Bancorp, Inc. Files Q2 2024 10-Q

TL;DR

Bancorp's Q2 10-Q is in, shows stock buybacks and retained earnings details.

AI Summary

Bancorp, Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The filing includes details on common stock repurchases and retained earnings, with specific dates and program names mentioned, such as the Common Stock Repurchase Program for 2024.

Why It Matters

This filing provides investors with a quarterly update on Bancorp's financial health and strategic actions like stock repurchases, influencing investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly financial filing with no immediate red flags.

Key Numbers

• Q2 2024 — Reporting Period (Quarterly filing for the second quarter of 2024.)

Key Players & Entities

• Bancorp, Inc. (company) — Filer of the 10-Q
• 2024-06-30 (date) — End of the reporting period
• Common Stock Repurchase Program 2024 (program) — Mentioned in the filing

FAQ

Key Financial Figures

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

Filing Documents

• tbbk-20240630x10q.htm (10-Q) — 17644KB
• tbbk-20240630xex31_1.htm (EX-31.1) — 14KB
• tbbk-20240630xex31_2.htm (EX-31.2) — 15KB
• tbbk-20240630xex32_1.htm (EX-32.1) — 11KB
• tbbk-20240630xex32_2.htm (EX-32.2) — 11KB
• 0001562762-24-000203.txt ( ) — 65443KB
• tbbk-20240630.xsd (EX-101.SCH) — 85KB
• tbbk-20240630_cal.xml (EX-101.CAL) — 113KB
• tbbk-20240630_def.xml (EX-101.DEF) — 416KB
• tbbk-20240630_lab.xml (EX-101.LAB) — 824KB
• tbbk-20240630_pre.xml (EX-101.PRE) — 654KB
• tbbk-20240630x10q_htm.xml (XML) — 21754KB

Financial Information

Part I Financial Information Item 1.

Financial Statements

Financial Statements: 3 Consolidated Balance Sheets – June 30, 2024 (unaudited) and December 31, 2023 3 Unaudited Consolidated Statements of Operations – Three and six months ended June 30, 2024 and 2023 4 Unaudited Consolidated Statements of Comprehensive Income – Three and six months ended June 30, 2024 and 2023 5 Unaudited Consolidated Statements of Changes in Shareholders' Equity – Three and six months ended June 30, 2024 and 2023 6 Unaudited Consolidated Statements of Cash Flows – Six months ended June 30, 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 41 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 71 Item 4.

Controls and Procedures

Controls and Procedures 71

Other Information

Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 72 Item 1A.

Risk Factors

Risk Factors 72 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 72 Item 5. Other Information 72 Item 6. Exhibits 73

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statement s

Item 1. Financial Statement s THE BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED BA LANCE SHEETS June 30, December 31, 2024 2023 (in thousands, except share data) (unaudited) ASSETS Cash and cash equivalents Cash and due from banks $ 5,741 $ 4,820 Interest-earning deposits at Federal Reserve Bank 399,853 1,033,270 Total cash and cash equivalents 405,594 1,038,090 Investment securities, available-for-sale, at fair value, net of $ 10.0 million allowance for credit loss effective December 31, 2023 1,581,006 747,534 Commercial loans, at fair value 265,193 332,766 Loans, net of deferred loan fees and costs 5,605,727 5,361,139 Allowance for credit losses ( 28,575 ) ( 27,378 ) Loans, net 5,577,152 5,333,761 Stock in Federal Reserve, Federal Home Loan and Atlantic Central Bankers Banks 15,642 15,591 Premises and equipment, net 28,038 27,474 Accrued interest receivable 43,720 37,534 Intangible assets, net 1,452 1,651 Other real estate owned 57,861 16,949 Deferred tax asset, net 20,556 21,219 Other assets 149,187 133,126 Total assets $ 8,145,401 $ 7,705,695 LIABILITIES Deposits Demand and interest checking $ 7,095,391 $ 6,630,251 Savings and money market 60,297 50,659 Total deposits 7,155,688 6,680,910 Securities sold under agreements to repurchase — 42 Senior debt 96,037 95,859 Subordinated debentures 13,401 13,401 Other long-term borrowings 38,283 38,561 Other liabilities 65,001 69,641 Total liabilities 7,368,410 6,898,414 SHAREHOLDERS' EQUITY Common stock - authorized, 75,000,000 shares of $ 1.00 par value; 49,267,403 and 53,202,630 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 49,268 53,203 Additional paid-in capital 72,171 212,431 Retained earnings 671,730 561,615 Accumulated other comprehensive loss ( 16,178 ) ( 19,968 ) Tot

View Full Filing

View this 10-Q filing on SEC EDGAR