Customers Bancorp in Wyomissing, Pa., turned strong loan and deposit growth into higher profits last quarter.
The $5.6 billion-asset company reported a profit of $10.2 million, up 24% from a year earlier. It earned 37 cents per share.
Loans rose 44.3%, to $4.7 billion, from a year earlier, thanks heavily to a 57% increase in commercial and industrial loans, and a 44.3% increase in consumer loans that included mortgage warehouse loans held for sale, Customers said in press release Wednesday.
Total deposits increased 33%, to $3.7 billion. That helped noninterest income, which rose 24.5%, to $6.9 million, and included a 94% jump in deposit fees.
However, Customers' report had some downsides.
Noninterest expenses increased 49%, to $25.2 million, on higher taxes, regulatory fees, technology improvements and benefits.
And net interest margin was 2.95%, down from 3.24% a year earlier.