The Bancorp Inc (TBBK) Reports Q3 2023 Financial Results
The Bancorp Inc (NASDAQ:TBBK) reported a net income of $50.137 million for Q3 2023, a significant increase from $30.604 million in Q3 2022.
Net interest income for Q3 2023 stood at $88.882 million, a substantial rise from $64.659 million in the same period last year.
The company's total assets as of September 30, 2023, were $7.465 billion, a slight decrease from $7.542 billion as of June 30, 2023.
The Bancorp Inc (NASDAQ:TBBK) plans to increase its planned buyback in 2024 by $100 million to $200 million.
On October 26, 2023, The Bancorp Inc (NASDAQ:TBBK), a financial holding company, released its financial results for the third quarter of 2023. The company reported a net income of $50.137 million, a significant increase from $30.604 million in Q3 2022. The net income per share (diluted) stood at $0.92, up from $0.54 in the same period last year.
Financial Highlights
The Bancorp Inc (NASDAQ:TBBK)'s net interest income for Q3 2023 was $88.882 million, a substantial rise from $64.659 million in Q3 2022. The company's total non-interest income for the quarter was $26.780 million, up from $23.426 million in Q3 2022. The total assets as of September 30, 2023, were $7.465 billion, a slight decrease from $7.542 billion as of June 30, 2023.
CEO Commentary
CEO and President Damian Kozlowski commented, The Bancorp continues to produce record core profitability and exemplar financial performance in a challenging interest rate and macro environment for most financial institutions. We are initiating 2024 preliminary guidance of $4.25 a share without including the impact of share buybacks. The 2024 guidance is 18% earnings growth over 2023 guidance. In addition, as a result of our investments in growth and efficiency, the Bancorps increased ROE is driving a continued increase in our regulatory capital ratios. With the reg ii Durbin balance sheet limit of $10 billion, we are fast approaching the maximum equity capital needed to support our business growth into the future. Therefore, we are significantly increasing our planned buyback in 2024 by $100 million to $200 million or $50 million a quarter from $25 million a quarter.
Financial Tables
The Bancorp Inc (NASDAQ:TBBK)'s consolidated condensed income statements showed a provision for credit losses of $1.752 million for Q3 2023, up from $822,000 in Q3 2022. The total non-interest expense for the quarter was $47.459 million, up from $44.830 million in the same period last year. The income before income taxes for Q3 2023 was $66.451 million, a significant increase from $42.433 million in Q3 2022.
Company Performance Analysis
The Bancorp Inc (NASDAQ:TBBK) has shown strong financial performance in Q3 2023, with significant increases in net income and net interest income. The company's planned increase in its buyback for 2024 indicates confidence in its financial stability and future growth. The Bancorp Inc (NASDAQ:TBBK) continues to maintain a strong balance sheet, with total assets of $7.465 billion as of September 30, 2023.
Explore the complete 8-K earnings release (here) from The Bancorp Inc for further details.
This article first appeared on GuruFocus.
