The Bancorp, Inc. (TBBK) saw its stock price plunge 9.01% in after-hours trading on October 24, 2024, following the release of its third-quarter financial results for 2024.

The company, a financial holding company based in Wilmington, Delaware, reported net income of $51.5 million for the third quarter, a modest 3% increase from the prior year's third quarter. However, this modest growth appears to have fallen short of market expectations, leading to the significant after-hours sell-off.

One factor that may have contributed to the stock's decline was the impact of certain one-time events on the company's net income. The Bancorp noted that a new credit loss factor, prior period interest income reversals on certain loans, and a loss resulting from a transaction processing delay collectively reduced its net income by approximately $3.6 million after taxes.

Additionally, the company's provision for credit losses on loans increased to $3.5 million for the quarter, up from $1.8 million in the same period last year. This increase may have raised concerns among investors about the potential deterioration of the company's loan portfolio quality.