$TBBK

Bancorp, Inc.

CIK:0001295401|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Interest income:
Loans, including fees	$ 110,583	$ 112,326	$ 218,128	$ 221,238
Investment securities:
Taxable interest	19,924	22,393	39,844	40,520
Tax-exempt interest	156	103	286	186
Interest-earning deposits	1,386	8,326	3,582	21,006
Total interest income	132,049	143,148	261,840	282,950
Interest expense:
Deposits	34,334	43,963	69,623	90,338
Short-term borrowings	2,949	5	4,330	5
Long-term borrowings	147	198	344	393
Senior debt	3,917	1,233	7,792	2,467
Subordinated debentures	236	257	471	512
Total interest expense	41,583	45,656	82,560	93,715
Net interest income	90,466	97,492	179,280	189,235
Provision (reversal) for credit losses on non-fintech loans	365	1,494	(983)	2,368
Provision for credit losses on fintech loans	25,766	43,233	54,609	89,101
Provision (reversal) for unfunded commitments	42	364	(64)	253
Provision for credit losses, total	26,089	44,363	53,690	91,216
Net interest income after provision for credit losses	64,377	53,129	125,590	98,019
Non-interest income:
Net realized and unrealized gains on commercial loans, at fair value	130	344	136	705
Leasing related income	1,773	2,131	3,674	4,103
Fintech loan credit enhancement			54,609	89,101
Other	4,477	2,390	8,183	3,385
Total non-interest income	73,040	83,743	145,565	167,385
Non-interest expense:
Salaries and employee benefits	37,426	37,134	74,903	70,803
Depreciation	1,230	1,125	2,475	2,229
Rent and related occupancy cost	1,668	1,717	3,359	3,285
Data processing expense	1,387	1,227	2,696	2,432
Audit expense	498	545	1,139	1,199
Legal expense	1,221	1,863	2,811	3,820
Legal settlement (reimbursement)	0	0	(2,000)	0
FDIC insurance	1,106	1,202	2,357	2,255
Software	5,632	5,144	11,001	10,157
Insurance	1,069	1,145	2,251	2,402
Telecom and IT network communications	292	308	576	641
Consulting	147	436	357	892
Other	4,800	5,377	9,577	10,402
Total non-interest expense	56,476	57,223	111,502	110,517
Income before income taxes	80,941	79,649	159,653	154,887
Income tax expense	20,285	19,828	38,928	37,893
Net income	$ 60,656	$ 59,821	$ 120,725	$ 116,994
Net income per share - basic (in dollars per share)	$ 1.46	$ 1.28	$ 2.89	$ 2.49
Net income per share - diluted (in dollars per share)	$ 1.45	$ 1.27	$ 2.86	$ 2.46
Weighted average shares - basic (in shares)	41,461,889	46,598,535	41,795,740	46,904,592
Weighted average shares - diluted (in shares)	41,794,160	47,182,770	42,180,516	47,565,580
Total fintech fees
Non-interest income:
Total fintech fees	$ 40,894	$ 35,645	$ 78,963	$ 70,091
ACH, card and other payment fees
Non-interest income:
Total fintech fees	6,559	5,562	12,355	10,694
Prepaid, debit card and related fees
Non-interest income:
Total fintech fees	27,790	26,113	54,467	51,827
Consumer credit fintech fees
Non-interest income:
Total fintech fees	$ 6,545	$ 3,970	$ 12,141	$ 7,570

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 120,725	$ 116,994
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	2,475	2,229
Provision for credit losses, total	53,690	91,216
Fintech loan credit enhancement income	(54,609)	(89,101)
Accretion of fees, premiums, and discounts, net	(2,368)	(1,137)
Stock-based compensation expense	10,052	9,766
Realized gains on commercial loans, at fair value	(136)	(705)
Gain on sale of fixed assets	(38)	(7)
(Increase) decrease in accrued interest receivable	(252)	1,106
(Increase) decrease in other assets	(10,600)	19,127
Increase (decrease) in other liabilities	1,166	(4,425)
Net cash provided by operating activities	120,105	145,063
Investing activities:
Purchase of investment securities available-for-sale	(9,113)	(53,071)
Proceeds from redemptions and prepayments of securities available-for-sale	49,068	125,978
Capitalized investment in other real estate owned	(540)	(1,756)
Sale of repossessed assets	1,269	2,600
Proceeds from sale of other real estate owned	180	0
Net increase in loans	(18,655)	(505,136)
Credit enhancement agreement cash inflows	55,014	75,028
Proceeds from sale of fixed assets	49	121
Commercial loans, at fair value drawn during the period	(133)	(2,953)
Payments on commercial loans, at fair value	16,176	41,174
Purchases of premises and equipment	(934)	(1,272)
Net cash provided by (used in) investing activities	92,381	(319,287)
Financing activities:
Net (decrease) increase in deposits	(689,294)	19,889
Proceeds from short-term borrowings	545,000	0
Repurchases of common stock and excise tax	(100,758)	(75,523)
Net cash used in financing activities	(245,052)	(55,634)
Net decrease in cash and cash equivalents	(32,566)	(229,858)
Cash and cash equivalents, beginning of period	112,649	570,123
Cash and cash equivalents, end of period	80,083	340,265
Supplemental cash flow information:
Interest paid	83,488	95,231
Transfers (from) to other real estate owned from commercial loans, at fair value, and loans, net	956	2,273
Leased vehicles transferred to repossessed assets	$ 1,504	$ 2,395

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Cash and cash equivalents
Cash and due from banks	$ 9,527	$ 8,038
Interest-earning deposits	70,556	104,611
Total cash and cash equivalents	80,083	112,649
Investment securities, available-for-sale, at fair value	1,614,890	1,671,750
Commercial loans, at fair value	114,162	139,389
Loans, net of deferred loan fees and costs	7,073,906	7,116,676
Allowance for credit losses	(63,495)	(66,200)
Loans, net	7,010,411	7,050,476
Stock in Federal Reserve, Federal Home Loan and Atlantic Central Bankers Banks	50,115	25,205
Premises and equipment, net	28,282	29,834
Accrued interest receivable	43,342	43,090
Other real estate owned	62,011	60,695
Deferred tax asset, net	23,491	18,679
Credit enhancement asset	30,733	31,138
Other assets	158,457	169,520
Total assets	9,215,977	9,352,425
Deposits
Demand and interest checking	7,353,151	7,827,037
Savings and money market	123,051	338,459
Total deposits	7,476,202	8,165,496
Short-term borrowings	744,000	199,000
Senior debt	196,528	196,253
Subordinated debentures	13,401	13,401
Other long-term borrowings	4,327	13,712
Other liabilities	76,138	74,767
Total liabilities	8,510,596	8,662,629
SHAREHOLDERS' EQUITY:
Common stock - authorized, 75,000,000 shares of $1.00 par value; 48,750,251 and 41,858,545 shares issued and outstanding, respectively, at March 31, 2026 and 48,404,006 and 42,355,361 shares issued and outstanding, respectively, at December 31, 2025	48,805	48,404
Additional paid-in capital	33,858	24,207
Retained earnings	1,128,093	1,007,368
Accumulated other comprehensive (loss) income	(3,595)	10,839
Treasury stock at cost, 6,891,706 shares at March 31, 2026 and 6,048,645 shares at December 31, 2025	(501,780)	(401,022)
Total shareholders' equity	705,381	689,796
Total liabilities and shareholders' equity	$ 9,215,977	$ 9,352,425