Raymond James analyst William Wallace upgraded The Bancorp two notches to Strong Buy from Market Perform and established a $6.50 price target following the $78.6M capital raise and raises the Tier 1 Leverage Ratio to 8.5% from 6.8%. The analyst said the he capital raise included two private equity firms, Castle Creek and Pilgrims & Indians), both of which will have board representation, and believes the new management team is looking to begin its tenure with a clean slate and eliminate downside risk related to the discontinued loan portfolio.

Reports Q1 revenue $123.8M, consensus $116.51M. CEO and President Damian Kozlowski commented, "We had another quarter of continued progress and a strong start to 2024 with earnings of $1.06 a share and an ROE of 28%," said Damian Kozlowski CEO and President of The Bancorp. "We expect continued increases in volumes and profitability throughout 2024 and beyond as we continue to invest and build our capabilities for the future, while adding new business partners and expanding our current client relationships. We are also reaffirming our 2024 guidance of $4.25 a share without the impact of $50 million per quarter of share buybacks and the additional $50 million buyback in the second quarter."