Corus Bankshares Inc. reported that its third-quarter earnings rose 41% from the same period last year, to $39.8 million, powered by soaring demand for its construction and development loans.
Earnings per share rose 40%, to $1.37, Corus said Monday.
The company also said its assets have increased 19% since the end of the second quarter and more than 50% since the end of last year, to $7.7 billion.
Corus makes construction loans for commercial real estate projects in metropolitan markets throughout the United States. The amount of such loans outstanding rose 54% since the end of last year, to $4 billion as of Sept. 30. The increased volume helped boost net interest income for the first nine months of the year by 62% from the same period last year, to $175.6 million.
The company also reported significant deposit growth - 51% since the end of last year, to $6.7 billion - and stellar performance ratios. Its efficiency ratio at the end of the third quarter was 21.7%, compared with 32.2% a year earlier, and its return on equity was 24.8%, up from 19.9%.
