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Sep 30, 2021
Customers Bancorp Q3 2021 Earnings Report
Reported record results with net income up 120% and tangible book value increased 35%.
Key Takeaways
Customers Bancorp reported a record third quarter with net income of $110.2 million, or $3.25 per diluted share, a 120% increase over Q3 2020. The company's ROAA was 2.33% and ROCE was 40.82%. The Customers Bank Instant Token (CBIT) for real-time blockchain payments was launched in October 2021 and has attracted $1.5 billion in deposits.
Net income available to common shareholders was $110.2 million, or $3.25 per diluted share, up 120% over Q3 2020.
Core earnings were $113.9 million, or $3.36 per diluted share, up 178% over Q3 2020.
ROAA was 2.33% and Core ROAA was 2.35%.
ROCE was 40.82% and Core ROCE was 42.16%.
Forward Guidance
The company is optimistic about its future prospects and projects recurring core earnings power to be $4.00 in 2021; $4.75 - $5.00 in 2022, an increase of 20% - 25% over 2021 core earnings; and expects to achieve $6.00 in core EPS even sooner than the guidance provided for 2025.
Positive Outlook
- Best in class tech agility
- Major participant in the PPP program
- Incubate new lines of businesses that leverage fintech relationships
- Launched a private real-time, blockchain-based B2B payments platform
- Significant accretion in capital levels over the past 12 months
Historical Earnings Impact
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Avg. Return Before/After Earnings
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