At a glance
The Bancorp Inc is worth $2.06B, about 10 times its fiscal 2025 earnings. Revenue grew 31.9% to $703.8M in fiscal 2025, with 32.4% kept as profit; over 5 years it has grown 20.3% a year. It pays no dividend; it spent $830.7M buying back its shares over FY2021–FY2025. The stock returned −36.3% over the past year with dividends reinvested and +9.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 48.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months after the low.
The business in plain English
The Bancorp, Inc. owns The Bancorp Bank, National Association, an FDIC-insured bank based in Sioux Falls, South Dakota. It calls itself a fintech bank, working mainly with financial technology and payment companies that have their own customers. For them, it issues debit, credit and prepaid cards under the partner's name, holds the deposits, processes payments such as ACH transfers (the system behind direct deposit and bill pay) and makes short-term loans that partners help market and service.
It makes money two ways. Partners pay per-transaction and monthly fees, and the bank earns interchange, a small fee on each card purchase paid through networks such as Visa and Mastercard. Fintech fee income totaled $141.1 million in 2025, up 21%. Its Credit Solutions arm lends out the deposits these programs bring in; 91% of deposits came from fintech partners as of December 31, 2025. In fiscal 2025, net interest income (interest earned minus interest paid) was $375.5 million and noninterest income was $328.3 million.
As of December 31, 2025, the largest loan types were three-year bridge loans to buy and renovate apartment buildings (31%), credit lines and loans for wealth management clients and advisors (27%), fintech loans (15%), small business loans, mostly through Small Business Administration programs (14%), and vehicle fleet leases (9%). The 10-K gives no revenue split by segment.
Price history
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TBBK -36.3% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $163.5M, down 9.8% from a year earlier, and net income was $60.7M (+1.4%).
- For fiscal 2025, revenue was $703.8M (+31.9% year over year; +20.3% a year from FY2020 to FY2025) with a 32.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +20.3% good |
|---|---|
| Return on equity | 33.1% good |
| Net income / revenue | 32.4% good |
| Deposits | $7.48B |
| Loans | $7.01B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $279.5M | $80.1M | — |
| FY2021 | $315.6M | $110.7M | — |
| FY2022 | $354.5M | $130.2M | — |
| FY2023 | $466.1M | $192.3M | — |
| FY2024 | $533.8M | $217.5M | — |
| FY2025 | $703.8M | $228.2M | — |
Valuation snapshot
| Market value | $2.06B |
|---|---|
| P/E ratio | 10.2 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
The Bancorp’s market value went from $786.1M at the end of 2020 to $2.06B on Oct 28, 2026, about 2.6 times as much; since the end of 2025 it is down 31%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.06B | -30.6% |
| 2025 | $2.97B | +17.5% |
| 2024 | $2.52B | +21.9% |
| 2023 | $2.07B | +30.2% |
| 2022 | $1.59B | +10.2% |
| 2021 | $1.44B | +83.5% |
| 2020 | $786.1M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TBBK price data to Oct 28, 2026 | -25.3% | -36.3% | +13.2% | +9.6% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -25.3% |
| 2025 | +28.3% |
| 2024 | +36.5% |
| 2023 | +35.9% |
| 2022 | +12.1% |
| 2021 | +85.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 9.7% over that stretch · deepest drop along the way 48%, back to its old high 7.4 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 10 open-market purchases ($324K) and 5 sales ($1.2M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 28, 2026 | Maria Wainwright EVP & Chief Marketing Officer | sell | $506K |
| Apr 29, 2026 | Erika R Caesar EVP and General Counsel | sell | $269K |
| Mar 13, 2026 | Ryan Harris EVP Head of Fintech Solutions | sell | $239K |
| Aug 6, 2026 | Martin Egan Chief Accounting Officer | sell | $148K |
| May 1, 2026 | Matthew Cohn Director | buy | $89K |
Who owns it
Large shareholders (13G filings)
| American Century Investment Management, Inc. | 5.5% | Mar 31, 2025 |
| Vanguard Capital Management | 4.97% | Sep 30, 2026 |
| FMR LLC | 4.5% | Mar 31, 2026 |
| Wellington Management Group LLP | 3.1% | Sep 30, 2025 |
| Invesco Ltd. | 2.7% | Mar 31, 2026 |
ETFs with the most weight in TBBK
| KBE SPDR S&P Bank ETF | 1.04% |
| AFSM First Trust Active Factor Small Cap ETF | 0.94% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 0.87% |
| PSCF Invesco S&P SmallCap Financials ETF | 0.69% |
| VIOG Vanguard S&P Small-Cap 600 Growth ETF | 0.39% |
| SLYG SPDR S&P 600 Small Cap Growth ETF | 0.37% |
| AVUV Avantis U.S. Small Cap Value ETF | 0.37% |
| IJT iShares S&P Small-Cap 600 Growth ETF | 0.36% |
What could go wrong
- Heavy reliance on fintech partners. As of December 31, 2025, 91% of deposits came from fintech partners, mostly card programs. Losing a large partner could shrink both the lower-cost deposits that fund loans and the fee income.
- Growing past the $10 billion line. The bank keeps assets under $10 billion to avoid federal caps on debit interchange fees. Assets were about $9.2 billion as of June 30, 2026. Crossing over could cut fees and let some partners leave.
- Fast-growing fintech loans depend on partners. Fintech loans grew 142% to $1.10 billion in 2025. Partners market and service them. All carry extra loss protection, but the bank still relies on partner controls and faces fraud and regulatory claims.
- Apartment bridge loans could sour. Bridge loans on apartment buildings made up 31% of loans as of December 31, 2025. They generally lack recourse to the borrower, so repayment depends on the property's cash flow and renovation plans working.
- Card network and interchange rule changes. Card fees depend on rules set by Visa, Mastercard and regulators. Changes to interchange rates, network fees or prepaid card regulations could reduce the $103.5 million the bank earned from card fees in 2025.
- Fraud in cards and payments. Fraud is a large risk in the card business. The bank holds millions of small card balances and moves money through ACH and real-time payments, so fraud or payment failures could cause direct losses.
Recent events
- Quarterly results released; Investor presentation or announcement
- Restructuring or exit costs; Executive or board change; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
The Bancorp paid no dividends in fiscal 2021 through 2025. An income investor would get no cash payout and would have to sell shares to draw income. The company returned cash through buybacks instead: about $830.7 million over those five years, including $378.3 million in 2025. Shares outstanding fell 28.4%, from about 57.0 million on October 29, 2021 to about 40.8 million on July 31, 2026, which raises each remaining share's slice of earnings. The 10-K warns that buybacks may not continue, and regulators limit the dividends the bank can send up to the holding company.
In the 2022 bear market, the stock fell 48% from January 14 to June 16, 2022, then regained its prior peak by January 27, 2023. As of October 28, 2026, it was down 36.3% over one year. A single stock carries more risk than a diversified fund.
Questions investors ask
Does The Bancorp (TBBK) pay a dividend?
No. The Bancorp paid no dividends in fiscal 2021 through 2025. It returned cash through share buybacks instead, spending about $830.7 million over those five years, including $378.3 million in 2025. The 10-K says there is no assurance buybacks will continue. It also notes that regulators limit the dividends the bank can pay to its parent company. For an income investor, any return from this stock comes from share price changes, not cash payments.
How does The Bancorp make money?
Through fees and lending. Fintech and payment companies pay it to issue debit, prepaid and credit cards, hold deposits and process payments, and it earns interchange fees on card purchases. Fintech fee income was $141.1 million in 2025. It also lends out the lower-cost deposits those programs bring in. In fiscal 2025, net interest income (interest earned minus interest paid) was $375.5 million and noninterest income was $328.3 million, for total revenue of about $703.8 million.
Why does The Bancorp stay under $10 billion in assets?
To stay exempt from the Durbin Amendment, a federal rule that caps the debit interchange fees larger banks can collect. The company manages its balance sheet to stay below that line, using tools such as deposit sweeps (moving deposits to other banks) and loan sales. Ending a year above $10 billion would bring stricter regulation and could cut fee income, and some partner agreements allow those partners to end the relationship. Total assets were about $9.2 billion as of June 30, 2026.
How has TBBK stock performed?
It rose in every calendar year from 2021 through 2025, then fell sharply in 2026. The shares gained 85.4% in 2021, 12.1% in 2022, 35.9% in 2023, 36.5% in 2024 and 28.3% in 2025. As of October 28, 2026, they were down 25.3% for the year to date and 36.3% over one year. The five-year return was about 9.6% a year, or 58% in total. The stock swings widely: it fell 48% during 2022 before recovering by January 2023.
What is TBBK's P/E ratio?
About 10.2 as of October 28, 2026, based on fiscal 2025 diluted earnings of $4.92 per share. P/E divides the share price by yearly earnings per share. Earnings per share rose from $1.37 in fiscal 2020, but growth slowed in fiscal 2025: net income rose 4.9% while revenue rose 31.9%. Money set aside for expected loan losses reached $177.7 million that year. A September 4, 2026 filing reported restructuring costs and an executive or board change.