Customers Bancorp, Inc. (NYSE:CUBI) Q1 2017 Earnings Conference Call - Final Transcript
Apr 26, 2017 • 05:00 pm ET
Good afternoon and welcome to the First Quarter 2017 Customers Bancorp Earnings Call. At this time, all participants are in a listen-only mode. Today's conference is being recorded. And at this time, I'd like to turn the conference over to Mr. Joe Noyons, Investor Relations for the company.
Thank you, Tom and good afternoon everyone. We -- Customers Bancorp released our earnings release today after the close and is also posted on the company's website at www.customersbank.com. Representing the company today are Jay Sidhu, Chairman and Chief Executive Officer; Bob Wahlman, Chief Financial Officer; and Dick Ehst, Chief Operating Officer.
Before we begin, we would like to remind you that some of the statements we make today may be considered forward-looking. These forward-looking statements are subject to a number of risks and uncertainties that may cause 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 may be 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 CEO, Jay Sidhu. Jay, the floor is yours.
Yes, thank you very much Joe. Good afternoon [Technical Issues] organized this call is that I'll go over some of the highlights, financial highlights and then Bob Walhman our CFO will go over some details about our financial performance. And then I'll come back and discuss with you our unique business model and the performance over the last couple of years as well as our view on each of the lines of businesses that we are involved in both talking about expectations and challenges of each of those.
So talking about our performance, we are really pleased to report another record quarter to you. First quarter as you know, first quarter 2017 net income to common shareholders was $22 million, that's up about 31% over first quarter 2016. Our diluted earnings per share were $0.67, that's up 15.5% over first quarter 2016. Our first quarter net income to common shareholders from continuing operations as you know BankMobile is not, is a discontinued operation. So if you take that out, our net income to common shareholders was $23.3 million and that's up about 29% over last year. And our return on average assets for first quarter 2017 was 1.09%. And our return on average common equity was 13.8%. We're pleased that that puts us among the top-quartile of banks in the United States. And the pretax pre-provision return on assets and return on average common equity for the first quarter was 1.51% and 20%