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Customers Bancorp in Wyomissing, Pa., turned strong loan and deposit growth into higher profits last quarter.
July 24 -
Customers Bancorp (CUBI) in Wyomissing, Pa., disclosed unexpectedly high sequential loan growth in the first quarter.
April 2 -
Customers Bancorp (CUUU), led by Chairman and Chief Executive Jay Sidhu, has applied with the Federal Reserve Board to open an office at 99 Park Avenue in Manhattan.
April 2
Customers Bancorp in Wyomissing, Pa., reported higher quarterly earnings as higher revenue offset a spike in expenses.
The $6.5 billion-asset company's net income rose 41% from a year earlier, to $11.7 million, or 42 cents a share.
Net interest income rose 49%, to $40.2 million. Total loans rose 65%, to $5 billion, while the net interest margin compressed by 36 basis points, to 2.78%.
The $5 million loan-loss provision compared to $744 a year earlier. The company said the increase was largely a result of loan growth.
"Our growth results from execution of our strategy to diversify and grow our loan and deposit portfolios," Jay Sidhu, Customers' chairman and chief executive, said in a press release Tuesday.
Noninterest income increased 5%, to $5.1 million, primarily because of gains from selling multifamily loans. Mortgage warehouse transactional fees fell 30%.
Noninterest expense increased 35%, to $24.7 million, largely tied to hiring in lending, support, risk management, and compliance.
