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TheStreet Open House

Customers Bancorp Updates Investors









WYOMISSING, Pa., April 23, 2013 /PRNewswire/ -- 

  • Company expects pretax net income of $45 to $47 million and after tax net income of $28 - $30 million in 2013.
  • EPS (fully diluted) expected to be between $1.50 to $1.55 per share in 2013 and $1.70 to $1.80 in 2014.
  • Plans to open an office in Northeast Philadelphia next quarter.
  • Extends agreement to acquire CMS Bancorp, Inc. until March 31, 2014.
  • Will list on the NASDAQ this quarter.
  • Expects to grow to $8 to $10 billion asset high performing bank over the next five to seven years.

In an investors conference held Monday, April 22, Jay Sidhu, Chairman and CEO of Customers Bancorp, Inc. and James D. Hogan, Chief Financial Officer of Customers Bancorp provided an update on the recent substantial progress made at the $3.5 billion asset bank and over the past three years.

Customers Bancorp's subsidiary, Customers Bank, was recently identified as one of the best performing banks in the U.S. as measured by call report information for the first three quarters of 2012 in core revenues and net income.  As a result of this, Sidhu has been invited to be the keynote speaker at the Bank Director Growth Conference organized by Bank Director Magazine to be held in New Orleans on Tuesday, April 30, 2013.

During the investor call, Sidhu and Hogan focused on the following:

Earnings Performance and Guidance

First quarter 2013 core earnings were very strong, supported by organic loan and deposit growth in all markets.  Net income for the quarter was up 131% and EPS was up 42% over same period last year.

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