CUBI · Customers Bancorp, Inc 5.375% S

The 2026 Annual Shareholder Letter from Customers Bancorp, filed as an amended 8-K, provides a comprehensive review of the company's financial performance and strategic direction under new CEO Sam Sidhu. The document highlights a six-year period of strong organic growth from 2019 to 2025, with total assets increasing from $11.5 billion to $24.9 billion at a 14% compound annual growth rate. This growth was deposit-led and diversified across multiple verticals, with total deposits growing from $8.6 billion to $20.8 billion at a 16% CAGR. Profitability metrics showed significant improvement, with core earnings per share increasing from $2.35 to $7.61, making Customers Bancorp the top core EPS compounder among U.S. banks with $20-$100 billion in assets. The company's core return on average common equity increased from 9.5% to 13.7% over the same period while CET1 capital increased by 500 basis points. In 2025 specifically, the company delivered $818 million in total revenue, grew net interest income by 22% year-over-year in the fourth quarter, and expanded its net interest margin by 29 basis points in the fourth quarter year-over-year. The letter emphasizes the company's differentiated business model centered on a single point of contact approach, branch-lite structure, and technology-forward capabilities including the cubiX payments platform. Customer satisfaction metrics showed strong performance with a Net Promoter Score of 81, significantly above the banking industry benchmark of 41. The company's talent acquisition strategy has been successful, with 18 new commercial banking teams onboarded since 2023 managing over $3.3 billion in deposits as of year-end 2025. The leadership transition from Jay Sidhu to Sam Sidhu was described as a deliberate, multiyear process planned to ensure continuity for customers, team members, and shareholders.