Strong Loan Growth, Expanded Net Interest Margin and Expense Control
Expected to Show Strong Core Earnings Growth for Rest of 2019
Wyomissing, PA, July 24, 2019 – Customers Bancorp, Inc. (NYSE: CUBI) the parent company of Customers Bank and its operating division BankMobile (collectively “Customers” or “CUBI”), today reported second quarter 2019 (“Q2 2019”) net income to common shareholders of $5.7 million, or $0.18 per diluted share. Core earnings for Q2 2019, which excludes losses related to interest-only GNMA securities acquired from a mortgage warehouse customer of $7.5 million, totaled $12.1 million, or $0.38 per diluted share (a non-GAAP measure). Net interest margin, tax equivalent (“NIM”) (a non-GAAP measure), expanded 5 basis points during Q2 2019 and average total loans and leases grew $570 million, or 7%, over first quarter 2019 (“Q1 2019”).