Customers Bancorp, Inc. Targets 2018 Earnings Per Share of $3.00 as It Prepares to Cross $10 Billion Threshold
November 29 2016 - 9:00AM
Customers Bancorp, Inc. (NYSE:CUBI), the parent company of
Customers Bank (collectively referred to as "Customers" or the
“Company”), in meetings today with investors and analysts at the
FBR Investor Conference in New York, indicated the Company is
targeting generating core earnings per share of $3.00 in
2018. “We are pleased to share with the investment community
that we have good momentum in all our core lines of business and a
strategic focus on Risk Management. Customers is focused on
maintaining its profitability improvement record and anticipates
core annual earnings reaching approximately $3 per share in 2018,”
stated Jay S. Sidhu, Chairman and CEO of Customers Bancorp,
Inc. “For the quarter ended September 30, 2016 our earnings
were $0.64 per share, up 28% over Q3 2015, on period ending assets
of $9.6 billion, with a ROA of 0.89%. We have been in the
midst of preparing for crossing the $10 billion threshold, and
expect to complete our DFAST readiness roadmap in early 2017, and
are planning a dry run for year-end 2017,” Mr. Sidhu confirmed.
About Customers Bancorp, Inc. and
Customers Bank
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 $9.6 billion that was named one of Forbes
magazine’s 2016 100 Best Banks in America (there are over 6,200
banks in the United States). A member of the Federal Reserve
System and with deposits insured by the Federal Deposit Insurance
Corporation, Customers Bank is an equal opportunity lender that
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. BankMobile is a division of
Customers Bank, offering state of the art high tech digital banking
services with a high level of personal customer service.
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
This press release contains "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," “target” "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, 2015 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.
Jay Sidhu
Chairman & CEO
610-935-8693
Richard Ehst
President & COO
610-917-3263
Robert Wahlman
CFO and EVP
610-743-8074
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