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.