The Bancorp, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 26, 2023 at 04:05 pm EDT
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The Bancorp, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net income was USD 50.14 million compared to USD 30.6 million a year ago. Basic earnings per share from continuing operations was USD 0.93 compared to USD 0.54 a year ago. Diluted earnings per share from continuing operations was USD 0.92 compared to USD 0.54 a year ago.
For the nine months, net income was USD 148.27 million compared to USD 89.97 million a year ago. Basic earnings per share from continuing operations was USD 2.7 compared to USD 1.58 a year ago. Diluted earnings per share from continuing operations was USD 2.68 compared to USD 1.56 a year ago.
The Bancorp, Inc. is a financial holding company. The Company's segments include Specialty Finance and Payments. Its primary lines of specialty lending include securities-backed lines of credit (SBLOC) and cash value of insurance-backed lines of credit (IBLOC), leasing (direct lease financing), Small Business Administration (SBA) loans and non-SBA commercial real estate (CRE) loans. Its SBLOCs and IBLOCs are loans which are generated through institutional banking affinity groups and are respectively collateralized by marketable securities and the cash value of insurance policies. It offers investment advisor financing to investment advisors. The Company also offers small business loans (SBL), which are comprised primarily of SBA loans and vehicle fleet and, to a lesser extent, other equipment leasing to small and medium sized businesses. Its SBLOCs and IBLOCs are offered in conjunction with brokerage accounts. The Companyâs subsidiary is The Bancorp Bank, National Association.
THE BANCORP, INC. 
