Customers Bancorp (CUBI) Misses Q1 EPS by 17c

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Go back to Customers Bancorp (CUBI) Misses Q1 EPS by 17c

Customers Bancorp Reports First Quarter 2020 Net Income of $7.0 Million, or $0.22 Per Diluted Share

May 4, 2020 7:26 AM EDT

Adjusted Pre-tax Pre-provision Earnings of $38.6 million, up 53% over Q1 2019

Net Interest Margin Expands by 10 basis points over Q4 2019

Q1 2020 GAAP earnings of $7.0 million, or $0.22 per diluted share, and core earnings of $8.1 million, or $0.26 per diluted share (non-GAAP measures). Q1 2020 results include the adoption of the Current Expected Credit Loss ("CECL") standard on January 1, 2020, resulting in a total build of credit reserves of $100.4 million and a charge to Q1 2020 earnings of $23 million. At March 31, 2020, the coverage of loss reserves to loans and leases held for investment was 2.1%, up from 0.8% at December 31,... More