Regional banking company Customers Bancorp (NYSE: CUBI) reported Q4 CY2025 results exceeding the market’s revenue expectations, with sales up 22.5% year on year to $236.9 million. Its non-GAAP profit of $2.06 per share was 0.8% above analysts’ consensus estimates.
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Customers Bancorp (CUBI) Q4 CY2025 Highlights:
- Net Interest Income: $204.4 million vs analyst estimates of $200.1 million (21.8% year-on-year growth, 2.1% beat)
- Net Interest Margin: 3.4% vs analyst estimates of 3.4% (in line)
- Revenue: $236.9 million vs analyst estimates of $231.3 million (22.5% year-on-year growth, 2.4% beat)
- Efficiency Ratio: 49.5% vs analyst estimates of 47.7% (177.7 basis point miss)
- Adjusted EPS: $2.06 vs analyst estimates of $2.04 (0.8% beat)
- Tangible Book Value per Share: $61.77 vs analyst estimates of $60.92 (14.2% year-on-year growth, 1.4% beat)
- Market Capitalization: $2.74 billion
Company Overview
Originally founded with a "high-tech, high-touch" branch-light banking strategy, Customers Bancorp (NYSE: CUBI) is a bank holding company that provides commercial and consumer banking services through its Customers Bank subsidiary, with a focus on business lending and digital banking.
Sales Growth
From lending activities to service fees, most banks build their revenue model around two income sources. Interest rate spreads between loans and deposits create the first stream, with the second coming from charges on everything from basic bank accounts to complex investment banking transactions. Thankfully, Customers Bancorp’s 13.9% annualized revenue growth over the last five years was solid. Its growth beat the average banking company and shows its offerings resonate with customers, a helpful starting point for our analysis.
Long-term growth is the most important, but within financials, a half-decade historical view may miss recent interest rate changes and market returns. Customers Bancorp’s recent performance shows its demand has slowed as its annualized revenue growth of 6.8% over the last two years was below its five-year trend. 
Note: Quarters not shown were determined to be outliers, impacted by outsized investment gains/losses that are not indicative of the recurring fundamentals of the business.
This quarter, Customers Bancorp reported robust year-on-year revenue growth of 22.5%, and its $236.9 million of revenue topped Wall Street estimates by 2.4%.
Net interest income made up 89% of the company’s total revenue during the last five years, meaning Customers Bancorp barely relies on non-interest income to drive its overall growth.
Our experience and research show the market cares primarily about a bank’s net interest income growth as non-interest income is considered a lower-quality and non-recurring revenue source.
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Tangible Book Value Per Share (TBVPS)
Banks are balance sheet-driven businesses because they generate earnings primarily through borrowing and lending. They’re also valued based on their balance sheet strength and ability to compound book value (another name for shareholders’ equity) over time.
Because of this, tangible book value per share (TBVPS) emerges as the critical performance benchmark. By excluding intangible assets with uncertain liquidation values, this metric captures real, liquid net worth per share. EPS can become murky due to acquisition impacts or accounting flexibility around loan provisions, and TBVPS resists financial engineering manipulation.
Customers Bancorp’s TBVPS grew at an incredible 16.9% annual clip over the last five years. TBVPS growth has recently decelerated to 13.9% annual growth over the last two years (from $47.61 to $61.77 per share).
Over the next 12 months, Consensus estimates call for Customers Bancorp’s TBVPS to grow by 11.9% to $69.14, mediocre growth rate.
Key Takeaways from Customers Bancorp’s Q4 Results
It was encouraging to see Customers Bancorp beat analysts’ revenue expectations this quarter. We were also happy its net interest income outperformed Wall Street’s estimates. On the other hand, its EPS slightly beat. Overall, this print had some key positives. The market seemed to be hoping for more, and the stock traded down 2.7% to $78.98 immediately after reporting.
Should you buy the stock or not? The latest quarter does matter, but not nearly as much as longer-term fundamentals and valuation, when deciding if the stock is a buy. We cover that in our actionable full research report which you can read here (it’s free).
