Customers Bancorp ( (CUBI) ) has released its Q3 earnings. Here is a breakdown of the information Customers Bancorp presented to its investors.
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Customers Bancorp, Inc., a leading banking firm, provides commercial and consumer banking services across the United States. The company is recognized for its technological innovation and customer service excellence.
In its third quarter of 2024, Customers Bancorp reported a net income of $42.9 million, with earnings per share of $1.31. The company has demonstrated strategic growth in deposit inflows, with a significant increase from commercial customers, while maintaining a solid capital position.
Key financial metrics for the third quarter show a net interest margin of 3.06% and a total loan growth of $520.8 million. The bank’s asset quality remains robust, with non-performing assets constituting just 0.22% of total assets. Customers Bancorp’s strategic focus on deposit transformation and loan growth is complemented by its strong liquidity position, which covers 183% of uninsured deposits.
Moving forward, Customers Bancorp aims to enhance its deposit franchise and profitability. With expectations of maintaining strong capital ratios and a focus on risk management infrastructure, the company is well-positioned to achieve its targeted loan growth of 10% to 15% for the year. Investments in new banking teams and risk management are expected to drive long-term benefits, despite short-term efficiency challenges.
