Customers Bancorp (CUBI) Reports In-Line Q2 EPS

Customers Bancorp (NYSE: CUBI) reported Q2 EPS of $0.60, in-line with the analyst estimate of $0.60.

"Customers is pleased to report record earnings for the second quarter and first six months of 2016. Customers' single point of contact business model delivered by highly experienced professional teams resulted in Customers continued origination of high quality loans, limiting our interest rate exposures, and controlling operating costs," stated Jay Sidhu, Chairman and CEO of Customers. "Furthermore, Customers completed its strategic acquisition of the Disbursements business from Higher One Holdings, Inc. on June 15, 2016. Combining the Disbursements business with our BankMobile business and platform gives Customers over 2.1 million BankMobile serviced customers and the potential to add as many as 500,000 new BankMobile customers annually. We believe this acquisition will lower the overall cost of deposits for Customers and provide for realizing the value of BankMobile Technologies within 12 to 18 months, making this Division of Customers Bank potentially one of the most successful digital banking platforms in the United States," Sidhu continued.

For earnings history and earnings-related data on Customers Bancorp (CUBI) click here.

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