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EX - 99.1 2 q121pressrelease.htm EX - 99.1 Customers Exhibit 99.1 Bancorp , Inc. Customers Bancorp , Inc. 701 Reading Avenue West Reading , PA 19611 Contacts : Jay Sidhu , Chairman & CEO 610-935-8693 Richard Ehst , President & COO 610-917-3263 Carla Leibold , CFO 484-923-8802 Sam Sidhu , Head of Corporate Development 212-843-2485 Customers Bancorp Reports First Quarter 2021 Results Net Income of $ 33.2 million , or $ 1.01 Per Diluted Share , Record Core Earnings of $ 70.3 million , or $ 2.14 Per Diluted Share 5th Largest PPP Lender ( Round 3 ) in U.S. and # 1 in Peer Group ~ $ 200 million of Expected Deferred Origination Fees • • • • • • Earned In Just 2.5 Months of 2021 Q1 2021 net income available to common shareholders was $ 33.2 million , or $ 1.01 per diluted share . Q1 2021 results were impacted by $ 38 million of one - time merger- related and tax expenses resulting from the divestiture of BankMobile Technologies , Inc. ( " BMT " ) on January 4 , 2021. These items and BMT's historical financial results for periods prior to the divestiture have been reflected in the consolidated financial statements as discontinued operations . Current and prior period core earnings exclude the impact of discontinued operations . Q1 2021 core earnings ( a non - GAAP measure ) were $ 70.3 million , or $ 2.14 per diluted share , up 29 % over Q4 2020 and 1,282 % over Q1 2020 . Q1 2021 ROAA was 0.80 % and Core ROAA ( a non - GAAP measure ) was 1.61 % . Q4 2020 ROAA was 1.23 % and Core ROAA ( a non GAAP measure ) was 1.26 % . Q1 2021 ROCE was 14.66 % and Core ROCE ( a non - GAAP measure ) was 31.03 % . Q4 2020 ROCE was 24.26 % and Core ROCE ( a non - GAAP measure ) was 25.06 % . Adjusted pre - tax pre - provision net income ( a non - GAAP measure ) for Q1 2021 was $ 86.8 million , an increase of 11 % over Q4 2020 and 96 % over Q1 2020. Q1 2021 adjusted pre - tax pre - provision return on average assets ( a non - GAAP measure ) was 1.90 % compared to 1.70 % for Q4 2020 and 1.54 % for Q1 2020 . Q1 2021 results include a net benefit to ( or release from ) provision for credit losses on loans and leases of $ 2.9 million . At March 31 , 2021 , the coverage of credit loss reserves for loans and leases held for investment , excluding Paycheck Protection Program ( " PPP " ) loans ( a non - GAAP measure ) , was 1.71 % compared to 1.90 % at December 31 , 2020 . Non - performing assets were 0.26 % of total assets at March 31 , 2021 compared to 0.39 % at December 31 , 2020. Allowance for credit losses equaled 264 % of non- performing loans at March 31 , 2021 , up from 204 % at December 31 , 2020 .