The Bancorp, Inc. disclosed on March 4, 2025, that it inappropriately filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2024. The company stated that both its current and former independent public accounting firms did not provide final approval to include their respective audit opinions.
As a result of this issue, The Bancorp advised that its previously issued financial statements for fiscal years 2022 through 2024 should no longer be relied upon. This represents a significant setback in the company's financial reporting and transparency.
The company is working to perform and complete additional closing procedures related to accounting for consumer fintech loans in the allowance for credit losses. It plans to file an amended Annual Report on Form 10-K/A to include the audit opinions and related consents from Crowe and Grant Thornton LLPs.
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