By Chris Wack
The Bancorp shares were down in premarket trading after the company missed third-quarter earnings expectations following a higher provision for credit losses.
Shares of the Wilmington, Del., company dropped 13% to $47.68, after closing Thursday's regular session at $54.96.
The financial holding company said it had quarterly earnings of $51.5 million, or $1.04 a share, compared to earnings of $50.1 million, or 92 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for earnings of $56.4 million, or $1.12 a share.
The Bancorp's third-quarter provision for credit losses was $3.48 million, compared with last year's $1.78 million. Net interest income was $93.7 million, 5% higher when compared with last year's $88.9 million.
The company said it expects 2024 earnings to be $4.35 a share, compared to the $4.38 a share expected by analysts.
The Bancorp also said planned stock buybacks for 2025 are being cut by $100 million from 2024 level to help pay for senior secured debt of $96 million.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
October 25, 2024 08:12 ET (12:12 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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