Customers Bancorp (CUBI) Q3 FY2024 earnings: revenue $167 million, down 23.2% on the year

Customers Bancorp, Inc. (CUBI) reported revenue of $167 million for Q3 FY2024, the quarter ended 30 September 2024, down 23.2% on the same quarter a year earlier. Net income was $47 million, down 46.1% on the year, and diluted earnings per share $1.31. The figures are the company's own, from the 10-Q it filed with the SEC on 12 November 2024.

Revenue$167 milliondown 23.2%

Net income$47 milliondown 46.1%

Diluted EPS$1.31

QuarterQ3 FY2024ended 30 September 2024

The quarter, against the one before and a year earlier

Line	Q3 FY2024	Q2 FY2024	Q3 FY2023	Change on the year
Revenue	167	199	218	-23.2%
Interest expense	n/a	166	177	n/a
Pre-tax income	46.0	77.1	110	-58.3%
Income tax	-0.7	19.0	23.5	n/a
Effective tax rate	-1.6%	24.7%	21.3%
Net income	46.7	58.1	86.8	-46.1%
Net margin	28.0%	29.2%	39.9%
Diluted EPS	$1.31	$1.66	$2.58	-49.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2024	Q2 FY2024	Q3 FY2023	Change on the year
Operating cash flow	24.4	6.1	136	-82.1%
Capital expenditure	0.3	0.3	0.4	-30.2%
Free cash flow	24.1	5.8	136	-82.2%
Cash from investing	-387	-195	397	n/a
Cash from financing	402	-463	-268	n/a
Depreciation and amortisation	9.7	6.5	7.7	+27.3%
Share-based compensation	3.4	2.9	3.5	-3.7%
Buybacks	18.2	0.0	0.0	n/a
Diluted shares, weighted	33m	33m	32m	+1.8%
Shares outstanding at period end	31m	32m	31m	+0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2024	Q2 FY2024	Q3 FY2023	Change on the year
Shareholders' equity	1,801	1,747	1,562	+15.3%
Deposits	18,069	17,678	18,195	-0.7%
Short-term borrowings	0.0	0.0	0.0	n/a
Other liabilities	1,586	1,518	2,100	-24.5%
Total liabilities and equity	21,456	20,943	21,857	-1.8%
Fixed assets	6.7	7.0	7.8	-13.6%
Securities held for sale or to maturity	3,442	3,441	3,925	-12.3%
Loans	13,645	13,124	13,424	+1.6%
Cash and equivalents	3,088	3,049	3,420	-9.7%
Other assets	1,275	1,322	1,080	+18.0%
Total assets	21,456	20,943	21,857	-1.8%

Questions

What was Customers Bancorp's revenue in Q3 FY2024?

Customers Bancorp (CUBI) reported revenue of $167 million for Q3 FY2024, the quarter ended 30 September 2024, down 23.2% on the same quarter a year earlier.

How much did Customers Bancorp earn in Q3 FY2024?

Net income for Q3 FY2024 was $47 million, down 46.1% on the year, and diluted earnings per share $1.31.

When did Customers Bancorp report Q3 FY2024 results?

Customers Bancorp filed its 10-Q for the quarter ended 30 September 2024 with the SEC on 12 November 2024.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	218	191	182	199	167	167	143	206	232	237	226	227
Interest expense	177	173	171	166	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	110	83.9	65.4	77.1	46.0	35.9	11.9	78.9	100	97.3	90.3	89.5
Tax rate	21%	26%	24%	25%	-2%	25%	-9%	23%	25%	23%	23%	20%
Net income	86.8	62.1	49.7	58.1	46.7	26.9	12.9	60.9	75.7	74.5	69.7	71.6
Net margin	40%	32%	27%	29%	28%	16%	9%	30%	33%	31%	31%	31%
Diluted EPS	$2.58	$1.80	$1.40	$1.66	$1.31	$0.72	$0.29	$1.73	$2.20	$2.04	$1.97	$2.05
Operating cash flow	136	-118	-18.8	6.1	24.4	133	94.1	162	117	122	35.1	107
Capital expenditure	0.4	0.1	0.4	0.3	0.3	0.5	0.7	0.1	10.5	2.5	0.0	1.3
Free cash flow	136	-118	-19.2	5.8	24.1	133	93.4	162	106	119	35.0	106
Buybacks	0.0	0.0	0.0	0.0	18.2	1.0	5.6	0.0	0.0	0.0	42.7	6.7
Shares outstanding	31m	31m	32m	32m	31m	31m	31m	32m	34m	34m	34m	34m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2024, filed 12 November 2024, accession 0001488813-24-000097: the filing on EDGAR. All of Customers Bancorp, Inc.'s filings: EDGAR company page.

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