Customers Bancorp, Inc

Hello and thank you for standing by. My name is Regina and I will be your conference operator today. At this time, I would like to welcome everyone to the customer's Bancorp Inc. Second Quarter 2025 earnings webcast and conference 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 would like to ask a question during this time, simply press star, then the number one on your telephone keypad. To withdraw your question, press star one again. I would now like to turn the conference over to David Patty with Customers Bank. Please go ahead.

Thank you, Regina, and good morning, everyone. Thank you for joining us for the Customer Bancorp earnings webcast for Q2 of 2025. The presentation deck you will see during today's webcast has been posted on the investors web page of the bank's website at customersbank.com. You can scroll to Q2 25 results and click download 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 risk 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, 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 10K and 10Q, 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. Now at this time, it's my pleasure to introduce Customers' Bancorp Chair, Jay Sidhu. Jay?

Thank you, Dave, and good morning, ladies and gentlemen. Welcome to Customers' Bancorp Second Quarter 2025 earnings call. I'm joined this morning by our president and chief executive officer of the bank, Sam Sidhu, and Customers' Bancorp CFO, Phil Watkins, and Customers' Bank CFO, Mark McCollum. First, I'm thrilled to welcome Mark on the call. Mark and I were partners at Southern Bancorp, and I'm thrilled he is now on the Customers' team. And you know Mark joined us in early June and will complete the transition to CFO of Customers' Bancorp in the coming weeks. We are very excited about the continued depth of leadership we are building as our franchise grows. I also wish to thank Phil Watkins for his exceptional performance as chief financial officer of Customers' Bancorp over the past few quarters. He will continue to be a part of our top team. We are pleased to report another strong quarter, reporting results that materially exceed the consensus street estimates. Before we dive into the results from the quarter, I'd like to take a few minutes to reflect on some of the incredible accomplishments of this organization. As many of you know, we founded Customers' Bank in 2009, and then a year later, Customers' Bancorp, all with the objective of creating a company with a bold idea to build a client-centric, tech-forward, high-performing business bank that could compete and win in the fast-evolving industry. Since then, we've grown from a small, troubled 200 million asset bank in 2009, which had become a 3.2 billion asset bank by 2012, and today is a 22 billion commercial bank with national reach, high-performing, and I'm incredibly proud of our team and what we've accomplished together. As you can see from slide three, over the past 15 years, we built a differentiated model, anchored in disciplined growth, innovation, and exceptional client service. And over the last five years, since Sam Sidhu joined the executive team, our transformation has meaningfully continued to accelerate. Under his leadership, Customers' Bank, team has expanded into high-growth verticals, launched cutting-edge payment platforms like Cubics, and delivered industry-leading growth and tangible book value, revenue, and earnings per share. And as expected, this has resulted in incredible value for our shareholders as our stock price has increased nearly 500% over the last five years. Perhaps most importantly, we've attracted and developed what I believe is the best management team I've had a privilege to work with, and I was a CEO of a 90 billion asset company and served on the board of a multinational top five bank in the world. I am excited this morning to share that effective January 1st, 2026, I will be transitioning to the role of executive chairman of Customers' Bank Corp. And Sam will assume the role of chief executive officers of Customers' Bank Corp. Sam is a visionary leader with deep conviction in our strategy and culture, and we have every confidence in his ability to take this institution to even higher levels. Six years ago, the board of directors of Customers' Bank Corp and Customers' Bank embarked on its responsibilities for choosing a successor for our incredible COO at that time, Dick East, who had expressed his desire to retire. One of the best decisions in my opinion, that Dick and the board made at that time was to select and convince one of their fellow directors, Sam Sidhu, to join the bank as chief operating officer in 2020. A year later, upon Dick's retirement, Sam was named the CEO of the bank. And we have been thrilled with Sam's leadership style, and we couldn't be more excited to have a thoughtful, strategic, and dynamic leader like Sam to be the CEO of Customers' Bank Corp. and lead us into the future. We are all convinced that our best years are ahead of us. I remain the largest individual shareholder of the company, and for the past several years, I've even taken my short-term annual bonus completely in Customers' Bank Corp stock. Even our board receives majority of their compensation in company stock. Our interests are totally aligned with the interests of our long-term shareholders. Our mission remains unchanged, to strive to deliver above average, long-term value for shareholders and our communities by putting clients first and executing in a superb manner. The board and I look forward to continuing to work closely and support and guide Sam and our exceptional management team as they take on tomorrow. Please join me in congratulating Sam, and with that, I'll turn the call over to Sam on slide four.