WEST READING, Pa. (AP) — WEST READING, Pa. (AP) — Customers Bancorp Inc. (CUBI) on Thursday reported first-quarter net income of $53.7 million.
The West Reading, Pennsylvania-based bank said it had earnings of $1.55 per share. Earnings, adjusted for severance costs and non-recurring costs, were $1.58 per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.26 per share.
The bank holding company posted revenue of $346.8 million in the period. Its revenue net of interest expense was $181.7 million, also surpassing Street forecasts.
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