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Customers Bancorp Reports Results for Fourth Quarter and Full Year 2024

1. Q4 2024 net income fell 45.8%, indicating profitability pressure. 2. Loans increased by 19% annualized; significant growth in specialized lending. 3. Deposits grew by $777.1 million; interest expense decreased due to lower rates. 4. Non-performing assets increased slightly, indicating marginal credit quality concerns. 5. CET 1 capital ratio at 12.0% reflects strong capital position despite market pressures.

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Although growth in loans and deposits is positive, declining net income raises concerns.

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WEST READING, Pa.--(BUSINESS WIRE)--Customers Bancorp, Inc. (NYSE:CUBI): Fourth Quarter 2024 Highlights Q4 2024 net income available to common shareholders was $23.3 million, or $0.71 per diluted share; ROAA was 0.48% and ROCE was 5.50%. Q4 2024 core earnings*1 were $44.2 million, or $1.36 per diluted share; Core ROAA* was 0.86% and Core ROCE* was 10.44%. Q4 2024 net income available to common shareholders included $20.0 million of post-tax losses in connection with the securities portfolio repositioning executed to improve structural liquidity, reduce asset sensitivity and benefit margin. Total loans and leases held for investment grew by $671.1 million in Q4 2024 from Q3 2024 or 19% annualized. Total deposits increased by $777.1 million or 4.3% in Q4 2024 from Q3 2024. Non-interest bearing demand deposits increased $937.5 million or 20.1% in Q4 2024 from Q3 2024; non-interest bearing deposits represented 29.7% of total deposits at December 31, 2024. Q4 2024 average cost of deposits was 3.07% compared to Q3 2024 of 3.46%, a decrease of 39 basis points. Q4 2024 net interest margin, tax equivalent (“NIM”) was 3.11%, compared to Q3 2024 NIM of 3.06%, an increase of 5 basis points primarily due to lower deposit costs. Ratio of non-performing assets to total assets was 0.25% at December 31, 2024 compared to 0.22% at September 30, 2024. Q4 2024 provision for credit losses on loans and leases was $18.2 million compared to $17.8 million in Q3 2024 and the allowance for credit losses on loans and leases equaled 316% of non-performing loans at December 31, 2024, compared to 281% at September 30, 2024. CET 1 ratio of 12.0%2 at December 31, 2024, compared to 12.5% at September 30, 2024. TCE / TA ratio* of 7.6% at December 31, 2024, compared to 7.7% at September 30, 2024. Q4 2024 book value per share and tangible book value per share* both grew by approximately $1.12, or 2.1% over Q3 2024, or 8.4% annualized, with a tangible book value per share* of $54.08 at December 31, 2024. This was driven by current quarter earnings and a decrease in AOCI losses of $9.5 million.   *   Non-GAAP measure. Customers’ reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document. 1   Excludes pre-tax losses on investment securities of $26.7 million, severance expense of $1.6 million, derivative credit valuation adjustment of $0.4 million, unrealized gain on equity method investments of $0.4 million, legal settlement of $0.2 million and unrealized losses on loans held for sale of $0.1 million. 2   Regulatory capital ratios as of December 31, 2024 are estimates. Full Year 2024 Highlights 2024 net income available to common shareholders was $166.4 million, or $5.09 per diluted share; ROAA was 0.85% and ROCE was 10.36%. 2024 core earnings* were $183.1 million, or $5.60 per diluted share; Core ROAA* was 0.92% and Core ROCE* was 11.40%. Total loans and leases held for investment grew by $1.6 billion or 12.3% from December 31, 2023 to December 31, 2024. Total deposits increased by $926.2 million or 5.2%, from December 31, 2023 to December 31, 2024. Non-interest bearing demand deposits increased $1.2 billion, or 26.8%, from December 31, 2023 to December 31, 2024. 2024 NIM was 3.15% compared to 2023 NIM of 3.29%. Ratio of non-performing assets to total assets was 0.25% at December 31, 2024 compared to 0.13% at December 31, 2023. Allowance for credit losses on loans and leases equaled 316% of non-performing loans at December 31, 2024, compared to 499% at December 31, 2023. CET 1 capital ratio of 12.0%1 at December 31, 2024, compared to 12.2% at December 31, 2023. TCE / TA ratio* of 7.6% at December 31, 2024, compared to 7.0% at December 31, 2023. Book value per share and tangible book value per share* grew year over year by approximately $6.47 or 13.6%, driven by strong 2024 annual earnings combined with the decreased AOCI losses of $40.0 million over the same time period. Tangible book value per share* has grown at a 16% compound annual growth rate (CAGR) over the past 5 years, significantly higher than the regional bank peer median2 of 4%. Repurchased 393,303 common shares below book value at a weighted-average price of $48.36 for $19.2 million in 2024.   *   Non-GAAP measure. Customers’ reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount is included at the end of this document. 1   Regulatory capital ratios as of December 31, 2024 are estimates. 2   Regional bank peers based on selected 2024 proxy peers with a reporting date on or before January 22, 2025. CEO Commentary “We are pleased to share our fourth quarter and full year 2024 results that highlight the company’s continuing incredible deposit transformation and underscore our success in growing franchise value in a competitive market environment. Exceptional client service is the cornerstone of our culture and business model, and is so important it is in our name. To measure customer satisfaction, we recently participated in an annual Net Promoter Score survey, also known as NPS. Our most recent score of 73 is well above the U.S. banking industry average of 411 and is above the scores of many other service-oriented brands across all industries. We are delighted by the positive response from our customers and the trust they place in us. This is a testament to our customer-centric mindset and commitment to service provided by our extraordinary colleagues,” said Customers Bancorp Chairman and CEO Jay Sidhu. “In the fourth quarter, we once again brought in over $1 billion of gross deposit inflows which we utilized in part to paydown higher-cost and brokered deposits. Non-interest bearing deposits increased by $937.5 million and represented 29.7% of total deposits at December 31, 2024. These efforts, along with proactive management of the cost of our existing deposit portfolio, resulted in a 39 basis point reduction in our cost of deposits during the quarter. “Our deposit pipelines continue to expand with a significant conversion ratio. In addition, deposit focused teams we have recruited since March 2023 managed $1.7 billion or 9% of total deposits. Enhanced by their efforts, we’ve increased commercial deposit accounts by 48% over the past two years, adding granular and sticky relationships while significantly lowering our cost of deposits, increasing our non-interest bearing deposits, and driving franchise value. During the quarter, we opportunistically repositioned a portion of the securities portfolio to improve structural liquidity, reduce asset sensitivity and benefit margin. Even with the repositioning transaction and balance sheet growth we experienced during the quarter, our TCE / TA ratio* remained roughly flat. 2024 was a year in which we made significant investments in our future. We believe the company is extremely well-positioned to continue to strengthen our deposit franchise, improve our profitability, and maintain our already strong capital ratios,” stated Jay Sidhu. “Our Q4 2024 GAAP earnings were $23.3 million, or $0.71 per diluted share, and core earnings* were $44.2 million, or $1.36 per diluted share. Fourth quarter GAAP results include losses in connection the accretive securities portfolio repositioning. We maintain a strong liquidity position, with $9.1 billion of liquidity immediately available, which covers approximately 159% of uninsured deposits2 and our loan to deposit ratio was 78%, at December 31, 2024. We continue to focus on loan production where we have a holistic and primary relationship. Total loans and leases held for investment grew by $671.1 million which represent a 19% annualized growth rate, driven by strong commercial loan growth of $683.1 million led by growth in our existing specialized lending verticals. In 2024, total loans and leases held for investment grew by $1.6 billion which represent a 12.3% growth rate. Asset quality remains strong with our NPA ratio at just 0.25% of total assets and reserve levels are robust at 316% of total non-performing loans at the end of Q4 2024. Total net charge-offs declined by $2.4 million. Our exposure to the higher risk commercial real estate office sector is minimal, representing approximately 1% of the loan portfolio. We will remain disciplined, but opportunistic, with our balance sheet capacity to manage risk and maintain robust capital levels. Tangible Book Value per share* grew to $54.08. We believe that our unique strategy and the investments we have and are making, along with the exceptional talent in our organization, will position us for success in 2025 and beyond. We are extremely excited about the future of this company especially in what we expect to be a more favorable banking environment,” Jay Sidhu continued.   *   Non-GAAP measure. Customers’ reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document. 1   The Qualtrics U.S. Banking Relational Net Promoter® Score (NPS®) benchmark is derived from Qualtrics' vast Customer Experience dataset. The dataset includes 2022-2023 anonymized results from 50+ U.S. banking organizations, covering 80+ separate relationship surveys, and encompassing 400,000 individual survey respondents. 2   Uninsured deposits (estimate) of $7.3 billion to be reported on the Bank’s call report, less deposits of $1.5 billion collateralized by standby letters of credit from the FHLB and from our affiliates of $176.2 million. Financial Highlights At or Three Months Ended (Dollars in thousands, except per share data) December 31, 2024 September 30, 2024 Increase (Decrease) Profitability Metrics: Net income available for common shareholders $ 23,266 $ 42,937 $ (19,671 ) (45.8 )% Diluted earnings per share $ 0.71 $ 1.31 $ (0.60 ) (45.8 )% Core earnings* $ 44,168 $ 43,838 $ 330 0.8 % Adjusted core earnings* $ 44,168 $ 41,381 $ 2,787 6.7 % Core earnings per share* $ 1.36 $ 1.34 $ 0.02 1.5 % Adjusted core earnings per share* $ 1.36 $ 1.26 $ 0.10 7.9 % Return on average assets (“ROAA”) 0.48 % 0.88 % (0.40 ) Core ROAA* 0.86 % 0.89 % (0.03 ) Adjusted core ROAA* 0.86 % 0.85 % 0.01 Return on average common equity (“ROCE”) 5.50 % 10.44 % (4.94 ) Core ROCE* 10.44 % 10.66 % (0.22 ) Adjusted core ROCE* 10.44 % 10.06 % 0.38 Core pre-tax pre-provision net income* $ 84,224 $ 64,824 $ 19,400 29.9 % Adjusted core pre-tax pre-provision net income* $ 84,224 $ 61,827 $ 22,397 36.2 % Net interest margin, tax equivalent 3.11 % 3.06 % 0.05 Yield on loans (Loan yield) 6.78 % 6.99 % (0.21 ) Cost of deposits 3.07 % 3.46 % (0.39 ) Efficiency ratio 56.86 % 62.40 % (5.54 ) Core efficiency ratio* 56.12 % 61.69 % (5.57 ) Adjusted core efficiency ratio* 56.12 % 63.48 % (7.36 ) Non-interest expense to average total assets 1.98 % 1.95 % 0.03 Core non-interest expense to average total assets* 1.95 % 1.94 % 0.01 Adjusted core non-interest expense to average total assets* 1.95 % 1.99 % (0.04 ) Balance Sheet Trends: Total assets $ 22,308,241 $ 21,456,082 $ 852,159 4.0 % Total cash and investment securities $ 6,797,562 $ 6,564,528 $ 233,034 3.5 % Total loans and leases $ 14,653,556 $ 14,053,116 $ 600,440 4.3 % Non-interest bearing demand deposits $ 5,608,288 $ 4,670,809 $ 937,479 20.1 % Total deposits $ 18,846,461 $ 18,069,389 $ 777,072 4.3 % Capital Metrics: Common Equity $ 1,698,889 $ 1,663,386 $ 35,503 2.1 % Tangible Common Equity* $ 1,695,260 $ 1,659,757 $ 35,503 2.1 % Common Equity to Total Assets 7.6 % 7.8 % (0.2 ) Tangible Common Equity to Tangible Assets* 7.6 % 7.7 % (0.1 ) Book Value per common share $ 54.20 $ 53.07 $ 1.13 2.1 % Tangible Book Value per common share* $ 54.08 $ 52.96 $ 1.12 2.1 % Common equity Tier 1 capital ratio (1) 12.0 % 12.5 % (0.5 ) Total risk based capital ratio (1) 14.8 % 15.4 % (0.6 ) (1) Regulatory capital ratios as of December 31, 2024 are estimates. * Non-GAAP measure. Customers’ reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document. Financial Highlights At or Three Months Ended Twelve Months Ended (Dollars in thousands, except per share data) December 31, 2024 December 31, 2023 Increase (Decrease) December 31, 2024 December 31, 2023 Increase (Decrease) Profitability Metrics: Net income available for common shareholders $ 23,266 $ 58,223 $ (34,957 ) (60.0 )% $ 166,429 $ 235,448 $ (69,019 ) (29.3 )% Diluted earnings per share $ 0.71 $ 1.79 $ (1.08 ) (60.3 )% $ 5.09 $ 7.32 $ (2.23 ) (30.5 )% Core earnings* $ 44,168 $ 61,633 $ (17,465 ) (28.3 )% $ 183,105 $ 248,233 $ (65,128 ) (26.2 )% Adjusted core earnings* $ 44,168 $ 61,633 $ (17,465 ) (28.3 )% $ 189,253 $ 248,233 $ (58,980 ) (23.8 )% Core earnings per share* $ 1.36 $ 1.90 $ (0.54 ) (28.4 )% $ 5.60 $ 7.72 $ (2.12 ) (27.5 )% Adjusted core earnings per share* $ 1.36 $ 1.90 $ (0.54 ) (28.4 )% $ 5.78 $ 7.72 $ (1.94 ) (25.1 )% Return on average assets (“ROAA”) 0.48 % 1.16 % (0.68 ) 0.85 % 1.16 % (0.31 ) Core ROAA* 0.86 % 1.22 % (0.36 ) 0.92 % 1.22 % (0.30 ) Adjusted core ROAA* 0.86 % 1.22 % (0.36 ) 0.95 % 1.22 % (0.27 ) Return on average common equity (“ROCE”) 5.50 % 15.93 % (10.43 ) 10.36 % 17.33 % (6.97 ) Core ROCE* 10.44 % 16.87 % (6.43 ) 11.40 % 18.27 % (6.87 ) Adjusted core ROCE* 10.44 % 16.87 % (6.43 ) 11.78 % 18.27 % (6.49 ) Core pre-tax pre-provision net income* $ 84,224 $ 101,884 $ (17,660 ) (17.3 )% $ 321,942 $ 416,563 $ (94,621 ) (22.7 )% Adjusted core pre-tax pre-provision net income* $ 84,224 $ 101,884 $ (17,660 ) (17.3 )% $ 330,259 $ 416,563 $ (86,304 ) (20.7 )% Net interest margin, tax equivalent 3.11 % 3.31 % (0.20 ) 3.15 % 3.29 % (0.14 ) Yield on loans (Loan yield) 6.78 % 7.30 % (0.52 ) 6.99 % 7.16 % (0.17 ) Cost of deposits 3.07 % 3.39 % (0.32 ) 3.34 % 3.27 % 0.07 Efficiency ratio 56.86 % 49.08 % 7.78 56.21 % 46.49 % 9.72 Core efficiency ratio* 56.12 % 46.70 % 9.42 56.25 % 45.45 % 10.80 Adjusted core efficiency ratio* 56.12 % 46.70 % 9.42 55.11 % 45.45 % 9.66 Non-interest expense to average total assets 1.98 % 1.75 % 0.23 1.95 % 1.64 % 0.31 Core non-interest expense to average total assets* 1.95 % 1.67 % 0.28 1.92 % 1.62 % 0.30 Adjusted core non-interest expense to average total assets* 1.95 % 1.67 % 0.28 1.88 % 1.62 % 0.26 (1) Regulatory capital ratios as of December 31, 2024 are estimates. * Non-GAAP measure. Customers’ reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document. Financial Highlights   At or Three Months Ended   (Dollars in thousands, except per share data)   December 31, 2024   December 31, 2023   Increase (Decrease) Balance Sheet Trends:         Total assets   $ 22,308,241   $ 21,316,265   $ 991,976   4.7 % Total cash and investment securities   $ 6,797,562   $ 7,355,156   $ (557,594 )   (7.6 )% Total loans and leases   $ 14,653,556   $ 13,202,084   $ 1,451,472   11.0 % Non-interest bearing demand deposits   $ 5,608,288   $ 4,422,494   $ 1,185,794   26.8 % Total deposits   $ 18,846,461   $ 17,920,236   $ 926,225   5.2 % Capital Metrics:         Common Equity   $ 1,698,889   $ 1,500,600   $ 198,289   13.2 % Tangible Common Equity*   $ 1,695,260   $ 1,496,971   $ 198,289   13.2 % Common Equity to Total Assets   7.6 %   7.0 %   0.6   Tangible Common Equity to Tangible Assets*   7.6 %   7.0 %   0.6   Book Value per common share   $ 54.20   $ 47.73   $ 6.47   13.6 % Tangible Book Value per common share*   $ 54.08   $ 47.61   $ 6.47   13.6 % Common equity Tier 1 capital ratio (1)   12.0 %   12.2 %   (0.2 )   Total risk based capital ratio (1)   14.8 %   15.3 %   (0.5 )           (1) Regulatory capital ratios as of December 31, 2024 are estimates. * Non-GAAP measure. Customers’ reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document. Key Balance Sheet Trends Loans and Leases The following table presents the composition of total loans and leases as of the dates indicated: (Dollars in thousands)   December 31, 2024 % of Total September 30, 2024 % of Total December 31, 2023 % of Total Loans and Leases Held for Investment   Commercial:   Commercial & industrial:   Specialized lending   $ 5,842,420 40.4 % $ 5,468,507 39.7 % $ 5,006,693 38.9 % Other commercial & industrial (1)   1,062,631 7.4 1,087,222 7.9 1,162,317 9.1 Mortgage finance   1,440,847 10.0 1,367,617 9.9 1,014,742 7.9 Multifamily   2,252,246 15.6 2,115,978 15.4 2,138,622 16.6 Commercial real estate owner occupied   1,100,944 7.6 981,904 7.1 797,319 6.2 Commercial real estate non-owner occupied   1,359,130 9.4 1,326,591 9.6 1,177,650 9.2 Construction   147,209 1.0 174,509 1.3 166,393 1.2 Total commercial loans and leases   13,205,427 91.4 12,522,328 90.9 11,463,736 89.1 Consumer:   Residential   496,559 3.4 500,786 3.6 484,435 3.8 Manufactured housing   33,123 0.3 34,481 0.3 38,670 0.3 Installment:   Personal   463,854 3.2 453,739 3.3 555,533 4.3 Other   249,799 1.7 266,362 1.9 319,393 2.5 Total installment loans   713,653 4.9 720,101 5.2 874,926 6.8 Total consumer loans   1,243,335 8.6 1,255,368 9.1 1,398,031 10.9 Total loans and leases held for investment   $ 14,448,762 100.0 % $ 13,777,696 100.0 % $ 12,861,767 100.0 %   Loans Held for Sale   Residential   $ 1,836 0.9 % $ 2,523 0.9 % $ 1,215 0.3 % Installment:   Personal   40,903 20.0 55,799 20.3 151,040 44.4 Other   162,055 79.1 217,098 78.8 188,062 55.3 Total installment loans   202,958 99.1 272,897 99.1 339,102 99.7 Total loans held for sale   $ 204,794 100.0 % $ 275,420 100.0 % $ 340,317 100.0 % Total loans and leases portfolio   $ 14,653,556 $ 14,053,116 $ 13,202,084 (1)   Includes PPP loans of $22.8 million, $30.5 million and $74.7 million as of December 31, 2024, September 30, 2024 and December 31, 2023, respectively. Loans and Leases Held for Investment Loans and leases held for investment were $14.4 billion at December 31, 2024, up $671.1 million, or 4.9%, from September 30, 2024. Specialized lending increased by $373.9 million, or 6.8% quarter-over-quarter, to $5.8 billion. Multifamily loans increased by $136.3 million, or 6.4% to $2.3 billion. Owner-occupied commercial real estate loans increased by $119.0 million, or 12.1% to $1.1 billion. Mortgage finance loans increased by $73.2 million, or 5.4% to $1.4 billion. Non-owner occupied commercial real estate loans increased by $32.5 million, or 2.5% to $1.4 billion. These increases were partially offset by a decrease in other commercial and industrial loans of $24.6 million, or 2.3%, to $1.1 billion. Loans and leases held for investment of $14.4 billion at December 31, 2024 were up $1.6 billion, or 12.3%, year-over-year. Specialized lending increased by $835.7 million, or 16.7% year-over-year. Mortgage finance loans increased by $426.1 million. Owner-occupied commercial real estate loans increased by $303.6 million. Non-owner occupied commercial real estate loans increased by $181.5 million. Multifamily loans increased by $113.6 million. These increases were partially offset by decreases in consumer installment loans of $161.3 million and other commercial and industrial loans of $99.7 million. Loans Held for Sale Loans held for sale decreased $70.6 million quarter-over-quarter, and were $204.8 million at December 31, 2024. Allowance for Credit Losses on Loans and Leases The following table presents the allowance for credit losses on loans and leases as of the dates and for the periods presented:   At or Three Months Ended At or Three Months Ended (Dollars in thousands)   December 31, 2024 September 30, 2024 Increase (Decrease) December 31, 2024 December 31, 2023 Increase (Decrease) Allowance for credit losses on loans and leases   $ 136,775 $ 133,158 $ 3,617 $ 136,775 $ 135,311 $ 1,464 Provision (benefit) for credit losses on loans and leases   $ 18,229 $ 17,766 $ 463 $ 18,229 $ 13,420 $ 4,809 Net charge-offs from loans held for investment   $ 14,612 $ 17,044 $ (2,432 ) $ 14,612 $ 17,322 $ (2,710 ) Annualized net charge-offs to average loans and leases   0.41 % 0.50 % 0.41 % 0.51 % Coverage of credit loss reserves for loans and leases held for investment   1.04 % 1.06 % 1.04 % 1.13 % Net charge-offs decreased with $14.6 million in Q4 2024, compared to $17.0 million in Q3 2024 and $17.3 million in Q4 2023. Provision (benefit) for Credit Losses   Three Months Ended Three Months Ended (Dollars in thousands)   December 31, 2024 September 30, 2024 Increase (Decrease) December 31, 2024 December 31, 2023 Increase (Decrease) Provision (benefit) for credit losses on loans and leases   $ 18,229 $ 17,766 $ 463 $ 18,229 $ 13,420 $ 4,809 Provision (benefit) for credit losses on available for sale debt securities   2,965 (700 ) 3,665 2,965 103 2,862 Provision for credit losses   21,194 17,066 4,128 21,194 13,523 7,671 Provision (benefit) for credit losses on unfunded commitments   (664 ) 642 (1,306 ) (664 ) (136 ) (528 ) Total provision for credit losses   $ 20,530 $ 17,708 $ 2,822 $ 20,530 $ 13,387 $ 7,143 The provision for credit losses on loans and leases in Q4 2024 was $18.2 million, compared to $17.8 million in Q3 2024. The higher provision in Q4 2024 was primarily due to slight deterioration in macroeconomic forecasts. The provision for credit losses on available for sale investment securities in Q4 2024 was a provision of $3.0 million, compared to a benefit to provision of $0.7 million in Q3 2024. The provision for credit losses on loans and leases in Q4 2024 was $18.2 million, compared to $13.4 million in Q4 2023. The higher provision in Q4 2024 compared to the year ago period was primarily due to higher balances in commercial and industrial loan balances held for investment, partially offset by improvements in macroeconomic forecasts and lower balances in consumer installment loans held for investment. The provision for credit losses on available for sale investment securities in Q4 2024 was a provision of $3.0 million compared to $0.1 million in Q4 2023. Asset Quality The following table presents asset quality metrics as of the dates indicated: (Dollars in thousands)   December 31, 2024 September 30, 2024 Increase (Decrease) December 31, 2024 December 31, 2023 Increase (Decrease) Non-performing assets (“NPAs”):   Nonaccrual / non-performing loans (“NPLs”)   $ 43,275 $ 47,326 $ (4,051 ) $ 43,275 $ 27,110 $ 16,165 Non-performing assets   $ 55,807 $ 47,326 $ 8,481 $ 55,807 $ 27,209 $ 28,598 NPLs to total loans and leases   0.30 % 0.34 % 0.30 % 0.21 % Reserves to NPLs   316.06 % 281.36 % 316.06 % 499.12 % NPAs to total assets   0.25 % 0.22 % 0.25 % 0.13 %   Loans and leases (1) risk ratings:   Commercial loans and leases   Pass   $ 11,403,930 $ 10,844,500 $ 559,430 $ 11,403,930 $ 9,955,243 $ 1,448,687 Special Mention   175,055 178,026 (2,971 ) 175,055 196,182 (21,127 ) Substandard   282,563 218,921 63,642 282,563 339,664 (57,101 ) Total commercial loans and leases   11,861,548 11,241,447 620,101 11,861,548 10,491,089 1,370,459 Consumer loans   Performing   1,227,359 1,240,581 (13,222 ) 1,227,359 1,379,603 (152,244 ) Non-performing   15,976 14,787 1,189 15,976 18,428 (2,452 ) Total consumer loans   1,243,335 1,255,368 (12,033 ) 1,243,335 1,398,031 (154,696 ) Loans and leases receivable (1)   $ 13,104,883 $ 12,496,815 $ 608,068 $ 13,104,883 $ 11,889,120 $ 1,215,763 (1)   Risk ratings are assigned to loans and leases held for investment, and excludes loans held for sale, loans receivable, mortgage finance, at fair value and eligible PPP loans that are fully guaranteed by the Small Business Administration. Over the last decade, the Bank has developed a suite of commercial loan products with one particularly important common denominator: a relatively low credit risk assumption. The Bank’s commercial and industrial (“C&I”), mortgage finance, corporate and specialized lending lines of business, and multifamily loans for example, are characterized by conservative underwriting standards and historically low loss rates. Because of this emphasis, the Bank’s credit quality to date has been incredibly healthy despite a challenging economic and rate environment. Maintaining strong asset quality also requires a highly active portfolio monitoring process. In addition to frequent client outreach and monitoring at the individual loan level, management employs a bottom-up data driven approach to analyze the commercial portfolio. Total consumer installment loans held for investment at December 31, 2024 were less than 4% of total assets and approximately 5% of total loans and leases held for investment, and were supported by an allowance for credit losses of $49.7 million. At December 31, 2024, the consumer installment portfolio had the following characteristics: average original FICO score of 742, average debt-to-income of 20% and average borrower income of $102 thousand. Non-performing loans at December 31, 2024 decreased to 0.30% of total loans and leases, compared to 0.34% at September 30, 2024 and increased, compared to 0.21% at December 31, 2023. Investment Securities The investment securities portfolio, including debt securities classified as available for sale (“AFS”) and held to maturity (“HTM”) provides periodic cash flows through regular maturities and amortization, can be used as collateral to secure additional funding, and is an important component of the Bank’s liquidity position. The following table presents the composition of the investment securities portfolio as of the dates indicated: (Dollars in thousands)   December 31, 2024 September 30, 2024 December 31, 2023 Debt securities, available for sale   $ 1,985,438 $ 2,377,733 $ 2,376,860 Equity securities   34,256 34,336 28,780 Investment securities, at fair value   2,019,694 2,412,069 2,405,640 Debt securities, held to maturity   991,937 1,064,437 1,103,170 Total investment securities portfolio   $ 3,011,631 $ 3,476,506 $ 3,508,810 Customers’ securities portfolio is highly liquid, short in duration, and high in yield. At December 31, 2024, the AFS debt securities portfolio had a spot yield of 5.62%, an effective duration of approximately 2.6 years, and approximately 32% are variable rate. Additionally, 66% of the AFS securities portfolio was AAA rated at December 31, 2024. At December 31, 2024, the HTM debt securities portfolio represented only 4.4% of total assets at December 31, 2024, had a spot yield of 4.13% and an effective duration of approximately 3.5 years. Additionally, at December 31, 2024, approximately 44% of the HTM securities were AAA rated and 52% were credit enhanced asset backed securities with no current expectation of credit losses. Deposits The following table presents the composition of our deposit portfolio as of the dates indicated: (Dollars in thousands)   December 31, 2024 % of Total September 30, 2024 % of Total December 31, 2023 % of Total Demand, non-interest bearing   $ 5,608,288 29.7 % $ 4,670,809 25.9 % $ 4,422,494 24.7 % Demand, interest bearing   5,553,698 29.5 5,606,500 31.0 5,580,527 31.1 Total demand deposits   11,161,986 59.2 10,277,309 56.9 10,003,021 55.8 Savings   1,131,819 6.0 1,399,968 7.7 1,402,941 7.8 Money market   3,844,451 20.4 3,961,028 21.9 3,226,395 18.0 Time deposits   2,708,205 14.4 2,431,084 13.5 3,287,879 18.4 Total deposits   $ 18,846,461 100.0 % $ 18,069,389 100.0 % $ 17,920,236 100.0 % Total deposits increased $777.1 million, or 4.3%, to $18.8 billion at December 31, 2024 as compared to the prior quarter. Non-interest bearing demand deposits increased $937.5 million, or 20.1%, to $5.6 billion and time deposits increased $277.1 million, or 11.4%, to $2.7 billion. These increases were offset by decreases in savings deposits of $268.1 million, or 19.2%, to $1.1 billion, money market deposits of $116.6 million, or 2.9%, to $3.8 billion and interest bearing demand deposits of $52.8 million, or 0.9%, to $5.6 billion. The total average cost of deposits decreased by 39 basis points to 3.07% in Q4 2024 from 3.46% in the prior quarter primarily due to a favorable shift in deposit mix and lower market interest rates. Total estimated uninsured deposits were $5.7 billion1, or 30% of total deposits (inclusive of accrued interest) at December 31, 2024. Total deposits increased $926.2 million, or 5.2%, to $18.8 billion at December 31, 2024 as compared to a year ago. Non-interest bearing demand deposits increased $1.2 billion, or 26.8%, to $5.6 billion and money market deposits increased $618.1 million, or 19.2%, to $3.8 billion. These increases were offset by decreases in time deposits of $579.7 million, or 17.6% to $2.7 billion, savings deposits of $271.1 million, or 19.3%, to $1.1 billion and interest bearing demand deposits of $26.8 million, or 0.5%, to $5.6 billion. The total average cost of deposits decreased by 32 basis points to 3.07% in Q4 2024 from 3.39% in the prior year primarily due to a favorable shift in deposit mix and lower market interest rates. 1 Uninsured deposits (estimate) of $7.3 billion to be reported on the Bank’s call report, less deposits of $1.5 billion collateralized by standby letters of credit from the FHLB and from our affiliates of $176.2 million. Borrowings The following table presents the composition of our borrowings as of the dates indicated: (Dollars in thousands)   December 31, 2024 September 30, 2024 December 31, 2023 FHLB advances   $ 1,128,352 $ 1,117,229 $ 1,203,207 Senior notes   99,068 99,033 123,840 Subordinated debt   182,509 182,439 182,230 Total borrowings   $ 1,409,929 $ 1,398,701 $ 1,509,277 Total borrowings increased $11.2 million, or 0.8%, to $1.4 billion at December 31, 2024 as compared to the prior quarter. This increase primarily resulted from net draws of $25.0 million in FHLB advances. As of December 31, 2024, Customers’ immediately available borrowing capacity with the FRB and FHLB was approximately $7.9 billion, of which $1.1 billion of available capacity was utilized in borrowings and $1.5 billion was utilized to collateralize deposits. Total borrowings decreased $99.3 million, or 6.6%, to $1.4 billion at December 31, 2024 as compared to a year ago. This decrease primarily resulted from net repayments of $70.0 million in FHLB advances and $25.0 million in senior notes upon maturity. Capital The following table presents certain capital amounts and ratios as of the dates indicated: (Dollars in thousands except per share data)   December 31, 2024 September 30, 2024 December 31, 2023 Customers Bancorp, Inc.   Common Equity   $ 1,698,889 $ 1,663,386 $ 1,500,600 Tangible Common Equity*   $ 1,695,260 $ 1,659,757 $ 1,496,971 Common Equity to Total Assets   7.6 % 7.8 % 7.0 % Tangible Common Equity to Tangible Assets*   7.6 % 7.7 % 7.0 % Book Value per common share   $ 54.20 $ 53.07 $ 47.73 Tangible Book Value per common share*   $ 54.08 $ 52.96 $ 47.61 Common equity Tier 1 (“CET 1”) capital ratio (1)   12.0 % 12.5 % 12.2 % Total risk based capital ratio (1)   14.8 % 15.4 % 15.3 %   (1) Regulatory capital ratios as of December 31, 2024 are estimates. * Non-GAAP measure. Customers’ reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document. Customers Bancorp’s common equity increased $35.5 million to $1.7 billion, and tangible common equity* increased $35.5 million to $1.7 billion, at December 31, 2024 compared to the prior quarter, respectively, primarily from earnings of $23.3 million and decreased unrealized losses on investment securities of $9.5 million (net of taxes) deferred in accumulated other comprehensive income (“AOCI”). These increases were offset in part by $1.0 million of common share repurchases in Q4 2024. Similarly, book value per common share increased to $54.20 from $53.07, and tangible book value per common share* increased to $54.08 from $52.96, at December 31, 2024 and September 30, 2024, respectively. Customers Bancorp’s common equity increased $198.3 million to $1.7 billion, and tangible common equity* increased $198.3 million to $1.7 billion, at December 31, 2024 compared to a year ago, respectively, primarily from earnings of $166.4 million and decreased unrealized losses on investment securities in AOCI of $40.0 million (net of taxes), offset in part by $19.2 million of common share repurchases. Similarly, book value per common share increased to $54.20 from $47.73, and tangible book value per common share* increased to $54.08 from $47.61, at December 31, 2024 and December 31, 2023, respectively. At the Customers Bancorp level, the CET 1 ratio (estimate), total risk based capital ratio (estimate), common equity to total assets ratio and tangible common equity to tangible assets ratio* (“TCE / TA ratio”) were 12.0%, 14.8%, 7.6%, and 7.6%, respectively, at December 31, 2024. At the Customers Bank level, capital levels remained strong and well above regulatory minimums. At December 31, 2024, Tier 1 capital (estimate) and total risk based capital (estimate) were 12.9% and 14.3%, respectively. Key Profitability Trends Net Interest Income Net interest income totaled $167.8 million in Q4 2024, an increase of $9.3 million from Q3 2024. This increase was primarily due to lower interest expense of $11.5 million due to a favorable shift in deposit mix and lower market interest rates. Interest income decreased $2.2 million primarily due to lower interest income from investment securities, partially offset by higher balances in interest-earning deposits. “Net interest income and net interest margin expanded in the quarter primarily driven by improvements in the liability side of the balance sheet as we lowered interest bearing deposit costs and had higher levels of average non-interest bearing deposits. This is evident in the fact that our total cost of deposits declined by 39 basis points during the quarter. Additionally, robust loan growth late in the quarter should provide a strong foundation for our net interest income in 2025,” stated Customers Bancorp President Sam Sidhu. “We have positive drivers to net interest income on both sides of the balance sheet though we continue to believe the best opportunity remains in reducing our interest expense with continued momentum from our new deposit focused commercial banking teams and across our franchise.” Net interest income totaled $167.8 million in Q4 2024, a decrease of $4.7 million from Q4 2023. This decrease was primarily due to lower interest income in specialized lending and investment securities, partially offset by lower interest expense from a favorable shift in deposit mix, lower market interest rates and lower balances in other borrowings. Non-Interest Income The following table presents details of non-interest income for the periods indicated:   Three Months Ended Three Months Ended (Dollars in thousands)   December 31, 2024 September 30, 2024 Increase (Decrease) December 31, 2024 December 31, 2023 Increase (Decrease) Commercial lease income   $ 10,604 $ 10,093 $ 511 $ 10,604 $ 9,035 $ 1,569 Loan fees   8,639 8,011 628 8,639 5,926 2,713 Bank-owned life insurance   2,125 2,049 76 2,125 2,160 (35 ) Mortgage finance transactional fees   1,010 1,087 (77 ) 1,010 927 83 Net gain (loss) on sale of loans and leases   (852 ) (14,548 ) 13,696 (852 ) (91 ) (761 ) Net gain (loss) on sale of investment securities   (26,260 ) — (26,260 ) (26,260 ) (145 ) (26,115 ) Unrealized gain on equity method investments   389 — 389 389 — 389 Other   3,954 1,865 2,089 3,954 860 3,094 Total non-interest income   $ (391 ) $ 8,557 $ (8,948 ) $ (391 ) $ 18,672 $ (19,063 ) Reported non-interest income totaled a loss of $0.4 million for Q4 2024, a decrease of $8.9 million compared to Q3 2024. The decrease was primarily due to $26.3 million in net realized loss on sale of investment securities, partially offset by a decrease of $13.6 million in loss on leases of commercial clean vehicles that were accounted for as sales-type leases and included within net gain (loss) on sale of loans and leases, and an increase in deposit account fees of $1.9 million. The commercial clean vehicle leases generated the same amount of investment tax credits that were included as a benefit to income tax expense in Q4 2024 and Q3 2024. In Q4 2024, the Bank invested the proceeds from the sale of lower yielding investment securities into higher yielding loans and investment securities. Non-interest income totaled a loss of $0.4 million for Q4 2024, a decrease of $19.1 million compared to Q4 2023. The decrease was primarily due to $26.3 million in net realized loss on sale of investment securities, partially offset by increases in commercial lease income of $1.6 million, loan fees of $2.7 million primarily resulting from increased unused line of credit fees, and deposit account fees of $1.9 million. Non-Interest Expense The following table presents details of non-interest expense for the periods indicated:   Three Months Ended Three Months Ended (Dollars in thousands)   December 31, 2024 September 30, 2024 Increase (Decrease) December 31, 2024 December 31, 2023 Increase (Decrease) Salaries and employee benefits   $ 47,147 $ 47,717 $ (570 ) $ 47,147 $ 33,965 $ 13,182 Technology, communication and bank operations   13,435 13,588 (153 ) 13,435 16,887 (3,452 ) Commercial lease depreciation   8,933 7,811 1,122 8,933 7,357 1,576 Professional services   13,473 9,048 4,425 13,473 9,820 3,653 Loan servicing   4,584 3,778 806 4,584 3,779 805 Occupancy   3,335 2,987 348 3,335 2,320 1,015 FDIC assessments, non-income taxes and regulatory fees   10,077 7,902 2,175 10,077 13,977 (3,900 ) Advertising and promotion   1,645 908 737 1,645 850 795 Other   7,746 10,279 (2,533 ) 7,746 4,812 2,934 Total non-interest expense   $ 110,375 $ 104,018 $ 6,357 $ 110,375 $ 93,767 $ 16,608 Non-interest expenses totaled $110.4 million in Q4 2024, an increase of $6.4 million compared to Q3 2024. The increase was primarily attributable to increases of $4.4 million in professional fees including continued investment in our risk management infrastructure, and $2.2 million in FDIC assessments, non-income taxes and regulatory fees mainly due to a credit of $3.0 million in non-income taxes recorded in Q3 2024 for periods prior to 2024. “In the quarter we incurred professional services expense of approximately $5.7 million as we made investments to enhance our risk management infrastructure. We expect these costs to remain elevated for the next quarter or so before tapering down as we seek to build a best-in-class risk management function which we believe can be a competitive advantage for the bank in the future. During the quarter we advanced our operational excellence initiative to provide the capacity for these and other investments which we are, and will continue to make, in our franchise to position us for success in the both the near-term and over the long-term,” stated Sam Sidhu. Non-interest expenses totaled $110.4 million in Q4 2024, an increase of $16.6 million compared to Q4 2023. The increase was primarily attributable to increases of $13.2 million in salaries and employee benefits primarily due to higher headcount including the addition of new banking teams in 2024, annual merit increases, incentives and severance, $3.7 million in professional fees including the investment in our risk management infrastructure, and fees paid to a fintech company related to consumer installment loans originated and held for sale. These increases were partially offset by decreases in FDIC assessments primarily due to $3.7 million of FDIC special assessment in Q4 2023 and deposit servicing fees. Taxes Income tax expense increased by $9.7 million to a provision of $8.9 million in Q4 2024 from a benefit of $0.7 million in Q3 2024 primarily due to lower investment tax credits in Q4 2024, partially offset by lower pre-tax income. The decrease in investment tax credits was primarily due to $0.6 million of investment tax credits generated from commercial clean vehicles in Q4 2024 as compared to $14.3 million in Q3 2024. The investment tax credits from commercial clean vehicle leases were the same amount as the loss on leases of commercial clean vehicles included within net gain (loss) on sale of loans and leases in Q4 2024 and Q3 2024. Income tax expense decreased by $12.9 million to a provision of $8.9 million in Q4 2024 from a provision of $21.8 million in Q4 2023 primarily due to lower pre-tax income and an increase in income tax credits for 2024, including $14.9 million of investment tax credits generated from commercial clean vehicles in 2024. The investment tax credits from commercial clean vehicle leases were the same amount as the loss on leases of commercial clean vehicles included within net gain (loss) on sale of loans and leases in 2024. The effective tax rate was 24.9% for Q4 2024 and 19.1% for the full year 2024. Outlook “Looking forward, our strategy remains unchanged. We are focused on continuing the transformation of our deposit franchise, further strengthening our risk management and compliance infrastructure, improving our profitability and growing net interest income, and maintaining strong capital ratios, liquidity, and credit quality. Our deposit transformation momentum is continuing. As a result, we expect deposit growth of 5% to 9% during 2025 with gross inflows expected to be higher as we continue to remix out less strategic deposits especially in the first half of the year. With strong loan pipelines and attractive opportunities from across our various verticals we are targeting to increase the loan portfolio by about 7% to 10% in 2025. Through the combination of these factors we expect our net interest income to increase between 3% to 7% in 2025. Operating efficiency has been and remains a priority for us even while we continue to make significant investments in our future. We see our core efficiency ratio* for the year in the low to mid 50’s as the execution of our strategic priorities take hold and as we move toward completion of some of our outsized investment. We remain committed to maintaining higher levels of capital with CET 1 ratio target of 11.5% in 2025. We expect an effective tax rate to be between 22% to 25%. We remain focused on executing in those areas which differentiate us from our peers and believe that providing truly exceptional service, sophisticated product offerings and a single-point-of-contact service model will deliver strategic, organic growth. We believe we are incredibly well positioned to continue to win new client relationships and that we have the right strategy, the right team, and a client-centric culture to achieve our goals in 2025 and beyond,” concluded Sam Sidhu.   *   Non-GAAP measure. Customers' reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document. Webcast   Date:   Friday, January 24, 2025 Time:   9:00 AM EDT The live audio webcast, presentation slides, and earnings press release will be made available at https://www.customersbank.com and at the Customers Bancorp 4th Quarter Earnings Webcast. You may submit questions in advance of the live webcast by emailing our Head of Corporate Communications, Jordan Baucum at jbaucum@customersbank.com. The webcast will be archived for viewing on the Customers Bank Investor Relations page and available beginning approximately two hours after the conclusion of the live event. Institutional Background Customers Bancorp, Inc. (NYSE:CUBI) is one of the nation’s top-performing banking companies with over $22 billion in assets making it one of the 80 largest bank holding companies in the U.S. Customers Bank’s commercial and consumer clients benefit from a full suite of technology-enabled tailored product experiences delivered by best-in-class customer service distinguished by a Single Point of Contact approach. In addition to traditional lines such as C&I lending, commercial real estate lending and multifamily lending, Customers Bank also provides a number of national corporate banking services to specialized lending clients. Major accolades include: No. 1 on American Banker 2024 list of top-performing banks with $10B to $50B in assets No. 29 out of the 100 largest publicly traded banks in 2024 Forbes Best Banks list No. 52 on Investor’s Business Daily 100 Best Stocks for 2023 A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender. Learn more: www.customersbank.com. “Safe Harbor” Statement In addition to historical information, this press release may contain “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to Customers Bancorp, Inc.’s strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by, or that include the words “may,” “could,” “should,” “pro forma,” “looking forward,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “project,” or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Customers Bancorp, Inc.’s control). Numerous competitive, economic, regulatory, legal and technological events and factors, among others, could cause Customers Bancorp, Inc.’s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements, including: a continuation of the recent turmoil in the banking industry, responsive measures taken by us and regulatory authorities to mitigate and manage related risks, regulatory actions taken that address related issues and the costs and obligations associated therewith, such as the FDIC special assessments; the potential for negative consequences resulting from regulatory violations, investigations and examinations, including potential supervisory actions, the assessment of fines and penalties, the imposition of sanctions, the need to undertake remedial actions and possible damage to our reputation; effects of competition on deposit rates and growth, loan rates and growth and net interest margin; failure to identify and adequately and promptly address cybersecurity risks, including data breaches and cyberattacks; public health crises and pandemics and their effects on the economic and business environments in which we operate; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and military conflicts, including the war between Russia and Ukraine and escalating conflict in the Middle East, which could impact economic conditions in the United States; the impact that changes in the economy have on the performance of our loan and lease portfolio, the market value of our investment securities, the demand for our products and services and the availability of sources of funding; the effects of actions by the federal government, including the Board of Governors of the Federal Reserve System and other government agencies, that affect market interest rates and the money supply; actions that we and our customers take in response to these developments and the effects such actions have on our operations, products, services and customer relationships; higher inflation and its impacts; and the effects of any changes in accounting standards or policies. Customers Bancorp, Inc. cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review Customers Bancorp, Inc.’s filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K for the year ended December 31, 2023, subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K, including any amendments thereto, that update or provide information in addition to the information included in the Form 10-K and Form 10-Q filings, if any. Customers Bancorp, Inc. does not undertake to update any forward-looking statement whether written or oral, that may be made from time to time by Customers Bancorp, Inc. or by or on behalf of Customers Bank, except as may be required under applicable law. Q4 2024 Overview The following table presents a summary of key earnings and performance metrics for the quarter ended December 31, 2024 and the preceding four quarters, and full year 2024 and 2023: CUSTOMERS BANCORP, INC. AND SUBSIDIARIES EARNINGS SUMMARY - UNAUDITED   Q4   Q3   Q2   Q1   Q4   Twelve Months Ended December 31, (Dollars in thousands, except per share data and stock price data)   2024   2024   2024   2024   2023   2024   2023               GAAP Profitability Metrics: Net income available to common shareholders   $ 23,266   $ 42,937   $ 54,300   $ 45,926   $ 58,223   $ 166,429   $ 235,448 Per share amounts:               Earnings per share - basic   $ 0.74   $ 1.36   $ 1.72   $ 1.46   $ 1.86   $ 5.28   $ 7.49 Earnings per share - diluted   $ 0.71   $ 1.31   $ 1.66   $ 1.40   $ 1.79   $ 5.09   $ 7.32 Book value per common share (1)   $ 54.20   $ 53.07   $ 50.81   $ 49.29   $ 47.73   $ 54.20   $ 47.73 CUBI stock price (1)   $ 48.68   $ 46.45   $ 47.98   $ 53.06   $ 57.62   $ 48.68   $ 57.62 CUBI stock price as % of book value (1)   90 %   88 %   94 %   108 %   121 %   90 %   121 % Average shares outstanding - basic   31,346,920   31,567,797   31,649,715   31,473,424   31,385,043   31,509,179   31,435,647 Average shares outstanding - diluted   32,557,621   32,766,488   32,699,149   32,854,534   32,521,787   32,719,134   32,158,788 Shares outstanding (1)   31,346,507   31,342,107   31,667,655   31,521,931   31,440,906   31,346,507   31,440,906 Return on average assets (“ROAA”)   0.48 %   0.88 %   1.11 %   0.94 %   1.16 %   0.85 %   1.16 % Return on average common equity (“ROCE”)   5.50 %   10.44 %   13.85 %   12.08 %   15.93 %   10.36 %   17.33 % Net interest margin, tax equivalent   3.11 %   3.06 %   3.29 %   3.10 %   3.31 %   3.15 %   3.29 % Efficiency ratio   56.86 %   62.40 %   51.87 %   54.58 %   49.08 %   56.21 %   46.49 % Non-GAAP Profitability Metrics (2):               Core earnings   $ 44,168   $ 43,838   $ 48,567   $ 46,532   $ 61,633   $ 183,105   $ 248,233 Core pre-tax pre-provision net income   $ 84,224   $ 64,824   $ 89,220   $ 83,674   $ 101,884   $ 321,942   $ 416,563 Per share amounts:               Core earnings per share - diluted   $ 1.36   $ 1.34   $ 1.49   $ 1.42   $ 1.90   $ 5.60   $ 7.72 Tangible book value per common share (1)   $ 54.08   $ 52.96   $ 50.70   $ 49.18   $ 47.61   $ 54.08   $ 47.61 CUBI stock price as % of tangible book value (1)   90 %   88 %   95 %   108 %   121 %   90 %   121 % Core ROAA   0.86 %   0.89 %   1.00 %   0.95 %   1.22 %   0.92 %   1.22 % Core ROCE   10.44 %   10.66 %   12.39 %   12.24 %   16.87 %   11.40 %   18.27 % Core pre-tax pre-provision ROAA   1.51 %   1.21 %   1.71 %   1.58 %   1.90 %   1.50 %   1.94 % Core pre-tax pre-provision ROCE   19.04 %   14.84 %   21.79 %   21.01 %   26.82 %   19.10 %   29.58 % Core efficiency ratio   56.12 %   61.69 %   53.47 %   54.24 %   46.70 %   56.25 %   45.45 % Asset Quality:               Net charge-offs   $ 14,612   $ 17,044   $ 18,711   $ 17,968   $ 17,322   $ 68,335   $ 69,035 Annualized net charge-offs to average total loans and leases   0.41 %   0.50 %   0.56 %   0.55 %   0.51 %   0.50 %   0.48 % Non-performing loans (“NPLs”) to total loans and leases (1)   0.30 %   0.34 %   0.35 %   0.27 %   0.21 %   0.30 %   0.21 % Reserves to NPLs (1)   316.06 %   281.36 %   279.52 %   373.86 %   499.12 %   316.06 %   499.12 % Non-performing assets (“NPAs”) to total assets   0.25 %   0.22 %   0.23 %   0.17 %   0.13 %   0.25 %   0.13 % Customers Bank Capital Ratios (3):               Common equity Tier 1 capital to risk-weighted assets   12.9 %   13.64 %   14.17 %   14.16 %   13.77 %   12.9 %   13.77 % Tier 1 capital to risk-weighted assets   12.9 %   13.64 %   14.17 %   14.16 %   13.77 %   12.9 %   13.77 % Total capital to risk-weighted assets   14.3 %   15.06 %   15.64 %   15.82 %   15.28 %   14.3 %   15.28 % Tier 1 capital to average assets (leverage ratio)   8.7 %   9.08 %   9.16 %   8.82 %   8.71 %   8.7 %   8.71 %               (1) Metric is a spot balance for the last day of each quarter presented. (2) Customers’ reasons for the use of these non-GAAP measures and a detailed reconciliation between the non-GAAP measures and the comparable GAAP amounts are included at the end of this document. (3) Regulatory capital ratios are estimated for Q4 2024 and actual for the remaining periods. In accordance with regulatory capital rules, Customers elected to apply the CECL capital transition provisions which delayed the effects of CECL on regulatory capital for two years until January 1, 2022, followed by a three-year transition period. The cumulative CECL capital transition impact as of December 31, 2021 which amounted to $61.6 million will be phased in at 25% per year beginning on January 1, 2022 through December 31, 2024. As of December 31, 2024, our regulatory capital ratios reflected 25%, or $15.4 million, benefit associated with the CECL transition provisions. CUSTOMERS BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED (Dollars in thousands, except per share data)   Twelve Months Ended   Q4 Q3 Q2 Q1 Q4 December 31,   2024 2024 2024 2024 2023 2024 2023 Interest income:   Loans and leases   $ 230,534 $ 228,659 $ 224,265 $ 217,999 $ 239,453 $ 901,457 $ 996,517 Investment securities   39,638 46,265 47,586 46,802 51,074 180,291 200,659 Interest earning deposits   48,147 44,372 45,506 52,817 44,104 190,842 125,923 Loans held for sale   9,447 10,907 13,671 12,048 8,707 46,073 36,221 Other   2,140 1,910 3,010 2,111 2,577 9,171 8,040 Total interest income   329,906 332,113 334,038 331,777 345,915 1,327,834 1,367,360   Interest expense:   Deposits   144,974 155,829 148,784 153,725 150,307 603,312 576,437 FHLB advances   12,595 12,590 13,437 13,485 18,868 52,107 80,008 FRB advances   — — — — — — 6,286 Subordinated debt   3,349 3,537 2,734 2,689 2,688 12,309 10,755 Other borrowings   1,167 1,612 1,430 1,493 1,546 5,702 6,425 Total interest expense   162,085 173,568 166,385 171,392 173,409 673,430 679,911 Net interest income   167,821 158,545 167,653 160,385 172,506 654,404 687,449 Provision for credit losses   21,194 17,066 18,121 17,070 13,523 73,451 74,611 Net interest income after provision for credit losses   146,627 141,479 149,532 143,315 158,983 580,953 612,838   Non-interest income:   Commercial lease income   10,604 10,093 10,282 9,683 9,035 40,662 36,179 Loan fees   8,639 8,011 5,233 5,280 5,926 27,163 20,216 Bank-owned life insurance   2,125 2,049 2,007 3,261 2,160 9,442 11,777 Mortgage finance transactional fees   1,010 1,087 1,058 946 927 4,101 4,395 Net gain (loss) on sale of loans and leases   (852 ) (14,548 ) (238 ) 10 (91 ) (15,628 ) (1,200 ) Loss on sale of capital call lines of credit   — — — — — — (5,037 ) Net gain (loss) on sale of investment securities   (26,260 ) — (719 ) (30 ) (145 ) (27,009 ) (574 ) Unrealized gain on equity method investments   389 — 11,041 — — 11,430 — Other   3,954 1,865 2,373 2,081 860 10,273 4,809 Total non-interest income   (391 ) 8,557 31,037 21,231 18,672 60,434 70,565   Non-interest expense:   Salaries and employee benefits   47,147 47,717 44,947 36,025 33,965 175,836 133,275 Technology, communication and bank operations   13,435 13,588 16,227 21,904 16,887 65,154 65,550 Commercial lease depreciation   8,933 7,811 7,829 7,970 7,357 32,543 29,898 Professional services   13,473 9,048 6,104 6,353 9,820 34,978 35,177 Loan servicing   4,584 3,778 3,516 4,031 3,779 15,909 17,075 Occupancy   3,335 2,987 3,120 2,347 2,320 11,789 10,070 FDIC assessments, non-income taxes and regulatory fees   10,077 7,902 10,236 13,469 13,977 41,684 35,036 Advertising and promotion   1,645 908 1,254 682 850 4,489 3,095 Legal settlement expense   — — — — — — 4,096 Other   7,746 10,279 10,219 6,388 4,812 34,632 19,391 Total non-interest expense   110,375 104,018 103,452 99,169 93,767 417,014 352,663 Income before income tax expense (benefit)   35,861 46,018 77,117 65,377 83,888 224,373 330,740 Income tax expense (benefit)   8,946 (725 ) 19,032 15,651 21,796 42,904 80,597 Net income   26,915 46,743 58,085 49,726 62,092 181,469 250,143 Preferred stock dividends   3,649 3,806 3,785 3,800 3,869 15,040 14,695 Net income available to common shareholders   $ 23,266 $ 42,937 $ 54,300 $ 45,926 $ 58,223 $ 166,429 $ 235,448   Basic earnings per common share   $ 0.74 $ 1.36 $ 1.72 $ 1.46 $ 1.86 $ 5.28 $ 7.49 Diluted earnings per common share   0.71 1.31 1.66 1.40 1.79 5.09 7.32 CUSTOMERS BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET - UNAUDITED (Dollars in thousands)   December 31, September 30, June 30, March 31, December 31,   2024 2024 2024 2024 2023 ASSETS   Cash and due from banks   $ 56,787 $ 39,429 $ 45,045 $ 51,974 $ 45,210 Interest earning deposits   3,729,144 3,048,593 3,003,542 3,649,146 3,801,136 Cash and cash equivalents   3,785,931 3,088,022 3,048,587 3,701,120 3,846,346 Investment securities, at fair value   2,019,694 2,412,069 2,511,650 2,604,868 2,405,640 Investment securities held to maturity   991,937 1,064,437 962,799 1,032,037 1,103,170 Loans held for sale   204,794 275,420 375,724 357,640 340,317 Loans and leases receivable   13,127,634 12,527,283 12,254,204 11,936,621 11,963,855 Loans receivable, mortgage finance, at fair value   1,321,128 1,250,413 1,002,711 962,610 897,912 Allowance for credit losses on loans and leases   (136,775 ) (133,158 ) (132,436 ) (133,296 ) (135,311 ) Total loans and leases receivable, net of allowance for credit losses on loans and leases   14,311,987 13,644,538 13,124,479 12,765,935 12,726,456 FHLB, Federal Reserve Bank, and other restricted stock   96,214 95,035 92,276 100,067 109,548 Accrued interest receivable   108,351 115,588 112,788 120,123 114,766 Bank premises and equipment, net   6,668 6,730 7,019 7,253 7,371 Bank-owned life insurance   297,641 295,531 293,108 293,400 292,193 Goodwill and other intangibles   3,629 3,629 3,629 3,629 3,629 Other assets   481,395 455,083 410,916 361,295 366,829 Total assets   $ 22,308,241 $ 21,456,082 $ 20,942,975 $ 21,347,367 $ 21,316,265   LIABILITIES AND SHAREHOLDERS’ EQUITY   Demand, non-interest bearing deposits   $ 5,608,288 $ 4,670,809 $ 4,474,862 $ 4,688,880 $ 4,422,494 Interest bearing deposits   13,238,173 13,398,580 13,203,231 13,272,503 13,497,742 Total deposits   18,846,461 18,069,389 17,678,093 17,961,383 17,920,236 FHLB advances   1,128,352 1,117,229 1,018,349 1,195,088 1,203,207 Other borrowings   99,068 99,033 123,970 123,905 123,840 Subordinated debt   182,509 182,439 182,370 182,300 182,230 Accrued interest payable and other liabilities   215,168 186,812 193,328 193,074 248,358 Total liabilities   20,471,558 19,654,902 19,196,110 19,655,750 19,677,871   Preferred stock   137,794 137,794 137,794 137,794 137,794 Common stock   35,758 35,734 35,686 35,540 35,459 Additional paid in capital   575,333 571,609 567,345 567,490 564,538 Retained earnings   1,326,011 1,302,745 1,259,808 1,205,508 1,159,582 Accumulated other comprehensive income (loss), net   (96,560 ) (106,082 ) (131,358 ) (132,305 ) (136,569 ) Treasury stock, at cost   (141,653 ) (140,620 ) (122,410 ) (122,410 ) (122,410 ) Total shareholders’ equity   1,836,683 1,801,180 1,746,865 1,691,617 1,638,394 Total liabilities and shareholders’ equity   $ 22,308,241 $ 21,456,082 $ 20,942,975 $ 21,347,367 $ 21,316,265 CUSTOMERS BANCORP, INC. AND SUBSIDIARIES AVERAGE BALANCE SHEET / NET INTEREST MARGIN - UNAUDITED (Dollars in thousands)     Three Months Ended   December 31, 2024 September 30, 2024 December 31, 2023   Average Balance Interest Income or Expense Average Yield or Cost (%) Average Balance Interest Income or Expense Average Yield or Cost (%) Average Balance Interest Income or Expense Average Yield or Cost (%) Assets   Interest earning deposits   $ 3,973,262 $ 48,147 4.82 % $ 3,224,940 $ 44,372 5.47 % $ 3,191,677 $ 44,104 5.48 % Investment securities (1)   3,392,850 39,638 4.65 % 3,706,974 46,265 4.97 % 4,007,418 51,074 5.10 % Loans and leases:   Commercial & industrial:   Specialized lending loans and leases (2)   6,022,062 121,818 8.05 % 5,805,389 124,667 8.54 % 5,574,149 130,838 9.31 % Other commercial & industrial loans (2)(3)   1,529,478 25,514 6.64 % 1,533,057 24,654 6.40 % 1,666,052 28,053 6.68 % Mortgage finance loans   1,316,884 16,704 5.05 % 1,267,656 17,723 5.56 % 997,353 13,726 5.46 % Multifamily loans   2,162,825 22,400 4.12 % 2,071,340 21,147 4.06 % 2,131,750 22,347 4.16 % Non-owner occupied commercial real estate loans   1,491,170 21,770 5.81 % 1,411,533 21,065 5.94 % 1,392,684 20,686 5.89 % Residential mortgages   535,833 6,301 4.68 % 525,285 6,082 4.61 % 526,422 5,942 4.48 % Installment loans   1,023,569 25,474 9.90 % 1,029,812 24,228 9.36 % 1,198,043 26,568 8.80 % Total loans and leases (4)   14,081,821 239,981 6.78 % 13,644,072 239,566 6.99 % 13,486,453 248,160 7.30 % Other interest-earning assets   122,784 2,140 6.93 % 118,914 1,910 6.39 % 116,756 2,577 8.75 % Total interest-earning assets   21,570,717 329,906 6.09 % 20,694,900 332,113 6.39 % 20,802,304 345,915 6.61 % Non-interest-earning assets   609,253 535,504 449,969 Total assets   $ 22,179,970 $ 21,230,404 $ 21,252,273 Liabilities   Interest checking accounts   $ 5,597,302 $ 57,268 4.07 % $ 5,787,026 $ 65,554 4.51 % $ 5,656,212 $ 62,041 4.35 % Money market deposit accounts   3,974,776 42,492 4.25 % 3,676,994 42,128 4.56 % 2,802,309 29,990 4.25 % Other savings accounts   1,258,018 12,939 4.09 % 1,563,970 18,426 4.69 % 1,218,118 13,849 4.51 % Certificates of deposit   2,612,246 32,275 4.92 % 2,339,937 29,721 5.05 % 3,625,311 44,427 4.86 % Total interest-bearing deposits (5)   13,442,342 144,974 4.29 % 13,367,927 155,829 4.64 % 13,301,950 150,307 4.48 % Borrowings   1,364,138 17,111 4.99 % 1,334,905 17,739 5.29 % 1,816,047 23,102 5.05 % Total interest-bearing liabilities   14,806,480 162,085 4.36 % 14,702,832 173,568 4.70 % 15,117,997 173,409 4.55 % Non-interest-bearing deposits (5)   5,346,912 4,557,815 4,270,557 Total deposits and borrowings   20,153,392 3.20 % 19,260,647 3.59 % 19,388,554 3.55 % Other non-interest-bearing liabilities   204,947 195,722 276,198 Total liabilities   20,358,339 19,456,369 19,664,752 Shareholders’ equity   1,821,631 1,774,035 1,587,521 Total liabilities and shareholders’ equity   $ 22,179,970 $ 21,230,404 $ 21,252,273 Net interest income   167,821 158,545 172,506 Tax-equivalent adjustment   377 392 398 Net interest earnings   $ 168,198 $ 158,937 $ 172,904 Interest spread   2.89 % 2.80 % 3.06 % Net interest margin   3.10 % 3.05 % 3.30 % Net interest margin tax equivalent (6)   3.11 % 3.06 % 3.31 %     (1) For presentation in this table, average balances and the corresponding average yields for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts. (2) Includes owner occupied commercial real estate loans. (3) Includes PPP loans. (4) Includes non-accrual loans, the effect of which is to reduce the yield earned on loans and leases, and deferred loan fees. (5) Total costs of deposits (including interest bearing and non-interest bearing) were 3.07%, 3.46% and 3.39% for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively. (6) Tax-equivalent basis, using an estimated marginal tax rate of 26% for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, presented to approximate interest income as a taxable asset. CUSTOMERS BANCORP, INC. AND SUBSIDIARIES AVERAGE BALANCE SHEET / NET INTEREST MARGIN - UNAUDITED (CONTINUED) (Dollars in thousands)     Twelve Months Ended   December 31, 2024 December 31, 2023   Average Balance Interest Income or Expense Average Yield or Cost (%) Average Balance Interest Income or Expense Average Yield or Cost (%) Assets   Interest earning deposits   $ 3,597,260 $ 190,842 5.31 % $ 2,375,488 $ 125,923 5.30 % Investment securities (1)   3,650,320 180,291 4.94 % 4,057,564 200,659 4.95 % Loans and leases:   Commercial & industrial:   Specialized lending loans and leases (2)   5,637,189 483,052 8.57 % 5,704,220 513,976 9.01 % Other commercial & industrial loans (2)(3)   1,564,167 102,001 6.52 % 1,976,924 133,451 6.75 % Mortgage finance loans   1,192,827 62,344 5.23 % 1,179,141 67,660 5.74 % Multifamily loans   2,116,168 86,263 4.08 % 2,165,067 85,204 3.94 % Non-owner occupied commercial real estate loans   1,412,201 83,484 5.91 % 1,423,929 81,970 5.76 % Residential mortgages   526,133 24,046 4.57 % 533,213 23,240 4.36 % Installment loans   1,104,470 106,340 9.63 % 1,437,078 127,237 8.85 % Total loans and leases (4)   13,553,155 947,530 6.99 % 14,419,572 1,032,738 7.16 % Other interest-earning assets   114,983 9,171 7.98 % 118,574 8,040 6.78 % Total interest-earning assets   20,915,718 1,327,834 6.35 % 20,971,198 1,367,360 6.52 % Non-interest-earning assets   518,472 515,185 Total assets   $ 21,434,190 $ 21,486,383 Liabilities   Interest checking accounts   $ 5,660,890 $ 248,400 4.39 % $ 6,048,797 $ 241,025 3.98 % Money market deposit accounts   3,559,362 159,598 4.48 % 2,358,437 93,434 3.96 % Other savings accounts   1,595,357 73,947 4.64 % 1,029,951 41,556 4.03 % Certificates of deposit   2,434,622 121,367 4.99 % 4,401,855 200,422 4.55 % Total interest-bearing deposits (5)   13,250,231 603,312 4.55 % 13,839,040 576,437 4.17 % Federal funds purchased   — — — % 3,781 188 4.97 % Borrowings   1,414,583 70,118 4.96 % 2,073,553 103,286 4.98 % Total interest-bearing liabilities   14,664,814 673,430 4.59 % 15,916,374 679,911 4.27 % Non-interest-bearing deposits (5)   4,807,647 3,801,053 Total deposits and borrowings   19,472,461 3.46 % 19,717,427 3.45 % Other non-interest-bearing liabilities   217,172 272,599 Total liabilities   19,689,633 19,990,026 Shareholders’ equity   1,744,557 1,496,357 Total liabilities and shareholders’ equity   $ 21,434,190 $ 21,486,383 Net interest income   654,404 687,449 Tax-equivalent adjustment   1,556 1,568 Net interest earnings   $ 655,960 $ 689,017 Interest spread   2.89 % 3.07 % Net interest margin   3.14 % 3.28 % Net interest margin tax equivalent (6)   3.15 % 3.29 %     (1) For presentation in this table, average balances and the corresponding average yields for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts. (2) Includes owner occupied commercial real estate loans. (3) Includes PPP loans. (4) Includes non-accrual loans, the effect of which is to reduce the yield earned on loans and leases, and deferred loan fees. (5) Total costs of deposits (including interest bearing and non-interest bearing) were 3.34% and 3.27% for the twelve months ended December 31, 2024 and 2023, respectively. (6) Tax-equivalent basis, using an estimated marginal tax rate of 26% for the twelve months ended December 31, 2024 and 2023, presented to approximate interest income as a taxable asset. CUSTOMERS BANCORP, INC. AND SUBSIDIARIES PERIOD END LOAN AND LEASE COMPOSITION - UNAUDITED (Dollars in thousands)     December 31, September 30, June 30, March 31, December 31,   2024 2024 2024 2024 2023 Loans and leases held for investment   Commercial:   Commercial & industrial:   Specialized lending   $ 5,842,420 $ 5,468,507 $ 5,528,745 $ 5,104,405 $ 5,006,693 Other commercial & industrial (1)   1,062,631 1,087,222 1,092,146 1,113,517 1,162,317 Mortgage finance   1,440,847 1,367,617 1,122,812 1,071,146 1,014,742 Multifamily   2,252,246 2,115,978 2,067,332 2,123,675 2,138,622 Commercial real estate owner occupied   1,100,944 981,904 805,779 806,278 797,319 Commercial real estate non-owner occupied   1,359,130 1,326,591 1,202,606 1,182,084 1,177,650 Construction   147,209 174,509 163,409 185,601 166,393 Total commercial loans and leases   13,205,427 12,522,328 11,982,829 11,586,706 11,463,736 Consumer:   Residential   496,559 500,786 481,503 482,537 484,435 Manufactured housing   33,123 34,481 35,901 37,382 38,670 Installment:   Personal   463,854 453,739 474,481 492,892 555,533 Other   249,799 266,362 282,201 299,714 319,393 Total installment loans   713,653 720,101 756,682 792,606 874,926 Total consumer loans   1,243,335 1,255,368 1,274,086 1,312,525 1,398,031 Total loans and leases held for investment   $ 14,448,762 $ 13,777,696 $ 13,256,915 $ 12,899,231 $ 12,861,767 Loans held for sale   Residential   $ 1,836 $ 2,523 $ 2,684 $ 870 $ 1,215 Installment:   Personal   40,903 55,799 125,598 137,755 151,040 Other   162,055 217,098 247,442 219,015 188,062 Total installment loans   202,958 272,897 373,040 356,770 339,102 Total loans held for sale   $ 204,794 $ 275,420 $ 375,724 $ 357,640 $ 340,317 Total loans and leases portfolio   $ 14,653,556 $ 14,053,116 $ 13,632,639 $ 13,256,871 $ 13,202,084 CUSTOMERS BANCORP, INC. AND SUBSIDIARIES PERIOD END DEPOSIT COMPOSITION - UNAUDITED (Dollars in thousands)     December 31, September 30, June 30, March 31, December 31,   2024 2024 2024 2024 2023   Demand, non-interest bearing   $ 5,608,288 $ 4,670,809 $ 4,474,862 $ 4,688,880 $ 4,422,494 Demand, interest bearing   5,553,698 5,606,500 5,894,056 5,661,775 5,580,527 Total demand deposits   11,161,986 10,277,309 10,368,918 10,350,655 10,003,021 Savings   1,131,819 1,399,968 1,573,661 2,080,374 1,402,941 Money market   3,844,451 3,961,028 3,539,815 3,347,843 3,226,395 Time deposits   2,708,205 2,431,084 2,195,699 2,182,511 3,287,879 Total deposits   $ 18,846,461 $ 18,069,389 $ 17,678,093 $ 17,961,383 $ 17,920,236 CUSTOMERS BANCORP, INC. AND SUBSIDIARIES ASSET QUALITY - UNAUDITED (Dollars in thousands)     As of December 31, 2024 As of September 30, 2024 As of December 31, 2023 Loan type   Total loans Allowance for credit losses Total reserves to total loans Total loans Allowance for credit losses Total reserves to total loans Total loans Allowance for credit losses Total reserves to total loans Commercial:   Commercial & industrial, including specialized lending (1)   $ 7,024,770 $ 29,379 0.42 % $ 6,672,933 $ 25,191 0.38 % $ 6,285,840 $ 23,503 0.37 % Multifamily   2,252,246 18,511 0.82 % 2,115,978 18,090 0.85 % 2,138,622 16,343 0.76 % Commercial real estate owner occupied   1,100,944 10,755 0.98 % 981,904 10,913 1.11 % 797,319 9,882 1.24 % Commercial real estate non-owner occupied   1,359,130 17,405 1.28 % 1,326,591 17,303 1.30 % 1,177,650 16,859 1.43 % Construction   147,209 1,250 0.85 % 174,509 1,606 0.92 % 166,393 1,482 0.89 % Total commercial loans and leases receivable   11,884,299 77,300 0.65 % 11,271,915 73,103 0.65 % 10,565,824 68,069 0.64 %   Consumer:   Residential   496,559 5,968 1.20 % 500,786 5,838 1.17 % 484,435 6,586 1.36 % Manufactured housing   33,123 3,829 11.56 % 34,481 4,080 11.83 % 38,670 4,239 10.96 % Installment   713,653 49,678 6.96 % 720,101 50,137 6.96 % 874,926 56,417 6.45 % Total consumer loans receivable   1,243,335 59,475 4.78 % 1,255,368 60,055 4.78 % 1,398,031 67,242 4.81 %   Loans and leases receivable held for investment   13,127,634 136,775 1.04 % 12,527,283 133,158 1.06 % 11,963,855 135,311 1.13 %   Loans receivable, mortgage finance, at fair value   1,321,128 — — % 1,250,413 — — % 897,912 — — % Loans held for sale   204,794 — — % 275,420 — — % 340,317 — — %   Total loans and leases portfolio   $ 14,653,556 $ 136,775 0.93 % $ 14,053,116 $ 133,158 0.95 % $ 13,202,084 $ 135,311 1.02 % CUSTOMERS BANCORP, INC. AND SUBSIDIARIES ASSET QUALITY - UNAUDITED (Dollars in thousands)     As of December 31, 2024 As of September 30, 2024 As of December 31, 2023 Loan type   Non accrual /NPLs Total NPLs to total loans Total reserves to total NPLs Non accrual /NPLs Total NPLs to total loans Total reserves to total NPLs Non accrual /NPLs Total NPLs to total loans Total reserves to total NPLs Commercial:   Commercial & industrial, including specialized lending (1)   $ 4,041 0.06 % 727.02 % $ 4,615 0.07 % 545.85 % $ 4,436 0.07 % 529.82 % Multifamily   11,834 0.53 % 156.42 % 11,834 0.56 % 152.86 % — — % — % Commercial real estate owner occupied   8,090 0.73 % 132.94 % 8,613 0.88 % 126.70 % 5,869 0.74 % 168.38 % Commercial real estate non-owner occupied   354 0.03 % 4916.67 % 763 0.06 % 2267.76 % — — % — % Construction   — — % — % — — % — % — — % — % Total commercial loans and leases receivable   24,319 0.20 % 317.86 % 25,825 0.23 % 283.07 % 10,305 0.10 % 660.54 %   Consumer:   Residential   8,714 1.75 % 68.49 % 7,997 1.60 % 73.00 % 6,802 1.40 % 96.82 % Manufactured housing   1,852 5.59 % 206.75 % 1,869 5.42 % 218.30 % 2,331 6.03 % 181.85 % Installment   5,613 0.79 % 885.05 % 6,328 0.88 % 792.30 % 7,211 0.82 % 782.37 % Total consumer loans receivable   16,179 1.30 % 367.61 % 16,194 1.29 % 370.85 % 16,344 1.17 % 411.42 %   Loans and leases receivable   40,498 0.31 % 337.73 % 42,019 0.34 % 316.90 % 26,649 0.22 % 507.75 %   Loans receivable, mortgage finance, at fair value   — — % — % — — % — % — — % — % Loans held for sale   2,777 1.36 % — % 5,307 1.93 % — % 461 0.14 % — %   Total loans and leases portfolio   $ 43,275 0.30 % 316.06 % $ 47,326 0.34 % 281.36 % $ 27,110 0.21 % 499.12 % CUSTOMERS BANCORP, INC. AND SUBSIDIARIES NET CHARGE-OFFS/(RECOVERIES) - UNAUDITED (Dollars in thousands)     Q4 Q3 Q2 Q1 Q4 Twelve Months Ended December 31,   2024 2024 2024 2024 2023 2024 2023 Loan type   Commercial & industrial, including specialized lending   $ 3,653 $ 5,056 $ 5,665 $ 3,672 $ 5,282 $ 18,046 $ 8,443 Multifamily   — 2,167 1,433 473 127 4,073 3,574 Commercial real estate owner occupied   339 4 — 22 — 365 5 Commercial real estate non-owner occupied   145 — — — (288 ) 145 4,212 Construction   — (3 ) (7 ) — — (10 ) (116 ) Residential   (18 ) (21 ) (20 ) 18 (1 ) (41 ) 34 Installment   10,493 9,841 11,640 13,783 12,202 45,757 52,883 Total net charge-offs (recoveries) from loans held for investment   $ 14,612 $ 17,044 $ 18,711 $ 17,968 $ 17,322 $ 68,335 $ 69,035 CUSTOMERS BANCORP, INC. AND SUBSIDIARIES RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED   We believe that the non-GAAP measurements disclosed within this document are useful for investors, regulators, management and others to evaluate our core results of operations and financial condition relative to other financial institutions. These non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry. These non-GAAP financial measures exclude from corresponding GAAP measures the impact of certain elements that we do not believe are representative of our ongoing financial results, which we believe enhance an overall understanding of our performance and increases comparability of our period to period results. Investors should consider our performance and financial condition as reported under GAAP and all other relevant information when assessing our performance or financial condition. The non-GAAP measures presented are not necessarily comparable to non-GAAP measures that may be presented by other financial institutions. Although non-GAAP financial measures are frequently used in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results of operations or financial condition as reported under GAAP.   The following tables present reconciliations of GAAP to non-GAAP measures disclosed within this document.         Twelve Months Ended December 31, Core Earnings and Adjusted Core Earnings - Customers Bancorp   Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 2024 2023 (Dollars in thousands, except per share data)   USD Per share USD Per share USD Per share USD Per share USD Per share USD Per share USD Per share GAAP net income to common shareholders   $ 23,266 $ 0.71 $ 42,937 $ 1.31 $ 54,300 $ 1.66 $ 45,926 $ 1.40 $ 58,223 $ 1.79 $ 166,429 $ 5.09 $ 235,448 $ 7.32 Reconciling items (after tax):   Severance expense   1,198 0.04 540 0.02 1,928 0.06 — — 473 0.01 3,666 0.11 1,251 0.04 Impairments on fixed assets and leases   — — — — — — — — — — — — 98 0.00 Loss on sale of capital call lines of credit   — — — — — — — — — — — — 3,914 0.12 Legal settlement   157 0.00 — — — — — — — — 157 0.00 — — (Gains) losses on investment securities   20,035 0.62 (322 ) (0.01 ) 561 0.02 57 0.00 (85 ) 0.00 20,331 0.62 407 0.01 Derivative credit valuation adjustment   (306 ) (0.01 ) 185 0.01 (44 ) 0.00 169 0.01 267 0.01 4 0.00 219 0.01 Tax on surrender of bank-owned life insurance policies   — — — — — — — — — — — — 4,141 0.13 FDIC special assessment   — — — — 138 0.00 380 0.01 2,755 0.08 518 0.02 2,755 0.09 Unrealized (gain) on equity method investments   (292 ) (0.01 ) — — (8,316 ) (0.25 ) — — — — (8,608 ) (0.26 ) — — Unrealized losses on loans held for sale   110 0.00 498 0.02 — — — — — — 608 0.02 — — Core earnings   $ 44,168 $ 1.36 $ 43,838 $ 1.34 $ 48,567 $ 1.49 $ 46,532 $ 1.42 $ 61,633 $ 1.90 $ 183,105 $ 5.60 $ 248,233 $ 7.72   One-time non-interest expense items recorded in 2024 (after-tax):   Deposit servicing fees prior to 2024   — — — — — — 5,405 0.16 — — 5,405 0.17 — — FDIC premiums prior to 2024   — — — — — — 3,200 0.10 — — 3,200 0.10 — — Non-income taxes prior to 2024   — — (2,457 ) (0.07 ) — — — — — — (2,457 ) (0.08 ) — — Total one-time non-interest expense items   — — (2,457 ) (0.07 ) — — 8,605 0.26 — — 6,148 0.19 — — Adjusted core earnings (adjusted for one-time non-interest expense items)   $ 44,168 $ 1.36 $ 41,381 $ 1.26 $ 48,567 $ 1.49 $ 55,137 $ 1.68 $ 61,633 $ 1.90 $ 189,253 $ 5.78 $ 248,233 $ 7.72 Core Return on Average Assets and Adjusted Core Return on Average Assets - Customers Bancorp   Twelve Months Ended December 31, (Dollars in thousands, except per share data)   Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 2024 2023 GAAP net income   $ 26,915 $ 46,743 $ 58,085 $ 49,726 $ 62,092 $ 181,469 $ 250,143 Reconciling items (after tax):   Severance expense   1,198 540 1,928 — 473 3,666 1,251 Impairments on fixed assets and leases   — — — — — — 98 Loss on sale of capital call lines of credit   — — — — — — 3,914 Legal settlement   157 — — — — 157 — (Gains) losses on investment securities   20,035 (322 ) 561 57 (85 ) 20,331 407 Derivative credit valuation adjustment   (306 ) 185 (44 ) 169 267 4 219 Tax on surrender of bank-owned life insurance policies   — — — — — — 4,141 FDIC special assessment   — — 138 380 2,755 518 2,755 Unrealized (gain) on equity method investments   (292 ) — (8,316 ) — — (8,608 ) — Unrealized losses on loans held for sale   110 498 — — — 608 — Core net income   $ 47,817 $ 47,644 $ 52,352 $ 50,332 $ 65,502 $ 198,145 $ 262,928   One-time non-interest expense items recorded in 2024 (after-tax):   Deposit servicing fees prior to 2024   — — — 5,405 — 5,405 — FDIC premiums prior to 2024   — — — 3,200 — 3,200 — Non-income taxes prior to 2024   — (2,457 ) — — — (2,457 ) — Total one-time non-interest expense items   — (2,457 ) — 8,605 — 6,148 — Adjusted core net income (adjusted for one-time non-interest expense items)   $ 47,817 $ 45,187 $ 52,352 $ 58,937 $ 65,502 $ 204,293 $ 262,928   Average total assets   $ 22,179,970 $ 21,230,404 $ 20,985,203 $ 21,335,229 $ 21,252,273 $ 21,434,190 $ 21,486,383   Core return on average assets   0.86 % 0.89 % 1.00 % 0.95 % 1.22 % 0.92 % 1.22 %   Adjusted core return on average assets (adjusted for one-time non-interest expense items)   0.86 % 0.85 % 1.00 % 1.11 % 1.22 % 0.95 % 1.22 % Core Pre-Tax Pre-Provision Net Income and ROAA and Adjusted Core Pre-Tax Pre-Provision Net Income and ROAA - Customers Bancorp   Twelve Months Ended December 31, (Dollars in thousands, except per share data)   Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 2024 2023 GAAP net income   $ 26,915 $ 46,743 $ 58,085 $ 49,726 $ 62,092 $ 181,469 $ 250,143 Reconciling items:   Income tax expense (benefit)   8,946 (725 ) 19,032 15,651 21,796 42,904 80,597 Provision (benefit) for credit losses   21,194 17,066 18,121 17,070 13,523 73,451 74,611 Provision (benefit) for credit losses on unfunded commitments   (664 ) 642 1,594 430 (136 ) 2,002 (112 ) Severance expense   1,595 659 2,560 — 639 4,814 1,630 Impairments on fixed assets and leases   — — — — — — 124 Loss on sale of capital call lines of credit   — — — — — — 5,037 Legal settlement   209 — — — — 209 — (Gains) losses on investment securities   26,678 (394 ) 744 75 (114 ) 27,103 512 Derivative credit valuation adjustment   (407 ) 226 (58 ) 222 361 (17 ) 298 FDIC special assessment   — — 183 500 3,723 683 3,723 Unrealized (gain) on equity method investments   (389 ) — (11,041 ) — — (11,430 ) — Unrealized losses on loans held for sale   147 607 — — — 754 — Core pre-tax pre-provision net income   $ 84,224 $ 64,824 $ 89,220 $ 83,674 $ 101,884 $ 321,942 $ 416,563   One-time non-interest expense items recorded in 2024 (after-tax):   Deposit servicing fees prior to 2024   — — — 7,106 — 7,106 — FDIC premiums prior to 2024   — — — 4,208 — 4,208 — Non-income taxes prior to 2024   — (2,997 ) — — — (2,997 ) — Total one-time non-interest expense items   — (2,997 ) — 11,314 — 8,317 — Adjusted core pre-tax pre-provision net income (adjusted for one-time non-interest expense items)   $ 84,224 $ 61,827 $ 89,220 $ 94,988 $ 101,884 $ 330,259 $ 416,563   Average total assets   $ 22,179,970 $ 21,230,404 $ 20,985,203 $ 21,335,229 $ 21,252,273 $ 21,434,190 $ 21,486,383   Core pre-tax pre-provision ROAA   1.51 % 1.21 % 1.71 % 1.58 % 1.90 % 1.50 % 1.94 %   Adjusted core pre-tax pre-provision ROAA (adjusted for one-time non-interest expense items)   1.51 % 1.16 % 1.71 % 1.79 % 1.90 % 1.54 % 1.94 % Core Return on Average Common Equity and Adjusted Core Return on Average Common Equity - Customers Bancorp   Twelve Months Ended December 31, (Dollars in thousands, except per share data)   Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 2024 2023 GAAP net income to common shareholders   $ 23,266 $ 42,937 $ 54,300 $ 45,926 $ 58,223 $ 166,429 $ 235,448 Reconciling items (after tax):   Severance expense   1,198 540 1,928 — 473 3,666 1,251 Impairments on fixed assets and leases   — — — — — — 98 Loss on sale of capital call lines of credit   — — — — — — 3,914 Legal settlement   157 — — — — 157 — (Gains) losses on investment securities   20,035 (322 ) 561 57 (85 ) 20,331 407 Derivative credit valuation adjustment   (306 ) 185 (44 ) 169 267 4 219 Tax on surrender of bank-owned life insurance policies   — — — — — — 4,141 FDIC special assessment   — — 138 380 2,755 518 2,755 Unrealized (gain) on equity method investments   (292 ) — (8,316 ) — — (8,608 ) — Unrealized losses on loans held for sale   110 498 — — — 608 — Core earnings   $ 44,168 $ 43,838 $ 48,567 $ 46,532 $ 61,633 $ 183,105 $ 248,233   One-time non-interest expense items recorded in 2024 (after-tax):   Deposit servicing fees prior to 2024   — — — 5,405 — 5,405 — FDIC premiums prior to 2024   — — — 3,200 — 3,200 — Non-income taxes prior to 2024   — (2,457 ) — — — (2,457 ) — Total one-time non-interest expense items   — (2,457 ) — 8,605 — 6,148 — Adjusted core earnings (adjusted for one-time non-interest expense items)   $ 44,168 $ 41,381 $ 48,567 $ 55,137 $ 61,633 $ 189,253 $ 248,233   Average total common shareholders’ equity   $ 1,683,838 $ 1,636,242 $ 1,576,595 $ 1,529,211 $ 1,449,728 $ 1,606,764 $ 1,358,564   Core return on average common equity   10.44 % 10.66 % 12.39 % 12.24 % 16.87 % 11.40 % 18.27 %   Adjusted core return on average common equity (adjusted for one-time non-interest expense items)   10.44 % 10.06 % 12.39 % 14.50 % 16.87 % 11.78 % 18.27 % Core Pre-Tax Pre-Provision ROCE and Adjusted Core Pre-Tax Pre-Provision ROCE - Customers Bancorp   Twelve Months Ended December 31, (Dollars in thousands, except per share data)   Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 2024 2023 GAAP net income to common shareholders   $ 23,266 $ 42,937 $ 54,300 $ 45,926 $ 58,223 $ 166,429 $ 235,448 Reconciling items:   Income tax expense (benefit)   8,946 (725 ) 19,032 15,651 21,796 42,904 80,597 Provision (benefit) for credit losses   21,194 17,066 18,121 17,070 13,523 73,451 74,611 Provision (benefit) for credit losses on unfunded commitments   (664 ) 642 1,594 430 (136 ) 2,002 (112 ) Severance expense   1,595 659 2,560 — 639 4,814 1,630 Impairments on fixed assets and leases   — — — — — — 124 Loss on sale of capital call lines of credit   — — — — — — 5,037 Legal settlement   209 — — — — 209 — (Gains) losses on investment securities   26,678 (394 ) 744 75 (114 ) 27,103 512 Derivative credit valuation adjustment   (407 ) 226 (58 ) 222 361 (17 ) 298 FDIC special assessment   — — 183 500 3,723 683 3,723 Unrealized (gain) on equity method investments   (389 ) — (11,041 ) — — (11,430 ) — Unrealized losses on loans held for sale   147 607 — — — 754 — Core pre-tax pre-provision net income available to common shareholders   $ 80,575 $ 61,018 $ 85,435 $ 79,874 $ 98,015 $ 306,902 $ 401,868   One-time non-interest expense items recorded in 2024 (after-tax):   Deposit servicing fees prior to 2024   — — — 7,106 — 7,106 — FDIC premiums prior to 2024   — — — 4,208 — 4,208 — Non-income taxes prior to 2024   — (2,997 ) — — — (2,997 ) — Total one-time non-interest expense items   — (2,997 ) — 11,314 — 8,317 — Adjusted core pre-tax pre-provision net income available to common shareholders   $ 80,575 $ 58,021 $ 85,435 $ 91,188 $ 98,015 $ 315,219 $ 401,868   Average total common shareholders’ equity   $ 1,683,838 $ 1,636,242 $ 1,576,595 $ 1,529,211 $ 1,449,728 $ 1,606,764 $ 1,358,564   Core pre-tax pre-provision ROCE   19.04 % 14.84 % 21.79 % 21.01 % 26.82 % 19.10 % 29.58 %   Adjusted core pre-tax pre-provision ROCE (adjusted for one-time non-interest expense items)   19.04 % 14.11 % 21.79 % 23.98 % 26.82 % 19.62 % 29.58 % Core Efficiency Ratio and Adjusted Core Efficiency Ratio - Customers Bancorp   Twelve Months Ended December 31, (Dollars in thousands, except per share data)   Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 2024 2023 GAAP net interest income   $ 167,821 $ 158,545 $ 167,653 $ 160,385 $ 172,506 $ 654,404 $ 687,449   GAAP non-interest income   $ (391 ) $ 8,557 $ 31,037 $ 21,231 $ 18,672 $ 60,434 $ 70,565 Loss on sale of capital call lines of credit   — — — — — — 5,037 (Gains) losses on investment securities   26,678 (394 ) 744 75 (114 ) 27,103 512 Derivative credit valuation adjustment   (407 ) 226 (58 ) 222 361 (17 ) 298 Unrealized (gain) on equity method investments   (389 ) — (11,041 ) — — (11,430 ) — Unrealized losses on loans held for sale   147 607 — — — 754 — Core non-interest income   25,638 8,996 20,682 21,528 18,919 76,844 76,412 Core revenue   $ 193,459 $ 167,541 $ 188,335 $ 181,913 $ 191,425 $ 731,248 $ 763,861     GAAP non-interest expense   $ 110,375 $ 104,018 $ 103,452 $ 99,169 $ 93,767 $ 417,014 $ 352,663 Severance expense   (1,595 ) (659 ) (2,560 ) — (639 ) (4,814 ) (1,630 ) Impairments on fixed assets and leases   — — — — — — (124 ) FDIC special assessment   — — (183 ) (500 ) (3,723 ) (683 ) (3,723 ) Legal settlement   (209 ) — — — — (209 ) — Core non-interest expense   $ 108,571 $ 103,359 $ 100,709 $ 98,669 $ 89,405 $ 411,308 $ 347,186   One-time non-interest expense items recorded in 2024:   Deposit servicing fees prior to 2024   — — — (7,106 ) — (7,106 ) — FDIC premiums prior to 2024   — — — (4,208 ) — (4,208 ) — Non-income taxes prior to 2024   — 2,997 — — — 2,997 — Total one-time non-interest expense items   — 2,997 — (11,314 ) — (8,317 ) — Adjusted core non-interest expense   $ 108,571 $ 106,356 $ 100,709 $ 87,355 $ 89,405 $ 402,991 $ 347,186   Core efficiency ratio (1)   56.12 % 61.69 % 53.47 % 54.24 % 46.70 % 56.25 % 45.45 %   Adjusted core efficiency ratio (adjusted for one-time non-interest expense items) (2)   56.12 % 63.48 % 53.47 % 48.02 % 46.70 % 55.11 % 45.45 % (1)   Core efficiency ratio calculated as core non-interest expense divided by core revenue. (2)   Adjusted core efficiency ratio calculated as adjusted core non-interest expense divided by core revenue. Core Non-Interest Expense to Average Total Assets and Adjusted Core Non-Interest Expense to Average Total Assets- Customers Bancorp   Twelve Months Ended December 31, (Dollars in thousands, except per share data)   Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 2024 2023 GAAP non-interest expense   $ 110,375 $ 104,018 $ 103,452 $ 99,169 $ 93,767 $ 417,014 $ 352,663 Severance expense   (1,595 ) (659 ) (2,560 ) — (639 ) (4,814 ) (1,630 ) Impairments on fixed assets and leases   — — — — — — (124 ) FDIC special assessment   — — (183 ) (500 ) (3,723 ) (683 ) (3,723 ) Legal settlement   (209 ) — — — — (209 ) — Core non-interest expense   $ 108,571 $ 103,359 $ 100,709 $ 98,669 $ 89,405 $ 411,308 $ 347,186   One-time non-interest expense items recorded in 2024:   Deposit servicing fees prior to 2024   — — — (7,106 ) — (7,106 ) — FDIC premiums prior to 2024   — — — (4,208 ) — (4,208 ) — Non-income taxes prior to 2024   — 2,997 — — — 2,997 — Total one-time non-interest expense items   — 2,997 — (11,314 ) — (8,317 ) — Adjusted core non-interest expense   $ 108,571 $ 106,356 $ 100,709 $ 87,355 $ 89,405 $ 402,991 $ 347,186   Average total assets   $ 22,179,970 $ 21,230,404 $ 20,985,203 $ 21,335,229 $ 21,252,273 $ 21,434,190 $ 21,486,383   Core non-interest expense to average total assets   1.95 % 1.94 % 1.93 % 1.86 % 1.67 % 1.92 % 1.62 %   Adjusted core non-interest expense to average total assets (adjusted for one-time non-interest expense items)   1.95 % 1.99 % 1.93 % 1.65 % 1.67 % 1.88 % 1.62 %   Tangible Common Equity to Tangible Assets - Customers Bancorp     (Dollars in thousands, except per share data)   Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 GAAP total shareholders’ equity   $ 1,836,683 $ 1,801,180 $ 1,746,865 $ 1,691,617 $ 1,638,394 Reconciling items:   Preferred stock   (137,794 ) (137,794 ) (137,794 ) (137,794 ) (137,794 ) Goodwill and other intangibles   (3,629 ) (3,629 ) (3,629 ) (3,629 ) (3,629 ) Tangible common equity   $ 1,695,260 $ 1,659,757 $ 1,605,442 $ 1,550,194 $ 1,496,971   GAAP total assets   $ 22,308,241 $ 21,456,082 $ 20,942,975 $ 21,347,367 $ 21,316,265 Reconciling items:   Goodwill and other intangibles   (3,629 ) (3,629 ) (3,629 ) (3,629 ) (3,629 ) Tangible assets   $ 22,304,612 $ 21,452,453 $ 20,939,346 $ 21,343,738 $ 21,312,636   Tangible common equity to tangible assets   7.6 % 7.7 % 7.7 % 7.3 % 7.0 % Tangible Book Value per Common Share - Customers Bancorp     (Dollars in thousands, except share and per share data)   Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 GAAP total shareholders’ equity   $ 1,836,683 $ 1,801,180 $ 1,746,865 $ 1,691,617 $ 1,638,394 Reconciling Items:   Preferred stock   (137,794 ) (137,794 ) (137,794 ) (137,794 ) (137,794 ) Goodwill and other intangibles   (3,629 ) (3,629 ) (3,629 ) (3,629 ) (3,629 ) Tangible common equity   $ 1,695,260 $ 1,659,757 $ 1,605,442 $ 1,550,194 $ 1,496,971   Common shares outstanding   31,346,507 31,342,107 31,667,655 31,521,931 31,440,906   Tangible book value per common share   $ 54.08 $ 52.96 $ 50.70 $ 49.18 $ 47.61

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