Customers Bancorp Inc
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
View on SEC.govAbout this filing
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.
FY2024 · Filed Feb 28, 2025
CUBI$85.27-0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
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, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Interest income: | |||
| Loans and leases | $901,457 | $996,517 | $743,949 |
| Investment securities | 180,291 | 200,659 | 119,236 |
| Interest earning deposits | 190,842 | 125,923 | 10,952 |
| Loans held for sale | 46,073 | 36,221 | 1,364 |
| Other | 9,171 | 8,040 | 9,872 |
| Total interest income | 1,327,834 | 1,367,360 | 885,373 |
| Interest expense: | |||
| Deposits | 603,312 | 576,437 | 226,239 |
| FHLB advances | 52,107 | 80,008 | 11,464 |
| FRB advances | — | 6,286 | — |
| Subordinated debt | 12,309 | 10,755 | 10,755 |
| Other borrowings | 5,702 | 6,425 | 13,195 |
| Total interest expense | 673,430 | 679,911 | 261,653 |
| Net interest income | 654,404 | 687,449 | 623,720 |
| Provision for credit losses | 73,451 | 74,611 | 60,066 |
| Net interest income after provision for credit losses | 580,953 | 612,838 | 563,654 |
| Non-interest income: | |||
| Commercial lease income | 40,662 | 36,179 | 27,719 |
| Loan fees | 27,163 | 20,216 | 12,188 |
| Bank-owned life insurance | 9,442 | 11,777 | 15,697 |
| Mortgage finance transactional fees | 4,101 | 4,395 | 6,738 |
| Net gain (loss) on sale of loans and leases | (15,628) | (1,200) | 3,155 |
| 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 | (27,009) | (574) | (23,164) |
| Unrealized gain on equity method investments | 11,430 | — | — |
| Legal settlement gain | — | — | 7,519 |
| Other | 10,273 | 4,809 | 5,885 |
| Total non-interest income | 60,434 | 70,565 | 32,272 |
| Non-interest expense: | |||
| Salaries and employee benefits | 175,836 | 133,275 | 112,365 |
| Technology, communication and bank operations | 65,154 | 65,550 | 84,998 |
| Commercial lease depreciation | 32,543 | 29,898 | 22,978 |
| Professional services | 34,978 | 35,177 | 27,465 |
| Loan servicing | 15,909 | 17,075 | 15,023 |
| Occupancy | 11,789 | 10,070 | 13,606 |
| FDIC assessments, non-income taxes, and regulatory fees | 41,684 | 35,036 | 8,869 |
| Advertising and promotion | 4,489 | 3,095 | 2,541 |
| Legal settlement expense | — | 4,096 | — |
| Other | 34,632 | 19,391 | 16,784 |
| Total non-interest expense | 417,014 | 352,663 | 304,629 |
| Income before income tax expense | 224,373 | 330,740 | 291,297 |
| Income tax expense | 42,904 | 80,597 | 63,263 |
| Net income | 181,469 | 250,143 | 228,034 |
| Preferred stock dividends | 15,040 | 14,695 | 9,632 |
| Net income available to common shareholders | $166,429 | $235,448 | $218,402 |
| Basic earnings per common share | $5.28 | $7.49 | $6.69 |
| Diluted earnings per common share | 5.09 | 7.32 | 6.51 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.