Customers Bancorp, Inc. Announces Earnings Guidance for the Fourth Quarter of 2017
January 01, 2018
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Customers Bancorp, Inc. announced that as a result of the Tax Cuts and Jobs Act of 2017, signed by President Donald Trump on December 22, 2017 and certain actions Customers has taken, it expects a fourth quarter of 2017 net impact to earnings and capital of less than $2 million, or $0.06 per share, which customers expects will be quickly earned back through lower tax rates in 2018. The company estimates that the 14% reduction in federal income tax rate to 21% from 35%, will boost net income by approximately 22% in 2018 and future years. The company currently estimates a 2018 effective tax rate between 23.0% and 24.0%.
Customers Bancorp, Inc. is a bank holding company, which is engaged in banking activities through its subsidiary, Customers Bank (the Bank). The Bank provides banking products, primarily loans and deposits, to businesses and consumers through its branches, limited production offices and administrative offices in Berks County and Southeastern Pennsylvania, New York, Hamilton, New Jersey, Boston, Massachusetts, and other geographies. The Bank administratively supports loans and other financial products, including equipment finance leases, to customers. It also offers venture banking loan portfolios. The Bank serves specialty businesses nationwide, including its commercial loans to mortgage companies, commercial equipment financing, SBA lending, specialty lending and consumer loans through relationships with fintech companies. The Bankâs specialty lending includes fund finance, real estate specialty finance, technology and venture, healthcare, and financial institutions group.
CUSTOMERS BANCORP, INC. 
