Core Insights - Customers Bancorp (CUBI) reported revenue of $198.69 million for the quarter ended June 2024, reflecting a year-over-year increase of 9.6% [1] - The company's earnings per share (EPS) for the quarter was $1.49, down from $1.65 in the same quarter last year [1] Financial Performance - The reported revenue exceeded the Zacks Consensus Estimate of $185.31 million, resulting in a positive surprise of 7.22% [4] - EPS also surpassed expectations with a surprise of 2.76%, compared to the consensus estimate of $1.45 [4] - Customers Bancorp's stock has returned +30.4% over the past month, contrasting with a -0.3% change in the Zacks S&P 500 composite [3] Key Metrics - Efficiency Ratio was reported at 51.9%, better than the estimated 52.7% [6] - Net Interest Margin stood at 3.3%, exceeding the average estimate of 3.2% [6] - Average Interest-Earning Assets were $20.52 billion, below the average estimate of $21.01 billion [6] - Total Non-Interest Income was $31.04 million, significantly higher than the estimated $21.19 million [6] - Net Interest Income was reported at $167.65 million, above the average estimate of $164.37 million [6] - Commercial lease income reached $10.28 million, surpassing the estimated $9.62 million [6]

Company Performance - Customers Bancorp (CUBI) reported quarterly earnings of $1.49 per share, exceeding the Zacks Consensus Estimate of $1.45 per share, but down from $1.65 per share a year ago [1] - The company posted revenues of $198.69 million for the quarter, surpassing the Zacks Consensus Estimate by 7.22%, compared to $181.27 million in the same quarter last year [9] - Over the last four quarters, Customers Bancorp has consistently surpassed consensus EPS estimates [2] Future Outlook - The sustainability of the stock's price movement will largely depend on management's commentary during the earnings call [3] - The current consensus EPS estimate for the upcoming quarter is $1.58, with expected revenues of $195.35 million, and for the current fiscal year, the estimate is $6.41 on revenues of $763.44 million [12] - The estimate revisions trend for Customers Bancorp is mixed, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [5] Industry Context - Customers Bancorp operates within the Zacks Banks - Southeast industry, which is currently ranked in the top 41% of over 250 Zacks industries [6] - The industry ranking suggests that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [6] - Despite underperforming the market with a 6.3% gain since the beginning of the year compared to the S&P 500's 13.8% gain, the company remains a focus for investors regarding future performance [10][11]

Customers Bancorp, Inc. (NYSE:CUBI) 701 Reading Avenue West Reading, PA 19611 Second Quarter 2024 Highlights CEO Commentary * Non-GAAP measure. Customers' reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document. Total deposits excluding wholesale CDs and BMTX student-related deposits. Uninsured deposits (estimate) of $5.8 billion to be reported on the Bank's call report, less deposits of $1 ...

Customers Bancorp (CUBI) shares soared 6.6% in the last trading session to close at $55.95. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 16.3% gain over the past four weeks. Shares of Customers Bancorp rallied for the fourth straight trading session. With the Federal Reserve keeping an eye on unemployment reports and cooling inflation numbers, market participants are projecting interest rate cuts as early as during the Septemb ...

Looking for a stock that has been consistently beating earnings estimates and might be well positioned to keep the streak alive in its next quarterly report? Customers Bancorp (CUBI) , which belongs to the Zacks Banks - Southeast industry, could be a great candidate to consider. This bank holding company has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 5.83%. Thanks in part to thi ...

Long-term debt (1) Amounts reported in the above table include a fixed rate long-term advance from FHLB of $250.0 million with a maturity of June 2024 and a returnable option that can be repaid without penalty on certain predetermined dates at Customers Bank's option, and fixed rate long-term advances of $950.0 million with maturities ranging from March 2025 to March 2028, at March 31, 2024. (2) Includes $(4.9) million and $3.2 million of unamortized basis adjustments from interest rate swaps designated as ...

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 ...