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Dec 31, 2023
Customers Bancorp Q4 2023 Earnings Report
Reported net income available to common shareholders of $58.2 million, or $1.79 per diluted share.
Key Takeaways
Customers Bancorp reported a Q4 2023 net income available to common shareholders of $58.2 million, or $1.79 per diluted share. Core earnings were $61.6 million, or $1.90 per diluted share. The CET 1 capital ratio was 12.2% at December 31, 2023, and the TCE / TA ratio was 7.0%.
Q4 2023 net income available to common shareholders was $58.2 million, or $1.79 per diluted share.
Q4 2023 core earnings were $61.6 million, or $1.90 per diluted share.
CET 1 capital ratio of 12.2% at December 31, 2023, surpassing the 11.0% - 11.5% target.
TCE / TA ratio of 7.0% at December 31, 2023, achieving the stated target.
Customers Bancorp
Customers Bancorp
Forward Guidance
Customers Bancorp is focused on managing risk, strengthening the deposit franchise, further improving profitability, and maintaining higher capital ratios. Deposits are expected to grow modestly, and there are attractive opportunities to deploy securities cash flows and cash into franchise-enhancing loan growth in 2024.
Positive Outlook
- Deposits are expected to grow modestly with continued improvement in the quality of deposits, reducing higher cost wholesale deposits with lower cost core deposits.
- There are attractive opportunities to deploy securities cash flows and cash into franchise-enhancing loan growth in 2024.
- Committed to maintaining a CET 1 ratio around 11.5% in 2024.
- Committed to growing TCE / TA ratio to 7.5%.
- Committed to preserving superior credit quality, managing interest rate risk, maintaining robust liquidity, and generating positive operating leverage.