Business
The Bancorp, Inc. Reports Fourth Quarter and Full Year 2023 Financial Results and Updates 2024 Guidance
WILMINGTON, Del.--(BUSINESS WIRE)-- The Bancorp, Inc. ("The Bancorp" or “we”) (NASDAQ: TBBK), a financial holding company, today reported financial results
About this update from The Bancorp, Inc.
[{"type":"text","content":" WILMINGTON, Del.--(BUSINESS WIRE)--\nThe Bancorp, Inc. (\"The Bancorp\" or “we”) (NASDAQ: TBBK), a financial holding company, today reported financial results for the fourth quarter and full year of 2023.\n\n\nHighlights\n\n\n\nThe Bancorp reported net income of $44.0 million, or $0.81 per diluted share, for the quarter ended December 31, 2023, compared to net income of $40.2 million, or $0.71 per diluted share, for the quarter ended December 31, 2022. Excluding the tax effected impact of a $10.0 million provision for credit loss on its only trust preferred security, non-GAAP adjusted diluted earnings per share amounted to $0.95.*\n\n\n\nReturn on assets and equity for the quarter ended December 31, 2023 amounted to 2.4% and 22%, respectively, compared to 2.1% and 24%, respectively, for the quarter ended December 31, 2022 (all percentages “annualized”).\n\n\n\nNet interest income increased 20% to $92.2 million for the quarter ended December 31, 2023, compared to $76.8 million for the quarter ended December 31, 2022. Net interest income increases reflected the impact of Federal Reserve rate increases on The Bancorp’s variable rate loans and securities.\n\n\n\nNet interest margin amounted to 5.26% for the quarter ended December 31, 2023, compared to 4.21% for the quarter ended December 31, 2022, and 5.07% for the quarter ended September 30, 2023.\n\n\n\nLoans, net of deferred fees and costs were $5.36 billion at December 31, 2023, compared to $5.20 billion at September 30, 2023 and $5.49 billion at December 31, 2022. Those changes reflected an increase of 3% quarter over linked quarter and a decrease of 2% year over year.\n\n\n\nGross dollar volume (“GDV”), representing the total amounts spent on prepaid and debit cards, increased $3.84 billion, or 13%, to $33.29 billion for the quarter ended December 31, 2023, compared to the quarter ended December 31, 2022. 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 15% to $25.1 million for the fourth quarter of 2023 compared to the fourth quarter of 2022.\n\n\n\nSmall business loans (“SBL”), including those held at fair value, amounted to $896.2 million at December 31, 2023, or 13% higher year over year, and 4% quarter over linked quarter, excluding $...