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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 September 30, 2023
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)

Capture.jpg

(Exact name of registrant as specified in its charter)
Customers Bancorp, Inc.

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 ClassTrading SymbolsName of Each Exchange on which Registered
Voting Common Stock, par value $1.00 per shareCUBINew York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series E, par value $1.00 per share
CUBI/PENew York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series F, par value $1.00 per share
CUBI/PFNew York Stock Exchange
5.375% Subordinated Notes due 2034CUBBNew 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 filerxAccelerated 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 November 3, 2023, 31,413,946 shares of Voting Common Stock were outstanding.



CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

2

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.
ACLAllowance for credit losses
AFSAvailable for sale
AOCIAccumulated other comprehensive income (loss)
ASCAccounting Standards Codification
ASUAccounting Standards Update
B2BBusiness-to-business
BancorpCustomers Bancorp, Inc.
BankCustomers Bank
BBB spreadBBB rated corporate bond spreads to U.S. Treasury securities
BMTBankMobile Technologies, Inc.
BM TechnologiesBM Technologies, Inc.
BOLIBank-owned life insurance
BTFP
Bank Term Funding Program
CARES Act
Coronavirus Aid, Relief and Economic Security Act
CBITTM
Customers Bank Instant Token
CCFCustomers Commercial Finance, LLC
CECLCurrent expected credit losses
CommissionU.S. Securities and Exchange Commission
CompanyCustomers Bancorp, Inc. and subsidiaries
COVID-19
Coronavirus Disease 2019
CPIConsumer Price Index
CRACommunity Reinvestment Act
CUBISymbol for Customers Bancorp, Inc. common stock traded on the NYSE
CustomersCustomers Bancorp, Inc. and Customers Bank, collectively
Customers BancorpCustomers Bancorp, Inc.
DCFDiscounted cash flow
EPSEarnings per share
EVEEconomic value of equity
Exchange ActSecurities Exchange Act of 1934
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Fed FundsFederal Reserve Board's Effective Federal Funds Rate
Federal Reserve,
Federal Reserve Board
Board of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank
FICOFair, Isaac and Company
FintechThird-Party Financial Technology
FMVFair Market Value
FRBFederal Reserve Bank of Philadelphia
GDPGross domestic product
HTMHeld to maturity
LIBORLondon Interbank Offered Rate
LPOLimited Purpose Office
MFACMegalith Financial Acquisition Corp.
MMDAMoney market deposit accounts
NIMNet interest margin, tax equivalent
NMNot meaningful
NPANon-performing asset
NPLNon-performing loan
NYSENew York Stock Exchange
OCIOther comprehensive income (loss)
OREOOther real estate owned
PCDPurchased Credit-Deteriorated
PPPPaycheck Protection Program
3

PPPLFFRB Paycheck Protection Program Liquidity Facility
PUTPurchase Upon Termination
Rate ShocksInterest rates rising or falling immediately
ROURight-of-use
SABSEC Staff Accounting Bulletin
SBAU.S. Small Business Administration
SBA loansLoans originated pursuant to the rules and regulations of the SBA
SECU.S. Securities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
Series E Preferred StockFixed-to-floating rate non-cumulative perpetual preferred stock, series E
Series F Preferred StockFixed-to-floating rate non-cumulative perpetual preferred stock, series F
SERPSupplemental Executive Retirement Plan
Share Repurchase ProgramShare repurchase program authorized by the Board of Directors of Customers Bancorp in 2021
SOFRSecured Overnight Financing Rate
TDRTroubled debt restructuring
TRACTerminal Rental Adjustment Clause
U.S. GAAPAccounting principles generally accepted in the United States of America
VIEVariable interest entity


4

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET — UNAUDITED
(amounts in thousands, except share and per share data)
September 30,
2023
December 31,
2022
ASSETS
Cash and due from banks$68,288 $58,025 
Interest earning deposits3,351,686 397,781 
Cash and cash equivalents3,419,974 455,806 
Investment securities, at fair value (includes allowance for credit losses of $3,849 and $578, respectively)
2,773,207 2,987,500 
Investment securities held to maturity1,178,370 840,259 
Loans held for sale (includes $25,520 and $322, respectively, at fair value)
150,368 328,312 
Loans receivable, mortgage warehouse, at fair value962,566 1,323,312 
Loans receivable, PPP137,063 998,153 
Loans and leases receivable12,463,485 13,144,894 
Allowance for credit losses on loans and leases(139,213)(130,924)
Total loans and leases receivable, net of allowance for credit losses on loans and leases13,423,901 15,335,435 
FHLB, Federal Reserve Bank, and other restricted stock126,098 74,196 
Accrued interest receivable123,984 123,374 
Bank premises and equipment, net7,789 9,025 
Bank-owned life insurance291,670 338,441 
Goodwill and other intangibles3,629 3,629 
Other assets358,162 400,135 
Total assets$21,857,152 $20,896,112 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Demand, non-interest bearing$4,758,682 $1,885,045 
Interest bearing13,436,682 16,271,908 
Total deposits18,195,364 18,156,953 
FHLB advances1,529,839 800,000 
Other borrowings123,775 123,580 
Subordinated debt182,161 181,952 
Accrued interest payable and other liabilities264,406 230,666 
Total liabilities20,295,545 19,493,151 
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 September 30, 2023 and December 31, 2022
137,794 137,794 
Common stock, par value $1.00 per share; 200,000,000 shares authorized; 35,329,690 and 35,012,250 shares issued as of September 30, 2023 and December 31, 2022; 31,311,254 and 32,373,697 shares outstanding as of September 30, 2023 and December 31, 2022
35,330 35,012 
Additional paid in capital559,346 551,721 
Retained earnings1,101,359 924,134 
Accumulated other comprehensive income (loss), net(149,812)(163,096)
Treasury stock, at cost (4,018,436 and 2,638,553 shares as of September 30, 2023 and December 31, 2022)
(122,410)(82,604)
Total shareholders’ equity1,561,607 1,402,961 
Total liabilities and shareholders’ equity$21,857,152 $20,896,112 
See accompanying notes to the unaudited consolidated financial statements.
5

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS) — UNAUDITED
(amounts in thousands, except per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2023202220232022
Interest income:
Loans and leases$271,107 $200,438 $757,064 $526,478 
Investment securities54,243 30,546 149,585 76,283 
Interest earning deposits43,800 2,949 81,819 4,198 
Loans held for sale4,664 19 27,514 95 
Other2,526 1,964 5,463 8,672 
Total interest income376,340 235,916 1,021,445 615,726 
Interest expense:
Deposits145,825 65,380 426,130 101,873 
FHLB advances26,485 4,684 61,140 7,000 
FRB advances  6,286  
Subordinated debt2,689 2,689 8,067 8,067 
Other borrowings1,568 4,131 4,879 10,203 
Total interest expense176,567 76,884 506,502 127,143 
Net interest income199,773 159,032 514,943 488,583 
Provision (benefit) for credit losses
17,856 (7,994)61,088 31,850 
Net interest income after provision (benefit) for credit losses
181,917 167,026 453,855 456,733 
Non-interest income:
Commercial lease income8,901 7,097 27,144 19,584 
Loan fees6,029 3,008 14,290 8,171 
Bank-owned life insurance1,973 3,449 9,617 13,722 
Mortgage warehouse transactional fees1,018 1,545 3,468 5,443 
Gain (loss) on sale of SBA and other loans(348)106 (1,109)3,155 
Loss on sale of capital call lines of credit  (5,037) 
Loss on sale of consumer installment loans (23,465) (23,465)
Net gain (loss) on sale of investment securities(429)(2,135)(429)(6,227)
Other631 1,378 3,949 4,544 
Total non-interest income17,775 (9,017)51,893 24,927 
Non-interest expense:
Salaries and employee benefits33,845 31,230 99,310 83,171 
Technology, communication and bank operations15,667 19,588 48,663 66,394 
Commercial lease depreciation7,338 5,966 22,541 16,460 
Professional services8,569 6,269 25,357 20,640 
Loan servicing3,858 3,851 13,296 10,563 
Occupancy2,471 2,605 7,750 9,934 
FDIC assessments, non-income taxes and regulatory fees8,551 2,528 21,059 6,530 
Advertising and promotion650 762 2,245 1,430 
Legal settlement expense4,096  4,096  
Other4,421 3,399 14,579 11,088 
Total non-interest expense89,466 76,198 258,896 226,210 
Income before income tax expense110,226 81,811 246,852 255,450 
Income tax expense23,470 17,899 58,801 56,127 
Net income86,756 63,912 188,051 199,323 
Preferred stock dividends3,803 2,548 10,826 6,544 
Net income available to common shareholders$82,953 $61,364 $177,225 $192,779 
Basic earnings per common share $2.65 $1.89 $5.63 $5.89 
Diluted earnings per common share2.58 1.85 5.53 5.72 
See accompanying notes to the unaudited consolidated financial statements.
6

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) — UNAUDITED
(amounts in thousands)
 Three Months Ended
September 30,
Nine Months Ended
September 30,
 2023202220232022
Net income$86,756 $63,912 $188,051 $199,323 
Unrealized gains (losses) on available for sale debt securities:
Unrealized gains (losses) arising during the period23,666 (46,450)14,535 (213,532)
Income tax effect(6,011)12,077 (3,692)55,518 
Reclassification adjustments for (gains) losses included in net income(429)4,227 (429)9,281 
Income tax effect109 (1,099)109 (2,413)
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity1,379  3,700  
Income tax effect(350) (939) 
Net unrealized gains (losses) on available for sale debt securities18,364 (31,245)13,284 (151,146)
Other comprehensive income (loss), net of income tax effect18,364 (31,245)13,284 (151,146)
Comprehensive income (loss)$105,120 $32,667 $201,335 $48,177 
See accompanying notes to the unaudited consolidated financial statements.
7

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED
(amounts in thousands, except shares outstanding data)
Three Months Ended September 30, 2023
Preferred StockCommon 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, June 30, 20235,700,000 $137,794 31,282,318 $35,301 $555,737 $1,018,406 $(168,176)$(122,410)$1,456,652 
Net income— — — — — 86,756 — — 86,756 
Other comprehensive income (loss)— — — — — — 18,364 — 18,364 
Preferred stock dividends (1)
— — — — — (3,803)— — (3,803)
Share-based compensation expense— — — — 3,510 — — — 3,510 
Issuance of common stock under share-based compensation arrangements— — 28,936 29 99 — — — 128 
Balance, September 30, 20235,700,000 $137,794 31,311,254 $35,330 $559,346 $1,101,359 $(149,812)$(122,410)$1,561,607 
Three Months Ended September 30, 2022
Preferred StockCommon Stock
Shares of
Preferred
Stock
Outstanding
Preferred StockShares of
Common
Stock
Outstanding
Common
Stock
Additional
Paid in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Total
Balance, June 30, 20225,700,000 $137,794 32,449,486 $34,922 $545,670 $837,147 $(124,881)$(77,262)$1,353,390 
Net income— — — — — 63,912 — — 63,912 
Other comprehensive income (loss)— — — — — — (31,245)— (31,245)
Preferred stock dividends (1)
— — — — — (2,548)— — (2,548)
Share-based compensation expense— — — — 3,336 — — — 3,336 
Issuance of common stock under share-based compensation arrangements— — 26,016 26 60 — — — 86 
Balance, September 30, 20225,700,000 $137,794 32,475,502 $34,948 $549,066 $898,511 $(156,126)$(77,262)$1,386,931 
(1)Dividends per share of $0.6831 and $0.658950 were declared on Series E and F preferred stock, respectively, for the three months ended September 30, 2023. Dividends per share of $0.445233 and $0.421083 were declared on Series E and F preferred stock, respectively, for the three months ended September 30, 2022.
8

Nine Months Ended September 30, 2023
Preferred StockCommon Stock
Shares of Preferred Stock OutstandingPreferred StockShares of Common Stock OutstandingCommon StockAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
Balance, December 31, 20225,700,000 $137,794 32,373,697 $35,012 $551,721 $924,134 $(163,096)$(82,604)$1,402,961 
Net income— — — — — 188,051 — — 188,051 
Other comprehensive income (loss)— — — — — — 13,284 — 13,284 
Preferred stock dividends (1)
— — — — — (10,826)— — (10,826)
Share-based compensation expense— — — — 9,979 — — — 9,979 
Issuance of common stock under share-based compensation arrangements— — 317,440 318 (2,354)— — — (2,036)
Repurchase of common shares— — (1,379,883)— — — — (39,806)(39,806)
Balance, September 30, 20235,700,000 $137,794 31,311,254 $35,330 $559,346 $1,101,359 $(149,812)$(122,410)$1,561,607 
Nine Months Ended September 30, 2022
Preferred StockCommon Stock
Shares of Preferred Stock OutstandingPreferred StockShares of Common Stock OutstandingCommon StockAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
Balance, December 31, 20215,700,000 $137,794 32,913,267 $34,722 $542,391 $705,732 $(4,980)$(49,442)$1,366,217 
Net income— — — — — 199,323 — — 199,323 
Other comprehensive income (loss)— — — — — — (151,146)— (151,146)
Preferred stock dividends (1)
— — — — — (6,544)— — (6,544)
Share-based compensation expense— — — — 10,657 — — — 10,657 
Issuance of common stock under share-based compensation arrangements— — 226,380 226 (3,982)— — — (3,756)
Repurchase of common shares— — (664,145)— — — — (27,820)(27,820)
Balance, September 30, 20225,700,000 $137,794 32,475,502 $34,948 $549,066 $898,511 $(156,126)$(77,262)$1,386,931 
(1)Dividends per share of $1.941704 and $1.869779 were declared on Series E and F preferred stock, respectively, for the nine months ended September 30, 2023. Dividends per share of $1.160316 and $1.088391 were declared on Series E and F preferred stock, respectively, for the nine months ended September 30, 2022.
See accompanying notes to the unaudited consolidated financial statements.
9

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
(amounts in thousands)
 Nine Months Ended
September 30,
 20232022
Cash Flows from Operating Activities
Net income from continuing operations$188,051 $199,323 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses61,088 31,850 
Depreciation and amortization24,226 20,027 
Share-based compensation expense10,048 10,702 
Deferred taxes21,999 (436)
Net amortization (accretion) of investment securities premiums and discounts(8,859)2,139 
Unrealized (gain) loss on investment securities197 738 
Net (gain) loss on sale of investment securities429 6,227 
Impairment loss on fixed assets and leases124 1,362 
Unrealized (gain) loss on derivatives(344)(2,348)
Settlement of terminated fair value hedge derivatives4,630  
(Gain) loss on sale of leased assets under lessor operating leases439 350 
(Gain) loss on sale of loans869 (4,149)
Loss on sale of capital call lines of credit5,037  
Loss on sale of consumer installment loans 23,465 
Origination and purchases of loans held for sale(470,318)(28,077)
Proceeds from the sales and repayments of loans held for sale454,867 44,209 
Amortization (accretion) of loan net deferred fees, discounts and premiums(74,016)(49,601)
Earnings on investment in bank-owned life insurance(9,617)(13,722)
(Increase) decrease in accrued interest receivable and other assets917 16,883 
Increase (decrease) in accrued interest payable and other liabilities33,339 16,080 
Net Cash Provided By (Used In) Operating Activities243,106 275,022 
Cash Flows from Investing Activities
Proceeds from maturities, calls and principal repayments of investment securities available for sale 228,503 408,046 
Proceeds from maturities, calls and principal repayments of investment securities held to maturity175,896 13,631 
Proceeds from sales of investment securities available for sale4,075 681,633 
Purchases of investment securities available for sale (929,754)
Purchases of investment securities held to maturity(73,074) 
Origination of mortgage warehouse loans(15,385,554)(23,568,943)
Proceeds from repayments of mortgage warehouse loans15,766,489 24,247,843 
Net (increase) decrease in loans and leases, excluding mortgage warehouse loans1,586,922 (1,639,900)
Proceeds from sales of loans and leases409,503 136,920 
Purchases of loans(702,409)(368,776)
Proceeds from bank-owned life insurance56,645 11,807 
Net (purchases of) proceeds from sale of FHLB, Federal Reserve Bank, and other restricted stock(51,667)