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

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.

Conference Call Webcast

You may access the LIVE webcast of The Bancorp's Quarterly Earnings Conference Call at 8:00 AM ET Friday, January 25, 2019 by clicking on the webcast link on The Bancorp's homepage at www.thebancorp.com. Or, you may dial 844.775.2543, access code 1896377. You may listen to the replay of the webcast following the live call on The Bancorp's investor relations website or telephonically until Friday, February 1, 2019 by dialing 855.859.2056, access code 1896377.

About The Bancorp

The Bancorp, Inc. (NASDAQ: TBBK) is dedicated to serving the unique needs of non-bank financial service companies, ranging from entrepreneurial start-ups to those on the Fortune 500. The company’s only subsidiary, The Bancorp Bank (Member FDIC, Equal Housing Lender), has been repeatedly recognized in the payments industry as the Top Issuer of Prepaid Cards (US), a top merchant sponsor bank and a top ACH originator. Specialized lending distinctions include National Preferred SBA Lender, a leading provider of securities-backed lines of credit, and one of the few bank-owned commercial vehicle leasing groups in the nation. For more information please visit www.thebancorp.com.

Forward-Looking Statements

Statements in this earnings release regarding The Bancorp’s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. These statements may be identified by the use of forward-looking terminology, including but not limited to the words “may,” “believe,” “will,” “expect,” “look,” “anticipate,” “estimate,” “continue,” or similar words. For further discussion of the risks and uncertainties to which these forward-looking statements may be subject, see The Bancorp’s filings with the SEC, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of those filings. These risks and uncertainties could cause actual results to differ materially from those projected in the forward-looking statements. The forward-looking statements speak only as of the date of this press release. The Bancorp does not undertake to publicly revise or update forward-looking statements in this press release to reflect events or circumstances that arise after the date of this presentation, except as may be required under applicable law.

The Bancorp, Inc.
Financial highlights
(unaudited)
		Three months ended						Year ended
		December 31,						December 31,
Condensed income statement		2018			2017			2018			2017
		(dollars in thousands except per share data)
Net interest income		$	30,609		$	26,687		$	120,849		$	106,680
Provision for loan and lease losses			925			770			3,585			2,920
Non-interest income
Service fees on deposit accounts			-			1,893			3,622			6,788
ACH, card and other payment processing fees			2,378			1,722			8,653			6,318
Prepaid card fees			13,068			14,095			54,627			53,367
Net realized and unrealized gains on commercial loans originated for sale			224			384			20,498			17,919
Gain on sale of investment securities			-			636			41			2,231
Change in value of investment in unconsolidated entity			(708)			-			(3,689)			(20)
Leasing income			718			575			3,071			2,663
Affinity fees			10			100			281			1,545
Gain on sale of IRA portfolio			-			-			65,000			-
Gain on sale of health savings accounts			-			-			-			2,538
Loss from sale of European prepaid card operations			-			-			-			(3,437)
Other non-interest income			1,000			744			1,691			1,636
Total non-interest income			16,690			20,149			153,795			91,548
Non-interest expense
Salaries and employee benefits			20,603			17,930			79,816			75,832
Data processing expense			1,446			2,112			6,187			10,159
One-time fee to exit data processing contract			-			-			-			1,136
Legal expense			2,034			2,163			7,845			8,072
FDIC Insurance			1,430			2,511			8,819			10,097
Software			3,425			3,269			13,304			12,597
Losses and write downs on other real estate owned			(45)			(19)			-			-
Civil money penalty			-			(210)			(290)			2,290
Prepaid relationship exit expense			672			-			672			-
Lease termination expense			-			-			395			-
Other non-interest expense			8,055			8,129			34,530			34,731
Total non-interest expense			37,620			35,885			151,278			154,914
Income from continuing operations before income taxes			8,754			10,181			119,781			40,394
Income tax expense			2,691			23,513			32,241			23,056
Net income (loss) from continuing operations			6,063			(13,332)			87,540			17,338
Discontinued operations
Income (loss) from discontinued operations before income taxes			1,755			(1,429)			1,491			4,059
Income tax expense (benefit)			699			(2,326)			354			(276)
Net income from discontinued operations, net of tax			1,056			897			1,137			4,335
Net income (loss) available to common shareholders		$	7,119		$	(12,435)		$	88,677		$	21,673
Net income (loss) per share from continuing operations - basic		$	0.11		$	(0.24)		$	1.55		$	0.31
Net income per share from discontinued operations - basic		$	0.02		$	0.02		$	0.02		$	0.08
Net income (loss) per share - basic		$	0.13		$	(0.22)		$	1.57		$	0.39
Net income (loss) per share from continuing operations - diluted		$	0.11		$	(0.24)		$	1.53		$	0.31
Net income per share from discontinued operations - diluted		$	0.02		$	0.02		$	0.02		$	0.08
Net income (loss) per share - diluted		$	0.13		$	(0.22)		$	1.55		$	0.39
Weighted average shares - basic			56,446,088			55,759,372			56,343,845			55,686,507
Weighted average shares - diluted			56,964,074			56,656,710			57,068,306			56,176,269

Balance sheet		December 31,			September 30,			June 30,			December 31,
		2018			2018			2018			2017
		(dollars in thousands)
Assets:
Cash and cash equivalents
Cash and due from banks		$	2,440		$	2,245		$	3,052		$	3,152
Interest earning deposits at Federal Reserve Bank			551,862			710,816			373,782			841,471
Securities sold under agreements to resell			-			64,518			64,216			64,312
Total cash and cash equivalents			554,302			777,579			441,050			908,935
Investment securities, available-for-sale, at fair value			1,236,324			1,274,417			1,305,494			1,294,484
Investment securities, held-to-maturity			84,432			84,433			86,354			86,380
Commercial loans held for sale, at fair value			688,471			308,470			447,997			503,316
Loans, net of deferred fees and costs			1,504,777			1,496,773			1,506,812			1,392,228
Allowance for loan and lease losses			(8,653)			(8,092)			(8,014)			(7,096)
Loans, net			1,496,124			1,488,681			1,498,798			1,385,132
Federal Home Loan Bank & Atlantic Community Bancshares stock			1,113			1,113			1,113			991
Premises and equipment, net			18,895			17,686			18,275			20,051
Accrued interest receivable			12,753			11,621			11,810			10,900
Intangible assets, net			3,846			4,229			4,612			5,377
Other real estate owned			-			405			405			450
Deferred tax asset, net			38,272			40,991			39,779			34,802
Investment in unconsolidated entity			59,273			64,212			67,994			74,473
Assets held for sale from discontinued operations			197,831			226,026			241,694			304,313
Other assets			62,925			60,337			56,499			78,543
Total assets		$	4,454,561		$	4,360,200		$	4,221,874		$	4,708,147
Liabilities:
Deposits
Demand and interest checking		$	3,904,638		$	3,540,605		$	3,287,682		$	3,806,965
Savings and money market			31,076			317,453			511,598			453,877
Total deposits			3,935,714			3,858,058			3,799,280			4,260,842
Securities sold under agreements to repurchase			93			158			161			217
Subordinated debenture			13,401			13,401			13,401			13,401
Long-term borrowings			41,674			41,841			42,000			42,323
Other liabilities			56,903			54,868			34,485			67,215
Total liabilities		$	4,047,785		$	3,968,326		$	3,889,327		$	4,383,998
Shareholders' equity:
Common stock - authorized, 75,000,000 shares of $1.00 par value; 56,446,088 and 55,861,150 shares issued and outstanding at December 31, 2018 and 2017, respectively			56,446			56,446			56,411			55,861
Treasury stock (100,000 shares)			(866)			(866)			(866)			(866)
Additional paid-in capital			366,181			365,749			364,460			363,196
Accumulated deficit			(817)			(7,936)			(69,213)			(89,485)
Accumulated other comprehensive loss			(14,168)			(21,519)			(18,245)			(4,557)
Total shareholders' equity			406,776			391,874			332,547			324,149
Total liabilities and shareholders' equity		$	4,454,561		$	4,360,200		$	4,221,874		$	4,708,147

Average balance sheet and net interest income		Three months ended December 31, 2018								Three months ended December 31, 2017
		(dollars in thousands)
		Average						Average		Average						Average
Assets:		Balance			Interest			Rate		Balance			Interest			Rate
Interest earning assets:
Loans net of deferred fees and costs **		$	1,905,089		$	24,782		5.20%		$	1,749,644		$	19,764		4.52%
Leases - bank qualified*			19,531			353		7.23%			19,510			383		7.85%
Investment securities-taxable			1,329,249			10,619		3.20%			1,329,508			9,132		2.75%
Investment securities-nontaxable*			7,814			60		3.07%			13,119			119		3.63%
Interest earning deposits at Federal Reserve Bank			436,501			2,571		2.36%			386,796			1,241		1.28%
Federal funds sold and securities purchased under agreement to resell			44,093			340		3.08%			64,839			379		2.34%
Net interest earning assets			3,742,277			38,725		4.14%			3,563,416			31,018		3.48%
Allowance for loan and lease losses			(7,973)								(7,079)
Assets held for sale from discontinued operations			204,354			1,921		3.76%			311,005			3,062		3.94%
Other assets			178,770								190,465
		$	4,117,428							$	4,057,807
Liabilities and Shareholders' Equity:
Deposits:
Demand and interest checking		$	3,602,089		$	7,522		0.84%		$	3,205,273		$	3,319		0.41%
Savings and money market			44,029			127		1.15%			454,038			545		0.48%
Total deposits			3,646,118			7,649		0.84%			3,659,311			3,864		0.42%
Short-term borrowings			29,184			190		2.60%			38,250			138		1.44%
Securities sold under agreements to repurchase			156			-		0.00%			219			-		0.00%
Subordinated debentures			13,401			190		5.67%			13,401			153		4.57%
Total deposits and liabilities			3,688,859			8,029		0.87%			3,711,181			4,155		0.45%
Other liabilities			29,244								14,820
Total liabilities			3,718,103								3,726,001
Shareholders' equity			399,325								331,806
		$	4,117,428							$	4,057,807
Net interest income on tax equivalent basis*					$	32,617							$	29,925
Tax equivalent adjustment						87								176
Net interest income					$	32,530							$	29,749
Net interest margin *								3.32%								3.11%

* Full taxable equivalent basis, using a statutory rate of 21% for 2018 and 35% for 2017.

** Includes loans held for sale.

Average balance sheet and net interest income		Year ended December 31, 2018								Year ended December 31, 2017
		(dollars in thousands)
		Average						Average		Average						Average
Assets:		Balance			Interest			Rate		Balance			Interest			Rate
Interest earning assets:
Loans net of deferred fees and costs **		$	1,915,456		$	94,232		4.92%		$	1,763,392		$	78,033		4.43%
Leases - bank qualified*			20,025			1,370		6.84%			20,750			1,613		7.77%
Investment securities-taxable			1,375,566			41,994		3.05%			1,284,941			36,121		2.81%
Investment securities-nontaxable*			8,631			262		3.04%			14,094			470		3.33%
Interest earning deposits at Federal Reserve Bank			460,577			8,737		1.90%			495,568			5,202		1.05%
Federal funds sold and securities purchased under agreement to resell			59,157			1,708		2.89%			61,309			1,310		2.14%
Net interest earning assets			3,839,412			148,303		3.86%			3,640,054			122,749		3.37%
Allowance for loan and lease losses			(7,528)								(6,865)
Assets held for sale from discontinued operations			253,348			8,810		3.48%			310,058			12,655		4.08%
Other assets			190,252								221,096
		$	4,275,484							$	4,164,343
Liabilities and Shareholders' Equity:
Deposits:
Demand and interest checking		$	3,499,288		$	23,068		0.66%		$	3,371,969		$	12,155		0.36%
Savings and money market			362,267			2,878		0.79%			439,625			2,263		0.51%
Total deposits			3,861,555			25,946		0.67%			3,811,594			14,418		0.38%
Short-term borrowings			20,346			451		2.22%			24,224			336		1.39%
Securities sold under agreements to repurchase			173			-		0.00%			239			-		0.00%
Subordinated debentures			13,401			714		5.33%			13,401			586		4.37%
Total deposits and liabilities			3,895,475			27,111		0.70%			3,849,458			15,340		0.40%
Other liabilities			14,546								3,329
Total liabilities			3,910,021								3,852,787
Shareholders' equity			365,463								311,556
		$	4,275,484							$	4,164,343
Net interest income on tax equivalent basis*					$	130,002							$	120,064
Tax equivalent adjustment						343								729
Net interest income					$	129,659							$	119,335
Net interest margin *								3.19%								3.04%

* Full taxable equivalent basis, using a statutory rate of 21% for 2018 and 35% for 2017.

** Includes loans held for sale.

Allowance for loan and lease losses:		Year ended			Year ended
		December 31,			December 31,
		2018			2017
		(dollars in thousands)
Balance in the allowance for loan and lease losses at beginning of period (1)		$	7,096		$	6,332
Loans charged-off:
SBA non-real estate			1,349			1,171
SBA commercial mortgage			157			-
Direct lease financing			637			927
Other consumer loans			20			109
Total			2,163			2,207
Recoveries:
SBA non-real estate			57			19
SBA commercial mortgage			13			-
Direct lease financing			64			8
Other consumer loans			1			24
Total			135			51
Net charge-offs			2,028			2,156
Provision charged to operations			3,585			2,920
Balance in allowance for loan and lease losses at end of period		$	8,653		$	7,096
Net charge-offs/average loans			0.10%			0.12%
Net charge-offs/average assets			0.05%			0.05%
(1) Excludes activity from assets held for sale from discontinued operations.
Loan portfolio:		December 31,			September 30,			June 30,			December 31,
		2018			2018			2018			2017
		(in thousands)
SBA non-real estate		$	76,340		$	74,408		$	75,141		$	70,379
SBA commercial mortgage			165,406			166,432			156,268			142,086
SBA construction			21,636			17,978			17,781			16,740
Total SBA loans			263,382			258,818			249,190			229,205
Direct lease financing			397,571			395,976			389,387			377,660
SBLOC			785,303			778,552			795,823			730,462
Other specialty lending			31,836			40,799			48,253			30,720
Other consumer loans			16,302			12,172			13,174			14,133
			1,494,394			1,486,317			1,495,827			1,382,180
Unamortized loan fees and costs			10,383			10,456			10,985			10,048
Total loans, net of deferred fees and costs		$	1,504,777		$	1,496,773		$	1,506,812		$	1,392,228
Small business lending portfolio:		December 31,			September 30,			June 30,			December 31,
		2018			2018			2018			2017
		(in thousands)
SBA loans, including deferred fees and costs			270,860			266,433			257,412			236,724
SBA loans included in HFS			199,977			193,372			182,072			165,177
Total SBA loans		$	470,837		$	459,805		$	439,484		$	401,901

Capital ratios:		Tier 1 capital		Tier 1 capital		Total capital		Common equity
		to average		to risk-weighted		to risk-weighted		tier 1 to risk
		assets ratio		assets ratio		assets ratio		weighted assets
As of December 31, 2018
The Bancorp, Inc.		10.11%		20.64%		21.07%		20.64%
The Bancorp Bank		9.67%		20.12%		20.55%		20.12%
"Well capitalized" institution (under FDIC regulations)		5.00%		8.00%		10.00%		6.50%
As of December 31, 2017
The Bancorp, Inc.		7.90%		16.73%		17.09%		16.73%
The Bancorp Bank		7.61%		16.23%		16.59%		16.23%
"Well capitalized" institution (under FDIC regulations)		5.00%		8.00%		10.00%		6.50%

		Three months ended								Year ended
		December 31,								December 31,
		2018				2017				2018				2017
Selected operating ratios:
Return on average assets (1)			0.69	%		nm					2.07	%			0.52	%
Return on average equity (1)			7.07	%		nm					24.26	%			6.96	%
Net interest margin			3.32	%			3.11	%			3.19	%			3.04	%
(1) Annualized
Book value per share table:		December 31,				September 30,				June 30,				December 31,
		2018				2018				2018				2017
Book value per share		$	7.22			$	6.95			$	5.91			$	5.81
Loan quality table:		December 31,				September 30,				June 30,				December 31,
		2018				2018				2018				2017
Nonperforming loans to total loans (2)			0.36	%			0.35	%			0.42	%			0.30	%
Nonperforming assets to total assets (2)			0.12	%			0.13	%			0.16	%			0.10	%
Allowance for loan and lease losses to total loans			0.58	%			0.54	%			0.53	%			0.51	%
Nonaccrual loans		$	4,516			$	4,234			$	4,915			$	3,996
Other real estate owned			-				405				405				450
Total nonperforming assets		$	4,516			$	4,639			$	5,320			$	4,446
Loans 90 days past due still accruing interest		$	954			$	1,015			$	1,459			$	227
(2) Nonperforming loan and asset ratios include nonaccrual loans and loans 90 days past due still accruing interest.
		Three months ended
		December 31,				September 30,				June 30,				December 31,
		2018				2018				2018				2017
		(in thousands)
Gross dollar volume (GDV) (3):
Prepaid card GDV		$	13,526,647			$	12,525,527			$	12,799,531			$	10,963,456
(3) Gross dollar volume represents the total dollar amount spent on prepaid and debit cards issued by The Bancorp Bank.

Business line quarterly summary:
Quarter ended December 31, 2018
(dollars in millions)
				Balances							Non interest income
							% Growth							% Growth
Major business lines		Average approximate rates		Balances*			Year over year		Linked quarter annualized		Current quarter			Year over year
Loans
Institutional banking **		4.2%		$	785		8%		3%		nm			nm
SBA		5.7%			471		17%		10%		na			na
Leasing		6.0%			398		5%		2%			0.7		25%
Commercial real estate securitization		5.9%			488		nm		nm		nm			nm
Weighted average yield		5.2%		$	2,142
Deposits
Payment solutions (primarily prepaid) ***		1.1%		$	2,201		11%		nm		$	13.8		-2%
Card payment and ACH processing		0.7%			1,000		25%		nm			2.4		38%
* Loan categories based on period end balance and Payment Solutions based on average quarterly balances.
** Comprised of SBLOC loans.
***Adjusted for an atypical $739,000 writedown to revenue on one relationship

Analysis of Walnut Street* marks:
		Loan activity			Marks
		(dollars in millions)
Original Walnut Street loan balance, December 31, 2014		$	267
Marks through December 31, 2014 sale date			(58)		$	(58)
Sales price of Walnut Street			209
Equity investment from independent investor			(16)
December 31, 2014 Bancorp book value			193
Additional marks 2015 – 2017			(42)			(42)
2018 Marks			(4)			(4)
Payments received			(88)
December 31, 2018 Bancorp book value**		$	59
Total marks					$	(104)
Divided by:
Original Walnut Street loan balance					$	267
Percentage of total mark to original balance						39%
* Walnut Street is the investment in unconsolidated entity on the balance sheet which reflects the Bank's investment in a securitization of certain loans from the Bank's discontinued loan portfolio.
** Approximately 44% of expected principal recoveries were from loans and properties pending liquidation or other resolution as of December 31, 2018.
Walnut Street portfolio composition as of December 31, 2018
Collateral type		% of Portfolio
Commercial real estate non-owner occupied
Retail			52.7%
Office			13.3%
Other			4.6%
Construction and land			18.6%
Commercial non real estate and industrial			0.5%
First mortgage residential owner occupied			6.6%
First mortgage residential non-owner occupied			2.8%
Other			0.9%
Total			100.0%

Cumulative analysis of marks on discontinued commercial loan principal as of December 31, 2018
		Discontinued			Cumulative			% to original
		loan principal			marks			principal
		(dollars in millions)
Commercial loan discontinued principal before marks		$	125
Florida mall held in discontinued other real estate owned			42			27
Previous mark charges			14			14
Mark at December 31, 2018						7
Total		$	181		$	48		27%

Analysis of discontinued commercial loan relationships as of December 31, 2018
			Performing			Nonperforming			Total				Performing			Nonperforming			Total
			loan principal			loan principal			loan principal				loan marks			loan marks			marks
			(in millions)
7 loan relationships > $7 million			$	62		$	22		$	84			$	3		$	2		$	5
Loan relationships < $7 million				31			3			34				2			-			2
			$	93		$	25		$	118			$	5		$	2		$	7

Quarterly activity for discontinued commercial loan principal
		Commercial
		loan principal
		(in millions)
Commercial loan discontinued principal, September 30, 2018 before marks		$	149
Quarterly paydowns			(24)
Commercial loan discontinued principal December 31, 2018 before marks		$	125
Marks December 31, 2018			(7)
Net commercial loan exposure December 31, 2018		$	118
Residential mortgages			53
Net loans		$	171
Florida Mall in other real estate owned			15
19 Properties in other real estate owned			12
Total discontinued assets at December 31, 2018		$	198

Discontinued Commercial Loan Composition December 31, 2018
Collateral type		Unpaid principal balance			Mark December 31, 2018			Mark as % of portfolio
		(dollars in millions)
Commercial real estate - non-owner occupied:
Retail		$	7		$	0.6		8%
Office			4			-		0%
Other			38			1.7		4%
Construction and land			25			0.1		0%
Commercial non-real estate and industrial			10			0.5		4%
1 to 4 family construction			19			3.8		20%
First mortgage residential non-owner occupied			12			0.5		4%
Commercial real estate owner occupied:
Retail			8			0.1		-
Office			-			-		-
Other			-			-		1%
Residential junior mortgage			1			-		0%
Other			1			-		-
Total		$	125
Less: mark			(7)
Net commercial loan exposure December 31, 2018		$	118		$	7.3		6%

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