The Bancorp, Inc.
- Open
- 62.97
- Day high
- 66.36
- Day low
- 62.75
- Prev close
- 62.64
- Volume
- 346K
- Mkt cap
- $2.7B
- P/E (TTM)
- 12.6
- EPS (TTM)
- $5.21
- P/B
- 3.9
- P/S
- 3.5
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$641K over the last 3 months (3 open-market buys, 2 sales)
- 🏛Institutions reducing (13F)
The Bancorp, Inc. (TBBK) is a Financial Services company listed on NASDAQ. The stock is up 8% over the past year. Over the trailing 3 months, insiders filed 3 open-market buys and 2 sales (SEC Form 4).
The Bancorp, Inc. (TBBK) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TBBK earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 24, 2026 | $1.34 | $1.41 | +5.2% | $161M | -14.8% |
| Jan 29, 2026 | $1.46 | $1.28 | -12.3% | $170M | +69.2% |
| Oct 23, 2025 | $1.33 | $1.18 | -11.3% | $175M | +7.6% |
| Jul 24, 2025 | $1.26 | $1.27 | +0.8% | $181M | +85.3% |
| Apr 24, 2025 | $1.22 | $1.19 | -2.5% | $175M | +62.8% |
| Jan 30, 2025 | $1.13 | $1.15 | +1.8% | $149M | +54.2% |
| Oct 24, 2024 | $1.13 | $1.04 | -8.0% | $126M | -3.6% |
| Jul 25, 2024 | $1.07 | $1.05 | -1.9% | $125M | +29.2% |
| Apr 25, 2024 | $1.06 | $1.06 | +0.0% | $124M | +6.0% |
| Jan 25, 2024 | $0.95 | $0.81 | -14.7% | $109M | +20.4% |
| Oct 26, 2023 | $0.93 | $0.92 | -1.1% | $116M | +28.3% |
| Jul 27, 2023 | $0.88 | $0.89 | +1.1% | $117M | +27.5% |
TBBK insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 28, 2026 | Creuzot Cheryldirector | Grant | 2,250 | — |
| May 28, 2026 | Allen Dwaynedirector | Grant | 2,250 | — |
| May 28, 2026 | Cohn Matthewdirector | Grant | 2,250 | — |
| May 28, 2026 | TRYNISKI MARK Edirector | Grant | 3,600 | — |
| May 28, 2026 | Brockman Todd J.director | Grant | 3,600 | — |
| May 28, 2026 | Lamb William Hdirector | Grant | 2,250 | — |
| May 28, 2026 | McEntee James J IIIdirector | Grant | 3,600 | — |
| May 28, 2026 | Mudick Stephanie Bdirector | Grant | 3,600 | — |
| May 28, 2026 | KOZLOV HERSHdirector | Grant | 3,600 | — |
| May 5, 2026 | Cohn Matthewdirector | Buy | 500 | $59.76 |
| May 5, 2026 | Cohn Matthewdirector | Buy | 1,500 | $59.50 |
| May 5, 2026 | Cohn Matthewdirector | Buy | 250 | $59.90 |
| Apr 30, 2026 | Caesar Erika Rofficer: EVP and General Counsel | Sell | 4,470 | $60.28 |
| Apr 30, 2026 | Wainwright Mariaofficer: EVP & Chief Marketing Officer | Sell | 8,400 | $60.24 |
| Mar 16, 2026 | Harris Ryanofficer: EVP Head of Fintech Solutions | Sell | 4,500 | $53.18 |
Source: TBBK SEC Form 4 filings, latest May 28, 2026. For informational purposes only — not investment advice.
See the full TBBK insider & 13F page →The Bancorp, Inc. company profile
Overview
The Bancorp, Inc. (NASDAQ:TBBK) is a financial holding company founded in 1999 and headquartered in Wilmington, Delaware. The company operates through its wholly-owned subsidiary, The Bancorp Bank, which went public in 2004. The Bancorp has evolved from a traditional regional bank into a specialized financial services provider focused on serving fintech companies and institutional clients through its Banking-as-a-Service platform. The company has positioned itself as a key infrastructure provider in the rapidly growing fintech ecosystem, offering white-label banking services and payment processing capabilities to technology companies that need banking licenses and regulatory compliance support.
Business
The Bancorp operates in the specialized niche of Banking-as-a-Service (BaaS), which involves providing banking infrastructure and regulatory compliance services to fintech companies that lack banking licenses. The company's core business revolves around two main segments: **Fintech Solutions Group** represents the primary growth engine, generating approximately 60-70% of total revenue. This segment provides payment processing, prepaid and debit card services, and deposit account management for fintech partners. The key metric here is Gross Dollar Volume (GDV), which measures the total dollar amount of transactions processed through the platform. In 2024, GDV grew 15% year-over-year, with the company processing billions of dollars in transactions for partners like Block (formerly Square) and other major fintech companies. The segment also includes a rapidly growing credit sponsorship business, where The Bancorp provides lending infrastructure for fintech companies to offer credit products to their customers. **Traditional Banking Services** accounts for the remaining 30-40% of revenue and includes commercial lending, real estate bridge lending, small business administration loans, and securities-backed lines of credit. This segment serves institutional clients, small businesses, and high-net-worth individuals who need specialized lending products. The real estate bridge lending portfolio has been a particular focus, providing short-term financing for commercial real estate projects, though this carries higher credit risk during economic downturns. The company also offers vehicle fleet leasing, equipment financing, and private label banking services, though these represent smaller portions of the overall business mix.
Revenue model
The Bancorp generates revenue through multiple streams tied to its specialized banking services. The primary revenue model consists of **fee-based income** from payment processing and fintech services, accounting for the majority of total revenue. The company earns transaction fees based on the volume of payments processed through its platform, interchange fees from debit and prepaid card usage, and monthly service fees from fintech partners for banking infrastructure services. **Net interest income** represents the second major revenue source, generated from the spread between interest earned on loans and securities versus interest paid on deposits. The company's lending portfolio includes real estate bridge loans, small business loans, securities-backed lines of credit, and the growing credit sponsorship program where it earns interest on loans originated for fintech partners. The primary customers are fintech companies that need banking licenses and regulatory compliance support to offer financial services to their end users. These partners typically sign long-term contracts (5-20 years) and pay based on transaction volume, account maintenance, and specialized services. The credit sponsorship business targets fintech companies wanting to offer lending products, with The Bancorp providing the capital and regulatory framework. Several factors influence the company's margins. **Positive margin drivers** include rising interest rates (which increase net interest margins), growing fintech adoption driving higher transaction volumes, regulatory scrutiny of competitors creating opportunities to win new partners, and the scalable nature of the technology platform allowing revenue growth without proportional expense increases. **Negative margin pressures** come from credit losses in the lending portfolio (particularly real estate bridge loans during economic downturns), increasing compliance and technology costs to meet regulatory requirements, competition from other BaaS providers, and potential regulatory changes affecting the fintech industry. The company's approach to the $10 billion asset threshold (which triggers additional regulatory requirements) also impacts strategic planning and cost structure.
Competitive moat
The Bancorp's competitive moat is **moderate but strengthening**, built primarily around regulatory expertise and established fintech relationships. The company's strongest defensive position comes from the complexity and cost of banking regulatory compliance, which creates significant barriers to entry for potential competitors. Building a compliant Banking-as-a-Service platform requires substantial investment in technology, risk management systems, and regulatory expertise that takes years to develop and validate with regulators. The company benefits from **high switching costs** once fintech partners integrate their systems with The Bancorp's platform. These integrations are complex, time-consuming, and expensive to replicate, creating customer stickiness. The long-term nature of partnership agreements (5-20 years) provides revenue stability and makes it difficult for competitors to displace existing relationships. However, the moat faces several challenges. **Competition is intensifying** as larger banks like JPMorgan Chase and Wells Fargo enter the BaaS space with greater resources and broader service capabilities. Fintech companies are also exploring alternatives like obtaining their own banking licenses or working with multiple BaaS providers to reduce dependency. The regulatory environment presents both opportunity and risk - while compliance complexity protects against new entrants, regulatory changes could disrupt existing business models or favor larger, more established banks. The company's **network effects are limited** compared to true platform businesses, as most relationships are bilateral rather than creating multi-sided marketplace dynamics. The moat is primarily operational and regulatory rather than based on unique technology or irreplaceable market position. Success depends heavily on execution, maintaining regulatory compliance, and continuously investing in technology to stay competitive with both traditional banks and emerging fintech infrastructure providers.
Risks & safety
The margin of safety appears **moderate to strong** from a financial stability perspective, though valuation metrics suggest limited upside protection. **Liquidity and Solvency:** 1. Strong cash generation with $225 million in operating cash flow for 2024 2. Debt-to-equity ratio of 0.16, indicating conservative leverage 3. Total assets of $8.7 billion with $790 million in shareholder equity 4. Free cash flow of $225 million provides substantial financial flexibility 5. Plan to repay $96 million in senior secured debt in 2025 **Valuation Metrics:** 1. Price-to-earnings ratio of 11.8x appears reasonable for a growing financial services company 2. Price-to-book ratio of 3.3x reflects premium valuation typical for specialized banks 3. Return on equity of 27% demonstrates strong profitability 4. Trading at $40.93 with 2025 EPS guidance of $5.25 (7.8x forward P/E) **Other Considerations:** 1. Credit quality concerns in real estate bridge lending portfolio during potential economic downturn 2. Regulatory risk from approaching $10 billion asset threshold 3. Concentration risk from dependence on fintech industry growth 4. Asset quality improving with 14% reduction in substandard loans in 2024
Recent development
Over the past few years, The Bancorp has undergone significant strategic transformation from a traditional regional bank to a specialized fintech infrastructure provider. The most significant development has been the **expansion of credit sponsorship services**, with balances growing from $70 million in early 2024 to $454 million by year-end, representing a 550% increase. Management expects this program to reach $1 billion by the end of 2025 and potentially $3 billion by 2026, making it a cornerstone of future growth. The company has **strengthened its fintech partnerships**, most notably with Block (formerly Square), which became active in 2024 and contributed to the 15% annual GDV growth. The partnership strategy has evolved toward longer-term relationships, with partners seeking comprehensive financial services rather than just basic payment processing. This has led to **product diversification** including rapid funds access, credit builder products, and embedded finance solutions. **Technology and compliance investments** have been substantial, positioning the company to benefit from increased regulatory scrutiny of competitors in the Banking-as-a-Service space. The company has invested heavily in third-party risk management systems and compliance infrastructure, creating competitive advantages as regulators impose stricter requirements on BaaS providers. The **capital allocation strategy** has shifted toward supporting growth while returning capital to shareholders. The company completed significant share buybacks in 2024 but plans to reduce repurchases to $150 million in 2025 to facilitate debt repayment and fund credit sponsorship growth. The approach to the $10 billion asset threshold has become more strategic, with management focusing on fee-based growth rather than traditional asset accumulation to optimize regulatory positioning.
TBBK company profile · for informational purposes only — not investment advice.
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