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Customers Bancorp, Inc. (CUBB) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Customers Bancorp, Inc.

CIK: 1488813 Ticker: CUBB

Exhibit 99.1
bancorpa261.jpg 
Customers Bancorp, Inc.
701 Reading Avenue
West Reading, PA 19611
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 Strong Second Quarter 2020 Results
GAAP Net Income of $19.1 million, or $0.61 Per Diluted Share,
up 237% over Q2 2019
Adjusted Pre-tax Pre-provision Earnings of $50.8 million, up 94% over Q2 2019
Total Assets Grew by $5.9 billion to $17.9 billion, up 49% in Q2 2020
Originated $5.2 billion in PPP Loans
Ranking #6 in Nation With Approximately 100,000 loans to
Small Businesses and Non-Profits

Q2 2020 GAAP earnings of $19.1 million, or $0.61 per diluted share, and core earnings of $19.2 million, or $0.61 per diluted share (non-GAAP measures), up 51% over Q2 2019.
Adjusted pre-tax pre-provision net income for Q2 2020 was $50.8 million, an increase of 94% over Q2 2019 pre-tax pre-provision net income of $26.1 million (non-GAAP measures).
Q2 2020 results include a provision for credit losses on loans and leases of $20.9 million. At June 30, 2020, the coverage of credit loss reserves for loans and leases held for investment, excluding Paycheck Protection Program ("PPP") loans (non-GAAP measure), was 2.2%, up from 2.0% at March 31, 2020 and 0.8% at December 31, 2019.
Total revenues up 11% over Q1 2020 and 49% over Q2 2019.
Net interest income increased by $10.7 million, or 13.1%, over Q1 2020 and $27.3 million, or 42.2%, over Q2 2019. Net interest income, excluding the impact of PPP loan originations ( non-GAAP measure) increased by $1.4 million, or 1.7%, over Q1 2020 and $18.0 million, or 27.8%, over Q2 2019.
Q2 2020 net interest margin excluding the impact of PPP loan originations (non-GAAP measure) was 2.97%, a 2 basis point decline from Q1 2020 and a 33 basis point increase over Q2 2019. Q2 2020 net interest margin (a non-GAAP measure) declined 34 basis points from Q1 2020 to 2.65%, mostly due to the origination of $4.8 billion of PPP loans in Q2 2020 at an average yield of 1.71%.
Total commercial deferments declined to less than $700 million, or down to about 8.0%, as of July 24, 2020, from a peak of $1.2 billion. Total consumer deferments declined to $60 million, or 3.7%, as of July 24, 2020, from a peak of $108 million.
1

The following information was filed by Customers Bancorp, Inc. (CUBB) on Thursday, July 30, 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:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

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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
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)
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 Net Income And 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 - 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)
Loans Held For Sale - Narrative (Details)
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)
Subsequent Events
Subsequent Events - 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: 0001488813-20-000183
Submitted to the SEC: Mon Aug 10 2020 5:28:36 PM EST
Accepted by the SEC: Mon Aug 10 2020
Period: Tuesday, June 30, 2020
Industry: State Commercial Banks

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