CUSTOMERS BANCORP INC., parent company of Customers Bank, has reported its financial results for the second quarter of 2013 and named a new chief financial officer.
By Rhonda Miller PBN Staff Writer
WYOMISSING, Pa. – Customers Bancorp Inc., the parent company of Customers Bank, reported a second quarter 2013 net income increase of $1.7 million, or 26.5 percent, over the second quarter 2012, the bank reported after close of business Monday.
The bank reported a net income of $8.2 million, or 38 cents per diluted share, for the second quarter of 2013.
“We are pleased to announce that continued execution of our business strategy resulted in strong loan demand through organic growth that generated significant increases in revenue,” said Customers Chairman and CEO Jay Sidhu in prepared remarks. “The bank continues to see consistent growth in our loan portfolios while maintaining our margin.”
During the second quarter 2013, net loans, including loans held for sale, grew from approximately $1.9 billion from June 30, 2012 to $3.2 billion at June 30, 2013, an increase of 68.5 percent, said Sidhu.
Total deposits at the end of the second quarter 2012 were approximately $1.9 billion compared to $2.8 billion at the end of the second quarter 2013, an increase of 44 percent, Sidhu said.
“Our second quarter earnings continued the pattern or growth we saw in the first quarter,” said Customers Bancorp Executive Vice President and CEO James Hogan. “Our net interest margin has remained strong at 3.26 percent.”
In the review of second quarter 2013 earnings, Sidhu noted the bank’s collaboration with Religare Enterprises Ltd., one of India’s leading diversified financial services companies, which was announced on June 27, when Customers Bank said it plans to invest $51 million in Religare.
“We are optimistic this investment over the long-term will help increase shareholders’ value, add to our earnings and better serve our customer base,” Sidhu said in the July 15 press release.
Customers Bank moved into the Rhode Island market with the March 29 acquisition of the regional business of Flagstar Bank. Customers Bank has regional headquarters in Providence and a second regional office in Boston.
In other news, Robert E. Wahlman has been named chief financial officer for Customers Bancorp, the bank announced Tuesday. Wahlman will join Customers as an executive vice president on Aug. 5 and move into the CFO post on Aug. 13.
Wahlman was previously executive vice president and chief financial and investment officer for Doral Financial Corp., a bank holding company with principal operations in Puerto Rico and expanding operations in New York City and northwest Florida.
Wahlman has also previously served as chief financial officer for various affiliates of Merrill Lynch & Co. and as controller and chief accounting officer for CIGNA corp., a global health services company.
Wahlman has a bachelor’s degree in economics and history and an MBA in finance from the University of Arkansas.
Wahlman will succeed Customers Bancorp Interim Chief Financial Officer James D. Hogan, who will retire from that position on Aug. 13.
“The bank is very grateful and appreciative of Jim’s efforts in filling this critical role over the last 10 months,” said Customers Bancorp Chairman and CEO Jay Sidhu. “His efforts as CFO and prior to that, director of enterprise risk management, have made a significant contribution over the last three years to the success of Customers Bancorp.”