Financial Data and Key Metrics Changes - The company reported a GAAP EPS of $1.40 and an adjusted core EPS of $1.68, with net income of $45.9 million and $55 million respectively [32][33] - The TCE/TA ratio increased to 7.3% and the CET1 ratio rose to 12.5%, with expectations to achieve a 7.5% TCE/TA soon [7][45] - The NPA ratio remained low at 17 basis points, indicating strong asset quality [11][55] Business Line Data and Key Metrics Changes - Total HFI loan balances increased by approximately $60 million, with over $200 million growth in corporate and specialized banking verticals, representing a 13% annualized growth [37] - Business unit deposit growth exceeded $1 billion for the fourth consecutive quarter, with a significant reduction in wholesale CDs by 66% and borrowings by over 40% [22][23] Market Data and Key Metrics Changes - The company has seen a robust deposit pipeline replenished to over $2 billion, with expectations to onboard this amount within the year [34] - The company has reduced wholesale CDs to 10% of total deposits, aligning with industry averages despite a branch-light business model [23][48] Company Strategy and Development Direction - The company is focused on disciplined loan growth of 10% to 15% in 2024, emphasizing holistic client relationships [12][41] - The recent hiring of 10 new high-performing business and commercial banking teams from legacy Signature Bank is expected to enhance the deposit franchise and accelerate strategic priorities [6][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the year ahead, citing strong loan and deposit pipelines and the ability to take market share [11][76] - The company anticipates meaningful net interest margin benefits and expects EPS accretion of about 10% in 2025 [21][47] Other Important Information - The company has achieved over 15% annualized growth in revenue, EPS, and tangible book value per share over the last five years [13] - The efficiency ratio is expected to improve to the mid-40s over the medium term as investments in new teams yield results [44][111] Q&A Session Summary Question: What is the expected run rate for PPNR? - Management indicated a target of over $400 million to $425 million, with a run rate of over $100 million by the fourth quarter [63] Question: What is the outlook for the efficiency ratio? - The efficiency ratio is expected to be in the low to mid-50s for the current quarter, moderating to the high 40s by the fourth quarter [64] Question: How much lending opportunity exists with the new teams? - The new teams are primarily deposit-focused, but there are opportunities for management lines and C&I extensions of credit [65] Question: What are the opportunities for reducing higher-cost funding? - There are still wholesale CDs above 5%, and opportunities exist in various deposit verticals [67] Question: What is the expected impact of the new teams on the loan portfolio? - The expected loan book associated with the new teams is under $1 billion, with potential to grow significantly over time [100]

Customers Bancorp (CUBI) reported $181.62 million in revenue for the quarter ended March 2024, representing a year-over-year decline of 0.1%. EPS of $1.68 for the same period compares to $1.58 a year ago.The reported revenue represents a surprise of +0.04% over the Zacks Consensus Estimate of $181.55 million. With the consensus EPS estimate being $1.62, the EPS surprise was +3.70%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall ...

Customers Bancorp (CUBI) came out with quarterly earnings of $1.68 per share, beating the Zacks Consensus Estimate of $1.62 per share. This compares to earnings of $1.58 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 3.70%. A quarter ago, it was expected that this bank holding company would post earnings of $1.76 per share when it actually produced earnings of $1.90, delivering a surprise of 7.95%.Over the last four quarters, ...

24 "Our Q1 2024 GAAP earnings were $45.9 million, or $1.40 per diluted share, and core earnings* were $46.5 million, or $1.42 per diluted share. Excluding certain one-time items incurred during the quarter, our adjusted core earnings* were $55.1 million, or $1.68 per diluted share. At March 31, 2024, our deposit base was well diversified, with approximately 78% of total deposits insured. We maintain a strong liquidity position, with $8.9 billion of liquidity immediately available, which covers approximately ...

WEST READING, Pa.--(BUSINESS WIRE)--Customers Bancorp, Inc. (NYSE:CUBI) announced that subordinated notes issued in 2014 will, on June 26, 2024, convert from an annual fixed rate of 6.125% to a floating rate. On June 24, 2014, Customers Bancorp, Inc. (“Customers”) and its wholly-owned subsidiary, Customers Bank, (the “Bank”) entered into subscription agreements with accredited investors under which the Bank issued $110.0 million in aggregate principal amount of fixed-to-floating rate subordinated notes due ...

In first quarter 2020, as part of its response to the impact of COVID-19, the U.S. federal banking regulatory agencies issued an interim final rule that provided the option to temporarily delay certain effects of CECL on regulatory capital for two years, followed by a threeyear transition period. The interim final rule allows banking organizations to delay for two years 100% of the day-one impact of adopting CECL and 25% of the cumulative change in the reported allowance for credit losses since adopting CEC ...

WEST READING, Pa.--(BUSINESS WIRE)--Customers Bancorp, Inc. (NYSE:CUBI) announced that the Board of Directors has declared a quarterly cash dividend on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E (NYSE: CUBIPrE) of $0.68163044 per share. The dividend is payable on March 15, 2024, to shareholders of record on February 29, 2024. The Board of Directors has also declared a quarterly cash dividend on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F ...

Customers Bancorp, Inc. (NYSE:CUBI) Q4 2023 Results Conference Call January 26, 2024 9:00 AM ET Company Participants David Patti - Director of Communications Jay Sidhu - Chairman and CEO of Customers Bancorp, Executive Chairman of Customers Bank Sam Sidhu - President and CEO, Customers Bank Carla Leibold - CFO, Customers Bancorp Phil Watkins - CFO, Customers Bank Conference Call Participants Hal Goetsch - B. Riley Securities Casey Haire - Jefferies Peter Winter - D.A. Davidson Michael Perito - KBW Steve Mos ...

For the quarter ended December 2023, Customers Bancorp (CUBI) reported revenue of $191.18 million, up 34.2% over the same period last year. EPS came in at $1.90, compared to $1.19 in the year-ago quarter.The reported revenue represents a surprise of +1.76% over the Zacks Consensus Estimate of $187.87 million. With the consensus EPS estimate being $1.76, the EPS surprise was +7.95%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall ...

WEST READING, Pa.--(BUSINESS WIRE)--Customers Bancorp, Inc. (NYSE:CUBI): Fourth Quarter 2023 Highlights Q4 2023 net income available to common shareholders was $58.2 million, or $1.79 per diluted share; ROAA was 1.16% and ROCE was 15.93%. Q4 2023 core earnings* were $61.6 million, or $1.90 per diluted share; Core ROAA* was 1.22% and Core ROCE* was 16.87%. CET 1 capital ratio of 12.2%1 at December 31, 2023, compared to 11.3% at September 30, 2023, surpassing 11.0% - 11.5% target. TCE / TA ratio* o ...