Exhibit 99.1
bancorpa23.jpg
Customers Bancorp
1015 Penn Avenue
Wyomissing, PA 19610
Contacts:
Jay Sidhu, Chairman & CEO 610-935-8693
Carla Leibold, CFO 484-923-8802
Bob Ramsey, CFO - BankMobile 484-926-7118
 
 
 
 
 
Customers Bancorp Reports Net Income
For Fourth Quarter and Full Year 2018

Wyomissing, PA., January 24, 2019 - Customers Bancorp, Inc. (NYSE: CUBI) t
he parent company of Customers Bank (collectively “Customers”), today reported:

n Customers Bancorp, Inc.'s ("CUBI") fourth quarter 2018 ("Q4 2018") net income to common shareholders was $14.2 million, or $0.44 per diluted share. Core earnings for Q4 2018 totaled $17.0 million, or $0.53 per diluted share (non-GAAP measures).
n CUBI's net income to common shareholders for 2018 ("FY 2018") was $57.2 million, or $1.78 per diluted share. Core earnings for FY 2018 totaled $78.5 million, or $2.43 per diluted share (non-GAAP measures), an increase of approximately 10% from 2017 ("FY 2017").
(Dollars in thousands,
except per share amounts)
USD
 
Per Share
 
 
USD
 
Per Share
Q4 2018 Net Income to Common Shareholders (GAAP)
 
 
 
 
FY 2018 Net Income to Common Shareholders (GAAP)
 
 
 
Customers Bank Business Banking
$
17,521

 
$
0.55

 
Customers Bank Business Banking
$
70,698

 
$
2.19

BankMobile
(3,274
)
 
(0.10
)
 
BankMobile
(13,462
)
 
(0.42
)
Consolidated
$
14,247

 
$
0.44

 
Consolidated
$
57,236

 
$
1.78

 
 
 
 
 
 
 
 
 
Q4 2018 Core Earnings
(Non-GAAP)
 
 
 
 
FY 2018 Core Earnings
(Non-GAAP)
 
 
 
Customers Bank Business Banking
$
19,911

 
$
0.62

 
Customers Bank Business Banking
$
88,633

 
$
2.75

BankMobile
(2,919
)
 
(0.09
)
 
BankMobile
(10,150
)
 
(0.31
)
Consolidated
$
16,992

 
$
0.53

 
Consolidated
$
78,483

 
$
2.43

 
 
 
 
 
 
 
 
 

n Net interest margin, tax equivalent ("NIM") (a non-GAAP measure) was 2.57% in Q4 2018, an increase of 10 basis points from third quarter 2018 ("Q3 2018"). Excluding prepayment fees, NIM increased 15 basis points from Q3 2018.
n In late November 2018, BankMobile's first White Label banking partnership went live in beta test phase, offering BankMobile's best in class banking products to the partner's broad customer base. Even before any marketing or advertising efforts, the partnership generated nearly 4,500 funded deposit accounts just in one month, with over $5 million in total deposits. We expect account openings and deposit growth to accelerate throughout 2019.
n In December 2018, Customers repurchased 719,200 shares of common stock at an average price of $18.04 per share, or approximately 80% of tangible book value at December 31, 2018. An additional 31,159 shares were repurchased in January 2019 at an average price of $18.35 per share.

1


The following information was filed by Customers Bancorp, Inc. (CUBI) on Thursday, January 24, 2019 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.

View differences made from one year to another to evaluate Customers Bancorp, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Customers Bancorp, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Log in with your credentials

or    

Forgot your details?

Create Account