Customers Bancorp, Inc (CUBI) Financial Statements (2024 and earlier)

Company Profile

Business Address 701 READING AVENUE
WEST READING, PA 19611
State of Incorp. PA
Fiscal Year End December 31
Industry (SIC) 6022 - State Commercial Banks (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in thousands)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments482,291543,607697,208214,91163,853146,323
Cash and cash equivalents455,806518,032693,354212,50562,135146,323
Short-term investments26,48525,5753,8542,4061,718 
Financing receivable, accrued interest, after allowance for credit loss105,500  
Debt securities, held-to-maturity, accrued interest, after allowance for credit loss1,000  
Total current assets:588,791543,607697,208214,91163,853146,323
Noncurrent Assets
Operating lease, right-of-use asset16,13312,67717,69620,232
Property, plant and equipment9,0258,89011,6269,38911,06311,955
Intangible assets, net (including goodwill), including:3,6293,73614,29815,19516,49916,295
Other undisclosed intangible assets, net (including goodwill)3,6293,73614,29815,19516,49916,295
Total noncurrent assets:28,78725,30343,62044,81627,56228,250
Other undisclosed assets20,278,53419,006,11817,698,42011,260,9909,742,0109,664,982
TOTAL ASSETS:20,896,11219,575,02818,439,24811,520,7179,833,4259,839,555
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt300,000775,0001,100,0001,038,0001,435,0701,766,860
Total current liabilities:300,000775,0001,100,0001,038,0001,435,0701,766,860
Noncurrent Liabilities
Other undisclosed liabilities19,193,15117,433,81116,222,1629,429,9227,441,5397,151,731
Total liabilities:19,493,15118,208,81117,322,16210,467,9228,876,6098,918,591
Equity
Equity, attributable to parent1,402,9611,366,2171,117,0861,052,795956,816920,964
Preferred stock137,794137,794217,471217,471217,471217,471
Common stock35,01234,72232,98632,61732,25231,913
Treasury stock, value(82,604)(49,442)(21,780)(21,780)(21,209)(8,233)
Additional paid in capital551,721542,391455,592444,218434,314422,096
Accumulated other comprehensive loss(163,096)(4,980)(5,764)(1,250)(22,663)(359)
Retained earnings924,134705,732438,581381,519316,651258,076
Total equity:1,402,9611,366,2171,117,0861,052,795956,816920,964
TOTAL LIABILITIES AND EQUITY:20,896,11219,575,02818,439,24811,520,7179,833,4259,839,555

Income Statement (P&L) ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues747,227792,970557,315453,078388,036330,071
Net investment income766,137740,471519,098440,026384,742274,300
Financial services revenue55,771
Cost of revenue  (27,426)(68,055)(24,227)(4,388)(6,768)
Cost of goods and services sold     (4,388) 
Provision for loan, lease, and other losses  (27,426)(68,055)(24,227) 
Financial services costs(6,768)
Gross profit:747,227765,544489,260428,851383,648323,303
Operating expenses(121,091)(124,313)(97,036)(85,832)(83,337)(182,495)
Other operating income (expense), net
(Noninterest Income, Other Operating Income)
(759)9574,95015,07115,1069,834
Operating income:625,377642,188397,174358,090315,417150,642
Nonoperating income15,6975,5766,9306,8747,6203,093
Investment income, nonoperating  (2,840)   (4,126)
Bank owned life insurance income15,6978,4167,0097,2727,6207,219
Interest and debt expense(261,653)(95,810)(139,616)(186,429)(160,074)(105,507)
Other undisclosed loss from continuing operations before equity method investments, income taxes   (88,530)(76,415)  
Income from continuing operations before equity method investments, income taxes:379,421551,954175,958102,120162,96348,228
Other undisclosed income (loss) from continuing operations before income taxes(88,124)(110,746)  (71,909)75,651
Income from continuing operations before income taxes:291,297441,208175,958102,12091,054123,879
Income tax expense(63,263)(86,940)(43,380)(22,793)(19,359)(45,042)
Income from continuing operations:228,034354,268132,57879,32771,69578,837
Income before gain (loss) on sale of properties:314,647132,57879,32771,69578,837
Loss from discontinued operations  (39,621)    
Net income attributable to parent:228,034314,647132,57879,32771,69578,837
Preferred stock dividends and other adjustments(9,632)(14,513)(14,041)(14,459)(14,459)(14,459)
Net income available to common stockholders, diluted:218,402300,134118,53764,86857,23664,378

Comprehensive Income ($ in thousands)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income:228,034314,647132,57879,32771,69578,837
Other comprehensive income    21,413  
Comprehensive income:228,034314,647132,578100,74071,69578,837
Other undisclosed comprehensive income (loss), net of tax, attributable to parent(158,116)784(4,514) (20,965)4,533
Comprehensive income, net of tax, attributable to parent:69,918315,431128,064100,74050,73083,370

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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