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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
| | | | | | | | |
☒ | Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |
| For the quarterly period ended March 31, 2022 | |
| | | | | | | | |
☐ | Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | |
| For the transition period from to . | |
001-35542
(Commission File number)
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
| Pennsylvania | | 27-2290659 | |
| (State or other jurisdiction of incorporation or organization) | | (IRS Employer Identification No.) | |
701 Reading Avenue
West Reading, PA 19611
(Address of principal executive offices)
(610) 933-2000
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | | | | | | | |
Title of Each Class | | Trading Symbols | | Name of Each Exchange on which Registered |
Voting Common Stock, par value $1.00 per share | | CUBI | | New York Stock Exchange |
| | | | |
| | | | |
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E, par value $1.00 per share | | CUBI/PE | | New York Stock Exchange |
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, par value $1.00 per share | | CUBI/PF | | New York Stock Exchange |
5.375% Subordinated Notes due 2034 | | CUBB | | New York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. | | | | | | | | | | | | | | | | | | | | |
Large accelerated filer | | x | | Accelerated Filer | | ☐ |
| | | | |
Non-accelerated filer | | o | | Smaller Reporting Company | | ☐ |
| | | | | | |
| | | | Emerging Growth Company | | ☐ |
| | | | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | | o |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No x
________________________________________
On May 6, 2022, 32,981,204 shares of Voting Common Stock were outstanding.
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
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GLOSSARY OF ABBREVIATIONS AND ACRONYMS
The following list of abbreviations and acronyms may be used throughout this Report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, the Unaudited Consolidated Financial Statements and the Notes to the Unaudited Consolidated Financial Statements. | | | | | |
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ACL | Allowance for credit losses |
AFS | Available for sale |
ASC | Accounting Standards Codification |
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AOCI | Accumulated other comprehensive income (loss) |
ASU | Accounting Standards Update |
ATM | Automated teller machine |
Bancorp | Customers Bancorp, Inc. |
Bank | Customers Bank |
BBB spread | BBB rated corporate bond spreads to U.S. Treasury securities |
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BMT | BankMobile Technologies, Inc. |
BM Technologies | BM Technologies, Inc. |
BOLI | Bank-owned life insurance |
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CAA | Consolidated Appropriations Act, 2021 |
CARES Act | Coronavirus Aid, Relief and Economic Security Act |
CBITTM | Customers Bank Instant Token |
CCF | Customers Commercial Finance, LLC |
CECL | Current expected credit losses |
Commission | U.S. Securities and Exchange Commission |
Company | Customers Bancorp, Inc. and subsidiaries |
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COVID-19 | Coronavirus Disease 2019 |
CPI | Consumer Price Index |
CRA | Community Reinvestment Act |
CUBI | Symbol for Customers Bancorp, Inc. common stock traded on the NYSE |
Customers | Customers Bancorp, Inc. and Customers Bank, collectively |
Customers Bancorp | Customers Bancorp, Inc. |
DCF | Discounted cash flow |
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Disbursement Business | One Account Student Checking and Refund Management Disbursement Services Business |
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ED | U.S. Department of Education |
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EPS | Earnings per share |
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EVE | Economic value of equity |
Exchange Act | Securities Exchange Act of 1934 |
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FDIC | Federal Deposit Insurance Corporation |
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Fed Funds | Federal Reserve Board's Effective Federal Funds Rate |
Federal Reserve Board | Board of Governors of the Federal Reserve System |
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FHLB | Federal Home Loan Bank |
FICO | Fair, Isaac and Company |
Fintech | Third-Party Financial Technology |
FMV | Fair Market Value |
FPRD | Final Program Review Determination |
FRB | Federal Reserve Bank of Philadelphia |
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GDP | Gross domestic product |
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Higher One | Higher One Holdings, Inc. |
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LIBOR | London Interbank Offered Rate |
LPO | Limited Purpose Office |
MFAC | Megalith Financial Acquisition Corp. |
MMDA | Money market deposit accounts |
NIM | Net interest margin, tax equivalent |
NM | Not meaningful |
NPA | Non-performing asset |
NPL | Non-performing loan |
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NYSE | New York Stock Exchange |
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OCI | Other comprehensive income (loss) |
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OREO | Other real estate owned |
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PCD | Purchased Credit-Deteriorated |
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PPP | Paycheck Protection Program |
PPPLF | FRB Paycheck Protection Program Liquidity Facility |
PUT | Purchase Upon Termination |
Rate Shocks | Interest rates rising or falling immediately |
ROU | Right-of-use |
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SBA | U.S. Small Business Administration |
SBA loans | Loans originated pursuant to the rules and regulations of the SBA |
SEC | U.S. Securities and Exchange Commission |
Securities Act | Securities Act of 1933, as amended |
Series C Preferred Stock | Fixed-to-floating rate non-cumulative perpetual preferred stock, series C |
Series D Preferred Stock | Fixed-to-floating rate non-cumulative perpetual preferred stock, series D |
Series E Preferred Stock | Fixed-to-floating rate non-cumulative perpetual preferred stock, series E |
Series F Preferred Stock | Fixed-to-floating rate non-cumulative perpetual preferred stock, series F |
SERP | Supplemental Executive Retirement Plan |
Share Repurchase Program | Share repurchase program authorized by the Board of Directors of Customers Bancorp in 2021 |
SOFR | Secured Overnight Financing Rate |
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TDR | Troubled debt restructuring |
TRAC | Terminal Rental Adjustment Clause |
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U.S. GAAP | Accounting principles generally accepted in the United States of America |
VIE | Variable interest entity |
VOE | Voting interest entity |
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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET — UNAUDITED
(amounts in thousands, except share and per share data) | | | | | | | | | | | |
| March 31, 2022 | | December 31, 2021 |
ASSETS | | | |
Cash and due from banks | $ | 55,515 | | | $ | 35,238 | |
Interest earning deposits | 219,085 | | | 482,794 | |
Cash and cash equivalents | 274,600 | | | 518,032 | |
Investment securities, at fair value (includes allowance for credit losses of $728 at March 31, 2022) | 4,169,853 | | | 3,817,150 | |
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Loans held for sale (includes $2,496 and $15,747, respectively, at fair value) | 3,003 | | | 16,254 | |
Loans receivable, mortgage warehouse, at fair value | 1,755,758 | | | 2,284,325 | |
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Loans receivable, PPP | 2,195,902 | | | 3,250,008 | |
Loans and leases receivable | 10,118,855 | | | 9,018,298 | |
Allowance for credit losses on loans and leases | (145,847) | | | (137,804) | |
Total loans and leases receivable, net of allowance for credit losses on loans and leases | 13,924,668 | | | 14,414,827 | |
FHLB, Federal Reserve Bank, and other restricted stock | 54,553 | | | 64,584 | |
Accrued interest receivable | 94,669 | | | 92,239 | |
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Bank premises and equipment, net | 8,233 | | | 8,890 | |
Bank-owned life insurance | 332,239 | | | 333,705 | |
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Goodwill and other intangibles | 3,678 | | | 3,736 | |
Other assets | 298,212 | | | 305,611 | |
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Total assets | $ | 19,163,708 | | | $ | 19,575,028 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | |
Liabilities: | | | |
Deposits: | | | |
Demand, non-interest bearing | $ | 4,594,428 | | | $ | 4,459,790 | |
Interest bearing | 11,821,132 | | | 12,318,134 | |
Total deposits | 16,415,560 | | | 16,777,924 | |
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Federal funds purchased | 700,000 | | | 75,000 | |
FHLB advances | — | | | 700,000 | |
Other borrowings | 223,230 | | | 223,086 | |
Subordinated debt | 181,742 | | | 181,673 | |
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Accrued interest payable and other liabilities | 265,770 | | | 251,128 | |
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Total liabilities | 17,786,302 | | | 18,208,811 | |
Commitments and contingencies (NOTE 15) | | | |
Shareholders’ equity: | | | |
Preferred stock, par value $1.00 per share; liquidation preference $25.00 per share; 100,000,000 shares authorized, 5,700,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021 | 137,794 | | | 137,794 | |
Common stock, par value $1.00 per share; 200,000,000 shares authorized; 34,881,580 and 34,721,675 shares issued as of March 31, 2022 and December 31, 2021; 32,957,847 and 32,913,267 shares outstanding as of March 31, 2022 and December 31, 2021 | 34,882 | | | 34,722 | |
Additional paid in capital | 542,402 | | | 542,391 | |
Retained earnings | 780,628 | | | 705,732 | |
Accumulated other comprehensive income (loss), net | (62,548) | | | (4,980) | |
Treasury stock, at cost (1,923,732 and 1,808,408 shares as of March 31, 2022 and December 31, 2021) | (55,752) | | | (49,442) | |
Total shareholders’ equity | 1,377,406 | | | 1,366,217 | |
Total liabilities and shareholders’ equity | $ | 19,163,708 | | | $ | 19,575,028 | |
See accompanying notes to the unaudited consolidated financial statements.
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS) — UNAUDITED
(amounts in thousands, except per share data) | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2022 | | 2021 | | | | |
Interest income: | | | | | | | |
Loans and leases | $ | 157,175 | | | $ | 152,117 | | | | | |
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Investment securities | 20,295 | | | 7,979 | | | | | |
Other | 6,006 | | | 1,019 | | | | | |
Total interest income | 183,476 | | | 161,115 | | | | | |
Interest expense: | | | | | | | |
Deposits | 13,712 | | | 15,658 | | | | | |
FHLB advances | — | | | 5,192 | | | | | |
Subordinated debt | 2,689 | | | 2,689 | | | | | |
FRB PPP liquidity facility, federal funds purchased and other borrowings | 2,376 | | | 4,845 | | | | | |
Total interest expense | 18,777 | | | 28,384 | | | | | |
Net interest income | 164,699 | | | 132,731 | | | | | |
Provision (benefit) for credit losses | 15,997 | | | (2,919) | | | | | |
Net interest income after provision (benefit) for credit losses | 148,702 | | | 135,650 | | | | | |
Non-interest income: | | | | | | | |
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Interchange and card revenue | 76 | | | 85 | | | | | |
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Deposit fees | 940 | | | 863 | | | | | |
Commercial lease income | 5,895 | | | 5,205 | | | | | |
Bank-owned life insurance | 8,326 | | | 1,679 | | | | | |
Mortgage warehouse transactional fees | 2,015 | | | 4,247 | | | | | |
Gain (loss) on sale of SBA and other loans | 1,507 | | | 1,575 | | | | | |
Loan fees | 2,545 | | | 1,436 | | | | | |
Mortgage banking income | 481 | | | 463 | | | | | |
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Gain (loss) on sale of investment securities | (1,063) | | | 23,566 | | | | | |
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Unrealized gain (loss) on investment securities | (276) | | | 974 | | | | | |
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Unrealized gain (loss) on derivatives | 964 | | | 2,537 | | | | | |
Loss on cash flow hedge derivative terminations | — | | | (24,467) | | | | | |
Other | (212) | | | 305 | | | | | |
Total non-interest income | 21,198 | | | 18,468 | | | | | |
Non-interest expense: | | | | | | | |
Salaries and employee benefits | 26,607 | | | 23,971 | | | | | |
Technology, communication and bank operations | 24,068 | | | 19,988 | | | | | |
Professional services | 6,956 | | | 5,877 | | | | | |
Occupancy | 3,050 | | | 2,621 | | | | | |
Commercial lease depreciation | 4,942 | | | 4,291 | | | | | |
FDIC assessments, non-income taxes and regulatory fees | 2,383 | | | 2,719 | | | | | |
Loan servicing | 2,371 | | | 437 | | | | | |
Advertising and promotion | 315 | | | 561 | | | | | |
Merger and acquisition related expenses | — | | | 418 | | | | | |
Loan workout | (38) | | | (261) | | | | | |
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Other | 3,153 | | | 1,305 | | | | | |
Total non-interest expense | 73,807 | | | 61,927 | | | | | |
Income before income tax expense | 96,093 | | | 92,191 | | | | | |
Income tax expense | 19,332 | | | 17,560 | | | | | |
Net income from continuing operations | $ | 76,761 | | | $ | 74,631 | | | | | |
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| (continued) |
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| Three Months Ended March 31, | | |
| 2022 | | 2021 | | | | |
Loss from discontinued operations before income taxes | $ | — | | | $ | (20,354) | | | | | |
Income tax expense from discontinued operations | — | | | 17,682 | | | | | |
Net loss from discontinued operations | — | | | (38,036) | | | | | |
Net income | 76,761 | | | 36,595 | | | | | |
Preferred stock dividends | 1,865 | | | 3,391 | | | | | |
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Net income available to common shareholders | $ | 74,896 | | | $ | 33,204 | | | | | |
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Basic earnings per common share from continuing operations | $ | 2.27 | | | $ | 2.23 | | | | | |
Basic earnings per common share | 2.27 | | | 1.04 | | | | | |
Diluted earnings per common share from continuing operations | 2.18 | | | 2.17 | | | | | |
Diluted earnings per common share | 2.18 | | | 1.01 | | | | | |
See accompanying notes to the unaudited consolidated financial statements.
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) — UNAUDITED
(amounts in thousands) | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2022 | | 2021 | | | | |
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Net income | $ | 76,761 | | | $ | 36,595 | | | | | |
Unrealized gains (losses) on available for sale debt securities: | | | | | | | |
Unrealized gains (losses) arising during the period | (78,858) | | | 400 | | | | | |
Income tax effect | 20,503 | | | (104) | | | | | |
Reclassification adjustments for (gains) losses included in net income | 1,063 | | | (23,566) | | | | | |
Income tax effect | (276) | | | 6,127 | | | | | |
Net unrealized gains (losses) on available for sale debt securities | (57,568) | | | (17,143) | | | | | |
Unrealized gains (losses) on cash flow hedges: | | | | | | | |
Unrealized gains (losses) arising during the period | — | | | 12,315 | | | | | |
Income tax effect | — | | | (3,202) | | | | | |
Reclassification adjustment for (gains) losses included in net income | — | | | 25,926 | | | | | |
Income tax effect | — | | | (6,741) | | | | | |
Net unrealized gains (losses) on cash flow hedges | — | | | 28,298 | | | | | |
Other comprehensive income (loss), net of income tax effect | (57,568) | | | 11,155 | | | | | |
Comprehensive income (loss) | $ | 19,193 | | | $ | 47,750 | | | | | |
See accompanying notes to the unaudited consolidated financial statements.
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED
(amounts in thousands, except shares outstanding data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Three Months Ended March 31, 2022 |
| Preferred Stock | | Common Stock | | | | | | | | | | |
| Shares of Preferred Stock Outstanding | | Preferred Stock | | Shares of Common Stock Outstanding | | Common Stock | | Additional Paid in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Treasury Stock | | Total |
Balance, December 31, 2021 | 5,700,000 | | | $ | 137,794 | | | 32,913,267 | | | $ | 34,722 | | | $ | 542,391 | | | $ | 705,732 | | | $ | (4,980) | | | $ | (49,442) | | | $ | 1,366,217 | |
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Net income | — | | | — | | | — | | | — | | | — | | | 76,761 | | | — | | | — | | | 76,761 | |
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Other comprehensive income (loss) | — | | | — | | | — | | | — | | | — | | | — | | | (57,568) | | | — | | | (57,568) | |
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Preferred stock dividends (1) | — | | | — | | | — | | | — | | | — | | | (1,865) | | | — | | | — | | | (1,865) | |
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Share-based compensation expense | — | | | — | | | — | | | — | | | 3,703 | | | — | | | — | | | — | | | 3,703 | |
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Issuance of common stock under share-based compensation arrangements | — | | | — | | | 159,904 | | | 160 | | | (3,692) | | | — | | | — | | | — | | | (3,532) | |
Repurchase of common shares | — | | | — | | | (115,324) | | | — | | | — | | | — | | | — | | | (6,310) | | | (6,310) | |
Balance, March 31, 2022 | 5,700,000 | | | $ | 137,794 | | | 32,957,847 | | | $ | 34,882 | | | $ | 542,402 | | | $ | 780,628 | | | $ | (62,548) | | | $ | (55,752) | | | $ | 1,377,406 | |
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| Three Months Ended March 31, 2021 |
| Preferred Stock | | Common Stock | | | | | | | | | | |
| Shares of Preferred Stock Outstanding | | Preferred Stock | | Shares of Common Stock Outstanding | | Common Stock | | Additional Paid in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Treasury Stock | | Total |
Balance, December 31, 2020 | 9,000,000 | | | $ | 217,471 | | | 31,705,088 | | | $ | 32,986 | | | $ | 455,592 | | | $ | 438,581 | | | $ | (5,764) | | | $ | (21,780) | | | $ | 1,117,086 | |
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Net income | — | | | — | | | — | | | — | | | — | | | 36,595 | | | — | | | — | | | 36,595 | |
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Other comprehensive income (loss) | — | | | — | | | — | | | — | | | — | | | — | | | 11,155 | | | — | | | 11,155 | |
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Preferred stock dividends (1) | — | | | — | | | — | | | — | | | — | | | (3,391) | | | — | | | — | | | (3,391) | |
Sale of non-controlling interest in BMT (2) | — | | | — | | | — | | | — | | | 31,893 | | | — | | | — | | | — | | | 31,893 | |
Distribution of investment in BM Technologies (3) | — | | | — | | | — | | | — | | | — | | | (32,983) | | | — | | | — | | | (32,983) | |
Restricted stock awards to certain BMT team members (4) | — | | | — | | | — | | | — | | | 19,592 | | | — | | | — | | | — | | | 19,592 | |
Share-based compensation expense | — | | | — | | | — | | | — | | | 3,609 | | | — | | | — | | | — | | | 3,609 | |
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Issuance of common stock under share-based compensation arrangements | — | | | — | | | 533,674 | | | 533 | | | 4,632 | | | — | | | — | | | — | | | 5,165 | |
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Balance, March 31, 2021 | 9,000,000 | | | $ | 217,471 | | | 32,238,762 | | | $ | 33,519 | | | $ | 515,318 | | | $ | 438,802 | | | $ | 5,391 | | | $ | (21,780) | | | $ | 1,188,721 | |
(1)Dividends per share of $0.333922 and $0.310297 per share were declared on Series E and F preferred stock for the three months ended March 31, 2022. Dividends per share of $0.34478125, $0.40625, $0.403125, and $0.375 per share were declared on Series C, D, E, and F preferred stock for the three months ended March 31, 2021.
(2)Refer to NOTE 3 – DISCONTINUED OPERATIONS for additional information about the sale of non-controlling interest in BMT including the reverse recapitalization of MFAC.
(3)Immediately after the closing of the BMT divestiture, Customers distributed all of its remaining investment in BM Technologies' common stock to its shareholders as special dividends, equivalent to 0.15389 of BM Technologies common stock for each share of Customers common stock. Refer to NOTE 3 – DISCONTINUED OPERATIONS.
(4)At the closing of the BMT divestiture, certain team members of BMT received restricted stock awards in BM Technologies' common stock. Refer to NOTE 3 – DISCONTINUED OPERATIONS.
See accompanying notes to the unaudited consolidated financial statements.
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
(amounts in thousands) | | | | | | | | | | | |
| Three Months Ended March 31, |
| 2022 | | 2021 |
Cash Flows from Operating Activities | | | |
Net income from continuing operations | $ | 76,761 | | | $ | 74,631 | |
Adjustments to reconcile net income to net cash provided by (used in) by continuing operating activities: | | | |
Provision (benefit) for credit losses | 15,997 | | | (2,919) | |
Depreciation and amortization | 6,055 | | | 5,321 | |
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Share-based compensation expense | 3,718 | | | 3,082 | |
Deferred taxes | (22,810) | | | (6,198) | |
Net amortization (accretion) of investment securities premiums and discounts | 918 | | | (14) | |
Unrealized (gain) loss on investment securities | 276 | | | (974) | |
(Gain) loss on sale of investment securities | 1,063 | | | (23,566) | |
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Unrealized (gain) loss on derivatives | (964) | | | (2,537) | |
Loss on cash flow hedge derivative terminations | — | | | 24,467 | |
Settlement of terminated cash flow hedge derivatives | — | | | (27,156) | |
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Fair value adjustment on loans held for sale | — | | | (1,115) | |
(Gain) loss on sale of loans | (2,070) | | | (2,071) | |
Origination of loans held for sale | (10,999) | | | (12,323) | |
Proceeds from the sale of loans held for sale | 24,813 | | | 17,122 | |
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Amortization (accretion) of loan net deferred fees, discounts and premiums | (27,907) | | | (345) | |
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Earnings on investment in bank-owned life insurance | (8,326) | | | |