Home Banking & Finance Customers Bancorp touts 2012 as ‘remarkable year’

Customers Bancorp touts 2012 as ‘remarkable year’

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Customers Bancorp Inc., with a branch in Rye Brook, announced it had a net income of $7.57 million or 40 cents per diluted share for the fourth quarter of 2012.  For the year 2012, the company’s net income was $23.82 million, or $1.73 per diluted share.

In the fourth quarter of 2012, net income increased 137.8 percent over the same quarter in 2011.

Net income for the full year of 2012 increased 496.9 percent over 2011, and diluted earnings per share (EPS) in 2012 was up 343.6 percent over the previous year. Customers Bancorp’s return on assets (ROA) was 1.06 percent for the fourth quarter of 2012 compared to 0.66 percent for the fourth quarter of 2011.  Return on equity (ROE) was 11.32 percent in the fourth quarter of 2012 over 8.47 percent in the last quarter 2011.

For the entire year of 2012, ROA was 1.02 percent and ROE was 12.69 percent.

“2012 was a remarkable year for the bank,” said Jay Sidhu, chairman and CEO of Customers Bancorp. “We are pleased with our performance both in terms of income, loan and deposit growth, capital ratios, and asset quality.”

Sidhu noted that for 2012, net loans, including those that were held for sale, grew from $1.50 billion as of Dec. 31, 2011 to $2.74 billion as of Dec. 31, 2012, an 82.5 percent growth rate.  Also, total deposits at the end of 2011 were $1.58 billion compared to $2.44 billion in December 2012, a 54.2 percent growth rate.

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