New loans to apartment developers and mortgage orginators helped boost profits for Customers Bancorp.
Customers yesterday reported record profits of $7.6 million/40 cents a share for the last quarter of 2012, and $23.8 million, or $1.73 a share, for the year, compared to $4 million/39 cents in 2011. Deposits grew to $2.4 billion, up from $1.6 billion. Customers says 4q returns on assets was 1.06%, up from 0.66% a year earlier. Return on equity was 11.32%, up from 8.47%.
Customers was cobbled together by Jay Sidhu from a series of poorly-performing Northestern U.S. banking operations after he was forced out of Sovereign Bank by a badly-timed revolt by activist shareholders,
In a statement, Sidhu said net loans rose to $2.7 billion from $1.5 billion a year earlier; deposits grow to $2.4 billion, from $1.6 billion. He did not provide pro-forma numbers that would show how much of the growth was organic, and how much from acquisitions.