Customers Bancorp reports Q2 core EPS $1.49, consensus $1.43

Reports Q2 core revenue $188.34M, consensus $164.48M. Q2 provision for credit losses on loans and leases was $17.9M vs. $16.0M in Q1. Tangible book value per share grew by approximately $1.52, or 3.1% over Q1, to $50.70 at June 30, 2024. “Customers Bancorp delivered another strong performance in Q2, continuing to deliver on our strategic priorities to grow our franchise value, our margins and our loans and low-cost deposits,” said CEO Jay Sidhu. “We are pleased to share that actions we took over the last six quarters have enabled us to exceed our 11.5% CET1 and 7.5% TCE / TA ratio targets. We are now positioned for strategic, relationship-based loan and deposit growth as we demonstrated this quarter…In June, our Board of Directors authorized a share repurchase program providing an additional capital deployment tool that can be utilized. Enhanced by the addition of our new banking teams, we believe we are extremely well-positioned to continue to strengthen our deposit franchise, improve our profitability, and maintain our already strong capital ratios,” stated Jay Sidhu.