Heard on the Street: This Bank's Annual Report Self-Destructed in Just One Day -- WSJ

Dow Jones

06 Mar

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.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

March 05, 2025 12:42 ET (17:42 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

1
2
3
4
5
6
7
8
9
10

{"basename":"","ssrTDKData":{"titleTemplate":"%s - Tiger Brokers","title":"Tiger Brokers | Global Stocks, Options & Futures Trading App","description":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","keywords":"tiger brokers,tiger trade,tiger brokers singapore,broker online,stock trading in singapore,share trading singapore,brokerage firm singapore,trading app,stock broker singapore,stock trading platforms,trading account","social":{"ogDescription":"Tiger Brokers, one-stop investment in US stocks, SGX stocks, HK stocks, A-shares & other global assets. One of the best stock trading platforms in Singapore.","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/news/2517940905"},"companyName":"Tiger Brokers"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2517940905\",edition:\"fundamental\",,,undefined,":{"share":"https://ttm.financial/m/news/2517940905?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2025-03-06 01:42","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2517940905","market":"us","top_or_hot":-1,"title":"Heard on the Street: This Bank's Annual Report Self-Destructed in Just One Day -- WSJ","media":"Dow Jones","content":"<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n       By Jonathan Weil \n</p>\n<p>\n     How's this for an unforced error? \n</p>\n<p>\n     <a href=\"https://laohu8.com/S/TBBK\">The Bancorp</a> 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. \n</p>\n<p>\n     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. \n</p>\n<p>\n     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%. \n</p>\n<p>\n     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. \n</p>\n<p>\n     This analysis comes from the Journal's Heard on the Street team. Subscribe to their free daily afternoon newsletter here. \n</p>\n<p>\n       This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage). \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 05, 2025 12:42 ET (17:42 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Heard on the Street: This Bank's Annual Report Self-Destructed in Just One Day -- WSJ</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHeard on the Street: This Bank's Annual Report Self-Destructed in Just One Day -- WSJ\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2025-03-06 01:42</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n       By Jonathan Weil \n</p>\n<p>\n     How's this for an unforced error? \n</p>\n<p>\n     <a href=\"https://laohu8.com/S/TBBK\">The Bancorp</a> 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. \n</p>\n<p>\n     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. \n</p>\n<p>\n     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%. \n</p>\n<p>\n     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. \n</p>\n<p>\n     This analysis comes from the Journal's Heard on the Street team. Subscribe to their free daily afternoon newsletter here. \n</p>\n<p>\n       This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage). \n</p>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  March 05, 2025 12:42 ET (17:42 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2517940905","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2517940905","pubTimestamp":1741196520,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"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 item ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"街闻：这家银行的年报仅一天就自毁——华尔街日报","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TBBK":0.9},"content_text":"By Jonathan Weil \n\n\n     How's this for an unforced error? \n\n\nThe 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. \n\n\n     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. \n\n\n     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%. \n\n\n     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. \n\n\n     This analysis comes from the Journal's Heard on the Street team. Subscribe to their free daily afternoon newsletter here. \n\n\n       This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage). \n\n\n  (END) Dow Jones Newswires\n\n\n  March 05, 2025 12:42 ET (17:42 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1}}}