Customers Bancorp, Inc.: 2Q26: Stronger Earnings Momentum and Improved Funding Quality Coupled With Discount Valuation; OW

研报英文原文证据摘录

Customers Bancorp, Inc.: 2Q26: Stronger Earnings Momentum and Improved Funding Quality Coupled With Discount Valuation; OW

J P M O R G A N North America Equity Research

27 July 2026

Customers Bancorp, Inc. Overweight

CUBI, CUBI US

2Q26: Stronger Earnings Momentum and Improved Price (24 Jul 26):$76.52

Funding Quality Coupled With Discount Valuation; OW ▲Price Target (Dec-27):$96.00 Prior (Dec-27):$94.00

We view CUBI’s 2Q26 results as stronger than the modest EPS beat would suggest,

as the quarter reinforced our view that earnings momentum should improve U.S. Mid and Small Cap Banks

through the second half of the year. While full-year guidance was reiterated, we Anthony Elian, CFA AC

believe loan growth is increasingly likely to finish at or above the high end of the (1-212) 622-5067

outlook range given strong production trends, broad-based growth across lending anthony.elian@jpmorgan.com

verticals, and strong momentum exiting June. We also continue to view the Michael Pietrini

commercial banking team recruitment strategy as an underappreciated driver of (1-212) 622-0618

michael.pietrini@jpmorgan.com

franchise value, with teams hired since 2023 now representing ~18% of deposits J.P. Morgan Securities LLC

and newer cohorts continuing to generate granular, operating-oriented balances at

attractive economics.‌ We were encouraged by commentary suggesting 2Q26

should represent the NIM trough, with margins expected to return toward 1Q26 Key Changes (FYE Dec)

levels in 3Q26 and improve further thereafter as low-cost deposit growth and Prev Cur Δ

deposit remixing continue to provide tailwinds. With net interest income dollars Adj. EPS - 26E ($) 8.27 8.52 3.1%

Adj. EPS - 27E ($) 9.42 10.02 6.4%

(our preferred metric vs. NIM) expected to accelerate in 2H26, we believe this