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Jun 30, 2022
Customers Bancorp Q2 2022 Earnings Report
Reported results for the second quarter of 2022
Key Takeaways
Customers Bancorp reported a net income available to common shareholders of $56.5 million, or $1.68 per diluted share, and core earnings of $59.4 million, or $1.77 per diluted share, for Q2 2022. The company's ROAA was 1.17% and Core ROAA was 1.23%.
Q2 2022 net income available to common shareholders was $56.5 million, or $1.68 per diluted share, down 2.6% over Q2 2021.
Q2 2022 adjusted pre-tax pre-provision net income was $105.7 million, up 22% over Q2 2021.
Q2 2022 core earnings were $59.4 million, or $1.77 per diluted share, up 0.1% over Q2 2021.
Q2 2022 core earnings excluding Paycheck Protection Program were $46.3 million, or $1.38 per diluted share, up 32.3% over Q2 2021.
Customers Bancorp
Customers Bancorp
Forward Guidance
Customers Bancorp expects sustainable organic core growth. They anticipate $500 million of quarterly loan growth and continued digital asset-related deposit growth by year-end 2022. The company expects its efficiency ratio to be around 45% by early 2023 and expects to meet or beat projections of core earnings (excluding PPP) between $4.75 - $5.00 in 2022 and over $6.00 in 2023.
Positive Outlook
- Sustainable and responsible organic core growth
- Improving quality of balance sheet and deposit franchise
- Expect, on average, $500 million of quarterly loan growth
- Continued digital asset-related deposit growth by year-end 2022
- Efficiency ratio to be around 45% by early 2023