Customers Bank – which has branches in Phoenixville, Kimberton, Wayne, and Newtown Square – has reported net income to common shareholders of $4.1 million for the third quarter of 2017 compared to net income to common shareholders of $18.7 million for the third quarter of 2016, a decrease of $14.5 million, or 77.8 percent.
Fully diluted earnings per common share for Q3 2017 was $0.13 compared to $0.63 fully diluted earnings per common share for Q3 2016, a decrease of $0.50, or 79.4 percent. Average fully diluted shares for Q3 2017 were 32.5 million compared to average fully diluted shares for Q3 2016 of 29.7 million.
“While we believe Customers’ strategic decision to spin-off the BankMobile business should provide very significant benefits to our shareholders, there were some significant costs affecting our third quarter financial statements,” said Jay Sidhu, CEO and Chairman of Customers Bank.
“We are disappointed about our financial results for Q3 2017, but believe Customers is very well positioned to cross the $10 billion mark again in 2018 and continue building above average shareholder value.”
Like reading credible Delaware County stories like this every day? Be a PIVOT Backer.