Posted in home improvement loans

Customers Bancorp Discloses Healthy Credit Quality & Declining Loan Deferrals; Reiterates Financial Guidance

WEST READING, Pa.–(BUSINESS WIRE)–Over the last decade, Customers Bancorp and its principal subsidiary, Customers Bank (the “Bank”), have developed a suite of commercial and retail loan products with one particularly important common denominator: relatively low credit risk assumption. The Bank’s multifamily, mortgage warehouse, and specialty finance lines of business, for example, are characterized by conservative underwriting standards and low loss rates. As a consequence of this emphasis, the Bank’s credit quality to-date has been healthy despite a highly adverse economic environment. Nonperforming assets increased slightly to $92.6 million at August 31, 2020 from $86.4 million at June 30, 2020 and are expected to fall below $80.0 million by quarter-end due to the anticipated sale of an investment CRE loan.

Further, we are pleased to disclose a sharp decline in loan deferrals since financial results for Q2 2020 were released. Excluding PPP loans, active deferments decreased to $439.0 million

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Posted in home improvement storest

Lowe’s underwent an online makeover just in time for the surge in home improvement spending by customers, CEO says



a car parked in front of a building: Lowe's CEO Marvin Ellison has long championed revamping the company's e-commerce capabilities. Bruce Bennett/Getty Images


© Bruce Bennett/Getty Images
Lowe’s CEO Marvin Ellison has long championed revamping the company’s e-commerce capabilities. Bruce Bennett/Getty Images

  • According to Lowe’s CEO Marvin Ellison, the company has invested extensively in e-commerce since he took the helm in 2018.
  • That e-commerce overhaul — which saw the company prioritize its new store app and a shift to the cloud — couldn’t have happened at a better time.
  • The coronavirus pandemic has seen consumers rely heavily on online shopping, as many look to complete projects around their homes.
  • Ellison and Lowe’s CFO David Denton spoke Wednesday at the annual Goldman Sachs Global Retailing Virtual Conference.
  • Visit Business Insider’s homepage for more stories.

Lowe’s’ long-awaited e-commerce revamp came at just the right time for the company to reap the rewards of the surge in home improvement spending during the coronavirus pandemic, according to CEO Marvin Ellison.

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Upon taking the helm of

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Continue Reading Lowe’s underwent an online makeover just in time for the surge in home improvement spending by customers, CEO says
Posted in lowe's home improvement

Lowe’s sales soar as customers focus on improving their lives at home

  • Lowe’s just posted a 34.2% jump in year over year comparable sales in its second quarter.
  • Executives said on Wednesday’s earnings call that the company’s strong performance has been driven by a surge of consumers that are increasingly “focused on the home.”
  • Lowe’s also saw a 135% increase in year-over-year sales on its website, which has recently been revamped.
  • “We are looking forward to building on this momentum on the back half of 2020 and for years to come,” CEO Marvin Ellison said on the call.
  • Visit Business Insider’s homepage for more stories.

Consumers are continuing to flock to Lowe’s for paint, interior decor, and lighting fixtures during the coronavirus pandemic, leading to bombshell quarterly earnings results for the home improvement retailer.

The North Carolina-based company reported total sales of $27.3 billion and net profits of $2.8 billion in the second quarter. Comparable sales were up 34.2% system-wide from last

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