Quick Take on 2Q26 Earnings Result: Taking Down Estimates on Lower NII

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Quick Take on 2Q26 Earnings Result: Taking Down Estimates on Lower NII

Update

July 24, 2026 08:00 PM GMT

Morgan Stanley & Co. LLCMCustomers Bancorp Inc | North America Brian Wilczynski, CFA

Equity Analyst

Quick Take on 2Q26 Earnings Brian.Wilczynski@morganstanley.comManan Gosalia +1 212 761-1084

Manan.Gosalia@morganstanley.com +1 212 761-4092

Result: Taking Down Estimates

Customers Bancorp Inc (CUBI.N, CUBI US)

Midcap Banks | United States of Americaon Lower NII

Stock Rating Equal-weight

Industry View Attractive

Price target $88.00

AlphaSignals Earnings Reaction Shr price, close (Jul 17, 2026) $78.31

Mkt cap, curr (mm) $2,638

Unchanged Modest upside Modest revision lower 52-Week Range $82.55-59.34

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Taking down estimates to reflect a lower starting point for NIM

and higher deposit competition in 2H. We are now slightly below

both Consensus and the company's Net Interest Income

guidance for 2026.

Operating EPS of $2.05 beat MS / Consensus of $1.98 / $2.00, driven by higher

than expected fee income and lower provision. Loans were up another 4% Q/Q and

were well diversified, while credit trends were stable. This was an overall solid

quarter for Customers.

Coming out of earnings, we are taking down forward NII estimates based on a

lower starting point for NIM and higher deposit competition across the group in

2H.

• We saw several puts and takes for Customers' deposit / net interest

income performance in 2Q26.

° (+) New Commercial Banking Teams hired in 2025 are beginning to drive

deposit growth. That vintage has grown from essentially zero at year

end 2025 to ~$500 mil in balances at June 30 with a spot deposit cost