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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM 8-K
 

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the
Securities Exchange Act of 1934

Date of Report (date of earliest event reported): January 25, 2024


Capture.jpg

(Exact name of registrant as specified in its charter)
Customers Bancorp, Inc.
Pennsylvania001-3554227-2290659
(State or other jurisdiction of
incorporation or organization)		(Commission File number)(IRS Employer
Identification No.)
701 Reading Avenue
West Reading PA 19611
(Address of principal executive offices, including zip code)
(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)

Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instructions A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Securities registered pursuant to Section 12(g) 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 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

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 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. ☐


Item 2.02.         Results of Operations and Financial Condition

On January 25, 2024, Customers Bancorp, Inc. (the "Company") issued a press release announcing unaudited financial information for the quarter ended December 31, 2023, a copy of which is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.


Item 7.01         Regulation FD Disclosure

The Company has posted to its website a slide presentation which is attached hereto as Exhibit 99.2 to this Current Report on Form 8-K and incorporated into this Item 7.01 by reference.

The information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 attached hereto and incorporated by reference into Item 2.02 and Item 7.01, respectively, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, such information, including the exhibits attached hereto, shall not be deemed incorporated by reference into any of the Company's reports or filings with the SEC, whether made before or after the date hereof, except as expressly set forth by specific reference in such report or filing. The information in this Current Report on Form 8-K, including the exhibits attached hereto, shall not be deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely to satisfy the requirements of Regulation FD.

Item 9.01.        Financial Statements and Exhibits

(d) Exhibits.
ExhibitDescription
Press Release dated January 25, 2024
Slide presentation dated January 2024



SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

CUSTOMERS BANCORP, INC.
By: /s/ Carla A. Leibold
Name: Carla A. Leibold
Title: Executive Vice President - Chief Financial Officer


Date: January 25, 2024




EXHIBIT INDEX

Exhibit No.Description
Press Release dated January 25, 2024
Slide presentation dated January 2024



Exhibit 99.1
customersbancorp_logoxprim.jpg
Customers Bancorp, Inc. (NYSE:CUBI)
701 Reading Avenue
West Reading, PA 19611

Contact:
David W. Patti, Communications Director 610-451-9452
Customers Bancorp Reports Results for Fourth Quarter and Full Year 2023
Fourth Quarter 2023 Highlights
•Q4 2023 net income available to common shareholders was $58.2 million, or $1.79 per diluted share; ROAA was 1.16% and ROCE was 15.93%.
•Q4 2023 core earnings* were $61.6 million, or $1.90 per diluted share; Core ROAA* was 1.22% and Core ROCE* was 16.87%.
•CET 1 capital ratio of 12.2%1 at December 31, 2023, compared to 11.3% at September 30, 2023, surpassing 11.0% - 11.5% target.
•TCE / TA ratio* of 7.0% at December 31, 2023, compared to 6.5% at September 30, 2023, achieving stated target.
•Q4 2023 net interest margin, tax equivalent (“NIM”) was 3.31%, compared to Q3 2023 NIM of 3.70%. Q3 2023 NIM included the benefit of outsized discount accretion of roughly 50 basis points. Normalizing for this outsized accretion, Q4 2023 NIM expanded by 11 basis points.
•Total deposits decreased by $275.1 million in Q4 2023 from Q3 2023 with a significant positive mix shift. Q4 2023 core deposit growth of $1.1 billion funded in part the repayment of maturing wholesale CDs of $0.7 billion and the planned outflow of student-related deposit accounts serviced by BMTX of $0.6 billion.
•Total estimated insured deposits were 77%2 of total deposits at December 31, 2023, with immediately available liquidity covering uninsured deposits by approximately 202%.
•Non-performing assets were $27.2 million, or 0.13% of total assets, at December 31, 2023 compared to 0.14% at September 30, 2023. Allowance for credit losses on loans and leases equaled 499% of non-performing loans at December 31, 2023, compared to 466% at September 30, 2023.
•Q4 2023 provision for credit losses on loans and leases of $13.4 million was lower than Q3 2023 largely driven by lower balances in loans held for investment.
•Q4 2023 book value per share and tangible book value per share* both grew by approximately $2.26, or 5.0% over Q3 2023, driven by strong quarterly earnings combined with decreased AOCI losses of $13.2 million over the same time period.



*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 Regulatory capital ratios as of December 31, 2023 are estimates.
2 Uninsured deposits (estimate) of $5.4 billion to be reported on the Bank's call report, less deposits of $1.1 billion collateralized by standby letters of credit from the FHLB and from our affiliates of $118.0 million.
1

Full Year 2023 Highlights
•2023 net income available to common shareholders was $235.4 million, or $7.32 per diluted share; ROAA was 1.16% and ROCE was 17.33%.
•2023 core earnings* were $248.2 million, or $7.72 per diluted share; Core ROAA* was 1.22% and Core ROCE* was 18.27%.
•Record 2023 net interest income of $687.4 million.
•CET 1 capital ratio of 12.2%1 at December 31, 2023, compared to 9.6% at December 31, 2022, surpassing 11.0% - 11.5% target.
•TCE / TA ratio* of 7.0% at December 31, 2023, compared to 6.0% at December 31, 2022.
•2023 NIM was 3.29%, an increase of 10 basis points over 2022 NIM of 3.19%.
•Non-performing assets were $27.2 million, or 0.13% of total assets, at December 31, 2023 compared to $30.8 million, or 0.15% of total assets, at December 31, 2022. Allowance for credit losses on loans and leases equaled 499% of non-performing loans at December 31, 2023, compared to 426% at December 31, 2022.
•Book value per share and tangible book value per share* grew year over year by approximately $8.65 or 22.1%, driven by strong 2023 annual earnings combined with the decreased AOCI losses of $26.5 million over the same time period. Tangible book value per share* has grown at a 15% compound annual growth rate (CAGR) over the past 5 years, significantly higher than the regional bank peer median3 of 4%.
•Repurchased 1,379,883 common shares at a weighted-average price of $28.58 for $39.8 million in 2023.



















*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, 2023 are estimates.
2 Uninsured deposits (estimate) of $5.4 billion to be reported on the Bank's call report, less deposits of $1.1 billion collateralized by standby letters of credit from the FHLB and from our affiliates of $118.0 million.
3 Regional bank peers based on selected 2023 proxy peers with a reporting date on or before January 24, 2024 before market close.
2

CEO Commentary
West Reading, PA, January 25, 2024 - “We are pleased to share our fourth quarter and full year 2023 results as we continued to execute on our strategic priorities and delivered again for shareholders,” said Customers Bancorp Chairman and CEO Jay Sidhu. “While the banking industry has stabilized following the challenges in early 2023, higher interest rates and less liquidity in the banking system remain headwinds for all banks. We again demonstrated the sustainability of our differentiated deposit franchise by growing core deposits by $1.1 billion in the fourth quarter which funded in part the repayment of maturing wholesale CDs of $743 million and the planned outflow of student-related deposit accounts serviced by BMTX totaling approximately $637 million. Additional liquidity inflows primarily from sales of investment securities were used to payoff $340 million in callable FHLB advances. The core deposit growth was again broad-based with more than 20 different channels increasing balances and roughly half contributing $25 million or more. Non-interest bearing deposits as a percentage of total deposits remained relatively flat at 25%. Excluding the outsized accretion we experienced in the third quarter, our net interest margin continued to expand in the fourth quarter in contrast to the industry trends. Capital levels continued to increase substantially as evidenced by two consecutive quarters with a 50 basis point increase in our TCE / TA ratio* and a 90 basis point increase in our CET 1 ratio. In the last three quarters, we have increased our TCE / TA ratio* by 110 basis points to 7.0% and our CET 1 ratio by 260 basis points to 12.2%. We remain well-positioned to continue strengthening our deposit franchise, improve our profitability, and maintain our capital ratios,” stated Jay Sidhu.
“Our Q4 2023 GAAP earnings were $58.2 million, or $1.79 per diluted share, and core earnings were $61.6 million, or $1.90 per diluted share, considerably above consensus estimates. At December 31, 2023, our deposit base was well diversified, with approximately 77%2 of total deposits insured. We maintain a strong liquidity position, with $8.5 billion of liquidity immediately available, which covers approximately 202% of uninsured deposits2 and our loan to deposit ratio was 74%. We continue to focus loan production where we have a holistic and primary relationship. We are seeing attractive new origination opportunities. We have ample liquidity and capital, which we plan to deploy in 2024, to support the needs of our customers. At December 31, 2023, we had $3.8 billion of cash on hand, which we believe is prudent balance sheet and liquidity management in the current environment. Asset quality remains exceptional with our NPA ratio down slightly at just 0.13% of total assets and reserve levels are robust at over 499% of total non-performing loans at the end of Q4 2023. Our exposure to higher risk commercial real estate such as the office and retail sectors is minimal, each representing only 1% of the loan portfolio. Continued execution on our strategic priorities has positioned us favorably for success in 2024 from a capital, credit, liquidity, interest rate risk and earnings perspective. We will remain disciplined, but opportunistic, with our balance sheet capacity to minimize risk and maintain robust capital levels. We are extremely proud of the progress we made in 2023 and are confident in our risk management capabilities and ability to provide excellent service to our clients in all operating environments. We are excited and optimistic about the opportunities in 2024 and beyond,” 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 Regulatory capital ratios as of December 31, 2023 are estimates.
2 Uninsured deposits (estimate) of $5.4 billion to be reported on the Bank's call report, less deposits of $1.1 billion collateralized by standby letters of credit from the FHLB and from our affiliates of $118.0 million.
3

Financial Highlights
(Dollars in thousands, except per share data)
At or Three Months EndedIncrease (Decrease)
December 31, 2023September 30, 2023
Profitability Metrics:
Net income available for common shareholders$58,223 $82,953 $(24,730)(29.8)%
Diluted earnings per share$1.79 $2.58 $(0.79)(30.6)%
Core earnings*$61,633 $83,294 $(21,661)(26.0)%
Core earnings per share*$1.90 $2.59 $(0.69)(26.6)%
Return on average assets (“ROAA”)
1.16 %1.57 %(0.41)
Core ROAA*1.22 %1.57 %(0.35)
Return on average common equity (“ROCE”)
15.93 %23.97 %(8.04)
Core ROCE*16.87 %24.06 %(7.19)
Adjusted pre-tax pre-provision net income*$101,884 $128,564 $(26,680)(20.8)%
Net interest margin, tax equivalent3.31 %3.70 %(0.39)
Yield on loans (Loan yield)
7.30 %7.87 %(0.57)
Cost of deposits3.39 %3.24 %0.15 
Efficiency ratio49.08 %41.01 %8.07 
Core efficiency ratio*46.70 %41.04 %5.66 
Non-interest expense to average total assets
1.75 %1.62 %0.13 
Core non-interest expense to average total assets*
1.67 %1.62 %0.05 
Balance Sheet Trends:
Total assets$21,316,265 $21,857,152 $(540,887)(2.5)%
Total cash and investment securities
$7,355,156 $7,371,551 $(16,395)(0.2)%
Total loans and leases$13,202,084 $13,713,482 $(511,398)(3.7)%
Non-interest bearing demand deposits$4,422,494 $4,758,682 $(336,188)(7.1)%
Total deposits$17,920,236 $18,195,364 $(275,128)(1.5)%
Capital Metrics:
Common Equity$1,500,600 $1,423,813 $76,787 5.4 %
Tangible Common Equity*$1,496,971 $1,420,184 $76,787 5.4 %
Common Equity to Total Assets7.0 %6.5 %0.5 
Tangible Common Equity to Tangible Assets*7.0 %6.5 %0.5 
Book Value per common share$47.73 $45.47 $2.26 5.0 %
Tangible Book Value per common share*$47.61 $45.36 $2.25 5.0 %
Common equity Tier 1 capital ratio (1)
12.2 %11.3 %0.9 
Total risk based capital ratio (1)
15.3 %14.3 %1.0 
(1) Regulatory capital ratios as of December 31, 2023 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.
4

Financial Highlights
(Dollars in thousands, except per share data)
At or Three Months EndedIncrease (Decrease)Twelve Months EndedIncrease (Decrease)
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Profitability Metrics:
Net income available for common shareholders$58,223 $25,623 $32,600 127.2 %$235,448 $218,402 $17,046 7.8 %
Diluted earnings per share$1.79 $0.77 $1.02 132.5 %$7.32 $6.51 $0.81 12.4 %
Core earnings*$61,633 $39,368 $22,265 56.6 %$248,233 $256,415 $(8,182)(3.2)%
Core earnings per share*$1.90 $1.19 $0.71 59.7 %$7.72 $7.63 $0.09 1.2 %
Return on average assets (“ROAA”)
1.16 %0.55 %0.61 1.16 %1.13 %0.03 
Core ROAA*1.22 %0.81 %0.41 1.22 %1.32 %(0.10)
Return on average common equity (“ROCE”)
15.93 %8.05 %7.88 17.33 %17.40 %(0.07)
Core ROCE*16.87 %12.36 %4.51 18.27 %20.43 %(2.16)
Adjusted pre-tax pre-provision net income*$101,884 $81,377 $20,507 25.2 %$416,563 $400,712 $15,851 4.0 %
Net interest margin, tax equivalent3.31 %2.67 %0.64 3.29 %3.19 %0.10 
Yield on loans (Loan yield)
7.30 %5.64 %1.66 7.16 %5.00 %2.16 
Cost of deposits3.39 %2.73 %0.66 3.27 %1.31 %1.96 
Efficiency ratio49.08 %49.20 %(0.12)46.49 %44.81 %1.68 
Core efficiency ratio*46.70 %49.12 %(2.42)45.45 %43.02 %2.43 
Non-interest expense to average total assets
1.75 %1.50 %0.25 1.64 %1.51 %0.13 
Core non-interest expense to average total assets*
1.67 %1.50 %0.17 1.62 %1.50 %0.12 
Balance Sheet Trends:
Total assets$21,316,265 $20,896,112 $420,153 2.0 %
Total cash and investment securities
$7,355,156 $4,283,565 $3,071,591 71.7 %
Total loans and leases$13,202,084 $15,794,671 $(2,592,587)(16.4)%
Non-interest bearing demand deposits$4,422,494 $1,885,045 $2,537,449 134.6 %
Total deposits$17,920,236 $18,156,953 $(236,717)(1.3)%
Capital Metrics:
Common Equity$1,500,600 $1,265,167 $235,433 18.6 %
Tangible Common Equity*$1,496,971 $1,261,538 $235,433 18.7 %
Common Equity to Total Assets7.0 %6.0 %1.0 
Tangible Common Equity to Tangible Assets*7.0 %6.0 %1.0 
Book Value per common share$47.73 $39.08 $8.65 22.1 %
Tangible Book Value per common share*$47.61 $38.97 $8.64 22.2 %
Common equity Tier 1 capital ratio (1)
12.2 %9.6 %2.6 
Total risk based capital ratio (1)
15.3 %12.2 %3.1 
(1) Regulatory capital ratios as of December 31, 2023 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.
5

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, 2023% of TotalSeptember 30, 2023% of TotalDecember 31, 2022% of Total
Loans and Leases Held for Investment
Commercial:
Commercial & industrial:
Specialty lending$5,006,693 38.9 %$5,422,161 40.0 %$5,412,887 35.0 %
Other commercial & industrial1,087,582 8.5 1,115,364 8.2 1,135,336 7.4 
Loans to mortgage companies1,014,742 7.9 1,042,549 7.7 1,447,919 9.4 
Multifamily2,138,622 16.6 2,130,213 15.7 2,213,019 14.3 
Commercial real estate owner occupied797,319 6.2 794,815 5.9 885,339 5.7 
Loans receivable, PPP74,735 0.6 137,063 1.0 998,153 6.5 
Commercial real estate non-owner occupied1,177,650 9.2 1,178,203 8.7 1,290,730 8.3 
Construction166,393 1.2 252,588 1.8 162,009 1.0 
Total commercial loans and leases11,463,736 89.1 12,072,956 89.0 13,545,392 87.6 
Consumer:
Residential484,435 3.8 483,133 3.6 497,952 3.3 
Manufactured housing38,670 0.3 40,129 0.3 45,076 0.3 
Installment:
Personal555,533 4.3 629,843 4.6 964,641 6.2 
Other319,393 2.5 337,053 2.5 413,298 2.7 
Total installment loans874,926 6.8 966,896 7.1 1,377,939 8.9 
Total consumer loans1,398,031 10.9 1,490,158 11.0 1,920,967 12.4 
Total loans and leases held for investment$12,861,767 100.0 %$13,563,114 100.0 %$15,466,359 100.0 %
Loans Held for Sale
Commercial:
Multifamily$— — %$— — %$4,079 1.2 %
Commercial real estate non-owner occupied— — — — — — 
Total commercial loans and leases— — — — 4,079 1.2 
Consumer:
Residential1,215 0.3 1,005 0.7 829 0.3 
Installment:
Personal151,040 44.4 124,848 83.0 133,801 40.8 
Other188,062 55.3 24,515 16.3 189,603 57.8 
Total installment loans339,102 99.7 149,363 99.3 323,404 98.6 
Total consumer loans340,317 100.0 150,368 100.0 324,233 98.8 
Total loans held for sale$340,317 100.0 %$150,368 100.0 %$328,312 100.0 %
Total loans and leases portfolio$13,202,084 $13,713,482 $15,794,671 
Loans and Leases Held for Investment
Loans and leases held for investment were $12.9 billion at December 31, 2023, down $701.3 million, or 5.2%, from September 30, 2023. Specialty lending decreased $415.5 million, or 7.7% quarter-over-quarter, to $5.0 billion. Construction loans decreased $86.2 million, or 34.1% quarter-over-quarter, to $166.4 million. Loans to mortgage companies decreased $27.8 million, or 2.7% quarter-over-quarter due to lower mortgage activity. Consumer installment loans held for investment decreased $92.0 million, or 9.5% quarter-over-quarter, to $874.9 million due to the continued build out of the held-for-sale strategy and de-risking of the held-for-investment loan portfolio in 2023.
Loans and leases held for investment of $12.9 billion at December 31, 2023 was down $2.6 billion, or 16.8%, year-over-year, largely driven by reduced balances in PPP loans of $923.4 million, consumer installment loans of $503.0 million, or 36.5% year-over-year, loans to mortgage companies of $433.2 million and specialty lending of $406.2 million.
6

Loans Held for Sale
Loans held for sale increased $189.9 million quarter-over-quarter, and were $340.3 million at December 31, 2023 due to the continued build out of the held-for-sale strategy in 2023.
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 EndedIncrease (Decrease)At or Three Months EndedIncrease (Decrease)
(Dollars in thousands)December 31, 2023September 30, 2023December 31, 2023December 31, 2022
Allowance for credit losses on loans and leases$135,311 $139,213 $(3,902)$135,311 $130,924 $4,387 
Provision (benefit) for credit losses on loans and leases$13,420 $17,055 $(3,635)$13,420 $27,891 $(14,471)
Net charge-offs from loans held for investment$17,322 $17,498 $(176)$17,322 $27,164 $(9,842)
Annualized net charge-offs to average loans and leases0.51 %0.50 %0.51 %0.70 %
Coverage of credit loss reserves for loans and leases held for investment1.13 %1.10 %1.13 %0.93 %
Net charge-offs were relatively stable with $17.3 million in Q4 2023, compared to $17.5 million in Q3 2023 and decreased compared to $27.2 million in Q4 2022.
Provision (benefit) for Credit Losses
Three Months EndedIncrease (Decrease)Three Months EndedIncrease (Decrease)
(Dollars in thousands)December 31, 2023September 30, 2023December 31, 2023December 31, 2022
Provision for credit losses on loans and leases
$13,420 $17,055 $(3,635)$13,420 $27,891 $(14,471)
Provision (benefit) for credit losses on available for sale debt securities103 801 (698)103 325 (222)
Provision for credit losses13,523 17,856 (4,333)13,523 28,216 (14,693)
Provision (benefit) for credit losses on unfunded commitments(136)48 (184)(136)153 (289)
Total provision for credit losses$13,387 $17,904 $(4,517)$13,387 $28,369 $(14,982)
The provision for credit losses on loans and leases in Q4 2023 was $13.4 million, compared to $17.1 million in Q3 2023 and $27.9 million in Q4 2022. The lower provision in Q4 2023 was primarily due to lower balances in loans held for investment.
The provision for credit losses on available for sale investment securities in Q4 2023 was $0.1 million, compared to provision of $0.8 million in Q3 2023 and $0.3 million in Q4 2022.
7

Asset Quality
The following table presents asset quality metrics as of the dates indicated:
(Dollars in thousands)December 31, 2023September 30, 2023Increase (Decrease)December 31, 2023December 31, 2022Increase (Decrease)
Non-performing assets (“NPAs”):
Nonaccrual / non-performing loans (“NPLs”)
$27,110 $29,867 $(2,757)$27,110 $30,737 $(3,627)
Non-performing assets$27,209 $29,970 $(2,761)$27,209 $30,783 $(3,574)
NPLs to total loans and leases
0.21 %0.22 %0.21 %0.19 %
Reserves to NPLs
499.12 %466.11 %499.12 %425.95 %
NPAs to total assets0.13 %0.14 %0.13 %0.15 %
Loans and leases (1) risk ratings:
Commercial loans and leases (2)
Pass$9,955,243 $10,503,731 $(548,488)$9,955,243 $10,793,980 $(838,737)
Special Mention
196,182 189,329 6,853 196,182 138,829 57,353 
Substandard
339,664 280,267 59,397 339,664 291,118 48,546 
Total commercial loans and leases10,491,089 10,973,327 (482,238)10,491,089 11,223,927 (732,838)
Consumer loans
Performing1,379,603 1,473,493 (93,890)1,379,603 1,899,376 (519,773)
Non-performing18,428 16,665 1,763 18,428 21,591 (3,163)
Total consumer loans1,398,031 1,490,158 (92,127)1,398,031 1,920,967 (522,936)
Loans and leases receivable (1)
$11,889,120 $12,463,485 $(574,365)$11,889,120 $13,144,894 $(1,255,774)
(1)    Risk ratings are assigned to loans and leases held for investment, and excludes loans held for sale and loans receivable, mortgage warehouse, at fair value.
(2)    Excludes loan receivable, PPP, as eligible PPP loans 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: relatively low credit risk assumption. The Bank’s C&I, loans to mortgage companies, corporate and specialty lending lines of business, and multifamily loans for example, are characterized by conservative underwriting standards and low loss rates. Because of this emphasis, the Bank’s credit quality to date has been incredibly healthy despite an adverse economic 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, 2023 were less than 5% of total assets and approximately 7% of total loans and leases held for investment, and were supported by an allowance for credit losses of $56.4 million. At December 31, 2023, the consumer installment portfolio had the following characteristics: average original FICO score of 734, average debt-to-income of 19% and average borrower income of $107 thousand.
Non-performing loans at December 31, 2023 remained relatively stable at 0.21% of total loans and leases, compared to 0.22% at September 30, 2023 and 0.19% at December 31, 2022.
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, 2023September 30, 2023December 31, 2022
Debt securities, available for sale$2,376,860 $2,746,729 $2,961,015 
Equity securities28,780 26,478 26,485 
Investment securities, at fair value2,405,640 2,773,207 2,987,500 
Debt securities, held to maturity1,103,170 1,178,370 840,259 
Total investment securities portfolio$3,508,810 $3,951,577 $3,827,759 
8

Critically important to performance during the recent banking crisis are the characteristics of a bank’s securities portfolio. While there may be virtually no credit risk in some of these portfolios, holding longer term and lower yielding securities is creating challenges for many banks. Customers’ securities portfolio is highly liquid, short in duration, and high in yield. At December 31, 2023, the AFS debt securities portfolio had a spot yield of 5.12%, an effective duration of approximately 1.5 years, and approximately 41% are variable rate. Additionally, 59% of the AFS securities portfolio was AAA rated at December 31, 2023.
At December 31, 2023, the HTM debt securities portfolio represented only 5.2% of total assets at December 31, 2023, had a spot yield of 4.31% and an effective duration of approximately 3.0 years. Additionally, at December 31, 2023, approximately 39% 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, 2023% of TotalSeptember 30, 2023% of TotalDecember 31, 2022% of Total
Demand, non-interest bearing$4,422,494 24.7 %$4,758,682 26.2 %$1,885,045 10.4 %
Demand, interest bearing5,580,527 31.1 5,824,410 32.0 8,476,027 46.7 
Total demand deposits10,003,021 55.8 10,583,092 58.2 10,361,072 57.1 
Savings1,402,941 7.8 1,118,353 6.1 811,798 4.5 
Money market3,226,395 18.0 2,499,593 13.7 2,734,217 15.1 
Time deposits3,287,879 18.4 3,994,326 22.0 4,249,866 23.3 
Total deposits$17,920,236 100.0 %$18,195,364 100.0 %$18,156,953 100.0 %
Total deposits decreased $275.1 million, or 1.5%, to $17.9 billion at December 31, 2023 as compared to the prior quarter. Money market deposits increased $726.8 million, or 29.1%, to $3.2 billion and savings deposits increased $284.6 million, or 25.4%, to $1.4 billion. These increases were offset by decreases in time deposits of $706.4 million, or 17.7%, to $3.3 billion, non-interest bearing demand deposits of $336.2 million, or 7.1%, to $4.4 billion and interest bearing demand deposits of $243.9 million, or 4.2%, to $5.6 billion. There was also an outflow of student-related deposit accounts serviced by BMTX of $0.6 billion, including the planned transfer of approximately $430.0 million to a new partner bank on December 1st and expected seasonal outflows of $0.2 billion. The total average cost of deposits increased by 15 basis points to 3.39% in Q4 2023 from 3.24% in the prior quarter largely driven by the increase in market interest rates and a shift in deposit mix during the fourth quarter including the outflow of student-related deposits serviced by BMTX. Total estimated uninsured deposits was $4.2 billion1, or 23% of total deposits (inclusive of accrued interest) at December 31, 2023. Customers is also highly focused on total deposits with contractual term to manage its liquidity profile and the funding of loans and securities.
Total deposits decreased $236.7 million, or 1.3%, to $17.9 billion at December 31, 2023 as compared to a year ago. Non-interest bearing demand deposits increased $2.5 billion, or 134.6%, to $4.4 billion, savings deposits increased $591.1 million, or 72.8%, to $1.4 billion and money market deposits increased $492.2 million, or 18.0%, to $3.2 billion. These increases were offset by decreases in interest bearing demand deposits of $2.9 billion, or 34.2%, to $5.6 billion and time deposits of $962.0 million, or 22.6% to $3.3 billion. The total average cost of deposits increased by 66 basis points to 3.39% in Q4 2023 from 2.73% in the prior year primarily due to higher market interest rates and a shift in deposit mix.
1 Uninsured deposits (estimate) of $5.4 billion to be reported on the Bank's call report, less deposits of $1.1 billion collateralized by standby letters of credit from the FHLB and from our affiliates of $118.0 million.
9

Borrowings
The following table presents the composition of our borrowings as of the dates indicated:
(Dollars in thousands)December 31, 2023September 30, 2023December 31, 2022
FHLB advances$1,203,207 $1,529,839 $800,000 
Senior notes123,840 123,775 123,580 
Subordinated debt182,230 182,161 181,952 
Total borrowings$1,509,277 $1,835,775 $1,105,532 
Total borrowings decreased $326.5 million, or 17.8%, to $1.5 billion at December 31, 2023 as compared to the prior quarter. This decrease primarily resulted from the repayment of $340.0 million in callable FHLB advances. As of December 31, 2023, Customers’ immediately available borrowing capacity with the FRB and FHLB was approximately $6.9 billion, of which $1.2 billion of available capacity was utilized in borrowings and $1.1 billion was utilized to collateralize deposits.
Total borrowings increased $403.7 million, or 36.5%, to $1.5 billion at December 31, 2023 as compared to a year ago. This increase primarily resulted from an increase in FHLB advances to ensure ample cash on hand given the heightened liquidity risk in the banking system, particularly among regional banks since early March 2023, net of repayments of $340.0 million and $510.0 million in callable FHLB advances in Q4 2023 and Q3 2023, respectively.
Capital
The following table presents certain capital amounts and ratios as of the dates indicated:
(Dollars in thousands except per share data)December 31, 2023September 30, 2023December 31, 2022
Customers Bancorp, Inc.
Common Equity$1,500,600 $1,423,813 $1,265,167 
Tangible Common Equity*$1,496,971 $1,420,184 $1,261,538 
Common Equity to Total Assets7.0 %6.5 %6.0 %
Tangible Common Equity to Tangible Assets*7.0 %6.5 %6.0 %
Book Value per common share$47.73 $45.47 $39.08 
Tangible Book Value per common share*$47.61 $45.36 $38.97 
Common equity Tier 1 (“CET 1”) capital ratio (1)
12.2 %11.3 %9.6 %
Total risk based capital ratio (1)
15.3 %14.3 %12.2 %
(1) Regulatory capital ratios as of December 31, 2023 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 $76.8 million to $1.5 billion, and tangible common equity* increased $76.8 million to $1.5 billion, at December 31, 2023 compared to the prior quarter, respectively, primarily from earnings of $58.2 million and decreased unrealized losses on investment securities of $13.2 million (net of taxes) deferred in accumulated other comprehensive income (“AOCI”). Similarly, book value per common share increased to $47.73 from $45.47, and tangible book value per common share* increased to $47.61 from $45.36, at December 31, 2023 and September 30, 2023, respectively.
Customers Bancorp’s common equity increased $235.4 million to $1.5 billion, and tangible common equity* increased $235.4 million to $1.5 billion, at December 31, 2023 compared to a year ago, respectively, primarily from earnings of $235.4 million and decreased unrealized losses on investment securities in AOCI of $26.5 million (net of taxes), partially offset by $39.8 million of common share repurchases. Similarly, book value per common share increased to $47.73 from $39.08, and tangible book value per common share* increased to $47.61 from $38.97, at December 31, 2023 and December 31, 2022, respectively.
At the Customers Bancorp level, the CET 1 capital 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 12.2%, 15.3%, 7.0%, and 7.0%, respectively, at December 31, 2023.
10

At the Customers Bank level, capital levels remained strong and well above regulatory minimums. At December 31, 2023, Tier 1 capital (estimate) and total risk based capital (estimate) were 13.7% and 15.3%, respectively.
“Even though we remain well capitalized by all regulatory measures, we are committed to maintaining our CET 1 ratio around 11.5% and growing our TCE / TA ratio* to 7.5% in 2024,” stated Jay Sidhu.
11

Key Profitability Trends
Net Interest Income
Net interest income totaled $172.5 million in Q4 2023, a decrease of $27.3 million from Q3 2023, primarily due to lower interest income from the acquired Venture Banking portfolio that had outsized discount accretion in Q3 2023.
“We experienced continued momentum in net interest income in the fourth quarter, despite elective reductions in loan balances. Loan balance reductions were in part due to exiting certain credits with less attractive pricing and clients without holistic banking relationships. Excluding the outsized accretion recognized in the third quarter on the acquired loan portfolio from the FDIC, our fourth quarter net interest income was in-line relative to the third quarter,” stated Customers Bancorp President Sam Sidhu.
Net interest income totaled $172.5 million in Q4 2023, an increase of $37.4 million from Q4 2022. This increase was due to higher interest income of $76.3 million on variable rate lower credit risk specialty lending verticals, which included the acquired Venture Banking portfolio, investment securities and interest earning deposits, offset in part by higher interest expenses on deposits and other borrowings of $38.9 million primarily resulting from increased market interest rates and higher average balances of other borrowings. Interest-earning asset growth was primarily driven by an increase in interest earning deposits, offset in part by decreases in PPP loans, as the PPP program was substantially completed in Q1 2023, consumer installment loans and commercial loans to mortgage companies. Total consumer installment loans decreased in Q4 2023 as compared to Q4 2022, as installment loans held for investment decreased primarily for risk management purposes and the implementation of a held-for-sale strategy.
Non-Interest Income
The following table presents details of non-interest income for the periods indicated:
Three Months EndedIncrease (Decrease)Three Months EndedIncrease (Decrease)
(Dollars in thousands)December 31, 2023September 30, 2023December 31, 2023December 31, 2022
Commercial lease income$9,035 $8,901 $134 $9,035 $8,135 $900 
Loan fees5,926 6,029 (103)5,926 4,017 1,909 
Bank-owned life insurance 2,160 1,973 187 2,160 1,975 185 
Mortgage warehouse transactional fees927 1,018 (91)927 1,295 (368)
Gain (loss) on sale of SBA and other loans(91)(348)257 (91)— (91)
Net gain (loss) on sale of investment securities(145)(429)284 (145)(16,937)16,792 
Legal settlement gain— — — — 7,519 (7,519)
Other860 631 229 860 1,341 (481)
Total non-interest income$18,672 $17,775 $897 $18,672 $7,345 $11,327 
Non-interest income totaled $18.7 million for Q4 2023, an increase of $0.9 million compared to Q3 2023. The increase was primarily due to decreases in losses on sales of loans and investment securities, and increases in death benefits paid by insurance carriers under bank-owned life insurance policies and commercial lease income.
Non-interest income totaled $18.7 million for Q4 2023, an increase of $11.3 million compared to Q4 2022. The increase was primarily due to a decrease of $16.8 million in net loss realized from the sales of investment securities, and an increase in loan fees of $1.9 million resulting from increased servicing-related revenue and unused line of credit fees, partially offset by a $7.5 million gain from a court-approved settlement with a third party PPP service provider in Q4 2022.
12

Non-Interest Expense
The following table presents details of non-interest expense for the periods indicated:
Three Months EndedIncrease (Decrease)Three Months EndedIncrease (Decrease)
(Dollars in thousands)December 31, 2023September 30, 2023December 31, 2023December 31, 2022
Salaries and employee benefits$33,965 $33,845 $120 $33,965 $29,194 $4,771 
Technology, communication and bank operations16,887 15,667 1,220 16,887 18,604 (1,717)
Commercial lease depreciation7,357 7,338 19 7,357 6,518 839 
Professional services9,820 8,569 1,251 9,820 6,825 2,995 
Loan servicing3,779 3,858 (79)3,779 4,460 (681)
Occupancy2,320 2,471 (151)2,320 3,672 (1,352)
FDIC assessments, non-income taxes and regulatory fees13,977 8,551 5,426 13,977 2,339 11,638 
Advertising and promotion850 650 200 850 1,111 (261)
Legal settlement expense— 4,096 (4,096)— — — 
Other4,812 4,421 391 4,812 5,696 (884)
Total non-interest expense$93,767 $89,466 $4,301 $93,767 $78,419 $15,348 
Non-interest expenses totaled $93.8 million in Q4 2023, an increase of $4.3 million compared to Q3 2023. The increase was primarily attributable to increases of $5.4 million in FDIC assessments, non-income taxes and regulatory fees resulting from higher FDIC assessments including the special assessment of $3.7 million, $1.3 million in professional fees and $1.2 million in technology, communication and bank operations mostly due to higher processing and software fees offset by lower servicing fees paid to BMTX. These increases were partially offset by $4.1 million of expenses from a settlement with a third party PPP service provider in Q3 2023. Q4 2023 core non-interest expenses* were $89.4 million, flat over Q3 2023.
Non-interest expenses totaled $93.8 million in Q4 2023, an increase of $15.3 million compared to Q4 2022. The increase was primarily attributable to increases of $11.6 million in FDIC assessments, non-income taxes and regulatory fees resulting primarily from higher FDIC assessments including the special assessment of $3.7 million, $4.8 million in salaries and employee benefits primarily due to higher headcount, annual merit increases and severance, and $3.0 million in professional fees. These increases were partially offset by decreases of $1.7 million in deposit servicing-related expenses mostly due to lower servicing fees and the discontinuation of interchange maintenance fees paid to BMTX offset by higher fees for processing and software as a service, and $1.4 million in occupancy mostly due to lower lease and maintenance expenses.
Taxes
Income tax expense decreased by $1.7 million to $21.8 million in Q4 2023 from $23.5 million in Q3 2023 primarily due to lower pre-tax income, partially offset by lower income tax credits.
Income tax expense increased by $14.7 million to $21.8 million in Q4 2023 from $7.1 million in Q4 2022 primarily due to higher pre-tax income and lower income tax credits.
The effective tax rate for Q4 2023 was 26%, and 24% for the full year 2023. Customers expects the full-year 2024 effective tax rate to be approximately 22% to 24%.
13

Outlook
“Looking forward, our strategy and risk management principles will remain unchanged. We’re focused on managing risk, strengthening our deposit franchise, further improving our profitability and maintaining our higher capital ratios. Our deposits are expected to grow modestly with continued improvement in the quality of deposits, reducing higher cost wholesale deposits with lower cost core deposits. We see attractive opportunities to deploy securities cash flows and cash into franchise-enhancing loan growth in 2024. Core EPS (excluding PPP)* significantly exceeded our target of $6.00 per diluted share and core return on common equity* was well in excess of our target of 15%. We also achieved the tangible book value per share* target of $45.00, inclusive of the impact of AOCI, a full quarter early, ending at $47.61. The management of non-interest expenses remains a priority for us. However, this will not deter us from making investments in deposit teams and new technologies to support efficient and responsible growth in the future. Operating efficiency has and will continue to be a differentiator of our business model, and we will continue to only make investments that generate long-term positive operating leverage and enable the organization to operate at a mid-40’s efficiency ratio. We remain committed to maintaining a CET 1 ratio around 11.5% in 2024, and growing our TCE / TA ratio* to 7.5%. We are committed to preserving superior credit quality, managing interest rate risk, maintaining robust liquidity, operating with higher capital ratios and generating positive operating leverage,” 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.
14

Webcast
Date:            Friday, January 26, 2024        
Time:            9:00 AM EDT
The live audio webcast, presentation slides, and earnings press release will be made available at https://www.customersbank.com/investor-relations/ and at the Customers Bancorp 4th Quarter Earnings Webcast.
You may submit questions in advance of the live webcast by emailing our Communications Director, David Patti at dpatti@customersbank.com; questions may also be asked during the webcast through the webcast application.
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 about $21 billion in assets, making it one of the 80 largest bank holding companies in the US. Through its primary subsidiary, Customers Bank, commercial and consumer clients benefit from a full suite of technology-enabled tailored product experiences delivered by best-in-class customer service. 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 Specialty Lending clients. Major accolades include:
•#5 in top-performing banks with assets between $10 billion and $50 billion in 2022 per American Banker list;
•#34 out of the 100 largest publicly traded banks in 2023 per Forbes; and
•#64 on Fortune Magazine’s 2022 list of the 100 fastest growing companies in America.
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 impact of COVID-19 and its variants on the U.S. economy and customer behavior, 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 continued success and acceptance of our blockchain payments system, 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
15

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, 2022, 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.
16

Q4 2023 Overview
The following table presents a summary of key earnings and performance metrics for the quarter ended December 31, 2023 and the preceding four quarters, and full year 2023 and 2022:
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
EARNINGS SUMMARY - UNAUDITED
(Dollars in thousands, except per share data and stock price data)
Q4Q3Q2Q1Q4Twelve Months Ended December 31,
2023202320232023202220232022
GAAP Profitability Metrics:
Net income available to common shareholders
$58,223 $82,953 $44,007 $50,265 $25,623 $235,448 $218,402 
Per share amounts:
Earnings per share - basic
$1.86 $2.65 $1.41 $1.58 $0.79 $7.49 $6.69 
Earnings per share - diluted$1.79 $2.58 $1.39 $1.55 $0.77 $7.32 $6.51 
Book value per common share (1)
$47.73 $45.47 $42.16 $41.08 $39.08 $47.73 $39.08 
CUBI stock price (1)
$57.62 $34.45 $30.26 $18.52 $28.34 $57.62 $28.34 
CUBI stock price as % of book value (1)
121 %76 %72 %45 %73 %121 %73 %
Average shares outstanding - basic31,385,043 31,290,581 31,254,125 31,819,203 32,413,459 31,435,647 32,632,751 
Average shares outstanding - diluted32,521,787 32,175,084 31,591,142 32,345,017 33,075,422 32,158,788 33,547,706 
Shares outstanding (1)
31,440,906 31,311,254 31,282,318 31,239,750 32,373,697 31,440,906 32,373,697 
Return on average assets (“ROAA”)
1.16 %1.57 %0.88 %1.03 %0.55 %1.16 %1.13 %
Return on average common equity (“ROCE”)
15.93 %23.97 %13.22 %16.00 %8.05 %17.33 %17.40 %
Net interest margin, tax equivalent 3.31 %3.70 %3.15 %2.96 %2.67 %3.29 %3.19 %
Efficiency ratio49.08 %41.01 %49.25 %47.71 %49.20 %46.49 %44.81 %
Non-GAAP Profitability Metrics (2):
Core earnings$61,633 $83,294 $52,163 $51,143 $39,368 $248,233 $256,415 
Adjusted pre-tax pre-provision net income$101,884 $128,564 $96,833 $89,282 $81,377 $416,563 $400,712 
Per share amounts:
Core earnings per share - diluted$1.90 $2.59 $1.65 $1.58 $1.19 $7.72 $7.63 
Tangible book value per common share (1)
$47.61 $45.36 $42.04 $40.96 $38.97 $47.61 $38.97 
CUBI stock price as % of tangible book value (1)
121 %76 %72 %45 %73 %121 %73 %
Core ROAA1.22 %1.57 %1.03 %1.05 %0.81 %1.22 %1.32 %
Core ROCE16.87 %24.06 %15.67 %16.28 %12.36 %18.27 %20.43 %
Adjusted ROAA - pre-tax and pre-provision1.90 %2.32 %1.79 %1.72 %1.56 %1.94 %1.99 %
Adjusted ROCE - pre-tax and pre-provision26.82 %36.04 %28.01 %27.33 %24.59 %29.58 %31.16 %
Net interest margin, tax equivalent, excluding PPP loans3.33 %3.75 %3.20 %2.80 %2.87 %3.28 %3.16 %
Core efficiency ratio46.70 %41.04 %47.84 %47.09 %49.12 %45.45 %43.02 %
Asset Quality:
Net charge-offs $17,322 $17,498 $15,564 $18,651 $27,164 $69,035 $66,368 
Annualized net charge-offs to average total loans and leases0.51 %0.50 %0.42 %0.49 %0.70 %0.48 %0.45 %
Non-performing loans (“NPLs”) to total loans and leases (1)
0.21 %0.22 %0.20 %0.21 %0.19 %0.21 %0.19 %
Reserves to NPLs (1)
499.12 %466.11 %494.46 %405.56 %425.95 %499.12 %425.95 %
Non-performing assets (“NPAs”) to total assets
0.13 %0.14 %0.13 %0.15 %0.15 %0.13 %0.15 %
Customers Bank Capital Ratios (3):
Common equity Tier 1 capital to risk-weighted assets13.7 %12.97 %11.96 %11.31 %11.21 %13.7 %11.21 %
Tier 1 capital to risk-weighted assets 13.7 %12.97 %11.96 %11.31 %11.21 %13.7 %11.21 %
Total capital to risk-weighted assets 15.3 %14.45 %13.38 %12.64 %12.40 %15.3 %12.40 %
Tier 1 capital to average assets (leverage ratio) 8.7 %8.25 %8.00 %8.09 %8.15 %8.7 %8.15 %
(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 2023 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, 2023, our regulatory capital ratios reflected 50%, or $30.8 million, benefit associated with the CECL transition provisions.

17

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(Dollars in thousands, except per share data)Twelve Months Ended
Q4Q3Q2Q1Q4December 31,
2023202320232023202220232022
Interest income:
Loans and leases$239,453 $271,107 $241,745 $244,212 $217,471 $996,517 $743,949 
Investment securities51,074 54,243 48,026 47,316 42,953 200,659 119,236 
Interest earning deposits44,104 43,800 27,624 10,395 6,754 125,923 10,952 
Loans held for sale8,707 4,664 11,149 11,701 1,269 36,221 1,364 
Other2,577 2,526 1,616 1,321 1,200 8,040 9,872 
Total interest income345,915 376,340 330,160 314,945 269,647 1,367,360 885,373 
Interest expense:
Deposits150,307 145,825 136,375 143,930 124,366 576,437 226,239 
FHLB advances18,868 26,485 24,285 10,370 4,464 80,008 11,464 
FRB advances— — — 6,286 — 6,286 — 
Subordinated debt2,688 2,689 2,689 2,689 2,688 10,755 10,755 
Other borrowings1,546 1,568 1,540 1,771 2,992 6,425 13,195 
Total interest expense173,409 176,567 164,889 165,046 134,510 679,911 261,653 
Net interest income172,506 199,773 165,271 149,899 135,137 687,449 623,720 
Provision for credit losses13,523 17,856 23,629 19,603 28,216 74,611 60,066 
Net interest income after provision for credit losses158,983 181,917 141,642 130,296 106,921 612,838 563,654 
Non-interest income:
Commercial lease income9,035 8,901 8,917 9,326 8,135 36,179 27,719 
Loan fees5,926 6,029 4,271 3,990 4,017 20,216 12,188 
Bank-owned life insurance 2,160 1,973 4,997 2,647 1,975 11,777 15,697 
Mortgage warehouse transactional fees927 1,018 1,376 1,074 1,295 4,395 6,738 
Gain (loss) on sale of SBA and other loans(91)(348)(761)— — (1,200)3,155 
Loss on sale of capital call lines of credit— — (5,037)— — (5,037)— 
Loss on sale of consumer installment loans — — — — — — (23,465)
Net gain (loss) on sale of investment securities(145)(429)— — (16,937)(574)(23,164)
Legal settlement gain— — — — 7,519 — 7,519 
Other860 631 2,234 1,084 1,341 4,809 5,885 
Total non-interest income18,672 17,775 15,997 18,121 7,345 70,565 32,272 
Non-interest expense:
Salaries and employee benefits33,965 33,845 33,120 32,345 29,194 133,275 112,365 
Technology, communication and bank operations16,887 15,667 16,407 16,589 18,604 65,550 84,998 
Commercial lease depreciation7,357 7,338 7,328 7,875 6,518 29,898 22,978 
Professional services9,820 8,569 9,192 7,596 6,825 35,177 27,465 
Loan servicing3,779 3,858 4,777 4,661 4,460 17,075 15,023 
Occupancy2,320 2,471 2,519 2,760 3,672 10,070 13,606 
FDIC assessments, non-income taxes and regulatory fees13,977 8,551 9,780 2,728 2,339 35,036 8,869 
Advertising and promotion850 650 546 1,049 1,111 3,095 2,541 
Legal settlement expense— 4,096 — — — 4,096 — 
Other4,812 4,421 5,628 4,530 5,696 19,391 16,784 
Total non-interest expense93,767 89,466 89,297 80,133 78,419 352,663 304,629 
Income before income tax expense83,888 110,226 68,342 68,284 35,847 330,740 291,297 
Income tax expense21,796 23,470 20,768 14,563 7,136 80,597 63,263 
Net income62,092 86,756 47,574 53,721 28,711 250,143 228,034 
Preferred stock dividends3,869 3,803 3,567 3,456 3,088 14,695 9,632 
Net income available to common shareholders$58,223 $82,953 $44,007 $50,265 $25,623 $235,448 $218,402 
Basic earnings per common share$1.86 $2.65 $1.41 $1.58 $0.79 $7.49 $6.69 
Diluted earnings per common share 1.79 2.58 1.39 1.55 0.77 7.32 6.51 
18

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET - UNAUDITED
(Dollars in thousands)
December 31,September 30,June 30,March 31,December 31,
20232023202320232022
ASSETS
Cash and due from banks$45,210 $68,288 $54,127 $77,251 $58,025 
Interest earning deposits3,801,136 3,351,686 3,101,097 1,969,434 397,781 
Cash and cash equivalents3,846,346 3,419,974 3,155,224 2,046,685 455,806 
Investment securities, at fair value2,405,640 2,773,207 2,824,638 2,926,969 2,987,500 
Investment securities held to maturity1,103,170 1,178,370 1,258,560 870,294 840,259 
Loans held for sale340,317 150,368 78,108 424,057 328,312 
Loans receivable, mortgage warehouse, at fair value897,912 962,566 1,006,268 1,247,367 1,323,312 
Loans receivable, PPP74,735 137,063 188,763 246,258 998,153 
Loans and leases receivable11,889,120 12,463,485 12,637,768 13,145,352 13,144,894 
Allowance for credit losses on loans and leases(135,311)(139,213)(139,656)(130,281)(130,924)
Total loans and leases receivable, net of allowance for credit losses on loans and leases12,726,456 13,423,901 13,693,143 14,508,696 15,335,435 
FHLB, Federal Reserve Bank, and other restricted stock109,548 126,098 126,240 124,733 74,196 
Accrued interest receivable114,766 123,984 119,501 123,754 123,374 
Bank premises and equipment, net7,371 7,789 8,031 8,581 9,025 
Bank-owned life insurance292,193 291,670 290,322 339,607 338,441 
Goodwill and other intangibles3,629 3,629 3,629 3,629 3,629 
Other assets366,829 358,162 471,169 374,609 400,135 
Total assets$21,316,265 $21,857,152 $22,028,565 $21,751,614 $20,896,112 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Demand, non-interest bearing deposits$4,422,494 $4,758,682 $4,490,198 $3,487,517 $1,885,045 
Interest bearing deposits13,497,742 13,436,682 13,460,233 14,236,100 16,271,908 
Total deposits17,920,236 18,195,364 17,950,431 17,723,617 18,156,953 
FHLB advances1,203,207 1,529,839 2,046,142 2,052,143 800,000 
Other borrowings123,840 123,775 123,710 123,645 123,580 
Subordinated debt182,230 182,161 182,091 182,021 181,952 
Accrued interest payable and other liabilities248,358 264,406 269,539 249,168 230,666 
Total liabilities19,677,871 20,295,545 20,571,913 20,330,594 19,493,151 
Preferred stock137,794 137,794 137,794 137,794 137,794 
Common stock35,459 35,330 35,301 35,258 35,012 
Additional paid in capital564,538 559,346 555,737 552,255 551,721 
Retained earnings1,159,582 1,101,359 1,018,406 974,399 924,134 
Accumulated other comprehensive income (loss), net(136,569)(149,812)(168,176)(156,276)(163,096)
Treasury stock, at cost(122,410)(122,410)(122,410)(122,410)(82,604)
Total shareholders’ equity1,638,394 1,561,607 1,456,652 1,421,020 1,402,961 
Total liabilities and shareholders’ equity$21,316,265 $21,857,152 $22,028,565 $21,751,614 $20,896,112 

19

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEET / NET INTEREST MARGIN - UNAUDITED
(Dollars in thousands)
Three Months Ended
December 31, 2023September 30, 2023December 31, 2022
Average BalanceInterest Income or Expense
Average Yield or Cost (%)
Average BalanceInterest Income or ExpenseAverage Yield or Cost (%)Average BalanceInterest Income or ExpenseAverage Yield or Cost (%)
Assets
Interest earning deposits $3,191,677 $44,104 5.48%$3,211,753 $43,800 5.41%$693,563 $6,754 3.86%
Investment securities (1)
4,007,418 51,074 5.10%4,240,116 54,243 5.12%4,061,555 42,953 4.23%
Loans and leases:
Commercial & industrial:
Specialty lending loans and leases (2)
5,574,149 130,838 9.31%5,717,252 157,671 10.94%5,529,567 90,885 6.52%
Other commercial & industrial loans (2)
1,550,201 27,214 6.96%1,613,614 28,012 6.89%1,670,000 22,796 5.42%
Commercial loans to mortgage companies997,353 13,726 5.46%1,159,698 16,916 5.79%1,376,760 17,701 5.10%
Multifamily loans2,131,750 22,347 4.16%2,141,384 21,292 3.94%2,235,885 22,481 3.99%
Loans receivable, PPP115,851 839 2.87%166,164 604 1.44%1,065,919 7,249 2.70%
Non-owner occupied commercial real estate loans1,392,684 20,686 5.89%1,425,831 21,208 5.90%1,430,420 18,536 5.14%
Residential mortgages526,422 5,942 4.48%528,022 5,965 4.48%524,344 5,462 4.13%
Installment loans1,198,043 26,568 8.80%1,147,069 24,103 8.34%1,555,108 33,630 8.58%
Total loans and leases (3)
13,486,453 248,160 7.30%13,899,034 275,771 7.87%15,388,003 218,740 5.64%
Other interest-earning assets116,756 2,577 8.75%134,416 2,526 7.45%67,907 1,200 7.01%
Total interest-earning assets20,802,304 345,915 6.61%21,485,319 376,340 6.96%20,211,028 269,647 5.30%
Non-interest-earning assets449,969 492,691 506,334 
Total assets $21,252,273 $21,978,010 $20,717,362 
Liabilities
Interest checking accounts$5,656,212 $62,041 4.35%$5,758,215 $58,637 4.04%$8,536,962 $70,041 3.26%
Money market deposit accounts2,802,309 29,990 4.25%2,181,184 22,983 4.18%3,094,206 21,220 2.72%
Other savings accounts1,218,118 13,849 4.51%1,077,298 11,582 4.27%669,466 3,368 2.00%
Certificates of deposit3,625,311 44,427 4.86%4,466,522 52,623 4.67%3,259,801 29,737 3.62%
Total interest-bearing deposits (4)
13,301,950 150,307 4.48%13,483,219 145,825 4.29%15,560,435 124,366 3.17%
Federal funds purchased— — —%— — —%151,467 1,437 3.76%
Borrowings1,816,047 23,102 5.05%2,328,955 30,742 5.24%819,032 8,707 4.22%
Total interest-bearing liabilities15,117,997 173,409 4.55%15,812,174 176,567 4.43%16,530,934 134,510 3.23%
Non-interest-bearing deposits (4)
4,270,557 4,347,977 2,514,316 
Total deposits and borrowings19,388,554 3.55%20,160,151 3.48%19,045,250 2.80%
Other non-interest-bearing liabilities276,198 306,822 271,129 
Total liabilities 19,664,752 20,466,973 19,316,379 
Shareholders’ equity1,587,521 1,511,037 1,400,983 
Total liabilities and shareholders’ equity$21,252,273 $21,978,010 $20,717,362 
Net interest income172,506 199,773 135,137 
Tax-equivalent adjustment398 405 342 
Net interest earnings$172,904 $200,178 $135,479 
Interest spread3.06%3.48%2.50%
Net interest margin3.30%3.70%2.66%
Net interest margin tax equivalent3.31%3.70%2.67%
Net interest margin tax equivalent excl. PPP (5)
3.33%3.75%2.87%
(continued)
20

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEET / NET INTEREST MARGIN - UNAUDITED (CONTINUED)
(Dollars in thousands)
(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 3.39%, 3.24% and 2.73% for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, respectively.
(5) Non-GAAP tax-equivalent basis, using an estimated marginal tax rate of 26% for the three months ended December 31, 2023, September 30, 2023 and December 31, 2022, presented to approximate interest income as a taxable asset and 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.
21

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEET / NET INTEREST MARGIN - UNAUDITED (CONTINUED)
(Dollars in thousands)
Twelve Months Ended
December 31, 2023December 31, 2022
Average Balance
Interest Income or ExpenseAverage Yield or Cost (%)Average BalanceInterest Income or ExpenseAverage Yield or Cost (%)
Assets
Interest earning deposits $2,375,488 $125,923 5.30%$620,071 $10,952 1.77%
Investment securities (1)
4,057,564 200,659 4.95%3,992,934 119,236 2.99%
Loans and leases:
Commercial & industrial:
Specialty lending loans and leases (2)
5,704,220 513,976 9.01%4,357,995 218,189 5.01%
Other commercial & industrial loans (2)
1,634,937 106,824 6.53%1,540,435 69,564 4.52%
Commercial loans to mortgage companies1,179,141 67,660 5.74%1,682,471 64,413 3.83%
Multifamily loans2,165,067 85,204 3.94%1,957,672 73,987 3.78%
Loans receivable, PPP341,987 26,627 7.79%1,724,659 79,381 4.60%
Non-owner occupied commercial real estate loans1,423,929 81,970 5.76%1,356,086 59,087 4.36%
Residential mortgages533,213 23,240 4.36%492,870 19,048 3.86%
Installment loans1,437,078 127,237 8.85%1,798,977 161,644 8.99%
Total loans and leases (3)
14,419,572 1,032,738 7.16%14,911,165 745,313 5.00%
Other interest-earning assets118,574 8,040 6.78%64,204 9,872 
NM (6)
Total interest-earning assets20,971,198 1,367,360 6.52%19,588,374 885,373 4.52%
Non-interest-earning assets515,185 521,370 
Total assets $21,486,383 $20,109,744 
Liabilities
Interest checking accounts$6,048,797 $241,025 3.98%$6,853,533 $125,100 1.83%
Money market deposit accounts2,358,437 93,434 3.96%4,615,574 57,765 1.25%
Other savings accounts1,029,951 41,556 4.03%716,838 6,727 0.94%
Certificates of deposit4,401,855 200,422 4.55%1,352,787 36,647 2.71%
Total interest-bearing deposits (4)
13,839,040 576,437 4.17%13,538,732 226,239 1.67%
Federal funds purchased3,781 188 4.97%349,581 5,811 1.66%
Borrowings2,073,553 103,286 4.98%792,563 29,603 3.74%
Total interest-bearing liabilities15,916,374 679,911 4.27%14,680,876 261,653 1.78%
Non-interest-bearing deposits (4)
3,801,053 3,780,185 
Total deposits and borrowings19,717,427 3.45%18,461,061 1.42%
Other non-interest-bearing liabilities272,599 255,911 
Total liabilities 19,990,026 18,716,972 
Shareholders’ equity1,496,357 1,392,772 
Total liabilities and shareholders’ equity$21,486,383 $20,109,744 
Net interest income687,449 623,720 
Tax-equivalent adjustment1,568 1,185 
Net interest earnings$689,017 $624,905 
Interest spread3.07%3.10%
Net interest margin3.28%3.18%
Net interest margin tax equivalent3.29%3.19%
Net interest margin tax equivalent excl. PPP (5)
3.28%3.16%
(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 3.27% and 1.31% for the twelve months ended December 31, 2023 and 2022, respectively.
(5) Non-GAAP tax-equivalent basis, using an estimated marginal tax rate of 26% for the twelve months ended December 31, 2023 and 2022, presented to approximate interest income as a taxable asset and 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.
(6) Not meaningful.
22

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,
20232023202320232022
Loans and leases held for investment
Commercial:
Commercial & industrial:
Specialty lending$5,006,693 $5,422,161 $5,534,832 $5,519,176 $5,412,887 
Other commercial & industrial1,087,582 1,115,364 1,052,145 1,168,161 1,135,336 
Loans to mortgage companies1,014,742 1,042,549 1,108,598 1,374,894 1,447,919 
Multifamily2,138,622 2,130,213 2,151,734 2,195,211 2,213,019 
Commercial real estate owner occupied797,319 794,815 842,042 895,314 885,339 
Loans receivable, PPP74,735 137,063 188,763 246,258 998,153 
Commercial real estate non-owner occupied1,177,650 1,178,203 1,211,091 1,245,248 1,290,730 
Construction166,393 252,588 212,214 188,123 162,009 
Total commercial loans and leases11,463,736 12,072,956 12,301,419 12,832,385 13,545,392 
Consumer:
Residential484,435 483,133 487,199 494,815 497,952 
Manufactured housing38,670 40,129 41,664 43,272 45,076 
Installment:
Personal555,533 629,843 752,470 849,420 964,641 
Other319,393 337,053 250,047 419,085 413,298 
Total installment loans874,926 966,896 1,002,517 1,268,505 1,377,939 
Total consumer loans1,398,031 1,490,158 1,531,380 1,806,592 1,920,967 
Total loans and leases held for investment$12,861,767 $13,563,114 $13,832,799 $14,638,977 $15,466,359 
Loans held for sale
Commercial:
Multifamily$— $— $— $4,051 $4,079 
Commercial real estate non-owner occupied— — — 16,000 — 
Total commercial loans and leases— — — 20,051 4,079 
Consumer:
Residential1,215 1,005 1,234 821 829 
Installment:
Personal151,040 124,848 76,874 307,336 133,801 
Other188,062 24,515 — 95,849 189,603 
Total installment loans339,102 149,363 76,874 403,185 323,404 
Total consumer loans340,317 150,368 78,108 404,006 324,233 
Total loans held for sale$340,317 $150,368 $78,108 $424,057 $328,312 
Total loans and leases portfolio$13,202,084 $13,713,482 $13,910,907 $15,063,034 $15,794,671 

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
PERIOD END DEPOSIT COMPOSITION - UNAUDITED
(Dollars in thousands)
December 31,September 30,June 30,March 31,December 31,
20232023202320232022
Demand, non-interest bearing$4,422,494 $4,758,682 $4,490,198 $3,487,517 $1,885,045 
Demand, interest bearing5,580,527 5,824,410 5,551,037 5,791,302 8,476,027 
Total demand deposits10,003,021 10,583,092 10,041,235 9,278,819 10,361,072 
Savings1,402,941 1,118,353 1,048,229 924,359 811,798 
Money market3,226,395 2,499,593 2,004,264 2,019,633 2,734,217 
Time deposits3,287,879 3,994,326 4,856,703 5,500,806 4,249,866 
Total deposits$17,920,236 $18,195,364 $17,950,431 $17,723,617 $18,156,953 

23


CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
ASSET QUALITY - UNAUDITED
(Dollars in thousands)As of December 31, 2023As of September 30, 2023As of December 31, 2022
Total loansNon accrual /NPLsAllowance for credit lossesTotal NPLs to total loansTotal reserves to total NPLsTotal loansNon accrual /NPLsAllowance for credit lossesTotal NPLs to total loansTotal reserves to total NPLsTotal loansNon accrual /NPLsAllowance for credit lossesTotal NPLs to total loansTotal reserves to total NPLs
Loan type
Commercial & industrial, including specialty lending (1)
$6,211,105 $4,436 $23,503 0.07 %529.82 %$6,617,508 $5,767 $24,986 0.09 %433.26 %$6,672,830 $1,761 $17,582 0.03 %998.41 %
Multifamily2,138,622 — 16,343 — %— %2,130,213 — 15,870 — %— %2,213,019 1,143 14,541 0.05 %1272.18 %
Commercial real estate owner occupied797,319 5,869 9,882 0.74 %168.38 %794,815 7,442 10,363 0.94 %139.25 %885,339 2,768 6,454 0.31 %233.16 %
Commercial real estate non-owner occupied1,177,650 — 16,859 — %— %1,178,203 — 15,819 — %— %1,290,730 — 11,219 — %— %
Construction166,393 — 1,482 — %— %252,588 — 3,130 — %— %162,009 — 1,913 — %— %
Total commercial loans and leases receivable10,491,089 10,305 68,069 0.10 %660.54 %10,973,327 13,209 70,168 0.12 %531.21 %11,223,927 5,672 51,709 0.05 %911.65 %
Residential484,435 6,802 6,586 1.40 %96.82 %483,133 6,559 6,802 1.36 %103.70 %497,952 6,922 6,094 1.39 %88.04 %
Manufactured housing38,670 2,331 4,239 6.03 %181.85 %40,129 2,582 4,080 6.43 %158.02 %45,076 2,410 4,430 5.35 %183.82 %
Installment874,926 7,211 56,417 0.82 %782.37 %966,896 7,299 58,163 0.75 %796.86 %1,377,939 9,527 68,691 0.69 %721.01 %
Total consumer loans receivable1,398,031 16,344 67,242 1.17 %411.42 %1,490,158 16,440 69,045 1.10 %419.98 %1,920,967 18,859 79,215 0.98 %420.04 %
Loans and leases receivable (1)
11,889,120 26,649 135,311 0.22 %507.75 %12,463,485 29,649 139,213 0.24 %469.54 %13,144,894 24,531 130,924 0.19 %533.71 %
Loans receivable, PPP74,735 — — — %— %137,063 — — — %— %998,153 — — — %— %
Loans receivable, mortgage warehouse, at fair value897,912 — — — %— %962,566 — — — %— %1,323,312 — — — %— %
Total loans held for sale340,317 461 — 0.14 %— %150,368 218 — 0.14 %— %328,312 6,206 — 1.89 %— %
Total portfolio$13,202,084 $27,110 $135,311 0.21 %499.12 %$13,713,482 $29,867 $139,213 0.22 %466.11 %$15,794,671 $30,737 $130,924 0.19 %425.95 %
(1)    Excluding loans receivable, PPP from total loans and leases receivable is a non-GAAP measure. 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. Please refer to the reconciliation schedules that follow this table.
24


CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
NET CHARGE-OFFS/(RECOVERIES) - UNAUDITED
(Dollars in thousands)
Q4Q3Q2Q1Q4Twelve Months Ended December 31,
2023
2023
2023 (1)
2023
202220232022
Loan type
Commercial & industrial, including specialty lending$5,282 $2,974 $258 $(71)$12,960 $8,443 $15,066 
Multifamily127 1,999 1,448 — — 3,574 1,653 
Commercial real estate owner occupied— 39 (34)— (2)5 (51)
Commercial real estate non-owner occupied(288)— 266 4,234 972 4,212 5,954 
Construction— — — (116)(10)(116)(236)
Residential(1)13 24 (2)7 34 (47)
Installment12,202 12,473 13,602 14,606 13,237 52,883 44,029 
Total net charge-offs (recoveries) from loans held for investment$17,322 $17,498 $15,564 $18,651 $27,164 $69,035 $66,368 
(1)    Excludes $6.2 million of charge-offs for certain PCD loans acquired from the FDIC that were immediately applied against $8.7 million of allowance for credit losses on PCD loans recognized upon the acquisition of the loan portfolio on June 15, 2023. Subsequent recoveries and charge-offs of these PCD loans will be included in the period in which they occur.
25


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.

Core Earnings - Customers Bancorp
Twelve Months Ended
December 31,
Q4 2023Q3 2023Q2 2023Q1 2023Q4 202220232022
(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$58,223 $1.79 $82,953 $2.58 $44,007 $1.39 $50,265 $1.55 $25,623 $0.77 $235,448 $7.32 $218,402 $6.51 
Reconciling items (after tax):
Severance expense473 0.01 — — 141 0.00 637 0.02 — — 1,251 0.04 1,058 0.03 
Impairments on fixed assets and leases— — — — 12 0.00 86 0.00 — — 98 0.00 1,051 0.03 
Loss on sale of consumer installment loans— — — — — — — — — — — — 18,221 0.54 
Loss on sale of capital call lines of credit— — — — 3,914 0.12 — — — — 3,914 0.12 — — 
(Gains) losses on investment securities(85)0.00 492 0.02 49 0.00 (49)0.00 13,543 0.41407 0.01 18,926 0.56 
Derivative credit valuation adjustment267 0.01 (151)0.00 (101)0.00 204 0.01 202 0.01 219 0.01 (1,243)(0.04)
Tax on surrender of bank-owned life insurance policies— — — — 4,141 0.13 — — — — 4,141 0.13 — — 
FDIC special assessment2,755 0.08 — — — — — — — — 2,755 0.09 — — 
Core earnings$61,633 $1.90 $83,294 $2.59 $52,163 $1.65 $51,143 $1.58 $39,368 $1.19 $248,233 $7.72 $256,415 $7.63 


26


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 2023Q3 2023Q2 2023Q1 2023Q4 202220232022
(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$58,223 $1.79 $82,953 $2.58 $44,007 $1.39 $50,265 $1.55 $25,623 $0.77 $235,448 $7.32 $218,402 $6.51 
Less: PPP net income (loss) (after tax)(5,264)(0.16)(11,168)(0.35)(2,068)(0.07)9,606 0.30 (5,956)(0.18)(8,894)(0.28)37,669 1.12 
Net income to common shareholders, excluding PPP63,487 1.95 94,121 2.93 46,075 1.46 40,659 1.26 31,579 0.95 244,342 7.60 180,733 5.39 
Reconciling items (after tax):
Severance expense473 0.01 — — 141 0.00 637 0.02 — — 1,251 0.04 1,058 0.03 
Impairments on fixed assets and leases— — — — 12 0.00 86 0.00 — — 98 0.00 1,051 0.03 
Loss on sale of consumer installment loans— — — — — — — — — — — — 18,221 0.54 
Loss on sale of capital call lines of credit— — — — 3,914 0.12 — — — — 3,914 0.12 — — 
(Gains) losses on investment securities(85)0.00 492 0.02 49 0.00 (49)0.00 13,543 0.41 407 0.01 18,926 0.56 
Derivative credit valuation adjustment267 0.01 (151)0.00 (101)0.00 204 0.01 202 0.01 219 0.01 (1,243)(0.04)
Tax on surrender of bank-owned life insurance policies— — — — 4,141 0.13 — — — — 4,141 0.13 — — 
FDIC special assessment2,755 0.08 — — — — — — — — 2,755 0.09 — — 
Core earnings, excluding PPP$66,897 $2.06 $94,462 $2.94 $54,231 $1.72 $41,537 $1.28 $45,324 $1.37 $257,127 $7.99 $218,746 $6.51 

Core Return on Average Assets - Customers Bancorp
Twelve Months Ended
December 31,
(Dollars in thousands, except per share data)Q4 2023Q3 2023Q2 2023Q1 2023Q4 202220232022
GAAP net income$62,092 $86,756 $47,574 $53,721 $28,711 $250,143 $228,034 
Reconciling items (after tax):
Severance expense473 — 141 637 — 1,251 1,058 
Impairments on fixed assets and leases— — 12 86 — 98 1,051 
Loss on sale of consumer installment loans— — — — — — 18,221 
Loss on sale of capital call lines of credit— — 3,914 — — 3,914 — 
(Gains) losses on investment securities(85)492 49 (49)13,543 407 18,926 
Derivative credit valuation adjustment267 (151)(101)204 202 219 (1,243)
Tax on surrender of bank-owned life insurance policies— — 4,141 — — 4,141 — 
FDIC special assessment2,755 — — — — 2,755 — 
Core net income
$65,502 $87,097 $55,730 $54,599 $42,456 $262,928 $266,047 
Average total assets
$21,252,273 $21,978,010 $21,654,735 $21,052,920 $20,717,362 $21,486,383 $20,109,744 
Core return on average assets1.22 %1.57 %1.03 %1.05 %0.81 %1.22 %1.32 %


27


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, excluding PPP - Customers Bancorp
Twelve Months Ended
December 31,
(Dollars in thousands, except per share data)Q4 2023Q3 2023Q2 2023Q1 2023Q4 202220232022
GAAP net income$62,092 $86,756 $47,574 $53,721 $28,711 $250,143 $228,034 
Less: PPP net income (loss) (after tax)(5,264)(11,168)(2,068)9,606 (5,956)(8,894)37,669 
Net income, excluding PPP67,356 97,924 49,642 44,115 34,667 259,037 190,365 
Reconciling items (after tax):
Severance expense473 — 141 637 — 1,251 1,058 
Impairments on fixed assets and leases— — 12 86 — 98 1,051 
Loss on sale of consumer installment loans— — — — — — 18,221 
Loss on sale of capital call lines of credit— — 3,914 — — 3,914 — 
(Gains) losses on investment securities(85)492 49 (49)13,543 407 18,926 
Derivative credit valuation adjustment267 (151)(101)204 202 219 (1,243)
Tax on surrender of bank-owned life insurance policies— — 4,141 — — 4,141 — 
FDIC special assessment2,755 — — — — 2,755 — 
Core net income, excluding PPP
$70,766 $98,265 $57,798 $44,993 $48,412 $271,822 $228,378 
Average total assets
$21,252,273 $21,978,010 $21,654,735 $21,052,920 $20,717,362 $21,486,383 $20,109,744 
Core return on average assets, excluding PPP1.32 %1.77 %1.07 %0.87 %0.93 %1.27 %1.14 %

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 2023Q3 2023Q2 2023Q1 2023Q4 202220232022
GAAP net income$62,092 $86,756 $47,574 $53,721 $28,711 $250,143 $228,034 
Reconciling items:
Income tax expense
21,796 23,470 20,768 14,563 7,136 80,597 63,263 
Provision (benefit) for credit losses
13,523 17,856 23,629 19,603 28,216 74,611 60,066 
Provision (benefit) for credit losses on unfunded commitments(136)48 (304)280 153 (112)906 
Severance expense639 — 182 809 — 1,630 1,363 
Impairments on fixed assets and leases— — 15 109 — 124 1,362 
Loss on sale of consumer installment loans— — — — — — 23,465 
Loss on sale of capital call lines of credit— — 5,037 — — 5,037 — 
(Gains) losses on investment securities(114)626 62 (62)16,909 512 23,874 
Derivative credit valuation adjustment361 (192)(130)259 252 298 (1,621)
FDIC special assessment3,723 — — — — 3,723 — 
Adjusted net income - pre-tax pre-provision
$101,884 $128,564 $96,833 $89,282 $81,377 $416,563 $400,712 
Average total assets
$21,252,273 $21,978,010 $21,654,735 $21,052,920 $20,717,362 $21,486,383 $20,109,744 
Adjusted ROAA - pre-tax pre-provision1.90 %2.32 %1.79 %1.72 %1.56 %1.94 %1.99 %
28


CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)
(Dollars in thousands, except per share data)
Adjusted Net Income and Adjusted ROAA - Pre-Tax Pre-Provision, excluding PPP - Customers Bancorp
Twelve Months Ended
December 31,
(Dollars in thousands, except per share data)Q4 2023Q3 2023Q2 2023Q1 2023Q4 202220232022
GAAP net income$62,092 $86,756 $47,574 $53,721 $28,711 $250,143 $228,034 
Less: PPP net income (loss) (after tax)(5,264)(11,168)(2,068)9,606 (5,956)(8,894)37,669 
Net income, excluding PPP67,356 97,924 49,642 44,115 34,667 259,037 190,365 
Reconciling items:
Income tax expense
21,796 23,470 20,768 14,563 7,136 80,597 63,263 
Provision (benefit) for credit losses
13,523 17,856 23,629 19,603 28,216 74,611 60,066 
Provision (benefit) for credit losses on unfunded commitments(136)48 (304)280 153 (112)906 
Severance expense639 — 182 809 — 1,630 1,363 
Impairments on fixed assets and leases— — 15 109 — 124 1,362 
Loss on sale of consumer installment loans— — — — — — 23,465 
Loss on sale of capital call lines of credit— — 5,037 — — 5,037 — 
(Gains) losses on investment securities(114)626 62 (62)16,909 512 23,874 
Derivative credit valuation adjustment361 (192)(130)259 252 298 (1,621)
FDIC special assessment3,723 — — — — 3,723 — 
Adjusted net income - pre-tax pre-provision, excluding PPP
$107,148 $139,732 $98,901 $79,676 $87,333 $425,457 $363,043 
Average total assets
$21,252,273 $21,978,010 $21,654,735 $21,052,920 $20,717,362 $21,486,383 $20,109,744 
Adjusted ROAA - pre-tax pre-provision, excluding PPP2.00 %2.52 %1.83 %1.53 %1.67 %1.98 %1.81 %

Core Return on Average Common Equity - Customers Bancorp
Twelve Months Ended
December 31,
(Dollars in thousands, except per share data)Q4 2023Q3 2023Q2 2023Q1 2023Q4 202220232022
GAAP net income to common shareholders$58,223 $82,953 $44,007 $50,265 $25,623 $235,448 $218,402 
Reconciling items (after tax):
Severance expense473 — 141 637 — 1,251 1,058 
Impairments on fixed assets and leases— — 12 86 — 98 1,051 
Loss on sale of consumer installment loans— — — — — — 18,221 
Loss on sale of capital call lines of credit— — 3,914 — — 3,914 — 
(Gains) losses on investment securities(85)492 49 (49)13,543 407 18,926 
Derivative credit valuation adjustment267 (151)(101)204 202 219 (1,243)
Tax on surrender of bank-owned life insurance policies— — 4,141 — — 4,141 — 
FDIC special assessment2,755 — — — — 2,755 — 
Core earnings$61,633 $83,294 $52,163 $51,143 $39,368 $248,233 $256,415 
Average total common shareholders’ equity
$1,449,728 $1,373,244 $1,335,408 $1,273,780 $1,263,190 $1,358,564 $1,254,979 
Core return on average common equity16.87 %24.06 %15.67 %16.28 %12.36 %18.27 %20.43 %



29


CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)
(Dollars in thousands, except per share data)

Adjusted ROCE - Pre-Tax Pre-Provision - Customers Bancorp
Twelve Months Ended
December 31,
(Dollars in thousands, except per share data)Q4 2023Q3 2023Q2 2023Q1 2023Q4 202220232022
GAAP net income to common shareholders$58,223 $82,953 $44,007 $50,265 $25,623 $235,448 $218,402 
Reconciling items:
Income tax expense
21,796 23,470 20,768 14,563 7,136 80,597 63,263 
Provision (benefit) for credit losses
13,523 17,856 23,629 19,603 28,216 74,611 60,066 
Provision (benefit) for credit losses on unfunded commitments(136)48 (304)280 153 (112)906 
Severance expense639 — 182 809 — 1,630 1,363 
Impairments on fixed assets and leases— — 15 109 — 124 1,362 
Loss on sale of consumer installment loans— — — — — — 23,465 
Loss on sale of capital call lines of credit— — 5,037 — — 5,037 — 
(Gains) losses on investment securities(114)626 62 (62)16,909 512 23,874 
Derivative credit valuation adjustment361 (192)(130)259 252 298 (1,621)
FDIC special assessment3,723 — — — — 3,723 — 
Pre-tax pre-provision adjusted net income available to common shareholders$98,015 $124,761 $93,266 $85,826 $78,289 $401,868 $391,080 
Average total common shareholders’ equity
$1,449,728 $1,373,244 $1,335,408 $1,273,780 $1,263,190 $1,358,564 $1,254,979 
Adjusted ROCE - pre-tax pre-provision26.82 %36.04 %28.01 %27.33 %24.59 %29.58 %31.16 %


Net Interest Margin, Tax Equivalent, excluding PPP - Customers Bancorp
Twelve Months Ended
December 31,
(Dollars in thousands, except per share data)Q4 2023Q3 2023Q2 2023Q1 2023Q4 202220232022
GAAP net interest income$172,506 $199,773 $165,271 $149,899 $135,137 $687,449 $623,720 
PPP net interest (income) expense596 1,381 765 (14,106)2,791 (11,364)(60,402)
Tax-equivalent adjustment398 405 390 375 342 1,568 1,185 
Net interest income, tax equivalent, excluding PPP$173,500 $201,559 $166,426 $136,168 $138,270 $677,653 $564,503 
GAAP average total interest earning assets$20,802,304 $21,485,319 $21,073,680 $20,514,677 $20,211,028 $20,971,198 $19,588,374 
Average PPP loans(115,851)(166,164)(207,127)(889,235)(1,065,919)(341,987)(1,724,659)
Adjusted average total interest earning assets, excluding PPP$20,686,453 $21,319,155 $20,866,553 $19,625,442 $19,145,109 $20,629,211 $17,863,715 
Net interest margin, tax equivalent, excluding PPP3.33 %3.75 %3.20 %2.80 %2.87 %3.28 %3.16 %

Loan Yield, excluding PPP
Twelve Months Ended
December 31,
(Dollars in thousands except per share data)Q4 2023Q3 2023Q2 2023Q1 2023Q4 202220232022
Interest income on loans and leases$248,160 $275,771 $252,894 $255,913 $218,740 $1,032,738 $745,313 
PPP interest income(839)(604)(1,633)(23,551)(7,249)(26,627)(79,381)
Interest income on core loans (Loans and leases, excluding PPP)$247,321 $275,167 $251,261 $232,362 $211,491 $1,006,111 $665,932 
Average total loans and leases$13,486,453 $13,899,034 $14,842,432 $15,477,973 $15,388,003 $14,419,572 $14,911,165 
Average PPP loans(115,851)(166,164)(207,127)(889,235)(1,065,919)(341,987)(1,724,659)
Adjusted average total loans and leases$13,370,602 $13,732,870 $14,635,305 $14,588,738 $14,322,084 $14,077,585 $13,186,506 
Loan yield, excluding PPP7.34 %7.95 %6.89 %6.46 %5.86 %7.15 %5.05 %



30


CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)
(Dollars in thousands, except per share data)

Core Efficiency Ratio - Customers Bancorp
Twelve Months Ended
December 31,
(Dollars in thousands, except per share data)Q4 2023Q3 2023Q2 2023Q1 2023Q4 202220232022
GAAP net interest income$172,506 $199,773 $165,271 $149,899 $135,137 $687,449 $623,720 
GAAP non-interest income$18,672 $17,775 $15,997 $18,121 $7,345 $70,565 $32,272 
Loss on sale of consumer installment loans— — — — — — 23,465 
Loss on sale of capital call lines of credit— — 5,037 — — 5,037 — 
(Gains) losses on investment securities(114)626 62 (62)16,909 512 23,874 
Derivative credit valuation adjustment361 (192)(130)259 252 298 (1,621)
Core non-interest income18,919 18,209 20,966 18,318 24,506 76,412 77,990 
Core revenue$191,425 $217,982 $186,237 $168,217 $159,643 $763,861 $701,710 
GAAP non-interest expense$93,767 $89,466 $89,297 $80,133 $78,419 $352,663 $304,629 
Severance expense(639)— (182)(809)— (1,630)(1,363)
Impairments on fixed assets and leases— — (15)(109)— (124)(1,362)
FDIC special assessment(3,723)— — — — (3,723)— 
Core non-interest expense$89,405 $89,466 $89,100 $79,215 $78,419 $347,186 $301,904 
Core efficiency ratio (1)
46.70 %41.04 %47.84 %47.09 %49.12 %45.45 %43.02 %
(1) Core efficiency ratio calculated as core non-interest expense divided by core revenue.

Core non-interest expense to average total assets - Customers Bancorp
Twelve Months Ended
December 31,
(Dollars in thousands, except per share data)Q4 2023Q3 2023Q2 2023Q1 2023Q4 202220232022
GAAP non-interest expense$93,767 $89,466 $89,297 $80,133 $78,419 $352,663 $304,629 
Severance expense(639)— (182)(809)— (1,630)(1,363)
Impairments on fixed assets and leases— — (15)(109)— (124)(1,362)
FDIC special assessment(3,723)— — — — (3,723)— 
Core non-interest expense$89,405 $89,466 $89,100 $79,215 $78,419 $347,186 $301,904 
Average total assets
$21,252,273 $21,978,010 $21,654,735 $21,052,920 $20,717,362 $21,486,383 $20,109,744 
Core non-interest expense to average total assets
1.67 %1.62 %1.65 %1.53 %1.50 %1.62 %1.50 %

Tangible Common Equity to Tangible Assets - Customers Bancorp
(Dollars in thousands, except per share data)Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022
GAAP total shareholders’ equity
$1,638,394 $1,561,607 $1,456,652 $1,421,020 $1,402,961 
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$1,496,971 $1,420,184 $1,315,229 $1,279,597 $1,261,538 
GAAP total assets$21,316,265 $21,857,152 $22,028,565 $21,751,614 $20,896,112 
Reconciling items:
Goodwill and other intangibles(3,629)(3,629)(3,629)(3,629)(3,629)
Tangible assets$21,312,636 $21,853,523 $22,024,936 $21,747,985 $20,892,483 
Tangible common equity to tangible assets7.0 %6.5 %6.0 %5.9 %6.0 %



31


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, excluding PPP - Customers Bancorp
(Dollars in thousands, except per share data)Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022
GAAP total shareholders’ equity
$1,638,394 $1,561,607 $1,456,652 $1,421,020 $1,402,961 
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$1,496,971 $1,420,184 $1,315,229 $1,279,597 $1,261,538 
GAAP total assets$21,316,265 $21,857,152 $22,028,565 $21,751,614 $20,896,112 
Loans receivable, PPP(74,735)(137,063)(188,763)(246,258)(998,153)
Total assets, excluding PPP$21,241,530 $21,720,089 $21,839,802 $21,505,356 $19,897,959 
Reconciling items:
Goodwill and other intangibles(3,629)(3,629)(3,629)(3,629)(3,629)
Tangible assets, excluding PPP$21,237,901 $21,716,460 $21,836,173 $21,501,727 $19,894,330 
Tangible common equity to tangible assets, excluding PPP7.0 %6.5 %6.0 %6.0 %6.3 %

Tangible Book Value per Common Share - Customers Bancorp
(Dollars in thousands, except share and per share data)Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022
GAAP total shareholders’ equity
$1,638,394 $1,561,607 $1,456,652 $1,421,020 $1,402,961 
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$1,496,971 $1,420,184 $1,315,229 $1,279,597 $1,261,538 
Common shares outstanding31,440,906 31,311,254 31,282,318 31,239,750 32,373,697 
Tangible book value per common share$47.61 $45.36 $42.04 $40.96 $38.97 

Tangible Book Value per Common Share - Customers Bancorp
(Dollars in thousands, except share and per share data)Q4 2023Q4 2022Q4 2021Q4 2020Q4 2019Q4 2018
GAAP total shareholders’ equity
$1,638,394 $1,402,961 $1,366,217 $1,117,086 $1,052,795 $956,816 
Reconciling Items:
   Preferred stock(137,794)(137,794)(137,794)(217,471)(217,471)(217,471)
   Goodwill and other intangibles(3,629)(3,629)(3,736)(14,298)(15,195)(16,499)
Tangible common equity$1,496,971 $1,261,538 $1,224,687 $885,317 $820,129 $722,846 
Common shares outstanding31,440,906 32,373,697 32,913,267 31,705,088 31,336,791 31,003,028 
Tangible book value per common share$47.61 $38.97 $37.21 $27.92 $26.17 $23.32 

Core Loans (Total Loans and Leases, excluding PPP)
(Dollars in thousands, except per share data)Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022
Total loans and leases$13,202,084 $13,713,482 $13,910,907 $15,063,034 $15,794,671 
Loans receivable, PPP(74,735)(137,063)(188,763)(246,258)(998,153)
Core Loans (Total loans and leases, excluding PPP)$13,127,349 $13,576,419 $13,722,144 $14,816,776 $14,796,518 


32


CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)
(Dollars in thousands, except per share data)

Core Loans Held for Investment
(Total Loans and Leases Held for Investment, excluding PPP)
(Dollars in thousands, except per share data)Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022
Total loans and leases, held for investment$12,861,767 $13,563,114 $13,832,799 $14,638,977 $15,466,359 
Loans receivable, PPP(74,735)(137,063)(188,763)(246,258)(998,153)
Core Loans Held for Investment
(Total loans and leases held for investment, excluding PPP)		$12,787,032 $13,426,051 $13,644,036 $14,392,719 $14,468,206 
Total Assets, excluding PPP
(Dollars in thousands, except per share data)Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022
Total assets$21,316,265 $21,857,152 $22,028,565 $21,751,614 $20,896,112 
Loans receivable, PPP(74,735)(137,063)(188,763)(246,258)(998,153)
Total assets, excluding PPP$21,241,530 $21,720,089 $21,839,802 $21,505,356 $19,897,959 

Coverage of credit loss reserves for loans and leases held for investment, excluding PPP
(Dollars in thousands, except per share data)Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022
Loans and leases receivable$11,963,855 $12,600,548 $12,826,531 $13,391,610 $14,143,047 
Loans receivable, PPP(74,735)(137,063)(188,763)(246,258)(998,153)
Loans and leases held for investment, excluding PPP$11,889,120 $12,463,485 $12,637,768 $13,145,352 $13,144,894 
Allowance for credit losses on loans and leases$135,311 $139,213 $139,656 $130,281 $130,924 
Coverage of credit loss reserves for loans and leases held for investment, excluding PPP1.14 %1.12 %1.11 %0.99 %1.00 %



33

“A Forward-Thinking Bank with Strong Risk Management“ Let’s take on tomorrow. Investor Presentation: Q4 2023 January 2024

 
2 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED In addition to historical information, this presentation 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 impact of COVID-19 and its variants on the U.S. economy and customer behavior, 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 continued success and acceptance of our blockchain payments system, 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, 2022, 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. This does not constitute an offer to sell, or a solicitation of an offer to buy, any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. Forward-Looking Statements

 
3 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Core EPS1 of $1.90 exceeded consensus estimates through continued deposit transformation, higher margin, and well-controlled expenses Strength of the Franchise Maintaining Superior Credit Quality Strong Capital and Liquidity TCE/TA1 increased to 7.0% achieving our previously announced goal CET13 increased to 12.2% exceeding our previously announced goal Immediately available liquidity greater than 200% of uninsured deposits4 NPA ratio low at just 0.13% and credit outlook remains stable Minimal exposure to higher-risk CRE asset classes (office and retail CRE each represent only ~1% of HFI loan portfolio) $1.1 billion of core deposit2 growth offset $0.6 billion of planned BMTX student- related deposit outflows and the repayment of $0.7 billion of wholesale CDs Deposit growth was granular and broad-based across the franchise Non-interest bearing deposits account for 25% of total deposits; wholesale CDs now represent only 17% of total deposits Management Outlook Significantly exceeded full year core EPS guidance Continued optimism for balance sheet improvement, strong capital levels, and superior profitability Q4’23 Earnings Review Let’s take on tomorrow. A Forward-Thinking Bank with Strong Risk Management 1. Non-GAAP measure, refer to appendix for reconciliation 2. Total deposits excluding wholesale CDs and BMTX student-related deposits 3. Capital ratios are estimated pending final regulatory report 4. Uninsured deposits of $5.4 billion (estimate) to be reported on Customers Bank’s call report less $1.1 billion of collateralized deposits and $0.1 billion of affiliate deposits

 
4 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. z Delivering On Our Promises Core EPS within 3 years (2023) of $4.00 and $6.00 by 2025EPS (Jan. 2020) 1. Non-GAAP measure 2. Q4’18-Q4’23 $7.72 FY 2023 Core EPS1 z TCE/TA1: 7.0%+Higher Capital Ratios 9% CAGR between 2009 and 2018 What We Promised in 2018 Grow TBVPS1 NIM Expansion Improve ROAA NIM: 2.75% ROAA: 1.25% ROCE: double-digitImprove ROCE Board is actively engaged with risk focused culture and detailed oversight Risk Management What We Accomplished (Q4’23) 7.0%1 Among strongest in industry in liquidity, interest rate risk management and capital build while maintaining superior credit quality 15% CAGR1,2 3.31% NIM 1.22% Core ROAA1 18.3% Core ROCE1

 
5 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Let’s take on tomorrow. Our Priorities Remain Unchanged Moderate growth by focusing on holistic and strategic relationships and building a strong franchise Focus on further strengthening our balance sheet, improving liquidity, capital ratios and margins Not deviate from strong risk management principles: − Superior credit quality − Sound interest rate risk management − Maintain robust liquidity − Strong capital ratios − Positive operating leverage

 
6 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Continue deposit transformation and grow loan portfolio Further improve efficiency through focus on operational excellence and expanding fee income opportunities Let’s take on tomorrow. 2024 Areas of Focus 1 2 3 Maintain strong capital base and liquidity while growing loans 10-15% Preserve strong credit quality with focus on holistic and primary relationships 4 Client-centric culture resulting in high client satisfaction rates6 Maintain strong margin through deployment of securities cash flow, excess cash and deposit growth into higher yielding loans 5

 
7 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Q4’23 (vs. Q3’23) Profitability Balance Sheet Credit 3.31% vs. 3.70% NIM $21.3B -2% Total Assets 0.13% -1 bps NPA Ratio $13.2B -4% Total Loans and Leases $27.1M -9% NPLs Financial Highlights - GAAP Highlights Q4’23 FY’23 $7.32 $235.4M 17.3% $1.79 Diluted EPS $58.2M Net Income ROCE 15.9% ROAA 1.16% vs. 1.57% Total Deposits $17.9B -2% Reserves to NPLs 499% vs. 466% 1.0 Q4’23 EARNINGS REVIEW

 
8 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Q4’23 (vs. Q3’23) Profitability Balance Sheet Credit 3.31% vs. 3.70% NIM $21.3B -2% Total Assets 0.13% -1 bps NPA Ratio $13.2B -4% Total Loans and Leases $27.1M -9% NPLs Financial Highlights - Core 1. Excludes pre-tax items: special one-time FDIC assessment fee of $3.7 million, severance expense of $0.6 million, derivative credit valuation adjustment of $0.4 million offset by gain on investment securities of $0.1 million 2. Non-GAAP measure, refer to appendix for reconciliation Highlights Q4’23 FY’23 1.0 Q4’23 EARNINGS REVIEW $7.72 $248.2M 18.3% $1.90 Core EPS1,2 $61.6M Core Net Income1,2 Core ROCE1,2 16.9% Core ROAA1,2 1.22% vs. 1.57% Core PTPP ROAA1,2 1.90% vs. 2.32% Total Deposits $17.9B -2% Reserves to NPLs 499% vs. 466%

 
9 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Customers Bank has Demonstrated Sustainable Organic Growth While Significantly Improving Our Liquidity Position… 2.0 STRENGH OF THE FRANCHISE 2018 2023 $9.8 $21.317% Total Assets $ billions Cash and Investment Securities $ billions Gross Loans - HFI $ billions Total Deposits $ billions 120% 72% 2018 2023 $0.7 $7.4 $0.1 $3.8 $0.7 $3.5 59% 2018 2023 $8.5 $12.99% 2018 2023 $7.1 $17.920% Loans - HFI to DepositsCash & Cash EquivalentsInvestment Securities

 
10 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. …and Increasing Our EPS by 4x and ROCE by 2x Over the Last Five Years 2.0 STRENGH OF THE FRANCHISE 2018 2023 $258 $687 22% NII $ millions NIM percent Diluted EPS per share ROCE percent 2018 2023 2.58% 3.29% +71 bps $1.78 $7.32 2018 2023 33% 2018 2023 7.9% 17.3% +940 bps

 
11 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Total Deposits $ billions Successfully Executing on Deposit Franchise Transformation • Total deposits declined by $275 million QoQ while paying down $743 million in wholesale CDs • $1.1 billion of core deposit1 growth in Q4’23 and $3.1 billion over the last three quarters • Third consecutive quarter of approximately $1.0 billion core deposit1 growth • CUBI’s estimated insured deposits2 as a percentage of total deposits were 77% among the best of regional bank peers3 Average cost of deposits 1. Total deposits excluding wholesale CDs and BMTX student-related deposits 2. Uninsured deposits of $5.4 billion (estimate) to be reported on Customers Bank’s call report less $1.1 billion of collateralized deposits and $0.1 billion of affiliate deposits; similar adjustment made to peers when publicly disclosed otherwise unadjusted reported figures used 3. Selected 2023 proxy peers as disclosed in appendix 3.39% 2.0 STRENGH OF THE FRANCHISE 3.24% $1.9 $8.5 $7.8 Q4’22 $3.5 $5.8 $8.4 Q1’23 $4.5 $5.6 $7.9 Q2’23 $4.8 $5.8 $7.6 Q3’23 $4.4 (25%) $5.6 $7.9 Q4’23 $18.2 $17.7 $18.0 $18.2 $17.9 Non-Interest Bearing DDA Interest Bearing DDA Non-DDA

 
12 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Robust Deposit Pipeline will Continue to Transform Funding Base FHLB Advances $ billions Wholesale CDs $ billions Meaningful progress on reducing wholesale funding2 $0.3 $0.9 $1.0 Q1’23 $0.3 $1.0 Q4’23 $2.1 $1.2 -$0.9 -41% FHLB callable fixed FHLB callable floating FHLB non-callable fixed • Total deposit pipeline remains at $1.5 billion despite significant core deposit growth in 2023 • $2.2 billion in wholesale CD maturities in 2024 2.0 STRENGH OF THE FRANCHISE Q1’23 Q4’23 $5.3 $3.0 -$2.3 -44% Core Deposits1 $ billions Q1’23 Q4’23 $11.9 $14.9 +$3.1 +26% 1. Total deposits excluding wholesale CDs and BMTX student-related deposits 2. Wholesale CDs and FHLB advances

 
13 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Net Interest Margin Continues to Demonstrate Positive Trends NIM percent • Margin exceeded management guidance of 3.20-3.25% target for Q4’23 3.70% 2.67% 2.96% 3.15% 3.31% 2.00% 2.50% 3.00% 3.50% 4.00% Q4’22 Q1’23 Q2’23 3.20%1 Q3’23 Q4’23 +64 bps Q4’22 Q1’23 Q2’23 $1731 Q3’23 Q4’23 $135 $150 $165 $200 $173 +28% Net Interest Income $ millions • Net interest income continues in an upward trajectory1 despite modest interest-earning asset balance declines 2.0 STRENGH OF THE FRANCHISE 1. Adjusted for $27 million of outsized accretion related to FDIC transaction in Q3’23

 
14 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Strategic Portfolio Remix Complete and Continuing to Maintain Strong Liquidity Position Loans – HFI $ billions Loans – HFI / Deposits percent $1.4 $5.9 $7.2 Q4’22 $1.3 $5.9 $7.2 Q1’23 $1.0 $5.7 $7.0 Q2’23 $1.0 $5.7 $6.8 Q3’23 $0.9 $5.6 $6.3 Q4’23 $14.52 $14.42 $13.62 $13.42 $12.82 Consumer Installment HFI Community Banking Corporate & Specialized Banking • Loan to deposit ratio is 72%, 17 percentage points lower than regional bank peer median 1. Total deposits excluding wholesale CDs and BMTX student-related deposits 2. HFI loans excluding PPP; non-GAAP measure, refer to appendix for reconciliation 3. Selected 2023 proxy peers as disclosed in appendix 68% 103% C UB I 72% CUBI (Q4’23) Regional Bank Peers3 (MRQ) 5.64% 6.70% 6.83% 7.87% 7.30% Yield on Loans • Anticipate deploying securities cash flow, excess cash, and core deposit1 growth into higher yielding loans at ~300 basis points additional spread in 2024 2.0 STRENGH OF THE FRANCHISE $1.0 $0.2 $0.2 $0.1PPP Loans $0.1 Top Quartile (77%) Median (89%)

 
15 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Customers Operates with Industry-Leading Efficiency $78 $79 $89 $89 $89 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 Core Non-Interest Expense1 $ millions • Disciplined expense management resulting in flat core non-interest expense1 for the last three quarters • Meaningful opportunity to generate positive operating leverage at current expense levels Core Non-Interest Expense1 / Average Assets percent • CUBI’s core non-interest expense1 as percent of average assets is the lowest among regional bank peers2 3.06% C UB I 1.67% CUBI (Q4’23) Regional Bank Peers2 (MRQ) 1. Non-GAAP measure, refer to appendix for reconciliation 2. Selected 2023 proxy peers as disclosed in appendix 2.0 STRENGH OF THE FRANCHISE Top Quartile (1.94%) Median (2.16%)

 
16 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Robust Liquidity Position with Greater than 200% Coverage of Uninsured Deposits Immediately Available Liquidity $ billions $0.5 $2.3 $2.5 Q4’22 $3.8 $1.2 $3.4 Q4’23 $5.2 $8.5 +$3.2 Cash FHLB Available Committed Capacity FRB Available Committed Capacity 1. Uninsured deposits of $5.4 billion (estimate) to be reported on Customers Bank’s call report less $1.1 billion of collateralized deposits and $0.1 billion of affiliate deposits 3.0 STRONG CAPITAL AND LIQUIDITY • Sold $295 million of AFS securities in Q4’23 at roughly book value • Redeemed $340 million of callable FHLB advances in Q4’23 • CUBI’s ratio of immediately available liquidity to uninsured deposits1 estimated to be approximately 202% • Total overall liquidity of $11.4 billion as of Q4’23

 
17 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Tangible Book Value1 per share 22% Growth in Tangible Book Value in 2023; TBV has More Than Doubled Over the Last 5 Years 1. Non-GAAP measure, refer to appendix for reconciliation 2. CAGR from Q4’18 to Q4’23 inclusive of impact of AOCI mark-to-market 3. Selected 2023 proxy peers as disclosed in appendix AOCI $23.32 $26.17 $27.92 $37.21 $38.97 $47.61 Q4’18 Q4’19 Q4’20 Q4’21 Q4’22 Q4’23 3.0 STRONG CAPITAL AND LIQUIDITY $4.34 $51.96 15%2 22% • 22% growth in TBV1 in 2023 • 5-year CAGR in TBV1 has been 15%2 despite AOCI headwinds compared to 4% for regional bank peers3 • TBV1 has more than doubled in the last 5 years • AOCI recovery of $13.2 million and $0.42 TBV1 per share in Q4’23 • Estimated AOCI recovery of ~$1.50 TBV1 per share in 2024

 
18 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. ` Q4’22 Q1’23 Q2’23 Q3’23 Q4’231 12.2% 12.3% 13.2% 14.3% 15.3% Total Risk-Based Capital percent 6.0% 5.9% 6.0% Q4’22 Q1’23 Q2’23 Q3’23 0.6% 7.0% Q4’23 6.5% 7.6% +50 bps +110 bps TCE/TA2,3 percent 1. Capital ratios are estimated pending final regulatory report 2. TCE/TA negatively impacted by 64 bps in Q4’23 due to AOCI 3. Non-GAAP measure, refer to appendix for reconciliation Achieved 12.2% CET1 and TCE/TA of 7.0% AOCI 9.6% 9.6% Q4’22 Q1’23 Q2’23 Q3’23 Q4’231 10.3% 11.3% 12.2% +90 bps +260 bps CET1 Risk-Based Capital percent 3.0 STRONG CAPITAL AND LIQUIDITY • Increase of approximately 90 bps in CET1 during Q4’23 and 260 bps since Q1’23 • CET1 adjusted for AOCI is 11.2% - top quartile for banks with $10- $100 billion in assets • Increase of approximately 50 bps in TCE/TA3 during Q4’23 and 110 bps since Q1’23 through organic capital generation on flat balance sheet

 
19 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. $31 $32 $28 $30 $27 Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 NPLs $ millions Commercial NCOs percent 0.15% 0.15% 0.13% 0.14% 0.13% Q3’22 Q4’22 Q1’23 Q3’23 Q4’23 NPAs as Percent of Total Assets percent Credit Quality Remains Strong 0.41% 0.12% 0.16% 0.17% Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 0.06%1 2.53% 2.61% 2.46% 2.96% 2.81% Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 0.70% 0.49% 0.50% 0.51% Q4’22 Q1’23 Q2’23 Q3’23 Q4’23 0.42%1 Consumer NCOs percent Total NCOs percent 4.0 MAINTAINING SUPERIOR CREDIT QUALITY • NPLs and NPA ratio stable over the last five quarters • Office and retail CRE each represent only ~1% of HFI loan portfolio • Consumer installment HFI represents only ~7% of HFI loan portfolio CUBI2 Regional Bank Peer Median3,4 15% 38% CRE (excluding Multifamily)2 Loan mix, Q4’23 Note: Prior period amounts have been recast to conform with the current reporting 1. Excludes $6.2 million charge-offs against $8.7 million ACL on PCD loans upon FDIC loan pool acquisition 2. Excludes construction loans 3. As of Q4’23 for CUBI and MRQ for regional bank peers 4. Selected 2023 proxy peers as disclosed in appendix

 
20 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. 2024 Management Outlook Metrics 1.15% – 1.25%ROAA Outlook for FY 2024 Financial Targets Growth Outlook Operating Assumptions Efficiency Ratio Net Interest Margin Mid – 40’s 3.20% – 3.40% 10% – 15% core deposit1 growth; low single-digit total deposit growth Deposit Growth Loan Growth PPNR Growth2 10% – 15% driven by redeploying excess liquidity (cash and securities) into loans 10% – 15% ~11.5%CET1 ~7.5%TCE / TA3 Tax Rate 22% – 24% 5.0 MANAGEMENT OUTLOOK 1. Total deposits excluding wholesale CDs and BMTX student-related deposits 2. 2023 baseline adjusted PPNR of $367.0 million (adjusted for $11.4 million of PPP net interest income in FY’23 and $27.0 million of outsized discount accretion related to acquired loan portfolio from the FDIC transaction in Q3’23) 3. Non-GAAP measure

 
21 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. $3.1 billion of core deposit1 growth with corresponding reduction in wholesale funding over the last three quarters Robust core deposit pipeline remains at approximately $1.5 billion NIM Expansion Strategic Outlook Strengthening Capital Base Strong capital levels with 7.0% TCE/TA2 and 12.2% CET13 Improved TCE/TA2 by 50 bps and CET13 by 90 bps in a single quarter Extremely well-positioned to take market share Client-centric culture continues to drive franchise value Deposit remix has significant runway with meaningful financial benefits Poised to deploy securities and cash into higher yielding loans Operating platform designed to generate positive operating leverage and drive superior efficiency and profitability Net interest margin of 3.31% exceeded our Q4’23 guidance and is at sustainable levels Improving Deposit Franchise Let’s take on tomorrow. Concluding Perspectives Maintaining Strong Risk Management Robust liquidity position with coverage of over 200% of uninsured deposits4 Diversified loan and deposit franchises built to perform across all macroeconomic environments; credit continues to perform well 1. Total deposits excluding wholesale CDs and BMTX student-related deposits 2. Non-GAAP measure, refer to appendix for reconciliation 3. Capital ratios are estimated pending final regulatory report 4. Uninsured deposits of $5.4 billion (estimate) to be reported on Customers Bank’s call report less $1.1 billion of collateralized deposits and $0.1 billion of affiliate deposits

 
ANALYST COVERAGE D.A. Davidson Companies Peter Winter Hovde Group David Bishop Jefferies Group LLC Casey Haire Keefe, Bruyette & Woods Inc. Michael Perito Maxim Group Inc. Michael Diana Piper Sandler Companies Frank Schiraldi Stephens Inc. Matt Breese Wedbush Securities Inc. David Chiaverini Raymond James Steve Moss 2023 New Analyst Coverage B.Riley Securities, Inc. Hal Goetsch `

 
APPENDIX

 
24 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Customers Bancorp, Inc. NYSE: CUBI Headquarters West Reading, PA Offices1 54 FTE Employees 714 Market Capitalization As of January 24, 2024 $1.7B Total Assets $21.3B Tangible Book Value2 $47.61 Share price As of January 24, 2024 $53.07 Data as of December 31, 2023, unless otherwise noted (1) Offices includes branches, executive offices, Private Banking Offices and Loan Production Offices (2) Non-GAAP measure, refer to appendix for reconciliation A Forward-Thinking Bank with Strong Risk Management Customers Bancorp Overview Community Banking Corporate & Specialized Banking Corporate & Specialized Banking Community Banking Digital Banking Deep relationship-based community banking predominantly in the Northeast with selected presence in the Carolinas, Florida and Texas Serving small and medium-sized businesses, and individuals, with a comprehensive suite of loan and deposit products National corporate businesses where Customers has differentiated capabilities, often enhanced through technology, to create value for clients Serving sophisticated corporate businesses above the complexity level of most community banks but with a higher level of service and attention than large regionals provide Consumer Suite of loan and deposit products delivered digitally to clients; increasingly generating fee and “fee- like” revenue with limited credit risk through our HFS strategy Commercial Transaction banking (treasury and payment services) with associated deposits D es cr ip tio n Regional C&I, owner-occupied CRE, SBA, multifamily, non-owner-occupied CRE, mortgage Operating deposit accounts (commercial and consumer) Lender finance, capital call lines, venture banking, mortgage warehouse, equipment finance, healthcare, real estate specialty finance Operating deposit accounts Consumer installment lending Payments Online savings Pr od uc ts Providence Dallas Raleigh/Durham Chicago Washington, D.C. Southern California Bay Area Denver NYC Boston Orlando PA Portsmouth Austin

 
25 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Investment Securities – AFS percent, Q4’23 Securities Portfolio Generating Attractive Returns with Minimal Credit and Duration Risk • Spot yield: 5.12% • Effective duration: ~1.5 years • Floating rate securities: ~41% • Credit rating: 59% AAA with only 2% at BB and below 50% 24% 24% 1% MBS & CMO ABS Corporate Other Total: $2.4 billion Investment Securities – HTM percent, Q4’23 • Spot yield: 4.31% • Effective duration: ~3.0 years • Floating rate securities: ~25% • Credit rating: 39% AAA with no rated securities non- investment grade • ABS: ~$0.6 billion of credit enhanced asset backed securities from sale of consumer installment loan portfolio in Q3’22 and Q2’23 52%48% Credit Enhanced ABS MBS & CMO Total: $1.1 billion

 
26 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. 18% 49% 32% 1% FICO Score1 660-679 680-699 700-749 750+ 22% 34% 24% 13% 6% 1% 0-9.99% 10 – 19.99% 20 – 29.99% 30 – 39.99% 40 – 49.99% > 50% Unknown Geog raphy Profession Deb t to Income Ratio1 Borrower Income 15% 40% 45% <$50K $50K -$100K >$100K 20% 11% 20% 27% 22% West Southwest Midwest Southeast Northeast Consumer Installment Loans – Portfolio Credit Metrics Purp ose 68% 10% 6% 16% Personal Loan Specialty Home Improvement Student Loan 94% 4% 2% Non COVID-19 Impacted Segments Non-Professional Retail & Restaurants Average FICO Score1 ~734 Average DTI1 ~19% Average Borrower Income ~$107k Weighted average life of ~2.1 years Note: Data as of December 31, 2023; includes consumer installment HFS loans 1. DTI and FICO scores as of time of origination

 
27 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Selected 2023 Proxy Peers • Atlantic Union • Commerce • Community Bank System • FB Financial • First Busey • F.N.B. • Fulton • Independent • Northwest • Old National • Pinnacle • Sandy Spring • United Community • WesBanco Note: Excludes the following banks due to lack of available disclosure – Ameris, Associated, Axos, BankUnited, Eastern, First Financial (OH), First Merchants, Provident, Silvergate (removed following its March 8, 2023 announcement that it would wind down operations and liquidate the bank), Towne, United Bancshares, WSFS Financial

 
28 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Robust Sources of Liquidity 1. Includes CLOs 2. Began pledging mortgage warehouse collateral to FRB in Q1’23 Liquidity Sources ($000's) 4Q 23 4Q 22 YOY Change Cash and Cash Equivalents $3,846,346 $455,807 $3,390,539 FHLB Available Borrowing Capacity $1,180,972 $2,265,499 ($1,084,527) FRB Available Borrowing Capacity $3,436,000 $2,510,189 $925,810 Investments (MV AFS + HTM) US Gov't & Agency Debt $0 $0 $0 Agency & Non-Agency MBS & CMO $1,739,284 $1,811,633 ($72,349) Corporates $583,034 $595,253 ($12,219) ABS1 $1,157,711 $1,394,388 ($236,677) Other AFS $28,781 $26,485 $2,295 Less: Pledged Securities HTM & AFS ($1,554,837) ($16,749) ($1,538,088) Net Unpledged Securities $1,953,973 $3,811,010 ($1,857,037) Unpledged Mortgage Warehouse Loans2 $1,014,742 $0 $1,014,742 $11,432,033 $9,042,505 $2,389,528

 
29 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. 1. Utilized Moody’s December 2023 baseline and adverse forecast scenario with qualitative adjustments for Q4’23 provision 2. Excludes loans to mortgage companies reported at fair value, loans held for sale and PPP loans 3. Non-GAAP measure, refer to appendix for reconciliation Allowance for Credit Losses for Loans and Leases ($ in thousands) December 31, 2023 Amortized Cost2 Allowance for Credit Losses Lifetime Loss Rate1 Loans and Leases Receivable: Commercial: Commercial and Industrial, including Specialty Lending $ 6,211,105 $ 23,503 0.38 % Multifamily 2,138,622 16,343 0.76 % Commercial Real Estate Owner Occupied 797,319 9,882 1.24 % Commercial Real Estate Non-Owner Occupied 1,177,650 16,859 1.43 % Construction 166,393 1,482 0.89 % Total Commercial Loans and Leases Receivable $ 10,491,089 $ 68,069 0.65 % Consumer: Residential Real Estate $ 484,435 $ 6,586 1.36 % Manufacturing Housing 38,670 4,239 10.96 % Installment 874,926 56,417 6.45 % Total Consumer Loans Receivable $ 1,398,031 $ 67,242 4.81 % Total Loans and Leases Receivable $ 11,889,120 $ 135,311 1.14 %3

 
30 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Customers believes 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 Customers' industry. These non-GAAP financial measures exclude from corresponding GAAP measures the impact of certain elements that we do not believe are representative of our 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. Reconciliation of Non-GAAP Measures - Unaudited

 
31 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Core earnings - Customers Bancorp ($ in thousands except per share data) Twelve Months Ended December 31, Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 2023 2022 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 $ 58,223 $ 1.79 $ 82,953 $ 2.58 $ 44,007 $ 1.39 $ 50,265 $ 1.55 $ 25,623 $ 0.77 $ 235,448 $ 7.32 $ 218,402 $ 6.51 Reconciling items (after tax): Severance expense 473 0.01 — — 141 0.00 637 0.02 — — 1,251 0.04 1,058 0.03 Impairments on fixed assets and leases — — — — 12 0.00 86 0.00 — — 98 0.00 1,051 0.03 Loss on sale of consumer installment loans — — — — — — — — — — — — 18,221 0.54 Loss on sale of capital call lines of credit — — — — 3,914 0.12 — — — — 3,914 0.12 — — (Gains) losses on investment securities (85) — 492 0.02 49 0.00 (49) (0.00) 13,543 0.41 407 0.01 18,926 0.56 Derivative credit valuation adjustment 267 0.01 (151) (0.00) (101) (0.00) 204 0.01 202 0.01 219 0.01 (1,243) (0.04) Tax on surrender of bank-owned life insurance policies — — — — 4,141 0.13 — — — — 4,141 0.13 — — FDIC special assessment 2,755 0.08 — — — — — — — — 2,755 0.08 — — Core earnings $ 61,633 $ 1.90 $ 83,294 $ 2.59 $ 52,163 $ 1.65 $ 51,143 $ 1.58 $ 39,368 $ 1.19 $ 248,233 $ 7.72 $ 256,415 $ 7.63

 
32 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Core return on average assets - Customers Bancorp ($ in thousands except per share data) Twelve Months Ended December 31, Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 2023 2022 GAAP net income $ 62,092 $ 86,756 $ 47,574 $ 53,721 $ 28,711 $ 250,143 $ 228,034 Reconciling items (after tax): Severance expense 473 — 141 637 — 1,251 1,058 Impairments on fixed assets and leases — — 12 86 — 98 1,051 Loss on sale of consumer installment loans — — — — — — 18,221 Loss on sale of capital call lines of credit — — 3,914 — — 3,914 — (Gains) losses on investment securities (85) 492 49 (49) 13,543 407 18,926 Derivative credit valuation adjustment 267 (151) (101) 204 202 219 (1,243) Tax on surrender of bank-owned life insurance policies — — 4,141 — — 4,141 — FDIC special assessment 2,755 — — — — 2,755 — Core net income $ 65,502 $ 87,097 $ 55,730 $ 54,599 $ 42,456 $ 262,928 $ 266,047 Average total assets $ 21,252,273 $ 21,978,010 $ 21,654,735 $ 21,052,920 $ 20,717,362 $ 21,486,383 $ 20,109,744 Core return on average assets 1.22 % 1.57 % 1.03 % 1.05 % 0.81 % 1.22 % 1.32 %

 
33 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Core return on average common equity – Customers Bancorp ($ in thousands) Twelve Months Ended December 31, Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 2023 2022 GAAP net income to common shareholders $ 58,223 $ 82,953 $ 44,007 $ 50,265 $ 25,623 $ 235,448 $ 218,402 Reconciling items (after tax): Severance expense 473 — 141 637 — 1,251 1,058 Impairments on fixed assets and leases — — 12 86 — 98 1,051 Loss on sale of consumer installment loans — — — — — — 18,221 Loss on sale of capital call lines of credit — — 3,914 — — 3,914 — (Gains) losses on investment securities (85) 492 49 (49) 13,543 407 18,926 Derivative credit valuation adjustment 267 (151) (101) 204 202 219 (1,243) Tax on surrender of bank-owned life insurance policies — — 4,141 — — 4,141 — FDIC special assessment 2,755 — — — — 2,755 — Core earnings $ 61,633 $ 83,294 $ 52,163 $ 51,143 $ 39,368 $ 248,233 $ 256,415 Average total common shareholders' equity $ 1,449,728 $ 1,373,244 $ 1,335,408 $ 1,273,780 $ 1,263,190 $ 1,358,564 $ 1,254,979 Core return on average common equity 16.87 % 24.06 % 15.67 % 16.28 % 12.36 % 18.27 % 20.43 %

 
34 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Adjusted net income and adjusted ROAA - pre-tax pre- provision - Customers Bancorp ($ in thousands, except per share data) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 GAAP net income $ 62,092 $ 86,756 $ 47,574 $ 53,721 $ 28,711 Reconciling items: Income tax expense 21,796 23,470 20,768 14,563 7,136 Provision (benefit) for credit losses 13,523 17,856 23,629 19,603 28,216 Provision (benefit) for credit losses on unfunded commitments (136) 48 (304) 280 153 Severance expense 639 — 182 809 — Impairments on fixed assets and leases — — 15 109 — Loss on sale of consumer installment loans — — — — — Loss on sale of capital call lines of credit — — 5,037 — — (Gains) losses on investment securities (114) 626 62 (62) 16,909 Derivative credit valuation adjustment 361 (192) (130) 259 252 FDIC special assessment 3,723 — — — — Adjusted net income - pre-tax pre-provision $ 101,884 $ 128,564 $ 96,833 $ 89,282 $ 81,377 Average total assets $ 21,252,273 $ 21,978,010 $ 21,654,735 $ 21,052,920 $ 20,717,362 Adjusted ROAA - pre-tax pre-provision 1.90 % 2.32 % 1.79 % 1.72 % 1.56 %

 
35 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Core efficiency ratio - Customers Bancorp ($ in thousands, except per share data) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 GAAP net interest income $ 172,506 $ 199,773 $ 165,271 $ 149,899 $ 135,137 GAAP non-interest income $ 18,672 $ 17,775 $ 15,997 $ 18,121 $ 7,345 Loss on sale of capital call lines of credit — — 5,037 — — (Gains) losses on investment securities (114) 626 62 (62) 16,909 Derivative credit valuation adjustment 361 (192) (130) 259 252 Core non-interest income $ 18,919 $ 18,209 $ 20,966 $ 18,318 $ 24,506 Core revenue $ 191,425 $ 217,982 $ 186,237 $ 168,217 $ 159,643 GAAP non-interest expense $ 93,767 $ 89,466 $ 89,297 $ 80,133 $ 78,419 Severance expense (639) — (182) (809) — Impairments on fixed assets and leases — — (15) (109) — FDIC special assessment (3,723) — — — — Core non-interest expense $ 89,405 $ 89,466 $ 89,100 $ 79,215 $ 78,419 Core efficiency ratio (1) 46.70 % 41.04 % 47.84 % 47.09 % 49.12 % 1. Core efficiency ratio calculated as core non-interest expense divided by core revenue

 
36 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Core non-interest expense to average assets - Customers Bancorp ($ in thousands except per share data) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 GAAP non-interest expense $ 93,767 $ 89,466 $ 89,297 $ 80,133 $ 78,419 Severance expense (639) — (182) (809) — Impairments on fixed assets and leases — — (15) (109) — FDIC special assessment (3,723) — — — — Core non-interest expense $ 89,405 $ 89,466 $ 89,100 $ 79,215 $ 78,419 Average total assets $ 21,252,273 $ 21,978,010 $ 21,654,735 $ 21,052,920 $ 20,717,362 Core non-interest expense to average assets 1.67 % 1.62 % 1.65 % 1.53 % 1.50 %

 
37 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Tangible common equity to tangible assets - Customers Bancorp ($ in thousands except per share data) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 GAAP total shareholders' equity $ 1,638,394 $ 1,561,607 $ 1,456,652 $ 1,421,020 $ 1,402,961 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 $ 1,496,971 $ 1,420,184 $ 1,315,229 $ 1,279,597 $ 1,261,538 GAAP Total assets $ 21,316,265 $ 21,857,152 $ 22,028,565 $ 21,751,614 $ 20,896,112 Reconciling items: Goodwill and other intangibles (3,629) (3,629) (3,629) (3,629) (3,629) Tangible assets $ 21,312,636 $ 21,853,523 $ 22,024,936 $ 21,747,985 $ 20,892,483 Tangible common equity to tangible assets 7.0 % 6.5 % 6.0 % 5.9 % 6.0 %

 
38 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Tangible book value per common share - Customers Bancorp ($ in thousands except per share data) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 GAAP total shareholders' equity $ 1,638,394 $ 1,561,607 $ 1,456,652 $ 1,421,020 $ 1,402,961 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 $ 1,496,971 $ 1,420,184 $ 1,315,229 $ 1,279,597 $ 1,261,538 Common shares outstanding 31,440,906 31,311,254 31,282,318 31,239,750 32,373,697 Tangible book value per common share $ 47.61 $ 45.36 $ 42.04 $ 40.96 $ 38.97 Tangible book value per common share - Customers Bancorp ($ in thousands except per share data) Q4 2023 Q4 2022 Q4 2021 Q4 2020 Q4 2019 Q4 2018 GAAP total shareholders' equity $ 1,638,394 $ 1,402,961 $ 1,366,217 $ 1,117,086 $ 1,052,795 $ 956,816 Reconciling Items: Preferred stock (137,794) (137,794) (137,794) (217,471) (217,471) (217,471) Goodwill and other intangibles (3,629) (3,629) (3,736) (14,298) (15,195) (16,499) Tangible common equity $ 1,496,971 $ 1,261,538 $ 1,224,687 $ 885,317 $ 820,129 $ 722,846 Common shares outstanding 31,440,906 32,373,697 32,913,267 31,705,088 31,336,791 31,003,028 Tangible book value per common share $ 47.61 $ 38.97 $ 37.21 $ 27.92 $ 26.17 $ 23.32

 
39 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Total loans and leases, excluding PPP and consumer HFS - Customers Bancorp ($ in thousands except per share data) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Total loans and leases $ 13,202,084 $ 13,713,482 $ 13,910,907 $ 15,063,034 $ 15,794,671 PPP loans (74,735) (137,063) (188,763) (246,258) (998,153) Consumer HFS (340,317) (150,368) (78,108) (404,006) (324,233) Total loans and leases, excluding PPP and consumer HFS $ 12,787,032 $ 13,426,051 $ 13,644,036 $ 14,412,770 $ 14,472,285

 
40 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Core loans held for investment (Total loans and leases HFI, excluding PPP) to total deposits - Customers Bancorp ($ in thousands except per share data) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Total loans and leases HFI $ 12,861,767 $ 13,563,114 $ 13,832,799 $ 14,638,977 $ 15,466,359 PPP loans (74,735) (137,063) (188,763) (246,258) (998,153) Core loans held for investment (Total loans and leases HFI, excluding PPP) $ 12,787,032 $ 13,426,051 $ 13,644,036 $ 14,392,719 $ 14,468,206

 
41 © 2024 C U STO M ERS BA N C O RP, IN C . / A LL RIG H TS RESERV ED Let’s take on tomorrow. Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Coverage of credit loss reserves for loans and leases HFI, excluding PPP - Customers Bancorp ($ in thousands except per share data) Q4 2023 Q3 2023 Q2 2023 Q1 2023 Q4 2022 Loans and leases receivable $ 11,963,855 $ 12,600,548 $ 12,826,531 $ 13,391,610 $ 14,143,047 Loans receivable, PPP (74,735) (137,063) (188,763) (246,258) (998,153) Loans and leases held for investment, excluding PPP $ 11,889,120 $ 12,463,485 $ 12,637,768 $ 13,145,352 $ 13,144,894 Allowance for credit losses on loans and leases $ 135,311 $ 139,213 $ 139,656 $ 130,281 $ 130,924 Coverage of credit loss reserves for loans and leases held for investment, excluding PPP 1.14 % 1.12 % 1.11 % 0.99 % 1.00 %

 
v3.23.4
Document and Entity Information
Jan. 25, 2024
Entity Information [Line Items]  
Amendment Flag false
Entity Incorporation, State or Country Code PA
Document Type 8-K
Document Period End Date Jan. 25, 2024
Entity Registrant Name Customers Bancorp, Inc.
Entity File Number 001-35542
Entity Tax Identification Number 27-2290659
Entity Address, Address Line One 701 Reading Avenue
Entity Address, City or Town West Reading
Entity Address, State or Province PA
Entity Address, Postal Zip Code 19611
City Area Code 610
Local Phone Number 933-2000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001488813
Voting Common Stock, par value $1.00 per share | New York Stock Exchange  
Entity Information [Line Items]  
Title of 12(b) Security Voting Common Stock, par value $1.00 per share
Trading Symbol CUBI
Security Exchange Name NYSE
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E, par value $1.00 per share | New York Stock Exchange  
Entity Information [Line Items]  
Title of 12(b) Security Fixed-to-Floating Rate Non-Cumulative PerpetualPreferred Stock, Series E, par value $1.00 per share
Trading Symbol CUBI/PE
Security Exchange Name NYSE
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, par value $1.00 per share | New York Stock Exchange  
Entity Information [Line Items]  
Title of 12(b) Security Fixed-to-Floating Rate Non-Cumulative PerpetualPreferred Stock, Series F, par value $1.00 per share
Trading Symbol CUBI/PF
Security Exchange Name NYSE
Subordinated Debt [Member] | New York Stock Exchange  
Entity Information [Line Items]  
Title of 12(b) Security 5.375% Subordinated Notes due 2034
Trading Symbol CUBB
Security Exchange Name NYSE
Customers Bancorp (NYSE:CUBI-F)
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