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Mar 31, 2022
Customers Bancorp Q1 2022 Earnings Report
Customers Bancorp reported first quarter 2022 results with net income up 126% year over year.
Key Takeaways
Customers Bancorp reported a strong first quarter in 2022, with net income of $74.9 million, or $2.18 per diluted share, a 126% increase over Q1 2021. The company's ROAA was 1.63% and ROCE was 24.3%. Loan growth, excluding PPP loans and loans to mortgage companies, was $1.1 billion, up 12% over Q4 2021 and 33% year-over-year. Deposit growth was $3.9 billion, up 32% year-over-year.
Net income available to common shareholders was $74.9 million, or $2.18 per diluted share, up 126% over Q1 2021.
Core earnings were $75.2 million, or $2.19 per diluted share, up 7% over Q1 2021.
Loan growth of $1.1 billion (excluding PPP loans and loans to mortgage companies), up 12% over Q4 2021 and 33% year-over-year.
Total deposits increased $3.9 billion, or 32% year-over-year, which included a $4.3 billion, or 72%, increase in demand deposits.
Forward Guidance
Customers Bancorp expects to meet or beat projections of core earnings (excluding PPP) between $4.75 - $5.00 in 2022 and well over $6.00 in 2023.
Positive Outlook
- Sustainable and responsible organic core growth.
- Improving the quality of balance sheet and deposit franchise.
- Expect on average, $500 million of quarterly loan growth.
- Expect significant digital asset-related deposit growth by year-end 2022.
- Through a combination of revenue growth and prudent expense management expect efficiency ratio to be at or below 40% by early 2023.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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