CUBI
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"title": "Customers Bancorp Q1: Lots Of Cash, But Sluggish Loan Growth (NYSE:CUBI)",
"description": "Customers Bancorp's total deposits increased and interest expenses decreased. Click here to read more about CUBI stock's earnings review.",
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"snippet": "MicroStockHub\n\nIt was a solid Q1 2024 for Customers Bancorp (NYSE:CUBI), but the market reacted negatively and punished the stock with -5.47%. Yet, estimates we...",
"url": "https://seekingalpha.com/article/4687348-customers-bancorp-stock-q1-earnings-lots-of-cash-but-sluggish-loan-growth",
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"highlight": "MicroStockHub\n\nIt was a solid Q1 2024 for <em>Customers</em> <em>Bancorp</em> (<em>NYSE:CUBI</em>), but the market reacted negatively and punished the stock with -5.47%. Yet, estimates were beaten upward:\n\nQ1 Non-GAAP EPS of $1.68 beats by $0.05.\n\nRevenue of $181.6M (+8.1% Y/Y) beats by $16.79M.",
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"highlight": "Highlights Q1 2024\n\n<em>Customers</em> <em>Bancorp</em>, <em>Inc</em>. (CUBI) Q1 2024 Earnings Call\n\nTotal deposits amounted to $18 billion, up $100 million from Q4 2023 and up $300 million from last year. The average cost of deposits reached 3.45%, up 6 basis points from the previous quarter, but total interest expenses decreased.",
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"highlight": "<em>Customers</em> <em>Bancorp</em>, <em>Inc</em>. (CUBI) Q1 2024 Earnings Call\n\nAnother important aspect to mention is the lower dependence on Wholesale CDs, which fell from 30% of total deposits to 10% in only one year. What's more, in the same period, Business Unit Deposits (Total deposits excluding wholesale CDs and BMTX student-related deposits) increased by 36%.",
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"highlight": "<em>Customers</em> <em>Bancorp</em>, <em>Inc</em>. (CUBI) Q1 2024 Earnings Call\n\nTotal loans were virtually unchanged from the previous quarter and are down 12% from last year. This is, in my opinion, the main problem of CUBI because it has a lot of cash on hand but fails to deploy these resources.",
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"highlight": "Jay Sidhu - Chairman & Chief Executive Officer of <em>Customers</em> <em>Bancorp</em>.\n\nIf the Fed cut rates 2 or 3 times this year, lending performance could be better. Demand for credit is no longer the same because of high interest rates, and if it were to rebound, CUBI would have the funds to meet it.",
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"highlight": "<em>Customers</em> <em>Bancorp</em>, <em>Inc</em>. (CUBI) Q1 2024 Earnings Call\n\nOnly 27% of loans belong to this category, while peers are only 45%. Office CREs amount to only $159 million and have a low average LTV, 52.20%.\n\nOverall, the result of high liquidity and reduced CDs has given light to several consequences, both positive and negative.",
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"highlight": "<em>Customers</em> <em>Bancorp</em>, <em>Inc</em>. (CUBI) Q1 2024 Earnings Call\n\nProfitability deteriorated from the previous quarter, both in net interest income and net interest margin.\n\nManagement's conservative approach can also be seen in the investment portfolio.\n\n<em>Customers</em> <em>Bancorp</em>, <em>Inc</em>.",
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"highlight": "<em>Customers</em> <em>Bancorp</em>, <em>Inc</em>. (CUBI) Q1 2024 Earnings Call\n\nTBV per share has been steadily increasing since 2018, and if there were no unrealized losses, it would amount to $53.38.\n\n<em>Customers</em> <em>Bancorp</em>, <em>Inc</em>. (CUBI) Q1 2024 Earnings Call\n\nAs anticipated, the guidance has not changed much from the previous quarter.",
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"highlight": "<em>Customers</em> <em>Bancorp</em>, <em>Inc</em>. (CUBI) Q1 2024 Earnings Call\n\nCET1 adjusted for AOCI is 11.50%, in the top quartile. The Loan to Deposits ratio is only 72%, and the bank has ample leeway. Liquidity is one-third of total assets, and its AFS securities have a duration of only 1.7 years, which provides additional flexibility.",
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- equity
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