U.S. Markets closed

Customers Bancorp: 2Q Earnings Snapshot

WYOMISSING, Pa. (AP) _ Customers Bancorp Inc. (CUBI) on Wednesday reported second-quarter net income of $23.7 million.

The Wyomissing, Pennsylvania-based bank said it had earnings of 62 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, were 64 cents per share.

The results missed Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share.

The bank holding company posted revenue of $123.8 million in the period. Its revenue net of interest expense was $83.4 million, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $86.2 million.

Customers Bancorp shares have risen 7 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $27.82, a decrease of slightly more than 2 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CUBI at https://www.zacks.com/ap/CUBI