Customers Bancorp, Inc

Hello and welcome to Customer's Bancorp Inc. Second Quarter 2022 Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you'd like to ask a question during this time, simply press star followed by the number 1 on your telephone keypad. If you would like to withdraw your question, press star 1 again. You may also submit questions through the webcast by using the question and answer session As a reminder, this call is being recorded. Thank you. I will now hand today's call over to David Paddy. Please go ahead.

Thank you, Tamika, and good morning, everyone. Thank you for joining us for the Customer Bank Corp's earnings call for the second quarter of 2022. The presentation deck you will see during today's webcast has been posted on the Investor Relations page on the bank's website at www.customersbank.com. You can scroll to Q2 22 results and click on the earnings presentation. You can also download a PDF of the full press release at this spot. Our investor presentation includes important details that we will walk through on this morning's webcast. I encourage you to download and use the document. 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 from what is currently anticipated. Please note that these forward-looking statements speak only as of the date of this presentation. 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 security 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 Customers Bank Corps Chair,

Jay, the audience is yours. Okay, thank you, Dave, and good morning, ladies and gentlemen. Thank you for joining us for this second quarter 2022 investor call. Joining me this morning from New York is Sam Sidhu, the president of Customer Bank Call, as well as the CEO of our principal subsidiary, Customers Bank. And here with me in West Reading, Pennsylvania, as uh our carla libold our chief financial officer as well as andy bowman our chief credit officer we continue to perform well in the second quarter and are extremely pleased with our results for the first half of my of 2022. despite this challenging macro and geopolitical response we remain laser focused on executing on our strategy which has not changed our core earnings for share excluding ppp this quarter were up 32.3% year-over-year. Our core return on average assets was 1.23%, and our core return on common equity was 19.1%. We continue to responsibly deliver remarkable organic loan growth without sacrificing credit quality. Our core loans increased $2.2 billion in second quarter up 18.7% from first quarter 2022, and well above the $500 million average quarterly target that we shared with you. Nearly all of this growth was in market rate, low risk, specialty lending verticals, and was predominantly, as I mentioned earlier, during rate loans. And that helped us manage our overall asset sensitivity. Asset quality remains exceptional and credit reserves are strong. Continuing the momentum from record 2021 performance and strong results for the first half of 2022, our loan and deposit pipelines remain robust, a testament to our customer-centric business model supported by best-in-class service and technology. We remain very excited and optimistic about our future. As you can see in slide three, What we are building is a digital-based, forward-thinking, super community bank with a focus on community banking, specialty banking, and digital banking. Now, digital banking covers consumer businesses, commercial businesses, transaction and payment businesses that we are really building strongly right now, as well as banking as a service business. I'd like to now hand it over to Sam to discuss with you our accomplishments and strategic priorities in all of these businesses. Sam?