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Customers Bancorp, Inc. (CUBB) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Customers Bancorp, Inc.

CIK: 1488813 Ticker: CUBB

Exhibit 99.1
bancorpa261a.jpg    
Customers Bancorp, Inc.
701 Reading Avenue
West Reading, PA 19611
Contacts:
Jay Sidhu, Chairman & CEO 610-935-8693
Richard Ehst, President & COO 610-917-3263
Carla Leibold, CFO 484-923-8802
Sam Sidhu, Head of Corporate Development 212-843-2485
Customers Bancorp Reports Record Fourth Quarter 2020 Results
Net Income of $52.8 million, or $1.65 Per Diluted Share,
up 121% over Fourth Quarter 2019
Record Full Year 2020 Net Income of $118.5 million or $3.74 Per Diluted Share, up 83% over Full Year 2019
Q4 2020: ROAA of 1.23%, ROCE of 24.26%, and Adjusted PTPP ROAA of 1.63%

BankMobile divestiture completed on January 4, 2021. Holders of Customers Bancorp's common stock as of December 18, 2020 received an aggregate of 4.9 million shares of BM Technologies, Inc. common stock as special distribution valued at $14.87 per share at the closing date of the transaction, or having a market value of approximately $73 million.
Q4 2020 core earnings (a non-GAAP measure) were $52.6 million or $1.65 per diluted share, up 121% over Q4 2019.
Adjusted pre-tax pre-provision net income (a non-GAAP measure) for Q4 2020 was $74.9 million, an increase of 67.6% over Q4 2019. Q4 2020 adjusted pre-tax pre-provision return on average assets (a non-GAAP measure) was 1.63%.
Q4 2020 results include a net benefit to (or release from) provision for credit losses on loans and leases of $2.9 million. At December 31, 2020, the coverage of credit loss reserves for loans and leases held for investment, excluding Paycheck Protection Program ("PPP") loans (a non-GAAP measure), was 1.90%, up from 0.77% at December 31, 2019.
Non-performing assets were 0.39% of total assets at December 31, 2020 compared to 0.34% at September 30, 2020. Our allowance for credit losses equaled 204% of non-performing loans at December 31, 2020, down from 245% at September 30, 2020.
Total revenues in Q4 2020 were up 3.9% linked-quarter and 41.9% on a year-over-year basis. Strong revenue growth was driven by an expansion in the net interest margin (excluding the impact of PPP loans (a non-GAAP measure), and the recognition of deferred origination fees and interest income on PPP loans).
Net interest income for Q4 2020 grew $15.5 million or 14.4% over the prior quarter and $45.4 million or 58.4% over Q4 2019. Net interest income, excluding the impact of PPP loans (a non-GAAP measure), increased by $10.3 million or 11.7% over Q3 2020 and $20.1 million or 25.9% over Q4 2019.
1

The following information was filed by Customers Bancorp, Inc. (CUBB) on Wednesday, January 27, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Customers Bancorp, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Income
Bank Premises And Equipment
Bank Premises And Equipment (Tables)
Bank Premises And Equipment - Components Of Bank Premises And Equipment (Detail)
Bank Premises And Equipment - Narrative (Detail)
Borrowings
Borrowings (Tables)
Borrowings - Fhlb And Frb Advances (Details)
Borrowings - Long-Term Debt (Details)
Borrowings - Narrative (Detail)
Borrowings - Short Term Borrowings (Detail)
Borrowings - Summary Of Bancorps Short Term Borrowings (Detail)
Business Segments
Business Segments (Details)
Business Segments (Tables)
Changes In Accumulated Other Comprehensive Income (Loss) By Component
Changes In Accumulated Other Comprehensive Income (Loss) By Component (Details)
Changes In Accumulated Other Comprehensive Income (Loss) By Component (Tables)
Condensed Financial Statements Of Parent Company
Condensed Financial Statements Of Parent Company (Tables)
Condensed Financial Statements Of Parent Company - Summary Of Condensed Balance Sheets Of Parent Company (Detail)
Condensed Financial Statements Of Parent Company - Summary Of Condensed Income Statements Of Parent Company (Detail)
Condensed Financial Statements Of Parent Company - Summary Of Condensed Statements Of Cash Flows Of Parent Company (Detail)
Deposits
Deposits (Tables)
Deposits - Components Of Deposits (Detail)
Deposits - Narrative (Detail)
Deposits - Schedule Of Time Deposit Maturities (Detail)
Derivative Instruments And Hedging Activities
Derivative Instruments And Hedging Activities (Tables)
Derivative Instruments And Hedging Activities - Cumulative Basis Adjustment For Fair Value Hedges (Detail)
Derivative Instruments And Hedging Activities - Effect Of Derivative Instruments On Comprehensive Income (Detail)
Derivative Instruments And Hedging Activities - Fair Value Of Derivative Financial Instruments (Detail)
Derivative Instruments And Hedging Activities - Narrative (Detail)
Derivative Instruments And Hedging Activities - Summary Of Offsetting Of Financial Assets And Derivative Assets (Detail)
Derivative Instruments And Hedging Activities - Summary Of Offsetting Of Financial Liabilities And Derivative Liabilities (Detail)
Description Of The Business
Description Of The Business - Narrative (Detail)
Disclosures About Fair Value Of Financial Instruments
Disclosures About Fair Value Of Financial Instruments (Tables)
Disclosures About Fair Value Of Financial Instruments - Estimated Fair Values Of Financial Instruments (Detail)
Disclosures About Fair Value Of Financial Instruments - Narrative (Detail)
Disclosures About Fair Value Of Financial Instruments - Statement Of Changes In Level 3 Assets Measured At Fair Value On A Recurring Basis (Detail)
Disclosures About Fair Value Of Financial Instruments - Summary Of Financial Assets And Financial Liabilities Measured At Fair Value (Detail)
Disclosures About Fair Value Of Financial Instruments - Summary Of Financial Assets And Liabilities Measured At Fair Value On A Recurring And Non-Recurring Basis (Detail)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Antidilutive Securities (Details)
Earnings Per Share - Components Of Earnings Per Share (Detail)
Employee Benefit Plans
Employee Benefit Plans - Narrative (Detail)
Financial Instruments With Off-Balance-Sheet Risk
Financial Instruments With Off-Balance-Sheet Risk (Tables)
Financial Instruments With Off-Balance-Sheet Risk - Narrative (Detail)
Financial Instruments With Off-Balance-Sheet Risk - Schedule Of Financial Instruments Outstanding Contract Amounts Represent Credit Risk (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Components Of Income Tax Expense (Detail)
Income Taxes - Components Of Net Deferred Tax Assets (Liabilities) (Detail)
Income Taxes - Narrative (Detail)
Income Taxes - Schedule Of Income (Loss) Before Income Tax Expense (Benefit) (Detail)
Investment Securities
Investment Securities (Tables)
Investment Securities - Gross Unrealized Losses And Fair Value, Aggregated By Investment Category (Detail)
Investment Securities - Narrative (Details)
Investment Securities - Summary Of Amortized Cost And Approximate Fair Value Of Investment Securities (Detail)
Investment Securities - Summary Of Investment Securities By Stated Maturity (Detail)
Leases
Leases (Tables)
Leases - Lease, Cost (Details)
Leases - Lessee Narrative (Details)
Leases - Lessor Narrative (Details)
Leases - Lessor, Lease Receivables And Investment In Operating Leases And Their Corresponding Balance Sheet Location (Details)
Leases - Maturities Of Non-Cancelable Lease Liabilities (Details)
Leases - Right-Of-Use Assets And Lease Liabilities (Details)
Leases - Summary Of Lease Term And Discount Rate (Details)
Loans And Leases Receivable And Allowance For Credit Losses
Loans And Leases Receivable And Allowance For Credit Losses (Tables)
Loans And Leases Receivable And Allowance For Credit Losses - Additional Information (Detail)
Loans And Leases Receivable And Allowance For Credit Losses - Analysis Of Loans Modified In Troubled Debt Restructuring By Type Of Concession (Detail)
Loans And Leases Receivable And Allowance For Credit Losses - Credit Ratings Of Covered And Non-Covered Loan Portfolio (Detail)
Loans And Leases Receivable And Allowance For Credit Losses - Loans By Class And Performance Status (Detail)
Loans And Leases Receivable And Allowance For Credit Losses - Schedule Of Allowance For Credit Losses (Detail)
Loans And Leases Receivable And Allowance For Credit Losses - Schedule Of Loan Purchases And Sales (Details)
Loans And Leases Receivable And Allowance For Credit Losses - Schedule Of Loans And Leases Receivable (Detail)
Loans And Leases Receivable And Allowance For Credit Losses - Summary Of Amortized Cost Of Loans And Leases On Nonaccrual Status (Detail)
Loans And Leases Receivable And Allowance For Credit Losses - Summary Of Loans Modified In Troubled Debt Restructurings And Related Recorded Investment (Detail)
Loans Held For Sale
Loans Held For Sale (Tables)
Loans Held For Sale - Composition Of Loans Held For Sale (Detail)
Loss Contingencies
Loss Contingencies - Narrative (Details)
Non-Interest Revenues
Non-Interest Revenues (Tables)
Non-Interest Revenues - Narrative (Details)
Non-Interest Revenues - Non-Interest Revenue By Business (Details)
Regulatory Capital
Regulatory Capital (Tables)
Regulatory Capital - Narrative (Details)
Regulatory Capital - Summary Of Capital Amounts, Tier 1 Risk Based And Tier 1 Leveraged Ratios (Detail)
Selected Quarterly Financial Data
Selected Quarterly Financial Data (Unaudited) (Tables)
Selected Quarterly Financial Data (Unaudited) - Schedule Of Quarterly Financial Information (Detail)
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables)
Share-Based Compensation Plans - Narrative (Detail)
Share-Based Compensation Plans - Statement Of Weighted-Average Assumptions Used And Resulting Weighted-Average Fair Value Of Option (Detail)
Share-Based Compensation Plans - Status Of Restricted Stock (Detail)
Share-Based Compensation Plans - Summary Of Non-Vested Options (Detail)
Share-Based Compensation Plans - Summary Of Stock Option Activity (Detail)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Narrative (Detail)
Shareholders' Equity - Preferred Stock And Dividends Paid Per Share (Details)
Significant Accounting Policies And Basis Of Presentation
Significant Accounting Policies And Basis Of Presentation (Policies)
Significant Accounting Policies And Basis Of Presentation (Tables)
Significant Accounting Policies And Basis Of Presentation - Impact Of Asc 326 (Details)
Significant Accounting Policies And Basis Of Presentation - Narrative (Detail)
Subsequent Events
Subsequent Events (Tables)
Subsequent Events - Narrative (Details)
Subsequent Events - Pro Forma Information (Details)
Transactions With Executive Officers, Directors, And Principal Shareholders
Transactions With Executive Officers, Directors, And Principal Shareholders (Tables)
Transactions With Executive Officers, Directors, And Principal Shareholders - Narrative (Details)
Transactions With Executive Officers, Directors, And Principal Shareholders - Schedule Of Activity Relating To Loans (Detail)
Ticker: CUBB
CIK: 1488813
Form Type: 10-K Annual Report
Accession Number: 0001488813-21-000069
Submitted to the SEC: Mon Mar 01 2021 6:02:40 PM EST
Accepted by the SEC: Tue Mar 02 2021
Period: Thursday, December 31, 2020
Industry: State Commercial Banks

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