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Jun 30, 2024
Customers Bancorp Q2 2024 Earnings Report
Reported strong results driven by strategic priorities and deposit transformation.
Key Takeaways
Customers Bancorp reported a strong second quarter in 2024, with net income available to common shareholders of $54.3 million, or $1.66 per diluted share. The company exceeded its CET1 and TCE / TA ratio targets and experienced loan and deposit growth, along with an expansion in net interest margin.
Net income available to common shareholders was $54.3 million, or $1.66 per diluted share.
Core earnings were $48.6 million, or $1.49 per diluted share.
CET 1 ratio was 12.8% and TCE / TA ratio was 7.7% at June 30, 2024, exceeding targets.
Total loans and leases grew by $375.8 million, and net interest margin was 3.29%.
Forward Guidance
Customers Bancorp is focused on strengthening its deposit franchise, improving profitability, and maintaining strong capital ratios. The company expects deposit pipelines to improve deposit quality, cash flows to be deployed into loan growth, and non-interest expenses to be managed effectively. They anticipate a 10%-15% loan growth.
Positive Outlook
- Strengthening deposit franchise
- Improving profitability
- Maintaining strong capital ratios
- Improving deposit quality and mix
- Attractive opportunities to deploy cash
Challenges Ahead
- Managing non-interest expenses
- Managing interest rate risk
- Preserving superior credit quality
- Operating with higher capital ratios
Historical Earnings Impact
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Avg. Return Before/After Earnings
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