U.S. Markets closed

Customers Bancorp: 3Q Earnings Snapshot

·1 min read

WEST READING, Pa. (AP) _ Customers Bancorp Inc. (CUBI) on Wednesday reported third-quarter profit of $50.5 million.

The West Reading, Pennsylvania-based bank said it had earnings of $1.48 per share. Earnings, adjusted for non-recurring gains, came to $1.20 per share.

The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.01 per share.

The bank holding company posted revenue of $173.4 million in the period. Its revenue net of interest expense was $141.2 million, which also beat Street forecasts.

Customers Bancorp shares have decreased 47% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $12.71, a decrease of 47% 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