カスタマーズバンコープの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): January 23, 2025

(Exact name of registrant as specified in its charter)


Customers Bancorp, Inc.


Pennsylvania	001-35542	27-2290659
(State or other jurisdiction of incorporation or organization)	(Commission File number)	(IRS Employer Identification No.)

701 Reading Avenue

West Reading PA 19611

(Address of principal executive offices, including zip code)

(610) 933-2000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instructions A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(g) of the Act:

Title of Each Class

Trading Symbols

Name of Each Exchange on which Registered

Voting Common Stock, par value $1.00 per share

CUBI

New York Stock Exchange

Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series E, par value $1.00 per share

CUBI/PE

New York Stock Exchange

Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series F, par value $1.00 per share

CUBI/PF

New York Stock Exchange

5.375% Subordinated Notes due 2034

CUBB

New York Stock Exchange

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On January 23, 2025, Customers Bancorp, Inc. (the "Company") issued a press release announcing unaudited financial information for the quarter ended December 31, 2024, a copy of which is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

Item 7.01 Regulation FD Disclosure

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

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

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.


Exhibit						Description
Exhibit 99.1						Press Release dated January 23, 2025
Exhibit 99.2						Slide presentation dated January 2025

SIGNATURE

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


			CUSTOMERS BANCORP, INC.

			By: /s/ Philip S. Watkins
			Name: Philip S. Watkins
			Title: Executive Vice President - Chief Financial Officer

Date: January 23, 2025

EXHIBIT INDEX


Exhibit No.						Description
99.1						Press Release dated January 23, 2025
99.2						Slide presentation dated January 2025

EX-99.1 2 q424pressrelease.htm EX-99.1 Document

Exhibit 99.1

Customers Bancorp, Inc. (NYSE:CUBI)

701 Reading Avenue

West Reading, PA 19611

Contact:
Jordan Baucum, Head of Corporate Communications 951-608-8314

Customers Bancorp Reports Results for Fourth Quarter and Full Year 2024

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

West Reading, Pa, January 23, 2025 - “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.

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


(Dollars in thousands, except per share data)	At or Three Months Ended						Increase (Decrease)
	December 31, 2024			September 30, 2024
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


(Dollars in thousands, except per share data)	At or Three Months Ended			Increase (Decrease)						Twelve Months Ended						Increase (Decrease)
		December 31, 2024	December 31, 2023									December 31, 2024			December 31, 2023
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


(Dollars in thousands, except per share data)	At or Three Months Ended			Increase (Decrease)
		December 31, 2024	December 31, 2023






























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						Increase (Decrease)		At or Three Months Ended						Increase (Decrease)
(Dollars in thousands)	December 31, 2024			September 30, 2024					December 31, 2024			December 31, 2023
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				Increase (Decrease)		Three Months Ended				Increase (Decrease)
(Dollars in thousands)	December 31, 2024		September 30, 2024				December 31, 2024		December 31, 2023
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.

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.

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.

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,” stated Sam Sidhu.

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				Increase (Decrease)		Three Months Ended				Increase (Decrease)
(Dollars in thousands)	December 31, 2024		September 30, 2024				December 31, 2024		December 31, 2023
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				Increase (Decrease)		Three Months Ended				Increase (Decrease)
(Dollars in thousands)	December 31, 2024		September 30, 2024				December 31, 2024		December 31, 2023
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

(Dollars in thousands, except per share data and stock price data)		Q4			Q3			Q2			Q1			Q4			Twelve Months Ended December 31,
		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

(1) Includes PPP loans.


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	%

(1) Includes PPP loans.


CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
ASSET QUALITY - UNAUDITED (CONTINUED)
(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	%

(1) Includes PPP loans.


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.


Core Earnings and Adjusted Core Earnings - Customers Bancorp																					Twelve Months Ended December 31,
	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

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)

(Dollars in thousands, except per share data)


Core Return on Average Assets 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		%

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)

(Dollars in thousands, except per share data)


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		%

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)

(Dollars in thousands, except per share data)


Core Return on Average Common Equity 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		%

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)

(Dollars in thousands, except per share data)


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		%

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)

(Dollars in thousands, except per share data)


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.

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)

(Dollars in thousands, except per share data)


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

EX-99.2 3 q424investorpresentation.htm EX-99.2 q424investorpresentation

Let’s take on tomorrow. Investor Presentation: Q4’24 and FY’24 January 2025

Let’s take on tomorrow. 2 © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED 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. Forward-Looking Statements

Let’s take on tomorrow. 3 © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Customers Bancorp Franchise $5.8B $7.9B $0.7B Customers Bancorp, Inc. NYSE: CUBI Headquarters West Reading, PA FTE Employees 793 Total Assets $22.3B Data as of 12/31/2024 41 Banking Industry Benchmark3 73 Customers Bank $4.7B $9.7B $2.7B Net Promoter Score Measuring business customer satisfaction and loyalty Community Banking Serves small and medium sized businesses and individuals • Regional Community C&I • Multifamily and Investment CRE • SBA • Residential Mortgages Corporate and Specialized Banking Serves sophisticated business customers • Commercial Banking Teams • Venture Banking • Fund Finance • Real Estate Specialty Finance • Financial Institutions Group (FIG) • Equipment Finance • Mortgage Finance Digital Banking Loan and deposit products delivered digitally Commercial: • Transaction Banking (Payments & Treasury Services, cubiX) • Fintech Banking Consumer: • Personal Loans • Checking & Savings Loans-HFI1 Deposits2 1. All multifamily, investment CRE and mortgage loans included in community banking 2. Total deposits excluding wholesale CDs and BMTX student deposits; Non-GAAP measure, refer to appendix for reconciliation 3. 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.

Let’s take on tomorrow. 4 © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED What Makes Customers Bank Unique? CULTURE High-Touch and Branch-Lite Model Single Point of Contact Consistent Recruiter of Top Talent Sufficient Scale, Yet Nimble Client Centric Focus Sophisticated Product Offerings Target Top 3-5 National Competitor in Focused Set of Verticals Entrepreneurial Culture Banking Entrepreneurs FOCUS STRATEGY Ranked #1 among banks with $10 billion to $50 billion in assets

5 © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Let’s take on tomorrow. Customers Bank has Demonstrated Sustainable Organic Growth While Significantly Improving Our Capital and Liquidity Position… 2019 2024 $11.5 $22.314% Total Assets $ billions CET1 Risk-Based Capital percent Gross Loans - HFI $ billions Total Deposits $ billions 111% 77% 2019 20241 8.0% 12.0% +400 bps 2019 2024 $9.6 $14.59% 2019 2024 $8.6 $18.817% Loans - HFI to Deposits 1. Capital ratios are estimated pending final regulatory report

6 © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Let’s take on tomorrow. …and Increasing Our EPS by Approximately 2.5x and NIM By 40 basis points Over the Last Five Years 2019 2024 $277 $65419% NII $ millions NIM percent Core Diluted EPS1 per share Core ROCE1 percent 2019 2024 2.75% 3.15% +40 bps $2.28 $5.60 2019 2024 20% 2019 2024 9.2% 11.4% +220 bps 1. Non-GAAP measure, refer to appendix for reconciliation

7 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Continue deposit transformation and grow loan portfolio Operational excellence with revenue and expense initiatives utilized to reinvest into the franchise Let’s take on tomorrow. 2025 Priorities 1 2 3 Strengthen risk management platform through continued enhancements across people, process, and technology Maintain strong capital base, liquidity, and credit quality 4 Client-centric culture resulting in high client satisfaction rates 6 Grow net interest income led by interest expense reduction combined with franchise enhancing loan growth 5

Let’s take on tomorrow. 8 © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Q4’24 – Key Accomplishments 1. HFI loan growth 2. Selected 2024 proxy peers as disclosed in appendix 3. Non-GAAP measure, refer to appendix for reconciliation 4. FY 2019 to FY 2024 Let’s take on tomorrow. Bucking the industry trend with 19% annualized loan growth1 Robust growth from diversified products across the franchise Executed targeted securities portfolio repositioning to improve future profitability Completed utilizing strong capital position and robust organic capital generation Over $1 billion of gross deposit inflows Strong momentum continuing deposit transformation Robust Loan GrowthAccretive Deposit Performance Strategic Balance Sheet Repositioning Interest expense reduction led NII and NIM expansion Positive business drivers for expansion in the medium-term Net Interest Income & Net Interest Margin (NIM) CET1 and TCE/TA3 remain in excess of our targets of ~11.5% and ~7.5% respectively Net charge off ratio declined 9 basis points Reserves to NPLs remain strong at 316% Tangible book value per share3 crossed $54 16% CAGR over last five years4 Strong Capital & Liquidity Tangible Book Value Growth Maintaining Superior Credit Quality Executed on operational excellence initiative providing capacity for investments in enhanced talent, technology and risk management Core non-interest expense as percent of average assets is top quartile among regional bank peers2 Operational Excellence & Strategic Investments

9 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Q4’24 (vs. Q3’24) Profitability Balance Sheet Credit 3.11% vs. 3.06% NIM $22.3B +4% Total Assets 0.25% +3 bps NPA Ratio $14.7B +4% Total Loans and Leases $43.3M -9% NPLs Financial Highlights - GAAP Highlights Q4’24 EARNINGS REVIEW Total Deposits $18.8B +4% Reserves to NPLs 316% vs. 281% $5.09 $166.4 M 10.4% $0.71 Diluted EPS $23.3 M Net Income ROCE 5.5% ROAA 0.48% vs. 0.88% FY’24

10 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Q4’24 (vs. Q3’24) Profitability Balance Sheet Credit 3.11% vs. 3.06% NIM $22.3B +4% Total Assets 0.25% +3 bps NPA Ratio $14.7B +4% Total Loans and Leases $43.3M -9% NPLs Financial Highlights - Core Highlights Q4’24 EARNINGS REVIEW Total Deposits $18.8B +4% Reserves to NPLs 316% vs. 281% $5.60 Core EPS1,2 $183.1 M Core Earnings1,2 Core ROCE1,2 11.4% $1.36 $44.2 M 10.4% Core ROAA1,2 0.86% vs. 0.89% 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. Non-GAAP measure, refer to appendix for reconciliation Core PTPP ROAA1,2 1.51% vs. 1.21% FY’24

11 © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Let’s take on tomorrow. Total Deposits $ billions Continued Execution of Deposit Franchise Transformation Average cost of deposits 3.07% ACCRETIVE DEPOSIT PERFORMANCE 3.46% $4.4 $5.6 $7.9 Q4’23 $4.7 $5.7 $7.6 Q1’24 $4.5 $5.9 $7.3 Q2’24 $4.7 (26%) $5.6 $7.8 Q3’24 $5.6 (30%) $5.6 $7.7 Q4’24 $17.9 $18.0 $17.7 $18.1 $18.8 Non-Interest Bearing DDA Interest Bearing DDA Non-DDA New Banking Team Deposits2 $ millions $680 $860 $840 $169 $536 $889 Q1’23 Q1’24 Q2’24 Q3’24 Q4’24 $95 $635 $850 $1,396 $1,729 +$1,634 Venture Banking Commercial Banking Teams 1 Spot cost of deposits as of 12/31/2024 2 Includes venture banking team hired in Q2’23 and commercial banking teams hired in Q2’24 11,092 12,568 13,595 13,769 15,383 20,401 10,000 20,000 2019 2020 2021 2022 2023 2024 Commercial Client Deposit Accounts • Over $1.0 billion of gross inflows in Q4’24 • Average cost of deposits declined 39 basis points in Q4’24 Spot1 2.84% +48%

12 © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Let’s take on tomorrow. Industry Leading Loan Growth With Contributions Across The Franchise Loans - HFI $ billions $0.9 $5.7 $6.3 Q4’23 $0.8 $5.6 $6.5 Q1’24 $0.8 $5.5 $7.0 Q2’24 $0.7 $5.7 $7.4 Q3’24 $0.7 $5.8 $7.9 Q4’24 $12.9 $12.9 $13.3 $13.8 $14.4 7.30% 7.05% 7.17% 6.99% 6.78% Yield on Loans • Total HFI loan growth of 12% YoY (5% industry average1) and 4% QoQ • Strong pipeline diversified across business-units creating continued opportunity for growth with holistic relationships ROBUST LOAN GROWTH Corporate & Specialized Banking Community Banking Consumer Installment HFI 1. Based on US banks between $10 billion to $100 billion in assets with a reporting date on or before January 22, 2025 2. HFI loan growth 3. Includes Venture banking, Investment CRE, Mortgages, SBA, Regional Community C&I and PPP FY 2024 Loan Growth2 by Verticals $ billions Mortgage Finance Fund Finance Commercial Banking Teams Healthcare Equipment Finance Multifamily Consumer Installment HFI Other3 Total $0.4 $0.4 $0.4 $0.3 $0.2 $0.1 ($0.2) ($0.1) $1.6 • Top growth verticals included mortgage finance, fund finance, commercial banking teams, healthcare, equipment finance and multifamily • Diversified loan growth focused on adding franchise value

13 © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Let’s take on tomorrow. Net Interest Income Grew by 6% in Q4’24 Net Interest Income $ millions Net Interest Margin (%) 3.06% Q4’23 Q3’24 Q4’24 $345.9 $332.1 $329.9 Q4’23 Q3’24 Q4’24 $173.4 $173.6 $162.1 -7% Q4’23 Q3’24 Q4’24 $172.5 $158.5 $167.8 +6% Interest Income $ millions Interest Expense $ millions NET INTEREST INCOME & NET INTEREST MARGIN • Interest expense reduction led growth in net interest income and net interest margin • 5 basis points margin expansion in the quarter primarily driven by decline in deposit costs • $2.0+ billion high quality deposit pipeline driving opportunity to remix higher cost deposits and further reduce interest expense • Robust loan pipeline to be converted to support interest income regardless of the rate environment • Executed securities portfolio repositioning to benefit net interest income and net interest margin, while improving structural liquidity 3.11% Key Highlights

14 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Industry-Leading Efficiency While Investing In Our Business $89.4 $98.7 $100.7 $103.4 $108.6 Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 +$2.22 Core Non-Interest Expense1 $ millions • Strong efficiency ratio while continuing to invest in the franchise • Adjusted for the one-time expenses in Q3’24, approximately $2 million increase2 in core non-interest expense in the quarter driven primarily by higher outside services Core Non-Interest Expense1 / Average Assets percent • CUBI’s core non-interest expense1 as percent of average assets is one of the lowest among regional bank peers3 1.95% C U BI CUBI (Q4’24) Regional Bank Peers3 (MRQ) 1. Non-GAAP measure, refer to appendix for reconciliation 2. Compared to Q3 2024 adjusted core non-interest expense; non-GAAP measure, refer to appendix for reconciliation of all adjusted core non-interest expenses in all periods 3. Selected 2024 proxy peers as disclosed in appendix Top Quartile (2.00%) Median (2.16%) OPERATIONAL EFFICIENCY AND STRATEGIC INVESTMENTS

15 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED c OPERATIONAL EFFICIENCY AND STRATEGIC INVESTMENTS $20+ Million Expense initiatives • Technology platform consolidation • IT application rationalization • Strategic realignmentEx pe ns es Fe es Treasury management fee income from clients using instant payments and other products Total On Track To Achieve $20 Million Operational Excellence Target Achieved $5+ Million Annual Run- Rate Higher Fee in Q4’24 On Track To Achieve $15+ million TARGET STATUS Savings Used to Invest in the Franchise • Strategic realignment [Q4’24] • Technology platform & IT application rationalization [Q4’24] • Additional Opportunities [FY’25]

16 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Tangible Book Value1 per share Tangible Book Value Has Crossed $54 Per Share 1. Non-GAAP measure, refer to appendix for reconciliation 2. CAGR from Q4’19 to Q4’24 inclusive of impact of AOCI mark-to-market 3. Tangible book value1 negatively impacted by $3.08 per share in Q4’24 due to AOCI 4. Selected 2024 proxy peers as disclosed in appendix AOCI $26.17 $27.92 $37.21 $38.97 $47.61 $54.08 2019 2020 2021 2022 2023 2024 TANGIBLE BOOK VALUE GROWTH $57.163 16%2 • Tangible book value1 increased by approximately $6.47 per share in 2024 (14%) • Tangible book value1 has more than doubled over the last five years2 • 5-year+ CAGR in TBV1 of 16%2 despite AOCI headwinds compared to 4% for regional bank peers4 Key Highlights

17 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED ` ` 15.3% 15.9% 15.8% 15.4% 14.8% Total Risk-Based Capital percent 7.6% 7.0% 7.3% 7.7% 7.7% TCE/TA2,3 percent 1. Capital ratios are estimated pending final regulatory report 2. TCE/TA negatively impacted by 43 bps in Q4’24 due to AOCI 3. Non-GAAP measure, refer to appendix for reconciliation Strong Capital Levels Provide Significant Flexibility 12.2% 12.6% 12.8% 12.5% 12.0% CET1 Risk-Based Capital percent STRONG CAPITAL AND LIQUIDITY • TCE/TA3 up over 60 bps YoY inclusive of balance sheet growth, securities repositioning and share repurchases • CET1 above 12%1 even after loan growth of $1.6 billion for full year 2024 as a result of strong organic earnings Q4’23 Q1’24 Q2’24 Q3’24 Q4’241 8.0%2 Key Highlights AOCI

18 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Commercial NCOs percent 0.13% 0.17% 0.23% 0.22% 0.25% NPAs % of Total Assets percent Credit Metrics Remain Stable 0.17% 0.14% 0.25% 0.24% 0.13% 2.81% 3.26% 2.74% 2.51% 2.67% 0.51% 0.55% 0.56% 0.50% 0.41% Consumer NCOs percent Total NCOs percent MAINTAINING SUPERIOR CREDIT QUALITY v Q4’23 Q1’24 Q2’24 Q3’24 Q4’24 NPAs % of Total Assets Q4’24, percent CUBI Regional Bank Peers1 0.25% 0.42% 1. Selected 2024 proxy peers as disclosed in appendix 2. As of Q4’24; Excludes owner occupied CRE; 34% total CRE including owner occupied CRE 3. As of Q3’24; Selected 2024 proxy peers as disclosed in appendix 16% 9% 32%1% 7% CUBI2 Regional Bank Peers3 26% 46% Construction Commercial Real Estate Multifamily CRE % of Loans-HFI percent V• Second consecutive quarter of decline in total dollar amount of net charge-offs • Total NCOs declined by 14% QoQ 6%

19 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED 2025 Management Outlook Metrics Outlook for FY 2025 Core Efficiency Ratio Low-mid 50’s 5% - 9%Deposit Growth Loan Growth Net Interest Income 7% - 10% 3% - 7% Tax Rate 22% - 25% Commentary Gross deposit inflows higher given remix CET1 (%) 11.5% FY 2024 56% $18.8B $14.7B $654M 19% 12.0%1 Impacted by higher discount accretion in 2024 1. Capital ratios are estimated pending final regulatory report

Let’s take on tomorrow. 20 © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Concluding Perspectives Let’s take on tomorrow. 12% loan growth1 in 2024 contrasting with industry trends Robust pipeline to continue to originate franchise enhancing loan growth Once again delivered over $1 billion in gross deposit inflows and lowered deposit costs by 39 basis points in the quarter Transforming the deposit franchise by improving the cost and quality of deposits Well-positioned to win new client relationships Focused and differentiated strategy executed by top tier talent Client-centric culture continues to drive franchise value Net interest margin expansion led by reduction in interest expense Net interest income expansion opportunities on both sides of the balance sheet Robust Loan GrowthDeposit Franchise Transformation Strategic OutlookNet Interest Income / Net Interest Margin 1. HFI loan growth

ANALYST COVERAGE D.A. Davidson Companies Peter Winter Hovde Group David Bishop Keefe, Bruyette & Woods Inc. Kelly Motta Maxim Group LLC Michael Diana Piper Sandler Companies Frank Schiraldi Stephens Inc. Matt Breese Wedbush Securities Inc. Raymond James Steve Moss B. Riley Securities, Inc. Hal Goetsch

APPENDIX

23 © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Let’s take on tomorrow. 0 Demonstrated Sustainable Organic Growth Increasing Revenue, EPS and TBVPS at 15%+ CAGR Over the Last Five Years Total Revenue CAGR FY’19-FY’24, percent Core EPS CAGR FY’19-FY’24, percent Tangible Book Value1 CAGR Q4’19-Q4’24, percent 1. Non-GAAP measure, refer to appendix for reconciliation 2. Based on US banks between $10 billion to $100 billion in assets with a reporting date on or before January 22, 2025 CUBI Top Quartile $10-100B US Banks2 15% 11% CUBI Top Quartile $10-100B US Banks2 20% 5% CUBI Top Quartile $10-100B US Banks2 16% 8% Differentiated Performance Relative to Industry • CUBI 5-year CAGR growth in Revenue, EPS and TBV1 greater than top quartile of $10-100 billion US banks2 • #1 EPS compounder among $10-100 billion US banks2

24 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Robust Liquidity Position Immediately Available Liquidity $ billions $3.1 $1.0 $4.2 Q3’24 $3.8 $0.9 $4.4 Q4’24 $8.3 $9.1 +$0.8 Cash FHLB Available Committed Capacity FRB Available Committed Capacity 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 2. Selected 2024 proxy peers as disclosed in appendix STRONG CAPITAL AND LIQUIDITY • Immediately available liquidity to uninsured deposits1 of 159% • Total overall liquidity of $10.4 billion as of Q4’24 Loans-HFI to Deposits Q4’24, percent CUBI Regional Bank Peers2 77% 86% Borrowings % of Total Liabilities Q4’24, percent CUBI Regional Bank Peers2 7% 7%

25 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED 17% 49% 33% 1% FICO Score1 660-679 680-699 700-749 750+ 23% 35% 24% 12% 5% 0% 0-9.99% 10 – 19.99% 20 – 29.99% 30 – 39.99% 40 – 49.99% > 50% Unknown Geography Profession Debt to Income Ratio1 Borrower Income 23% 45% 32% <$50K $50K -$100K >$100K 18% 10% 19%26% 27% West Southwest Midwest Southeast Northeast Consumer Installment Loans – Portfolio Credit Metrics Purpose 66%9% 6% 20% Personal Loan Specialty Home Improvement Student Loan 97% 2% 1% Non COVID-19 Impacted Segments Non-Professional Retail & Restaurants Average FICO Score1 ~742 Average DTI1 ~20% Average Borrower Income ~$102k Weighted average life of ~2.2 years Note: Data as of December 31, 2024; includes consumer installment HFS loans 1. DTI and FICO scores as of time of origination

26 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Opportunistic Balance Sheet Repositioning Details Use of Proceeds Benefits to the Franchise Securities Reduced 2.91%Book Yield Risk Weight Impact $480 million 69% ~5.5% pre-tax loss Higher Yielding Securities 1 ~$180 million fixed rate GNMA pass through securities at 5.4% yield and 0% RWA Strategically Aligned Loan Growth 2 • Pro-forma margin expansion • Asset sensitivity further reduced with extended duration • Credit profile enhanced • Structural liquidity improvement with reduction of non-HQLA ~$300 million in loans, aligned with CUBI strategic priorities

27 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Investment Securities – AFS percent, Q4’24 Securities Portfolio Generating Attractive Returns • Spot yield: 5.62% • Effective duration: 2.6 years • Floating rate securities: 32% • Credit rating: 66% AAA with only 3% at BB 59% 26% 13% 2% MBS & CMO Corporate ABS Other Total: $2.0 billion Investment Securities – HTM percent, Q4’24 • Spot yield: 4.13% • Effective duration: 3.5 years • Floating rate securities: 28% • Credit rating: 44% AAA with no rated securities non-investment grade • ABS: $0.5 billion of credit enhanced asset backed securities from sale of consumer installment loan portfolio in Q3’22, Q2’23 and Q3’24 48% 52% MBS & CMO Credit Enhanced ABS Total: $1.0 billion

28 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Selected 2024 Proxy Peers • BankUnited • Commerce • Community Bank System • FB Financial • F.N.B. • Fulton • Independent • Old National • Pinnacle • TowneBank • United Community • WesBanco Note: Excludes the following banks due to lack of available disclosure –Ameris, Associated, Atlantic Union, Axos, Eastern, First Busey, First Financial, First Merchant, Northwest, Provident, Sandy Spring, Silvergate (removed following its March 8, 2023 announcement that it would wind down operations and liquidate the bank), United Bank, WSFS

29 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Robust Sources of Liquidity 1. Includes CLOs Liquidity Sources ($000's) 4Q 24 3Q 24 QoQ Change Cash and Cash Equivalents $3,785,931 $3,088,022 $697,910 FHLB Available Borrowing Capacity $947,968 $986,770 ($38,802) FRB Available Borrowing Capacity $4,357,519 $4,180,824 $176,695 Investments (MV AFS + HTM) Agency & Non-Agency MBS & CMO $1,719,920 $1,960,267 ($240,346) Corporates $515,591 $594,972 ($79,381) ABS (1) $740,639 $886,932 ($146,292) Other AFS $34,256 $34,336 ($80) Less: Pledged Securities HTM & AFS ($1,715,501) ($1,698,140) ($17,361) Net Unpledged Securities $1,294,905 $1,778,366 ($483,461) Total $10,386,324 $10,033,982 $352,342

30 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED 1. Excludes mortgage finance reported at fair value, loans held for sale 2. Utilized Moody’s December 2024 baseline and adverse forecast scenario with qualitative adjustments for Q4’24 provision 3. Utilized Moody’s September 2024 baseline and adverse forecast scenario with qualitative adjustments for Q3’24 provision Allowance for Credit Losses for Loans and Leases December 31, 2024 September 30, 2024 Amortized Cost(1) Allowance for Credit Losses Lifetime Loss Rate(2) Amortized Cost Allowance for Credit Losses Lifetime Loss Rate(3) ($ in thousands) Loans and Leases Receivable: Commercial: Commercial and Industrial, including Specialized Lending $ 7,024,770 $ 29,379 0.42 % $ 6,672,933 $ 25,191 0.38 % Multifamily 2,252,246 18,511 0.82 % 2,115,978 18,090 0.85 % Commercial Real Estate Owner Occupied 1,100,944 10,755 0.98 % 981,904 10,913 1.11 % Commercial Real Estate Non-Owner Occupied 1,359,130 17,405 1.28 % 1,326,591 17,303 1.30 % Construction 147,209 1,250 0.85 % 174,509 1,606 0.92 % Total Commercial Loans and Leases Receivable $ 11,884,299 $ 77,300 0.65 % $ 11,271,915 $ 73,103 0.65 % Consumer: Residential Real Estate $ 496,559 $ 5,968 1.20 % $ 500,786 $ 5,838 1.17 % Manufacturing Housing 33,123 3,829 11.56 % 34,481 4,080 11.83 % Installment 713,653 49,678 6.96 % 720,101 50,137 6.96 % Total Consumer Loans Receivable $ 1,243,335 $ 59,475 4.78 % $ 1,255,368 $ 60,055 4.78 % Total Loans and Leases Receivable $ 13,127,634 $ 136,775 1.04 % $ 12,527,283 $ 133,158 1.06 %

31 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Customers believes that the non-GAAP measurements disclosed within this document are useful for investors, regulators, management and others to evaluate our core results of operations and financial condition relative to other financial institutions. These non-GAAP financial measures are frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in Customers' industry. These non-GAAP financial measures exclude from corresponding GAAP measures the impact of certain elements that we do not believe are representative of our ongoing financial results, which we believe enhance an overall understanding of our performance and increases comparability of our period to period results. Investors should consider our performance and financial condition as reported under GAAP and all other relevant information when assessing our performance or financial condition. The non-GAAP measures presented are not necessarily comparable to non-GAAP measures that may be presented by other financial institutions. Although non-GAAP financial measures are frequently used in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results of operations or financial condition as reported under GAAP. The following tables present reconciliations of GAAP to non-GAAP measures disclosed within this document. Reconciliation of Non-GAAP Measures - Unaudited

32 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Core Earnings and Adjusted Core Earnings - Customers Bancorp Twelve Months Ended December 31, 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 (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 Legal settlement 157 0.00 — — — — — — — — 157 0.00 — — Unrealized losses on loans held for sale 110 0.00 498 0.02 — — — — — — 608 0.02 — — 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) — — 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

33 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Core Earnings and Adjusted Core Earnings - Customers Bancorp 2024 2023 2022 2021 2020 2019 (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 GAAP net income to common shareholders $ 166,429 $ 5.09 $ 235,448 $ 7.32 $ 218,402 6.51 $ 300,134 8.91 $ 118,537 $ 3.74 $ 64,868 $ 2.05 Reconciling items (after tax): (Income) loss from discontinued operations — — — — — — 39,621 1.18 10,461 0.33 — — Severance expense 3,666 0.11 1,251 0.04 1,058 0.03 1,517 0.05 — — 373 0.01 Impairments on fixed assets and leases — — 98 0.00 1,051 0.03 1,118 0.03 — — — — Merger and acquisition related expenses — — — — — — 320 0.01 1,038 0.03 76 — Loss on sale of consumer installment loans — — — — 18,221 0.54 — — — — — — Loss on sale of capital call lines of credit — — 3,914 0.12 — — — — — — — — (Gains) losses on investment securities 20,331 0.62 407 0.01 18,926 0.56 (26,015) (0.77) (17,412) (0.55) (1,912) (0.06) Loss on sale of foreign subsidiaries — — — — — — 2,150 0.06 — — — — Loss on cash flow hedge derivative terminations — — — — — — 18,716 0.56 — — — — Derivative credit valuation adjustment 4 0.00 219 0.01 (1,243) (0.04) (1,285) (0.04) 5,811 0.18 811 0.03 Risk participation agreement mark-to-market adjustment — — — — — — — — (1,080) (0.03) — — Legal settlement 157 0.00 — — — — 897 0.03 258 0.01 1,520 0.05 Unrealized losses on loans held for sale 608 0.02 — — — — — — 1,913 0.06 — — Deposit relationship adjustment fees — — — — — — 4,707 0.14 — — — — Loss on redemption of preferred stock — — — — — — 2,820 0.08 — — — — Tax on surrender of bank-owned life insurance policies — — 4,141 0.13 — — — — — — — — FDIC special assessment 518 0.02 2,755 0.09 — — — — — — — — Unrealized (gain) on equity method investments (8,608) (0.26) — — — — — — — — — — Loss upon acquisition of interest-only GNMA securities — — — — — 0 — — — — 5,682 0.18 Losses on sale of non-QM residential mortgage loans — — — — — 0 — — — — 595 0.02 Core earnings $ 183,105 $ 5.60 $ 248,233 $ 7.72 256,415 7.63 344,700 10.23 119,526 3.77 72,013 2.28 One-time non-interest expense items recorded in 2024 (after-tax): Deposit servicing fees prior to 2024 5,405 0.17 — — — — — — — — — — FDIC premiums prior to 2024 3,200 0.10 — — — — — — — — — — Non-income taxes prior to 2024 (2,457) (0.08) — — — — — — — — — — Total one-time non-interest expense items 6,148 0.19 — — — — — — — — — — Adjusted core earnings (adjusted for one-time non-interest expense items) $ 189,253 $ 5.78 $ 248,233 $ 7.72 256,415 7.63 344,700 10.23 119,526 3.77 72,013 2.28

34 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Reconciliation of Non-GAAP Measures – Unaudited (Contd.) 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 Unrealized losses on loans held for sale $ 110 498 — — — 608 — 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) — 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 — 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 %

35 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Reconciliation of Non-GAAP Measures – Unaudited (Contd.) 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 Unrealized losses on loans held for sale 110 498 — — — 608 — 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) — 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 $ 1,606,738 $ 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 %

36 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Core Return on Average Common Equity and Adjusted Core Return on Average Common Equity - Customers Bancorp (dollars in thousands except per share data) 2024 2023 2022 2021 2020 2019 GAAP net income to common shareholders $ 166,429 $ 235,448 $ 218,402 $ 300,134 $ 118,537 $ 64,868 Reconciling items (after tax): (Income) loss from discontinued operations — — — 39,621 10,461 — Severance expense 3,666 1,251 1,058 1,517 — 373 Impairments on fixed assets and leases — 98 1,051 1,118 — — Merger and acquisition related expenses — — — 320 1,038 76 Loss on sale of consumer installment loans — — 18,221 — — — Loss on sale of capital call lines of credit — 3,914 — — — — Legal settlement 157 — — 897 258 1,520 (Gains) losses on investment securities 20,331 407 18,926 (26,015) (17,412) (1,912) Loss on sale of foreign subsidiaries — — — 2,150 — — Losses on cash flow hedge terminations — — — 18,716 — — Derivative credit valuation adjustment 4 219 (1,243) (1,285) 5,811 811 Risk participation agreement mark-to-market adjustment — — — — (1,080) — Deposit relationship adjustment fees — — — 4,707 — — Loss on redemption of preferred stock — — — 2,820 — — Unrealized losses on loans held for sale 608 — — — 1,913 — Tax on surrender of bank-owned life insurance policies — 4,141 — — — — FDIC special assessment 518 2,755 — — — — Unrealized (gain) on equity method investments (8,608) — — — — — Loss upon acquisition of interest-only GNMA securities 0 0 0 0 0 5682 Losses on sale of non-QM residential mortgage loans 0 0 0 0 0 595 Core earnings $ 183,105 $ 248,233 $ 256,415 $ 344,700 $ 119,526 $ 72,013 One-time non-interest expense items recorded in 2024 (after-tax): Deposit servicing fees prior to 2024 5,405 — — — — — FDIC premiums prior to 2024 3,200 — — — — — Non-income taxes prior to 2024 (2,457) — — — — — Total one-time non-interest expense items 6,148 — — — — — Adjusted core earnings (adjusted for one-time non-interest expense items) $ 189,253 $ 248,233 256,415 344,700 119,526 72,013 Average total common shareholders' equity $ 1,606,764 $ 1,358,564 1,254,979 1,043,906 814,769 781,860 Core return on average common equity 11.40 % 18.27 % 20.43 % 33.02 % 14.67 % 9.21 % Adjusted core return on average common equity (adjusted for one-time non-interest expense items) 11.78 % 18.27 % 20.43 % 33.02 % 14.67 % 9.21 %

37 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Reconciliation of Non-GAAP Measures – Unaudited (Contd.) 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 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 — Net income - pre-tax pre-provision $ 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 %

38 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Reconciliation of Non-GAAP Measures – Unaudited (Contd.) 1. Core efficiency ratio calculated as non-interest expense divided by core revenue 2. Adjusted core efficiency ratio calculated as adjusted core non-interest expense divided by core revenue 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 %

39 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Reconciliation of Non-GAAP Measures – Unaudited (Contd.) 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 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 %

40 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Business Unit Deposits (formerly, Core Deposits, Total Deposits, excluding Wholesale CDs and BMTX student deposits) - Customers Bancorp (Dollars in thousands, except per share data) Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Total deposits $ 18,846,461 $ 18,069,389 $ 17,678,093 $ 17,961,383 $ 17,920,236 Reconciling items: Wholesale CDs 1,715,507 1,585,081 1,545,885 1,809,573 2,970,615 BMTX student deposits — — — 850 1,157 Business Unit Deposits (formerly, Core Deposits, Total deposits, excluding wholesale CDs and BMTX student deposits) $ 17,130,954 $16,484,308 $ 16,132,208 $ 16,150,960 $14,948,464

41 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Reconciliation of Non-GAAP Measures – Unaudited (Contd.) 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 %

42 Let’s take on tomorrow. © 2025 C USTO M ERS BANC O RP, INC . / ALL RIG HTS RESERVED Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Tangible Book Value per Common Share - Customers Bancorp (dollars in thousands except per share data) Q4 2024 Q4 2023 Q4 2022 Q4 2021 Q4 2020 Q4 2019 GAAP total shareholders' equity $ 1,836,683 $ 1,638,394 $ 1,402,961 $ 1,366,217 $ 1,117,086 $ 1,052,795 Reconciling Items: Preferred stock (137,794) (137,794) (137,794) (137,794) (217,471) (217,471) Goodwill and other intangibles (3,629) (3,629) (3,629) (3,736) (14,298) (15,195) Tangible common equity $ 1,695,260 $ 1,496,971 $ 1,261,538 $ 1,224,687 $ 885,317 $ 820,129 Common shares outstanding 31,346,507 31,440,906 32,373,697 32,913,267 31,705,088 31,336,791 Tangible book value per common share $ 54.08 $ 47.61 $ 38.97 $ 37.21 $ 27.92 $ 26.17