By Jonathan Weil
How's this for an unforced error?
The Bancorp Inc., a Delaware-based bank-holding company with about $9 billion of assets, late Tuesday warned investors to no longer rely on its previously filed annual report-which it had just filed one day earlier.
Bancorp said it "inappropriately filed" its 2024 annual report on Monday. It explained that its outside accounting firm, Crowe, did not provide final approval to include its audit opinion with the annual report. Further, Bancorp said its prior outside accounting firm, Grant Thornton "also did not provide approval to include its audit opinion" covering the company's 2023 and 2022 fiscal years.
Bancorp said it needs to do additional work on its accounting for credit losses on "consumer fintech loans." It expects to file an amended annual report within 15 days. The stock was down about 4%.
As one might expect after a mess like this, Bancorp added that it is evaluating whether it may need to report that it has a problem with its internal control over financial reporting.
This analysis comes from the Journal's Heard on the Street team. Subscribe to their free daily afternoon newsletter here.
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(END) Dow Jones Newswires
March 05, 2025 12:42 ET (17:42 GMT)
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