Bancorp, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Bancorp, Inc. has filed its 2023 annual report (10-K) detailing financial performance and corporate structure.</b>

AI Summary

Bancorp, Inc. (TBBK) filed a Annual Report (10-K) with the SEC on February 29, 2024. Bancorp, Inc. filed its 2023 Form 10-K on February 29, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 409 Silverside Road, Wilmington, DE. Bancorp, Inc. is classified under SIC code 6021 (National Commercial Banks). The filing includes data related to common stock repurchase programs and equity components.

Why It Matters

For investors and stakeholders tracking Bancorp, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Bancorp's financial health, operational performance, and strategic initiatives for the fiscal year 2023, crucial for investors to assess the company's stability and growth prospects. The detailed financial statements and risk factors within the report are essential for stakeholders to understand potential challenges and opportunities facing Bancorp, Inc. in the national commercial banking sector.

Risk Assessment

Risk Level: medium — Bancorp, Inc. shows moderate risk based on this filing. The company operates in the national commercial banking sector, which is subject to significant regulatory oversight and market fluctuations, as indicated by its SIC code and the nature of a 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Bancorp's performance and outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-29 — Filing Date (Filed as of date)
• 6021 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Bancorp, Inc. (company) — Filer name
• TBBK (company) — Ticker symbol
• 409 Silverside Road, Wilmington, DE (location) — Business address
• 233016517 (identifier) — IRS number
• DE (location) — State of incorporation
• 000-51018 (identifier) — SEC file number

FAQ

Risk Factors

• Regulatory Environment [high — regulatory]: The company is subject to extensive regulation by federal and state banking authorities, which can impact operations and profitability.
• Market Conditions [medium — market]: Changes in economic conditions, interest rates, and competitive landscape can affect the company's financial performance.
• Operational Risks [medium — operational]: Risks related to information technology, cybersecurity, and business continuity are critical for a financial institution.
• Credit Risk [high — financial]: The company faces risks associated with borrowers' ability to repay loans, which could lead to loan losses.

Key Dates

• 2023-12-31: Fiscal Year End — Defines the reporting period for the 10-K.
• 2024-02-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $1.00 — ch registered Common Stock, par value $1.00 per share TBBK Nasdaq Global Select
• $32.65 — rice of such shares on June 30, 2023 of $32.65 was approximately $ 1.72 billion. As
• $1.63 b — es and amounts were: SBLOC and IBLOC –$1.63 billion, or approximately 29% of total lo
• $221.6 m — ir value; Investor advisor financing –$221.6 million, or approximately 4% of total loa
• $685.7 m — t fair value; Direct lease financing –$685.7 million, or approximately 12% of total lo
• $213.5 m — r value (excluding SBA, at fair value) –$213.5 million, or approximately 4% of total loa
• $2.00 b — ommercial loans, at fair value; REBL –$2.00 billion, or approximately 35% of total lo
• $896.2 million — d SBL (including SBA, at fair value) –$896.2 million (including SBA held at fair value), or
• $747.5 million — t. Our investment portfolio amounted to $747.5 million at December 31, 2023, representing a de
• $150,000 — rmation needed to evaluate credits over $150,000. For amounts less than $150,000 that me

Filing Documents

• tbbk-20231231x10k.htm (10-K) — 20193KB
• tbbk-20231231xex3_2.htm (EX-3.2) — 155KB
• tbbk-20231231xex21_1.htm (EX-21.1) — 2KB
• tbbk-20231231xex23_1.htm (EX-23.1) — 22KB
• tbbk-20231231xex31_1.htm (EX-31.1) — 11KB
• tbbk-20231231xex31_2.htm (EX-31.2) — 14KB
• tbbk-20231231xex32_1.htm (EX-32.1) — 11KB
• tbbk-20231231xex32_2.htm (EX-32.2) — 11KB
• tbbk-20231231xex97_0.htm (EX-97.0) — 82KB
• tbbk-20231231x10kg001.jpg (GRAPHIC) — 42KB
• tbbk-20231231x10kg002.jpg (GRAPHIC) — 34KB
• tbbk-20231231xex97_0g001.jpg (GRAPHIC) — 8KB
• 0001562762-24-000049.txt (&nbsp;) — 71689KB
• tbbk-20231231.xsd (EX-101.SCH) — 126KB
• tbbk-20231231_cal.xml (EX-101.CAL) — 181KB
• tbbk-20231231_def.xml (EX-101.DEF) — 583KB
• tbbk-20231231_lab.xml (EX-101.LAB) — 1176KB
• tbbk-20231231_pre.xml (EX-101.PRE) — 963KB
• tbbk-20231231x10k_htm.xml (XML) — 22037KB

Forward-looking statements

Forward-looking statements 1 Item 1:

Business

Business 3 Item 1A:

Risk Factors

Risk Factors 21 Item 1B: Unresolved Staff Comments 38 Item 1C: Cybersecurity 39 Item 2:

Properties

Properties 41 Item 3:

Legal Proceedings

Legal Proceedings 41 Item 4: Mine Safety Disclosures 41 PART II Item 5: Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41 Item 6: Reserved 44 Item 7:

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 Item 7A:

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 79 Item 8:

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 80 Item 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 141 Item 9A:

Controls and Procedures

Controls and Procedures 141 Item 9B: Other Information 144 Item 9C: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 145 PART III Item 10: Directors, Executive Officers and Corporate Governance 145 Item 11:

Executive Compensation

Executive Compensation 145 Item 12:

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 145 Item 13: Certain Relationships and Related Transactions, and Director Independence 145 Item 14: Principal Accountant Fees and Services 145 PART IV Item 15: Exhibit and Financial Statement Schedules 146 Item 16: Fo rm 10-K Summary 148

Signatures

Signatures 149 FOR WARD -LOOKING STATEMENTS This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipates," "estimates," "expects," "projects," "intends," "plans," "believes," "should" and words and terms of similar substance used in connection with any discussion of future operating and financial performance identify these forward-looking statements. Unless we have indicated otherwise, or the context otherwise requires, references in this report to "we," "us," "our," "the holding company" or similar terms, are to The Bancorp, Inc. and its subsidiaries. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements. Factors that could cause results to differ from those expressed in these forward-looking statements include, but are not limited to, the risks and uncertainties described or referenced in Item 1A, " Risk Factors " herein and in our other public filings with the Securities and Exchange Commission (the "SEC"), as well as the following: an inconsistent recovery from an extended period of unpredictable economic and growth conditions in the U.S. economy may adversely impact our assets and operating results and result in increases in payment defaults and other credit risks, decreases in the fair value of some assets and increases in our provision for credit losses; weak economic and credit market conditions, either globally, nationally or regionally, may res

BUSINESS

ITEM 1. BUSINESS . Overview The Bancorp, Inc. ("the Company," "we," "us," "our" or "the holding company") is a Delaware financial holding company and our primary, wholly-owned subsidiary is The Bancorp Bank , National Association ("the "Bank"). The vast majority of our revenue and income is generated through the Bank. As described more fully below, our business strategy is focused on payments and deposit related activities. We expect our payments business to generate non-interest income and attract stable, lower cost deposits which we then seek to deploy into lower risk assets in specialized markets through our specialty lending activities. Our national specialty lending segment includes institutional banking, commercial real estate bridge lending, small business lending and commercial fleet leasing. Our institutional banking business line offers securities-backed lines of credit ("SBLOC") and insurance policy cash value-backed lines of credit ("IBLOC") through affinity groups such as investment advisors. SBLOCs and IBLOCs are collateralized by marketable securities and the cash value of insurance policies, respectively, and are typically offered in conjunction with brokerage accounts. Our institutional banking business line also offers financing to investment advisors, made for purposes of debt refinance, acquisition of another firm or internal succession. Additionally, we offer commercial real estate bridge loans (sometimes referred to herein as "REBL" or "real estate bridge loans"), the vast majority of which are collateralized by apartment buildings. We also offer small business loans ("SBLs") which are comprised primarily of Small Business Administration ("SBA") loans and vehicle fleet leasing and, to a lesser extent, other equipment leasing ("direct lease financing") to small- and medium-sized businesses. Vehicle fleet and equipment leases consist of commercial vehicles including trucks and special purpose vehicles and equipment. At December 31, 2023,

View Full Filing

View this 10-K filing on SEC EDGAR