The Bancorp, Inc. reported net income of $51.5 million for the third quarter of 2024. Diluted earnings per share were $1.04, which missed the consensus estimate of $1.12. Total revenue for the quarter increased by 7.4% compared to the third quarter of 2023, reaching $122.3 million.
The company provided preliminary 2025 EPS guidance of $5.25, which excludes the impact of $150 million in planned stock buybacks. The 2024 EPS guidance remained at $4.35, including buybacks. Planned stock buybacks for 2025 were reduced by $100 million from 2024 levels of $250 million to facilitate the repayment of $96 million in senior secured debt.
The Real Estate Bridge Loan (REBL) portfolio saw an increase in classified assets, with special mention loans at $84.4 million and substandard loans at $155.4 million, compared to $96.0 million and $80.4 million respectively at June 30, 2024. The company added a new qualitative factor to its quarterly allowance for credit losses (ACL) with an after-tax impact of approximately $1.5 million, or $2.0 million pre-tax, for REBLs. The sale of an apartment property, acquired through foreclosure with a $40.3 million balance, is expected to close by December 31, 2024.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.