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     369  2 Kommentare Customers Bancorp Reports Results for Full Year and Fourth Quarter 2022

    Customers Bancorp, Inc. (NYSE:CUBI)

    Full Year 2022 Highlights

    • 2022 net income available to common shareholders was $218.4 million, or $6.51 per diluted share; ROAA was 1.13% and ROCE was 17.40%.
    • 2022 core earnings* were $256.4 million, or $7.63 per diluted share; Core ROAA* was 1.32% and Core ROCE* was 20.43%.
    • 2022 core earnings excluding Paycheck Protection Program* ("PPP") were $218.7 million, or $6.51 per diluted share, up 46.2% over 2021. This included a pre-tax provision release of $36.8 million, or $0.86 per diluted share, from the sale of $500.0 million of consumer installment loans in Q3 2022, and other full year 2022 core earnings (excluding PPP)* of $5.65.
    • 2022 adjusted pre-tax pre-provision net income* was $400.7 million; adjusted pre-tax pre-provision ROAA* was 1.99%; adjusted pre-tax pre-provision ROCE* was 31.16%.
    • Year-over-year loan growth was $1.2 billion, or 8.4%. Year-over-year loan growth excluding PPP* was $3.5 billion, or 30.7%, led by our low-risk variable rate corporate and specialty lending verticals.
    • Year-over-year deposit growth was $1.4 billion, up 8.2%.
    • 2022 net interest margin, tax equivalent was 3.19%. 2022 net interest margin, tax equivalent, excluding the impact of PPP loans* was 3.16%.
    • 2022 provision for credit losses on loans and leases of $59.5 million was largely driven by the impact of loan growth, net of the sale of consumer installment loans in Q3 2022, the recognition of weaker macroeconomic forecasts, and certain one-time charge-offs.
    • Non-performing assets were $30.8 million, or 0.15% of total assets, at December 31, 2022 compared to $49.8 million, or 0.25% of total assets, at December 31, 2021. Allowance for credit losses on loans and leases equaled 426% of non-performing loans at December 31, 2022, compared to 278% at December 31, 2021.
    • Book value per share and tangible book value per share* grew year over year by $1.76 or 4.7%, despite increased AOCI losses of $158.1 million over the same time period. Tangible book value per share* has grown by 77.9% over the past 5 years, significantly higher than the industry average of 2% for mid-cap banks (1).
    • Repurchased 830,145 common shares for $33.2 million in 2022, leaving 1.9 million of common shares authorized to be repurchased by September 2023.

     

     

     

    * Non-GAAP measure. Customers' reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document.

    (1) Mid-cap banks as reported by KRX Index.

    Fourth Quarter 2022 Highlights

    • Q4 2022 net income available to common shareholders was $25.6 million, or $0.77 per diluted share; ROAA was 0.55% and ROCE was 8.05%.
    • Q4 2022 core earnings* were $39.4 million, or $1.19 per diluted share; Core ROAA* was 0.81% and Core ROCE* was 12.36%.
    • Q4 2022 core earnings (excluding PPP)* were $45.3 million, or $1.37 per diluted share, up 22.9% over Q4 2021.
    • Q4 2022 adjusted pre-tax pre-provision net income* was $81.4 million; adjusted pre-tax pre-provision ROAA* was 1.56%; adjusted pre-tax pre-provision ROCE* was 24.59%.
    • Q4 2022 loan growth was $458.0 million, or 3.0%. Q4 2022 loan growth excluding PPP* was $614.5 million, or 4.3%, led by our low-risk variable rate corporate and specialty lending verticals.
    • Q4 2022 deposit growth was $634.5 million, or 3.6%.
    • Q4 2022 net interest margin, tax equivalent was 2.67%. Q4 2022 net interest margin, tax equivalent, excluding the impact of PPP loans* was 2.87%.
    • Q4 2022 provision for credit losses on loans and leases of $27.9 million was largely driven by the impact of loan growth, the recognition of weaker macroeconomic forecasts, and one-time charge-offs of $11.0 million for loans originated pursuant to the PPP program.
    • Non-performing assets were $30.8 million, or 0.15% of total assets, at December 31, 2022 compared to $28.0 million, or 0.14% of total assets, at September 30, 2022. Allowance for credit losses on loans and leases equaled 426% of non-performing loans at December 31, 2022, compared to 466% at September 30, 2022.
    • Q4 2022 book value per share and tangible book value per share* grew by $0.62 or 1.6%, despite increased AOCI losses of $7.0 million over the same time period.
    • Repurchased 166,000 common shares for $5.3 million in Q4 2022.

    CEO Commentary

    “We delivered another solid quarter and are extremely pleased with our 2022 results despite the challenging interest rate and economic environment,” said Customers Bancorp Chairman and CEO, Jay Sidhu. “Our Q4 2022 GAAP earnings were negatively impacted by after-tax securities net losses of $13.5 million, or $0.41 per diluted share, which will benefit net interest margin in the short-term and has an earn back of roughly one year as well as after-tax net losses on PPP loans of $6.0 million, or $0.18 per diluted share. However, we are very pleased to report that Q4 2022 earnings from the core bank* were $1.37 per diluted share, beating internal targets and estimates, and bringing full year 2022 core earnings (excluding PPP)* per share to $6.51. Our responsible organic growth strategy is laser focused on credit quality with 90% of our growth in low credit risk verticals. We have taken prudent risk management strategic actions over the past several quarters to ensure we are well positioned from a capital, credit, liquidity and earnings perspective especially as we head into a highly uncertain 2023. We are also pleased to report that we beat the upper end of our 2022 core earnings per share, excluding PPP* target of $4.75 - $5.00 by 13%, even before considering the Q3 2022 pre-tax provision release of $36.8 million. Core loan* growth in 2022 was led by increases in low-risk variable rate specialty lending verticals of $3.0 billion. Asset quality remains exceptional and credit reserves are extremely robust at 426% of total non-performing loans. Our loan and deposit pipelines remain strong and we are very focused on improving our margins, moderating our growth, controlling our expenses, actively buying back common shares to the extent we are trading below book value, and creating exceptional value for our shareholders. We remain very optimistic about our future,” Mr. Jay Sidhu continued.

    Core earnings excluding PPP* for Q4 2022 were $45.3 million, or $1.37 per diluted share, calculated as shown below.

    (Dollars in thousands, except per share data)

    		     

    USD

     

    		 

    Per share

    GAAP net income available to shareholders

    		     

    $

    25,623

     

     

    		 

    $

    0.77

     

    Less: PPP net loss, after-tax

    		     

     

    (5,956

    )

     

    		 

     

    (0.18

    )

    GAAP net income to common shareholders, excluding PPP

    		     

     

    31,579

     

     

    		 

     

    0.95

     

    Losses on investment securities

    		     

     

    13,543

     

     

    		 

     

    0.41

     

    Derivative credit valuation adjustment

    		     

     

    202

     

     

    		 

     

    0.01

     

    Core earnings, excluding PPP

    		     

    $

    45,324

     

     

    		 

    $

    1.37

     

     

    		     

     

     

    		 

     

                   

    Financial Highlights

    (Dollars in thousands, except per share data)

     

    At or Three Months Ended

     

    Increase (Decrease)

     

    Twelve Months Ended

     

    Increase (Decrease)

     

    December 31,
    2022

     

    December 31,
    2021

     

     

    December 31,
    2022

     

    December 31,
    2021

     

    Profitability Metrics:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net income available for common shareholders

     

    $

    25,623

     

     

    $

    98,647

     

     

    $

    (73,024

    )

     

    (74.0

    ) %

     

    $

    218,402

     

     

    $

    300,134

     

     

    $

    (81,732

    )

     

    (27.2

    ) %

    Diluted earnings per share

     

    $

    0.77

     

     

    $

    2.87

     

     

    $

    (2.10

    )

     

    (73.2

    ) %

     

    $

    6.51

     

     

    $

    8.91

     

     

    $

    (2.40

    )

     

    (26.9

    ) %

    Core earnings*

     

    $

    39,368

     

     

    $

    101,213

     

     

    $

    (61,845

    )

     

    (61.1

    ) %

     

    $

    256,415

     

     

    $

    344,700

     

     

    $

    (88,285

    )

     

    (25.6

    ) %

    Core earnings per share*

     

    $

    1.19

     

     

    $

    2.95

     

     

    $

    (1.76

    )

     

    (59.7

    ) %

     

    $

    7.63

     

     

    $

    10.23

     

     

    $

    (2.60

    )

     

    (25.4

    ) %

    Core earnings, excluding PPP*

     

    $

    45,324

     

     

    $

    36,890

     

     

    $

    8,434

     

     

    22.9

    %

     

    $

    218,746

     

     

    $

    149,650

     

     

    $

    69,096

     

     

    46.2

    %

    Core earnings per share, excluding PPP*

     

    $

    1.37

     

     

    $

    1.07

     

     

    $

    0.30

     

     

    28.0

    %

     

    $

    6.51

     

     

    $

    4.44

     

     

    $

    2.07

     

     

    46.6

    %

    Return on average assets ("ROAA")

     

     

    0.55

    %

     

     

    2.08

    %

     

     

    (1.53

    )

     

     

     

     

    1.13

    %

     

     

    1.64

    %

     

     

    (0.51

    )

     

     

    Core ROAA*

     

     

    0.81

    %

     

     

    2.13

    %

     

     

    (1.32

    )

     

     

     

     

    1.32

    %

     

     

    1.86

    %

     

     

    (0.54

    )

     

     

    Core ROAA, excluding PPP*

     

     

    0.93

    %

     

     

    0.80

    %

     

     

    0.13

     

     

     

     

     

    1.14

    %

     

     

    0.84

    %

     

     

    0.30

     

     

     

    Return on average common equity ("ROCE")

     

     

    8.05

    %

     

     

    33.18

    %

     

     

    (25.13

    )

     

     

     

     

    17.40

    %

     

     

    28.75

    %

     

     

    (11.35

    )

     

     

    Core ROCE*

     

     

    12.36

    %

     

     

    34.04

    %

     

     

    (21.68

    )

     

     

     

     

    20.43

    %

     

     

    33.02

    %

     

     

    (12.59

    )

     

     

    Adjusted pre-tax pre-provision net income*

     

    $

    81,377

     

     

    $

    130,595

     

     

    $

    (49,218

    )

     

    (37.7

    ) %

     

    $

    400,712

     

     

    $

    471,046

     

     

    $

    (70,334

    )

     

    (14.9

    ) %

    Adjusted pre-tax pre-provision net income ROAA, excluding PPP*

     

     

    1.67

    %

     

     

    1.37

    %

     

     

    0.30

     

     

     

     

     

    1.81

    %

     

     

    1.44

    %

     

     

    0.37

     

     

     

    Net interest margin, tax equivalent

     

     

    2.67

    %

     

     

    4.14

    %

     

     

    (1.47

    )

     

     

     

     

    3.19

    %

     

     

    3.70

    %

     

     

    (0.51

    )

     

     

    Net interest margin, tax equivalent, excluding PPP loans*

     

     

    2.87

    %

     

     

    3.12

    %

     

     

    (0.25

    )

     

     

     

     

    3.16

    %

     

     

    3.16

    %

     

     

    —

     

     

     

    Loan yield

     

     

    5.64

    %

     

     

    5.48

    %

     

     

    0.16

     

     

     

     

     

    5.00

    %

     

     

    4.73

    %

     

     

    0.27

     

     

     

    Loan yield, excluding PPP*

     

     

    5.86

    %

     

     

    4.41

    %

     

     

    1.45

     

     

     

     

     

    5.05

    %

     

     

    4.37

    %

     

     

    0.68

     

     

     

    Cost of deposits

     

     

    2.73

    %

     

     

    0.36

    %

     

     

    2.37

     

     

     

     

     

    1.31

    %

     

     

    0.44

    %

     

     

    0.87

     

     

     

    Efficiency ratio

     

     

    49.20

    %

     

     

    38.70

    %

     

     

    10.50

     

     

     

     

     

    44.81

    %

     

     

    40.38

    %

     

     

    4.43

     

     

     

    Core efficiency ratio*

     

     

    49.12

    %

     

     

    38.14

    %

     

     

    10.98

     

     

     

     

     

    43.02

    %

     

     

    37.54

    %

     

     

    5.48

     

     

     

    Balance Sheet Trends:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total assets

     

    $

    20,896,112

     

     

    $

    19,575,028

     

     

    $

    1,321,084

     

     

    6.7

    %

     

     

     

     

     

     

     

     

    Total assets, excluding PPP*

     

    $

    19,897,959

     

     

    $

    16,325,020

     

     

    $

    3,572,939

     

     

    21.9

    %

     

     

     

     

     

     

     

     

    Total loans and leases

     

    $

    15,794,671

     

     

    $

    14,568,885

     

     

    $

    1,225,786

     

     

    8.4

    %

     

     

     

     

     

     

     

     

    Total loans and leases, excluding PPP*

     

    $

    14,796,518

     

     

    $

    11,318,877

     

     

    $

    3,477,641

     

     

    30.7

    %

     

     

     

     

     

     

     

     

    Non-interest bearing demand deposits

     

    $

    1,885,045

     

     

    $

    4,459,790

     

     

    $

    (2,574,745

    )

     

    (57.7

    ) %

     

     

     

     

     

     

     

     

    Total deposits

     

    $

    18,156,953

     

     

    $

    16,777,924

     

     

    $

    1,379,029

     

     

    8.2

    %

     

     

     

     

     

     

     

     

    Capital Metrics:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Common Equity

     

    $

    1,265,167

     

     

    $

    1,228,423

     

     

    $

    36,744

     

     

    3.0

    %

     

     

     

     

     

     

     

     

    Tangible Common Equity*

     

    $

    1,261,538

     

     

    $

    1,224,687

     

     

    $

    36,851

     

     

    3.0

    %

     

     

     

     

     

     

     

     

    Common Equity to Total Assets

     

     

    6.05

    %

     

     

    6.28

    %

     

     

    (0.23

    )

     

     

     

     

     

     

     

     

     

     

    Tangible Common Equity to Tangible Assets*

     

     

    6.04

    %

     

     

    6.26

    %

     

     

    (0.22

    )

     

     

     

     

     

     

     

     

     

     

    Tangible Common Equity to Tangible Assets, excluding PPP*

     

     

    6.34

    %

     

     

    7.50

    %

     

     

    (1.16

    )

     

     

     

     

     

     

     

     

     

     

    Book Value per common share

     

    $

    39.08

     

     

    $

    37.32

     

     

    $

    1.76

     

     

    4.7

    %

     

     

     

     

     

     

     

     

    Tangible Book Value per common share*

     

    $

    38.97

     

     

    $

    37.21

     

     

    $

    1.76

     

     

    4.7

    %

     

     

     

     

     

     

     

     

    Common equity Tier 1 capital ratio (1)

     

     

    9.5

    %

     

     

    10.0

    %

     

     

    (0.5

    )

     

     

     

     

     

     

     

     

     

     

    Total risk based capital ratio (1)

     

     

    12.0

    %

     

     

    12.9

    %

     

     

    (0.9

    )

     

     

     

     

     

     

     

     

     

     

    (1)

    		 

    Regulatory capital ratios as of December 31, 2022 are estimates.

    *

    		 

    Non-GAAP measure. Customers' reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document.

         

    Lesen Sie auch

    Paycheck Protection Program (PPP)

    We funded, either directly or indirectly, about 358,000 loans totaling $10.3 billion. Through the program, we earned close to $350 million of deferred origination fees from the SBA, which was significantly accretive to our earnings and capital levels as these loans were forgiven by the government. In Q4 2022, we recognized only $4 million of these fees in earnings as forgiveness levels were slower than expected, bringing total fees recognized to date to $322 million, and $26 million remaining to be recognized in 2023. "As we've stated previously, it is difficult to predict the timing of PPP forgiveness. We expect most of the fees to be recognized over the next two quarters; however, because we fully paid off the FRB PPP liquidity facility in third quarter 2021, these loans are currently being funded with higher cost funding, reducing their short-term profitability. This was particularly evident in Q4 2022 as higher PPP-related expenses resulted in a total negative impact to Q4 2022 earnings of $0.18 per diluted share. This included negative net interest income of $2.8 million resulting from higher funding costs, $11.0 million of one-time charge-offs increasing provision expense, and a $7.5 million gain resulting from a legal settlement with one of our third party PPP service providers. These one-time charge-offs are before the impact of any contractual indemnities or recoveries we may receive in future periods," commented Customers Bancorp CFO, Carla Leibold.

    Key Balance Sheet Trends

    Loans and Leases

    The following table presents the composition of total loans and leases as of the dates indicated:

    (Dollars in thousands)

    December 31,
    2022

     

    % of
    Total

     

    September 30,
    2022

     

    % of
    Total

     

    December 31,
    2021

     

    % of
    Total

    Commercial:

     

     

     

     

     

     

     

     

     

     

     

    Commercial & industrial:

     

     

     

     

     

     

     

     

     

     

     

    Specialty lending

    $

    5,412,887

     

    34.3

    %

     

    $

    5,103,974

     

    33.3

    %

     

    $

    2,403,991

     

    16.5

    %

    Other commercial & industrial

     

    1,135,336

     

    7.2

     

     

     

    1,064,332

     

    7.0

     

     

     

    942,679

     

    6.5

     

    Multifamily

     

    2,217,098

     

    14.0

     

     

     

    2,267,376

     

    14.8

     

     

     

    1,486,308

     

    10.2

     

    Loans to mortgage companies

     

    1,447,919

     

    9.2

     

     

     

    1,708,587

     

    11.1

     

     

     

    2,362,438

     

    16.2

     

    Commercial real estate owner occupied

     

    885,339

     

    5.6

     

     

     

    726,670

     

    4.7

     

     

     

    654,922

     

    4.5

     

    Loans receivable, PPP

     

    998,153

     

    6.3

     

     

     

    1,154,632

     

    7.5

     

     

     

    3,250,008

     

    22.3

     

    Commercial real estate non-owner occupied

     

    1,290,730

     

    8.2

     

     

     

    1,263,211

     

    8.2

     

     

     

    1,121,238

     

    7.7

     

    Construction

     

    162,009

     

    1.0

     

     

     

    136,133

     

    0.9

     

     

     

    198,981

     

    1.4

     

    Total commercial loans and leases

     

    13,549,471

     

    85.8

     

     

     

    13,424,915

     

    87.5

     

     

     

    12,420,565

     

    85.3

     

    Consumer:

     

     

     

     

     

     

     

     

     

     

     

    Residential

     

    498,781

     

    3.1

     

     

     

    466,888

     

    3.0

     

     

     

    350,984

     

    2.4

     

    Manufactured housing

     

    45,076

     

    0.3

     

     

     

    46,990

     

    0.3

     

     

     

    52,861

     

    0.3

     

    Installment:

     

     

     

     

     

     

     

     

     

     

     

    Personal

     

    1,306,376

     

    8.3

     

     

     

    1,056,432

     

    6.9

     

     

     

    1,392,862

     

    9.6

     

    Other

     

    394,967

     

    2.5

     

     

     

    341,463

     

    2.3

     

     

     

    351,613

     

    2.4

     

    Total consumer loans

     

    2,245,200

     

    14.2

     

     

     

    1,911,773

     

    12.5

     

     

     

    2,148,320

     

    14.7

     

    Total loans and leases

    $

    15,794,671

     

    100.0

    %

     

    $

    15,336,688

     

    100.0

    %

     

    $

    14,568,885

     

    100.0

    %

     

     

     

     

     

     

     

     

     

     

     

     

    Commercial and industrial ("C&I") loans and leases, including specialty lending, increased $3.2 billion, or 95.7% year-over-year, to $6.5 billion. Practically all of the increases in outstanding balances were in the low-risk variable rate secured categories of Capital Call Lines and Lender Finance (collectively referred to as Fund Finance). Multifamily loans increased $730.8 million, or 49.2%, to $2.2 billion, commercial real estate owner occupied loans increased $230.4 million, or 35.2%, to $885.3 million, commercial real estate non-owner occupied loans increased $169.5 million, or 15.1% to $1.3 billion and residential loans increased $147.8 million, or 42.1%, to $498.8 million year-over-year. These increases in loans and leases were partially offset by a decrease in total consumer installment loans of $43.1 million, or 2.5%, to $1.7 billion primarily due to the sale of $500.0 million of consumer installment loans in Q3 2022 offsetting new originations and originations and purchases of certain consumer installment loans with the intent to sell and a decrease in construction loans of $37.0 million, or 18.6%, to $162.0 million.

    Allowance for Credit Losses on Loans and Leases

    The following table presents allowance for credit losses on loans and leases (information as of the dates and periods indicated):

     

    At or Three Months Ended

     

    Increase
    (Decrease)

     

    At or Three Months Ended

     

    Increase
    (Decrease)

    (Dollars in thousands)

    December 31,
    2022

     

    September 30,
    2022

     

     

    December 31,
    2022

     

    December 31,
    2021

     

    Allowance for credit losses on loans and leases

    $

    130,924

     

     

    $

    130,197

     

     

    $

    727

     

    $

    130,924

     

     

    $

    137,804

     

     

    $

    (6,880

    )

    Provision (benefit) for credit losses on loans and leases

    $

    27,891

     

     

    $

    (7,836

    )

     

    $

    35,727

     

    $

    27,891

     

     

    $

    13,890

     

     

    $

    14,001

     

    Net charge-offs (recoveries) from loans held for investment

    $

    27,164

     

     

    $

    18,497

     

     

    $

    8,667

     

    $

    27,164

     

     

    $

    7,582

     

     

    $

    19,582

     

    Annualized net charge-offs (recoveries) to average loans and leases

     

    0.70

    %

     

     

    0.47

    %

     

     

     

     

    0.70

    %

     

     

    0.21

    %

     

     

    Coverage of credit loss reserves for loans and leases held for investment

     

    0.93

    %

     

     

    0.95

    %

     

     

     

     

    0.93

    %

     

     

    1.12

    %

     

     

    Coverage of credit loss reserves for loans and leases held for investment, excluding PPP*

     

    1.00

    %

     

     

    1.03

    %

     

     

     

     

    1.00

    %

     

     

    1.53

    %

     

     

    *  

    Non-GAAP measure. Customers' reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document.

         

    The increase in net charge-offs in Q4 2022 compared to Q3 2022 was primarily due to one-time charge-offs of $11.0 million for certain loans originated under the PPP program that were subsequently determined to be ineligible for SBA forgiveness and guarantee and were deemed uncollectible.

    Provision (Benefit) for Credit Losses

     

    		 

     

    Three Months Ended

     

    Increase
    (Decrease)

     

    Three Months Ended

     

    Increase
    (Decrease)

    (Dollars in thousands)

    		 

     

    December 31,
    2022

     

    September 30,
    2022

     

     

    December 31,
    2022

     

    December 31,
    2021

     

    Provision (benefit) for credit losses on loans and leases

    		 

     

    $

    27,891

     

    $

    (7,836

    )

     

    $

    35,727

     

     

    $

    27,891

     

    $

    13,890

     

    $

    14,001

     

    Provision (benefit) for credit losses on available for sale debt securities

    		 

     

     

    325

     

     

    (158

    )

     

     

    483

     

     

     

    325

     

     

    —

     

     

    325

     

    Provision (benefit) for credit losses

    		 

     

     

    28,216

     

     

    (7,994

    )

     

     

    36,210

     

     

     

    28,216

     

     

    13,890

     

     

    14,326

     

    Provision (benefit) for credit losses on unfunded commitments

    		 

     

     

    153

     

     

    254

     

     

     

    (101

    )

     

     

    153

     

     

    352

     

     

    (199

    )

    Total provision (benefit) for credit losses

    		 

     

    $

    28,369

     

    $

    (7,740

    )

     

    $

    36,109

     

     

    $

    28,369

     

    $

    14,242

     

    $

    14,127

     

     

    		 

     

     

     

     

     

     

     

     

     

     

     

     

    The provision for credit losses on loans and leases in Q4 2022 was $27.9 million, compared to a benefit to provision of $7.8 million in Q3 2022. The provision in Q4 2022 was primarily due to loan growth, one-time charge-offs of $11.0 million for certain loans originated under the PPP program that were subsequently determined to be ineligible for SBA forgiveness and guarantee and ultimately deemed uncollectible and our recognition of weaker macroeconomic forecasts, as compared to a benefit to provision in Q3 2022 primarily from the sale of $500.0 million of consumer installment loans in connection with the Company's balance sheet optimization initiatives. The sale transaction resulted in approximately $36.8 million of release in allowance for credit losses in Q3 2022, which was included in core earnings* and contributed approximately $0.86 per diluted share. The provision for credit losses on available for sale investment securities in Q4 2022 was $0.3 million compared to a benefit to provision of $0.2 million in Q3 2022.

    The provision for credit losses on loans and leases in Q4 2022 was $27.9 million, compared to a provision of $13.9 million in Q4 2021. The provision in Q4 2022 was primarily due to loan growth, one-time charge-offs of $11.0 million for certain loans originated under the PPP program that were subsequently determined to be ineligible for SBA forgiveness and guarantee and ultimately deemed uncollectible and our recognition of weaker macroeconomic forecasts. The provision for credit losses on available for sale investment securities in Q4 2022 was $0.3 million compared to no provision in Q4 2021.

    Asset Quality

    The following table presents asset quality metrics as of the dates indicated:

    (Dollars in thousands)

    		   

    December 31,
    2022

     

    September 30,
    2022

     

    Increase
    (Decrease)

     

    December 31,
    2022

     

    December 31,
    2021

     

    Increase
    (Decrease)

    Non-performing assets ("NPAs"):

    		   

     

     

     

     

     

     

     

     

     

     

     

    Nonaccrual / non-performing loans ("NPLs")

    		   

    $

    30,737

     

     

    $

    27,919

     

     

    $

    2,818

     

     

    $

    30,737

     

     

    $

    49,620

     

     

    $

    (18,883

    )

    Non-performing assets

    		   

    $

    30,783

     

     

    $

    27,965

     

     

    $

    2,818

     

     

    $

    30,783

     

     

    $

    49,760

     

     

    $

    (18,977

    )

    NPLs to total loans and leases

    		   

     

    0.19

    %

     

     

    0.18

    %

     

     

     

     

    0.19

    %

     

     

    0.34

    %

     

     

    Reserves to NPLs

    		   

     

    425.95

    %

     

     

    466.34

    %

     

     

     

     

    425.95

    %

     

     

    277.72

    %

     

     

    NPAs to total assets

    		   

     

    0.15

    %

     

     

    0.14

    %

     

     

     

     

    0.15

    %

     

     

    0.25

    %

     

     

     

    		   

     

     

     

     

     

     

     

     

     

     

     

    Loans and leases risk ratings:

    		   

     

     

     

     

     

     

     

     

     

     

     

    Commercial loans and leases (1)

    		   

     

     

     

     

     

     

     

     

     

     

     

    Pass

    		   

    $

    10,793,980

     

     

    $

    10,262,647

     

     

    $

    531,333

     

     

    $

    10,793,980

     

     

    $

    6,389,228

     

     

    $

    4,404,752

     

    Special Mention

    		   

     

    138,829

     

     

     

    104,560

     

     

     

    34,269

     

     

     

    138,829

     

     

     

    230,065

     

     

     

    (91,236

    )

    Substandard

    		   

     

    291,118

     

     

     

    329,878

     

     

     

    (38,760

    )

     

     

    291,118

     

     

     

    266,939

     

     

     

    24,179

     

    Total commercial loans and leases

    		   

     

    11,223,927

     

     

     

    10,697,085

     

     

     

    526,842

     

     

     

    11,223,927

     

     

     

    6,886,232

     

     

     

    4,337,695

     

    Consumer loans

    		   

     

     

     

     

     

     

     

     

     

     

     

    Performing

    		   

     

    1,899,376

     

     

     

    1,893,977

     

     

     

    5,399

     

     

     

    1,899,376

     

     

     

    2,114,950

     

     

     

    (215,574

    )

    Non-performing

    		   

     

    21,591

     

     

     

    16,680

     

     

     

    4,911

     

     

     

    21,591

     

     

     

    17,116

     

     

     

    4,475

     

    Total consumer loans

    		   

     

    1,920,967

     

     

     

    1,910,657

     

     

     

    10,310

     

     

     

    1,920,967

     

     

     

    2,132,066

     

     

     

    (211,099

    )

    Loans and leases receivable

    		   

    $

    13,144,894

     

     

    $

    12,607,742

     

     

    $

    537,152

     

     

    $

    13,144,894

     

     

    $

    9,018,298

     

     

    $

    4,126,596

     

    (1) Excludes loan receivable, PPP, as eligible PPP loans are fully guaranteed by the Small Business Administration.

    Over the last decade, we have developed a suite of commercial loan products with one particularly important common denominator: relatively low credit risk assumption. The Bank’s C&I, loans to mortgage companies, corporate and specialty lending lines of business, and multifamily loans for example, are characterized by conservative underwriting standards and low loss rates. Because of this emphasis, the Bank’s credit quality to date has been incredibly healthy despite an adverse economic environment. Maintaining strong asset quality also requires a highly active portfolio monitoring process. In addition to frequent client outreach and monitoring at the individual loan level, we employ a bottom-up data driven approach to analyze the commercial portfolio. Exposure to industry segments and CRE significantly impacted by COVID-19 initially is not substantial.

    Total consumer installment loans were approximately 8.1% of total assets at December 31, 2022, 10.8% of total loans and leases and 11.5% of core loans*, and were supported by an allowance for credit losses of $68.7 million. At December 31, 2022, our consumer installment portfolio had the following characteristics: average original FICO score of 740, average debt-to-income of 19.0% and average borrower income of $107 thousand.

    Non-performing loans at December 31, 2022 were essentially flat at 0.19% of total loans and leases, compared to 0.18% at September 30, 2022 and 0.34% at December 31, 2021.

    Deposits

    The following table presents the composition of our deposit portfolio as of the dates indicated:

    (Dollars in thousands)

    		     

    December 31,
    2022

     

    % of
    Total

     

    September 30,
    2022

     

    % of
    Total

     

    December 31,
    2021

     

    % of
    Total

    Demand, non-interest bearing

    		     

    $

    1,885,045

     

    10.4

    %

     

    $

    2,993,793

     

    17.1

    %

     

    $

    4,459,790

     

    26.6

    %

    Demand, interest bearing

    		     

     

    8,476,027

     

    46.7

     

     

     

    7,124,663

     

    40.7

     

     

     

    6,488,406

     

    38.7

     

    Total demand deposits

    		     

     

    10,361,072

     

    57.1

     

     

     

    10,118,456

     

    57.8

     

     

     

    10,948,196

     

    65.3

     

    Savings

    		     

     

    811,798

     

    4.5

     

     

     

    592,002

     

    3.4

     

     

     

    973,317

     

    5.8

     

    Money market

    		     

     

    2,734,217

     

    15.1

     

     

     

    4,913,967

     

    28.0

     

     

     

    4,349,073

     

    25.9

     

    Time deposits

    		     

     

    4,249,866

     

    23.3

     

     

     

    1,898,013

     

    10.8

     

     

     

    507,338

     

    3.0

     

    Total deposits

    		     

    $

    18,156,953

     

    100.0

    %

     

    $

    17,522,438

     

    100.0

    %

     

    $

    16,777,924

     

    100.0

    %

    Total deposits increased $1.4 billion, or 8.2%, to $18.2 billion at December 31, 2022 as compared to a year ago. Time deposits increased $3.7 billion, or 737.7%, to $4.2 billion. This increase was offset partially by decreases in money market deposits of $1.6 billion, or 37.1%, to $2.7 billion, total demand deposits of $587.1 million, or 5.4%, to $10.4 billion and savings deposits of $161.5 million, or 16.6%, to $811.8 million. The total cost of deposits increased by 237 basis points to 2.73% in Q4 2022 from 0.36% in the prior year primarily due to higher market interest rates and a shift in deposit mix.

    Capital

    The following table presents certain capital amounts and ratios as of the dates indicated:

    (Dollars in thousands except per share data)

    		 

    December 31,
    2022

     

    September 30,
    2022

     

    December 31,
    2021

    Customers Bancorp, Inc.

    		 

     

     

     

     

     

    Common Equity

    		 

    $

    1,265,167

     

     

    $

    1,249,137

     

     

    $

    1,228,423

     

    Tangible Common Equity*

    		 

    $

    1,261,538

     

     

    $

    1,245,508

     

     

    $

    1,224,687

     

    Common Equity to Total Assets

    		 

     

    6.05

    %

     

     

    6.13

    %

     

     

    6.28

    %

    Tangible Common Equity to Tangible Assets*

    		 

     

    6.04

    %

     

     

    6.12

    %

     

     

    6.26

    %

    Tangible Common Equity to Tangible Assets, excluding PPP*

    		 

     

    6.34

    %

     

     

    6.48

    %

     

     

    7.50

    %

    Book Value per common share

    		 

    $

    39.08

     

     

    $

    38.46

     

     

    $

    37.32

     

    Tangible Book Value per common share*

    		 

    $

    38.97

     

     

    $

    38.35

     

     

    $

    37.21

     

    Common equity Tier 1 capital ratio (1)

    		 

     

    9.5

    %

     

     

    9.8

    %

     

     

    10.0

    %

    Total risk based capital ratio (1)

    		 

     

    12.0

    %

     

     

    12.5

    %

     

     

    12.9

    %

    (1)

    		 

    Regulatory capital ratios as of December 31, 2022 are estimates.

    *

    		 

    Non-GAAP measure. Customers' reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document.

    Customers Bancorp's common equity increased $36.7 million to $1.3 billion, and tangible common equity* increased $36.9 million to $1.3 billion at December 31, 2022 compared to a year ago, respectively, as earnings of $218.4 million more than offset a negative impact to accumulated other comprehensive income ("AOCI") from increased unrealized losses on investment securities of $158.1 million (net of taxes). Similarly, book value per common share increased to $39.08 from $37.32, and tangible book value per common share* increased to $38.97 at December 31, 2022 from $37.21 at December 31, 2021, respectively. Customers remains well capitalized by all regulatory measures.

    At the Customers Bancorp level, the total risk based capital ratio (estimate), common equity to total assets ratio and tangible common equity to tangible assets ratio ("TCE ratio"), excluding PPP loans*, were 12.0%, 6.05% and 6.34%, respectively, at December 31, 2022.

    At the Customers Bank level, capital levels remained strong and well above regulatory minimums. At December 31, 2022, estimated Tier 1 capital and total risk-based capital were 11.1% and 12.2%, respectively.

    Key Profitability Trends

    Net Interest Income

    Net interest income totaled $135.1 million in Q4 2022, a decrease of $23.9 million from Q3 2022, primarily due to lower PPP net interest income of $12.4 million resulting from reduced recognition of deferred fees of $7.0 million driven by lower loan forgiveness in Q4 2022 and increased funding costs of $5.0 million, reflecting increases in funding rates. Net interest income earned by the core bank* decreased $11.5 million over Q3 2022, reflecting the $500.0 million consumer loan sale in Q3 2022, higher funding costs, and shift in funding mix. The increase in interest income on investment securities and core loans* of $12.4 million and $25.7 million, respectively, mostly due to higher interest rates on variable loans in specialty lending, were offset by higher expenses paid on deposits, fed funds, FHLB advances and other borrowings of $57.6 million from a shift in deposit mix and higher interest rates during Q4 2022. Excluding PPP loans, average interest-earning assets increased $0.5 billion. Interest-earning asset growth was primarily driven by increases in C&I loans and leases, mostly in specialty lending, investment securities and interest earning deposits, partially offset by decreases in commercial loans to mortgage companies and consumer installment loans. Compared to Q3 2022, total loan yields increased 56 basis points to 5.64% primarily due to higher interest rates on variable rate loans in specialty lending. Excluding PPP loans, the Q4 2022 total loan yield* was 71 basis points higher than Q3 2022 reflecting increased interest rates and the variable rate nature of the loan portfolio.

    Net interest income totaled $135.1 million in Q4 2022, a decrease of $58.6 million from Q4 2021, primarily due to lower PPP interest income of $74.8 million resulting from reduced recognition of deferred fees of $68.0 million driven by lower loan forgiveness in Q4 2022. This decrease was offset in part by increased net interest income earned by the core bank of $22.9 million, up 20% over Q4 2021, including increased interest income on investment securities and core loans* of $27.8 million and $95.6 million, respectively, mostly due to higher average balances and interest rates on variable loans in specialty lending. In addition, higher expenses paid on deposits, fed funds, FHLB advances and other borrowings of $114.2 million resulted mainly from a shift in deposit mix and higher interest rates during Q4 2022. Excluding PPP loans, average interest-earning assets increased $4.5 billion. Interest-earning asset growth was primarily driven by increases in C&I loans and leases, mostly in specialty lending, investment securities, multifamily loans and residential mortgages, offset in part by decreases in commercial loans to mortgage companies and interest earning deposits. Compared to Q4 2021, total loan yields increased 16 basis points to 5.64% primarily due to higher interest rates on variable rate loans in specialty lending, partially offset by lower PPP yields driven by lower deferred fee recognition. Excluding PPP loans, the Q4 2022 total loan yield* was 145 basis points higher than Q4 2021 reflecting increased interest rates and the variable rate nature of the loan portfolio.

    Non-Interest Income

    The following table presents details of non-interest income for the periods indicated:

     

    		   

    Three Months Ended

     

    Increase
    (Decrease)

     

    Three Months Ended

     

    Increase
    (Decrease)

    (Dollars in thousands)

    		   

    December 31,
    2022

     

    September 30,
    2022

     

     

    December 31,
    2022

     

    December 31,
    2021

     

    Interchange and card revenue

    		   

    $

    71

     

     

    $

    72

     

     

    $

    (1

    )

     

    $

    71

     

     

    $

    84

     

     

    $

    (13

    )

    Deposit fees

    		   

     

    958

     

     

     

    989

     

     

     

    (31

    )

     

     

    958

     

     

     

    1,026

     

     

     

    (68

    )

    Commercial lease income

    		   

     

    8,135

     

     

     

    7,097

     

     

     

    1,038

     

     

     

    8,135

     

     

     

    5,378

     

     

     

    2,757

     

    Bank-owned life insurance

    		   

     

    1,975

     

     

     

    3,449

     

     

     

    (1,474

    )

     

     

    1,975

     

     

     

    1,984

     

     

     

    (9

    )

    Mortgage warehouse transactional fees

    		   

     

    1,295

     

     

     

    1,545

     

     

     

    (250

    )

     

     

    1,295

     

     

     

    2,262

     

     

     

    (967

    )

    Gain (loss) on sale of SBA and other loans

    		   

     

    —

     

     

     

    106

     

     

     

    (106

    )

     

     

    —

     

     

     

    2,493

     

     

     

    (2,493

    )

    Loss on sale of consumer installment loans

    		   

     

    —

     

     

     

    (23,465

    )

     

     

    23,465

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

    Loan fees

    		   

     

    4,017

     

     

     

    3,008

     

     

     

    1,009

     

     

     

    4,017

     

     

     

    2,513

     

     

     

    1,504

     

    Mortgage banking income

    		   

     

    90

     

     

     

    125

     

     

     

    (35

    )

     

     

    90

     

     

     

    262

     

     

     

    (172

    )

    Gain (loss) on sale of investment securities

    		   

     

    (16,937

    )

     

     

    (2,135

    )

     

     

    (14,802

    )

     

     

    (16,937

    )

     

     

    (49

    )

     

     

    (16,888

    )

    Unrealized gain (loss) on investment securities

    		   

     

    28

     

     

     

    (259

    )

     

     

    287

     

     

     

    28

     

     

     

    —

     

     

     

    28

     

    Unrealized gain (loss) on derivatives

    		   

     

    43

     

     

     

    563

     

     

     

    (520

    )

     

     

    43

     

     

     

    586

     

     

     

    (543

    )

    Legal settlement gain

    		   

     

    7,519

     

     

     

    —

     

     

     

    7,519

     

     

     

    7,519

     

     

     

    —

     

     

     

    7,519

     

    Other

    		   

     

    151

     

     

     

    (112

    )

     

     

    263

     

     

     

    151

     

     

     

    452

     

     

     

    (301

    )

    Total non-interest income

    		   

    $

    7,345

     

     

    $

    (9,017

    )

     

    $

    16,362

     

     

    $

    7,345

     

     

    $

    16,991

     

     

    $

    (9,646

    )

     

    		   

     

     

     

     

     

     

     

     

     

     

     

    Non-interest income totaled $7.3 million for Q4 2022, an increase of $16.4 million compared to Q3 2022. The increase was primarily due to $23.5 million of loss realized from the sale of $500 million of consumer installment loans as part of our balance sheet optimization initiatives in Q3 2022, which included the write-off of deferred origination costs and other transaction-related expenses, a $7.5 million gain from a court-approved settlement with a third party PPP service provider in Q4 2022 and higher commercial lease income and loan fees from continued growth. These increases were partially offset by higher losses realized from the sale of investment securities of $14.8 million to rebalance the investment portfolio with higher interest-earning securities and lower bank-owned life insurance income primarily due to death benefits received in Q3 2022.

    Non-interest income totaled $7.3 million for Q4 2022, a decrease of $9.6 million compared to Q4 2021. The decrease was primarily due to lower gains realized from the sales of SBA and other loans, higher losses realized from the sale of investment securities of $16.9 million to rebalance the investment portfolio with higher interest-earning securities and lower mortgage warehouse transactional fees in Q4 2022 compared to Q4 2021 from lower housing activity due to rising interest rates, offset partially by $7.5 million of the gain from a court-approved settlement with a third party PPP service provider in Q4 2022 and higher commercial lease income and loan fees from continued growth.

    Non-Interest Expense

    The following table presents details of non-interest expense for the periods indicated:

     

    Three Months Ended

     

    Increase
    (Decrease)

     

    Three Months Ended

     

    Increase
    (Decrease)

    (Dollars in thousands)

    December 31,
    2022

     

    September 30,
    2022

     

     

    December 31,
    2022

     

    December 31,
    2021

     

    Salaries and employee benefits

    $

    29,194

     

    $

    31,230

     

    $

    (2,036

    )

     

    $

    29,194

     

    $

    29,940

     

    $

    (746

    )

    Technology, communication and bank operations

     

    18,604

     

     

    19,588

     

     

    (984

    )

     

     

    18,604

     

     

    22,657

     

     

    (4,053

    )

    Professional services

     

    6,825

     

     

    6,269

     

     

    556

     

     

     

    6,825

     

     

    7,058

     

     

    (233

    )

    Occupancy

     

    3,672

     

     

    2,605

     

     

    1,067

     

     

     

    3,672

     

     

    4,336

     

     

    (664

    )

    Commercial lease depreciation

     

    6,518

     

     

    5,966

     

     

    552

     

     

     

    6,518

     

     

    4,625

     

     

    1,893

     

    FDIC assessments, non-income taxes and regulatory fees

     

    2,339

     

     

    2,528

     

     

    (189

    )

     

     

    2,339

     

     

    2,427

     

     

    (88

    )

    Loan servicing

     

    4,460

     

     

    3,851

     

     

    609

     

     

     

    4,460

     

     

    4,361

     

     

    99

     

    Loan workout

     

    714

     

     

    217

     

     

    497

     

     

     

    714

     

     

    226

     

     

    488

     

    Advertising and promotion

     

    1,111

     

     

    762

     

     

    349

     

     

     

    1,111

     

     

    344

     

     

    767

     

    Other

     

    4,982

     

     

    3,182

     

     

    1,800

     

     

     

    4,982

     

     

    5,574

     

     

    (592

    )

    Total non-interest expense

    $

    78,419

     

    $

    76,198

     

    $

    2,221

     

     

    $

    78,419

     

    $

    81,548

     

    $

    (3,129

    )

     

     

     

     

     

     

     

     

     

     

     

     

    The management of non-interest expenses remains a priority for us. However, this will not be at the expense of not making adequate investments with new technologies to support efficient and responsible growth.

    Non-interest expenses totaled $78.4 million in Q4 2022, $2.2 million higher than Q3 2022. The increase was primarily attributable to increases of $1.1 million in occupancy mostly due to increased lease related expenses, $0.6 million in loan servicing for consumer installment loans, $0.6 million in professional fees primarily for legal fees associated with a settlement with a third party SBA service provider, $0.6 million in commercial lease depreciation from continued growth in our equipment finance business, $0.5 million in loan workout related legal fees mostly related to a commercial mortgage warehouse borrower that filed for bankruptcy and $1.8 million in other non-interest expenses primarily associated with our team members' return to office and increases in business development related expenses and charitable contributions. These increases were offset partially by decreases in salaries and employee benefits of $2.0 million primarily due to lower headcount and incentives, $1.4 million in one-time severance expenses recorded in Q3 2022 and $1.0 million in technology, processing and deposit servicing-related expenses mostly due to lower deposit servicing fees paid to BM Technologies offset by higher software licenses and fees paid for software as a service.

    Non-interest expenses totaled $78.4 million in Q4 2022, a decrease of $3.1 million compared to Q4 2021. The decrease was primarily attributable to decreases of $4.1 million in technology, processing and deposit servicing-related expenses mostly due to lower deposit servicing and interchange maintenance fees paid to BM Technologies, $0.7 million in salaries and employee benefits primarily due to lower incentives and $0.7 million in occupancy primarily due to expenses associated with the relocation of the Bank headquarters recorded in Q4 2021. These decreases were offset in part by increases of $1.9 million in commercial lease depreciation from continued growth and $0.8 million in advertising and promotion due to higher spending on media for our deposit products.

    Taxes

    Income tax expense from continuing operations decreased by $10.8 million to $7.1 million in Q4 2022 from $17.9 million in Q3 2022 primarily due to lower pre-tax income and increased investment tax credits.

    Income tax expense from continuing operations decreased by $5.9 million to $7.1 million in Q4 2022 from $13.0 million in Q4 2021 primarily due to lower pre-tax income, partially offset by reduced investment tax credits.

    The effective tax rate from continuing operations for Q4 2022 was 19.9% and 21.7% for the twelve months ended December 31, 2022. Customers expects the full-year 2023 effective tax rate from continuing operations to be approximately 22% to 24%.

    Outlook

    “Looking ahead, we expect to moderate growth as we optimize the balance sheet, further build out our deposit franchise, maximize our efficiency ratio with prudent expense management, and actively buy back common shares to the extent we remain trading below book value. We expect 2023 core loan growth to be in the low-to-mid single digits with tighter margins in the first half of 2023 and wider margins in the second half of 2023. Deposits are expected to remain relatively flat with a focus on reducing high cost deposits. Full year 2023 net interest margin is expected to be between 2.85% - 3.05%. 2023 Core EPS (excluding PPP) is expected to be between $6.00 - $6.25 with a return on common equity of over 15%. Core non interest expense (excluding BM Technologies expense) is expected to increase between 8% - 10% in 2023 and we are targeting a CET 1 ratio of approximately 9.5%. We are focused on improving the quality of our balance sheet and deposit franchise, improving our net interest margin, and achieving a book value in excess of $45 by year-end 2023. Customers Bancorp stock at the close of business on January 20, 2023 was trading at $31.12, only 0.8 times tangible book value* at December 31, 2022,” concluded Mr. Sam Sidhu.

     

     

     

     

     

    * Non-GAAP measure. Customers' reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document.

    Webcast

    Date:      

    Thursday, January 26, 2023

    Time:

    		     

    9:00 AM EDT

    The live audio webcast, presentation slides, and earnings press release will be made available at https://www.customersbank.com/investor-relations/ and at the Customers Bancorp 4th Quarter Earnings Webcast.

    You may submit questions in advance of the live webcast by emailing our Communications Director, David Patti at dpatti@customersbank.com; questions may also be asked during the webcast through the webcast application.

    The webcast will be archived for viewing on the Customers Bank Investor Relations page and available beginning approximately two hours after the conclusion of the live event.

    Institutional Background

    Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation’s top-performing banking companies with over $20 billion in assets, making it one of the 100 largest bank holding companies in the US. Through its primary subsidiary, Customers Bank, commercial and consumer clients benefit from a full suite of technology-enabled tailored product experience delivered by best-in-class customer service. A pioneer in Banking-as-a-Service and digital banking products, Customers Bank is one of the very few banks that provides a blockchain-based 24/7/365 digital payment solution. In addition to traditional lines such as C&I lending, commercial real estate lending, and multifamily lending, Customers Bank also provides a number of national corporate banking services for Fund Finance, Equipment Finance, Financial Institutions, Technology and Venture, and Healthcare clients. Major accolades include:

    • #3 top-performing bank with over $10 billion in assets at year-end 2021 per S&P Global S&P Global Market Intelligence,
    • #6 in top-performing banks with assets between $10 billion and $50 billion in 2021 per American Banker, and
    • #21 out of the 100 largest publicly traded banks in 2022 per Forbes.

    A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender. Learn more: www.customersbank.com.

    “Safe Harbor” Statement

    In addition to historical information, this press release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to Customers Bancorp, Inc.’s strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by, or that include the words “may,” “could,” “should,” “pro forma,” “looking forward,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “project,” or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Customers Bancorp, Inc.’s control). Numerous competitive, economic, regulatory, legal and technological events and factors, among others, could cause Customers Bancorp, Inc.’s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements, including: the impact of the ongoing pandemic on the U.S. economy and customer behavior, the impact that changes in the economy have on the performance of our loan and lease portfolio, the market value of our investment securities, the continued success and acceptance of our blockchain payments system, the demand for our products and services and the availability of sources of funding, the effects of actions by the federal government, including the Board of Governors of the Federal Reserve System and other government agencies, that affect market interest rates and the money supply, actions that we and our customers take in response to these developments and the effects such actions have on our operations, products, services and customer relationships, higher inflation and its impacts, and the effects of any changes in accounting standards or policies. Customers Bancorp, Inc. cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review Customers Bancorp, Inc.’s filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K for the year ended December 31, 2021, subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K, including any amendments thereto, that update or provide information in addition to the information included in the Form 10-K and Form 10-Q filings, if any. Customers Bancorp, Inc. does not undertake to update any forward-looking statement whether written or oral, that may be made from time to time by Customers Bancorp, Inc. or by or on behalf of Customers Bank, except as may be required under applicable law.

    Q4 2022 Overview

    The following table presents a summary of key earnings and performance metrics for the quarter ended December 31, 2022 and the preceding four quarters, and full year 2022 and 2021:

    CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

     

    EARNINGS SUMMARY - UNAUDITED

     

     

     

    (Dollars in thousands, except per share data and stock price data)

    		 

    Q4

     

    Q3

     

    Q2

     

    Q1

     

    Q4

     

    Twelve Months Ended
    December 31,

     

     

     

    2022

     

     

     

    2022

     

     

     

    2022

     

     

     

    2021

     

     

     

    2021

     

     

     

    2022

     

     

     

    2021

     

     

     

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    GAAP Profitability Metrics:

     

    Net income available to common shareholders

    (from continuing and discontinued operations)

    		 

    $

    25,623

     

     

    $

    61,364

     

     

    $

    56,519

     

     

    $

    74,896

     

     

    $

    98,647

     

     

    $

    218,402

     

     

    $

    300,134

     

     

    Per share amounts:

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Earnings per share - basic

    		 

    $

    0.79

     

     

    $

    1.89

     

     

    $

    1.73

     

     

    $

    2.27

     

     

    $

    3.02

     

     

    $

    6.69

     

     

    $

    9.29

     

     

    Earnings per share - diluted

    		 

    $

    0.77

     

     

    $

    1.85

     

     

    $

    1.68

     

     

    $

    2.18

     

     

    $

    2.87

     

     

    $

    6.51

     

     

    $

    8.91

     

     

    Book value per common share (1)

    		 

    $

    39.08

     

     

    $

    38.46

     

     

    $

    37.46

     

     

    $

    37.61

     

     

    $

    37.32

     

     

    $

    39.08

     

     

    $

    37.32

     

     

    CUBI stock price (1)

    		 

    $

    28.34

     

     

    $

    29.48

     

     

    $

    33.90

     

     

    $

    52.14

     

     

    $

    65.37

     

     

    $

    28.34

     

     

    $

    65.37

     

     

    CUBI stock price as % of book value (1)

    		 

     

    73

    %

     

     

    77

    %

     

     

    90

    %

     

     

    139

    %

     

     

    175

    %

     

     

    73

    %

     

     

    175

    %

     

    Average shares outstanding - basic

    		 

     

    32,413,459

     

     

     

    32,455,814

     

     

     

    32,712,616

     

     

     

    32,957,033

     

     

     

    32,625,960

     

     

     

    32,632,751

     

     

     

    32,312,262

     

     

    Average shares outstanding - diluted

    		 

     

    33,075,422

     

     

     

    33,226,607

     

     

     

    33,579,013

     

     

     

    34,327,065

     

     

     

    34,320,327

     

     

     

    33,547,706

     

     

     

    33,697,547

     

     

    Shares outstanding (1)

    		 

     

    32,373,697

     

     

     

    32,475,502

     

     

     

    32,449,486

     

     

     

    32,957,847

     

     

     

    32,913,267

     

     

     

    32,373,697

     

     

     

    32,913,267

     

     

    Return on average assets ("ROAA")

    		 

     

    0.55

    %

     

     

    1.24

    %

     

     

    1.17

    %

     

     

    1.63

    %

     

     

    2.08

    %

     

     

    1.13

    %

     

     

    1.64

    %

     

    Return on average common equity ("ROCE")

    		 

     

    8.05

    %

     

     

    19.33

    %

     

     

    18.21

    %

     

     

    24.26

    %

     

     

    33.18

    %

     

     

    17.40

    %

     

     

    28.75

    %

     

    Net interest margin, tax equivalent

    		 

     

    2.67

    %

     

     

    3.16

    %

     

     

    3.39

    %

     

     

    3.60

    %

     

     

    4.14

    %

     

     

    3.19

    %

     

     

    3.70

    %

     

    Efficiency ratio

    		 

     

    49.20

    %

     

     

    50.00

    %

     

     

    42.14

    %

     

     

    39.42

    %

     

     

    38.70

    %

     

     

    44.81

    %

     

     

    40.38

    %

     

    Non-GAAP Profitability Metrics (2):

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Core earnings

    		 

    $

    39,368

     

     

    $

    82,270

     

     

    $

    59,367

     

     

    $

    75,410

     

     

    $

    101,213

     

     

    $

    256,415

     

     

    $

    344,700

     

     

    Adjusted pre-tax pre-provision net income

    		 

    $

    81,377

     

     

    $

    100,994

     

     

    $

    105,692

     

     

    $

    112,649

     

     

    $

    130,595

     

     

    $

    400,712

     

     

    $

    471,046

     

     

    Per share amounts:

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Core earnings per share - diluted

    		 

    $

    1.19

     

     

    $

    2.48

     

     

    $

    1.77

     

     

    $

    2.20

     

     

    $

    2.95

     

     

    $

    7.63

     

     

    $

    10.23

     

     

    Tangible book value per common share (1)

    		 

    $

    38.97

     

     

    $

    38.35

     

     

    $

    37.35

     

     

    $

    37.50

     

     

    $

    37.21

     

     

    $

    38.97

     

     

    $

    37.21

     

     

    CUBI stock price as % of tangible book value (1)

    		 

     

    73

    %

     

     

    77

    %

     

     

    91

    %

     

     

    139

    %

     

     

    176

    %

     

     

    73

    %

     

     

    176

    %

     

    Core ROAA

    		 

     

    0.81

    %

     

     

    1.64

    %

     

     

    1.23

    %

     

     

    1.64

    %

     

     

    2.13

    %

     

     

    1.32

    %

     

     

    1.86

    %

     

    Core ROCE

    		 

     

    12.36

    %

     

     

    25.91

    %

     

     

    19.13

    %

     

     

    24.43

    %

     

     

    34.04

    %

     

     

    20.43

    %

     

     

    33.02

    %

     

    Adjusted ROAA - pre-tax and pre-provision

    		 

     

    1.56

    %

     

     

    1.95

    %

     

     

    2.11

    %

     

     

    2.39

    %

     

     

    2.70

    %

     

     

    1.99

    %

     

     

    2.45

    %

     

    Adjusted ROCE - pre-tax and pre-provision

    		 

     

    24.59

    %

     

     

    31.01

    %

     

     

    33.37

    %

     

     

    35.89

    %

     

     

    43.25

    %

     

     

    31.16

    %

     

     

    44.00

    %

     

    Net interest margin, tax equivalent, excluding PPP

    		 

     

    2.87

    %

     

     

    3.18

    %

     

     

    3.32

    %

     

     

    3.32

    %

     

     

    3.12

    %

     

     

    3.16

    %

     

     

    3.16

    %

     

    Core efficiency ratio

    		 

     

    49.12

    %

     

     

    42.57

    %

     

     

    41.74

    %

     

     

    39.47

    %

     

     

    38.14

    %

     

     

    43.02

    %

     

     

    37.54

    %

     

    Asset Quality:

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net charge-offs

    		 

    $

    27,164

     

     

    $

    18,497

     

     

    $

    13,481

     

     

    $

    7,226

     

     

    $

    7,582

     

     

    $

    66,368

     

     

    $

    33,798

     

     

    Annualized net charge-offs to average total loans and leases

    		 

     

    0.70

    %

     

     

    0.47

    %

     

     

    0.36

    %

     

     

    0.21

    %

     

     

    0.21

    %

     

     

    0.45

    %

     

     

    0.22

    %

     

    Non-performing loans ("NPLs") to total loans and leases (1)

    		 

     

    0.19

    %

     

     

    0.18

    %

     

     

    0.18

    %

     

     

    0.31

    %

     

     

    0.34

    %

     

     

    0.19

    %

     

     

    0.34

    %

     

    Reserves to NPLs (1)

    		 

     

    425.95

    %

     

     

    466.34

    %

     

     

    557.76

    %

     

     

    333.15

    %

     

     

    277.72

    %

     

     

    425.95

    %

     

     

    277.72

    %

     

    Non-performing assets ("NPAs") to total assets

    		 

     

    0.15

    %

     

     

    0.14

    %

     

     

    0.14

    %

     

     

    0.23

    %

     

     

    0.25

    %

     

     

    0.15

    %

     

     

    0.25

    %

     

    Customers Bank Capital Ratios (3):

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Common equity Tier 1 capital to risk-weighted assets

    		 

     

    11.07

    %

     

     

    11.42

    %

     

     

    11.46

    %

     

     

    11.60

    %

     

     

    11.83

    %

     

     

    11.07

    %

     

     

    11.83

    %

     

    Tier 1 capital to risk-weighted assets

    		 

     

    11.07

    %

     

     

    11.42

    %

     

     

    11.46

    %

     

     

    11.60

    %

     

     

    11.83

    %

     

     

    11.07

    %

     

     

    11.83

    %

     

    Total capital to risk-weighted assets

    		 

     

    12.24

    %

     

     

    12.65

    %

     

     

    12.91

    %

     

     

    13.03

    %

     

     

    13.11

    %

     

     

    12.24

    %

     

     

    13.11

    %

     

    Tier 1 capital to average assets (leverage ratio)

    		 

     

    8.15

    %

     

     

    8.10

    %

     

     

    8.09

    %

     

     

    8.21

    %

     

     

    7.93

    %

     

     

    8.15

    %

     

     

    7.93

    %

     

     

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Metric is a spot balance for the last day of each quarter presented.

     

    (2) Customers' reasons for the use of these non-GAAP measures and a detailed reconciliation between the non-GAAP measures and the comparable GAAP amounts are included at the end of this document.

     

    (3) Regulatory capital ratios are estimated for Q4 2022 and actual for the remaining periods. In accordance with regulatory capital rules, Customers elected to apply the CECL capital transition provisions which delayed the effects of CECL on regulatory capital for two years until January 1, 2022, followed by a three-year transition period. The cumulative CECL capital transition impact as of December 31, 2021 which amounted to $61.6 million will be phased in at 25% per year beginning on January 1, 2022 through December 31, 2024. As of December 31, 2022, our regulatory capital ratios reflected 75%, or $46.2 million, benefit associated with the CECL transition provisions.

     

       
     

    CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

    CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED

    (Dollars in thousands, except per share data)

    		 

     

     

     

     

     

     

     

     

     

     

    Twelve Months Ended

     

    		 

    Q4

     

    Q3

     

    Q2

     

    Q1

     

    Q4

     

    December 31,

     

    		 

     

    2022

     

     

     

    2022

     

     

     

    2022

     

     

     

    2022

     

     

     

    2021

     

     

     

    2022

     

     

     

    2021

     

    Interest income:

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loans and leases

    		 

    $

    218,740

     

     

    $

    200,457

     

     

    $

    168,941

     

     

    $

    157,175

     

     

    $

    198,000

     

     

    $

    745,313

     

     

    $

    736,822

     

    Investment securities

    		 

     

    42,953

     

     

     

    30,546

     

     

     

    25,442

     

     

     

    20,295

     

     

     

    15,202

     

     

     

    119,236

     

     

     

    40,413

     

    Interest earning deposits

    		 

     

    6,754

     

     

     

    2,949

     

     

     

    919

     

     

     

    330

     

     

     

    604

     

     

     

    10,952

     

     

     

    1,585

     

    Other

    		 

     

    1,200

     

     

     

    1,964

     

     

     

    1,032

     

     

     

    5,676

     

     

     

    231

     

     

     

    9,872

     

     

     

    2,064

     

    Total interest income

    		 

     

    269,647

     

     

     

    235,916

     

     

     

    196,334

     

     

     

    183,476

     

     

     

    214,037

     

     

     

    885,373

     

     

     

    780,884

     

     

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest expense:

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

    Deposits

    		 

     

    124,366

     

     

     

    65,380

     

     

     

    22,781

     

     

     

    13,712

     

     

     

    15,415

     

     

     

    226,239

     

     

     

    62,641

     

    FHLB advances

    		 

     

    4,464

     

     

     

    4,684

     

     

     

    2,316

     

     

     

    —

     

     

     

    51

     

     

     

    11,464

     

     

     

    6,211

     

    Subordinated debt

    		 

     

    2,688

     

     

     

    2,689

     

     

     

    2,689

     

     

     

    2,689

     

     

     

    2,688

     

     

     

    10,755

     

     

     

    10,755

     

    FRB PPP liquidity facility and other borrowings

    		 

     

    2,992

     

     

     

    4,131

     

     

     

    3,696

     

     

     

    2,376

     

     

     

    2,189

     

     

     

    13,195

     

     

     

    16,203

     

    Total interest expense

    		 

     

    134,510

     

     

     

    76,884

     

     

     

    31,482

     

     

     

    18,777

     

     

     

    20,343

     

     

     

    261,653

     

     

     

    95,810

     

    Net interest income

    		 

     

    135,137

     

     

     

    159,032

     

     

     

    164,852

     

     

     

    164,699

     

     

     

    193,694

     

     

     

    623,720

     

     

     

    685,074

     

    Provision (benefit) for credit losses

    		 

     

    28,216

     

     

     

    (7,994

    )

     

     

    23,847

     

     

     

    15,997

     

     

     

    13,890

     

     

     

    60,066

     

     

     

    27,426

     

    Net interest income after provision (benefit) for credit losses

    		 

     

    106,921

     

     

     

    167,026

     

     

     

    141,005

     

     

     

    148,702

     

     

     

    179,804

     

     

     

    563,654

     

     

     

    657,648

     

     

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

    Non-interest income:

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interchange and card revenue

    		 

     

    71

     

     

     

    72

     

     

     

    24

     

     

     

    76

     

     

     

    84

     

     

     

    243

     

     

     

    336

     

    Deposit fees

    		 

     

    958

     

     

     

    989

     

     

     

    964

     

     

     

    940

     

     

     

    1,026

     

     

     

    3,851

     

     

     

    3,774

     

    Commercial lease income

    		 

     

    8,135

     

     

     

    7,097

     

     

     

    6,592

     

     

     

    5,895

     

     

     

    5,378

     

     

     

    27,719

     

     

     

    21,107

     

    Bank-owned life insurance

    		 

     

    1,975

     

     

     

    3,449

     

     

     

    1,947

     

     

     

    8,326

     

     

     

    1,984

     

     

     

    15,697

     

     

     

    8,416

     

    Mortgage warehouse transactional fees

    		 

     

    1,295

     

     

     

    1,545

     

     

     

    1,883

     

     

     

    2,015

     

     

     

    2,262

     

     

     

    6,738

     

     

     

    12,874

     

    Gain (loss) on sale of SBA and other loans

    		 

     

    —

     

     

     

    106

     

     

     

    1,542

     

     

     

    1,507

     

     

     

    2,493

     

     

     

    3,155

     

     

     

    11,327

     

    Loss on sale of consumer installment loans

    		 

     

    —

     

     

     

    (23,465

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (23,465

    )

     

     

    —

     

    Loan fees

    		 

     

    4,017

     

     

     

    3,008

     

     

     

    2,618

     

     

     

    2,545

     

     

     

    2,513

     

     

     

    12,188

     

     

     

    7,527

     

    Mortgage banking income

    		 

     

    90

     

     

     

    125

     

     

     

    173

     

     

     

    481

     

     

     

    262

     

     

     

    869

     

     

     

    1,536

     

    Gain (loss) on sale of investment securities

    		 

     

    (16,937

    )

     

     

    (2,135

    )

     

     

    (3,029

    )

     

     

    (1,063

    )

     

     

    (49

    )

     

     

    (23,164

    )

     

     

    31,392

     

    Unrealized gain (loss) on investment securities

    		 

     

    28

     

     

     

    (259

    )

     

     

    (203

    )

     

     

    (276

    )

     

     

    —

     

     

     

    (710

    )

     

     

    2,720

     

    Loss on sale of foreign subsidiaries

    		 

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (2,840

    )

    Unrealized gain (loss) on derivatives

    		 

     

    43

     

     

     

    563

     

     

     

    821

     

     

     

    964

     

     

     

    586

     

     

     

    2,391

     

     

     

    3,208

     

    Loss on cash flow hedge derivative terminations

    		 

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (24,467

    )

    Legal settlement gain

    		 

     

    7,519

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    7,519

     

     

     

    —

     

    Other

    		 

     

    151

     

     

     

    (112

    )

     

     

    (586

    )

     

     

    (212

    )

     

     

    452

     

     

     

    (759

    )

     

     

    957

     

    Total non-interest income

    		 

     

    7,345

     

     

     

    (9,017

    )

     

     

    12,746

     

     

     

    21,198

     

     

     

    16,991

     

     

     

    32,272

     

     

     

    77,867

     

     

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

    Non-interest expense:

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

    Salaries and employee benefits

    		 

     

    29,194

     

     

     

    31,230

     

     

     

    25,334

     

     

     

    26,607

     

     

     

    29,940

     

     

     

    112,365

     

     

     

    108,202

     

    Technology, communication and bank operations

    		 

     

    18,604

     

     

     

    19,588

     

     

     

    22,738

     

     

     

    24,068

     

     

     

    22,657

     

     

     

    84,998

     

     

     

    83,544

     

    Professional services

    		 

     

    6,825

     

     

     

    6,269

     

     

     

    7,415

     

     

     

    6,956

     

     

     

    7,058

     

     

     

    27,465

     

     

     

    26,688

     

    Occupancy

    		 

     

    3,672

     

     

     

    2,605

     

     

     

    4,279

     

     

     

    3,050

     

     

     

    4,336

     

     

     

    13,606

     

     

     

    12,143

     

    Commercial lease depreciation

    		 

     

    6,518

     

     

     

    5,966

     

     

     

    5,552

     

     

     

    4,942

     

     

     

    4,625

     

     

     

    22,978

     

     

     

    17,824

     

    FDIC assessments, non-income taxes and regulatory fees

    		 

     

    2,339

     

     

     

    2,528

     

     

     

    1,619

     

     

     

    2,383

     

     

     

    2,427

     

     

     

    8,869

     

     

     

    10,061

     

    Loan servicing

    		 

     

    4,460

     

     

     

    3,851

     

     

     

    4,341

     

     

     

    2,371

     

     

     

    4,361

     

     

     

    15,023

     

     

     

    10,763

     

    Merger and acquisition related expenses

    		 

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    418

     

    Loan workout

    		 

     

    714

     

     

     

    217

     

     

     

    179

     

     

     

    (38

    )

     

     

    226

     

     

     

    1,072

     

     

     

    265

     

    Advertising and promotion

    		 

     

    1,111

     

     

     

    762

     

     

     

    353

     

     

     

    315

     

     

     

    344

     

     

     

    2,541

     

     

     

    1,520

     

    Deposit relationship adjustment fees

    		 

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    6,216

     

    Other

    		 

     

    4,982

     

     

     

    3,182

     

     

     

    4,395

     

     

     

    3,153

     

     

     

    5,574

     

     

     

    15,712

     

     

     

    16,663

     

    Total non-interest expense

    		 

     

    78,419

     

     

     

    76,198

     

     

     

    76,205

     

     

     

    73,807

     

     

     

    81,548

     

     

     

    304,629

     

     

     

    294,307

     

    Income before income tax expense

    		 

     

    35,847

     

     

     

    81,811

     

     

     

    77,546

     

     

     

    96,093

     

     

     

    115,247

     

     

     

    291,297

     

     

     

    441,208

     

    Income tax expense

    		 

     

    7,136

     

     

     

    17,899

     

     

     

    18,896

     

     

     

    19,332

     

     

     

    12,993

     

     

     

    63,263

     

     

     

    86,940

     

    Net income from continuing operations

    		 

    $

    28,711

     

     

    $

    63,912

     

     

    $

    58,650

     

     

    $

    76,761

     

     

    $

    102,254

     

     

    $

    228,034

     

     

    $

    354,268

     

     

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    		 

     

     

     

     

     

     

     

     

     

     

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    		 

     

     

     

     

     

     

     

     

     

     

    Twelve Months Ended

     

    		 

    Q4

     

    Q3

     

    Q2

     

    Q1

     

    Q4

     

    December 31,

     

    		 

     

    2022

     

     

     

    2022

     

     

     

    2022

     

     

     

    2022

     

     

     

    2021

     

     

     

    2022

     

     

     

    2021

     

    Loss from discontinued operations before income taxes

    		 

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    —

     

     

    $

    (20,354

    )

    Income tax expense (benefit) from discontinued operations

    		 

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,585

     

     

     

    —

     

     

     

    19,267

     

    Net loss from discontinued operations

    		 

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1,585

    )

     

     

    —

     

     

     

    (39,621

    )

    Net income

    		 

     

    28,711

     

     

     

    63,912

     

     

     

    58,650

     

     

     

    76,761

     

     

     

    100,669

     

     

     

    228,034

     

     

     

    314,647

     

    Preferred stock dividends

    		 

     

    3,088

     

     

     

    2,548

     

     

     

    2,131

     

     

     

    1,865

     

     

     

    2,022

     

     

     

    9,632

     

     

     

    11,693

     

    Loss on redemption of preferred stock

    		 

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2,820

     

    Net income available to common shareholders

    		 

    $

    25,623

     

     

    $

    61,364

     

     

    $

    56,519

     

     

    $

    74,896

     

     

    $

    98,647

     

     

    $

    218,402

     

     

    $

    300,134

     

     

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic earnings per common share from continuing operations

    		 

    $

    0.79

     

     

    $

    1.89

     

     

    $

    1.73

     

     

    $

    2.27

     

     

    $

    3.07

     

     

    $

    6.69

     

     

    $

    10.51

     

    Basic earnings per common share

    		 

     

    0.79

     

     

     

    1.89

     

     

     

    1.73

     

     

     

    2.27

     

     

     

    3.02

     

     

     

    6.69

     

     

     

    9.29

     

    Diluted earnings per common share from continuing operations

    		 

     

    0.77

     

     

     

    1.85

     

     

     

    1.68

     

     

     

    2.18

     

     

     

    2.92

     

     

     

    6.51

     

     

     

    10.08

     

    Diluted earnings per common share

    		 

     

    0.77

     

     

     

    1.85

     

     

     

    1.68

     

     

     

    2.18

     

     

     

    2.87

     

     

     

    6.51

     

     

     

    8.91

     

                                                             
     

    CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

    CONSOLIDATED BALANCE SHEET - UNAUDITED

    (Dollars in thousands)

     

    		 

    December 31,

     

    September 30,

     

    June 30,

     

    March 31,

     

    December 31,

     

    		 

     

    2022

     

     

     

    2022

     

     

     

    2022

     

     

     

    2022

     

     

     

    2021

     

    ASSETS

    		 

     

     

     

     

     

     

     

     

     

    Cash and due from banks

    		 

    $

    58,025

     

     

    $

    41,520

     

     

    $

    66,703

     

     

    $

    55,515

     

     

    $

    35,238

     

    Interest earning deposits

    		 

     

    397,781

     

     

     

    362,945

     

     

     

    178,475

     

     

     

    219,085

     

     

     

    482,794

     

    Cash and cash equivalents

    		 

     

    455,806

     

     

     

    404,465

     

     

     

    245,178

     

     

     

    274,600

     

     

     

    518,032

     

    Investment securities, at fair value

    		 

     

    2,987,500

     

     

     

    2,943,694

     

     

     

    3,144,882

     

     

     

    4,169,853

     

     

     

    3,817,150

     

    Investment securities held to maturity

    		 

     

    840,259

     

     

     

    886,294

     

     

     

    495,039

     

     

     

    —

     

     

     

    —

     

    Loans held for sale

    		 

     

    328,312

     

     

     

    5,224

     

     

     

    6,595

     

     

     

    3,003

     

     

     

    16,254

     

    Loans receivable, mortgage warehouse, at fair value

    		 

     

    1,323,312

     

     

     

    1,569,090

     

     

     

    1,874,603

     

     

     

    1,755,758

     

     

     

    2,284,325

     

    Loans receivable, PPP

    		 

     

    998,153

     

     

     

    1,154,632

     

     

     

    1,570,160

     

     

     

    2,195,902

     

     

     

    3,250,008

     

    Loans and leases receivable

    		 

     

    13,144,894

     

     

     

    12,607,742

     

     

     

    12,212,995

     

     

     

    10,118,855

     

     

     

    9,018,298

     

    Allowance for credit losses on loans and leases

    		 

     

    (130,924

    )

     

     

    (130,197

    )

     

     

    (156,530

    )

     

     

    (145,847

    )

     

     

    (137,804

    )

    Total loans and leases receivable, net of allowance for credit losses on loans and leases

    		 

     

    15,335,435

     

     

     

    15,201,267

     

     

     

    15,501,228

     

     

     

    13,924,668

     

     

     

    14,414,827

     

    FHLB, Federal Reserve Bank, and other restricted stock

    		 

     

    74,196

     

     

     

    64,112

     

     

     

    74,626

     

     

     

    54,553

     

     

     

    64,584

     

    Accrued interest receivable

    		 

     

    123,374

     

     

     

    107,621

     

     

     

    98,727

     

     

     

    94,669

     

     

     

    92,239

     

    Bank premises and equipment, net

    		 

     

    9,025

     

     

     

    6,610

     

     

     

    6,755

     

     

     

    8,233

     

     

     

    8,890

     

    Bank-owned life insurance

    		 

     

    338,441

     

     

     

    336,130

     

     

     

    335,153

     

     

     

    332,239

     

     

     

    333,705

     

    Goodwill and other intangibles

    		 

     

    3,629

     

     

     

    3,629

     

     

     

    3,629

     

     

     

    3,678

     

     

     

    3,736

     

    Other assets

    		 

     

    400,135

     

     

     

    408,575

     

     

     

    340,184

     

     

     

    298,212

     

     

     

    305,611

     

    Total assets

    		 

    $

    20,896,112

     

     

    $

    20,367,621

     

     

    $

    20,251,996

     

     

    $

    19,163,708

     

     

    $

    19,575,028

     

     

    		 

     

     

     

     

     

     

     

     

     

    LIABILITIES AND SHAREHOLDERS' EQUITY

    		 

     

     

     

     

     

     

     

     

     

    Demand, non-interest bearing deposits

    		 

    $

    1,885,045

     

     

    $

    2,993,793

     

     

    $

    4,683,030

     

     

    $

    4,594,428

     

     

    $

    4,459,790

     

    Interest bearing deposits

    		 

     

    16,271,908

     

     

     

    14,528,645

     

     

     

    12,261,689

     

     

     

    11,821,132

     

     

     

    12,318,134

     

    Total deposits

    		 

     

    18,156,953

     

     

     

    17,522,438

     

     

     

    16,944,719

     

     

     

    16,415,560

     

     

     

    16,777,924

     

    Federal funds purchased

    		 

     

    —

     

     

     

    365,000

     

     

     

    770,000

     

     

     

    700,000

     

     

     

    75,000

     

    FHLB advances

    		 

     

    800,000

     

     

     

    500,000

     

     

     

    635,000

     

     

     

    —

     

     

     

    700,000

     

    Other borrowings

    		 

     

    123,580

     

     

     

    123,515

     

     

     

    123,450

     

     

     

    223,230

     

     

     

    223,086

     

    Subordinated debt

    		 

     

    181,952

     

     

     

    181,882

     

     

     

    181,812

     

     

     

    181,742

     

     

     

    181,673

     

    Accrued interest payable and other liabilities

    		 

     

    230,666

     

     

     

    287,855

     

     

     

    243,625

     

     

     

    265,770

     

     

     

    251,128

     

    Total liabilities

    		 

     

    19,493,151

     

     

     

    18,980,690

     

     

     

    18,898,606

     

     

     

    17,786,302

     

     

     

    18,208,811

     

     

    		 

     

     

     

     

     

     

     

     

     

    Preferred stock

    		 

     

    137,794

     

     

     

    137,794

     

     

     

    137,794

     

     

     

    137,794

     

     

     

    137,794

     

    Common stock

    		 

     

    35,012

     

     

     

    34,948

     

     

     

    34,922

     

     

     

    34,882

     

     

     

    34,722

     

    Additional paid in capital

    		 

     

    551,721

     

     

     

    549,066

     

     

     

    545,670

     

     

     

    542,402

     

     

     

    542,391

     

    Retained earnings

    		 

     

    924,134

     

     

     

    898,511

     

     

     

    837,147

     

     

     

    780,628

     

     

     

    705,732

     

    Accumulated other comprehensive income (loss), net

    		 

     

    (163,096

    )

     

     

    (156,126

    )

     

     

    (124,881

    )

     

     

    (62,548

    )

     

     

    (4,980

    )

    Treasury stock, at cost

    		 

     

    (82,604

    )

     

     

    (77,262

    )

     

     

    (77,262

    )

     

     

    (55,752

    )

     

     

    (49,442

    )

    Total shareholders' equity

    		 

     

    1,402,961

     

     

     

    1,386,931

     

     

     

    1,353,390

     

     

     

    1,377,406

     

     

     

    1,366,217

     

    Total liabilities and shareholders' equity

    		 

    $

    20,896,112

     

     

    $

    20,367,621

     

     

    $

    20,251,996

     

     

    $

    19,163,708

     

     

    $

    19,575,028

     

                                             
     

    CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

    AVERAGE BALANCE SHEET / NET INTEREST MARGIN - UNAUDITED

    (Dollars in thousands)

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    		 

    Three Months Ended

     

    		 

    December 31, 2022

     

    September 30, 2022

     

    December 31, 2021

     

    		 

    Average
    Balance

     

    Interest
    Income or
    Expense

     

    Average
    Yield or
    Cost (%)

     

    Average
    Balance

     

    Interest
    Income or
    Expense

     

    Average
    Yield or
    Cost (%)

     

    Average
    Balance

     

    Interest
    Income or
    Expense

     

    Average
    Yield or
    Cost (%)

    Assets

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest earning deposits

    		 

    $

    693,563

     

    $

    6,754

     

    3.86

    %

     

    $

    528,001

     

    $

    2,949

     

    2.22

    %

     

    $

    1,568,510

     

    $

    604

     

    0.15

    %

    Investment securities (1)

    		 

     

    4,061,555

     

     

    42,953

     

    4.23

    %

     

     

    3,770,922

     

     

    30,546

     

    3.24

    %

     

     

    2,621,844

     

     

    15,202

     

    2.32

    %

    Loans and leases:

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Commercial & industrial:

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Specialty lending loans and leases (2)

    		 

     

    5,529,567

     

     

    90,885

     

    6.52

    %

     

     

    5,064,730

     

     

    64,753

     

    5.07

    %

     

     

    2,206,910

     

     

    19,998

     

    3.60

    %

    Other commercial & industrial loans (2)

    		 

     

    1,670,000

     

     

    22,796

     

    5.42

    %

     

     

    1,585,136

     

     

    18,794

     

    4.70

    %

     

     

    1,307,276

     

     

    12,905

     

    3.92

    %

    Commercial loans to mortgage companies

    		 

     

    1,376,760

     

     

    17,701

     

    5.10

    %

     

     

    1,623,624

     

     

    17,092

     

    4.18

    %

     

     

    2,289,061

     

     

    17,425

     

    3.02

    %

    Multifamily loans

    		 

     

    2,235,885

     

     

    22,481

     

    3.99

    %

     

     

    2,206,953

     

     

    20,427

     

    3.67

    %

     

     

    1,327,732

     

     

    12,462

     

    3.72

    %

    Loans receivable, PPP

    		 

     

    1,065,919

     

     

    7,249

     

    2.70

    %

     

     

    1,349,403

     

     

    14,666

     

    4.31

    %

     

     

    3,898,607

     

     

    82,086

     

    8.35

    %

    Non-owner occupied commercial real estate loans

    		 

     

    1,430,420

     

     

    18,536

     

    5.14

    %

     

     

    1,372,244

     

     

    15,595

     

    4.51

    %

     

     

    1,334,184

     

     

    12,793

     

    3.80

    %

    Residential mortgages

    		 

     

    524,344

     

     

    5,462

     

    4.13

    %

     

     

    513,694

     

     

    5,008

     

    3.87

    %

     

     

    314,551

     

     

    2,919

     

    3.68

    %

    Installment loans

    		 

     

    1,555,108

     

     

    33,630

     

    8.58

    %

     

     

    1,938,199

     

     

    44,122

     

    9.03

    %

     

     

    1,657,049

     

     

    37,412

     

    8.96

    %

    Total loans and leases (3)

    		 

     

    15,388,003

     

     

    218,740

     

    5.64

    %

     

     

    15,653,983

     

     

    200,457

     

    5.08

    %

     

     

    14,335,370

     

     

    198,000

     

    5.48

    %

    Other interest-earning assets

    		 

     

    67,907

     

     

    1,200

     

    7.01

    %

     

     

    68,549

     

     

    1,964

     

    11.37

    %

     

     

    50,709

     

     

    231

     

    1.81

    %

    Total interest-earning assets

    		 

     

    20,211,028

     

     

    269,647

     

    5.30

    %

     

     

    20,021,455

     

     

    235,916

     

    4.68

    %

     

     

    18,576,433

     

     

    214,037

     

    4.57

    %

    Non-interest-earning assets

    		 

     

    506,334

     

     

     

     

     

     

    492,911

     

     

     

     

     

     

    637,808

     

     

     

     

    Total assets

    		 

    $

    20,717,362

     

     

     

     

     

    $

    20,514,366

     

     

     

     

     

    $

    19,214,241

     

     

     

     

    Liabilities

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Interest checking accounts

    		 

     

    8,536,962

     

     

    70,041

     

    3.26

    %

     

     

    6,669,787

     

     

    33,685

     

    2.00

    %

     

     

    5,258,982

     

     

    7,676

     

    0.58

    %

    Money market deposit accounts

    		 

     

    3,094,206

     

     

    21,220

     

    2.72

    %

     

     

    5,789,991

     

     

    24,348

     

    1.67

    %

     

     

    5,293,529

     

     

    5,683

     

    0.43

    %

    Other savings accounts

    		 

     

    669,466

     

     

    3,368

     

    2.00

    %

     

     

    625,908

     

     

    1,818

     

    1.15

    %

     

     

    1,189,899

     

     

    1,357

     

    0.45

    %

    Certificates of deposit

    		 

     

    3,259,801

     

     

    29,737

     

    3.62

    %

     

     

    1,141,970

     

     

    5,529

     

    1.92

    %

     

     

    541,528

     

     

    699

     

    0.51

    %

    Total interest-bearing deposits (4)

    		 

     

    15,560,435

     

     

    124,366

     

    3.17

    %

     

     

    14,227,656

     

     

    65,380

     

    1.82

    %

     

     

    12,283,938

     

     

    15,415

     

    0.50

    %

    Federal funds purchased

    		 

     

    151,467

     

     

    1,437

     

    3.76

    %

     

     

    513,011

     

     

    2,871

     

    2.22

    %

     

     

    815

     

     

    1

     

    0.15

    %

    Borrowings

    		 

     

    819,032

     

     

    8,707

     

    4.22

    %

     

     

    874,497

     

     

    8,633

     

    3.92

    %

     

     

    465,600

     

     

    4,927

     

    4.20

    %

    Total interest-bearing liabilities

    		 

     

    16,530,934

     

     

    134,510

     

    3.23

    %

     

     

    15,615,164

     

     

    76,884

     

    1.95

    %

     

     

    12,750,353

     

     

    20,343

     

    0.63

    %

    Non-interest-bearing deposits (4)

    		 

     

    2,514,316

     

     

     

     

     

     

    3,245,963

     

     

     

     

     

     

    4,817,835

     

     

     

     

    Total deposits and borrowings

    		 

     

    19,045,250

     

     

     

    2.80

    %

     

     

    18,861,127

     

     

     

    1.62

    %

     

     

    17,568,188

     

     

     

    0.46

    %

    Other non-interest-bearing liabilities

    		 

     

    271,129

     

     

     

     

     

     

    255,735

     

     

     

     

     

     

    328,782

     

     

     

     

    Total liabilities

    		 

     

    19,316,379

     

     

     

     

     

     

    19,116,862

     

     

     

     

     

     

    17,896,970

     

     

     

     

    Shareholders' equity

    		 

     

    1,400,983

     

     

     

     

     

     

    1,397,504

     

     

     

     

     

     

    1,317,271

     

     

     

     

    Total liabilities and shareholders' equity

    		 

    $

    20,717,362

     

     

     

     

     

    $

    20,514,366

     

     

     

     

     

    $

    19,214,241

     

     

     

     

    Net interest income

    		 

     

     

     

    135,137

     

     

     

     

     

     

    159,032

     

     

     

     

     

     

    193,694

     

     

    Tax-equivalent adjustment

    		 

     

     

     

    342

     

     

     

     

     

     

    334

     

     

     

     

     

     

    276

     

     

    Net interest earnings

    		 

     

     

    $

    135,479

     

     

     

     

     

    $

    159,366

     

     

     

     

     

    $

    193,970

     

     

    Interest spread

    		 

     

     

     

     

    2.50

    %

     

     

     

     

     

    3.06

    %

     

     

     

     

     

    4.11

    %

    Net interest margin

    		 

     

     

     

     

    2.66

    %

     

     

     

     

     

    3.16

    %

     

     

     

     

     

    4.14

    %

    Net interest margin tax equivalent

    		 

     

     

     

     

    2.67

    %

     

     

     

     

     

    3.16

    %

     

     

     

     

     

    4.14

    %

    Net interest margin tax equivalent excl. PPP (5)

    		 

     

     

     

     

    2.87

    %

     

     

     

     

     

    3.18

    %

     

     

     

     

     

    3.12

    %

     

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) For presentation in this table, average balances and the corresponding average yields for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.

    (2) Includes owner occupied commercial real estate loans.

    (3) Includes non-accrual loans, the effect of which is to reduce the yield earned on loans and leases, and deferred loan fees.

    (4) Total costs of deposits (including interest bearing and non-interest bearing) were 2.73%, 1.48% and 0.36% for the three months ended December 31, 2022, September 30, 2022 and December 31, 2021, respectively.

    (5) Non-GAAP tax-equivalent basis, using an estimated marginal tax rate of 26% for the three months ended December 31, 2022, September 30, 2022 and December 31, 2021, presented to approximate interest income as a taxable asset and excluding net interest income from PPP loans and related borrowings, along with the related PPP loan balances and PPP fees receivable from interest-earning assets. Management uses non-GAAP measures to present historical periods comparable to the current period presentation. In addition, management believes the use of these non-GAAP measures provides additional clarity when assessing Customers’ financial results. These disclosures should not be viewed as substitutes for results determined to be in accordance with U.S. GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other entities.

     
     

    CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

    AVERAGE BALANCE SHEET / NET INTEREST MARGIN - UNAUDITED (CONTINUED)

    (Dollars in thousands)

    		 

     

     

     

     

     

     

     

     

     

     

     

     

    		 

    Twelve Months Ended

     

    		 

    December 31, 2022

     

    December 31, 2021

     

    		 

    Average
    Balance

     

    Interest
    Income or
    Expense

     

    Average
    Yield or
    Cost (%)

     

    Average
    Balance

     

    Interest
    Income or
    Expense

     

    Average
    Yield or
    Cost (%)

    Assets

    		 

     

     

     

     

     

     

     

     

     

     

     

    Interest earning deposits

    		 

    $

    620,071

     

    $

    10,952

     

    1.77

    %

     

    $

    1,169,416

     

    $

    1,585

     

    0.14

    %

    Investment securities (1)

    		 

     

    3,992,934

     

     

    119,236

     

    2.99

    %

     

     

    1,753,649

     

     

    40,413

     

    2.30

    %

    Loans and leases:

    		 

     

     

     

     

     

     

     

     

     

     

     

    Commercial & industrial:

    		 

     

     

     

     

     

     

     

     

     

     

     

    Specialty lending loans and leases (2)

    		 

     

    4,357,995

     

     

    218,189

     

    5.01

    %

     

     

    1,723,516

     

     

    63,656

     

    3.69

    %

    Other commercial & industrial loans (2)

    		 

     

    1,540,435

     

     

    69,564

     

    4.52

    %

     

     

    1,344,489

     

     

    51,536

     

    3.83

    %

    Commercial loans to mortgage companies

    		 

     

    1,682,471

     

     

    64,413

     

    3.83

    %

     

     

    2,699,300

     

     

    83,350

     

    3.09

    %

    Multifamily loans

    		 

     

    1,957,672

     

     

    73,987

     

    3.78

    %

     

     

    1,501,878

     

     

    56,582

     

    3.77

    %

    Loans receivable, PPP

    		 

     

    1,724,659

     

     

    79,381

     

    4.60

    %

     

     

    5,108,192

     

     

    279,158

     

    5.46

    %

    Non-owner occupied commercial real estate loans

    		 

     

    1,356,086

     

     

    59,087

     

    4.36

    %

     

     

    1,349,563

     

     

    51,430

     

    3.81

    %

    Residential mortgages

    		 

     

    492,870

     

     

    19,048

     

    3.86

    %

     

     

    339,845

     

     

    12,405

     

    3.65

    %

    Installment loans

    		 

     

    1,798,977

     

     

    161,644

     

    8.99

    %

     

     

    1,517,165

     

     

    138,705

     

    9.14

    %

    Total loans and leases (3)

    		 

     

    14,911,165

     

     

    745,313

     

    5.00

    %

     

     

    15,583,948

     

     

    736,822

     

    4.73

    %

    Other interest-earning assets

    		 

     

    64,204

     

     

    9,872

     

    NM (6)

     

     

    59,308

     

     

    2,064

     

    3.48

    %

    Total interest-earning assets

    		 

     

    19,588,374

     

     

    885,373

     

    4.52

    %

     

     

    18,566,321

     

     

    780,884

     

    4.21

    %

    Non-interest-earning assets

    		 

     

    521,370

     

     

     

     

     

     

    633,615

     

     

     

     

    Total assets

    		 

    $

    20,109,744

     

     

     

     

     

    $

    19,199,936

     

     

     

     

    Liabilities

    		 

     

     

     

     

     

     

     

     

     

     

     

    Interest checking accounts

    		 

    $

    6,853,533

     

    $

    125,100

     

    1.83

    %

     

    $

    4,006,354

     

    $

    27,605

     

    0.69

    %

    Money market deposit accounts

    		 

     

    4,615,574

     

     

    57,765

     

    1.25

    %

     

     

    4,933,027

     

     

    22,961

     

    0.47

    %

    Other savings accounts

    		 

     

    716,838

     

     

    6,727

     

    0.94

    %

     

     

    1,358,708

     

     

    7,584

     

    0.56

    %

    Certificates of deposit

    		 

     

    1,352,787

     

     

    36,647

     

    2.71

    %

     

     

    619,859

     

     

    4,491

     

    0.72

    %

    Total interest-bearing deposits (4)

    		 

     

    13,538,732

     

     

    226,239

     

    1.67

    %

     

     

    10,917,948

     

     

    62,641

     

    0.57

    %

    Federal funds purchased

    		 

     

    349,581

     

     

    5,811

     

    1.66

    %

     

     

    22,110

     

     

    16

     

    0.07

    %

    FRB PPP liquidity facility

    		 

     

    —

     

     

    —

     

    —

    %

     

     

    2,636,925

     

     

    9,229

     

    0.35

    %

    Borrowings

    		 

     

    792,563

     

     

    29,603

     

    3.74

    %

     

     

    610,503

     

     

    23,924

     

    3.92

    %

    Total interest-bearing liabilities

    		 

     

    14,680,876

     

     

    261,653

     

    1.78

    %

     

     

    14,187,486

     

     

    95,810

     

    0.68

    %

    Non-interest-bearing deposits (4)

    		 

     

    3,780,185

     

     

     

     

     

     

    3,470,788

     

     

     

     

    Total deposits and borrowings

    		 

     

    18,461,061

     

     

     

    1.42

    %

     

     

    17,658,274

     

     

     

    0.54

    %

    Other non-interest-bearing liabilities

    		 

     

    255,911

     

     

     

     

     

     

    304,078

     

     

     

     

    Total liabilities

    		 

     

    18,716,972

     

     

     

     

     

     

    17,962,352

     

     

     

     

    Shareholders' equity

    		 

     

    1,392,772

     

     

     

     

     

     

    1,237,584

     

     

     

     

    Total liabilities and shareholders' equity

    		 

    $

    20,109,744

     

     

     

     

     

    $

    19,199,936

     

     

     

     

    Net interest income

    		 

     

     

     

    623,720

     

     

     

     

     

     

    685,074

     

     

    Tax-equivalent adjustment

    		 

     

     

     

    1,185

     

     

     

     

     

     

    1,147

     

     

    Net interest earnings

    		 

     

     

    $

    624,905

     

     

     

     

     

    $

    686,221

     

     

    Interest spread

    		 

     

     

     

     

    3.10

    %

     

     

     

     

     

    3.66

    %

    Net interest margin

    		 

     

     

     

     

    3.18

    %

     

     

     

     

     

    3.69

    %

    Net interest margin tax equivalent

    		 

     

     

     

     

    3.19

    %

     

     

     

     

     

    3.70

    %

    Net interest margin tax equivalent excl. PPP (5)

    		 

     

     

     

     

    3.16

    %

     

     

     

     

     

    3.16

    %

     

    		 

     

     

     

     

     

     

     

     

     

     

     

     

    		 

     

     

     

     

     

     

     

     

     

     

     

    (1) For presentation in this table, average balances and the corresponding average yields for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.

    (2) Includes owner occupied commercial real estate loans.

    (3) Includes non-accrual loans, the effect of which is to reduce the yield earned on loans and leases, and deferred loan fees.

    (4) Total costs of deposits (including interest bearing and non-interest bearing) were 1.31% and 0.44% for the twelve months ended December 31, 2022 and 2021, respectively.

    (5) Non-GAAP tax-equivalent basis, using an estimated marginal tax rate of 26% for the twelve months ended December 31, 2022 and 2021, presented to approximate interest income as a taxable asset and excluding net interest income from PPP loans and related borrowings, along with the related PPP loan balances and PPP fees receivable from interest-earning assets. Management uses non-GAAP measures to present historical periods comparable to the current period presentation. In addition, management believes the use of these non-GAAP measures provides additional clarity when assessing Customers’ financial results. These disclosures should not be viewed as substitutes for results determined to be in accordance with U.S. GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other entities.

    (6) Not meaningful.

     
     

    CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

    PERIOD END LOAN AND LEASE COMPOSITION - UNAUDITED

    (Dollars in thousands)

    		 

     

     

     

     

     

     

     

     

     

     

    		 

    December 31,

     

    September 30,

     

    June 30,

     

    March 31,

     

    December 31,

     

    		 

    2022

     

    2022

     

    2022

     

    2022

     

    2021

    Commercial:

    		 

     

     

     

     

     

     

     

     

     

    Commercial & industrial:

    		 

     

     

     

     

     

     

     

     

     

    Specialty lending

    		 

    $

    5,412,887

     

    $

    5,103,974

     

    $

    4,599,640

     

    $

    2,973,544

     

    $

    2,403,991

    Other commercial & industrial

    		 

     

    1,135,336

     

     

    1,064,332

     

     

    1,037,443

     

     

    947,895

     

     

    942,679

    Multifamily

    		 

     

    2,217,098

     

     

    2,267,376

     

     

    2,012,920

     

     

    1,705,027

     

     

    1,486,308

    Loans to mortgage companies

    		 

     

    1,447,919

     

     

    1,708,587

     

     

    1,975,189

     

     

    1,830,121

     

     

    2,362,438

    Commercial real estate owner occupied

    		 

     

    885,339

     

     

    726,670

     

     

    710,577

     

     

    701,893

     

     

    654,922

    Loans receivable, PPP

    		 

     

    998,153

     

     

    1,154,632

     

     

    1,570,160

     

     

    2,195,902

     

     

    3,250,008

    Commercial real estate non-owner occupied

    		 

     

    1,290,730

     

     

    1,263,211

     

     

    1,152,869

     

     

    1,140,311

     

     

    1,121,238

    Construction

    		 

     

    162,009

     

     

    136,133

     

     

    195,687

     

     

    161,024

     

     

    198,981

    Total commercial loans and leases

    		 

     

    13,549,471

     

     

    13,424,915

     

     

    13,254,485

     

     

    11,655,717

     

     

    12,420,565

    Consumer:

    		 

     

     

     

     

     

     

     

     

     

    Residential

    		 

     

    498,781

     

     

    466,888

     

     

    460,228

     

     

    469,426

     

     

    350,984

    Manufactured housing

    		 

     

    45,076

     

     

    46,990

     

     

    48,570

     

     

    50,669

     

     

    52,861

    Installment:

    		 

     

     

     

     

     

     

     

     

     

    Personal

    		 

     

    1,306,376

     

     

    1,056,432

     

     

    1,613,628

     

     

    1,584,011

     

     

    1,392,862

    Other

    		 

     

    394,967

     

     

    341,463

     

     

    287,442

     

     

    313,695

     

     

    351,613

    Total consumer loans

    		 

     

    2,245,200

     

     

    1,911,773

     

     

    2,409,868

     

     

    2,417,801

     

     

    2,148,320

    Total loans and leases

    		 

    $

    15,794,671

     

    $

    15,336,688

     

    $

    15,664,353

     

    $

    14,073,518

     

    $

    14,568,885

                                   
     

    CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

    PERIOD END DEPOSIT COMPOSITION - UNAUDITED

    (Dollars in thousands)

    		 

     

     

     

     

     

     

     

     

     

     

    		 

    December 31,

     

    September 30,

     

    June 30,

     

    March 31,

     

    December 31,

     

    		 

    2022

     

    2022

     

    2022

     

    2022

     

    2021

     

    		 

     

     

     

     

     

     

     

     

     

    Demand, non-interest bearing

    		 

    $

    1,885,045

     

    $

    2,993,793

     

    $

    4,683,030

     

    $

    4,594,428

     

    $

    4,459,790

    Demand, interest bearing

    		 

     

    8,476,027

     

     

    7,124,663

     

     

    6,644,398

     

     

    5,591,468

     

     

    6,488,406

    Total demand deposits

    		 

     

    10,361,072

     

     

    10,118,456

     

     

    11,327,428

     

     

    10,185,896

     

     

    10,948,196

    Savings

    		 

     

    811,798

     

     

    592,002

     

     

    640,062

     

     

    802,395

     

     

    973,317

    Money market

    		 

     

    2,734,217

     

     

    4,913,967

     

     

    4,254,205

     

     

    4,981,077

     

     

    4,349,073

    Time deposits

    		 

     

    4,249,866

     

     

    1,898,013

     

     

    723,024

     

     

    446,192

     

     

    507,338

    Total deposits

    		 

    $

    18,156,953

     

    $

    17,522,438

     

    $

    16,944,719

     

    $

    16,415,560

     

    $

    16,777,924

                                   
       

    CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

     

    ASSET QUALITY - UNAUDITED

     

    (Dollars in thousands)

    As of December 31, 2022

     

    As of September 30, 2022

     

    As of December 31, 2021

     

     

    Total loans

     

    Non
    accrual
    /NPLs

     

    Allowance
    for credit
    losses

     

    Total
    NPLs to
    total loans

     

    Total
    reserves to
    total NPLs

     

    Total loans

     

    Non
    accrual
    /NPLs

     

    Allowance
    for credit
    losses

     

    Total
    NPLs to
    total loans

     

    Total
    reserves to
    total NPLs

     

    Total loans

     

    Non
    accrual
    /NPLs

     

    Allowance
    for credit
    losses

     

    Total
    NPLs to
    total loans

     

    Total
    reserves to
    total NPLs

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loan type

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Commercial & industrial, including specialty lending (1)

    $

    6,672,830

     

    $

    1,761

     

    $

    17,582

     

    0.03

    %

     

    998.41

    %

     

    $

    6,307,803

     

    $

    4,078

     

    $

    15,131

     

    0.06

    %

     

    371.04

    %

     

    $

    3,424,783

     

    $

    6,096

     

    $

    12,702

     

    0.18

    %

     

    208.37

    %

     

    Multifamily

     

    2,213,019

     

     

    1,143

     

     

    14,541

     

    0.05

    %

     

    1272.18

    %

     

     

    2,263,268

     

     

    1,158

     

     

    14,244

     

    0.05

    %

     

    1230.05

    %

     

     

    1,486,308

     

     

    22,654

     

     

    4,477

     

    1.52

    %

     

    19.76

    %

     

    Commercial real estate owner occupied

     

    885,339

     

     

    2,768

     

     

    6,454

     

    0.31

    %

     

    233.16

    %

     

     

    726,670

     

     

    2,198

     

     

    6,220

     

    0.30

    %

     

    282.98

    %

     

     

    654,922

     

     

    2,475

     

     

    3,213

     

    0.38

    %

     

    129.82

    %

     

    Commercial real estate non-owner occupied

     

    1,290,730

     

     

    —

     

     

    11,219

     

    —

    %

     

    —

    %

     

     

    1,263,211

     

     

    —

     

     

    11,332

     

    —

    %

     

    —

    %

     

     

    1,121,238

     

     

    2,815

     

     

    6,210

     

    0.25

    %

     

    220.60

    %

     

    Construction

     

    162,009

     

     

    —

     

     

    1,913

     

    —

    %

     

    —

    %

     

     

    136,133

     

     

    —

     

     

    1,614

     

    —

    %

     

    —

    %

     

     

    198,981

     

     

    —

     

     

    692

     

    —

    %

     

    —

    %

     

    Total commercial loans and leases receivable

     

    11,223,927

     

     

    5,672

     

     

    51,709

     

    0.05

    %

     

    911.65

    %

     

     

    10,697,085

     

     

    7,434

     

     

    48,541

     

    0.07

    %

     

    652.96

    %

     

     

    6,886,232

     

     

    34,040

     

     

    27,294

     

    0.49

    %

     

    80.18

    %

     

    Residential

     

    497,952

     

     

    6,922

     

     

    6,094

     

    1.39

    %

     

    88.04

    %

     

     

    465,772

     

     

    6,438

     

     

    5,453

     

    1.38

    %

     

    84.70

    %

     

     

    334,730

     

     

    7,727

     

     

    2,383

     

    2.31

    %

     

    30.84

    %

     

    Manufactured housing

     

    45,076

     

     

    2,410

     

     

    4,430

     

    5.35

    %

     

    183.82

    %

     

     

    46,990

     

     

    2,584

     

     

    4,482

     

    5.50

    %

     

    173.45

    %

     

     

    52,861

     

     

    3,563

     

     

    4,278

     

    6.74

    %

     

    120.07

    %

     

    Installment

     

    1,377,939

     

     

    9,527

     

     

    68,691

     

    0.69

    %

     

    721.01

    %

     

     

    1,397,895

     

     

    6,848

     

     

    71,721

     

    0.49

    %

     

    1047.33

    %

     

     

    1,744,475

     

     

    3,783

     

     

    103,849

     

    0.22

    %

     

    2745.15

    %

     

    Total consumer loans receivable

     

    1,920,967

     

     

    18,859

     

     

    79,215

     

    0.98

    %

     

    420.04

    %

     

     

    1,910,657

     

     

    15,870

     

     

    81,656

     

    0.83

    %

     

    514.53

    %

     

     

    2,132,066

     

     

    15,073

     

     

    110,510

     

    0.71

    %

     

    733.17

    %

     

    Loans and leases receivable (1)

     

    13,144,894

     

     

    24,531

     

     

    130,924

     

    0.19

    %

     

    533.71

    %

     

     

    12,607,742

     

     

    23,304

     

     

    130,197

     

    0.18

    %

     

    558.69

    %

     

     

    9,018,298

     

     

    49,113

     

     

    137,804

     

    0.54

    %

     

    280.59

    %

     

    Loans receivable, PPP

     

    998,153

     

     

    —

     

     

    —

     

    —

    %

     

    —

    %

     

     

    1,154,632

     

     

    —

     

     

    —

     

    —

    %

     

    —

    %

     

     

    3,250,008

     

     

    —

     

     

    —

     

    —

    %

     

    —

    %

     

    Loans receivable, mortgage warehouse, at fair value

     

    1,323,312

     

     

    —

     

     

    —

     

    —

    %

     

    —

    %

     

     

    1,569,090

     

     

    —

     

     

    —

     

    —

    %

     

    —

    %

     

     

    2,284,325

     

     

    —

     

     

    —

     

    —

    %

     

    —

    %

     

    Total loans held for sale

     

    328,312

     

     

    6,206

     

     

    —

     

    1.89

    %

     

    —

    %

     

     

    5,224

     

     

    4,615

     

     

    —

     

    88.34

    %

     

    —

    %

     

     

    16,254

     

     

    507

     

     

    —

     

    3.12

    %

     

    —

    %

     

    Total portfolio

    $

    15,794,671

     

    $

    30,737

     

    $

    130,924

     

    0.19

    %

     

    425.95

    %

     

    $

    15,336,688

     

    $

    27,919

     

    $

    130,197

     

    0.18

    %

     

    466.34

    %

     

    $

    14,568,885

     

    $

    49,620

     

    $

    137,804

     

    0.34

    %

     

    277.72

    %

     

    (1) Excluding loans receivable, PPP from total loans and leases receivable is a non-GAAP measure. Management believes the use of these non-GAAP measures provides additional clarity when assessing Customers' financial results. These disclosures should not be viewed as substitutes for results determined to be in accordance with U.S. GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other entities. Please refer to the reconciliation schedules that follow this table.

     

    CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

    NET CHARGE-OFFS/(RECOVERIES) - UNAUDITED

    (Dollars in thousands)

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    		 

    Q4

     

    Q3

     

    Q2

     

    Q1

     

    Q4

     

    Twelve Months Ended
    December 31,

     

    		 

     

    2022

     

     

     

    2022

     

     

     

    2022

     

     

     

    2022

     

     

     

    2021

     

     

     

    2022

     

     

     

    2021

     

    Loan type

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

    Commercial & industrial, including specialty lending (1)

    		 

    $

    12,960

     

     

    $

    2,581

     

     

    $

    (416

    )

     

    $

    (59

    )

     

    $

    240

     

     

    $

    15,066

     

     

    $

    448

     

    Multifamily

    		 

     

    —

     

     

     

    —

     

     

     

    1,990

     

     

     

    (337

    )

     

     

    —

     

     

     

    1,653

     

     

     

    1,132

     

    Commercial real estate owner occupied

    		 

     

    (2

    )

     

     

    —

     

     

     

    (42

    )

     

     

    (7

    )

     

     

    66

     

     

     

    (51

    )

     

     

    249

     

    Commercial real estate non-owner occupied

    		 

     

    972

     

     

     

    4,831

     

     

     

    159

     

     

     

    (8

    )

     

     

    (14

    )

     

     

    5,954

     

     

     

    860

     

    Construction

    		 

     

    (10

    )

     

     

    (10

    )

     

     

    (103

    )

     

     

    (113

    )

     

     

    (3

    )

     

     

    (236

    )

     

     

    (125

    )

    Residential

    		 

     

    7

     

     

     

    (13

    )

     

     

    (39

    )

     

     

    (2

    )

     

     

    (6

    )

     

     

    (47

    )

     

     

    76

     

    Installment

    		 

     

    13,237

     

     

     

    11,108

     

     

     

    11,932

     

     

     

    7,752

     

     

     

    7,299

     

     

     

    44,029

     

     

     

    31,158

     

    Total net charge-offs (recoveries) from loans held for investment

    		 

    $

    27,164

     

     

    $

    18,497

     

     

    $

    13,481

     

     

    $

    7,226

     

     

    $

    7,582

     

     

    $

    66,368

     

     

    $

    33,798

     

     

    		 

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Includes $11.0 million of one-time charge-offs from certain loans originated under the PPP program that were subsequently determined to be ineligible for SBA forgiveness and guarantee and were deemed uncollectible during the three and twelve months ended December 31, 2022.

     

    CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

    RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED

    We believe that the non-GAAP measurements disclosed within this document are useful for investors, regulators, management and others to evaluate our core results of operations and financial condition relative to other financial institutions. These non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. These non-GAAP financial measures exclude from corresponding GAAP measures the impact of certain elements that we do not believe are representative of our ongoing financial results, which we believe enhance an overall understanding of our performance and increases comparability of our period to period results. Investors should consider our performance and financial condition as reported under GAAP and all other relevant information when assessing our performance or financial condition. The non-GAAP measures presented are not necessarily comparable to non-GAAP measures that may be presented by other financial institutions. Although non-GAAP financial measures are frequently used in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results of operations or financial condition as reported under GAAP.

    The following tables present reconciliations of GAAP to non-GAAP measures disclosed within this document.

     

    Core Earnings - Customers Bancorp

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Twelve Months Ended

    December 31,

    Q4 2022

     

    Q3 2022

     

    Q2 2022

     

    Q1 2022

     

    Q4 2021

     

    2022

     

    2021

    (Dollars in thousands except per share data)

    USD

    Per
    share

     

    USD

    Per
    share

     

    USD

    Per
    share

     

    USD

    Per
    share

     

    USD

    Per
    share

     

    USD

    Per
    share

     

    USD

    Per
    share

    GAAP net income to common shareholders

    $

    25,623

    $

    0.77

     

    $

    61,364

     

    $

    1.85

     

     

    $

    56,519

     

    $

    1.68

     

     

    $

    74,896

     

    $

    2.18

     

     

    $

    98,647

     

    $

    2.87

     

     

    $

    218,402

     

    $

    6.51

     

     

    $

    300,134

     

    $

    8.91

     

    Reconciling items (after tax):

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net loss from discontinued operations

     

    —

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    1,585

     

     

    0.05

     

     

     

    —

     

     

    —

     

     

     

    39,621

     

     

    1.18

     

    Severance expense

     

    —

     

    —

     

     

    1,058

     

     

    0.03

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    1,058

     

     

    0.03

     

     

     

    1,517

     

     

    0.05

     

    Impairments on fixed assets and leases

     

    —

     

    —

     

     

    126

     

     

    0.00

     

     

     

    705

     

     

    0.02

     

     

     

    220

     

     

    0.01

     

     

     

    1,118

     

     

    0.03

     

     

     

    1,051

     

     

    0.03

     

     

     

    1,118

     

     

    0.03

     

    Merger and acquisition related expenses

     

    —

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    320

     

     

    0.01

     

    Loss on sale of consumer installment loans

     

    —

     

    —

     

     

    18,221

     

     

    0.55

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    18,221

     

     

    0.54

     

     

     

    —

     

     

    —

     

    Legal reserves

     

    —

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    897

     

     

    0.03

     

    (Gains) losses on investment securities

     

    13,543

     

    0.41

     

     

    1,859

     

     

    0.06

     

     

     

    2,494

     

     

    0.07

     

     

     

    1,030

     

     

    0.03

     

     

     

    43

     

     

    0.00

     

     

     

    18,926

     

     

    0.56

     

     

     

    (26,015

    )

     

    (0.77

    )

    Loss on sale of foreign subsidiaries

     

    —

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    2,150

     

     

    0.06

     

    Loss on cash flow hedge derivative terminations

     

    —

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    18,716

     

     

    0.56

     

    Derivative credit valuation adjustment

     

    202

     

    0.01

     

     

    (358

    )

     

    (0.01

    )

     

     

    (351

    )

     

    (0.01

    )

     

     

    (736

    )

     

    (0.02

    )

     

     

    (180

    )

     

    (0.01

    )

     

     

    (1,243

    )

     

    (0.04

    )

     

     

    (1,285

    )

     

    (0.04

    )

    Deposit relationship adjustment fees

     

    —

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    4,707

     

     

    0.14

     

    Loss on redemption of preferred stock

     

    —

     

    —

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    2,820

     

     

    0.08

     

    Core earnings

    $

    39,368

    $

    1.19

     

    $

    82,270

     

    $

    2.48

     

     

    $

    59,367

     

    $

    1.77

     

     

    $

    75,410

     

    $

    2.20

     

     

    $

    101,213

     

    $

    2.95

     

     

    $

    256,415

     

    $

    7.63

     

     

    $

    344,700

     

    $

    10.23

     

                                                                                                 

     

     

    Core Earnings, excluding PPP - Customers Bancorp

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Twelve Months Ended
    December 31,

    Q4 2022

     

    Q3 2022

     

    Q2 2022

     

    Q1 2022

     

    Q4 2021

     

    2022

     

    2021

    (Dollars in thousands except per share data)

    USD

    Per
    share

     

    USD

    Per
    share

     

    USD

    Per
    share

     

    USD

    Per
    share

     

    USD

    Per
    share

     

    USD

    Per
    share

     

    USD

    Per
    share

    GAAP net income to common shareholders

    $

    25,623

     

    $

    0.77

     

     

    $

    61,364

     

    $

    1.85

     

     

    $

    56,519

     

    $

    1.68

     

     

    $

    74,896

     

    $

    2.18

     

     

    $

    98,647

     

    $

    2.87

     

     

    $

    218,402

     

    $

    6.51

     

     

    $

    300,134

     

    $

    8.91

     

    Less: PPP net income (loss) (after tax)

     

    (5,956

    )

     

    (0.18

    )

     

     

    5,846

     

     

    0.18

     

     

     

    13,066

     

     

    0.39

     

     

     

    24,713

     

     

    0.72

     

     

     

    64,323

     

     

    1.87

     

     

     

    37,669

     

     

    1.12

     

     

     

    195,050

     

     

    5.79

     

    Net income to common shareholders, excluding PPP

     

    31,579

     

     

    0.95

     

     

     

    55,518

     

     

    1.67

     

     

     

    43,453

     

     

    1.29

     

     

     

    50,183

     

     

    1.46

     

     

     

    34,324

     

     

    1.00

     

     

     

    180,733

     

     

    5.39

     

     

     

    105,084

     

     

    3.12

     

    Reconciling items (after tax):

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net loss from discontinued operations

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    1,585

     

     

    0.05

     

     

     

    —

     

     

    —

     

     

     

    39,621

     

     

    1.18

     

    Severance expense

     

    —

     

     

    —

     

     

     

    1,058

     

     

    0.03

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    1,058

     

     

    0.03

     

     

     

    1,517

     

     

    0.05

     

    Impairments on fixed assets and leases

     

    —

     

     

    —

     

     

     

    126

     

     

    0.00

     

     

     

    705

     

     

    0.02

     

     

     

    220

     

     

    0.01

     

     

     

    1,118

     

     

    0.03

     

     

     

    1,051

     

     

    0.03

     

     

     

    1,118

     

     

    0.03

     

    Merger and acquisition related expenses

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    320

     

     

    0.01

     

    Loss on sale of consumer installment loans

     

    —

     

     

    —

     

     

     

    18,221

     

     

    0.55

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    18,221

     

     

    0.54

     

     

     

    —

     

     

    —

     

    Legal reserves

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    897

     

     

    0.03

     

    (Gains) losses on investment securities

     

    13,543

     

     

    0.41

     

     

     

    1,859

     

     

    0.06

     

     

     

    2,494

     

     

    0.07

     

     

     

    1,030

     

     

    0.03

     

     

     

    43

     

     

    0.00

     

     

     

    18,926

     

     

    0.56

     

     

     

    (26,015

    )

     

    (0.77

    )

    Loss on sale of foreign subsidiaries

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    2,150

     

     

    0.06

     

    Loss on cash flow hedge derivative terminations

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    18,716

     

     

    0.56

     

    Derivative credit valuation adjustment

     

    202

     

     

    0.01

     

     

     

    (358

    )

     

    (0.01

    )

     

     

    (351

    )

     

    (0.01

    )

     

     

    (736

    )

     

    (0.02

    )

     

     

    (180

    )

     

    (0.01

    )

     

     

    (1,243

    )

     

    (0.04

    )

     

     

    (1,285

    )

     

    (0.04

    )

    Deposit relationship adjustment fees

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    4,707

     

     

    0.14

     

    Loss on redemption of preferred stock

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    —

     

     

    —

     

     

     

    2,820

     

     

    0.08

     

    Core earnings, excluding PPP

    $

    45,324

     

    $

    1.37

     

     

    $

    76,424

     

    $

    2.30

     

     

    $

    46,301

     

    $

    1.38

     

     

    $

    50,697

     

    $

    1.48

     

     

    $

    36,890

     

    $

    1.07

     

     

    $

    218,746

     

    $

    6.51

     

     

    $

    149,650

     

    $

    4.44

     

                                                                                                     
     

     

                           

    Core Return on Average Assets - Customers Bancorp

     

     

     

     

     

     

     

     

     

     

    Twelve Months Ended
    December 31,

    (Dollars in thousands except per share data)

    Q4 2022

     

    Q3 2022

     

    Q2 2022

     

    Q1 2022

     

    Q4 2021

     

     

    2022

     

     

     

    2021

     

    GAAP net income

    $

    28,711

     

     

    $

    63,912

     

     

    $

    58,650

     

     

    $

    76,761

     

     

    $

    100,669

     

     

    $

    228,034

     

     

    $

    314,647

     

    Reconciling items (after tax):

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net loss from discontinued operations

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,585

     

     

     

    —

     

     

     

    39,621

     

    Severance expense

     

    —

     

     

     

    1,058

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,058

     

     

     

    1,517

     

    Impairments on fixed assets and leases

     

    —

     

     

     

    126

     

     

     

    705

     

     

     

    220

     

     

     

    1,118

     

     

     

    1,051

     

     

     

    1,118

     

    Merger and acquisition related expenses

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    320

     

    Loss on sale of consumer installment loans

     

    —

     

     

     

    18,221

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    18,221

     

     

     

    —

     

    Legal reserves

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    897

     

    (Gains) losses on investment securities

     

    13,543

     

     

     

    1,859

     

     

     

    2,494

     

     

     

    1,030

     

     

     

    43

     

     

     

    18,926

     

     

     

    (26,015

    )

    Loss on sale of foreign subsidiaries

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2,150

     

    Loss on cash flow hedge derivative terminations

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    18,716

     

    Derivative credit valuation adjustment

     

    202

     

     

     

    (358

    )

     

     

    (351

    )

     

     

    (736

    )

     

     

    (180

    )

     

     

    (1,243

    )

     

     

    (1,285

    )

    Deposit relationship adjustment fees

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    4,707

     

    Core net income

    $

    42,456

     

     

    $

    84,818

     

     

    $

    61,498

     

     

    $

    77,275

     

     

    $

    103,235

     

     

    $

    266,047

     

     

    $

    356,393

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average total assets

    $

    20,717,362

     

     

    $

    20,514,366

     

     

    $

    20,056,020

     

     

    $

    19,129,330

     

     

    $

    19,214,241

     

     

    $

    20,109,744

     

     

    $

    19,199,936

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Core return on average assets

     

    0.81

    %

     

     

    1.64

    %

     

     

    1.23

    %

     

     

    1.64

    %

     

     

    2.13

    %

     

     

    1.32

    %

     

     

    1.86

    %

                           

    Core Return on Average Assets, excluding PPP - Customers Bancorp

     

     

     

     

     

     

     

     

     

     

    Twelve Months Ended
    December 31,

    (Dollars in thousands except per share data)

    Q4 2022

     

    Q3 2022

     

    Q2 2022

     

    Q1 2022

     

    Q4 2021

     

     

    2022

     

     

     

    2021

     

    GAAP net income

    $

    28,711

     

     

    $

    63,912

     

     

    $

    58,650

     

     

    $

    76,761

     

     

    $

    100,669

     

     

    $

    228,034

     

     

    $

    314,647

     

    Less: PPP net income (loss) (after tax)

     

    (5,956

    )

     

     

    5,846

     

     

     

    13,066

     

     

     

    24,713

     

     

     

    64,323

     

     

     

    37,669

     

     

     

    195,050

     

    Net income, excluding PPP

     

    34,667

     

     

     

    58,066

     

     

     

    45,584

     

     

     

    52,048

     

     

     

    36,346

     

     

     

    190,365

     

     

     

    119,597

     

    Reconciling items (after tax):

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net loss from discontinued operations

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,585

     

     

     

    —

     

     

     

    39,621

     

    Severance expense

     

    —

     

     

     

    1,058

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,058

     

     

     

    1,517

     

    Impairments on fixed assets and leases

     

    —

     

     

     

    126

     

     

     

    705

     

     

     

    220

     

     

     

    1,118

     

     

     

    1,051

     

     

     

    1,118

     

    Merger and acquisition related expenses

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    320

     

    Loss on sale of consumer installment loans

     

    —

     

     

     

    18,221

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    18,221

     

     

     

    —

     

    Legal reserves

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    897

     

    (Gains) losses on investment securities

     

    13,543

     

     

     

    1,859

     

     

     

    2,494

     

     

     

    1,030

     

     

     

    43

     

     

     

    18,926

     

     

     

    (26,015

    )

    Loss on sale of foreign subsidiaries

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2,150

     

    Loss on cash flow hedge derivative terminations

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    18,716

     

    Derivative credit valuation adjustment

     

    202

     

     

     

    (358

    )

     

     

    (351

    )

     

     

    (736

    )

     

     

    (180

    )

     

     

    (1,243

    )

     

     

    (1,285

    )

    Deposit relationship adjustment fees

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    4,707

     

    Core net income, excluding PPP

    $

    48,412

     

     

    $

    78,972

     

     

    $

    48,432

     

     

    $

    52,562

     

     

    $

    38,912

     

     

    $

    228,378

     

     

    $

    161,343

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average total assets

    $

    20,717,362

     

     

    $

    20,514,366

     

     

    $

    20,056,020

     

     

    $

    19,129,330

     

     

    $

    19,214,241

     

     

    $

    20,109,744

     

     

    $

    19,199,936

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Core return on average assets, excluding PPP

     

    0.93

    %

     

     

    1.53

    %

     

     

    0.97

    %

     

     

    1.11

    %

     

     

    0.80

    %

     

     

    1.14

    %

     

     

    0.84

    %

                                                           
     

     

    Adjusted Net Income and Adjusted ROAA - Pre-Tax Pre-Provision - Customers Bancorp

     

     

     

     

     

     

     

     

     

     

    Twelve Months Ended
    December 31,

    (Dollars in thousands except per share data)

    Q4 2022

     

    Q3 2022

     

    Q2 2022

     

    Q1 2022

     

    Q4 2021

     

     

    2022

     

     

     

    2021

     

    GAAP net income

    $

    28,711

     

     

    $

    63,912

     

     

    $

    58,650

     

     

    $

    76,761

     

     

    $

    100,669

     

     

    $

    228,034

     

     

    $

    314,647

     

    Reconciling items:

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income tax expense

     

    7,136

     

     

     

    17,899

     

     

     

    18,896

     

     

     

    19,332

     

     

     

    12,993

     

     

     

    63,263

     

     

     

    86,940

     

    Provision (benefit) for credit losses

     

    28,216

     

     

     

    (7,994

    )

     

     

    23,847

     

     

     

    15,997

     

     

     

    13,890

     

     

     

    60,066

     

     

     

    27,426

     

    Provision (benefit) for credit losses on unfunded commitments

     

    153

     

     

     

    254

     

     

     

    608

     

     

     

    (109

    )

     

     

    352

     

     

     

    906

     

     

     

    (220

    )

    Severance expense

     

    —

     

     

     

    1,363

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,363

     

     

     

    2,004

     

    Net loss from discontinued operations

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,585

     

     

     

    —

     

     

     

    39,621

     

    Impairments on fixed assets and leases

     

    —

     

     

     

    162

     

     

     

    914

     

     

     

    286

     

     

     

    1,260

     

     

     

    1,362

     

     

     

    1,260

     

    Merger and acquisition related expenses

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    418

     

    Loss on sale of consumer installment loans

     

    —

     

     

     

    23,465

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    23,465

     

     

     

    —

     

    Legal reserves

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,185

     

    (Gains) losses on investment securities

     

    16,909

     

     

     

    2,394

     

     

     

    3,232

     

     

     

    1,339

     

     

     

    49

     

     

     

    23,874

     

     

     

    (34,112

    )

    Loss on sale of foreign subsidiaries

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2,840

     

    Loss on cash flow hedge derivative terminations

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    24,467

     

    Derivative credit valuation adjustment

     

    252

     

     

     

    (461

    )

     

     

    (455

    )

     

     

    (957

    )

     

     

    (203

    )

     

     

    (1,621

    )

     

     

    (1,646

    )

    Deposit relationship adjustment fees

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    6,216

     

    Adjusted net income - pre-tax pre-provision

    $

    81,377

     

     

    $

    100,994

     

     

    $

    105,692

     

     

    $

    112,649

     

     

    $

    130,595

     

     

    $

    400,712

     

     

    $

    471,046

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average total assets

    $

    20,717,362

     

     

    $

    20,514,366

     

     

    $

    20,056,020

     

     

    $

    19,129,330

     

     

    $

    19,214,241

     

     

    $

    20,109,744

     

     

    $

    19,199,936

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted ROAA - pre-tax pre-provision

     

    1.56

    %

     

     

    1.95

    %

     

     

    2.11

    %

     

     

    2.39

    %

     

     

    2.70

    %

     

     

    1.99

    %

     

     

    2.45

    %

                                                           

    Adjusted Net Income and Adjusted ROAA - Pre-Tax Pre-Provision, excluding PPP - Customers Bancorp

     

     

     

     

     

     

     

     

     

     

    Twelve Months Ended
    December 31,

    (Dollars in thousands except per share data)

    Q4 2022

     

    Q3 2022

     

    Q2 2022

     

    Q1 2022

     

    Q4 2021

     

     

    2022

     

     

     

    2021

     

    GAAP net income

    $

    28,711

     

     

    $

    63,912

     

     

    $

    58,650

     

     

    $

    76,761

     

     

    $

    100,669

     

     

    $

    228,034

     

     

    $

    314,647

     

    Less: PPP net income (loss) (after tax)

     

    (5,956

    )

     

     

    5,846

     

     

     

    13,066

     

     

     

    24,713

     

     

     

    64,323

     

     

     

    37,669

     

     

     

    195,050

     

    Net income, excluding PPP

     

    34,667

     

     

     

    58,066

     

     

     

    45,584

     

     

     

    52,048

     

     

     

    36,346

     

     

     

    190,365

     

     

     

    119,597

     

    Reconciling items:

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income tax expense

     

    7,136

     

     

     

    17,899

     

     

     

    18,896

     

     

     

    19,332

     

     

     

    12,993

     

     

     

    63,263

     

     

     

    86,940

     

    Provision (benefit) for credit losses

     

    28,216

     

     

     

    (7,994

    )

     

     

    23,847

     

     

     

    15,997

     

     

     

    13,890

     

     

     

    60,066

     

     

     

    27,426

     

    Provision (benefit) for credit losses on unfunded commitments

     

    153

     

     

     

    254

     

     

     

    608

     

     

     

    (109

    )

     

     

    352

     

     

     

    906

     

     

     

    (220

    )

    Severance expense

     

    —

     

     

     

    1,363

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,363

     

     

     

    2,004

     

    Net loss from discontinued operations

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,585

     

     

     

    —

     

     

     

    39,621

     

    Impairments on fixed assets and leases

     

    —

     

     

     

    162

     

     

     

    914

     

     

     

    286

     

     

     

    1,260

     

     

     

    1,362

     

     

     

    1,260

     

    Merger and acquisition related expenses

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    418

     

    Loss on sale of consumer installment loans

     

    —

     

     

     

    23,465

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    23,465

     

     

     

    —

     

    Legal reserves

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,185

     

    (Gains) losses on investment securities

     

    16,909

     

     

     

    2,394

     

     

     

    3,232

     

     

     

    1,339

     

     

     

    49

     

     

     

    23,874

     

     

     

    (34,112

    )

    Loss on sale of foreign subsidiaries

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2,840

     

    Loss on cash flow hedge derivative terminations

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    24,467

     

    Derivative credit valuation adjustment

     

    252

     

     

     

    (461

    )

     

     

    (455

    )

     

     

    (957

    )

     

     

    (203

    )

     

     

    (1,621

    )

     

     

    (1,646

    )

    Deposit relationship adjustment fees

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    6,216

     

    Adjusted net income - pre-tax pre-provision, excluding PPP

    $

    87,333

     

     

    $

    95,148

     

     

    $

    92,626

     

     

    $

    87,936

     

     

    $

    66,272

     

     

    $

    363,043

     

     

    $

    275,996

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average total assets

    $

    20,717,362

     

     

    $

    20,514,366

     

     

    $

    20,056,020

     

     

    $

    19,129,330

     

     

    $

    19,214,241

     

     

    $

    20,109,744

     

     

    $

    19,199,936

     

    Adjusted ROAA - pre-tax pre-provision, excluding PPP

    		 

    1.67

    %

     

    		 

    1.84

    %

     

    		 

    1.85

    %

     

    		 

    1.86

    %

     

    		 

    1.37

    %

     

     

    1.81

    %

     

     

     

    1.44

    %

                                                           
     

    Core Return on Average Common Equity - Customers Bancorp

     

     

     

     

     

     

     

     

     

     

    Twelve Months Ended
    December 31,

    (Dollars in thousands except per share data)

    Q4 2022

     

    Q3 2022

     

    Q2 2022

     

    Q1 2022

     

    Q4 2021

     

     

    2022

     

     

     

    2021

     

    GAAP net income to common shareholders

    $

    25,623

     

     

    $

    61,364

     

     

    $

    56,519

     

     

    $

    74,896

     

     

    $

    98,647

     

     

    $

    218,402

     

     

    $

    300,134

     

    Reconciling items (after tax):

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net loss from discontinued operations

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,585

     

     

     

    —

     

     

     

    39,621

     

    Severance expense

     

    —

     

     

     

    1,058

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,058

     

     

     

    1,517

     

    Impairments on fixed assets and leases

     

    —

     

     

     

    126

     

     

     

    705

     

     

     

    220

     

     

     

    1,118

     

     

     

    1,051

     

     

     

    1,118

     

    Merger and acquisition related expenses

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    320

     

    Loss on sale of consumer installment loans

     

    —

     

     

     

    18,221

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    18,221

     

     

     

    —

     

    Legal reserves

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    897

     

    (Gains) losses on investment securities

     

    13,543

     

     

     

    1,859

     

     

     

    2,494

     

     

     

    1,030

     

     

     

    43

     

     

     

    18,926

     

     

     

    (26,015

    )

    Loss on sale of foreign subsidiaries

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2,150

     

    Loss on cash flow hedge derivative terminations

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    18,716

     

    Derivative credit valuation adjustment

     

    202

     

     

     

    (358

    )

     

     

    (351

    )

     

     

    (736

    )

     

     

    (180

    )

     

     

    (1,243

    )

     

     

    (1,285

    )

    Deposit relationship adjustment fees

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    4,707

     

    Loss on redemption of preferred stock

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2,820

     

    Core earnings

    $

    39,368

     

     

    $

    82,270

     

     

    $

    59,367

     

     

    $

    75,410

     

     

    $

    101,213

     

     

    $

    256,415

     

     

    $

    344,700

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average total common shareholders' equity

    $

    1,263,190

     

     

    $

    1,259,711

     

     

    $

    1,244,819

     

     

    $

    1,252,022

     

     

    $

    1,179,478

     

     

    $

    1,254,979

     

     

    $

    1,043,906

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Core return on average common equity

     

    12.36

    %

     

     

    25.91

    %

     

     

    19.13

    %

     

     

    24.43

    %

     

     

    34.04

    %

     

     

    20.43

    %

     

     

    33.02

    %

                           

    Adjusted ROCE - Pre-Tax Pre-Provision - Customers Bancorp

     

     

     

     

     

     

     

     

     

     

    Twelve Months Ended
    December 31,

    (Dollars in thousands except per share data)

    Q4 2022

     

    Q3 2022

     

    Q2 2022

     

    Q1 2022

     

    Q4 2021

     

     

    2022

     

     

     

    2021

     

    GAAP net income to common shareholders

    $

    25,623

     

     

    $

    61,364

     

     

    $

    56,519

     

     

    $

    74,896

     

     

    $

    98,647

     

     

    $

    218,402

     

     

    $

    300,134

     

    Reconciling items:

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income tax expense

     

    7,136

     

     

     

    17,899

     

     

     

    18,896

     

     

     

    19,332

     

     

     

    12,993

     

     

     

    63,263

     

     

     

    86,940

     

    Provision (benefit) for credit losses

     

    28,216

     

     

     

    (7,994

    )

     

     

    23,847

     

     

     

    15,997

     

     

     

    13,890

     

     

     

    60,066

     

     

     

    27,426

     

    Provision (benefit) for credit losses on unfunded commitments

     

    153

     

     

     

    254

     

     

     

    608

     

     

     

    (109

    )

     

     

    352

     

     

     

    906

     

     

     

    (220

    )

    Net loss from discontinued operations

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,585

     

     

     

    —

     

     

     

    39,621

     

    Severance expense

     

    —

     

     

     

    1,363

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,363

     

     

     

    2,004

     

    Impairments on fixed assets and leases

     

    —

     

     

     

    162

     

     

     

    914

     

     

     

    286

     

     

     

    1,260

     

     

     

    1,362

     

     

     

    1,260

     

    Merger and acquisition related expenses

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    418

     

    Loss on sale of consumer installment loans

     

    —

     

     

     

    23,465

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    23,465

     

     

     

    —

     

    Legal reserves

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,185

     

    (Gains) losses on investment securities

     

    16,909

     

     

     

    2,394

     

     

     

    3,232

     

     

     

    1,339

     

     

     

    49

     

     

     

    23,874

     

     

     

    (34,112

    )

    Loss on sale of foreign subsidiaries

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2,840

     

    Loss on cash flow hedge derivative terminations

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    24,467

     

    Derivative credit valuation adjustment

     

    252

     

     

     

    (461

    )

     

     

    (455

    )

     

     

    (957

    )

     

     

    (203

    )

     

     

    (1,621

    )

     

     

    (1,646

    )

    Deposit relationship adjustment fees

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    6,216

     

    Loss on redemption of preferred stock

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2,820

     

    Pre-tax pre-provision adjusted net income available to common shareholders

    $

    78,289

     

     

    $

    98,446

     

     

    $

    103,561

     

     

    $

    110,784

     

     

    $

    128,573

     

     

    $

    391,080

     

     

    $

    459,353

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average total common shareholders' equity

    $

    1,263,190

     

     

    $

    1,259,711

     

     

    $

    1,244,819

     

     

    $

    1,252,022

     

     

    $

    1,179,478

     

     

    $

    1,254,979

     

     

    $

    1,043,906

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Adjusted ROCE - pre-tax pre-provision

     

    24.59

    %

     

     

    31.01

    %

     

     

    33.37

    %

     

     

    35.89

    %

     

     

    43.25

    %

     

     

    31.16

    %

     

     

    44.00

    %

                                                           
     
    Net Interest Margin, Tax Equivalent, excluding PPP - Customers Bancorp

     

     

     

     

     

     

     

     

     

     

    Twelve Months Ended
    December 31,

    (Dollars in thousands except per share data)

    Q4 2022

     

    Q3 2022

     

    Q2 2022

     

    Q1 2022

     

    Q4 2021

     

     

    2022

     

     

     

    2021

     

    GAAP net interest income

    $

    135,137

     

     

    $

    159,032

     

     

    $

    164,852

     

     

    $

    164,699

     

     

    $

    193,694

     

     

    $

    623,720

     

     

    $

    685,074

     

    PPP net interest (income) expense

     

    2,791

     

     

     

    (9,632

    )

     

     

    (18,946

    )

     

     

    (34,615

    )

     

     

    (78,647

    )

     

     

    (60,402

    )

     

     

    (261,279

    )

    Tax-equivalent adjustment

     

    342

     

     

     

    334

     

     

     

    270

     

     

     

    239

     

     

     

    276

     

     

     

    1,185

     

     

     

    1,147

     

    Net interest income, tax equivalent, excluding PPP

    $

    138,270

     

     

    $

    149,734

     

     

    $

    146,176

     

     

    $

    130,323

     

     

    $

    115,323

     

     

    $

    564,503

     

     

    $

    424,942

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    GAAP average total interest earning assets

    $

    20,211,028

     

     

    $

    20,021,455

     

     

    $

    19,525,936

     

     

    $

    18,572,308

     

     

    $

    18,576,433

     

     

    $

    19,588,374

     

     

    $

    18,566,321

     

    Average PPP loans

     

    (1,065,919

    )

     

     

    (1,349,403

    )

     

     

    (1,863,429

    )

     

     

    (2,641,318

    )

     

     

    (3,898,607

    )

     

     

    (1,724,659

    )

     

     

    (5,108,192

    )

    Adjusted average total interest earning assets

    $

    19,145,109

     

     

    $

    18,672,052

     

     

    $

    17,662,507

     

     

    $

    15,930,990

     

     

    $

    14,677,826

     

     

    $

    17,863,715

     

     

    $

    13,458,129

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net interest margin, tax equivalent, excluding PPP

     

    2.87

    %

     

     

    3.18

    %

     

     

    3.32

    %

     

     

    3.32

    %

     

     

    3.12

    %

     

     

    3.16

    %

     

     

    3.16

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loan Yield, excluding PPP

     

     

     

     

     

     

     

     

     

     

    Twelve Months Ended
    December 31,

    (Dollars in thousands except per share data)

    Q4 2022

     

    Q3 2022

     

    Q2 2022

     

    Q1 2022

     

    Q4 2021

     

     

    2022

     

     

     

    2021

     

    Interest income on loans and leases

    $

    218,740

     

     

    $

    200,457

     

     

    $

    168,941

     

     

    $

    157,175

     

     

    $

    198,000

     

     

    $

    745,313

     

     

    $

    736,822

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    PPP interest income

     

    (7,249

    )

     

     

    (14,666

    )

     

     

    (20,572

    )

     

     

    (36,894

    )

     

     

    (82,086

    )

     

     

    (79,381

    )

     

     

    (279,157

    )

    Interest income on core loans (Loans and leases, excluding PPP)

    $

    211,491

     

     

    $

    185,791

     

     

    $

    148,369

     

     

    $

    120,281

     

     

    $

    115,914

     

     

    $

    665,932

     

     

    $

    457,665

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Average total loans and leases

    $

    15,388,003

     

     

    $

    15,653,983

     

     

    $

    14,918,498

     

     

    $

    13,656,991

     

     

    $

    14,335,370

     

     

    $

    14,911,165

     

     

    $

    15,583,948

     

    Average PPP loans

     

    (1,065,919

    )

     

     

    (1,349,403

    )

     

     

    (1,863,429

    )

     

     

    (2,641,318

    )

     

     

    (3,898,607

    )

     

     

    (1,724,659

    )

     

     

    (5,108,192

    )

    Adjusted average total loans and leases

    $

    14,322,084

     

     

    $

    14,304,580

     

     

    $

    13,055,069

     

     

    $

    11,015,673

     

     

    $

    10,436,763

     

     

    $

    13,186,506

     

     

    $

    10,475,756

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Loan yield, excluding PPP

     

    5.86

    %

     

     

    5.15

    %

     

     

    4.56

    %

     

     

    4.43

    %

     

     

    4.41

    %

     

     

    5.05

    %

     

     

    4.37

    %

                                                           

    Core Efficiency Ratio - Customers Bancorp

     

     

     

     

     

     

     

     

     

     

    Twelve Months Ended
    December 31,

    (Dollars in thousands except per share data)

    Q4 2022

     

    Q3 2022

     

    Q2 2022

     

    Q1 2022

     

    Q4 2021

     

     

    2022

     

     

     

    2021

     

    GAAP net interest income

    $

    135,137

     

     

    $

    159,032

     

     

    $

    164,852

     

     

    $

    164,699

     

     

    $

    193,694

     

     

    $

    623,720

     

     

    $

    685,074

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    GAAP non-interest income

    $

    7,345

     

     

    $

    (9,017

    )

     

    $

    12,746

     

     

    $

    21,198

     

     

    $

    16,991

     

     

    $

    32,272

     

     

    $

    77,867

     

    Loss on sale of consumer installment loans

     

    —

     

     

     

    23,465

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    23,465

     

     

     

    —

     

    (Gains) losses on investment securities

     

    16,909

     

     

     

    2,394

     

     

     

    3,232

     

     

     

    1,339

     

     

     

    49

     

     

     

    23,874

     

     

     

    (34,112

    )

    Derivative credit valuation adjustment

     

    252

     

     

     

    (461

    )

     

     

    (455

    )

     

     

    (957

    )

     

     

    (203

    )

     

     

    (1,621

    )

     

     

    (1,646

    )

    Loss on cash flow hedge derivative terminations

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    24,467

     

    Loss on sale of foreign subsidiaries

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    2,840

     

    Core non-interest income

     

    24,506

     

     

     

    16,381

     

     

     

    15,523

     

     

     

    21,580

     

     

     

    16,837

     

     

     

    77,990

     

     

     

    69,416

     

    Core revenue

    $

    159,643

     

     

    $

    175,413

     

     

    $

    180,375

     

     

    $

    186,279

     

     

    $

    210,531

     

     

    $

    701,710

     

     

    $

    754,490

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    GAAP non-interest expense

    $

    78,419

     

     

    $

    76,198

     

     

    $

    76,205

     

     

    $

    73,807

     

     

    $

    81,548

     

     

    $

    304,629

     

     

    $

    294,307

     

    Severance expense

     

    —

     

     

     

    (1,363

    )

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1,363

    )

     

     

    (2,004

    )

    Impairments on fixed assets and leases

     

    —

     

     

     

    (162

    )

     

     

    (914

    )

     

     

    (286

    )

     

     

    (1,260

    )

     

     

    (1,362

    )

     

     

    (1,260

    )

    Legal reserves

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1,185

    )

    Merger and acquisition related expenses

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (418

    )

    Deposit relationship adjustment fees

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (6,216

    )

    Core non-interest expense

    $

    78,419

     

     

    $

    74,673

     

     

    $

    75,291

     

     

    $

    73,521

     

     

    $

    80,288

     

     

    $

    301,904

     

     

    $

    283,224

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Core efficiency ratio (1)

     

    49.12

    %

     

     

    42.57

    %

     

     

    41.74

    %

     

     

    39.47

    %

     

     

    38.14

    %

     

     

    43.02

    %

     

     

    37.54

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Core efficiency ratio calculated as core non-interest expense divided by core revenue.

     

    Tangible Common Equity to Tangible Assets - Customers Bancorp

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (Dollars in thousands except per share data)

    Q4 2022

     

    Q3 2022

     

    Q2 2022

     

    Q1 2022

     

    Q4 2021

    GAAP total shareholders' equity

    $

    1,402,961

     

     

    $

    1,386,931

     

     

    $

    1,353,390

     

     

    $

    1,377,406

     

     

    $

    1,366,217

     

    Reconciling items:

     

     

     

     

     

     

     

     

     

    Preferred stock

     

    (137,794

    )

     

     

    (137,794

    )

     

     

    (137,794

    )

     

     

    (137,794

    )

     

     

    (137,794

    )

    Goodwill and other intangibles

     

    (3,629

    )

     

     

    (3,629

    )

     

     

    (3,629

    )

     

     

    (3,678

    )

     

     

    (3,736

    )

    Tangible common equity

    $

    1,261,538

     

     

    $

    1,245,508

     

     

    $

    1,211,967

     

     

    $

    1,235,934

     

     

    $

    1,224,687

     

     

     

     

     

     

     

     

     

     

     

    GAAP total assets

    $

    20,896,112

     

     

    $

    20,367,621

     

     

    $

    20,251,996

     

     

    $

    19,163,708

     

     

    $

    19,575,028

     

    Reconciling items:

     

     

     

     

     

     

     

     

     

    Goodwill and other intangibles

     

    (3,629

    )

     

     

    (3,629

    )

     

     

    (3,629

    )

     

     

    (3,678

    )

     

     

    (3,736

    )

    Tangible assets

    $

    20,892,483

     

     

    $

    20,363,992

     

     

    $

    20,248,367

     

     

    $

    19,160,030

     

     

    $

    19,571,292

     

     

     

     

     

     

     

     

     

     

     

    Tangible common equity to tangible assets

     

    6.04

    %

     

     

    6.12

    %

     

     

    5.99

    %

     

     

    6.45

    %

     

     

    6.26

    %

                                           

    Tangible Common Equity to Tangible Assets, excluding PPP - Customers Bancorp

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (Dollars in thousands except per share data)

    Q4 2022

     

    Q3 2022

     

    Q2 2022

     

    Q1 2022

     

    Q4 2021

    GAAP total shareholders' equity

    $

    1,402,961

     

     

    $

    1,386,931

     

     

    $

    1,353,390

     

     

    $

    1,377,406

     

     

    $

    1,366,217

     

    Reconciling items:

     

     

     

     

     

     

     

     

     

    Preferred stock

     

    (137,794

    )

     

     

    (137,794

    )

     

     

    (137,794

    )

     

     

    (137,794

    )

     

     

    (137,794

    )

    Goodwill and other intangibles

     

    (3,629

    )

     

     

    (3,629

    )

     

     

    (3,629

    )

     

     

    (3,678

    )

     

     

    (3,736

    )

    Tangible common equity

    $

    1,261,538

     

     

    $

    1,245,508

     

     

    $

    1,211,967

     

     

    $

    1,235,934

     

     

    $

    1,224,687

     

     

     

     

     

     

     

     

     

     

     

    GAAP total assets

    $

    20,896,112

     

     

    $

    20,367,621

     

     

    $

    20,251,996

     

     

    $

    19,163,708

     

     

    $

    19,575,028

     

    Loans receivable, PPP

     

    (998,153

    )

     

     

    (1,154,632

    )

     

     

    (1,570,160

    )

     

     

    (2,195,902

    )

     

     

    (3,250,008

    )

    Total assets, excluding PPP

    $

    19,897,959

     

     

    $

    19,212,989

     

     

    $

    18,681,836

     

     

    $

    16,967,806

     

     

    $

    16,325,020

     

    Reconciling items:

     

     

     

     

     

     

     

     

     

    Goodwill and other intangibles

     

    (3,629

    )

     

     

    (3,629

    )

     

     

    (3,629

    )

     

     

    (3,678

    )

     

     

    (3,736

    )

    Tangible assets, excluding PPP

    $

    19,894,330

     

     

    $

    19,209,360

     

     

    $

    18,678,207

     

     

    $

    16,964,128

     

     

    $

    16,321,284

     

     

     

     

     

     

     

     

     

     

     

    Tangible common equity to tangible assets, excluding PPP

     

    6.34

    %

     

     

    6.48

    %

     

     

    6.49

    %

     

     

    7.29

    %

     

     

    7.50

    %

                                           

    Tangible Book Value per Common Share - Customers Bancorp

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (Dollars in thousands except share and per share data)

    Q4 2022

     

    Q3 2022

     

    Q2 2022

     

    Q1 2022

     

    Q4 2021

    GAAP total shareholders' equity

    $

    1,402,961

     

     

    $

    1,386,931

     

     

    $

    1,353,390

     

     

    $

    1,377,406

     

     

    $

    1,366,217

     

    Reconciling Items:

     

     

     

     

     

     

     

     

     

    Preferred stock

     

    (137,794

    )

     

     

    (137,794

    )

     

     

    (137,794

    )

     

     

    (137,794

    )

     

     

    (137,794

    )

    Goodwill and other intangibles

     

    (3,629

    )

     

     

    (3,629

    )

     

     

    (3,629

    )

     

     

    (3,678

    )

     

     

    (3,736

    )

    Tangible common equity

    $

    1,261,538

     

     

    $

    1,245,508

     

     

    $

    1,211,967

     

     

    $

    1,235,934

     

     

    $

    1,224,687

     

     

     

     

     

     

     

     

     

     

     

    Common shares outstanding

     

    32,373,697

     

     

     

    32,475,502

     

     

     

    32,449,486

     

     

     

    32,957,847

     

     

     

    32,913,267

     

     

     

     

     

     

     

     

     

     

     

    Tangible book value per common share

    $

    38.97

     

     

    $

    38.35

     

     

    $

    37.35

     

     

    $

    37.50

     

     

    $

    37.21

     

     

     

     

     

     

     

     

     

     

     

    Core Loans (Total Loans and Leases, excluding PPP)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (Dollars in thousands except per share data)

    Q4 2022

     

    Q3 2022

     

    Q2 2022

     

    Q1 2022

     

    Q4 2021

    Total loans and leases

    $

    15,794,671

     

     

    $

    15,336,688

     

     

    $

    15,664,353

     

     

    $

    14,073,518

     

     

    $

    14,568,885

     

     

     

     

     

     

     

     

     

     

     

    Loans receivable, PPP

     

    (998,153

    )

     

     

    (1,154,632

    )

     

     

    (1,570,160

    )

     

     

    (2,195,902

    )

     

     

    (3,250,008

    )

    Core Loans (Loans and leases, excluding PPP)

    $

    14,796,518

     

     

    $

    14,182,056

     

     

    $

    14,094,193

     

     

    $

    11,877,616

     

     

    $

    11,318,877

     

     

     

     

     

     

     

     

     

     

    		 

    Total Assets, excluding PPP

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (Dollars in thousands except per share data)

    Q4 2022

     

    Q3 2022

     

    Q2 2022

     

    Q1 2022

     

    Q4 2021

    Total assets

    $

    20,896,112

     

     

    $

    20,367,621

     

     

    $

    20,251,996

     

     

    $

    19,163,708

     

     

    $

    19,575,028

     

     

     

     

     

     

     

     

     

     

     

    Loans receivable, PPP

     

    (998,153

    )

     

     

    (1,154,632

    )

     

     

    (1,570,160

    )

     

     

    (2,195,902

    )

     

     

    (3,250,008

    )

    Total assets, excluding PPP

    $

    19,897,959

     

     

    $

    19,212,989

     

     

    $

    18,681,836

     

     

    $

    16,967,806

     

     

    $

    16,325,020

     

     

     

     

     

     

     

     

     

     

     

    Coverage of credit loss reserves for loans and leases held for investment, excluding PPP

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (Dollars in thousands except per share data)

    Q4 2022

     

    Q3 2022

     

    Q2 2022

     

    Q1 2022

     

    Q4 2021

    Loans and leases receivable

    $

    14,143,047

     

     

    $

    13,762,374

     

     

    $

    13,783,155

     

     

    $

    12,314,757

     

     

    $

    12,268,306

     

     

     

     

     

     

     

     

     

     

     

    Loans receivable, PPP

     

    (998,153

    )

     

     

    (1,154,632

    )

     

     

    (1,570,160

    )

     

     

    (2,195,902

    )

     

     

    (3,250,008

    )

    Loans and leases held for investment, excluding PPP

    $

    13,144,894

     

     

    $

    12,607,742

     

     

    $

    12,212,995

     

     

    $

    10,118,855

     

     

    $

    9,018,298

     

     

     

     

     

     

     

     

     

     

     

    Allowance for credit losses on loans and leases

    $

    130,924

     

     

    $

    130,197

     

     

    $

    156,530

     

     

    $

    145,847

     

     

    $

    137,804

     

     

     

     

     

     

     

     

     

     

     

    Coverage of credit loss reserves for loans and leases held for investment, excluding PPP

     

    1.00

    %

     

     

    1.03

    %

     

     

    1.28

    %

     

     

    1.44

    %

     

     

    1.53

    %

     


    The Customers Bancorp Stock at the time of publication of the news with a raise of +1,73 % to 31,84USD on NYSE stock exchange (25. Januar 2023, 22:15 Uhr).




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    Customers Bancorp Reports Results for Full Year and Fourth Quarter 2022 Customers Bancorp, Inc. (NYSE:CUBI) Full Year 2022 Highlights 2022 net income available to common shareholders was $218.4 million, or $6.51 per diluted share; ROAA was 1.13% and ROCE was 17.40%. 2022 core earnings* were $256.4 million, or $7.63 per …