Customers Bancorp Q3 Profit Tops View - Quick Facts

(RTTNews) - Customers Bancorp, Inc. (CUBI), the parent company of Customers Bank, reported that its third-quarter net income available to common shareholders was $11.7 million or $0.42 per share, compared to $8.3 million or $0.30 per share in the comparable quarter last year. On average, five analysts polled by Thomson Reuters expected earnings of $0.40 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income was $40.2 million, compared to $27.2 million a year ago, while total non-interest income for the latest third quarter rose to $5.1 million from $4.7 million last year.

Jay Sidhu, Chairman and CEO of Customers reflected, "We are extremely pleased to report very strong core earnings growth during Q3 2014. We believe we are on track with our plans and remain confident we will meet or exceed the earnings guidance we have provided for 2014 and 2015. We again state our goals of reaching about a 1.0% return on assets and a 12.0% return on equity within two to three years. We expect that we will achieve these goals while reducing the rate of Customers' asset growth to a level supported by growth in retained earnings."