Bancorp, Inc 8-K/A, filed Mar 10, 2025
Bancorp, Inc. (TBBK)
About this 8-K/A
Bancorp, Inc filed this 8-K/A on March 10, 2025, reporting on events of March 4, 2025.
Items reported
- Item 4.02: Earlier financial statements no longer reliable
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
(Amendment No. 1)
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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| Item 4.02. | Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review |
| (a) | As previously disclosed on a Current Report on Form 8-K filed on March 4, 2025, The Bancorp, Inc. (the “Company”) inappropriately filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “Annual Report”), in part because the Company had not completed additional closing procedures related to the accounting for consumer fintech loans in the allowance for credit losses at the time of the filing of the Annual Report. |
The Company expects to record an adjustment to the allowance for loan losses and provision expense associated with consumer fintech loans outstanding at the end of the period, and record a like amount, to the consumer fintech loan credit enhancement on the balance sheet and non-interest income, with no net income impact. There was no impact to the financial statements for the fiscal years ended December 31, 2023 and December 31, 2022.
The Company is continuing to evaluate its conclusions regarding disclosure controls and procedures, and internal control over financial reporting. A review by the Audit Committee of the Company’s Board of Directors is also being conducted.
Cautionary Statement Regarding Forward-Looking Statements
This Current Report on Form 8-K/A may contain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements provide management's current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Sentences containing words such as “believe,” “intend,” “plan,” “may,” “expect,” “should,” “could,” “anticipate,” “estimate,” “predict,” “project,” or their negatives, or other similar expressions of a future or forward-looking nature generally should be considered forward-looking statements. Forward-looking statements in this Current Report are based on management's current expectations and assumptions about future events that involve inherent risks and uncertainties and may concern, among other things, the Company’s expectations relating to its reserves for certain consumer fintech loans and the impact on the Company’s operations, controls and financials as a result of the review. While the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory, and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. The Company undertakes no obligation to review or update any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: March 10, 2025 | The Bancorp, Inc. | |
| By: | /s/ Paul Frenkiel | |
| Name: | Paul Frenkiel | |
| Title: | Chief Financial Officer and | |
| Secretary | ||