Customers Bancorp Inc - CUBI STOCK NEWS

Customers Bank, a $22 billion asset subsidiary of Customers Bancorp (NYSE:CUBI), has onboarded 10 commercial and business banking teams in NY, CA, and NV, aiming to boost deposit growth. The move strengthens its Single Point of Contact banking model, enhancing client service and expanding its presence on both coasts.

Customers Bancorp, Inc. (NYSE:CUBI) announced the conversion of subordinated notes issued in 2014 from a fixed rate to a floating rate on June 26, 2024. The Subordinated Notes will now bear interest based on the three-month term SOFR plus a tenor spread adjustment. Customers Bancorp, Inc. is a top-performing banking company with over $21 billion in assets, offering a range of banking services to commercial and consumer clients.

Customers Bancorp, Inc. (NYSE:CUBI) declared a quarterly cash dividend on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E and Series F. The dividend for Series E is $0.68163044 per share, payable on March 15, 2024, and for Series F is $0.65774294 per share, also payable on March 15, 2024. After June 30, 2023, Customers Bancorp Inc. is no longer using the three-month LIBOR as a reference rate for determining the dividend rate of the preferred stocks. The company has replaced the reference rate with the CME Term SOFR Reference Rate published for three-month tenor as administered by CME Group Benchmark Administration, Ltd. The dividend rates for Series E and Series F Preferred Stock are determined by adding a spread to the New Reference Rate. Customers Bancorp, Inc. is one of the nation’s top-performing banking companies with over $21 billion in assets and is a member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation.

Customers Bancorp, Inc. (CUBI) reports strong financial performance in Q4 2023 and full year 2023. Q4 2023 net income available to common shareholders was $58.2 million, or $1.79 per diluted share; ROAA was 1.16% and ROCE was 15.93%. Q4 2023 core earnings were $61.6 million, or $1.90 per diluted share; Core ROAA was 1.22% and Core ROCE was 16.87%. CET 1 capital ratio of 12.2%1 at December 31, 2023, compared to 11.3% at September 30, 2023, surpassing 11.0% - 11.5% target. TCE / TA ratio of 7.0% at December 31, 2023, compared to 6.5% at September 30, 2023, achieving stated target. Q4 2023 net interest margin, tax equivalent (“NIM”) was 3.31%, compared to Q3 2023 NIM of 3.70%. Total estimated insured deposits were 77%2 of total deposits at December 31, 2023, with immediately available liquidity covering uninsured deposits by approximately 202%. Non-performing assets were $27.2 million, or 0.13% of total assets, at December 31, 2023 compared to 0.14% at September 30, 2023. Allowance for credit losses on loans and leases equaled 499% of non-performing loans at December 31, 2023, compared to 466% at September 30, 2023.

Customers Bancorp, Inc. (NYSE: CUBI) will host a webcast on January 26, 2024, to report its earnings for the three months ending December 31, 2023, and full-year 2023. The company is one of the top-performing banking companies with over $22 billion in assets and provides a full suite of technology-enabled tailored product experiences. Customers Bank is a pioneer in Banking-as-a-Service, digital banking products, and blockchain-based digital payment solutions. The company has received major accolades and is a member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation.

Customers Bancorp, Inc. (NYSE:CUBI) has declared a quarterly cash dividend on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E (NYSE: CUBIPrE) of $0.68319767 per share and on its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F (NYSE: CUBIPrF) of $0.65931017 per share. The dividend is payable on December 15, 2023, to shareholders of record on November 30, 2023.

Customers Bancorp reports strong Q3 2023 results with net income of $83.0 million and core earnings of $83.3 million. Q3 2023 net interest margin increases to 3.70%. Total deposits grow by $244.9 million. Non-interest bearing deposits increase by $268.5 million. Q3 2023 provision for credit losses decreases to $17.1 million. Book value per share and tangible book value per share both grow by $3.31.

Customers Bancorp, Inc. to report Q3 2023 earnings results

Customers Bancorp, Inc. (NYSE:CUBI) has declared a quarterly cash dividend on its Preferred Stock, Series E and F. The dividend for Series E is $0.6831 per share, payable on September 15, 2023, to shareholders of record on August 31, 2023. The dividend for Series F is $0.65895 per share, payable on September 15, 2023, to shareholders of record on August 31, 2023. Customers Bancorp will no longer use three-month LIBOR as a reference rate for determining the dividend rate of the Preferred Stock. The new reference rate will be based on the CME Term SOFR Reference Rate plus a spread. The calculation agent will determine the dividend rate based on the spread and the new reference rate.