The Bancorp, Inc., north Wilmington, continued its financial turnaround in the first quarter.
Net income from continuing operations rose 122 percent to $14 million for the quarter ended March 31 when compared to same period a year ago. Net income overall rose 78 percent to $14.1 million between those periods.
Damian Kozlowski, The Bancorp’s CEO, said, “The first quarter was a great start to a new year. Bancorp earned $0.25 cents a share on net revenue of $59 million and expenses of $39.0 million. The commitment of our team to execute on our business plan is having an impact on our operating performance and we continue to show momentum in our results. Along with revenue and client progress in each of our business lines, we have continued to strengthen our overall platform with the goal of greater efficiency and productivity enhanced by a higher level of risk management across our enterprise.”
Income from continuing operations does not include any income which may result from the reinvestment of the proceeds from sales or repayment of the remaining assets in The Bancorp’s discontinued operations.
The Bancorp is now under new management after seeing problems with loan losses.
The company specializes in providing private-label banking and technology solutions to non-bank companies. It has also served as a commercial lender in the Delaware Valley.
