Bancorp, Inc. Files 8-K Report
Ticker: TBBK · Form: 8-K · Filed: Jan 2, 2025 · CIK: 1295401
| Field | Detail |
|---|---|
| Company | Bancorp, Inc. (TBBK) |
| Form Type | 8-K |
| Filed Date | Jan 2, 2025 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $1.00, $12.3 million, $82 million, $32.5 million, $1.26 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: 8-k, reporting
TL;DR
Bancorp filed a routine 8-K on Jan 2, 2025, no major news.
AI Summary
On January 2, 2025, The Bancorp, Inc. filed an 8-K report. The filing primarily concerns other events and does not detail specific financial transactions or material changes beyond its routine reporting obligations.
Why It Matters
This 8-K filing indicates routine corporate reporting by The Bancorp, Inc. to the SEC, without immediate disclosure of significant new events.
Risk Assessment
Risk Level: low — The filing is a standard 8-K for 'Other Events' and does not disclose any new material information, debt, or significant corporate actions.
Key Players & Entities
- The Bancorp, Inc. (company) — Registrant
- January 2, 2025 (date) — Date of earliest event reported
- 000-51018 (other) — Commission File Number
- Delaware (location) — State of incorporation
- 23-3016517 (other) — IRS Employer Identification No.
- 409 Silverside Road Wilmington, DE 19809 (address) — Principal executive offices
- 302 - 385-5000 (phone_number) — Registrant's telephone number
FAQ
What is the primary purpose of this 8-K filing?
The primary purpose of this 8-K filing is to report 'Other Events' as of January 2, 2025.
What is the exact date of the earliest event reported in this filing?
The date of the earliest event reported is January 2, 2025.
What is the Commission File Number for The Bancorp, Inc.?
The Commission File Number for The Bancorp, Inc. is 000-51018.
In which state is The Bancorp, Inc. incorporated?
The Bancorp, Inc. is incorporated in Delaware.
What is the principal executive office address of The Bancorp, Inc.?
The principal executive office address is 409 Silverside Road, Wilmington, DE 19809.
Filing Stats: 641 words · 3 min read · ~2 pages · Grade level 11.3 · Accepted 2025-01-02 17:02:17
Key Financial Figures
- $1.00 — ch registered Common Stock, par value $1.00 per share TBBK Nasdaq Global Select
- $12.3 million — ty located in Plainfield, New Jersey, a $12.3 million classified loan previously reported as
- $82 million — closed on the sale of an approximately $82 million real estate bridge loan portfolio, coll
- $32.5 million — partment buildings. The sale included a $32.5 million classified loan, which was current with
- $1.26 million — l in connection with the sale, although $1.26 million of accrued interest was reversed in con
Filing Documents
- bancorp8k.htm (8-K) — 25KB
- 0002039852-25-000004.txt ( ) — 192KB
- tbbk-20250102.xsd (EX-101.SCH) — 3KB
- tbbk-20250102_lab.xml (EX-101.LAB) — 33KB
- tbbk-20250102_pre.xml (EX-101.PRE) — 22KB
- bancorp8k_htm.xml (XML) — 3KB
01. Other Events
Item 8.01. Other Events The Bancorp, Inc. ("Company") is providing further updates on the disposition of certain real estate bridge lending assets. On January 2, 2025, as a result of the sale of the underlying collateral apartment property located in Plainfield, New Jersey, a $12.3 million classified loan previously reported as non-accrual was repaid at par and accordingly no loss was recognized. On December 31, 2024, the Company's wholly owned subsidiary, The Bancorp Bank, National Association (the "Bank"), closed on the sale of an approximately $82 million real estate bridge loan portfolio, collateralized by apartment buildings. The sale included a $32.5 million classified loan, which was current with respect to monthly payments. The Bank provided financing to a third party purchaser, which provided a 25% payment guaranty. The leverage and guaranty provided were consistent with market terms, and the Bank's general underwriting standards, for similar loans. The resulting weighted average look-through loan to values ("LTVs"), of the related mortgaged properties are no more than 57% as-is and 55% as-stabilized, which is further supported by the 25% payment guaranty. The look-through LTVs are based on the weighted average of LTVs multiplied by the leverage provided by the Bank, based upon appraisals performed within the past 15 months. There was no loss of principal in connection with the sale, although $1.26 million of accrued interest was reversed in connection therewith. We believe that the sale is an indication of the liquidity of the portfolio, which is further evidenced by LTVs both for the portfolio as a whole and for classified loans, which have been reported in prior filings.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
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. Date: January 2, 2025 The Bancorp, Inc. By: /s/ Paul Frenkiel Name: Paul Frenkiel Title: Chief Financial Officer and Secretary