10:59 AM EDT, 03/21/2024 (MT Newswires) -- The Bancorp (TBBK) shares fell 5.7% in recent Thursday trading after short-seller Culper Research said it has taken a short position on the stock.

"We believe the company has misrepresented the quality of its real estate bridge loan portfolio," Culper said in a report. The bank's REBL book has ballooned to $2 billion in the past 10 quarters from zero, or 2.5 times the value of the company's common equity with provisioning of just $4.7 million, the report said.

Culper alleged 50% of the company's $283 million in loans maturing this year "harbor meaningful risks."

The Bancorp did not immediately reply to MT Newswires' request for comment.

Price: 33.70, Change: -2.05, Percent Change: -5.73