Bancorp, Inc. (TBBK): auditor change — Bancorp says 2022-2024 financials unreliable; auditors lacked consent

Bancorp, Inc.

Financial statements for fiscal years 2022-2024 should no longer be relied upon due to missing final auditor approval.
Crowe LLP (2024 audit) and Grant Thornton LLP (2022-2023) did not provide consent to include audit opinions.
Company must complete additional procedures on accounting for consumer fintech loans in allowance for credit losses.
Amended 10-K/A will be filed with proper audit opinions and consents from both firms.
Audit Committee discussing impact on disclosure controls and internal control over financial reporting.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Bancorp, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Crowe LLP

Exact text from the filing

On March 3, 2025, The Bancorp, Inc. (the “Company”) inappropriately filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “Annual Report”). After receiving notification on March 3, 2025 from the Company’s independent public accounting firm, Crowe LLP, on March 4, 2025, the Audit Committee of the Board of Directors concluded that the Company’s filed financial statements for the fiscal years ended December 31, 2022 through 2024 as shown in the Annual Report, should no longer be relied upon because the Company’s independent public accounting firm, Crowe LLP, did not provide final approval to include the audit opinion with respect to the fiscal year ended December 31, 2024 and the consent to the incorporation by reference of the audit report in certain registration statements that were included with the Annual Report. Further, the Company’s prior independent public accounting firm, Grant Thornton LLP, also did not provide approval to include its audit opinio

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Source: SEC EDGAR

accession 0002039852-25-000053

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