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Customers Bancorp, Inc. (CUBB) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2019

Customers Bancorp, Inc.

HISTORY TOOLS
CIK: 1488813 Ticker: CUBB

Exhibit 99.1
bancorpa261.jpg 
Customers Bancorp, Inc.
1015 Penn Avenue
Wyomissing, PA 19610
Contacts:
Jay Sidhu, Chairman & CEO 610-935-8693
Richard Ehst, President & COO 610-917-3263
Carla Leibold, CFO 484-923-8802
Sam Sidhu, Head of Corporate Development 212-843-2485
Customers Bancorp Reports Full Year 2019 Net Income up 13% Over Full Year 2018 and Fourth Quarter 2019 Net Income up 68% Over Fourth Quarter 2018

Record Q4 2019 GAAP Earnings up $10 million Over Q4 2018, and Core Earnings up $7 million
Year-end Assets Exceed $10 billion as CUBI Resumes Growth Strategy and
Reaffirms Target of $3 Core EPS for 2020 and Sets Goal of $6 Core EPS for 2025
•Q4 2019 GAAP Earnings Per Diluted Share of $0.75 and Q4 2019 Core Earnings Per Diluted Share of $0.76
•Q4 2019 Return on Average Assets of 0.97% up 37% Over Q4 2018 and Q4 2019 Pre-Tax and Pre-Provision Adjusted Return on Average Assets of 1.59% up 42% Over Q4 2018
•Q4 2019 Net Interest Margin Expands 6 Basis Points From Q3 2019 to 2.89%
•Customers Bank Business Banking Segment Q4 2019 Net Income Increases 27% Over Q4 2018. BankMobile Segment Moves From a Loss of $3.3 Million in Q4 2018 to a Profit of $1.7 Million in Q4 2019
•CUBI Stock Price up 31% in 2019, Trading at only 89% of Book Value and 91% of Tangible Book Value, and 8.4x the 2020 Consensus EPS Estimate of $2.84, at Year-end 2019

Wyomissing, PA, January 22, 2020 - Customers Bancorp, Inc. (NYSE: CUBI) t
he parent company of Customers Bank and its operating division BankMobile (collectively “Customers” or "CUBI"), today reported record fourth quarter 2019 ("Q4 2019") net income to common shareholders of $23.9 million, or $0.75 per diluted share, up from $23.5 million in third quarter 2019 ("Q3 2019") and $14.2 million in fourth quarter 2018 ("Q4 2018"). Core earnings for Q4 2019 totaled $24.3 million, or $0.76 per diluted share, up from $23.0 million in Q3 2019 and $17.0 million in Q4 2018 (non-GAAP measures). Q4 2019 core earnings per diluted share was up 43% over Q4 2018 core earnings per diluted share (non-GAAP measures). Net interest margin, tax equivalent ("NIM") (a non-GAAP measure), expanded 6 basis points during Q4 2019 to 2.89%. Full year 2019 ("FY 2019") net income to common shareholders was $64.9 million, or $2.05 per diluted share, up from full year 2018 ("FY 2018") net income to common shareholders of $57.2 million, or $1.78 per diluted share. Core earnings for FY 2019 totaled $71.2 million, or $2.25 per diluted share, compared to core earnings of $78.5 million, or $2.43 per diluted share,
1

The following information was filed by Customers Bancorp, Inc. (CUBB) on Wednesday, January 22, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Customers Bancorp, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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  • Peers / Competitors

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Inside Customers Bancorp, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Income
Bank Premises And Equipment
Bank Premises And Equipment (Tables)
Bank Premises And Equipment - Components Of Bank Premises And Equipment (Detail)
Bank Premises And Equipment - Narrative (Detail)
Borrowings
Borrowings (Tables)
Borrowings - Fhlb And Frb Advances (Details)
Borrowings - Long-Term Debt (Details)
Borrowings - Narrative (Detail)
Borrowings - Short Term Borrowings (Detail)
Borrowings - Summary Of Bancorps Short Term Borrowings (Detail)
Business Segments
Business Segments (Details)
Business Segments (Tables)
Changes In Accumulated Other Comprehensive Income (Loss) By Component
Changes In Accumulated Other Comprehensive Income (Loss) By Component (Details)
Changes In Accumulated Other Comprehensive Income (Loss) By Component (Tables)
Condensed Financial Statements Of Parent Company
Condensed Financial Statements Of Parent Company (Tables)
Condensed Financial Statements Of Parent Company - Summary Of Condensed Balance Sheets Of Parent Company (Detail)
Condensed Financial Statements Of Parent Company - Summary Of Condensed Income Statements Of Parent Company (Detail)
Condensed Financial Statements Of Parent Company - Summary Of Condensed Statements Of Cash Flows Of Parent Company (Detail)
Deposits
Deposits (Tables)
Deposits - Components Of Deposits (Detail)
Deposits - Narrative (Detail)
Deposits - Schedule Of Time Deposit Maturities (Detail)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Tables)
Derivative Instruments And Hedging Activities - Effect Of Derivative Instruments On Comprehensive Income (Detail)
Derivative Instruments And Hedging Activities - Fair Value Of Derivative Financial Instruments (Detail)
Derivative Instruments And Hedging Activities - Narrative (Detail)
Derivative Instruments And Hedging Activities - Summary Of Offsetting Of Financial Assets And Derivative Assets (Detail)
Derivative Instruments And Hedging Activities - Summary Of Offsetting Of Financial Liabilities And Derivative Liabilities (Detail)
Description Of The Business
Description Of The Business - Narrative (Detail)
Disclosures About Fair Value Of Financial Instruments
Disclosures About Fair Value Of Financial Instruments (Tables)
Disclosures About Fair Value Of Financial Instruments - Estimated Fair Values Of Financial Instruments (Detail)
Disclosures About Fair Value Of Financial Instruments - Narrative (Detail)
Disclosures About Fair Value Of Financial Instruments - Statement Of Changes In Level 3 Assets Measured At Fair Value On A Recurring Basis (Detail)
Disclosures About Fair Value Of Financial Instruments - Summary Of Financial Assets And Financial Liabilities Measured At Fair Value (Detail)
Disclosures About Fair Value Of Financial Instruments - Summary Of Financial Assets And Liabilities Measured At Fair Value On A Recurring And Non-Recurring Basis (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Antidilutive Securities (Details)
Earnings Per Share - Components Of Earnings Per Share (Detail)
Employee Benefit Plans
Employee Benefit Plans - Narrative (Detail)
Financial Instruments With Off-Balance-Sheet Risk
Financial Instruments With Off-Balance-Sheet Risk (Tables)
Financial Instruments With Off-Balance-Sheet Risk - Schedule Of Financial Instruments Outstanding Contract Amounts Represent Credit Risk (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Income Tax Expense (Detail)
Income Taxes - Components Of Net Deferred Tax Assets (Liabilities) (Detail)
Income Taxes - Narrative (Detail)
Income Taxes - Schedule Of Income (Loss) Before Income Tax Expense (Benefit) (Detail)
Investment Securities
Investment Securities (Tables)
Investment Securities - Gross Unrealized Losses And Fair Value, Aggregated By Investment Category (Detail)
Investment Securities - Narrative (Details)
Investment Securities - Statement Of Proceeds From Sale Of Available For Sale Investment Securities (Detail)
Investment Securities - Summary Of Amortized Cost And Approximate Fair Value Of Investment Securities (Detail)
Investment Securities - Summary Of Investment Securities By Stated Maturity (Detail)
Leases
Leases (Tables)
Leases - Lease, Cost (Details)
Leases - Lessee Narrative (Details)
Leases - Lessor Narrative (Details)
Leases - Lessor, Lease Receivables And Investment In Operating Leases And Their Corresponding Balance Sheet Location (Details)
Leases - Maturities Of Non-Cancelable Lease Liabilities (Details)
Leases - Right-Of-Use Assets And Lease Liabilities (Details)
Leases - Summary Of Lease Term And Discount Rate (Details)
Loans And Leases Receivable And Allowance For Loan And Lease Losses
Loans And Leases Receivable And Allowance For Loan And Lease Losses (Tables)
Loans And Leases Receivable And Allowance For Loan And Lease Losses - Analysis Of Loans Modified In Troubled Debt Restructuring By Type Of Concession (Detail)
Loans And Leases Receivable And Allowance For Loan And Lease Losses - Changes In Accretable Discount Related To Purchased Credit Impaired Loans (Detail)
Loans And Leases Receivable And Allowance For Loan And Lease Losses - Credit Quality Tables For Loans Receivable Portfolio (Detail)
Loans And Leases Receivable And Allowance For Loan And Lease Losses - Loans By Type And Performance Status (Detail)
Loans And Leases Receivable And Allowance For Loan And Lease Losses - Narrative (Detail)
Loans And Leases Receivable And Allowance For Loan And Lease Losses - Schedule Of Accruing And Nonaccrual Tdrs (Details)
Loans And Leases Receivable And Allowance For Loan And Lease Losses - Schedule Of Allowance For Loan Losses (Detail)
Loans And Leases Receivable And Allowance For Loan And Lease Losses - Schedule Of Loan Purchases And Sales (Details)
Loans And Leases Receivable And Allowance For Loan And Lease Losses - Schedule Of Loans Receivable (Detail)
Loans And Leases Receivable And Allowance For Loan And Lease Losses - Summary Of Impaired Loans (Detail)
Loans And Leases Receivable And Allowance For Loan And Lease Losses - Summary Of Loans And Leases Modified In Troubled Debt Restructurings And Recorded Investments (Detail)
Loans Held For Sale
Loans Held For Sale (Tables)
Loans Held For Sale - Composition Of Loans Held For Sale (Detail)
Loss Contingencies
Loss Contingencies - Narrative (Details)
Non-Interest Revenue (Tables)
Non-Interest Revenues
Non-Interest Revenues - Narrative (Details)
Non-Interest Revenues - Non-Interest Revenue By Business (Details)
Regulatory Capital
Regulatory Capital (Tables)
Regulatory Capital - Narrative (Details)
Regulatory Capital - Summary Of Capital Amounts, Tier 1 Risk Based And Tier 1 Leveraged Ratios (Detail)
Selected Quarterly Financial Data
Selected Quarterly Financial Data (Unaudited) (Tables)
Selected Quarterly Financial Data (Unaudited) - Schedule Of Quarterly Financial Information (Detail)
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables)
Share-Based Compensation Plans - Narrative (Detail)
Share-Based Compensation Plans - Statement Of Weighted-Average Assumptions Used And Resulting Weighted-Average Fair Value Of Option (Detail)
Share-Based Compensation Plans - Status Of Restricted Stock (Detail)
Share-Based Compensation Plans - Summary Of Non-Vested Options (Detail)
Share-Based Compensation Plans - Summary Of Stock Option Activity (Detail)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Narrative (Detail)
Shareholders' Equity - Preferred Stock And Dividends Paid Per Share (Details)
Significant Accounting Policies And Basis Of Presentation
Significant Accounting Policies And Basis Of Presentation (Policies)
Significant Accounting Policies And Basis Of Presentation - Narrative (Detail)
Transactions With Executive Officers, Directors, And Principal Shareholders
Transactions With Executive Officers, Directors, And Principal Shareholders (Tables)
Transactions With Executive Officers, Directors, And Principal Shareholders - Narrative (Details)
Transactions With Executive Officers, Directors, And Principal Shareholders - Schedule Of Activity Relating To Loans (Detail)
Ticker: CUBB
CIK: 1488813
Form Type: 10-K Annual Report
Accession Number: 0001488813-20-000033
Submitted to the SEC: Mon Mar 02 2020 7:51:10 AM EST
Accepted by the SEC: Mon Mar 02 2020
Period: Tuesday, December 31, 2019
Industry: State Commercial Banks

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