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Customers Bancorp Q3 net interest margin sees YOY increase

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Customers Bancorp Q3 net interest margin sees YOY increase

Wyomissing, Pa.-based Customers Bancorp Inc. reported third-quarter core earnings of $23.0 million, or 73 cents per share, compared to $20.1 million, or 62 cents per share, in the year-ago period.

The S&P Global Market Intelligence normalized consensus EPS estimate for the third quarter was 71 cents.

GAAP net income available to common shareholders was $23.5 million, or 74 cents per share, compared to $2.4 million, or 7 cents per share, in the year-ago period.

Customers Bancorp expects full-year 2019 core EPS of more than $2.20 and full-year 2020 core EPS of at least $3.00.

The S&P Global Market Intelligence GAAP consensus EPS estimates for 2019 and 2020 are $2.01 and $2.70, respectively.

Net interest margin, on a tax-equivalent basis, came in at 2.83%, compared to 2.64% in the previous quarter and 2.47% in the year-ago period. Net interest income saw a year-over-year increase to $75.7 million from $64.0 million, and noninterest income recorded a year-over-year increase to $23.4 million from $2.1 million.

Total loans receivable, net of allowance for loan losses, as of the third quarter were $9.72 billion, compared to $9.67 billion in the previous quarter and $8.72 billion in the year-ago period.

Total deposits as of the third quarter were $8.93 billion, compared with $8.19 billion as of the linked quarter and $8.51 billion as of the third quarter of 2018.