Customers Bancorp, Inc. CUBI Income Statement

Customers bancorp, inc. (CUBI)

Income statement / Yearly

Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09
Interest income:
Loans and leases
431,491	373,234	339,936	302,818	233,833	146,388	82,580	70,510	41,398	28,929	12,142
Loans held for sale
-	-	-	-	-	30,801	38,140	15,950	5,279	-	-
Investment securities
23,713	33,209	25,153	14,293	10,405	10,386	6,314	6,731	14,149	1,382	1,140
Loans receivable, non-taxable, including fees
-	-	-	-	-	-	-	-	-	92	-
Investment securities, non-taxable
-	-	-	-	-	-	-	-	-	110	191
Other
8,535	11,508	7,761	5,428	5,612	2,852	1,122	623	419	394	13
Total interest income
463,739	417,951	372,850	322,539	249,850	190,427	128,156	93,814	61,245	30,907	13,486
Interest expense:
Deposits
141,464	110,808	67,582	48,268	33,982	24,454	21,020	21,076	21,861	11,112	5,729
FHLB advances
26,519	31,043	21,130	11,597	6,743	5,194	1,192	606	447	366	461
Subordinated debt
6,983	6,737	6,739	6,739	6,739	3,514	65	69	-	68	146
Federal funds purchased and other borrowings
11,463	11,486	10,056	6,438	6,096	5,342	2,024	10	66	-	-
Federal funds purchased
-	-	-	-	-	-	-	-	2	0	-
Securities sold under repurchase agreements
-	-	-	-	-	-	-	-	88	0	-
Total interest expense
186,429	160,074	105,507	73,042	53,560	38,504	24,301	21,761	22,464	11,546	6,336
Net interest income
277,310	257,877	267,343	249,497	196,290	151,923	103,855	72,053	38,781	19,361	7,150
Provision for credit losses on loans and leases
24,227	5,642	6,768	3,041	20,566	14,747	2,236	14,270	7,495	10,397	11,778
Net interest income after provision for credit losses on loans and leases
253,083	252,235	260,575	246,456	175,724	137,176	101,619	57,783	31,286	8,964	-4,628
Non-interest income:
Non-interest income
46,720	43,239	55,961	-	-	-	-	-	-	-	-
Commercial lease income
12,051	5,354	647	0	-	-	-	-	-	-	-
Bank-owned life insurance
7,272	7,620	7,219	4,736	7,006	3,702	2,482	1,332	1,404	228	229
Mortgage warehouse transactional fees
7,128	7,158	9,345	11,547	10,394	8,233	12,962	12,289	5,581	2,631	70
Gain (loss) on sale of SBA and other loans
2,800	3,300	4,200	3,685	4,047	3,125	852	357	329	98	0
Bargain purchase gains on bank acquisitions
-	-	-	-	-	-	-	-	-	40,254	0
Accretion of FDIC loss sharing receivable
-	-	-	-	-	-	-	-	-	0	0
Loss on sale of other real estate owned
-	-	-	-	-	-	-	-	-	-	-31
Mortgage banking income
66	606	875	969	741	2,048	1,142	0	0	-	-
Loss upon acquisition of interest-only GNMA securities
7,476	0	0	-	-	-	-	-	-	-	-
Impairment loss on investment securities
0	0	12,934	-	-	-	-	-	-	-	-
Gain (loss) on sale of investment securities
1,001	-18,659	8,800	25	-85	3,191	1,274	9,017	2,731	1,114	236
Unrealized gain (loss) on investment securities
1,299	-1,634	0	-	-	-	-	-	-	-	-
Other than Temporary Impairment Losses, Investments, Portion Recognized in Earnings, Net
-	-	-	7,262	0	0	-	-	-	-	15
Interchange and card revenue
-	-	-	-	557	532	-	-	-	-	-
Deposit fees
-	-	-	-	944	801	675	481	436	375	458
Other
15,071	16,740	9,187	9,922	4,113	3,494	3,316	5,482	988	970	96
Total non-interest income
80,938	58,998	78,910	56,370	27,717	25,126	22,703	28,958	11,469	45,670	1,043
Non-interest expense:
Salaries and employee benefits
107,632	104,841	95,518	80,641	58,777	46,083	35,493	23,846	16,602	14,031	4,267
Technology, communication and bank operations
43,481	44,454	45,885	26,839	10,596	8,466	6,607	2,805	1,797	2,431	1,000
Professional services
25,109	20,237	28,051	20,684	11,042	7,218	5,548	3,468	5,124	2,833	510
Occupancy
13,098	11,809	11,161	10,327	8,668	8,063	6,552	6,816	4,286	1,897	1,261
Commercial lease depreciation
9,473	4,388	522	0	-	-	-	-	-	-	-
FDIC assessments, non-income taxes, and regulatory fees
5,861	8,642	7,906	13,097	10,728	11,116	5,568	3,037	2,366	1,613	892
Provision for operating losses
9,638	5,616	6,435	3,517	140	-	-	-	-	-	-
Advertising and promotion
4,044	2,446	1,470	1,549	1,475	1,180	1,274	1,219	994	1,007	191
Loan workout and other real estate owned
-	-	-	-	-	-	-	-	-	-	531
Impairment and losses on other real estate owned
-	-	-	-	-	-	-	-	-	-	350
Merger and acquisition related expenses
100	4,391	410	1,195	0	-	-	-	531	0	0
Loan workout
1,687	2,183	2,366	2,063	1,127	1,706	2,245	2,243	1,429	682	-
Other real estate owned
-398	-449	-570	1,953	2,516	3,601	1,365	-85	809	702	-
Loss contingency
-	-	-	-	-	-	2,000	0	0	-	-
Stock offering expenses
-	-	-	-	-	-	-	1,437	0	0	-
Other
11,380	10,723	15,312	16,366	9,877	9,355	7,372	5,865	2,948	972	648
Total non-interest expense
231,901	220,179	215,606	178,231	114,946	96,788	74,024	50,651	36,886	26,168	9,650
Income before income tax expense
102,120	91,054	123,879	124,595	88,495	65,514	50,298	36,090	5,869	28,466	-13,235
Income tax expense
22,793	19,359	45,042	45,893	29,912	20,982	17,604	12,272	1,835	4,731	0
Net income from continuing operations
-	-	-	-	-	44,532	-	-	-	-	-
Loss from discontinued operations before income tax benefit
-	-	-	-	-	-2,126	-	-	-	-	-
Income tax benefit from discontinued operations
-	-	-	-	-	-808	-	-	-	-	-
Net loss from discontinued operations
-	-	-	-	-	-1,318	-	-	-	-	-
Net income
79,327	71,695	78,837	78,702	58,583	43,214	32,694	23,818	4,034	23,735	-13,235
Preferred stock dividends
14,459	14,459	14,459	9,515	2,493	0	0	-	44	0	0
Net income (loss) available to common shareholders
64,868	57,236	64,378	69,187	56,090	43,214	32,694	-	3,990	23,735	-13,235
Basic earnings per common share from continuing operations (usd per share)
-	-	-	-	-	1.67	-	-	-	-	-
Basic earnings (loss) per common share (usd per share)
2.08	1.81	2.10	2.51	2.09	1.62	1.34	1.61	0.40	3.78	-10.98
Diluted earnings per common share from continuing operations (usd per share)
-	-	-	-	-	1.59	-	-	-	-	-
Diluted earnings (loss) per common share (usd per share)
2.05	1.78	1.97	2.31	1.96	1.55	1.30	1.57	0.39	3.69	-10.98
Interchange and card revenue
Non-interest income
28,941	30,695	41,509	24,681	-	-	-	-	-	-	-
Deposit fees
Non-interest income
12,815	7,824	10,039	8,067	-	-	-	-	-	-	-