Customers Bancorp, Inc (NYSE:CUBI) Q2 2016 Earnings Conference Call - Final Transcript

Jul 20, 2016 • 05:00 pm ET


Customers Bancorp, Inc (NYSE:CUBI) Q2 2016 Earnings Conference Call - Final Transcript


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Good afternoon and welcome to the 2016 Q2 Customers Bancorp Incorporated Earnings Call. Today's conference is being recorded.

At this time, I would like to turn the call over to Joe Noyons. Please go ahead, sir.

Joe Noyons

Thank you, Renee and good afternoon everyone. Welcome to Customers Bancorp's second quarter 2016 earnings conference call. Our earnings release was issued today after the close and is posted on the company's website at Representing the company today are Jay Sidhu, Chairman and Chief Executive Officer; Bob Wahlman, Chief Financial Officer; and Dick Ehst, President and Chief Operating Officer.

Before we begin, we would like to remind you that some of the statements we make today maybe considered forward-looking. These forward-looking statements are subject to a number of risks and uncertainties that may cause the actual performance results to differ materially, including the risks that the results are different than currently anticipated. Please note that these forward-looking statements speak only as of the date of this presentation and we undertake no obligation to update these forward-looking statements in light of new information or future events, except to the extent required by securities laws.

Please refer to our SEC filings including our report on Form 10-K and 10-Q for a more detailed description of the risk factors that may affect our results. Copies maybe obtained from the SEC or by visiting the Investor Relations section of our website.

At this time, it is my pleasure to introduce Customers Bancorp Chief Executive Officer, Jay Sidhu. Jay, the floor is yours.

Jay S. Sidhu

Okay, thank you very much, Joe and good afternoon ladies and gentlemen. I too want to welcome you to our second quarter call. As Joe mentioned, joining me over here today is Bob Wahlman, our Chief Financial Officer; Dick Ehst, our President as well as Luvleen Sidhu from our BankMobile division. Dick will be covering asset quality and risk management, while Luvleen will be talking about the BankMobile strategy and Bob and I will cover information about Customers Bancorp Inc.

We are really pleased to report record earnings for the second quarter and the first six months of 2016. As you know, customer single point of contact business model in our opinion has delivered through highly experienced professional teams, a very -- originations which are very strong of very high quality and these originations in our loan portfolio in our opinion limits our interest rate risk exposures while controlling our operating expenses.

And also we completed in this quarter a strategic acquisition of disbursements business from Higher One Holding Inc. On June 15, 2016 and combining this business with our BankMobile division and the platform gives customers over 2.1 million BankMobile serviced millennials and middle income Americans as our customers and potential to add as many as 500,000 new BankMobile customers annually. So, today, we will be discussing with you not just Customers Bancorp's performance, but also give you some highlights of BankMobile that we had covered with those of you who were able to join