Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2013

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Statements of Parent Company

NOTE 22 – CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

On September 17, 2011, Customers Bank and Customers Bancorp, Inc. completed a Plan of Merger and reorganization pursuant to which all of the issued and outstanding common stock of the Bank was exchanged on a one-for-three basis for shares of common stock and non-voting common stock of the Bancorp. Following is the condensed balance sheet of Customers Bancorp, Inc. as of December 31, 2013 and 2012 and the income statement and statement of cash flows for each of the three years ending December 31, 2013, 2012 and 2011:

Balance Sheets

	December 31,
	2013		2012
	(in thousands)
Assets
Cash in subsidiary bank	$	13,254	$	44,679
Investment securities available for sale, at fair value		5		6
Investments in and receivables due from subsidiaries		432,064		225,150
Other assets		5,044		12
Total assets	$	450,367	$	269,847
Liabilities and Shareholders’ equity
Other liabilities		63,744		372
Total liabilities		63,744		372
Shareholders’ equity		386,623		269,475
Total Liabilities and Shareholders’ Equity	$	450,367	$	269,847

Income Statements

	Year Ended December 31,
	2013			2012			2011
	(in thousands)
Operating income:
Other	$	758		$	0		$	0
Total operating income		758			0			0
Operating expense:
Interest		1,923			0			0
Other		3,395			2,708			0
Total operating expense		5,318			2,708			0
Loss before taxes and undistributed income of subsidiaries		(4,560	)		(2,708	)		0
Income tax benefit		1,596			948			0
Loss before undistributed income of subsidiaries		(2,964	)		(1,760	)		0
Equity in undistributed income of subsidiaries		35,658			25,578			4,034
Net income		32,694			23,818			4,034
Dividends on preferred stock		0			0			44
Net income available to common shareholders	$	32,694		$	23,818		$	3,990

Statements of Cash Flows

	Year Ended December 31,
	2013			2012			2011
	(in thousands)
Cash Flows from Operating Activities:
Net income	$	32,694		$	23,818		$	4,034
Adjustments to reconcile net income to net cash used in operating activities:
Equity in undistributed earnings of subsidiaries		(35,658	)		(25,578	)		(4,034	)
Increase in other assets		(1,465	)		(12	)		0
(Decrease) increase in other liabilities		(281	)		372			0
Net Cash Used in Operating Activities		(4,710	)		(1,400	)		0
Cash Flows from Investing Activities:
Purchases of investment securities available for sale		0			(6	)		0
Payments for investments in and advances to subsidiaries		(177,068	)		(53,500	)		(4,420	)
Net Cash Used in Investing Activities		(177,068	)		(53,506	)		(4,420	)
Cash Flows from Financing Activities:
Proceeds from issuance of common stock		97,507			94,586			13,000
Proceeds from issuance of long-term debt		60,336			0			0
Repayment of TARP		0			0			(3,037	)
Payment of preferred dividends		0			0			(44	)
Exercise and redemption of warrants		264			0			0
Purchase of treasury stock		(7,754	)		0			(500	)
Net Cash Provided by Financing Activities		150,353			94,586			9,419
Net (Decrease) Increase in Cash and Cash Equivalents		(31,425	)		39,680			4,999
Cash and Cash Equivalents – Beginning		44,679			4,999			0
Cash and Cash Equivalents – Ending	$	13,254		$	44,679		$	4,999