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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)

cubi-20220331_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 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 May 6, 2022, 32,981,204 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
ASCAccounting Standards Codification
AOCIAccumulated other comprehensive income (loss)
ASUAccounting Standards Update
ATMAutomated teller machine
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
CAAConsolidated Appropriations Act, 2021
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
Disbursement BusinessOne Account Student Checking and Refund Management Disbursement Services Business
EDU.S. Department of Education
EPSEarnings per share
EVEEconomic value of equity
Exchange ActSecurities Exchange Act of 1934
FDICFederal Deposit Insurance Corporation
Fed FundsFederal Reserve Board's Effective Federal Funds Rate
Federal Reserve BoardBoard of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank
FICOFair, Isaac and Company
FintechThird-Party Financial Technology
FMVFair Market Value
FPRDFinal Program Review Determination
FRBFederal Reserve Bank of Philadelphia
GDPGross domestic product
Higher OneHigher One Holdings, Inc.
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
3

PPPPaycheck Protection Program
PPPLFFRB Paycheck Protection Program Liquidity Facility
PUTPurchase Upon Termination
Rate ShocksInterest rates rising or falling immediately
ROURight-of-use
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 C Preferred StockFixed-to-floating rate non-cumulative perpetual preferred stock, series C
Series D Preferred StockFixed-to-floating rate non-cumulative perpetual preferred stock, series D
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
VOEVoting interest entity


4

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 deposits219,085 482,794 
Cash and cash equivalents274,600 518,032 
Investment securities, at fair value (includes allowance for credit losses of $728 at March 31, 2022)
4,169,853 3,817,150 
Loans held for sale (includes $2,496 and $15,747, respectively, at fair value)
3,003 16,254 
Loans receivable, mortgage warehouse, at fair value1,755,758 2,284,325 
Loans receivable, PPP2,195,902 3,250,008 
Loans and leases receivable10,118,855 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 leases13,924,668 14,414,827 
FHLB, Federal Reserve Bank, and other restricted stock54,553 64,584 
Accrued interest receivable94,669 92,239 
Bank premises and equipment, net8,233 8,890 
Bank-owned life insurance332,239 333,705 
Goodwill and other intangibles3,678 3,736 
Other assets298,212 305,611 
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 bearing11,821,132 12,318,134 
Total deposits16,415,560 16,777,924 
Federal funds purchased700,000 75,000 
FHLB advances 700,000 
Other borrowings223,230 223,086 
Subordinated debt181,742 181,673 
Accrued interest payable and other liabilities265,770 251,128 
Total liabilities17,786,302 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 capital542,402 542,391 
Retained earnings780,628 705,732 
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’ equity1,377,406 1,366,217 
Total liabilities and shareholders’ equity$19,163,708 $19,575,028 
See accompanying notes to the unaudited consolidated financial statements.
5

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS) — UNAUDITED
(amounts in thousands, except per share data)
Three Months Ended
March 31,
 20222021
Interest income:
Loans and leases$157,175 $152,117 
Investment securities20,295 7,979 
Other6,006 1,019 
Total interest income183,476 161,115 
Interest expense:
Deposits13,712 15,658 
FHLB advances 5,192 
Subordinated debt2,689 2,689 
FRB PPP liquidity facility, federal funds purchased and other borrowings2,376 4,845 
Total interest expense18,777 28,384 
Net interest income164,699 132,731 
Provision (benefit) for credit losses15,997 (2,919)
Net interest income after provision (benefit) for credit losses148,702 135,650 
Non-interest income:
Interchange and card revenue76 85 
Deposit fees940 863 
Commercial lease income5,895 5,205 
Bank-owned life insurance8,326 1,679 
Mortgage warehouse transactional fees2,015 4,247 
Gain (loss) on sale of SBA and other loans1,507 1,575 
Loan fees2,545 1,436 
Mortgage banking income481 463 
Gain (loss) on sale of investment securities(1,063)23,566 
Unrealized gain (loss) on investment securities(276)974 
Unrealized gain (loss) on derivatives964 2,537 
Loss on cash flow hedge derivative terminations (24,467)
Other(212)305 
Total non-interest income21,198 18,468 
Non-interest expense:
Salaries and employee benefits26,607 23,971 
Technology, communication and bank operations24,068 19,988 
Professional services6,956 5,877 
Occupancy3,050 2,621 
Commercial lease depreciation4,942 4,291 
FDIC assessments, non-income taxes and regulatory fees2,383 2,719 
Loan servicing2,371 437 
Advertising and promotion315 561 
Merger and acquisition related expenses 418 
Loan workout(38)(261)
Other3,153 1,305 
Total non-interest expense73,807 61,927 
Income before income tax expense96,093 92,191 
Income tax expense19,332 17,560 
Net income from continuing operations$76,761 $74,631 
(continued)
6

Three Months Ended
March 31,
20222021
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 income76,761 36,595 
Preferred stock dividends1,865 3,391 
Net income available to common shareholders$74,896 $33,204 
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 operations2.18 2.17 
Diluted earnings per common share2.18 1.01 
See accompanying notes to the unaudited consolidated financial statements.
7

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) — UNAUDITED
(amounts in thousands)
 Three Months Ended
March 31,
 20222021
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 effect20,503 (104)
Reclassification adjustments for (gains) losses included in net income1,063 (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.
8

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED
(amounts in thousands, except shares outstanding data)
Three Months Ended March 31, 2022
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, 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— — — — — 76,761 — — 76,761 
Other comprehensive income (loss)— — — — — — (57,568)— (57,568)
Preferred stock dividends (1)
— — — — — (1,865)— — (1,865)
Share-based compensation expense— — — — 3,703 — — — 3,703 
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, 20225,700,000 $137,794 32,957,847 $34,882 $542,402 $780,628 $(62,548)$(55,752)$1,377,406 
Three Months Ended March 31, 2021
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, December 31, 20209,000,000 $217,471 31,705,088 $32,986 $455,592 $438,581 $(5,764)$(21,780)$1,117,086 
Net income— — — — — 36,595 — — 36,595 
Other comprehensive income (loss)— — — — — — 11,155 — 11,155 
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 
Issuance of common stock under share-based compensation arrangements— — 533,674 533 4,632 — — — 5,165 
Balance, March 31, 20219,000,000 $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.
9

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
(amounts in thousands)
 Three Months Ended
March 31,
 20222021
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 losses15,997 (2,919)
Depreciation and amortization6,055 5,321 
Share-based compensation expense3,718 3,082 
Deferred taxes(22,810)(6,198)
Net amortization (accretion) of investment securities premiums and discounts918 (14)
Unrealized (gain) loss on investment securities276 (974)
(Gain) loss on sale of investment securities1,063 (23,566)
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)
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 sale24,813 17,122 
Amortization (accretion) of loan net deferred fees, discounts and premiums(27,907)(345)
Earnings on investment in bank-owned life insurance(8,326)