Intrinsic value of Customers Bancorp - CUBI

Previous Close

$28.83

  Intrinsic Value

$5.25

stock screener

  Rating & Target

str. sell

-82%

Previous close

$28.83

 
Intrinsic value

$5.25

 
Up/down potential

-82%

 
Rating

str. sell

Our model is not good at valuating stocks of financial companies, such as CUBI.

We calculate the intrinsic value of CUBI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.80
  6.62
  6.46
  6.32
  6.18
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
Revenue, $m
  380
  423
  469
  517
  566
  618
  673
  729
  788
  849
  913
  978
  1,047
  1,118
  1,192
  1,269
  1,350
  1,433
  1,520
  1,610
  1,705
  1,803
  1,906
  2,013
  2,126
  2,243
  2,365
  2,493
  2,627
  2,767
Variable operating expenses, $m
  224
  249
  276
  304
  334
  364
  396
  430
  464
  500
  537
  576
  617
  659
  702
  748
  795
  844
  895
  949
  1,004
  1,062
  1,123
  1,186
  1,252
  1,321
  1,393
  1,468
  1,547
  1,630
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  224
  249
  276
  304
  334
  364
  396
  430
  464
  500
  537
  576
  617
  659
  702
  748
  795
  844
  895
  949
  1,004
  1,062
  1,123
  1,186
  1,252
  1,321
  1,393
  1,468
  1,547
  1,630
Operating income, $m
  156
  174
  193
  212
  233
  254
  276
  300
  324
  349
  375
  402
  430
  460
  490
  522
  555
  589
  625
  662
  701
  741
  783
  828
  874
  922
  972
  1,025
  1,080
  1,137
EBITDA, $m
  1,232
  1,372
  1,520
  1,675
  1,836
  2,005
  2,181
  2,364
  2,555
  2,753
  2,958
  3,172
  3,394
  3,625
  3,866
  4,115
  4,375
  4,646
  4,928
  5,221
  5,528
  5,847
  6,180
  6,528
  6,891
  7,271
  7,668
  8,083
  8,517
  8,971
Interest expense (income), $m
  71
  499
  502
  544
  588
  634
  683
  733
  786
  841
  898
  957
  1,019
  1,083
  1,150
  1,219
  1,291
  1,366
  1,444
  1,525
  1,609
  1,698
  1,789
  1,885
  1,985
  2,089
  2,198
  2,312
  2,431
  2,555
  2,686
Earnings before tax, $m
  -343
  -328
  -351
  -376
  -401
  -428
  -457
  -486
  -517
  -549
  -582
  -617
  -653
  -690
  -729
  -769
  -811
  -855
  -900
  -948
  -997
  -1,048
  -1,102
  -1,157
  -1,216
  -1,276
  -1,340
  -1,406
  -1,476
  -1,548
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -343
  -328
  -351
  -376
  -401
  -428
  -457
  -486
  -517
  -549
  -582
  -617
  -653
  -690
  -729
  -769
  -811
  -855
  -900
  -948
  -997
  -1,048
  -1,102
  -1,157
  -1,216
  -1,276
  -1,340
  -1,406
  -1,476
  -1,548

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  7,600
  8,466
  9,376
  10,330
  11,328
  12,369
  13,455
  14,584
  15,759
  16,981
  18,250
  19,569
  20,940
  22,365
  23,847
  25,387
  26,991
  28,660
  30,398
  32,210
  34,098
  36,068
  38,124
  40,270
  42,511
  44,854
  47,302
  49,863
  52,541
  55,344
Adjusted assets (=assets-cash), $m
  7,600
  8,466
  9,376
  10,330
  11,328
  12,369
  13,455
  14,584
  15,759
  16,981
  18,250
  19,569
  20,940
  22,365
  23,847
  25,387
  26,991
  28,660
  30,398
  32,210
  34,098
  36,068
  38,124
  40,270
  42,511
  44,854
  47,302
  49,863
  52,541
  55,344
Revenue / Adjusted assets
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
  0.050
Average production assets, $m
  10,759
  11,984
  13,273
  14,623
  16,036
  17,510
  19,046
  20,645
  22,308
  24,037
  25,834
  27,701
  29,642
  31,659
  33,756
  35,937
  38,207
  40,570
  43,030
  45,595
  48,268
  51,056
  53,966
  57,004
  60,177
  63,493
  66,959
  70,583
  74,374
  78,342
Working capital, $m
  -9,965
  -11,100
  -12,294
  -13,545
  -14,853
  -16,218
  -17,641
  -19,122
  -20,663
  -22,264
  -23,929
  -25,658
  -27,456
  -29,324
  -31,266
  -33,287
  -35,389
  -37,578
  -39,857
  -42,232
  -44,708
  -47,291
  -49,986
  -52,800
  -55,739
  -58,810
  -62,020
  -65,377
  -68,889
  -72,564
Total debt, $m
  9,287
  10,066
  10,885
  11,744
  12,642
  13,579
  14,556
  15,573
  16,630
  17,729
  18,872
  20,059
  21,293
  22,575
  23,909
  25,296
  26,739
  28,241
  29,805
  31,436
  33,135
  34,908
  36,758
  38,690
  40,707
  42,815
  45,019
  47,323
  49,734
  52,256
Total liabilities, $m
  6,840
  7,619
  8,439
  9,297
  10,195
  11,132
  12,109
  13,126
  14,183
  15,283
  16,425
  17,612
  18,846
  20,129
  21,462
  22,849
  24,292
  25,794
  27,359
  28,989
  30,689
  32,461
  34,311
  36,243
  38,260
  40,368
  42,572
  44,876
  47,287
  49,809
Total equity, $m
  760
  847
  938
  1,033
  1,133
  1,237
  1,345
  1,458
  1,576
  1,698
  1,825
  1,957
  2,094
  2,237
  2,385
  2,539
  2,699
  2,866
  3,040
  3,221
  3,410
  3,607
  3,812
  4,027
  4,251
  4,485
  4,730
  4,986
  5,254
  5,534
Total liabilities and equity, $m
  7,600
  8,466
  9,377
  10,330
  11,328
  12,369
  13,454
  14,584
  15,759
  16,981
  18,250
  19,569
  20,940
  22,366
  23,847
  25,388
  26,991
  28,660
  30,399
  32,210
  34,099
  36,068
  38,123
  40,270
  42,511
  44,853
  47,302
  49,862
  52,541
  55,343
Debt-to-equity ratio
  12.220
  11.890
  11.610
  11.370
  11.160
  10.980
  10.820
  10.680
  10.550
  10.440
  10.340
  10.250
  10.170
  10.090
  10.030
  9.960
  9.910
  9.850
  9.800
  9.760
  9.720
  9.680
  9.640
  9.610
  9.580
  9.550
  9.520
  9.490
  9.470
  9.440
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -343
  -328
  -351
  -376
  -401
  -428
  -457
  -486
  -517
  -549
  -582
  -617
  -653
  -690
  -729
  -769
  -811
  -855
  -900
  -948
  -997
  -1,048
  -1,102
  -1,157
  -1,216
  -1,276
  -1,340
  -1,406
  -1,476
  -1,548
Depreciation, amort., depletion, $m
  1,076
  1,198
  1,327
  1,462
  1,604
  1,751
  1,905
  2,064
  2,231
  2,404
  2,583
  2,770
  2,964
  3,166
  3,376
  3,594
  3,821
  4,057
  4,303
  4,559
  4,827
  5,106
  5,397
  5,700
  6,018
  6,349
  6,696
  7,058
  7,437
  7,834
Funds from operations, $m
  733
  871
  976
  1,087
  1,202
  1,322
  1,448
  1,578
  1,714
  1,855
  2,001
  2,153
  2,311
  2,476
  2,647
  2,824
  3,009
  3,202
  3,403
  3,612
  3,830
  4,058
  4,295
  4,543
  4,802
  5,073
  5,356
  5,652
  5,962
  6,286
Change in working capital, $m
  -1,076
  -1,135
  -1,193
  -1,251
  -1,308
  -1,365
  -1,423
  -1,481
  -1,541
  -1,602
  -1,664
  -1,730
  -1,797
  -1,868
  -1,942
  -2,020
  -2,102
  -2,188
  -2,279
  -2,375
  -2,476
  -2,583
  -2,695
  -2,814
  -2,939
  -3,071
  -3,210
  -3,357
  -3,512
  -3,675
Cash from operations, $m
  1,808
  2,006
  2,170
  2,338
  2,510
  2,688
  2,871
  3,059
  3,254
  3,456
  3,665
  3,883
  4,109
  4,344
  4,589
  4,845
  5,112
  5,391
  5,682
  5,987
  6,306
  6,640
  6,990
  7,357
  7,741
  8,144
  8,566
  9,009
  9,473
  9,961
Maintenance CAPEX, $m
  -961
  -1,076
  -1,198
  -1,327
  -1,462
  -1,604
  -1,751
  -1,905
  -2,064
  -2,231
  -2,404
  -2,583
  -2,770
  -2,964
  -3,166
  -3,376
  -3,594
  -3,821
  -4,057
  -4,303
  -4,559
  -4,827
  -5,106
  -5,397
  -5,700
  -6,018
  -6,349
  -6,696
  -7,058
  -7,437
New CAPEX, $m
  -1,148
  -1,225
  -1,288
  -1,351
  -1,412
  -1,474
  -1,536
  -1,599
  -1,663
  -1,729
  -1,797
  -1,867
  -1,941
  -2,017
  -2,097
  -2,181
  -2,270
  -2,363
  -2,461
  -2,564
  -2,673
  -2,788
  -2,910
  -3,038
  -3,173
  -3,316
  -3,466
  -3,624
  -3,791
  -3,967
Cash from investing activities, $m
  -2,109
  -2,301
  -2,486
  -2,678
  -2,874
  -3,078
  -3,287
  -3,504
  -3,727
  -3,960
  -4,201
  -4,450
  -4,711
  -4,981
  -5,263
  -5,557
  -5,864
  -6,184
  -6,518
  -6,867
  -7,232
  -7,615
  -8,016
  -8,435
  -8,873
  -9,334
  -9,815
  -10,320
  -10,849
  -11,404
Free cash flow, $m
  -300
  -295
  -317
  -340
  -364
  -390
  -416
  -444
  -473
  -504
  -535
  -568
  -602
  -637
  -674
  -712
  -752
  -793
  -836
  -880
  -927
  -975
  -1,025
  -1,078
  -1,132
  -1,189
  -1,249
  -1,311
  -1,376
  -1,444
Issuance/(repayment) of debt, $m
  40
  779
  819
  859
  898
  937
  977
  1,017
  1,057
  1,099
  1,142
  1,187
  1,234
  1,282
  1,333
  1,387
  1,443
  1,502
  1,565
  1,630
  1,700
  1,773
  1,850
  1,931
  2,017
  2,108
  2,204
  2,304
  2,411
  2,522
Issuance/(repurchase) of shares, $m
  1,104
  414
  442
  471
  501
  533
  565
  599
  635
  671
  709
  749
  790
  833
  877
  923
  972
  1,022
  1,074
  1,129
  1,186
  1,245
  1,307
  1,372
  1,440
  1,511
  1,585
  1,662
  1,744
  1,829
Cash from financing (excl. dividends), $m  
  1,144
  1,193
  1,261
  1,330
  1,399
  1,470
  1,542
  1,616
  1,692
  1,770
  1,851
  1,936
  2,024
  2,115
  2,210
  2,310
  2,415
  2,524
  2,639
  2,759
  2,886
  3,018
  3,157
  3,303
  3,457
  3,619
  3,789
  3,966
  4,155
  4,351
Total cash flow (excl. dividends), $m
  843
  898
  944
  990
  1,035
  1,080
  1,126
  1,172
  1,219
  1,267
  1,317
  1,368
  1,422
  1,478
  1,537
  1,598
  1,663
  1,731
  1,803
  1,879
  1,959
  2,043
  2,132
  2,226
  2,325
  2,429
  2,539
  2,656
  2,778
  2,907
Retained Cash Flow (-), $m
  -1,104
  -414
  -442
  -471
  -501
  -533
  -565
  -599
  -635
  -671
  -709
  -749
  -790
  -833
  -877
  -923
  -972
  -1,022
  -1,074
  -1,129
  -1,186
  -1,245
  -1,307
  -1,372
  -1,440
  -1,511
  -1,585
  -1,662
  -1,744
  -1,829
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  7
  8
  9
  10
  11
  12
  13
  14
  15
  17
  18
  19
  21
  22
  23
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  52
  55
Cash available for distribution, $m
  -260
  484
  502
  519
  534
  547
  560
  572
  584
  596
  607
  619
  632
  645
  659
  675
  691
  709
  729
  750
  773
  798
  825
  854
  885
  919
  955
  993
  1,034
  1,078
Discount rate, %
  14.60
  15.33
  16.10
  16.90
  17.75
  18.63
  19.57
  20.54
  21.57
  22.65
  23.78
  24.97
  26.22
  27.53
  28.91
  30.35
  31.87
  33.46
  35.14
  36.89
  38.74
  40.68
  42.71
  44.84
  47.09
  49.44
  51.91
  54.51
  57.23
  60.10
PV of cash for distribution, $m
  -227
  364
  321
  278
  236
  196
  160
  128
  101
  77
  58
  43
  31
  21
  15
  10
  6
  4
  2
  1
  1
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  32.4
  21.3
  14.2
  9.5
  6.5
  4.4
  3.1
  2.1
  1.5
  1.1
  0.8
  0.5
  0.4
  0.3
  0.2
  0.1
  0.1
  0.1
  0.1
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0
  0.0

Customers Bancorp, Inc. (Customers Bancorp) is a bank holding company engaged in banking activities through its subsidiary, Customers Bank (the Bank). The Bank provides financial products and services to small and middle market businesses, not-for-profits, and consumers through its branches and offices in Southeastern Pennsylvania (Bucks, Berks, Chester, Delaware and Philadelphia Counties), Rye Brook, Melville and New York, New York (Westchester, Suffolk and New York Counties), Hamilton, New Jersey (Mercer County), Providence, Rhode Island (Providence County), Portsmouth, New Hampshire (Rockingham County) and Boston, Massachusetts (Suffolk County). The Bank also provides liquidity to the mortgage market nationwide through the operation of its loans to mortgage banking companies. The Bank offers a range of traditional loan and deposit banking products, and financial services. Customers Bank offers a range of lending products.

FINANCIAL RATIOS  of  Customers Bancorp (CUBI)

Valuation Ratios
P/E Ratio 11.1
Price to Sales 0
Price to Book 1
Price to Tangible Book
Price to Cash Flow -7.9
Price to Free Cash Flow -7.6
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 150%
Cap. Spend. - 3 Yr. Gr. Rate 4.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 32.6%
Total Debt to Equity 32.6%
Interest Coverage 3
Management Effectiveness
Return On Assets 1.4%
Ret/ On Assets - 3 Yr. Avg. 1.3%
Return On Total Capital 8.1%
Ret/ On T. Cap. - 3 Yr. Avg. 8%
Return On Equity 11.2%
Return On Equity - 3 Yr. Avg. 11.1%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 36.7%
Eff/ Tax Rate - 3 Yr. Avg. 34.3%
Payout Ratio 11.4%

CUBI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CUBI stock intrinsic value calculation we used $339 million for the last fiscal year's total revenue generated by Customers Bancorp. The default revenue input number comes from 2017 income statement of Customers Bancorp. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CUBI stock valuation model: a) initial revenue growth rate of 12.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 14.6%, whose default value for CUBI is calculated based on our internal credit rating of Customers Bancorp, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Customers Bancorp.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CUBI stock the variable cost ratio is equal to 58.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for CUBI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Customers Bancorp.

Corporate tax rate of 27% is the nominal tax rate for Customers Bancorp. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CUBI stock is equal to 2.1%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CUBI are equal to 2831.1%.

Life of production assets of 10 years is the average useful life of capital assets used in Customers Bancorp operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CUBI is equal to -2622.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Customers Bancorp - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 31 million for Customers Bancorp is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Customers Bancorp at the current share price and the inputted number of shares is $0.9 billion.

RELATED COMPANIES Price Int.Val. Rating
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COMPANY NEWS

▶ 4 Top Bank Stocks to Buy Ahead of Q2 Earnings   [Jul-10-18 01:40PM  InvestorPlace]
▶ Customers Bank Named SBA Preferred Lender   [Jun-04-18 01:30PM  GlobeNewswire]
▶ Customers Bancorp entering the jumbo mortgage business   [May-15-18 02:22PM  American City Business Journals]
▶ Customers Bank Expands Residential Mortgage Lending Team   [May-07-18 07:30AM  GlobeNewswire]
▶ Customers Bancorp breaks $10B-asset threshold that triggers more regulatory costs   [May-03-18 02:58PM  American City Business Journals]
▶ Flagship moves forward with BankMobile deal   [May-02-18 02:25PM  American City Business Journals]
▶ Customers Bancorp, Inc. to Host Earnings Call   [Apr-30-18 08:30AM  ACCESSWIRE]
▶ Customers Bancorp: 1Q Earnings Snapshot   [07:47AM  Associated Press]
▶ Customers Bancorp posts 4Q profit   [Jan-24-18 05:35PM  Associated Press]
▶ Is Customers Bancorp Incs (CUBI) ROE Of 10.12% Sustainable?   [Nov-17-17 04:54PM  Simply Wall St.]
▶ Customers Bancorp posts 3Q profit   [Oct-25-17 07:25PM  Associated Press]
▶ Clearwater bank pulls digital deal out of limbo   [07:40AM  American City Business Journals]
▶ Customers Bancorp posts 2Q profit   [12:57AM  Associated Press]
▶ Customers Bancorp posts 1Q profit   [Apr-26-17 06:32PM  Associated Press]
▶ Customers Bancorp agrees to sell BankMobile for $175M   [Mar-08-17 09:35AM  at bizjournals.com]
▶ Customers Bancorp agrees to sell BankMobile for $175M   [09:35AM  American City Business Journals]
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