CUSTOMERS BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||
EARNINGS SUMMARY - UNAUDITED | ||||||||||||||
(Dollars in thousands, except per share data and stock price data)
| Q4 | Q3 | Q2 | Q1 | Q4 |
Twelve Months Ended
December 31,
| ||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||
GAAP Profitability Metrics: | ||||||||||||||
Net income available to common shareholders
(from continuing and discontinued operations)
| $ | 98,647 | $ | 110,241 | $ | 58,042 | $ | 33,204 | $ | 52,831 | $ | 300,134 | $ | 118,537 |
Per share amounts:
| ||||||||||||||
Earnings per share - basic
| $ | 3.02 | $ | 3.40 | $ | 1.80 | $ | 1.04 | $ | 1.67 | $ | 9.29 | $ | 3.76 |
Earnings per share - diluted | $ | 2.87 | $ | 3.25 | $ | 1.72 | $ | 1.01 | $ | 1.65 | $ | 8.91 | $ | 3.74 |
Book value per common share (1)
| $ | 37.32 | $ | 35.24 | $ | 31.94 | $ | 30.13 | $ | 28.37 | $ | 37.32 | $ | 28.37 |
CUBI stock price (1)
| $ | 65.37 | $ | 43.02 | $ | 38.99 | $ | 31.82 | $ | 18.18 | $ | 65.37 | $ | 18.18 |
CUBI stock price as % of book value (1)
| 175 | % | 122 | % | 122 | % | 106 | % | 64 | % | 175 | % | 64 | % |
Average shares outstanding - basic | 32,625,960 | 32,449,853 | 32,279,625 | 31,883,946 | 31,638,447 | 32,312,262 | 31,506,699 | |||||||
Average shares outstanding - diluted | 34,320,327 | 33,868,553 | 33,741,468 | 32,841,711 | 31,959,100 | 33,697,547 | 31,727,784 | |||||||
Shares outstanding (1)
| 32,913,267 | 32,537,976 | 32,353,256 | 32,238,762 | 31,705,088 | 32,913,267 | 31,705,088 | |||||||
Return on average assets ("ROAA") | 2.08 | % | 2.33 | % | 1.27 | % | 0.80 | % | 1.23 | % | 1.64 | % | 0.85 | % |
Return on average common equity ("ROCE") | 33.18 | % | 40.82 | % | 23.22 | % | 14.66 | % | 24.26 | % | 28.75 | % | 14.55 | % |
Efficiency ratio | 38.70 | % | 33.42 | % | 46.59 | % | 48.89 | % | 43.56 | % | 40.38 | % | 48.20 | % |
Non-GAAP Profitability Metrics (2):
| ||||||||||||||
Core earnings | $ | 100,095 | $ | 113,876 | $ | 59,303 | $ | 70,308 | $ | 54,588 | $ | 343,582 | $ | 119,526 |
Adjusted pre-tax pre-provision net income | $ | 129,335 | $ | 167,215 | $ | 86,467 | $ | 86,769 | $ | 77,896 | $ | 469,786 | $ | 240,198 |
Per share amounts: | ||||||||||||||
Core earnings per share - diluted | $ | 2.92 | $ | 3.36 | $ | 1.76 | $ | 2.14 | $ | 1.71 | $ | 10.20 | $ | 3.77 |
Tangible book value per common share (1)
| $ | 37.21 | $ | 35.12 | $ | 31.82 | $ | 30.01 | $ | 27.92 | $ | 37.21 | $ | 27.92 |
CUBI stock price as % of tangible book value (1)
| 176 | % | 122 | % | 123 | % | 106 | % | 65 | % | 176 | % | 65 | % |
Core ROAA | 2.11 | % | 2.35 | % | 1.30 | % | 1.61 | % | 1.26 | % | 1.85 | % | 0.86 | % |
Core ROCE | 33.67 | % | 42.16 | % | 23.72 | % | 31.03 | % | 25.06 | % | 32.91 | % | 14.67 | % |
Adjusted ROAA - pre-tax and pre-provision | 2.67 | % | 3.36 | % | 1.80 | % | 1.90 | % | 1.70 | % | 2.45 | % | 1.54 | % |
Adjusted ROCE - pre-tax and pre-provision | 42.82 | % | 60.81 | % | 33.27 | % | 36.80 | % | 34.20 | % | 43.88 | % | 27.76 | % |
Net interest margin, tax equivalent | 4.14 | % | 4.59 | % | 2.98 | % | 3.00 | % | 2.78 | % | 3.70 | % | 2.71 | % |
Net interest margin, tax equivalent, excluding PPP loans | 3.12 | % | 3.24 | % | 3.30 | % | 2.99 | % | 3.04 | % | 3.16 | % | 2.96 | % |
Core efficiency ratio | 38.73 | % | 30.36 | % | 44.33 | % | 41.13 | % | 42.89 | % | 37.71 | % | 46.92 | % |
Asset Quality: | ||||||||||||||
Net charge-offs | $ | 7,582 | $ | 7,104 | $ | 6,591 | $ | 12,521 | $ | 8,472 | $ | 33,798 | $ | 54,807 |
Annualized net charge-offs to average total loans and leases | 0.21 | % | 0.17 | % | 0.16 | % | 0.33 | % | 0.21 | % | 0.22 | % | 0.41 | % |
Non-performing loans ("NPLs") to total loans and leases (1)
| 0.34 | % | 0.34 | % | 0.27 | % | 0.30 | % | 0.45 | % | 0.34 | % | 0.45 | % |
Reserves to NPLs (1)
| 277.72 | % | 252.68 | % | 269.96 | % | 264.21 | % | 204.48 | % | 277.72 | % | 204.48 | % |
Non-performing assets ("NPAs") to total assets | 0.25 | % | 0.27 | % | 0.24 | % | 0.26 | % | 0.39 | % | 0.25 | % | 0.39 | % |
Customers Bank Capital Ratios (3):
| ||||||||||||||
Common equity Tier 1 capital to risk-weighted assets | 12.13 | % | 12.77 | % | 12.40 | % | 11.75 | % | 10.62 | % | 12.13 | % | 10.62 | % |
Tier 1 capital to risk-weighted assets | 12.13 | % | 12.77 | % | 12.40 | % | 11.75 | % | 10.62 | % | 12.13 | % | 10.62 | % |
Total capital to risk-weighted assets | 13.46 | % | 14.16 | % | 13.77 | % | 13.11 | % | 12.06 | % | 13.46 | % | 12.06 | % |
Tier 1 capital to average assets (leverage ratio) | 7.92 | % | 8.66 | % | 9.07 | % | 9.35 | % | 9.21 | % | 7.92 | % | 9.21 | % |
(continued)
|
(1) Metric is a spot balance for the last day of each quarter presented. |
(2) Non-GAAP measures exclude net loss from discontinued operations, loss on sale of foreign subsidiaries, unrealized gains (losses) on loans held for sale, investment securities gains and losses, loss on cash flow hedge derivative terminations, severance expense, merger and acquisition-related expenses, losses realized from the sale of non-QM residential mortgage loans, loss upon acquisition of interest-only GNMA securities, legal reserves, credit valuation adjustments on derivatives, risk participation agreement mark-to-market adjustments, deposit relationship adjustment fees, loss on redemption of preferred stock, goodwill and intangible assets, and PPP loans. These notable items are not included in Customers' disclosures of core earnings and other core profitability metrics. Please note that not each of the aforementioned adjustments affected the reported amount in each of the periods presented. 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 2021 and actual for the remaining periods. In accordance with regulatory capital rules, Customers elected an option to delay the estimated impact of CECL on its regulatory capital over a five-year transition period ending January 1, 2025. As a result, capital ratios and amounts as of Q4 2021 exclude the impact of the increased allowance for credit losses on loans and leases and unfunded loan commitments attributed to the adoption of CECL and 25% of the quarterly provision for credit losses for subsequent quarters through Q4 2021. |
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, | |||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||
Interest income: | ||||||||||||||
Loans and leases | $ | 198,000 | $ | 233,097 | $ | 153,608 | $ | 152,117 | $ | 145,414 | $ | 736,822 | $ | 512,048 |
Investment securities | 15,202 | 8,905 | 8,327 | 7,979 | 6,777 | 40,413 | 24,206 | |||||||
Other | 835 | 849 | 946 | 1,019 | 902 | 3,649 | 7,050 | |||||||
Total interest income | 214,037 | 242,851 | 162,881 | 161,115 | 153,093 | 780,884 | 543,304 | |||||||
Interest expense: | ||||||||||||||
Deposits | 15,415 | 15,915 | 15,653 | 15,658 | 16,107 | 62,641 | 92,045 | |||||||
FHLB advances | 51 | 5 | 963 | 5,192 | 5,749 | 6,211 | 21,637 | |||||||
Subordinated debt | 2,688 | 2,689 | 2,689 | 2,689 | 2,688 | 10,755 | 10,755 | |||||||
FRB PPP liquidity facility, federal funds purchased and other borrowings | 2,189 | 4,350 | 4,819 | 4,845 | 5,603 | 16,203 | 15,179 | |||||||
Total interest expense | 20,343 | 22,959 | 24,124 | 28,384 | 30,147 | 95,810 | 139,616 | |||||||
Net interest income | 193,694 | 219,892 | 138,757 | 132,731 | 122,946 | 685,074 | 403,688 | |||||||
Provision (benefit) for credit losses on loans and leases | 13,890 | 13,164 | 3,291 | (2,919) | (2,913) | 27,426 | 62,774 | |||||||
Net interest income after provision (benefit) for credit losses on loans and leases | 179,804 | 206,728 | 135,466 | 135,650 | 125,859 | 657,648 | 340,914 | |||||||
Non-interest income: | ||||||||||||||
Interchange and card revenue | 84 | 83 | 84 | 85 | 91 | 336 | 646 | |||||||
Deposit fees | 1,026 | 994 | 891 | 863 | 823 | 3,774 | 2,526 | |||||||
Commercial lease income | 5,378 | 5,213 | 5,311 | 5,205 | 4,853 | 21,107 | 18,139 | |||||||
Bank-owned life insurance | 1,984 | 1,988 | 2,765 | 1,679 | 1,744 | 8,416 | 7,009 | |||||||
Mortgage warehouse transactional fees | 2,262 | 3,100 | 3,265 | 4,247 | 3,681 | 12,874 | 11,535 | |||||||
Gain (loss) on sale of SBA and other loans | 2,493 | 5,359 | 1,900 | 1,575 | 1,689 | 11,327 | 2,009 | |||||||
Loan fees | 2,513 | 1,909 | 1,670 | 1,436 | 1,746 | 7,527 | 5,652 | |||||||
Mortgage banking income (loss) | 262 | 425 | 386 | 463 | 346 | 1,536 | 1,693 | |||||||
Gain (loss) on sale of investment securities | (49) | 6,063 | 1,812 | 23,566 | 44 | 31,392 | 20,078 | |||||||
Unrealized gain (loss) on investment securities | - | - | 1,746 | 974 | 1,387 | 2,720 | 1,447 | |||||||
Loss on sale of foreign subsidiaries | - | - | (2,840) | - | - | (2,840) | - | |||||||
Unrealized gain (loss) on derivatives | 586 | 524 | (439) | 2,537 | 804 | 3,208 | (3,951) | |||||||
Loss on cash flow hedge derivative terminations | - | - | - | (24,467) | - | (24,467) | - | |||||||
Other | 452 | (72) | 271 | 305 | (1,125) | 957 | (2,965) | |||||||
Total non-interest income | 16,991 | 25,586 | 16,822 | 18,468 | 16,083 | 77,867 | 63,818 | |||||||
Non-interest expense: | ||||||||||||||
Salaries and employee benefits | 29,940 | 26,268 | 28,023 | 23,971 | 25,600 | 108,202 | 94,067 | |||||||
Technology, communication and bank operations | 22,657 | 21,281 | 19,618 | 19,988 | 16,021 | 83,544 | 50,668 | |||||||
Professional services | 7,058 | 6,871 | 6,882 | 5,877 | 4,732 | 26,688 | 13,557 | |||||||
Occupancy | 4,336 | 2,704 | 2,482 | 2,621 | 2,742 | 12,143 | 11,362 | |||||||
Commercial lease depreciation | 4,625 | 4,493 | 4,415 | 4,291 | 3,982 | 17,824 | 14,715 | |||||||
FDIC assessments, non-income taxes and regulatory fees | 2,427 | 2,313 | 2,602 | 2,719 | 2,642 | 10,061 | 11,661 | |||||||
Loan servicing | 4,361 | 4,265 | 1,700 | 437 | 879 | 10,763 | 3,431 | |||||||
Merger and acquisition related expenses | - | - | - | 418 | 709 | 418 | 1,367 | |||||||
Loan workout | 226 | 198 | 102 | (261) | 123 | 265 | 3,143 | |||||||
Advertising and promotion | 344 | 302 | 313 | 561 | - | 1,520 | 1,796 | |||||||
Deposit relationship adjustment fees | - | 6,216 | - | - | - | 6,216 | - | |||||||
Other | 5,574 | 5,098 | 4,686 | 1,305 | 2,503 | 16,663 | 9,209 | |||||||
Total non-interest expense | 81,548 | 80,009 | 70,823 | 61,927 | 59,933 | 294,307 | 214,976 | |||||||
Income before income tax expense | 115,247 | 152,305 | 81,465 | 92,191 | 82,009 | 441,208 | 189,756 | |||||||
Income tax expense | 12,993 | 36,263 | 20,124 | 17,560 | 23,447 | 86,940 | 46,717 | |||||||
Net income from continuing operations | $ | 102,254 | $ | 116,042 | $ | 61,341 | $ | 74,631 | $ | 58,562 | $ | 354,268 | $ | 143,039 |
(continued)
|
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED (CONTINUED)
| ||||||||||||||
(Dollars in thousands, except per share data) | Twelve Months Ended | |||||||||||||
Q4 | Q3 | Q2 | Q1 | Q4 | December 31, | |||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||
Loss from discontinued operations before income taxes | $ | - | $ | - | $ | - | $ | (20,354) | $ | (3,539) | $ | (20,354) | $ | (13,798) |
Income tax expense (benefit) from discontinued operations | 1,585 | - | - | 17,682 | (1,222) | 19,267 | (3,337) | |||||||
Net loss from discontinued operations | (1,585) | - | - | (38,036) | (2,317) | (39,621) | (10,461) | |||||||
Net income | 100,669 | 116,042 | 61,341 | 36,595 | 56,245 | 314,647 | 132,578 | |||||||
Preferred stock dividends | 2,022 | 2,981 | 3,299 | 3,391 | 3,414 | 11,693 | 14,041 | |||||||
Loss on redemption of preferred stock | - | 2,820 | - | - | - | 2,820 | - | |||||||
Net income available to common shareholders | $ | 98,647 | $ | 110,241 | $ | 58,042 | $ | 33,204 | $ | 52,831 | $ | 300,134 | $ | 118,537 |
Basic earnings per common share from continuing operations | $ | 3.07 | $ | 3.40 | $ | 1.80 | $ | 2.23 | $ | 1.74 | $ | 10.51 | $ | 4.09 |
Basic earnings per common share | 3.02 | 3.40 | 1.80 | 1.04 | 1.67 | 9.29 | 3.76 | |||||||
Diluted earnings per common share from continuing operations | 2.92 | 3.25 | 1.72 | 2.17 | 1.73 | 10.08 | 4.07 | |||||||
Diluted earnings per common share | 2.87 | 3.25 | 1.72 | 1.01 | 1.65 | 8.91 | 3.74 |
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
| ||||||||||
CONSOLIDATED BALANCE SHEET - UNAUDITED
| ||||||||||
(Dollars in thousands)
| ||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||
2021 | 2021 | 2021 | 2021 | 2020 | ||||||
ASSETS
| ||||||||||
Cash and due from banks | $ | 35,238 | $ | 51,169 | $ | 36,837 | $ | 3,123 | $ | 78,090 |
Interest earning deposits | 482,794 | 1,000,885 | 393,663 | 512,241 | 615,264 | |||||
Cash and cash equivalents | 518,032 | 1,052,054 | 430,500 | 515,364 | 693,354 | |||||
Investment securities, at fair value | 3,817,150 | 1,866,697 | 1,526,792 | 1,441,904 | 1,210,285 | |||||
Loans held for sale | 16,254 | 29,957 | 34,540 | 46,106 | 79,086 | |||||
Loans receivable, mortgage warehouse, at fair value | 2,284,325 | 2,557,624 | 2,855,284 | 3,407,622 | 3,616,432 | |||||
Loans receivable, PPP | 3,250,008 | 4,957,357 | 6,305,056 | 5,178,089 | 4,561,365 | |||||
Loans and leases receivable | 9,018,298 | 7,970,599 | 7,772,142 | 7,536,489 | 7,575,368 | |||||
Allowance for credit losses on loans and leases | (137,804) | (131,496) | (125,436) | (128,736) | (144,176) | |||||
Total loans and leases receivable, net of allowance for credit losses on loans and leases | 14,414,827 | 15,354,084 | 16,807,046 | 15,993,464 | 15,608,989 | |||||
FHLB, Federal Reserve Bank, and other restricted stock | 64,584 | 57,184 | 39,895 | 69,420 | 71,368 | |||||
Accrued interest receivable | 92,239 | 93,514 | 90,009 | 83,186 | 80,412 | |||||
Bank premises and equipment, net | 8,890 | 9,944 | 10,391 | 10,943 | 11,225 | |||||
Bank-owned life insurance | 333,705 | 331,423 | 329,421 | 281,923 | 280,067 | |||||
Goodwill and other intangibles | 3,736 | 3,794 | 3,853 | 3,911 | 3,969 | |||||
Other assets | 305,611 | 310,271 | 362,661 | 371,439 | 338,438 | |||||
Assets of discontinued operations | - | - | - | - | 62,055 | |||||
Total assets | $ | 19,575,028 | $ | 19,108,922 | $ | 19,635,108 | $ | 18,817,660 | $ | 18,439,248 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||
Demand, non-interest bearing deposits | $ | 4,459,790 | $ | 4,954,331 | $ | 2,699,869 | $ | 2,687,628 | $ | 2,356,998 |
Interest bearing deposits | 12,318,134 | 12,016,694 | 11,174,070 | 9,784,812 | 8,952,931 | |||||
Total deposits | 16,777,924 | 16,971,025 | 13,873,939 | 12,472,440 | 11,309,929 | |||||
Federal funds purchased | 75,000 | - | - | 365,000 | 250,000 | |||||
FHLB advances | 700,000 | - | - | 850,000 | 850,000 | |||||
Other borrowings | 223,086 | 223,151 | 124,240 | 124,138 | 124,037 | |||||
Subordinated debt | 181,673 | 181,603 | 181,534 | 181,464 | 181,394 | |||||
FRB PPP liquidity facility | - | - | 3,865,865 | 3,284,156 | 4,415,016 | |||||
Accrued interest payable and other liabilities | 251,128 | 448,844 | 338,801 | 351,741 | 152,082 | |||||
Liabilities of discontinued operations | - | - | - | - | 39,704 | |||||
Total liabilities | 18,208,811 | 17,824,623 | 18,384,379 | 17,628,939 | 17,322,162 | |||||
Preferred stock | 137,794 | 137,794 | 217,471 | 217,471 | 217,471 | |||||
Common stock | 34,722 | 33,818 | 33,634 | 33,519 | 32,986 | |||||
Additional paid in capital | 542,391 | 525,894 | 519,294 | 515,318 | 455,592 | |||||
Retained earnings | 705,732 | 607,085 | 496,844 | 438,802 | 438,581 | |||||
Accumulated other comprehensive income (loss), net | (4,980) | 1,488 | 5,266 | 5,391 | (5,764) | |||||
Treasury stock, at cost | (49,442) | (21,780) | (21,780) | (21,780) | (21,780) | |||||
Total shareholders' equity | 1,366,217 | 1,284,299 | 1,250,729 | 1,188,721 | 1,117,086 | |||||
Total liabilities & shareholders' equity | $ | 19,575,028 | $ | 19,108,922 | $ | 19,635,108 | $ | 18,817,660 | $ | 18,439,248 |
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
| |||||||||
AVERAGE BALANCE SHEET / NET INTEREST MARGIN - UNAUDITED | |||||||||
(Dollars in thousands)
| |||||||||
Three Months Ended | |||||||||
December 31, 2021 | September 30, 2021 | December 31, 2020 | |||||||
Average Balance |
Average Yield or Cost (%)
| Average Balance | Average Yield or Cost (%) | Average Balance | Average Yield or Cost (%) | ||||
Assets | |||||||||
Interest earning deposits | $ | 1,568,510 | 0.15% | $ | 1,279,983 | 0.15% | $ | 413,381 | 0.12% |
Investment securities (1)
| 2,621,844 | 2.32% | 1,511,319 | 2.36% | 1,120,491 | 2.42% | |||
Loans and leases: | |||||||||
Commercial loans to mortgage companies | 2,289,061 | 3.02% | 2,658,020 | 3.14% | 3,518,371 | 3.06% | |||
Multi-family loans | 1,327,732 | 3.72% | 1,443,846 | 3.64% | 1,871,956 | 3.70% | |||
Commercial & industrial loans and leases (2)
| 3,514,186 | 3.71% | 3,024,620 | 3.76% | 2,801,172 | 3.96% | |||
Loans receivable, PPP | 3,898,607 | 8.35% | 5,778,367 | 8.04% | 4,782,606 | 2.45% | |||
Non-owner occupied commercial real estate loans | 1,334,184 | 3.80% | 1,346,629 | 3.73% | 1,358,541 | 3.80% | |||
Residential mortgages | 314,551 | 3.68% | 325,851 | 3.50% | 400,771 | 3.80% | |||
Installment loans | 1,657,049 | 8.96% | 1,615,411 | 9.21% | 1,253,679 | 8.50% | |||
Total loans and leases (3)
| 14,335,370 | 5.48% | 16,192,744 | 5.71% | 15,987,096 | 3.62% | |||
Other interest-earning assets | 50,709 | 1.81% | 49,780 | 2.86% | 81,031 | 3.80% | |||
Total interest-earning assets | 18,576,433 | 4.57% | 19,033,826 | 5.06% | 17,601,999 | 3.46% | |||
Non-interest-earning assets | 637,808 | 705,514 | 573,400 | ||||||
Assets of discontinued operations | - | - | 75,320 | ||||||
Total assets | $ | 19,214,241 | $ | 19,739,340 | $ | 18,250,719 | |||
Liabilities | |||||||||
Interest checking accounts | 5,258,982 | 0.58% | 4,537,421 | 0.67% | 2,240,959 | 0.86% | |||
Money market deposit accounts | 5,293,529 | 0.43% | 5,131,433 | 0.43% | 4,166,635 | 0.60% | |||
Other savings accounts | 1,189,899 | 0.45% | 1,376,077 | 0.50% | 1,205,592 | 0.74% | |||
Certificates of deposit | 541,528 | 0.51% | 614,404 | 0.59% | 833,689 | 1.30% | |||
Total interest-bearing deposits (4)
| 12,283,938 | 0.50% | 11,659,335 | 0.54% | 8,446,875 | 0.76% | |||
Federal funds purchased | 815 | 0.15% | - | -% | 120,891 | 0.10% | |||
FRB PPP liquidity facility | - | -% | 2,788,897 | 0.35% | 4,684,756 | 0.35% | |||
Borrowings | 465,600 | 4.20% | 371,077 | 4.90% | 1,155,321 | 3.40% | |||
Total interest-bearing liabilities | 12,750,353 | 0.63% | 14,819,309 | 0.62% | 14,407,843 | 0.83% | |||
Non-interest-bearing deposits (4)
| 4,817,835 | 3,335,198 | 2,543,529 | ||||||
Total deposits and borrowings | 17,568,188 | 0.46% | 18,154,507 | 0.50% | 16,951,372 | 0.71% | |||
Other non-interest-bearing liabilities | 328,782 | 310,519 | 162,723 | ||||||
Liabilities of discontinued operations | - | - | 52,742 | ||||||
Total liabilities | 17,896,970 | 18,465,026 | 17,166,837 | ||||||
Shareholders' equity | 1,317,271 | 1,274,314 | 1,083,882 | ||||||
Total liabilities and shareholders' equity | $ | 19,214,241 | $ | 19,739,340 | $ | 18,250,719 | |||
Interest spread | 4.11% | 4.56% | 2.75% | ||||||
Net interest margin | 4.14% | 4.58% | 2.78% | ||||||
Net interest margin tax equivalent (5)
| 4.14% | 4.59% | 2.78% | ||||||
Net interest margin tax equivalent excl. PPP (6)
| 3.12% | 3.24% | 3.04% | ||||||
(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 non-accrual loans, the effect of which is to reduce the yield earned on loans and leases, and deferred loan fees. | |||||||||
(4) Total costs of deposits (including interest bearing and non-interest bearing) were 0.36%, 0.42% and 0.58% for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020, respectively.
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(5) Non-GAAP tax-equivalent basis, using an estimated marginal tax rate of 26% for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020, presented to approximate interest income as a taxable asset. Management uses non-GAAP measures to present historical periods comparable to the current period presentation. In addition, management believes the use of these non-GAAP measures provides additional clarity when assessing Customers' financial results. These disclosures should not be viewed as substitutes for results determined to be in accordance with U.S. GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other entities.
| |||||||||
(6) Non-GAAP tax-equivalent basis, as described in note (5) for the three months ended December 31, 2021, September 30, 2021 and December 31, 2020, excluding net interest income from PPP loans and related borrowings, along with the related PPP loan balances and PPP fees receivable from interest-earning assets. Management uses non-GAAP measures to present historical periods comparable to the current period presentation. In addition, management believes the use of these non-GAAP measures provides additional clarity when assessing Customers' financial results. These disclosures should not be viewed as substitutes for results determined to be in accordance with U.S. GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other entities.
|
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
| ||||||
AVERAGE BALANCE SHEET / NET INTEREST MARGIN - UNAUDITED | ||||||
(Dollars in thousands)
| ||||||
Twelve Months Ended
| ||||||
December 31, 2021 | December 31, 2020 | |||||
Average Balance
|
Average Yield or Cost (%) | Average Balance |
Average Yield or Cost (%) | |||
Assets | ||||||
Interest earning deposits | $ | 1,169,416 | 0.14% | $ | 564,218 | 0.59% |
Investment securities (1)
| 1,753,649 | 2.30% | 836,815 | 2.89% | ||
Loans and leases: | ||||||
Commercial loans to mortgage companies | 2,699,300 | 3.09% | 2,668,642 | 3.11% | ||
Multi-family loans | 1,501,878 | 3.77% | 2,020,640 | 3.85% | ||
Commercial & industrial loans and leases (2)
| 3,068,005 | 3.75% | 2,581,119 | 4.12% | ||
Loans receivable, PPP | 5,108,192 | 5.46% | 3,121,157 | 2.10% | ||
Non-owner occupied commercial real estate loans | 1,349,563 | 3.81% | 1,368,684 | 3.91% | ||
Residential mortgages | 339,845 | 3.65% | 422,696 | 3.82% | ||
Installment loans | 1,517,165 | 9.14% | 1,264,255 | 8.68% | ||
Total loans and leases (3)
| 15,583,948 | 4.73% | 13,447,193 | 3.81% | ||
Other interest-earning assets | 59,308 | 3.48% | 85,091 | 4.41% | ||
Total interest-earning assets | 18,566,321 | 4.21% | 14,933,317 | 3.64% | ||
Non-interest-earning assets | 633,615 | 592,770 | ||||
Assets of discontinued operations | - | 78,714 | ||||
Total assets | $ | 19,199,936 | $ | 15,604,801 | ||
Liabilities | ||||||
Interest checking accounts | $ | 4,006,354 | 0.69% | $ | 2,098,138 | 0.89% |
Money market deposit accounts | 4,933,027 | 0.47% | 3,657,422 | 0.96% | ||
Other savings accounts | 1,358,708 | 0.56% | 1,162,472 | 1.44% | ||
Certificates of deposit | 619,859 | 0.72% | 1,357,688 | 1.58% | ||
Total interest-bearing deposits (4)
| 10,917,948 | 0.57% | 8,275,720 | 1.11% | ||
Federal funds purchased | 22,110 | 0.07% | 239,481 | 0.19% | ||
FRB PPP liquidity facility | 2,636,925 | 0.35% | 2,537,744 | 0.35% | ||
Borrowings | 610,503 | 3.92% | 1,265,279 | 3.02% | ||
Total interest-bearing liabilities | 14,187,486 | 0.68% | 12,318,224 | 1.13% | ||
Non-interest-bearing deposits (4)
| 3,470,788 | 2,052,376 | ||||
Total deposits and borrowings | 17,658,274 | 0.54% | 14,370,600 | 0.97% | ||
Other non-interest-bearing liabilities | 304,078 | 148,045 | ||||
Liabilities of discontinued operations | - | 53,916 | ||||
Total liabilities | 17,962,352 | 14,572,561 | ||||
Shareholders' equity | 1,237,584 | 1,032,240 | ||||
Total liabilities and shareholders' equity | $ | 19,199,936 | $ | 15,604,801 | ||
Interest spread | 3.66% | 2.67% | ||||
Net interest margin | 3.69% | 2.70% | ||||
Net interest margin tax equivalent (5)
| 3.70% | 2.71% | ||||
Net interest margin tax equivalent excl. PPP (6)
| 3.16% | 2.96% | ||||
(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 non-accrual loans, the effect of which is to reduce the yield earned on loans and leases, and deferred loan fees. | ||||||
(4) Total costs of deposits (including interest bearing and non-interest bearing) were 0.44% and 0.89% for the twelve months ended December 31, 2021 and 2020, respectively.
| ||||||
(5) Non-GAAP tax-equivalent basis, using an estimated marginal tax rate of 26% for the twelve months ended December 31, 2021 and 2020, presented to approximate interest income as a taxable asset. Management uses non-GAAP measures to present historical periods comparable to the current period presentation. In addition, management believes the use of these non-GAAP measures provides additional clarity when assessing Customers' financial results. These disclosures should not be viewed as substitutes for results determined to be in accordance with U.S. GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other entities.
| ||||||
(6) Non-GAAP tax-equivalent basis as described in note (5), for the twelve months ended December 31, 2021 and 2020, excluding net interest income from PPP loans and related borrowings, along with the related PPP loan balances and PPP fees receivable from interest-earning assets. Management uses non-GAAP measures to present historical periods comparable to the current period presentation. In addition, management believes the use of these non-GAAP measures provides additional clarity when assessing Customers' financial results. These disclosures should not be viewed as substitutes for results determined to be in accordance with U.S. GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other entities.
|
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, | ||||||
2021 | 2021 | 2021 | 2021 | 2020 | ||||||
Commercial: | ||||||||||
Multi-family | $ | 1,486,308 | $ | 1,387,166 | $ | 1,497,485 | $ | 1,659,529 | $ | 1,761,301 |
Loans to mortgage companies | 2,362,438 | 2,626,483 | 2,922,217 | 3,463,490 | 3,657,350 | |||||
Commercial & industrial | 3,346,670 | 2,604,367 | 2,293,723 | 2,164,784 | 2,304,206 | |||||
Commercial real estate owner occupied | 654,922 | 656,044 | 653,649 | 590,093 | 572,338 | |||||
Loans receivable, PPP | 3,250,008 | 4,957,357 | 6,305,056 | 5,178,089 | 4,561,365 | |||||
Commercial real estate non-owner occupied | 1,121,238 | 1,144,643 | 1,206,646 | 1,194,832 | 1,213,815 | |||||
Construction | 198,981 | 198,607 | 179,198 | 156,837 | 140,905 | |||||
Total commercial loans and leases | 12,420,565 | 13,574,667 | 15,057,974 | 14,407,654 | 14,211,280 | |||||
Consumer: | ||||||||||
Residential | 350,984 | 260,820 | 273,493 | 295,654 | 323,322 | |||||
Manufactured housing | 52,861 | 55,635 | 57,904 | 59,977 | 62,243 | |||||
Installment | 1,744,475 | 1,624,415 | 1,577,651 | 1,405,021 | 1,235,406 | |||||
Total consumer loans | 2,148,320 | 1,940,870 | 1,909,048 | 1,760,652 | 1,620,971 | |||||
Total loans and leases | $ | 14,568,885 | $ | 15,515,537 | $ | 16,967,022 | $ | 16,168,306 | $ | 15,832,251 |
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES | ||||||||||
PERIOD END DEPOSIT COMPOSITION - UNAUDITED | ||||||||||
(Dollars in thousands) | ||||||||||
December 31, | September 30, | June 30, | March 31, | December 31, | ||||||
2021 | 2021 | 2021 | 2021 | 2020 | ||||||
Demand, non-interest bearing | $ | 4,459,790 | $ | 4,954,331 | $ | 2,699,869 | $ | 2,687,628 | $ | 2,356,998 |
Demand, interest bearing | 6,488,406 | 5,023,081 | 4,206,355 | 3,228,941 | 2,384,691 | |||||
Total demand deposits | 10,948,196 | 9,977,412 | 6,906,224 | 5,916,569 | 4,741,689 | |||||
Savings | 973,317 | 1,310,343 | 1,431,756 | 1,483,482 | 1,314,817 | |||||
Money market | 4,349,073 | 5,090,121 | 4,908,809 | 4,406,508 | 4,601,492 | |||||
Time deposits | 507,338 | 593,149 | 627,150 | 665,881 | 651,931 | |||||
Total deposits | $ | 16,777,924 | $ | 16,971,025 | $ | 13,873,939 | $ | 12,472,440 | $ | 11,309,929 |
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
| ||||||||||||||||||||||||||||||
ASSET QUALITY - UNAUDITED
| ||||||||||||||||||||||||||||||
(Dollars in thousands) | As of December 31, 2021 | As of September 30, 2021 | As of December 31, 2020 | |||||||||||||||||||||||||||
Total loans | Non accrual /NPLs | Allowance for credit losses | Total NPLs to total loans | Total reserves to total NPLs | Total loans | Non accrual /NPLs | Allowance for credit losses | Total NPLs to total loans | Total reserves to total NPLs | Total loans | Non accrual /NPLs | Allowance for credit losses | Total NPLs to total loans | Total reserves to total NPLs | ||||||||||||||||
Loan type | ||||||||||||||||||||||||||||||
Multi-family | $ | 1,486,308 | $ | 22,654 | $ | 4,477 | 1.52 | % | 19.76 | % | $ | 1,369,876 | $ | 24,524 | $ | 4,397 | 1.79 | % | 17.93 | % | $ | 1,761,301 | $ | 21,728 | $ | 12,620 | 1.23 | % | 58.08 | % |
Commercial & industrial (1)
| 3,424,783 | 6,096 | 12,702 | 0.18 | % | 208.37 | % | 2,673,226 | 6,951 | 10,860 | 0.26 | % | 156.24 | % | 2,289,441 | 8,453 | 12,239 | 0.37 | % | 144.79 | % | |||||||||
Commercial real estate owner occupied | 654,922 | 2,475 | 3,213 | 0.38 | % | 129.82 | % | 656,044 | 2,412 | 3,617 | 0.37 | % | 149.96 | % | 572,338 | 3,411 | 9,512 | 0.60 | % | 278.86 | % | |||||||||
Commercial real estate non-owner occupied | 1,121,238 | 2,815 | 6,210 | 0.25 | % | 220.60 | % | 1,144,643 | 2,845 | 7,375 | 0.25 | % | 259.23 | % | 1,196,564 | 2,356 | 19,452 | 0.20 | % | 825.64 | % | |||||||||
Construction | 198,981 | - | 692 | - | % | - | % | 198,607 | - | 886 | - | % | - | % | 140,905 | - | 5,871 | - | % | - | % | |||||||||
Total commercial loans and leases receivable | 6,886,232 | 34,040 | 27,294 | 0.49 | % | 80.18 | % | 6,042,396 | 36,732 | 27,135 | 0.61 | % | 73.87 | % | 5,960,549 | 35,948 | 59,694 | 0.60 | % | 166.06 | % | |||||||||
Residential | 334,730 | 7,727 | 2,383 | 2.31 | % | 30.84 | % | 248,153 | 7,738 | 1,912 | 3.12 | % | 24.71 | % | 317,170 | 9,911 | 3,977 | 3.12 | % | 40.13 | % | |||||||||
Manufactured housing | 52,861 | 3,563 | 4,278 | 6.74 | % | 120.07 | % | 55,635 | 3,520 | 4,410 | 6.33 | % | 125.28 | % | 62,243 | 2,969 | 5,189 | 4.77 | % | 174.77 | % | |||||||||
Installment | 1,744,475 | 3,783 | 103,849 | 0.22 | % | 2745.15 | % | 1,624,415 | 3,544 | 98,039 | 0.22 | % | 2766.34 | % | 1,235,406 | 3,211 | 75,316 | 0.26 | % | 2345.56 | % | |||||||||
Total consumer loans receivable | 2,132,066 | 15,073 | 110,510 | 0.71 | % | 733.17 | % | 1,928,203 | 14,802 | 104,361 | 0.77 | % | 705.05 | % | 1,614,819 | 16,091 | 84,482 | 1.00 | % | 525.03 | % | |||||||||
Loans and leases receivable (1)
| 9,018,298 | 49,113 | 137,804 | 0.54 | % | 280.59 | % | 7,970,599 | 51,534 | 131,496 | 0.65 | % | 255.16 | % | 7,575,368 | 52,039 | 144,176 | 0.69 | % | 277.05 | % | |||||||||
Loans receivable, PPP | 3,250,008 | - | - | - | % | - | % | 4,957,357 | - | - | - | % | - | % | 4,561,365 | - | - | - | % | - | % | |||||||||
Loans receivable, mortgage warehouse, at fair value | 2,284,325 | - | - | - | % | - | % | 2,557,624 | - | - | - | % | - | % | 3,616,432 | - | - | - | % | - | % | |||||||||
Total loans held for sale | 16,254 | 507 | - | 3.12 | % | - | % | 29,957 | 507 | - | 1.69 | % | - | % | 79,086 | 18,469 | - | 23.35 | % | - | % | |||||||||
Total portfolio | $ | 14,568,885 | $ | 49,620 | $ | 137,804 | 0.34 | % | 277.72 | % | $ | 15,515,537 | $ | 52,041 | $ | 131,496 | 0.34 | % | 252.68 | % | $ | 15,832,251 | $ | 70,508 | $ | 144,176 | 0.45 | % | 204.48 | % |
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES | ||||||||||||||
NET CHARGE-OFFS/(RECOVERIES) - UNAUDITED | ||||||||||||||
(Dollars in thousands) | ||||||||||||||
Q4
| Q3 | Q2 | Q1 | Q4 | Twelve Months Ended December 31, | |||||||||
2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||
Loan type
| ||||||||||||||
Multi-family | $ | - | $ | - | $ | - | $ | 1,132 | $ | - | $ | 1,132 | $ | - |
Commercial & industrial | 240 | 116 | (283) | 375 | 155 | 448 | 139 | |||||||
Commercial real estate owner occupied | 66 | 50 | (1) | 134 | 12 | 249 | 51 | |||||||
Commercial real estate non-owner occupied | (14) | 943 | (59) | (10) | (35) | 860 | 24,486 | |||||||
Construction | (3) | (3) | (114) | (5) | (6) | (125) | (128) | |||||||
Residential | (6) | 54 | (12) | 40 | 46 | 76 | (26) | |||||||
Installment | 7,299 | 5,944 | 7,060 | 10,855 | 8,300 | 31,158 | 30,285 | |||||||
Total net charge-offs (recoveries) from loans held for investment | $ | 7,582 | $ | 7,104 | $ | 6,591 | $ | 12,521 | $ | 8,472 | $ | 33,798 | $ | 54,807 |
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
|
RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED
|
Core Earnings - Customers Bancorp
|
Twelve Months Ended
December 31,
| |||||||||||||||||||||||||||
Q4 2021
| Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 |
2021
|
2020
| ||||||||||||||||||||||
(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 | $ | 98,647 | $ | 2.87 | $ | 110,241 | $ | 3.25 | $ | 58,042 | $ | 1.72 | $ | 33,204 | $ | 1.01 | $ | 52,831 | $ | 1.65 | $ | 300,134 | $ | 8.91 | $ | 118,537 | $ | 3.74 |
Reconciling items (after tax): | ||||||||||||||||||||||||||||
Net loss from discontinued operations | 1,585 | 0.05 | - | - | - | - | 38,036 | 1.16 | 2,317 | 0.07 | 39,621 | 1.18 | 10,461 | 0.33 | ||||||||||||||
Severance expense | - | - | - | - | 1,517 | 0.04 | - | - | - | - | 1,517 | 0.05 | - | - | ||||||||||||||
Merger and acquisition related expenses | - | - | - | - | - | - | 320 | 0.01 | 508 | 0.02 | 320 | 0.01 | 1,038 | 0.03 | ||||||||||||||
Legal reserves | - | - | 897 | 0.03 | - | - | - | - | - | - | 897 | 0.03 | 258 | 0.01 | ||||||||||||||
(Gains) losses on investment securities | 43 | 0.00 | (4,591) | (0.14) | (2,694) | (0.08) | (18,773) | (0.57) | (1,419) | (0.04) | (26,015) | (0.77) | (17,412) | (0.55) | ||||||||||||||
Loss on sale of foreign subsidiaries | - | - | - | - | 2,150 | 0.06 | - | - | - | - | 2,150 | 0.06 | - | - | ||||||||||||||
Loss on cash flow hedge derivative terminations | - | - | - | - | - | - | 18,716 | 0.57 | - | - | 18,716 | 0.56 | - | - | ||||||||||||||
Derivative credit valuation adjustment | (180) | (0.01) | (198) | (0.01) | 288 | 0.01 | (1,195) | (0.04) | (448) | (0.01) | (1,285) | (0.04) | 5,811 | 0.18 | ||||||||||||||
Risk participation agreement mark-to-market adjustment | - | - | - | - | - | - | - | - | - | - | - | - | (1,080) | (0.03) | ||||||||||||||
Deposit relationship adjustment fees | - | - | 4,707 | 0.14 | - | - | - | - | - | - | 4,707 | 0.14 | - | - | ||||||||||||||
Loss on redemption of preferred stock | - | - | 2,820 | 0.08 | - | - | - | - | - | - | 2,820 | 0.08 | - | - | ||||||||||||||
Unrealized losses on loans held for sale | - | - | - | - | - | - | - | - | 799 | 0.03 | - | - | 1,913 | 0.06 | ||||||||||||||
Core earnings | $ | 100,095 | $ | 2.92 | $ | 113,876 | $ | 3.36 | $ | 59,303 | $ | 1.76 | $ | 70,308 | $ | 2.14 | $ | 54,588 | $ | 1.71 | $ | 343,582 | $ | 10.20 | $ | 119,526 | $ | 3.77 |
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
|
RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)
|
(Dollars in thousands, except per share data)
|
Core Earnings, excluding PPP - Customers Bancorp
|
Twelve Months Ended
December 31,
| |||||||||||||||||||||||||||
Q4 2021
| Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 |
2021
|
2020
| ||||||||||||||||||||||
(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 | $ | 98,647 | $ | 2.87 | $ | 110,241 | $ | 3.25 | $ | 58,042 | $ | 1.72 | $ | 33,204 | $ | 1.01 | $ | 52,831 | $ | 1.65 | $ | 300,134 | $ | 8.91 | $ | 118,537 | $ | 3.74 |
Less: PPP net income (after tax) | 64,323 | 1.87 | 81,337 | 2.40 | 24,312 | 0.72 | 25,079 | 0.76 | 19,148 | 0.60 | 195,050 | 5.79 | 41,509 | 1.31 | ||||||||||||||
GAAP net income to common shareholders, excluding PPP | 34,324 | 1.00 | 28,904 | 0.85 | 33,730 | 1.00 | 8,125 | 0.25 | 33,683 | 1.05 | 105,084 | 3.12 | 77,028 | 2.43 | ||||||||||||||
Reconciling items (after tax): | ||||||||||||||||||||||||||||
Net loss from discontinued operations | 1,585 | 0.05 | - | - | - | - | 38,036 | 1.16 | 2,317 | 0.07 | 39,621 | 1.18 | 10,461 | 0.33 | ||||||||||||||
Severance expense | - | - | - | - | 1,517 | 0.04 | - | - | - | - | 1,517 | 0.05 | - | - | ||||||||||||||
Merger and acquisition related expenses | - | - | - | - | - | - | 320 | 0.01 | 508 | 0.02 | 320 | 0.01 | 1,038 | 0.03 | ||||||||||||||
Legal reserves | - | - | 897 | 0.03 | - | - | - | - | - | - | 897 | 0.03 | 258 | 0.01 | ||||||||||||||
(Gains) losses on investment securities | 43 | 0.00 | (4,591) | (0.14) | (2,694) | (0.08) | (18,773) | (0.57) | (1,419) | (0.04) | (26,015) | (0.77) | (17,412) | (0.55) | ||||||||||||||
Loss on sale of foreign subsidiaries | - | - | - | - | 2,150 | 0.06 | - | - | - | - | 2,150 | 0.06 | - | - | ||||||||||||||
Loss on cash flow hedge derivative terminations | - | - | - | - | - | - | 18,716 | 0.57 | - | - | 18,716 | 0.56 | - | - | ||||||||||||||
Derivative credit valuation adjustment | (180) | (0.01) | (198) | (0.01) | 288 | 0.01 | (1,195) | (0.04) | (448) | (0.01) | (1,285) | (0.04) | 5,811 | 0.18 | ||||||||||||||
Risk participation agreement mark-to-market adjustment | - | - | - | - | - | - | - | - | - | - | - | - | (1,080) | (0.03) | ||||||||||||||
Deposit relationship adjustment fees | - | - | 4,707 | 0.14 | - | - | - | - | - | - | 4,707 | 0.14 | - | - | ||||||||||||||
Loss on redemption of preferred stock | - | - | 2,820 | 0.08 | - | - | - | - | - | - | 2,820 | 0.08 | - | - | ||||||||||||||
Unrealized losses on loans held for sale | - | - | - | - | - | - | - | - | 799 | 0.03 | - | - | 1,913 | 0.06 | ||||||||||||||
Core earnings, excluding PPP | $ | 35,772 | $ | 1.04 | $ | 32,539 | $ | 0.96 | $ | 34,991 | $ | 1.04 | $ | 45,229 | $ | 1.38 | $ | 35,440 | $ | 1.10 | $ | 148,532 | $ | 4.41 | $ | 78,017 | $ | 2.46 |
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
|
RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)
|
(Dollars in thousands, except per share data)
|
Core Return on Average Assets - Customers Bancorp |
Twelve Months Ended
December 31,
| |||||||||||||
(dollars in thousands except per share data) | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | 2021 | 2020 | |||||||
GAAP net income | $ | 100,669 | $ | 116,042 | $ | 61,341 | $ | 36,595 | $ | 56,245 | $ | 314,647 | $ | 132,578 |
Reconciling items (after tax): | ||||||||||||||
Net loss from discontinued operations | 1,585 | - | - | 38,036 | 2,317 | 39,621 | 10,461 | |||||||
Severance expense | - | - | 1,517 | - | - | 1,517 | - | |||||||
Merger and acquisition related expenses
| - | - | - | 320 | 508 | 320 | 1,038 | |||||||
Legal reserves | - | 897 | - | - | - | 897 | 258 | |||||||
(Gains) losses on investment securities | 43 | (4,591) | (2,694) | (18,773) | (1,419) | (26,015) | (17,412) | |||||||
Loss on sale of foreign subsidiaries | - | - | 2,150 | - | - | 2,150 | - | |||||||
Loss on cash flow hedge derivative terminations | - | - | - | 18,716 | - | 18,716 | - | |||||||
Derivative credit valuation adjustment | (180) | (198) | 288 | (1,195) | (448) | (1,285) | 5,811 | |||||||
Risk participation agreement mark-to-market adjustment | - | - | - | - | - | - | (1,080) | |||||||
Deposit relationship adjustment fees | - | 4,707 | - | - | - | 4,707 | - | |||||||
Unrealized losses on loans held for sale | - | - | - | - | 799 | - | 1,913 | |||||||
Core net income
| $ | 102,117 | $ | 116,857 | $ | 62,602 | $ | 73,699 | $ | 58,002 | $ | 355,275 | $ | 133,567 |
Average total assets
| $ | 19,214,241 | $ | 19,739,340 | $ | 19,306,948 | $ | 18,525,721 | $ | 18,250,719 | $ | 19,199,936 | $ | 15,604,801 |
Core return on average assets | 2.11 | % | 2.35 | % | 1.30 | % | 1.61 | % | 1.26 | % | 1.85 | % | 0.86 | % |
Adjusted Net Income and Adjusted ROAA - Pre-Tax Pre-Provision - Customers Bancorp |
Twelve Months Ended
December 31,
| |||||||||||||
(dollars in thousands except per share data) | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | 2021 | 2020 | |||||||
GAAP net income | $ | 100,669 | $ | 116,042 | $ | 61,341 | $ | 36,595 | $ | 56,245 | $ | 314,647 | $ | 132,578 |
Reconciling items: | ||||||||||||||
Income tax expense
| 12,993 | 36,263 | 20,124 | 17,560 | 23,447 | 86,940 | 46,717 | |||||||
Provision (benefit) for credit losses on loans and leases
| 13,890 | 13,164 | 3,291 | (2,919) | (2,913) | 27,426 | 62,774 | |||||||
Provision (benefit) for credit losses on unfunded commitments | 352 | 669 | 45 | (1,286) | (968) | (220) | (1,100) | |||||||
Severance expense | - | - | 2,004 | - | - | 2,004 | - | |||||||
Net loss from discontinued operations | 1,585 | - | - | 38,036 | 2,317 | 39,621 | 10,461 | |||||||
Merger and acquisition related
| - | - | - | 418 | 709 | 418 | 1,367 | |||||||
Legal reserves | - | 1,185 | - | - | - | 1,185 | 320 | |||||||
(Gains) losses on investment securities | 49 | (6,063) | (3,558) | (24,540) | (1,431) | (34,112) | (21,525) | |||||||
Loss on sale of foreign subsidiaries | - | - | 2,840 | - | - | 2,840 | - | |||||||
Loss on cash flow hedge derivative terminations | - | - | - | 24,467 | - | 24,467 | - | |||||||
Derivative credit valuation adjustment | (203) | (261) | 380 | (1,562) | (625) | (1,646) | 7,448 | |||||||
Risk participation agreement mark-to-market adjustment | - | - | - | - | - | - | (1,407) | |||||||
Deposit relationship adjustment fees | - | 6,216 | - | - | - | 6,216 | - | |||||||
Unrealized losses on loans held for sale | - | - | - | - | 1,115 | - | 2,565 | |||||||
Adjusted net income - pre-tax pre-provision
| $ | 129,335 | $ | 167,215 | $ | 86,467 | $ | 86,769 | $ | 77,896 | $ | 469,786 | $ | 240,198 |
Average total assets
| $ | 19,214,241 | $ | 19,739,340 | $ | 19,306,948 | $ | 18,525,721 | $ | 18,250,719 | $ | 19,199,936 | $ | 15,604,801 |
Adjusted ROAA - pre-tax pre-provision | 2.67 | % | 3.36 | % | 1.80 | % | 1.90 | % | 1.70 | % | 2.45 | % | 1.54 | % |
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
|
RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)
|
(Dollars in thousands, except per share data)
|
Core Return on Average Common Equity - Customers Bancorp |
Twelve Months Ended
December 31,
| |||||||||||||
(dollars in thousands except per share data) | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | 2021 | 2020 | |||||||
GAAP net income to common shareholders | $ | 98,647 | $ | 110,241 | $ | 58,042 | $ | 33,204 | $ | 52,831 | $ | 300,134 | $ | 118,537 |
Reconciling items (after tax): | ||||||||||||||
Net loss from discontinued operations | 1,585 | - | - | 38,036 | 2,317 | 39,621 | 10,461 | |||||||
Severance expense | - | - | 1,517 | - | - | 1,517 | - | |||||||
Merger and acquisition related | - | - | - | 320 | 508 | 320 | 1,038 | |||||||
Legal reserves | - | 897 | - | - | - | 897 | 258 | |||||||
(Gains) losses on investment securities | 43 | (4,591) | (2,694) | (18,773) | (1,419) | (26,015) | (17,412) | |||||||
Loss on sale of foreign subsidiaries | - | - | 2,150 | - | - | 2,150 | - | |||||||
Loss on cash flow hedge derivative terminations | - | - | - | 18,716 | - | 18,716 | - | |||||||
Derivative credit valuation adjustment | (180) | (198) | 288 | (1,195) | (448) | (1,285) | 5,811 | |||||||
Risk participation agreement mark-to-market adjustment | - | - | - | - | - | - | (1,080) | |||||||
Deposit relationship adjustment fees | - | 4,707 | - | - | - | 4,707 | - | |||||||
Loss on redemption of preferred stock | - | 2,820 | - | - | - | 2,820 | - | |||||||
Unrealized losses on loans held for sale | - | - | - | - | 799 | - | 1,913 | |||||||
Core earnings | $ | 100,095 | $ | 113,876 | $ | 59,303 | $ | 70,308 | $ | 54,588 | $ | 343,582 | $ | 119,526 |
Average total common shareholders' equity | $ | 1,179,478 | $ | 1,071,566 | $ | 1,002,624 | $ | 918,795 | $ | 866,411 | $ | 1,043,906 | $ | 814,769 |
Core return on average common equity | 33.67 | % | 42.16 | % | 23.72 | % | 31.03 | % | 25.06 | % | 32.91 | % | 14.67 | % |
Adjusted ROCE - Pre-Tax Pre-Provision - Customers Bancorp |
Twelve Months Ended
December 31,
| |||||||||||||
(dollars in thousands except per share data) | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | 2021 | 2020 | |||||||
GAAP net income to common shareholders | $ | 98,647 | $ | 110,241 | $ | 58,042 | $ | 33,204 | $ | 52,831 | $ | 300,134 | $ | 118,537 |
Reconciling items: | ||||||||||||||
Income tax expense
| 12,993 | 36,263 | 20,124 | 17,560 | 23,447 | 86,940 | 46,717 | |||||||
Provision (benefit) for credit losses on loan and leases
| 13,890 | 13,164 | 3,291 | (2,919) | (2,913) | 27,426 | 62,774 | |||||||
Provision (benefit) for credit losses on unfunded commitments | 352 | 669 | 45 | (1,286) | (968) | (220) | (1,100) | |||||||
Net loss from discontinued operations | 1,585 | - | - | 38,036 | 2,317 | 39,621 | 10,461 | |||||||
Severance expense | - | - | 2,004 | - | - | 2,004 | - | |||||||
Merger and acquisition related expenses | - | - | - | 418 | 709 | 418 | 1,367 | |||||||
Legal reserves | - | 1,185 | - | - | - | 1,185 | 320 | |||||||
(Gains) losses on investment securities | 49 | (6,063) | (3,558) | (24,540) | (1,431) | (34,112) | (21,525) | |||||||
Loss on sale of foreign subsidiaries | - | - | 2,840 | - | - | 2,840 | - | |||||||
Loss on cash flow hedge derivative terminations | - | - | - | 24,467 | - | 24,467 | - | |||||||
Derivative credit valuation adjustment | (203) | (261) | 380 | (1,562) | (625) | (1,646) | 7,448 | |||||||
Risk participation agreement mark-to-market adjustment | - | - | - | - | - | - | (1,407) | |||||||
Deposit relationship adjustment fees | - | 6,216 | - | - | - | 6,216 | - | |||||||
Loss on redemption of preferred stock | - | 2,820 | - | - | - | 2,820 | - | |||||||
Unrealized losses on loans held for sale | - | - | - | - | 1,115 | - | 2,565 | |||||||
Pre-tax pre-provision adjusted net income available to common shareholders | $ | 127,313 | $ | 164,234 | $ | 83,168 | $ | 83,378 | $ | 74,482 | $ | 458,093 | $ | 226,157 |
Average total common shareholders' equity | $ | 1,179,478 | $ | 1,071,566 | $ | 1,002,624 | $ | 918,795 | $ | 866,411 | $ | 1,043,906 | $ | 814,769 |
Adjusted ROCE - pre-tax pre-provision | 42.82 | % | 60.81 | % | 33.27 | % | 36.80 | % | 34.20 | % | 43.88 | % | 27.76 | % |
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
|
RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)
|
(Dollars in thousands, except per share data)
|
Net Interest Margin, Tax Equivalent - Customers Bancorp |
Twelve Months Ended
December 31,
| |||||||||||||
(dollars in thousands except per share data) | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | 2021 | 2020 | |||||||
GAAP net interest income | $ | 193,694 | $ | 219,892 | $ | 138,757 | $ | 132,731 | $ | 122,946 | $ | 685,074 | $ | 403,688 |
Tax-equivalent adjustment | 276 | 290 | 289 | 292 | 219 | 1,147 | 874 | |||||||
Net interest income tax equivalent | $ | 193,970 | $ | 220,182 | $ | 139,046 | $ | 133,023 | $ | 123,165 | $ | 686,221 | $ | 404,562 |
Average total interest earning assets | $ | 18,576,433 | $ | 19,033,826 | $ | 18,698,996 | $ | 17,943,944 | $ | 17,601,999 | $ | 18,566,321 | $ | 14,933,317 |
Net interest margin, tax equivalent | 4.14 | % | 4.59 | % | 2.98 | % | 3.00 | % | 2.78 | % | 3.70 | % | 2.71 | % |
Net Interest Margin, Tax Equivalent, excluding PPP - Customers Bancorp |
Twelve Months Ended December 31, | |||||||||||||
(dollars in thousands except per share data) | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | 2021 | 2020 | |||||||
GAAP net interest income | $ | 193,694 | $ | 219,892 | $ | 138,757 | $ | 132,731 | $ | 122,946 | $ | 685,074 | $ | 403,688 |
PPP net interest income | (78,647) | (112,005) | (35,785) | (34,842) | (25,257) | (261,279) | (54,583) | |||||||
Tax-equivalent adjustment | 276 | 290 | 289 | 292 | 219 | 1,147 | 874 | |||||||
Net interest income, tax equivalent, excluding PPP | $ | 115,323 | $ | 108,177 | $ | 103,261 | $ | 98,181 | $ | 97,908 | $ | 424,942 | $ | 349,979 |
GAAP average total interest earning assets | $ | 18,576,433 | $ | 19,033,826 | $ | 18,698,996 | $ | 17,943,944 | $ | 17,601,999 | $ | 18,566,321 | $ | 14,933,317 |
Average PPP loans | (3,898,607) | (5,778,367) | (6,133,184) | (4,623,213) | (4,782,606) | (5,108,192) | (3,121,157) | |||||||
Adjusted average total interest earning assets | $ | 14,677,826 | $ | 13,255,459 | $ | 12,565,812 | $ | 13,320,731 | $ | 12,819,393 | $ | 13,458,129 | $ | 11,812,160 |
Net interest margin, tax equivalent, excluding PPP | 3.12 | % | 3.24 | % | 3.30 | % | 2.99 | % | 3.04 | % | 3.16 | % | 2.96 | % |
Core Efficiency Ratio - Customers Bancorp |
Twelve Months Ended
December 31,
| |||||||||||||
(dollars in thousands except per share data) | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | 2021 | 2020 | |||||||
GAAP net interest income | $ | 193,694 | $ | 219,892 | $ | 138,757 | $ | 132,731 | $ | 122,946 | $ | 685,074 | $ | 403,688 |
GAAP non-interest income | $ | 16,991 | $ | 25,586 | $ | 16,822 | $ | 18,468 | $ | 16,083 | $ | 77,867 | $ | 63,818 |
(Gains) losses on investment securities | 49 | (6,063) | (3,558) | (24,540) | (1,431) | (34,112) | (21,525) | |||||||
Derivative credit valuation adjustment | (203) | (261) | 380 | (1,562) | (625) | (1,646) | 7,448 | |||||||
Risk participation agreement mark-to-market adjustment | - | - | - | - | - | - | (1,407) | |||||||
Unrealized losses on loans held for sale | - | - | - | - | 1,115 | - | 2,565 | |||||||
Loss on cash flow hedge derivative terminations | - | - | - | 24,467 | - | 24,467 | - | |||||||
Loss on sale of foreign subsidiaries | - | - | 2,840 | - | - | 2,840 | - | |||||||
Core non-interest income | 16,837 | 19,262 | 16,484 | 16,833 | 15,142 | 69,416 | 50,899 | |||||||
Core revenue | $ | 210,531 | $ | 239,154 | $ | 155,241 | $ | 149,564 | $ | 138,088 | $ | 754,490 | $ | 454,587 |
GAAP non-interest expense | $ | 81,548 | $ | 80,009 | $ | 70,823 | $ | 61,927 | $ | 59,933 | $ | 294,307 | $ | 214,976 |
Severance expense | - | - | (2,004) | - | - | (2,004) | - | |||||||
Legal reserves | - | (1,185) | - | - | - | (1,185) | (320) | |||||||
Merger and acquisition related expenses | - | - | - | (418) | (709) | (418) | (1,367) | |||||||
Deposit relationship adjustment fees | - | (6,216) | - | - | - | (6,216) | - | |||||||
Core non-interest expense | $ | 81,548 | $ | 72,608 | $ | 68,819 | $ | 61,509 | $ | 59,224 | $ | 284,484 | $ | 213,289 |
Core efficiency ratio (1)
| 38.73 | % | 30.36 | % | 44.33 | % | 41.13 | % | 42.89 | % | 37.71 | % | 46.92 | % |
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
|
RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)
|
(Dollars in thousands, except per share data)
|
Tangible Common Equity to Tangible Assets - Customers Bancorp | ||||||||||
(dollars in thousands except per share data) | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | |||||
GAAP total shareholders' equity | $ | 1,366,217 | $ | 1,284,299 | $ | 1,250,729 | $ | 1,188,721 | $ | 1,117,086 |
Reconciling items: | ||||||||||
Preferred stock | (137,794) | (137,794) | (217,471) | (217,471) | (217,471) | |||||
Goodwill and other intangibles (1)
| (3,736) | (3,794) | (3,853) | (3,911) | (14,298) | |||||
Tangible common equity | $ | 1,224,687 | $ | 1,142,711 | $ | 1,029,405 | $ | 967,339 | $ | 885,317 |
GAAP total assets | $ | 19,575,028 | $ | 19,108,922 | $ | 19,635,108 | $ | 18,817,660 | $ | 18,439,248 |
Reconciling items: | ||||||||||
Goodwill and other intangibles (1)
| (3,736) | (3,794) | (3,853) | (3,911) | (14,298) | |||||
Tangible assets | $ | 19,571,292 | $ | 19,105,128 | $ | 19,631,255 | $ | 18,813,749 | $ | 18,424,950 |
Tangible common equity to tangible assets | 6.26 | % | 5.98 | % | 5.24 | % | 5.14 | % | 4.80 | % |
Tangible Book Value per Common Share - Customers Bancorp | ||||||||||
(dollars in thousands except share and per share data) | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | |||||
GAAP total shareholders' equity | $ | 1,366,217 | $ | 1,284,299 | $ | 1,250,729 | $ | 1,188,721 | $ | 1,117,086 |
Reconciling Items: | ||||||||||
Preferred stock | (137,794) | (137,794) | (217,471) | (217,471) | (217,471) | |||||
Goodwill and other intangibles (1)
| (3,736) | (3,794) | (3,853) | (3,911) | (14,298) | |||||
Tangible common equity | $ | 1,224,687 | $ | 1,142,711 | $ | 1,029,405 | $ | 967,339 | $ | 885,317 |
Common shares outstanding | $ | 32,913,267 | $ | 32,537,976 | $ | 32,353,256 | $ | 32,238,762 | $ | 31,705,088 |
Tangible book value per common share | $ | 37.21 | $ | 35.12 | $ | 31.82 | $ | 30.01 | $ | 27.92 |
Total Loans and Leases, excluding PPP | ||||||||||
(dollars in thousands except per share data) | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | |||||
Total loans and leases | $ | 14,568,885 | $ | 15,515,537 | $ | 16,967,022 | $ | 16,168,306 | $ | 15,832,251 |
Loans receivable, PPP | (3,250,008) | (4,957,357) | (6,305,056) | (5,178,089) | (4,561,365) | |||||
Loans and leases, excluding PPP | $ | 11,318,877 | $ | 10,558,180 | $ | 10,661,966 | $ | 10,990,217 | $ | 11,270,886 |
Total Assets, excluding PPP | ||||||||||
(dollars in thousands except per share data) | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | |||||
Total assets | $ | 19,575,028 | $ | 19,108,922 | $ | 19,635,108 | $ | 18,817,660 | $ | 18,439,248 |
Loans receivable, PPP | (3,250,008) | (4,957,357) | (6,305,056) | (5,178,089) | (4,561,365) | |||||
Total assets, excluding PPP | $ | 16,325,020 | $ | 14,151,565 | $ | 13,330,052 | $ | 13,639,571 | $ | 13,877,883 |
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
|
RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)
|
(Dollars in thousands, except per share data)
|
Coverage of credit loss reserves for loans and leases held for investment, excluding PPP | ||||||||||
(dollars in thousands except per share data) | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | |||||
Loans and leases receivable | $ | 12,268,306 | $ | 12,927,956 | $ | 14,077,198 | $ | 12,714,578 | $ | 12,136,733 |
Loans receivable, PPP | (3,250,008) | (4,957,357) | (6,305,056) | (5,178,089) | (4,561,365) | |||||
Loans and leases held for investment, excluding PPP | $ | 9,018,298 | $ | 7,970,599 | $ | 7,772,142 | $ | 7,536,489 | $ | 7,575,368 |
Allowance for credit losses on loans and leases | $ | 137,804 | $ | 131,496 | $ | 125,436 | $ | 128,736 | $ | 144,176 |
Coverage of credit loss reserves for loans and leases held for investment, excluding PPP | 1.53 | % | 1.65 | % | 1.61 | % | 1.71 | % | 1.90 | % |
Tangible Common Equity to Tangible Assets, excluding PPP - Customers Bancorp | ||||||||||
(dollars in thousands except per share data) | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | |||||
GAAP total shareholders' equity | $ | 1,366,217 | $ | 1,284,299 | $ | 1,250,729 | $ | 1,188,721 | $ | 1,117,086 |
Reconciling items: | ||||||||||
Preferred stock | (137,794) | (137,794) | (217,471) | (217,471) | (217,471) | |||||
Goodwill and other intangibles (1)
| (3,736) | (3,794) | (3,853) | (3,911) | (14,298) | |||||
Tangible common equity | $ | 1,224,687 | $ | 1,142,711 | $ | 1,029,405 | $ | 967,339 | $ | 885,317 |
GAAP total assets | $ | 19,575,028 | $ | 19,108,922 | $ | 19,635,108 | $ | 18,817,660 | $ | 18,439,248 |
Loans receivable, PPP | (3,250,008) | (4,957,357) | (6,305,056) | (5,178,089) | (4,561,365) | |||||
Total assets, excluding PPP | $ | 16,325,020 | $ | 14,151,565 | $ | 13,330,052 | $ | 13,639,571 | $ | 13,877,883 |
Reconciling items: | ||||||||||
Goodwill and other intangibles (1)
| (3,736) | (3,794) | (3,853) | (3,911) | (14,298) | |||||
Tangible assets | $ | 16,321,284 | $ | 14,147,771 | $ | 13,326,199 | $ | 13,635,660 | $ | 13,863,585 |
Tangible common equity to tangible assets | 7.50 | % | 8.08 | % | 7.72 | % | 7.09 | % | 6.39 | % |
Deferments to total loans and leases, excluding PPP | ||||||||||
(dollars in thousands except per share data) | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | |||||
Total loans and leases | $ | 14,568,885 | $ | 15,515,537 | $ | 16,967,022 | $ | 16,168,306 | $ | 15,832,251 |
Loans receivable, PPP | (3,250,008) | (4,957,357) | (6,305,056) | (5,178,089) | (4,561,365) | |||||
Total loans and leases, excluding PPP | $ | 11,318,877 | $ | 10,558,180 | $ | 10,661,966 | $ | 10,990,217 | $ | 11,270,886 |
Commercial deferments | $ | - | $ | 73,400 | $ | 89,800 | $ | 176,100 | $ | 202,100 |
Consumer deferments | 6,060 | 6,708 | 8,400 | 13,000 | 16,400 | |||||
Total deferments | $ | 6,060 | $ | 80,108 | $ | 98,200 | $ | 189,100 | $ | 218,500 |
Commercial deferments to total loans and leases, excluding PPP | - | % | 0.7 | % | 0.8 | % | 1.6 | % | 1.8 | % |
Consumer deferments to total loans and leases, excluding PPP | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % | 0.1 | % |
Total deferments to total loans and leases, excluding PPP | 0.1 | % | 0.8 | % | 0.9 | % | 1.7 | % | 1.9 | % |
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Customers Bancorp Inc. published this content on 24 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 January 2022 22:26:06 UTC.