Bancorp, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Bancorp, Inc. has filed its Q1 2024 10-Q report, detailing financial performance and key dates.</b>

AI Summary

Bancorp, Inc. (TBBK) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. Bancorp, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. Key dates include Q1 2024 reporting period and a subsequent event date of April 1, 2024. The company's fiscal year ends on December 31. The filing includes data related to common stock, retained earnings, and paid-in capital as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking Bancorp, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data for Bancorp, Inc., crucial for assessing performance and making investment decisions. The report's detailed financial information, including balance sheet items and segment data, allows for a comprehensive understanding of the company's financial health and operational activities.

Risk Assessment

Risk Level: medium — Bancorp, Inc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which inherently contains detailed financial information but does not signal immediate, significant positive or negative events beyond routine disclosures.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand Bancorp, Inc.'s Q1 2024 performance and financial position.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-10 — Filing Date (Filed as of date)
• 2024-12-31 — Fiscal Year End (Fiscal year end)
• Q1 2024 — Reporting Quarter (Reporting period)

Key Players & Entities

• Bancorp, Inc. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-10 (date) — Filed as of date
• 0001562762-24-000140 (filing_id) — Accession number
• TBBK (ticker) — Ticker symbol
• DE (location) — State of incorporation
• Wilmington (location) — Business address city
• 302-385-5000 (phone) — Business phone

FAQ

Industry Context

Bancorp, Inc. operates within the National Commercial Banks industry (SIC 6021).

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular disclosure of financial information by public companies.

What Investors Should Do

1. Analyze the balance sheet as of March 31, 2024, for changes in assets, liabilities, and equity.
2. Review any disclosed segment information to understand revenue drivers and performance across different business areas.
3. Note the fiscal year end of December 31 for annual financial planning and comparison.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-10: Filing Date — Date the 10-Q report was officially filed with the SEC.
• 2024-04-01: Subsequent Event Start Date — Indicates the beginning of the period for subsequent events.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, providing updated financial information compared to previous filings.

Key Financial Figures

• $1.00 — ch Registered Common Stock, par value $1.00 per share TBBK Nasdaq Global Select

Filing Documents

• tbbk-20240331x10q.htm (10-Q) — 14741KB
• tbbk-20240331xex31_1.htm (EX-31.1) — 14KB
• tbbk-20240331xex31_2.htm (EX-31.2) — 15KB
• tbbk-20240331xex32_1.htm (EX-32.1) — 11KB
• tbbk-20240331xex32_2.htm (EX-32.2) — 11KB
• 0001562762-24-000140.txt (&nbsp;) — 56087KB
• tbbk-20240331.xsd (EX-101.SCH) — 88KB
• tbbk-20240331_cal.xml (EX-101.CAL) — 118KB
• tbbk-20240331_def.xml (EX-101.DEF) — 438KB
• tbbk-20240331_lab.xml (EX-101.LAB) — 867KB
• tbbk-20240331_pre.xml (EX-101.PRE) — 679KB
• tbbk-20240331x10q_htm.xml (XML) — 18360KB

Financial Information

Part I Financial Information Item 1.

Financial Statements

Financial Statements: 3 Consolidated Balance Sheets – March 31, 2024 (unaudited) and December 31, 2023 3 Unaudited Consolidated Statements of Operations – Three months ended March 31, 2024 and 2023 4 Unaudited Consolidated Statements of Comprehensive Income – Three months ended March 31, 2024 and 2023 5 Unaudited Consolidated Statements of Changes in Shareholders' Equity – Three months ended March 31, 2024 and 2023 6 Unaudited Consolidated Statements of Cash Flows – Three months ended March 31, 2024 and 2023 8 Notes to Unaudited Consolidated Financial Statements 9 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 66 Item 4.

Controls and Procedures

Controls and Procedures 66

Other Information

Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 67 Item 1A.

Risk Factors

Risk Factors 67 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 67 Item 6. Exhibits 68

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statement s

Item 1. Financial Statement s THE BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED BA LANCE SHEETS March 31, December 31, 2024 2023 (in thousands, except share data) (unaudited) ASSETS Cash and cash equivalents Cash and due from banks $ 9,105 $ 4,820 Interest-earning deposits at Federal Reserve Bank 1,241,363 1,033,270 Total cash and cash equivalents 1,250,468 1,038,090 Investment securities, available-for-sale, at fair value, net of $ 10.0 million allowance for credit loss 718,247 747,534 Commercial loans, at fair value 282,998 332,766 Loans, net of deferred loan fees and costs 5,459,344 5,361,139 Allowance for credit losses ( 28,741 ) ( 27,378 ) Loans, net 5,430,603 5,333,761 Stock in Federal Reserve, Federal Home Loan and Atlantic Central Bankers Banks 15,642 15,591 Premises and equipment, net 27,482 27,474 Accrued interest receivable 37,861 37,534 Intangible assets, net 1,552 1,651 Other real estate owned 19,559 16,949 Deferred tax asset, net 21,764 21,219 Other assets 109,680 133,126 Total assets $ 7,915,856 $ 7,705,695 LIABILITIES Deposits Demand and interest checking $ 6,828,159 $ 6,630,251 Savings and money market 62,597 50,659 Total deposits 6,890,756 6,680,910 Securities sold under agreements to repurchase — 42 Senior debt 95,948 95,859 Subordinated debentures 13,401 13,401 Other long-term borrowings 38,407 38,561 Other liabilities 60,579 69,641 Total liabilities 7,099,091 6,898,414 SHAREHOLDERS' EQUITY Common stock - authorized, 75,000,000 shares of $ 1.00 par value; 52,253,037 and 53,202,630 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 52,253 53,203 Additional paid-in capital 166,335 212,431 Retained earnings 618,044 561,615 Accumulated other comprehensive loss ( 19,867 ) ( 19,968 ) Total shareholders' equity

View Full Filing

View this 10-Q filing on SEC EDGAR