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Customers Bancorp in Wyomissing, Pa., has begun a $25 million debt offering.
July 22 -
Robert Wahlman will become CFO of the $3.8 billion-asset company and its bank on Aug. 13, Customers announced Tuesday.
July 16 -
Lending surged at Customers Bancorp in Wyomissing, Pa., this spring, allowing the $3.8 billion-asset company to report profits of $8.2 million in the second quarter, up 26% from the same period in 2012.
July 16 -
The $3.5 billion asset company will invest in Religare Enterprises, an Indian firm that is applying for a banking license in India, Customers said Thursday. It will spread the investment out over the next 18 months.
June 27 -
Customers Bancorp sold $103.5 million of common stock in a public offering.
May 23
Customers Bancorp (CUBI) in Wyomissing, Pa., compensated for reduced income from its warehouse mortgage business with growth in other lending categories last quarter.
The $3.8 billion-asset Customers reported earnings of $8.3 million, up 25% from the third quarter of 2012. At 33 cents per share, Customers beat the estimates of analysts polled by Bloomberg by 2 cents.
Customers' net interest income climbed 19%, to $27 million, as the company offset declines in its mortgage warehouse lending business with growth in earnings on multifamily and commercial loan portfolios and the purchase of investment securities. Its net interest margin was 3.14%, down 67 basis points from the same period a year earlier.
Noninterest income fell 50% to $4.9 million because of a decline in fee income from mortgage warehouse transactions and reduced income from unspecified sources.
Noninterest expenses rose 53%, to $18.3 million. The company attributed the increase to higher compensation costs to support new hires in its growing commercial loan, commercial real estate and mortgage banking businesses, higher loan workout expenses and investment in the mortgage banking business that Customers plans to roll out in the fourth quarter.
Improvements in the quality of Customers' loan portfolio allowed the company to slash its loan-loss provision to $900,000, a 92% decrease from the same period a year ago. Net chargeoffs fell 31% to $2 million.
