Customers reports 1Q of $8.1M

Customers Bancorp Inc., parent company of Customers Bank, reported a first quarter 2014 profit of $8.1 million, an increase of 13 percent over the $7.2 million profit in first quarter 2013, during an April 21 earnings report conference call. More

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financial services

Customers reports 1Q of $8.1M

Posted 4/29/14

WYOMISSING, Pa. – Customers Bancorp Inc., parent company of Customers Bank, reported a first quarter 2014 profit of $8.1 million, an increase of 13 percent over the $7.2 million profit in first quarter 2013, during an April 21 earnings report conference call.

“During the first quarter our total assets reached $5 billion, up 20.7 percent from end of the year and our loans were at $33.3 billion, up 37 percent from end the year,” said Customers Bancorp Chairman and CEO Jay Sidhu.

Mortgage warehouse loans in first quarter 2014were down about 20 percent from Dec. 31, 2013 and down about 48 percent from end of first quarter 2013, said Sidhu.

Total deposits were up about 22 percent since the end of 2013 and up about 42 percent since March 31, 2013,” Sidhu said.

“The largest increase during the first quarter was in multifamily loans, closely followed by some commercial real estate loans,” said Sidhu.

Customers Bank had commercial and industrial activity that reached $150 million in originations in the fourth quarter 2013, with first quarter 2014 originations in C&I also reaching about $150 million, Sihu said.

“Our teams in Pennsylvania, New Jersey, New York and New England continue to be on plan or exceeding their plans in terms of earning asset generation, as well as attracting customers,” said Sidhu.

Customers Bank has New England operations based in Providence, with another regional office in Boston. Customers Bank entered the regional market in March 2013 with the acquisition of Flagstar Bank’s New England commercial portfolio.

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