CUSTOMERS BANCORP INC - CUBI STOCK NEWS

Customers Bancorp (NYSE:CUBI) reported Q3 2024 net income of $42.9 million, or $1.31 per diluted share. Core earnings were $43.8 million, or $1.34 per diluted share. Total loans and leases grew by $520.8 million (16% annualized) from Q2 2024. The bank received $1.1 billion in commercial deposit inflows, which funded the paydown of $0.7 billion in higher-cost deposits. Net interest margin decreased to 3.06% from 3.29% in Q2. Asset quality remained strong with non-performing assets at 0.22% of total assets. The CET1 ratio was 12.5%, above the 11.5% target. Book value per share grew 4.5% to $52.96.

Customers Bancorp, Inc. (NYSE: CUBI), parent company of Customers Bank, will host a webcast on November 1, 2024, at 9:00 AM EDT to report its third quarter 2024 earnings for the period ending September 30, 2024. The webcast will feature presentations by key executives including Chair & CEO Jay Sidhu, President Sam Sidhu, and CFO Philip Watkins.

Customers Bancorp is a top-performing banking company with nearly $21 billion in assets, ranking among the 80 largest bank holding companies in the U.S. The bank offers a range of services including C&I lending, commercial real estate lending, and national corporate banking. Notable achievements include:

• No. 1 on American Banker 2024 list of top-performing banks ($10B-$50B assets)
• No. 29 on Forbes 2024 Best Banks list
• No. 52 on Investor's Business Daily 100 Best Stocks for 2023

Customers Bank, a $21 billion asset subsidiary of Customers Bancorp (NYSE:CUBI), is strengthening its executive team to drive continued deposit growth. Lyle Cunningham has been promoted to the new role of Chief Banking Officer, expanding his responsibilities to oversee both lending and deposits functions. Nick Robinson, formerly of Capital One, joins as Chief Risk Officer, partnering with Joan Cheney, who transitions to Deputy Chief Risk Officer.

These appointments aim to enhance the bank's risk management capabilities and drive strategic growth. Customers Bank, ranked No. 1 on American Banker's 2024 list of top-performing banks with $10B to $50B in assets, continues to focus on delivering exceptional customer service and innovative technological solutions while maintaining prudent risk management practices.

Customers Bank (NYSE: CUBI), a leading tech-forward bank with nearly $21 billion in assets, announced its participation in the Barclays Global Financial Services Conference on Sept. 11, 2024. Sam Sidhu, president and CEO, will present to analysts and investors at 8:15 a.m. EDT.

Customers Bank is recognized as one of the nation's top-performing banking companies, ranking No. 1 on American Banker's 2024 list of top-performing banks with $10 billion to $50 billion in assets. The bank also placed No. 29 on Forbes Best Banks list for 2024 and No. 52 on Investor's Business Daily's list of 100 Best Stocks for 2023.

As a member of the Federal Reserve System with FDIC-insured deposits, Customers Bank offers a full suite of technology-enabled tailored product experiences and specialized lending services to commercial and consumer clients.

On August 8, 2024, the Federal Reserve Bank of Philadelphia entered into a Written Agreement with Customers Bancorp, Inc. (NYSE: CUBI) and its subsidiary, Customers Bank, addressing compliance deficiencies in their digital asset strategy. The agreement highlights weaknesses in BSA/AML requirements and OFAC regulations. Customers must engage an independent third party to review suspicious transactions from March 1 to August 31, 2023. While these issues reflect negatively on the bank's risk management, KBRA notes that Customers had initiated corrective actions prior to the agreement and hired a new Chief Compliance and AML Officer. The Federal Reserve cited no law violations and issued no fines. KBRA acknowledges Customers' efforts to strengthen regulatory capital ratios as a mitigating factor.

The Schall Law Firm is investigating Customers Bancorp (NYSE:CUBI) for potential securities law violations. The investigation centers on the company's handling of CFO Carla Leibold's departure. Initially, Customers Bancorp stated in an SEC filing on April 12, 2024, that Leibold was terminated 'for cause' due to policy violations. However, a subsequent filing on April 25, 2024, revealed that the termination was actually a 'separation by mutual agreement', with Leibold receiving a $2.5 million cash settlement.

The discrepancy between these statements raises concerns about the company's transparency and potential misleading of investors. Shareholders who have suffered losses are encouraged to participate in the investigation. The Schall Law Firm specializes in securities class action lawsuits and shareholder rights litigation, representing investors worldwide.

Customers Bank, a $22 billion asset subsidiary of Customers Bancorp (NYSE:CUBI), has appointed Allen Love as Chief Compliance and AML Officer. Love, a financial industry veteran and former IRS Special Agent, will lead the Bank's enterprise-wide compliance program and strengthen BSA/AML protocols, particularly for the digital asset business. This appointment supports the Bank's recent agreement with the Federal Reserve Bank of Philadelphia and the Commonwealth of Pennsylvania.

Love's extensive background in Financial Crimes Risk Management and experience as a senior compliance officer at major banks positions him well to enhance the Bank's risk management initiatives. Customers Bancorp, with nearly $21 billion in assets, is recognized as one of the nation's top-performing banking companies, ranking No. 1 on American Banker's 2024 list of top-performing banks with $10B to $50B in assets.

Customers Bancorp, Inc. (NYSE:CUBI) has declared quarterly cash dividends on its preferred stock series. The Series E preferred stock will receive $0.67876078 per share, while the Series F preferred stock will receive $0.65487329 per share. Both dividends are payable on September 16, 2024, to shareholders of record on August 31, 2024.

Customers Bancorp is a top-performing banking company with nearly $21 billion in assets, ranking among the 80 largest bank holding companies in the U.S. The bank offers a range of services, including C&I lending, commercial real estate lending, and national corporate banking services. Notable achievements include ranking No. 1 on American Banker's 2024 list of top-performing banks with $10B to $50B in assets and No. 29 on Forbes 2024 Best Banks list.

Customers Bancorp (NYSE:CUBI) reported Q2 2024 net income of $54.3 million, or $1.66 per diluted share, with an ROAA of 1.11% and ROCE of 13.85%. Core earnings were $48.6 million, or $1.49 per diluted share. The CET1 ratio increased to 12.8%, and the TCE/TA ratio rose to 7.7%. Total loans and leases grew by $375.8 million, and the net interest margin improved to 3.29%. The company saw $0.6 billion in deposit inflows but total deposits decreased by $283.3 million due to a strategic paydown of higher-cost deposits. Non-performing assets rose to $47.4 million, constituting 0.23% of total assets. The allowance for credit losses decreased to 280% of non-performing loans. Book value per share increased by 3.1% to $50.70. A new stock repurchase program was initiated to buy back up to 497,509 shares.