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The Bancorp, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net income to $51.5 million from $50.1 million in the same quarter the previous year. The increase is attributed to higher net interest income and increased fintech-related payment and credit fees.
Net interest income for the quarter rose to $93.7 million, up from $88.9 million in the previous year, driven by higher loan and investment securities balances.
The company reported a net interest margin of 4.78%, a decrease from 5.07% in the previous year, reflecting changes in interest rates and deposit costs.
Total loans increased to $5.91 billion from $5.36 billion at the end of 2023, with growth in various loan categories offsetting decreases in SBLOC and IBLOC balances.
Non-interest income rose to $32.1 million, up from $26.8 million, driven by increases in prepaid, debit card, and ACH fees.
The provision for credit losses was $3.5 million, compared to $1.8 million in the previous year, reflecting adjustments for classified REBL loans.
Non-interest expense increased to $53.3 million from $47.5 million, with higher salaries and benefits and increased expenses related to office and data center expansions.
The company's total assets increased to $8.09 billion, up from $7.71 billion at the end of 2023, primarily due to securities purchases and loan growth.
The Bancorp's capital ratios remain above regulatory requirements, with a Tier 1 capital ratio of 13.62% and a total capital ratio of 14.19%.
The filing also notes ongoing legal proceedings and regulatory matters, including a qui tam lawsuit and a CFPB investigation into escheatment practices.
The company continues to focus on expanding its fintech lending and payments segments, while managing interest rate and credit risks.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the The Bancorp Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.