The Bancorp reports Q3 EPS ex-items 23c, consensus 17c
Damian Kozlowski, The Bancorp's Chief Executive Officer, 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. Like our European and Health Savings Accounts franchises, our safe harbor IRA portfolio was sub-scale, carried regulatory risks and was unlikely to deliver longer-term growth or innovation to our business model. Therefore, its sale for $65 million, or over 10 times 2017 fees, allowed us to complete the process of focusing and de-risking our institution, while significantly enhancing our capital position without diluting the equity ownership of our shareholders."