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 Bancorp, Inc. (NYSE: CUBI) reported a net income of $47.1 million for Q3 2020, equating to $1.48 per diluted share. Core earnings stood at $38.2 million, or $1.20 per diluted share. Revenue surged 42% year-over-year, while expenses increased by only 10%. Asset quality improved with non-performing assets reduced to 0.34% of total assets. Despite a $2.4 million decline in card interchange income due to regulatory changes, the company successfully facilitated access to Paycheck Protection Program loans for around 100,000 small businesses. The focus remains on robust asset quality management amid economic challenges.
Customers Bancorp, Inc. (NYSE: CUBI) will host a webcast on October 29, 2020, at 9:00 AM EDT to discuss its Q3 2020 earnings results, covering the period ending September 30, 2020. Key executives, including Chair & CEO Jay Sidhu and CFO Carla Leibold, will present insights. The earnings release will be issued after market close on October 28, 2020. Customers Bancorp operates with approximately $17.9 billion in assets as of June 30, 2020, offering a range of banking services to small and medium-sized businesses and individuals.