Customers Bancorp, Inc (NYSE:CUBI) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 09:00 am ET


Customers Bancorp, Inc (NYSE:CUBI) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Customers Bancorp, Inc. Second Quarter 2020 Earnings Call. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Bob Ramsey, Head of Investor Relations for Customers Bancorp. Thank you. Please go ahead.

Robert H. Ramsey

Thank you, Mariana, and good morning, everyone, and thank you for joining us for Customer Bancorp's Second Quarter 2020 Earnings Webcast. Our earnings release was issued this morning, along with our investor presentation. Both are posted on the Investor Relations page of the company's website at Our investor presentation includes some important details that we'll be walking through on this morning's webcast, and I encourage everyone to pull up a copy. Before we begin, I 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 to differ materially from what is 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 applicable securities laws. Please refer to our SEC filings, including our 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's my pleasure to introduce Customer Bancorp's CEO, Jay Sidhu. Jay, the floor is yours. Thank you very much, and good morning. Welcome to our second quarter call. And joining me this morning are some of my colleagues, Rick Ehst, President of Customers Bank and CEO of Customers Bank; Sam Sidhu, the Chief Operating Officer of Customers Bank; Carla Leibold, the Chief Financial Officer of Customers Bancorp and Customers Bank; and Andy Bowman, the Chief Credit Officer of Customers Bank. Before I start I would like to have you all join me in saluting our team members. 85% of them are working remotely and have been working remotely. And we have decided not to even think about bringing them back till after all of them have been vaccinated. They have helped Customers Bancorp and Bank Mobile not miss a beat. They have helped us maintain our high level of service candidly and helped the banks serve over 100,000 small businesses during the pandemic survive and save at least one million American jobs. We feel really privileged to be working with such an awesome team. This morning, our investor presentation, I'd like to urge everybody to please follow that because that will help us all understand clearly. We are delighted with the strong performance of our company, and we've organized this investor presentation over the next 25 minutes to 30 minutes or so into the following sections. I will give you a brief review of the overview