Customers Bancorp, Inc. (NYSE:CUBI):
Fourth Quarter 2024 Highlights
- Q4 2024 net income available to common shareholders was $23.3
million, or $0.71 per diluted share; ROAA was 0.48% and ROCE was
5.50%.
- Q4 2024 core earnings*1 were $44.2 million, or $1.36 per
diluted share; Core ROAA* was 0.86% and Core ROCE* was 10.44%.
- Q4 2024 net income available to common shareholders included
$20.0 million of post-tax losses in connection with the securities
portfolio repositioning executed to improve structural liquidity,
reduce asset sensitivity and benefit margin.
- Total loans and leases held for investment grew by $671.1
million in Q4 2024 from Q3 2024 or 19% annualized.
- Total deposits increased by $777.1 million or 4.3% in Q4 2024
from Q3 2024.
- Non-interest bearing demand deposits increased $937.5 million
or 20.1% in Q4 2024 from Q3 2024; non-interest bearing deposits
represented 29.7% of total deposits at December 31, 2024.
- Q4 2024 average cost of deposits was 3.07% compared to Q3 2024
of 3.46%, a decrease of 39 basis points.
- Q4 2024 net interest margin, tax equivalent (“NIM”) was 3.11%,
compared to Q3 2024 NIM of 3.06%, an increase of 5 basis points
primarily due to lower deposit costs.
- Ratio of non-performing assets to total assets was 0.25% at
December 31, 2024 compared to 0.22% at September 30, 2024.
- Q4 2024 provision for credit losses on loans and leases was
$18.2 million compared to $17.8 million in Q3 2024 and the
allowance for credit losses on loans and leases equaled 316% of
non-performing loans at December 31, 2024, compared to 281% at
September 30, 2024.
- CET 1 ratio of 12.0%2 at December 31, 2024, compared to 12.5%
at September 30, 2024.
- TCE / TA ratio* of 7.6% at December 31, 2024, compared to 7.7%
at September 30, 2024.
- Q4 2024 book value per share and tangible book value per share*
both grew by approximately $1.12, or 2.1% over Q3 2024, or 8.4%
annualized, with a tangible book value per share* of $54.08 at
December 31, 2024. This was driven by current quarter earnings and
a decrease in AOCI losses of $9.5 million.
*
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
Excludes pre-tax losses on investment
securities of $26.7 million, severance expense of $1.6 million,
derivative credit valuation adjustment of $0.4 million, unrealized
gain on equity method investments of $0.4 million, legal settlement
of $0.2 million and unrealized losses on loans held for sale of
$0.1 million.
2
Regulatory capital ratios as of December
31, 2024 are estimates.
Full Year 2024 Highlights
- 2024 net income available to common shareholders was $166.4
million, or $5.09 per diluted share; ROAA was 0.85% and ROCE was
10.36%.
- 2024 core earnings* were $183.1 million, or $5.60 per diluted
share; Core ROAA* was 0.92% and Core ROCE* was 11.40%.
- Total loans and leases held for investment grew by $1.6 billion
or 12.3% from December 31, 2023 to December 31, 2024.
- Total deposits increased by $926.2 million or 5.2%, from
December 31, 2023 to December 31, 2024.
- Non-interest bearing demand deposits increased $1.2 billion, or
26.8%, from December 31, 2023 to December 31, 2024.
- 2024 NIM was 3.15% compared to 2023 NIM of 3.29%.
- Ratio of non-performing assets to total assets was 0.25% at
December 31, 2024 compared to 0.13% at December 31, 2023.
- Allowance for credit losses on loans and leases equaled 316% of
non-performing loans at December 31, 2024, compared to 499% at
December 31, 2023.
- CET 1 capital ratio of 12.0%1 at December 31, 2024, compared to
12.2% at December 31, 2023.
- TCE / TA ratio* of 7.6% at December 31, 2024, compared to 7.0%
at December 31, 2023.
- Book value per share and tangible book value per share* grew
year over year by approximately $6.47 or 13.6%, driven by strong
2024 annual earnings combined with the decreased AOCI losses of
$40.0 million over the same time period. Tangible book value per
share* has grown at a 16% compound annual growth rate (CAGR) over
the past 5 years, significantly higher than the regional bank peer
median2 of 4%.
- Repurchased 393,303 common shares below book value at a
weighted-average price of $48.36 for $19.2 million in 2024.
*
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 is
included at the end of this document.
1
Regulatory capital ratios as of December
31, 2024 are estimates.
2
Regional bank peers based on selected 2024
proxy peers with a reporting date on or before January 22,
2025.
CEO Commentary
“We are pleased to share our fourth quarter and full year 2024
results that highlight the company’s continuing incredible deposit
transformation and underscore our success in growing franchise
value in a competitive market environment. Exceptional client
service is the cornerstone of our culture and business model, and
is so important it is in our name. To measure customer
satisfaction, we recently participated in an annual Net Promoter
Score survey, also known as NPS. Our most recent score of 73 is
well above the U.S. banking industry average of 411 and is above
the scores of many other service-oriented brands across all
industries. We are delighted by the positive response from our
customers and the trust they place in us. This is a testament to
our customer-centric mindset and commitment to service provided by
our extraordinary colleagues,” said Customers Bancorp Chairman and
CEO Jay Sidhu.
“In the fourth quarter, we once again brought in over $1 billion
of gross deposit inflows which we utilized in part to paydown
higher-cost and brokered deposits. Non-interest bearing deposits
increased by $937.5 million and represented 29.7% of total deposits
at December 31, 2024. These efforts, along with proactive
management of the cost of our existing deposit portfolio, resulted
in a 39 basis point reduction in our cost of deposits during the
quarter.
“Our deposit pipelines continue to expand with a significant
conversion ratio. In addition, deposit focused teams we have
recruited since March 2023 managed $1.7 billion or 9% of total
deposits. Enhanced by their efforts, we’ve increased commercial
deposit accounts by 48% over the past two years, adding granular
and sticky relationships while significantly lowering our cost of
deposits, increasing our non-interest bearing deposits, and driving
franchise value. During the quarter, we opportunistically
repositioned a portion of the securities portfolio to improve
structural liquidity, reduce asset sensitivity and benefit margin.
Even with the repositioning transaction and balance sheet growth we
experienced during the quarter, our TCE / TA ratio* remained
roughly flat. 2024 was a year in which we made significant
investments in our future. We believe the company is extremely
well-positioned to continue to strengthen our deposit franchise,
improve our profitability, and maintain our already strong capital
ratios,” stated Jay Sidhu.
“Our Q4 2024 GAAP earnings were $23.3 million, or $0.71 per
diluted share, and core earnings* were $44.2 million, or $1.36 per
diluted share. Fourth quarter GAAP results include losses in
connection the accretive securities portfolio repositioning. We
maintain a strong liquidity position, with $9.1 billion of
liquidity immediately available, which covers approximately 159% of
uninsured deposits2 and our loan to deposit ratio was 78%, at
December 31, 2024. We continue to focus on loan production where we
have a holistic and primary relationship. Total loans and leases
held for investment grew by $671.1 million which represent a 19%
annualized growth rate, driven by strong commercial loan growth of
$683.1 million led by growth in our existing specialized lending
verticals. In 2024, total loans and leases held for investment grew
by $1.6 billion which represent a 12.3% growth rate. Asset quality
remains strong with our NPA ratio at just 0.25% of total assets and
reserve levels are robust at 316% of total non-performing loans at
the end of Q4 2024. Total net charge-offs declined by $2.4 million.
Our exposure to the higher risk commercial real estate office
sector is minimal, representing approximately 1% of the loan
portfolio. We will remain disciplined, but opportunistic, with our
balance sheet capacity to manage risk and maintain robust capital
levels. Tangible Book Value per share* grew to $54.08. We believe
that our unique strategy and the investments we have and are
making, along with the exceptional talent in our organization, will
position us for success in 2025 and beyond. We are extremely
excited about the future of this company especially in what we
expect to be a more favorable banking environment,” Jay Sidhu
continued.
*
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
The Qualtrics U.S. Banking Relational Net
Promoter® Score (NPS®) benchmark is derived from Qualtrics' vast
Customer Experience dataset. The dataset includes 2022-2023
anonymized results from 50+ U.S. banking organizations, covering
80+ separate relationship surveys, and encompassing 400,000
individual survey respondents.
2
Uninsured deposits (estimate) of $7.3
billion to be reported on the Bank’s call report, less deposits of
$1.5 billion collateralized by standby letters of credit from the
FHLB and from our affiliates of $176.2 million.
Financial Highlights
At or Three Months
Ended
(Dollars in thousands, except per share data)
December 31, 2024
September 30, 2024
Increase (Decrease)
Profitability Metrics:
Net income available for common
shareholders
$
23,266
$
42,937
$
(19,671
)
(45.8
)%
Diluted earnings per share
$
0.71
$
1.31
$
(0.60
)
(45.8
)%
Core earnings*
$
44,168
$
43,838
$
330
0.8
%
Adjusted core earnings*
$
44,168
$
41,381
$
2,787
6.7
%
Core earnings per share*
$
1.36
$
1.34
$
0.02
1.5
%
Adjusted core earnings per share*
$
1.36
$
1.26
$
0.10
7.9
%
Return on average assets (“ROAA”)
0.48
%
0.88
%
(0.40
)
Core ROAA*
0.86
%
0.89
%
(0.03
)
Adjusted core ROAA*
0.86
%
0.85
%
0.01
Return on average common equity
(“ROCE”)
5.50
%
10.44
%
(4.94
)
Core ROCE*
10.44
%
10.66
%
(0.22
)
Adjusted core ROCE*
10.44
%
10.06
%
0.38
Core pre-tax pre-provision net income*
$
84,224
$
64,824
$
19,400
29.9
%
Adjusted core pre-tax pre-provision net
income*
$
84,224
$
61,827
$
22,397
36.2
%
Net interest margin, tax equivalent
3.11
%
3.06
%
0.05
Yield on loans (Loan yield)
6.78
%
6.99
%
(0.21
)
Cost of deposits
3.07
%
3.46
%
(0.39
)
Efficiency ratio
56.86
%
62.40
%
(5.54
)
Core efficiency ratio*
56.12
%
61.69
%
(5.57
)
Adjusted core efficiency ratio*
56.12
%
63.48
%
(7.36
)
Non-interest expense to average total
assets
1.98
%
1.95
%
0.03
Core non-interest expense to average total
assets*
1.95
%
1.94
%
0.01
Adjusted core non-interest expense to
average total assets*
1.95
%
1.99
%
(0.04
)
Balance Sheet Trends:
Total assets
$
22,308,241
$
21,456,082
$
852,159
4.0
%
Total cash and investment securities
$
6,797,562
$
6,564,528
$
233,034
3.5
%
Total loans and leases
$
14,653,556
$
14,053,116
$
600,440
4.3
%
Non-interest bearing demand deposits
$
5,608,288
$
4,670,809
$
937,479
20.1
%
Total deposits
$
18,846,461
$
18,069,389
$
777,072
4.3
%
Capital Metrics:
Common Equity
$
1,698,889
$
1,663,386
$
35,503
2.1
%
Tangible Common Equity*
$
1,695,260
$
1,659,757
$
35,503
2.1
%
Common Equity to Total Assets
7.6
%
7.8
%
(0.2
)
Tangible Common Equity to Tangible
Assets*
7.6
%
7.7
%
(0.1
)
Book Value per common share
$
54.20
$
53.07
$
1.13
2.1
%
Tangible Book Value per common share*
$
54.08
$
52.96
$
1.12
2.1
%
Common equity Tier 1 capital ratio (1)
12.0
%
12.5
%
(0.5
)
Total risk based capital ratio (1)
14.8
%
15.4
%
(0.6
)
(1) Regulatory capital ratios as of
December 31, 2024 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.
Financial Highlights
At or Three Months
Ended
Twelve Months Ended
(Dollars in thousands, except per share data)
December 31, 2024
December 31, 2023
Increase (Decrease)
December 31, 2024
December 31, 2023
Increase (Decrease)
Profitability Metrics:
Net income available for common
shareholders
$
23,266
$
58,223
$
(34,957
)
(60.0
)%
$
166,429
$
235,448
$
(69,019
)
(29.3
)%
Diluted earnings per share
$
0.71
$
1.79
$
(1.08
)
(60.3
)%
$
5.09
$
7.32
$
(2.23
)
(30.5
)%
Core earnings*
$
44,168
$
61,633
$
(17,465
)
(28.3
)%
$
183,105
$
248,233
$
(65,128
)
(26.2
)%
Adjusted core earnings*
$
44,168
$
61,633
$
(17,465
)
(28.3
)%
$
189,253
$
248,233
$
(58,980
)
(23.8
)%
Core earnings per share*
$
1.36
$
1.90
$
(0.54
)
(28.4
)%
$
5.60
$
7.72
$
(2.12
)
(27.5
)%
Adjusted core earnings per share*
$
1.36
$
1.90
$
(0.54
)
(28.4
)%
$
5.78
$
7.72
$
(1.94
)
(25.1
)%
Return on average assets (“ROAA”)
0.48
%
1.16
%
(0.68
)
0.85
%
1.16
%
(0.31
)
Core ROAA*
0.86
%
1.22
%
(0.36
)
0.92
%
1.22
%
(0.30
)
Adjusted core ROAA*
0.86
%
1.22
%
(0.36
)
0.95
%
1.22
%
(0.27
)
Return on average common equity
(“ROCE”)
5.50
%
15.93
%
(10.43
)
10.36
%
17.33
%
(6.97
)
Core ROCE*
10.44
%
16.87
%
(6.43
)
11.40
%
18.27
%
(6.87
)
Adjusted core ROCE*
10.44
%
16.87
%
(6.43
)
11.78
%
18.27
%
(6.49
)
Core pre-tax pre-provision net income*
$
84,224
$
101,884
$
(17,660
)
(17.3
)%
$
321,942
$
416,563
$
(94,621
)
(22.7
)%
Adjusted core pre-tax pre-provision net
income*
$
84,224
$
101,884
$
(17,660
)
(17.3
)%
$
330,259
$
416,563
$
(86,304
)
(20.7
)%
Net interest margin, tax equivalent
3.11
%
3.31
%
(0.20
)
3.15
%
3.29
%
(0.14
)
Yield on loans (Loan yield)
6.78
%
7.30
%
(0.52
)
6.99
%
7.16
%
(0.17
)
Cost of deposits
3.07
%
3.39
%
(0.32
)
3.34
%
3.27
%
0.07
Efficiency ratio
56.86
%
49.08
%
7.78
56.21
%
46.49
%
9.72
Core efficiency ratio*
56.12
%
46.70
%
9.42
56.25
%
45.45
%
10.80
Adjusted core efficiency ratio*
56.12
%
46.70
%
9.42
55.11
%
45.45
%
9.66
Non-interest expense to average total
assets
1.98
%
1.75
%
0.23
1.95
%
1.64
%
0.31
Core non-interest expense to average total
assets*
1.95
%
1.67
%
0.28
1.92
%
1.62
%
0.30
Adjusted core non-interest expense to
average total assets*
1.95
%
1.67
%
0.28
1.88
%
1.62
%
0.26
(1) Regulatory capital ratios as of
December 31, 2024 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.
Financial Highlights
At or Three Months
Ended
(Dollars in thousands, except per share data)
December 31, 2024
December 31, 2023
Increase (Decrease)
Balance Sheet Trends:
Total assets
$
22,308,241
$
21,316,265
$
991,976
4.7
%
Total cash and investment securities
$
6,797,562
$
7,355,156
$
(557,594
)
(7.6
)%
Total loans and leases
$
14,653,556
$
13,202,084
$
1,451,472
11.0
%
Non-interest bearing demand deposits
$
5,608,288
$
4,422,494
$
1,185,794
26.8
%
Total deposits
$
18,846,461
$
17,920,236
$
926,225
5.2
%
Capital Metrics:
Common Equity
$
1,698,889
$
1,500,600
$
198,289
13.2
%
Tangible Common Equity*
$
1,695,260
$
1,496,971
$
198,289
13.2
%
Common Equity to Total Assets
7.6
%
7.0
%
0.6
Tangible Common Equity to Tangible
Assets*
7.6
%
7.0
%
0.6
Book Value per common share
$
54.20
$
47.73
$
6.47
13.6
%
Tangible Book Value per common share*
$
54.08
$
47.61
$
6.47
13.6
%
Common equity Tier 1 capital ratio (1)
12.0
%
12.2
%
(0.2
)
Total risk based capital ratio (1)
14.8
%
15.3
%
(0.5
)
(1) Regulatory capital ratios as of
December 31, 2024 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.
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, 2024
% of Total
September 30, 2024
% of Total
December 31, 2023
% of Total
Loans and Leases Held for
Investment
Commercial:
Commercial & industrial:
Specialized lending
$
5,842,420
40.4
%
$
5,468,507
39.7
%
$
5,006,693
38.9
%
Other commercial & industrial (1)
1,062,631
7.4
1,087,222
7.9
1,162,317
9.1
Mortgage finance
1,440,847
10.0
1,367,617
9.9
1,014,742
7.9
Multifamily
2,252,246
15.6
2,115,978
15.4
2,138,622
16.6
Commercial real estate owner occupied
1,100,944
7.6
981,904
7.1
797,319
6.2
Commercial real estate non-owner
occupied
1,359,130
9.4
1,326,591
9.6
1,177,650
9.2
Construction
147,209
1.0
174,509
1.3
166,393
1.2
Total commercial loans and leases
13,205,427
91.4
12,522,328
90.9
11,463,736
89.1
Consumer:
Residential
496,559
3.4
500,786
3.6
484,435
3.8
Manufactured housing
33,123
0.3
34,481
0.3
38,670
0.3
Installment:
Personal
463,854
3.2
453,739
3.3
555,533
4.3
Other
249,799
1.7
266,362
1.9
319,393
2.5
Total installment loans
713,653
4.9
720,101
5.2
874,926
6.8
Total consumer loans
1,243,335
8.6
1,255,368
9.1
1,398,031
10.9
Total loans and leases held for
investment
$
14,448,762
100.0
%
$
13,777,696
100.0
%
$
12,861,767
100.0
%
Loans Held for Sale
Residential
$
1,836
0.9
%
$
2,523
0.9
%
$
1,215
0.3
%
Installment:
Personal
40,903
20.0
55,799
20.3
151,040
44.4
Other
162,055
79.1
217,098
78.8
188,062
55.3
Total installment loans
202,958
99.1
272,897
99.1
339,102
99.7
Total loans held for sale
$
204,794
100.0
%
$
275,420
100.0
%
$
340,317
100.0
%
Total loans and leases
portfolio
$
14,653,556
$
14,053,116
$
13,202,084
(1)
Includes PPP loans of $22.8 million, $30.5
million and $74.7 million as of December 31, 2024,
September 30, 2024 and December 31, 2023,
respectively.
Loans and Leases Held for Investment
Loans and leases held for investment were $14.4 billion at
December 31, 2024, up $671.1 million, or 4.9%, from September 30,
2024. Specialized lending increased by $373.9 million, or 6.8%
quarter-over-quarter, to $5.8 billion. Multifamily loans increased
by $136.3 million, or 6.4% to $2.3 billion. Owner-occupied
commercial real estate loans increased by $119.0 million, or 12.1%
to $1.1 billion. Mortgage finance loans increased by $73.2 million,
or 5.4% to $1.4 billion. Non-owner occupied commercial real estate
loans increased by $32.5 million, or 2.5% to $1.4 billion. These
increases were partially offset by a decrease in other commercial
and industrial loans of $24.6 million, or 2.3%, to $1.1
billion.
Loans and leases held for investment of $14.4 billion at
December 31, 2024 were up $1.6 billion, or 12.3%, year-over-year.
Specialized lending increased by $835.7 million, or 16.7%
year-over-year. Mortgage finance loans increased by $426.1 million.
Owner-occupied commercial real estate loans increased by $303.6
million. Non-owner occupied commercial real estate loans increased
by $181.5 million. Multifamily loans increased by $113.6 million.
These increases were partially offset by decreases in consumer
installment loans of $161.3 million and other commercial and
industrial loans of $99.7 million.
Loans Held for Sale
Loans held for sale decreased $70.6 million
quarter-over-quarter, and were $204.8 million at December 31,
2024.
Allowance for Credit Losses on Loans and Leases
The following table presents the allowance for credit losses on
loans and leases as of the dates and for the periods presented:
At or Three Months
Ended
At or Three Months
Ended
(Dollars in thousands)
December 31, 2024
September 30, 2024
Increase (Decrease)
December 31, 2024
December 31, 2023
Increase (Decrease)
Allowance for credit losses on loans and
leases
$
136,775
$
133,158
$
3,617
$
136,775
$
135,311
$
1,464
Provision (benefit) for credit losses on
loans and leases
$
18,229
$
17,766
$
463
$
18,229
$
13,420
$
4,809
Net charge-offs from loans held for
investment
$
14,612
$
17,044
$
(2,432
)
$
14,612
$
17,322
$
(2,710
)
Annualized net charge-offs to average
loans and leases
0.41
%
0.50
%
0.41
%
0.51
%
Coverage of credit loss reserves for loans
and leases held for investment
1.04
%
1.06
%
1.04
%
1.13
%
Net charge-offs decreased with $14.6 million in Q4 2024,
compared to $17.0 million in Q3 2024 and $17.3 million in Q4
2023.
Provision (benefit) for Credit Losses
Three Months Ended
Three Months Ended
(Dollars in thousands)
December 31, 2024
September 30, 2024
Increase (Decrease)
December 31, 2024
December 31, 2023
Increase (Decrease)
Provision (benefit) for credit losses on
loans and leases
$
18,229
$
17,766
$
463
$
18,229
$
13,420
$
4,809
Provision (benefit) for credit losses on
available for sale debt securities
2,965
(700
)
3,665
2,965
103
2,862
Provision for credit losses
21,194
17,066
4,128
21,194
13,523
7,671
Provision (benefit) for credit losses on
unfunded commitments
(664
)
642
(1,306
)
(664
)
(136
)
(528
)
Total provision for credit losses
$
20,530
$
17,708
$
2,822
$
20,530
$
13,387
$
7,143
The provision for credit losses on loans and leases in Q4 2024
was $18.2 million, compared to $17.8 million in Q3 2024. The higher
provision in Q4 2024 was primarily due to slight deterioration in
macroeconomic forecasts.
The provision for credit losses on available for sale investment
securities in Q4 2024 was a provision of $3.0 million, compared to
a benefit to provision of $0.7 million in Q3 2024.
The provision for credit losses on loans and leases in Q4 2024
was $18.2 million, compared to $13.4 million in Q4 2023. The higher
provision in Q4 2024 compared to the year ago period was primarily
due to higher balances in commercial and industrial loan balances
held for investment, partially offset by improvements in
macroeconomic forecasts and lower balances in consumer installment
loans held for investment.
The provision for credit losses on available for sale investment
securities in Q4 2024 was a provision of $3.0 million compared to
$0.1 million in Q4 2023.
Asset Quality
The following table presents asset quality metrics as of the
dates indicated:
(Dollars in thousands)
December 31, 2024
September 30, 2024
Increase (Decrease)
December 31, 2024
December 31, 2023
Increase (Decrease)
Non-performing assets (“NPAs”):
Nonaccrual / non-performing loans
(“NPLs”)
$
43,275
$
47,326
$
(4,051
)
$
43,275
$
27,110
$
16,165
Non-performing assets
$
55,807
$
47,326
$
8,481
$
55,807
$
27,209
$
28,598
NPLs to total loans and leases
0.30
%
0.34
%
0.30
%
0.21
%
Reserves to NPLs
316.06
%
281.36
%
316.06
%
499.12
%
NPAs to total assets
0.25
%
0.22
%
0.25
%
0.13
%
Loans and leases (1) risk
ratings:
Commercial loans and leases
Pass
$
11,403,930
$
10,844,500
$
559,430
$
11,403,930
$
9,955,243
$
1,448,687
Special Mention
175,055
178,026
(2,971
)
175,055
196,182
(21,127
)
Substandard
282,563
218,921
63,642
282,563
339,664
(57,101
)
Total commercial loans and leases
11,861,548
11,241,447
620,101
11,861,548
10,491,089
1,370,459
Consumer loans
Performing
1,227,359
1,240,581
(13,222
)
1,227,359
1,379,603
(152,244
)
Non-performing
15,976
14,787
1,189
15,976
18,428
(2,452
)
Total consumer loans
1,243,335
1,255,368
(12,033
)
1,243,335
1,398,031
(154,696
)
Loans and leases receivable (1)
$
13,104,883
$
12,496,815
$
608,068
$
13,104,883
$
11,889,120
$
1,215,763
(1)
Risk ratings are assigned to loans and
leases held for investment, and excludes loans held for sale, loans
receivable, mortgage finance, at fair value and eligible PPP loans
that are fully guaranteed by the Small Business Administration.
Over the last decade, the Bank has developed a suite of
commercial loan products with one particularly important common
denominator: a relatively low credit risk assumption. The Bank’s
commercial and industrial (“C&I”), mortgage finance, corporate
and specialized lending lines of business, and multifamily loans
for example, are characterized by conservative underwriting
standards and historically low loss rates. Because of this
emphasis, the Bank’s credit quality to date has been incredibly
healthy despite a challenging economic and rate 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, management
employs a bottom-up data driven approach to analyze the commercial
portfolio.
Total consumer installment loans held for investment at December
31, 2024 were less than 4% of total assets and approximately 5% of
total loans and leases held for investment, and were supported by
an allowance for credit losses of $49.7 million. At December 31,
2024, the consumer installment portfolio had the following
characteristics: average original FICO score of 742, average
debt-to-income of 20% and average borrower income of $102
thousand.
Non-performing loans at December 31, 2024 decreased to 0.30% of
total loans and leases, compared to 0.34% at September 30, 2024 and
increased, compared to 0.21% at December 31, 2023.
Investment Securities
The investment securities portfolio, including debt securities
classified as available for sale (“AFS”) and held to maturity
(“HTM”) provides periodic cash flows through regular maturities and
amortization, can be used as collateral to secure additional
funding, and is an important component of the Bank’s liquidity
position.
The following table presents the composition of the investment
securities portfolio as of the dates indicated:
(Dollars in thousands)
December 31, 2024
September 30, 2024
December 31, 2023
Debt securities, available for sale
$
1,985,438
$
2,377,733
$
2,376,860
Equity securities
34,256
34,336
28,780
Investment securities, at fair value
2,019,694
2,412,069
2,405,640
Debt securities, held to maturity
991,937
1,064,437
1,103,170
Total investment securities portfolio
$
3,011,631
$
3,476,506
$
3,508,810
Customers’ securities portfolio is highly liquid, short in
duration, and high in yield. At December 31, 2024, the AFS debt
securities portfolio had a spot yield of 5.62%, an effective
duration of approximately 2.6 years, and approximately 32% are
variable rate. Additionally, 66% of the AFS securities portfolio
was AAA rated at December 31, 2024.
At December 31, 2024, the HTM debt securities portfolio
represented only 4.4% of total assets at December 31, 2024, had a
spot yield of 4.13% and an effective duration of approximately 3.5
years. Additionally, at December 31, 2024, approximately 44% of the
HTM securities were AAA rated and 52% were credit enhanced asset
backed securities with no current expectation of credit losses.
Deposits
The following table presents the composition of our deposit
portfolio as of the dates indicated:
(Dollars in thousands)
December 31, 2024
% of Total
September 30, 2024
% of Total
December 31, 2023
% of Total
Demand, non-interest bearing
$
5,608,288
29.7
%
$
4,670,809
25.9
%
$
4,422,494
24.7
%
Demand, interest bearing
5,553,698
29.5
5,606,500
31.0
5,580,527
31.1
Total demand deposits
11,161,986
59.2
10,277,309
56.9
10,003,021
55.8
Savings
1,131,819
6.0
1,399,968
7.7
1,402,941
7.8
Money market
3,844,451
20.4
3,961,028
21.9
3,226,395
18.0
Time deposits
2,708,205
14.4
2,431,084
13.5
3,287,879
18.4
Total deposits
$
18,846,461
100.0
%
$
18,069,389
100.0
%
$
17,920,236
100.0
%
Total deposits increased $777.1 million, or 4.3%, to $18.8
billion at December 31, 2024 as compared to the prior quarter.
Non-interest bearing demand deposits increased $937.5 million, or
20.1%, to $5.6 billion and time deposits increased $277.1 million,
or 11.4%, to $2.7 billion. These increases were offset by decreases
in savings deposits of $268.1 million, or 19.2%, to $1.1 billion,
money market deposits of $116.6 million, or 2.9%, to $3.8 billion
and interest bearing demand deposits of $52.8 million, or 0.9%, to
$5.6 billion. The total average cost of deposits decreased by 39
basis points to 3.07% in Q4 2024 from 3.46% in the prior quarter
primarily due to a favorable shift in deposit mix and lower market
interest rates. Total estimated uninsured deposits were $5.7
billion1, or 30% of total deposits (inclusive of accrued interest)
at December 31, 2024.
Total deposits increased $926.2 million, or 5.2%, to $18.8
billion at December 31, 2024 as compared to a year ago.
Non-interest bearing demand deposits increased $1.2 billion, or
26.8%, to $5.6 billion and money market deposits increased $618.1
million, or 19.2%, to $3.8 billion. These increases were offset by
decreases in time deposits of $579.7 million, or 17.6% to $2.7
billion, savings deposits of $271.1 million, or 19.3%, to $1.1
billion and interest bearing demand deposits of $26.8 million, or
0.5%, to $5.6 billion. The total average cost of deposits decreased
by 32 basis points to 3.07% in Q4 2024 from 3.39% in the prior year
primarily due to a favorable shift in deposit mix and lower market
interest rates.
1 Uninsured deposits (estimate) of $7.3 billion to be reported
on the Bank’s call report, less deposits of $1.5 billion
collateralized by standby letters of credit from the FHLB and from
our affiliates of $176.2 million.
Borrowings
The following table presents the composition of our borrowings
as of the dates indicated:
(Dollars in thousands)
December 31, 2024
September 30, 2024
December 31, 2023
FHLB advances
$
1,128,352
$
1,117,229
$
1,203,207
Senior notes
99,068
99,033
123,840
Subordinated debt
182,509
182,439
182,230
Total borrowings
$
1,409,929
$
1,398,701
$
1,509,277
Total borrowings increased $11.2 million, or 0.8%, to $1.4
billion at December 31, 2024 as compared to the prior quarter. This
increase primarily resulted from net draws of $25.0 million in FHLB
advances. As of December 31, 2024, Customers’ immediately available
borrowing capacity with the FRB and FHLB was approximately $7.9
billion, of which $1.1 billion of available capacity was utilized
in borrowings and $1.5 billion was utilized to collateralize
deposits.
Total borrowings decreased $99.3 million, or 6.6%, to $1.4
billion at December 31, 2024 as compared to a year ago. This
decrease primarily resulted from net repayments of $70.0 million in
FHLB advances and $25.0 million in senior notes upon maturity.
Capital
The following table presents certain capital amounts and ratios
as of the dates indicated:
(Dollars in thousands except per share
data)
December 31, 2024
September 30, 2024
December 31, 2023
Customers Bancorp, Inc.
Common Equity
$
1,698,889
$
1,663,386
$
1,500,600
Tangible Common Equity*
$
1,695,260
$
1,659,757
$
1,496,971
Common Equity to Total Assets
7.6
%
7.8
%
7.0
%
Tangible Common Equity to Tangible
Assets*
7.6
%
7.7
%
7.0
%
Book Value per common share
$
54.20
$
53.07
$
47.73
Tangible Book Value per common share*
$
54.08
$
52.96
$
47.61
Common equity Tier 1 (“CET 1”) capital
ratio (1)
12.0
%
12.5
%
12.2
%
Total risk based capital ratio (1)
14.8
%
15.4
%
15.3
%
(1) Regulatory capital ratios as of
December 31, 2024 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 $35.5 million to
$1.7 billion, and tangible common equity* increased $35.5 million
to $1.7 billion, at December 31, 2024 compared to the prior
quarter, respectively, primarily from earnings of $23.3 million and
decreased unrealized losses on investment securities of $9.5
million (net of taxes) deferred in accumulated other comprehensive
income (“AOCI”). These increases were offset in part by $1.0
million of common share repurchases in Q4 2024. Similarly, book
value per common share increased to $54.20 from $53.07, and
tangible book value per common share* increased to $54.08 from
$52.96, at December 31, 2024 and September 30, 2024,
respectively.
Customers Bancorp’s common equity increased $198.3 million to
$1.7 billion, and tangible common equity* increased $198.3 million
to $1.7 billion, at December 31, 2024 compared to a year ago,
respectively, primarily from earnings of $166.4 million and
decreased unrealized losses on investment securities in AOCI of
$40.0 million (net of taxes), offset in part by $19.2 million of
common share repurchases. Similarly, book value per common share
increased to $54.20 from $47.73, and tangible book value per common
share* increased to $54.08 from $47.61, at December 31, 2024 and
December 31, 2023, respectively.
At the Customers Bancorp level, the CET 1 ratio (estimate),
total risk based capital ratio (estimate), common equity to total
assets ratio and tangible common equity to tangible assets ratio*
(“TCE / TA ratio”) were 12.0%, 14.8%, 7.6%, and 7.6%, respectively,
at December 31, 2024.
At the Customers Bank level, capital levels remained strong and
well above regulatory minimums. At December 31, 2024, Tier 1
capital (estimate) and total risk based capital (estimate) were
12.9% and 14.3%, respectively.
Key Profitability Trends
Net Interest Income
Net interest income totaled $167.8 million in Q4 2024, an
increase of $9.3 million from Q3 2024. This increase was primarily
due to lower interest expense of $11.5 million due to a favorable
shift in deposit mix and lower market interest rates. Interest
income decreased $2.2 million primarily due to lower interest
income from investment securities, partially offset by higher
balances in interest-earning deposits.
“Net interest income and net interest margin expanded in the
quarter primarily driven by improvements in the liability side of
the balance sheet as we lowered interest bearing deposit costs and
had higher levels of average non-interest bearing deposits. This is
evident in the fact that our total cost of deposits declined by 39
basis points during the quarter. Additionally, robust loan growth
late in the quarter should provide a strong foundation for our net
interest income in 2025,” stated Customers Bancorp President Sam
Sidhu. “We have positive drivers to net interest income on both
sides of the balance sheet though we continue to believe the best
opportunity remains in reducing our interest expense with continued
momentum from our new deposit focused commercial banking teams and
across our franchise.”
Net interest income totaled $167.8 million in Q4 2024, a
decrease of $4.7 million from Q4 2023. This decrease was primarily
due to lower interest income in specialized lending and investment
securities, partially offset by lower interest expense from a
favorable shift in deposit mix, lower market interest rates and
lower balances in other borrowings.
Non-Interest Income
The following table presents details of non-interest income for
the periods indicated:
Three Months Ended
Three Months Ended
(Dollars in thousands)
December 31, 2024
September 30, 2024
Increase (Decrease)
December 31, 2024
December 31, 2023
Increase (Decrease)
Commercial lease income
$
10,604
$
10,093
$
511
$
10,604
$
9,035
$
1,569
Loan fees
8,639
8,011
628
8,639
5,926
2,713
Bank-owned life insurance
2,125
2,049
76
2,125
2,160
(35
)
Mortgage finance transactional fees
1,010
1,087
(77
)
1,010
927
83
Net gain (loss) on sale of loans and
leases
(852
)
(14,548
)
13,696
(852
)
(91
)
(761
)
Net gain (loss) on sale of investment
securities
(26,260
)
—
(26,260
)
(26,260
)
(145
)
(26,115
)
Unrealized gain on equity method
investments
389
—
389
389
—
389
Other
3,954
1,865
2,089
3,954
860
3,094
Total non-interest income
$
(391
)
$
8,557
$
(8,948
)
$
(391
)
$
18,672
$
(19,063
)
Reported non-interest income totaled a loss of $0.4 million for
Q4 2024, a decrease of $8.9 million compared to Q3 2024. The
decrease was primarily due to $26.3 million in net realized loss on
sale of investment securities, partially offset by a decrease of
$13.6 million in loss on leases of commercial clean vehicles that
were accounted for as sales-type leases and included within net
gain (loss) on sale of loans and leases, and an increase in deposit
account fees of $1.9 million. The commercial clean vehicle leases
generated the same amount of investment tax credits that were
included as a benefit to income tax expense in Q4 2024 and Q3 2024.
In Q4 2024, the Bank invested the proceeds from the sale of lower
yielding investment securities into higher yielding loans and
investment securities.
Non-interest income totaled a loss of $0.4 million for Q4 2024,
a decrease of $19.1 million compared to Q4 2023. The decrease was
primarily due to $26.3 million in net realized loss on sale of
investment securities, partially offset by increases in commercial
lease income of $1.6 million, loan fees of $2.7 million primarily
resulting from increased unused line of credit fees, and deposit
account fees of $1.9 million.
Non-Interest Expense
The following table presents details of non-interest expense for
the periods indicated:
Three Months Ended
Three Months Ended
(Dollars in thousands)
December 31, 2024
September 30, 2024
Increase (Decrease)
December 31, 2024
December 31, 2023
Increase (Decrease)
Salaries and employee benefits
$
47,147
$
47,717
$
(570
)
$
47,147
$
33,965
$
13,182
Technology, communication and bank
operations
13,435
13,588
(153
)
13,435
16,887
(3,452
)
Commercial lease depreciation
8,933
7,811
1,122
8,933
7,357
1,576
Professional services
13,473
9,048
4,425
13,473
9,820
3,653
Loan servicing
4,584
3,778
806
4,584
3,779
805
Occupancy
3,335
2,987
348
3,335
2,320
1,015
FDIC assessments, non-income taxes and
regulatory fees
10,077
7,902
2,175
10,077
13,977
(3,900
)
Advertising and promotion
1,645
908
737
1,645
850
795
Other
7,746
10,279
(2,533
)
7,746
4,812
2,934
Total non-interest expense
$
110,375
$
104,018
$
6,357
$
110,375
$
93,767
$
16,608
Non-interest expenses totaled $110.4 million in Q4 2024, an
increase of $6.4 million compared to Q3 2024. The increase was
primarily attributable to increases of $4.4 million in professional
fees including continued investment in our risk management
infrastructure, and $2.2 million in FDIC assessments, non-income
taxes and regulatory fees mainly due to a credit of $3.0 million in
non-income taxes recorded in Q3 2024 for periods prior to 2024.
“In the quarter we incurred professional services expense of
approximately $5.7 million as we made investments to enhance our
risk management infrastructure. We expect these costs to remain
elevated for the next quarter or so before tapering down as we seek
to build a best-in-class risk management function which we believe
can be a competitive advantage for the bank in the future. During
the quarter we advanced our operational excellence initiative to
provide the capacity for these and other investments which we are,
and will continue to make, in our franchise to position us for
success in the both the near-term and over the long-term,” stated
Sam Sidhu.
Non-interest expenses totaled $110.4 million in Q4 2024, an
increase of $16.6 million compared to Q4 2023. The increase was
primarily attributable to increases of $13.2 million in salaries
and employee benefits primarily due to higher headcount including
the addition of new banking teams in 2024, annual merit increases,
incentives and severance, $3.7 million in professional fees
including the investment in our risk management infrastructure, and
fees paid to a fintech company related to consumer installment
loans originated and held for sale. These increases were partially
offset by decreases in FDIC assessments primarily due to $3.7
million of FDIC special assessment in Q4 2023 and deposit servicing
fees.
Taxes
Income tax expense increased by $9.7 million to a provision of
$8.9 million in Q4 2024 from a benefit of $0.7 million in Q3 2024
primarily due to lower investment tax credits in Q4 2024, partially
offset by lower pre-tax income. The decrease in investment tax
credits was primarily due to $0.6 million of investment tax credits
generated from commercial clean vehicles in Q4 2024 as compared to
$14.3 million in Q3 2024. The investment tax credits from
commercial clean vehicle leases were the same amount as the loss on
leases of commercial clean vehicles included within net gain (loss)
on sale of loans and leases in Q4 2024 and Q3 2024.
Income tax expense decreased by $12.9 million to a provision of
$8.9 million in Q4 2024 from a provision of $21.8 million in Q4
2023 primarily due to lower pre-tax income and an increase in
income tax credits for 2024, including $14.9 million of investment
tax credits generated from commercial clean vehicles in 2024. The
investment tax credits from commercial clean vehicle leases were
the same amount as the loss on leases of commercial clean vehicles
included within net gain (loss) on sale of loans and leases in
2024. The effective tax rate was 24.9% for Q4 2024 and 19.1% for
the full year 2024.
Outlook
“Looking forward, our strategy remains unchanged. We are focused
on continuing the transformation of our deposit franchise, further
strengthening our risk management and compliance infrastructure,
improving our profitability and growing net interest income, and
maintaining strong capital ratios, liquidity, and credit quality.
Our deposit transformation momentum is continuing. As a result, we
expect deposit growth of 5% to 9% during 2025 with gross inflows
expected to be higher as we continue to remix out less strategic
deposits especially in the first half of the year. With strong loan
pipelines and attractive opportunities from across our various
verticals we are targeting to increase the loan portfolio by about
7% to 10% in 2025. Through the combination of these factors we
expect our net interest income to increase between 3% to 7% in
2025. Operating efficiency has been and remains a priority for us
even while we continue to make significant investments in our
future. We see our core efficiency ratio* for the year in the low
to mid 50’s as the execution of our strategic priorities take hold
and as we move toward completion of some of our outsized
investment. We remain committed to maintaining higher levels of
capital with CET 1 ratio target of 11.5% in 2025. We expect an
effective tax rate to be between 22% to 25%. We remain focused on
executing in those areas which differentiate us from our peers and
believe that providing truly exceptional service, sophisticated
product offerings and a single-point-of-contact service model will
deliver strategic, organic growth. We believe we are incredibly
well positioned to continue to win new client relationships and
that we have the right strategy, the right team, and a
client-centric culture to achieve our goals in 2025 and beyond,”
concluded 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:
Friday, January 24, 2025
Time:
9:00 AM EDT
The live audio webcast, presentation slides, and earnings press
release will be made available at https://www.customersbank.com and
at the Customers Bancorp 4th Quarter Earnings Webcast.
You may submit questions in advance of the live webcast by
emailing our Head of Corporate Communications, Jordan Baucum at
jbaucum@customersbank.com.
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 $22 billion in assets
making it one of the 80 largest bank holding companies in the U.S.
Customers Bank’s commercial and consumer clients benefit from a
full suite of technology-enabled tailored product experiences
delivered by best-in-class customer service distinguished by a
Single Point of Contact approach. 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 to specialized lending clients.
Major accolades include:
- No. 1 on American Banker 2024 list of top-performing banks with
$10B to $50B in assets
- No. 29 out of the 100 largest publicly traded banks in 2024
Forbes Best Banks list
- No. 52 on Investor’s Business Daily 100 Best Stocks for
2023
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: a continuation of the recent turmoil in the banking
industry, responsive measures taken by us and regulatory
authorities to mitigate and manage related risks, regulatory
actions taken that address related issues and the costs and
obligations associated therewith, such as the FDIC special
assessments; the potential for negative consequences resulting from
regulatory violations, investigations and examinations, including
potential supervisory actions, the assessment of fines and
penalties, the imposition of sanctions, the need to undertake
remedial actions and possible damage to our reputation; effects of
competition on deposit rates and growth, loan rates and growth and
net interest margin; failure to identify and adequately and
promptly address cybersecurity risks, including data breaches and
cyberattacks; public health crises and pandemics and their effects
on the economic and business environments in which we operate;
geopolitical conditions, including acts or threats of terrorism,
actions taken by the United States or other governments in response
to acts or threats of terrorism and military conflicts, including
the war between Russia and Ukraine and escalating conflict in the
Middle East, which could impact economic conditions in the United
States; 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 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, 2023, 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 2024 Overview
The following table presents a summary of key earnings and
performance metrics for the quarter ended December 31, 2024 and the
preceding four quarters, and full year 2024 and 2023:
CUSTOMERS BANCORP, INC. AND
SUBSIDIARIES
EARNINGS SUMMARY - UNAUDITED
Q4
Q3
Q2
Q1
Q4
Twelve Months Ended December
31,
(Dollars in thousands, except per share data and stock price data)
2024
2024
2024
2024
2023
2024
2023
GAAP Profitability Metrics:
Net income available to common
shareholders
$
23,266
$
42,937
$
54,300
$
45,926
$
58,223
$
166,429
$
235,448
Per share amounts:
Earnings per share - basic
$
0.74
$
1.36
$
1.72
$
1.46
$
1.86
$
5.28
$
7.49
Earnings per share - diluted
$
0.71
$
1.31
$
1.66
$
1.40
$
1.79
$
5.09
$
7.32
Book value per common share (1)
$
54.20
$
53.07
$
50.81
$
49.29
$
47.73
$
54.20
$
47.73
CUBI stock price (1)
$
48.68
$
46.45
$
47.98
$
53.06
$
57.62
$
48.68
$
57.62
CUBI stock price as % of book value
(1)
90
%
88
%
94
%
108
%
121
%
90
%
121
%
Average shares outstanding - basic
31,346,920
31,567,797
31,649,715
31,473,424
31,385,043
31,509,179
31,435,647
Average shares outstanding - diluted
32,557,621
32,766,488
32,699,149
32,854,534
32,521,787
32,719,134
32,158,788
Shares outstanding (1)
31,346,507
31,342,107
31,667,655
31,521,931
31,440,906
31,346,507
31,440,906
Return on average assets (“ROAA”)
0.48
%
0.88
%
1.11
%
0.94
%
1.16
%
0.85
%
1.16
%
Return on average common equity
(“ROCE”)
5.50
%
10.44
%
13.85
%
12.08
%
15.93
%
10.36
%
17.33
%
Net interest margin, tax equivalent
3.11
%
3.06
%
3.29
%
3.10
%
3.31
%
3.15
%
3.29
%
Efficiency ratio
56.86
%
62.40
%
51.87
%
54.58
%
49.08
%
56.21
%
46.49
%
Non-GAAP Profitability Metrics
(2):
Core earnings
$
44,168
$
43,838
$
48,567
$
46,532
$
61,633
$
183,105
$
248,233
Core pre-tax pre-provision net income
$
84,224
$
64,824
$
89,220
$
83,674
$
101,884
$
321,942
$
416,563
Per share amounts:
Core earnings per share - diluted
$
1.36
$
1.34
$
1.49
$
1.42
$
1.90
$
5.60
$
7.72
Tangible book value per common share
(1)
$
54.08
$
52.96
$
50.70
$
49.18
$
47.61
$
54.08
$
47.61
CUBI stock price as % of tangible book
value (1)
90
%
88
%
95
%
108
%
121
%
90
%
121
%
Core ROAA
0.86
%
0.89
%
1.00
%
0.95
%
1.22
%
0.92
%
1.22
%
Core ROCE
10.44
%
10.66
%
12.39
%
12.24
%
16.87
%
11.40
%
18.27
%
Core pre-tax pre-provision ROAA
1.51
%
1.21
%
1.71
%
1.58
%
1.90
%
1.50
%
1.94
%
Core pre-tax pre-provision ROCE
19.04
%
14.84
%
21.79
%
21.01
%
26.82
%
19.10
%
29.58
%
Core efficiency ratio
56.12
%
61.69
%
53.47
%
54.24
%
46.70
%
56.25
%
45.45
%
Asset Quality:
Net charge-offs
$
14,612
$
17,044
$
18,711
$
17,968
$
17,322
$
68,335
$
69,035
Annualized net charge-offs to average
total loans and leases
0.41
%
0.50
%
0.56
%
0.55
%
0.51
%
0.50
%
0.48
%
Non-performing loans (“NPLs”) to total
loans and leases (1)
0.30
%
0.34
%
0.35
%
0.27
%
0.21
%
0.30
%
0.21
%
Reserves to NPLs (1)
316.06
%
281.36
%
279.52
%
373.86
%
499.12
%
316.06
%
499.12
%
Non-performing assets (“NPAs”) to total
assets
0.25
%
0.22
%
0.23
%
0.17
%
0.13
%
0.25
%
0.13
%
Customers Bank Capital Ratios
(3):
Common equity Tier 1 capital to
risk-weighted assets
12.9
%
13.64
%
14.17
%
14.16
%
13.77
%
12.9
%
13.77
%
Tier 1 capital to risk-weighted assets
12.9
%
13.64
%
14.17
%
14.16
%
13.77
%
12.9
%
13.77
%
Total capital to risk-weighted assets
14.3
%
15.06
%
15.64
%
15.82
%
15.28
%
14.3
%
15.28
%
Tier 1 capital to average assets (leverage
ratio)
8.7
%
9.08
%
9.16
%
8.82
%
8.71
%
8.7
%
8.71
%
(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 2024 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, 2024, our regulatory capital ratios reflected 25%, or
$15.4 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,
2024
2024
2024
2024
2023
2024
2023
Interest income:
Loans and leases
$
230,534
$
228,659
$
224,265
$
217,999
$
239,453
$
901,457
$
996,517
Investment securities
39,638
46,265
47,586
46,802
51,074
180,291
200,659
Interest earning deposits
48,147
44,372
45,506
52,817
44,104
190,842
125,923
Loans held for sale
9,447
10,907
13,671
12,048
8,707
46,073
36,221
Other
2,140
1,910
3,010
2,111
2,577
9,171
8,040
Total interest income
329,906
332,113
334,038
331,777
345,915
1,327,834
1,367,360
Interest expense:
Deposits
144,974
155,829
148,784
153,725
150,307
603,312
576,437
FHLB advances
12,595
12,590
13,437
13,485
18,868
52,107
80,008
FRB advances
—
—
—
—
—
—
6,286
Subordinated debt
3,349
3,537
2,734
2,689
2,688
12,309
10,755
Other borrowings
1,167
1,612
1,430
1,493
1,546
5,702
6,425
Total interest expense
162,085
173,568
166,385
171,392
173,409
673,430
679,911
Net interest income
167,821
158,545
167,653
160,385
172,506
654,404
687,449
Provision for credit losses
21,194
17,066
18,121
17,070
13,523
73,451
74,611
Net interest income after provision for
credit losses
146,627
141,479
149,532
143,315
158,983
580,953
612,838
Non-interest income:
Commercial lease income
10,604
10,093
10,282
9,683
9,035
40,662
36,179
Loan fees
8,639
8,011
5,233
5,280
5,926
27,163
20,216
Bank-owned life insurance
2,125
2,049
2,007
3,261
2,160
9,442
11,777
Mortgage finance transactional fees
1,010
1,087
1,058
946
927
4,101
4,395
Net gain (loss) on sale of loans and
leases
(852
)
(14,548
)
(238
)
10
(91
)
(15,628
)
(1,200
)
Loss on sale of capital call lines of
credit
—
—
—
—
—
—
(5,037
)
Net gain (loss) on sale of investment
securities
(26,260
)
—
(719
)
(30
)
(145
)
(27,009
)
(574
)
Unrealized gain on equity method
investments
389
—
11,041
—
—
11,430
—
Other
3,954
1,865
2,373
2,081
860
10,273
4,809
Total non-interest income
(391
)
8,557
31,037
21,231
18,672
60,434
70,565
Non-interest expense:
Salaries and employee benefits
47,147
47,717
44,947
36,025
33,965
175,836
133,275
Technology, communication and bank
operations
13,435
13,588
16,227
21,904
16,887
65,154
65,550
Commercial lease depreciation
8,933
7,811
7,829
7,970
7,357
32,543
29,898
Professional services
13,473
9,048
6,104
6,353
9,820
34,978
35,177
Loan servicing
4,584
3,778
3,516
4,031
3,779
15,909
17,075
Occupancy
3,335
2,987
3,120
2,347
2,320
11,789
10,070
FDIC assessments, non-income taxes and
regulatory fees
10,077
7,902
10,236
13,469
13,977
41,684
35,036
Advertising and promotion
1,645
908
1,254
682
850
4,489
3,095
Legal settlement expense
—
—
—
—
—
—
4,096
Other
7,746
10,279
10,219
6,388
4,812
34,632
19,391
Total non-interest expense
110,375
104,018
103,452
99,169
93,767
417,014
352,663
Income before income tax expense
(benefit)
35,861
46,018
77,117
65,377
83,888
224,373
330,740
Income tax expense (benefit)
8,946
(725
)
19,032
15,651
21,796
42,904
80,597
Net income
26,915
46,743
58,085
49,726
62,092
181,469
250,143
Preferred stock dividends
3,649
3,806
3,785
3,800
3,869
15,040
14,695
Net income available to common
shareholders
$
23,266
$
42,937
$
54,300
$
45,926
$
58,223
$
166,429
$
235,448
Basic earnings per common share
$
0.74
$
1.36
$
1.72
$
1.46
$
1.86
$
5.28
$
7.49
Diluted earnings per common share
0.71
1.31
1.66
1.40
1.79
5.09
7.32
CUSTOMERS BANCORP, INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE SHEET -
UNAUDITED
(Dollars in thousands)
December 31,
September 30,
June 30,
March 31,
December 31,
2024
2024
2024
2024
2023
ASSETS
Cash and due from banks
$
56,787
$
39,429
$
45,045
$
51,974
$
45,210
Interest earning deposits
3,729,144
3,048,593
3,003,542
3,649,146
3,801,136
Cash and cash equivalents
3,785,931
3,088,022
3,048,587
3,701,120
3,846,346
Investment securities, at fair value
2,019,694
2,412,069
2,511,650
2,604,868
2,405,640
Investment securities held to maturity
991,937
1,064,437
962,799
1,032,037
1,103,170
Loans held for sale
204,794
275,420
375,724
357,640
340,317
Loans and leases receivable
13,127,634
12,527,283
12,254,204
11,936,621
11,963,855
Loans receivable, mortgage finance, at
fair value
1,321,128
1,250,413
1,002,711
962,610
897,912
Allowance for credit losses on loans and
leases
(136,775
)
(133,158
)
(132,436
)
(133,296
)
(135,311
)
Total loans and leases receivable, net of
allowance for credit losses on loans and leases
14,311,987
13,644,538
13,124,479
12,765,935
12,726,456
FHLB, Federal Reserve Bank, and other
restricted stock
96,214
95,035
92,276
100,067
109,548
Accrued interest receivable
108,351
115,588
112,788
120,123
114,766
Bank premises and equipment, net
6,668
6,730
7,019
7,253
7,371
Bank-owned life insurance
297,641
295,531
293,108
293,400
292,193
Goodwill and other intangibles
3,629
3,629
3,629
3,629
3,629
Other assets
481,395
455,083
410,916
361,295
366,829
Total assets
$
22,308,241
$
21,456,082
$
20,942,975
$
21,347,367
$
21,316,265
LIABILITIES AND SHAREHOLDERS’
EQUITY
Demand, non-interest bearing deposits
$
5,608,288
$
4,670,809
$
4,474,862
$
4,688,880
$
4,422,494
Interest bearing deposits
13,238,173
13,398,580
13,203,231
13,272,503
13,497,742
Total deposits
18,846,461
18,069,389
17,678,093
17,961,383
17,920,236
FHLB advances
1,128,352
1,117,229
1,018,349
1,195,088
1,203,207
Other borrowings
99,068
99,033
123,970
123,905
123,840
Subordinated debt
182,509
182,439
182,370
182,300
182,230
Accrued interest payable and other
liabilities
215,168
186,812
193,328
193,074
248,358
Total liabilities
20,471,558
19,654,902
19,196,110
19,655,750
19,677,871
Preferred stock
137,794
137,794
137,794
137,794
137,794
Common stock
35,758
35,734
35,686
35,540
35,459
Additional paid in capital
575,333
571,609
567,345
567,490
564,538
Retained earnings
1,326,011
1,302,745
1,259,808
1,205,508
1,159,582
Accumulated other comprehensive income
(loss), net
(96,560
)
(106,082
)
(131,358
)
(132,305
)
(136,569
)
Treasury stock, at cost
(141,653
)
(140,620
)
(122,410
)
(122,410
)
(122,410
)
Total shareholders’ equity
1,836,683
1,801,180
1,746,865
1,691,617
1,638,394
Total liabilities and shareholders’
equity
$
22,308,241
$
21,456,082
$
20,942,975
$
21,347,367
$
21,316,265
CUSTOMERS BANCORP, INC. AND
SUBSIDIARIES
AVERAGE BALANCE SHEET / NET INTEREST
MARGIN - UNAUDITED
(Dollars in thousands)
Three Months Ended
December 31, 2024
September 30, 2024
December 31, 2023
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
$
3,973,262
$
48,147
4.82
%
$
3,224,940
$
44,372
5.47
%
$
3,191,677
$
44,104
5.48
%
Investment securities (1)
3,392,850
39,638
4.65
%
3,706,974
46,265
4.97
%
4,007,418
51,074
5.10
%
Loans and leases:
Commercial & industrial:
Specialized lending loans and leases
(2)
6,022,062
121,818
8.05
%
5,805,389
124,667
8.54
%
5,574,149
130,838
9.31
%
Other commercial & industrial loans
(2)(3)
1,529,478
25,514
6.64
%
1,533,057
24,654
6.40
%
1,666,052
28,053
6.68
%
Mortgage finance loans
1,316,884
16,704
5.05
%
1,267,656
17,723
5.56
%
997,353
13,726
5.46
%
Multifamily loans
2,162,825
22,400
4.12
%
2,071,340
21,147
4.06
%
2,131,750
22,347
4.16
%
Non-owner occupied commercial real estate
loans
1,491,170
21,770
5.81
%
1,411,533
21,065
5.94
%
1,392,684
20,686
5.89
%
Residential mortgages
535,833
6,301
4.68
%
525,285
6,082
4.61
%
526,422
5,942
4.48
%
Installment loans
1,023,569
25,474
9.90
%
1,029,812
24,228
9.36
%
1,198,043
26,568
8.80
%
Total loans and leases (4)
14,081,821
239,981
6.78
%
13,644,072
239,566
6.99
%
13,486,453
248,160
7.30
%
Other interest-earning assets
122,784
2,140
6.93
%
118,914
1,910
6.39
%
116,756
2,577
8.75
%
Total interest-earning assets
21,570,717
329,906
6.09
%
20,694,900
332,113
6.39
%
20,802,304
345,915
6.61
%
Non-interest-earning assets
609,253
535,504
449,969
Total assets
$
22,179,970
$
21,230,404
$
21,252,273
Liabilities
Interest checking accounts
$
5,597,302
$
57,268
4.07
%
$
5,787,026
$
65,554
4.51
%
$
5,656,212
$
62,041
4.35
%
Money market deposit accounts
3,974,776
42,492
4.25
%
3,676,994
42,128
4.56
%
2,802,309
29,990
4.25
%
Other savings accounts
1,258,018
12,939
4.09
%
1,563,970
18,426
4.69
%
1,218,118
13,849
4.51
%
Certificates of deposit
2,612,246
32,275
4.92
%
2,339,937
29,721
5.05
%
3,625,311
44,427
4.86
%
Total interest-bearing deposits (5)
13,442,342
144,974
4.29
%
13,367,927
155,829
4.64
%
13,301,950
150,307
4.48
%
Borrowings
1,364,138
17,111
4.99
%
1,334,905
17,739
5.29
%
1,816,047
23,102
5.05
%
Total interest-bearing
liabilities
14,806,480
162,085
4.36
%
14,702,832
173,568
4.70
%
15,117,997
173,409
4.55
%
Non-interest-bearing deposits (5)
5,346,912
4,557,815
4,270,557
Total deposits and borrowings
20,153,392
3.20
%
19,260,647
3.59
%
19,388,554
3.55
%
Other non-interest-bearing liabilities
204,947
195,722
276,198
Total liabilities
20,358,339
19,456,369
19,664,752
Shareholders’ equity
1,821,631
1,774,035
1,587,521
Total liabilities and shareholders’
equity
$
22,179,970
$
21,230,404
$
21,252,273
Net interest income
167,821
158,545
172,506
Tax-equivalent adjustment
377
392
398
Net interest earnings
$
168,198
$
158,937
$
172,904
Interest spread
2.89
%
2.80
%
3.06
%
Net interest margin
3.10
%
3.05
%
3.30
%
Net interest margin tax equivalent
(6)
3.11
%
3.06
%
3.31
%
(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 PPP loans.
(4) Includes non-accrual loans, the effect
of which is to reduce the yield earned on loans and leases, and
deferred loan fees.
(5) Total costs of deposits (including
interest bearing and non-interest bearing) were 3.07%, 3.46% and
3.39% for the three months ended December 31, 2024, September 30,
2024 and December 31, 2023, respectively.
(6) Tax-equivalent basis, using an
estimated marginal tax rate of 26% for the three months ended
December 31, 2024, September 30, 2024 and December 31, 2023,
presented to approximate interest income as a taxable asset.
CUSTOMERS BANCORP, INC. AND
SUBSIDIARIES
AVERAGE BALANCE SHEET / NET INTEREST
MARGIN - UNAUDITED (CONTINUED)
(Dollars in thousands)
Twelve Months Ended
December 31, 2024
December 31, 2023
Average Balance
Interest Income or
Expense
Average Yield or Cost
(%)
Average Balance
Interest Income or
Expense
Average Yield or Cost
(%)
Assets
Interest earning deposits
$
3,597,260
$
190,842
5.31
%
$
2,375,488
$
125,923
5.30
%
Investment securities (1)
3,650,320
180,291
4.94
%
4,057,564
200,659
4.95
%
Loans and leases:
Commercial & industrial:
Specialized lending loans and leases
(2)
5,637,189
483,052
8.57
%
5,704,220
513,976
9.01
%
Other commercial & industrial loans
(2)(3)
1,564,167
102,001
6.52
%
1,976,924
133,451
6.75
%
Mortgage finance loans
1,192,827
62,344
5.23
%
1,179,141
67,660
5.74
%
Multifamily loans
2,116,168
86,263
4.08
%
2,165,067
85,204
3.94
%
Non-owner occupied commercial real estate
loans
1,412,201
83,484
5.91
%
1,423,929
81,970
5.76
%
Residential mortgages
526,133
24,046
4.57
%
533,213
23,240
4.36
%
Installment loans
1,104,470
106,340
9.63
%
1,437,078
127,237
8.85
%
Total loans and leases (4)
13,553,155
947,530
6.99
%
14,419,572
1,032,738
7.16
%
Other interest-earning assets
114,983
9,171
7.98
%
118,574
8,040
6.78
%
Total interest-earning assets
20,915,718
1,327,834
6.35
%
20,971,198
1,367,360
6.52
%
Non-interest-earning assets
518,472
515,185
Total assets
$
21,434,190
$
21,486,383
Liabilities
Interest checking accounts
$
5,660,890
$
248,400
4.39
%
$
6,048,797
$
241,025
3.98
%
Money market deposit accounts
3,559,362
159,598
4.48
%
2,358,437
93,434
3.96
%
Other savings accounts
1,595,357
73,947
4.64
%
1,029,951
41,556
4.03
%
Certificates of deposit
2,434,622
121,367
4.99
%
4,401,855
200,422
4.55
%
Total interest-bearing deposits (5)
13,250,231
603,312
4.55
%
13,839,040
576,437
4.17
%
Federal funds purchased
—
—
—
%
3,781
188
4.97
%
Borrowings
1,414,583
70,118
4.96
%
2,073,553
103,286
4.98
%
Total interest-bearing
liabilities
14,664,814
673,430
4.59
%
15,916,374
679,911
4.27
%
Non-interest-bearing deposits (5)
4,807,647
3,801,053
Total deposits and borrowings
19,472,461
3.46
%
19,717,427
3.45
%
Other non-interest-bearing liabilities
217,172
272,599
Total liabilities
19,689,633
19,990,026
Shareholders’ equity
1,744,557
1,496,357
Total liabilities and shareholders’
equity
$
21,434,190
$
21,486,383
Net interest income
654,404
687,449
Tax-equivalent adjustment
1,556
1,568
Net interest earnings
$
655,960
$
689,017
Interest spread
2.89
%
3.07
%
Net interest margin
3.14
%
3.28
%
Net interest margin tax equivalent
(6)
3.15
%
3.29
%
(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 PPP loans.
(4) Includes non-accrual loans, the effect
of which is to reduce the yield earned on loans and leases, and
deferred loan fees.
(5) Total costs of deposits (including
interest bearing and non-interest bearing) were 3.34% and 3.27% for
the twelve months ended December 31, 2024 and 2023,
respectively.
(6) Tax-equivalent basis, using an
estimated marginal tax rate of 26% for the twelve months ended
December 31, 2024 and 2023, presented to approximate interest
income as a taxable asset.
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,
2024
2024
2024
2024
2023
Loans and leases held for
investment
Commercial:
Commercial & industrial:
Specialized lending
$
5,842,420
$
5,468,507
$
5,528,745
$
5,104,405
$
5,006,693
Other commercial & industrial (1)
1,062,631
1,087,222
1,092,146
1,113,517
1,162,317
Mortgage finance
1,440,847
1,367,617
1,122,812
1,071,146
1,014,742
Multifamily
2,252,246
2,115,978
2,067,332
2,123,675
2,138,622
Commercial real estate owner occupied
1,100,944
981,904
805,779
806,278
797,319
Commercial real estate non-owner
occupied
1,359,130
1,326,591
1,202,606
1,182,084
1,177,650
Construction
147,209
174,509
163,409
185,601
166,393
Total commercial loans and leases
13,205,427
12,522,328
11,982,829
11,586,706
11,463,736
Consumer:
Residential
496,559
500,786
481,503
482,537
484,435
Manufactured housing
33,123
34,481
35,901
37,382
38,670
Installment:
Personal
463,854
453,739
474,481
492,892
555,533
Other
249,799
266,362
282,201
299,714
319,393
Total installment loans
713,653
720,101
756,682
792,606
874,926
Total consumer loans
1,243,335
1,255,368
1,274,086
1,312,525
1,398,031
Total loans and leases held for
investment
$
14,448,762
$
13,777,696
$
13,256,915
$
12,899,231
$
12,861,767
Loans held for sale
Residential
$
1,836
$
2,523
$
2,684
$
870
$
1,215
Installment:
Personal
40,903
55,799
125,598
137,755
151,040
Other
162,055
217,098
247,442
219,015
188,062
Total installment loans
202,958
272,897
373,040
356,770
339,102
Total loans held for sale
$
204,794
$
275,420
$
375,724
$
357,640
$
340,317
Total loans and leases
portfolio
$
14,653,556
$
14,053,116
$
13,632,639
$
13,256,871
$
13,202,084
(1)
Includes PPP loans.
CUSTOMERS BANCORP, INC. AND
SUBSIDIARIES
PERIOD END DEPOSIT COMPOSITION -
UNAUDITED
(Dollars in thousands)
December 31,
September 30,
June 30,
March 31,
December 31,
2024
2024
2024
2024
2023
Demand, non-interest bearing
$
5,608,288
$
4,670,809
$
4,474,862
$
4,688,880
$
4,422,494
Demand, interest bearing
5,553,698
5,606,500
5,894,056
5,661,775
5,580,527
Total demand deposits
11,161,986
10,277,309
10,368,918
10,350,655
10,003,021
Savings
1,131,819
1,399,968
1,573,661
2,080,374
1,402,941
Money market
3,844,451
3,961,028
3,539,815
3,347,843
3,226,395
Time deposits
2,708,205
2,431,084
2,195,699
2,182,511
3,287,879
Total deposits
$
18,846,461
$
18,069,389
$
17,678,093
$
17,961,383
$
17,920,236
CUSTOMERS BANCORP, INC. AND
SUBSIDIARIES
ASSET QUALITY - UNAUDITED
(Dollars in thousands)
As of December 31,
2024
As of September 30,
2024
As of December 31,
2023
Loan type
Total loans
Allowance for credit
losses
Total reserves to total
loans
Total loans
Allowance for credit
losses
Total reserves to total
loans
Total loans
Allowance for credit
losses
Total reserves to total
loans
Commercial:
Commercial & industrial, including
specialized lending (1)
$
7,024,770
$
29,379
0.42
%
$
6,672,933
$
25,191
0.38
%
$
6,285,840
$
23,503
0.37
%
Multifamily
2,252,246
18,511
0.82
%
2,115,978
18,090
0.85
%
2,138,622
16,343
0.76
%
Commercial real estate owner occupied
1,100,944
10,755
0.98
%
981,904
10,913
1.11
%
797,319
9,882
1.24
%
Commercial real estate non-owner
occupied
1,359,130
17,405
1.28
%
1,326,591
17,303
1.30
%
1,177,650
16,859
1.43
%
Construction
147,209
1,250
0.85
%
174,509
1,606
0.92
%
166,393
1,482
0.89
%
Total commercial loans and leases
receivable
11,884,299
77,300
0.65
%
11,271,915
73,103
0.65
%
10,565,824
68,069
0.64
%
Consumer:
Residential
496,559
5,968
1.20
%
500,786
5,838
1.17
%
484,435
6,586
1.36
%
Manufactured housing
33,123
3,829
11.56
%
34,481
4,080
11.83
%
38,670
4,239
10.96
%
Installment
713,653
49,678
6.96
%
720,101
50,137
6.96
%
874,926
56,417
6.45
%
Total consumer loans receivable
1,243,335
59,475
4.78
%
1,255,368
60,055
4.78
%
1,398,031
67,242
4.81
%
Loans and leases receivable held for
investment
13,127,634
136,775
1.04
%
12,527,283
133,158
1.06
%
11,963,855
135,311
1.13
%
Loans receivable, mortgage finance, at
fair value
1,321,128
—
—
%
1,250,413
—
—
%
897,912
—
—
%
Loans held for sale
204,794
—
—
%
275,420
—
—
%
340,317
—
—
%
Total loans and leases
portfolio
$
14,653,556
$
136,775
0.93
%
$
14,053,116
$
133,158
0.95
%
$
13,202,084
$
135,311
1.02
%
(1)
Includes PPP loans.
CUSTOMERS BANCORP, INC. AND
SUBSIDIARIES
ASSET QUALITY - UNAUDITED
(Dollars in thousands)
As of December 31,
2024
As of September 30,
2024
As of December 31,
2023
Loan type
Non accrual /NPLs
Total NPLs to total
loans
Total reserves to total
NPLs
Non accrual /NPLs
Total NPLs to total
loans
Total reserves to total
NPLs
Non accrual /NPLs
Total NPLs to total
loans
Total reserves to total
NPLs
Commercial:
Commercial & industrial, including
specialized lending (1)
$
4,041
0.06
%
727.02
%
$
4,615
0.07
%
545.85
%
$
4,436
0.07
%
529.82
%
Multifamily
11,834
0.53
%
156.42
%
11,834
0.56
%
152.86
%
—
—
%
—
%
Commercial real estate owner occupied
8,090
0.73
%
132.94
%
8,613
0.88
%
126.70
%
5,869
0.74
%
168.38
%
Commercial real estate non-owner
occupied
354
0.03
%
4916.67
%
763
0.06
%
2267.76
%
—
—
%
—
%
Construction
—
—
%
—
%
—
—
%
—
%
—
—
%
—
%
Total commercial loans and leases
receivable
24,319
0.20
%
317.86
%
25,825
0.23
%
283.07
%
10,305
0.10
%
660.54
%
Consumer:
Residential
8,714
1.75
%
68.49
%
7,997
1.60
%
73.00
%
6,802
1.40
%
96.82
%
Manufactured housing
1,852
5.59
%
206.75
%
1,869
5.42
%
218.30
%
2,331
6.03
%
181.85
%
Installment
5,613
0.79
%
885.05
%
6,328
0.88
%
792.30
%
7,211
0.82
%
782.37
%
Total consumer loans receivable
16,179
1.30
%
367.61
%
16,194
1.29
%
370.85
%
16,344
1.17
%
411.42
%
Loans and leases receivable
40,498
0.31
%
337.73
%
42,019
0.34
%
316.90
%
26,649
0.22
%
507.75
%
Loans receivable, mortgage finance, at
fair value
—
—
%
—
%
—
—
%
—
%
—
—
%
—
%
Loans held for sale
2,777
1.36
%
—
%
5,307
1.93
%
—
%
461
0.14
%
—
%
Total loans and leases
portfolio
$
43,275
0.30
%
316.06
%
$
47,326
0.34
%
281.36
%
$
27,110
0.21
%
499.12
%
(1)
Includes PPP loans.
CUSTOMERS BANCORP, INC. AND
SUBSIDIARIES
NET CHARGE-OFFS/(RECOVERIES) -
UNAUDITED
(Dollars in thousands)
Q4
Q3
Q2
Q1
Q4
Twelve Months Ended December
31,
2024
2024
2024
2024
2023
2024
2023
Loan type
Commercial & industrial, including
specialized lending
$
3,653
$
5,056
$
5,665
$
3,672
$
5,282
$
18,046
$
8,443
Multifamily
—
2,167
1,433
473
127
4,073
3,574
Commercial real estate owner occupied
339
4
—
22
—
365
5
Commercial real estate non-owner
occupied
145
—
—
—
(288
)
145
4,212
Construction
—
(3
)
(7
)
—
—
(10
)
(116
)
Residential
(18
)
(21
)
(20
)
18
(1
)
(41
)
34
Installment
10,493
9,841
11,640
13,783
12,202
45,757
52,883
Total net charge-offs (recoveries) from
loans held for investment
$
14,612
$
17,044
$
18,711
$
17,968
$
17,322
$
68,335
$
69,035
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.
Twelve Months Ended
December 31,
Core Earnings and Adjusted Core Earnings - Customers Bancorp
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
2024
2023
(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
$
23,266
$
0.71
$
42,937
$
1.31
$
54,300
$
1.66
$
45,926
$
1.40
$
58,223
$
1.79
$
166,429
$
5.09
$
235,448
$
7.32
Reconciling items (after tax):
Severance expense
1,198
0.04
540
0.02
1,928
0.06
—
—
473
0.01
3,666
0.11
1,251
0.04
Impairments on fixed assets and leases
—
—
—
—
—
—
—
—
—
—
—
—
98
0.00
Loss on sale of capital call lines of
credit
—
—
—
—
—
—
—
—
—
—
—
—
3,914
0.12
Legal settlement
157
0.00
—
—
—
—
—
—
—
—
157
0.00
—
—
(Gains) losses on investment
securities
20,035
0.62
(322
)
(0.01
)
561
0.02
57
0.00
(85
)
0.00
20,331
0.62
407
0.01
Derivative credit valuation adjustment
(306
)
(0.01
)
185
0.01
(44
)
0.00
169
0.01
267
0.01
4
0.00
219
0.01
Tax on surrender of bank-owned life
insurance policies
—
—
—
—
—
—
—
—
—
—
—
—
4,141
0.13
FDIC special assessment
—
—
—
—
138
0.00
380
0.01
2,755
0.08
518
0.02
2,755
0.09
Unrealized (gain) on equity method
investments
(292
)
(0.01
)
—
—
(8,316
)
(0.25
)
—
—
—
—
(8,608
)
(0.26
)
—
—
Unrealized losses on loans held for
sale
110
0.00
498
0.02
—
—
—
—
—
—
608
0.02
—
—
Core earnings
$
44,168
$
1.36
$
43,838
$
1.34
$
48,567
$
1.49
$
46,532
$
1.42
$
61,633
$
1.90
$
183,105
$
5.60
$
248,233
$
7.72
One-time non-interest expense items
recorded in 2024 (after-tax):
Deposit servicing fees prior to 2024
—
—
—
—
—
—
5,405
0.16
—
—
5,405
0.17
—
—
FDIC premiums prior to 2024
—
—
—
—
—
—
3,200
0.10
—
—
3,200
0.10
—
—
Non-income taxes prior to 2024
—
—
(2,457
)
(0.07
)
—
—
—
—
—
—
(2,457
)
(0.08
)
—
—
Total one-time non-interest expense
items
—
—
(2,457
)
(0.07
)
—
—
8,605
0.26
—
—
6,148
0.19
—
—
Adjusted core earnings (adjusted for
one-time non-interest expense items)
$
44,168
$
1.36
$
41,381
$
1.26
$
48,567
$
1.49
$
55,137
$
1.68
$
61,633
$
1.90
$
189,253
$
5.78
$
248,233
$
7.72
Core Return on Average Assets and
Adjusted Core Return on Average Assets - Customers Bancorp
Twelve Months Ended
December 31,
(Dollars in thousands, except per share
data)
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
2024
2023
GAAP net income
$
26,915
$
46,743
$
58,085
$
49,726
$
62,092
$
181,469
$
250,143
Reconciling items (after tax):
Severance expense
1,198
540
1,928
—
473
3,666
1,251
Impairments on fixed assets and leases
—
—
—
—
—
—
98
Loss on sale of capital call lines of
credit
—
—
—
—
—
—
3,914
Legal settlement
157
—
—
—
—
157
—
(Gains) losses on investment
securities
20,035
(322
)
561
57
(85
)
20,331
407
Derivative credit valuation adjustment
(306
)
185
(44
)
169
267
4
219
Tax on surrender of bank-owned life
insurance policies
—
—
—
—
—
—
4,141
FDIC special assessment
—
—
138
380
2,755
518
2,755
Unrealized (gain) on equity method
investments
(292
)
—
(8,316
)
—
—
(8,608
)
—
Unrealized losses on loans held for
sale
110
498
—
—
—
608
—
Core net income
$
47,817
$
47,644
$
52,352
$
50,332
$
65,502
$
198,145
$
262,928
One-time non-interest expense items
recorded in 2024 (after-tax):
Deposit servicing fees prior to 2024
—
—
—
5,405
—
5,405
—
FDIC premiums prior to 2024
—
—
—
3,200
—
3,200
—
Non-income taxes prior to 2024
—
(2,457
)
—
—
—
(2,457
)
—
Total one-time non-interest expense
items
—
(2,457
)
—
8,605
—
6,148
—
Adjusted core net income (adjusted for
one-time non-interest expense items)
$
47,817
$
45,187
$
52,352
$
58,937
$
65,502
$
204,293
$
262,928
Average total assets
$
22,179,970
$
21,230,404
$
20,985,203
$
21,335,229
$
21,252,273
$
21,434,190
$
21,486,383
Core return on average assets
0.86
%
0.89
%
1.00
%
0.95
%
1.22
%
0.92
%
1.22
%
Adjusted core return on average assets
(adjusted for one-time non-interest expense items)
0.86
%
0.85
%
1.00
%
1.11
%
1.22
%
0.95
%
1.22
%
Core Pre-Tax Pre-Provision Net Income
and ROAA and Adjusted Core Pre-Tax Pre-Provision Net Income and
ROAA - Customers Bancorp
Twelve Months Ended
December 31,
(Dollars in thousands, except per share
data)
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
2024
2023
GAAP net income
$
26,915
$
46,743
$
58,085
$
49,726
$
62,092
$
181,469
$
250,143
Reconciling items:
Income tax expense (benefit)
8,946
(725
)
19,032
15,651
21,796
42,904
80,597
Provision (benefit) for credit losses
21,194
17,066
18,121
17,070
13,523
73,451
74,611
Provision (benefit) for credit losses on
unfunded commitments
(664
)
642
1,594
430
(136
)
2,002
(112
)
Severance expense
1,595
659
2,560
—
639
4,814
1,630
Impairments on fixed assets and leases
—
—
—
—
—
—
124
Loss on sale of capital call lines of
credit
—
—
—
—
—
—
5,037
Legal settlement
209
—
—
—
—
209
—
(Gains) losses on investment
securities
26,678
(394
)
744
75
(114
)
27,103
512
Derivative credit valuation adjustment
(407
)
226
(58
)
222
361
(17
)
298
FDIC special assessment
—
—
183
500
3,723
683
3,723
Unrealized (gain) on equity method
investments
(389
)
—
(11,041
)
—
—
(11,430
)
—
Unrealized losses on loans held for
sale
147
607
—
—
—
754
—
Core pre-tax pre-provision net income
$
84,224
$
64,824
$
89,220
$
83,674
$
101,884
$
321,942
$
416,563
One-time non-interest expense items
recorded in 2024 (after-tax):
Deposit servicing fees prior to 2024
—
—
—
7,106
—
7,106
—
FDIC premiums prior to 2024
—
—
—
4,208
—
4,208
—
Non-income taxes prior to 2024
—
(2,997
)
—
—
—
(2,997
)
—
Total one-time non-interest expense
items
—
(2,997
)
—
11,314
—
8,317
—
Adjusted core pre-tax pre-provision net
income (adjusted for one-time non-interest expense items)
$
84,224
$
61,827
$
89,220
$
94,988
$
101,884
$
330,259
$
416,563
Average total assets
$
22,179,970
$
21,230,404
$
20,985,203
$
21,335,229
$
21,252,273
$
21,434,190
$
21,486,383
Core pre-tax pre-provision ROAA
1.51
%
1.21
%
1.71
%
1.58
%
1.90
%
1.50
%
1.94
%
Adjusted core pre-tax pre-provision ROAA
(adjusted for one-time non-interest expense items)
1.51
%
1.16
%
1.71
%
1.79
%
1.90
%
1.54
%
1.94
%
Core Return on Average Common Equity
and Adjusted Core Return on Average Common Equity - Customers
Bancorp
Twelve Months Ended
December 31,
(Dollars in thousands, except per share
data)
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
2024
2023
GAAP net income to common shareholders
$
23,266
$
42,937
$
54,300
$
45,926
$
58,223
$
166,429
$
235,448
Reconciling items (after tax):
Severance expense
1,198
540
1,928
—
473
3,666
1,251
Impairments on fixed assets and leases
—
—
—
—
—
—
98
Loss on sale of capital call lines of
credit
—
—
—
—
—
—
3,914
Legal settlement
157
—
—
—
—
157
—
(Gains) losses on investment
securities
20,035
(322
)
561
57
(85
)
20,331
407
Derivative credit valuation adjustment
(306
)
185
(44
)
169
267
4
219
Tax on surrender of bank-owned life
insurance policies
—
—
—
—
—
—
4,141
FDIC special assessment
—
—
138
380
2,755
518
2,755
Unrealized (gain) on equity method
investments
(292
)
—
(8,316
)
—
—
(8,608
)
—
Unrealized losses on loans held for
sale
110
498
—
—
—
608
—
Core earnings
$
44,168
$
43,838
$
48,567
$
46,532
$
61,633
$
183,105
$
248,233
One-time non-interest expense items
recorded in 2024 (after-tax):
Deposit servicing fees prior to 2024
—
—
—
5,405
—
5,405
—
FDIC premiums prior to 2024
—
—
—
3,200
—
3,200
—
Non-income taxes prior to 2024
—
(2,457
)
—
—
—
(2,457
)
—
Total one-time non-interest expense
items
—
(2,457
)
—
8,605
—
6,148
—
Adjusted core earnings (adjusted for
one-time non-interest expense items)
$
44,168
$
41,381
$
48,567
$
55,137
$
61,633
$
189,253
$
248,233
Average total common shareholders’
equity
$
1,683,838
$
1,636,242
$
1,576,595
$
1,529,211
$
1,449,728
$
1,606,764
$
1,358,564
Core return on average common equity
10.44
%
10.66
%
12.39
%
12.24
%
16.87
%
11.40
%
18.27
%
Adjusted core return on average common
equity (adjusted for one-time non-interest expense items)
10.44
%
10.06
%
12.39
%
14.50
%
16.87
%
11.78
%
18.27
%
Core Pre-Tax Pre-Provision ROCE and
Adjusted Core Pre-Tax Pre-Provision ROCE - Customers
Bancorp
Twelve Months Ended
December 31,
(Dollars in thousands, except per share
data)
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
2024
2023
GAAP net income to common shareholders
$
23,266
$
42,937
$
54,300
$
45,926
$
58,223
$
166,429
$
235,448
Reconciling items:
Income tax expense (benefit)
8,946
(725
)
19,032
15,651
21,796
42,904
80,597
Provision (benefit) for credit losses
21,194
17,066
18,121
17,070
13,523
73,451
74,611
Provision (benefit) for credit losses on
unfunded commitments
(664
)
642
1,594
430
(136
)
2,002
(112
)
Severance expense
1,595
659
2,560
—
639
4,814
1,630
Impairments on fixed assets and leases
—
—
—
—
—
—
124
Loss on sale of capital call lines of
credit
—
—
—
—
—
—
5,037
Legal settlement
209
—
—
—
—
209
—
(Gains) losses on investment
securities
26,678
(394
)
744
75
(114
)
27,103
512
Derivative credit valuation adjustment
(407
)
226
(58
)
222
361
(17
)
298
FDIC special assessment
—
—
183
500
3,723
683
3,723
Unrealized (gain) on equity method
investments
(389
)
—
(11,041
)
—
—
(11,430
)
—
Unrealized losses on loans held for
sale
147
607
—
—
—
754
—
Core pre-tax pre-provision net income
available to common shareholders
$
80,575
$
61,018
$
85,435
$
79,874
$
98,015
$
306,902
$
401,868
One-time non-interest expense items
recorded in 2024 (after-tax):
Deposit servicing fees prior to 2024
—
—
—
7,106
—
7,106
—
FDIC premiums prior to 2024
—
—
—
4,208
—
4,208
—
Non-income taxes prior to 2024
—
(2,997
)
—
—
—
(2,997
)
—
Total one-time non-interest expense
items
—
(2,997
)
—
11,314
—
8,317
—
Adjusted core pre-tax pre-provision net
income available to common shareholders
$
80,575
$
58,021
$
85,435
$
91,188
$
98,015
$
315,219
$
401,868
Average total common shareholders’
equity
$
1,683,838
$
1,636,242
$
1,576,595
$
1,529,211
$
1,449,728
$
1,606,764
$
1,358,564
Core pre-tax pre-provision ROCE
19.04
%
14.84
%
21.79
%
21.01
%
26.82
%
19.10
%
29.58
%
Adjusted core pre-tax pre-provision ROCE
(adjusted for one-time non-interest expense items)
19.04
%
14.11
%
21.79
%
23.98
%
26.82
%
19.62
%
29.58
%
Core Efficiency Ratio and Adjusted Core
Efficiency Ratio - Customers Bancorp
Twelve Months Ended
December 31,
(Dollars in thousands, except per share
data)
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
2024
2023
GAAP net interest income
$
167,821
$
158,545
$
167,653
$
160,385
$
172,506
$
654,404
$
687,449
GAAP non-interest income
$
(391
)
$
8,557
$
31,037
$
21,231
$
18,672
$
60,434
$
70,565
Loss on sale of capital call lines of
credit
—
—
—
—
—
—
5,037
(Gains) losses on investment
securities
26,678
(394
)
744
75
(114
)
27,103
512
Derivative credit valuation adjustment
(407
)
226
(58
)
222
361
(17
)
298
Unrealized (gain) on equity method
investments
(389
)
—
(11,041
)
—
—
(11,430
)
—
Unrealized losses on loans held for
sale
147
607
—
—
—
754
—
Core non-interest income
25,638
8,996
20,682
21,528
18,919
76,844
76,412
Core revenue
$
193,459
$
167,541
$
188,335
$
181,913
$
191,425
$
731,248
$
763,861
GAAP non-interest expense
$
110,375
$
104,018
$
103,452
$
99,169
$
93,767
$
417,014
$
352,663
Severance expense
(1,595
)
(659
)
(2,560
)
—
(639
)
(4,814
)
(1,630
)
Impairments on fixed assets and leases
—
—
—
—
—
—
(124
)
FDIC special assessment
—
—
(183
)
(500
)
(3,723
)
(683
)
(3,723
)
Legal settlement
(209
)
—
—
—
—
(209
)
—
Core non-interest expense
$
108,571
$
103,359
$
100,709
$
98,669
$
89,405
$
411,308
$
347,186
One-time non-interest expense items
recorded in 2024:
Deposit servicing fees prior to 2024
—
—
—
(7,106
)
—
(7,106
)
—
FDIC premiums prior to 2024
—
—
—
(4,208
)
—
(4,208
)
—
Non-income taxes prior to 2024
—
2,997
—
—
—
2,997
—
Total one-time non-interest expense
items
—
2,997
—
(11,314
)
—
(8,317
)
—
Adjusted core non-interest expense
$
108,571
$
106,356
$
100,709
$
87,355
$
89,405
$
402,991
$
347,186
Core efficiency ratio (1)
56.12
%
61.69
%
53.47
%
54.24
%
46.70
%
56.25
%
45.45
%
Adjusted core efficiency ratio (adjusted
for one-time non-interest expense items) (2)
56.12
%
63.48
%
53.47
%
48.02
%
46.70
%
55.11
%
45.45
%
(1)
Core efficiency ratio calculated as core
non-interest expense divided by core revenue.
(2)
Adjusted core efficiency ratio calculated
as adjusted core non-interest expense divided by core revenue.
Core Non-Interest Expense to Average
Total Assets and Adjusted Core Non-Interest Expense to Average
Total Assets- Customers Bancorp
Twelve Months Ended
December 31,
(Dollars in thousands, except per share
data)
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
2024
2023
GAAP non-interest expense
$
110,375
$
104,018
$
103,452
$
99,169
$
93,767
$
417,014
$
352,663
Severance expense
(1,595
)
(659
)
(2,560
)
—
(639
)
(4,814
)
(1,630
)
Impairments on fixed assets and leases
—
—
—
—
—
—
(124
)
FDIC special assessment
—
—
(183
)
(500
)
(3,723
)
(683
)
(3,723
)
Legal settlement
(209
)
—
—
—
—
(209
)
—
Core non-interest expense
$
108,571
$
103,359
$
100,709
$
98,669
$
89,405
$
411,308
$
347,186
One-time non-interest expense items
recorded in 2024:
Deposit servicing fees prior to 2024
—
—
—
(7,106
)
—
(7,106
)
—
FDIC premiums prior to 2024
—
—
—
(4,208
)
—
(4,208
)
—
Non-income taxes prior to 2024
—
2,997
—
—
—
2,997
—
Total one-time non-interest expense
items
—
2,997
—
(11,314
)
—
(8,317
)
—
Adjusted core non-interest expense
$
108,571
$
106,356
$
100,709
$
87,355
$
89,405
$
402,991
$
347,186
Average total assets
$
22,179,970
$
21,230,404
$
20,985,203
$
21,335,229
$
21,252,273
$
21,434,190
$
21,486,383
Core non-interest expense to average total
assets
1.95
%
1.94
%
1.93
%
1.86
%
1.67
%
1.92
%
1.62
%
Adjusted core non-interest expense to
average total assets (adjusted for one-time non-interest expense
items)
1.95
%
1.99
%
1.93
%
1.65
%
1.67
%
1.88
%
1.62
%
Tangible Common Equity to Tangible
Assets - Customers Bancorp
(Dollars in thousands, except per share
data)
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
GAAP total shareholders’ equity
$
1,836,683
$
1,801,180
$
1,746,865
$
1,691,617
$
1,638,394
Reconciling items:
Preferred stock
(137,794
)
(137,794
)
(137,794
)
(137,794
)
(137,794
)
Goodwill and other intangibles
(3,629
)
(3,629
)
(3,629
)
(3,629
)
(3,629
)
Tangible common equity
$
1,695,260
$
1,659,757
$
1,605,442
$
1,550,194
$
1,496,971
GAAP total assets
$
22,308,241
$
21,456,082
$
20,942,975
$
21,347,367
$
21,316,265
Reconciling items:
Goodwill and other intangibles
(3,629
)
(3,629
)
(3,629
)
(3,629
)
(3,629
)
Tangible assets
$
22,304,612
$
21,452,453
$
20,939,346
$
21,343,738
$
21,312,636
Tangible common equity to tangible
assets
7.6
%
7.7
%
7.7
%
7.3
%
7.0
%
Tangible Book Value per Common Share -
Customers Bancorp
(Dollars in thousands, except share and
per share data)
Q4 2024
Q3 2024
Q2 2024
Q1 2024
Q4 2023
GAAP total shareholders’ equity
$
1,836,683
$
1,801,180
$
1,746,865
$
1,691,617
$
1,638,394
Reconciling Items:
Preferred stock
(137,794
)
(137,794
)
(137,794
)
(137,794
)
(137,794
)
Goodwill and other intangibles
(3,629
)
(3,629
)
(3,629
)
(3,629
)
(3,629
)
Tangible common equity
$
1,695,260
$
1,659,757
$
1,605,442
$
1,550,194
$
1,496,971
Common shares outstanding
31,346,507
31,342,107
31,667,655
31,521,931
31,440,906
Tangible book value per common share
$
54.08
$
52.96
$
50.70
$
49.18
$
47.61
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250122783498/en/
Jordan Baucum, Head of Corporate Communications 951-608-8314
Customers Bancorp (NYSE:CUBI)
Historical Stock Chart
From Dec 2024 to Jan 2025
Customers Bancorp (NYSE:CUBI)
Historical Stock Chart
From Jan 2024 to Jan 2025
