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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)



x		QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
		SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2026



o		TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
		SECURITIES EXCHANGE ACT OF 1934

For the transition period from: _____ to _____

Commission file number: 000-51018

THE BANCORP, INC.

(Exact name of registrant as specified in its charter)


Delaware		23-3016517
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

409 Silverside Road, Wilmington, DE 19809		(302) 385-5000
(Address of principal executive offices and zip code)		(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:



Title of Each Class	Trading Symbol(s)	Name of each Exchange on Which Registered
Common Stock, par value $1.00 per share	TBBK	Nasdaq Global Select

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filer x	Accelerated filer o	Non-accelerated filer o
Smaller reporting company o	Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x

As of April 27, 2026, there were 41,634,439 outstanding shares of common stock, $1.00 par value.

‎

THE BANCORP, INC.

Form 10-Q Index



		Page
Part I Financial Information

Item 1.	Financial Statements	3

	Condensed Consolidated Balance Sheets – March 31, 2026 and December 31, 2025	3

	Condensed Consolidated Statements of Operations – Three months ended March 31, 2026 and 2025	4

	Condensed Consolidated Statements of Comprehensive Income – Three months ended March 31, 2026 and 2025	5

	Condensed Consolidated Statements of Changes in Shareholders’ Equity – Three months ended March 31, 2026 and 2025	6

	Condensed Consolidated Statements of Cash Flows – Three months ended March 31, 2026 and 2025	8

	Notes to Condensed Consolidated Financial Statements	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	46

Item 4.	Controls and Procedures	46

Part II Other Information

Item 1.	Legal Proceedings	47

Item 1A.	Risk Factors	47

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	47

Item 3.	Default Upon Senior Securities	47

Item 4.	Mine Safety Disclosures	47

Item 5.	Other Information	47

Item 6.	Exhibits	48

Signatures		49

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

THE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS


	March 31,		December 31,
	2026		2025
(Dollars in thousands, except share data)		(unaudited)


ASSETS:
Cash and cash equivalents
Cash and due from banks	$	8,673	$	8,038
Interest-earning deposits		58,510		104,611
Total cash and cash equivalents		67,183		112,649

Investment securities, available-for-sale, at fair value		1,646,541		1,671,750
Commercial loans, at fair value		128,260		139,389
Loans, net of deferred loan fees and costs		7,753,683		7,116,676
Allowance for credit losses		(63,017)		(66,200)
Loans, net		7,690,666		7,050,476
Stock in Federal Reserve, Federal Home Loan and Atlantic Central Bankers Banks		37,785		25,205
Premises and equipment, net		29,046		29,834
Accrued interest receivable		41,315		43,090
Other real estate owned		60,998		60,695
Deferred tax asset, net		21,139		18,679
Credit enhancement asset		29,769		31,138
Other assets		146,062		169,520
Total assets	$	9,898,764	$	9,352,425

LIABILITIES:
Deposits
Demand and interest checking	$	8,281,037	$	7,827,037
Savings and money market		148,988		338,459
Total deposits		8,430,025		8,165,496

Short-term borrowings		470,000		199,000
Senior debt		196,320		196,253
Subordinated debentures		13,401		13,401
Other long-term borrowings		13,626		13,712
Other liabilities		78,442		74,767
Total liabilities		9,201,814		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		48,750		48,404
Additional paid-in capital		28,616		24,207
Retained earnings		1,067,437		1,007,368
Accumulated other comprehensive income		3,459		10,839
Treasury stock at cost, 6,891,706 shares at March 31, 2026 and 6,048,645 shares at December 31, 2025		(451,312)		(401,022)
Total shareholders' equity		696,950		689,796

Total liabilities and shareholders' equity	$	9,898,764	$	9,352,425

The accompanying notes are an integral part of these consolidated statements.

‎

THE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)


	For the three months ended March 31,
	2026		2025
	(Dollars in thousands, except share and per share data)
Interest income:
Loans, including fees	$	107,545	$	108,912
Investment securities:
Taxable interest		19,920		18,127
Tax-exempt interest		130		83
Interest-earning deposits		2,196		12,680
		129,791		139,802
Interest expense:
Deposits		35,289		46,375
Short-term borrowings		1,381		—
Long-term borrowings		197		195
Senior debt		3,875		1,234
Subordinated debentures		235		255
		40,977		48,059
Net interest income		88,814		91,743
Provision (reversal) for credit losses on non-fintech loans		(1,348)		874
Provision for credit losses on fintech loans		28,843		45,868
Provision for unfunded commitments		106		111
Provision for credit losses, total		27,601		46,853
Net interest income after provision for credit losses		61,213		44,890

Non-interest income
Fintech fees
ACH, card and other payment fees		5,796		5,132
Prepaid, debit card and related fees		26,677		25,714
Consumer credit fintech fees		5,596		3,600
Total fintech fees		38,069		34,446
Net realized and unrealized gains
on commercial loans, at fair value		6		361
Leasing related income		1,901		1,972
Fintech loan credit enhancement		28,843		45,868
Other		3,706		995
Total non-interest income		72,525		83,642

Non-interest expense
Salaries and employee benefits		37,477		33,669
Depreciation		1,245		1,104
Rent and related occupancy cost		1,691		1,568
Data processing expense		1,309		1,205
Audit expense		641		654
Legal expense		1,590		1,957
Legal settlement (reimbursement)		(2,000)		—
FDIC insurance		1,251		1,053
Software		5,369		5,013
Insurance		1,182		1,257
Telecom and IT network communications		284		333
Consulting		210		456
Other		4,777		5,025
Total non-interest expense		55,026		53,294
Income before income taxes		78,712		75,238
Income tax expense		18,643		18,065
Net income	$	60,069	$	57,173

Net income per share - basic	$	1.43	$	1.21
Net income per share - diluted	$	1.41	$	1.19
Weighted average shares - basic		42,133,301		47,214,050
Weighted average shares - diluted		42,594,824		47,959,292

The accompanying notes are an integral part of these consolidated statements.

THE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)


	For the three months ended March 31,
	2026		2025
	(Dollars in thousands)

Net income	$	60,069	$	57,173

Other comprehensive (loss) income, net:
Other comprehensive (loss) income:
Securities available-for-sale:
Change in net unrealized (losses) gains		(9,840)		21,062
Other comprehensive (loss) income		(9,840)		21,062

Income tax (benefit) expense related to items of other comprehensive income:
Securities available-for-sale:
Change in net unrealized (losses) gains		(2,460)		5,265
Income tax (benefit) expense related to items of other comprehensive income		(2,460)		5,265

Other comprehensive (loss) income, net		(7,380)		15,797
Comprehensive income	$	52,689	$	72,970

The accompanying notes are an integral part of these consolidated statements.

THE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)


For the three months ended March 31, 2026
(Dollars in thousands, except share data)

									Accumulated
	Common				Additional				other
	stock		Common		paid-in		Retained		comprehensive		Treasury
	shares issued		stock		capital		earnings		income		stock		Total

Balance at January 1, 2026		48,404,006	$	48,404	$	24,207	$	1,007,368	$	10,839	$	(401,022)	$	689,796
Net income		—		—		—		60,069		—		—		60,069
Common stock issued from restricted units, net of tax benefits		346,245		346		(346)		—		—		—		—
Stock-based compensation		—		—		4,755		—		—		—		4,755
Other comprehensive loss net of reclassification adjustments and tax		—		—		—		—		(7,380)		—		(7,380)
Common stock repurchases and excise tax⁽¹⁾		—		—		—		—		—		(50,290)		(50,290)
Balance at March 31, 2026		48,750,251	$	48,750	$	28,616	$	1,067,437	$	3,459	$	(451,312)	$	696,950

⁽¹⁾Repurchase of common stock includes 843,061 shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors. See Note 8, “Shareholders’ Equity” for further information.

The accompanying notes are an integral part of these consolidated statements.

‎

THE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED)

(CONTINUED)


For the three months ended March 31, 2025
(Dollars in thousands, except share data)
									Accumulated
	Common				Additional				other
	stock		Common		paid-in		Retained		comprehensive		Treasury
	shares issued		stock		capital		earnings		loss		stock		Total

Balance at January 1, 2025		47,713,481	$	47,713	$	3,233	$	779,155	$	(17,637)	$	(22,681)	$	789,783
Net income		—		—		—		57,173		—		—		57,173
Common stock issued from restricted units, net of tax benefits		353,697		354		(354)		—		—		—		—
Stock-based compensation		—		—		4,591		—		—		—		4,591
Other comprehensive income net of reclassification adjustments and tax		—		—		—		—		15,797		—		15,797
Common stock repurchases and excise tax⁽¹⁾		—		—		—		—		—		(37,657)		(37,657)
Balance at March 31, 2025		48,067,178	$	48,067	$	7,470	$	836,328	$	(1,840)	$	(60,338)	$	829,687

⁽¹⁾Repurchase of common stock includes 684,445 shares repurchased in connection with the Company's share repurchase program approved by the Board of Directors. See Note 8, “Shareholders’ Equity” for further information.

The accompanying notes are an integral part of these consolidated statements.

‎

THE BANCORP, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)



	For the three months
	ended March 31,
	2026		2025
		(Dollars in thousands)
Operating activities:
Net income	$	60,069	$	57,173
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation		1,245		1,104
Provision for credit losses, total		27,601		46,853
Fintech loan credit enhancement income		(28,843)		(45,868)
Accretion of fees, premiums, and discounts, net		(1,048)		(493)
Stock-based compensation expense		4,755		4,591
Realized gains on commercial loans, at fair value		(6)		(361)
(Gain) loss on sale of fixed assets		(29)		9
Decrease (increase) in accrued interest receivable		1,775		(751)
Decrease in other assets		16,293		32,646
Increase (decrease) in other liabilities		3,428		(363)
Net cash provided by operating activities		85,240		94,540

Investing activities:
Purchase of investment securities available-for-sale		(5,000)		(10,996)
Proceeds from redemptions and prepayments of securities available-for-sale		25,584		47,934
Capitalized investment in other real estate owned		(326)		(1,382)
Sale of repossessed assets		808		1,276
Net increase in loans		(677,877)		(310,839)
Credit enhancement agreement cash inflows		30,212		38,578
Proceeds from sale of fixed assets		40		88
Commercial loans, at fair value drawn during the period		—		(1,763)
Payments on commercial loans, at fair value		11,082		13,596
Purchases of premises and equipment		(468)		(765)
Net cash used in investing activities		(615,945)		(224,273)

Financing activities:
Net increase in deposits		264,529		618,536
Proceeds from short-term borrowings		271,000		—
Repurchases of common stock and excise tax		(50,290)		(37,657)
Net cash provided by financing activities		485,239		580,879

Net (decrease) increase in cash and cash equivalents		(45,466)		451,146

Cash and cash equivalents, beginning of period		112,649		570,123

Cash and cash equivalents, end of period	$	67,183	$	1,021,269

Supplemental cash flow information:
Interest paid	$	45,769	$	50,054
Transfers (from) to other real estate owned from commercial loans, at fair value, and loans, net	$	(23)	$	3,722
Leased vehicles transferred to repossessed assets	$	536	$	849

The accompanying notes are an integral part of these consolidated statements.

‎

THE BANCORP, INC. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1. Organization and Nature of Operations

The Bancorp, Inc. (the “Company”) is a Delaware corporation and a registered financial holding company. Its primary, wholly-owned subsidiary is The Bancorp Bank, National Association (the “Bank”), which is a federally chartered commercial bank located in Sioux Falls, South Dakota and is a Federal Deposit Insurance Corporation (“FDIC”) insured institution. As a federally chartered institution, its primary regulator is the Office of the Comptroller of the Currency (“OCC”). The Company has two primary operating segments which consist of Fintech Solutions and Credit Solutions.

Through partner relationships, Fintech Solutions delivers payment, deposit, and lending products that attract deposits and generate fee income. Deposits generated through these partner relationships are deployed into loan and lease products offered by both Fintech sponsored lending and the Credit Solutions business line. The Company primarily earns fee-based income from fintech products, and such products include sponsored issuance of deposit accounts and debit, credit, and prepaid cards; sponsored lending products for fintech partners; and payment processing solutions, including acquiring, ACH, and near-and real-time payment services in support of its partners.

Credit Solutions is our lending operation and makes the following types of loans: (i) Real estate bridge lending (“REBL”); (ii) Institutional Banking comprised of security-backed lines of credit (“SBLOC”), cash value insurance policy-backed lines of credit (“IBLOC”) and advisor financing; and (iii) Commercial Loans which includes Small Business Loans (“SBL”) which is comprised primarily of Small Business Administration (“SBA”) loans and direct lease financing.

The Company and the Bank are affected by state and federal legislation and regulations and are subject to regulation by certain state and federal agencies. Accordingly, they are examined periodically by those regulatory authorities.

Note 2. Significant Accounting Policies

Basis of Presentation

The financial statements of the Company, as of March 31, 2026 and for the three-month periods ended March 31, 2026 and 2025, are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted in this Quarterly Report on Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). However, in the opinion of management, these interim financial statements include all necessary adjustments to fairly present the results of the interim periods presented. The unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). The results of operations for the three-month period ended March 31, 2026 may not necessarily be indicative of the results of operations anticipated for the full year ending December 31, 2026.

Certain prior period amounts have been reclassified to conform to current period presentation.

There have been no significant changes as of March 31, 2026 from the Company’s significant accounting policies as described in the 2025 Form 10-K.

Subsequent Events

The Company evaluated its March 31, 2026 financial statements for subsequent events through the date the consolidated financial statements were issued. The Company is not aware of any subsequent events which would require recognition or disclosure in the financial statements.

The Company calculates earnings per share in accordance with ASC 260, Earnings Per Share. Basic earnings per share is computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share is computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period, assuming all potentially dilutive common shares were issued.

Diluted earnings per share considers the potential dilution that could occur if securities, including stock options and RSUs or other contracts to issue common stock were exercised and converted into common stock. Stock options are dilutive if their exercise prices are less than the current stock price. RSUs are dilutive because they represent grants over vesting periods which do not require employees to pay exercise prices. The dilution shown in the tables below includes the potential dilution from both stock options and RSUs. The weighted-average computation of the dilutive effect of potentially issuable shares of Common stock under the treasury stock method excludes the effect of securities that would be anti-dilutive.

The calculation of weighted-average common shares outstanding during each respective period includes activity related to share repurchases made under the Company’s share repurchase programs, as discussed further in “Note 8. Shareholders’ Equity.”

The following table summarizes the calculation of earnings per share:



	For the three months ended March 31,
	2026		2025
	(Dollars in thousands except share and per share data)
Net income	$	60,069	$	57,173

Weighted average shares - basic		42,133,301		47,214,050
Effect of dilutive securities:
Common stock options and RSUs		461,523		745,242
Weighted average shares - diluted		42,594,824		47,959,292

Basic and diluted earnings per share:
Net income per share - basic	$	1.43	$	1.21
Effect of dilutive securities:
Common stock options and RSUs		(0.02)		(0.02)
Net income per share - diluted	$	1.41	$	1.19

Included in the computation of diluted shares:
Stock options with exercise price below average market price
Share count		368,293		622,677
Minimum exercise price	$	8.57	$	6.87
Maximum exercise price	$	43.89	$	35.17

Excluded from the computation of diluted shares: Antidilutive securities
Outstanding stock-based compensation awards		32,624		78,240

Note 4. Investment Securities

The Company’s investments in debt securities are classified as available-for-sale, and are summarized as follows (dollars in thousands):



	March 31, 2026
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
U.S. Government agency securities	$	23,483	$	29	$	(511)	$	23,001
Asset-backed securities		229,536		49		(680)		228,905
Tax-exempt obligations of states and political subdivisions		14,613		26		(87)		14,552
Taxable obligations of states and political subdivisions		17,827		43		(64)		17,806
Residential mortgage-backed securities		445,276		8,774		(4,033)		450,017
Collateralized mortgage obligation securities		55,461		14		(894)		54,581
Commercial mortgage-backed securities		855,761		11,673		(9,755)		857,679
	$	1,641,957	$	20,608	$	(16,024)	$	1,646,541



	December 31, 2025
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
	cost		gains		losses		value
U.S. Government agency securities	$	25,503	$	63	$	(457)	$	25,109
Asset-backed securities		234,029		205		(133)		234,101
Tax-exempt obligations of states and political subdivisions		9,614		62		(40)		9,636
Taxable obligations of states and political subdivisions		18,941		45		(59)		18,927
Residential mortgage-backed securities		454,837		13,039		(3,553)		464,323
Collateralized mortgage obligation securities		58,129		44		(593)		57,580
Commercial mortgage-backed securities		856,273		14,306		(8,505)		862,074
	$	1,657,326	$	27,764	$	(13,340)	$	1,671,750

The amortized cost and fair value of the Company’s investment securities at March 31, 2026, by contractual maturity, are shown below (dollars in thousands). Expected maturities may differ from contractual maturities based on the timing of cashflows from the underlying collateral.



	Available-for-sale
	Amortized		Fair
	cost		value
Due before one year	$	22,093	$	21,957
Due after one year through five years		279,539		281,334
Due after five years through ten years		500,946		505,377
Due after ten years		839,379		837,873
	$	1,641,957	$	1,646,541

The table below indicates the length of time individual securities had been in a continuous unrealized loss position (dollars in thousands):


	March 31, 2026
	Less than 12 months				12 months or longer				Total
		Fair Value		Unrealized losses		Fair Value		Unrealized losses		Fair Value		Unrealized losses
Description of Securities
U.S. Government agency securities	$	8,454	$	(88)	$	10,732	$	(423)	$	19,186	$	(511)
Asset-backed securities		169,151		(680)		—		—		169,151		(680)
Tax-exempt obligations of states and political subdivisions		6,406		(82)		1,155		(5)		7,561		(87)
Taxable obligations of states and political subdivisions		—		—		12,933		(64)		12,933		(64)
Residential mortgage-backed securities		62,538		(494)		28,460		(3,539)		90,998		(4,033)
Collateralized mortgage obligation securities		33,076		(311)		11,868		(583)		44,944		(894)
Commercial mortgage-backed securities		238,918		(2,081)		107,926		(7,674)		346,844		(9,755)
Total unrealized loss position investment securities	$	518,543	$	(3,736)	$	173,074	$	(12,288)	$	691,617	$	(16,024)

December 31, 2025

Less than 12 months

12 months or longer

Total

Fair Value

Unrealized losses

Fair Value

Unrealized losses

Fair Value

Unrealized losses

Description of Securities

THE BANCORP, INC.

Note 1. Organization and Nature of Operations

Note 2. Significant Accounting Policies

Note 3. Earnings Per Share

Note 4. Investment Securities

Bancorp, Inc. 10-Q