USA BANK (NY) - USBK STOCK NEWS

Customers Bancorp (NYSE: CUBI) has appointed Raj Date, a seasoned financial expert and former Deputy Director of the CFPB, to its Board of Directors. Date brings extensive experience in financial services and public policy, previously serving in senior roles at the CFPB and FDIC. He will focus on navigating challenges like inflation, digital asset regulation, and compliance, aligning with Customers Bancorp's innovative business model. Date will serve on the Compliance and Risk Committees and will stand for election in 2024.

Customers Bancorp, Inc. (NYSE: CUBI) has declared a quarterly cash dividend of $0.445233 per share on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E, payable on September 15, 2022. Shareholders of record by August 31, 2022 will be eligible. Additionally, a quarterly cash dividend of $0.421083 per share has been announced for Series F, also payable on September 15, 2022. Customers Bancorp operates Customers Bank, a super-community bank with assets around $20.3 billion.

Customers Bancorp (NYSE:CUBI) reported Q2 2022 net income of $56.5 million ($1.68 per share), a 2.6% decline year-over-year. Core earnings rose to $59.4 million ($1.77 per share), up 0.1%. Excluding the Paycheck Protection Program (PPP), net income surged 32.3% to $46.3 million. Despite a strong loan growth of $4.4 billion (56.6% year-over-year), ROAA fell to 1.17% from 1.27%. The bank's efficiency ratio improved to 42.14%. Deposits grew by $3.1 billion (22.1%), with total demand deposits up 64%. Customers Bancorp remains optimistic for continued growth in 2022 and 2023.

Customers Bank (OTC-PINK:USBK), a digital-focused super-community bank, has announced the consolidation of five Pennsylvania branches as part of its expansion strategy. The affected branches are located in Exeter, Langhorne, Muhlenberg, Newtown Square, and Wayne, with changes expected in late October and early November. CEO Sam Sidhu emphasized the shift towards digital banking, citing reduced necessity for physical branches. The bank has also opened non-branch offices in various locations and launched a blockchain-based payment service, aiming for customer service enhancement and shareholder value growth.

Customers Bancorp, Inc. (NYSE: CUBI) will host a webcast on July 28, 2022, at 9:00 AM EDT, to discuss its earnings results for Q2 and the first half of 2022. The earnings press release will be issued after market close on July 27, 2022. Key executives, including Chair & CEO Jay Sidhu, will participate in the call. Customers Bank, a subsidiary of CUBI, reported $19.2 billion in assets as of March 31, 2022. The webcast will be available for future viewing on the Customers Bank Investor Relations webpage.

Customers Bancorp, Inc. (NYSE: CUBI) released a mid-quarter financial update underscoring strong performance indicators. Management anticipates Core EPS between $4.75-$5.00 for 2022, with tangible book value expected to exceed $40. Stable credit trends are noted, with NPLs at 0.25%. Loan growth has surpassed $1.5 billion, primarily from commercial lending, and deposits grew by over $1 billion. Approximately 549k shares were repurchased at an average price below $40. The AFS securities portfolio stands at $3.8 billion.

Customers Bancorp, Inc. (NYSE:CUBI) held its annual virtual meeting on May 31, where shareholders elected three directors, approved Deloitte & Touche LLP as the independent auditor, and supported an executive compensation proposal. Key achievements highlighted by CEO Jay Sidhu include facilitating over $10 billion in Paycheck Protection Program loans, launching a blockchain B2B payments system, and completing a spin-off of BankMobile. Additionally, the stock incentive plan was amended to increase share availability by 330,000. Richard Ehst retired as CEO, succeeded by Sam Sidhu.

Customers Bancorp, Inc. (NYSE: CUBI) has declared a quarterly cash dividend for its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock. Shareholders will receive $0.381161 per share for Series E and $0.357011 per share for Series F. Both dividends are payable on June 15, 2022, to those on record by May 31, 2022. Customers Bank, a subsidiary, manages approximately $19.2 billion in assets as of March 31, 2022.

Customers Bancorp, Inc. (CUBI) reported impressive Q1 2022 results, with net income reaching $74.9 million or $2.18 per diluted share, a 126% increase from Q1 2021. Loan growth was robust at $1.1 billion, up 12% from Q4 2021 and 33% year-over-year, while total deposits increased by $3.9 billion or 32% year-over-year. The bank's efficiency ratio improved to 39.42%. Core earnings were $75.2 million, up 7% year-over-year. The bank is well-positioned for future growth with high expectations for core earnings in 2022 and 2023.