WILMINGTON, Del.--(BUSINESS WIRE)--
The Bancorp, Inc. ("Bancorp") (NASDAQ: TBBK), a financial holding
company, announced that as reported in the Quarterly Report on Form 10-Q
for the second quarter of 2014 filed with the SEC on August 11, 2014,
Bancorp had net income of $338,000 for the quarter rather than a net
loss of approximately $5,500,000 as previously announced. Subsequent to
the earnings release, Bancorp concluded that approximately $7,040,000,
pretax, of non-interest expense, related to look back and consulting
expenses required by the June, 2014 FDIC BSA order, will be recognized
when the services are performed, expected to be in the third and fourth
quarter of the current year. The Company had initially intended to
recognize these expenses in the second quarter just ended, resulting in
the loss originally announced.
The Bancorp, Inc. is a financial holding company that operates The
Bancorp Bank, an FDIC-insured commercial bank that delivers a full array
of financial services both directly and through private-label affinity
programs. The Bancorp Bank’s regional community bank operations serve
the needs of small and mid-size businesses and their principals in the
The Bancorp, Inc.
Andres Viroslav, 215-861-7990
Source: The Bancorp, Inc.