The Bancorp, Inc., north Wilmington, reported higher earnings for the second quarter.
Net income increased to $11.4 million for the quarter ended June 30, 2019, compared to $6.1 million for the quarter ended June 30, 2018, an increase of 85 percent.
Damian Kozlowski, The Bancorp’s CEO, stated, “Revenue momentum was broad-based in the second quarter, equally distributed between fee and net interest income growth. These trends and our underlying pipelines suggest continued improvement in our earnings outlook.”
The Bancorp, Inc.’s only subsidiary, The Bancorp Bank is an issuer of prepaid cards in the US and originator of electronic (ACH) transactions.
Specialized lending includes Small Busines Administration loans. The company is also a provider of securities-backed lines of credit, and one of the few bank-owned commercial vehicle leasing groups in the nation. For more information visit www.thebancorp.com.