Customers Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Unaudited Consolidated Net Charge-Offs for the Fourth Quarter Ended December 31, 2015; Provides Earnings Guidance for the Year 2016
January 21, 2016 at 02:48 am IST
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Customers Bancorp, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company's net interest income was $53,468,000 against $44,986,000 a year ago. Net interest income after provision for loan losses was $47,295,000 against $42,527,000 a year ago. Income before tax expense was $25,201,000 against $20,467,000 a year ago. Net income was $17,786,000 against $13,178,000 a year ago. Net income available to common shareholders was $16,780,000 against $13,178,000 a year ago. Diluted earnings per common share was $0.58 against $0.47 a year ago. Return on average assets was 0.81% against 0.91% a year ago. Return on average common equity was 11.82% against 13.46% a year ago. Tangible book value per common share was $18.39 against $18.39 a year ago.
For the year, the company's net interest income was $196,290,000 against $151,923,000 a year ago. Net interest income after provision for loan losses was $175,724,000 against $137,176,000 a year ago. Income before tax expense was $88,495,000 against $63,388,000 a year ago. Net income was $58,583,000 against $43,214,000 a year ago. Net income available to common shareholders was $56,090,000 against $43,214,000 a year ago. Diluted earnings per common share was $1.96,000 against $1.55 a year ago. Return on average common equity was 11.83% against 11.94% a year ago. Return on average assets was 0.82% against 0.80% a year ago. Tangible book value per common share was $17.81 against $16.43 a year ago.
For the quarter, the company's net charge-offs was $11,978,000 against $4,321,000 a year ago.
The strong fourth quarter also puts the company in a strong position to achieve stated net income to common shareholders guidance of $2.40 to $2.50 from core banking operations in 2016.
Customers Bancorp, Inc. is a bank holding company, which is engaged in banking activities through its subsidiary, Customers Bank (the Bank). The Bank provides banking products, primarily loans and deposits, to businesses and consumers through its branches, limited production offices and administrative offices in Berks County and Southeastern Pennsylvania, New York, Hamilton, New Jersey, Boston, Massachusetts, and other geographies. The Bank administratively supports loans and other financial products, including equipment finance leases, to customers. It also offers venture banking loan portfolios. The Bank serves specialty businesses nationwide, including its commercial loans to mortgage companies, commercial equipment financing, SBA lending, specialty lending and consumer loans through relationships with fintech companies. The Bankâs specialty lending includes fund finance, real estate specialty finance, technology and venture, healthcare, and financial institutions group.
Customers Bancorp, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Reports Unaudited Consolidated Net Charge-Offs for the Fourth Quarter Ended December 31, 2015; Provides Earnings Guidance for the Year 2016