Customers Bancorp, Inc. reported its financial results for the third quarter of 2024, with GAAP diluted earnings per share of $1.31 and core earnings per share of $1.34. Net income available to common shareholders was $42.9 million for the quarter.
The company achieved a 16% annualized growth rate in loans and leases held for investment, increasing by $520.8 million to $13.8 billion. Deposit transformation efforts continued, with $1.1 billion in commercial deposit inflows used to pay down $0.7 billion of higher-cost deposits.
Asset quality remained strong, with a non-performing asset ratio of 0.22% of total assets and reserves covering 281% of total non-performing loans. The net interest margin, tax equivalent, was 3.06% for the quarter, a decrease from the prior quarter.
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