SOURCE: Customers Bancorp, Inc.

Customers Bancorp, Inc.

July 23, 2015 10:32 ET

Customers Bancorp Expects 2016 Earnings Between $2.40 to $2.50 per Share

WYOMISSING, PA--(Marketwired - July 23, 2015) - Customers Bancorp, Inc. (NYSE: CUBI), the parent company of Customers Bank (collectively "Customers"), today provided guidance on management's earnings estimates for the remainder of 2015 and for full year 2016. Customers expects earnings per share for the second half of 2015 to be $1.00 or more, resulting in earnings per share guidance for 2015 of $1.88, including a one-time special $6.0 million provision for a potential fraud detected by the bank yesterday. Excluding this isolated event, 2015 earnings were expected to be over $2.00 per share. For 2016, Customers expects earnings per share of between $2.40 to $2.50 per share, a growth of about 20%.

"We are very clear about our short term and long term goals and the strategies we will execute to achieve these goals. Our confidence in core operating earnings for 2015 and 2016 reflect our success in executing our "Single Point of Contact" business model, continuing to grow loans, deposits and fee based services and serve privately held businesses, high net worth families and strong mortgage companies across the United States, while we remain laser focused on Risk Management. We have attracted three new teams so far this year and expect them to be contributing to our profitability next year," stated Jay Sidhu, Chairman and CEO of Customers Bancorp, Inc.

Institutional Background

Customers Bancorp, Inc. is a bank holding company located in Wyomissing, Pennsylvania engaged in banking and related businesses through its bank subsidiary, Customers Bank. Customers Bank is a community-based, full-service bank with assets of approximately $7.6 billion. A member of the Federal Reserve System and with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank provides a range of banking services to small and medium-sized businesses, professionals, individuals and families through offices in Pennsylvania, New York, Rhode Island, Massachusetts, New Hampshire, and New Jersey. 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 Concierge Banking® by appointment at customers' homes or offices 12 hours a day, seven days a week. Customers Bank offers a continually expanding portfolio of loans to small businesses, multi-family projects, mortgage companies and consumers.

Customers Bancorp, Inc.'s voting common shares are listed on the New York Stock 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” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. 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 for the year ended December 31, 2014 and subsequently filed quarterly reports on Form 10-Q. 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.

Contact Information

  • Jay Sidhu
    Chairman & CEO
    610-935-8693

    Richard Ehst
    President & COO
    610-917-3263


    Investor Contact:

    Robert Wahlman
    CFO
    610-743-8074