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

Customers Bancorp, Inc.

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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 Record Third Quarter 2020 Results
GAAP Net Income of $47.1 million, or $1.48 Per Diluted Share,
up 100% over Q3 2019
ROAA of 1.12%, ROCE of 23.05%, and PTPP ROAA of 1.43%

•Q3 2020 GAAP earnings of $47.1 million, or $1.48 per diluted share, up 100% over Q3 2019.
•Q3 2020 core earnings (a non-GAAP measure) was $38.2 million, or $1.20 per diluted share, up 62% over Q3 2019.
•Adjusted pre-tax pre-provision net income (a non-GAAP measure) for Q3 2020 was $64.2 million, an increase of 63% over Q3 2019 adjusted pre-tax pre-provision net income of $39.4 million. Q3 2020 adjusted pre-tax pre-provision return on average assets (a non-GAAP measure) was 1.43%.
•Q3 2020 results include a provision for credit losses on loans and leases of $13.0 million. At September 30, 2020, the coverage of credit loss reserves for loans and leases held for investment, excluding Paycheck Protection Program ("PPP") loans (a non-GAAP measure), was 2.0%, up from 0.8% at December 31, 2019.
•Non-performing assets were 0.34% of total assets at September 30, 2020 compared to 0.48% of total assets at June 30, 2020. Our allowance for credit losses equaled 245% of non-performing loans at September 30, 2020, up from 185% at June 30, 2020.
•Total revenues were up 23.7% over Q2 2020 and 42.5% over Q3 2019. The Bank will earn approximately $100 million in pre-tax origination fees from PPP loans, significantly adding to its common tangible equity in 2021.

•Net interest income increased by $15.5 million, or 16.8%, over Q2 2020 and $31.7 million, or 41.9%, over Q3 2019. Net interest income, excluding the impact of PPP loans (a non-GAAP measure), increased by $4.7 million, or 5.7%, over Q2 2020 and $11.7 million, or 15.4%, over Q3 2019.
•Q3 2020 net interest margin, excluding the impact of PPP loans (a non-GAAP measure), was 2.86%, an 11 basis point decline from Q2 2020 and a 3 basis point increase from Q3 2019. Q3 2020 net interest margin (a non-GAAP measure) declined 15 basis points from Q2 2020 to 2.50%, mostly due to PPP loans at an average yield of 1.97% and excess cash on balance sheet.

•Total loans and leases increased $6.3 billion, or 61.6%, year-over-year driven by PPP loans of $5.0 billion and strong growth in short-term commercial loans to mortgage companies of $1.4
1
The following information was filed by Customers Bancorp, Inc. (CUBB) on Wednesday, October 28, 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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  • Executive Team
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  • 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
Bankmobile Technologies, Inc. Merger
Bankmobile Technologies, Inc. Merger - Narrative (Details)
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

Material Contracts, Statements, Certifications & more

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

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: CUBB
CIK: 1488813
Form Type: 10-Q Quarterly Report
Accession Number: 0001488813-20-000223
Submitted to the SEC: Fri Nov 06 2020 4:44:36 PM EST
Accepted by the SEC: Fri Nov 06 2020
Period: Wednesday, September 30, 2020
Industry: State Commercial Banks

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