Postscript: May 18,2018 Literally “at the 11th hour” on April 26, 2018 the night before TBBK announced 1Q2018 earnings, the bank signed an agreement to sell a troubled Florida hotel construction loan with no loss due generous bank-financing coupled with a pre-packaged bankruptcy that subordinated EB-5 lenders. This last minute sale avoided the a 1Q …
Continue reading “The Bancorp (TBBK): Will a Florida Hotel Loan Default Ruin Its 1Q18 Financials?”
An Enron moment –– def. when an accounting ploy to offload toxic assets to an unconsolidated LLC backfires. The Bancorp’s Continuing Problems The Bancorp (NASDAQ: TBBK) is a publicly-held Philadelphia regional bank with a diversified loan portfolio, but also known for being one of largest issuers of reloadable prepaid debit and gift cards in the …
Continue reading “The Bancorp Is Having An “Enron Moment” With Its Unconsolidated LLC”
Summary Based on details presented below, we believe that The Bancorp is not in compliance with Post-Enron GAAP (specifically FASB 46R amended by SFAS 167, also know today as FASB ASC Topic 810-10) Introduction Generally accepted accounting principles (GAAP) relating to consolidation of subsidiaries have changed dramatically in response to the Enron scandal of the late …
Summary The Bancorp filed a NT 10-K recently notifying the SEC that it had failed to file its 2014 10-K within the allowed 75 days. We believe that the reason for this failure has been a reconsideration of the markdown of the loan portfolio associated with its discontinued commercial lending operation. The Bancorp has until …
Continue reading “The Bancorp: Continuing Problems With A Discontinued Operation”
The Bancorp is a Philadelphia area bank whose stock has fallen 50% in 2014 due accounting and regulatory surprises. On top of that, it announced it was discontinuing its commercial lending operations and set aside a $1.2 Billion portfolio for sale with an overall 6.5% mark-to-market discount. An 8-K filed on the last business day …
