SOURCE: Customers Bancorp, Inc.
WYOMISSING, PA--(Marketwired - May 16, 2014) - Customers Bancorp, Inc. (NASDAQ: CUBI), the parent company of Customers Bank (collectively referred to as "Customers"), identified the following highlights from the presentations and related discussions occurring at their May 14, 2014 Analyst Day at the New York City Harvard Club as including the following:
- As loan originations are tracking to previous stated 2014 quarterly targets of about $500 million; the mortgage loan warehouse line outstandings have grown by 20% over their first quarter average reflecting greater mortgage market activity; asset quality to date remains stable; and as Q1 ending GAAP loan assets are $700 million greater than the average assets for Q1 2014 indicating significantly higher interest income for Q2 and the rest of the year compared to Q1, management stated they were "more confident than ever" of their 2014 stated earnings per fully diluted share targets of $1.65 to $1.70 for 2014 and $1.95 to $2.00 for 2015.
- Customers Bank has undertaken a study of the prepaid card business and has decided to include prepaid cards in their product offering;
- Customers Bank is considering significant expansion of their Small Business Administration loan program, even contemplating a regional or national program;
- The BankMobile strategic initiative, to be launched in Q3 2014, offers an exciting low cost way to experiment with different product and customer target groups. BankMobile has great potential for generating significant revenue in future periods, but is not expected to be profitable in the near future;
- Customers is considering selling their multi-family originations in excess of their targeted exposure to others, either directly or through a loan broker; and
- The warehouse lending product set has been expanded to include loans collateralized by mortgage servicing rights, warehousing of construction loans to permanent loans, and private banking for mortgage company owners.
About Customers Bancorp, Inc. and Customers Bank
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 Touch/High Tech 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.
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