Q2 2024 Customers Bancorp Inc Earnings Call Transcript
Key Points
- Customers Bancorp Inc (CUBI) delivered strong earnings per share, exceeding consensus estimates on both GAAP and core basis.
- The company generated high-quality loan growth at an 11% annualized pace, contrasting with industry trends.
- Net interest margin expanded by 19 basis points, with expectations for continued expansion by year-end.
- Tangible book value per share exceeded $50, with a 13% annualized growth in the first half of 2024.
- The company achieved its 7.5% tangible common equity to tangible asset target within the first two quarters of 2024.
- Core non-interest expenses increased to $101 million in the second quarter, driven by new team hires and other factors.
- Total deposits were down modestly due to a timing lag of remixing, despite strong commercial deposit inflows.
- Non-interest bearing spot deposits were down modestly, although average balances were up slightly.
- The company experienced a modest uptick in non-performing assets (NPAs), although still below industry peers.
- Efficiency ratio remains temporarily elevated due to investments in new teams, with a target to return to mid-40s over the medium term.
Good morning. My name is Briana and I will be your conference operator today. At this time, I would like to welcome everyone to the Customers Bancorp, Inc. Q2 2024 Earnings Webcast. (Operator Instructions)
I will now turn the call over to David Patti with Customers Bancorp. You may begin your conference.
Thank you, Briana and good morning, everyone. Thank you for joining us for the Customers Bancorp earnings webcast for Q2 of 2024. The presentation deck you will see during today's webcast has been posted on the Investors web page of the bank's website at customersbank.com. You can scroll to Q2 24 results and click download presentation.
You can also download a PDF of the full press release at this spot. Our investor presentation includes important details that we will walk through on this morning's webcast. I encourage you to download and use the document.
Before we begin, we would like to remind you that some of the statements we make today may be considered forward
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