Nuscale Power earnings missed by $0.02, revenue fell short of estimates
On Tuesday, Keefe, Bruyette & Woods analysts reiterated a Market Perform rating for Customers Bancorp stock (NYSE: CUBI) with a price target of $65.00. The reaffirmation follows the company’s announcement regarding a key leadership change.
Customers Bancorp announced that Phil Watkins, the current Executive Vice President and Chief Financial Officer, will transition to the role of Executive Vice President and Head of Corporate Development & Investor Relations on August 15. Mark McCollom has been appointed to assume the CFO role, bringing with him 35 years of experience, including his most recent position as CFO at Fulton Financial (NASDAQ:FULT) Corporation (NASDAQ: FULT) from 2017 to 2024.
The transition is expected to be seamless, with Watkins remaining at Customers Bancorp to assist during an approximate 75-day transition period. McCollom’s extensive experience in bank CFO roles, particularly at institutions of similar size to Customers Bancorp, is anticipated to support a smooth transition.
Notably, McCollom’s previous experience includes his tenure as CFO at Sovereign Bank from 1996 to 2008, where he worked closely with Jay Sidhu, the current Executive Chairman of Customers Bancorp, who was then the CEO of Sovereign.
Keefe, Bruyette & Woods analysts expressed confidence in the transition process, highlighting McCollom’s relevant experience and the continuity provided by Watkins’ continued presence within the company.
In other recent news, Customers Bancorp Inc (NYSE:CUBI). reported its first-quarter earnings for 2025, revealing an earnings per share (EPS) of $1.54, which exceeded analyst expectations of $1.32. However, the company’s revenue fell short, coming in at $167.4 million against the anticipated $190.3 million. Additionally, Customers Bancorp announced significant leadership changes, with Philip Watkins transitioning to Executive Vice President, Head of Corporate Development and Investor Relations, and Mark McCollom stepping in as the new Chief Financial Officer. McCollom, who brings over 35 years of experience, will assume his role on or around August 15, 2025. Furthermore, the company realized $30 million in impact from operational excellence initiatives, surpassing their original target. Customers Bancorp also reaffirmed its full-year loan growth guidance and projected a 3-7% year-over-year increase in net interest income. These developments highlight the company’s strategic adjustments and financial performance, which are key areas of interest for investors.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.