Customers Bancorp Inc

For the period ended Dec 31, 2023. Filed Feb 29, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 29, 2024

CUBI$85.27-0.4%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Income for the years ended and

CONSOLIDATED STATEMENTS OF INCOME

(amounts in thousands, except per share data)

	For the Years Ended December 31,
	2023	2022	2021
Interest income:
Loans and leases	$996,517	$743,949	$734,012
Investment securities	200,659	119,236	40,413
Interest earning deposits	125,923	10,952	1,585
Loans held for sale	36,221	1,364	2,810
Other	8,040	9,872	2,064
Total interest income	1,367,360	885,373	780,884
Interest expense:
Deposits	576,437	226,239	62,641
FHLB advances	80,008	11,464	6,211
FRB advances	6,286	—	9,229
Subordinated debt	10,755	10,755	10,755
Other borrowings	6,425	13,195	6,974
Total interest expense	679,911	261,653	95,810
Net interest income	687,449	623,720	685,074
Provision for credit losses	74,611	60,066	27,426
Net interest income after provision for credit losses	612,838	563,654	657,648
Non-interest income:
Commercial lease income	36,179	27,719	21,107
Loan fees	20,216	12,188	7,527
Bank-owned life insurance	11,777	15,697	8,416
Mortgage warehouse transactional fees	4,395	6,738	12,874
Gain (loss) on sale of SBA and other loans	(1,200)	3,155	11,327
Loss on sale of capital call lines of credit	(5,037)	—	—
Loss on sale of consumer installment loans	—	(23,465)	—
Net gain (loss) on sale of investment securities	(574)	(23,164)	31,392
Loss on sale of foreign subsidiaries	—	—	(2,840)
Loss on cash flow hedge derivative terminations	—	—	(24,467)
Legal settlement gain	—	7,519	—
Other	4,809	5,885	12,531
Total non-interest income	70,565	32,272	77,867
Non-interest expense:
Salaries and employee benefits	133,275	112,365	108,202
Technology, communication and bank operations	65,550	84,998	83,544
Commercial lease depreciation	29,898	22,978	17,824
Professional services	35,177	27,465	26,688
Loan servicing	17,075	15,023	10,763
Occupancy	10,070	13,606	12,143
FDIC assessments, non-income taxes, and regulatory fees	35,036	8,869	10,061
Advertising and promotion	3,095	2,541	1,520
Deposit relationship adjustment fees	—	—	6,216
Legal settlement expense	4,096	—	—
Other	19,391	16,784	17,346
Total non-interest expense	352,663	304,629	294,307
Income before income tax expense	330,740	291,297	441,208
Income tax expense	80,597	63,263	86,940
Net income from continuing operations	$250,143	$228,034	$354,268
(continued)

	For the Years Ended December 31,
	2023	2022	2021
Loss from discontinued operations before income tax expense	$—	$—	$(20,354)
Income tax expense from discontinued operations	—	—	19,267
Net loss from discontinued operations	—	—	(39,621)
Net income	250,143	228,034	314,647
Preferred stock dividends	14,695	9,632	11,693
Loss on redemption of preferred stock	—	—	2,820
Net income available to common shareholders	$235,448	$218,402	$300,134
Basic earnings per common share from continuing operations	$7.49	$6.69	$10.51
Basic earnings per common share	7.49	6.69	9.29
Diluted earnings per common share from continuing operations	7.32	6.51	10.08
Diluted earnings per common share	7.32	6.51	8.91

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.