XML 58 R32.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Condensed Financial Statements of Parent Company | 12 Months Ended
--- | ---
Dec. 31, 2023
Condensed Financial Information Disclosure [Abstract] |
Condensed Financial Statements of Parent Company | CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY The following tables present the condensed financial statements for Customers Bancorp, Inc. (parent company only) as of December 31, 2023 and 2022, and for the years ended December 31, 2023, 2022 and 2021. Balance Sheets
| December 31,
(amounts in thousands) | 2023 |  | 2022
Assets |  |  |
Cash in bank subsidiary | $ | 113,950 |  |  | $ | 72,853 |
Investment securities (1) | 24,429 |  |  | 22,670 |
Investments in and receivables due from bank subsidiary | 1,707,832 |  |  | 1,502,917 |
Other assets | 285 |  |  | 2,745 |
Total assets | $ | 1,846,496 |  |  | $ | 1,601,185 |
Liabilities and Shareholders’ equity |  |  |
Borrowings | $ | 196,606 |  |  | $ | 196,165 |
Other liabilities | 11,496 |  |  | 2,059 |
Total liabilities | 208,102 |  |  | 198,224 |
Shareholders’ equity | 1,638,394 |  |  | 1,402,961 |
Total Liabilities and Shareholders’ Equity | $ | 1,846,496 |  |  | $ | 1,601,185 |
(1) Includes perpetual preferred stock issued by domestic banks or bank holding companies and equity securities issued by fintech companies, without a readily determinable fair value, at December 31, 2023 and 2022. No impairments or measurement adjustments have been recorded on the equity securities without a readily determinable fair value since acquisition. Income and Comprehensive Income Statements
| For the Years Ended December 31,
(amounts in thousands) | 2023 |  | 2022 |  | 2021
Operating income: |  |  |  |  |
Dividends from bank subsidiary | $ | 90,000 |  |  | $ | 52,000 |  |  | $ | 172,982 |
Loss on sale of foreign subsidiaries | — |  |  | — |  |  | (2,809) |
Other | 1,643 |  |  | 1,264 |  |  | — |
Total operating income | 91,643 |  |  | 53,264 |  |  | 170,173 |
Operating expense: |  |  |  |  |
Interest | 8,459 |  |  | 10,657 |  |  | 10,879 |
Other | 2,251 |  |  | 3,410 |  |  | 3,121 |
Total operating expense | 10,710 |  |  | 14,067 |  |  | 14,000 |
Income before taxes and undistributed income of subsidiaries | 80,933 |  |  | 39,197 |  |  | 156,173 |
Income tax benefit | 2,026 |  |  | 2,819 |  |  | 6,964 |
Income before undistributed income of subsidiaries | 82,959 |  |  | 42,016 |  |  | 163,137 |
Equity in undistributed income of subsidiaries | 167,184 |  |  | 186,018 |  |  | 151,510 |
Net income | 250,143 |  |  | 228,034 |  |  | 314,647 |
Preferred stock dividends | 14,695 |  |  | 9,632 |  |  | 11,693 |
Loss on redemption of preferred stock | — |  |  | — |  |  | 2,820 |
Net income available to common shareholders | 235,448 |  |  | 218,402 |  |  | 300,134 |
Comprehensive income | $ | 276,670 |  |  | $ | 69,918 |  |  | $ | 315,431 |
One of the principal sources of the Bancorp’s liquidity is the dividends it receives from the Bank, which may be impacted by the following: bank-level capital needs, laws and regulations, corporate policies, contractual restrictions and other factors. There are statutory and regulatory limitations on the ability of the Bank to pay dividends or make other capital distributions or to extend credit to the Bancorp or its non-bank subsidiaries. Statements of Cash Flows
| For the Years Ended December 31,
(amounts in thousands) | 2023 |  | 2022 |  | 2021
Cash Flows from Operating Activities |  |  |  |  |
Net income | $ | 250,143 |  |  | $ | 228,034 |  |  | $ | 314,647 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |  |  |
Equity in undistributed earnings of subsidiaries, net of dividends received from Bank | (167,184) |  |  | (186,018) |  |  | (151,510) |
Distribution of investment in BM Technologies common stock from Bank | — |  |  | — |  |  | (32,983) |
Loss on sale of foreign subsidiaries | — |  |  | — |  |  | 2,840 |
(Increase) decrease in other assets | 2,023 |  |  | 4,328 |  |  | (5,100) |
Increase (decrease) in other liabilities | 10,802 |  |  | 680 |  |  | 1,054 |
Net Cash Provided By (Used in) Operating Activities | 95,784 |  |  | 47,024 |  |  | 128,948 |
Cash Flows from Investing Activities |  |  |  |  |
Purchases of investment securities | (1,831) |  | ` | (2,095) |  |  | (20,575) |
Payments for investments in and advances to subsidiaries | — |  |  | — |  |  | (50,010) |
Proceeds from sales of foreign subsidiaries | — |  |  | — |  |  | 3,765 |
Other, net | 72 |  |  | — |  |  | — |
Net Cash Provided By (Used in) Investing Activities | (1,759) |  |  | (2,095) |  |  | (66,820) |
Cash Flows from Financing Activities |  |  |  |  |
Proceeds from issuance of common stock | 3,947 |  |  | 2,720 |  |  | 27,762 |
Proceed from issuance of other long-term borrowings | — |  |  | — |  |  | 98,799 |
Repayments of other borrowings | — |  |  | (100,000) |  |  | — |
Redemption of preferred stock | — |  |  | — |  |  | (82,497) |
Preferred stock dividends paid | (14,636) |  |  | (9,326) |  |  | (10,833) |
Purchase of treasury stock | (39,806) |  |  | (33,162) |  |  | (27,662) |
Payments of employee taxes withheld from share-based awards | (2,433) |  |  | (5,063) |  |  | (5,568) |
Net Cash Provided by (Used in) Financing Activities | (52,928) |  |  | (144,831) |  |  | 1 |
Net Increase (Decrease) in Cash and Cash Equivalents | 41,097 |  |  | (99,902) |  |  | 62,129 |
Cash and Cash Equivalents - Beginning Balance | 72,853 |  |  | 172,755 |  |  | 110,626 |
Cash and Cash Equivalents - Ending Balance | $ | 113,950 |  |  | $ | 72,853 |  |  | $ | 172,755 |
Non-cash Investing and Financing Activities: |  |  |  |  |
Distribution of investment in BM Technologies common stock | $ | — |  |  | $ | — |  |  | $ | 32,983 |

X
- References No definition available. + Details
Name: | srt_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | srt_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration