The Bancorp, Inc. (NASDAQ:TBBK) Q1 2024 Earnings Conference Call April 26, 2024 8:00 AM ET

Company Participants

Andres Viroslav - Investor Relations
Damian Kozlowski - Chief Executive Officer
Paul Frenkiel - Chief Financial Officer

Conference Call Participants

David Feaster - Raymond James
Tim Switzer - KBW
Frank Schiraldi - Piper Sandler

Operator

Good day and welcome to the Bancorp Incorporated Q1 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. [Operator Instructions]. Please note today's call will be recorded and I'll be standing by if you should need any assistance.

It is now my pleasure to turn the conference over to Andres Viroslav. Please go ahead.

Andres Viroslav

Thank you, operator. Good morning and thank you for joining us today for the Bancorp's first quarter 2024 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 1-800-938-2241 with a confirmation code of Bankcorp.

Before I turn the call over to Damian, I would like to remind everyone that one using this conference call, the words believes, anticipates, expects and similar expressions are intended to identify forward-looking statements within the meaning 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 $1.06 a share with revenue growth of 8% while expenses were 3% lower than first quarter of 2023. ROE was 28%, NIM was 5.15% compared to 5.26% quarter-over-quarter, mostly due to the increase in Fed funds sold, and 467 year-over-year.