Customers Bancorp Reports Results for Third Quarter 2025

WEST READING, Pa.--(BUSINESS WIRE)-- Customers Bancorp, Inc. (NYSE:CUBI):

Third Quarter 2025 Highlights

• Q3 2025 net income available to common shareholders was $73.7 million, or $2.20 per diluted share; ROAA was 1.26% and ROCE was 15.57%.
• Q3 2025 core earnings*¹ were $73.5 million, or $2.20 per diluted share; Core ROAA* was 1.25% and Core ROCE* was 15.52%.
• Q3 2025 net interest margin, tax equivalent (“NIM”) was 3.46%, compared to Q2 2025 NIM of 3.27%, an increase of 19 basis points, primarily due to higher interest income from loan and leases and higher average non-interest bearing deposit balances.
• CET 1 ratio of 13.0%² at September 30, 2025, compared to 12.1% at June 30, 2025 primarily driven by the successful common equity raise.
• Q3 2025 book value per share and tangible book value per share* both grew by approximately $3.48, or 6.2% over Q2 2025, or 24.8% annualized, with a tangible book value per share* of $59.72 at September 30, 2025.

CEO Commentary

“We are pleased with our third quarter results that show the company’s continued execution of its strategic priorities and underscore our success in growing franchise value,” said Customers Bancorp Chairman and CEO Jay Sidhu.

“During the quarter, we successfully raised $163 million of common equity (net of issuance costs) which further strengthened our already solid capital position and gives us flexibility to potentially redeem the remaining tranche of preferred stock in our capital structure in the fourth quarter of 2025. The success of this offering reflects a clear vote of confidence in our strategy, our team, and the disciplined execution of our business model. We appreciate the trust our new shareholders have placed in us, and we are fully committed to execute to continue to deliver top tier returns.

Our Q3 2025 GAAP earnings were $73.7 million, or $2.20 per diluted share, and core earnings* were $73.5 million, or $2.20 per diluted share. Asset quality remains strong with our NPA ratio at just 0.25% of total assets and reserve levels are robust at 534% of total non-performing loans at the end of Q3 2025. Our TCE / TA ratio* increased by 50 basis points to 8.4% while our balance sheet grew by 7.6%. We believe that our unique strategy, the investments we have continued to make, and the exceptional talent across our organization position us strongly for continued success,” Jay Sidhu continued.

* Non-GAAP measure. Customers’ reasons for the use of the non-GAAP measure and a detailed reconciliation between the non-GAAP measure and the comparable GAAP amount are included at the end of this document.
1 Excludes pre-tax gains on investment securities of $0.3 million.
2 Regulatory capital ratios as of September 30, 2025 are estimates.

Key Balance Sheet Trends

Loans and Leases Held for Investment

Loans and leases held for investment were $16.3 billion at September 30, 2025, up $893 million, or 5.8%, from June 30, 2025. Specialized lending increased by $629 million, or 9.7% quarter-over-quarter, to $7.1 billion. Multifamily loans increased by $109 million, or 4.9% to $2.4 billion. Consumer installment loans increased by $89 million, or 11.1% to $891 million. Non-owner occupied commercial real estate loans increased by $85 million, or 5.7% to $1.6 billion. Construction loans increased by $25 million, or 25.0% to $123 million and other commercial & industrial loans increased by $18 million, or 1.8% to $1.1 billion. These increases were partially offset by decreases in mortgage finance loans of $49 million, or 3.0% to $1.6 billion, and owner-occupied commercial real estate loans of $6 million, or 0.6% to $1.1 billion.

Loans and leases held for investment of $16.3 billion at September 30, 2025 were up $2.5 billion, or 18.1%, year-over-year. Specialized lending increased by $1.6 billion, or 29.5%, year-over-year. Non-owner occupied commercial real estate loans increased by $256 million, or 19.3%. Multifamily loans increased by $241 million, or 11.4%. Mortgage finance loans increased by $209 million, or 15.3%. Consumer installment loans increased $171 million, or 23.8%, inclusive of the transfer from loans held for sale in Q1 2025. Owner-occupied commercial real estate loans increased by $77 million, or 7.8%. These increases were partially offset by decreases in construction loans of $51 million, or 29.4%, and other commercial and industrial loans of $31 million, or 2.9%.

Investment Securities

At September 30, 2025, total investment securities were $2.8 billion, an increase of $82 million compared to June 30, 2025 and a decrease of $664 million compared to a year ago.

At September 30, 2025, the AFS debt securities portfolio had a spot yield of 5.81%, an effective duration of approximately 2.1 years, and approximately 29% are variable rate. Additionally, 67% of the AFS securities portfolio was AAA rated at September 30, 2025.

At September 30, 2025, the HTM debt securities portfolio represented only 3.3% of total assets, had a spot yield of 3.68% and an effective duration of approximately 3.7 years. Additionally, at September 30, 2025, approximately 58% of the HTM securities were AAA rated and $0.3 billion were credit enhanced asset backed securities with no current expectation of credit losses.

Deposits

Total deposits increased $1.4 billion to $20.4 billion at September 30, 2025 as compared to the prior quarter. The total average cost of deposits decreased by 8 basis points to 2.77% in Q3 2025 from 2.85% in the prior quarter. Total estimated uninsured deposits were $6.8 billion¹, or 33% of total deposits (inclusive of accrued interest) at September 30, 2025 with immediately available liquidity covering approximately 146% of these deposits.

1 Uninsured deposits (estimate) of $8.7 billion to be reported on the Bank’s call report, less deposits of $1.7 billion collateralized by standby letters of credit from the FHLB and from our affiliates of $227 million.

Total deposits increased $2.3 billion, or 13%, to $20.4 billion at September 30, 2025 as compared to a year ago. The total average cost of deposits decreased by 69 basis points to 2.77% in Q3 2025 from 3.46% in the prior year.

Borrowings

Total borrowings increased slightly to $1.5 billion at September 30, 2025 as compared to the prior quarter. Total borrowings increased $79 million, or 6%, to $1.5 billion at September 30, 2025 as compared to a year ago. This increase primarily resulted from net draws of $85 million in FHLB advances.

Capital

Customers Bancorp’s common equity increased $263 million to $2.0 billion, and tangible common equity* increased $263 million to $2.0 billion, at September 30, 2025 compared to the prior quarter, respectively, primarily from earnings of $74 million and the issuance of 2,518,248 shares at $68.50 (before issuance costs) on September 5, 2025. Customers Bancorp’s common equity increased $380 million to $2.0 billion, and tangible common equity* increased $380 million to $2.0 billion, at September 30, 2025 compared to a year ago, respectively, primarily from earnings of $162 million, the issuance of 2,518,248 shares and a decrease in AOCI of $55 million (net of taxes) mostly from decreased unrealized losses on investment securities, offset in part by $7 million of common share repurchases. Book value per common share increased to $59.83 from $56.36 and $53.07, and tangible book value per common share* increased to $59.72 from $56.24 and $52.96, at September 30, 2025, June 30, 2025 and September 30, 2024, respectively.

Credit Quality

The provision for credit losses in Q3 2025 was $27 million, compared to $21 million in Q2 2025 and $17 million in Q3 2024.

Net charge-offs were $15 million in Q3 2025, compared to $13 million in Q2 2025, and $17 million in Q3 2024.

The allowance for credit losses on loans and leases was $152 million at September 30, 2025, compared to $147 million at June 30, 2025 and $133 million at September 30, 2024.

Non-performing loans at September 30, 2025 decreased to 0.17% of total loans and leases, compared to 0.18% at June 30, 2025 and 0.34% at September 30, 2024.

Key Profitability Trends

Net Interest Income

Net interest income totaled $201.9 million in Q3 2025, an increase of $25.2 million from Q2 2025. This increase was driven by an increase in interest income of $33.5 million primarily due to higher average loan balances, higher average interesting earning deposits, and higher discount accretion.

“Net interest margin continued to expand in the quarter as we realized the benefits of deposit led loan growth, growth in non-interest bearing and lower-cost deposits, and well managed funding costs,” stated Customers Bancorp President Sam Sidhu. “We continue to have positive drivers to net interest income on both sides of the balance sheet. We have a strong loan pipeline and our primarily deposit focused commercial banking team recruitment strategy continued to gain momentum with an additional 4 teams joining in the third quarter. This represents 7 new teams in 2025 and our recruitment pipeline remains strong,” stated Sam Sidhu.

Net interest income totaled $201.9 million in Q3 2025, an increase of $43.4 million from Q3 2024. This increase was primarily due to lower interest expense from a favorable shift in deposit mix and lower market interest rates, and higher interest income primarily due to higher average loan balances, higher average interesting earning deposits, and higher discount accretion.

Non-Interest Income

Reported non-interest income totaled $30.2 million for Q3 2025, an increase of $0.6 million compared to $29.6 million for Q2 2025. The increase was primarily due to an increase in loan fees primarily resulting from the settlement of certain stock warrants and a decrease in net loss on sale of investment securities, partially offset by a decrease in other non-interest income of $4.3 million primarily from a decrease of $1.5 million in gain on sale of leased assets and $1.8 million of fees in Q2 2025 associated with the sunsetting of a loan origination program with a fintech company, which was acquired by a bank.

Non-interest income totaled $30.2 million for Q3 2025, an increase of $21.6 million compared to Q3 2024. The increase was primarily due to $14.3 million of 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 in Q3 2024 and increases in loan fees of $3.4 million primarily resulting from the settlement of certain stock warrants and deposit account fees of $1.8 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 Q3 2024.

Non-Interest Expense

Non-interest expenses totaled $105.2 million in Q3 2025, a decrease of $1.4 million compared to Q2 2025. The decrease was primarily attributable to decreases of $3.4 million in FDIC assessments and $1.6 million in professional fees, partially offset by an increase of $2.9 million in salaries and employee benefits primarily due to higher headcount and incentives.

“As previously communicated, we continued to reinvest a portion of the benefit of our operational excellence initiatives to further strengthen our human capital, risk management and technology infrastructure to support the next phase of growth. Even with these investments our efficiency ratio declined for the fourth consecutive quarter as we drove positive operating leverage,” stated Sam Sidhu.

Non-interest expenses totaled $105.2 million in Q3 2025, an increase of $1.2 million compared to Q3 2024. The increase was primarily attributable to increases of $3.2 million in professional fees including the investment in our risk management infrastructure, $1.7 million in commercial lease depreciation, $1.4 million in occupancy and $1.0 million in salaries and employee benefits associated with the Bank’s growth. These increases were partially offset by decreases of $3.2 million in technology, communication and bank operations primarily due to lower deposit servicing fees, provision for credit losses on unfunded lending commitments and fees paid to a fintech company related to a consumer installment loan origination program.

Taxes

Income tax expense increased by $6.6 million to a provision of $24.6 million in Q3 2025 from $18.0 million in Q2 2025 primarily due to higher pre-tax income, and increased by $25.3 million from a benefit of $0.7 million in Q3 2024 primarily due to higher pre-tax income and lower estimated income tax credits for 2025. The effective tax rate was 24.5% for Q3 2025.

Outlook

“We were very pleased with our third quarter results and remain focused on executing in those areas which differentiate us from our peers. We believe that truly exceptional service, sophisticated product offerings, recruitment of top talent, and a single-point-of-contact service model will deliver sustainable long-term growth. Importantly, our cubiX platform is proving to be a mission-critical real-time payments solution for our commercial clients and our team recruitment strategy is continuing to gain momentum, which we feel will continue to differentiate our company and drive long-term franchise value. We believe we are incredibly well positioned to continue to take market share winning 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.

Webcast

Date:											Friday, October 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 3rd 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 $24 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:

• Named a Top 10 Performing Bank by American Banker for five consecutive years (2021-2025), including the #1 spot in 2024 among midsize banks ($10B to $50B in assets)

• No. 72 out of the 100 largest publicly traded banks in 2025 Forbes Best Banks list

• 2024 Inc. Magazine Best in Business List in Financial Services Category

• Net Promoter Score of 73 compared to industry average of 41

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 ongoing 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; the effects of changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs on its trading partners; 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, 2024, 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.

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS - UNAUDITED
(Dollars in thousands, except per share data and stock price data)			Q3				Q2				Q1				Q4				Q3				Nine Months Ended September 30,
			2025				2025				2025				2024				2024				2025				2024
GAAP Profitability Metrics:
Net income available to common shareholders			$	73,726			$	55,846			$	9,523			$	23,266			$	42,937			$	139,095			$	143,163
Per share amounts:
	Earnings per share - diluted		$	2.20			$	1.73			$	0.29			$	0.71			$	1.31			$	4.24			$	4.37
	Book value per common share		$	59.83			$	56.36			$	54.85			$	54.20			$	53.07			$	59.83			$	53.07
Return on average assets (“ROAA”)				1.26	%			1.09	%			0.23	%			0.48	%			0.88	%			0.87	%			0.97	%
Return on average common equity (“ROCE”)				15.57	%			12.79	%			2.23	%			5.50	%			10.44	%			10.41	%			12.10	%
Net interest margin, tax equivalent				3.46	%			3.27	%			3.13	%			3.11	%			3.06	%			3.30	%			3.16	%
Efficiency ratio				45.39	%			51.23	%			52.94	%			56.86	%			62.40	%			49.62	%			55.97	%
Non-GAAP Profitability Metrics (1):
Core earnings			$	73,473			$	58,147			$	50,002			$	44,168			$	43,838			$	181,622			$	138,937
Per share amounts:
	Core earnings per share - diluted		$	2.20			$	1.80			$	1.54			$	1.36			$	1.34			$	5.54			$	4.24
	Tangible book value per common share		$	59.72			$	56.24			$	54.74			$	54.08			$	52.96			$	59.72			$	52.96
Core ROAA				1.25	%			1.10	%			0.97	%			0.86	%			0.89	%			1.11	%			0.95	%
Core ROCE				15.52	%			13.32	%			11.72	%			10.44	%			10.66	%			13.59	%			11.74	%
Core efficiency ratio				45.40	%			51.56	%			52.69	%			56.12	%			61.69	%			49.65	%			56.29	%
Balance Sheet Trends:
Total assets			$	24,260,163			$	22,550,800			$	22,423,044			$	22,308,241			$	21,456,082			$	24,260,163			$	21,456,082
Total cash and investment securities			$	6,997,783			$	6,234,043			$	6,424,406			$	6,797,562			$	6,564,528			$	6,997,783			$	6,564,528
Total loans and leases			$	16,303,147			$	15,412,400			$	15,097,968			$	14,653,556			$	14,053,116			$	16,303,147			$	14,053,116
Non-interest bearing demand deposits			$	6,380,879			$	5,481,065			$	5,552,605			$	5,608,288			$	4,670,809			$	6,380,879			$	4,670,809
Total deposits			$	20,405,023			$	18,976,018			$	18,932,925			$	18,846,461			$	18,069,389			$	20,405,023			$	18,069,389
Asset Quality:
Net charge-offs			$	15,371			$	13,115			$	17,144			$	14,612			$	17,044			$	45,630			$	53,723
Annualized net charge-offs to average total loans and leases				0.39	%			0.35	%			0.48	%			0.41	%			0.50	%			0.40	%			0.54	%
Nonaccrual / non-performing loans (“NPLs”)			$	28,421			$	28,443			$	43,513			$	43,275			$	47,326			$	28,421			$	47,326
NPLs to total loans and leases				0.17	%			0.18	%			0.29	%			0.30	%			0.34	%			0.17	%			0.34	%
Reserves to NPLs				534.14	%			518.29	%			324.22	%			316.06	%			281.36	%			534.14	%			281.36	%
Non-performing assets (“NPAs”)			$	61,057			$	60,778			$	57,960			$	55,807			$	47,326			$	61,057			$	47,326
NPAs to total assets				0.25	%			0.27	%			0.26	%			0.25	%			0.22	%			0.25	%			0.22	%

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS - UNAUDITED (CONTINUED)
(Dollars in thousands, except per share data and stock price data)			Q3			Q2			Q1			Q4			Q3			Nine Months Ended September 30,
			2025			2025			2025			2024			2024			2025			2024
Capital Metrics:
Common equity to total assets			8.4	%		7.9	%		7.7	%		7.6	%		7.8	%		8.4	%		7.8	%
Tangible common equity to tangible assets (1)			8.4	%		7.9	%		7.7	%		7.6	%		7.7	%		8.4	%		7.7	%
Common equity Tier 1 capital ratio (2)			13.0	%		12.05	%		11.72	%		12.09	%		12.46	%		13.0	%		12.46	%
Total risk based capital ratio (2)			15.4	%		14.49	%		14.61	%		14.88	%		15.36	%		15.4	%		15.36	%
Customers Bank Capital Ratios (2):
Common equity Tier 1 capital to risk-weighted assets			13.3	%		13.00	%		12.40	%		12.96	%		13.64	%		13.3	%		13.64	%
Total capital to risk-weighted assets			14.6	%		14.43	%		13.92	%		14.34	%		15.06	%		14.6	%		15.06	%
Tier 1 capital to average assets (leverage ratio)			8.8	%		8.86	%		8.43	%		8.65	%		9.08	%		8.8	%		9.08	%
Share amounts:
	Average shares outstanding - basic		32,340,813			31,585,390			31,447,623			31,346,920			31,567,797			31,794,547			31,563,660
	Average shares outstanding - diluted		33,460,055			32,374,061			32,490,572			32,557,621			32,766,488			32,778,447			32,773,365
	Shares outstanding		34,163,506			31,606,934			31,479,132			31,346,507			31,342,107			34,163,506			31,342,107
(1) 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.
(2) Regulatory capital ratios are estimated for Q3 2025 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 was phased in at 25% per year beginning on January 1, 2022 through December 31, 2024. As of September 30, 2025, our regulatory capital ratios reflected the full effect of CECL on regulatory capital.

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(Dollars in thousands, except per share data)																					Nine Months Ended
		Q3			Q2				Q1				Q4				Q3				September 30,
		2025			2025				2025				2024				2024				2025				2024
Interest income:
Loans and leases		$	272,131		$	246,869			$	231,008			$	230,534			$	228,659			$	750,008			$	670,923
Investment securities			36,091			37,381				34,339				39,638				46,265				107,811				140,653
Interest earning deposits			49,639			39,972				42,914				48,147				44,372				132,525				142,695
Loans held for sale			1,589			1,806				4,761				9,447				10,907				8,156				36,626
Other			2,029			1,973				1,887				2,140				1,910				5,889				7,031
Total interest income			361,479			328,001				314,909				329,906				332,113				1,004,389				997,928
Interest expense:
Deposits			141,983			134,045				131,308				144,974				155,829				407,336				458,338
FHLB advances			12,945			12,717				11,801				12,595				12,590				37,463				39,512
Subordinated debt			3,251			3,229				3,212				3,349				3,537				9,692				8,960
Other borrowings			1,388			1,307				1,142				1,167				1,612				3,837				4,535
Total interest expense			159,567			151,298				147,463				162,085				173,568				458,328				511,345
Net interest income			201,912			176,703				167,446				167,821				158,545				546,061				486,583
Provision for credit losses			26,543			20,781				28,297				21,194				17,066				75,621				52,257
Net interest income after provision for credit losses			175,369			155,922				139,149				146,627				141,479				470,440				434,326
Non-interest income:
Commercial lease income			11,536			11,056				10,668				10,604				10,093				33,260				30,058
Loan fees			11,443			9,106				7,235				8,639				8,011				27,784				18,524
Bank-owned life insurance			2,165			2,249				4,660				2,125				2,049				9,074				7,317
Mortgage finance transactional fees			1,298			1,175				933				1,010				1,087				3,406				3,091
Net gain (loss) on sale of loans and leases			—			—				2				(852	)			(14,548	)			2				(14,776	)
Net gain (loss) on sale of investment securities			186			(1,797	)			—				(26,260	)			—				(1,611	)			(749	)
Impairment loss on debt securities			—			—				(51,319	)			—				—				(51,319	)			—
Unrealized gain on equity method investments			—			—				—				389				—				—				11,041
Other			3,563			7,817				3,331				3,954				1,865				14,711				6,319
Total non-interest income (loss)			30,191			29,606				(24,490	)			(391	)			8,557				35,307				60,825
Non-interest expense:
Salaries and employee benefits			48,723			45,848				42,674				47,147				47,717				137,245				128,689
Technology, communication and bank operations			10,415			10,382				11,312				13,435				13,588				32,109				51,719
Commercial lease depreciation			9,463			8,743				8,463				8,933				7,811				26,669				23,610
Professional services			12,281			13,850				11,857				13,473				9,048				37,988				21,505
Loan servicing			4,167			4,053				4,630				4,584				3,778				12,850				11,325
Occupancy			4,370			3,551				3,412				3,335				2,987				11,333				8,454
FDIC assessments, non-income taxes and regulatory fees			8,505			11,906				11,750				10,077				7,902				32,161				31,607
Advertising and promotion			636			461				528				1,645				908				1,625				2,844
Other			6,657			7,832				8,145				7,746				10,279				22,634				26,886
Total non-interest expense			105,217			106,626				102,771				110,375				104,018				314,614				306,639
Income before income tax expense (benefit)			100,343			78,902				11,888				35,861				46,018				191,133				188,512
Income tax expense (benefit)			24,598			17,963				(1,024	)			8,946				(725	)			41,537				33,958
Net income			75,745			60,939				12,912				26,915				46,743				149,596				154,554
Preferred stock dividends			2,019			3,185				3,389				3,649				3,806				8,593				11,391
Loss on redemption of preferred stock			—			1,908				—				—				—				1,908				—
Net income available to common shareholders		$	73,726		$	55,846			$	9,523			$	23,266			$	42,937			$	139,095			$	143,163
Basic earnings per common share		$	2.28		$	1.77			$	0.30			$	0.74			$	1.36			$	4.37			$	4.54
Diluted earnings per common share			2.20			1.73				0.29				0.71				1.31				4.24				4.37

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET - UNAUDITED
(Dollars in thousands)
		September 30,				June 30,				March 31,				December 31,				September 30,
		2025				2025				2025				2024				2024
ASSETS
Cash and due from banks		$	57,951			$	72,986			$	62,146			$	56,787			$	39,429
Interest earning deposits			4,127,688				3,430,525				3,366,544				3,729,144				3,048,593
Cash and cash equivalents			4,185,639				3,503,511				3,428,690				3,785,931				3,088,022
Investment securities, at fair value			2,010,820				1,877,406				2,057,555				2,019,694				2,412,069
Investment securities held to maturity			801,324				853,126				938,161				991,937				1,064,437
Loans held for sale			30,897				32,963				37,529				204,794				275,420
Loans and leases receivable			14,673,636				13,719,829				13,555,820				13,127,634				12,527,283
Loans receivable, mortgage finance, at fair value			1,486,978				1,536,254				1,366,460				1,321,128				1,250,413
Loans receivable, installment, at fair value			111,636				123,354				138,159				—				—
Allowance for credit losses on loans and leases			(151,809	)			(147,418	)			(141,076	)			(136,775	)			(133,158	)
Total loans and leases receivable, net of allowance for credit losses on loans and leases			16,120,441				15,232,019				14,919,363				14,311,987				13,644,538
FHLB, Federal Reserve Bank, and other restricted stock			103,290				100,590				96,758				96,214				95,035
Accrued interest receivable			106,379				101,481				105,800				108,351				115,588
Bank premises and equipment, net			15,340				5,978				6,653				6,668				6,730
Bank-owned life insurance			303,212				300,747				298,551				297,641				295,531
Other real estate owned			12,432				12,306				—				—				—
Goodwill and other intangibles			3,629				3,629				3,629				3,629				3,629
Other assets			566,760				527,044				530,355				481,395				455,083
Total assets		$	24,260,163			$	22,550,800			$	22,423,044			$	22,308,241			$	21,456,082
LIABILITIES AND SHAREHOLDERS’ EQUITY
Demand, non-interest bearing deposits		$	6,380,879			$	5,481,065			$	5,552,605			$	5,608,288			$	4,670,809
Interest bearing deposits			14,024,144				13,494,953				13,380,320				13,238,173				13,398,580
Total deposits			20,405,023				18,976,018				18,932,925				18,846,461				18,069,389
FHLB advances			1,195,437				1,195,377				1,133,456				1,128,352				1,117,229
Other borrowings			99,173				99,138				99,103				99,068				99,033
Subordinated debt			182,718				182,649				182,579				182,509				182,439
Accrued interest payable and other liabilities			251,753				234,060				210,421				215,168				186,812
Total liabilities			22,134,104				20,687,242				20,558,484				20,471,558				19,654,902
Preferred stock			82,201				82,201				137,794				137,794				137,794
Common stock			36,161				36,123				35,995				35,758				35,734
Additional paid in capital			662,252				572,473				570,172				575,333				571,609
Retained earnings			1,465,106				1,391,380				1,335,534				1,326,011				1,302,745
Accumulated other comprehensive income (loss), net			(51,089	)			(71,325	)			(67,641	)			(96,560	)			(106,082	)
Treasury stock, at cost			(68,572	)			(147,294	)			(147,294	)			(141,653	)			(140,620	)
Total shareholders’ equity			2,126,059				1,863,558				1,864,560				1,836,683				1,801,180
Total liabilities and shareholders’ equity		$	24,260,163			$	22,550,800			$	22,423,044			$	22,308,241			$	21,456,082

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEET / NET INTEREST MARGIN - UNAUDITED
(Dollars in thousands)
		Three Months Ended
		September 30, 2025								June 30, 2025								September 30, 2024
		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		$	4,409,220		$	49,639		4.47%		$	3,565,168		$	39,972		4.50%		$	3,224,940		$	44,372		5.47%
Investment securities (1)			2,931,351			36,091		4.88%			2,890,878			37,381		5.19%			3,706,974			46,265		4.97%
Loans and leases:
Commercial & industrial:
Specialized lending loans and leases (2)			7,317,299			136,652		7.41%			6,785,684			126,854		7.50%			5,805,389			124,667		8.54%
Other commercial & industrial loans (2)			1,492,155			35,475		9.43%			1,484,528			25,862		6.99%			1,533,057			24,654		6.40%
Mortgage finance loans			1,478,871			18,454		4.95%			1,501,484			18,349		4.90%			1,267,656			17,723		5.56%
Multifamily loans			2,306,373			25,931		4.46%			2,317,381			25,281		4.38%			2,071,340			21,147		4.06%
Non-owner occupied commercial real estate loans			1,635,937			24,148		5.86%			1,581,087			23,003		5.84%			1,411,533			21,065		5.94%
Residential mortgages			551,436			6,647		4.78%			537,008			6,344		4.74%			525,285			6,082		4.61%
Installment loans			938,890			26,413		11.16%			879,972			22,982		10.48%			1,029,812			24,228		9.36%
Total loans and leases (3)			15,720,961			273,720		6.91%			15,087,144			248,675		6.61%			13,644,072			239,566		6.99%
Other interest-earning assets			140,011			2,029		5.75%			133,824			1,973		5.91%			118,914			1,910		6.39%
Total interest-earning assets			23,201,543			361,479		6.19%			21,677,014			328,001		6.07%			20,694,900			332,113		6.39%
Non-interest-earning assets			729,180								685,975								535,504
Total assets		$	23,930,723							$	22,362,989							$	21,230,404
Liabilities
Interest checking accounts		$	4,983,168		$	48,105		3.83%		$	4,935,587		$	47,245		3.84%		$	5,787,026		$	65,554		4.51%
Money market deposit accounts			4,360,446			42,980		3.91%			4,137,035			40,397		3.92%			3,676,994			42,128		4.56%
Other savings accounts			1,485,652			14,724		3.93%			1,325,639			12,767		3.86%			1,563,970			18,426		4.69%
Certificates of deposit			3,108,831			36,174		4.62%			2,852,645			33,636		4.73%			2,339,937			29,721		5.05%
Total interest-bearing deposits (4)			13,938,097			141,983		4.04%			13,250,906			134,045		4.06%			13,367,927			155,829		4.64%
Borrowings			1,429,981			17,584		4.88%			1,417,370			17,253		4.88%			1,334,905			17,739		5.29%
Total interest-bearing liabilities			15,368,078			159,567		4.12%			14,668,276			151,298		4.14%			14,702,832			173,568		4.70%
Non-interest-bearing deposits (4)			6,362,360								5,593,581								4,557,815
Total deposits and borrowings			21,730,438					2.91%			20,261,857					2.99%			19,260,647					3.59%
Other non-interest-bearing liabilities			239,969								221,465								195,722
Total liabilities			21,970,407								20,483,322								19,456,369
Shareholders’ equity			1,960,316								1,879,667								1,774,035
Total liabilities and shareholders’ equity		$	23,930,723							$	22,362,989							$	21,230,404
Net interest income						201,912								176,703								158,545
Tax-equivalent adjustment						360								366								392
Net interest earnings					$	202,272							$	177,069							$	158,937
Interest spread								3.27%								3.07%								2.80%
Net interest margin								3.46%								3.27%								3.05%
Net interest margin tax equivalent (5)								3.46%								3.27%								3.06%
(1) For presentation in this table, average balances and the corresponding average yields for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
(2) Includes owner occupied commercial real estate loans.
(3) Includes non-accrual loans, the effect of which is to reduce the yield earned on loans and leases, and deferred loan fees.
(4) Total costs of deposits (including interest bearing and non-interest bearing) were 2.77%, 2.85% and 3.46% for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, respectively.
(5) Tax-equivalent basis, using an estimated marginal tax rate of 26% for the three months ended September 30, 2025, June 30, 2025 and September 30, 2024, 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)
		Nine Months Ended
		September 30, 2025								September 30, 2024
		Average Balance			Interest Income or Expense			Average Yield or Cost (%)		Average Balance			Interest Income or Expense			Average Yield or Cost (%)
Assets
Interest earning deposits		$	3,946,022		$	132,525		4.49%		$	3,471,011		$	142,695		5.49%
Investment securities (1)			2,973,600			107,811		4.85%			3,736,770			140,653		5.03%
Loans and leases:
Commercial & industrial:
Specialized lending loans and leases (2)			6,862,095			384,457		7.49%			5,507,963			361,234		8.76%
Other commercial & industrial loans (2)			1,506,324			85,270		7.57%			1,575,815			76,487		6.48%
Mortgage finance loans			1,411,814			51,555		4.88%			1,151,173			45,640		5.30%
Multifamily loans			2,299,335			74,876		4.35%			2,100,501			63,863		4.06%
Non-owner occupied commercial real estate loans			1,589,446			68,715		5.78%			1,385,685			61,714		5.95%
Residential mortgages			539,762			19,219		4.76%			522,876			17,745		4.53%
Installment loans			919,021			74,072		10.78%			1,131,633			80,866		9.55%
Total loans and leases (3)			15,127,797			758,164		6.70%			13,375,646			707,549		7.07%
Other interest-earning assets			133,921			5,889		5.88%			112,365			7,031		8.36%
Total interest-earning assets			22,181,340			1,004,389		6.05%			20,695,792			997,928		6.44%
Non-interest-earning assets			694,136								487,991
Total assets		$	22,875,476							$	21,183,783
Liabilities
Interest checking accounts		$	5,090,947		$	145,253		3.81%		$	5,682,240		$	191,132		4.49%
Money market deposit accounts			4,128,528			121,144		3.92%			3,419,880			117,106		4.57%
Other savings accounts			1,322,135			38,182		3.86%			1,708,625			61,008		4.77%
Certificates of deposit			2,905,047			102,757		4.73%			2,374,982			89,092		5.01%
Total interest-bearing deposits (4)			13,446,657			407,336		4.05%			13,185,727			458,338		4.64%
Borrowings			1,398,401			50,992		4.88%			1,431,520			53,007		4.95%
Total interest-bearing liabilities			14,845,058			458,328		4.13%			14,617,247			511,345		4.67%
Non-interest-bearing deposits (4)			5,891,249								4,626,580
Total deposits and borrowings			20,736,307					2.95%			19,243,827					3.55%
Other non-interest-bearing liabilities			235,938								221,278
Total liabilities			20,972,245								19,465,105
Shareholders’ equity			1,903,231								1,718,678
Total liabilities and shareholders’ equity		$	22,875,476							$	21,183,783
Net interest income						546,061								486,583
Tax-equivalent adjustment						1,089								1,179
Net interest earnings					$	547,150							$	487,762
Interest spread								3.10%								2.89%
Net interest margin								3.29%								3.15%
Net interest margin tax equivalent (5)								3.30%								3.16%
(1) For presentation in this table, average balances and the corresponding average yields for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
(2) Includes owner occupied commercial real estate loans.
(3) Includes non-accrual loans, the effect of which is to reduce the yield earned on loans and leases, and deferred loan fees.
(4) Total costs of deposits (including interest bearing and non-interest bearing) were 2.82% and 3.44% for the nine months ended September 30, 2025 and 2024, respectively.
(5) Tax-equivalent basis, using an estimated marginal tax rate of 26% for the nine months ended September 30, 2025 and 2024, presented to approximate interest income as a taxable asset.

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
PERIOD END LOAN AND LEASE COMPOSITION - UNAUDITED
(Dollars in thousands)
		September 30,			June 30,			March 31,			December 31,			September 30,
		2025			2025			2025			2024			2024
Loans and leases held for investment
Commercial:
Commercial & industrial:
Specialized lending		$	7,083,620		$	6,454,661		$	6,070,093		$	5,842,420		$	5,468,507
Other commercial & industrial			1,056,173			1,037,684			1,062,933			1,062,631			1,087,222
Mortgage finance			1,577,038			1,625,764			1,477,896			1,440,847			1,367,617
Multifamily			2,356,590			2,247,282			2,322,123			2,252,246			2,115,978
Commercial real estate owner occupied			1,058,741			1,065,006			1,139,126			1,100,944			981,904
Commercial real estate non-owner occupied			1,582,332			1,497,385			1,438,906			1,359,130			1,326,591
Construction			123,290			98,626			154,647			147,209			174,509
Total commercial loans and leases			14,837,784			14,026,408			13,665,724			13,205,427			12,522,328
Consumer:
Residential			514,544			520,570			496,772			496,559			500,786
Manufactured housing			28,749			30,287			31,775			33,123			34,481
Installment:
Personal			570,768			457,728			493,276			463,854			453,739
Other			320,405			344,444			372,892			249,799			266,362
Total installment loans			891,173			802,172			866,168			713,653			720,101
Total consumer loans			1,434,466			1,353,029			1,394,715			1,243,335			1,255,368
Total loans and leases held for investment		$	16,272,250		$	15,379,437		$	15,060,439		$	14,448,762		$	13,777,696
Loans held for sale
Commercial:
Commercial real estate non-owner occupied		$	4,700		$	—		$	—		$	—		$	—
Total commercial loans and leases			4,700			—			—			—			—
Consumer:
Residential			2,229			5,180			1,465			1,836			2,523
Installment:
Personal			23,728			27,682			36,000			40,903			55,799
Other			240			101			64			162,055			217,098
Total installment loans			23,968			27,783			36,064			202,958			272,897
Total consumer loans			26,197			32,963			37,529			204,794			275,420
Total loans held for sale		$	30,897		$	32,963		$	37,529		$	204,794		$	275,420
Total loans and leases portfolio		$	16,303,147		$	15,412,400		$	15,097,968		$	14,653,556		$	14,053,116

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
PERIOD END DEPOSIT COMPOSITION - UNAUDITED
(Dollars in thousands)
		September 30,			June 30,			March 31,			December 31,			September 30,
		2025			2025			2025			2024			2024
Demand, non-interest bearing		$	6,380,879		$	5,481,065		$	5,552,605		$	5,608,288		$	4,670,809
Demand, interest bearing			5,050,437			4,912,839			5,137,961			5,553,698			5,606,500
Total demand deposits			11,431,316			10,393,904			10,690,566			11,161,986			10,277,309
Savings			1,554,533			1,375,072			1,327,854			1,131,819			1,399,968
Money market			4,339,371			4,206,516			4,057,458			3,844,451			3,961,028
Time deposits			3,079,803			3,000,526			2,857,047			2,708,205			2,431,084
Total deposits		$	20,405,023		$	18,976,018		$	18,932,925		$	18,846,461		$	18,069,389

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
ASSET QUALITY - UNAUDITED
(Dollars in thousands)
		As of September 30, 2025									As of June 30, 2025									As of September 30, 2024
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		$	8,229,853		$	34,395		0.42	%		$	7,581,855		$	36,262		0.48	%		$	6,672,933		$	25,191		0.38	%
Multifamily			2,356,590			19,973		0.85	%			2,247,282			20,864		0.93	%			2,115,978			18,090		0.85	%
Commercial real estate owner occupied			1,058,741			10,991		1.04	%			1,065,006			12,514		1.18	%			981,904			10,913		1.11	%
Commercial real estate non-owner occupied			1,582,332			19,784		1.25	%			1,497,385			20,679		1.38	%			1,326,591			17,303		1.30	%
Construction			123,290			1,978		1.60	%			98,626			2,160		2.19	%			174,509			1,606		0.92	%
Total commercial loans and leases receivable			13,350,806			87,121		0.65	%			12,490,154			92,479		0.74	%			11,271,915			73,103		0.65	%
Consumer:
Residential			514,544			6,345		1.23	%			520,570			6,331		1.22	%			500,786			5,838		1.17	%
Manufactured housing			28,749			3,508		12.20	%			30,287			3,721		12.29	%			34,481			4,080		11.83	%
Installment			779,537			54,835		7.03	%			678,818			44,887		6.61	%			720,101			50,137		6.96	%
Total consumer loans receivable			1,322,830			64,688		4.89	%			1,229,675			54,939		4.47	%			1,255,368			60,055		4.78	%
Loans and leases receivable held for investment			14,673,636			151,809		1.03	%			13,719,829			147,418		1.07	%			12,527,283			133,158		1.06	%
Loans receivable, mortgage finance, at fair value			1,486,978			—		—	%			1,536,254			—		—	%			1,250,413			—		—	%
Loans receivable, installment, at fair value			111,636			—		—	%			123,354			—		—	%			—			—		—	%
Loans held for sale			30,897			—		—	%			32,963			—		—	%			275,420			—		—	%
Total loans and leases portfolio		$	16,303,147		$	151,809		0.93	%		$	15,412,400		$	147,418		0.96	%		$	14,053,116		$	133,158		0.95	%

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
ASSET QUALITY - UNAUDITED (CONTINUED)
(Dollars in thousands)
		As of September 30, 2025									As of June 30, 2025									As of September 30, 2024
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		$	4,430		0.05	%		776.41	%		$	4,218		0.06	%		859.70	%		$	4,615		0.07	%		545.85	%
Multifamily			—		—	%		—	%			—		—	%		—	%			11,834		0.56	%		152.86	%
Commercial real estate owner occupied			3,932		0.37	%		279.53	%			7,005		0.66	%		178.64	%			8,613		0.88	%		126.70	%
Commercial real estate non-owner occupied			—		—	%		—	%			62		0.00	%		33353.23	%			763		0.06	%		2267.76	%
Construction			—		—	%		—	%			—		—	%		—	%			—		—	%		—	%
Total commercial loans and leases receivable			8,362		0.06	%		1041.87	%			11,285		0.09	%		819.49	%			25,825		0.23	%		283.07	%
Consumer:
Residential			7,631		1.48	%		83.15	%			8,234		1.58	%		76.89	%			7,997		1.60	%		73.00	%
Manufactured housing			1,315		4.57	%		266.77	%			1,608		5.31	%		231.41	%			1,869		5.42	%		218.30	%
Installment			4,225		0.54	%		1297.87	%			4,944		0.73	%		907.91	%			6,328		0.88	%		792.30	%
Total consumer loans receivable			13,171		1.00	%		491.14	%			14,786		1.20	%		371.56	%			16,194		1.29	%		370.85	%
Loans and leases receivable			21,533		0.15	%		705.01	%			26,071		0.19	%		565.45	%			42,019		0.34	%		316.90	%
Loans receivable, mortgage finance, at fair value			—		—	%		—	%			—		—	%		—	%			—		—	%		—	%
Loans receivable, installment, at fair value			1,872		1.68	%		—	%			1,961		1.59	%		—	%			—		—	%		—	%
Loans held for sale			5,016		16.23	%		—	%			411		1.25	%		—	%			5,307		1.93	%		—	%
Total loans and leases portfolio		$	28,421		0.17	%		534.14	%		$	28,443		0.18	%		518.29	%		$	47,326		0.34	%		281.36	%

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
NET CHARGE-OFFS/(RECOVERIES) - UNAUDITED
(Dollars in thousands)
		Q3			Q2				Q1				Q4				Q3				Nine Months Ended September 30,
		2025			2025				2025				2024				2024				2025				2024
Loan type
Commercial & industrial, including specialized lending		$	2,180		$	3,871			$	3,231			$	3,653			$	5,056			$	9,282			$	14,393
Multifamily			—			—				3,834				—				2,167				3,834				4,073
Commercial real estate owner occupied			335			411				16				339				4				762				26
Commercial real estate non-owner occupied			3,073			—				—				145				—				3,073				—
Construction			—			(3	)			(3	)			—				(3	)			(6	)			(10	)
Residential			25			(4	)			—				(18	)			(21	)			21				(23	)
Installment			9,758			8,840				10,066				10,493				9,841				28,664				35,264
Total net charge-offs (recoveries) from loans held for investment		$	15,371		$	13,115			$	17,144			$	14,612			$	17,044			$	45,630			$	53,723

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
LOANS AND LEASES RISK RATINGS - UNAUDITED
(Dollars in thousands)
		September 30,			June 30,			March 31,			December 31,			September 30,
		2025			2025			2025			2024			2024
Loans and leases (1) risk ratings:
Commercial loans and leases
Pass		$	12,927,467		$	12,047,656		$	11,815,403		$	11,403,930		$	10,844,500
Special Mention			187,794			174,587			189,155			175,055			178,026
Substandard			230,079			256,849			276,018			282,563			218,921
Total commercial loans and leases			13,345,340			12,479,092			12,280,576			11,861,548			11,241,447
Consumer loans
Performing			1,308,987			1,209,377			1,242,753			1,227,359			1,240,581
Non-performing			13,843			20,298			13,803			15,976			14,787
Total consumer loans			1,322,830			1,229,675			1,256,556			1,243,335			1,255,368
Loans and leases receivable (1)		$	14,668,170		$	13,708,767		$	13,537,132		$	13,104,883		$	12,496,815
(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, loans receivable, installment, at fair value and eligible PPP loans that are fully guaranteed by the Small Business Administration.

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. Starting in Q3 2025, certain adjustments to GAAP measures were no longer included as our intention going forward is to limit these adjustments to those items of greatest significance.
The following tables present reconciliations of GAAP to non-GAAP measures disclosed within this document.
Core Earnings and Adjusted Core Earnings - Customers Bancorp																																								Nine Months Ended September 30,
	Q3 2025								Q2 2025								Q1 2025							Q4 2024								Q3 2024								2025								2024
(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	$	73,726			$	2.20			$	55,846			$	1.73			$	9,523			$	0.29		$	23,266			$	0.71			$	42,937			$	1.31			$	139,095			$	4.24			$	143,163			$	4.37
Reconciling items (after tax):
Severance expense		—				—				—				—				—				—			1,198				0.04				540				0.02				—				—				2,468				0.08
Impairment loss on debt securities		—				—				—				—				39,875				1.23			—				—				—				—				39,875				1.22				—				—
Legal settlement		—				—				—				—				—				—			157				0.00				—				—				—				—				—				—
(Gains) losses on investment securities		(253	)			(0.01	)			1,388				0.04				(124	)			0.00			20,035				0.62				(322	)			(0.01	)			1,011				0.03				296				0.01
Derivative credit valuation adjustment		—				—				—				—				210				0.01			(306	)			(0.01	)			185				0.01				210				0.01				310				0.01
FDIC special assessment		—				—				—				—				—				—			—				—				—				—				—				—				518				0.02
Unrealized (gain) on equity method investments		—				—				—				—				—				—			(292	)			(0.01	)			—				—				—				—				(8,316	)			(0.25	)
Loss on redemption of preferred stock		—				—				1,908				0.06				—				—			—				—				—				—				1,908				0.06				—				—
Unrealized (gain) loss on loans held for sale		—				—				(223	)			(0.01	)			518				0.02			110				0.00				498				0.02				295				0.01				498				0.02
Loan program termination fees		—				—				(772	)			(0.02	)			—				—			—				—				—				—				(772	)			(0.02	)			—				—
Core earnings	$	73,473			$	2.20			$	58,147			$	1.80			$	50,002			$	1.54		$	44,168			$	1.36			$	43,838			$	1.34			$	181,622			$	5.54			$	138,937			$	4.24

Core Return on Average Assets and Adjusted Core Return on Average Assets - Customers Bancorp																						Nine Months Ended September 30,
(Dollars in thousands, except per share data)		Q3 2025				Q2 2025				Q1 2025				Q4 2024				Q3 2024				2025				2024
GAAP net income		$	75,745			$	60,939			$	12,912			$	26,915			$	46,743			$	149,596			$	154,554
Reconciling items (after tax):
Severance expense			—				—				—				1,198				540				—				2,468
Impairment loss on debt securities			—				—				39,875				—				—				39,875				—
Legal settlement			—				—				—				157				—				—				—
(Gains) losses on investment securities			(253	)			1,388				(124	)			20,035				(322	)			1,011				296
Derivative credit valuation adjustment			—				—				210				(306	)			185				210				310
FDIC special assessment			—				—				—				—				—				—				518
Unrealized (gain) on equity method investments			—				—				—				(292	)			—				—				(8,316	)
Unrealized (gain) loss on loans held for sale			—				(223	)			518				110				498				295				498
Loan program termination fees			—				(772	)			—				—				—				(772	)			—
Core net income		$	75,492			$	61,332			$	53,391			$	47,817			$	47,644			$	190,215			$	150,328
Average total assets		$	23,930,723			$	22,362,989			$	22,314,963			$	22,179,970			$	21,230,404			$	22,875,476			$	21,183,783
Core return on average assets			1.25	%			1.10	%			0.97	%			0.86	%			0.89	%			1.11	%			0.95	%

Core Return on Average Common Equity and Adjusted Core Return on Average Common Equity - Customers Bancorp																						Nine Months Ended September 30,
(Dollars in thousands, except per share data)		Q3 2025				Q2 2025				Q1 2025				Q4 2024				Q3 2024				2025				2024
GAAP net income to common shareholders		$	73,726			$	55,846			$	9,523			$	23,266			$	42,937			$	139,095			$	143,163
Reconciling items (after tax):
Severance expense			—				—				—				1,198				540				—				2,468
Impairment loss on debt securities			—				—				39,875				—				—				39,875				—
Legal settlement			—				—				—				157				—				—				—
(Gains) losses on investment securities			(253	)			1,388				(124	)			20,035				(322	)			1,011				296
Derivative credit valuation adjustment			—				—				210				(306	)			185				210				310
FDIC special assessment			—				—				—				—				—				—				518
Unrealized (gain) on equity method investments			—				—				—				(292	)			—				—				(8,316	)
Loss on redemption of preferred stock			—				1,908				—				—				—				1,908				—
Unrealized (gain) loss on loans held for sale			—				(223	)			518				110				498				295				498
Loan program termination fees			—				(772	)			—				—				—				(772	)			—
Core earnings		$	73,473			$	58,147			$	50,002			$	44,168			$	43,838			$	181,622			$	138,937
Average total common shareholders’ equity		$	1,878,115			$	1,751,037			$	1,730,910			$	1,683,838			$	1,636,242			$	1,787,227			$	1,580,885
Core return on average common equity			15.52	%			13.32	%			11.72	%			10.44	%			10.66	%			13.59	%			11.74	%

Core Efficiency Ratio and Adjusted Core Efficiency Ratio - Customers Bancorp																						Nine Months Ended September 30,
(Dollars in thousands, except per share data)		Q3 2025				Q2 2025				Q1 2025				Q4 2024				Q3 2024				2025				2024
GAAP net interest income		$	201,912			$	176,703			$	167,446			$	167,821			$	158,545			$	546,061			$	486,583
GAAP non-interest income (loss)		$	30,191			$	29,606			$	(24,490	)		$	(391	)		$	8,557			$	35,307			$	60,825
(Gains) losses on investment securities			(334	)			1,797				(160	)			26,678				(394	)			1,303				425
Derivative credit valuation adjustment			—				—				270				(407	)			226				270				390
Unrealized (gain) on equity method investments			—				—				—				(389	)			—				—				(11,041	)
Unrealized (gain) loss on loans held for sale			—				(289	)			667				147				607				378				607
Impairment loss on debt securities			—				—				51,319				—				—				51,319				—
Loan program termination fees			—				(1,000	)			—				—				—				(1,000	)			—
Core non-interest income			29,857				30,114				27,606				25,638				8,996				87,577				51,206
Core revenue		$	231,769			$	206,817			$	195,052			$	193,459			$	167,541			$	633,638			$	537,789
GAAP non-interest expense		$	105,217			$	106,626			$	102,771			$	110,375			$	104,018			$	314,614			$	306,639
Severance expense			—				—				—				(1,595	)			(659	)			—				(3,219	)
FDIC special assessment			—				—				—				—				—				—				(683	)
Legal settlement			—				—				—				(209	)			—				—				—
Core non-interest expense		$	105,217			$	106,626			$	102,771			$	108,571			$	103,359			$	314,614			$	302,737
Core efficiency ratio (1)			45.40	%			51.56	%			52.69	%			56.12	%			61.69	%			49.65	%			56.29	%
(1) Core efficiency ratio calculated as core non-interest expense divided by core revenue.

Tangible Common Equity to Tangible Assets - Customers Bancorp
(Dollars in thousands, except per share data)		Q3 2025				Q2 2025				Q1 2025				Q4 2024				Q3 2024
GAAP total shareholders’ equity		$	2,126,059			$	1,863,558			$	1,864,560			$	1,836,683			$	1,801,180
Reconciling items:
Preferred stock			(82,201	)			(82,201	)			(137,794	)			(137,794	)			(137,794	)
Goodwill and other intangibles			(3,629	)			(3,629	)			(3,629	)			(3,629	)			(3,629	)
Tangible common equity		$	2,040,229			$	1,777,728			$	1,723,137			$	1,695,260			$	1,659,757
GAAP total assets		$	24,260,163			$	22,550,800			$	22,423,044			$	22,308,241			$	21,456,082
Reconciling items:
Goodwill and other intangibles			(3,629	)			(3,629	)			(3,629	)			(3,629	)			(3,629	)
Tangible assets		$	24,256,534			$	22,547,171			$	22,419,415			$	22,304,612			$	21,452,453
Tangible common equity to tangible assets			8.4	%			7.9	%			7.7	%			7.6	%			7.7	%

Tangible Book Value per Common Share - Customers Bancorp
(Dollars in thousands, except share and per share data)		Q3 2025				Q2 2025				Q1 2025				Q4 2024				Q3 2024
GAAP total shareholders’ equity		$	2,126,059			$	1,863,558			$	1,864,560			$	1,836,683			$	1,801,180
Reconciling Items:
Preferred stock			(82,201	)			(82,201	)			(137,794	)			(137,794	)			(137,794	)
Goodwill and other intangibles			(3,629	)			(3,629	)			(3,629	)			(3,629	)			(3,629	)
Tangible common equity		$	2,040,229			$	1,777,728			$	1,723,137			$	1,695,260			$	1,659,757
Common shares outstanding			34,163,506				31,606,934				31,479,132				31,346,507				31,342,107
Tangible book value per common share		$	59.72			$	56.24			$	54.74			$	54.08			$	52.96

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20251022542484/en/

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

Source: Customers Bancorp, Inc.