NEW YORK, NY--(Marketwired - May 14, 2014) - Customers Bancorp, Inc. (CUBI), the parent company of Customers Bank (collectively referred to as "Customers"), today announced that it is holding an "Analyst Day" at The Harvard Club of New York. The event has attracted over 25 buy side and sells side analysts who will be hearing from CEO Jay Sidhu; CFO Bob Wahlman and all members of the company's top management team about their performance to date and general strategies and plans for the future.
The company issued Form 8-K, of all materials to be covered at this event, and has posted the material on its website, www.CustomersBank.com. Some of the highlights include the following:
- Presentation of state of the banking industry and how Customers is very well positioned with its unique high growth model.
- Discussion of key company attributes creating shareholder value, including:
- § ~$5.0 billion asset bank
- § Well capitalized at 11% + total risk based capital and 9% + tier 1 leverage
- § Target market from Boston to Washington D.C. along interstate 95
- § ROA goal of 1% + and ROE of 12% + within 3-5 years
- § 3.00% net interest margin goal; Targeting efficiency ratio in the 40's
- § 97% compounded annual growth in loans since 2009
- § DDA and total deposits compounded annual growth of 115% and 78% respectively since 2009
- § 300% compounded annual growth in core earnings since 2011
- § No charge-offs on loans originated after 2009
- § 0.32% non-performing assets (non-FDIC covered loans)
- § Total reserves to non-performing loans of 165.4%
- § Over half of the loan portfolio will re-price within one year
- § 40% of loans have an average life of 3.8 years
- § ~ 20% of deposits are non-interest bearing
- § Extending liabilities at this time
- § $150 million in forward starting swaps
- § Current share price ($21.85) is 13.0x estimated 2014 earnings, and 11.1x estimated 2015 earnings
- § Price/tangible book estimated at 1.3x and 1.2x for 2014 and 2015 respectively
- Results from all its deposit and loan generation strategies showing an average annual growth rate of approximately 75% over the past 4 years for deposits and about 95% for loans and plans for future growth
- Results of each of the major business market segments it serves
- § Banking to Privately Held Businesses
- § Banking to High Net Worth Families
- § Banking Mortgage Companies
- Introduction of BankMobile and its very unique and attractive growth opportunities to serve the Generation Y, under banked, seniors and other technology dependent segments in the United States.
- The company's continued focus to support all the communities it serves, including all majority/minority neighborhoods in its geographic markets.
The Company invites all to review its entire investor presentation of the day on its website (CustomersBank.com) and to call the Bank CEO Jay Sidhu (mobile 610 301-6476) or CFO Bob Wahlman (mobile 610 999-1950) with any questions or suggestions.
About Customers Bancorp, Inc. and Customers Bank
In addition to historical information, this press release may contain "forward-looking statements" which are made in good faith by Customers Bancorp, Inc., pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements with respect to Customers Bancorp, Inc.'s strategies, goals, beliefs, expect Customers Bancorp, Inc. is a bank holding company in Wyomissing, Pa., engaged in banking and related businesses through its subsidiary, Customers Bank. Customers Bank is a community-based, full-service bank with assets of $5 billion. A member of the Federal Reserve System and deposits insured by the Federal Deposit Insurance Corporation ("FDIC"), Customers Bank is an equal housing lender that provides a full range of banking services to small and medium-sized businesses, professionals, individuals and families through offices in Pennsylvania, New York, Rhode Island, Massachusetts, New Jersey, and Northern Virginia. Committed to fostering customer loyalty, Customers Bank uses a High Tech/High Touch strategy that includes use of industry-leading technology to provide customers better access to their money, as well as a continually expanding portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers. BankMobile, a division of Customers Bank, is a purely mobile banking platform scheduled to launch late summer 2014.
Customers Bancorp, Inc. is listed on the NASDAQ exchange under the symbol CUBI. Additional information about Customers Bancorp, Inc. can be found on the company's website, www.customersbank.com.
"Safe Harbor" Statement
In addition to historical information, this press release may contain "forward-looking statements" which are made in good faith by Customers Bancorp, Inc., pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements with respect to Customers Bancorp, Inc.'s strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by or that include the words "may," "could," "should," "pro forma," "looking forward," "would," "believe," "expect," "anticipate," "estimate," "intend," "plan," or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Customers Bancorp, Inc.'s control). Numerous competitive, economic, regulatory, legal and technological factors, among others, could cause Customers Bancorp, Inc.'s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements. Customers Bancorp, Inc. cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. All forward-looking statements and information set forth herein are based on management's current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review Customers Bancorp, Inc.'s filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K, as well as any changes in risk factors that may be identified in its quarterly or other reports filed with the SEC. Customers Bancorp, Inc. does not undertake to update any forward looking statement whether written or oral, that may be made from time to time by Customers Bancorp, Inc. or by or on behalf of Customers Bank.
Jay Sidhu, Chairman & CEO 610-935-8693
Richard Ehst, President & COO 610-917-3263
Robert Wahlman, CFO 610-743-8074
The following files are available for download: