CUBI - Customers Bancorp: Lots Of Cash But Sluggish Loan Growth

2024-04-29 22:19:28 ET

Summary

• Customers Bancorp reported solid Q1 results, beating expectations for EPS and revenue.
• Total deposits increased and interest expenses decreased, showing improvement in the composition of deposits.
• Loan growth was stagnant, but management expects growth between 10% and 15% in 2024.

It was a solid Q1 2024 for Customers Bancorp ( CUBI ), but the market reacted negatively and punished the stock with -5.47%. Yet, estimates were beaten upward:

• Q1 Non-GAAP EPS of $1.68 beats by $0.05.
• Revenue of $181.6M (+8.1% Y/Y) beats by $16.79M.

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