Customers Bancorp Inc (CUBI) Q4 2020 Earnings Call Transcript

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Customers Bancorp Inc (CUBI -1.08%)
Q4 2020 Earnings Call
Jan 28, 2021, 9:00 a.m. ET

Contents:

• Prepared Remarks
• Questions and Answers
• Call Participants

Prepared Remarks:

Operator

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

It is now my pleasure to turn the call over to your speaker today, Mr. David Patti, Communications Director. Sir, please go ahead.

David Patti -- Communications Director

Thank you, Raine, and good morning, everyone. Thank you for joining us for the Customers Bancorp's earnings call for the fourth quarter and full year of 2020. The presentation deck you will see during today's webcast has been posted on the Investor Relations page of the bank's website at www.customersbank.com. You can access the deck by clicking a red button mark, Latest Earnings Presentation. Our investor presentation includes important details that we will walk through on this morning's webcast. I encourage you to download, use or print 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, 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 security laws. Please refer to our SEC filings, including our Form 10-K and Form 10-Q for a more detailed description of the risk factors that may affect your 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 Chair, Jay Sidhu. Jay, webcast is yours.

Jay S. Sidhu -- Executive Chairman

Thank you very much, Dave, and good morning, ladies and gentlemen. Thanks so much for taking the time to join us this morning for our call. Hope you all are safe and healthy during this unprecedented times. Joining me from different locations this morning is our President and Chief Executive Officer of Customers Bank; Carla Leibold, she's our -- as you know, our Chief Financial Officer; Sam Sidhu, our Chief Operating Officer of Customers Bank; Andy Bowman, Chief Credit Officer; as well as Jim Collins, our Chief Administrative Officer. These are my colleagues who make up what we call the office of the chair at our company, and we've all worked together for many, many years for many of us. And Sam has been a recent one year ago. So congratulations, Sam, on your first anniversary with our company. Before I comment -- share with you my comments, I'd like to have you joined me in saluting our team members.

They have just performed beyond anybody's expectations. It's so easy for me to take this opportunity to ensure with you these very, very good results that we've achieved, but it's been the extraordinary contributions of our team. We've had situations where about 95% plus of our team members have been working remotely because we don't have branches, and they've really performed beyond anybody's expectations. So your company, your bank, Customers Bancorp, rose to the challenge of, at the same time, we took extraordinary steps to support our team members and their families. We took extraordinary steps to support our communities and, of course, our clients.

And I think that's going to become pretty evident when we all share our results with you this morning. Another major accomplishment for us was that we provided to approximately 100,000 small businesses and nonprofits across the country and saved, in our estimate, at least one million jobs across America while we also added approximately or would add approximately $150 million in revenues for our company at the same time. So that was in addition to our core bank, expanding the NIM as well as maintaining superior credit quality, and while we watched our expenses and created positive operating leverage. Another major accomplishment which we announced in January, but we've been working on it for some time now, there was the closure of the divestiture of BankMobile Technologies, Inc., and we are so pleased to see that our shareholders own $75 million in stock that we were able to provide to them for a company where they saw no value in that in the past, based upon the valuation of CUBI. And today, that company is valued at approximately in the -- on the New York Stock Exchange of close to $200 million. So it's been a year of tremendous amount of challenges, but also a year of tremendous amount of accomplishments.

To share with you just a little bit on some of the highlights of the accomplishments, as you know, the total loans and leases increased $5.8 billion or 57.5% year-over-year. And we recognized that about $4.6 billion of that was driven by PPP loans, but it was also the growth in our C&I business as well as our commercial loans to mortgage companies. And when you combine all that up, excluding PPP loans, still, we showed a 12.1% increase year-over-year in loans. On the deposit side, which was a major accomplishment of ours. We reported 30.8% year-over-year increase in deposits, which included $2.2 billion or about 84% increase in demand deposits in one year. And that is something which was -- has been our relentless focus to improve our quality of our franchise. And we are very pleased with those results. From an asset quality point of view, and we'll get into some of these later on. Our total deferments did decline to about $215 million, $218 million.

But the important thing is the deferments, which are true deferments, which is principal and interest deferments, they are only about 0.8% of our loans, excluding PPP loans. So now I'd like to draw your attention to page five. And just to give you an overview of our franchise. So excluding PPP loans, we were about $14 billion in size; including PPP, we were about $18.5 billion in size. From a loan portfolio, like I shared with you, we continued to expand that. So excluding PPP, we were $11.3 billion. We funded 100% of our loans, including loans to mortgage companies or the warehouse, all by deposits. And so our deposits were also $11.3 billion and we are very pleased to report that our return on common equity was 24.2% this quarter, and our adjusted pre-tax pre-provision ROA was 1.63%. At the same time, we see tremendous opportunities for our shareholders, investors because the market cap of the company, although we've outperformed the market in the last couple of weeks, we still think it's at $700 million plus/minus million market cap. We think there is huge potential because, in our opinion, we're only trading at about 6.5 times last 12 months earnings and about five times our guidance for earnings for 2021. We had last year, three new analysts who picked us up on research coverage since this is the first time that I know all of them have joined us. I just wanted to welcome Bill Curtiss from Hovde, Casey Haire from Jefferies and Peter Winter from Wedbush, who picked up coverage on us at a very opportunistic time.

And we will not disappoint you, and we will do everything possible to be totally transparent and be very focused on building shareholder value. So now we have, I think, seven or eight analysts who cover us, and we are committed to having some time in the next couple of months Analyst Day also where we are -- we intend to share with you a lot more detail about all the opportunities that Customers Bancorp presents to our investors. If you move to page six, it's really our key features. You saw on our title page, we call it -- we are calling ourselves as a high-tech forward-thinking bank with high touch. What do we mean by that? We mean that we think there is a huge, absolutely huge transformational opportunities available to banks who are tech-savvy and digital savvy. But at the same time, the customers expect those banks not just to be tech savvy, but also to be relationship-oriented, we are calling that high touch. So our everything about our strategy, if you want to summarize it in one sentence, it is that we are a high-tech forward-thinking bank with a high-touch culture as far as customers are concerned.

So if you look at page six or slide six, you can see that we have -- we started about 10, 11 years ago, we did our IPO in 2011, I think, and since from that time of $200 million, $225 million -- $250 million sailing bank with 35% to 40% nonperforming assets at that bank, today without doing any M&A, we are on an asset basis, about $18.5 billion on a core bank, about $14 billion in size. And at the same time, we've built a tech start-up. One of the first fintech neobanks to be started in the United States, and that was the BankMobile, and we are glad to see that our shareholders are now owning about half of that company, and it's trading on the New York Stock Exchange. The management team is where I'm really so privileged to be part of. This is -- a lot of my colleagues have known them for years being in this industry. And this management team averages about 30 years of banking experience. And we are very focused on the fundamentals of the business, which is outstanding credit quality, outstanding risk culture and a focus on building a strong core deposit franchise to differentiate ourselves from other types of financial institutions that are also in the lending business. So our core deposits, which is our noninterest-bearing DDAs, are 21% of our total deposits now. And we built all that through organic growth. From a -- we are very focused on our long-term stated goals.

And like I think so, we are very focused on serving the privately held companies through private banking for them. And we are very focused on becoming an industry-leading digital bank and having digital lending platforms and primarily supporting small businesses and consumers and continue to focus on the quality of our balance sheet and continue to focus on risk management capital, and at the same time, be very focused on delivering superior returns, which will come and measured by return on assets, return on equity but you've got to do that by also reporting return -- reporting earnings. So we are giving you the guidance that we will be above $4 in core earnings in 2021, above or at $4.50 in core earnings in 2023, and we are not shying away and confirming our goal of $6 in core earnings by 2026, and we have several ways to get there. Now on page -- slide seven, a little bit more on what do we mean by this digital bank transformation. As you know, people always ask me, how many branches do you guys have? And you know my answer, 11 too many because we got technically 12. That's how we believe is when you have ways to reach your customers that finally banks and everybody in the industry is recognizing the diminishing value of branches.

We built our company based upon having no branches. And so today, even though we have 11 too many, we will keep them and gradually, we believe we will end up with very, very few branches, less than what we have today. Our average branch size is about $950 million today. And we think you will see, within the next three to four years in America, $1 billion average branches emerge all across America among successful banks. Among the digital capabilities, we set up about 15 months ago, fintech group that we first discussed it at the KBW conference in Florida, and people were scratching their heads, what is it? We hope it becomes clear to you that we have developed capabilities, and we've analyzed every single technology platform that's available in this universe and how can we be a provider of value to all of them, and at the same time, they become a provider of value to us. That is how we see this because we think the technology, the distribution system, the generation of business is changing very rapidly. And yesterday's business models are not going to be relevant. And you can see that, that out of the 5,000 banks, why is it there are only three or four banks who were on the list or two banks who were on the list of the top 10 PPP lenders in United States. And we are, again, going to be, we believe, among the top 10 PPP lenders in United States by the time this PPP round two or 3, whatever one calls it, is done.

That is all because of our tech-focused approach on working with fintech partners, and we see that all as an opportunity. At the same time, we can now fully onboard commercial customers totally digitally. And we, at the same time, have been testing and utilizing market segmentation for our consumer banking, going after high net worth customers and whatnot, and then we've developed capabilities where every one of our bankers today is undergoing and is continuously going to be undergoing a look at, are there better ways to digitize all our platforms, and we are not shy to be working with every single digital platform that -- which is very valuable like Salesforce and DocuSign and ServiceNow and Snowflake, et cetera, to incorporate them, and we have no pride in building everything ourselves, but we take a tremendous pride in using what's been built and putting it to work. We've created, basically, in the last 12 months, operating efficiencies where we have eliminated a need to add 29 jobs by coming up with seven -- 62,000 team member hour reduction through the processes. And those so far have been mainly in the back offices. But once the COVID environment is behind us, we will be accelerating that digital transformation again.

If you move to page nine, slide nine now, Dave. So if you look at our financial results very, very quickly, you all know that our earnings up 121% quarter-to-quarter. They were up 83% year-to-year. And so we believe that only 4% to 5% of our PPP loans have been forgiven yet so far by -- at December 31, and the other 85% to 90%, 90% that much are going to be forgiven this year, most of them in the first half of this year, and that's going to really accelerate the generation of capital by us this year. If you look at the asset quality, as my colleague and partner, Andy Bowman, will be discussing it, we are right now at 30 basis points nonperforming assets to total assets, now because just last week, we sold, without taking any additional losses, our largest nonperforming asset on our balance sheet. And that is why we believe that our asset quality will remain very strong and above average, and we are confident about that. From a deferrals point of view, like I mentioned to you, our P&I deferrals are about 0.8, our total deferrals, including those who are just on principal-only deferrals and are paying us interest, that is about 1.93% of our total loans excluding PPP as such.

And our -- from our book value point of view, we are pleased to report that we are ending the year at about $28 in intangible book value per share. And by the end of 2021, we will be in about $32 or $33 intangible book value per share. If you move to slide 10, I want to talk about capital. And we've been laser-focused on generating tangible common equity at our company and doing it without issuing equity. And so you can see that we discussed last time, if our valuation is not totally reflective by the middle of this year, we will start buying back stock. And so what you've seen over here is because we are determined and are -- we feel so confident about the future of this company that there is no way that we will accept trading discounts to the market. So even assuming a $50 million stock buyback in the second half of this year, you can still see it's about 7.5% to 8% tangible common equity to asset ratio achieved by us when you take away any PPP loans that might still be on our balance sheet because that is a liquid asset that we can always get them off our balance sheet after we've recognized all of the fee income.

So with that, I'd like to now hand it over to Andy Bowman to talk about credit with you. Andy?

Andrew Bowman -- Executive Vice President and Chief Credit Officer

Thanks, Jay, and good morning, everyone. Starting on slide 11. Overall credit quality remains strong, and we're very pleased with how our loan portfolio is holding up against the economic, social and political pressures brought about by COVID-19. NPAs to total assets stood at 39 basis points at year-end, and as Jay noted, would have stood at only 30 basis points if we had taken into account the successful resolution of a large NPA earlier this month. The NPA, which did account for approximately 24% of our total NPA book,at year-end was a large flag hotel, which we've successfully sold the note at 100% of its written down value as of year-end incurring no additional loss, which was done through a competitive bid process, and we had multiple active bidders. Despite the successful large NPA resolution, and although we are extremely pleased with our NPA performance overall and do not perceive significant increases going into 2021, we've opted to retain a very strong reserve position of 1.9%, given the continued uncertainties associated with COVID-19 and the associated economic and social recovery. Moving to slides12 and 13 regarding the CECL reserve build throughout 2020, which remains predicated upon a detailed portfolio by portfolio assessment based upon various economic factors as impacted by COVID-19 as well as we undertake a deep dive into the individual portfolio attributes as impacted by these economic factors, as noted on slide 13.

The reserve build accounts for actual charge-off rates and NPA levels and the result for Q4 being a reserve of approximately $144.2 million or 1.9% of loans held for sale. This equated to approximately 204% coverage of NPAs at year-end and nearly 267% coverage after the successful large NPA resolution earlier this month. We're confident that this level of reserves, we're well positioned to deal with the residual effects of COVID-19 moving into 2021. Moving on to slide 14 and 15 regarding deferments. Slide 14 outlines our loan deferments at year-end and overall a very positive trend. We've witnessed a steady decline in deferment rates within both our commercial and consumer portfolios from a peak of nearly $1.2 billion dropping to $750.5 million in July, declining further to $302 million at the end of Q3 and ultimately ending up at $218.5 million or 1.9% at year-end. Slide 15 provides a little bit more granular view, touching upon what Jay had previously talked about regarding commercial deferments at year-end, showing that 95% of deferments in our investment CRE and multifamily portfolio and 53% of deferments in our hospitality portfolio were principal-only deferments. Overall, portfoliowide on the commercial side, 53% of deferments in our commercial portfolio were principal-only with borrowers continuing to make their contractual interest payments.

Overall, for the next two quarters, we're looking for deferments to remain near or at current levels as significant improvement in highly impacted industries, such as the hospitality are likely not to take hold until later in 2021 after successful vaccination rollout. Moving on and touching on slide 16. And this slide basically indicates that the bank maintains a highly diversified loan portfolio comprised of multiple commercial and multiple consumer business lines. And while certain business lines have remained unchanged with share of overall book, what is evident is that throughout 2020, the bank gradually transitioned to a more well-balanced mix between investment CRE and multifamily exposure and that of commercial C&I and warehouse exposure. This granular transition throughout 2020 evidences our continued commitment to maintaining a well-diversified loan portfolio as a means to mitigate concentration risk from both a credit and revenue generation perspective and continue to enhance the bank's overall value as a full services financial institution. Slide 17 takes a little bit of a deeper dive into the commercial portfolio and focuses on our exposure levels to those industries significantly impacted by COVID-19.

Overall, we feel the diversification of our portfolio positions us well moving into the pandemic as significant portions of the portfolio represent lending activity to industries not significantly impacted such as mortgage warehouse, lender finance and portions of our C&I and owner-occupied CRE portfolios represented by manufacturers, wholesalers, service companies and professionals. At year-end, only 6.1% of our commercial portfolio was comprised of what's determined as at-risk Industries, with the largest being a little over $400 million in hospitality exposure and only 3.6% of total book. Overall, the bank's exposure to at-risk industries is very limited. Touching on slide 18 and sticking with the hospitality industry segment. I wanted to share with you some key characteristics around our hospitality portfolio and why we, as an organization, are quite bullish as to its ability to further weather the current pandemic. First of all nearly 20% of that portfolio are operating under government contracts for transitional housing, 19% are comprised of high-end destination hotels located predominantly in Cape May, New Jersey; Avalon, New Jersey; and Long Island, New York, that operated near capacity during the summer of 2020 and possess more than ample liquidity and reserves to continue to support operations moving into 2021.

Nearly 77% is supported by some form of personal recourse under guarantee agreements and 79% represents flagged facilities with the majority of the nonflag being the destination hotels I noted previously. Again, hospitality deferments at year-end were only 31% of total book or $125.9 million, marking a significant reduction from the $301.5 million or 73% of book in July. And of the current hospitality deferments, as I stated earlier, 53% are principal-only. And also, overall, we continue to see gradually improving occupancy trends within our hotels and no hospitality loans transitioned to NPA status for the last two quarters, nor do we anticipate any transitioning into NPA status over the next few quarters looking forward. Slide 19 is really a touch upon our healthcare sector. And although it's not defined as a high-risk industry, there has been considerable focus around this industry segment throughout the pandemic. We wanted to share with you that overall, our healthcare portfolio, which is approximately $359 million has performed extremely well, and we've had no payment deferment requests and/or delinquencies within that portfolio.

The portfolio encompasses about 5,500 beds and is quite geographically dispersed, with the majority being in New York, New Jersey and Pennsylvania, given the bank's traditional trade area. In addition, a key component is the insurance payer mix is both private and government, with the majority being comprised of Medicaid and Medicare, which both significantly increased reimbursement rates during the pandemic to help defray costs for PPE staffing as well as to deal with decreased occupancy levels as mandated by many states and commonwealths. The portfolio predominantly is real estate secured and it's virtually fully backed by personal guarantees. Sticking with specific industry segment on slide 20. We're talking about some characteristics around our multifamily and investment CRE portfolios. Overall, as you've seen over the past couple of years, we have moved to reduce our overall multifamily and investment CRE exposure and this trend did continue throughout 2020. The decision to reduce this exposure, again, was driven by a desire to create more balanced portfolio and really had nothing to do with the performance of the portfolio, as I'll share with you. Overall portfolio has performed well, and predominantly, the best because of the conservative underwriting standards that we implement as evidenced by low LTVs, in place conservative debt service coverage ratios and the financing of assets housed in historically strong urban markets such as New York, Boston and Philadelphia. The portfolios are well-seasoned with an average weighted life since origination of 3.8 years.

And from a multifamily perspective, we're centered around historically less volatile workforce housing. Deferments have steadily decreased reaching a low of only $39.9 million or 1.6% of the portfolio at year-end. As I shared previously, 95% of those deferments are principal-only. Overall, the portfolio was predominantly comprised of performing stabilized properties, owned and managed by experienced professionals with very little speculative or construction exposure. Wrapping up the credit component or my side of the presentation, on slide 21. It denotes some key statistics around our banking to mortgage companies portfolio, which was extremely robust as evidenced by a 59% year-over-year volume increase at year-end. We had $61.0 billion in turnover throughout 2020, and that came predominantly from the refinance activity. However, home purchase volume was strong as well, given the favorable rate environment. I also wanted to note that this line of business traditionally carries a very low credit risk profile, given the fact that the bank's hold period on these individual assets is less than 30 days, 90% to 95% of these are Fannie, Freddie or Ginnie eligible. We have a sub-100% funding rate and a traditional market sales rate being 102% and 105%. Overall, we are extremely pleased with how this line of business performed in 2020, garnering nearly 2% of the entire share of the U.S. mortgage market.

So with that, I'd like to pass it on to Sam Sidhu, our Vice Chairman and Chief Operating Officer. Sam?

Sam Sidhu -- Vice Chairman & Chief Operating Officer

Thanks, Andy. Good morning, everyone. Flipping to slide 22. We wanted to update you on our round one and two PPP loan forgiveness. As you know, we administered over $5.1 billion in PPP loans across 102,000 plus loans, which represents 2% of all PPP loans to small businesses across the country. You'll see that while the industry had a slow start to forgiveness last fall, by the end of the year, we had submitted approximately 15% of our loan balances for forgiveness and have experienced a 99% plus forgiveness rate. In December, Congress in the Coronavirus Bill approved an easy application for forgiveness for loans below $150,000, which, as you can see, has really accelerated applications in the new year. As of January 25, we have $1.3 billion in forgiveness applications in process, which represents over 25% of our loan book. It's worth noting that about 94% of our loans are below $150,000, and we anticipate this easy application will encourage borrowers to apply for forgiveness more quickly and allow for the majority of our PPP loan balances to be forgiven in the first half of the year and, to Jay's earlier point, accelerate our capital realization. Flipping to slide 23.

I wanted to spend a minute to talk about PPP 3. While it's still early days, I wanted to let you know that we believe we were one of the first banks in the nation to begin collecting borrower applications on Monday, January 11, eight days before the program officially opened. Our application portal is intuitive and it's customized for each applicant's specific borrower journey, which is not the way most banks are taking applications. We amplified our origination process by offering an end-to-end white label program for banks, lenders and agents who are unable or unwilling to participate in this round. I'm pleased to inform you that to date, we've signed up direct or tri-party agreements with hundreds of banks across the country, including banks over $10 billion, one slightly over $50 billion and additionally, a top five bank in the country for a portion of their customer base.

The biggest change in PPP three for CUBI investors to be aware of is that there is now a minimum fee of $2,500 on PPP loans between $5,000 and $50,000. Last year, over 80% of our loans were below $50,000. However, we only earned approximately $25 million of our $100 million plus in origination fee on these loans. Had this structure been in place, we would have earned over $70 million more as our share of origination fee. This new structure will tremendously benefit tech-forward institutions like ourselves who serve the smallest borrowers across the country. As a result of the incredible reputation we've built in round one and two with SMBs around the country as of last Friday, we already had over 50,000 applications in process. That number has now increased by tens of thousands as of today. Again, it's interesting to note that over 70% of our pipeline are new first draw customers with an average loan size of under $40,000. We began funding loans last week and to give you perspective on Monday of this week, we had approximately 3,000 loans by the -- approved by the SBA in just one day. Now moving on to our consumer portfolio. On slide 24, again, we wanted to share with you updated metrics on our portfolio. The key takeaway is we continue to maintain a highly diversified quality portfolio of high earners with great credit that are not as impacted by COVID. The portfolio is performing above expectations at underwriting pre and post COVID with minimal deferrals. We were 80 basis points at year-end and even lower since then. Flipping ahead to slide 25.

Again, we wanted to show you that we continue to outperform the industry and are doing so today at an even better margin than during the pandemic. At peak, we were 70% better than the industry despite the challenges. And despite the challenges the country is facing, we are back to near-normal performance. Flipping ahead to slide 26. Moving to deposits. This continues to be an unsung highlight for the company. As Jay mentioned, we grew deposits by $2.7 billion year-over-year and dramatically improved our mix, with $2.2 billion of that growth coming in the form of demand deposits. Our borrowing to assets ratio is going to settle in the mid- to high single digits ex PPP, which is a fraction of historic levels. Additionally, our cost of deposits continues to decline and now stands at 58 basis points and expected to decline even further this year. Now moving ahead to outlook beginning on slide 28. As we have previously stated, we will continue to focus on building franchise value by leaning into our single point of contact model, high-tech, high-touch approach.

Our C&I loans are expected to grow by 7% to 10% over the next year, excluding mortgage warehouse. Our niche businesses will grow by 10% or more. And in terms of digital lending, as Jay touched on, we have built an industry-leading consumer lending origination platform, supported by an AI-driven approach to underwriting. We're adding new product lines to that portfolio and program, including direct home improvement, auto and credit cards on the road map in 2021. In terms of commercial digital lending, building off of our success in PPP, we will continue to serve SMBs around the country who are underserved by their banking and lending partners. We are leading first with an SBA 7(a) digital lending business, where we are building a reputation for expedited processing with a smart credit box. In the fourth quarter, we had a $1.7 million gain on sale, and we are targeting to achieve this amount or more for each quarter in 2021. Finally, we will manage our multifamily book to $1.5 billion. We expect mortgage warehouse balances to stabilize approximately around $3 billion and then down to $2 billion at year-end based on mortgage banking association projections. And we will continue to evaluate and add teams selectively in and around our target community banking markets.

Now I'd like to pass it on to Carla for financial guidance.

Carla Leibold -- Executive Vice President, Chief Financial Officer

Thanks, Sam, and good morning, everyone. Before reviewing our updated financial guidance for 2021, I thought it might be helpful to review the accounting and financial reporting impacts of the BankMobile divestiture on our first quarter financials. As previously reported, the accounting for this transaction, dependent upon the mix of cash and equity consideration that we received in exchange for our ownership interest in BankMobile technologies and whether we would own 50% or more of the newly formed BM Technologies Inc. which I will refer to as BMTX. Upon closing of the transaction, we received $23 million in cash and 6.2 million shares of BMTX stock which had a fair value of approximately $92 million and accounted for 52% of the equity interest of BMTX. Of the 6.2 million shares that we received, 4.9 million were distributed to our shareholders as a special distribution and 1.3 million were given to certain team members of BankMobile and severance payments. It is important to note that the actual accounting for the transaction will be recorded in two different steps.

The first step will be to account for the sale of a noncontrolling interest under a continued consolidation scenario with no gain recognized in our first quarter earnings. The difference between the noncontrolling interest recorded and the cash received will be recorded as an increase in additional paid in capital. The second step will be to account for the distribution of the 6.2 million shares of the BMTX stock. The special distribution of 4.9 million shares to our shareholders will be recorded as a direct reduction to retained earnings and will be accounted for based on our carry value. The 1.3 million shares given to certain BankMobile team members in the form of severance payments will be accounted for at fair value of approximately $20 million and will be recorded as merger-related expense in Q1, with an offsetting increase to equity or Apex. As a result, the net effect of these entries will be neutral from a capital perspective. Lastly, I'll just add that the transaction will be taxable to us generally based on the fair value of the consideration that we received are about $115 million, less our net investment in BankMobile, which is about $25 million.

So we are estimating that the tax expense related to this transaction will be between $20 million and $25 million. For reference, this information was included in the 8-K that we filed on January 8. I'll also add that beginning of first quarter 2021, the historical financial results of BankMobile technologies for period prior to the divestiture will be presented in our financial statements as discontinued ops. And with that high-level overview of the transaction, I'll turn to our updated financial guidance on slide 29. As Sam mentioned, our loan growth, excluding PPP and mortgage warehouse balances is expected to average in the mid- to high single digits over the next several quarters. The balance of commercial mortgage companies is expected to decline between $2.8 billion and $3.2 billion at March 31, 2021, and then down to $1.6 billion to $2.4 billion at December 31, 2021. We are expecting to continue to see stronger volumes in the first half of the year and then decline in the second half of the year. The total risk-based capital ratio is expected to exceed 13% by year-end 2021, and our TCE ratio excluding PPP loans is expected to be between 7.5% and 8% by year-end 2021. We are projecting the NIM, again, excluding PPP loans, to expand between that 3.10% and 3.30% range by the fourth quarter of 2021. Also, our noninterest income and noninterest expense will be impacted by the divestiture of BankMobile. So we are giving some guidance for the first quarter. We project that noninterest income in Q1 will be between $9 million and $11 million and operating expenses, excluding the severance benefits that I talked about earlier, will be between $59 million and $61 million. We also project an effective tax rate for 2021 between 21% and 22% and this will be from our continuing operations.

Our earnings trend is likely to be volatile over the next several quarters due to our participation in PPP, but we do expect to earn at least $4 of core EPS in 2021, $4.50 in 2023 and remain on track to earn $6 in core EPS in 2026. I will note that our core EPS guidance does include the net interest income that we do expect to earn on the PPP. Also, our 2021 NIM expansion is expected to be achieved by remixing our loan portfolio. When we think about our loan portfolio mix, for 2021 and the remaining years in our planning horizon, we see the core C&I portfolio making up about 35% to 45% of the total loan book. Multifamily will be between 10% and 15%. Our investment CRE will stay flat in around that 10% mark. Our commercial loans to mortgage banking companies will be between 15% and 20%, and our consumer book will be approximately 15% to 20%. Again, we are focused on continuing our efforts on bringing down our deposit costs, and we expect to bring them down to less than 40 basis points in the near future. Moving to the next slide. This is just the path to getting to a core EPS of $6 in 2026. It is very similar to what we included in last quarter's deck. It's really trying to show the significant value proposition that we see.

And with that, I'll turn it back to you, Jay.

Jay S. Sidhu -- Executive Chairman

Okay. Thank you very much, Carlo. Very good report to the team. I just wanted to -- before we open up for Q&A, just to emphasize, there are four things that we are very focused on. One is number one. Number one is maintaining our superior credit quality, you never get away from portfolio management, although we continue to feel very comfortable about it, but it is our #1 priority as our focus is portfolio management. The next is in terms of meeting or exceeding our tangible common equity targets that we shared with you. We are laser focused on that because we think that will really increase our franchise value as well as our shareholder value. Number three is improving the quality of our funding while maintaining or expanding our margins along with above-average revenue growth and maintaining that positive operating leverage that you expect from quality companies.

And last but not the least is an absolute relentless focus on continuing to build our technology capabilities, and we intend to remain very forward thinking and continue to opportunistically take advantage of banking as a service. And that's what we call in working with fintechs and other clients and prospects of ours. And we think that in this environment, there are very significant opportunities way beyond PPP that exists right now.

So with that, Emily, I want to ask you to please open it up for any questions.

Questions and Answers:

Operator

[Operator Instructions] Your first question comes from Michael Schiavone from Keefe, Bruyette, Woods. Your line is open.

Michael Schiavone -- Keefe, Bruyette, Woods -- Analyst

Hi, good morning everyone.

Jay S. Sidhu -- Executive Chairman

Good morning.

Sam Sidhu -- Vice Chairman & Chief Operating Officer

Good morning Mich.

Michael Schiavone -- Keefe, Bruyette, Woods -- Analyst

Can you guys just spend a bit more time explaining your loan growth strategy, the main verticals that you expect to drive it? -- Will it be direct or indirect? And also just hitting on how the technology investments that the company is making will help scale that growth?

Jay S. Sidhu -- Executive Chairman

Sure. Sam, do you want to take that?

Sam Sidhu -- Vice Chairman & Chief Operating Officer

Sure. Carlo, why don't you start with the components of the loan growth by vertical? And then I can touch on technology?

Carla Leibold -- Executive Vice President, Chief Financial Officer

Sure. So as we mentioned before, we do expect that warehousing business to fluctuate in the first half of the year being stronger and then leveling off to in the second half of the year, and we really see that growth coming through our core C&I business. So, we have a strong pipeline at this point in time. We do expect to continue with our SBA portfolio and some of our other specialty lending businesses. As I mentioned, there are commitments currently on our books, and we expect those to fund over the course of 2021 and we also expect to see some growth in our consumer book through a direct origination process. Sam and, if you want to take it from there.

Sam Sidhu -- Vice Chairman & Chief Operating Officer

Sure, absolutely. So Mike, to touch on the impact of the technology and our approach to -- originating from digital-first customers. We are currently originating about $50 million to $60 million a month direct in our consumer lending portfolio. We are now up to 40% direct and our direct originations represent almost all of our overall monthly originations. The portfolio balance has been more or less flat in 2020, but as the stimulus money has also flowed through the system, we have seen accelerated paydowns. So, we do anticipate that there will be, as we previously stated on the consumer loan book, and Carla just mentioned, eventual growth, but most of that growth is going to be driven by our direct lending. Similarly, on the SBA side, we have originated to date about $0.25 billion of remaining principal, of which about $60 million remains on our books today.

The rest is -- has been sold and we continue to service that portfolio. We anticipate that by the second half of the year to give you perspective, that we will be originating at about $20 million a month in our SBA portfolio based upon the technology platform that we have set up, which will allow us to do smaller ticket SBA loans. Again, we've added one to two FTEs and really using our in-house technology expertise to be able to launch that platform. Similarly, on the small business side, we will -- currently, we define small business as $1 million or below within our organization. We plan to establish a more of a direct origination platform there as opposed to more of an inbound request platform that we have today. That will kick in, in the second half of the year and we may, similar to the consumer lending portfolio, work with some originators on an indirect basis who are originating on our behalf within our credit box. Having said that, similar to consumer lending business once we have a mature business, and we built the in-house expertise and learned from our partners in the market that will again be a direct -- majority direct business for us. Hopefully, that answers the question.

Jay S. Sidhu -- Executive Chairman

Yes, and on top of that, Mike, our really core strength is in the C&I lending, which is 100% all through related private banking -- through private banking offices that we have and private banking teams. So, we have about 20 teams that are working in the company, and these teams have their own P&L and we are very, very focused on generating loans as well as deposits, total relationship as such. So when you combine all that, we built, we believe, a very valuable franchise, which cannot be copied easily.

Michael Schiavone -- Keefe, Bruyette, Woods -- Analyst

Okay, thanks for that and my second question, just following the divestiture of BankMobile, can you guys just provide an update on your views for capital generation and deployment going forward?

Jay S. Sidhu -- Executive Chairman

I think, Carla, given to you pretty much the guidance on how our income statement will look like and also we gave you the total guidance on where we see the income coming in. So, from a capital point of view, we see achieving those goals, which you can translate those into the capital allocation process. So, I don't -- was there any other specific question, Mike, that you had related to that?

Michael Schiavone -- Keefe, Bruyette, Woods -- Analyst

No, I mean I was just trying to get an idea of what your -- like just capital deployment priorities were -- but your -- the targets you provided are helpful. And then just one more question. You've provided us some core NIM guidance, but can you just spend some time on how you expect PPP and excess liquidity to impact the NIM over 2021?

Jay S. Sidhu -- Executive Chairman

I think we've given you the guidance on the NIM where we see the NIM to be or by the end of 2021, excluding PPP. With PPP as you know, the accounting requires us to put the origination fees also through the NIM. So as Carla stated, there will be some volatility in our earnings. But as Sam mentioned to you, we expect 80% to 90% of our PPP loans that we originated last year to be forgiven in the first half of this year, and they are all going to flow through the income statement, generating a significant amount of revenues and profitability and capital for us. It's very difficult for us, and we are rigid to give you quarter-by-quarter NIM guidance, but we've given it to you for the year and by year-end.

Michael Schiavone -- Keefe, Bruyette, Woods -- Analyst

Okay, thank you for taking my questions.

Jay S. Sidhu -- Executive Chairman

Sure, Mich.

Operator

[Operator Instructions] Your next question comes from Steve Moss from B. Riley Securities. Your line is open.

Jay S. Sidhu -- Executive Chairman

Good morning.

Steve Moss -- B. Riley Securities -- Analyst

Hey, good morning. Starting with the PPP. I'm just kind of curious, a couple of things here. Maybe, one, do we think -- how do we think about the revenue sharing this time around? Is it going to be similar to the prior model? And then I know this round should be smaller, but you guys seem to have more partners and so just kind of curious as to how you're thinking about maybe sizing this one up versus the rounds last spring?

Jay S. Sidhu -- Executive Chairman

Sam, do you want to take that?

Sam Sidhu -- Vice Chairman & Chief Operating Officer

Sure, absolutely. Hi Steve, good morning. So from a revenue share perspective, we're at or above where we were last round in terms of shares with partners and partners can -- also include servicing, et cetera qnd as we think about the originations going forward to give you a perspective, I think I mentioned 80,000 loans we earned about just under 2% on those loans that were below $50,000. The gross origination fee would have been 17% on those loans using the $2,500 minimum structure. And our share would have been 8% after a 1% agent's fee -- agent fee and a 50% split.

Steve Moss -- B. Riley Securities -- Analyst

Okay and so in -- terms of just the volume this time, just thinking about the partners here and I guess a couple of things. One is I think you have more touch points is probably a fair assumption and then with the banks that you have, you highlighted, a top five bank, remember, $10 billion or $50 billion banks. How do we -- are you guys going to retain those PPP loans on balance sheet? Or will those be retained by those respective banks?

Sam Sidhu -- Vice Chairman & Chief Operating Officer

That's right. We will originate, process, fund, service, forgive all those loans.

Steve Moss -- B. Riley Securities -- Analyst

Okay, OK. That's helpful and then in terms of maybe moving on to just the reserve releases here and your strong reserve ratio. Just kind of curious as to how you're thinking about reserve trends going forward in 2021?

Jay S. Sidhu -- Executive Chairman

Carla, do you want to take that?

Carla Leibold -- Executive Vice President, Chief Financial Officer

Sure, so I'll just comment that we're not giving specific guidance related to our provision expense in 2021. That said the reserve release that we recorded in the fourth quarter was largely driven by the improvement in the macroeconomic variables. We use the Moody's baseline model. We do not expect any significant deterioration in our credit quality going forward. That being said, as an estimate for projections if you were somewhere between $10 million and $15 million a quarter of provision expense that wouldn't seem unreasonable to us.

Steve Moss -- B. Riley Securities -- Analyst

Okay and then in terms of just -- as you're thinking about $10 million to $15 million in provision expense, is that driven on loan growth here or just covering charge-offs as I think about that?

Carla Leibold -- Executive Vice President, Chief Financial Officer

A combination of both, I would say, some loan growth as well as some charge-offs. We have factored that in as well.

Steve Moss -- B. Riley Securities -- Analyst

Okay and then one more question, if I may, just on the multifamily front and thinking about the balance sheet mix. You guys indicated in the slide deck, the loans are about 3.8 years old at this point and usually, that's about the point where you start to see refis -- usually at this point refis really start to pick up, but you guys are only guiding to about $1.5 billion, I think, by year-end. Kind of curious as to what are the dynamics and drivers that you see keeping -- resulting only a modest decrease in 2021.

Carla Leibold -- Executive Vice President, Chief Financial Officer

Yes, so we are expecting to keep about that $1.5 billion in multifamily book. So you're right, we will need to replace that run off. So, as we think about the different markets where we could add some additional multifamily lending, we are considering that nd feel confident that we will be able to replace that run off to keep our multifamily, about 10% to 15% of our total book.

Steve Moss -- B. Riley Securities -- Analyst

Okay, great. Thank you very much, helpful..

Operator

There is no further questions at this time. You may continue.

David Patti -- Communications Director

Okay. Thank you. We do have questions online. We have 8-questions from three individuals, Jay, I'll read them to you. Some of these things we probably touched on, I'll read the questions, so the questioner knows that they've been asked. The first comes -- the first five questions come from Casey Haire from Jefferies. Casey's first question that he describes as a big picture question. Why not buy back shares at 75% total book value, with a 10.6% capital -- Tier one capital ratio rather than grow loans that are in the mid- to high single digits?

Jay S. Sidhu -- Executive Chairman

Yes. Casey, that's absolutely right and we will buy back. But right now, we see a huge opportunity to build capital by expanding our balance sheet temporarily through the PPP loans, but I want to be very, very clear. That if we are not trading at least at book value, which I shared with you, is going to be somewhere some between $32 and $33 by the end of this year, we will be buying back stock and -- but do not expect us to make it a priority to buy back stock in the first half of this year. That should be more of the second half of this year. We think that will be after we've gotten in excess of 7% TCE ratio, and we've already taken into -- onto our balance sheet. Majority of the revenues that we are getting from PPP one and 2. We -- obviously, we will continue to get more revenues from this so-called PPP initiatives that is going on right now, but we will deploy our capital appropriately, and we are not going to be shy to buy back the stock if we are trading below book.

David Patti -- Communications Director

Okay, Casey's second question, Jay, is about NIM and Casey asked, what is new money yield on loan production and which deposit bucket makes the biggest contribution to getting down to 40 bps as the cost of deposits?

Jay S. Sidhu -- Executive Chairman

Yes. Casey, first of all, next quarter around, Casey, please come on in into our section where you can ask these questions directly and so obviously, it's interest-bearing deposits, money market as well as interest-bearing DDAs, those are the ones which offer the greatest potential for us to decrease our cost of funds and from the average yield that we're getting on the loans right now, it's running between 3.5% to 3.75%.

David Patti -- Communications Director

Casey's next question is about mortgage warehouse. So, as MBA forecast is down about 20% versus your guidance of down about 40% in 2021. What percent concentration are you targeting for mortgage warehouse long term?

Jay S. Sidhu -- Executive Chairman

I think, again, Carla gave you that guidance. We expect that to be, Carla, you want to reiterate that? I just want to be sure of the numbers.

Carla Leibold -- Executive Vice President, Chief Financial Officer

Yes, we are expecting our total mortgage wear amounts to be between 15% and 20% of our total loan book and as I mentioned earlier, we expect the volume to be strong in the first half of the year to lag a little bit in the second half of the year. So, at the end of the first quarter, we're expecting somewhere between $2.8 billion and $3.2 billion and at the end of the year, somewhere between $1.6 billion and $2.4 billion. From an average balance perspective for the full year, somewhere between $2 billion and $2.5 billion.

David Patti -- Communications Director

Casey's next question, Jay, is what do we see as the allowance for credit loss landing spot versus a 1.9% rate? And how quickly does CUBI get there, assuming no change in the forecast?

Jay S. Sidhu -- Executive Chairman

I think as Carla shared with you, clearly, we use the Moody's model and this time around, our -- we did quite a bit of S3 as well as qualitative adjustments to try to keep the -- to be conservative in looking at our reserving because of the uncertainty of the -- in the environment. That's pretty consistent with some of the more forward-thinking banks and so we will be conservative on our provisioning and not be very aggressive and it will, obviously, the actual amounts will be dependent upon our forecast for the future economic activity as well as the trends that we are seeing in our portfolio. We are seeing very strong credit quality as Andy shared with you with some details. So, we do not envision a significant change in our coverages as of right now -- and I think the guidance that Carla gave, which is principally for growth and charge-offs in the consumer portfolio, which has, by nature, will have $25 million to $30 million in charge-offs in a year and that's why having $10 million to $15 million a quarter in growth in -- or other in provisions is a good number as we see it.

David Patti -- Communications Director

Okay, and Casey's, final question is probably a good one for Sam. Sam, can you guess what's our estimate for the magnitude of this new round of PPP?

Sam Sidhu -- Vice Chairman & Chief Operating Officer

Thanks, Dave. Casey, it's difficult to say at this point in time. I think you can back into -- based on the average loan size, approximately what the pipeline looks like. One thing that is unique about banks and fintech lenders that have application portals available online, which don't require you to be a pre-existing customer of that institution is that there could be a tendency to have multiple applications with a couple of organizations. So, as we sift through the pipeline in the next -- in the coming weeks, we'll have a much better sense, but we feel pretty comfortable based upon the pipeline that approximately half of the origination volume that we did last time around feels to be the base case.

David Patti -- Communications Director

Okay, we have three questions from Peter Winter of Wedbush Securities and this first one, I think we answered, but let me read it again in case anyone wants to elaborate. As the economic outlook improves, where do you think the allowance for credit loss ratio could fall to?

Carla Leibold -- Executive Vice President, Chief Financial Officer

So I think we've already addressed that previously. Again, I'll say that we are not expecting any significant credit deterioration on the horizon or on the short-term horizon. That being said, it's difficult to predict where we'll end up at the end of next year. I will just repeat that where if we're using an estimate somewhere between $10 million and $15 million of provision expense a quarter, that seems reasonable.

David Patti -- Communications Director

Thank you Carla and Peter's next question involves NIM guidance. He says with our guidance that we would expand to the 3.10% to 3.30% range without PPP in -- by Q4 2021. What are some of the drivers that would take to get to the high end of that range?

Carla Leibold -- Executive Vice President, Chief Financial Officer

So, I'll just give a little extra color to what we've said and expand upon some of Jay's earlier remarks. Again, we remain focused on continuing our efforts. We've made significant progress in reducing our cost of deposits. We do have a little north of $600 million of CDs that are available for repricing in 2021. About $500 million of those will reprice in 2021, and about 2/3 of those will reprice in the first half of the year. And they're right now at a cost of about 115 to 120 range. So there's some significant ability there to bring down the overall cost of deposits.

Andrew Bowman -- Executive Vice President and Chief Credit Officer

Yes, this is Andy. Yes, I'll handle that one. I think, as Carla kind of mentioned, we're looking at that $10 million to $15 million loss rate per quarter and we think that's really realistic given where we stand today from the quality with the overall portfolio and the aggressive stance we've taken and moving off nonperforming assets, I think as we evidenced with the first -- sorry, the first month, moved to the hotel asset up in Massachusetts. Concerning stress on the portfolio as far as loans coming off deferment. We're not really haven't seen that in the loans coming off of deferment to date. They've been successful in coming off of deferment. We don't feel there's a lot of significant stress on those assets.

We did longer-term deferments on those assets and the very sound forward-looking cash flow analysis on those assets to ensure that between the deferments and the payments as well as to build cash reserves on their ends through operations, but they will be able to get through all of 2021 as we really think that it's going to take till the end of 2021 for this economic cycle to really fully recover, especially for those industries that have been highly impacted, such as hospitality. So, what I can really share is those that have been coming off of deferment to date have been coming off successfully and we think that trend will continue and for those especially hard hit industries or at-risk industries, we have made sure and working very closely with those borrowers that they're in a position to weather all 2021 to when we get back to somewhat semblance of normalcy moving forward.

David Patti -- Communications Director

Great, and Jay, we have a final question from the web from Daniel Grossman of Techcom Investments and then Steve Moss has a follow-up question that he will give to you. Daniel asked, realizing that PPP initial processing fees are taken into income over life of the loans. How much was taken into the income in the fourth quarter and approximately what you estimate will be taken into income in the first half of 2021. Carla?

Carla Leibold -- Executive Vice President, Chief Financial Officer

So I can give just a little bit of color around what we've recognized to date on our PPP loans. So in response to the fourth quarter. From a net interest income perspective, we recognized about $30 million of interest income. There was about $17 million of that, that was really the recognition of deferred fees. We did have some level of forgiveness in the fourth quarter. Year-to-date 2020, there was about a total amount of $65 million of interest income recognized on the PPP loans and a little over half of that was from deferred fee recognition. So, that gives some color. On the first half of 2021, we haven't given specific guidance on that, but we are still projecting a significant amount of around one and two to be forgiven in the first half of the year and overall, from a NIM perspective, again, I'll just repeat that 3.10% to 3.30% range for the fourth quarter.

David Patti -- Communications Director

Ryan, we can return to Steve Moss for his question, which will be the last question for us today, and then you can give it to Jay for closing remarks.

Operator

Sure. Steve -- Moss line is open.

Steve Moss -- B. Riley Securities -- Analyst

All right, thank you and a couple of just follow-ups in terms of starting with maybe the -- on the PPP, the fee recognition, how do we think about the time line for the new -- how you're going to amortize the fees into income with the latest round of PPP?

Jay S. Sidhu -- Executive Chairman

Yes, I'll take that quickly. The latest on a PPP, Steve, the closings will start in the next -- sometime in this first quarter. We think majority of that will be done in the first quarter and then you will see, since these are below -- our average loan size is expected to be below 50,000, as Sam shared with you. So the forgiveness process will determine exact recognition. We tracked some conservative estimates in our guidance that we've given to The Street that you should expect us to make over $4 a share this year, and you should probably expect us to make more than $4 a share again next year and the following year is $4.50 that we've given you the guidance. So I think it's very difficult, as Carla mentioned, there will be volatility in our earnings on a quarter-to-quarter, but core bank is also expected to continue expanding its margin and continuously looking at loan growth, unless -- as was pointed out to us once again by Casey that unless we see that

The Street is just not putting enough capital into the banking sector. In that case, we might still be trading below where we think we ought to be trading, and we will be aggressive in buying back our stock with all these revenues that we are generating. You already heard from Carla and what that from PPP one and two, our estimated revenue is at $150 million. We can put that after adjustments for taxes. We could be using all that to buy back stock. And if we think we generate another similar amount, you can see huge opportunities for our company to buy back stock and make sure our shareholder value is truly reflecting the value of our company.

Sam Sidhu -- Vice Chairman & Chief Operating Officer

And Steve, I would just add to that, that it's a 1% interest rate, 35 basis point cost of the PPLF and 60-month term.

Steve Moss -- B. Riley Securities -- Analyst

Okay, so then the fees, you'll probably amortize on like a 60-month basis and the extent for doing this is accelerated, you would -- it's going to flow through. Is that kind of how to think about?

Sam Sidhu -- Vice Chairman & Chief Operating Officer

That's right.

Steve Moss -- B. Riley Securities -- Analyst

Okay, great and then in terms of the -- other thing, just going back to the provision for a sec, just as I think about that guide, is it fair to assume that basically $8 million of that or so, if you will, is just the normal quarterly churn in the consumer portfolio?

Jay S. Sidhu -- Executive Chairman

That's correct. Charge-offs are expected to be in the $7 million to $8 million, maybe a little bit more or less than that on a quarterly basis and that's already been factored in by us and coming up with our margin and in our earning asset expectations and then when Carla gave you the guidance of $10 million to $15 million, the rest is for growth.

Steve Moss -- B. Riley Securities -- Analyst

Okay, great. Thank you very much. Appreciate that.

Jay S. Sidhu -- Executive Chairman

Yes. Thanks, everybody. We really appreciate you taking -- your interest in Customers Bancorp. We look forward to working with you and please don't hesitate to call us any time with any follow-up questions. And once again, for Peter, Casey and Will, please join us on the call so that you can directly ask us questions. Thank you so much, and have a -- stay safe, and have a good day.

Operator

[Operator Closing Remarks]

Duration: 77 minutes

Call participants:

David Patti -- Communications Director

Jay S. Sidhu -- Executive Chairman

Andrew Bowman -- Executive Vice President and Chief Credit Officer

Sam Sidhu -- Vice Chairman & Chief Operating Officer

Carla Leibold -- Executive Vice President, Chief Financial Officer

Michael Schiavone -- Keefe, Bruyette, Woods -- Analyst

Steve Moss -- B. Riley Securities -- Analyst

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