Customers Bancorp, Inc. reports developments tied to its role as the bank holding company for Customers Bank, a regulated banking subsidiary serving commercial, corporate and consumer clients. Recurring updates include quarterly earnings, deposit growth, credit quality, capital ratios, securities portfolio positioning and common stock repurchase activity.
Company news also covers Customers Bank's lending and banking services, including C&I, commercial real estate, residential and personal lending, fund finance, venture banking, healthcare, mortgage finance, equipment finance, payments, treasury, title and escrow services. Other recurring themes include technology-enabled banking partnerships, customer-service operating initiatives, executive appointments, governance matters and industry recognition.
Customers Bank (OTC-PINK:USBK), a digital-focused super-community bank, has announced the consolidation of five Pennsylvania branches as part of its expansion strategy. The affected branches are located in Exeter, Langhorne, Muhlenberg, Newtown Square, and Wayne, with changes expected in late October and early November. CEO Sam Sidhu emphasized the shift towards digital banking, citing reduced necessity for physical branches. The bank has also opened non-branch offices in various locations and launched a blockchain-based payment service, aiming for customer service enhancement and shareholder value growth.
Customers Bancorp, Inc. (NYSE: CUBI) will host a webcast on July 28, 2022, at 9:00 AM EDT, to discuss its earnings results for Q2 and the first half of 2022. The earnings press release will be issued after market close on July 27, 2022. Key executives, including Chair & CEO Jay Sidhu, will participate in the call. Customers Bank, a subsidiary of CUBI, reported $19.2 billion in assets as of March 31, 2022. The webcast will be available for future viewing on the Customers Bank Investor Relations webpage.
Customers Bancorp, Inc. (NYSE: CUBI) released a mid-quarter financial update underscoring strong performance indicators. Management anticipates Core EPS between $4.75-$5.00 for 2022, with tangible book value expected to exceed $40. Stable credit trends are noted, with NPLs at 0.25%. Loan growth has surpassed $1.5 billion, primarily from commercial lending, and deposits grew by over $1 billion. Approximately 549k shares were repurchased at an average price below $40. The AFS securities portfolio stands at $3.8 billion.
Customers Bancorp, Inc. (NYSE:CUBI) held its annual virtual meeting on May 31, where shareholders elected three directors, approved Deloitte & Touche LLP as the independent auditor, and supported an executive compensation proposal. Key achievements highlighted by CEO Jay Sidhu include facilitating over $10 billion in Paycheck Protection Program loans, launching a blockchain B2B payments system, and completing a spin-off of BankMobile. Additionally, the stock incentive plan was amended to increase share availability by 330,000. Richard Ehst retired as CEO, succeeded by Sam Sidhu.
Customers Bancorp, Inc. (NYSE: CUBI) has declared a quarterly cash dividend for its Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock. Shareholders will receive $0.381161 per share for Series E and $0.357011 per share for Series F. Both dividends are payable on June 15, 2022, to those on record by May 31, 2022. Customers Bank, a subsidiary, manages approximately $19.2 billion in assets as of March 31, 2022.
Customers Bancorp, Inc. (CUBI) reported impressive Q1 2022 results, with net income reaching $74.9 million or $2.18 per diluted share, a 126% increase from Q1 2021. Loan growth was robust at $1.1 billion, up 12% from Q4 2021 and 33% year-over-year, while total deposits increased by $3.9 billion or 32% year-over-year. The bank's efficiency ratio improved to 39.42%. Core earnings were $75.2 million, up 7% year-over-year. The bank is well-positioned for future growth with high expectations for core earnings in 2022 and 2023.
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Deserve has launched a revolutionary Commercial Credit Card Platform for banks and B2B companies, enabling them to issue digital corporate credit and charge cards. The platform addresses the anticipated growth of over $700 billion in small business credit card transactions by 2023. With features like instant issuance, expense management tools, and customizable rewards, it aims to enhance customer experience and create revenue opportunities for financial institutions, including Customers Bank, its inaugural partner.
Customers Bancorp, Inc. (NYSE: CUBI) will host a webcast on April 28, 2022, at 9:00 AM EDT to report its earnings for Q1 2022, covering the period ending March 31, 2022. The webcast will feature insights from Chair & CEO Jay Sidhu, President Sam Sidhu, CFO Carla Leibold, and Chief Credit Officer Andrew Bowman. The earnings press release will be issued after market close on April 27, 2022. Customers Bancorp, based in West Reading, Pennsylvania, operates Customers Bank, which has assets totaling $19.6 billion as of December 31, 2021.
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