WEST READING, PA — Customers Bancorp, Inc. (NYSE: CUBI) has released its financial results for the fourth quarter and full year 2024, emphasizing deposit growth, loan expansion, and a stable capital position in a competitive market.
For Q4, the company reported net income available to shareholders of $23.3 million, or $0.71 per diluted share. Core earnings were $44.2 million, or $1.36 per diluted share, with a core return on average assets (ROAA) of 0.86% and a core return on common equity (ROCE) of 10.44%. Total deposits grew by $777.1 million during the quarter, while non-interest-bearing deposits surged by $937.5 million, making up 29.7% of total deposits by year-end.
Net interest margin (NIM) improved slightly to 3.11%, supported by reduced deposit costs. Loans and leases held for investment increased by $671.1 million in Q4, a 19% annualized growth rate, driven by commercial lending in specialized verticals.
Full-year 2024 net income available to shareholders reached $166.4 million, or $5.09 per diluted share, with total loans and leases expanding by $1.6 billion, or 12.3%. Deposits rose by 5.2%, including a 26.8% increase in non-interest-bearing deposits.
Chairman and CEO Jay Sidhu pointed to the company’s focus on deposit transformation and customer satisfaction as critical to its performance. “Our deposit pipelines continue to grow, and we’ve made significant strides in lowering deposit costs while expanding relationships with commercial clients,” Sidhu said.
Sidhu also highlighted the strength of the company’s liquidity position, noting $9.1 billion in available liquidity covering 159% of uninsured deposits. Tangible book value per share rose to $54.08, reflecting an annualized growth rate of 8.4% in Q4.
Asset quality remained robust, with non-performing assets accounting for just 0.25% of total assets. Customers Bancorp ended the year with solid capital levels, including a Common Equity Tier 1 (CET 1) ratio of 12.0%.
Sidhu concluded by expressing optimism about the company’s strategic direction and its position for continued success in 2025, emphasizing disciplined growth and a customer-centric approach.
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