Customers Bancorp Expects Q4 2017 Net Charge From Tax Legislation and Other Tax Strategies of Less Than $2 Million, or $0.06 Cents a Share
Customers Bancorp, Inc (CUBI)
Last customers bancorp, inc earnings: 1/22 04:54 pm
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snl.com/irweblinkx/corporateprofile.aspx?iid=4293992
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Source: GlobeNewswire
WYOMISSING, Pa., Jan. 02, 2018 (GLOBE NEWSWIRE) -- Customers Bancorp, Inc. (NYSE:CUBI), the parent company of Customers Bank (collectively, “Customers”) today announced that as a result of the Tax Cuts and Jobs Act of 2017 (the “Act”), signed by President Donald Trump on December 22, 2017 and certain actions Customers has taken, it expects a fourth quarter of 2017 (“Q4 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. Based on its initial analysis of the Act and September 30, 2017 balances of deferred tax assets and liabilities, Customers expects to record a net valuation adjustment in Q4 2017 between $8.0 million and $9.0 million, subject to further adjustment based on Q4 2017 operating results. Other items mitigate this amount, most notably an approximate $6.0 million Q4 2017 tax benefit from the exercise of employee stock options, including all vested option
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CUBI
Earnings
- 1/25/24 - Beat
CUBI
Sec Filings
- 4/17/24 - Form DEFA14A
- 4/17/24 - Form DEF
- 4/15/24 - Form 4
- CUBI's page on the SEC website