Customers Bancorp earnings climb 37% in 2013

Customer Bankcorp Inc., parent company of Customers Bank, reported a 37.4 percent jump in earnings in 2013 over the previous year, the bank announced Thursday. Net income for 2013 was $32.7 million, or $1.47 per diluted share, compared with $23.8 million, or $1.78 per diluted share, in 2012. More

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Customers Bancorp earnings climb 37% in 2013

Posted 1/23/14

WYOMISSING, Pa. – Customer Bankcorp Inc., parent company of Customers Bank, reported a 37.4 percent jump in earnings in 2013 over the previous year, the bank announced Thursday. Net income for 2013 was $32.7 million, or $1.47 per diluted share, compared with $23.8 million, or $1.78 per diluted share, in 2012.

“2013 was a year of great achievement for Customers as we successfully implemented key strategies on several fronts while enhancing our profitability,” Chairman and CEO Jay Sidhu said in the release of the bank’s full-year 2013 and fourth-quarter earnings report.

“We generated record earnings while for the first time listing Customers on a national exchange, increased capital by over $115 million, added banking teams in key markets of New York City, Boston, Philadelphia and Providence, adopted a client-centric single-point-of-contact business model, and generated double-digit loan and deposit growth.”

For the three months ended Dec. 31, net income was $9 million, or 37 cents per diluted share, up 9 percent from $8.3 million, or 34 cents per diluted share, in the third quarter. Year-over-year, fourth quarter earnings rose 19 percent, from $7.57 million in 2012.

Net interest income grew to $27.7 million in the fourth quarter, a 27.8 percent increase compared with $21.7 million during the same period last year. The bank’s net interest income rose by $690,000 in the fourth quarter of 2013 compared with third-quarter income of $27 million.

For the full year of 2013, net interest income totaled $103 million, up 43.8 percent from $71.8 million in 2012.

Customers Bank moved into the Rhode Island market in March 2013 with the acquisition of the regional business of Flagstar Bank. In addition to Customers Bank regional headquarters in Providence, it has a second regional office in Boston.

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