The Bancorp, Inc. ("The Bancorp") (NASDAQ: TBBK), a financial
holding company, today reported financial results for third quarter
2017.
Highlights
- Net income of $7.3 million and earnings
per diluted share of $0.13 for the quarter ended September 30,
2017.
- Net interest income increased 19% to
$27.9 million for the quarter ended September 30, 2017, compared to
$23.5 million for the quarter ended September 30, 2016.
- Non-interest income increased 46% to
$29.0 million for the quarter ended September 30, 2017, compared to
$19.9 million for the quarter ended September 30, 2016.
- Net interest margin increased to 3.26%
for the quarter ended September 30, 2017, compared to 2.69% for the
quarter ended September 30, 2016.
- Loans increased 15% to $1.37 billion at
September 30, 2017, compared to $1.20 billion at September 30,
2016.
- Security backed lines of credit
(“SBLOC”) increased 16% to $720.3 million at September 30, 2017,
compared to $621.5 million at September 30, 2016.
- Direct lease financing increased 11% to
$369.1 million at September 30, 2017 compared to $332.6 million at
September 30, 2016.
- Small Business Administration (“SBA”)
loans increased 11% to $386.8 million at September 30, 2017,
compared to $349.6 million at September 30, 2016.
- The rate on average deposits and
interest bearing liabilities of $3.73 billion in the third quarter
of 2017 was 0.43% with a rate of 0.51% for $1.92 billion of average
prepaid card deposits.
- Assets held for sale from discontinued
operations decreased 18% to $315.0 million at September 30, 2017,
compared to $386.2 million at September 30, 2016.
- Consolidated leverage ratio increased
to 8.25% at September 30, 2017.
- Book value per common share at
September 30, 2017 was $6.09 per share. The Bancorp and its
subsidiary, The Bancorp Bank, remain well capitalized.
Damian Kozlowski, The Bancorp’s Chief Executive Officer, said,
“Bancorp’s third quarter 2017 performance was another positive step
forward for our company. In the third quarter of 2017, The Bancorp
earned $7.3 million in net income or 13 cents a share on
approximately $57 million of total continuing operations net
revenue. All of our businesses are improving, and the Bancorp was
able to realize an approximate $11 million gain in the third
quarter of 2017 from our floating rate commercial loan
securitization business. Our run-rate earnings are improving as
revenue continues to build across our businesses while tight
expense management improves operating efficiency.”
The Bancorp reported net income of $7.3 million, or $0.13
earnings per diluted share, for the quarter ended September 30,
2017, compared to a net loss of $25.6 million, or $0.54 loss per
diluted share for the quarter ended September 30, 2016. Net income
from continuing operations for the quarter ended September 30,
2017, was $6.8 million, or $0.12 earnings per diluted share,
compared to a net loss of $1.5 million from continuing operations,
or $0.03 loss per diluted share, for the quarter ended September
30, 2016. 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, tier one
capital to risk-weighted assets, total capital to
risk-weighted assets and common equity-tier 1 ratios were 8.25%,
16.27%, 16.62% and 16.27% respectively, compared to well
capitalized minimums of 5%, 8%, 10% and 6.5%, respectively. In the
third quarter of 2017, we recognized $2.5 million of expense for a
non-tax deductible civil money penalty in connection with an
internal system programming glitch within one of the Bank’s third
party payment processors. As a result, a higher fee was assessed to
consumers for certain point of sale transactions during the period
from December 2010 to November 2014. Additionally, in the third
quarter of 2017, we terminated a data processing contract which
resulted in a $1.1 million pretax and $725,000 after tax charge.
Adjusted operating earnings after consideration of these two items
amounted to $10.5 million for the third quarter of 2017. The
following is a reconciliation of net income available to common
shareholders to adjusted operating earnings, a non-GAAP measure
which reflects the financial impact of those two items:
Three months ended September 30, 2017 (in thousands) Net
income available to common shareholders $ 7,282 Adjustments:
tax-effected: Civil money penalty * 2,500 Termination of data
processing contract 725 Adjusted operating earnings (1) $
10,507 * Civil money penalty may not be deductible for
Federal income tax purposes (1) As a supplement to
GAAP, Bancorp has provided this non-GAAP performance measure.
Bancorp believes that this non-GAAP financial measure is useful
because it allows investors to assess its operating performance.
Management utilizes adjusted operating earnings to measure the
combined impact of changes in net interest income, non-interest
income and certain other expenses. Other companies may calculate
adjusted operating earnings differently. Although this non-GAAP
financial measure is intended to enhance investors’ understanding
of Bancorp’s business and performance, it should not be considered,
and is not intended to be, a substitute for net income calculated
pursuant to GAAP.
Conference Call Webcast
You may access the LIVE webcast of The Bancorp's Quarterly
Earnings Conference Call at 8:00 AM ET Friday, October 27, 2017 by
clicking on the webcast link on Bancorp's homepage at
www.thebancorp.com. Or, you may dial 844.775.2543, access code
95371306. You may listen to the replay of the webcast following the
live call on The Bancorp's investor relations website or
telephonically until Friday, November 3, 2017 by dialing
855.859.2056, access code 95371306.
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 leasing groups in the nation. For more
information please visit www.thebancorp.com.
Forward-Looking Statements
Statements in this earnings release regarding 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 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 Nine months
ended September 30, September 30,
Condensed income statement
2017 2016 2017 2016 (dollars in thousands except per
share data) Net interest income $ 27,901 $ 23,542 $ 79,993 $
64,988 Provision for loan and lease losses 800 750
2,150 1,810 Non-interest income Service fees on
deposit accounts 1,700 1,510 4,895 3,335 Card payment and ACH
processing fees 1,564 1,459 4,596 4,183 Prepaid card fees 12,491
12,249 39,272 39,333 Gain on sale of loans 11,394 903 17,535 809
Gain on sale of investment securities 506 981 1,595 3,131 Change in
value of investment in unconsolidated entity (4) 811 (20) (12,313)
Leasing income 705 588 2,088 1,456 Affinity fees 275 1,091 1,445
3,507 Gain on sale of health savings accounts - - 2,538 - Loss from
sale of European prepaid card operations - - (3,437) - Other
non-interest income 376 312 892 4,691
Total non-interest income 29,007 19,904 71,399 48,132 Non-interest
expense Bank Secrecy Act and lookback consulting expenses - 1,340 -
29,076 One time fee to exit data processing contract 1,136 - 1,136
- Civil money penalty 2,500 - 2,500 - Other non-interest expense
40,246 42,831 115,392 127,369 Total
non-interest expense 43,882 44,171 119,028
156,445 Income (loss) from continuing operations before
income tax expense 12,226 (1,475) 30,214 (45,135) Income tax
expense (benefit) 5,455 55 (457)
(15,324) Net income (loss) from continuing operations 6,771 (1,530)
30,671 (29,811) Net income (loss) from discontinued operations, net
of tax 511 (24,021) 3,438 (37,909) Net
income (loss) available to common shareholders $ 7,282 $ (25,551) $
34,109 $ (67,720) Net income (loss) per share from
continuing operations - basic $ 0.12 $ (0.03) $ 0.55 $ (0.73) Net
income (loss) per share from discontinued operations - basic $ 0.01
$ (0.51) $ 0.06 $ (0.92) Net income (loss) per share - basic $ 0.13
$ (0.54) $ 0.61 $ (1.65) Net income (loss) per share from
continuing operations - diluted $ 0.12 $ (0.03) $ 0.55 $ (0.73) Net
income (loss) per share from discontinued operations - diluted $
0.01 $ (0.51) $ 0.06 $ (0.92) Net income (loss) per share - diluted
$ 0.13 $ (0.54) $ 0.61 $ (1.65) Weighted average shares - basic
55,758,433 47,153,658 55,661,538 40,957,247 Weighted average shares
- diluted 56,312,838 47,153,658 56,043,909 40,957,247 For
loss periods the weighted averages shares - basic is used in both
the basic and diluted computations.
Balance sheet September 30, June 30, December 31,
September 30, 2017 2017 2016 2016 (dollars in thousands)
Assets: Cash and cash equivalents Cash and due from banks $
5,813 $ 6,458 $ 4,127 $ 4,061 Interest earning deposits at Federal
Reserve Bank 328,023 475,387 955,733 312,605 Securities sold under
agreements to resell 65,095 65,076 39,199
39,463 Total cash and cash equivalents 398,931
546,921 999,059 356,129 Investment securities,
available-for-sale, at fair value 1,196,956 1,149,116 1,248,614
1,334,927 Investment securities, held-to-maturity 86,402 93,419
93,467 93,495 Loans held for sale, at fair value 380,272 542,819
663,140 562,957 Loans, net of deferred fees and costs 1,374,060
1,370,263 1,222,911 1,198,237 Allowance for loan and lease losses
(7,283) (7,353) (6,332) (6,058) Loans,
net 1,366,777 1,362,910 1,216,579
1,192,179 Federal Home Loan Bank & Atlantic Community
Bancshares stock 991 6,211 1,613 11,014 Premises and equipment, net
21,087 22,004 24,125 21,797 Accrued interest receivable 10,131
10,880 10,589 10,496 Intangible assets, net 5,185 5,515 6,906 5,682
Other real estate owned - - 104 - Deferred tax asset, net 53,017
53,226 55,666 29,765 Investment in unconsolidated entity 107,711
120,862 126,930 157,396 Assets held for sale from discontinued
operations 314,994 336,246 360,711 386,155 Other assets
51,164 53,888 50,611 55,519 Total assets $
3,993,618 $ 4,304,017 $ 4,858,114 $ 4,217,511
Liabilities: Deposits Demand and interest checking $
3,113,212 $ 3,437,482 $ 3,816,524 $ 3,364,103 Savings and money
market 452,183 438,602 421,780 402,832
Total deposits 3,565,395 3,876,084 4,238,304
3,766,935 Securities sold under agreements to
repurchase 180 273 274 353 Short-term borrowings - - - 70,000
Subordinated debenture 13,401 13,401 13,401 13,401 Long-term
borrowings 42,482 42,680 263,099 - Other liabilities 32,699
40,560 44,073 27,744 Total liabilities $
3,654,157 $ 3,972,998 $ 4,559,151 $ 3,878,433
Shareholders' equity: Common stock - authorized, 75,000,000
shares of $1.00 par value; 55,859,660 and 55,419,119 shares issued
at September 30, 2017 and 2016, respectively 55,860 55,858 55,419
55,419 Treasury stock (100,000 shares) (866) (866) (866) (866)
Additional paid-in capital 362,340 361,478 360,564 359,793
Accumulated deficit (77,850) (85,114) (111,941) (83,169)
Accumulated other comprehensive income (loss) (23)
(337) (4,213) 7,901 Total shareholders' equity
339,461 331,019 298,963 339,078 Total
liabilities and shareholders' equity $ 3,993,618 $ 4,304,017 $
4,858,114 $ 4,217,511
Average balance sheet
and net interest income Three months ended September 30, 2017
Three months ended September 30, 2016 (dollars in thousands)
Average Average Average Average
Assets:
Balance Interest Rate Balance Interest Rate Interest-earning
assets: Loans net of unearned fees and costs ** $ 1,816,751 $
21,147 4.66 % $ 1,661,807 $ 17,425 4.19 % Leases - bank qualified*
20,787 419 8.06 % 21,006 418 7.96 % Investment securities-taxable
1,235,615 8,847 2.86 % 1,373,776 8,350 2.43 % Investment
securities-nontaxable* 13,238 133 4.02 % 48,683 218 1.79 % Interest
earning deposits at Federal Reserve Bank 366,724 1,190 1.30 %
324,179 397 0.49 % Federal funds sold and securities purchased
under agreement to resell 65,008 371 2.28 % 39,392
146 1.48 % Net interest earning assets 3,518,123 32,107 3.65 %
3,468,843 26,954 3.11 % Allowance for loan and lease losses
(6,961 ) (5,267 ) Assets held for sale from discontinued operations
325,912 3,098 3.80 % 459,400 3,891 3.39 % Other assets 235,070
246,171 $ 4,072,144 $ 4,169,147
Liabilities and Shareholders' Equity: Deposits: Demand and
interest checking $ 3,224,167 $ 3,136 0.39 % $ 3,249,801 $ 2,379
0.29 % Savings and money market 439,688 552 0.50 % 392,045 423 0.43
% Time - - 0.00 % 76,931 104 0.54 % Total deposits
3,663,855 3,688 0.40 % 3,718,777 2,906 0.31 % Short-term
borrowings 51,413 175 1.36 % 102,243 153 0.60 % Repurchase
agreements 189 - 0.00 % 376 - 0.00 % Subordinated debt 13,401
150 4.48 % 13,401 131 3.91 % Total deposits and
interest bearing liabilities 3,728,858 4,013 0.43 % 3,834,797 3,190
0.33 % Other liabilities 8,046 19,670 Total
liabilities 3,736,904 3,854,467 Shareholders' equity 335,240
314,680 $ 4,072,144 $ 4,169,147 Net
interest income on tax equivalent basis* $ 31,192 $ 27,655
Tax equivalent adjustment 193 222 Net interest income $
30,999 $ 27,433 Net interest margin * 3.26 % 2.69 %
* Full taxable equivalent basis, using a 35%
statutory tax rate. ** Includes loans held for sale.
Average balance sheet and net interest income Nine
months ended September 30, 2017 Nine months ended September 30,
2016 (dollars in thousands) Average Average Average
Average
Assets: Balance Interest Rate Balance
Interest Rate Interest-earning assets: Loans net of unearned fees
and costs ** $ 1,740,655 $ 58,266 4.46 % $ 1,543,448 $ 48,061 4.15
% Leases - bank qualified* 21,167 1,231 7.75 % 20,618 1,334 8.63 %
Investment securities-taxable 1,269,922 26,990 2.83 % 1,280,692
22,782 2.37 % Investment securities-nontaxable* 14,423 351 3.24 %
59,892 983 2.19 % Interest earning deposits at Federal Reserve Bank
532,223 3,961 0.99 % 490,037 1,677 0.46 % Federal funds sold and
securities purchased under agreement to resell 60,119 931
2.06 % 27,414 301 1.46 % Net interest-earning assets
3,638,509 91,730 3.36 % 3,422,101 75,138 2.93 % Allowance
for loan and lease losses (6,793 ) (4,538 ) Assets held for sale
337,102 9,594 3.79 % 528,168 15,037 3.80 % Other assets 251,629
283,171 $ 4,220,447 $ 4,228,902
Liabilities and Shareholders' Equity: Deposits: Demand and
interest checking $ 3,433,027 $ 8,836 0.34 % $ 3,325,047 $ 7,217
0.29 % Savings and money market 434,768 1,718 0.53 % 390,202 1,028
0.35 % Time - - 0.00 % 103,624 447 0.58 % Total
deposits 3,867,795 10,554 0.36 % 3,818,873 8,692 0.30 %
Short-term borrowings 19,498 197 1.35 % 58,056 263 0.60 %
Repurchase agreements 245 - 0.00 % 812 1 0.16 % Subordinated debt
13,401 432 4.30 % 13,401 383 3.81 % Total deposits
and interest bearing liabilities 3,900,939 11,183 0.38 % 3,891,142
9,339 0.32 % Other liabilities 431 21,306
Total liabilities 3,901,370 3,912,448 Shareholders' equity
319,077 316,454 $ 4,220,447 $ 4,228,902
Net interest income on tax equivalent basis* $ $ 90,141 $ $ 80,836
Tax equivalent adjustment 554 811 Net interest income
$ 89,587 $ 80,025 Net interest margin * 3.02 % 2.57 %
* Full taxable equivalent basis, using a 35% statutory tax
rate. ** Includes loans held for sale.
Allowance for loan and lease losses: Nine months ended Year
ended September 30, September 30, December 31, 2017 2016
2016 (dollars in thousands) Balance in the allowance for
loan and lease losses at beginning of period (1) $ 6,332 $ 4,400 $
4,400 Loans charged-off: SBA non real estate 344 - 128 SBA
commercial mortgage - 76 - Direct lease financing 779 63 119 Other
consumer loans 113 39 1,211 Total 1,236
178 1,458 Recoveries: SBA non real estate 12 1
1 Direct lease financing - 17 17 Other consumer loans 25
8 12 Total 37 26 30 Net
charge-offs 1,199 152 1,428 Provision charged to operations
2,150 1,810 3,360 Balance in allowance for
loan and lease losses at end of period $ 7,283 $ 6,058 $ 6,332 Net
charge-offs/average loans 0.07% 0.01% 0.09% Net charge-offs/average
loans (annualized) 0.09% 0.01% 0.09% Net charge-offs/average assets
0.03% 0.00% 0.03% (1) Excludes activity from assets held for sale.
Loan portfolio: September 30, June 30, December 31,
September 30, 2017 2017 2016 2016 (dollars in thousands) SBA
non real estate $ 72,055 $ 74,511 $ 74,644 $ 74,262 SBA commercial
mortgage 132,997 126,224 126,159 117,053 SBA construction
14,205 11,057 8,826 6,317 Total SBA loans
219,257 211,792 209,629 197,632 Direct lease financing 369,069
371,002 346,645 332,632 SBLOC 720,279 718,707 630,400 621,456 Other
specialty lending 36,664 44,389 11,073 20,076 Other consumer loans
20,107 15,858 17,374 19,375 1,365,376
1,361,748 1,215,121 1,191,171 Unamortized loan fees and costs
8,684 8,515 7,790 7,066 Total loans,
net of deferred loan fees and costs $ 1,374,060 $ 1,370,263 $
1,222,911 $ 1,198,237
Small business lending
portfolio: September 30, June 30, December 31, September 30,
2017 2017 2016 2016 (dollars in thousands) SBA loans,
including deferred fees and costs 225,909 218,391 215,786 203,196
SBA loans included in HFS 160,855 158,252
154,016 146,450 Total SBA loans $ 386,764 $ 376,642 $
369,802 $ 349,646
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
September 30, 2017 The Bancorp, Inc. 8.25% 16.27% 16.62% 16.27% The
Bancorp Bank 8.04% 15.95% 16.30% 15.95% "Well capitalized"
institution (under FDIC regulations) 5.00% 8.00% 10.00% 6.50%
As of December 31, 2016 The Bancorp, Inc. 6.90% 13.34%
13.63% 13.34% The Bancorp Bank 6.84% 13.24% 13.53% 13.24% "Well
capitalized" institution (under FDIC regulations) 5.00% 8.00%
10.00% 6.50% Three months ended Nine months
ended September 30, September 30, 2017 2016 2017 2016
Selected operating ratios: Return on average assets
(annualized) 0.71 % nm 1.08 % nm Return on average equity
(annualized) 8.62 % nm 14.29 % nm Net interest margin 3.26 % 2.69 %
3.02 % 2.57 % Book value per share $ 6.09 $ 6.13 $ 6.09 $ 6.13
September 30, June 30, December 31, September 30, 2017 2017
2016 2016
Asset quality ratios: Nonperforming loans to total
loans (1) 0.39 % 0.41 % 0.30 % 0.58 % Nonperforming assets to total
assets (1) 0.13 % 0.13 % 0.08 % 0.16 % Allowance for loan and lease
losses to total loans 0.53 % 0.54 % 0.52 % 0.51 % Nonaccrual
loans $ 4,953 $ 5,115 $ 2,972 $ 4,021 Other real estate owned
- 104 104 -
Total nonperforming assets $ 4,953 $ 5,219 $ 3,076
$ 4,021 Loans 90 days past due still accruing
interest $ 354 $ 494 $ 661 $ 2,933
(1) Nonperforming loan and asset ratios include nonaccrual
loans and loans 90 days past due still accruing interest.
Three months ended September 30, June 30, December 31, September
30, 2017 2017 2016 2016 (in thousands)
Gross dollar volume
(GDV) (1)
: Prepaid card GDV $ 10,970,085 $
11,894,601 $ 10,647,520 $ 10,459,097
(1) Gross dollar volume represents the total dollar amount spent on
prepaid and debit cards issued by The Bancorp.
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 and 2016 (42)
(42) Payments received (43) September 30, 2017 Bancorp book
value* $ 108 Total marks $ (100) Divided by: Original Walnut
Street loan balance $ 267 Percentage of total mark to original
balance 37% * Approximately 30% of expected principal
recoveries were classified as nonperforming as of September 30,
2017.
Walnut Street portfolio composition as of September
30, 2017 Collateral type % of Portfolio
Commercial real estate non-owner occupied Retail 30.8% Office 26.9%
Other 15.5% Construction and land 16.3% Commercial non real estate
and industrial 3.6% First mortgage residential owner occupied 3.3%
First mortgage residential non-owner occupied 2.8% Other
0.8% Total 100.0%
Cumulative analysis of marks on
discontinued commercial loan principal as of September 30, 2017
Discontinued Cumulative % to original loan
principal marks principal (dollars in millions)
Commercial loan discontinued principal before marks $ 230
Florida mall held in discontinued OREO 42 24 Previous mark charges
33 33 Mark at September 30, 2017 16 Total $
305 $ 73 24%
Analysis of large loan relationship
principal, nonperforming loans and distribution of marks as of
September 30, 2017
Performing Nonperforming Total Performing Nonperforming Total loan
principal loan principal loan principal loan
marks loan marks marks (in millions) 9 loan
relationships > $8 million $ 155 $ 5 $ 160 $ 6 $ - $ 6 Loan
relationships < $8 million 45 9
54 3 7 10 $ 200 $
14 $ 214 $ 9 $ 7 $ 16
Quarterly
activity for commercial loan discontinued principal
Commercial loan principal (in millions) Commercial loan
discontinued principal December 31, 2016 before marks $ 324
Transfer of Florida mall to other real estate owned (42) 2017 net
paydowns (39) 2017 chargedowns of loans from marks taken in prior
years (13) Commercial loan discontinued principal September
30, 2017 before marks $ 230 Marks at September 30, 2017 (16)
Net commercial loan exposure September 30, 2017 $ 214 Residential
mortgages 64 Net loans $ 278 Florida mall in other real
estate owned 18 Other 27 properties in other real estate owned
19 Total discontinued assets at September 30, 2017 $ 315
Discontinued commercial loan composition as of
September 30, 2017 Collateral type
Unpaidprincipalbalance
MarkSeptember30, 2017
Mark as %of portfolio
(dollars in millions) Commercial real estate - non-owner occupied:
Retail $ 15 $ 0.8 5% Office 9 0.2 2% Other 43 0.1 - Construction
and land 84 1.7 2% Commercial non-real estate and industrial 17 3.3
19% 1 to 4 family construction 27 4.5 17% First mortgage
residential non-owner occupied 20 4.9 25% Commercial real estate
owner occupied: Retail 10 - 0% Office - - - Other 2 - 0%
Residential junior mortgage 1 - 0% Other 2 - - Total $ 230
Less: mark (16) Net commercial loan exposure
September 30, 2017 $ 214 $ 15.5 7%
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171026006605/en/
The Bancorp, Inc.Andres Viroslav,
215-861-7990aviroslav@thebancorp.com
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