Shares ofBancorp Inc.(NASDAQ: TBBK), which specializes in providing private-label banking, surged as much as 33% at one point today after the company reported Q1 earnings ahead of expectations.
For the quarter, Bancorp earnings jumped -- going from a net loss of $0.29 per share in Q1 2016 to positivenet income of $8 million, or $0.14 per share, for this quarter. Some of the biggest highlights for the quarter included strong growth in non-interest income and direct-lease financing.
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Bancorp calls itself "a trailblazer in financial services," as it offers private-label banking and technology solutions for companies from small start-ups to Fortune 500 corporations. The company's services range from payments and institutional banking to health-benefit banking, which the company believes position it for growth in a competitive market with behemoth financial services companies in its industry.
While today's results look largely positive, they're coming off a rough couple of years. Bancorp CEO Damian Kozlowskisaid in this release that:
Even after today's big rise, shares are down around 33% over the last two years. Still, Kozlowski said that, while the company has a long way to go to fully recover, he thinks this quarter was "a turning point."
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