Wilmington, Del.-based Bancorp Bank reported a 2016 net loss of approximately $84.2 million in its most recent call report, compared to the year-to-date net loss of $67.7 million as of Sept. 30, 2016, ahead of The Bancorp Inc.'s fourth quarter 2016 earnings release.
Piper Jaffray analyst Matthew Breese calculated that the bank's fourth quarter of 2016 net loss amounted to approximately $16.5 million. The analyst noted that the company's nonperforming assets increased to 2.46% of total assets, from 1.84% of total assets in the third quarter of 2016. He thinks that the 8.7% sequential decrease in tangible equity potentially lowered the bank's tangible book value to approximately $5.50 per share from $6.03 per share in the last quarter.
In light of the call report, Breese thinks that the company will be reporting disappointing earnings for its fourth quarter, "highlighted by credit deterioration and [tangible book value] erosion."
The Bancorp was trading more than 12% lower during morning trading on Wednesday, Feb. 1.
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