As of September 30, 2024, The Bancorp, Inc. reported total assets of $8.09 billion, an increase from $7.71 billion at the end of 2023. Total loans rose to $5.91 billion, up from $5.36 billion, while total deposits increased to $6.93 billion, reflecting a growth of $244.8 million (3.7%) since December 31, 2023. The company’s investment securities also saw a significant rise, reaching $1.59 billion, a 112.5% increase from $747.5 million at the end of the previous year.
For the third quarter of 2024, The Bancorp reported net income of $51.5 million, compared to $50.1 million in the same period of 2023. This translates to a basic earnings per share of $1.06, up from $0.93 a year earlier. For the nine months ended September 30, 2024, net income totaled $161.6 million, an increase from $148.3 million in 2023. The net interest income for the third quarter was $93.7 million, a 5.5% increase from $88.9 million in Q3 2023, driven by higher interest income from loans and investment securities.
The company’s provision for credit losses increased to $3.5 million in Q3 2024, up from $1.8 million in Q3 2023, reflecting a new qualitative factor for classified real estate bridge loans. The allowance for credit losses (ACL) stood at $31.0 million, or 0.52% of total loans, compared to $27.4 million (0.51%) at the end of 2023. Non-performing loans rose to $30.5 million, up from $13.3 million, while total non-performing assets increased to $92.2 million from $30.2 million.
The Bancorp's strategic focus includes its National Specialty Finance and Payments segments, which continue to drive revenue. The company has also initiated consumer fintech lending, with $280.1 million in loans reported as of September 30, 2024. The company’s stock repurchase program has been aggressive, with plans for $200 million in 2024, adjusted to $100 million for Q2 and $50 million for each remaining quarter.
The company’s capital ratios remain strong, with a Tier 1 capital ratio of 9.86% and a total capital ratio of 13.62% as of September 30, 2024. The Bancorp continues to navigate market conditions while focusing on growth and maintaining a robust financial position.
About Bancorp, Inc.
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