Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2017

Condensed Financial Information of Parent Company Only 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, 2017 and 2016, and for the years ended December 31, 2017, 2016 and 2015.

Balance Sheets

	December 31,
	2017		2016
(amounts in thousands)
Assets
Cash in subsidiary bank	$	67,231	$	54,441
Investments in and receivables due from subsidiaries	1,039,883		883,793
Other assets	3,160		10,784
Total assets	$	1,110,274	$	949,018
Liabilities and Shareholders’ equity
Borrowings	$	186,497	$	87,123
Other liabilities	2,813		6,023
Total liabilities	189,310		93,146
Shareholders’ equity	920,964		855,872
Total Liabilities and Shareholders’ Equity	$	1,110,274	$	949,018

Income and Comprehensive Income Statements

	For the Years Ended December 31,
	2017		2016		2015
(amounts in thousands)
Operating income:
Other	$	38,200	$	25,400	$	18,545
Total operating income	38,200		25,400		18,545
Operating expense:
Interest	7,984		5,854		5,854
Other	1,742		4,570		4,604
Total operating expense	9,726		10,424		10,458
Income before taxes and undistributed income of subsidiaries	28,474		14,976		8,087
Income tax benefit	3,620		3,961		3,516
Income before undistributed income of subsidiaries	32,094		18,937		11,603
Equity in undistributed income of subsidiaries	46,743		59,765		46,980
Net income	78,837		78,702		58,583
Preferred stock dividends	14,459		9,515		2,493
Net income available to common shareholders	64,378		69,187		56,090
Comprehensive income	$	83,370	$	81,794	$	50,721

Statements of Cash Flows

	For the Years Ended December 31,
(amounts in thousands)	2017			2016			2015
Cash Flows from Operating Activities:
Net income	$	78,837		$	78,702		$	58,583
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries, net of dividends received from Bank	(46,743		)	(59,765		)	(46,980		)
Loss on sale of available for sale investment securities	—			1			—
(Increase) decrease in other assets	7,624			(7,721		)	2,488
Increase (decrease) in other liabilities	(1,322		)	54			(112		)
Net Cash Provided By Operating Activities	38,396			11,271			13,979
Cash Flows from Investing Activities:
Proceeds from sales of investment securities available for sale	—			4			—
Payments for investments in and advances to subsidiaries	(98,725		)	(230,872		)	(30,036		)
Net Cash Used in Investing Activities	(98,725		)	(230,868		)	(30,036		)
Cash Flows from Financing Activities:
Proceeds from issuance of common stock	2,716			70,985			904
Proceeds from issuance of preferred stock	—			161,902			55,569
Proceeds from issuance of long-term debt	98,564			—			—
Exercise and redemption of warrants	1,059			1,532			—
Payments of employee taxes withheld from share-based awards	(14,761		)	(5,897		)	—
Preferred stock dividends paid	(14,459		)	(9,051		)	(2,314		)
Net Cash Provided by Financing Activities	73,119			219,471			54,159
Net Increase (Decrease) in Cash and Cash Equivalents	12,790			(126		)	38,102
Cash and Cash Equivalents – Beginning	54,441			54,567			16,465
Cash and Cash Equivalents – Ending	$	67,231		$	54,441		$	54,567