EX-99.1 2 ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

The Bancorp, Inc. Reports Third Quarter 2025 Financial Results

Wilmington, DE – October 30, 2025 – The Bancorp, Inc. (“The Bancorp” or the “Company” or “we” or “our”) (NASDAQ: TBBK), a financial holding company, today reported its financial results for the third quarter of 2025.

Highlights

| • | The Bancorp reported net income of $54.9 million, or $1.18 per diluted share (“EPS”), for the quarter ended September 30, 2025, compared to net income of $51.5 million, or $1.04 per diluted share, for the quarter ended September 30, 2024, or an EPS increase of 13%. While net income increased 7% between these periods, outstanding shares were reduced as a result of share repurchases as detailed below.

| • | Return on assets and return on equity for the quarter ended September 30, 2025, amounted to 2.5% and 27%, respectively, compared to 2.5% and 26%, respectively, for the quarter ended September 30, 2024 (all percentages “annualized”).

| • | Net interest income increased to $94.2 million for the quarter ended September 30, 2025, compared to $93.7 million for the quarter ended September 30, 2024.

| • | Net interest margin amounted to 4.45% for the quarter ended September 30, 2025, compared to 4.78% for the quarter ended September 30, 2024, and 4.44% for the quarter ended June 30, 2025.

| • | The average interest rate on $7.84 billion of average deposits and interest-bearing liabilities during the third quarter of 2025 was 2.15%. compared to 2.54% for the third quarter of 2024. Average deposits of $7.63 billion for the third quarter of 2025 increased $618.2 million, or 9% over third quarter 2024.

| • | Gross dollar volume (“GDV”), representing the total amounts spent on prepaid, debit and credit cards totaled $44.04 billion for the quarter ended September 30, 2025, an increase of $6.14 billion, or 16%, compared to the quarter ended September 30, 2024. The increase reflected continued organic volume growth with existing partners and products and the impact of new products launched within the past year. Total prepaid, debit card, ACH, and other payment fees increased 10% to $30.6 million for the third quarter of 2025 compared to the third quarter of 2024.

| • | Loans, net of deferred fees and costs were $6.67 billion at September 30, 2025, compared to $5.91 billion at September 30, 2024 and $6.54 billion at June 30, 2025. Those changes reflected an increase of 2% quarter over linked quarter and an increase of 13% year over year.

| • | Real estate bridge loans (“REBLs”) characterized as criticized assets decreased in the third quarter of 2025 to $185.3 million at September 30, 2025 from $215.8 million at June 30, 2025. Included in the September 30, 2025 balance is $102.0 million of assets under contract and expected to close during the fourth quarter, thus further reducing the criticized balance if completed.

| • | Consumer fintech loans increased to $785.0 million at September 30, 2025, a 15% increase compared to the $680.5 million balance at June 30, 2025 and increased 180% compared to the September 30, 2024 balance of $280.1 million. Certain loan fees on consumer fintech loans are recorded as non-interest income. Such non-interest income amounted to $4.5 million for the quarter ended September 30, 2025 and $1.6 million for the quarter ended September 30, 2024.

| • | As of September 30, 2025, the Company’s Tier 1 capital to average assets (leverage), Tier 1 capital to risk-weighted assets, total capital to risk-weighted assets and common equity Tier 1 to risk-weighted assets ratios were 8.74%, 12.99%, 14.09% and 12.99%, respectively. Those respective ratios for our wholly owned subsidiary, The Bancorp Bank, N.A., at that date were 9.85%, 14.66%, 15.77% and 14.66% compared to well-capitalized minimums of 5%, 8%, 10%, and 6.5%. The Bancorp Bank, N.A. also remains well capitalized under banking regulations.

| • | Book value per common share at September 30, 2025, was $17.48 compared to $16.90 per common share at September 30, 2024, an increase of 3%.

| • | The Bancorp repurchased 2,034,053 shares of its common stock at an average cost of $73.74 per share during the quarter ended September 30, 2025. As a result of share repurchases, outstanding shares, net of treasury shares, at September 30, 2025 amounted to 44.5 million, compared to 48.2 million shares at September 30, 2024, or a reduction of 8%.

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“We had another successful quarter as we continue to build new Fintech capabilities and implement and expand partner programs,” said Damian Kozlowski, CEO of The Bancorp. He also noted that “We are lowering guidance from $5.25 to $5.10 earnings per share for 2025, primarily due to lower projected balances for our traditional lending businesses and an increased credit provision for leasing as a result of losses on the disposition of previously identified credits in trucking. In addition, we are not giving specific guidance for 2026 other than we are targeting a minimum $7 earnings per share run-rate by the fourth quarter of 2026. We are initiating preliminary guidance for 2027 of $8.25 earnings per share. We believe that our three major Fintech initiatives of credit sponsorship expansion, embedded finance platform development and new program implementations, plus platform efficiency and productivity gains from platform restructuring and new AI tools, and a continued high level of capital return through share buybacks, will contribute to earnings per share accretion. Earnings per share gains are subject to uncertainty, particularly as it relates to the development and implementation timelines in Fintech, and our stock price for buybacks.”

Conference Call Webcast

You may access the LIVE webcast of The Bancorp’s Quarterly Earnings Conference Call at 8:00 AM ET Friday, October 31, 2025, by clicking on the webcast link on The Bancorp’s homepage at www.thebancorp.com or you may dial 1.800.549.8228, conference ID 37073. You may listen to the replay of the webcast following the live call on The Bancorp’s investor relations website (archived for one year) or telephonically until Friday, November 7, 2025, by dialing 1.888.660.6264, playback code 37073#.

About The Bancorp

The Bancorp, Inc. (NASDAQ: TBBK), headquartered in Wilmington, Delaware, through its subsidiary, The Bancorp Bank, N.A, provides a variety of services including providing non-bank financial companies with the people, processes, and technology to meet their unique banking needs. Through its Fintech Solutions, Institutional Banking, Commercial Lending, and Real Estate Bridge Lending businesses, The Bancorp provides partner-focused solutions paired with cutting-edge technology for companies that range from entrepreneurial startups to Fortune 500 companies. With over 20 years of experience, The Bancorp has become a leader in the financial services industry, earning recognition as the #1 issuer of prepaid cards in the U.S., a nationwide provider of bridge financing for real estate capital improvement plans, an SBA National Preferred Lender, a leading provider of securities-backed lines of credit, with one of the few bank-owned commercial vehicle leasing groups. By its company-wide commitment to excellence, The Bancorp has also been ranked as one of the 100 Fastest-Growing Companies by Fortune, a Top 50 Employer by Equal Opportunity Magazine and was selected to be included in the S&P Small Cap 600. For more about The Bancorp, visit https://thebancorp.com/.

Forward-Looking Statements

Statements in this earnings release regarding The Bancorp’s business that are not historical facts, are “forward-looking statements.” These statements may be identified by the use of forward-looking terminology, including, but not limited to the words “intend,” “may,” “believe,” “will,” “expect,” “look,” “anticipate,” “plan,” “estimate,” “continue,” or similar words. Forward-looking statements include, but are not limited to, statements regarding our anticipated 2025, 2026 and 2027 results, including earnings per share accretion, future growth, productivity and efficiency, the expansion, expected timelines and implementation of our Fintech initiatives, the possible benefits of our platform restructuring and adoption of AI tools, and share repurchases. Such forward-looking statements relate to our current assumptions, projections and expectations about our business and future events, including current expectations about important economic and political factors, among other factors, and are subject to risks and uncertainties, which could cause the actual results, events or achievements to differ materially from those set forth in or implied by the forward-looking statements and related assumptions. Factors that could cause results to differ from those expressed in the forward-looking statements also include, but are not limited to the risks and uncertainties referenced or described in The Bancorp’s filings with the Securities and Exchange Commission, including the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K/A, as amended, for the fiscal year ended December 31, 2024 and other documents that the Company files from time to time with the Securities and Exchange Commission. The forward-looking statements speak only as of the date of this press release. The Bancorp does not undertake any duty to publicly revise or update forward-looking statements in this press release to reflect events or circumstances that arise after the date of this press release, except as may be required under applicable law.

The Bancorp, Inc. Contact

Andres Viroslav

Director, Investor Relations

215-861-7990

andres.viroslav@thebancorp.com

Source: The Bancorp, Inc.

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The Bancorp, Inc.

Financial highlights

(unaudited)

|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
Condensed Consolidated Income Statements |  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (Dollars in thousands, except per share and share data)
Net interest income |  | $ | 94,197 |  |  | $ | 93,732 |  |  | $ | 283,432 |  |  | $ | 281,945 |
Provision for credit losses on non-consumer fintech loans |  |  | 5,755 |  |  |  | 3,476 |  |  |  | 8,123 |  |  |  | 7,316 |
Provision for credit losses on consumer fintech loans |  |  | 39,790 |  |  |  | — |  |  |  | 128,891 |  |  |  | — |
Provision (reversal) for unfunded commitments |  |  | (491 | ) |  |  | 79 |  |  |  | (744 | ) |  |  | (340 | )
Non-interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fintech fees |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
ACH, card and other payment processing fees |  |  | 5,077 |  |  |  | 3,892 |  |  |  | 15,771 |  |  |  | 9,856 |
Prepaid, debit card and related fees |  |  | 25,513 |  |  |  | 23,907 |  |  |  | 77,340 |  |  |  | 72,948 |
Consumer credit fintech fees |  |  | 4,493 |  |  |  | 1,600 |  |  |  | 12,063 |  |  |  | 1,740 |
Total fintech fees |  |  | 35,083 |  |  |  | 29,399 |  |  |  | 105,174 |  |  |  | 84,544 |
Net realized and unrealized gains on commercialloans, at fair value |  |  | 1,005 |  |  |  | 606 |  |  |  | 1,710 |  |  |  | 2,205 |
Leasing related income |  |  | 1,397 |  |  |  | 1,072 |  |  |  | 5,500 |  |  |  | 2,889 |
Consumer fintech loan credit enhancement |  |  | 39,790 |  |  |  | — |  |  |  | 128,891 |  |  |  | — |
Other non-interest income(1) |  |  | 3,141 |  |  |  | 1,031 |  |  |  | 6,526 |  |  |  | 2,574 |
Total non-interest income |  |  | 80,416 |  |  |  | 32,108 |  |  |  | 247,801 |  |  |  | 92,212 |
Non-interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Salaries and employee benefits |  |  | 37,350 |  |  |  | 33,821 |  |  |  | 108,153 |  |  |  | 97,964 |
Data processing expense |  |  | 1,259 |  |  |  | 1,408 |  |  |  | 3,691 |  |  |  | 4,252 |
Legal expense |  |  | 1,483 |  |  |  | 1,055 |  |  |  | 5,303 |  |  |  | 2,509 |
FDIC insurance |  |  | 905 |  |  |  | 904 |  |  |  | 3,160 |  |  |  | 2,618 |
Software |  |  | 5,040 |  |  |  | 4,561 |  |  |  | 15,197 |  |  |  | 13,687 |
Other non-interest expense |  |  | 10,367 |  |  |  | 11,506 |  |  |  | 31,417 |  |  |  | 30,383 |
Total non-interest expense |  |  | 56,404 |  |  |  | 53,255 |  |  |  | 166,921 |  |  |  | 151,413 |
Income before income taxes |  |  | 73,155 |  |  |  | 69,030 |  |  |  | 228,042 |  |  |  | 215,768 |
Income tax expense |  |  | 18,228 |  |  |  | 17,513 |  |  |  | 56,121 |  |  |  | 54,136 |
Net income |  | $ | 54,927 |  |  | $ | 51,517 |  |  | $ | 171,921 |  |  | $ | 161,632 |
Net income per share - basic |  | $ | 1.20 |  |  | $ | 1.06 |  |  | $ | 3.69 |  |  | $ | 3.18 |
Net income per share - diluted |  | $ | 1.18 |  |  | $ | 1.04 |  |  | $ | 3.64 |  |  | $ | 3.15 |
Weighted average shares - basic |  |  | 45,865,172 |  |  |  | 48,759,369 |  |  |  | 46,554,311 |  |  |  | 50,807,021 |
Weighted average shares - diluted |  |  | 46,518,125 |  |  |  | 49,478,236 |  |  |  | 47,209,469 |  |  |  | 51,361,104 |

(1) For the three and nine months ended September 30, 2025, includes $2.3 million of income from the release of an earnest money deposit related to the termination of an agreement of sale for a $43.0 million other real estate owned apartment complex property.

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Condensed Consolidated Balance Sheets |  | September 30, |  | June 30, |  | December 31, |  | September 30,
|  | 2025 (unaudited) |  | 2025 (unaudited) |  | 2024 |  | 2024 (unaudited)
|  | (Dollars in thousands, except share data)
Assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and due from banks |  | $ | 10,162 |  |  | $ | 11,637 |  |  | $ | 6,064 |  |  | $ | 8,660 |
Interest earning deposits at Federal Reserve Bank |  |  | 74,517 |  |  |  | 328,628 |  |  |  | 564,059 |  |  |  | 47,105 |
Total cash and cash equivalents |  |  | 84,679 |  |  |  | 340,265 |  |  |  | 570,123 |  |  |  | 55,765 |
Investment securities, available-for-sale, at fair value, net of $10.0 million allowance for credit loss as of September 30, 2024, and $0 for all other periods presented |  |  | 1,384,256 |  |  |  | 1,481,500 |  |  |  | 1,502,860 |  |  |  | 1,588,289 |
Commercial loans, at fair value |  |  | 142,658 |  |  |  | 185,476 |  |  |  | 223,115 |  |  |  | 252,004 |
Loans, net of deferred fees and costs |  |  | 6,672,637 |  |  |  | 6,535,432 |  |  |  | 6,113,628 |  |  |  | 5,906,616 |
Allowance for credit losses |  |  | (64,152 | ) |  |  | (59,393 | ) |  |  | (44,853 | ) |  |  | (31,004 | )
Loans, net |  |  | 6,608,485 |  |  |  | 6,476,039 |  |  |  | 6,068,775 |  |  |  | 5,875,612 |
Federal Home Loan Bank, Atlantic Central Bankers Bank, and Federal Reserve Bank stock |  |  | 25,250 |  |  |  | 16,250 |  |  |  | 15,642 |  |  |  | 21,717 |
Premises and equipment, net |  |  | 25,947 |  |  |  | 26,495 |  |  |  | 27,566 |  |  |  | 28,091 |
Accrued interest receivable |  |  | 43,831 |  |  |  | 40,607 |  |  |  | 41,713 |  |  |  | 42,915 |
Intangible assets, net |  |  | 955 |  |  |  | 1,055 |  |  |  | 1,254 |  |  |  | 1,353 |
Other real estate owned |  |  | 61,974 |  |  |  | 66,054 |  |  |  | 62,025 |  |  |  | 61,739 |
Deferred tax asset, net |  |  | 10,034 |  |  |  | 12,436 |  |  |  | 18,874 |  |  |  | 9,604 |
Credit enhancement asset |  |  | 29,318 |  |  |  | 26,982 |  |  |  | 12,909 |  |  |  | — |
Other assets |  |  | 182,037 |  |  |  | 166,072 |  |  |  | 182,687 |  |  |  | 157,501 |
Total assets |  | $ | 8,599,424 |  |  | $ | 8,839,231 |  |  | $ | 8,727,543 |  |  | $ | 8,094,590 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand and interest checking |  | $ | 7,254,896 |  |  | $ | 7,705,813 |  |  | $ | 7,434,212 |  |  | $ | 6,844,128 |
Savings and money market |  |  | 75,901 |  |  |  | 60,122 |  |  |  | 311,834 |  |  |  | 81,624 |
Total deposits |  |  | 7,330,797 |  |  |  | 7,765,935 |  |  |  | 7,746,046 |  |  |  | 6,925,752 |
Short-term borrowings |  |  | 200,000 |  |  |  | — |  |  |  | — |  |  |  | 135,000 |
Senior debt |  |  | 196,052 |  |  |  | 96,391 |  |  |  | 96,214 |  |  |  | 96,125 |
Subordinated debenture |  |  | 13,401 |  |  |  | 13,401 |  |  |  | 13,401 |  |  |  | 13,401 |
Other long-term borrowings |  |  | 13,806 |  |  |  | 13,898 |  |  |  | 14,081 |  |  |  | 38,157 |
Other liabilities |  |  | 67,206 |  |  |  | 89,340 |  |  |  | 68,018 |  |  |  | 70,829 |
Total liabilities |  | $ | 7,821,262 |  |  | $ | 7,978,965 |  |  | $ | 7,937,760 |  |  | $ | 7,279,264 |
Shareholders' equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock - authorized, 75,000,000 shares of $1.00 par value(1) |  |  | 48,404 |  |  |  | 48,104 |  |  |  | 47,713 |  |  |  | 48,231 |
Additional paid-in capital |  |  | 19,400 |  |  |  | 12,608 |  |  |  | 3,233 |  |  |  | 26,573 |
Retained earnings |  |  | 951,076 |  |  |  | 896,149 |  |  |  | 779,155 |  |  |  | 723,247 |
Accumulated other comprehensive income (loss) |  |  | 8,814 |  |  |  | 1,609 |  |  |  | (17,637 | ) |  |  | 17,275 |
Treasury stock at cost(2) |  |  | (249,532 | ) |  |  | (98,204 | ) |  |  | (22,681 | ) |  |  | — |
Total shareholders' equity |  |  | 778,162 |  |  |  | 860,266 |  |  |  | 789,783 |  |  |  | 815,326 |
Total liabilities and shareholders' equity |  | $ | 8,599,424 |  |  | $ | 8,839,231 |  |  | $ | 8,727,543 |  |  | $ | 8,094,590 |

|  | September 30, |  | June 30, |  | December 31, |  | September 30,
|  | 2025 (unaudited) |  | 2025 (unaudited) |  | 2024 |  | 2024 (unaudited)
(1)Common stock |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shares issued |  |  | 48,404,006 |  |  |  | 48,104,006 |  |  |  | 47,713,481 |  |  |  | 48,230,334 |
Shares outstanding |  |  | 44,528,879 |  |  |  | 46,262,932 |  |  |  | 47,310,750 |  |  |  | 48,230,334 |
(2)Treasury stock |  |  | 3,875,127 |  |  |  | 1,841,074 |  |  |  | 402,731 |  |  |  | — |

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Average balance sheet and net interest income |  | Three months ended September 30, 2025 |  | Three months ended September 30, 2024
|  | (Dollars in thousands; unaudited)
|  | Average |  |  |  | Average |  | Average |  |  |  | Average
Assets: |  | Balance |  | Interest |  | Rate |  | Balance |  | Interest |  | Rate
Interest earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans, net of deferred fees and costs(1) |  | $ | 6,681,717 |  |  | $ | 114,841 |  |  |  | 6.87 | % |  | $ | 6,017,911 |  |  | $ | 116,367 |  |  |  | 7.73 | %
Leases-bank qualified(2) |  |  | 7,579 |  |  |  | 179 |  |  |  | 9.45 | % |  |  | 5,151 |  |  |  | 146 |  |  |  | 11.34 | %
Investment securities-taxable |  |  | 1,418,058 |  |  |  | 17,354 |  |  |  | 4.90 | % |  |  | 1,575,091 |  |  |  | 19,767 |  |  |  | 5.02 | %
Investment securities-nontaxable(2) |  |  | 8,385 |  |  |  | 131 |  |  |  | 6.25 | % |  |  | 2,927 |  |  |  | 55 |  |  |  | 7.52 | %
Interest earning deposits at Federal Reserve Bank |  |  | 354,991 |  |  |  | 3,954 |  |  |  | 4.46 | % |  |  | 247,344 |  |  |  | 3,387 |  |  |  | 5.48 | %
Net interest earning assets |  |  | 8,470,730 |  |  |  | 136,459 |  |  |  | 6.44 | % |  |  | 7,848,424 |  |  |  | 139,722 |  |  |  | 7.12 | %
Allowance for credit losses |  |  | (59,166 | ) |  |  |  |  |  |  |  |  |  |  | (28,254 | ) |  |  |  |  |  |  |  |
Other assets |  |  | 308,654 |  |  |  |  |  |  |  |  |  |  |  | 222,646 |  |  |  |  |  |  |  |  |
|  | $ | 8,720,218 |  |  |  |  |  |  |  |  |  |  | $ | 8,042,816 |  |  |  |  |  |  |  |  |
Liabilities and Shareholders' Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand and interest checking |  | $ | 7,560,744 |  |  | $ | 38,233 |  |  |  | 2.02 | % |  | $ | 6,942,029 |  |  | $ | 42,149 |  |  |  | 2.43 | %
Savings and money market |  |  | 64,529 |  |  |  | 563 |  |  |  | 3.49 | % |  |  | 65,079 |  |  |  | 549 |  |  |  | 3.37 | %
Total deposits |  |  | 7,625,273 |  |  |  | 38,796 |  |  |  | 2.04 | % |  |  | 7,007,108 |  |  |  | 42,698 |  |  |  | 2.44 | %
Short-term borrowings |  |  | 45,067 |  |  |  | 495 |  |  |  | 4.39 | % |  |  | 73,480 |  |  |  | 1,030 |  |  |  | 5.61 | %
Long-term borrowings |  |  | 13,866 |  |  |  | 197 |  |  |  | 5.68 | % |  |  | 38,235 |  |  |  | 689 |  |  |  | 7.21 | %
Subordinated debentures |  |  | 13,401 |  |  |  | 259 |  |  |  | 7.73 | % |  |  | 13,401 |  |  |  | 297 |  |  |  | 8.87 | %
Senior debt |  |  | 140,992 |  |  |  | 2,450 |  |  |  | 6.95 | % |  |  | 96,071 |  |  |  | 1,234 |  |  |  | 5.14 | %
Total deposits and liabilities |  |  | 7,838,599 |  |  |  | 42,197 |  |  |  | 2.15 | % |  |  | 7,228,295 |  |  |  | 45,948 |  |  |  | 2.54 | %
Other liabilities |  |  | 62,405 |  |  |  |  |  |  |  |  |  |  |  | 18,362 |  |  |  |  |  |  |  |  |
Total liabilities |  |  | 7,901,004 |  |  |  |  |  |  |  |  |  |  |  | 7,246,657 |  |  |  |  |  |  |  |  |
Shareholders' equity |  |  | 819,214 |  |  |  |  |  |  |  |  |  |  |  | 796,159 |  |  |  |  |  |  |  |  |
|  | $ | 8,720,218 |  |  |  |  |  |  |  |  |  |  | $ | 8,042,816 |  |  |  |  |  |  |  |  |
Net interest income on tax equivalent basis(2) |  |  |  |  |  | $ | 94,262 |  |  |  |  |  |  |  |  |  |  | $ | 93,774 |  |  |  |  |
Tax equivalent adjustment |  |  |  |  |  |  | 65 |  |  |  |  |  |  |  |  |  |  |  | 42 |  |  |  |  |
Net interest income |  |  |  |  |  | $ | 94,197 |  |  |  |  |  |  |  |  |  |  | $ | 93,732 |  |  |  |  |
Net interest margin(2) |  |  |  |  |  |  |  |  |  |  | 4.45 | % |  |  |  |  |  |  |  |  |  |  | 4.78 | %

(1) Includes commercial loans, at fair value. All periods include non-accrual loans.
(2) Full taxable equivalent basis, using 21% respective statutory federal tax rates in 2025 and 2024.

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Average balance sheet and net interest income |  | Nine months ended September 30, 2025 |  | Nine months ended September 30, 2024
|  | (Dollars in thousands; unaudited)
|  | Average |  |  |  | Average |  | Average |  |  |  | Average
Assets: |  | Balance |  | Interest |  | Rate |  | Balance |  | Interest |  | Rate
Interest earning assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loans, net of deferred fees and costs(1) |  | $ | 6,542,172 |  |  | $ | 335,831 |  |  |  | 6.84 | % |  | $ | 5,828,938 |  |  | $ | 345,497 |  |  |  | 7.90 | %
Leases-bank qualified(2) |  |  | 7,058 |  |  |  | 492 |  |  |  | 9.29 | % |  |  | 4,840 |  |  |  | 379 |  |  |  | 10.44 | %
Investment securities-taxable(3) |  |  | 1,456,402 |  |  |  | 57,874 |  |  |  | 5.30 | % |  |  | 1,255,532 |  |  |  | 46,921 |  |  |  | 4.98 | %
Investment securities-nontaxable(2) |  |  | 7,683 |  |  |  | 367 |  |  |  | 6.37 | % |  |  | 2,905 |  |  |  | 155 |  |  |  | 7.11 | %
Interest earning deposits at Federal Reserve Bank |  |  | 746,470 |  |  |  | 24,960 |  |  |  | 4.46 | % |  |  | 486,883 |  |  |  | 19,948 |  |  |  | 5.46 | %
Net interest earning assets |  |  | 8,759,785 |  |  |  | 419,524 |  |  |  | 6.39 | % |  |  | 7,579,098 |  |  |  | 412,900 |  |  |  | 7.26 | %
Allowance for credit losses |  |  | (52,227 | ) |  |  |  |  |  |  |  |  |  |  | (27,993 | ) |  |  |  |  |  |  |  |
Other assets |  |  | 341,661 |  |  |  |  |  |  |  |  |  |  |  | 280,733 |  |  |  |  |  |  |  |  |
|  | $ | 9,049,219 |  |  |  |  |  |  |  |  |  |  | $ | 7,831,838 |  |  |  |  |  |  |  |  |
Liabilities and Shareholders' Equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deposits: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Demand and interest checking |  | $ | 7,906,597 |  |  | $ | 126,680 |  |  |  | 2.14 | % |  | $ | 6,684,671 |  |  | $ | 120,405 |  |  |  | 2.40 | %
Savings and money market |  |  | 88,687 |  |  |  | 2,454 |  |  |  | 3.69 | % |  |  | 58,777 |  |  |  | 1,453 |  |  |  | 3.30 | %
Total deposits |  |  | 7,995,284 |  |  |  | 129,134 |  |  |  | 2.15 | % |  |  | 6,743,448 |  |  |  | 121,858 |  |  |  | 2.41 | %
Short-term borrowings |  |  | 15,334 |  |  |  | 500 |  |  |  | 4.35 | % |  |  | 55,820 |  |  |  | 2,344 |  |  |  | 5.60 | %
Repurchase agreements |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | — |
Long-term borrowings |  |  | 13,957 |  |  |  | 590 |  |  |  | 5.64 | % |  |  | 38,371 |  |  |  | 2,060 |  |  |  | 7.16 | %
Subordinated debentures |  |  | 13,401 |  |  |  | 771 |  |  |  | 7.67 | % |  |  | 13,401 |  |  |  | 880 |  |  |  | 8.76 | %
Senior debt |  |  | 111,354 |  |  |  | 4,917 |  |  |  | 5.89 | % |  |  | 95,983 |  |  |  | 3,701 |  |  |  | 5.14 | %
Total deposits and liabilities |  |  | 8,149,330 |  |  |  | 135,912 |  |  |  | 2.22 | % |  |  | 6,947,027 |  |  |  | 130,843 |  |  |  | 2.51 | %
Other liabilities |  |  | 115,916 |  |  |  |  |  |  |  |  |  |  |  | 73,507 |  |  |  |  |  |  |  |  |
Total liabilities |  |  | 8,265,246 |  |  |  |  |  |  |  |  |  |  |  | 7,020,534 |  |  |  |  |  |  |  |  |
Shareholders' equity |  |  | 783,973 |  |  |  |  |  |  |  |  |  |  |  | 811,304 |  |  |  |  |  |  |  |  |
|  | $ | 9,049,219 |  |  |  |  |  |  |  |  |  |  | $ | 7,831,838 |  |  |  |  |  |  |  |  |
Net interest income on tax equivalent basis(2) |  |  |  |  |  | $ | 283,612 |  |  |  |  |  |  |  |  |  |  | $ | 282,057 |  |  |  |  |
Tax equivalent adjustment |  |  |  |  |  |  | 180 |  |  |  |  |  |  |  |  |  |  |  | 112 |  |  |  |  |
Net interest income |  |  |  |  |  | $ | 283,432 |  |  |  |  |  |  |  |  |  |  | $ | 281,945 |  |  |  |  |
Net interest margin(2) |  |  |  |  |  |  |  |  |  |  | 4.32 | % |  |  |  |  |  |  |  |  |  |  | 4.96 | %

(1) Includes commercial loans, at fair value. All periods include non-accrual loans.

(2) Full taxable equivalent basis, using 21% respective statutory federal tax rates in 2025 and 2024.

(3) The nine months ended September 30, 2025 includes $3.0 million of interest income from a security that was known as “CRE-2” and which relates to the Company’s discontinued commercial real estate securitization business. The CRE-2 interest was repaid in the second quarter of 2025 as a result of the final sale of underlying collateral related to that security. CRE-2 was the last security remaining related to the Company’s discontinued commercial real estate securitization business.

6

Capital ratios |  | Tier 1 capital |  | Tier 1 capital |  | Total capital |  | Common equity
|  | to average |  | to risk-weighted |  | to risk-weighted |  | Tier 1 to risk
|  | assets ratio |  | assets ratio |  | assets ratio |  | weighted assets
As of September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The Bancorp, Inc. |  |  | 8.74% |  |  |  | 12.99% |  |  |  | 14.09% |  |  |  | 12.99% |
The Bancorp Bank, National Association |  |  | 9.85% |  |  |  | 14.66% |  |  |  | 15.77% |  |  |  | 14.66% |
"Well capitalized" institution (under federal regulations-Basel III) |  |  | 5.00% |  |  |  | 8.00% |  |  |  | 10.00% |  |  |  | 6.50% |
As of December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The Bancorp, Inc. |  |  | 9.41% |  |  |  | 13.85% |  |  |  | 14.65% |  |  |  | 13.85% |
The Bancorp Bank, National Association |  |  | 10.38% |  |  |  | 15.25% |  |  |  | 16.06% |  |  |  | 15.25% |
"Well capitalized" institution (under federal regulations-Basel III) |  |  | 5.00% |  |  |  | 8.00% |  |  |  | 10.00% |  |  |  | 6.50% |

|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Selected operating ratios |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Return on average assets(1) |  |  | 2.50% |  |  |  | 2.55% |  |  |  | 2.54% |  |  |  | 2.76% |
Return on average equity(1) |  |  | 26.60% |  |  |  | 25.74% |  |  |  | 29.32% |  |  |  | 26.61% |
Net interest margin |  |  | 4.45% |  |  |  | 4.78% |  |  |  | 4.32% |  |  |  | 4.96% |

(1) Annualized.

Book value per share table | September 30, |  | June 30, |  | December 31, | September 30,
| 2025 |  | 2025 |  | 2024 |  | 2024
Book value per share | $ | 17.48 |  | $ | 18.60 |  | $ | 16.69 |  | $ | 16.90

Gross dollar volume (“GDV”)(1) |  | Three months ended
|  | September 30, |  | June 30, |  | December 31, |  | September 30,
|  | 2025 |  | 2025 |  | 2024 |  | 2024
|  | (Dollars in thousands)
Prepaid and debit card GDV |  | $ | 44,037,511 |  |  | $ | 43,649,005 |  |  | $ | 39,656,909 |  |  | $ | 37,898,006 |

(1) Gross dollar volume represents the total dollar amount spent on prepaid, debit and credit cards issued by The Bancorp Bank, N.A.

7

Business line quarterly summary:
Quarter ended September 30, 2025
(Dollars in millions)
|  |  |  |  | Balances |  |  |  |  |
|  |  |  |  |  |  | % Growth |  |  |  |  |
Major business lines |  | Average approximate rates(1) |  |  | Total loan portfolio(2) |  | Year over Year |  | Linked quarter annualized |  |  |  |  |
Loans |  |  |  |  |  |  |  |  |  |  |  |  |  |
Institutional banking(3) |  | 6.5% |  | $ | 1,895 |  | 6% |  | 5% |  |  |  |  |
Small business lending(4) |  | 7.6% |  |  | 1,059 |  | 12% |  | 9% |  |  |  |  |
Direct lease financing |  | 8.1% |  |  | 693 |  | (3%) |  | (3%) |  |  |  |  |
Real estate bridge loans (non-SBA) - recorded at fair value |  | 6.6% |  |  | 71 |  | nm |  | nm |  |  |  |  |
Real estate bridge loans - recorded at amortized cost |  | 8.5% |  |  | 2,132 |  | (3%) |  | (1%) |  |  |  |  |
Consumer fintech loans - interest bearing |  | 5.1% |  |  | 105 |  | nm |  | nm |  |  |  |  |
Consumer fintech loans - non-interest bearing(5) |  | — |  |  | 680 |  | nm |  | nm |  |  |  |  |
Other loans(6) |  | 5.9% |  |  | 164 |  | nm |  | (14%) |  |  |  |  |
Unamortized loan fees and costs |  | — |  |  | 16 |  | nm |  | nm |  |  |  |  |
Weighted average yield |  | 6.8% |  | $ | 6,815 |  |  |  |  |  |  | Non-interest income: Fintech fees
|  |  |  |  |  |  |  |  |  |  |  |  |  | % Growth
Deposits: Fintech solutions group |  |  |  |  |  |  |  |  |  |  |  | Current quarter |  | Year over Year
Fintech deposits and fees |  | 2.1% |  | $ | 7,342 |  | 10% |  | nm |  | $ | 35.1 |  | 19%

(1) Average rates are for the three months ended September 30, 2025.

(2) Loan and deposit categories are based on period-end and average quarterly balances, respectively. Total loan portfolio includes both loans recorded at amortized cost and loans at fair value.

(3) Institutional Banking loans are comprised of securities-backed lines of credit (“SBLOC’) loans collateralized by marketable securities, insurance-backed lines of credit (“IBLOC”) loans collateralized by the cash surrender value of eligible life insurance policies, and investment advisor financing.

(4) Small Business Lending (“SBL”) is substantially comprised of Small Business Administration (“SBA”)-guaranteed loans and includes SBL loans at fair value. Growth rates exclude the impact of $4 million of loans that do not qualify for true sale accounting at September 30, 2025 compared to $4 million at prior quarter end and $28 million at September 30, 2024.

(5) Income related to non-interest-bearing balances is included in non-interest income.

(6) Includes warehouse financing related to loan sales to third-party purchasers of $122.5 million.

Summary of credit lines available

The Bancorp Bank, N.A. maintains lines of credit exceeding potential liquidity requirements as follows. The Bancorp also has access to other substantial sources of liquidity.

|  | September 30, 2025
|  |  | (Dollars in thousands) |
Federal Reserve Bank |  | $ | 2,064,218 |
Federal Home Loan Bank |  |  | 912,186 |
Total lines of credit capacity |  | $ | 2,976,404 |
Current balance – Short-term borrowings |  |  | 200,000 |
Available capacity |  | $ | 2,776,404 |

8

Estimated insured vs. uninsured deposits

The vast majority of The Bancorp Bank, N.A.’s deposits are low balance, insured deposits, and accordingly do not constitute the liquidity risk experienced by certain institutions. The deposit base is comprised as follows:

|  | September 30, 2025
Insured |  |  | 92% |
Low balance accounts(1) |  |  | 3% |
Other uninsured |  |  | 5% |
Total deposits |  |  | 100% |

(1) Comprised of small balances, such as anonymous gift cards and corporate incentive cards for which there is no identified depositor.

9

Loan Portfolio |  | September 30, |  | June 30, |  | December 31, |  | September 30,
|  | 2025 (unaudited) |  | 2025 (unaudited) |  | 2024 |  | 2024 (unaudited)
|  | (Dollars in thousands)
SBL non-real estate |  | $ | 222,933 |  |  | $ | 204,087 |  |  | $ | 190,322 |  |  | $ | 179,915 |
SBL commercial mortgage |  |  | 729,620 |  |  |  | 723,754 |  |  |  | 662,091 |  |  |  | 665,608 |
SBL construction |  |  | 34,518 |  |  |  | 30,705 |  |  |  | 34,685 |  |  |  | 30,158 |
Small business loans |  |  | 987,071 |  |  |  | 958,546 |  |  |  | 887,098 |  |  |  | 875,681 |
Direct lease financing |  |  | 693,322 |  |  |  | 698,086 |  |  |  | 700,553 |  |  |  | 711,836 |
SBLOC / IBLOC(1) |  |  | 1,609,047 |  |  |  | 1,601,405 |  |  |  | 1,564,018 |  |  |  | 1,543,215 |
Advisor financing |  |  | 285,531 |  |  |  | 272,155 |  |  |  | 273,896 |  |  |  | 248,422 |
Real estate bridge loans |  |  | 2,131,689 |  |  |  | 2,140,039 |  |  |  | 2,109,041 |  |  |  | 2,189,761 |
Consumer fintech(2) |  |  | 785,045 |  |  |  | 680,487 |  |  |  | 454,357 |  |  |  | 280,092 |
Other loans |  |  | 164,487 |  |  |  | 169,945 |  |  |  | 111,328 |  |  |  | 46,586 |
|  |  | 6,656,192 |  |  |  | 6,520,663 |  |  |  | 6,100,291 |  |  |  | 5,895,593 |
Unamortized loan fees and costs |  |  | 16,445 |  |  |  | 14,769 |  |  |  | 13,337 |  |  |  | 11,023 |
Total loans, including unamortized fees and costs |  | $ | 6,672,637 |  |  | $ | 6,535,432 |  |  | $ | 6,113,628 |  |  | $ | 5,906,616 |

(1) SBLOC loans are collateralized by marketable securities, while IBLOC are collateralized by the cash surrender value of insurance policies. At September 30, 2025 and December 31, 2024, IBLOC loans amounted to $471.6 million and $548.1 million, respectively.

(2) At September 30, 2025, consumer fintech loans consisted of $416.0 million of secured credit card loans, with the balance comprised of other short-term extensions of credit.

The Bancorp Bank, N.A. emphasizes safety and soundness, and its balance sheet has a risk profile enhanced by the special nature of the collateral supporting its loan niches, related underwriting, and the characteristics of its funding sources, including those highlighted in the bullets below. Those loan niches and funding sources have contributed to increased earnings levels, even during periods in which markets have experienced various economic stresses.

At September 30, 2025, consumer fintech loans included $416.0 million of secured credit card accounts, which are backed dollar for dollar by cash collateral by each individual cardholder and are required to be repaid in-full monthly. The remaining consumer fintech loans consist of cashflow underwritten short-term liquidity products to individual borrowers ranging in maturities from 30 to 365 days, with The Bancorp Bank, N.A.’s partner(s) providing a full guarantee against losses. The Bancorp Bank, N.A. maintains cash collateral for the expected losses on dollars already lent, as well as right of offset against other revenues generated through those relationships.

The REBL portfolio is largely comprised of rehabilitation bridge loans for apartment buildings. The Company has minimal exposure to non-multifamily commercial real estate such as office buildings. These loans generally have three-year terms with two one-year extension options to allow for the rehabilitation work to be completed and rentals stabilized for an extended period, before being refinanced at lower rates through U.S. Government Sponsored Entities or other lenders.

The REBL portfolio consists primarily of workforce housing, which we consider to be working class apartments at more affordable rental rates. Related collateral values should accordingly be more stable than higher rent properties, even in stressed economies. While the macro-economic environment has challenged the multifamily bridge space, the stability of the Company’s REBL portfolio is evidenced by the estimated values of the underlying collateral. The Company’s $2.13 billion REBL portfolio at September 30, 2025 has a weighted average origination date “as is” loan-to-value ratio of 70%, based on third-party appraisals. Further, the weighted average origination date “as stabilized” loan-to-value ratio (“LTV”), which measures the estimated value of the apartments after the rehabilitation is complete, may provide even greater protection.

As part of the underwriting process, The Bancorp Bank, N.A. reviews prospective borrowers’ previous rehabilitation experience in addition to overall financial wherewithal. These transactions also include significant borrower equity contributions with required performance metrics. Underwriting generally includes, but is not limited to, assessment of local market information relating to vacancy and rental rates, review of post rehabilitation rental rate assumptions against geo-specific affordability indices, negative news searches, lien searches, visitations by bank personnel and/or designated engineers, and other information sources. Rehabilitation progress is monitored through ongoing draw requests and financial reporting covenants. This generally allows for early identification of potential issues and expedited action to address on a timely basis.

Operations and ongoing loan evaluation are overseen by multiple levels of management in addition to the REBL team’s experienced professional staff and third-party consultants utilized during the underwriting and asset management process. This oversight includes a separate loan committee specific to REBL, which is comprised of seasoned and experienced lending professionals who do not directly report to anyone on the REBL team. There is also a separate loan review department, a surveillance committee and additional staff which evaluate potential losses under the current expected credit losses methodology, all of which similarly do not report to anyone on the REBL team.

The SBLOC and IBLOC portfolios are respectively secured by marketable securities and the cash value of life insurance. The majority of SBA 7(a) loans are government guaranteed, while SBA 504 loans are made with 50%-60% LTVs.

10

Additional details regarding our loan portfolios are included in the following sections of this press release. This press release also discloses in this press release is the summarization of the earnings contributions of our payments businesses, which further enhances The Bancorp’s risk profile. The Company’s risk profile inherent in its loan portfolios, funding, and earnings levels, may present opportunities to further increase stockholder value, while still prudently maintaining capital levels.

Small Business Lending

Small business loans as of September 30, 2025

|  | Loan principal
|  | (Dollars in millions)
Commercial mortgage SBA(1) |  | $ | 378 |
Construction SBA(2) |  |  | 21 |
Non-guaranteed portion of U.S. government guaranteed 7(a) Program loans(3) |  |  | 121 |
Non-SBA SBLs |  |  | 128 |
Subtotal - SBL loans, excluding guaranteed portion and Other |  | $ | 648 |
U.S. government guaranteed portion of SBA loans(4) |  |  | 407 |
Other(5) |  |  | 4 |
Total SBL principal |  | $ | 1,059 |
SBL, at amortized cost |  |  | 987 |
SBL, included in loans, at fair value(6) |  |  | 72 |
Total SBL principal |  | $ | 1,059 |

(1) Substantially all these loans are made under the 504 Program, which dictates origination date LTV percentages, generally 50%-60%, to which The Bancorp Bank, N.A. adheres.

(2) Includes $15 million in 504 Program first mortgages with an origination date LTV of 50%-60%, and $6 million in SBA interim loans with an approved SBA post-construction full takeout/payoff.

(3) Includes the unguaranteed portion of 7(a) Program loans which are 70% or more guaranteed by the U.S. government. SBA 7(a) Program loans are not made on the basis of real estate LTV; however, they are subject to SBA's "All Available Collateral" rule which mandates that to the extent a borrower or its 20% or greater principals have available collateral (including personal residences), the borrower must pledge that available collateral to fully collateralize the loan, after applying SBA-determined liquidation rates. In addition, all 7(a) Program loans and 504 Program loans require the personal guaranty of all 20% or greater owners.

(4) Includes the portion of SBA 7(a) Program loans which have been guaranteed by the U.S. government, and therefore are assumed to have no credit risk.

(5) Comprised of $4 million of loans sold that do not qualify for true sale accounting.

(6) The SBLs held at fair value are comprised of the government guaranteed portion of 7(a) Program loans at the dates indicated.

11

Small business loans by type as of September 30, 2025

(Excludes government guaranteed portion of SBA 7(a) Program and Other loans)

|  | SBL commercial mortgage(1) |  | SBL construction(1) |  | SBL non-real estate |  | Total |  | % Total
|  | (Dollars in millions)
Funeral homes and funeral services |  | $ | 45 |  |  | $ | — |  |  | $ | 39 |  |  | $ | 84 |  |  |  | 13 | %
Hotels (except casino hotels) and motels |  |  | 83 |  |  |  | — |  |  |  | — |  |  |  | 83 |  |  |  | 13 | %
Full-service restaurants |  |  | 31 |  |  |  | 2 |  |  |  | 3 |  |  |  | 36 |  |  |  | 6 | %
Child day care services |  |  | 26 |  |  |  | — |  |  |  | 4 |  |  |  | 30 |  |  |  | 5 | %
Car washes |  |  | 11 |  |  |  | 13 |  |  |  | — |  |  |  | 24 |  |  |  | 4 | %
Homes for the elderly |  |  | 21 |  |  |  | — |  |  |  | — |  |  |  | 21 |  |  |  | 3 | %
Gasoline stations with convenience stores |  |  | 15 |  |  |  | 1 |  |  |  | — |  |  |  | 16 |  |  |  | 2 | %
Outpatient mental health and substance abuse centers |  |  | 15 |  |  |  | — |  |  |  | — |  |  |  | 15 |  |  |  | 2 | %
General line grocery merchant wholesalers |  |  | 13 |  |  |  | — |  |  |  | — |  |  |  | 13 |  |  |  | 2 | %
Plumbing, heating, and air-conditioning companies |  |  | 10 |  |  |  | — |  |  |  | 1 |  |  |  | 11 |  |  |  | 2 | %
Fitness and recreational sports centers |  |  | 7 |  |  |  | — |  |  |  | 2 |  |  |  | 9 |  |  |  | 1 | %
Caterers |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | 1 | %
Offices of lawyers |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | 1 | %
Limited-service restaurants |  |  | 4 |  |  |  | — |  |  |  | 3 |  |  |  | 7 |  |  |  | 1 | %
All other specialty trade contractors |  |  | 6 |  |  |  | — |  |  |  | 1 |  |  |  | 7 |  |  |  | 1 | %
Used car dealers |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | 7 |  |  |  | 1 | %
Charter bus industry |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | 1 | %
Lessors of nonresidential buildings |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | 1 | %
General warehousing and storage |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | 1 | %
Automotive body, paint, and interior repair |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | 1 | %
Nursing care facilities |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | 1 | %
Appliance repair and maintenance |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | 1 | %
Residential remodelers |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 1 | %
Offices of dentists |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | 5 |  |  |  | 1 | %
Other(2) |  |  | 179 |  |  |  | 8 |  |  |  | 34 |  |  |  | 221 |  |  |  | 34 | %
Total |  | $ | 537 |  |  | $ | 24 |  |  | $ | 87 |  |  | $ | 648 |  |  |  | 100 | %

(1) Of the SBL commercial mortgage and SBL construction loans, $162 million represents the total of the non-guaranteed portion of SBA 7(a) Program loans and non-SBA loans. The balance of those categories represents SBA 504 Program loans with 50%-60% origination date LTVs. SBL Commercial excludes $4 million of loans sold that do not qualify for true sale accounting.

(2) Loan types of less than $5 million are spread over approximately one hundred different business types.

SBL State diversification as of September 30, 2025

(Excludes government guaranteed portion of SBA 7(a) Program loans and Other loans)

|  | SBL commercial mortgage(1) |  | SBL construction(1) |  | SBL non-real estate |  | Total |  | % Total
|  | (Dollars in millions)
California |  | $ | 142 |  |  | $ | 7 |  |  | $ | 9 |  |  | $ | 158 |  |  |  | 24 | %
Florida |  |  | 85 |  |  |  | 8 |  |  |  | 5 |  |  |  | 98 |  |  |  | 15 | %
North Carolina |  |  | 44 |  |  |  | — |  |  |  | 4 |  |  |  | 48 |  |  |  | 7 | %
New York |  |  | 41 |  |  |  | — |  |  |  | 3 |  |  |  | 44 |  |  |  | 7 | %
Texas |  |  | 30 |  |  |  | 5 |  |  |  | 6 |  |  |  | 41 |  |  |  | 6 | %
New Jersey |  |  | 30 |  |  |  | — |  |  |  | 9 |  |  |  | 39 |  |  |  | 6 | %
Georgia |  |  | 29 |  |  |  | 3 |  |  |  | 2 |  |  |  | 34 |  |  |  | 5 | %
Pennsylvania |  |  | 19 |  |  |  | — |  |  |  | 13 |  |  |  | 32 |  |  |  | 5 | %
Maine |  |  | 17 |  |  |  | — |  |  |  | 12 |  |  |  | 29 |  |  |  | 4 | %
Other states |  |  | 100 |  |  |  | 1 |  |  |  | 24 |  |  |  | 125 |  |  |  | 21 | %
Total |  | $ | 537 |  |  | $ | 24 |  |  | $ | 87 |  |  | $ | 648 |  |  |  | 100 | %

(1) Of the SBL commercial mortgage and SBL construction loans, $162 million represents the total of the non-guaranteed portion of SBA 7(a) Program loans and non-SBA loans. The balance of those categories represents SBA 504 Program loans with 50%-60% origination date LTVs. SBL Commercial excludes $4 million of loans that do not qualify for true sale accounting.

12

Top 10 SBL loans as of September 30, 2025

(Excludes government guaranteed portion of SBA 7(a) Program loans and Other loans)

Type |  | State |  | Balance |
|  |  | (Dollars in millions)
General line grocery merchant wholesalers |  |  | CA |  | $ | 13 |
Funeral homes and funeral services |  |  | ME |  |  | 12 |
Funeral homes and funeral services |  |  | PA |  |  | 12 |
Outpatient mental health and substance abuse center |  |  | FL |  |  | 10 |
Hotel |  |  | FL |  |  | 8 |
Funeral homes and funeral services |  |  | ME |  |  | 8 |
Lawyer's office |  |  | CA |  |  | 8 |
Hotel |  |  | VA |  |  | 7 |
Hotel |  |  | NC |  |  | 7 |
Charter bus industry |  |  | NY |  |  | 6 |
Total |  |  |  |  | $ | 91 |

13

Commercial Real Estate Bridge Lending

Commercial real estate bridge lending, excluding SBA loans, are as follows:

Type as of September 30, 2025

Type |  | # Loans |  | Balance |  | Weighted average origination date LTV |  | Weighted average interest rate
|  | (Dollars in millions)
Real estate bridge loans (multifamily apartment loans recorded at amortized cost)(1) |  |  | 178 |  |  | $ | 2,132 |  |  |  | 70% |  |  |  | 8.48% |
Real estate bridge loans (non-SBA), at fair value |  |  | 5 |  |  |  | 71 |  |  |  | 66% |  |  |  | 6.60% |
Total commercial real estate loans |  |  | 183 |  |  | $ | 2,203 |  |  |  | 70% |  |  |  | 8.42% |

(1) In the third quarter of 2021, we resumed the origination of bridge loans for multi-family apartment rehabilitation which comprise these categories. Such loans held at fair value were originally intended for sale but are now being retained on the balance sheet. In addition to “as is” origination date appraisals, on which the weighted average origination date LTVs are based, third-party appraisers also estimated “as stabilized” values, which represents additional potential collateral value as rehabilitation progresses, and units are re-leased at stabilized rental rates. The weighted average origination date “as stabilized” LTV was estimated at 60%.

State diversification as of September 30, 2025 |  |  | 15 largest loans as of September 30, 2025
State |  |  | Balance |  | Origination date LTV |  | State |  |  |  | Balance |  | Origination date LTV
(Dollars in millions) |  |  | (Dollars in millions)
Texas |  | $ | 618 |  |  | 71% |  |  | Texas |  |  | $ | 46 |  | 75%
Georgia |  |  | 317 |  |  | 70% |  |  | Texas |  |  |  | 41 |  | 64%
Florida |  |  | 233 |  |  | 68% |  |  | Michigan |  |  |  | 39 |  | 62%
New Jersey |  |  | 138 |  |  | 69% |  |  | New Jersey |  |  |  | 35 |  | 62%
Indiana |  |  | 137 |  |  | 71% |  |  | Florida |  |  |  | 35 |  | 72%
Ohio |  |  | 120 |  |  | 71% |  |  | Pennsylvania |  |  |  | 34 |  | 63%
Michigan |  |  | 75 |  |  | 64% |  |  | Indiana |  |  |  | 34 |  | 76%
Other states each <$70 million |  |  | 565 |  |  | 69% |  |  | Texas |  |  |  | 32 |  | 67%
Total |  | $ | 2,203 |  |  | 70% |  |  | New Jersey |  |  |  | 31 |  | 71%
|  |  |  |  |  |  |  |  | Texas |  |  |  | 31 |  | 77%
|  |  |  |  |  |  |  |  | Georgia |  |  |  | 30 |  | 69%
|  |  |  |  |  |  |  |  | Ohio |  |  |  | 29 |  | 74%
|  |  |  |  |  |  |  |  | Texas |  |  |  | 27 |  | 79%
|  |  |  |  |  |  |  |  | New Jersey |  |  |  | 26 |  | 71%
|  |  |  |  |  |  |  |  | Texas |  |  |  | 25 |  | 70%
|  |  |  |  |  |  |  |  | 15 largest commercial real estate loans |  |  | $ | 495 |  | 70%

14

Institutional Banking

Institutional banking loans outstanding at September 30, 2025

Type | Principal |  | % of total
|  | (Dollars in millions) |  |
SBLOC | $ | 1,137 |  | 60%
IBLOC |  | 472 |  | 25%
Advisor financing |  | 286 |  | 15%
Total | $ | 1,895 |  | 100%

SBLOC

For SBLOC, we generally lend up to 50% of the value of equities and 80% for investment grade securities. While the value of equities has fallen in excess of 30% in recent years, the reduction in collateral value of brokerage accounts collateralizing SBLOC loans generally has been less, for two reasons. First, many collateral accounts are “balanced” and accordingly have a component of debt securities, which have either not decreased in value as much as equities, or in some cases may have increased in value. Second, many of these accounts have the benefit of professional investment advisors who provided some protection against market downturns, through diversification and other means. Additionally, borrowers often utilize only a portion of collateral value, which lowers the percentage of principal to collateral.

Top 10 SBLOC loans at September 30, 2025

| Principal amount |  | % Principal to collateral
| (Dollars in millions)
| $ | 24 |  | 10%
|  | 10 |  | 34%
|  | 9 |  | 35%
|  | 8 |  | 83%
|  | 8 |  | 10%
|  | 8 |  | 46%
|  | 7 |  | 20%
|  | 7 |  | 4%
|  | 6 |  | 33%
|  | 6 |  | 37%
Total and weighted average | $ | 93 |  | 28%

IBLOC

IBLOC loans are backed by the cash value of eligible life insurance policies which have been assigned to us. We generally lend up to 95% of such cash value. Our underwriting standards require approval of the insurance companies which carry the policies backing these loans. Currently, ten insurance companies have been approved and, as of October 28, 2025, all were rated A- (Excellent) or better by AM BEST.

15

Direct Lease Financing

Direct lease financing by type as of September 30, 2025

|  | Principal balance(1) |  | % Total
|  | (Dollars in millions) |  |
Government agencies and public institutions(2) | $ | 131 |  | 19%
Real estate and rental and leasing |  | 130 |  | 19%
Construction |  | 124 |  | 18%
Waste management and remediation services |  | 94 |  | 14%
Health care and social assistance |  | 29 |  | 4%
Other services (except public administration) |  | 25 |  | 4%
Professional, scientific, and technical services |  | 20 |  | 3%
Transit and other transportation |  | 19 |  | 3%
Wholesale trade |  | 17 |  | 2%
General freight trucking |  | 12 |  | 2%
Arts, entertainment, and recreation |  | 11 |  | 2%
Finance and insurance |  | 10 |  | 1%
Other |  | 71 |  | 9%
Total | $ | 693 |  | 100%

(1) Of the total $693 million of direct lease financing, $640 million consisted of vehicle and financing leases with the remaining balance consisting of equipment leases.

(2) Includes public universities as well as school districts.

Direct lease financing by state as of September 30, 2025

State |  | Principal balance |  | % Total
|  | (Dollars in millions) |  |
Florida | $ | 120 |  | 17%
New York |  | 56 |  | 9%
Utah |  | 53 |  | 8%
Connecticut |  | 48 |  | 7%
California |  | 43 |  | 6%
Pennsylvania |  | 40 |  | 6%
Texas |  | 37 |  | 5%
Maryland |  | 30 |  | 4%
New Jersey |  | 29 |  | 4%
North Carolina |  | 21 |  | 3%
Idaho |  | 19 |  | 3%
Alabama |  | 17 |  | 2%
Georgia |  | 16 |  | 2%
Ohio |  | 15 |  | 2%
Tennessee |  | 13 |  | 2%
Other states |  | 136 |  | 20%
Total | $ | 693 |  | 100%

16

Portfolio Performance

Allowance for credit losses |  | Nine months ended |  | Year ended
|  | September 30, |  | September 30, |  | December 31,
|  | 2025 (unaudited) |  | 2024 (unaudited) |  | 2024
|  | (Dollars in thousands)
Balance in the allowance for credit losses at beginning of period |  | $ | 44,853 |  |  | $ | 27,378 |  |  | $ | 27,378 |
Loans charged-off: |  |  |  |  |  |  |  |  |  |  |  |
SBA non-real estate |  |  | 546 |  |  |  | 431 |  |  |  | 708 |
Direct lease financing |  |  | 4,416 |  |  |  | 3,625 |  |  |  | 4,575 |
Consumer fintech |  |  | 142,062 |  |  |  | — |  |  |  | 19,619 |
Other loans |  |  | 924 |  |  |  | 16 |  |  |  | 18 |
Total |  |  | 147,948 |  |  |  | 4,072 |  |  |  | 24,920 |
Recoveries: |  |  |  |  |  |  |  |  |  |  |  |
SBA non-real estate |  |  | 73 |  |  |  | 102 |  |  |  | 229 |
Direct lease financing |  |  | 575 |  |  |  | 279 |  |  |  | 318 |
Consumer fintech |  |  | 29,580 |  |  |  | — |  |  |  | 1,877 |
Other loans |  |  | 5 |  |  |  | 1 |  |  |  | 1 |
Total |  |  | 30,233 |  |  |  | 382 |  |  |  | 2,425 |
Net charge-offs |  |  | 117,715 |  |  |  | 3,690 |  |  |  | 22,495 |
Provision for credit losses on non-consumer fintech loans |  |  | 8,123 |  |  |  | 7,316 |  |  |  | 9,319 |
Provision for credit losses on consumer fintech loans |  |  | 128,891 |  |  |  | — |  |  |  | 30,651 |
Balance in allowance for credit losses at end of period |  | $ | 64,152 |  |  | $ | 31,004 |  |  | $ | 44,853 |
Net charge-offs/average loans |  |  | 1.85% |  |  |  | 0.07% |  |  |  | 0.40% |
Net charge-offs/average assets |  |  | 1.30% |  |  |  | 0.05% |  |  |  | 0.28% |

17

Loan delinquency and Non-accrual |  | September 30, 2025
|  | 30-59 days past due |  | 60-89 days past due |  | 90+ days still accruing |  | Non-accrual |  | Total past due |  | Current |  | Total loans
SBL non-real estate |  | $ | — |  |  | $ | — |  |  | $ | 2 |  |  | $ | 7,125 |  |  | $ | 7,127 |  |  | $ | 215,806 |  |  | $ | 222,933 |
SBL commercial mortgage |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16,178 |  |  |  | 16,178 |  |  |  | 713,442 |  |  |  | 729,620 |
SBL construction |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,917 |  |  |  | 2,917 |  |  |  | 31,601 |  |  |  | 34,518 |
Direct lease financing |  |  | 2,422 |  |  |  | 8,045 |  |  |  | 251 |  |  |  | 5,896 |  |  |  | 16,614 |  |  |  | 676,708 |  |  |  | 693,322 |
SBLOC / IBLOC |  |  | 3,922 |  |  |  | — |  |  |  | 1,184 |  |  |  | 446 |  |  |  | 5,552 |  |  |  | 1,603,495 |  |  |  | 1,609,047 |
Advisor financing |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 285,531 |  |  |  | 285,531 |
Real estate bridge loans |  |  | — |  |  |  | 19,372 |  |  |  | 17,942 |  |  |  | 36,677 |  |  |  | 73,991 |  |  |  | 2,057,698 |  |  |  | 2,131,689 |
Consumer fintech |  |  | 20,439 |  |  |  | 1,951 |  |  |  | 1,163 |  |  |  | — |  |  |  | 23,553 |  |  |  | 761,492 |  |  |  | 785,045 |
Other loans |  |  | 75 |  |  |  | — |  |  |  | 3 |  |  |  | 147 |  |  |  | 225 |  |  |  | 164,262 |  |  |  | 164,487 |
Unamortized loan fees and costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16,445 |  |  |  | 16,445 |
|  | $ | 26,858 |  |  | $ | 29,368 |  |  | $ | 20,545 |  |  | $ | 69,386 |  |  | $ | 146,157 |  |  | $ | 6,526,480 |  |  | $ | 6,672,637 |

Other loan information

Of the $55.1 million special mention and $130.2 million substandard loans real estate bridge loans at September 30, 2025, none were modified in the third quarter of 2025.

Other real estate owned year to date activity

|  | Nine months ended
|  | September 30, 2025
Beginning balance |  | $ | 62,025 |
Transfer from loans, net |  |  | 2,401 |
Total realized net gains included in earnings: Non-interest expense - other |  |  | 594 |
Sales |  |  | (4,926 | )
Advances |  |  | 1,880 |
Ending balance |  | $ | 61,974 |

Other real estate owned includes a REBL apartment building rehabilitation bridge loan with a balance of $43.0 million and $41.1 million as of September 30, 2025, and December 31, 2024, respectively. As of September 30, 2025, the majority of capital improvements on the property have been completed. Third-party appraisals on the property as of June 30, 2025, for “as stabilized” and "as is" values are $59.1 million and $51.4 million, respectively, or respective LTVs of 73% and 83%.

As previously disclosed, in June 2025, the Company terminated a pending agreement of sale for the property and demanded the escrow agent release to Company all earnest money deposits received to date, totaling $3.0 million. On June 26, 2025, without providing any legal or contractual basis to do so, the purchaser objected to the release of the earnest money deposits. In the third quarter of 2025, the matter was settled for $2.3 million which was recognized in other non-interest income.

Asset Quality Ratios

|  | September 30, |  | June 30, |  | December 31, |  | September 30,
|  | 2025 |  | 2025 |  | 2024 |  | 2024
Nonperforming loans to total loans |  |  | 1.35% |  |  |  | 0.96% |  |  |  | 0.55% |  |  |  | 0.52% |
Nonperforming assets to total assets |  |  | 1.77% |  |  |  | 1.45% |  |  |  | 1.14% |  |  |  | 1.28% |
Allowance for credit losses to total loans |  |  | 0.96% |  |  |  | 0.91% |  |  |  | 0.73% |  |  |  | 0.52% |

18

Non-GAAP Financial Measures

Calculation of efficiency ratio

The efficiency ratio is calculated by dividing GAAP total non-interest expense by the total of GAAP net interest income and non-interest income. This ratio compares revenues generated with the amount of expense required to generate such revenues and may be used as one measure of overall efficiency.

|  | Three months ended |  | Nine months ended
|  | September 30, |  | September 30, |  | September 30, |  | September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (Dollars in thousands)
Net interest income |  | $ | 94,197 |  |  | $ | 93,732 |  |  | $ | 283,432 |  |  | $ | 281,945 |
Non-interest income |  |  | 80,416 |  |  |  | 32,108 |  |  |  | 247,801 |  |  |  | 92,212 |
Less: Consumer fintech loan credit enhancement |  |  | (39,790 | ) |  |  | — |  |  |  | (128,891 | ) |  |  | — |
Adjusted total revenue(1) |  | $ | 134,823 |  |  | $ | 125,840 |  |  | $ | 402,342 |  |  | $ | 374,157 |
Non-interest expense |  | $ | 56,404 |  |  | $ | 53,255 |  |  | $ | 166,921 |  |  | $ | 151,413 |
Efficiency ratio |  |  | 42% |  |  |  | 42% |  |  |  | 41% |  |  |  | 40% |
(1) Excludes consumer fintech loan credit enhancement income which represents the amount of consumer fintech loan charge-offs that we expect to recover under third-party contracts. The provision for those loans correlates to a like amount of credit enhancement income.

19