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The Bancorp reports $14.3M BSA, lookback consulting expenses for Q1'16

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The Bancorp reports $14.3M BSA, lookback consulting expenses for Q1'16

Wilmington,Del.-based The Bancorp Inc.on April 28 reported a net loss available to common shareholders of $10.9million, or 29 cents per share, for the first quarter. Thiscompares to net income of $214,000, or $0.00 net income per share, for the sameperiod a year ago.

The company reported Bank Secrecy Act and lookbackconsulting expenses totaling $14.3 million for the first quarter.

"As anticipated, earnings were negatively impacted bycontinued high regulatory look back expenses," The Bancorp Interim CEOJohn Chrystal said in the earnings release. "We believe that lookbackexpenses will be greatly reduced after the second quarter of 2016 and minimalby year-end."

In March, the BancorpBank parent disclosedthat it was nearing completion of a key task stipulated in the bank's consentorder related to Bank SecrecyAct deficiencies. Its transactionlookback, which examined 1.5 billion transactions over an 18-monthperiod and cost the company $41.4 million in 2015, was expected to be completedin the second quarter.