The Bancorp, Inc. north Wilmington, reported sharply higher earnings in the third quarter and recorded a gain from the sale of its Individual Retirement Account business.
The Bancorp reported net income of $61.3 million for the quarter ended September 30, compared to net income of $7.3 million for the quarter ended September 30, 2017.
Pretax income from continuing operations for third quarter 2018 increased to $83.2 million compared to $12.2 million reported for third quarter 2017.
Total payments revenue, consisting of prepaid card fees and card payment and Automated Clearing House processing fees for the quarter ended September 30,
Loans increased 9 percentto $1.5 billion at September 30, 2018, compared to $1.37 billion at September 30, 2017.
Small Business Administration (“SBA”) loans increased 19 percent to $459.8 million at September 30, 2018, compared to $386.8 million at September 30, 2017.
Damian Kozlowski, The Bancorp’s CEO said, “As previously announced, we sold our Safe Harbor IRA portfolio that generated $6 million in 2017 fees. The sale price was $65 million and added 84 cents a share to book value. The sale of our Safe Harbor IRA portfolio concludes our divestiture of non-core assets started when our new business plan was approved by our board in the third quarter of 2016..”
The Bancorp, Inc. supplies services to the non-bank financial service companies, ranging from entrepreneurial start-ups to companies on the Fortune 500.