Customers Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 26, 2017 at 11:00 am
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Customers Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2016. For the quarter, the company's total interest income was $83,609,000 against $67,713,000 a year ago. Net interest income was $64,134,000 against $53,472,000 a year ago. Net interest income after provision for loan losses was $64,395,000 against $47,299,000 a year ago. Income from continuing operations before income tax expense was $34,807,000 against $27,012,000 a year ago. Net income from continuing operations was $23,337,000 or $0.62 per diluted share against $18,909,000 or $0.62 per diluted share a year ago. Net income available to common shareholders was $16,213,000 or $0.51 per diluted share against $16,780,000 or $0.58 per diluted share a year ago. Return on average assets was 0.84% against 0.91% a year ago. Return on average common equity was 10.45% against 13.46% a year ago. Tangible book value per common share was $20.49 as on December 31, 2016 against $18.39 as on December 31, 2015.
For the year, the company's total interest income was $322,539,000 against $249,850,000 a year ago. Net interest income was $249,516,000 against $196,299,000 a year ago. Net interest income after provision for loan losses was $247,171,000 against $175,733,000 a year ago. Income before income tax expense was $139,119,000 against $95,737,000 a year ago. Net income from continuing operations was $87,707,000 or $2.61 per diluted share against $63,073,000 or $2.11 per diluted share a year ago. Net income available to common shareholders was $69,187,000 or $2.31 per diluted share against $56,090,000 or $1.96 per diluted share a year ago. Return on average common equity was 0.86% against 0.81% a year ago. Return on average assets was 12.41% against 11.82% a year ago.
For the quarter, the company's net charge-offs was $770,000 against $4,322,000 a year ago.
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 Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016