Customers Bancorp, Inc. Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter of 2012
January 31, 2013 at 08:45 am EST
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Customers Bancorp, Inc. reported earnings results for the fourth quarter and year ended December 31, 2012. For the year, the company reported net income available to common shareholders of $23.8 million $1.73 per diluted compared to $3.99 million or $0.39 per diluted share in last year. The company reported net interest income of $71.8 million compared to $38.8 million, total net revenue of $103.0 million compared to $52.5 million, income before tax expense of $36.1 million compared to $5.9 million, return on average assets of 1.02% compared to 0.24% and return on average common equity of 12.69% compared to 3.06% for the last year. Book value per common share as on December 31, 2012 was $14.60 compared to $13.02 per share as on December 31, 2011. The increase in net income on a year-over-year basis was primarily the result of growth in total net revenue, driven by increases in net interest income and non-interest income, in addition to acquisition of Berkshire Bancorp in the third quarter of 2011.
For the quarter, the company reported net income available to common shareholders of $7.6 million $0.40 per diluted compared to $3.2 million or $0.27 per diluted share in last year. The company reported net interest income of $21.7 million compared to $14.0 million, total net revenue of $26.2 million compared to $18.4 million, income before tax expense of $11.1 million compared to $4.89 million, return on average assets of 1.06% compared to 0.66% and return on average common equity of 11.32% compared to 8.476% for the last year. The increase of $7.7 million net interest income was primarily the result of growth in the loan portfolio, partially offset by a decrease in interest from investment securities due to a sale of $257.6 million of available-for-sale securities in the second quarter of 2012.
For the fourth quarter of 2012, the company reported net charge-offs of $0.8 million compared to $1.9 million in last year.
Customers Bancorp, Inc. is a bank holding company, which is engaged in banking activities through its subsidiary, Customers Bank (the Bank). The Bank provides banking products, primarily loans and deposits, to businesses and consumers through its branches, limited production offices and administrative offices in Berks County and Southeastern Pennsylvania, New York, Hamilton, New Jersey, Boston, Massachusetts, and other geographies. The Bank administratively supports loans and other financial products, including equipment finance leases, to customers. It also offers venture banking loan portfolios. The Bank serves specialty businesses nationwide, including its commercial loans to mortgage companies, commercial equipment financing, SBA lending, specialty lending and consumer loans through relationships with fintech companies. The Bankâs specialty lending includes fund finance, real estate specialty finance, technology and venture, healthcare, and financial institutions group.
Customers Bancorp, Inc. Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Charge-Offs for the Fourth Quarter of 2012