The Bancorp, Inc. (NASDAQ:TBBK) Q3 2023 Earnings Conference Call October 27, 2023 8:00 AM ET

Company Participants

Andres Viroslav - Investor Relations

Damian Kozlowski - Chief Executive Officer

Paul Frenkiel - Chief Financial Officer

Conference Call Participants

Michael Perito - KBW

Frank Schiraldi - Piper Sandler

Operator

Good morning ladies and gentlemen and welcome to The Bancorp Inc. Q3 2023 Earnings Conference Call. [Operator Instructions] This call is being recorded on Friday, October 27, 2023.

I would now like to turn the conference over to Andres Viroslav. Please go ahead.

Andres Viroslav

Thank you, Jerry. Good morning and thank you for joining us today for The Bancorp's third quarter 2023 financial results conference call. On the call with me today are Damian Kozlowski, Chief Executive Officer; and Paul Frenkiel, our Chief Financial Officer. This morning's call is being webcast on our website at www.thebancorp.com. There will be a replay of the call available via webcast on our website beginning at approximately 12:00 p.m. Eastern Time today. The dial-in for the replay is 1 (877) 674-7070 with a confirmation code of 043391.

Before I turn the call over to Damian, I would like to remind everyone that 1 used in this conference call, the words believes, anticipates, expects and similar expressions are intended to identify forward-looking statements within the meanings of the Private Securities Litigation Reform Act of 1995. Such statements are subject to risks and uncertainties which could cause actual results performance or achievements to differ materially from those anticipated or suggested by such statements. For further discussion of these risks and uncertainties, please see The Bancorp's filings with the SEC. Listeners are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof. The Bancorp undertakes no obligation to publicly release the results of any revisions to forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Now, I'd like to turn the call over to The Bancorp's Chief Executive Officer, Damian Kozlowski. Damian?

Damian Kozlowski

Thank you andres. Good morning, everyone. The Bancorp earned $0.92 a share with revenue growth of 31% and expense growth of 6%. ROE was 26%. The NIM expanded to 5.07% from 4.83% quarter-over-quarter and 3.69% year-over-year. GDV increased 17% year-over-year and total fees from all of our FinTech activities increased 12%.

The Bancorp continues to produce record core profitability and exempt our financial performance and a challenging interest rate and macro environment for most financial institutions. We continue to invest heavily in the development of new products and services, especially in our Fintech Solutions Ecosystem. These investments should have meaningful impact on performance in gross dollar volume growth in '24 and beyond.