CUSTOMERS BANCORP INC - CUBI STOCK NEWS

Customers Bancorp, Inc. (NYSE: CUBI) reported Q1 2021 net income of $33.2 million ($1.01/share), reflecting a decline from Q4 2020's $52.8 million ($1.65/share). The quarter included a $38 million loss from discontinued operations, reducing GAAP earnings by $1.16/share. Core earnings rose to $70.3 million ($2.14/share). The net interest margin expanded to 3.00%. Total loans surged by 56.6% year-over-year to $16.2 billion, driven by significant PPP approvals. Total deposits increased by 48.2% to $12.5 billion, with a notable rise in demand deposits. Capital ratios improved significantly.

Customers Bancorp, Inc. (NYSE: CUBI) will host a webcast on April 29, 2021, at 9:00 AM EDT to discuss its earnings for Q1 2021, concluding on March 31, 2021. Key executives, including Chair & CEO Jay Sidhu and CFO Carla Leibold, will present. The earnings press release will be available after market close on April 28. Customers Bank, a full-service bank with $18.4 billion in assets, offers various banking services to small and medium-sized businesses and individuals through digital channels and branches.

Customers Bank, a prominent PPP lender, has highlighted new changes to the Paycheck Protection Program aimed at improving access for sole proprietors and small businesses, especially minority-owned and ITIN holders. Effective from March 3, 2021, the SBA now allows applicants to base their loan amounts on gross income instead of net profits, potentially increasing eligibility from $3,300 to $20,833 for sole proprietors. Moreover, the program introduces a 14-day exclusive application period for businesses with 20 or fewer employees. These changes aim to make federal aid more equitable and accessible.

Customers Bank, a leading PPP lender, announced the launch of its ReStart America Biz Checking account, aimed at aiding small businesses in recovery with a 1.00% APY for 28 weeks. This initiative follows its involvement in over 100,000 SBA-approved PPP loans worth more than $5 billion. The account is designed for businesses with 20 or fewer employees, facilitating better management of PPP funds and supporting those without traditional banking access. The bank aims to be a long-term financial partner in business recovery and growth.

Customers Bancorp (CUBI) reported Q4 2020 net income of $52.8 million ($1.65/share), an increase from Q3 2020's $47.1 million ($1.48/share). Full-year 2020 net income was $118.5 million, up from $64.9 million in 2019. The net interest margin (NIM) rose to 2.78% from 2.50% in Q3 2020. Total loans increased by 57.5% to $15.8 billion. Notably, the bank successfully divested BankMobile, providing shareholders with a special distribution valued at $75 million. Looking ahead, tangible common equity is expected to grow sharply in 2021 with projected core EPS of at least $4.00.

Customers Bank, a $19 billion super community bank, has processed over 50,000 Paycheck Protection Program (PPP) loans and is preparing to handle tens of thousands more applications. With the SBA reopening the PPP loan application process, Customers Bank was among the first to stage applications. Notably recognized by Bankrate.com as one of the best digital banks, the bank has developed an efficient platform for loan origination and forgiveness, collaborating with fintechs. Their 'white label' program allows other financial institutions to utilize this platform.

Customers Bank has been recognized as one of the “Best Online Banks of 2021” by Bankrate, ranking among the top six in the nation. This accolade reflects the bank's dedication to a digital-first approach, emphasizing competitive savings rates and low-cost checking services. Key factors contributing to this recognition include low overdraft fees and no monthly service fees on the High-Yield Savings Account. The bank also maintains customer service access seven days a week. This follows a recent ranking by Kiplinger’s, naming Customers Bancorp as one of the “6 Best Financial Stocks to Buy” in 2021.

Customers Bancorp, Inc. (CUBI) will host a webcast at 9:00 AM EDT on January 28, 2021, to discuss its fourth-quarter earnings for the period ending December 31, 2020. The call will feature key executives including Chair & CEO Jay Sidhu, President & COO Dick Ehst, and CFO Carla Leibold. The earnings press release will be published after market close on January 27, 2021. Customers Bancorp, with $18.8 billion in assets, provides a variety of banking services to small and medium-sized businesses through digital and traditional platforms.