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EX - 99.1 2 q321pressrelease.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 Sam Sidhu , President 484-744-8985 Carla Leibold , CFO 484-923-8802 Customers Bancorp Reports Record Third Quarter 2021 Results Net Income of $ 110.2 million , or $ 3.25 Per Diluted Share , Up 120 % Over Q3 2020 ROAA of 2.33 % and ROCE of 40.82 % Tangible Book Value Increased 35 % Over Q3 2020 Customers Bank Instant Token ( CBIT ) for Real - Time Blockchain Payments • • • • • • • • • Launched October 2021 Attracting $ 1.5 billion in Deposits Q3 2021 net income available to common shareholders was $ 110.2 million , or $ 3.25 per diluted share , up 120 % over Q3 2020 . Q3 2021 core earnings ( a non - GAAP measure ) were $ 113.9 million , or $ 3.36 per diluted share , up 178 % over Q3 2020 . Q3 2021 ROAA was 2.33 % and Core ROAA ( a non - GAAP measure ) was 2.35 % . Q3 2020 ROAA was 1.12 % and Core ROAA ( a non - GAAP measure ) was 0.93 % . Q3 2021 ROCE was 40.82 % and Core ROCE ( a non - GAAP measure ) was 42.16 % . Q3 2020 ROCE was 23.05 % and Core ROCE ( a non - GAAP measure ) was 18.82 % . Adjusted pre - tax pre - provision net income ( a non - GAAP measure ) for Q3 2021 was $ 167.2 million , an increase of 161 % over Q3 2020. Q3 2021 adjusted pre - tax pre- provision return on average assets ( a non - GAAP measure ) was 3.36 % compared to 1.43 % for Q3 2020 . Net interest income for Q3 2021 grew $ 81.1 million , or 58.5 % , over Q2 2021 and $ 112.5 million , or 104.7 % , over Q3 2020 . Q3 2021 net interest margin ( a non - GAAP measure ) increased to 4.59 % from 2.98 % in Q2 2021. Q3 2021 net interest margin , excluding the impact of Paycheck Protection Program ( " PPP " ) loans ( a non - GAAP measure ) , was 3.24 % . Significant excess cash balances resulting from strong deposit growth negatively impacted net interest margin by about 16 basis points . Non - interest bearing deposits increased $ 2.3 billion , or 84 % , in Q3 2021 , of which $ 1.5 billion was driven by new CBIT customers on the TassatPay real - time blockchain payments platform which launched in October 2021 . Total deposits increased $ 6.1 billion , or 56.6 % year - over - year , which included a $ 5.3 billion , or 115.2 % , increase in demand deposits . The total cost of deposits dropped