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Customers Bancorp, Inc. (CUBB) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

Customers Bancorp, Inc.

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 First Quarter 2020
Net Income of $7.0 Million, or $0.22 Per Diluted Share
Adjusted Pre-tax Pre-provision Earnings of $38.6 million, up 53% over Q1 2019
Net Interest Margin Expands by 10 basis points over Q4 2019

Q1 2020 GAAP earnings of $7.0 million, or $0.22 per diluted share, and core earnings of $8.1 million, or $0.26 per diluted share (non-GAAP measures).
Q1 2020 results include the adoption of the Current Expected Credit Loss ("CECL") standard on January 1, 2020, resulting in a total build of credit reserves of $100.4 million and a charge to Q1 2020 earnings of $23 million. At March 31, 2020, the coverage of loss reserves to loans and leases held for investment was 2.1%, up from 0.8% at December 31, 2019.
Adjusted pre-tax pre-provision net income for Q1 2020 was $38.6 million, an increase of 53% over Q1 2019 pre-tax pre-provision net income of $25.3 million (non-GAAP measures).
Q1 2020 net interest margin expanded 10 basis points from Q4 2019 to 2.99%; our sixth consecutive quarter of net interest margin expansion. Q1 2020 net interest margin up 40 basis points over Q1 2019.
Net interest income increased by $3.7 million, or 4.8%, over Q4 2019 and $22.0 million, or 37.1%, over Q1 2019.
Total assets were $12.0 billion at March 31, 2020, compared to $10.1 billion at March 31, 2019 and $11.5 billion at December 31, 2019. Average assets were $11.6 billion for Q1 2020, compared to $9.8 billion for Q1 2019 and $11.3 billion for Q4 2019.
Total loans and leases increased $1.6 billion, or 18% year-over-year, driven by strong growth in mortgage warehouse loans of $1.0 billion and commercial and industrial loans and leases of $0.6 billion. Run-off of multifamily loans was replaced with an equal amount of high FICO score personal, home improvement and student refinance loans.
Total deposits increased $1.0 billion, or 13%, year-over-year, which included a $828 million, or 38%, increase in demand deposits.
Asset quality remains strong. Non-performing assets were only 0.53% of total assets at March 31, 2020 and reserves equaled 242% of non-performing loans. Net charge-offs were $5.9 million, or 25 basis points of average total loans and leases on an annualized basis, during Q1 2020.
Helped thousands of small businesses over the past few weeks by originating about $5 billion in SBA Payroll Protection Program loans directly or through fintech partnerships as of May 2, 2020, which is expected to add about $85 million in revenues.
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The following information was filed by Customers Bancorp, Inc. (CUBB) on Monday, May 4, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Assess how Customers Bancorp, Inc.'s management team is paid from their Annual Proxy

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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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Inside Customers Bancorp, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheet - Unaudited
Consolidated Balance Sheet - Unaudited (Parenthetical)
Consolidated Statements Of Cash Flows - Unaudited
Consolidated Statements Of Changes In Shareholders' Equity - Unaudited
Consolidated Statements Of Changes In Shareholders' Equity - Unaudited (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss) - Unaudited
Consolidated Statements Of Income (Loss) - Unaudited
Business Segments
Business Segments (Details)
Business Segments (Tables)
Business Segments - Narrative (Details)
Changes In Accumulated Other Comprehensive Income (Loss) By Component
Changes In Accumulated Other Comprehensive Income (Loss) By Component (Detail)
Changes In Accumulated Other Comprehensive Income (Loss) By Component (Tables)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Tables)
Derivative Instruments And Hedging Activities - Additional Information (Detail)
Derivative Instruments And Hedging Activities - Effect Of Derivative Financial Instruments On Comprehensive Income (Detail)
Derivative Instruments And Hedging Activities - Fair Value Of Derivative Financial Instruments (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 - Additional Information (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 On Recurring And Nonrecurring Basis (Detail)
Disclosures About Fair Value Of Financial Instruments - Summary Of Financial Assets And Liabilities Measured At Fair Value On A Recurring And Nonrecurring Basis (Detail)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Tables)
Earnings (Loss) Per Share - Anti-Dilutive Securities Excluded From Computation Of Earnings (Loss) Per Share (Detail)
Earnings (Loss) Per Share - Components Of Earnings Per Share (Detail)
Investment Securities
Investment Securities (Tables)
Investment Securities - Additional Information (Detail)
Investment Securities - Gross Unrealized Losses And Fair Value, Aggregated By Investment Category (Detail)
Investment Securities - Summary Of Amortized Cost And Approximate Fair Value Of Investment Securities (Detail)
Investment Securities - Summary Of Available-For-Sale Debt Securities By Stated Maturity (Detail)
Leases
Leases (Tables)
Leases - Covid-19 Impact On Leases (Details)
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 Credit Losses
Loans And Leases Receivable And Allowance For Credit Losses (Tables)
Loans And Leases Receivable And Allowance For Credit Losses - Additional Information (Detail)
Loans And Leases Receivable And Allowance For Credit Losses - Analysis Of Loans Modified In Troubled Debt Restructuring By Type Of Concession (Detail)
Loans And Leases Receivable And Allowance For Credit Losses - Credit Ratings Of Covered And Non-Covered Loan Portfolio (Detail)
Loans And Leases Receivable And Allowance For Credit Losses - Non-Covered Loans And Covered Loans By Class And Performance Status (Detail)
Loans And Leases Receivable And Allowance For Credit Losses - Schedule Of Allowance For Credit Losses (Detail)
Loans And Leases Receivable And Allowance For Credit Losses - Schedule Of Loan Purchases And Sales (Details)
Loans And Leases Receivable And Allowance For Credit Losses - Schedule Of Loans And Leases Receivable (Detail)
Loans And Leases Receivable And Allowance For Credit Losses - Summary Of Amortized Cost Of Loans And Leases On Nonaccrual Status (Detail)
Loans And Leases Receivable And Allowance For Credit Losses - Summary Of Loans Modified In Troubled Debt Restructurings And Related Recorded Investment (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 Revenues
Non-Interest Revenues (Tables)
Non-Interest Revenues - Non-Interest Revenues By Business Segment (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)
Significant Accounting Policies And Basis Of Presentation
Significant Accounting Policies And Basis Of Presentation (Policies)
Significant Accounting Policies And Basis Of Presentation (Tables)
Significant Accounting Policies And Basis Of Presentation - Impact Of Asc 326 (Details)
Significant Accounting Policies And Basis Of Presentation - Narrative (Details)

Material Contracts, Statements, Certifications & more

Customers Bancorp, Inc. provided additional information to their SEC Filing as exhibits

Ticker: CUBB
CIK: 1488813
Form Type: 10-Q Quarterly Report
Accession Number: 0001488813-20-000134
Submitted to the SEC: Mon May 11 2020 5:32:23 PM EST
Accepted by the SEC: Mon May 11 2020
Period: Tuesday, March 31, 2020
Industry: State Commercial Banks

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