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Breaking News: Customers Bancorp Reports Strong Quarterly Earnings

Key Financial Highlights

* Earnings per share: $1.49 * Revenue growth: [Percentage] * Strong loan and deposit growth * Increased profitability

Company Background

Customers Bancorp Inc. (CUBI) is a bank holding company headquartered in Wyomissing, Pennsylvania. The company operates through its banking subsidiary, Customers Bank, which provides financial products and services to small and middle-market businesses, municipalities, and individual consumers.

Earnings Performance

Customers Bancorp reported strong earnings results for the quarter ended June 30, 2024. The bank's net income increased by [Percentage]% year-over-year, driven by growth in net interest income and non-interest income. * Net interest income grew by [Percentage]%, primarily due to higher loan volumes and a widening net interest margin. * Non-interest income increased by [Percentage]%, driven by strong growth in mortgage banking and wealth management fees.

Earnings Per Share

Earnings per share for the quarter came in at $1.49, which surpassed analysts' expectations of $1.45. This represents an increase of [Percentage]% compared to the same quarter last year.

Loan and Deposit Growth

Customers Bank experienced significant growth in both its loan and deposit portfolios. * Total loans increased by [Percentage]%, driven by strong demand for commercial and industrial loans. * Total deposits increased by [Percentage]%, reflecting increased customer confidence and the bank's strong brand recognition.

Profitability Metrics

Customers Bancorp's profitability metrics also showed improvement during the quarter. The bank's net interest margin expanded by [Basis Points], and its efficiency ratio declined to [Percentage]%.

Federal Reserve Enforcement Action

On August 8, 2024, the US Federal Reserve announced that it had imposed an enforcement action against Customers Bancorp. The action requires the bank to improve its compliance with certain risk management and capital planning requirements. Customers Bancorp has indicated that it is committed to addressing the concerns raised by the Federal Reserve and is taking steps to enhance its internal controls.

Conclusion

Customers Bancorp reported strong earnings results for the second quarter of 2024, driven by growth in its loan and deposit portfolios, as well as improved profitability metrics. The bank's strong financial performance is a testament to its customer-centric approach and its commitment to delivering exceptional value and service.