Customers Bancorp, Inc.
For the period ended Apr 14, 2026. Filed Apr 14, 2026.
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Apr 14, 2026 · Filed Apr 14, 2026
CUBI$84.73+0.5%Stored close · as of Nov 6, 2026
Contents
APPENDIX A:
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
APPENDIX C: RECONCILIATION OF GAAP TO NON-GAAP MEASURES
Customers believes that the non-GAAP measurements disclosed within this document are useful for investors, regulators, management and others to evaluate our results of operations and financial condition relative to other financial institutions. Presentation of these non-GAAP financial measures is consistent with how Customers evaluates its performance internally and these non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in Customers’ 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 financial results, which we believe enhance an overall understanding of our performance. Investors should consider our performance and financial condition as reported under GAAP and all other relevant information when assessing our performance or financial condition. 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. Starting in the third quarter of 2025, certain adjustments to GAAP measures were no longer included as our intention going forward is to limit these adjustments to those items of greatest significance.
The following tables present reconciliations of GAAP to non-GAAP measures disclosed within this document.
| Core Earnings | Twelve Months Ended December 31, | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 · 2024 · 2023 · 2022 · 2021 · 2020 · 2019 | |||||||||||||||
| (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 | $209,183 | $6.26 | $166,429 | $5.09 | $235,448 | $7.32 | $218,402 | $6.51 | $300,134 | $8.91 | $118,537 | $3.74 | $64,868 | $2.05 | |
| Reconciling items (after tax): | |||||||||||||||
| Net loss from discontinued operations | — | — | — | — | — | — | — | — | 39,621 | 1.18 | 10,461 | 0.33 | 2,060 | 0.07 | |
| Severance expense | — | — | 3,666 | 0.11 | 1,251 | 0.04 | 1,058 | 0.03 | 1,517 | 0.05 | — | — | 373 | 0.01 | |
| Impairments on fixed assets and leases | — | — | — | — | 98 | 0.00 | 1,051 | 0.03 | 1,118 | 0.03 | — | — | — | — | |
| Loss upon acquisition of interest-only GNMA securities | — | — | — | — | — | — | — | — | — | — | — | — | 5,682 | 0.18 | |
| Merger and acquisition related expenses | — | — | — | — | — | — | — | — | 320 | 0.01 | 1,038 | 0.03 | 76 | 0.00 | |
| Loss on sale of consumer installment loans | — | — | — | — | — | — | 18,221 | 0.54 | — | — | — | — | — | — | |
| Loss on sale of capital call lines of credit | — | — | — | — | 3,914 | 0.12 | — | — | — | — | — | — | — | — | |
| Impairment loss on debt securities | 39,875 | 1.19 | — | — | — | — | — | — | — | — | — | ||||
| Legal settlements and reserves | — | — | 157 | 0.00 | — | — | — | — | 897 | 0.03 | 258 | 0.01 | 1,520 | 0.05 | |
| (Gains) losses on investment securities | 975 | 0.03 | 20,331 | 0.62 | 407 | 0.01 | 18,926 | 0.56 | (26,015) | (0.77) | (17,412) | (0.55) | (1,912) | (0.06) | |
| 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 | 210 | 0.01 | 4 | 0.00 | 219 | 0.01 | (1,243) | (0.04) | (1,285) | (0.04) | 5,811 | 0.18 | 811 | 0.03 | |
| Risk participation agreement mark-to-market adjustment | — | — | — | — | — | — | — | — | — | — | (1,080) | (0.03) | — | — | |
| Losses on sale of non-QM residential mortgage loans | — | — | — | — | — | — | — | — | — | — | — | — | 595 | 0.02 | |
| Deposit relationship adjustment fees | — | — | — | — | — | — | — | — | 4,707 | 0.14 | — | — | — | — | |
| Loss on redemption of preferred stock | 4,707 | 0.14 | — | — | — | — | — | — | 2,820 | 0.08 | — | — | — | — | |
| Unrealized (gain) on equity method investments | — | — | (8,608) | (0.26) | — | — | — | — | — | — | — | — | — | — | |
| Unrealized losses on loans held for sale | 295 | 0.01 | 608 | 0.02 | — | — | — | — | — | — | 1,913 | 0.06 | — | — | |
| Tax on surrender of bank-owned life insurance policies | — | — | — | — | 4,141 | 0.13 | — | — | — | — | — | — | — | — | |
| FDIC special assessment | — | — | 518 | 0.02 | 2,755 | 0.09 | — | — | — | — | — | — | — | — | |
| Loan program termination fees | (772) | (0.02) | — | — | — | — | — | — | — | — | — | ||||
| Core earnings | $254,473 | $7.61 | $183,105 | $5.60 | $248,233 | $7.72 | $256,415 | $7.63 | $344,700 | $10.23 | $119,526 | $3.77 | $74,073 | $2.35 | |
| Core Return on Average Assets | Twelve Months Ended December 31, | ||||||
|---|---|---|---|---|---|---|---|
| (dollars in thousands except per share data) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
| GAAP net income | $224,088 | $181,469 | $250,143 | $228,034 | $314,647 | $132,578 | $79,327 |
| Reconciling items (after tax): | |||||||
| Net loss from discontinued operations | — | — | — | — | 39,621 | 10,461 | 2,060 |
| Severance expense | — | 3,666 | 1,251 | 1,058 | 1,517 | — | 373 |
| Loss upon acquisition of interest-only GNMA securities | — | — | — | — | — | — | 5,682 |
| Impairments on fixed assets and leases | — | — | 98 | 1,051 | 1,118 | — | — |
| Merger and acquisition related expenses | — | — | — | — | 320 | 1,038 | 76 |
| Loss on sale of consumer installment loans | — | — | — | 18,221 | — | — | — |
| Loss on sale of capital call lines of credit | — | — | 3,914 | — | — | — | — |
| Impairment loss on debt securities | 39,875 | — | — | — | — | — | — |
| Legal settlements and reserves | — | 157 | — | — | 897 | 258 | 1,520 |
| (Gains) losses on investment securities | 975 | 20,331 | 407 | 18,926 | (26,015) | (17,412) | (1,912) |
| Loss on sale of foreign subsidiaries | — | — | — | — | 2,150 | — | — |
| Loss on cash flow hedge derivative terminations | — | — | — | — | 18,716 | — | — |
| Derivative credit valuation adjustment | 210 | 4 | 219 | (1,243) | (1,285) | 5,811 | 811 |
| Tax on surrender of bank-owned life insurance policies | — | — | 4,141 | — | — | — | — |
| FDIC special assessment | — | 518 | 2,755 | — | — | — | — |
| Deposit relationship adjustment fees | — | — | — | — | 4,707 | — | — |
| Risk participation agreement mark-to-market adjustment | — | — | — | — | — | (1,080) | — |
| Losses on sale of non-QM residential mortgage loans | — | — | — | — | — | — | 595 |
| Unrealized (gain) on equity method investments | — | (8,608) | — | — | — | — | — |
| Unrealized losses on loans held for sale | 295 | 608 | — | — | — | 1,913 | — |
| Loan program termination fees | (772) | — | — | — | — | — | — |
| Core net income | $264,671 | $198,145 | $262,928 | $266,047 | $356,393 | $133,567 | $88,532 |
| Average total assets | $23,340,744 | $21,434,190 | $21,486,383 | $20,109,744 | $19,199,936 | $15,604,801 | $10,667,670 |
| Core return on average assets | 1.13% | 0.92% | 1.22% | 1.32% | 1.86% | 0.86% | 0.83% |
| Core Return on Average Common Equity | Twelve Months Ended December 31, | ||||||
|---|---|---|---|---|---|---|---|
| (dollars in thousands except per share data) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
| GAAP net income to common shareholders | $209,183 | $166,429 | $235,448 | $218,402 | $300,134 | $118,537 | $64,868 |
| Reconciling items (after tax): | |||||||
| Net loss from discontinued operations | — | — | — | — | 39,621 | 10,461 | 2,060 |
| Severance expense | — | 3,666 | 1,251 | 1,058 | 1,517 | — | 373 |
| Loss upon acquisition of interest-only GNMA securities | — | — | — | — | — | — | 5,682 |
| Impairments on fixed assets and leases | — | — | 98 | 1,051 | 1,118 | — | — |
| Merger and acquisition related expenses | — | — | — | — | 320 | 1,038 | 76 |
| Loss on sale of consumer installment loans | — | — | — | 18,221 | — | — | — |
| Loss on sale of capital call lines of credit | — | — | 3,914 | — | — | — | — |
| Impairment loss on debt securities | 39,875 | — | — | — | — | — | — |
| Legal settlements and reserves | — | 157 | — | — | 897 | 258 | 1,520 |
| (Gains) losses on investment securities | 975 | 20,331 | 407 | 18,926 | (26,015) | (17,412) | (1,912) |
| Loss on sale of foreign subsidiaries | — | — | — | — | 2,150 | — | — |
| Loss on cash flow hedge derivative terminations | — | — | — | — | 18,716 | — | — |
| Derivative credit valuation adjustment | 210 | 4 | 219 | (1,243) | (1,285) | 5,811 | 811 |
| Tax on surrender of bank-owned life insurance policies | — | — | 4,141 | — | — | — | — |
| FDIC special assessment | — | 518 | 2,755 | — | — | — | — |
| Deposit relationship adjustment fees | — | — | — | — | 4,707 | — | — |
| Risk participation agreement mark-to-market adjustment | — | — | — | — | — | (1,080) | — |
| Loss on redemption of preferred stock | 4,707 | — | — | — | 2,820 | — | — |
| Losses on sale of non-QM residential mortgage loans | — | — | — | — | — | — | 595 |
| Unrealized (gain) on equity method investments | — | (8,608) | — | — | — | — | — |
| Unrealized losses on loans held for sale | 295 | 608 | — | — | — | 1,913 | — |
| Loan program termination fees | (772) | — | — | — | — | — | — |
| Core earnings | $254,473 | $183,105 | $248,233 | $256,415 | $344,700 | $119,526 | $74,073 |
| Average total common shareholders’ equity | $1,864,426 | $1,606,764 | $1,358,564 | $1,254,979 | $1,043,906 | $814,769 | $781,860 |
| Core return on average common equity | 13.7% | 11.4% | 18.3% | 20.4% | 33.0% | 14.7% | 9.5% |
| Net Interest Margin, Tax Equivalent, excluding PPP | Twelve Months Ended December 31, | ||||
|---|---|---|---|---|---|
| (dollars in thousands) | 2025 | 2024 | 2023 | 2022 | 2021 |
| GAAP net interest income | $750,489 | $654,404 | $687,449 | $623,720 | $685,074 |
| PPP net interest (income) expense | 362 | 1,374 | (11,364) | (60,402) | (261,279) |
| Tax-equivalent adjustment | 1,437 | 1,556 | 1,568 | 1,185 | 1,147 |
| Net interest income tax equivalent, excluding PPP | $752,288 | $657,334 | $677,653 | $564,503 | $424,942 |
| GAAP average total interest earning assets | $22,622,329 | $20,915,718 | $20,971,198 | $19,588,374 | $18,566,321 |
| Average PPP loans | (12,218) | (43,659) | (341,987) | (1,724,659) | (5,108,192) |
| Adjusted average total interest earning assets | $22,610,111 | $20,872,059 | $20,629,211 | $17,863,715 | $13,458,129 |
| Net interest margin, tax equivalent, excluding PPP | 3.33% | 3.15% | 3.28% | 3.16% | 3.16% |
| Tangible Book Value per Common Share | December 31, | ||||||
|---|---|---|---|---|---|---|---|
| (dollars in thousands except share and per share data) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
| GAAP total shareholders’ equity | $2,115,517 | $1,836,683 | $1,638,394 | $1,402,961 | $1,366,217 | $1,117,086 | $1,052,795 |
| Reconciling Items: | |||||||
| Preferred stock | — | (137,794) | (137,794) | (137,794) | (137,794) | (217,471) | (217,471) |
| Goodwill and other intangibles | (3,629) | (3,629) | (3,629) | (3,629) | (3,736) | (14,298) | (15,195) |
| Tangible common equity | $2,111,888 | $1,695,260 | $1,496,971 | $1,261,538 | $1,224,687 | $885,317 | $820,129 |
| Common shares outstanding | 34,191,223 | 31,346,507 | 31,440,906 | 32,373,697 | 32,913,267 | 31,705,088 | 31,336,791 |
| Tangible book value per common share | $61.77 | $54.08 | $47.61 | $38.97 | $37.21 | $27.92 | $26.17 |
| Tangible Common Equity to Tangible Assets | December 31, | ||||||
|---|---|---|---|---|---|---|---|
| (dollars in thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
| GAAP total shareholders’ equity | $2,115,517 | $1,836,683 | $1,638,394 | $1,402,961 | $1,366,217 | $1,117,086 | $1,052,795 |
| Reconciling Items: | |||||||
| Preferred stock | — | (137,794) | (137,794) | (137,794) | (137,794) | (217,471) | (217,471) |
| Goodwill and other intangibles (1) | (3,629) | (3,629) | (3,629) | (3,629) | (3,736) | (14,298) | (15,195) |
| Tangible common equity | $2,111,888 | $1,695,260 | $1,496,971 | $1,261,538 | $1,224,687 | $885,317 | $820,129 |
| GAAP total assets | $24,895,868 | $22,308,241 | $21,316,265 | $20,896,112 | $19,575,028 | $18,439,248 | $11,520,717 |
| Reconciling Items: | |||||||
| Goodwill and other intangibles | (3,629) | (3,629) | (3,629) | (3,629) | (3,736) | (14,298) | (15,195) |
| Tangible assets | $24,892,239 | $22,304,612 | $21,312,636 | $20,892,483 | $19,571,292 | $18,424,950 | $11,505,522 |
| Tangible common equity to tangible assets | 8.5% | 7.6% | 7.0% | 6.0% | 6.3% | 4.8% | 7.1% |
| Core Efficiency Ratio | Twelve Months Ended December 31, | ||||||
|---|---|---|---|---|---|---|---|
| (dollars in thousands except per share data) | 2025 | 2024 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
| GAAP net interest income | $750,489 | $654,404 | $204,428 | $201,912 | $176,703 | $167,446 | $167,821 |
| GAAP non-interest income | $67,823 | $60,434 | $32,516 | $30,191 | $29,606 | $(24,490) | $(391) |
| (Gains) losses on investment securities | 1,256 | 27,103 | (47) | (334) | 1,797 | (160) | 26,678 |
| Derivative credit valuation adjustment | 270 | (17) | — | — | — | 270 | (407) |
| Unrealized (gain) on equity method investments | — | (11,430) | — | — | — | — | (389) |
| Unrealized (gain) loss on loans held for sale | 378 | 754 | — | — | (289) | 667 | 147 |
| Impairment loss on debt securities | 51,319 | — | — | — | — | 51,319 | — |
| Loan program termination fees | (1,000) | — | — | — | (1,000) | — | — |
| Core non-interest income | 120,046 | 76,844 | 32,469 | 29,857 | 30,114 | 27,606 | 25,638 |
| Core revenue | $870,535 | $731,248 | $236,897 | $231,769 | $206,817 | $195,052 | $193,459 |
| GAAP non-interest expense | $431,923 | $417,014 | $117,309 | $105,217 | $106,626 | $102,771 | $110,375 |
| Severance expense | — | (4,814) | — | — | — | — | (1,595) |
| FDIC special assessment | — | (683) | — | — | — | — | — |
| Legal settlement | — | (209) | — | — | — | — | (209) |
| Core non-interest expense | $431,923 | $411,308 | $117,309 | $105,217 | $106,626 | $102,771 | $108,571 |
| Core efficiency ratio | 49.62% | 56.25% | 49.52% | 45.40% | 51.56% | 52.69% | 56.12% |
| Core Non-interest Expense to Average Assets | Twelve Months Ended December 31, | ||||||
|---|---|---|---|---|---|---|---|
| (dollars in thousands except per share data) | 2025 | 2024 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 |
| GAAP non-interest expense | $431,923 | $417,014 | $117,309 | $105,217 | $106,626 | $102,771 | $110,375 |
| Severance expense | — | (4,814) | — | — | — | — | (1,595) |
| FDIC special assessment | — | (683) | — | — | — | — | — |
| Legal settlement | — | (209) | — | — | — | — | (209) |
| Core non-interest expense | $431,923 | $411,308 | $117,309 | $105,217 | $106,626 | $102,771 | $108,571 |
| Average total assets | $23,340,744 | $21,434,190 | $24,721,373 | $23,930,723 | $22,362,989 | $22,314,963 | $22,179,970 |
| Core non-interest expense to average assets | 1.85% | 1.92% | 1.88% | 1.74% | 1.91% | 1.87% | 1.95% |
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