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Customers Bancorp, Inc. (CUBB) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Customers Bancorp, Inc.

CIK: 1488813 Ticker: CUBB

Exhibit 99.1
bancorpa261a.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 First Quarter 2021 Results
Net Income of $33.2 million, or $1.01 Per Diluted Share,
Record Core Earnings of $70.3 million, or $2.14 Per Diluted Share

5th Largest PPP Lender (Round 3) in U.S. and #1 in Peer Group
~$200 million of Expected Deferred Origination Fees
Earned In Just 2.5 Months of 2021

Q1 2021 net income available to common shareholders was $33.2 million, or $1.01 per diluted share. Q1 2021 results were impacted by $38 million of one-time merger-related and tax expenses resulting from the divestiture of BankMobile Technologies, Inc. ("BMT") on January 4, 2021. These items and BMT’s historical financial results for periods prior to the divestiture have been reflected in the consolidated financial statements as discontinued operations. Current and prior period core earnings exclude the impact of discontinued operations.
Q1 2021 core earnings (a non-GAAP measure) were $70.3 million, or $2.14 per diluted share, up 29% over Q4 2020 and 1,282% over Q1 2020.
Q1 2021 ROAA was 0.80% and Core ROAA (a non-GAAP measure) was 1.61%. Q4 2020 ROAA was 1.23% and Core ROAA (a non GAAP measure) was 1.26%.
Q1 2021 ROCE was 14.66% and Core ROCE (a non-GAAP measure) was 31.03%. Q4 2020 ROCE was 24.26% and Core ROCE (a non-GAAP measure) was 25.06%.
Adjusted pre-tax pre-provision net income (a non-GAAP measure) for Q1 2021 was $86.8 million, an increase of 11% over Q4 2020 and 96% over Q1 2020. Q1 2021 adjusted pre-tax pre-provision return on average assets (a non-GAAP measure) was 1.90% compared to 1.70% for Q4 2020 and 1.54% for Q1 2020.
Q1 2021 results include a net benefit to (or release from) provision for credit losses on loans and leases of $2.9 million. At March 31, 2021, the coverage of credit loss reserves for loans and leases held for investment, excluding Paycheck Protection Program ("PPP") loans (a non-GAAP measure), was 1.71% compared to 1.90% at December 31, 2020.
Non-performing assets were 0.26% of total assets at March 31, 2021 compared to 0.39% at December 31, 2020. Allowance for credit losses equaled 264% of non-performing loans at March 31, 2021, up from 204% at December 31, 2020.
Net interest income for Q1 2021 grew $9.8 million, or 8.0%, over Q4 2020 and $51.4 million, or 63.2% over Q1 2020.
1

The following information was filed by Customers Bancorp, Inc. (CUBB) on Thursday, April 29, 2021 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

Definitive Proxy Statement (Form DEF 14A)
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Customers Bancorp, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2021 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)
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 - Cumulative Basis Adjustment For Fair Value Hedges (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)
Discontinued Operations
Discontinued Operations (Tables)
Discontinued Operations - Balance Sheet (Details)
Discontinued Operations - Income Statement (Details)
Discontinued Operations - Narrative (Details)
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 (Detail)
Loans And Leases Receivable And Allowance For Credit Losses - 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)
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)

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: 0001488813-21-000123
Submitted to the SEC: Mon May 10 2021 5:11:48 PM EST
Accepted by the SEC: Mon May 10 2021
Period: Wednesday, March 31, 2021
Industry: State Commercial Banks

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