Customers Bank reports net income of $58M

Customers Bank Inc. finished a strong fourth quarter with an equally strong 2015, reporting net income for the year totaling $58 million, or $1.96 per diluted share.
Customers Bank Inc. finished a strong fourth quarter with an equally strong 2015, reporting net income for the year totaling $58 million, or $1.96 per diluted share.

WYOMISSING, Pa. – Customers Bank Inc. finished a strong fourth quarter with an equally strong 2015, reporting net income for the year totaling $58 million, or $1.96 per diluted share, representing a 35.6 percent increase compared with 2014.
The Pennsylvania-based bank, with offices in Providence, reported fourth-quarter net income growing 35 percent to $17.7 million, according to its year-end earnings report released last week. Net income met bank estimates, despite a $9 million fraud identified during the second quarter of the year, which reduced earnings by 21 cents a share, according to Jay Sidhu, chairman and CEO.
“In 2015 we strengthened our core business franchise as we added commercial loan and deposit-generating teams to existing Pennsylvania, New York and New England teams, laying the foundation for continued strong growth,” Sidhu said.
Total interest income and noninterest income grew 22.5 percent to $77.1 million in the fourth quarter and increased 28.8 percent to $277.6 million through the year, according to earnings. Assets grew 23.1 percent to $8.4 billion compared with $6.8 billion in 2014. Deposits grew 30.4 percent to $5.9 billion during the same time.
“2015 was an incredible year for Customers, and we have positioned ourselves well for an even better 2016 and beyond,” Sidhu said.

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