Company Quick10K Filing
Customers Bancorp
Price21.12 EPS2
Shares32 P/E10
MCap668 P/FCF19
Net Debt-182 EBIT272
TEV486 TEV/EBIT2
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-11-06
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-11
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-13
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-10
10-K 2016-12-31 Filed 2017-03-08
10-Q 2016-09-30 Filed 2016-11-07
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-07
10-Q 2014-06-30 Filed 2014-08-08
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-03-12
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-18
10-Q 2012-09-30 Filed 2012-11-14
10-Q 2012-06-30 Filed 2012-08-14
10-Q 2012-03-31 Filed 2012-05-15
10-K 2011-12-31 Filed 2012-03-21
10-Q 2011-09-30 Filed 2011-11-14
10-Q 2011-06-30 Filed 2011-09-26
8-K 2021-01-27 Earnings, Regulation FD, Exhibits
8-K 2021-01-04 Enter Agreement, M&A, Exhibits
8-K 2021-01-04 Regulation FD, Exhibits
8-K 2020-12-21 Regulation FD, Exhibits
8-K 2020-12-11 Regulation FD, Exhibits
8-K 2020-12-09 Regulation FD, Exhibits
8-K 2020-11-10
8-K 2020-11-02
8-K 2020-08-06
8-K 2020-06-24
8-K 2020-05-27
8-K 2020-05-04
8-K 2020-04-20
8-K 2019-12-04
8-K 2019-10-23
8-K 2019-10-20
8-K 2019-09-23
8-K 2019-07-24
8-K 2019-06-28
8-K 2019-06-18
8-K 2019-05-30
8-K 2019-04-24
8-K 2019-03-04
8-K 2019-02-14
8-K 2019-01-24
8-K 2018-12-12
8-K 2018-12-10
8-K 2018-12-10
8-K 2018-11-27
8-K 2018-11-21
8-K 2018-11-12
8-K 2018-10-25
8-K 2018-10-18
8-K 2018-10-15
8-K 2018-07-25
8-K 2018-05-24
8-K 2018-04-30
8-K 2018-01-24
8-K 2018-01-02

CUBI 10Q Quarterly Report

Note 1 - Description of The Business
Note 2 - Significant Accounting Policies and Basis of Presentation
Note 3 - Earnings (Loss) per Share
Note 4 - Changes in Accumulated Other Comprehensive Income (Loss) By Component
Note 5 - Investment Securities
Note 6 - Loans Held for Sale
Note 7 - Loans and Leases Receivable and Allowance for Credit Losses on Loans and Leases
Note 8 - Leases
Note 9 - Borrowings
Note 10 - Regulatory Capital
Note 11 - Disclosures About Fair Value of Financial Instruments
Note 12 - Derivative Instruments and Hedging Activities
Note 13 - Business Segments
Note 14 - Non - Interest Revenues
Note 15 - Loss Contingencies
Note 16 - Bankmobile Technologies, Inc. Merger
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex-31193020.htm
EX-31.2 ex-31293020.htm
EX-32.1 ex-32193020.htm
EX-32.2 ex-32293020.htm

Customers Bancorp Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
151296302012201420172020
Assets, Equity
0.10.10.10.00.00.02018201820192020
Rev, G Profit, Net Income
1.30.80.3-0.1-0.6-1.12012201420172020
Ops, Inv, Fin

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Table of Contents

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, 2020

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)
cubi-20200930_g1.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 C, par value $1.00 per share
CUBI/PCNew York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series D, par value $1.00 per share
CUBI/PDNew 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. (Check one):
Large accelerated filerxAccelerated filero
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 October 30, 2020, 31,601,311 shares of Voting Common Stock were outstanding.

1

Table of Contents
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
Table of Contents
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
Ex-31.1
Ex-31.2
Ex-32.1
Ex-32.2
Ex-101

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Table of Contents
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.
2004 Plan2012 Amendment and Restatement of the Customers Bancorp, Inc. Amended and Restated 2004 Incentive Equity and Deferred Compensation Plan
2010 Plan2010 Stock Option Plan
2019 Plan2019 Stock Incentive Plan
ACLAllowance for credit losses
ASCAccounting Standards Codification
ALLLAllowance for loan and lease losses
AOCIAccumulated other comprehensive income
ASUAccounting Standards Update
ATMAutomated teller machine
BancorpCustomers Bancorp, Inc.
BankCustomers Bank
BBB spreadBBB rated corporate bond spreads to U.S. Treasury securities
BHCABank Holding Company Act of 1956, as amended
BMTBankMobile Technologies, Inc.
BM TechnologiesBM Technologies, Inc.
BOLIBank-owned life insurance
BRRPBonus Recognition and Retention Program
CARES Act
Coronavirus Aid, Relief and Economic Security Act
CCFCustomers Commercial Finance, LLC
CECLCurrent expected credit loss
CEOChief Executive Officer
CFOChief Financial Officer
CFPBConsumer Financial Protection Bureau
COSOCommittee of Sponsoring Organizations of the Treadway Commission
COVID-19
Coronavirus Disease 2019
CRACommunity Reinvestment Act
CPIConsumer Price Index
CUBISymbol for Customers Bancorp, Inc. common stock traded on the NYSE
CustomersCustomers Bancorp, Inc. and Customers Bank, collectively
Customers BancorpCustomers Bancorp, Inc.
DepartmentPennsylvania Department of Banking and Securities
DCFDiscounted cash flow
DIFDeposit Insurance Fund
Dodd-Frank ActDodd-Frank Wall Street Reform and Consumer Protection Act of 2010
EDUnited States Department of Education
EGRRCPAThe Economic Growth, Regulatory Relief, and Consumer Protection Act of 2018
EPSEarnings per share
ESPPEmployee Stock Purchase Plan
EVEEconomic value of equity
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
FDICIAFederal Deposit Insurance Corporation Improvement Act of 1991
Federal Reserve BoardBoard of Governors of the Federal Reserve System
FERPAFamily Educational Rights and Privacy Act of 1975
FHAFederal Housing Administration
FHLBFederal Home Loan Bank
FPRDFinal Program Review Determination
FRBFederal Reserve Bank of Philadelphia
FTC ActFederal Trade Commission Act
GDPGross domestic product
GNMAGovernment National Mortgage Association
GLBAGramm-Leach-Bliley Act of 1999
HECMHome Equity Conversion Mortgage
3

Table of Contents
HTMHeld to maturity
Interest-only GNMA securitiesInterest-only classes of Ginnie Mae guaranteed home equity conversation mortgage-backed securities
IRSInternal Revenue Service
Legacy LoansTotal 2009 and prior loans
LIBORLondon Interbank Offered Rate
LIHTCLow-Income Housing Tax Credit
LPOLimited Purpose Office
MFACMegalith Financial Acquisition Corp.
MMDAMoney market deposit accounts
NIMNet interest margin, tax equivalent
NMNot meaningful
Non-QMNon-qualified mortgage
NPANon-performing asset
NPLNon-performing loan
NPRMNotice of Proposed Rulemaking
NYSENew York Stock Exchange
OCCOffice of the Comptroller of the Currency
OCIOther comprehensive income
OFACOffice of Foreign Assets Control
OISOvernight index swap
OrderFederal Deposit Insurance Act, as amended
OREOOther real estate owned
OTTIOther-than-temporary impairment
PATRIOT ActProviding Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001
PCAOBPublic Accounting Oversight Board (United States)
PCD
Purchased with Credit Deterioration
PCIPurchased Credit-Impaired
PPPPaycheck Protection Program
PPPLFFRB Paycheck Protection Program Liquidity Facility
ROURight-of-use
SABStaff Accounting Bulletin
SAGSpecial Assets Group
Sales AgreementAt Market Issuance Sales Agreement between Customers Bancorp and FBR Capital Markets & Co., Keefe, Bruyette & Woods, Inc. and Maxim Group LLC
SBASmall Business Administration
SBA loansLoans originated pursuant to the rules and regulations of the SBA
SECU.S. Securities and Exchange Commission
TDRTroubled debt restructuring
TRACTerminal Rental Adjustment Clause
U.S. GAAPAccounting principles generally accepted in the United States of America
VAUnited States Department of Veterans Affairs


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Table of Contents
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET — UNAUDITED
(amounts in thousands, except share and per share data)
September 30,
2020
December 31,
2019
ASSETS
Cash and due from banks$5,822 $33,095 
Interest earning deposits325,594 179,410 
Cash and cash equivalents331,416 212,505 
Investment securities, at fair value1,133,831 595,876 
Loans held for sale (includes $6,998 and $2,130, respectively, at fair value)
26,689 486,328 
Loans receivable, mortgage warehouse, at fair value3,913,593 2,245,758 
Loans receivable, PPP4,964,105  
Loans and leases receivable7,700,892 7,318,988 
Allowance for credit losses on loans and leases(155,561)(56,379)
Total loans and leases receivable, net of allowance for credit losses on loans and leases16,423,029 9,508,367 
FHLB, Federal Reserve Bank, and other restricted stock70,387 84,214 
Accrued interest receivable65,668 38,072 
Bank premises and equipment, net11,744 9,389 
Bank-owned life insurance277,826 272,546 
Other real estate owned131 173 
Goodwill and other intangibles14,437 15,195 
Other assets423,569 298,052 
Total assets$18,778,727 $11,520,717 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Demand, non-interest bearing$2,327,017 $1,343,391 
Interest bearing8,512,060 7,305,545 
Total deposits10,839,077 8,648,936 
Federal funds purchased680,000 538,000 
FHLB advances850,000 850,000 
Other borrowings123,935 123,630 
Subordinated debt181,324 181,115 
FRB PPP liquidity facility4,811,009  
Accrued interest payable and other liabilities241,891 126,241 
Total liabilities17,727,236 10,467,922 
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, 9,000,000 shares issued and outstanding as of
September 30, 2020 and December 31, 2019
217,471 217,471 
Common stock, par value $1.00 per share; 200,000,000 shares authorized; 32,835,743 and 32,617,410 shares issued as of September 30, 2020 and December 31, 2019; 31,555,124 and 31,336,791 shares outstanding as of September 30, 2020 and December 31, 2019
32,836 32,617 
Additional paid in capital452,965 444,218 
Retained earnings385,750 381,519 
Accumulated other comprehensive loss, net(15,751)(1,250)
Treasury stock, at cost (1,280,619 shares as of September 30, 2020 and December 31, 2019)
(21,780)(21,780)
Total shareholders’ equity1,051,491 1,052,795 
Total liabilities and shareholders’ equity$18,778,727 $11,520,717 
See accompanying notes to the unaudited consolidated financial statements.
5

Table of Contents
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,
 2020201920202019
Interest income:
Loans and leases$132,107 $118,444 $366,634 $315,126 
Investment securities6,297 5,867 17,429 18,589 
Other1,246 2,407 6,149 6,030 
Total interest income139,650 126,718 390,212 339,745 
Interest expense:
Deposits18,347 38,267 75,939 105,472 
FHLB advances5,762 7,563 15,889 20,463 
Subordinated debt2,689 1,684 8,066 5,053 
FRB PPP liquidity facility, federal funds purchased and other borrowings5,413 3,469 9,576 9,039 
Total interest expense32,211 50,983 109,470 140,027 
Net interest income107,439 75,735 280,742 199,718 
Provision for credit losses on loans and leases12,955 4,426 65,688 14,539 
Net interest income after provision for credit losses on loans and leases94,484 71,309 215,054 185,179 
Non-interest income:
Interchange and card revenue4,081 6,869 17,368 22,435 
Deposit fees3,439 3,642 10,221 9,199 
Commercial lease income4,510 3,080 13,286 8,212 
Bank-owned life insurance1,746 1,824 5,265 5,477 
Mortgage warehouse transactional fees3,320 2,150 7,854 5,145 
Gain (loss) on sale of SBA and other loans286  320  
Mortgage banking income1,013 283 1,347 701 
Loss upon acquisition of interest-only GNMA securities   (7,476)
Gain (loss) on sale of investment securities11,707 1,001 20,035 1,001 
Unrealized gain (loss) on investment securities238 1,333 60 988 
Other3,453 3,187 2,203 9,443 
Total non-interest income33,793 23,369 77,959 55,125 
Non-interest expense:
Salaries and employee benefits32,676 27,193 92,283 79,936 
Technology, communication and bank operations13,215 8,755 39,576 33,110 
Professional services7,253 8,348 19,476 18,639 
Occupancy3,632 3,661 9,689 9,628 
Commercial lease depreciation3,663 2,459