CUSTOMERS BANCORP INC - CUBI STOCK NEWS

Customers Bancorp, Inc. (NYSE: CUBI) has declared a quarterly cash dividend of $0.33215 per share on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E, payable on December 15, 2021, to shareholders of record on November 30, 2021. Additionally, a dividend of $0.375 per share has been announced for Series F, also payable on December 15, 2021. Customers Bank, a subsidiary, has assets of approximately $19.1 billion as of September 30, 2021.

Customers Bank, a subsidiary of Customers Bancorp (NYSE: CUBI), has announced its inaugural list of institutional crypto clients, solidifying its position within the growing crypto financial services sector. The bank is focused on providing fiat currency transactions for institutional clients and has onboarded key players including Genesis Global Trading, Blockfills, GSR, and SFOX. With $1.5 billion of zero-cost deposits reported in Q3 and a commitment to enhancing capital efficiency via its CBIT™ token, Customers Bank aims to expand its services across various sectors, projecting exponential growth in digital asset transactions.

Customers Bancorp (CUBI) reported Q3 2021 net income of $110.2 million, or $3.25 per diluted share, marking a 120% increase from Q3 2020. Core earnings reached $113.9 million, up 178% year-over-year. Total deposits rose by 56.6% to $17.0 billion, driven by a $1.5 billion influx from the new Customers Bank Instant Token (CBIT) for blockchain payments. The bank's net interest margin improved to 4.59%, while the efficiency ratio significantly decreased to 33.42%. Despite growth, a $13.2 million provision for credit losses was noted. Customers remains optimistic about future earnings and growth opportunities.

Customers Bank, a subsidiary of Customers Bancorp (NYSE: CUBI), has launched the Customers Bank Instant Token (CBIT) on the TassatPay platform. This blockchain-based service aims to provide real-time payments for B2B clients, reducing payment risks and delays. The platform is designed for diverse sectors including trading, real estate, and logistics, with a focus on enhancing digital payment solutions. Customers Bank anticipates attracting significant deposits as a result of this initiative, positioning itself at the forefront of modern financial services.

Customers Bancorp, Inc. (NYSE: CUBI), the parent company of Customers Bank (OTC-PINK: USBK), will host a webcast on October 28, 2021, at 9:00 AM EDT to discuss earnings results for the period ending September 30, 2021. The earnings press release will be available after the market closes on October 27, 2021. The webcast will feature key executives, including Chair & CEO Jay Sidhu, and will be accessible via the Customers Bank Investor Relations webpage.

Customers Bancorp, Inc. (NYSE: CUBI) has authorized a new share repurchase program to buy back up to 10% of its outstanding common stock, aiming to enhance shareholder value. The company anticipates core earnings per share between $7.00 and $8.00 for 2021, projecting a book value of up to $37.00 per share by year-end. Additionally, the bank expects to launch its Real Time Payments system by Q3 2021. The repurchase plan will consider factors like capital position, liquidity, and market conditions.

Customers Bancorp, Inc. (NYSE: CUBI) announced that on September 15, 2021, it will redeem all 2,300,000 shares of its Series C Preferred Stock and 1,000,000 shares of its Series D Preferred Stock, at a redemption price of $25 per share. Following this action, no shares of either series will remain outstanding. This redemption coincides with the dividend payment date, and the redemption prices do not include any declared and unpaid dividends. The planned redemption is part of a strategy to enhance shareholder value, according to CEO Jay Sidhu.

Customers Bancorp (NYSE: CUBI) has successfully closed a public offering of $100 million in Fixed-to-Floating Rate Senior Notes due 2031, with an initial fixed interest rate of 2.875%. The investment-grade rated Notes will shift to a floating rate from August 2026. Net proceeds of approximately $98.65 million will be used to redeem outstanding Preferred Stock Series C and D, with any remaining funds allocated for general corporate purposes. Keefe, Bruyette & Woods led the offering, underlining the company’s strong position in the market.

Customers Bancorp, Inc. (NYSE: CUBI) reported a strong Q2 2021, posting a net income of $58 million, or $1.72 per diluted share, a notable increase from $33.2 million in Q1 2021. Core earnings fell to $59.3 million compared to $70.3 million in Q1, but adjusted pre-tax net income remained stable at $86.5 million. Total loans grew by 11% year-over-year, driven by a $1.5 billion increase in PPP loans. Total deposits rose 26.5% to $13.9 billion. The company anticipates strong future growth, projecting core EPS to reach $6.00 by 2025.