding loss from early redemption of trust preferred securities net of tax expense of $436,000	$	0.09		$	—
Diluted earnings per share from early redemption   of trust preferred securities net of tax expense of $436,000	$	(0.06	)	$	—
Diluted earnings per share	$	0.03		$	—
Weighted average shares - basic		12,195,521			7,059,894 (1	)
Weighted average shares - diluted		12,642,681			7,286,282 (1	)

	March 31, 2005			December 31, 2004			March 31, 2004
Condensed balance sheet
Assets
Federal funds sold	$	34,055		$	8,291		$	32,827
Investment securities		98,675			120,252			130,812
Loans		497,782			427,881			274,843
Allowance for loan and lease losses		(4,101	)		(3,593	)		(2,323	)
Other assets		32,193			23,448			19,325
Total assets	$	658,604		$	576,279		$	455,484
Liabilities and shareholders’ equity	$	268,820		$	205,249		$	194,618
Transaction accounts
Time deposits		215,270			182,832			125,513
Total deposits		484,090			388,081			320,131
Other borrowings		46,837			60,052			20,003
Trust preferred subordinated debt		—			5,413			5,413
Other liabilities		2,559			1,331			5,374
Shareholder’s equity		125,118			121,402			104,563	(2)
Total liabilities and shareholders’ equity	$	658,604		$	576,279		$	455,484

		First quarter average 2005			Fourth  quarter average 2004			First quarter average 2004
Average condensed balance sheet
Assets
Federal funds sold	$	20,066		$	36,749		$	39,481
Investment securities		109,260			116,518			62,285
Loans		453,158			383,800			245,261
Allowance for loan and lease losses		(3,671	)		(3,050	)		(2,037	)
Other assets		24,914			18,839			16,813
Total assets	$	603,727		$	552,856		$	361,803
Liabilities and shareholders’ equity
Transaction accounts	$	232,419		$	228,990		$	163,999
Time deposits		193,436			150,291			115,924
Total deposits		425,855			379,281			279,923
Other borrowings		54,337			47,769			7,915
Trust preferred		—			5,413			—
Guaranteed preferred interest in Company’s subordinated debt		—			—			5,250
Other liabilities		747			392			83
Shareholders’ equity		122,788			120,001			68,632	(2)
Total liabilities and shareholders’ equity	$	603,727		$	552,856		$	361,803

Loan Portfolio

	March 31, 2005 Amount			December 31, 2004 Amount			March 31, 2004 Amount
Commercial	$	90,264		$	89,327		$	57,078
Commercial mortgage		149,883			140,755			106,534
Construction		116,014			97,239			49,624
Total commercial loans		356,161			327,321			213,236
Direct financing leases, net		72,566			44,795			38,729
Residential mortgage		43,148			31,388			6,231
Consumer loans and others		26,488			24,894			16,501
		498,363			428,398			274,697
Unamortized costs		(581	)		(517	)		146
Total loans, net of unamortized fees and costs	$	497,782		$	427,881		$	274,843

	Three months ended March 31,
	2005			2004
Selected operating ratios
Return on average assets		0.38	%		0.29	%
Return on average assets excluding redemption of trust preferred subordinated debt (3)		0.94	%		0.29	%
Return on average equity		1.85	%		1.50	%
Return on average equity excluding redemption of trust preferred subordinated debt (3)		4.61	%		1.50	%
Net interest margin		4.44	%		3.75	%
Book value per share	$	9.42		$	8.98	(1)

	As of or for the period ended March 31,
	2005			2004
Asset quality ratios
Nonperforming loans to total loans		0.18	%		0.01	%
Nonperforming assets to total assets		0.14	%		0.00	%
Allowance for loan and lease losses to total loans		0.82	%		0.85	%
Nonaccrual loans	$	205		$	—
Loans 90 days past due still accruing interest	$	703		$	14

(1) The March 31, 2004 earnings per share and book value calculations include the shares issued in The Bancorp Bank’s public offering in February 2004. These shares were issued by The Bancorp, Inc. in December 2004 upon the completion of our reorganization.

(2) The March 31, 2004 shareholders’ equity includes the funds raised from The Bancorp Bank’s public offering in February 2004. These funds were contributed in December 2004 to The Bancorp, Inc. upon completion of our reorganization.

(3) The return on average assets and return on average equity from the payment expense from the redemption of trust preferred subordinated debt at March 31, 2005 was (.56%) and (2.76%), respectively.