Customers Bancorp Reports Results for Fourth Quarter and Full Year 2025

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

Fourth Quarter 2025 Highlights

Full Year 2025 Highlights

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 is included at the end of this document.

Core earnings exclude loss on redemption of preferred stock of $2.8 million and pre-tax losses on investment securities of $47.0 thousand.

Regulatory capital ratios as of December 31, 2025 are estimates.

CEO Commentary

“We are pleased with our fourth quarter and full year results that show the company’s continued execution of its strategic priorities and underscore our success in growing franchise value,” said Customers Bancorp Executive Chairman Jay Sidhu.

“During the quarter, we continued to strategically grow our loan and deposit portfolios as we saw momentum throughout the organization. Total loans and leases grew by 14.5% in 2025 with contributions from multiple verticals allowing us to deliver above industry average growth rates without sacrificing on structure or credit quality.

Our new teams recruited since Q2 2023 continued to shine, adding nearly $600 million of deposits in Q4 2025. These 18 teams now manage over $3.3 billion in deposits across over 8,000 commercial accounts. This has allowed us to deliver over $500 million of non-interest bearing deposit growth in 2025 outside of the benefits of our cubiX platform clients.

Our Q4 2025 GAAP earnings were $70.1 million, or $1.98 per diluted share, and core earnings* were $72.9 million, or $2.06 per diluted share. Asset quality remains strong with our NPA ratio at just 0.29% of total assets and reserve levels are robust at 356% of total non-performing loans at the end of Q4 2025. Our TCE / TA ratio* increased by 10 basis points from September 30, 2025 to 8.5% at December 31, 2025, while our balance sheet grew by 2.6%.

In 2025, we once again delivered exceptionally strong growth in revenue, core earnings, and tangible book value per share of 14.5%, 35.9%*, and 14.2%*, respectively.

We believe that our unique strategy, the investments we are making, and the exceptional talent across our organization position us strongly for continued success. It is because of this positioning that I felt confident in completing the previously announced leadership transition and succession plan with Sam Sidhu becoming Chief Executive Officer of Customers Bancorp, effective January 1, 2026,” Jay Sidhu concluded.

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 Held for Investment

Loans and leases held for investment were $16.8 billion at December 31, 2025, up $484 million, or 3.0%, from September 30, 2025. Non-owner occupied commercial real estate loans increased by $156 million, or 9.9% quarter-over-quarter to $1.7 billion. Multifamily loans increased by $134 million, or 5.7% to $2.5 billion. Mortgage finance loans increased by $123 million, or 7.8% to $1.7 billion. Owner-occupied commercial real estate loans increased by $76 million, or 7.2% to $1.1 billion.

Loans and leases held for investment of $16.8 billion at December 31, 2025 were up $2.3 billion, or 16.0%, year-over-year. Specialized lending increased by $1.2 billion, or 21.4%, year-over-year. Non-owner occupied commercial real estate loans increased by $380 million, or 27.9%. Mortgage finance loans increased by $260 million, or 18.0%. Multifamily loans increased by $238 million, or 10.6%. Consumer installment loans increased by $166 million, or 23.3%, inclusive of the transfer from loans held for sale in Q1 2025.

Investment Securities

At December 31, 2025, total investment securities were $2.7 billion, a decrease of $145 million compared to September 30, 2025 and a decrease of $345 million compared to a year ago.

At December 31, 2025, the Available-For-Sale (“AFS”) debt securities portfolio had a spot yield of 5.54%, an effective duration of approximately 2.4 years, and approximately 29% are variable rate. Additionally, 69% of the AFS securities portfolio was AAA rated at December 31, 2025.

At December 31, 2025, the Held-To-Maturity (“HTM”) debt securities portfolio represented only 2.9% of total assets, had a spot yield of 3.31% and an effective duration of approximately 3.9 years. Additionally, at December 31, 2025, approximately 62% of the HTM securities were AAA rated and $0.3 billion were credit enhanced asset backed securities with no current expectation of credit losses.

Deposits

Total deposits increased $374 million to $20.8 billion at December 31, 2025 as compared to the prior quarter. The total average cost of deposits decreased by 23 basis points to 2.54% in Q4 2025 from 2.77% in the prior quarter. Total estimated uninsured deposits were $6.6 billion 1, or 32% of total deposits at December 31, 2025 with immediately available liquidity covering approximately 161% of these deposits.

Total deposits increased $1.9 billion to $20.8 billion at December 31, 2025 as compared to a year ago. The total average cost of deposits decreased by 53 basis points to 2.54% in Q4 2025 from 3.07% in Q4 2024.

Uninsured deposits (estimate) of $8.6 billion to be reported on the Bank’s call report, less deposits of $1.8 billion collateralized by standby letters of credit from the FHLB and from our affiliates of $222 million.

Borrowings

Total borrowings increased $228.1 million, or 15.4% to $1.7 billion at December 31, 2025 as compared to the prior quarter. Total borrowings increased $295 million, or 21.0%, to $1.7 billion at December 31, 2025 as compared to a year ago. This increase primarily resulted from net draws of $130 million in FHLB advances and the issuance of $100 million in Customers Bancorp subordinated notes in Q4 2025.

Capital

Customers Bancorp’s common equity increased $72 million to $2.1 billion, and tangible common equity* increased $72 million to $2.1 billion, at December 31, 2025 compared to the prior quarter, respectively, primarily from earnings of $70 million. Customers Bancorp’s common equity increased $417 million to $2.1 billion, and tangible common equity* increased $417 million to $2.1 billion, at December 31, 2025 compared to a year ago, respectively, primarily from earnings of $209 million, the issuance of $163 million of common stock on September 5, 2025 and a decrease in AOCI of $43 million (net of taxes), mostly from decreased unrealized losses on investment securities, offset in part by $6 million of common share repurchases. Book value per common share increased to $61.87 from $59.83 and $54.20, and tangible book value per common share* increased to $61.77 from $59.72 and $54.08, at December 31, 2025 from September 30, 2025 and December 31, 2024, respectively.

Credit Quality

The provision for credit losses in Q4 2025 was $22 million, compared to $27 million in Q3 2025 and $21 million in Q4 2024.

Net charge-offs were $14 million in Q4 2025, compared to $15 million in Q3 2025 and Q4 2024.

The allowance for credit losses on loans and leases was $156 million at December 31, 2025, compared to $152 million at September 30, 2025 and $137 million at December 31, 2024.

Non-performing loans at December 31, 2025 increased to 0.26% of total loans and leases, compared to 0.17% at September 30, 2025 and decreased, compared to 0.30% at December 31, 2024. Nonperforming loans include the guaranteed portion of SBA loans. As of December 31, 2025, nonperforming loans totaled $44 million, of which $10 million represents the government-guaranteed portion. Excluding the government-guaranteed portion, nonperforming loans totaled $34 million, representing 0.20% of total loans and leases.

Key Profitability Trends

Net Interest Income

Net interest income totaled $204.4 million in Q4 2025, an increase of $2.5 million from Q3 2025. This increase was driven by a decrease in interest expense primarily due to a favorable shift in deposit mix and lower market interest rates.

“Net interest income continued to increase in the quarter despite a decline in market interest rates as we realized the benefits of loan growth, growth in average non-interest bearing and lower-cost deposits, and well managed funding costs,” stated Customers Bancorp CEO Sam Sidhu. “Our full year net interest income reached a record level in 2025. We continue to have positive drivers to net interest income on both sides of the balance sheet. We have a strong loan pipeline and the flywheel from our primarily deposit-focused commercial banking team recruitment strategy continued to gain momentum and our recruitment pipeline remains strong,” stated Sam Sidhu.

Net interest income totaled $204.4 million in Q4 2025, an increase of $36.6 million from Q4 2024. This increase was primarily due to higher interest income primarily due to higher average loan balances and higher discount accretion in C&I loans and lower interest expense from a favorable shift in deposit mix and lower market interest rates.

Non-Interest Income

Reported non-interest income totaled $32.5 million for Q4 2025, an increase of $2.3 million compared to $30.2 million for Q3 2025. The increase was primarily due to increases of $2.7 million in commercial lease income and other non-interest income of $3.9 million primarily from an increase of $2.0 million in gain on sale of leased assets and gains on certain derivatives. These increases were partially offset by a decrease of $4.0 million in loan fees mostly associated with the settlement of stock warrants in Q3 2025.

Non-interest income totaled $32.5 million for Q4 2025, an increase of $32.9 million compared to Q4 2024. The increase was primarily due to a decrease in net loss on sale of investment securities of $26.2 million and increases in commercial lease income of $3.6 million and gain on sale of leased assets of $2.6 million included in other non-interest income, partially offset by a decrease of $1.2 million in loan fees.

Non-Interest Expense

Non-interest expenses totaled $117.3 million in Q4 2025, an increase of $12.1 million compared to Q3 2025. The increase was primarily attributable to increases of $3.0 million in salaries and employee benefits primarily due to higher headcount and incentives and $2.2 million in commercial lease depreciation associated with the Bank’s continued growth, and within other non-interest expense of $2.8 million in provision for credit losses on unfunded lending commitments and $2.2 million in insurance expenses related to investments in tax credit structures with a corresponding benefit to income tax expense.

“We had a total of $4.8 million of expense that was unique to the quarter including $1.9 million of legal expense associated with a new team onboarding, $2.2 milliion of insurance expense on tax credit purchases with corresponding benefit to income tax expense, and $0.7 million of stock compensation and benefit expense. Additionally we had $2.2 million of higher commercial lease depreciation driven by higher volume which came with corresponding revenues. Even with these costs and investments we continue to make in our future our efficiency ratio remained very strong,” stated Customers Bancorp CFO Mark McCollom.

Non-interest expenses totaled $117.3 million in Q4 2025, an increase of $6.9 million compared to Q4 2024. The increase was primarily attributable to increases of $4.6 million in salaries and employee benefits and $2.7 million in commercial lease depreciation associated with the Bank’s continued growth, and within other non-interest expense of $2.7 million in provision for credit losses on unfunded lending commitments and $2.2 million in insurance expenses related to investments in tax credit structures with a corresponding benefit to income tax expense. These increases were partially offset by decreases of $2.0 million in technology, communication and bank operations primarily due to lower deposit servicing fees, fees paid to a fintech company related to a consumer installment loan origination program included within other non-interest expense, professional fees and FDIC assessments, non-income taxes and regulatory fees.

Taxes

Income tax expense decreased by $1.8 million to a provision of $22.8 million in Q4 2025 from $24.6 million in Q3 2025 primarily due to lower pre-tax income, and increased by $13.9 million from $8.9 million in Q4 2024 primarily due to higher pre-tax income, partially offset by a lower increase of unrecognized benefits in Q4 2025 as compared to Q4 2024. The effective tax rate was 23.4% for Q4 2025.

Outlook

“We were very pleased with our fourth quarter and full year results and remain focused on executing in those areas which differentiate us from our peers. We believe that truly exceptional service, sophisticated product offerings, recruitment of top talent, exceptional payment capabilities, and a single point of contact service model will deliver sustainable long-term growth.

As we look forward to 2026 our priorities will evolve but broadly remain unchanged. We will look to continue to deliver above industry average loan and deposit portfolio growth. We will build upon our successful team recruitment strategy, with newly recruited teams supporting our future growth. We will seek to deepen and broaden our payments capabilities building upon the incredible foundation our team has laid over the past two years. And we will target increasing our utilization of AI and automation technologies to transform our organization by providing enhanced client experiences and organizational productivity. We will seek to do this while maintaining a strong capital base, liquidity, and credit quality.

For 2026 we are targeting loan growth of 8% to 12% and deposit growth of 8% to 12%, resulting in net interest income growing to $800 to $830 million. We project non-interest expenses of $440 to $460 million as we continue to make investments in our future, largely in people and technology, but remain focused on driving positive operating leverage even with these investments. For capital, we are targeting CET1 of 11.5% to 12.5% and expect a tax rate of 23% to 25%.

We believe we are incredibly well positioned to continue to improve market share, winning new client relationships and that we have the right strategy, the right team, and a client-centric culture to achieve our goals in 2026 and beyond,” concluded Sam Sidhu.

Webcast

Date:

Friday, January 23, 2026

Time:

9:00 AM EST

The live audio webcast, presentation slides, and earnings press release will be made available at https://www.customersbank.com and at the Customers Bancorp 4th 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 $24 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, commercial real estate, and residential and personal lending, Customers Bank also provides a number of national corporate banking services to clients in businesses including: fund finance, venture banking, healthcare, mortgage finance, and equipment finance. Major accolades include:

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 ongoing conflict in the Middle East or South America, 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; the effects of changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs on its trading partners; 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, 2024, 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.

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS - UNAUDITED

(Dollars in thousands, except per share data)

Twelve Months Ended

December 31,

2025

2024

2025

2024

GAAP Profitability Metrics:

Net income available to common shareholders

70,088

73,726

55,846

9,523

23,266

209,183

166,429

Per share amounts:

Earnings per share - diluted

1.98

2.20

1.73

0.29

0.71

6.26

5.09

Book value per common share

61.87

59.83

56.36

54.85

54.20

61.87

54.20

Return on average assets (“ROAA”)

1.20

1.26

1.09

0.23

0.48

0.96

0.85

Return on average common equity (“ROCE”)

13.28

15.57

12.79

2.23

5.50

11.22

10.36

Net interest margin, tax equivalent

3.40

3.46

3.27

3.13

3.11

3.32

3.15

Efficiency ratio

49.52

45.39

51.23

52.94

56.86

49.59

56.21

Non-GAAP Profitability Metrics (1):

Core earnings

72,851

73,473

58,147

50,002

44,168

254,473

183,105

Per share amounts:

Core earnings per share - diluted

2.06

2.20

1.80

1.54

1.36

7.61

5.60

Tangible book value per common share

61.77

59.72

56.24

54.74

54.08

61.77

54.08

Core ROAA

1.19

1.25

1.10

0.97

0.86

1.13

0.92

Core ROCE

13.81

15.52

13.32

11.72

10.44

13.65

11.40

Core efficiency ratio

49.52

45.40

51.56

52.69

56.12

49.62

56.25

Balance Sheet Trends:

Total assets

24,895,868

24,260,163

22,550,800

22,423,044

22,308,241

24,895,868

22,308,241

Total cash and investment securities

7,078,243

6,997,783

6,234,043

6,424,406

6,797,562

7,078,243

6,797,562

Total loans and leases

16,782,516

16,303,147

15,412,400

15,097,968

14,653,556

16,782,516

14,653,556

Non-interest bearing demand deposits

6,303,748

6,380,879

5,481,065

5,552,605

5,608,288

6,303,748

5,608,288

Total deposits

20,778,704

20,405,023

18,976,018

18,932,925

18,846,461

20,778,704

18,846,461

Asset Quality:

Net charge-offs

13,749

15,371

13,115

17,144

14,612

59,379

68,335

Annualized net charge-offs to average total loans and leases

0.33

0.39

0.35

0.48

0.41

0.38

0.50

Nonaccrual / non-performing loans (“NPLs”)

43,688

28,421

28,443

43,513

43,275

43,688

43,275

NPLs to total loans and leases

0.26

0.17

0.18

0.29

0.30

0.26

0.30

Reserves to NPLs

356.29

534.14

518.29

324.22

316.06

356.29

316.06

Non-performing assets (“NPAs”)

72,344

61,057

60,778

57,960

55,807

72,344

55,807

NPAs to total assets

0.29

0.25

0.27

0.26

0.25

0.29

0.25

Twelve Months Ended

December 31,

2025

2024

2025

2024

8.5

8.4

7.9

7.7

7.6

8.5

7.6

8.5

8.4

7.9

7.7

7.6

8.5

7.6

13.0

13.00

12.05

11.72

12.09

13.0

12.09

15.4

15.35

14.49

14.61

14.88

15.4

14.88

13.3

13.22

13.00

12.40

12.96

13.3

12.96

14.6

14.60

14.43

13.92

14.34

14.6

14.34

8.9

8.84

8.86

8.43

8.65

8.9

8.65

34,170,777

32,340,813

31,585,390

31,447,623

31,346,920

32,393,487

31,509,179

35,396,324

33,460,055

32,374,061

32,490,572

32,557,621

33,438,296

32,719,134

34,191,223

34,163,506

31,606,934

31,479,132

31,346,507

34,191,223

31,346,507

(1)

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.

(2)

Regulatory capital ratios are estimated for Q4 2025 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 was phased in at 25% per year beginning on January 1, 2022 through December 31, 2024. As of December 31, 2025, our regulatory capital ratios reflected the full effect of CECL on regulatory capital.

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED

(Dollars in thousands, except per share data)

Twelve Months Ended

December 31,

2025

2024

2025

2024

Interest income:

Loans and leases

274,752

272,131

246,869

231,008

230,534

1,024,760

901,457

Investment securities

31,979

36,091

37,381

34,339

39,638

139,790

180,291

Interest earning deposits

44,862

49,639

39,972

42,914

48,147

177,387

190,842

Loans held for sale

1,432

1,589

1,806

4,761

9,447

9,588

46,073

Other

2,173

2,029

1,973

1,887

2,140

8,062

9,171

Total interest income

355,198

361,479

328,001

314,909

329,906

1,359,587

1,327,834

Interest expense:

Deposits

131,797

141,983

134,045

131,308

144,974

539,133

603,312

FHLB advances

14,490

12,945

12,717

11,801

12,595

51,953

52,107

Subordinated debt

3,355

3,251

3,229

3,212

3,349

13,047

12,309

Other borrowings

1,128

1,388

1,307

1,142

1,167

4,965

5,702

Total interest expense

150,770

159,567

151,298

147,463

162,085

609,098

673,430

Net interest income

204,428

201,912

176,703

167,446

167,821

750,489

654,404

Provision for credit losses

22,337

26,543

20,781

28,297

21,194

97,958

73,451

Net interest income after provision for credit losses

182,091

175,369

155,922

139,149

146,627

652,531

580,953

Non-interest income:

Commercial lease income

14,186

11,536

11,056

10,668

10,604

47,446

40,662

Loan fees

7,420

11,443

9,106

7,235

8,639

35,204

27,163

Bank-owned life insurance

2,189

2,165

2,249

4,660

2,125

11,263

9,442

Mortgage finance transactional fees

1,339

1,298

1,175

933

1,010

4,745

4,101

Net gain (loss) on sale of loans and leases

(62

)

—

(852

)

(60

)

(15,628

)

Net gain (loss) on sale of investment securities

(27

)

186

(1,797

)

—

(26,260

)

(1,638

)

(27,009

)

Impairment loss on debt securities

—

(51,319

)

—

(51,319

)

—

Unrealized gain on equity method investments

—

389

—

11,430

Other

7,471

3,563

7,817

3,331

3,954

22,182

10,273

Total non-interest income (loss)

32,516

30,191

29,606

(24,490

)

(391

)

67,823

60,434

Non-interest expense:

Salaries and employee benefits

51,744

48,723

45,848

42,674

47,147

188,989

175,836

Technology, communication and bank operations

11,388

10,415

10,382

11,312

13,435

43,497

65,154

Commercial lease depreciation

11,668

9,463

8,743

8,463

8,933

38,337

32,543

Professional services

12,390

12,281

13,850

11,857

13,473

50,378

34,978

Loan servicing

4,050

4,167

4,053

4,630

4,584

16,900

15,909

Occupancy

4,291

4,370

3,551

3,412

3,335

15,624

11,789

FDIC assessments, non-income taxes and regulatory fees

9,023

8,505

11,906

11,750

10,077

41,184

41,684

Advertising and promotion

812

636

461

528

1,645

2,437

4,489

Other

11,943

6,657

7,832

8,145

7,746

34,577

34,632

Total non-interest expense

117,309

105,217

106,626

102,771

110,375

431,923

417,014

Income before income tax expense (benefit)

97,298

100,343

78,902

11,888

35,861

288,431

224,373

Income tax expense (benefit)

22,806

24,598

17,963

(1,024

)

8,946

64,343

42,904

Net income

74,492

75,745

60,939

12,912

26,915

224,088

181,469

Preferred stock dividends

1,605

2,019

3,185

3,389

3,649

10,198

15,040

Loss on redemption of preferred stock

2,799

—

1,908

—

4,707

—

Net income available to common shareholders

70,088

73,726

55,846

9,523

23,266

209,183

166,429

Basic earnings per common share

2.05

2.28

1.77

0.30

0.74

6.46

5.28

Diluted earnings per common share

1.98

2.20

1.73

0.29

0.71

6.26

5.09

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET - UNAUDITED

(Dollars in thousands)

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2024

ASSETS

Cash and due from banks

62,051

57,951

72,986

62,146

56,787

Interest earning deposits

4,349,412

4,127,688

3,430,525

3,366,544

3,729,144

Cash and cash equivalents

4,411,463

4,185,639

3,503,511

3,428,690

3,785,931

Investment securities, at fair value

1,937,646

2,010,820

1,877,406

2,057,555

2,019,694

Investment securities held to maturity

729,134

801,324

853,126

938,161

991,937

Loans held for sale

26,102

30,897

32,963

37,529

204,794

Loans and leases receivable

15,041,340

14,673,636

13,719,829

13,555,820

13,127,634

Loans receivable, mortgage finance, at fair value

1,612,997

1,486,978

1,536,254

1,366,460

1,321,128

Loans receivable, installment, at fair value

102,077

111,636

123,354

138,159

—

Allowance for credit losses on loans and leases

(155,656

)

(151,809

)

(147,418

)

(141,076

)

(136,775

)

Total loans and leases receivable, net of allowance for credit losses on loans and leases

16,600,758

16,120,441

15,232,019

14,919,363

14,311,987

FHLB, Federal Reserve Bank, and other restricted stock

110,411

103,290

100,590

96,758

96,214

Accrued interest receivable

103,626

106,379

101,481

105,800

108,351

Bank premises and equipment, net

16,745

15,340

5,978

6,653

6,668

Bank-owned life insurance

305,503

303,212

300,747

298,551

297,641

Other real estate owned

12,432

12,306

—

Goodwill and other intangibles

3,629

Other assets

638,419

566,760

527,044

530,355

481,395

Total assets

24,895,868

24,260,163

22,550,800

22,423,044

22,308,241

LIABILITIES AND SHAREHOLDERS’ EQUITY

Demand, non-interest bearing deposits

6,303,748

6,380,879

5,481,065

5,552,605

5,608,288

Interest bearing deposits

14,474,956

14,024,144

13,494,953

13,380,320

13,238,173

Total deposits

20,778,704

20,405,023

18,976,018

18,932,925

18,846,461

FHLB advances

1,325,068

1,195,437

1,195,377

1,133,456

1,128,352

Other borrowings

99,208

99,173

99,138

99,103

99,068

Subordinated debt

281,147

182,718

182,649

182,579

182,509

Accrued interest payable and other liabilities

296,224

251,753

234,060

210,421

215,168

Total liabilities

22,780,351

22,134,104

20,687,242

20,558,484

20,471,558

Preferred stock

—

82,201

137,794

Common stock

36,189

36,161

36,123

35,995

35,758

Additional paid in capital

666,756

662,252

572,473

570,172

575,333

Retained earnings

1,535,194

1,465,106

1,391,380

1,335,534

1,326,011

Accumulated other comprehensive income (loss), net

(54,050

)

(51,089

)

(71,325

)

(67,641

)

(96,560

)

Treasury stock, at cost

(68,572

)

(68,572

)

(147,294

)

(147,294

)

(141,653

)

Total shareholders’ equity

2,115,517

2,126,059

1,863,558

1,864,560

1,836,683

Total liabilities and shareholders’ equity

24,895,868

24,260,163

22,550,800

22,423,044

22,308,241

Three Months Ended

December 31, 2025

September 30, 2025

December 31, 2024

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

4,421,242

44,862

4.03%

4,409,220

49,639

4.47%

3,973,262

48,147

4.82%

2,849,764

31,979

4.45%

2,931,351

36,091

4.88%

3,392,850

39,638

4.65%

7,775,247

139,552

7.12%

7,317,299

136,652

7.41%

6,022,062

121,818

8.05%

1,477,351

32,320

8.68%

1,492,155

35,475

9.43%

1,529,478

25,514

6.64%

1,536,265

17,862

4.61%

1,478,871

18,454

4.95%

1,316,884

16,704

5.05%

2,445,945

27,990

4.54%

2,306,373

25,931

4.46%

2,162,825

22,400

4.12%

1,784,838

26,635

5.92%

1,635,937

24,148

5.86%

1,491,170

21,770

5.81%

541,091

6,392

4.69%

551,436

6,647

4.78%

535,833

6,301

4.68%

945,697

25,433

10.67%

938,890

26,413

11.16%

1,023,569

25,474

9.90%

16,506,434

276,184

6.64%

15,720,961

273,720

6.91%

14,081,821

239,981

6.78%

153,480

2,173

5.62%

140,011

2,029

5.75%

122,784

2,140

6.93%

23,930,920

355,198

5.89%

23,201,543

361,479

6.19%

21,570,717

329,906

6.09%

790,453

729,180

609,253

24,721,373

23,930,723

22,179,970

Liabilities

4,889,245

42,168

3.42%

4,983,168

48,105

3.83%

5,597,302

57,268

4.07%

4,421,276

40,387

3.62%

4,360,446

42,980

3.91%

3,974,776

42,492

4.25%

1,562,768

14,384

3.65%

1,485,652

14,724

3.93%

1,258,018

12,939

4.09%

3,152,637

34,858

4.39%

3,108,831

36,174

4.62%

2,612,246

32,275

4.92%

14,025,926

131,797

3.73%

13,938,097

141,983

4.04%

13,442,342

144,974

4.29%

1,666,006

18,973

4.52%

1,429,981

17,584

4.88%

1,364,138

17,111

4.99%

15,691,932

150,770

3.81%

15,368,078

159,567

4.12%

14,806,480

162,085

4.36%

6,599,095

6,362,360

5,346,912

22,291,027

2.68%

21,730,438

2.91%

20,153,392

3.20%

269,824

239,969

204,947

22,560,851

21,970,407

20,358,339

2,160,522

1,960,316

1,821,631

24,721,373

23,930,723

22,179,970

204,428

201,912

167,821

348

360

377

204,776

202,272

168,198

3.21%

3.27%

2.89%

3.39%

3.46%

3.10%

3.40%

3.46%

3.11%

(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 non-accrual loans, the effect of which is to reduce the yield earned on loans and leases, and deferred loan fees.

(4)

Total costs of deposits (including interest bearing and non-interest bearing) were 2.54%, 2.77% and 3.07% for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, respectively.

(5)

Tax-equivalent basis, using an estimated marginal tax rate of 26% for the three months ended December 31, 2025, September 30, 2025 and December 31, 2024, presented to approximate interest income as a taxable asset.

Twelve Months Ended

December 31, 2025

December 31, 2024

Average

Balance

Interest

Income or

Expense

Average

Yield or

Cost (%)

Average

Balance

Interest

Income or

Expense

Average

Yield or

Cost (%)

Assets

4,065,804

177,387

4.36%

3,597,260

190,842

5.31%

2,942,386

139,790

4.75%

3,650,320

180,291

4.94%

7,092,259

524,009

7.39%

5,637,189

483,052

8.57%

1,499,021

117,590

7.84%

1,564,167

102,001

6.52%

1,443,183

69,417

4.81%

1,192,827

62,344

5.23%

2,336,288

102,866

4.40%

2,116,168

86,263

4.08%

1,638,695

95,350

5.82%

1,412,201

83,484

5.91%

540,097

25,611

4.74%

526,133

24,046

4.57%

925,745

99,505

10.75%

1,104,470

106,340

9.63%

15,475,288

1,034,348

6.68%

13,553,155

947,530

6.99%

138,851

8,062

5.81%

114,983

9,171

7.98%

22,622,329

1,359,587

6.01%

20,915,718

1,327,834

6.35%

718,415

518,472

23,340,744

21,434,190

Liabilities

5,040,107

187,421

3.72%

5,660,890

248,400

4.39%

4,202,317

161,531

3.84%

3,559,362

159,598

4.48%

1,382,787

52,566

3.80%

1,595,357

73,947

4.64%

2,967,454

137,615

4.64%

2,434,622

121,367

4.99%

13,592,665

539,133

3.97%

13,250,231

603,312

4.55%

1,465,852

69,965

4.77%

1,414,583

70,118

4.96%

15,058,517

609,098

4.04%

14,664,814

673,430

4.59%

6,069,665

4,807,647

21,128,182

2.88%

19,472,461

3.46%

244,480

217,172

21,372,662

19,689,633

1,968,082

1,744,557

23,340,744

21,434,190

750,489

654,404

1,437

1,556

751,926

655,960

3.13%

2.89%

3.32%

3.14%

3.32%

3.15%

(1)

(2)

Includes owner occupied commercial real estate loans.

(3)

Includes non-accrual loans, the effect of which is to reduce the yield earned on loans and leases, and deferred loan fees.

(4)

Total costs of deposits (including interest bearing and non-interest bearing) were 2.74% and 3.34% for the twelve months ended December 31, 2025 and 2024, respectively.

(5)

Tax-equivalent basis, using an estimated marginal tax rate of 26% for the twelve months ended December 31, 2025 and 2024, presented to approximate interest income as a taxable asset.

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

PERIOD END LOAN AND LEASE COMPOSITION - UNAUDITED

(Dollars in thousands)

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2024

Loans and leases held for investment

Commercial:

Commercial & industrial:

Specialized lending

7,090,087

7,083,620

6,454,661

6,070,093

5,842,420

Other commercial & industrial

1,033,704

1,056,173

1,037,684

1,062,933

1,062,631

Mortgage finance

1,700,380

1,577,038

1,625,764

1,477,896

1,440,847

Multifamily

2,490,336

2,356,590

2,247,282

2,322,123

2,252,246

Commercial real estate owner occupied

1,135,119

1,058,741

1,065,006

1,139,126

1,100,944

Commercial real estate non-owner occupied

1,738,821

1,582,332

1,497,385

1,438,906

1,359,130

Construction

162,966

123,290

98,626

154,647

147,209

Total commercial loans and leases

15,351,413

14,837,784

14,026,408

13,665,724

13,205,427

Consumer:

Residential

497,567

514,544

520,570

496,772

496,559

Manufactured housing

27,452

28,749

30,287

31,775

33,123

Installment:

Personal

581,340

570,768

457,728

493,276

463,854

Other

298,642

320,405

344,444

372,892

249,799

Total installment loans

879,982

891,173

802,172

866,168

713,653

Total consumer loans

1,405,001

1,434,466

1,353,029

1,394,715

1,243,335

Total loans and leases held for investment

16,756,414

16,272,250

15,379,437

15,060,439

14,448,762

Loans held for sale

Commercial:

Commercial real estate non-owner occupied

—

4,700

—

Total commercial loans and leases

—

4,700

—

Consumer:

Residential

1,851

2,229

5,180

1,465

1,836

Installment:

Personal

23,357

23,728

27,682

36,000

40,903

Other

894

240

101

162,055

Total installment loans

24,251

23,968

27,783

36,064

202,958

Total consumer loans

26,102

26,197

32,963

37,529

204,794

Total loans held for sale

26,102

30,897

32,963

37,529

204,794

Total loans and leases portfolio

16,782,516

16,303,147

15,412,400

15,097,968

14,653,556

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

PERIOD END DEPOSIT COMPOSITION - UNAUDITED

(Dollars in thousands)

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2024

Demand, non-interest bearing

6,303,748

6,380,879

5,481,065

5,552,605

5,608,288

Demand, interest bearing

5,049,151

5,050,437

4,912,839

5,137,961

5,553,698

Total demand deposits

11,352,899

11,431,316

10,393,904

10,690,566

11,161,986

Savings

1,731,010

1,554,533

1,375,072

1,327,854

1,131,819

Money market

4,398,827

4,339,371

4,206,516

4,057,458

3,844,451

Time deposits

3,295,968

3,079,803

3,000,526

2,857,047

2,708,205

Total deposits

20,778,704

20,405,023

18,976,018

18,932,925

18,846,461

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

ASSET QUALITY - UNAUDITED

(Dollars in thousands)

As of December 31, 2025

As of September 30, 2025

As of December 31, 2024

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

8,211,174

37,683

0.46

8,229,853

34,395

0.42

7,024,770

29,379

0.42

Multifamily

2,490,336

19,333

0.78

2,356,590

19,973

0.85

2,252,246

18,511

0.82

Commercial real estate owner occupied

1,135,119

10,431

0.92

1,058,741

10,991

1.04

1,100,944

10,755

0.98

Commercial real estate non-owner occupied

1,738,821

18,928

1.09

1,582,332

19,784

1.25

1,359,130

17,405

1.28

Construction

162,966

2,225

1.37

123,290

1,978

1.60

147,209

1,250

0.85

Total commercial loans and leases receivable

13,738,416

88,600

0.64

13,350,806

87,121

0.65

11,884,299

77,300

0.65

Consumer:

Residential

497,567

6,499

1.31

514,544

6,345

1.23

496,559

5,968

1.20

Manufactured housing

27,452

3,391

12.35

28,749

3,508

12.20

33,123

3,829

11.56

Installment

777,905

57,166

7.35

779,537

54,835

7.03

713,653

49,678

6.96

Total consumer loans receivable

1,302,924

67,056

5.15

1,322,830

64,688

4.89

1,243,335

59,475

4.78

Loans and leases receivable held for investment

15,041,340

155,656

1.03

14,673,636

151,809

1.03

13,127,634

136,775

1.04

Loans receivable, mortgage finance, at fair value

1,612,997

—

1,486,978

—

1,321,128

—

Loans receivable, installment, at fair value

102,077

—

111,636

—

Loans held for sale

26,102

—

30,897

—

204,794

—

Total loans and leases portfolio

16,782,516

155,656

0.93

16,303,147

151,809

0.93

14,653,556

136,775

0.93

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

ASSET QUALITY - UNAUDITED (CONTINUED)

(Dollars in thousands)

As of December 31, 2025

As of September 30, 2025

As of December 31, 2024

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

19,790

0.24

190.41

4,430

0.05

776.41

4,041

0.06

727.02

Multifamily

2,092

0.08

924.14

—

11,834

0.53

156.42

Commercial real estate owner occupied

3,876

0.34

269.12

3,932

0.37

279.53

8,090

0.73

132.94

Commercial real estate non-owner occupied

168

0.01

11266.67

—

354

0.03

4916.67

Construction

—

Total commercial loans and leases receivable

25,926

0.19

341.74

8,362

0.06

1041.87

24,319

0.20

317.86

Consumer:

Residential

9,671

1.94

67.20

7,631

1.48

83.15

8,714

1.75

68.49

Manufactured housing

1,192

4.34

284.48

1,315

4.57

266.77

1,852

5.59

206.75

Installment

4,483

0.58

1275.17

4,225

0.54

1297.87

5,613

0.79

885.05

Total consumer loans receivable

15,346

1.18

436.96

13,171

1.00

491.14

16,179

1.30

367.61

Loans and leases receivable

41,272

0.27

377.15

21,533

0.15

705.01

40,498

0.31

337.73

Loans receivable, mortgage finance, at fair value

—

Loans receivable, installment, at fair value

2,137

2.09

—

1,872

1.68

—

Loans held for sale

279

1.07

—

5,016

16.23

—

2,777

1.36

—

Total loans and leases portfolio

43,688

0.26

356.29

28,421

0.17

534.14

43,275

0.30

316.06

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

NET CHARGE-OFFS/(RECOVERIES) - UNAUDITED

(Dollars in thousands)

Twelve Months

Ended December 31,

2025

2024

2025

2024

Loan type

Commercial & industrial, including specialized lending

1,620

2,180

3,871

3,231

3,653

10,902

18,046

Multifamily

4,612

—

3,834

—

8,446

4,073

Commercial real estate owner occupied

(40

)

335

411

339

722

365

Commercial real estate non-owner occupied

(225

)

3,073

—

145

2,848

145

Construction

—

)

—

)

(10

)

Residential

)

—

(18

)

(41

)

Installment

7,766

9,758

8,840

10,066

10,493

36,430

45,757

Total net charge-offs (recoveries) from loans held for investment

13,749

15,371

13,115

17,144

14,612

59,379

68,335

December 31,

September 30,

June 30,

March 31,

December 31,

2025

2024

13,316,507

12,927,467

12,047,656

11,815,403

11,403,930

216,462

187,794

174,587

189,155

175,055

200,779

230,079

256,849

276,018

282,563

13,733,748

13,345,340

12,479,092

12,280,576

11,861,548

1,287,408

1,308,987

1,209,377

1,242,753

1,227,359

15,516

13,843

20,298

13,803

15,976

1,302,924

1,322,830

1,229,675

1,256,556

1,243,335

15,036,672

14,668,170

13,708,767

13,537,132

13,104,883

(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, loans receivable, installment, at fair value and eligible PPP loans that are fully guaranteed by the Small Business Administration.

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. Starting in Q3 2025, certain adjustments to GAAP measures were no longer included as our intention going forward is to limit these adjustments to those items of greatest significance.

The following tables present reconciliations of GAAP to non-GAAP measures disclosed within this document.

Twelve Months Ended

December 31,

Core Earnings - Customers Bancorp

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

2025

2024

(Dollars in thousands, except per share data)

USD

Per

USD

Per

USD

Per

USD

Per

USD

Per

USD

Per

USD

Per

GAAP net income to common shareholders

70,088

1.98

73,726

2.20

55,846

1.73

9,523

0.29

23,266

0.71

209,183

6.26

166,429

5.09

Reconciling items (after tax):

Severance expense

—

1,198

0.04

—

3,666

0.11

Impairment loss on debt securities

—

39,875

1.23

—

39,875

1.19

—

Legal settlement

—

157

0.00

—

157

0.00

(Gains) losses on investment securities

(36

)

0.00

(253

)

(0.01

)

1,388

0.04

(124

)

0.00

20,035

0.62

975

0.03

20,331

0.62

Derivative credit valuation adjustment

—

210

0.01

(306

)

(0.01

)

210

0.01

0.00

FDIC special assessment

—

518

0.02

Unrealized (gain) on equity method investments

—

(292

)

(0.01

)

—

(8,608

)

(0.26

)

Loss on redemption of preferred stock

2,799

0.08

—

1,908

0.06

—

4,707

0.14

—

Unrealized (gain) loss on loans held for sale

—

(223

)

(0.01

)

518

0.02

110

0.00

295

0.01

608

0.02

Loan program termination fees

—

(772

)

(0.02

)

—

(772

)

(0.02

)

—

Core earnings

72,851

2.06

73,473

2.20

58,147

1.80

50,002

1.54

44,168

1.36

254,473

7.61

183,105

5.60

Twelve Months Ended

December 31,

(Dollars in thousands, except per share data)

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

2025

2024

GAAP net income

74,492

75,745

60,939

12,912

26,915

224,088

181,469

Reconciling items (after tax):

Severance expense

—

1,198

—

3,666

Impairment loss on debt securities

—

39,875

—

39,875

—

Legal settlement

—

157

—

157

(Gains) losses on investment securities

(36

)

(253

)

1,388

(124

)

20,035

975

20,331

Derivative credit valuation adjustment

—

210

(306

)

210

FDIC special assessment

—

518

Unrealized (gain) on equity method investments

—

(292

)

—

(8,608

)

Unrealized (gain) loss on loans held for sale

—

(223

)

518

110

295

608

Loan program termination fees

—

(772

)

—

(772

)

—

Core net income

74,456

75,492

61,332

53,391

47,817

264,671

198,145

Average total assets

24,721,373

23,930,723

22,362,989

22,314,963

22,179,970

23,340,744

21,434,190

Core return on average assets

1.19

1.25

1.10

0.97

0.86

1.13

0.92

Twelve Months Ended

December 31,

(Dollars in thousands, except per share data)

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

2025

2024

GAAP net income to common shareholders

70,088

73,726

55,846

9,523

23,266

209,183

166,429

Reconciling items (after tax):

Severance expense

—

1,198

—

3,666

Impairment loss on debt securities

—

39,875

—

39,875

—

Legal settlement

—

157

—

157

(Gains) losses on investment securities

(36

)

(253

)

1,388

(124

)

20,035

975

20,331

Derivative credit valuation adjustment

—

210

(306

)

210

FDIC special assessment

—

518

Unrealized (gain) on equity method investments

—

(292

)

—

(8,608

)

Loss on redemption of preferred stock

2,799

—

1,908

—

4,707

—

Unrealized (gain) loss on loans held for sale

—

(223

)

518

110

295

608

Loan program termination fees

—

(772

)

—

(772

)

—

Core earnings

72,851

73,473

58,147

50,002

44,168

254,473

183,105

Average total common shareholders’ equity

2,093,510

1,878,115

1,751,037

1,730,910

1,683,838

1,864,426

1,606,764

Core return on average common equity

13.81

15.52

13.32

11.72

10.44

13.65

11.40

Twelve Months Ended

December 31,

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

2025

2024

204,428

201,912

176,703

167,446

167,821

750,489

654,404

32,516

30,191

29,606

(24,490

)

(391

)

67,823

60,434

(47

)

(334

)

1,797

(160

)

26,678

1,256

27,103

—

270

(407

)

270

(17

)

—

(389

)

—

(11,430

)

—

(289

)

667

147

378

754

—

51,319

—

51,319

—

(1,000

)

—

(1,000

)

—

32,469

29,857

30,114

27,606

25,638

120,046

76,844

236,897

231,769

206,817

195,052

193,459

870,535

731,248

117,309

105,217

106,626

102,771

110,375

431,923

417,014

—

(1,595

)

—

(4,814

)

—

(683

)

—

(209

)

—

(209

)

117,309

105,217

106,626

102,771

108,571

431,923

411,308

49.52

45.40

51.56

52.69

56.12

49.62

56.25

(1)

Core efficiency ratio calculated as core non-interest expense divided by core revenue.

(Dollars in thousands, except per share data)

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

GAAP total shareholders’ equity

2,115,517

2,126,059

1,863,558

1,864,560

1,836,683

Reconciling items:

Preferred stock

—

(82,201

)

(82,201

)

(137,794

)

(137,794

)

Goodwill and other intangibles

(3,629

)

(3,629

)

(3,629

)

(3,629

)

(3,629

)

Tangible common equity

2,111,888

2,040,229

1,777,728

1,723,137

1,695,260

GAAP total assets

24,895,868

24,260,163

22,550,800

22,423,044

22,308,241

Reconciling items:

Goodwill and other intangibles

(3,629

)

(3,629

)

(3,629

)

(3,629

)

(3,629

)

Tangible assets

24,892,239

24,256,534

22,547,171

22,419,415

22,304,612

Tangible common equity to tangible assets

8.5

8.4

7.9

7.7

7.6

(Dollars in thousands, except share and per share data)

Q4 2025

Q3 2025

Q2 2025

Q1 2025

Q4 2024

GAAP total shareholders’ equity

2,115,517

2,126,059

1,863,558

1,864,560

1,836,683

Reconciling Items:

Preferred stock

—

(82,201

)

(82,201

)

(137,794

)

(137,794

)

Goodwill and other intangibles

(3,629

)

(3,629

)

(3,629

)

(3,629

)

(3,629

)

Tangible common equity

2,111,888

2,040,229

1,777,728

1,723,137

1,695,260

Common shares outstanding

34,191,223

34,163,506

31,606,934

31,479,132

31,346,507

Tangible book value per common share

61.77

59.72

56.24

54.74

54.08