Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 24, 2024

The Bancorp, Inc.

(Exact name of registrant as specified in its charter)

Commission File Number: 000-51018

Delaware		23-3016517
(State or other jurisdiction of		(IRS Employer
incorporation)		Identification No.)

409 Silverside Road

Wilmington, DE 19809

(Address of principal executive offices, including zip code)

302-385-5000

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[_] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, par value $1.00 per share

TBBK

Nasdaq Global Select

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2).

[_] Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [_]

Item 2.02. Results of Operations and Financial Condition

On October 24, 2024, The Bancorp, Inc. (the "Company") issued a press release regarding its earnings for the three and nine months ended September 30, 2024. A copy of this press release is furnished with this report as Exhibit 99.1.

Item 7.01.    Regulation FD Disclosure.

The Company hereby furnishes the information set forth in the presentation attached hereto as Exhibit 99.2, which is incorporated herein by reference.

The information in this Current Report, including the exhibits hereto, are being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits


	(d) Exhibits

	99.1		Press Release
	99.2		Investor Presentation
	104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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: October 24, 2024	The Bancorp, Inc.

	By:	/s/ Paul Frenkiel
	Name:	Paul Frenkiel
	Title:	Chief Financial Officer and
		Secretary

Exhibit 99.1

The Bancorp, Inc. Reports its Third Quarter Financial Results

Wilmington, DE – October 24, 2024 – The Bancorp, Inc. (“The Bancorp” or the “Company” or “we” or “our”) (NASDAQ: TBBK), a financial holding company, today reported its financial results for the third quarter of 2024.

Net income for the third quarter of 2024 amounted to $51.5 million.

Factors Helpful to Understand Third Quarter Net Income

As explained under recent developments below, a new CECL factor was added which increased the provision for credit losses and resulted in an after-tax reduction in net income of $1.5 million.

Prior period interest income reversals on real estate bridge loans transferred to nonaccrual or modified, resulted in an after-tax reduction in net income of $1.2 million.

A loss resulting from a transaction processing delay increased non-interest expense and resulted in an after-tax reduction in net income of approximately $900,000.

Recent Developments

As noted in our second quarter press release, the Company entered into a purchase and sale agreement for an apartment property acquired by its wholly-owned subsidiary The Bancorp Bank, National Association, (the “Bank”) through foreclosure in connection with a real estate bridge lending (“REBL”) loan. At September 30, 2024, the related $40.3 million balance, comprised the majority of our other real estate owned. Subsequent to the previously reported $125,000 earnest money deposit in July 2024, the purchaser has made additional earnest money deposits of $250,000 bringing the total of such deposits to $375,000 in 2024. Additional required deposits are projected to total $500,000 prior to the December 31, 2024 closing deadline. The sales price is expected to cover the Company’s current other real estate owned balance plus the forecasted cost of improvements to the property. There can be no assurance that the purchaser will consummate the sale of the property, but if not consummated, earnest money deposits would accrue to the Company.

While real estate bridge loans classified as either special mention or substandard increased during the quarter, we believe that such classifications are at or near their peak. That conclusion is based, at least in part, on an independent review of a significant portion of the REBL portfolio performed during the third quarter by a firm specializing in such analysis. Additionally, the 50 basis point Federal Reserve rate reduction may provide immediate cash flow benefits to borrowers, while the further declining forward yield curve should support further liquidity benefits, as fixed rates decline. Moreover, respective weighted average “as is” and “as stabilized” loan-to-values ratios (“LTVs”) of 77% and 68%, respectively, based upon appraisals in the past twelve months, continue to provide significant protection against loss. Underlying property values as supported by such independent LTVs, continue to facilitate the recapitalization of certain loans from borrowers experiencing cash flow issues, to borrowers with greater financial capacity. At September 30, 2024, real estate bridge loans classified as special mention and substandard respectively amounted to $84.4 million and $155.4 million compared to $96.0 million and $80.4 million at June 30, 2024. Each classified loan was evaluated for a potential increase in the allowance for credit losses (“ACL”) on the basis of the aforementioned third-party appraisals of apartment building collateral. On the basis of “as is” and “as stabilized” LTVs, increases to the allowance were not required. The current allowance for credit losses for REBL, is primarily based upon historical industry losses for multi-family loans, in the absence of significant charge-offs within the Company’s REBL portfolio. However, as noted in our second quarter press release, as a result of increasing amounts of loans classified as special mention and substandard, the Company evaluated potential related sensitivity for REBL in the third quarter. Such evaluation is inherently subjective as it requires material estimates that may be susceptible to change as more information becomes available. As a result, the Company added the aforementioned new qualitative factor to its quarterly ACL with a cumulative after-tax impact of approximately $1.5 million ($2.0 million pre-tax).

Highlights

The Bancorp reported net income of $51.5 million, or $1.04 per diluted share (“EPS”), for the quarter ended September 30, 2024, compared to net income of $50.1 million, or $0.92 per diluted share, for the quarter ended September 30, 2023, or an EPS increase of 13%. While net income increased 3% between these periods, outstanding shares were decreased as a result of common share repurchases, which significantly increased in 2024.

Return on assets and return on equity for the quarter ended September 30, 2024, amounted to 2.5% and 26%, respectively, compared to 2.7% and 26%, respectively, for the quarter ended September 30, 2023 (all percentages “annualized”).

Net interest income increased 5% to $93.7 million for the quarter ended September 30, 2024, compared to $88.9 million for the quarter ended September 30, 2023. Third quarter 2024 net interest income was reduced by the reversal of $1.6 million ($1.2 million, net of tax) of prior period interest related to both real estate bridge loans transferred to non-accrual status during the quarter and loan modifications with retroactive rate reductions.

Net interest margin amounted to 4.78% for the quarter ended September 30, 2024, compared to 5.07% for the quarter ended September 30, 2023, and 4.97% for the quarter ended June 30, 2024. Net interest margin for third quarter 2024 was reduced by the prior period interest reversals noted directly above.

Loans, net of deferred fees and costs were $5.91 billion at September 30, 2024, compared to $5.36 billion at December 31, 2023 and $5.20 billion at September 30, 2023. Those changes reflected an increase of 5% quarter over linked quarter and an increase of 14% year over year.

Gross dollar volume (“GDV”), representing the total amounts spent on prepaid and debit cards, increased $4.93 billion, or 15%, to $37.90 billion for the quarter ended September 30, 2024, compared to the quarter ended September 30, 2023. The increase reflects continued organic growth with existing partners and the impact of clients added within the past year. Total prepaid, debit card, ACH, and other payment fees increased 16% to $27.8 million for the third quarter of 2024 compared to the third quarter of 2023. Consumer credit fintech fees amounted to $1.6 million for the third quarter 2024, as a result of our initial entry into credit sponsorship in 2024.

Small business loans (“SBLs”), including those held at fair value, amounted to $979.2 million at September 30, 2024, or 14% higher year over year, and 2% higher quarter over linked quarter, excluding the impact of $28.5 million of loans with related secured borrowings.

Direct lease financing balances increased 6% year over year to $711.8 million at September 30, 2024, and less than 1% over June 30, 2024.

At September 30, 2024, real estate bridge loans of $2.19 billion had grown 3% compared to a $2.12 billion balance at June 30, 2024, and 18% compared to the September 30, 2023 balance of $1.85 billion. These real estate bridge loans consist entirely of rehabilitation loans for apartment buildings.

Security backed lines of credit (“SBLOC”), insurance backed lines of credit (“IBLOC”), and investment advisor financing loans collectively decreased 7% year over year and less than 1% quarter over linked quarter to $1.79 billion at September 30, 2024.

The average interest rate on $7.23 billion of average deposits and interest-bearing liabilities during the third quarter of 2024 was 2.54%. Average deposits of $7.01 billion for the third quarter of 2024 increased $720.9 million, or 11% over third quarter 2023.

As of September 30, 2024, tier 1 capital to average assets (leverage), tier 1 capital to risk-weighted assets, total capital to risk-weighted assets and common equity tier 1 to risk-weighted assets ratios were 9.86%, 13.62%, 14.19% and 13.62%, respectively, compared to well-capitalized minimums of 5%, 8%, 10% and 6.5%, respectively. The Bancorp Bank, National Association, remains well capitalized under banking regulations.

Book value per common share at September 30, 2024 was $16.90 compared to $14.36 per common share at September 30, 2023, an increase of 18%.

The Bancorp repurchased 1,037,069 shares of its common stock at an average cost of $48.21 per share during the quarter ended September 30, 2024. As a result of share repurchases, outstanding shares at September 30, 2024 amounted to 48.2 million, compared to 53.2 million shares at December 31, 2023, or a reduction of 9%.

The Bancorp emphasizes safety and soundness and its balance sheet has a risk profile enhanced by the special nature of the collateral supporting its loan niches, related underwriting, and the characteristics of its funding sources, including those highlighted in the bullets below. Those loan niches and funding sources have contributed to increased earnings levels, even during periods in which markets have experienced various economic stresses.

The vast majority of The Bancorp’s funding is comprised of FDIC-insured and/or small balance accounts, which adjust to only a portion of changes in rates. The Company also has lines of credit with U.S. government sponsored agencies totaling approximately $3.1 billion as of September 30, 2024, as well as access to other forms of liquidity.

In its REBL portfolio, the Company has minimal exposure to non-multifamily commercial real estate such as office buildings, and instead has a portfolio largely comprised of rehabilitation bridge loans for apartment buildings. These loans generally have three-year terms with two one-year extensions to allow for the rehabilitation work to be completed and rentals stabilized for an extended period, before being refinanced at lower rates through U.S. Government Sponsored Entities or other lenders. The REBL portfolio consists primarily of workforce housing, which we consider to be working class apartments at more affordable rental rates. Related collateral values should accordingly be more stable than higher rent properties, even in stressed economies. While the macro-economic environment has challenged the multifamily bridge space, the stability of the Company’s REBL portfolio is evidenced by the estimated values of the underlying collateral. The Company’s $2.2 billion apartment bridge lending portfolio at September 30, 2024, has a weighted average origination date “as is” loan-to-value ratio of 70%, based on third-party appraisals. Further, the weighted average origination date “as stabilized” LTV, which measures the estimated value of the apartments after the rehabilitation is complete may provide even greater protection.

As part of the underwriting process, The Bancorp reviews prospective borrowers’ previous rehabilitation experience in addition to overall financial wherewithal. These transactions also include significant borrower equity contributions with required performance metrics. Underwriting generally includes, but is not limited to, assessment of local market information relating to vacancy and rental rates, review of post rehabilitation rental rate assumptions against geo-specific affordability indices, negative news searches, lien searches, visitations by bank personnel and/or designated engineers, and other information sources.

Rehabilitation progress is monitored through ongoing draw requests and financial reporting covenants. This generally allows for early identification of potential issues, and expedited action to address on a timely basis.

Operations and ongoing loan evaluation are overseen by multiple levels of management, in addition to the REBL team’s experienced professional staff and third-party consultants utilized during the underwriting and asset management process. This oversight includes a separate loan committee specific to REBL, which is comprised of seasoned and experienced lending professionals who do not directly report to anyone on the REBL team. There is also a separate loan review department, a surveillance committee and additional staff which evaluate potential losses under the current expected credit losses methodology (“CECL”), all of which similarly do not report to anyone on the REBL team.

SBLOC and IBLOC portfolios are respectively secured by marketable securities and the cash value of life insurance. The majority of SBA 7(a) loans are government guaranteed, while SBA 504 loans are made with 50%-60% LTVs.

Additional details regarding our loan portfolios are included in the related tables in this press release, as is the summarization of the earnings contributions of our payments businesses, which further enhances The Bancorp’s risk profile. The Company’s risk profile inherent in its loan portfolios, funding and earnings levels, may present opportunities to further increase stockholder value, while still prudently maintaining capital levels.

In the second quarter of 2024, the Company purchased approximately $900 million of fixed rate government sponsored entity backed commercial and residential mortgage securities of varying maturities, with an approximate 5.11% weighted average yield, and estimated weighted average lives of eight years, to reduce its exposure to lower levels of net interest income. Such purchases would also reduce the additional net interest income which will result if the Federal Reserve increases rates. While there are many variables and limitations to estimating exposure to changes in rates, such purchases and continuing fixed rate loan originations are projected to reduce such exposure to modest levels. In prior years, The Bancorp deferred adding fixed rate securities when yields were particularly low, which has afforded the flexibility to benefit from, and secure, more advantageous securities and loan rates.

“We saw strong growth in the third quarter across our Fintech Solutions activities with a robust pipeline”, said Damian Kozlowski, CEO of The Bancorp. “We expect this growth to support an increase in profitability in 2025 and continued gains in EPS. We are issuing preliminary guidance of $5.25 a share for 2025. This 2025 guidance does not include the impact of planned stock buybacks of $150 million. Guidance for 2024 remains $4.35, which includes the positive impact of buybacks during the year. Planned stock buybacks are being reduced in 2025 by $100 million from 2024 levels of $250 million to facilitate the currently planned repayment of senior secured debt of $96 million.”

Conference Call Webcast

You may access the LIVE webcast of The Bancorp's Quarterly Earnings Conference Call at 8:00 AM ET Friday, October 25, 2024, by clicking on the webcast link on The Bancorp's homepage at www.thebancorp.com or you may dial 1.800.225.9448, conference code BANCORP. You may listen to the replay of the webcast following the live call on The Bancorp's investor relations website (archived for one year) or telephonically until Friday, November 1, 2024, by dialing 1.800.839.1162.

About The Bancorp

The Bancorp, Inc. (NASDAQ: TBBK), headquartered in Wilmington, Delaware, through its subsidiary, The Bancorp Bank, National Association provides a variety of services including providing non-bank financial companies with the people, processes, and technology to meet their unique banking needs. Through its Fintech Solutions, Institutional Banking, Commercial Lending, and Real Estate Bridge Lending businesses, The Bancorp provides partner-focused solutions paired with cutting-edge technology for companies that range from entrepreneurial startups to Fortune 500 companies. With over 20 years of experience, The Bancorp has become a leader in the financial services industry, earning recognition as the #1 issuer of prepaid cards in the U.S., a nationwide provider of bridge financing for real estate capital improvement plans, an SBA National Preferred Lender, a leading provider of securities-backed lines of credit, with one of the few bank-owned commercial vehicle leasing groups. By its company-wide commitment to excellence, The Bancorp has also been ranked as one of the 100 Fastest-Growing Companies by Fortune, a Top 50 Employer by Equal Opportunity Magazine and was selected to be included in the S&P Small Cap 600. For more about The Bancorp, visit https://thebancorp.com/.

Forward-Looking Statements

Statements in this earnings release regarding The Bancorp’s business that are not historical facts, are “forward-looking statements.” These statements may be identified by the use of forward-looking terminology, including, but not limited to the words “intend,” “may,” “believe,” “will,” “expect,” “look,” “anticipate,” “plan,” “estimate,” “continue,” or similar words. Forward-looking statements include, but are not limited to, statements regarding our annual fiscal 2024 results, our anticipated 2025 profitability, increased growth and the impact of stock buybacks, relate to our current assumptions, projections and expectations about our business and future events, including current expectations about important economic, political, and technological factors, among other factors, and are subject to risks and uncertainties, which could cause the actual results, events, or achievements to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. Factors that could cause results to differ from those expressed in the forward-looking statements also include, but are not limited to the risks and uncertainties referenced or described in The Bancorp’s filings with the Securities and Exchange Commission, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and Quarterly Reports on Forms 10-Q for the periods ended March 31, 2024 and June 30, 2024, and other documents that the Company files from time to time with the Securities and Exchange Commission. The forward-looking statements speak only as of the date of this press release. The Bancorp does not undertake any duty to publicly revise or update forward-looking statements in this press release to reflect events or circumstances that arise after the date of this press release, except as may be required under applicable law.

The Bancorp, Inc. Contact

Andres Viroslav

Director, Investor Relations

215-861-7990

andres.viroslav@thebancorp.com

Source: The Bancorp, Inc.

The Bancorp, Inc.

Financial highlights

(unaudited)

	Three months ended					Nine months ended
	September 30,					September 30,
Consolidated condensed income statements	2024		2023			2024			2023
	(Dollars in thousands, except per share and share data)
Net interest income	$	93,732	$	88,882			281,945			261,893
Provision for credit losses on loans		3,476		1,783			7,316			4,409
Provision (reversal) for unfunded commitments		79		(31	)		(340	)		(393	)
Non-interest income
Fintech fees
ACH, card and other payment processing fees		3,892		2,553			9,856			7,153
Prepaid, debit card and related fees		23,907		21,513			72,948			67,013
Consumer credit fintech fees		1,600		—			1,740			—
Total fintech fees		29,399		24,066			84,544			74,166
Net realized and unrealized gains on commercial loans, at fair value		606		525			2,205			4,171
Leasing related income		1,072		1,767			2,889			4,768
Other non-interest income		1,031		422			2,574			2,000
Total non-interest income		32,108		26,780			92,212			85,105
Non-interest expense
Salaries and employee benefits		33,821		30,475			97,964			93,427
Data processing expense		1,408		1,404			4,252			4,123
Legal expense		1,055		1,203			2,509			3,110
FDIC insurance		904		806			2,618			2,233
Software		4,561		4,427			13,687			12,981
Other non-interest expense		11,506		9,144			30,383			29,558
Total non-interest expense		53,255		47,459			151,413			145,432
Income before income taxes		69,030		66,451			215,768			197,550
Income tax expense		17,513		16,314			54,136			49,282
Net income		51,517		50,137			161,632			148,268
Net income per share - basic	$	1.06		0.93			3.18			2.70
Net income per share - diluted	$	1.04		0.92			3.15			2.68
Weighted average shares - basic		48,759,369		54,175,184			50,807,021			54,828,547
Weighted average shares - diluted		49,478,236		54,738,610			51,361,104			55,336,354

Condensed consolidated balance sheets	September 30,			June 30,			December 31,			September 30,
	2024 (unaudited)			2024 (unaudited)			2023			2023 (unaudited)
	(Dollars in thousands, except share data)
Assets:
Cash and cash equivalents
Cash and due from banks	$	8,660		$	5,741		$	4,820		$	4,881
Interest earning deposits at Federal Reserve Bank		47,105			399,853			1,033,270			898,533
Total cash and cash equivalents		55,765			405,594			1,038,090			903,414

Investment securities, available-for-sale, at fair value, net of $10.0 million allowance for credit loss		1,588,289			1,581,006			747,534			756,636
Commercial loans, at fair value		252,004			265,193			332,766			379,603
Loans, net of deferred fees and costs		5,906,616			5,605,727			5,361,139			5,198,972
Allowance for credit losses		(31,004	)		(28,575	)		(27,378	)		(24,145	)
Loans, net		5,875,612			5,577,152			5,333,761			5,174,827
Federal Home Loan Bank, Atlantic Central Bankers Bank, and Federal Reserve Bank stock		21,717			15,642			15,591			20,157
Premises and equipment, net		28,091			28,038			27,474			28,978
Accrued interest receivable		42,915			43,720			37,534			34,159
Intangible assets, net		1,353			1,452			1,651			1,751
Other real estate owned		61,739			57,861			16,949			18,756
Deferred tax asset, net		9,604			20,556			21,219			20,379
Other assets		157,501			149,187			133,126			127,107
Total assets	$	8,094,590		$	8,145,401		$	7,705,695		$	7,465,767

Liabilities:
Deposits
Demand and interest checking	$	6,844,128		$	7,095,391		$	6,630,251		$	6,455,043
Savings and money market		81,624			60,297			50,659			49,428
Total deposits		6,925,752			7,155,688			6,680,910			6,504,471

Securities sold under agreements to repurchase		—			—			42			42
Short-term borrowings		135,000			—			—			—
Senior debt		96,125			96,037			95,859			95,771
Subordinated debenture		13,401			13,401			13,401			13,401
Other long-term borrowings		38,157			38,283			38,561			9,861
Other liabilities		70,829			65,001			69,641			68,533
Total liabilities	$	7,279,264		$	7,368,410		$	6,898,414		$	6,692,079

Shareholders' equity:
Common stock - authorized, 75,000,000 shares of $1.00 par value; 48,230,334 and 53,867,129 shares issued and outstanding at September 30, 2024 and 2023, respectively		48,231			49,268			53,203			53,867
Additional paid-in capital		26,573			72,171			212,431			234,320
Retained earnings		723,247			671,730			561,615			517,587
Accumulated other comprehensive income (loss)		17,275			(16,178	)		(19,968	)		(32,086	)
Total shareholders' equity		815,326			776,991			807,281			773,688

Total liabilities and shareholders' equity	$	8,094,590		$	8,145,401		$	7,705,695		$	7,465,767

Average balance sheet and net interest income	Three months ended September 30, 2024								Three months ended September 30, 2023
	(Dollars in thousands; unaudited)
	Average					Average			Average					Average
Assets:	Balance			Interest		Rate			Balance			Interest		Rate

Interest earning assets:
Loans, net of deferred fees and costs⁽¹⁾	$	6,017,911		$	116,367		7.73	%	$	5,603,514		$	110,506		7.89	%
Leases-bank qualified⁽²⁾		5,151			146		11.34	%		4,585			110		9.60	%
Investment securities-taxable		1,575,091			19,767		5.02	%		768,364			9,647		5.02	%
Investment securities-nontaxable⁽²⁾		2,927			55		7.52	%		3,005			50		6.66	%
Interest earning deposits at Federal Reserve Bank		247,344			3,387		5.48	%		639,946			8,689		5.43	%
Net interest earning assets		7,848,424			139,722		7.12	%		7,019,414			129,002		7.35	%

Allowance for credit losses		(28,254	)							(23,147	)
Other assets		222,646								338,085
	$	8,042,816							$	7,334,352

Liabilities and Shareholders' Equity:
Deposits:
Demand and interest checking	$	6,942,029		$	42,149		2.43	%	$	6,229,668		$	37,913		2.43	%
Savings and money market		65,079			549		3.37	%		56,538			518		3.66	%
Total deposits		7,007,108			42,698		2.44	%		6,286,206			38,431		2.45	%

Short-term borrowings		73,480			1,030		5.61	%		—			—		—
Repurchase agreements		—			—		—			41			—		—
Long-term borrowings		38,235			689		7.21	%		9,889			128		5.18	%
Subordinated debentures		13,401			297		8.87	%		13,401			293		8.75	%
Senior debt		96,071			1,234		5.14	%		95,714			1,234		5.16	%
Total deposits and liabilities		7,228,295			45,948		2.54	%		6,405,251			40,086		2.50	%

Other liabilities		18,362								167,673
Total liabilities		7,246,657								6,572,924

Shareholders' equity		796,159								761,428
	$	8,042,816							$	7,334,352
Net interest income on tax equivalent basis⁽²⁾				$	93,774							$	88,916

Tax equivalent adjustment					42								34

Net interest income				$	93,732							$	88,882
Net interest margin⁽²⁾							4.78	%							5.07	%

⁽¹⁾ Includes commercial loans, at fair value. All periods include non-accrual loans.

⁽²⁾Full taxable equivalent basis, using 21% respective statutory federal tax rates in 2024 and 2023.

Average balance sheet and net interest income	Nine months ended September 30, 2024					Nine months ended September 30, 2023
		(Dollars in thousands; unaudited)
	Average				Average	Average				Average
Assets:	Balance		Interest		Rate	Balance		Interest		Rate

Interest earning assets:
Loans, net of deferred fees and costs⁽¹⁾	$	5,828,938	$	345,497	7.90%	$	5,772,266	$	324,009	7.48%
Leases-bank qualified⁽²⁾		4,840		379	10.44%		3,920		279	9.49%
Investment securities-taxable		1,255,532		46,921	4.98%		773,485		28,820	4.97%
Investment securities-nontaxable⁽²⁾		2,905		155	7.11%		3,193		144	6.01%
Interest earning deposits at Federal Reserve Bank		486,883		19,948	5.46%		640,554		24,271	5.05%
Net interest earning assets		7,579,098		412,900	7.26%		7,193,418		377,523	7.00%

Allowance for credit losses		(27,993)					(23,192)
Other assets		280,733					269,072
	$	7,831,838				$	7,439,298

Liabilities and Shareholders' Equity:
Deposits:
Demand and interest checking	$	6,684,671	$	120,405	2.40%	$	6,343,711	$	106,984	2.25%
Savings and money market		58,777		1,453	3.30%		88,738		2,465	3.70%
Time deposits		—		—	—		27,802		858	4.11%
Total deposits		6,743,448		121,858	2.41%		6,460,251		110,307	2.28%

Short-term borrowings		55,820		2,344	5.60%		6,758		234	4.62%
Repurchase agreements		4		—	—		41		—	—
Long-term borrowings		38,371		2,060	7.16%		9,945		382	5.12%
Subordinated debentures		13,401		880	8.76%		13,401		825	8.21%
Senior debt		95,983		3,701	5.14%		97,220		3,793	5.20%
Total deposits and liabilities		6,947,027		130,843	2.51%		6,587,616		115,541	2.34%

Other liabilities		73,507					117,822
Total liabilities		7,020,534					6,705,438

Shareholders' equity		811,304					733,860
	$	7,831,838				$	7,439,298
Net interest income on tax equivalent basis⁽²⁾			$	282,057				$	261,982

Tax equivalent adjustment				112					89

Net interest income			$	281,945				$	261,893
Net interest margin⁽²⁾					4.96%					4.86%

⁽¹⁾ Includes commercial loans, at fair value. All periods include non-accrual loans.

⁽²⁾ Full taxable equivalent basis, using 21% respective statutory federal tax rates in 2024 and 2023.

Allowance for credit losses		Nine months ended			Year ended
	September 30,		September 30,		December 31,
	2024 (unaudited)		2023 (unaudited)		2023
	(Dollars in thousands)

Balance in the allowance for credit losses at beginning of period	$	27,378	$	22,374	$	22,374

Loans charged-off:
SBA non-real estate		431		871		871
SBA commercial mortgage		—		—		76
Direct lease financing		3,625		2,804		3,666
IBLOC		—		—		24
Consumer - home equity		10		—		—
Other loans		6		3		3
Total		4,072		3,678		4,640

Recoveries:
SBA non-real estate		102		446		475
SBA commercial mortgage		—		75		75
Direct lease financing		279		220		330
Consumer - home equity		1		299		299
Total		382		1,040		1,179
Net charge-offs		3,690		2,638		3,461
Provision for credit losses on loans		7,316		4,409		8,465

Balance in allowance for credit losses at end of period	$	31,004	$	24,145	$	27,378
Net charge-offs/average loans		0.07%		0.05%		0.07%
Net charge-offs/average assets		0.05%		0.04%		0.05%


Loan portfolio	September 30,		June 30,		December 31,		September 30,
	2024 (unaudited)		2024 (unaudited)		2023		2023 (unaudited)
	(Dollars in thousands)

SBL non-real estate	$	179,915	$	171,893	$	137,752	$	130,579
SBL commercial mortgage		665,608		647,894		606,986		547,107
SBL construction		30,158		30,881		22,627		19,204
Small business loans		875,681		850,668		767,365		696,890
Direct lease financing		711,836		711,403		685,657		670,208
SBLOC / IBLOC⁽¹⁾		1,543,215		1,558,095		1,627,285		1,720,513
Advisor financing⁽²⁾		248,422		238,831		221,612		199,442
Real estate bridge loans		2,189,761		2,119,324		1,999,782		1,848,224
Consumer fintech⁽³⁾		280,092		70,081		—		—
Other loans⁽⁴⁾		46,586		46,592		50,638		55,800
		5,895,593		5,594,994		5,352,339		5,191,077
Unamortized loan fees and costs		11,023		10,733		8,800		7,895
Total loans, including unamortized fees and costs	$	5,906,616	$	5,605,727	$	5,361,139	$	5,198,972

Small business portfolio		September 30,		June 30,		December 31,		September 30,
		2024 (unaudited)		2024 (unaudited)		2023		2023 (unaudited)
		(Dollars in thousands)

SBL, including unamortized fees and costs	$	885,263	$	860,226	$	776,867	$	705,790
SBL, included in loans, at fair value		93,888		104,146		119,287		126,543
Total small business loans⁽⁵⁾	$	979,151	$	964,372	$	896,154	$	832,333

⁽¹⁾SBLOC loans are collateralized by marketable securities, while IBLOC are collateralized by the cash surrender value of insurance policies. At September 30, 2024 and December 31, 2023, IBLOC loans amounted to $554.0 million and $646.9 million, respectively.

⁽²⁾In 2020 The Bancorp began originating loans to investment advisors for purposes of debt refinancing, acquisition of another firm or internal succession. Maximum loan amounts are subject to loan-to-value ratios of 70% of the business enterprise value based on a third-party valuation, but may be increased depending upon the debt service coverage ratio. Personal guarantees and blanket business liens are obtained as appropriate.

⁽³⁾Consumer fintech loans consist primarily of secured credit card loans.

⁽⁴⁾Includes demand deposit overdrafts reclassified as loan balances totaling $960,000 and $1.7 million at September 30, 2024 and December 31, 2023, respectively. Estimated overdraft charge-offs and recoveries are reflected in the allowance for credit losses and are immaterial.

⁽⁵⁾The SBLs held at fair value are comprised of the government guaranteed portion of 7(a) Program loans at the dates indicated.

Small business loans as of September 30, 2024


	Loan principal
	(Dollars in millions)
U.S. government guaranteed portion of SBA loans⁽¹⁾	$	392
PPP loans⁽¹⁾		2
Commercial mortgage SBA⁽²⁾		349
Construction SBA⁽³⁾		10
Non-guaranteed portion of U.S. government guaranteed 7(a) Program loans⁽⁴⁾		114
Non-SBA SBLs		73
Other⁽⁵⁾		28
Total principal	$	968
Unamortized fees and costs		11
Total SBLs	$	979

⁽¹⁾Includes the portion of SBA 7(a) Program loans and PPP loans which have been guaranteed by the U.S. government, and therefore are assumed to have no credit risk.

⁽²⁾Substantially all these loans are made under the 504 Program, which dictates origination date LTV percentages, generally 50%-60%, to which The Bancorp adheres.

⁽³⁾Includes $9 million in 504 Program first mortgages with an origination date LTV of 50%-60%, and $1 million in SBA interim loans with an approved SBA post-construction full takeout/payoff.

⁽⁴⁾Includes the unguaranteed portion of 7(a) Program loans which are 70% or more guaranteed by the U.S. government. SBA 7(a) Program loans are not made on the basis of real estate LTV; however, they are subject to SBA's "All Available Collateral" rule which mandates that to the extent a borrower or its 20% or greater principals have available collateral (including personal residences), the collateral must be pledged to fully collateralize the loan, after applying SBA-determined liquidation rates. In addition, all 7(a) Program loans and 504 Program loans require the personal guaranty of all 20% or greater owners.

⁽⁵⁾Comprised of $28 million of loans sold that do not qualify for true sale accounting.

Small business loans by type as of September 30, 2024

(Excludes government guaranteed portion of SBA 7(a) Program and PPP loans)

	SBL commercial mortgage⁽¹⁾		SBL construction⁽¹⁾		SBL non-real estate		Total		% Total
		(Dollars in millions)
Hotels (except casino hotels) and motels	$	88	$	—	$	—	$	88	16%
Funeral homes and funeral services		20		—		28		48	9%
Full-service restaurants		29		2		2		33	6%
Child day care services		23		1		1		25	5%
Car washes		16		4		—		20	4%
General line grocery merchant wholesalers		17		—		—		17	3%
Homes for the elderly		16		—		—		16	3%
Outpatient mental health and substance abuse centers		15		—		—		15	3%
Gasoline stations with convenience stores		14		—		—		14	3%
Fitness and recreational sports centers		8		—		2		10	2%
Nursing care facilities		9		—		—		9	2%
Lawyer's office		9		—		—		9	2%
Limited-service restaurants		4		1		3		8	1%
Caterers		7		—		—		7	1%
All other specialty trade contractors		7		—		—		7	1%
General warehousing and storage		6		—		—		6	1%
Appliance repair and maintenance		6		—		—		6	1%
Other accounting services		5		—		—		5	1%
Plumbing, heating, and air-conditioning contractors		5		—		1		6	1%
Other miscellaneous durable goods merchant		5		—		—		5	1%
Packaged frozen food merchant wholesalers		5		—		—		5	1%
Lessors of nonresidential buildings (except miniwarehouses)		5		—		—		5	1%
Other technical and trade schools		5		—		—		5	1%
All other amusement and recreation industries		4		—		—		4	1%
Other⁽²⁾		136		8		29		173	30%
Total	$	464	$	16	$	66	$	546	100%

⁽¹⁾Of the SBL commercial mortgage and SBL construction loans, $121 million represents the total of the non-guaranteed portion of SBA 7(a) Program loans and non-SBA loans. The balance of those categories represents SBA 504 Program loans with 50%-60% origination date LTVs. SBL Commercial excludes $28 million of loans sold that do not qualify for true sale accounting.

⁽²⁾Loan types of less than $4 million are spread over approximately one hundred different business types.

State diversification as of September 30, 2024

(Excludes government guaranteed portion of SBA 7(a) Program loans and PPP loans)

	SBL commercial mortgage⁽¹⁾		SBL construction⁽¹⁾		SBL non-real estate		Total		% Total
		(Dollars in millions)
California	$	126	$	3	$	5	$	134	25%
Florida		76		5		4		85	16%
North Carolina		45		1		5		51	9%
New York		32		—		2		34	6%
Pennsylvania		20		—		13		33	6%
Texas		21		3		6		30	5%
New Jersey		21		—		7		28	5%
Georgia		25		2		1		28	5%
Other States		98		2		23		123	23%
Total	$	464	$	16	$	66	$	546	100%

Top 10 loans as of September 30, 2024

Type⁽¹⁾	State		SBL commercial mortgage
		(Dollars in millions)
General line grocery merchant wholesalers		CA	$	13
Funeral homes and funeral services		PA		13
Outpatient mental health and substance abuse center		FL		10
Funeral homes and funeral services		ME		8
Hotel		FL		8
Lawyer's office		CA		8
Hotel		VA		7
Hotel		NC		7
General warehousing and storage		PA		6
Appliance repair and maintenance		NY		6
Total			$	86

⁽¹⁾ The table above does not include loans to the extent that they are U.S. government guaranteed.

Commercial real estate loans, excluding SBA loans, are as follows including LTV at origination:

Type as of September 30, 2024

Type	# Loans		Balance	Weighted average origination date LTV	Weighted average interest rate
	(Dollars in millions)
Real estate bridge loans (multifamily apartment loans recorded at amortized cost)⁽¹⁾	172	$	2,190	70%	9.13%

Non-SBA commercial real estate loans, at fair value:
Multifamily (apartment bridge loans)⁽¹⁾	7	$	113	74%	7.98%
Hospitality (hotels and lodging)	2		27	65%	9.82%
Retail	2		12	72%	8.19%
Other	2		9	72%	5.01%
	13		161	72%	8.14%
Fair value adjustment			(3)
Total non-SBA commercial real estate loans, at fair value			158
Total commercial real estate loans		$	2,348	70%	9.07%

⁽¹⁾In the third quarter of 2021, we resumed the origination of bridge loans for multi-family apartment rehabilitation which comprise these categories. Such loans held at fair value were originally intended for sale, but are now being retained on the balance sheet. In addition to “as is” origination date appraisals, on which the weighted average origination date LTVs are based, third-party appraisers also estimated “as stabilized” values, which represents additional potential collateral value as rehabilitation progresses, and units are re-leased at stabilized rental rates. The weighted average origination date “as stabilized” LTV was estimated at 61%.

State diversification as of September 30, 2024				15 largest loans as of September 30, 2024

State		Balance	Origination date LTV	State		Balance	Origination date LTV
(Dollars in millions)				(Dollars in millions)
Texas	$	735	71%	Texas	$	46	75%
Georgia		262	70%	Tennessee		40	72%
Florida		230	68%	Michigan		38	62%
Michigan		136	68%	Texas		37	64%
Indiana		108	70%	Texas		36	67%
New Jersey		107	69%	Florida		35	72%
Ohio		92	66%	Pennsylvania		34	63%
Other States each <$65 million		678	71%	Indiana		34	76%
Total	$	2,348	70%	New Jersey		34	62%
				Texas		33	62%
				Michigan		33	79%
				Oklahoma		31	78%
				Texas		31	77%
				New Jersey		31	71%
				Michigan		29	66%
				15 largest commercial real estate loans	$	522	70%

Institutional banking loans outstanding at September 30, 2024


Type	Principal		% of total
		(Dollars in millions)
SBLOC	$	989	55%
IBLOC		554	31%
Advisor financing		249	14%
Total	$	1,792	100%

For SBLOC, we generally lend up to 50% of the value of equities and 80% for investment grade securities. While the value of equities has fallen in excess of 30% in recent years, the reduction in collateral value of brokerage accounts collateralizing SBLOC loans generally has been less, for two reasons. First, many collateral accounts are “balanced” and accordingly have a component of debt securities, which have either not decreased in value as much as equities, or in some cases may have increased in value. Second, many of these accounts have the benefit of professional investment advisors who provided some protection against market downturns, through diversification and other means. Additionally, borrowers often utilize only a portion of collateral value, which lowers the percentage of principal to collateral.

Top 10 SBLOC loans at September 30, 2024

	Principal amount		% Principal to collateral
	(Dollars in millions)
	$	9	41%
		8	84%
		8	62%
		8	63%
		7	44%
		5	57%
		5	65%
		5	58%
		5	56%
		5	43%
Total and weighted average	$	65	58%

Insurance backed lines of credit (IBLOC)

IBLOC loans are backed by the cash value of eligible life insurance policies which have been assigned to us. We generally lend up to 95% of such cash value. Our underwriting standards require approval of the insurance companies which carry the policies backing these loans. Currently, fifteen insurance companies have been approved and, as of October 17, 2024, all were rated A- (Excellent) or better by AM BEST.

Direct lease financing by type as of September 30, 2024

		Principal balance⁽¹⁾	% Total
		(Dollars in millions)
Government agencies and public institutions⁽²⁾	$	131	18%
Construction		112	16%
Waste management and remediation services		97	14%
Real estate and rental and leasing		86	12%
Health care and social assistance		29	4%
Other services (except public administration)		22	3%
Professional, scientific, and technical services		22	3%
General freight trucking		21	3%
Finance and insurance		14	2%
Transit and other transportation		13	2%
Wholesale trade		10	1%
Educational services		7	1%
Other		148	21%
Total	$	712	100%

⁽¹⁾Of the total $712 million of direct lease financing, $648 million consisted of vehicle leases with the remaining balance consisting of equipment leases.

⁽²⁾Includes public universities as well as school districts.

Direct lease financing by state as of September 30, 2024

State		Principal balance	% Total
		(Dollars in millions)
Florida	$	108	15%
New York		70	10%
Utah		58	8%
California		49	7%
Connecticut		45	6%
Pennsylvania		42	6%
New Jersey		39	5%
North Carolina		36	5%
Maryland		36	5%
Texas		26	4%
Idaho		19	3%
Washington		16	2%
Ohio		14	2%
Georgia		14	2%
Alabama		13	2%
Other States		127	18%
Total	$	712	100%

Capital ratios
	Tier 1 capital to average assets ratio		Tier 1 capital to risk-weighted assets ratio		Total capital to risk-weighted assets ratio		Common equity tier 1 to risk weighted assets
As of September 30, 2024
The Bancorp, Inc.		9.86%		13.62%		14.19%		13.62%
The Bancorp Bank, National Association		10.94%		15.11%		15.67%		15.11%
"Well capitalized" institution (under federal regulations-Basel III)		5.00%		8.00%		10.00%		6.50%

As of December 31, 2023
The Bancorp, Inc.		11.19%		15.66%		16.23%		15.66%
The Bancorp Bank, National Association		12.37%		17.35%		17.92%		17.35%
"Well capitalized" institution (under federal regulations-Basel III)		5.00%		8.00%		10.00%		6.50%

	Three months ended				Nine months ended
	September 30,				September 30,
	2024		2023		2024		2023
Selected operating ratios
Return on average assets⁽¹⁾		2.55%		2.71%		2.76%		2.66%
Return on average equity⁽¹⁾		25.74%		26.12%		26.61%		27.01%
Net interest margin		4.78%		5.07%		4.96%		4.86%

⁽¹⁾ Annualized

Book value per share table	September 30,		June 30,		December 31,		September 30,
	2024		2024		2023		2023
Book value per share	$	16.90	$	15.77	$	15.17	$	14.36

Loan delinquency and other real estate owned	September 30, 2024
	30-59 days past due		60-89 days past due		90+ days still accruing		Non-accrual		Total past due		Current		Total loans
SBL non-real estate	$	72	$	322	$	758	$	3,047	$	4,199	$	175,716	$	179,915
SBL commercial mortgage		—		—		336		4,898		5,234		660,374		665,608
SBL construction		—		—		—		1,585		1,585		28,573		30,158
Direct lease financing		5,791		12,883		1,260		3,919		23,853		687,983		711,836
SBLOC / IBLOC		10,251		2,014		2,383		—		14,648		1,528,567		1,543,215
Advisor financing		—		—		—		—		—		248,422		248,422
Real estate bridge loans⁽¹⁾		—		—		—		12,300		12,300		2,177,461		2,189,761
Consumer fintech		4,021		4		—		—		4,025		276,067		280,092
Other loans		—		—		—		—		—		46,586		46,586
Unamortized loan fees and costs		—		—		—		—		—		11,023		11,023
	$	20,135	$	15,223	$	4,737	$	25,749	$	65,844	$	5,840,772	$	5,906,616

⁽¹⁾ The $12.3 million shown in the non-accrual column for real estate bridge loans is collateralized by apartment building property with respective 72% and 56% “as is” and “as stabilized” LTVs, respectively, based upon a May 2024 appraisal. “As stabilized” LTVs represent additional potential collateral value as rehabilitation progresses, and units are re-leased at stabilized rental rates. This loan had a prior six-month payment deferral granted in the fourth quarter of 2024 and did not resume making payments. The table above does not include an $11.2 million loan accounted for at fair value, and, as such, not reflected in delinquency tables. In third quarter 2024, the borrower notified the Company that he would no longer be making payments on the loan, which is collateralized by a vacant retail property. Based upon a July 2024 appraisal, the “as is” LTV is 84% and the “as stabilized” LTV is 62%. Since 2021, real estate bridge lending originations have consisted of apartment buildings, while this loan was originated previously.

Other loan information

Of the $84.4 million special mention and $155.4 million substandard loans at September 30, 2024, $55.3 million were modified in the third quarter of 2024 and received reductions in interest rates and payment deferrals. Included in that total was $26.9 million which had been modified in first quarter 2024 with a six-month payment deferral. The third quarter additional modification was for an additional three-month payment deferral and a partial nine-month payment deferral. Not included in that modification total were $19.3 million which was recapitalized with a new borrower, who negotiated a partial interest deferral and rate reduction, and $37.3 million which is accounted for at fair value, and as such, not reflected in modification totals. While payment deferrals have generally been for three to twelve months, that loan was granted a 15-month payment deferral, followed by a nine-month partial payment deferral, in addition to an interest rate reduction. Going forward, the Company will not be accruing interest on this loan. The weighted average “as is” and “as stabilized” LTVs for the $19.3 million balance were 72% and 68%, respectively, while those LTVs for the $37.3 million were 73% and 65%, respectively. Those respective LTVs for the $26.9 million loan were 65% and 61%. These LTVs are based upon appraisals performed within the past twelve months.

Other real estate owned year to date activity

	September 30, 2024
Beginning balance	$	16,949
Transfer from loans, net		42,120
Transfer from commercial loans, at fair value		1,744
Advances		926
Ending balance	$	61,739

	September 30,	June 30,	December 31,	September 30,
	2024	2024	2023	2023
	(Dollars in thousands)
Asset quality ratios:
Nonperforming loans to total loans⁽¹⁾	0.52%	0.34%	0.25%	0.30%
Nonperforming assets to total assets⁽¹⁾	1.14%	0.95%	0.39%	0.46%
Allowance for credit losses to total loans	0.52%	0.51%	0.51%	0.46%

⁽¹⁾In the first quarter of 2024, a $39.4 million apartment building rehabilitation bridge loan with a September 30, 2024 balance of $40.3 million was transferred to nonaccrual status. On April 2, 2024, the same loan was transferred from nonaccrual status to other real estate owned. We intend to complete the improvements, which have already begun, on the underlying apartment building. During the time that improvements are being completed, the Company intends to have a property manager lease improved units as they become available, prior to the sale of the property. The $40.3 million loan balance compares to a September 2023 third-party “as is” appraisal of $47.8 million, or an 84% “as is” LTV, with additional potential collateral value as construction progresses, and units are re-leased at stabilized rental rates. Please see “Recent Developments” which summarizes the agreement of sale for this property.


Gross dollar volume (GDV)⁽¹⁾	Three months ended
	September 30,		June 30,		December 31,		September 30,
	2024		2024		2023		2023
		(Dollars in thousands)
Prepaid and debit card GDV	$	37,898,006	$	37,139,200	$	33,292,350	$	32,972,249

⁽¹⁾Gross dollar volume represents the total dollar amount spent on prepaid and debit cards issued by The Bancorp Bank, N.A.

Business line quarterly summary
Quarter ended September 30, 2024
(Dollars in millions)

		Balances
			% Growth
Major business lines	Average approximate rates⁽¹⁾	Balances⁽²⁾	Year over year	Linked quarter annualized
Loans
Institutional banking⁽³⁾	6.9%	$ 1,792	(7%)	(1%)
Small business lending⁽⁴⁾	7.5%	979	14%	6%
Leasing	8.1%	712	6%	—
Commercial real estate (non-SBA loans, at fair value)	8.1%	158	nm	nm
Real estate bridge loans (recorded at book value)	9.1%	2,189	18%	13%
Consumer fintech loans - interest bearing	5.5%	10	nm	nm
Consumer fintech loans - non-interest bearing⁽⁵⁾	—	270	nm	nm
Weighted average yield	7.6%	$ 6,110			Non-interest income
						% Growth
Deposits: Fintech Solutions group					Current quarter	Year over year
Prepaid and debit card issuance, and other payments	2.5%	$ 6,649	11%	nm	$ 27.8	16%

⁽¹⁾Average rates are for the three months ended September 30, 2024.

⁽²⁾Loan and deposit categories are based on period-end and average quarterly balances, respectively.

⁽³⁾Institutional Banking loans are comprised of SBLOC loans collateralized by marketable securities, IBLOC loans collateralized by the cash surrender value of eligible life insurance policies, and investment advisor financing.

⁽⁴⁾Small Business Lending is substantially comprised of SBA-guaranteed loans. Growth rates exclude $28 million of loans that do not qualify for true sale accounting.

⁽⁵⁾Income related to non-interest-bearing balances is included in non-interest income.

Summary of credit lines available

The Bancorp maintains lines of credit exceeding potential liquidity requirements as follows. The Bancorp also has access to other substantial sources of liquidity.

	September 30, 2024
		(Dollars in thousands)
Federal Reserve Bank	$	1,974,022
Federal Home Loan Bank		1,106,517
Total lines of credit available	$	3,080,539

Estimated insured vs uninsured deposits

The vast majority of The Bancorp’s deposits are insured and low balance and accordingly do not constitute the liquidity risk experienced by certain institutions. Accordingly, the deposit base is comprised as follows.

	September 30, 2024
Insured		93%
Low balance accounts		3%
Other uninsured		4%
Total deposits		100%

Calculation of efficiency ratio⁽¹⁾

	Three months ended				Year ended
	September 30,		September 30,		December 31,
	2024		2023		2023
	(Dollars in thousands)
Net interest income	$	93,732	$	88,882	$	354,052
Non-interest income		32,108		26,780		112,094
Total revenue	$	125,840	$	115,662	$	466,146
Non-interest expense	$	53,255	$	47,459	$	191,042

Efficiency ratio		42%		41%		41%

(1)

The efficiency ratio is calculated by dividing GAAP total non-interest expense by the total of GAAP net interest income and non-interest income. This ratio compares revenues generated with the amount of expense required to generate such revenues and may be used as one measure of overall efficiency.

Segment Reporting

	For the nine months ended September 30, 2024
		Payments			REBL	Institutional Banking			Commercial	Corporate		Total

Interest income		$	33	$	157,010	$	91,987	$	92,316	$	71,442	$	412,788
Interest allocation			196,251		(73,570)		(53,111)		(52,499)		(17,071)		—
Interest expense			117,884		—		2,607		25		10,327		130,843
Net interest income			78,400		83,440		36,269		39,792		44,044		281,945
Provision for credit losses			—		2,555		166		4,427		(172)		6,976
Non-interest income			84,639		2,646		214		4,251		462		92,212
Direct non-interest expense
Salaries and employee benefits			11,433		2,917		6,784		13,653		63,177		97,964
Data processing expense			1,155		125		1,771		5		1,196		4,252
Software			364		78		2,253		1,343		9,649		13,687
Other			6,728		2,601		1,663		5,836		18,682		35,510
Income before non-interest expense allocations			143,359		77,810		23,846		18,779		(48,026)		215,768
Non-interest expense allocations
Risk, financial crimes, and compliance			20,150		1,621		2,248		3,665		(27,684)		—
Information technology and operations			10,151		539		4,449		5,533		(20,672)		—
Other allocated expenses			11,830		2,244		4,904		5,266		(24,244)		—
Total non-interest expense allocations			42,131		4,404		11,601		14,464		(72,600)		—
Income before taxes			101,228		73,406		12,245		4,315		24,574		215,768
Income tax expense			25,398		18,418		3,072		1,083		6,165		54,136
Net income		$	75,830	$	54,988	$	9,173	$	3,232	$	18,409	$	161,632

Exhibit 99.2

THE BANCORP INVESTOR PRESENTATION OCTOBER 2024

2 DISCLOSURES Statements in this presentation regarding The Bancorp, Inc.’s (“The Bancorp”) business , that are not historical facts, are “forward - looking statements.” These statements may be identified by the use of forward - looking terminology, including the words “intend,” “may,” “believe,” “will,” “expect,” “look,” “anticipate,” “plan,” “estimate,” “continue,” or similar words. Forward - looking statements include but are not limited to, statements regarding our annual fiscal 2024 results, profitability, and increased volumes, and relate to our current assumptions, projections, and expectations about our business and future events, including current expectations about important economic, political, and technological factors, among other factors, and are subject to risks and uncertainties, which could cause the actual results, events, or achievements to differ materially from those set forth in or implied by the forward - looking statements and related assumptions. Factors that could cause results to differ from those expressed in the forward - looking statements also include, but are not limited to, the risks and uncertainties referenced or described in The Bancorp’s filings with the Securities and Exchange Commission, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10 - K for the fiscal year ended December 31, 2023 and other documents that the Company files from time to time with the Securities and Exchange Commission. The Bancorp does not undertake any duty to publicly revise or update forward - looking statements in this presentation to reflect events or circumstances that arise after the date of this presentation, except as may be required under applicable law. This presentation contains information regarding financial results that is calculated and presented on the basis of methodologies other than in accordance with accounting principles generally accepted in the United States (“GAAP”), such as those identified in the Appendix. As a result, such information may not conform to SEC Regulations, including Regulation S - X, and may be adjusted and presented differently in filings with the SEC. Any non - GAAP financial measures used in this presentation are in addition to, and should not be considered superior to, or a substitute for, financial statements prepared in accordance with GAAP. Non - GAAP financial measures are subject to significant inherent limitations. The non - GAAP measures presented herein may not be comparable to similar non - GAAP measures presented by other companies. This presentation includes market, industry and economic data which was obtained from various publicly available sources and other sources believed by the Company to be true. Although the Company believes it to be reliable, the Company has not independently verified any of the data from third party sources referred to in this presentation or analyzed or verified the underlying reports relied upon or referred to by such sources, or ascertained the underlying economic and other assumptions relied upon by such sources. The Company believes that its market, industry, and economic data is accurate and that its estimates and assumptions are reasonable, but there can be no assurance as to the accuracy or completeness thereof. Past performance is not indicative nor a guarantee of future results. Copies of the documents filed by The Bancorp with the SEC are available free of charge from the website of the SEC at www.sec.gov as well as on The Bancorp’s website at www.thebancorp.com . FORWARD LOOKING STATEMENTS & OTHER DISCLOSURES

3 FINANCIAL PERFORMANCE DELIVERING STRONG FINANCIAL PERFORMANCE Q3 YTD 2024 2023 2022 2021 8% 31% 12% 13% REVENUE GROWTH 1 GROWTH 27% 26% 19% 18% ROE PROFITABILITY 2.8% 2.6% 1.8% 1.7% ROA 40% 41% 48% 53% EFFICIENCY RATIO 1 SCALABLE PLATFORM KEY FINANCIAL METRICS 1 Please see Appendix slide 31 for reconciliation of revenue growth over comparable prior year period and efficiency ratio. Increasing levels of profitability Platform delivering operating leverage Capitalized on interest rate environment SUSTAINED PERFORMANCE The Bancorp is continuing to deliver high quality financial performance

4 EARNINGS GUIDANCE DELIVERING STRONG FINANCIAL PERFORMANCE GUIDANCE Our preliminary 2025 guidance 1 is $5.25 per share as we maintain strong momentum across our platform 1 2024 guidance includes impact of share repurchases through Q3 and 2025 preliminary guidance excludes impact of 2025 share repurchases. Additionally, guidance assumes achievement of management’s strategic goals as described elsewhere in this presentation and other budgetary goals. $0.00 $0.50 $1.00 $1.50 $2.00 $2.50 $3.00 $3.50 $4.00 $4.50 $5.00 $5.50 2022 2023 2024 Guidance 2025 Preliminary Guidance EARNINGS PER SHARE $5.25 $2.27 $3.49 $4.35

5 THE BANCORP CORE BUSINESS MODEL FINTECH SOLUTIONS GENERATES NON - INTEREST INCOME AND ATTRACTS STABLE, LOWER - COST DEPOSITS DEPLOYED INTO ASSETS IN SPECIALIZED MARKETS THE BANCORP BUSINESS MODEL FINTECH SOLUTIONS Enabling fintech companies by providing card sponsorship, facilitating other payments activities and fintech lending COMMERCIAL LENDING Small business lending and commercial fleet leasing + INSTITUTIONAL BANKING Lending solutions for wealth management firms REAL ESTATE BRIDGE LENDING Focus on workforce housing in select markets PAYMENTS Market - leading payment activities generate stable, non - interest income and lower - cost deposits LENDING Niche lending in specialized categories and Fintech lending

6 FINTECH PARTNER BANK FINTECH LEADERSHIP PAYMENT NETWORKS FACILITATE payments between parties via the card networks. PROGRAM MANAGERS CLIENT FACING platforms deliver highly scalable banking solutions to customers with emphasis on customer acquisition and technology. REGULATORS OVERSIGHT of domestic banking and payments activities. PROCESSORS BACK - OFFICE support for program managers providing record keeping and core platform services. FINTECH ECOSYSTEM Enabling fintech companies by providing industry leading card issuing, payments facilitation and regulatory expertise to a diversified portfolio of clients

7 SPECIALIZED LENDING SPECIALIZED LENDING BUSINESS LINES LENDING BUSINESSES Core lending businesses are comprised of our specialized lending activities Institutional Banking $1.8B Emphasize core business lines and add related products and enter adjacent markets Remain positioned to capitalize on credit sponsorship opportunities Maintain balance sheet flexibility as we approach $10B in total assets Real Estate Bridge Lending $2.3B Small Business $1.0B Leasing $ 0.7B CORE LENDING BUSINESSES AS OF Q3 2024 TOTAL $ 6.1 B Established Operating Platform Scalable technology, operations and sales platforms across lending business to support sustained growth STRATEGIC OUTLOOK Consumer Fintech Lending $ 0.3B

8 2030 STRATEGY OUR 2030 STRATEGY OVERVIEW Our new 2030 strategy encompasses previous goals outlined in Vison 700 while adding new fintech opportunities Build on our strengths Create new opportunities Sustain revenue growth Enhance profitability Averting substantial event - risk Keeping the balance sheet under $10B Avoiding potential regulatory issues + + + + EVALUATION FRAMEWORK BEING MINDFUL OF: How can we build on our leading fintech partner bank model and specialized lending businesses?

2030 STRATEGY *Without competing with our partners 1 PROVIDE NEW FINTECH SERVICES 3 SUPPORT FINTECH LENDING 2 MONETIZE CORE COMPETENCIES Our 2030 plan comprises new opportunities identified across various strategic pathways: 1 Long term guidance assumes achievement of management’s long - term strategic plan as described elsewhere in this presentation, imp act of realized and expected interest rate movement, and other budgetary goals. TOTAL REVENUE >$1 Billion ROE >40% ROA >4.0% LEVERAGE > 10% LONG - TERM FINANCIAL TARGETS 1 • Niche program management • Embedded Finance • Regulatory services • Middle - office technologies • Diversified holdings across many programs with significant distribution of assets APEX 2030

FINTECH SOLUTIONS: DEPOSIT & FEE GENERATION

11 FINTECH SOLUTIONS: FEE & DEPOSIT GENERATING ACTIVITIES ENABLING LEADING FINTECH COMPANIES DEBIT PROGRAM MANAGERS (CHALLENGER BANKS) PREPAID/STORED VALUE PROGRAM MANAGERS • Provides physical and virtual card issuing • Maintains deposit balances on cards • Facilitates payments into the card networks as the sponsoring bank • Established risk and compliance function is highly scalable #6 Debit Issuing Bank 2023 2 #1 Prepaid Issuing Bank 2023 2 • Government • Employer Benefits • Corporate Disbursements • Payroll • Gift 1 Includes non - interest income from prepaid and debit card issuance plus ACH, card and other payments processing fees, and consume r credit fintech fees. 2 Nilson Report, April 2024. % TOTAL BANK REVENUE Q3 YTD 2024 1 23 % GROSS DOLLAR VOLUME GROWTH Q3 2024 VS Q3 2023 15 %

12 FINTECH SOLUTIONS : ESTABLISHED OPERATING PLATFORM SCALABLE PLATFORM ESTABLISHED OPERATING PLATFORM • Infrastructure in place to support significant growth • Long - term relationships with multiple processors enable efficient onboarding • Continued technology investments without changes to expense base REGULATORY EXPERTISE • Financial Crimes Risk Management program with deep experience across payments ecosystem • Customized risk and compliance tools specific to the Fintech Industry OTHER PAYMENTS OFFERINGS • Rapid Funds instant payment transfer product • Potential to capitalize on credit - linked payments opportunities • Additional payments services include ACH processing for third parties INNOVATIVE SOLUTIONS Our platform supports a wide variety of strategic fintech partners through our established processor relationships, regulatory expertise, and suite of other payments products

13 FINTECH SOLUTIONS : STABLE, LOWER - COST DEPOSIT GENERATOR DEPOSIT GROWTH FROM FINTECH BUSINESS HIGHLIGHTS • Stable, lower - cost deposit base anchored by multi - year, contractual relationships in our Fintech Solutions business • Fintech Solutions growth driven by increased transactional volume due to electronic banking migration and the addition of new partners $0.0 $1.0 $2.0 $3.0 $4.0 $5.0 $6.0 $7.0 $8.0 2020 2021 2022 2023 Q3 2024 AVERAGE DEPOSITS BY PERIOD ($ BILLIONS) Fintech Solutions Group (Prepaid and Debit Card Issuance and other payments) Institutional Banking (checking and money market for higher net worth individuals) Other (Includes time deposits and other legacy deposit programs) 2.44% 2.32% 0.82% 0.10% 0.25% COST OF DEPOSITS $5.2 $5.7 $6.3 $6.4 $7.0

14 FINTECH SOLUTIONS : STABLE, LOWER - COST DEPOSIT GENERATOR STABLE DEPOSITS & SIGNIFICANT BALANCE SHEET LIQUIDITY STRONG POSITIONING Our deposit base is primarily comprised of granular, small balance, FDIC insured accounts and we maintain significant borrowing capacity on our credit lines ESTIMATED INSURED VS OTHER UNINSURED DEPOSITS September 30, 2024 93% Insured 3% Low balance accounts 4% Other uninsured 100% Total deposits SUMMARY OF CREDIT LINES AVAILABLE September 30, 2024 (Dollars in millions) 1,974 $ Federal Reserve Bank 1,107 Federal Home Loan Bank 3,081 $ Total lines of credit available 93% INSURED DEPOSITS Primarily consist of low balance accounts

LOANS, LEASES & SUPPORTING COLLATERAL

16 LOANS & LEASES STRATEGIC OUTLOOK Optimize balance sheet and r emain positioned to capitalize on credit sponsorship opportunities KEY CONSIDERATIONS FOR LENDING GROWTH MANAGE CREDIT RISK TO DESIRED LEVELS OPTIMIZE NET INTEREST MARGIN AND MONITOR INTEREST RATE SENSITIVITY MANAGE REAL ESTATE EXPOSURE TO CAPITAL LEVELS MAINTAIN FLEXIBILITY AS WE APPROACH $10B TOTAL ASSETS Building an asset mix that drives earnings and profitability while maintaining desired credit and interest rate risk characteristics

17 LOANS & LEASES LOAN PORTFOLIO OVERVIEW % OF TOTAL PORTFOLIO 09/30/2024 PRINCIPAL BALANCE ($ MILLIONS) BALANCE SHEET CATEGORY BUSINESS LINE 37% $ 2,303 Multifamily - commercial real estate (A) Real Estate Bridge Lending <1% 27 Hospitality - commercial real estate <1% 12 Retail - commercial real estate <1% 9 Other 38% 2,351 Total 16% 989 Securities - backed lines of credit (SBLOC) ( B) Institutional Banking 9% 554 Insurance - backed lines of credit (IBLOC) (C) 4% 249 Advisor Financing 29% 1,792 Total 6% 392 U.S. government guaranteed portion of SBA loans ( D) Small Business Lending <1% 2 Pay check Protection Program loans (PPP) ( D) 6% 349 Commercial mortgage SBA ( E) 2% 114 Non - guaranteed portion of U.S. govn’t guaranteed 7(a) loans 1% 73 Non - SBA small business loans <1% 10 Construction SBA <1% 28 Other 16% 968 Total 12% 712 Leasing ( F) Commercial Fleet Leasing 5% 280 Consumer fintech ( G) Fintech Solutions Group <1% 46 Other Other 100% $ 6,149 Total principal LOAN COLLATERAL VALUES SUPPORTED BY: A. Comprised of workforce apartment buildings in carefully selected areas B. SBLOC loans are backed by marketable securities with nominal credit losses C. IBLOC loans are backed by the cash value of life insurance policies with nominal credit losses D. Portion of small business loans fully guaranteed by the U.S. government E. 50% - 60% loan to value ratios at origination F. Recourse to vehicles G. Consists of secured credit cards & other short term extensions of credit

18 LOANS & LEASES: REAL ESTATE BRIDGE LENDING COMMERCIAL REAL ESTATE BRIDGE LENDING % TOTAL WEIGHTED AVG INTEREST RATE ORIGINATION DATE LTV 1 BALANCE # LOANS TYPE 98% 9.1% 70% $ 2,303 179 Multifamily (apartments) 1% 9.8% 65% 27 2 Hospitality (hotels and lodging) <1% 8.2% 72% 12 2 Retail <1% 5.0% 72% 9 2 Other 100% 9.1% 70% $ 2,351 185 Total COMMERCIAL REAL ESTATE LOANS BY TYPE ($MILLIONS) 09/30/2024 $2.3B PORTFOLIO LOANS ORIGINATED SINCE Q3 2021 RESUMPTION (ALL APARTMENT BUILDINGS) BUSINESS OVERVIEW: • Resumed floating rate bridge lending business in Q3 2021 • Lending focus on workforce apartment buildings in carefully selected markets Real Estate Bridge Lending • Vast majority of loans are apartment buildings including all the top 30 exposures • Loans originated prior to Q3 2021 will continue to be accounted for at fair value • Loans originated in 2021 and after will be held for investment and use the Current Expected Credit Loss (CECL) methodology PORTFOLIO ATTRIBUTES 1 In addition to “as is” origination date appraisals, on which the weighted average origination date LTVs are based, third part y a ppraisers also estimated “as stabilized” values, which represents additional potential collateral value as rehabilitation progresses, and units are released at stabilized rental rates, may pr ovi de even greater protection.

19 LOANS & LEASES: INSTITUTIONAL BANKING INSTITUTIONAL BANKING BUSINESS OVERVIEW: • Automated loan application platform, Talea, provides industry - leading speed and delivery • Securities - backed lines of credit provide fast and flexible liquidity for investment portfolios • Insurance - backed lines of credit provide fast and flexible borrowing against the cash value of life insurance • Advisor Finance product provides capital to transitioning financial advisors to facilitate M&A, debt restructuring, and the development of succession plans • Deposit accounts for wealth management clients • Nominal historical credit losses STRATEGIC OUTLOOK: • Regain momentum across SBLOC, IBLOC and Advisor Finance products • Evaluate new lending opportunities in adjacent markets • Market dynamics support business model: − Advisors shifting from large broker/dealers to independent platforms − Sector shift to fee - based accounts − Emergence of new wealth management providers LENDING AND BANKING SERVICES FOR WEALTH MANAGERS The Bancorp’s business model allows us to build banking solutions to “spec” without competing directly with our partner firms. We do not have any associated asset managers, proprietary advisory programs, or related programs. Our singular focus is to help our partner firms stay competitive in the marketplace and to grow and retain assets ALWAYS A PARTNER, NEVER A COMPETITOR $ 1.8 B Q3 2024 PORTFOLIO SIZE 6.9 % 09/30/2024 EST. YIELD

20 LOANS & LEASES: INSTITUTIONAL BANKING LOAN PORTFOLIO PRIMARILY COMPRISED OF SECURITIES & CASH VALUE LIFE INSURANCE LENDING % OF PORTFOLIO PRINCIPAL BALANCE LOAN TYPE 55% $ 989 Securities - backed lines of credit (SBLOC) 31% 554 Insurance - backed lines of credit (IBLOC) 14% 249 Advisor Financing 100% $ 1,792 Total INSTITUTIONAL BANKING LOANS ($MILLIONS) 09/30/2024 % PRINCIPAL TO COLLATERAL PRINCIPAL BALANCE 41% $ 9 84% 8 62% 8 63% 8 44% 7 57% 5 65% 5 58% 5 56% 5 43% 5 58% $ 65 Total TOP 10 SBLOC LOANS ($MILLIONS) 09/30/2024 SECURITIES - BACKED LINES OF CREDIT • Nominal historical credit losses • Underwriting standards of generally 50% to equities and 80% or more to fixed income securities INSURANCE - BACKED LINES OF CREDIT • Nominal historical credit losses • Loans backed by the cash value of insurance policies PORTFOLIO ATTRIBUTES

21 LOANS & LEASES: SMALL BUSINESS LENDING SMALL BUSINESS LENDING $ 968 B Q3 2024 PORTFOLIO SIZE 7.5 % 09/30/2024 EST. YIELD BUSINESS OVERVIEW: • Established a distinct platform within the fragmented SBA market − National portfolio approach allows pricing and client flexibility − Solid credit performance demonstrated over time − Client segment strategy tailored by market STRATEGIC OUTLOOK: • Continue delivering growth within existing small business lending platform while entering new verticals and growing the SBAlliance ® • SBAlliance ® program provides lending support to banks and financial institutions who need SBA lending capabilities through products such as: − Wholesale loan purchases − Vertical focus with expansion of funeral home lending program SBA AND OTHER SMALL BUSINESS LENDING ~$ 800 K AVERAGE 7(a) LOAN SIZE

22 LOANS & LEASES: STRONG COLLATERAL & GOVERNMENT GUARANTEES SMALL BUSINESS LENDING SMALL BUSINESS LOANS BY TYPE 1 ($MILLIONS) 09/30/2024 SMALL BUSINESS LOANS BY STATE 1 ($MILLIONS) 09/30/2024 TOTAL SBL NON - REAL ESTATE SBL CONSTRUCTION SBL COMMERCIAL MORTGAGE STATE $ 134 $ 5 $ 3 $ 126 California 85 4 5 76 Florida 51 5 1 45 North Carolina 34 2 - 32 New York 33 13 - 20 Pennsylvania 30 6 3 21 Texas 28 7 - 21 New Jersey 28 1 2 25 Georgia 123 23 2 98 Other States $ 546 $ 66 $ 16 $ 464 Total TOTAL SBL NON - REAL ESTATE SBL CONSTRUCTION SBL COMMERCIAL MORTGAGE TYPE $ 88 $ - $ - $ 88 Hotels (except casino hotels) and motels 48 28 - 20 Funeral homes and funeral services 33 2 2 29 Full - service restaurants 25 1 1 23 Child day care services 20 - 4 16 Car washes 17 - - 17 General line grocery merchant wholesalers 16 - - 16 Homes for the elderly 15 - - 15 Outpatient mental health and substance abuse centers 14 - - 14 Gasoline stations with convenience stores 10 2 - 8 Fitness and recreational sports centers 9 - - 9 Nursing care facilities 9 - - 9 Lawyer's office 8 3 1 4 Limited - service restaurants 7 - - 7 Caterers 227 30 8 189 Other $ 546 $ 66 $ 16 $ 464 Total 1 Excludes the government guaranteed portion of SBA 7(a) loans and PPP loans. TYPE DISTRIBUTION • Diverse product mix • Commercial mortgage and construction are generally originated with 50% - 60% LTV’s GEOGRAPHIC DISTRIBUTION • Diverse geographic mix • Largest concentration in California representing 24% of total PORTFOLIO ATTRIBUTES

23 LOANS & LEASES: COMMERCIAL FLEET LEASING COMMERCIAL FLEET LEASING BUSINESS OVERVIEW: • Niche provider of vehicle leasing solutions − Focus on smaller fleets (less than 150 vehicles) − Direct lessor (The Bancorp Bank, N.A. sources opportunities directly and provides value - add services such as outfitting police cars) − Historical acquisitions of small leasing companies have contributed to growth • Mix of commercial (~85%), government agencies and educational institutions (~15%) STRATEGIC OUTLOOK: • Continue enhancing platform and growing balances − Enhanced sales process and support functions − Pursuing technology enhancements to scale business with efficiency • Constantly evaluating organic and inorganic growth opportunities in the vehicle space FLEET LEASING SOLUTIONS $ 712 M Q3 2024 PORTFOLIO SIZE 8.1 % 09/30/2024 EST. YIELD

24 LOANS & LEASES: COMMERCIAL FLEET LEASING PORTFOLIO COMMERCIAL FLEET LEASING • Largest concentration is construction and government sectors • Of the $712M total portfolio, $648M are vehicle leases with the remaining $64M comprised of equipment leases PORTFOLIO ATTRIBUTES TOTAL BALANCE TYPE 18% $ 131 Government agencies and public institutions 16% 112 Construction 14% 97 Waste management and remediation services 12% 86 Real estate and rental and leasing 4% 29 Health care and social assistance 3% 22 Other services (except public administration) 3% 22 Professional, scientific, and technical services 3% 21 General freight trucking 2% 14 Finance and insurance 2% 13 Transit and other transportation 1% 10 Wholesale trade 1% 7 Educational services 21% 148 Other and non - classified 100% $ 712 Total DIRECT LEASE FINANCING BY STATE ($MILLIONS) 09/30/2024 TOTAL BALANCE STATE 15% $ 108 Florida 10% 70 New York 8% 58 Utah 7% 49 California 6% 45 Connecticut 6% 42 Pennsylvania 6% 39 New Jersey 5% 36 North Carolina 5% 36 Maryland 4% 26 Texas 3% 19 Idaho 2% 16 Washington 2% 14 Ohio 2% 14 Georgia 2% 13 Alabama 17% 127 Other states 100% $ 712 Total DIRECT LEASE FINANCING BY TYPE ($MILLIONS) 09/30/2024

FINANCIAL REVIEW

26 FINANCIAL REVIEW: EARNINGS AND PROFITABILITY REVENUE GROWTH HAS SIGNIFICANTLY EXCEEDED EXPENSE GROWTH 1 Revenue includes net interest income and non - interest income. Please see Appendix slide 31. 2 Non - interest income as percentage of average assets ranks in top 11% of the uniform bank performance report peer group through Q 2 2024. $0 $25 $50 $75 $100 $125 $150 $175 $200 $225 2021 2022 2023 Q3 YTD 2023 Q3 YTD 2024 NON - INTEREST EXPENSE $ Millions $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 2021 2022 2023 Q3 YTD 2023 Q3 YTD 2024 REVENUE 1 $ Millions HIGHLIGHTS • Net interest income growth driven by increased NIM from heightened interest rate environment • Greater ratio of non - interest income to total assets compared to peers 2

27 FINANCIAL REVIEW: LOAN LOSS RESERVE ALLOWANCE FOR CREDIT LOSSES PRIMARILY REFLECTS OUR CHARGE - OFF HISTORY 1 Please see Appendix slide 32 for GAAP to Non - GAAP reconciliation of adjusted allowance for credit losses to GAAP allowance for c redit losses as % of adjusted loan balance (excluding SBLOC & IBLOC). HIGHLIGHTS • Nominal charge - offs for REBL, SBLOC, & IBLOC • SBA 7(a) loans are ~75% U.S. government guaranteed • SBA 504 loans have 50% - 60% loan to value ratios at origination $0 $5 $10 $15 $20 $25 $30 $35 2020 2021 2022 2023 Q3 2024 ALLOWANCE FOR CREDIT LOSSES ($MILLIONS) Small Business HELOC/Consumer/Other SBLOC/IBLOC/Advisor Financing 0.5% 0.5% 0.4% 0.5% 0.6% Allowance for credit losses as % of loan balance 0.7% 0.7% 0.7% 0.9% 1.4% Adjusted allowance for credit losses as % of loan balance (excluding SBLOC & IBLOC) 1 Leasing Real Estate Bridge Lending

28 FINANCIAL REVIEW: HISTORICAL CAPITAL POSITION CAPITAL POSITION HIGHLIGHTS • Completed $200M common stock repurchase Q3 YTD • Planned common stock repurchase of $150M in 2025 • Corporate governance requires periodic assessment of capital minimums • Capital planning includes stress testing for unexpected conditions and events 0% 2% 4% 6% 8% 10% 12% 14% 16% 18% 20% 2021 2022 2023 Q3 2024 5.0% 10.9% 12.4% 10.7% 10.9% Tier 1 Leverage Ratio 8% 15% 17% 15% 15% Tier 1 Risk - based Capital Ratio (RBC) 1 10% 16% 18% 15% 16% Total Risk - based Capital Ratio Tier 1 RBC Ratio Total RBC Ratio Tier 1 Leverage Ratio THE BANCORP BANK, N.A. CAPITAL RATIOS Well - capitalized minimum 1 Common Equity Tier 1 to risk weighted assets is identical to Tier 1 risk - based ratio and has a 6.5% well capitalized minimum. 2 Common stock repurchase may be modified without notice at any time.

29 HISTORICAL PERFORMANCE AND LONG - TERM TARGETS FINANCIAL REVIEW: EARNINGS AND PROFITABILITY LONG - TERM TARGETS Q3 YTD 2024 2023 2022 2021 PERFORMANCE METRICS >40% 26.6% 25.6% 19.3% 17.9% ROE > 4.0% 2.8% 2.59% 1.81% 1.68% ROA $3.15 $3.49 $2.27 $1.88 EPS >10% 10.9% 12.4% 10.7% 10.9% Bancorp Bank, N.A. Leverage Ratio <$10B $8.1B $7.7B $7.9B $6.8B Total Assets 40% 41% 48% 53% Efficiency Ratio 1 1 Please see Appendix slide 31 for calculation of efficiency ratio. Decreases in the efficiency ratio indicate greater efficien cy, i.e., lower expenses vs higher revenue.

APPENDIX

31 GAAP REVENUE & EFFICIENCY RATIO CALCULATIONS APPENDIX ($ millions) Q3 YTD 2024 Q3 YTD 2023 2023 2022 2021 The Bancorp $ 281,945 $ 261,893 $ 354,052 $ 248,841 $ 210,876 Net interest income 92,212 85,105 112,094 105,683 104,749 Non - interest income 374,157 346,998 466,146 354,524 315,625 Total revenue 8% 31% 12% 13% Growth (Current period over previous period) $ 151,413 $ 145,432 $ 191,042 $ 169,502 $ 168,350 Non - interest expense 40% 42% 41% 48% 53% Efficiency Ratio 1 Payments non - interest income (Fintech Solutions business line) $ 9,856 $ 7,153 $ 9,822 $ 8,935 $ 7,526 ACH, card, and other payment processing fees 72,948 67,013 89,417 77,236 74,654 Prepaid, debit card, and related fees 1,740 - - - - Consumer credit fintech fees $ 84,544 $ 74,166 $ 99,239 $ 86,171 $ 82,180 Total payments (Fintech Solutions) non - interest income 23% 21% % of Total revenue 1 The efficiency ratio is calculated by dividing GAAP total non - interest expense by the total of GAAP net interest income and non - interest income. This ratio compares revenues generated with the amount of expense required to generate such revenues and may be used as one measure of overall efficiency.

32 RECONCILIATION OF NON - GAAP FINANCIAL METRICS TO GAAP APPENDIX ($ millions) Q3 2024 2023 2022 2021 2020 $ 31,004 $ 27,378 $ 22,374 $ 17,806 $ 16,082 Allowance for credit losses on loans and leases GAAP 772 814 1,167 964 775 Allowance for credit losses on SBLOC & IBLOC 30,232 26,564 21,207 16,842 15,307 Adjusted allowance for credit losses excluding SBLOC & IBLOC 5,906,616 5,361,139 5,486,853 3,747,224 2,652,323 Total loans and leases GAAP 1,543,215 1,627,285 2,332,469 1,929,581 1,550,086 SBLOC & IBLOC $ 4,363,401 $ 3,733,854 $ 3,154,384 $ 1,817,643 $ 1,102,237 Adjusted total loans and leases excluding SBLOC & IBLOC 0.5% 0.5% 0.4% 0.5% 0.6% Allowance for credit losses as % of total loans and leases balance GAAP 0.7% 0.7% 0.7% 0.9% 1.4% Adjusted allowance for credit losses as % of adjusted total loans and leases balance 1 1 Management excludes SBLOC and IBLOC in certain of its internal analysis, due to the nature of the related loan collateral. S BLO C are collateralized by marketable securities, with loan to values based upon guideline percentages which vary based upon security type. IBLOC are collateralized by the ca sh value of life insurance.

Cover	Oct. 24, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 24, 2024
Entity File Number	000-51018
Entity Registrant Name	The Bancorp, Inc.
Entity Central Index Key	0001295401
Entity Tax Identification Number	23-3016517
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	409 Silverside Road
Entity Address, City or Town	Wilmington
Entity Address, State or Province	DE
Entity Address, Postal Zip Code	19809
City Area Code	302
Local Phone Number	385-5000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $1.00 per share
Trading Symbol	TBBK
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

Grafico Azioni Bancorp (NASDAQ:TBBK)
Storico
Da Gen 2025 a Feb 2025

Grafico Azioni Bancorp (NASDAQ:TBBK)
Storico
Da Feb 2024 a Feb 2025

TBBK Bancorp Inc

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TBBK Bancorp Inc

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