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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 10-Q

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2021

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     .
001-35542
(Commission File number)
(Exact name of registrant as specified in its charter)
Customers Bancorp, Inc.

Pennsylvania 27-2290659
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)
701 Reading Avenue
West Reading PA 19611
(Address of principal executive offices)
(610) 933-2000
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
 
 

Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolsName of Each Exchange on which Registered
Voting Common Stock, par value $1.00 per shareCUBINew York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series C, par value $1.00 per share
CUBI/PCNew York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series D, par value $1.00 per share
CUBI/PDNew York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series E, par value $1.00 per share
CUBI/PENew York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series F, par value $1.00 per share
CUBI/PFNew York Stock Exchange
5.375% Subordinated Notes due 2034CUBBNew York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None




Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated fileroAccelerated Filerx
Non-accelerated filer
o 
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    Yes      No  x




________________________________________ 
On April 30, 2021, 32,266,264 shares of Voting Common Stock were outstanding.

1

Table of Contents
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
Table of Contents
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.

2

Table of Contents
GLOSSARY OF ABBREVIATIONS AND ACRONYMS
The following list of abbreviations and acronyms may be used throughout this Report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, the Unaudited Consolidated Financial Statements and the Notes to the Unaudited Consolidated Financial Statements.
ACLAllowance for credit losses
AFSAvailable for sale
ASCAccounting Standards Codification
AOCIAccumulated other comprehensive income
ASUAccounting Standards Update
ATMAutomated teller machine
BancorpCustomers Bancorp, Inc.
BankCustomers Bank
BBB spreadBBB rated corporate bond spreads to U.S. Treasury securities
BMTBankMobile Technologies, Inc.
BM TechnologiesBM Technologies, Inc.
BOLIBank-owned life insurance
CAAThe Consolidated Appropriations Act, 2021
CARES Act
Coronavirus Aid, Relief and Economic Security Act
CCFCustomers Commercial Finance, LLC
CECLCurrent expected credit loss
CompanyCustomers Bancorp, Inc. and subsidiaries
COVID-19
Coronavirus Disease 2019
CPIConsumer Price Index
CUBISymbol for Customers Bancorp, Inc. common stock traded on the NYSE
CustomersCustomers Bancorp, Inc. and Customers Bank, collectively
Customers BancorpCustomers Bancorp, Inc.
DCFDiscounted cash flow
DepartmentPennsylvania Department of Banking and Securities
Disbursement BusinessOne Account Student Checking and Refund Management Disbursement Services Business
EDU.S. Department of Education
EPSEarnings per share
ERISAThe Employee Retirement Income Security Act of 1974
EVEEconomic value of equity
Exchange ActSecurities Exchange Act of 1934
FDICFederal Deposit Insurance Corporation
Fed FundsFederal Reserve Board's Effective Federal Funds Rate
Federal Reserve BoardBoard of Governors of the Federal Reserve System
FHAFederal Housing Administration
FHLBFederal Home Loan Bank
FPRDFinal Program Review Determination
FRBFederal Reserve Bank of Philadelphia
GDPGross domestic product
GNMAGovernment National Mortgage Association
Higher OneHigher One Holdings, Inc.
HTMHeld to maturity
Interest-only GNMA securitiesInterest-only classes of Ginnie Mae guaranteed home equity conversation mortgage-backed securities
IRSInternal Revenue Service
LIBORLondon Interbank Offered Rate
LPOLimited Purpose Office
MFACMegalith Financial Acquisition Corp.
MMDAMoney market deposit accounts
NIMNet interest margin, tax equivalent
NMNot meaningful
NPLNon-performing loan
NYSENew York Stock Exchange
OCIOther comprehensive income
OREOOther real estate owned
PCDPurchased Credit-Deteriorated
3

Table of Contents
PCIPurchased Credit-Impaired
PPPPaycheck Protection Program
PPPLFFRB Paycheck Protection Program Liquidity Facility
Rate ShocksInterest rates rising or falling immediately
ROURight-of-use
SBASmall Business Administration
SBA loansLoans originated pursuant to the rules and regulations of the SBA
SECU.S. Securities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
Series C Preferred StockFixed-to-floating rate non-cumulative perpetual preferred stock, series C
Series D Preferred StockFixed-to-floating rate non-cumulative perpetual preferred stock, series D
Series E Preferred StockFixed-to-floating rate non-cumulative perpetual preferred stock, series E
Series F Preferred StockFixed-to-floating rate non-cumulative perpetual preferred stock, series F
TDRTroubled debt restructuring
TRACTerminal Rental Adjustment Clause
UCCUniform Commercial Code
U.S. GAAPAccounting principles generally accepted in the United States of America


4

Table of Contents
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET — UNAUDITED
(amounts in thousands, except share and per share data)
March 31,
2021
December 31,
2020
ASSETS
Cash and due from banks$3,123 $78,090 
Interest earning deposits512,241 615,264 
Cash and cash equivalents515,364 693,354 
Investment securities, at fair value1,441,904 1,210,285 
Loans held for sale (includes $1,205 and $5,509, respectively, at fair value)
46,106 79,086 
Loans receivable, mortgage warehouse, at fair value3,407,622 3,616,432 
Loans receivable, PPP5,178,089 4,561,365 
Loans and leases receivable7,536,489 7,575,368 
Allowance for credit losses on loans and leases(128,736)(144,176)
Total loans and leases receivable, net of allowance for credit losses on loans and leases15,993,464 15,608,989 
FHLB, Federal Reserve Bank, and other restricted stock69,420 71,368 
Accrued interest receivable83,186 80,412 
Bank premises and equipment, net10,943 11,225 
Bank-owned life insurance281,923 280,067 
Goodwill and other intangibles3,911 3,969 
Other assets371,439 338,438 
Assets of discontinued operations 62,055 
Total assets$18,817,660 $18,439,248 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Demand, non-interest bearing$2,687,628 $2,356,998 
Interest bearing9,784,812 8,952,931 
Total deposits12,472,440 11,309,929 
Federal funds purchased365,000 250,000 
FHLB advances850,000 850,000 
Other borrowings124,138 124,037 
Subordinated debt181,464 181,394 
FRB PPP liquidity facility3,284,156 4,415,016 
Accrued interest payable and other liabilities351,741 152,082 
Liabilities of discontinued operations 39,704 
Total liabilities17,628,939 17,322,162 
Commitments and contingencies (NOTE 14)
Shareholders’ equity:
Preferred stock, par value $1.00 per share; liquidation preference $25.00 per share; 100,000,000 shares authorized, 9,000,000 shares issued and outstanding as of
March 31, 2021 and December 31, 2020
217,471 217,471 
Common stock, par value $1.00 per share; 200,000,000 shares authorized; 33,519,381 and 32,985,707 shares issued as of March 31, 2021 and December 31, 2020; 32,238,762 and 31,705,088 shares outstanding as of March 31, 2021 and December 31, 2020
33,519 32,986 
Additional paid in capital515,318 455,592 
Retained earnings438,802 438,581 
Accumulated other comprehensive income (loss), net5,391 (5,764)
Treasury stock, at cost (1,280,619 shares as of March 31, 2021 and December 31, 2020)
(21,780)(21,780)
Total shareholders’ equity1,188,721 1,117,086 
Total liabilities and shareholders’ equity$18,817,660 $18,439,248 
See accompanying notes to the unaudited consolidated financial statements.
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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS) — UNAUDITED
(amounts in thousands, except per share data)
Three Months Ended
March 31,
 20212020
Interest income:
Loans and leases$152,117 $116,080 
Investment securities7,979 4,977 
Other1,019 4,286 
Total interest income161,115 125,343 
Interest expense:
Deposits15,658 34,353 
FHLB advances5,192 5,390 
Subordinated debt2,689 2,689 
FRB PPP liquidity facility, federal funds purchased and other borrowings4,845 1,590 
Total interest expense28,384 44,022 
Net interest income132,731 81,321 
Provision (benefit) for credit losses on loans and leases(2,919)31,786 
Net interest income after provision (benefit) for credit losses on loans and leases135,650 49,535 
Non-interest income:
Interchange and card revenue85 270 
Deposit fees863 551 
Commercial lease income5,205 4,268 
Bank-owned life insurance1,679 1,762 
Mortgage warehouse transactional fees4,247 1,952 
Gain (loss) on sale of SBA and other loans1,575 11 
Mortgage banking income463 296 
Gain (loss) on sale of investment securities23,566 3,974 
Unrealized gain (loss) on investment securities974 (1,378)
Unrealized gain (loss) on derivatives2,537 (1,146)
Loss on cash flow hedge derivative terminations(24,467) 
Other1,741 600 
Total non-interest income18,468 11,160 
Non-interest expense:
Salaries and employee benefits23,971 20,523 
Technology, communication and bank operations19,988 10,539 
Professional services6,289 3,544 
Occupancy2,621 2,613 
Commercial lease depreciation4,291 3,427 
FDIC assessments, non-income taxes and regulatory fees2,719 2,867 
Merger and acquisition related expenses418  
Loan workout(261)366 
Advertising and promotion561 1,424 
Other1,330 3,664 
Total non-interest expense61,927 48,967 
Income before income tax expense92,191 11,728 
Income tax expense17,560 3,274 
Net income from continuing operations74,631 8,454 
Loss from discontinued operations before income taxes(20,354)(6,722)
Income tax expense (benefit) from discontinued operations17,682 (1,368)
Net loss from discontinued operations(38,036)(5,354)
Net income36,595 3,100 
Preferred stock dividends3,391 3,615 
Net income (loss) available to common shareholders$33,204 $(515)
(continued)
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Three Months Ended
March 31,
20212020
Basic earnings (loss) per common share from continuing operations$2.23 $0.15 
Basic earnings (loss) per common share 1.04 (0.02)
Diluted earnings (loss) per common share from continuing operations2.17 0.15 
Diluted earnings (loss) per common share1.01 (0.02)
See accompanying notes to the unaudited consolidated financial statements.
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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) — UNAUDITED
(amounts in thousands)
 Three Months Ended
March 31,
 20212020
Net income$36,595 $3,100 
Unrealized gains (losses) on available for sale debt securities:
Unrealized gains (losses) arising during the period400 (9,098)
Income tax effect(104)2,366 
Reclassification adjustments for (gains) losses included in net income(23,566)(3,974)
Income tax effect6,127 1,033 
Net unrealized gains (losses) on available for sale debt securities(17,143)(9,673)
Unrealized gains (losses) on cash flow hedges:
Unrealized gains (losses) arising during the period12,315 (27,697)
Income tax effect(3,202)7,351 
Reclassification adjustment for (gains) losses included in net income25,926 1,478 
Income tax effect(6,741)(384)
Net unrealized gains (losses) on cash flow hedges28,298 (19,252)
Other comprehensive income (loss), net of income tax effect11,155 (28,925)
Comprehensive income (loss)$47,750 $(25,825)
See accompanying notes to the unaudited consolidated financial statements.
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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED
(amounts in thousands, except shares outstanding data)
Three Months Ended March 31, 2021
Preferred StockCommon Stock
Shares of
Preferred
Stock
Outstanding
Preferred
Stock
Shares of
Common
Stock
Outstanding
Common
Stock
Additional
Paid in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Total
Balance, December 31, 2020 9,000,000 $217,471 31,705,088 $32,986 $455,592 $438,581 $(5,764)$(21,780)$1,117,086 
Net income— — — — — 36,595 — — 36,595 
Other comprehensive income (loss)— — — — — — 11,155 — 11,155 
Preferred stock dividends (1)
— — — — — (3,391)— — (3,391)
Sale of non-controlling interest in BMT (2)
— — — — 31,893 — — — 31,893 
Distribution of investment in BM Technologies (3)
— — — — — (32,983)— — (32,983)
Restricted stock awards to certain BMT team members (4)
— — — — 19,592 — — — 19,592 
Share-based compensation expense— — — — 3,609 — — — 3,609 
Issuance of common stock under share-based compensation arrangements— — 533,674 533 4,632 — — — 5,165 
Balance, March 31, 20219,000,000 $217,471 32,238,762 $33,519 $515,318 $438,802 $5,391 $(21,780)$1,188,721 
Three Months Ended March 31, 2020
Preferred StockCommon Stock
Shares of
Preferred
Stock
Outstanding
Preferred StockShares of
Common
Stock
Outstanding
Common
Stock
Additional
Paid in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Total
Balance, December 31, 2019 9,000,000 $217,471 31,336,791 $32,617 $444,218 $381,519 $(1,250)$(21,780)$1,052,795 
Cumulative effect from change in accounting principle - CECL— — — — — (61,475)— — (61,475)
Net income— — — — — 3,100 — — 3,100 
Other comprehensive income (loss)— — — — — — (28,925)— (28,925)
Preferred stock dividends(1)
— — — — — (3,615)— — (3,615)
Share-based compensation expense— — — — 3,228 — — — 3,228 
Issuance of common stock under share-based compensation arrangements— — 133,235 134 (606)— — — (472)
Balance, March 31, 20209,000,000 $217,471 31,470,026 $32,751 $446,840 $319,529 $(30,175)$(21,780)$964,636 
(1)Dividends per share of $0.34478125, $0.40625, $0.403125, and $0.375 per share were declared on Series C, D, E, and F preferred stock for the three months ended March 31, 2021. Dividends per share of $0.4375, $0.40625, $0.403125, and $0.375 per share were declared on Series C, D, E, and F preferred stock for the three months ended March 31, 2020.
(2)Refer to NOTE 3 – DISCONTINUED OPERATIONS for additional information about the sale of non-controlling interest in BMT including the reverse recapitalization of MFAC.
(3)Immediately after the closing of the BMT divestiture, Customers distributed all of its remaining investment in BM Technologies' common stock to its shareholders as special dividends, equivalent to 0.15389 of BM Technologies common stock for each share of Customers common stock. Refer to NOTE 3 – DISCONTINUED OPERATIONS.
(4)At the closing of the BMT divestiture, certain team members of BMT received restricted stock awards in BM Technologies' common stock. Refer to NOTE 3 – DISCONTINUED OPERATIONS.

See accompanying notes to the unaudited consolidated financial statements.
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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
(amounts in thousands)
 Three Months Ended
March 31,
 20212020
Cash Flows from Operating Activities
Net income from continuing operations$74,631 $8,454 
Adjustments to reconcile net income to net cash provided by (used in) continuing operating activities:
Provision (benefit) for credit losses on loans and leases(2,919)31,786 
Depreciation and amortization5,321 7,038 
Share-based compensation expense3,082 3,463 
Deferred taxes(6,198)(22,287)
Net amortization (accretion) of investment securities premiums and discounts(14)251 
Unrealized (gain) loss on investment securities(974)1,378 
(Gain) loss on sale of investment securities(23,566)(3,974)
Unrealized (gain) loss on derivatives(2,537)1,146 
Loss on cash flow hedge derivative terminations24,467  
Settlement of terminated cash flow hedge derivatives(27,156) 
Fair value adjustment on loans held for sale(1,115) 
(Gain) loss on sale of SBA and other loans(2,071)(170)
Origination of loans held for sale(12,323)(7,046)
Proceeds from the sale of loans held for sale17,122 7,948 
Amortization (accretion) of fair value discounts and premiums(345)(378)
Earnings on investment in bank-owned life insurance(1,679)(1,762)
(Increase) decrease in accrued interest receivable and other assets20,979 (98,985)
Increase (decrease) in accrued interest payable and other liabilities135,679 38,206 
Net Cash Provided By (Used In) Continuing Operating Activities 200,384 (34,932)
Cash Flows from Investing Activities
Proceeds from maturities, calls and principal repayments of investment securities 62,348 24,079 
Proceeds from sales of investment securities available for sale353,915  
Purchases of investment securities available for sale(589,874)(158,782)
Origination of mortgage warehouse loans(16,998,093)(9,791,820)
Proceeds from repayments of mortgage warehouse loans17,211,909 9,520,758 
Net (increase) decrease in loans and leases, excluding mortgage warehouse loans(486,158)174,971 
Proceeds from sales of loans and leases39,534  
Purchase of loans(117,036)(193,363)
Net proceeds from sale of (purchases of) FHLB, Federal Reserve Bank, and other restricted stock1,948 (2,926)
Purchases of bank premises and equipment(298)(89)
Purchases of leased assets under lessor operating leases(4,849)(6,384)
Net Cash Used In Continuing Investing Activities(526,654)(433,556)
Cash Flows from Financing Activities
Net increase (decrease) in deposits1,162,511 (235,293)
Net increase (decrease) in short-term borrowed funds from the FRB 175,000 
Net increase (decrease) in short-term borrowed funds from the FHLB 410,000 
Net increase (decrease) in federal funds purchased115,000 167,000 
Net increase (decrease) in borrowed funds from FRB PPP liquidity facility(1,130,860) 
Preferred stock dividends paid(3,401)(3,615)
Payments of employee taxes withheld from share-based awards(1,988)(932)
Proceeds from issuance of common stock6,684 225 
Proceeds from sale of non-controlling interest in BMT