Customers Bancorp Reports Results for Third Quarter 2024

Customers Bancorp Reports Results for Third Quarter 2024

CUSTOMERS BANCORP INC

Realtime	Geld	Brief	Zeit
	45,400	46,200	21.12.
	45,200	46,200	20.12.

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

Third Quarter 2024 Highlights

Q3 2024 net income available to common shareholders was $42.9 million, or $1.31 per diluted share; ROAA was 0.88% and ROCE was 10.44%.
Q3 2024 core earnings*¹ were $43.8 million, or $1.34 per diluted share; Core ROAA* was 0.89% and Core ROCE* was 10.66%.
CET 1 ratio of 12.5%² at September 30, 2024, compared to 12.8% at June 30, 2024, above the 11.5% target.
TCE / TA ratio* of 7.7% at September 30, 2024, compared to 7.7% at June 30, 2024, above the 7.5% target.
Total loans and leases held for investment grew by $520.8 million in Q3 2024 from Q2 2024 or 16% annualized.
Q3 2024 deposit inflows from commercial customers of $1.1 billion funded the paydown of $0.7 billion of higher-cost commercial and consumer deposits. Total deposits increased by $391.3 million in Q3 2024 from Q2 2024.
Total estimated insured deposits were 75%³ of total deposits at September 30, 2024, with immediately available liquidity covering estimated uninsured deposits³ by approximately 183%.
Q3 2024 net interest margin, tax equivalent ("NIM") was 3.06%, compared to Q2 2024 NIM of 3.29% primarily due to lower discount accretion and prepayment income in Q3 2024 as well as lower average consumer installment loan balances and securities portfolio repositioning.
Non-performing assets were $47.3 million, or 0.22% of total assets, at September 30, 2024 compared to 0.23% at June 30, 2024.
Q3 2024 provision for credit losses on loans and leases was $17.8 million compared to $17.9 million in Q2 2024 and the allowance for credit losses on loans and leases equaled 281% of non-performing loans at September 30, 2024, compared to 280% at June 30, 2024.
Q3 2024 book value per share and tangible book value per share* both grew by approximately $2.26, or 4.5% over Q2 2024, or 17.7% annualized, with a tangible book value per share* of $52.96 at September 30, 2024. This was driven by current quarter earnings and a decrease in AOCI losses of $25.3 million.

CEO Commentary

"Customers Bancorp continued to deliver on its strategic priorities to grow our franchise value through lower-cost and granular deposit inflows and diversified loan growth while we manage our operational risks," said Customers Bancorp Chairman and CEO Jay Sidhu. "We have strong momentum as we pursue phase two of our deposit transformation strategy - remixing existing higher-cost business unit deposits*¹ and brokered deposits into core lower-cost and granular deposits. We started the year with robust pipeline within our existing businesses which has been materially enhanced by the new commercial banking teams that joined Customers in April. In the quarter, we utilized deposit growth from commercial customers of $1.1 billion to paydown $0.7 billion of higher-cost commercial and consumer client deposits. In the third quarter, these inflows were, once again, broad-based with more than 25 different channels increasing balances and 70% of channels contributing $25 million or more. Our new deposit focused commercial banking teams have opened over 3,000 new deposit accounts since joining and gathered $536 million in deposits at an interest rate of approximately 2.9% with approximately 30% being non-interest bearing. Our deposit pipelines continue to grow with an extraordinary conversion ratio. We repurchased 373,974 shares of common stock under the previously authorized share repurchase program at an average price below Tangible Book Value per share*. Even with the share repurchase and balance sheet growth, our TCE / TA ratio* remained flat. Enhanced by the addition of our new banking teams, we believe we are extremely well-positioned to continue to strengthen our deposit franchise, improve our profitability, and maintain our already strong capital ratios," stated Jay Sidhu.

"Our Q3 2024 GAAP earnings were $42.9 million, or $1.31 per diluted share, and core earnings* were $43.8 million, or $1.34 per diluted share. At September 30, 2024, our deposit base was well diversified, with approximately 75%² of total deposits insured. We maintain a strong liquidity position, with $8.3 billion of liquidity immediately available, which covers approximately 183% of uninsured deposits² and our loan to deposit ratio was 78%. We continue to focus loan production where we have a holistic and primary relationship. Total loans and leases held for investment grew by $520.8 million which represent a 16% annualized growth rate, driven by strong commercial loan growth of $539.5 million. Our loan pipeline continued to build during the third quarter, and we remain confident in achieving the 10% - 15% loan growth outlook previously provided. We continue to hold strong levels of liquidity and capital to support the needs of our customers. Asset quality remains strong, and a clear differentiator for us, with our NPA ratio at just 0.22% of total assets and reserve levels are robust at 281% of total non-performing loans at the end of Q3 2024. Total net charge-offs declined by $1.7 million and the combined level of special mention and substandard commercial loans declined by $44.0 million during the quarter. 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 $52.96. We are excited and optimistic about the opportunities ahead which have been enhanced by the addition of the new banking teams," Jay Sidhu continued.

Financial Highlights

(Dollars in thousands, except per share data)	At or Three Months Ended						Increase (Decrease)
(Dollars in thousands, except per share data)	September 30, 2024			June 30, 2024			Increase (Decrease)
Profitability Metrics:
Net income available for common shareholders	$	42,937		$	54,300		$	(11,363	)	(20.9	)%
Diluted earnings per share	$	1.31		$	1.66		$	(0.35	)	(21.1	)%
Core earnings*	$	43,838		$	48,567		$	(4,729	)	(9.7	)%
Adjusted core earnings*	$	41,381		$	48,567		$	(7,186	)	(14.8	)%
Core earnings per share*	$	1.34		$	1.49		$	(0.15	)	(10.1	)%
Adjusted core earnings per share*	$	1.26		$	1.49		$	(0.23	)	(15.4	)%
Return on average assets ("ROAA")		0.88	%		1.11	%		(0.23	)
Core ROAA*		0.89	%		1.00	%		(0.11	)
Adjusted core ROAA*		0.85	%		1.00	%		(0.15	)
Return on average common equity ("ROCE")		10.44	%		13.85	%		(3.41	)
Core ROCE*		10.66	%		12.39	%		(1.73	)
Adjusted core ROCE*		10.06	%		12.39	%		(2.33	)
Core pre-tax pre-provision net income*	$	64,824		$	89,220		$	(24,396	)	(27.3	)%
Adjusted core pre-tax pre-provision net income*	$	61,827		$	89,220		$	(27,393	)	(30.7	)%
Net interest margin, tax equivalent		3.06	%		3.29	%		(0.23	)
Yield on loans (Loan yield)		6.99	%		7.17	%		(0.18	)
Cost of deposits		3.46	%		3.40	%		0.06
Efficiency ratio		62.40	%		51.87	%		10.53
Core efficiency ratio*		61.69	%		53.47	%		8.22
Adjusted core efficiency ratio*		63.48	%		53.47	%		10.01
Non-interest expense to average total assets		1.95	%		1.98	%		(0.03	)
Core non-interest expense to average total assets*		1.94	%		1.93	%		0.01
Adjusted core non-interest expense to average total assets*		1.99	%		1.93	%		0.06
Balance Sheet Trends:
Total assets	$	21,456,082		$	20,942,975		$	513,107		2.5	%
Total cash and investment securities	$	6,564,528		$	6,523,036		$	41,492		0.6	%
Total loans and leases	$	14,053,116		$	13,632,639		$	420,477		3.1	%
Non-interest bearing demand deposits	$	4,670,809		$	4,474,862		$	195,947		4.4	%
Total deposits	$	18,069,389		$	17,678,093		$	391,296		2.2	%
Capital Metrics:
Common Equity	$	1,663,386		$	1,609,071		$	54,315		3.4	%
Tangible Common Equity*	$	1,659,757		$	1,605,442		$	54,315		3.4	%
Common Equity to Total Assets		7.8	%		7.7	%		0.1
Tangible Common Equity to Tangible Assets*		7.7	%		7.7	%		-
Book Value per common share	$	53.07		$	50.81		$	2.26		4.4	%
Tangible Book Value per common share*	$	52.96		$	50.70		$	2.26		4.5	%
Common equity Tier 1 capital ratio ⁽¹⁾		12.5	%		12.8	%		(0.3	)
Total risk based capital ratio ⁽¹⁾		15.4	%		15.8	%		(0.4	)

(1) Regulatory capital ratios as of September 30, 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)					Nine Months Ended						Increase (Decrease)
(Dollars in thousands, except per share data)	September 30, 2024			September 30, 2023			Increase (Decrease)					September 30, 2024			September 30, 2023			Increase (Decrease)
Profitability Metrics:
Net income available for common shareholders	$	42,937		$	82,953		$	(40,016	)	(48.2	)%	$	143,163		$	177,225		$	(34,062	)	(19.2	)%
Diluted earnings per share	$	1.31		$	2.58		$	(1.27	)	(49.2	)%	$	4.37		$	5.53		$	(1.16	)	(21.0	)%
Core earnings*	$	43,838		$	83,294		$	(39,456	)	(47.4	)%	$	138,937		$	186,600		$	(47,663	)	(25.5	)%
Adjusted core earnings*	$	41,381		$	83,294		$	(41,913	)	(50.3	)%	$	145,085		$	186,600		$	(41,515	)	(22.2	)%
Core earnings per share*	$	1.34		$	2.59		$	(1.25	)	(48.3	)%	$	4.24		$	5.82		$	(1.58	)	(27.1	)%
Adjusted core earnings per share*	$	1.26		$	2.59		$	(1.33	)	(51.4	)%	$	4.43		$	5.82		$	(1.39	)	(23.9	)%
Return on average assets ("ROAA")		0.88	%		1.57	%		(0.69	)				0.97	%		1.17	%		(0.20	)
Core ROAA*		0.89	%		1.57	%		(0.68	)				0.95	%		1.22	%		(0.27	)
Adjusted core ROAA*		0.85	%		1.57	%		(0.72	)				0.99	%		1.22	%		(0.23	)
Return on average common equity ("ROCE")		10.44	%		23.97	%		(13.53	)				12.10	%		17.84	%		(5.74	)
Core ROCE*		10.66	%		24.06	%		(13.40	)				11.74	%		18.79	%		(7.05	)
Adjusted core ROCE*		10.06	%		24.06	%		(14.00	)				12.26	%		18.79	%		(6.53	)
Core pre-tax pre-provision net income*	$	64,824		$	128,564		$	(63,740	)	(49.6	)%	$	237,718		$	314,679		$	(76,961	)	(24.5	)%
Adjusted core pre-tax pre-provision net income*	$	61,827		$	128,564		$	(66,737	)	(51.9	)%	$	246,035		$	314,679		$	(68,644	)	(21.8	)%
Net interest margin, tax equivalent		3.06	%		3.70	%		(0.64	)				3.16	%		3.28	%		(0.12	)
Yield on loans (Loan yield)		6.99	%		7.87	%		(0.88	)				7.07	%		7.12	%		(0.05	)
Cost of deposits		3.46	%		3.24	%		0.22					3.44	%		3.23	%		0.21
Efficiency ratio		62.40	%		41.01	%		21.39					55.97	%		45.62	%		10.35
Core efficiency ratio*		61.69	%		41.04	%		20.65					56.29	%		45.03	%		11.26
Adjusted core efficiency ratio*		63.48	%		41.04	%		22.44					54.75	%		45.03	%		9.72
Non-interest expense to average total assets		1.95	%		1.62	%		0.33					1.93	%		1.61	%		0.32
Core non-interest expense to average total assets*		1.94	%		1.62	%		0.32					1.91	%		1.60	%		0.31
Adjusted core non-interest expense to average total assets*		1.99	%		1.62	%		0.37					1.86	%		1.60	%		0.26

(1) Regulatory capital ratios as of September 30, 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)
(Dollars in thousands, except per share data)	September 30, 2024			September 30, 2023			Increase (Decrease)
Balance Sheet Trends:
Total assets	$	21,456,082		$	21,857,152		$	(401,070	)	(1.8	)%
Total cash and investment securities	$	6,564,528		$	7,371,551		$	(807,023	)	(10.9	)%
Total loans and leases	$	14,053,116		$	13,713,482		$	339,634		2.5	%
Non-interest bearing demand deposits	$	4,670,809		$	4,758,682		$	(87,873	)	(1.8	)%
Total deposits	$	18,069,389		$	18,195,364		$	(125,975	)	(0.7	)%
Capital Metrics:
Common Equity	$	1,663,386		$	1,423,813		$	239,573		16.8	%
Tangible Common Equity*	$	1,659,757		$	1,420,184		$	239,573		16.9	%
Common Equity to Total Assets		7.8	%		6.5	%		1.3
Tangible Common Equity to Tangible Assets*		7.7	%		6.5	%		1.2
Book Value per common share	$	53.07		$	45.47		$	7.60		16.7	%
Tangible Book Value per common share*	$	52.96		$	45.36		$	7.60		16.8	%
Common equity Tier 1 capital ratio ⁽¹⁾		12.5	%		11.3	%		1.2
Total risk based capital ratio ⁽¹⁾		15.4	%		14.3	%		1.1

(1) Regulatory capital ratios as of September 30, 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)	September 30, 2024		% of Total		June 30, 2024		% of Total		September 30, 2023		% of Total
Loans and Leases Held for Investment
Commercial:
Commercial & industrial:
Specialized lending	$	5,468,507	39.7	%	$	5,528,745	41.7	%	$	5,422,161	40.0	%
Other commercial & industrial ⁽¹⁾		1,087,222	7.9			1,092,146	8.2			1,252,427	9.2
Mortgage finance		1,367,617	9.9			1,122,812	8.5			1,042,549	7.7
Multifamily		2,115,978	15.4			2,067,332	15.6			2,130,213	15.7
Commercial real estate owner occupied		981,904	7.1			805,779	6.1			794,815	5.9
Commercial real estate non-owner occupied		1,326,591	9.6			1,202,606	9.1			1,178,203	8.7
Construction		174,509	1.3			163,409	1.2			252,588	1.8
Total commercial loans and leases		12,522,328	90.9			11,982,829	90.4			12,072,956	89.0
Consumer:
Residential		500,786	3.6			481,503	3.6			483,133	3.6
Manufactured housing		34,481	0.3			35,901	0.3			40,129	0.3
Installment:
Personal		453,739	3.3			474,481	3.6			629,843	4.6
Other		266,362	1.9			282,201	2.1			337,053	2.5
Total installment loans		720,101	5.2			756,682	5.7			966,896	7.1
Total consumer loans		1,255,368	9.1			1,274,086	9.6			1,490,158	11.0
Total loans and leases held for investment	$	13,777,696	100.0	%	$	13,256,915	100.0	%	$	13,563,114	100.0	%

Loans Held for Sale
Residential	$	2,523	0.9	%	$	2,684	0.7	%	$	1,005	0.7	%
Installment:
Personal		55,799	20.3			125,598	33.4			124,848	83.0
Other		217,098	78.8			247,442	65.9			24,515	16.3
Total installment loans		272,897	99.1			373,040	99.3			149,363	99.3
Total loans held for sale	$	275,420	100.0	%	$	375,724	100.0	%	$	150,368	100.0	%

Total loans and leases portfolio	$	14,053,116			$	13,632,639			$	13,713,482
(1) Includes PPP loans of $30.5 million, $38.3 million and $137.1 million as of September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

Loans and Leases Held for Investment

Loans and leases held for investment were $13.8 billion at September 30, 2024, up $520.8 million, or 3.9%, from June 30, 2024. Mortgage finance loans increased by $244.8 million, or 21.8% quarter-over-quarter. Owner-occupied commercial real estate loans increased by $176.1 million, or 21.9% to $981.9 million. Non-owner occupied commercial real estate loans increased by $124.0 million, or 10.3% to $1.3 billion. Multifamily loans increased by $48.6 million, or 2.4% to $2.1 billion. Specialized lending decreased by $60.2 million, or 1.1% quarter-over-quarter, to $5.5 billion. Other commercial and industrial loans decreased by $4.9 million, or 0.5% quarter-over-quarter, to $1.1 billion. Consumer installment loans held for investment decreased by $36.6 million, or 4.8% quarter-over-quarter, to $720.1 million.

Loans and leases held for investment of $13.8 billion at September 30, 2024 were up $214.6 million, or 1.6%, year-over-year. Mortgage finance loans increased by $325.1 million, or 31.2% year-over-year due to higher mortgage activity from lower interest rates. Owner-occupied commercial real estate loans increased by $187.1 million. Non-owner occupied commercial real estate loans increased by $148.4 million. Specialized lending increased by $46.3 million. Consumer installment loans decreased by $246.8 million, or 25.5% year-over-year due to the continued build out of the held-for-sale strategy and de-risking of the held-for-investment loan portfolio. Other commercial and industrial loans decreased by $165.2 million, which included decreases in PPP loans primarily from guarantee payments. Construction loans decreased by $78.1 million.

Loans Held for Sale

Loans held for sale decreased $100.3 million quarter-over-quarter, and were $275.4 million at September 30, 2024 including the sale of consumer installment loans that were classified as held for sale with a carrying value of $200.8 million in Q3 2024. As part of these sales, Customers recognized a loss on sale of $0.3 million, which is presented within net gain (loss) on sale of loans and leases in the consolidated statement of income in Q3 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)	September 30, 2024			June 30, 2024			Increase (Decrease)			September 30, 2024			September 30, 2023			Increase (Decrease)
Allowance for credit losses on loans and leases	$	133,158		$	132,436		$	722		$	133,158		$	139,213		$	(6,055	)
Provision (benefit) for credit losses on loans and leases	$	17,766		$	17,851		$	(85	)	$	17,766		$	17,055		$	711
Net charge-offs from loans held for investment	$	17,044		$	18,711		$	(1,667	)	$	17,044		$	17,498		$	(454	)
Annualized net charge-offs to average loans and leases		0.50	%		0.56	%					0.50	%		0.50	%
Coverage of credit loss reserves for loans and leases held for investment		1.06	%		1.08	%					1.06	%		1.10	%

Net charge-offs decreased modestly with $17.0 million in Q3 2024, compared to $18.7 million in Q2 2024 and $17.5 million in Q3 2023.

Provision (benefit) for Credit Losses

	Three Months Ended					Increase (Decrease)			Three Months Ended					Increase (Decrease)
(Dollars in thousands)	September 30, 2024			June 30, 2024		Increase (Decrease)			September 30, 2024			September 30, 2023		Increase (Decrease)
Provision (benefit) for credit losses on loans and leases	$	17,766		$	17,851	$	(85	)	$	17,766		$	17,055	$	711
Provision (benefit) for credit losses on available for sale debt securities		(700	)		270		(970	)		(700	)		801		(1,501	)
Provision for credit losses		17,066			18,121		(1,055	)		17,066			17,856		(790	)
Provision (benefit) for credit losses on unfunded commitments		642			1,594		(952	)		642			48		594
Total provision for credit losses	$	17,708		$	19,715	$	(2,007	)	$	17,708		$	17,904	$	(196	)

The provision for credit losses on loans and leases in Q3 2024 was $17.8 million, compared to $17.9 million in Q2 2024. The lower provision in Q3 2024 was primarily due to slight improvements in macroeconomic forecasts.

The provision for credit losses on available for sale investment securities in Q3 2024 was a benefit to provision of $0.7 million, compared to provision of $0.3 million in Q2 2024.

The provision for credit losses on loans and leases in Q3 2024 was $17.8 million, compared to $17.1 million in Q3 2023. The higher provision in Q3 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 lower balances in consumer installment loans held for investment.

The provision for credit losses on available for sale investment securities in Q3 2024 was a benefit to provision of $0.7 million compared to provision of $0.8 million in Q3 2023.

Asset Quality

The following table presents asset quality metrics as of the dates indicated:

(Dollars in thousands)	September 30, 2024			June 30, 2024			Increase (Decrease)			September 30, 2024			September 30, 2023			Increase (Decrease)
Non-performing assets ("NPAs"):
Nonaccrual / non-performing loans ("NPLs")	$	47,326		$	47,380		$	(54	)	$	47,326		$	29,867		$	17,459
Non-performing assets	$	47,326		$	47,444		$	(118	)	$	47,326		$	29,970		$	17,356
NPLs to total loans and leases		0.34	%		0.35	%					0.34	%		0.22	%
Reserves to NPLs		281.36	%		279.52	%					281.36	%		466.11	%
NPAs to total assets		0.22	%		0.23	%					0.22	%		0.14	%

Loans and leases ⁽¹⁾ risk ratings:
Commercial loans and leases
Pass	$	10,844,500		$	10,500,922		$	343,578		$	10,844,500		$	10,503,731		$	340,769
Special Mention		178,026			170,014			8,012			178,026			189,329			(11,303	)
Substandard		218,921			270,898			(51,977	)		218,921			280,267			(61,346	)
Total commercial loans and leases		11,241,447			10,941,834			299,613			11,241,447			10,973,327			268,120
Consumer loans
Performing		1,240,581			1,256,816			(16,235	)		1,240,581			1,473,493			(232,912	)
Non-performing		14,787			17,270			(2,483	)		14,787			16,665			(1,878	)
Total consumer loans		1,255,368			1,274,086			(18,718	)		1,255,368			1,490,158			(234,790	)
Loans and leases receivable ⁽¹⁾	$	12,496,815		$	12,215,920		$	280,895		$	12,496,815		$	12,463,485		$	33,330
(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: 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 an adverse economic 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 September 30, 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 $50.1 million. At September 30, 2024, the consumer installment portfolio had the following characteristics: average original FICO score of 746, average debt-to-income of 20% and average borrower income of $101 thousand.

Non-performing loans at September 30, 2024 decreased to 0.34% of total loans and leases, compared to 0.35% at June 30, 2024 and increased, compared to 0.22% at September 30, 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)	September 30, 2024		June 30, 2024		September 30, 2023
Debt securities, available for sale	$	2,377,733	$	2,477,758	$	2,746,729
Equity securities		34,336		33,892		26,478
Investment securities, at fair value		2,412,069		2,511,650		2,773,207
Debt securities, held to maturity		1,064,437		962,799		1,178,370
Total investment securities portfolio	$	3,476,506	$	3,474,449	$	3,951,577

Customers' securities portfolio is highly liquid, short in duration, and high in yield. At September 30, 2024, the AFS debt securities portfolio had a spot yield of 5.23%, an effective duration of approximately 2.0 years, and approximately 30% are variable rate. Additionally, 63% of the AFS securities portfolio was AAA rated at September 30, 2024.

At September 30, 2024, the HTM debt securities portfolio represented only 5.0% of total assets at September 30, 2024, had a spot yield of 4.31% and an effective duration of approximately 3.5 years. Additionally, at September 30, 2024, approximately 43% of the HTM securities were AAA rated and 51% were credit enhanced asset backed securities with no current expectation of credit losses.

As a part of the sales of consumer installment loans that were classified as held for sale, Customers provided financing to the purchaser for a portion of the sale price in the form of $160.0 million of asset-backed securities, collateralized by the sold loans, which mostly accounted for the increase in HTM debt securities at September 30, 2024 as compared to the prior quarter.

Deposits

The following table presents the composition of our deposit portfolio as of the dates indicated:

(Dollars in thousands)	September 30, 2024		% of Total		June 30, 2024		% of Total		September 30, 2023		% of Total
Demand, non-interest bearing	$	4,670,809	25.9	%	$	4,474,862	25.3	%	$	4,758,682	26.2	%
Demand, interest bearing		5,606,500	31.0			5,894,056	33.4			5,824,410	32.0
Total demand deposits		10,277,309	56.9			10,368,918	58.7			10,583,092	58.2
Savings		1,399,968	7.7			1,573,661	8.9			1,118,353	6.1
Money market		3,961,028	21.9			3,539,815	20.0			2,499,593	13.7
Time deposits		2,431,084	13.5			2,195,699	12.4			3,994,326	22.0
Total deposits	$	18,069,389	100.0	%	$	17,678,093	100.0	%	$	18,195,364	100.0	%

Total deposits increased $391.3 million, or 2.2%, to $18.1 billion at September 30, 2024 as compared to the prior quarter. Non-interest bearing demand deposits increased $195.9 million, or 4.4%, to $4.7 billion. Money market deposits increased $421.2 million, or 11.9%, to $4.0 billion and time deposits increased $235.4 million, or 10.7%, to $2.4 billion. These increases were offset by decreases in interest bearing demand deposits of $287.6 million, or 4.9%, to $5.6 billion and savings deposits of $173.7 million, or 11.0%, to $1.4 billion. The total average cost of deposits increased by 6 basis points to 3.46% in Q3 2024 from 3.40% in the prior quarter. Total estimated uninsured deposits were $4.5 billion¹, or 25% of total deposits (inclusive of accrued interest) at September 30, 2024. Customers is also highly focused on total deposits with contractual term to manage its liquidity profile and the funding of loans and securities.

"Our deposit costs increased in the quarter attributable to strong deposit growth in the interest bearing category. We're extremely excited about the success we're having in bringing new clients to the bank and the long-term franchise value it will drive outweighing any short-term impacts. With the remix efforts underway and in a declining rate environment we expect to have flexibility lowering interest bearing deposit costs going forward including as these newer relationships season," stated Jay Sidhu.

Total deposits decreased $126.0 million, or 0.7%, to $18.1 billion at September 30, 2024 as compared to a year ago. Time deposits decreased $1.6 billion, or 39.1% to $2.4 billion, interest bearing demand deposits decreased $217.9 million, or 3.7%, to $5.6 billion and non-interest bearing demand deposits decreased $87.9 million, or 1.8%, to $4.7 billion. These decreases were offset by increases in money market deposits of $1.5 billion, or 58.5%, to $4.0 billion and savings deposits of $281.6 million, or 25.2%, to $1.4 billion. The total average cost of deposits increased by 22 basis points to 3.46% in Q3 2024 from 3.24% in the prior year primarily due to higher market interest rates.

Borrowings

The following table presents the composition of our borrowings as of the dates indicated:

(Dollars in thousands)	September 30, 2024		June 30, 2024		September 30, 2023
FHLB advances	$	1,117,229	$	1,018,349	$	1,529,839
Senior notes		99,033		123,970		123,775
Subordinated debt		182,439		182,370		182,161
Total borrowings	$	1,398,701	$	1,324,689	$	1,835,775

Total borrowings increased $74.0 million, or 5.6%, to $1.4 billion at September 30, 2024 as compared to the prior quarter. This increase primarily resulted from an increase of $80.0 million in FHLB advances, partially offset by repayment of $25.0 million in senior notes upon maturity. As of September 30, 2024, Customers' immediately available borrowing capacity with the FRB and FHLB was approximately $7.7 billion, of which $1.1 billion of available capacity was utilized in borrowings and $1.5 billion was utilized to collateralize deposits.

Total borrowings decreased $437.1 million, or 23.8%, to $1.4 billion at September 30, 2024 as compared to a year ago. This decrease primarily resulted from net repayments of $435.0 million in FHLB advances and $25.0 million in senior notes upon maturity.


¹		Uninsured deposits (estimate) of $6.1 billion to be reported on the Bank's call report, less deposits of $1.4 billion collateralized by standby letters of credit from the FHLB and from our affiliates of $136.5 million.

Capital

The following table presents certain capital amounts and ratios as of the dates indicated:

(Dollars in thousands except per share data)	September 30, 2024			June 30, 2024			September 30, 2023
Customers Bancorp, Inc.
Common Equity	$	1,663,386		$	1,609,071		$	1,423,813
Tangible Common Equity*	$	1,659,757		$	1,605,442		$	1,420,184
Common Equity to Total Assets		7.8	%		7.7	%		6.5	%
Tangible Common Equity to Tangible Assets*		7.7	%		7.7	%		6.5	%
Book Value per common share	$	53.07		$	50.81		$	45.47
Tangible Book Value per common share*	$	52.96		$	50.70		$	45.36
Common equity Tier 1 ("CET 1") capital ratio ⁽¹⁾		12.5	%		12.8	%		11.3	%
Total risk based capital ratio ⁽¹⁾		15.4	%		15.8	%		14.3	%

(1) Regulatory capital ratios as of September 30, 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 $54.3 million to $1.7 billion, and tangible common equity* increased $54.3 million to $1.7 billion, at September 30, 2024 compared to the prior quarter, respectively, primarily from earnings of $42.9 million and decreased unrealized losses on investment securities of $25.3 million (net of taxes) deferred in accumulated other comprehensive income ("AOCI"). These increases were offset in part by $18.2 million of common share repurchases in Q3 2024. Similarly, book value per common share increased to $53.07 from $50.81, and tangible book value per common share* increased to $52.96 from $50.70, at September 30, 2024 and June 30, 2024, respectively.

Customers Bancorp's common equity increased $239.6 million to $1.7 billion, and tangible common equity* increased $239.6 million to $1.7 billion, at September 30, 2024 compared to a year ago, respectively, primarily from earnings of $201.4 million and decreased unrealized losses on investment securities in AOCI of $43.7 million (net of taxes), offset in part by $18.2 million of common share repurchases. Similarly, book value per common share increased to $53.07 from $45.47, and tangible book value per common share* increased to $52.96 from $45.36, at September 30, 2024 and September 30, 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 12.5%, 15.4%, 7.8%, and 7.7%, respectively, at September 30, 2024.

At the Customers Bank level, capital levels remained strong and well above regulatory minimums. At September 30, 2024, Tier 1 capital (estimate) and total risk based capital (estimate) were 13.6% and 15.1%, respectively.

Key Profitability Trends

Net Interest Income

Net interest income totaled $158.5 million in Q3 2024, a decrease of $9.1 million from Q2 2024. This decrease was due to lower interest income of $1.9 million primarily due to lower interest income from loans in specialized lending, lower consumer installment loans and higher interest expense of $7.2 million due to higher costs of deposits and other borrowings.

"Net interest income and net interest margin declined in the quarter impacted by higher discount accretion and prepayment income that were benefits in Q2 2024 and did not repeat at the same levels in Q3 2024, as well as initiatives that were proactive risk management strategies including the $200.8 million consumer installment loan sale in Q3 2024 resulting in lower average balances and the well-timed securities portfolio repositioning completed in Q2 2024. These factors accounted for over 80% of the decline in reported net interest margin. Robust loan growth and accretive deposit remix remain as positive drivers that we expect to help increase net interest income and net interest margin in 2025," stated Customers Bancorp President Sam Sidhu. "These positive drivers are bolstered by the recent team additions. Our new commercial deposit-focused banking teams have substantial momentum and it is clear we have the bankers, products and balance sheet strength to deliver for our new and existing clients. We continue to believe the overwhelming majority of client prospects will become Customers Bank clients in the near future," stated Sam Sidhu.

Net interest income totaled $158.5 million in Q3 2024, a decrease of $41.2 million from Q3 2023. This decrease was due to lower interest income in specialized lending primarily due to approximately $27.0 million of interest income attributable to outsized discount accretion recognized on the acquired loan portfolio in Q3 2023.

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)	September 30, 2024			June 30, 2024			Increase (Decrease)			September 30, 2024			September 30, 2023			Increase (Decrease)
Commercial lease income	$	10,093		$	10,282		$	(189	)	$	10,093		$	8,901		$	1,192
Loan fees		8,011			5,233			2,778			8,011			6,029			1,982
Bank-owned life insurance		2,049			2,007			42			2,049			1,973			76
Mortgage finance transactional fees		1,087			1,058			29			1,087			1,018			69
Net gain (loss) on sale of loans and leases		(14,548	)		(238	)		(14,310	)		(14,548	)		(348	)		(14,200	)
Net gain (loss) on sale of investment securities		-			(719	)		719			-			(429	)		429
Unrealized gain on equity method investments		-			11,041			(11,041	)		-			-			-
Other		1,865			2,373			(508	)		1,865			631			1,234
Total non-interest income	$	8,557		$	31,037		$	(22,480	)	$	8,557		$	17,775		$	(9,218	)

Reported non-interest income totaled $8.6 million for Q3 2024, a decrease of $22.5 million compared to Q2 2024. The decrease was primarily due to $11.0 million of unrealized gain on equity method investments purchased at a discount in Q2 2024 and $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. These 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. These decreases were partially offset by an increase of $2.8 million in loan fees primarily resulting from increased unused line of credit fees.

Non-interest income totaled $8.6 million for Q3 2024, a decrease of $9.2 million compared to Q3 2023. As stated above, the decrease 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. These commercial clean vehicle leases generated the same amount of investment tax credits that were included as a corresponding benefit to income tax expense in Q3 2024. This decrease was partially offset by increases in commercial lease income of $1.2 million and loan fees of $2.0 million primarily resulting from increased unused line of credit fees.

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)	September 30, 2024		June 30, 2024		Increase (Decrease)			September 30, 2024		September 30, 2023		Increase (Decrease)
Salaries and employee benefits	$	47,717	$	44,947	$	2,770		$	47,717	$	33,845	$	13,872
Technology, communication and bank operations		13,588		16,227		(2,639	)		13,588		15,667		(2,079	)
Commercial lease depreciation		7,811		7,829		(18	)		7,811		7,338		473
Professional services		9,048		6,104		2,944			9,048		8,569		479
Loan servicing		3,778		3,516		262			3,778		3,858		(80	)
Occupancy		2,987		3,120		(133	)		2,987		2,471		516
FDIC assessments, non-income taxes and regulatory fees		7,902		10,236		(2,334	)		7,902		8,551		(649	)
Advertising and promotion		908		1,254		(346	)		908		650		258
Legal settlement expense		-		-		-			-		4,096		(4,096	)
Other		10,279		10,219		60			10,279		4,421		5,858
Total non-interest expense	$	104,018	$	103,452	$	566		$	104,018	$	89,466	$	14,552

Non-interest expenses totaled $104.0 million in Q3 2024, an increase of $0.6 million compared to Q2 2024. The increase was primarily attributable to increases of $2.8 million in salaries and employee benefits driven by higher headcount including the full quarter impact of Q2 2024 hires, annual merit increases, incentives partially offset by lower severance and $2.9 million in professional fees, partially offset by lower non-income taxes, software expenditures and processing fees.

"In the quarter we incurred professional services expense of approximately $3.0 million as we made investments to enhance our risk management infrastructure. We expect to spend an additional $3.0-$5.0 million in each of the next two quarters 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," stated Sam Sidhu.

Non-interest expenses totaled $104.0 million in Q3 2024, an increase of $14.6 million compared to Q3 2023. The increase was primarily attributable to increases of $13.9 million in salaries and employee benefits primarily due to higher headcount including the addition of new banking teams in Q2 2024, annual merit increases, incentives and severance, fees paid to a fintech company related to consumer installment loans originated and held for sale as a part of the Bank's held for sale strategy, and provision for operating losses. These increases were partially offset by $4.1 million of expenses from a settlement with a third party PPP service provider in Q3 2023 and a decrease in deposit servicing fees.

Taxes

Income tax expense decreased by $19.8 million to a benefit of $0.7 million in Q3 2024 from a provision of $19.0 million in Q2 2024 primarily due to lower pre-tax income and higher estimated income tax credits for 2024, including $14.3 million of investment tax credits generated from commercial clean vehicles in Q3 2024. These 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.

Income tax expense decreased by $24.2 million to a benefit of $0.7 million in Q3 2024 from a provision of $23.5 million in Q3 2023 primarily due to lower pre-tax income and an increase in estimated income tax credits for 2024, including $14.3 million of investment tax credits generated from commercial clean vehicles in Q3 2024. These 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. The effective tax rate for Q3 2024 was (1.6)%.

Outlook

"Looking forward, our strategy remains unchanged. We are focused on strengthening our deposit franchise, improving our profitability and maintaining our strong capital ratios. Our deposit pipelines are expected to continue to improve the quality and mix of deposits, reducing higher cost business unit deposits*¹ with lower cost deposits where we have a holistic and primary relationship. The addition of the new banking teams is accelerating and enhancing these efforts which were already well underway. We see attractive opportunities to execute franchise-enhancing loan growth and our pipeline continues to be strong. We remain confident in our ability to deliver 10% - 15% loan growth for the full year. While the interest earning asset repositioning and the hedging we executed impacts our short term margin and will be a headwind in 2024, they will positively impact profitability and earnings in 2025. We expect net interest margin in Q4 2024 to be roughly flattish with Q3 2024. The management of non-interest expenses remains a priority for us. We expect the investments made in recruiting the new commercial banking teams will produce significant benefits by increasing our net interest income and net interest margin as well as improving the overall quality of our deposit franchise. We believe the investments we are making to enhance our risk management infrastructure will pay dividends over the long-term. We previously noted an $8.0-$10.0 million quarterly investment in the new commercial banking teams in 2024 and now about $3.0-$5.0 million of quarterly professional service expense in enhancing our risk management infrastructure for a few quarters. Looking forward we expect the new teams to breakeven in Q1 2025 and payoff throughout 2025 as well as a sunsetting of the additional professional services costs. We would also note that we had an $11.0 million unrealized gain on equity method investments purchased at a discount in Q2 2024 which helped offset some of these investment related expenses. While our efficiency ratio will be elevated in the near term as we make these investments in our future, we remain fundamentally focused on positive operating leverage and working to enable the organization to operate at a mid-40's efficiency ratio over the medium-term. We are adjusting our guidance on effective tax rate to 18% - 20% primarily as a result of higher estimated investment tax credits in 2024. We remain committed to maintaining CET 1 ratio and TCE / TA ratio* targets of 11.5% and 7.5%, respectively in 2024. We are highly focused on preserving superior credit quality, managing interest rate risk, maintaining robust liquidity, operating with higher capital ratios and generating positive operating leverage," 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.
¹		Total deposits excluding wholesale CDs and BMTX student-related deposits.

Webcast

Date:										Friday, November 1, 2024
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 $21 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.

Q3 2024 Overview

The following table presents a summary of key earnings and performance metrics for the quarter ended September 30, 2024 and the preceding four quarters:

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
EARNINGS SUMMARY - UNAUDITED

(Dollars in thousands, except per share data and stock price data)	Q3			Q2			Q1			Q4			Q3			Nine Months Ended September 30,
	2024			2024			2024			2023			2023			2024			2023

GAAP Profitability Metrics:
Net income available to common shareholders	$	42,937		$	54,300		$	45,926		$	58,223		$	82,953		$	143,163		$	177,225
Per share amounts:
Earnings per share - basic	$	1.36		$	1.72		$	1.46		$	1.86		$	2.65		$	4.54		$	5.63
Earnings per share - diluted	$	1.31		$	1.66		$	1.40		$	1.79		$	2.58		$	4.37		$	5.53
Book value per common share ⁽¹⁾	$	53.07		$	50.81		$	49.29		$	47.73		$	45.47		$	53.07		$	45.47
CUBI stock price ⁽¹⁾	$	46.45		$	47.98		$	53.06		$	57.62		$	34.45		$	46.45		$	34.45
CUBI stock price as % of book value ⁽¹⁾		88	%		94	%		108	%		121	%		76	%		88	%		76	%
Average shares outstanding - basic		31,567,797			31,649,715			31,473,424			31,385,043			31,290,581			31,563,660			31,452,700
Average shares outstanding - diluted		32,766,488			32,699,149			32,854,534			32,521,787			32,175,084			32,773,365			32,036,459
Shares outstanding ⁽¹⁾		31,342,107			31,667,655			31,521,931			31,440,906			31,311,254			31,342,107			31,311,254
Return on average assets ("ROAA")		0.88	%		1.11	%		0.94	%		1.16	%		1.57	%		0.97	%		1.17	%
Return on average common equity ("ROCE")		10.44	%		13.85	%		12.08	%		15.93	%		23.97	%		12.10	%		17.84	%
Net interest margin, tax equivalent		3.06	%		3.29	%		3.10	%		3.31	%		3.70	%		3.16	%		3.28	%
Efficiency ratio		62.40	%		51.87	%		54.58	%		49.08	%		41.01	%		55.97	%		45.62	%
Non-GAAP Profitability Metrics ⁽²⁾:
Core earnings	$	43,838		$	48,567		$	46,532		$	61,633		$	83,294		$	138,937		$	186,600
Core pre-tax pre-provision net income	$	64,824		$	89,220		$	83,674		$	101,884		$	128,564		$	237,718		$	314,679
Per share amounts:
Core earnings per share - diluted	$	1.34		$	1.49		$	1.42		$	1.90		$	2.59		$	4.24		$	5.82
Tangible book value per common share ⁽¹⁾	$	52.96		$	50.70		$	49.18		$	47.61		$	45.36		$	52.96		$	45.36
CUBI stock price as % of tangible book value ⁽¹⁾		88	%		95	%		108	%		121	%		76	%		88	%		76	%
Core ROAA		0.89	%		1.00	%		0.95	%		1.22	%		1.57	%		0.95	%		1.22	%
Core ROCE		10.66	%		12.39	%		12.24	%		16.87	%		24.06	%		11.74	%		18.79	%
Core pre-tax pre-provision ROAA		1.21	%		1.71	%		1.58	%		1.90	%		2.32	%		1.50	%		1.95	%
Core pre-tax pre-provision ROCE		14.84	%		21.79	%		21.01	%		26.82	%		36.04	%		19.12	%		30.59	%
Core efficiency ratio		61.69	%		53.47	%		54.24	%		46.70	%		41.04	%		56.29	%		45.03	%
Asset Quality:
Net charge-offs	$	17,044		$	18,711		$	17,968		$	17,322		$	17,498		$	53,723		$	51,713
Annualized net charge-offs to average total loans and leases		0.50	%		0.56	%		0.55	%		0.51	%		0.50	%		0.54	%		0.47	%
Non-performing loans ("NPLs") to total loans and leases⁽¹⁾		0.34	%		0.35	%		0.27	%		0.21	%		0.22	%		0.34	%		0.22	%
Reserves to NPLs ⁽¹⁾		281.36	%		279.52	%		373.86	%		499.12	%		466.11	%		281.36	%		466.11	%
Non-performing assets ("NPAs") to total assets		0.22	%		0.23	%		0.17	%		0.13	%		0.14	%		0.22	%		0.14	%
Customers Bank Capital Ratios ⁽³⁾:
Common equity Tier 1 capital to risk-weighted assets		13.6	%		14.17	%		14.16	%		13.77	%		12.97	%		13.6	%		12.97	%
Tier 1 capital to risk-weighted assets		13.6	%		14.17	%		14.16	%		13.77	%		12.97	%		13.6	%		12.97	%
Total capital to risk-weighted assets		15.1	%		15.64	%		15.82	%		15.28	%		14.45	%		15.1	%		14.45	%
Tier 1 capital to average assets (leverage ratio)		9.1	%		9.16	%		8.82	%		8.71	%		8.25	%		9.1	%		8.25	%

(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 Q3 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 September 30, 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)																Nine Months Ended
	Q3			Q2			Q1			Q4			Q3			September 30,
	2024			2024			2024			2023			2023			2024			2023
Interest income:
Loans and leases	$	228,659		$	224,265		$	217,999		$	239,453		$	271,107		$	670,923		$	757,064
Investment securities		46,265			47,586			46,802			51,074			54,243			140,653			149,585
Interest earning deposits		44,372			45,506			52,817			44,104			43,800			142,695			81,819
Loans held for sale		10,907			13,671			12,048			8,707			4,664			36,626			27,514
Other		1,910			3,010			2,111			2,577			2,526			7,031			5,463
Total interest income		332,113			334,038			331,777			345,915			376,340			997,928			1,021,445

Interest expense:
Deposits		155,829			148,784			153,725			150,307			145,825			458,338			426,130
FHLB advances		12,590			13,437			13,485			18,868			26,485			39,512			61,140
FRB advances		-			-			-			-			-			-			6,286
Subordinated debt		3,537			2,734			2,689			2,688			2,689			8,960			8,067
Other borrowings		1,612			1,430			1,493			1,546			1,568			4,535			4,879
Total interest expense		173,568			166,385			171,392			173,409			176,567			511,345			506,502
Net interest income		158,545			167,653			160,385			172,506			199,773			486,583			514,943
Provision for credit losses		17,066			18,121			17,070			13,523			17,856			52,257			61,088
Net interest income after provision for credit losses		141,479			149,532			143,315			158,983			181,917			434,326			453,855

Non-interest income:
Commercial lease income		10,093			10,282			9,683			9,035			8,901			30,058			27,144
Loan fees		8,011			5,233			5,280			5,926			6,029			18,524			14,290
Bank-owned life insurance		2,049			2,007			3,261			2,160			1,973			7,317			9,617
Mortgage finance transactional fees		1,087			1,058			946			927			1,018			3,091			3,468
Net gain (loss) on sale of loans and leases		(14,548	)		(238	)		10			(91	)		(348	)		(14,776	)		(1,109	)
Loss on sale of capital call lines of credit		-			-			-			-			-			-			(5,037	)
Net gain (loss) on sale of investment securities		-			(719	)		(30	)		(145	)		(429	)		(749	)		(429	)
Unrealized gain on equity method investments		-			11,041			-			-			-			11,041			-
Other		1,865			2,373			2,081			860			631			6,319			3,949
Total non-interest income		8,557			31,037			21,231			18,672			17,775			60,825			51,893

Non-interest expense:
Salaries and employee benefits		47,717			44,947			36,025			33,965			33,845			128,689			99,310
Technology, communication and bank operations		13,588			16,227			21,904			16,887			15,667			51,719			48,663
Commercial lease depreciation		7,811			7,829			7,970			7,357			7,338			23,610			22,541
Professional services		9,048			6,104			6,353			9,820			8,569			21,505			25,357
Loan servicing		3,778			3,516			4,031			3,779			3,858			11,325			13,296
Occupancy		2,987			3,120			2,347			2,320			2,471			8,454			7,750
FDIC assessments, non-income taxes and regulatory fees		7,902			10,236			13,469			13,977			8,551			31,607			21,059
Advertising and promotion		908			1,254			682			850			650			2,844			2,245
Legal settlement expense		-			-			-			-			4,096			-			4,096
Other		10,279			10,219			6,388			4,812			4,421			26,886			14,579
Total non-interest expense		104,018			103,452			99,169			93,767			89,466			306,639			258,896
Income before income tax expense (benefit)		46,018			77,117			65,377			83,888			110,226			188,512			246,852
Income tax expense (benefit)		(725	)		19,032			15,651			21,796			23,470			33,958			58,801
Net income		46,743			58,085			49,726			62,092			86,756			154,554			188,051
Preferred stock dividends		3,806			3,785			3,800			3,869			3,803			11,391			10,826
Net income available to common shareholders	$	42,937		$	54,300		$	45,926		$	58,223		$	82,953		$	143,163		$	177,225

Basic earnings per common share	$	1.36		$	1.72		$	1.46		$	1.86		$	2.65		$	4.54		$	5.63
Diluted earnings per common share		1.31			1.66			1.40			1.79			2.58			4.37			5.53

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET - UNAUDITED
(Dollars in thousands)
	September 30,			June 30,			March 31,			December 31,			September 30,
	2024			2024			2024			2023			2023
ASSETS
Cash and due from banks	$	39,429		$	45,045		$	51,974		$	45,210		$	68,288
Interest earning deposits		3,048,593			3,003,542			3,649,146			3,801,136			3,351,686
Cash and cash equivalents		3,088,022			3,048,587			3,701,120			3,846,346			3,419,974
Investment securities, at fair value		2,412,069			2,511,650			2,604,868			2,405,640			2,773,207
Investment securities held to maturity		1,064,437			962,799			1,032,037			1,103,170			1,178,370
Loans held for sale		275,420			375,724			357,640			340,317			150,368
Loans and leases receivable		12,527,283			12,254,204			11,936,621			11,963,855			12,600,548
Loans receivable, mortgage finance, at fair value		1,250,413			1,002,711			962,610			897,912			962,566
Allowance for credit losses on loans and leases		(133,158	)		(132,436	)		(133,296	)		(135,311	)		(139,213	)
Total loans and leases receivable, net of allowance for credit losses on loans and leases		13,644,538			13,124,479			12,765,935			12,726,456			13,423,901
FHLB, Federal Reserve Bank, and other restricted stock		95,035			92,276			100,067			109,548			126,098
Accrued interest receivable		115,588			112,788			120,123			114,766			123,984
Bank premises and equipment, net		6,730			7,019			7,253			7,371			7,789
Bank-owned life insurance		295,531			293,108			293,400			292,193			291,670
Goodwill and other intangibles		3,629			3,629			3,629			3,629			3,629
Other assets		455,083			410,916			361,295			366,829			358,162
Total assets	$	21,456,082		$	20,942,975		$	21,347,367		$	21,316,265		$	21,857,152

LIABILITIES AND SHAREHOLDERS' EQUITY
Demand, non-interest bearing deposits	$	4,670,809		$	4,474,862		$	4,688,880		$	4,422,494		$	4,758,682
Interest bearing deposits		13,398,580			13,203,231			13,272,503			13,497,742			13,436,682
Total deposits		18,069,389			17,678,093			17,961,383			17,920,236			18,195,364
FHLB advances		1,117,229			1,018,349			1,195,088			1,203,207			1,529,839
Other borrowings		99,033			123,970			123,905			123,840			123,775
Subordinated debt		182,439			182,370			182,300			182,230			182,161
Accrued interest payable and other liabilities		186,812			193,328			193,074			248,358			264,406
Total liabilities		19,654,902			19,196,110			19,655,750			19,677,871			20,295,545

Preferred stock		137,794			137,794			137,794			137,794			137,794
Common stock		35,734			35,686			35,540			35,459			35,330
Additional paid in capital		571,609			567,345			567,490			564,538			559,346
Retained earnings		1,302,745			1,259,808			1,205,508			1,159,582			1,101,359
Accumulated other comprehensive income (loss), net		(106,082	)		(131,358	)		(132,305	)		(136,569	)		(149,812	)
Treasury stock, at cost		(140,620	)		(122,410	)		(122,410	)		(122,410	)		(122,410	)
Total shareholders' equity		1,801,180			1,746,865			1,691,617			1,638,394			1,561,607
Total liabilities and shareholders' equity	$	21,456,082		$	20,942,975		$	21,347,367		$	21,316,265		$	21,857,152

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEET / NET INTEREST MARGIN - UNAUDITED
(Dollars in thousands)
	Three Months Ended
	September 30, 2024					June 30, 2024					September 30, 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	$	3,224,940	$	44,372	5.47%	$	3,325,771	$	45,506	5.50%	$	3,211,753	$	43,800	5.41%
Investment securities ⁽¹⁾		3,706,974		46,265	4.97%		3,732,565		47,586	5.13%		4,240,116		54,243	5.12%
Loans and leases:
Commercial & industrial:
Specialized lending loans and leases ⁽²⁾		5,805,389		124,667	8.54%		5,446,882		120,977	8.93%		5,717,252		157,671	10.94%
Other commercial & industrial loans ⁽²⁾⁽³⁾		1,533,057		24,654	6.40%		1,540,191		25,119	6.56%		1,779,778		28,616	6.38%
Mortgage finance loans		1,267,656		17,723	5.56%		1,151,407		15,087	5.27%		1,159,698		16,916	5.79%
Multifamily loans		2,071,340		21,147	4.06%		2,108,835		21,461	4.09%		2,141,384		21,292	3.94%
Non-owner occupied commercial real estate loans		1,411,533		21,065	5.94%		1,396,771		20,470	5.89%		1,425,831		21,208	5.90%
Residential mortgages		525,285		6,082	4.61%		520,791		5,955	4.60%		528,022		5,965	4.48%
Installment loans		1,029,812		24,228	9.36%		1,186,486		28,867	9.79%		1,147,069		24,103	8.34%
Total loans and leases ⁽⁴⁾		13,644,072		239,566	6.99%		13,351,363		237,936	7.17%		13,899,034		275,771	7.87%
Other interest-earning assets		118,914		1,910	6.39%		110,585		3,010	10.95%		134,416		2,526	7.45%
Total interest-earning assets		20,694,900		332,113	6.39%		20,520,284		334,038	6.54%		21,485,319		376,340	6.96%
Non-interest-earning assets		535,504					464,919					492,691
Total assets	$	21,230,404				$	20,985,203				$	21,978,010
Liabilities
Interest checking accounts	$	5,787,026	$	65,554	4.51%	$	5,719,698	$	64,047	4.50%	$	5,758,215	$	58,637	4.04%
Money market deposit accounts		3,676,994		42,128	4.56%		3,346,718		38,167	4.59%		2,181,184		22,983	4.18%
Other savings accounts		1,563,970		18,426	4.69%		1,810,375		21,183	4.71%		1,077,298		11,582	4.27%
Certificates of deposit		2,339,937		29,721	5.05%		2,034,605		25,387	5.02%		4,466,522		52,623	4.67%
Total interest-bearing deposits ⁽⁵⁾		13,367,927		155,829	4.64%		12,911,396		148,784	4.63%		13,483,219		145,825	4.29%
Borrowings		1,334,905		17,739	5.29%		1,454,010		17,601	4.87%		2,328,955		30,742	5.24%
Total interest-bearing liabilities		14,702,832		173,568	4.70%		14,365,406		166,385	4.66%		15,812,174		176,567	4.43%
Non-interest-bearing deposits ⁽⁵⁾		4,557,815					4,701,695					4,347,977
Total deposits and borrowings		19,260,647			3.59%		19,067,101			3.51%		20,160,151			3.48%
Other non-interest-bearing liabilities		195,722					203,714					306,822
Total liabilities		19,456,369					19,270,815					20,466,973
Shareholders' equity		1,774,035					1,714,388					1,511,037
Total liabilities and shareholders' equity	$	21,230,404				$	20,985,203				$	21,978,010
Net interest income				158,545					167,653					199,773
Tax-equivalent adjustment				392					393					405
Net interest earnings			$	158,937				$	168,046				$	200,178
Interest spread					2.80%					3.03%					3.48%
Net interest margin					3.05%					3.28%					3.70%
Net interest margin tax equivalent ⁽⁶⁾					3.06%					3.29%					3.70%


(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 3.46%, 3.40% and 3.24% for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.
(6) Tax-equivalent basis, using an estimated marginal tax rate of 26% for the three months ended September 30, 2024, June 30, 2024 and September 30, 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)
	Nine Months Ended
	September 30, 2024					September 30, 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	$	3,471,011	$	142,695	5.49%	$	2,100,435	$	81,819	5.21%
Investment securities ⁽¹⁾		3,736,770		140,653	5.03%		4,074,464		149,585	4.90%
Loans and leases:
Commercial & industrial:
Specialized lending loans and leases ⁽²⁾		5,507,963		361,234	8.76%		5,748,053		383,138	8.91%
Other commercial & industrial loans ⁽²⁾⁽³⁾		1,575,815		76,487	6.48%		2,081,688		105,398	6.77%
Mortgage finance loans		1,151,173		45,640	5.30%		1,240,403		53,934	5.81%
Multifamily loans		2,100,501		63,863	4.06%		2,176,294		62,857	3.86%
Non-owner occupied commercial real estate loans		1,385,685		61,714	5.95%		1,434,459		61,284	5.71%
Residential mortgages		522,876		17,745	4.53%		535,502		17,298	4.32%
Installment loans		1,131,633		80,866	9.55%		1,517,632		100,669	8.87%
Total loans and leases ⁽⁴⁾		13,375,646		707,549	7.07%		14,734,031		784,578	7.12%
Other interest-earning assets		112,365		7,031	8.36%		119,187		5,463	6.13%
Total interest-earning assets		20,695,792		997,928	6.44%		21,028,117		1,021,445	6.49%
Non-interest-earning assets		487,991					537,160
Total assets	$	21,183,783				$	21,565,277
Liabilities
Interest checking accounts	$	5,682,240	$	191,132	4.49%	$	6,181,097	$	178,984	3.87%
Money market deposit accounts		3,419,880		117,106	4.57%		2,208,853		63,444	3.84%
Other savings accounts		1,708,625		61,008	4.77%		966,539		27,707	3.83%
Certificates of deposit		2,374,982		89,092	5.01%		4,663,548		155,995	4.47%
Total interest-bearing deposits ⁽⁵⁾		13,185,727		458,338	4.64%		14,020,037		426,130	4.06%
Federal funds purchased		-		-	-%		5,055		188	4.97%
Borrowings		1,431,520		53,007	4.95%		2,160,332		80,184	4.96%
Total interest-bearing liabilities		14,617,247		511,345	4.67%		16,185,424		506,502	4.18%
Non-interest-bearing deposits ⁽⁵⁾		4,626,580					3,642,832
Total deposits and borrowings		19,243,827			3.55%		19,828,256			3.42%
Other non-interest-bearing liabilities		221,278					271,387
Total liabilities		19,465,105					20,099,643
Shareholders' equity		1,718,678					1,465,634
Total liabilities and shareholders' equity	$	21,183,783				$	21,565,277
Net interest income				486,583					514,943
Tax-equivalent adjustment				1,179					1,170
Net interest earnings			$	487,762				$	516,113
Interest spread					2.89%					3.08%
Net interest margin					3.15%					3.27%
Net interest margin tax equivalent ⁽⁶⁾					3.16%					3.28%


(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 3.44% and 3.23% for the nine months ended September 30, 2024 and 2023, respectively.
(6) Tax-equivalent basis, using an estimated marginal tax rate of 26% for the nine months ended September 30, 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)
	September 30,		June 30,		March 31,		December 31,		September 30,
	2024		2024		2024		2023		2023
Loans and leases held for investment
Commercial:
Commercial & industrial:
Specialized lending	$	5,468,507	$	5,528,745	$	5,104,405	$	5,006,693	$	5,422,161
Other commercial & industrial ⁽¹⁾		1,087,222		1,092,146		1,113,517		1,162,317		1,252,427
Mortgage finance		1,367,617		1,122,812		1,071,146		1,014,742		1,042,549
Multifamily		2,115,978		2,067,332		2,123,675		2,138,622		2,130,213
Commercial real estate owner occupied		981,904		805,779		806,278		797,319		794,815
Commercial real estate non-owner occupied		1,326,591		1,202,606		1,182,084		1,177,650		1,178,203
Construction		174,509		163,409		185,601		166,393		252,588
Total commercial loans and leases		12,522,328		11,982,829		11,586,706		11,463,736		12,072,956
Consumer:
Residential		500,786		481,503		482,537		484,435		483,133
Manufactured housing		34,481		35,901		37,382		38,670		40,129
Installment:
Personal		453,739		474,481		492,892		555,533		629,843
Other		266,362		282,201		299,714		319,393		337,053
Total installment loans		720,101		756,682		792,606		874,926		966,896
Total consumer loans		1,255,368		1,274,086		1,312,525		1,398,031		1,490,158
Total loans and leases held for investment	$	13,777,696	$	13,256,915	$	12,899,231	$	12,861,767	$	13,563,114

Loans held for sale
Residential	$	2,523	$	2,684	$	870	$	1,215	$	1,005
Installment:
Personal		55,799		125,598		137,755		151,040		124,848
Other		217,098		247,442		219,015		188,062		24,515
Total installment loans		272,897		373,040		356,770		339,102		149,363
Total loans held for sale	$	275,420	$	375,724	$	357,640	$	340,317	$	150,368

Total loans and leases portfolio	$	14,053,116	$	13,632,639	$	13,256,871	$	13,202,084	$	13,713,482
(1) Includes PPP loans.

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
PERIOD END DEPOSIT COMPOSITION - UNAUDITED
(Dollars in thousands)
	September 30,		June 30,		March 31,		December 31,		September 30,
	2024		2024		2024		2023		2023

Demand, non-interest bearing	$	4,670,809	$	4,474,862	$	4,688,880	$	4,422,494	$	4,758,682
Demand, interest bearing		5,606,500		5,894,056		5,661,775		5,580,527		5,824,410
Total demand deposits		10,277,309		10,368,918		10,350,655		10,003,021		10,583,092
Savings		1,399,968		1,573,661		2,080,374		1,402,941		1,118,353
Money market		3,961,028		3,539,815		3,347,843		3,226,395		2,499,593
Time deposits		2,431,084		2,195,699		2,182,511		3,287,879		3,994,326
Total deposits	$	18,069,389	$	17,678,093	$	17,961,383	$	17,920,236	$	18,195,364

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
ASSET QUALITY - UNAUDITED
(Dollars in thousands)
	As of September 30, 2024						As of June 30, 2024						As of September 30, 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⁾	$	6,672,933	$	25,191	0.38	%	$	6,740,992	$	23,721	0.35	%	$	6,754,571	$	24,986	0.37	%
Multifamily		2,115,978		18,090	0.85	%		2,067,332		20,652	1.00	%		2,130,213		15,870	0.74	%
Commercial real estate owner occupied		981,904		10,913	1.11	%		805,779		8,431	1.05	%		794,815		10,363	1.30	%
Commercial real estate non-owner occupied		1,326,591		17,303	1.30	%		1,202,606		17,966	1.49	%		1,178,203		15,819	1.34	%
Construction		174,509		1,606	0.92	%		163,409		1,856	1.14	%		252,588		3,130	1.24	%
Total commercial loans and leases receivable		11,271,915		73,103	0.65	%		10,980,118		72,626	0.66	%		11,110,390		70,168	0.63	%

Consumer:
Residential		500,786		5,838	1.17	%		481,503		5,884	1.22	%		483,133		6,802	1.41	%
Manufactured housing		34,481		4,080	11.83	%		35,901		4,094	11.40	%		40,129		4,080	10.17	%
Installment		720,101		50,137	6.96	%		756,682		49,832	6.59	%		966,896		58,163	6.02	%
Total consumer loans receivable		1,255,368		60,055	4.78	%		1,274,086		59,810	4.69	%		1,490,158		69,045	4.63	%

Loans and leases receivable held for investment		12,527,283		133,158	1.06	%		12,254,204		132,436	1.08	%		12,600,548		139,213	1.10	%

Loans receivable, mortgage finance, at fair value		1,250,413		-	-	%		1,002,711		-	-	%		962,566		-	-	%
Loans held for sale		275,420		-	-	%		375,724		-	-	%		150,368		-	-	%

Total loans and leases portfolio	$	14,053,116	$	133,158	0.95	%	$	13,632,639	$	132,436	0.97	%	$	13,713,482	$	139,213	1.02	%
(1) Includes PPP loans.

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
ASSET QUALITY - UNAUDITED
(Dollars in thousands)
	As of September 30, 2024						As of June 30, 2024						As of September 30, 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⁾	$	4,615	0.07	%	545.85	%	$	5,488	0.08	%	432.23	%	$	5,767	0.09	%	433.26	%
Multifamily		11,834	0.56	%	152.86	%		14,002	0.68	%	147.49	%		-	-	%	-	%
Commercial real estate owner occupied		8,613	0.88	%	126.70	%		9,612	1.19	%	87.71	%		7,442	0.94	%	139.25	%
Commercial real estate non-owner occupied		763	0.06	%	2267.76	%		62	0.01	%	28977.42	%		-	-	%	-	%
Construction		-	-	%	-	%		-	-	%	-	%		-	-	%	-	%
Total commercial loans and leases receivable		25,825	0.23	%	283.07	%		29,164	0.27	%	249.03	%		13,209	0.12	%	531.21	%

Consumer:
Residential		7,997	1.60	%	73.00	%		8,179	1.70	%	71.94	%		6,559	1.36	%	103.70	%
Manufactured housing		1,869	5.42	%	218.30	%		2,047	5.70	%	200.00	%		2,582	6.43	%	158.02	%
Installment		6,328	0.88	%	792.30	%		5,614	0.74	%	887.64	%		7,299	0.75	%	796.86	%
Total consumer loans receivable		16,194	1.29	%	370.85	%		15,840	1.24	%	377.59	%		16,440	1.10	%	419.98	%

Loans and leases receivable		42,019	0.34	%	316.90	%		45,004	0.37	%	294.28	%		29,649	0.24	%	469.54	%

Loans receivable, mortgage finance, at fair value		-	-	%	-	%		-	-	%	-	%		-	-	%	-	%
Loans held for sale		5,307	1.93	%	-	%		2,376	0.63	%	-	%		218	0.14	%	-	%

Total loans and leases portfolio	$	47,326	0.34	%	281.36	%	$	47,380	0.35	%	279.52	%	$	29,867	0.22	%	466.11	%
(1) Includes PPP loans.

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
NET CHARGE-OFFS/(RECOVERIES) - UNAUDITED
(Dollars in thousands)
	Q3			Q2			Q1		Q4			Q3		Nine Months Ended September 30,
	2024			2024			2024		2023			2023		2024			2023
Loan type
Commercial & industrial, including specialized lending	$	5,056		$	5,665		$	3,672	$	5,282		$	2,974	$	14,393		$	3,161
Multifamily		2,167			1,433			473		127			1,999		4,073			3,447
Commercial real estate owner occupied		4			-			22		-			39		26			5
Commercial real estate non-owner occupied		-			-			-		(288	)		-		-			4,500
Construction		(3	)		(7	)		-		-			-		(10	)		(116	)
Residential		(21	)		(20	)		18		(1	)		13		(23	)		35
Installment		9,841			11,640			13,783		12,202			12,473		35,264			40,681
Total net charge-offs (recoveries) from loans held for investment	$	17,044		$	18,711		$	17,968	$	17,322		$	17,498	$	53,723		$	51,713

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*																											Nine Months Ended September 30,
	Q3 2024						Q2 2024						Q1 2024				Q4 2023					Q3 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	$	42,937		$	1.31		$	54,300		$	1.66		$	45,926	$	1.40	$	58,223		$	1.79	$	82,953		$	2.58	$	143,163		$	4.37		$	177,225		$	5.53
Reconciling items (after tax):
Severance expense		540			0.02			1,928			0.06			-		-		473			0.01		-			-		2,468			0.08			778			0.02
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		(322	)		(0.01	)		561			0.02			57		0.00		(85	)		0.00		492			0.02		296			0.01			492			0.02
Derivative credit valuation adjustment		185			0.01			(44	)		0.00			169		0.01		267			0.01		(151	)		0.00		310			0.01			(48	)		0.00
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			-			-
Unrealized (gain) on equity method investments		-			-			(8,316	)		(0.25	)		-		-		-			-		-			-		(8,316	)		(0.25	)		-			-
Unrealized losses on loans held for sale		498			0.02			-			-			-		-		-			-		-			-		498			0.02			-			-
Core earnings	$	43,838		$	1.34		$	48,567		$	1.49		$	46,532	$	1.42	$	61,633		$	1.90	$	83,294		$	2.59	$	138,937		$	4.24		$	186,600		$	5.82

One-time non-interest expense items recorded in 2024 (after-tax):
Deposit servicing fees prior to 2024		-			-			-			-			5,405		0.16		-			-		-			-		5,405			0.16			-			-
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	)		(0.07	)		-			-
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)	$	41,381		$	1.26		$	48,567		$	1.49		$	55,137	$	1.68	$	61,633		$	1.90	$	83,294		$	2.59	$	145,085		$	4.43		$	186,600		$	5.82

*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 2024			Q2 2024			Q1 2024			Q4 2023			Q3 2023			2024			2023
GAAP net income	$	46,743		$	58,085		$	49,726		$	62,092		$	86,756		$	154,554		$	188,051
Reconciling items (after tax):
Severance expense		540			1,928			-			473			-			2,468			778
Impairments on fixed assets and leases		-			-			-			-			-			-			98
Loss on sale of capital call lines of credit		-			-			-			-			-			-			3,914
(Gains) losses on investment securities		(322	)		561			57			(85	)		492			296			492
Derivative credit valuation adjustment		185			(44	)		169			267			(151	)		310			(48	)
Tax on surrender of bank-owned life insurance policies		-			-			-			-			-			-			4,141
FDIC special assessment		-			138			380			2,755			-			518			-
Unrealized (gain) on equity method investments		-			(8,316	)		-			-			-			(8,316	)		-
Unrealized losses on loans held for sale		498			-			-			-			-			498			-
Core net income	$	47,644		$	52,352		$	50,332		$	65,502		$	87,097		$	150,328		$	197,426

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)	$	45,187		$	52,352		$	58,937		$	65,502		$	87,097		$	156,476		$	197,426

Average total assets	$	21,230,404		$	20,985,203		$	21,335,229		$	21,252,273		$	21,978,010		$	21,183,783		$	21,565,277

Core return on average assets		0.89	%		1.00	%		0.95	%		1.22	%		1.57	%		0.95	%		1.22	%

Adjusted core return on average assets (adjusted for one-time non-interest expense items)		0.85	%		1.00	%		1.11	%		1.22	%		1.57	%		0.99	%		1.22	%

*Core Pre-Tax Pre-Provision Net Income and ROAA and Adjusted Core Pre-Tax Pre-Provision Net Income and ROAA - Customers Bancorp*																Nine Months Ended September 30,
(Dollars in thousands, except per share data)	Q3 2024			Q2 2024			Q1 2024			Q4 2023			Q3 2023			2024			2023
GAAP net income	$	46,743		$	58,085		$	49,726		$	62,092		$	86,756		$	154,554		$	188,051
Reconciling items:
Income tax expense (benefit)		(725	)		19,032			15,651			21,796			23,470			33,958			58,801
Provision (benefit) for credit losses		17,066			18,121			17,070			13,523			17,856			52,257			61,088
Provision (benefit) for credit losses on unfunded commitments		642			1,594			430			(136	)		48			2,666			24
Severance expense		659			2,560			-			639			-			3,219			991
Impairments on fixed assets and leases		-			-			-			-			-			-			124
Loss on sale of capital call lines of credit		-			-			-			-			-			-			5,037
(Gains) losses on investment securities		(394	)		744			75			(114	)		626			425			626
Derivative credit valuation adjustment		226			(58	)		222			361			(192	)		390			(63	)
FDIC special assessment		-			183			500			3,723			-			683			-
Unrealized (gain) on equity method investments		-			(11,041	)		-			-			-			(11,041	)		-
Unrealized losses on loans held for sale		607			-			-			-			-			607			-
Core pre-tax pre-provision net income	$	64,824		$	89,220		$	83,674		$	101,884		$	128,564		$	237,718		$	314,679

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)	$	61,827		$	89,220		$	94,988		$	101,884		$	128,564		$	246,035		$	314,679

Average total assets	$	21,230,404		$	20,985,203		$	21,335,229		$	21,252,273		$	21,978,010		$	21,183,783		$	21,565,277

Core pre-tax pre-provision ROAA		1.21	%		1.71	%		1.58	%		1.90	%		2.32	%		1.50	%		1.95	%

Adjusted core pre-tax pre-provision ROAA (adjusted for one-time non-interest expense items)		1.16	%		1.71	%		1.79	%		1.90	%		2.32	%		1.55	%		1.95	%

*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 2024			Q2 2024			Q1 2024			Q4 2023			Q3 2023			2024			2023
GAAP net income to common shareholders	$	42,937		$	54,300		$	45,926		$	58,223		$	82,953		$	143,163		$	177,225
Reconciling items (after tax):
Severance expense		540			1,928			-			473			-			2,468			778
Impairments on fixed assets and leases		-			-			-			-			-			-			98
Loss on sale of capital call lines of credit		-			-			-			-			-			-			3,914
(Gains) losses on investment securities		(322	)		561			57			(85	)		492			296			492
Derivative credit valuation adjustment		185			(44	)		169			267			(151	)		310			(48	)
Tax on surrender of bank-owned life insurance policies		-			-			-			-			-			-			4,141
FDIC special assessment		-			138			380			2,755			-			518			-
Unrealized (gain) on equity method investments		-			(8,316	)		-			-			-			(8,316	)		-
Unrealized losses on loans held for sale		498			-			-			-			-			498			-
Core earnings	$	43,838		$	48,567		$	46,532		$	61,633		$	83,294		$	138,937		$	186,600

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)	$	41,381		$	48,567		$	55,137		$	61,633		$	83,294		$	145,085		$	186,600

Average total common shareholders' equity	$	1,636,242		$	1,576,595		$	1,529,211		$	1,449,728		$	1,373,244		$	1,580,885		$	1,327,841

Core return on average common equity		10.66	%		12.39	%		12.24	%		16.87	%		24.06	%		11.74	%		18.79	%

Adjusted core return on average common equity (adjusted for one-time non-interest expense items)		10.06	%		12.39	%		14.50	%		16.87	%		24.06	%		12.26	%		18.79	%

*Core Pre-Tax Pre-Provision ROCE and Adjusted Core Pre-Tax Pre-Provision ROCE - Customers Bancorp*																Nine Months Ended September 30,
(Dollars in thousands, except per share data)	Q3 2024			Q2 2024			Q1 2024			Q4 2023			Q3 2023			2024			2023
GAAP net income to common shareholders	$	42,937		$	54,300		$	45,926		$	58,223		$	82,953		$	143,163		$	177,225
Reconciling items:
Income tax expense (benefit)		(725	)		19,032			15,651			21,796			23,470			33,958			58,801
Provision (benefit) for credit losses		17,066			18,121			17,070			13,523			17,856			52,257			61,088
Provision (benefit) for credit losses on unfunded commitments		642			1,594			430			(136	)		48			2,666			24
Severance expense		659			2,560			-			639			-			3,219			991
Impairments on fixed assets and leases		-			-			-			-			-			-			124
Loss on sale of capital call lines of credit		-			-			-			-			-			-			5,037
(Gains) losses on investment securities		(394	)		744			75			(114	)		626			425			626
Derivative credit valuation adjustment		226			(58	)		222			361			(192	)		390			(63	)
FDIC special assessment		-			183			500			3,723			-			683			-
Unrealized (gain) on equity method investments		-			(11,041	)		-			-			-			(11,041	)		-
Unrealized losses on loans held for sale		607			-			-			-			-			607			-
Core pre-tax pre-provision net income available to common shareholders	$	61,018		$	85,435		$	79,874		$	98,015		$	124,761		$	226,327		$	303,853

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	$	58,021		$	85,435		$	91,188		$	98,015		$	124,761		$	234,644		$	303,853

Average total common shareholders' equity	$	1,636,242		$	1,576,595		$	1,529,211		$	1,449,728		$	1,373,244		$	1,580,885		$	1,327,841

Core pre-tax pre-provision ROCE		14.84	%		21.79	%		21.01	%		26.82	%		36.04	%		19.12	%		30.59	%

Adjusted core pre-tax pre-provision ROCE (adjusted for one-time non-interest expense items)		14.11	%		21.79	%		23.98	%		26.82	%		36.04	%		19.83	%		30.59	%

*Core Efficiency Ratio and Adjusted Core Efficiency Ratio - Customers Bancorp*																Nine Months Ended September 30,
(Dollars in thousands, except per share data)	Q3 2024			Q2 2024			Q1 2024			Q4 2023			Q3 2023			2024			2023
GAAP net interest income	$	158,545		$	167,653		$	160,385		$	172,506		$	199,773		$	486,583		$	514,943

GAAP non-interest income	$	8,557		$	31,037		$	21,231		$	18,672		$	17,775		$	60,825		$	51,893
Loss on sale of capital call lines of credit		-			-			-			-			-			-			5,037
(Gains) losses on investment securities		(394	)		744			75			(114	)		626			425			626
Derivative credit valuation adjustment		226			(58	)		222			361			(192	)		390			(63	)
Unrealized (gain) on equity method investments		-			(11,041	)		-			-			-			(11,041	)		-
Unrealized losses on loans held for sale		607			-			-			-			-			607			-
Core non-interest income		8,996			20,682			21,528			18,919			18,209			51,206			57,493
Core revenue	$	167,541		$	188,335		$	181,913		$	191,425		$	217,982		$	537,789		$	572,436


GAAP non-interest expense	$	104,018		$	103,452		$	99,169		$	93,767		$	89,466		$	306,639		$	258,896
Severance expense		(659	)		(2,560	)		-			(639	)		-			(3,219	)		(991	)
Impairments on fixed assets and leases		-			-			-			-			-			-			(124	)
FDIC special assessment		-			(183	)		(500	)		(3,723	)		-			(683	)		-
Core non-interest expense	$	103,359		$	100,709		$	98,669		$	89,405		$	89,466		$	302,737		$	257,781

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	$	106,356		$	100,709		$	87,355		$	89,405		$	89,466		$	294,420		$	257,781

Core efficiency ratio ⁽¹⁾		61.69	%		53.47	%		54.24	%		46.70	%		41.04	%		56.29	%		45.03	%

Adjusted core efficiency ratio(adjusted for one-time non-interest expense items) ⁽²⁾		63.48	%		53.47	%		48.02	%		46.70	%		41.04	%		54.75	%		45.03	%
(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.

*Core Non-Interest Expense to Average Total Assets and Adjusted Core Non-Interest Expense to Average Total Assets- Customers Bancorp*																Nine Months Ended September 30,
(Dollars in thousands, except per share data)	Q3 2024			Q2 2024			Q1 2024			Q4 2023			Q3 2023			2024			2023
GAAP non-interest expense	$	104,018		$	103,452		$	99,169		$	93,767		$	89,466		$	306,639		$	258,896
Severance expense		(659	)		(2,560	)		-			(639	)		-			(3,219	)		(991	)
Impairments on fixed assets and leases		-			-			-			-			-			-			(124	)
FDIC special assessment		-			(183	)		(500	)		(3,723	)		-			(683	)		-
Core non-interest expense	$	103,359		$	100,709		$	98,669		$	89,405		$	89,466		$	302,737		$	257,781

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	$	106,356		$	100,709		$	87,355		$	89,405		$	89,466		$	294,420		$	257,781

Average total assets	$	21,230,404		$	20,985,203		$	21,335,229		$	21,252,273		$	21,978,010		$	21,183,783		$	21,565,277

Core non-interest expense to average total assets		1.94	%		1.93	%		1.86	%		1.67	%		1.62	%		1.91	%		1.60	%

Adjusted core non-interest expense to average total assets (adjusted for one-time non-interest expense items)		1.99	%		1.93	%		1.65	%		1.67	%		1.62	%		1.86	%		1.60	%


*Business Unit Deposits (formerly, Core Deposits, Total Deposits, excluding Wholesale CDs and BMTX student deposits) - Customers Bancorp*

(Dollars in thousands, except per share data)	Q3 2024		Q2 2024		Q1 2024		Q4 2023		Q3 2023
Total deposits	$	18,069,389	$	17,678,093	$	17,961,383	$	17,920,236	$	18,195,364
Reconciling items:
Wholesale CDs		1,585,081		1,545,885		1,809,573		2,970,615		3,713,933
BMTX student deposits		-		-		850		1,157		636,951
Business Unit Deposits (formerly, Core Deposits, Total deposits, excluding wholesale CDs and BMTX student deposits)	$	16,484,308	$	16,132,208	$	16,150,960	$	14,948,464	$	13,844,480

*Tangible Common Equity to Tangible Assets - Customers Bancorp*

(Dollars in thousands, except per share data)	Q3 2024			Q2 2024			Q1 2024			Q4 2023			Q3 2023
GAAP total shareholders' equity	$	1,801,180		$	1,746,865		$	1,691,617		$	1,638,394		$	1,561,607
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	$	1,659,757		$	1,605,442		$	1,550,194		$	1,496,971		$	1,420,184

GAAP total assets	$	21,456,082		$	20,942,975		$	21,347,367		$	21,316,265		$	21,857,152
Reconciling items:
Goodwill and other intangibles		(3,629	)		(3,629	)		(3,629	)		(3,629	)		(3,629	)
Tangible assets	$	21,452,453		$	20,939,346		$	21,343,738		$	21,312,636		$	21,853,523

Tangible common equity to tangible assets		7.7	%		7.7	%		7.3	%		7.0	%		6.5	%

*Tangible Book Value per Common Share - Customers Bancorp*

(Dollars in thousands, except share and per share data)	Q3 2024			Q2 2024			Q1 2024			Q4 2023			Q3 2023
GAAP total shareholders' equity	$	1,801,180		$	1,746,865		$	1,691,617		$	1,638,394		$	1,561,607
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	$	1,659,757		$	1,605,442		$	1,550,194		$	1,496,971		$	1,420,184

Common shares outstanding		31,342,107			31,667,655			31,521,931			31,440,906			31,311,254

Tangible book value per common share	$	52.96		$	50.70		$	49.18		$	47.61		$	45.36

Contacts

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

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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.

Excludes pre-tax severance expense of $0.7 million, unrealized losses on loans held for sale of $0.6 million, gain on investment securities of $0.4 million and derivative credit valuation adjustment of $0.2 million.

Regulatory capital ratios as of September 30, 2024 are estimates.

Uninsured deposits (estimate) of $6.1 billion to be reported on the Bank's call report, less deposits of $1.4 billion collateralized by standby letters of credit from the FHLB and from our affiliates of $136.5 million.