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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the

Securities Exchange Act of 1934

Date of Report (date of earliest event reported): July 27, 2022

(Exact name of registrant as specified in its charter)

Customers Bancorp, Inc.

Pennsylvania			001-35542			27-2290659
(State or other jurisdiction of incorporation or organization)			(Commission File number)			(IRS Employer Identification No.)

701 Reading Avenue

West Reading PA 19611

(Address of principal executive offices, including zip code)

(610) 933-2000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instructions A.2. below):

☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(g) of the Act:

Title of Each Class

Trading Symbols

Name of Each Exchange on which Registered

Voting Common Stock, par value $1.00 per share

CUBI

New York Stock Exchange

Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series E, par value $1.00 per share

CUBI/PE

New York Stock Exchange

Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F, par value $1.00 per share

CUBI/PF

New York Stock Exchange

5.375% Subordinated Notes due 2034

CUBB

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.         Results of Operations and Financial Condition

On July 27, 2022, Customers Bancorp, Inc. (the "Company") issued a press release announcing unaudited financial information for the quarter ended June 30, 2022, a copy of which is included as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

Item 7.01         Regulation FD Disclosure

The Company has posted to its website a slide presentation which is attached hereto as Exhibit 99.2 to this Current Report on Form 8-K and incorporated into this Item 7.01 by reference.

The information in this Current Report on Form 8-K, including Exhibits 99.1 and 99.2 attached hereto and incorporated by reference into Item 2.02 and Item 7.01, respectively, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, such information, including the exhibits attached hereto, shall not be deemed incorporated by reference into any of the Company's reports or filings with the SEC, whether made before or after the date hereof, except as expressly set forth by specific reference in such report or filing. The information in this Current Report on Form 8-K, including the exhibits attached hereto, shall not be deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely to satisfy the requirements of Regulation FD.

Item 9.01.        Financial Statements and Exhibits

(d) Exhibits.

Exhibit						Description
Exhibit 99.1						Press Release dated July 27, 2022
Exhibit 99.2						Slide presentation dated July 2022

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

			CUSTOMERS BANCORP, INC.
			By: /s/ Carla A. Leibold
			Name: Carla A. Leibold
			Title: Executive Vice President - Chief Financial Officer

Date: July 27, 2022

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EXHIBIT INDEX

Exhibit No.						Description
99.1						Press Release dated July 27, 2022
99.2						Slide presentation dated July 2022

Exhibit 99.1

Customers Bancorp, Inc. (NYSE:CUBI)

701 Reading Avenue

West Reading, PA 19611

Contact:
David W. Patti, Communications Director 610-451-9452

Customers Bancorp Reports Results for Second Quarter 2022

Second Quarter 2022 Results

Earnings

Earnings Per Share

Return on Assets

Return on Common Equity

$56.5 million

$1.68

1.2%

18.2%

Net Income

Diluted Earnings Per Share

ROAA

ROCE

$59.4 million

$1.77

1.2%

19.1%

Core Earnings*

Core Earnings Per Diluted Share*

Core ROAA*

Core ROCE*

$46.3 million

$1.38

2.1%

33.4%

Core Earnings, excluding PPP*

Core Earnings Per Diluted Share, excluding PPP*

Pre-tax and Pre-provision Adjusted ROAA*

Pre-tax and Pre-provision Adjusted ROCE*

Second Quarter 2022 Highlights

•Q2 2022 net income available to common shareholders was $56.5 million, or $1.68 per diluted share, down 2.6% over Q2 2021.

•Q2 2022 adjusted pre-tax pre-provision net income* was $105.7 million, up 22% over Q2 2021.

•Q2 2022 core earnings* were $59.4 million, or $1.77 per diluted share, up 0.1% over Q2 2021.

•Q2 2022 core earnings excluding Paycheck Protection Program* ("PPP") were $46.3 million, or $1.38 per diluted share, up 32.3% over Q2 2021.

•Q2 2022 ROAA was 1.17% and Core ROAA* was 1.23%. Q2 2021 ROAA was 1.27% and Core ROAA* was 1.30%.

•Q2 2022 ROCE was 18.2% and Core ROCE* was 19.1%. Q2 2021 ROCE was 23.2% and Core ROCE* was 23.7%.

•Q2 2022 adjusted pre-tax pre-provision ROAA* was 2.11%. Q2 2021 adjusted pre-tax pre-provision ROAA* was 1.80%.

*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.

1

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•Year-over-year loan growth (excluding PPP loans and loans to mortgage companies*) was $4.4 billion or 56.6%, led by our low-risk variable rate specialty lending verticals.

•Year-over-year commercial and industrial (C&I) loans and leases growth, including specialty lending, of $3.3 billion (up 145.8%), multifamily loan growth of $515.4 million (up 34.4%), and consumer loan increase of $500.8 million (up 26.2%).

•Q2 2022 net interest margin, tax equivalent* increased 41 basis points from Q2 2021 to 3.39%. Q2 2022 net interest margin, tax equivalent, excluding the impact of PPP loans* increased 2 basis points from Q2 2021 to 3.32%.

•Year-over-year deposit growth was $3.1 billion, up 22.1%. Total demand deposits increased $4.4 billion, or 64.0% year-over-year. This increase included CBIT-related deposits with a balance of $2.1 billion at June 30, 2022, up $0.3 billion from March 31, 2022.

•Onboarded 90 new CBIT customers in Q2 2022, bringing total customers to 190.

•Q2 2022 efficiency ratio was 42.14% compared to 46.59% for Q2 2021. Q2 2022 core efficiency ratio* was 41.74% compared to 44.33% in Q2 2021.

•Q2 2022 provision for credit losses on loans and leases of $24.2 million was largely driven by strong loan growth as asset quality remains exceptional and compares to $15.3 million in Q1 2022 and $3.3 million in Q2 2021.

•Non-performing assets were $28.2 million, or 0.14% of total assets, at June 30, 2022 compared to $43.9 million, or 0.23% of total assets, at March 31, 2022 and $46.9 million, or 0.24% of total assets, at June 30, 2021. Allowance for credit losses on loans and leases equaled 558% of non-performing loans at June 30, 2022, compared to 333% at March 31, 2022 and 270% at June 30, 2021.

•Well positioned to support growth in 2022 and 2023 and expect to meet or beat projections of core earnings (excluding PPP)* between $4.75 - $5.00 in 2022 and over $6.00 in 2023.

CEO Commentary

West Reading, PA, July 27, 2022 - “We continued to perform well in the second quarter and are extremely pleased with our results for the first half of 2022,” remarked Customers Bancorp Chairman and CEO, Jay Sidhu. “Despite the challenging macro and geopolitical environment, we remain laser focused on executing on our strategy which has not changed. Our core earnings per share, excluding PPP* were up over 32.3% year-over-year. Core ROAA* was 1.23% and core ROCE* was 19.1%. We continue to responsibly deliver remarkable organic loan growth without sacrificing credit quality. Our core loans* increased $2.2 billion in Q2 2022, up 18.7% from Q1 2022, and well above our $500 million average quarterly target. Nearly all of this growth was in low-risk specialty lending verticals and was predominately floating rate as we manage overall asset sensitivity. Asset quality remains exceptional and credit reserves are strong. Continuing the momentum from record 2021 performance and strong results for the first half of 2022, our loan and deposit pipelines remain robust, a testament to our customer centric business model supported by best-in-class service and technology. We remain very excited and optimistic about our future,” Mr. Jay Sidhu continued.

2

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Financial Highlights

						At or Three Months Ended												Increase (Decrease)												Six Months Ended												Increase (Decrease)
(Dollars in thousands, except per share data and stock price data)						June 30, 2022						June 30, 2021																		June 30, 2022						June 30, 2021
Profitability Metrics:
Net income available for common shareholders						$	56,519					$	58,042					$	(1,523)					(2.6)		%				$	131,415					$	91,246					$	40,169					44.0		%
Diluted earnings per share						$	1.68					$	1.72					$	(0.04)					(2.3)		%				$	3.87					$	2.74					$	1.13					41.2		%
Core earnings*						$	59,367					$	59,303					$	64					0.1		%				$	134,777					$	129,611					$	5,166					4.0		%
Core earnings per share*						$	1.77					$	1.76					$	0.01					0.6		%				$	3.97					$	3.89					$	0.08					2.1		%
Core earnings, excluding PPP*						$	46,301					$	34,991					$	11,310					32.3		%				$	96,998					$	80,220					$	16,778					20.9		%
Core earnings per share, excluding PPP*						$	1.38					$	1.04					$	0.34					32.7		%				$	2.86					$	2.41					$	0.45					18.7		%
Return on average assets ("ROAA")						1.17		%				1.27		%				(0.10)												1.39		%				1.04		%				0.35
Core ROAA*						1.23		%				1.30		%				(0.07)												1.43		%				1.45		%				(0.02)
Return on average common equity ("ROCE")						18.21		%				23.22		%				(5.01)												21.23		%				19.15		%				2.08
Core ROCE*						19.13		%				23.72		%				(4.59)												21.77		%				27.20		%				(5.43)
Adjusted pre-tax pre-provision net income*						$	105,692					$	86,467					$	19,225					22.2		%				$	218,341					$	173,236					$	45,105					26.0		%
Net interest margin, tax equivalent*						3.39		%				2.98		%				0.41												3.49		%				2.99		%				0.50
Net interest margin, tax equivalent, excluding PPP loans*						3.32		%				3.30		%				0.02												3.32		%				3.14		%				0.18
Loan yield, excluding PPP*						4.56		%				4.36		%				0.20												4.50		%				4.32		%				0.18
Cost of deposits						0.54		%				0.47		%				0.07												0.44		%				0.50		%				(0.06)
Efficiency ratio						42.14		%				46.59		%				(4.45)												40.76		%				47.64		%				(6.88)
Core efficiency ratio*						41.74		%				44.33		%				(2.59)												40.59		%				42.76		%				(2.17)
Balance Sheet Trends:
Total assets						$	20,251,996					$	19,635,108					$	616,888					3.1		%
Total assets, excluding PPP*						$	18,681,836					$	13,330,052					$	5,351,784					40.1		%
Total loans and leases						$	15,664,353					$	16,967,022					$	(1,302,669)					(7.7)		%
Total loans and leases, excluding PPP*						$	14,094,193					$	10,661,966					$	3,432,227					32.2		%
Non-interest bearing demand deposits						$	4,683,030					$	2,699,869					$	1,983,161					73.5		%
Total deposits						$	16,944,719					$	13,873,939					$	3,070,780					22.1		%
Capital Metrics:
Common Equity						$	1,215,596					$	1,033,258					$	182,338					17.6		%
Tangible Common Equity*						$	1,211,967					$	1,029,405					$	182,562					17.7		%
Tangible Common Equity to Tangible Assets*						5.99		%				5.24		%				0.75
Tangible Common Equity to Tangible Assets, excluding PPP*						6.49		%				7.72		%				(1.23)
Tangible Book Value per common share*						$	37.35					$	31.82					$	5.53					17.4		%
Total risk based capital ratio (1)						12.6		%				13.3		%				(0.7)
(1) Total risk based capital ratio as of June 30, 2022 is an estimate.
*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.

3

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Customers Bank Instant Token (CBITTM)

"Despite significant market volatility in the digital asset space during second quarter, we are very pleased with our progress to date. In Q2 2022, we onboarded 90 new CBIT-related customers to the Digital Bank, once again beating our internal target, and bringing total customers to 190. Our digital asset-related deposits stabilized in Q2 2022 and ended the quarter approximately$0.3 billion higher than Q1 2022. We continue to expect digital asset-related deposits to grow in 2022 as our pipelines remain strong, giving us an opportunity to further transform our deposits into a high quality, low-to-no cost, stable and growing deposit franchise. We believe our technology, compliance and customer service and support systems remain among the best in the country," commented Mr. Sam Sidhu, President and CEO of Customers Bank.

At June 30, 2022, $2.1 billion in core low-to-no cost demand deposits have been attracted to the Bank through this system.

Paycheck Protection Program (PPP)

We funded, either directly or indirectly, about 256,000 PPP loans totaling $5.2 billion in 2021, bringing total PPP loans funded to approximately 358,000 and $10.3 billion. We also earned close to $350 million of deferred origination fees from the SBA through the PPP loans, which is significantly accretive to our earnings and capital levels as these loans are forgiven by the government. In Q2 2022, we recognized $15 million of these fees in earnings, bringing total fees recognized to date to $307 million, resulting in approximately $43 million remaining to be recognized throughout 2022 and 2023. "As we've stated previously, it is difficult to predict the timing of PPP forgiveness. We continue to expect most of the fees to be recognized in 2022, with approximately two-thirds of the remaining fees to be recognized in the second half of this year," commented Customers Bancorp CFO, Carla Leibold.

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)			June 30, 2022						% of Total						March 31, 2022						% of Total						June 30, 2021						% of Total
Commercial:
Commercial & industrial, including specialty lending			$	5,637,083					36.0		%				$	3,921,439					27.9		%				$	2,293,723					13.5		%
Multi-family			2,012,920						12.9						1,705,027						12.1						1,497,485						8.8
Loans to mortgage companies			1,975,189						12.6						1,830,121						13.0						2,922,217						17.2
Commercial real estate owner occupied			710,577						4.5						701,893						5.0						653,649						3.9
Loans receivable, PPP			1,570,160						10.0						2,195,902						15.6						6,305,056						37.2
Commercial real estate non-owner occupied			1,152,869						7.4						1,140,311						8.1						1,206,646						7.1
Construction			195,687						1.2						161,024						1.1						179,198						1.1
Total commercial loans and leases			13,254,485						84.6						11,655,717						82.8						15,057,974						88.8
Consumer:
Residential			460,228						2.9						469,426						3.3						273,493						1.6
Manufactured housing			48,570						0.3						50,669						0.4						57,904						0.3
Installment			1,901,070						12.1						1,897,706						13.5						1,577,651						9.3
Total consumer loans			2,409,868						15.4						2,417,801						17.2						1,909,048						11.2
Total loans and leases			$	15,664,353					100.0		%				$	14,073,518					100.0		%				$	16,967,022					100.0		%

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C&I loans and leases, including specialty lending, increased $3.3 billion, or 145.8% year-over-year, to $5.6 billion. Practically all of the increases in outstanding balances were in the low-risk variable rate secured categories of Fund Finance and Lender Finance. Multi-family loans increased $515.4 million, or 34.4%, to $2.0 billion, consumer installment loans increased $323.4 million, or 20.5%, to $1.9 billion, residential loans increased $186.7 million, or 68.3%, to $460.2 million, commercial real estate owner occupied loans increased $56.9 million, or 8.7%, to $710.6 million and construction loans increased $16.5 million, or 9.2%, to $195.7 million. These increases in loans and leases were partially offset by a decrease in commercial real estate non-owner occupied loans of $53.8 million, or 4.5% year-over-year to $1.2 billion.

Allowance for Credit Losses on Loans and Leases

The following table presents allowance for credit losses on loans and leases information as of the dates and periods indicated:

			At or Three Months Ended												Increase (Decrease)						At or Three Months Ended												Increase (Decrease)
(Dollars in thousands)			June 30, 2022						March 31, 2022												June 30, 2022						June 30, 2021
Allowance for credit losses on loans and leases			$	156,530					$	145,847					$	10,683					$	156,530					$	125,436					$	31,094
Provision for credit losses on loans and leases			24,164						15,269						8,895						24,164						3,291						20,873
Net charge-offs (recoveries)			13,481						7,226						6,255						13,481						6,591						6,890
Annualized net charge-offs (recoveries) to average loans and leases			0.36		%				0.21		%										0.36		%				0.16		%
Coverage of credit loss reserves for loans and leases held for investment			1.14		%				1.18		%										1.14		%				0.89		%
Coverage of credit loss reserves for loans and leases held for investment, excluding PPP*			1.28		%				1.44		%										1.28		%				1.61		%
*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.

Provision for Credit Losses

						Three Months Ended												Increase (Decrease)
(Dollars in thousands)						June 30, 2022						March 31, 2022
Provision for credit losses on loans and leases						$	24,164					$	15,269					$	8,895
Provision (benefit) for credit losses on unfunded commitments						608						(109)						717
Provision (benefit) for credit losses on available for sale debt securities						(317)						728						(1,045)
Total provision for credit losses						$	24,455					$	15,888					$	8,567

The provision for credit losses on loans and leases in Q2 2022 was $24.2 million, compared to $15.3 million in Q1 2022. The provision in Q2 2022 was primarily to support loan growth. The provision (benefit) for credit losses for available for sale investment securities in Q2 2022 was a benefit to provision of $0.3 million compared to provision expense of $0.7 million in Q1 2022.

5

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Asset Quality

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

(Dollars in thousands)			June 30, 2022						March 31, 2022						Increase (Decrease)						June 30, 2022						June 30, 2021						Increase (Decrease)
Non-performing assets ("NPAs"):
Nonaccrual / non-performing loans ("NPLs")			$	28,064					$	43,778					$	(15,714)					$	28,064					$	46,465					$	(18,401)
Non-performing assets			28,150						43,864						(15,714)						28,150						46,932						(18,782)
NPLs to total loans and leases (1)			0.18		%				0.31		%										0.18		%				0.27		%
Reserves to NPLs (1)			557.76		%				333.15		%										557.76		%				269.96		%
NPAs to total assets			0.14		%				0.23		%										0.14		%				0.24		%
Loans and leases risk ratings:
Commercial loans and leases (1)
Pass			$	9,355,846					$	7,274,294					$	2,081,552					$	9,355,846					$	5,381,909					$	3,973,937
Special Mention			106,566						128,622						(22,056)						106,566						268,130						(161,564)
Substandard			343,175						301,141						42,034						343,175						247,595						95,580
Total commercial loans and leases			9,805,587						7,704,057						2,101,530						9,805,587						5,897,634						3,907,953
Consumer loans
Performing			2,392,852						2,399,860						(7,008)						2,392,852						1,858,204						534,648
Non-performing			14,556						14,938						(382)						14,556						16,304						(1,748)
Total consumer loans			2,407,408						2,414,798						(7,390)						2,407,408						1,874,508						532,900
Loans and leases receivable			$	12,212,995					$	10,118,855					$	2,094,140					$	12,212,995					$	7,772,142					$	4,440,853

(1)    Excludes loan receivable, PPP, as PPP loans are fully guaranteed by the Small Business Administration.

Over the last decade, we have developed a suite of commercial loan products with one particularly important common denominator: relatively low credit risk assumption. The Bank’s C&I, loans to mortgage companies, specialty finance lines of business, and multi-family loans for example, are characterized by conservative underwriting standards and low loss rates. Because of this emphasis, the Bank’s credit quality to date has been healthy despite a highly 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, we employ a bottom-up data driven approach to analyze the commercial portfolio. Exposure to industry segments and CRE significantly impacted by COVID-19 initially is not substantial.

Total consumer installment loans were approximately 9% of total assets at June 30, 2022 and were supported by an allowance for credit losses of $111.2 million. At June 30, 2022, our consumer installment portfolio had the following characteristics: average FICO score of 729, average debt-to-income of 17.4% and average borrower income of $102 thousand.

Non-performing loans at June 30, 2022 were 0.18% of total loans and leases, compared to 0.31% at March 31, 2022 and 0.27% at June 30, 2021.

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Deposits and Borrowings

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

(Dollars in thousands)			June 30, 2022						% of Total						March 31, 2022						% of Total						June 30, 2021						% of Total
Demand, non-interest bearing			$	4,683,030					27.6		%				$	4,594,428					28.0		%				$	2,699,869					19.5		%
Demand, interest bearing			6,644,398						39.2						5,591,468						34.1						4,206,355						30.3
Total demand deposits			11,327,428						66.8						10,185,896						62.1						6,906,224						49.8
Savings			640,062						3.8						802,395						4.9						1,431,756						10.3
Money market			4,254,205						25.1						4,981,077						30.3						4,908,809						35.4
Time deposits			723,024						4.3						446,192						2.7						627,150						4.5
Total deposits			$	16,944,719					100.0		%				$	16,415,560					100.0		%	1			$	13,873,939					100.0		%

Total deposits increased $3.1 billion, or 22.1%, to $16.9 billion at June 30, 2022 as compared to a year ago. Total demand deposits increased $4.4 billion, or 64.0%, to $11.3 billion. Time deposits increased $95.9 million, or 15.3%, to $723.0 million. These increases were offset, in part, by decreases in savings deposits of $791.7 million, or 55.3%, to $640.1 million and money market deposits of $654.6 million, or 13.3%, to $4.3 billion. The total cost of deposits increased by 7 basis points to 0.54% in Q2 2022 from 0.47% in the prior year.

Other borrowings remained relatively unchanged at $123.5 million at June 30, 2022 compared to the prior year due to the issuance of the Customers Bancorp 2.875% senior notes in August 2021, offset by the pay off at maturity of the Customers Bancorp 3.95% senior notes in June 2022.

Capital

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

(Dollars in thousands except per share data)			June 30, 2022						March 31, 2022						June 30, 2021
Customers Bancorp, Inc.
Common Equity			$	1,215,596					$	1,239,612					$	1,033,258
Tangible Common Equity*			1,211,967						1,235,934						1,029,405
Tangible Common Equity to Tangible Assets*			5.99		%				6.45		%				5.24		%
Tangible Common Equity to Tangible Assets, excluding PPP*			6.49		%				7.29		%				7.72		%
Tangible Book Value per common share*			$	37.35					$	37.50					$	31.82
Total risk based capital ratio (1)			12.6		%				12.9		%				13.3		%
(1) Total risk-based capital ratio as of June 30, 2022 is an estimate.
*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.

Customers Bancorp's tangible common equity* increased $182.3 million to $1.2 billion at June 30, 2022 compared to a year ago, as earnings of $340.3 million more than offset a negative impact to accumulated other comprehensive income ("AOCI") from increased unrealized losses on investment securities of $130.9 million (net of taxes) and share buyback of $55.5 million. Similarly, tangible book value per common share* increased to $37.35 at June 30, 2022 from $31.82 at June 30, 2021. Customers remains well capitalized by all regulatory measures.

At the Customers Bancorp level, the total risk based capital ratio (estimate) and tangible common equity to tangible assets ratio ("TCE ratio"), excluding PPP loans*, were 12.6% and 6.49%, respectively, at June 30, 2022. "We expect our TCE ratio to be at or above 7.5% within the next three to four quarters," stated Mr. Sam Sidhu.

At the Customers Bank level, capital levels remained strong and well above regulatory minimums. At June 30, 2022, estimated Tier 1 capital and total risk-based capital were 11.5% and 12.9%, respectively.

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Key Profitability Trends

Net Interest Income

Net interest income totaled $164.9 million in Q2 2022, an increase of $0.2 million from Q1 2022, primarily due to increased net interest income earned by the core bank, including increased interest income on investment securities and core loans* of $5.1 million and $28.1 million, respectively, mostly due to higher average balances. This increase was offset in part by lower PPP interest income of $16.3 million resulting from reduced recognition of deferred fees of $14.7 million driven by lower loan forgiveness in Q2 2022 and by dividend income of $5.2 million primarily from an equity investment distribution in Q1 2022. In addition, higher expenses paid on deposits, FHLB advances and other borrowings of $12.7 million resulted mainly from higher interest rates during Q2 2022. Excluding PPP loans, average interest-earning assets increased $1.7 billion. Interest-earning asset growth was primarily driven by increases in C&I loans and leases and multi-family loans, offset in part by a decrease in interest earning deposits. Compared to Q1 2022, total loan yields decreased 13 basis points to 4.54% primarily due to higher PPP yields driven by deferred fee recognition and average balances in Q1 2022. Excluding PPP loans, the Q2 2022 total loan yield was 13 basis points higher than Q1 2022 reflecting increased interest rates and the variable rate nature of the loan portfolio.

Non-Interest Income

The following table presents details of non-interest income for the periods indicated:

			Three Months Ended												Increase (Decrease)
(Dollars in thousands)			June 30, 2022						March 31, 2022
Interchange and card revenue			$	24					$	76					$	(52)
Deposit fees			964						940						24
Commercial lease income			6,592						5,895						697
Bank-owned life insurance			1,947						8,326						(6,379)
Mortgage warehouse transactional fees			1,883						2,015						(132)
Gain (loss) on sale of SBA and other loans			1,542						1,507						35
Loan fees			2,618						2,545						73
Mortgage banking income (loss)			173						481						(308)
Gain (loss) on sale of investment securities			(3,029)						(1,063)						(1,966)
Unrealized gain (loss) on investment securities			(203)						(276)						73
Unrealized gain (loss) on derivatives			821						964						(143)
Other			(586)						(212)						(374)
Total non-interest income			$	12,746					$	21,198					$	(8,452)

Non-interest income totaled $12.7 million for Q2 2022, a decrease of $8.5 million compared to Q1 2022. The decrease was primarily due to $6.4 million of death benefits from bank-owned life insurance policies in Q1 2022 and higher realized losses from the sale of investment securities of $2.0 million in Q2 2022 compared to Q1 2022.

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Non-Interest Expense

The following table presents details of non-interest expense for the periods indicated:

			Three Months Ended												Increase (Decrease)
(Dollars in thousands)			June 30, 2022						March 31, 2022
Salaries and employee benefits			$	25,334					$	26,607					$	(1,273)
Technology, communication and bank operations			22,738						24,068						(1,330)
Professional services			7,415						6,956						459
Occupancy			4,279						3,050						1,229
Commercial lease depreciation			5,552						4,942						610
FDIC assessments, non-income taxes and regulatory fees			1,619						2,383						(764)
Loan servicing			4,341						2,371						1,970
Loan workout			179						(38)						217
Advertising and promotion			353						315						38
Other			4,395						3,153						1,242
Total non-interest expense			$	76,205					$	73,807					$	2,398

The management of non-interest expenses remains a priority for us. However, this will not be at the expense of not making adequate investments with new technologies to support efficient and responsible growth.

Non-interest expenses totaled $76.2 million in Q2 2022, an increase of $2.4 million compared to Q1 2022. The increase was primarily attributable to $2.0 million in higher loan servicing costs for consumer loans, $0.9 million in one-time impairment charges included in occupancy primarily due to consolidation of five branches into other existing locations in Southeastern Pennsylvania, $0.7 million in higher provision for credit losses on unfunded commitments, $0.6 million in commercial lease depreciation due to growth in our leasing business and $0.5 million in professional fees primarily associated with the PPP loan forgiveness. These increases were offset in part by a $1.3 million decrease in technology, processing and deposit servicing-related expenses mostly due to lower deposit servicing and interchange maintenance fees and lower salaries and employee benefits of $1.3 million due to expense management initiatives.

Taxes

Income tax expense from continuing operations decreased by $0.4 million to $18.9 million in Q2 2022 from $19.3 million in Q1 2022 primarily due to a reduction in pre-tax income, partially offset by a decrease in excess tax benefits from restricted stock units that vested in Q1 2022. The effective tax rate from continuing operations for Q2 2022 was 24%, resulting in an effective tax rate of 22% for the six months ended June 30, 2022. Customers expects the full-year 2022 effective tax rate from continuing operations to be approximately 21% to 23%.

Outlook

“Looking ahead, we continue to project sustainable and responsible organic core growth and are very optimistic about the prospects of our company. We are focused on improving the quality of our balance sheet and deposit franchise and are not focused on growth just for the sake of growth. We continue to expect, on average, $500 million of quarterly loan growth and continued digital asset-related deposit growth by year-end 2022. Through a combination of revenue growth and prudent expense management we expect our efficiency ratio to be around 45% by early 2023. Customers Bancorp stock at the close of business on July 22, 2022 was trading at $38.02, only 1 times tangible book value* at June 30, 2022. We continue to expect to meet or beat projections of our core earnings (excluding PPP)* between $4.75 - $5.00 in 2022 and over $6.00 in 2023, two to three years ahead of our previous guidance of $6.00 by 2025/2026,” concluded Mr. Jay 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 is included at the end of this document.

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Webcast

Date:            Thursday, July 28, 2022        

Time:            9:00 AM EDT

The live audio webcast, presentation slides, and earnings press release will be made available at https://www.customersbank.com/investor-relations/ and at the Customers Bancorp 2nd Quarter Earnings Webcast.

You may submit questions in advance of the live webcast by emailing our Communications Director, David Patti at [email protected]; questions may also be asked during the webcast through the webcast application.

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 a bank holding company located in West Reading, Pennsylvania engaged in banking and related businesses through its bank subsidiary, Customers Bank, a full-service bank with $20.3 billion in assets at June 30, 2022. A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking and lending services to small and medium-sized businesses, professionals, individuals and families. Services and products are available wherever permitted by law through mobile-first apps, online portals, and a network of offices and branches. Customers Bank provides blockchain-based digital payments via the Customers Bank Instant Token (CBITTM) which allows clients to make instant payments in U.S. dollars, 24 hours a day, 7 days a week, 365 days a year.

“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: the impact of the ongoing pandemic on the U.S. economy and customer behavior, 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 continued success and acceptance of our blockchain payments system, 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, 2021, 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

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from time to time by Customers Bancorp, Inc. or by or on behalf of Customers Bank, except as may be required under applicable law.

11

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Q2 2022 Overview

The following table presents a summary of key earnings and performance metrics for the quarter ended June 30, 2022 and the preceding four quarters:

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
EARNINGS SUMMARY - UNAUDITED
(Dollars in thousands, except per share data and stock price data)						Q2			Q1			Q4			Q3			Q2			Six Months Ended June 30,
						2022			2022			2021			2021			2021			2022			2021
GAAP Profitability Metrics:
Net income available to common shareholders (from continuing and discontinued operations)						$	56,519		$	74,896		$	98,647		$	110,241		$	58,042		$	131,415		$	91,246
Per share amounts:
			Earnings per share - basic			$	1.73		$	2.27		$	3.02		$	3.40		$	1.80		$	4.00		$	2.84
			Earnings per share - diluted			$	1.68		$	2.18		$	2.87		$	3.25		$	1.72		$	3.87		$	2.74
			Book value per common share (1)			$	37.46		$	37.61		$	37.32		$	35.24		$	31.94		$	37.46		$	31.94
			CUBI stock price (1)			$	33.90		$	52.14		$	65.37		$	43.02		$	38.99		$	33.90		$	38.99
			CUBI stock price as % of book value (1)			90		%	139		%	175		%	122		%	122		%	90		%	122		%
Average shares outstanding - basic						32,712,616			32,957,033			32,625,960			32,449,853			32,279,625			32,834,150			32,082,878
Average shares outstanding - diluted						33,579,013			34,327,065			34,320,327			33,868,553			33,741,468			33,950,973			33,294,075
Shares outstanding (1)						32,449,486			32,957,847			32,913,267			32,537,976			32,353,256			32,449,486			32,353,256
Return on average assets ("ROAA")						1.17		%	1.63		%	2.08		%	2.33		%	1.27		%	1.39		%	1.04		%
Return on average common equity ("ROCE")						18.21		%	24.26		%	33.18		%	40.82		%	23.22		%	21.23		%	19.15		%
Efficiency ratio						42.14		%	39.42		%	38.70		%	33.42		%	46.59		%	40.76		%	47.64		%
Non-GAAP Profitability Metrics (2):
Core earnings						$	59,367		$	75,410		$	101,213		$	113,876		$	59,303		$	134,777		$	129,611
Adjusted pre-tax pre-provision net income						$	105,692		$	112,649		$	130,595		$	167,215		$	86,467		$	218,341		$	173,236
Per share amounts:
			Core earnings per share - diluted			$	1.77		$	2.20		$	2.95		$	3.36		$	1.76		$	3.97		$	3.89
			Tangible book value per common share (1)			$	37.35		$	37.50		$	37.21		$	35.12		$	31.82		$	37.35		$	31.82
			CUBI stock price as % of tangible book value (1)			91		%	139		%	176		%	122		%	123		%	91		%	123		%
Core ROAA						1.23		%	1.64		%	2.13		%	2.35		%	1.30		%	1.43		%	1.45		%
Core ROCE						19.13		%	24.43		%	34.04		%	42.16		%	23.72		%	21.77		%	27.20		%
Adjusted ROAA - pre-tax and pre-provision						2.11		%	2.39		%	2.70		%	3.36		%	1.80		%	2.25		%	1.85		%
Adjusted ROCE - pre-tax and pre-provision						33.37		%	35.89		%	43.25		%	60.81		%	33.27		%	34.62		%	34.95		%
Net interest margin, tax equivalent						3.39		%	3.60		%	4.14		%	4.59		%	2.98		%	3.49		%	2.99		%
Net interest margin, tax equivalent, excluding PPP loans						3.32		%	3.32		%	3.12		%	3.24		%	3.30		%	3.32		%	3.14		%
Core efficiency ratio						41.74		%	39.47		%	38.14		%	30.36		%	44.33		%	40.59		%	42.76		%
Asset Quality:
Net charge-offs						$	13,481		$	7,226		$	7,582		$	7,104		$	6,591		$	20,707		$	19,112
Annualized net charge-offs to average total loans and leases						0.36		%	0.21		%	0.21		%	0.17		%	0.16		%	0.29		%	0.24		%
Non-performing loans ("NPLs") to total loans and leases (1)						0.18		%	0.31		%	0.34		%	0.34		%	0.27		%	0.18		%	0.27		%
Reserves to NPLs (1)						557.76		%	333.15		%	277.72		%	252.68		%	269.96		%	557.76		%	269.96		%
Non-performing assets ("NPAs") to total assets						0.14		%	0.23		%	0.25		%	0.27		%	0.24		%	0.14		%	0.24		%
Customers Bank Capital Ratios (3):
Common equity Tier 1 capital to risk-weighted assets						11.47		%	11.60		%	11.83		%	12.77		%	12.40		%	11.47		%	12.40		%
Tier 1 capital to risk-weighted assets						11.47		%	11.60		%	11.83		%	12.77		%	12.40		%	11.47		%	12.40		%
Total capital to risk-weighted assets						12.92		%	13.03		%	13.11		%	14.16		%	13.77		%	12.92		%	13.77		%
Tier 1 capital to average assets (leverage ratio)						8.09		%	8.21		%	7.93		%	8.66		%	9.07		%	8.09		%	9.07		%
(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 Q2 2022 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 June 30, 2022, our regulatory capital ratios reflected 75%, or $46.2 million, benefit associated with the CECL transition provisions.

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED
(Dollars in thousands, except per share data)																																	Six Months Ended
			Q2						Q1						Q4						Q3						Q2						June 30,
			2022						2022						2021						2021						2021						2022						2021
Interest income:
Loans and leases			$	168,941					$	157,175					$	198,000					$	233,097					$	153,608					$	326,116					$	305,725
Investment securities			25,442						20,295						15,202						8,905						8,327						45,737						16,306
Other			1,951						6,006						835						849						946						7,957						1,965
Total interest income			196,334						183,476						214,037						242,851						162,881						379,810						323,996
Interest expense:
Deposits			22,781						13,712						15,415						15,915						15,653						36,493						31,311
FHLB advances			2,316						—						51						5						963						2,316						6,155
Subordinated debt			2,689						2,689						2,688						2,689						2,689						5,378						5,378
FRB PPP liquidity facility, federal funds purchased and other borrowings			3,696						2,376						2,189						4,350						4,819						6,072						9,664
Total interest expense			31,482						18,777						20,343						22,959						24,124						50,259						52,508
Net interest income			164,852						164,699						193,694						219,892						138,757						329,551						271,488
Provision for credit losses			23,847						15,997						13,890						13,164						3,291						39,844						372
Net interest income after provision for credit losses			141,005						148,702						179,804						206,728						135,466						289,707						271,116
Non-interest income:
Interchange and card revenue			24						76						84						83						84						100						169
Deposit fees			964						940						1,026						994						891						1,904						1,754
Commercial lease income			6,592						5,895						5,378						5,213						5,311						12,487						10,516
Bank-owned life insurance			1,947						8,326						1,984						1,988						2,765						10,273						4,444
Mortgage warehouse transactional fees			1,883						2,015						2,262						3,100						3,265						3,898						7,512
Gain (loss) on sale of SBA and other loans			1,542						1,507						2,493						5,359						1,900						3,049						3,475
Loan fees			2,618						2,545						2,513						1,909						1,670						5,163						3,106
Mortgage banking income (loss)			173						481						262						425						386						654						849
Gain (loss) on sale of investment securities			(3,029)						(1,063)						(49)						6,063						1,812						(4,092)						25,378
Unrealized gain (loss) on investment securities			(203)						(276)						—						—						1,746						(479)						2,720
Loss on sale of foreign subsidiaries			—						—						—						—						(2,840)						—						(2,840)
Unrealized gain (loss) on derivatives			821						964						586						524						(439)						1,785						2,098
Loss on cash flow hedge derivative terminations			—						—						—						—						—						—						(24,467)
Other			(586)						(212)						452						(72)						271						(798)						576
Total non-interest income			12,746						21,198						16,991						25,586						16,822						33,944						35,290
Non-interest expense:
Salaries and employee benefits			25,334						26,607						29,940						26,268						28,023						51,941						51,994
Technology, communication and bank operations			22,738						24,068						22,657						21,281						19,618						46,806						39,606
Professional services			7,415						6,956						7,058						6,871						6,882						14,371						12,759
Occupancy			4,279						3,050						4,336						2,704						2,482						7,329						5,103
Commercial lease depreciation			5,552						4,942						4,625						4,493						4,415						10,494						8,706
FDIC assessments, non-income taxes and regulatory fees			1,619						2,383						2,427						2,313						2,602						4,002						5,321
Loan servicing			4,341						2,371						4,361						4,265						1,700						6,712						2,137
Merger and acquisition related expenses			—						—						—						—						—						—						418
Loan workout			179						(38)						226						198						102						141						(159)
Advertising and promotion			353						315						344						302						313						668						874
Deposit relationship adjustment fees			—						—						—						6,216						—						—						—
Other			4,395						3,153						5,574						5,098						4,686						7,548						5,991
Total non-interest expense			76,205						73,807						81,548						80,009						70,823						150,012						132,750
Income before income tax expense			77,546						96,093						115,247						152,305						81,465						173,639						173,656
Income tax expense			18,896						19,332						12,993						36,263						20,124						38,228						37,684
Net income from continuing operations			$	58,650					$	76,761					$	102,254					$	116,042					$	61,341					$	135,411					$	135,972
															(continued)

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED (CONTINUED)
(Dollars in thousands, except per share data)																																	Six Months Ended
			Q2						Q1						Q4						Q3						Q2						June 30,
			2022						2022						2021						2021						2021						2022						2021
Loss from discontinued operations before income taxes			$	—					$	—					$	—					$	—					$	—					$	—					$	(20,354)
Income tax expense (benefit) from discontinued operations			—						—						1,585						—						—						—						17,682
Net loss from discontinued operations			—						—						(1,585)						—						—						—						(38,036)
Net income			58,650						76,761						100,669						116,042						61,341						135,411						97,936
Preferred stock dividends			2,131						1,865						2,022						2,981						3,299						3,996						6,690
Loss on redemption of preferred stock			—						—						—						2,820						—						—						—
Net income available to common shareholders			$	56,519					$	74,896					$	98,647					$	110,241					$	58,042					$	131,415					$	91,246
Basic earnings per common share from continuing operations			$	1.73					$	2.27					$	3.07					$	3.40					$	1.80					$	4.00					$	4.03
Basic earnings per common share			1.73						2.27						3.02						3.40						1.80						4.00						2.84
Diluted earnings per common share from continuing operations			1.68						2.18						2.92						3.25						1.72						3.87						3.88
Diluted earnings per common share			1.68						2.18						2.87						3.25						1.72						3.87						2.74

14

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET - UNAUDITED
(Dollars in thousands)
			June 30,						March 31,						December 31,						September 30,						June 30,
			2022						2022						2021						2021						2021
ASSETS
Cash and due from banks			$	66,703					$	55,515					$	35,238					$	51,169					$	36,837
Interest earning deposits			178,475						219,085						482,794						1,000,885						393,663
Cash and cash equivalents			245,178						274,600						518,032						1,052,054						430,500
Investment securities, at fair value			3,144,882						4,169,853						3,817,150						1,866,697						1,526,792
Investment securities held to maturity			495,039						—						—						—						—
Loans held for sale			6,595						3,003						16,254						29,957						34,540
Loans receivable, mortgage warehouse, at fair value			1,874,603						1,755,758						2,284,325						2,557,624						2,855,284
Loans receivable, PPP			1,570,160						2,195,902						3,250,008						4,957,357						6,305,056
Loans and leases receivable			12,212,995						10,118,855						9,018,298						7,970,599						7,772,142
Allowance for credit losses on loans and leases			(156,530)						(145,847)						(137,804)						(131,496)						(125,436)
Total loans and leases receivable, net of allowance for credit losses on loans and leases			15,501,228						13,924,668						14,414,827						15,354,084						16,807,046
FHLB, Federal Reserve Bank, and other restricted stock			74,626						54,553						64,584						57,184						39,895
Accrued interest receivable			98,727						94,669						92,239						93,514						90,009
Bank premises and equipment, net			6,755						8,233						8,890						9,944						10,391
Bank-owned life insurance			335,153						332,239						333,705						331,423						329,421
Goodwill and other intangibles			3,629						3,678						3,736						3,794						3,853
Other assets			340,184						298,212						305,611						310,271						362,661
Total assets			$	20,251,996					$	19,163,708					$	19,575,028					$	19,108,922					$	19,635,108
LIABILITIES AND SHAREHOLDERS' EQUITY
Demand, non-interest bearing deposits			$	4,683,030					$	4,594,428					$	4,459,790					$	4,954,331					$	2,699,869
Interest bearing deposits			12,261,689						11,821,132						12,318,134						12,016,694						11,174,070
Total deposits			16,944,719						16,415,560						16,777,924						16,971,025						13,873,939
Federal funds purchased			770,000						700,000						75,000						—						—
FHLB advances			635,000						—						700,000						—						—
Other borrowings			123,450						223,230						223,086						223,151						124,240
Subordinated debt			181,812						181,742						181,673						181,603						181,534
FRB PPP liquidity facility			—						—						—						—						3,865,865
Accrued interest payable and other liabilities			243,625						265,770						251,128						448,844						338,801
Total liabilities			18,898,606						17,786,302						18,208,811						17,824,623						18,384,379
Preferred stock			137,794						137,794						137,794						137,794						217,471
Common stock			34,922						34,882						34,722						33,818						33,634
Additional paid in capital			545,670						542,402						542,391						525,894						519,294
Retained earnings			837,147						780,628						705,732						607,085						496,844
Accumulated other comprehensive income (loss), net			(124,881)						(62,548)						(4,980)						1,488						5,266
Treasury stock, at cost			(77,262)						(55,752)						(49,442)						(21,780)						(21,780)
Total shareholders' equity			1,353,390						1,377,406						1,366,217						1,284,299						1,250,729
Total liabilities and shareholders' equity			$	20,251,996					$	19,163,708					$	19,575,028					$	19,108,922					$	19,635,108

15

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEET / NET INTEREST MARGIN - UNAUDITED
(Dollars in thousands)
			Three Months Ended
			June 30, 2022									March 31, 2022									June 30, 2021
			Average Balance			Average Yield or Cost (%)						Average Balance			Average Yield or Cost (%)						Average Balance			Average Yield or Cost (%)
Assets
Interest earning deposits			$	434,950		0.85%						$	826,240		0.16%						$	646,342		0.12%
Investment securities (1)			4,104,463			2.48%						4,036,966			2.01%						1,512,644			2.20%
Loans and leases:
Commercial loans to mortgage companies			1,898,554			3.30%						1,836,647			3.09%						2,737,629			3.09%
Multi-family loans			1,845,527			3.76%						1,531,846			3.64%						1,551,370			3.88%
Commercial & industrial loans and leases (2)			5,577,830			3.87%						4,124,408			3.60%						2,878,045			3.59%
Loans receivable, PPP			1,863,429			4.43%						2,641,318			5.66%						6,133,184			2.69%
Non-owner occupied commercial real estate loans			1,307,995			3.91%						1,312,210			3.77%						1,368,695			3.86%
Residential mortgages			515,612			3.81%						416,417			3.58%						346,284			3.62%
Installment loans			1,909,551			9.23%						1,794,145			9.03%						1,467,595			9.37%
Total loans and leases (3)			14,918,498			4.54%						13,656,991			4.67%						16,482,802			3.74%
Other interest-earning assets			68,025			6.09%						52,111			NM(7)						57,208			5.32%
Total interest-earning assets			19,525,936			4.03%						18,572,308			4.00%						18,698,996			3.49%
Non-interest-earning assets			530,084									557,022									607,952
Total assets			$	20,056,020								$	19,129,330								$	19,306,948
Liabilities
Interest checking accounts			6,409,617			0.85%						5,769,372			0.54%						3,503,242			0.76%
Money market deposit accounts			4,704,767			0.64%						4,880,051			0.39%						4,859,614			0.47%
Other savings accounts			695,176			0.44%						880,113			0.36%						1,456,777			0.57%
Certificates of deposit			530,180			0.65%						450,644			0.47%						658,698			0.78%
Total interest-bearing deposits (4)			12,339,740			0.74%						11,980,180			0.46%						10,478,331			0.60%
Federal funds purchased			642,747			0.89%						88,611			0.33%						71,703			0.07%
FRB PPP liquidity facility			—			—%						—			—%						3,858,733			0.35%
Borrowings			940,068			3.10%						532,610			3.80%						460,054			4.44%
Total interest-bearing liabilities			13,922,555			0.91%						12,601,401			0.60%						14,868,821			0.65%
Non-interest-bearing deposits (4)			4,491,574									4,900,983									2,889,781
Total deposits and borrowings			18,414,129			0.69%						17,502,384			0.43%						17,758,602			0.54%
Other non-interest-bearing liabilities			259,279									237,131									328,251
Total liabilities			18,673,408									17,739,515									18,086,853
Shareholders' equity			1,382,612									1,389,815									1,220,095
Total liabilities and shareholders' equity			$	20,056,020								$	19,129,330								$	19,306,948
Interest spread						3.35%									3.57%									2.95%
Net interest margin						3.38%									3.59%									2.98%
Net interest margin tax equivalent (5)						3.39%									3.60%									2.98%
Net interest margin tax equivalent excl. PPP (6)						3.32%									3.32%									3.30%
(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 0.54%, 0.33% and 0.47% for the three months ended June 30, 2022, March 31, 2022 and June 30, 2021, respectively.
(5) Non-GAAP tax-equivalent basis, using an estimated marginal tax rate of 26% for the three months ended June 30, 2022, March 31, 2022 and June 30, 2021, presented to approximate interest income as a taxable asset. Management uses non-GAAP measures to present historical periods comparable to the current period presentation. In addition, management believes the use of these non-GAAP measures provides additional clarity when assessing Customers’ financial results. These disclosures should not be viewed as substitutes for results determined to be in accordance with U.S. GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other entities.
(6) Non-GAAP tax-equivalent basis, as described in note (5) for the three months ended June 30, 2022, March 31, 2022 and June 30, 2021, excluding net interest income from PPP loans and related borrowings, along with the related PPP loan balances and PPP fees receivable from interest-earning assets. Management uses non-GAAP measures to present historical periods comparable to the current period presentation. In addition, management believes the use of these non-GAAP measures provides additional clarity when assessing Customers’ financial results. These disclosures should not be viewed as substitutes for results determined to be in accordance with U.S. GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other entities.
(7) Not meaningful.

16

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEET / NET INTEREST MARGIN - UNAUDITED
(Dollars in thousands)
			Six Months Ended
			June 30, 2022									June 30, 2021
			Average Balance			Average Yield or Cost (%)						Average Balance			Average Yield or Cost (%)
Assets
Interest earning deposits			$	629,514		0.40%						$	910,362		0.11%
Investment securities (1)			4,070,901			2.25%						1,435,529			2.27%
Loans and leases:
Commercial loans to mortgage companies			1,867,772			3.20%						2,928,802			3.09%
Multi-family loans			1,689,553			3.71%						1,619,891			3.84%
Commercial & industrial loans and leases (2)			4,855,134			3.76%						2,863,268			3.78%
Loans receivable, PPP			2,250,224			5.15%						5,382,370			3.00%
Non-owner occupied commercial real estate loans			1,310,091			3.84%						1,358,871			3.86%
Residential mortgages			466,288			3.71%						359,815			3.71%
Installment loans			1,852,167			9.13%						1,396,126			9.22%
Total loans and leases (3)			14,291,229			4.60%						15,909,143			3.88%
Other interest-earning assets			60,113			NM (7)						68,521			4.34%
Total interest-earning assets			19,051,757			4.02%						18,323,555			3.56%
Non-interest-earning assets			543,479									594,936
Total assets			$	19,595,236								$	18,918,491
Liabilities
Interest checking accounts			$	6,091,263		0.71%						$	3,099,725		0.80%
Money market deposit accounts			4,791,925			0.51%						4,648,942			0.51%
Other savings accounts			787,134			0.39%						1,435,681			0.63%
Certificates of deposit			490,632			0.57%						662,447			0.87%
Total interest-bearing deposits (4)			12,160,954			0.61%						9,846,795			0.64%
Federal funds purchased			367,210			0.82%						44,171			0.07%
FRB PPP liquidity facility			—			—%						3,899,996			0.35%
Borrowings			737,464			3.35%						805,853			3.61%
Total interest-bearing liabilities			13,265,628			0.76%						14,596,815			0.72%
Non-interest-bearing deposits (4)			4,695,148									2,855,019
Total deposits and borrowings			17,960,776			0.56%						17,451,834			0.61%
Other non-interest-bearing liabilities			248,266									288,246
Total liabilities			18,209,042									17,740,080
Shareholders' equity			1,386,194									1,178,411
Total liabilities and shareholders' equity			$	19,595,236								$	18,918,491
Interest spread						3.45%									2.96%
Net interest margin						3.48%									2.99%
Net interest margin tax equivalent (5)						3.49%									2.99%
Net interest margin tax equivalent excl. PPP (6)						3.32%									3.14%
(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 0.44% and 0.50% for the six months ended June 30, 2022 and 2021, respectively.
(5) Non-GAAP tax-equivalent basis, using an estimated marginal tax rate of 26% for the six months ended June 30, 2022 and 2021, presented to approximate interest income as a taxable asset. Management uses non-GAAP measures to present historical periods comparable to the current period presentation. In addition, management believes the use of these non-GAAP measures provides additional clarity when assessing Customers’ financial results. These disclosures should not be viewed as substitutes for results determined to be in accordance with U.S. GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other entities.
(6) Non-GAAP tax-equivalent basis as described in note (5), for the six months ended June 30, 2022 and 2021, excluding net interest income from PPP loans and related borrowings, along with the related PPP loan balances and PPP fees receivable from interest-earning assets. Management uses non-GAAP measures to present historical periods comparable to the current period presentation. In addition, management believes the use of these non-GAAP measures provides additional clarity when assessing Customers’ financial results. These disclosures should not be viewed as substitutes for results determined to be in accordance with U.S. GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other entities.
(7) Not meaningful.

17

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
PERIOD END LOAN AND LEASE COMPOSITION - UNAUDITED
(Dollars in thousands)
			June 30,						March 31,						December 31,						September 30,						June 30,
			2022						2022						2021						2021						2021
Commercial:
Commercial & industrial, including specialty lending			$	5,637,083					$	3,921,439					$	3,346,670					$	2,604,367					$	2,293,723
Multi-family			2,012,920						1,705,027						1,486,308						1,387,166						1,497,485
Loans to mortgage companies			1,975,189						1,830,121						2,362,438						2,626,483						2,922,217
Commercial real estate owner occupied			710,577						701,893						654,922						656,044						653,649
Loans receivable, PPP			1,570,160						2,195,902						3,250,008						4,957,357						6,305,056
Commercial real estate non-owner occupied			1,152,869						1,140,311						1,121,238						1,144,643						1,206,646
Construction			195,687						161,024						198,981						198,607						179,198
Total commercial loans and leases			13,254,485						11,655,717						12,420,565						13,574,667						15,057,974
Consumer:
Residential			460,228						469,426						350,984						260,820						273,493
Manufactured housing			48,570						50,669						52,861						55,635						57,904
Installment			1,901,070						1,897,706						1,744,475						1,624,415						1,577,651
Total consumer loans			2,409,868						2,417,801						2,148,320						1,940,870						1,909,048
Total loans and leases			$	15,664,353					$	14,073,518					$	14,568,885					$	15,515,537					$	16,967,022

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
PERIOD END DEPOSIT COMPOSITION - UNAUDITED
(Dollars in thousands)
			June 30,						March 31,						December 31,						September 30,						June 30,
			2022						2022						2021						2021						2021
Demand, non-interest bearing			$	4,683,030					$	4,594,428					$	4,459,790					$	4,954,331					$	2,699,869
Demand, interest bearing			6,644,398						5,591,468						6,488,406						5,023,081						4,206,355
Total demand deposits			11,327,428						10,185,896						10,948,196						9,977,412						6,906,224
Savings			640,062						802,395						973,317						1,310,343						1,431,756
Money market			4,254,205						4,981,077						4,349,073						5,090,121						4,908,809
Time deposits			723,024						446,192						507,338						593,149						627,150
Total deposits			$	16,944,719					$	16,415,560					$	16,777,924					$	16,971,025					$	13,873,939

18

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
ASSET QUALITY - UNAUDITED
(Dollars in thousands)			As of June 30, 2022															As of March 31, 2022															As of June 30, 2021
			Total loans			Non accrual /NPLs			Allowance for credit losses			Total NPLs to total loans			Total reserves to total NPLs			Total loans			Non accrual /NPLs			Allowance for credit losses			Total NPLs to total loans			Total reserves to total NPLs			Total loans			Non accrual /NPLs			Allowance for credit losses			Total NPLs to total loans			Total reserves to total NPLs
Loan type
Commercial & industrial, including specialty lending (1)			$	5,737,670		$	4,061		$	11,081		0.07		%	272.86		%	$	3,995,802		$	5,490		$	10,765		0.14		%	196.08		%	$	2,360,656		$	6,717		$	8,127		0.28		%	120.99		%
Multi-family			2,008,784			1,153			9,765			0.06		%	846.92		%	1,705,027			17,869			7,437			1.05		%	41.62		%	1,497,485			21,595			5,028			1.44		%	23.28		%
Commercial real estate owner occupied			710,577			2,913			4,745			0.41		%	162.89		%	701,893			2,191			3,841			0.31		%	175.31		%	653,649			2,688			4,464			0.41		%	166.07		%
Commercial real estate non-owner occupied			1,152,869			—			8,880			—		%	—		%	1,140,311			1,302			5,955			0.11		%	457.37		%	1,206,646			—			7,374			—		%	—		%
Construction			195,687			—			1,179			—		%	—		%	161,024			—			939			—		%	—		%	179,198			—			2,643			—		%	—		%
Total commercial loans and leases receivable			9,805,587			8,127			35,650			0.08		%	438.66		%	7,704,057			26,852			28,937			0.35		%	107.76		%	5,897,634			31,000			27,636			0.53		%	89.15		%
Residential			457,768			6,258			5,578			1.37		%	89.13		%	466,423			8,124			4,685			1.74		%	57.67		%	266,911			8,991			2,299			3.37		%	25.57		%
Manufactured housing			48,570			3,071			4,080			6.32		%	132.86		%	50,669			3,430			4,342			6.77		%	126.59		%	57,904			3,239			4,372			5.59		%	134.98		%
Installment			1,901,070			5,965			111,222			0.31		%	1864.58		%	1,897,706			4,865			107,883			0.26		%	2217.53		%	1,549,693			2,728			91,129			0.18		%	3340.51		%
Total consumer loans receivable			2,407,408			15,294			120,880			0.64		%	790.38		%	2,414,798			16,419			116,910			0.68		%	712.04		%	1,874,508			14,958			97,800			0.80		%	653.83		%
Loans and leases receivable (1)			12,212,995			23,421			156,530			0.19		%	668.33		%	10,118,855			43,271			145,847			0.43		%	337.05		%	7,772,142			45,958			125,436			0.59		%	272.94		%
Loans receivable, PPP			1,570,160			—			—			—		%	—		%	2,195,902			—			—			—		%	—		%	6,305,056			—			—			—		%	—		%
Loans receivable, mortgage warehouse, at fair value			1,874,603			—			—			—		%	—		%	1,755,758			—			—			—		%	—		%	2,855,284			—			—			—		%	—		%
Total loans held for sale			6,595			4,643			—			70.40		%	—		%	3,003			507			—			16.88		%	—		%	34,540			507			—			1.47		%	—		%
Total portfolio			$	15,664,353		$	28,064		$	156,530		0.18		%	557.76		%	$	14,073,518		$	43,778		$	145,847		0.31		%	333.15		%	$	16,967,022		$	46,465		$	125,436		0.27		%	269.96		%

(1) Excluding loans receivable, PPP from total loans and leases receivable is a non-GAAP measure. Management believes the use of these non-GAAP measures provides additional clarity when assessing Customers' financial results. These disclosures should not be viewed as substitutes for results determined to be in accordance with U.S. GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other entities. Please refer to the reconciliation schedules that follow this table.

19

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
NET CHARGE-OFFS/(RECOVERIES) - UNAUDITED
(Dollars in thousands)
			Q2						Q1						Q4						Q3						Q2						Six Months Ended June 30,
			2022						2022						2021						2021						2021						2022						2021
Loan type
Multi-family			$	1,990					$	(337)					$	—					$	—					$	—					$	1,653					$	1,132
Commercial & industrial			(416)						(59)						240						116						(283)						(475)						92
Commercial real estate owner occupied			(42)						(7)						66						50						(1)						(49)						133
Commercial real estate non-owner occupied			159						(8)						(14)						943						(59)						151						(69)
Construction			(103)						(113)						(3)						(3)						(114)						(216)						(119)
Residential			(39)						(2)						(6)						54						(12)						(41)						28
Installment			11,932						7,752						7,299						5,944						7,060						19,684						17,915
Total net charge-offs (recoveries) from loans held for investment			$	13,481					$	7,226					$	7,582					$	7,104					$	6,591					$	20,707					$	19,112

20

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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 - Customers Bancorp																																																Six Months Ended June 30,
			Q2 2022									Q1 2022									Q4 2021									Q3 2021									Q2 2021									2022									2021
(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			$	56,519		$	1.68					$	74,896		$	2.18					$	98,647		$	2.87					$	110,241		$	3.25					$	58,042		$	1.72					$	131,415		$	3.87					$	91,246		$	2.74
Reconciling items (after tax):
Net loss from discontinued operations			—			—						—			—						1,585			0.05						—			—						—			—						—			—						38,036			1.14
Severance expense			—			—						—			—						—			—						—			—						1,517			0.04						—			—						1,517			0.05
Impairments on fixed assets and leases			705			0.02						220			0.01						1,118			0.03						—			—						—			—						925			0.03						—			—
Merger and acquisition related expenses			—			—						—			—						—			—						—			—						—			—						—			—						320			0.01
Legal reserves			—			—						—			—						—			—						897			0.03						—			—						—			—						—			—
(Gains) losses on investment securities			2,494			0.07						1,030			0.03						43			0.00						(4,591)			(0.14)						(2,694)			(0.08)						3,524			0.10						(21,467)			(0.64)
Loss on sale of foreign subsidiaries			—			—						—			—						—			—						—			—						2,150			0.06						—			—						2,150			0.06
Loss on cash flow hedge derivative terminations			—			—						—			—						—			—						—			—						—			—						—			—						18,716			0.56
Derivative credit valuation adjustment			(351)			(0.01)						(736)			(0.02)						(180)			(0.01)						(198)			(0.01)						288			0.01						(1,087)			(0.03)						(907)			(0.03)
Deposit relationship adjustment fees			—			—						—			—						—			—						4,707			0.14						—			—						—			—						—			—
Loss on redemption of preferred stock			—			—						—			—						—			—						2,820			0.08						—			—						—			—						—			—
Core earnings			$	59,367		$	1.77					$	75,410		$	2.20					$	101,213		$	2.95					$	113,876		$	3.36					$	59,303		$	1.76					$	134,777		$	3.97					$	129,611		$	3.89

21

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)

(Dollars in thousands, except per share data)

Core Earnings, excluding PPP - Customers Bancorp																																																Six Months Ended June 30,
			Q2 2022									Q1 2022									Q4 2021									Q3 2021									Q2 2021									2022									2021
(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			$	56,519		$	1.68					$	74,896		$	2.18					$	98,647		$	2.87					$	110,241		$	3.25					$	58,042		$	1.72					$	131,415		$	3.87					$	91,246		$	2.74
Less: PPP net income (after tax)			13,066			0.39						24,713			0.72						64,323			1.87						81,337			2.40						24,312			0.72						37,779			1.11						49,391			1.48
GAAP net income to common shareholders, excluding PPP			43,453			1.29						50,183			1.46						34,324			1.00						28,904			0.85						33,730			1.00						93,636			2.76						41,855			1.26
Reconciling items (after tax):
Net loss from discontinued operations			—			—						—			—						1,585			0.05						—			—						—			—						—			—						38,036			1.14
Severance expense			—			—						—			—						—			—						—			—						1,517			0.04						—			—						1,517			0.05
Impairments on fixed assets and leases			705			0.02						220			0.01						1,118			0.03						—			—						—			—						925			0.03						—			—
Merger and acquisition related expenses			—			—						—			—						—			—						—			—						—			—						—			—						320			0.01
Legal reserves			—			—						—			—						—			—						897			0.03						—			—						—			—						—			—
(Gains) losses on investment securities			2,494			0.07						1,030			0.03						43			0.00						(4,591)			(0.14)						(2,694)			(0.08)						3,524			0.10						(21,467)			(0.64)
Loss on sale of foreign subsidiaries			—			—						—			—						—			—						—			—						2,150			0.06						—			—						2,150			0.06
Loss on cash flow hedge derivative terminations			—			—						—			—						—			—						—			—						—			—						—			—						18,716			0.56
Derivative credit valuation adjustment			(351)			(0.01)						(736)			(0.02)						(180)			(0.01)						(198)			(0.01)						288			0.01						(1,087)			(0.03)						(907)			(0.03)
Deposit relationship adjustment fees			—			—						—			—						—			—						4,707			0.14						—			—						—			—						—			—
Loss on redemption of preferred stock			—			—						—			—						—			—						2,820			0.08						—			—						—			—						—			—
Core earnings, excluding PPP			$	46,301		$	1.38					$	50,697		$	1.48					$	36,890		$	1.07					$	32,539		$	0.96					$	34,991		$	1.04					$	96,998		$	2.86					$	80,220		$	2.41

22

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)

(Dollars in thousands, except per share data)

Core Return on Average Assets - Customers Bancorp																																	Six Months Ended June 30,
(Dollars in thousands except per share data)			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021						2022						2021
GAAP net income			$	58,650					$	76,761					$	100,669					$	116,042					$	61,341					$	135,411					$	97,936
Reconciling items (after tax):
Net loss from discontinued operations			—						—						1,585						—						—						—						38,036
Severance expense			—						—						—						—						1,517						—						1,517
Impairments on fixed assets and leases			705						220						1,118						—						—						925						—
Merger and acquisition related expenses			—						—						—						—						—						—						320
Legal reserves			—						—						—						897						—						—						—
(Gains) losses on investment securities			2,494						1,030						43						(4,591)						(2,694)						3,524						(21,467)
Loss on sale of foreign subsidiaries			—						—						—						—						2,150						—						2,150
Loss on cash flow hedge derivative terminations			—						—						—						—						—						—						18,716
Derivative credit valuation adjustment			(351)						(736)						(180)						(198)						288						(1,087)						(907)
Deposit relationship adjustment fees			—						—						—						4,707						—						—						—
Core net income			$	61,498					$	77,275					$	103,235					$	116,857					$	62,602					$	138,773					$	136,301
Average total assets			$	20,056,020					$	19,129,330					$	19,214,241					$	19,739,340					$	19,306,948					$	19,595,236					$	18,918,491
Core return on average assets			1.23		%				1.64		%				2.13		%				2.35		%				1.30		%				1.43		%				1.45		%

Adjusted Net Income and Adjusted ROAA - Pre-Tax Pre-Provision - Customers Bancorp																																	Six Months Ended June 30,
(Dollars in thousands except per share data)			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021						2022						2021
GAAP net income			$	58,650					$	76,761					$	100,669					$	116,042					$	61,341					$	135,411					$	97,936
Reconciling items:
Income tax expense			18,896						19,332						12,993						36,263						20,124						38,228						37,684
Provision (benefit) for credit losses			23,847						15,997						13,890						13,164						3,291						39,844						372
Provision (benefit) for credit losses on unfunded commitments			608						(109)						352						669						45						499						(1,241)
Severance expense			—						—						—						—						2,004						—						2,004
Net loss from discontinued operations			—						—						1,585						—						—						—						38,036
Impairments on fixed assets and leases			914						286						1,260						—						—						1,200						—
Merger and acquisition related expenses			—						—						—						—						—						—						418
Legal reserves			—						—						—						1,185						—						—						—
(Gains) losses on investment securities			3,232						1,339						49						(6,063)						(3,558)						4,571						(28,098)
Loss on sale of foreign subsidiaries			—						—						—						—						2,840						—						2,840
Loss on cash flow hedge derivative terminations			—						—						—						—						—						—						24,467
Derivative credit valuation adjustment			(455)						(957)						(203)						(261)						380						(1,412)						(1,182)
Deposit relationship adjustment fees			—						—						—						6,216						—						—						—
Adjusted net income - pre-tax pre-provision			$	105,692					$	112,649					$	130,595					$	167,215					$	86,467					$	218,341					$	173,236
Average total assets			$	20,056,020					$	19,129,330					$	19,214,241					$	19,739,340					$	19,306,948					$	19,595,236					$	18,918,491
Adjusted ROAA - pre-tax pre-provision			2.11		%				2.39		%				2.70		%				3.36		%				1.80		%				2.25		%				1.85		%

23

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)

(Dollars in thousands, except per share data)

Core Return on Average Common Equity - Customers Bancorp																																	Six Months Ended June 30,
(Dollars in thousands except per share data)			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021						2022						2021
GAAP net income to common shareholders			$	56,519					$	74,896					$	98,647					$	110,241					$	58,042					$	131,415					$	91,246
Reconciling items (after tax):
Net loss from discontinued operations			—						—						1,585						—						—						—						38,036
Severance expense			—						—						—						—						1,517						—						1,517
Impairments on fixed assets and leases			705						220						1,118						—						—						925						—
Merger and acquisition related expenses			—						—						—						—						—						—						320
Legal reserves			—						—						—						897						—						—						—
(Gains) losses on investment securities			2,494						1,030						43						(4,591)						(2,694)						3,524						(21,467)
Loss on sale of foreign subsidiaries			—						—						—						—						2,150						—						2,150
Loss on cash flow hedge derivative terminations			—						—						—						—						—						—						18,716
Derivative credit valuation adjustment			(351)						(736)						(180)						(198)						288						(1,087)						(907)
Deposit relationship adjustment fees			—						—						—						4,707						—						—						—
Loss on redemption of preferred stock			—						—						—						2,820						—						—						—
Core earnings			$	59,367					$	75,410					$	101,213					$	113,876					$	59,303					$	134,777					$	129,611
Average total common shareholders' equity			$	1,244,819					$	1,252,022					$	1,179,478					$	1,071,566					$	1,002,624					$	1,248,400					$	960,940
Core return on average common equity			19.13		%				24.43		%				34.04		%				42.16		%				23.72		%				21.77		%				27.20		%

Adjusted ROCE - Pre-Tax Pre-Provision - Customers Bancorp																																	Six Months Ended June 30,
(Dollars in thousands except per share data)			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021						2022						2021
GAAP net income to common shareholders			$	56,519					$	74,896					$	98,647					$	110,241					$	58,042					$	131,415					$	91,246
Reconciling items:
Income tax expense			18,896						19,332						12,993						36,263						20,124						38,228						37,684
Provision (benefit) for credit losses			23,847						15,997						13,890						13,164						3,291						39,844						372
Provision (benefit) for credit losses on unfunded commitments			608						(109)						352						669						45						499						(1,241)
Net loss from discontinued operations			—						—						1,585						—						—						—						38,036
Severance expense			—						—						—						—						2,004						—						2,004
Impairments on fixed assets and leases			914						286						1,260						—						—						1,200						—
Merger and acquisition related expenses			—						—						—						—						—						—						418
Legal reserves			—						—						—						1,185						—						—						—
(Gains) losses on investment securities			3,232						1,339						49						(6,063)						(3,558)						4,571						(28,098)
Loss on sale of foreign subsidiaries			—						—						—						—						2,840						—						2,840
Loss on cash flow hedge derivative terminations			—						—						—						—						—						—						24,467
Derivative credit valuation adjustment			(455)						(957)						(203)						(261)						380						(1,412)						(1,182)
Deposit relationship adjustment fees			—						—						—						6,216						—						—						—
Loss on redemption of preferred stock			—						—						—						2,820						—						—						—
Pre-tax pre-provision adjusted net income available to common shareholders			$	103,561					$	110,784					$	128,573					$	164,234					$	83,168					$	214,345					$	166,546
Average total common shareholders' equity			$	1,244,819					$	1,252,022					$	1,179,478					$	1,071,566					$	1,002,624					$	1,248,400					$	960,940
Adjusted ROCE - pre-tax pre-provision			33.37		%				35.89		%				43.25		%				60.81		%				33.27		%				34.62		%				34.95		%

24

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)

(Dollars in thousands, except per share data)

Net Interest Margin, Tax Equivalent - Customers Bancorp																																	Six Months Ended June 30,
(Dollars in thousands except per share data)			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021						2022						2021
GAAP net interest income			$	164,852					$	164,699					$	193,694					$	219,892					$	138,757					$	329,551					$	271,488
Tax-equivalent adjustment			270						239						276						290						289						509						581
Net interest income tax equivalent			$	165,122					$	164,938					$	193,970					$	220,182					$	139,046					$	330,060					$	272,069
Average total interest earning assets			$	19,525,936					$	18,572,308					$	18,576,433					$	19,033,826					$	18,698,996					$	19,051,757					$	18,323,555
Net interest margin, tax equivalent			3.39		%				3.60		%				4.14		%				4.59		%				2.98		%				3.49		%				2.99		%

Net Interest Margin, Tax Equivalent, excluding PPP - Customers Bancorp																																	Six Months Ended June 30,
(Dollars in thousands except per share data)			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021						2022						2021
GAAP net interest income			$	164,852					$	164,699					$	193,694					$	219,892					$	138,757					$	329,551					$	271,488
PPP net interest income			(18,946)						(34,615)						(78,647)						(112,005)						(35,785)						(53,561)						(70,627)
Tax-equivalent adjustment			270						239						276						290						289						509						581
Net interest income, tax equivalent, excluding PPP			$	146,176					$	130,323					$	115,323					$	108,177					$	103,261					$	276,499					$	201,442
GAAP average total interest earning assets			$	19,525,936					$	18,572,308					$	18,576,433					$	19,033,826					$	18,698,996					$	19,051,757					$	18,323,555
Average PPP loans			(1,863,429)						(2,641,318)						(3,898,607)						(5,778,367)						(6,133,184)						(2,250,224)						(5,382,370)
Adjusted average total interest earning assets			$	17,662,507					$	15,930,990					$	14,677,826					$	13,255,459					$	12,565,812					$	16,801,533					$	12,941,185
Net interest margin, tax equivalent, excluding PPP			3.32		%				3.32		%				3.12		%				3.24		%				3.30		%				3.32		%				3.14		%

Loan Yield, excluding PPP																																	Six Months Ended June 30,
(Dollars in thousands except per share data)			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021						2022						2021
Interest income on loans and leases			$	168,941					$	157,175					$	198,000					$	233,097					$	153,608					$	326,116					$	305,725
PPP interest income			(20,572)						(36,894)						(82,086)						(117,102)						(41,137)						(57,466)						(79,969)
Interest income on core loans (Loans and leases, excluding PPP)			$	148,369					$	120,281					$	115,914					$	115,995					$	112,471					$	268,650					$	225,756
Average loans and leases			14,918,498						13,656,991						14,335,370						16,192,744						16,482,802						14,291,229						15,909,143
Average PPP loans			(1,863,429)						(2,641,318)						(3,898,607)						(5,778,367)						(6,133,184)						(2,250,224)						(5,382,370)
Adjusted average total interest earning assets			13,055,069						11,015,673						10,436,763						10,414,377						10,349,618						12,041,005						10,526,773
Loan yield, excluding PPP			4.56		%				4.43		%				4.41		%				4.42		%				4.36		%				4.50		%				4.32		%

25

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)

(Dollars in thousands, except per share data)

Core Efficiency Ratio - Customers Bancorp																																	Six Months Ended June 30,
(Dollars in thousands except per share data)			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021						2022						2021
GAAP net interest income			$	164,852					$	164,699					$	193,694					$	219,892					$	138,757					$	329,551					$	271,488
GAAP non-interest income			$	12,746					$	21,198					$	16,991					$	25,586					$	16,822					$	33,944					$	35,290
(Gains) losses on investment securities			3,232						1,339						49						(6,063)						(3,558)						4,571						(28,098)
Derivative credit valuation adjustment			(455)						(957)						(203)						(261)						380						(1,412)						(1,182)
Loss on cash flow hedge derivative terminations			—						—						—						—						—						—						24,467
Loss on sale of foreign subsidiaries			—						—						—						—						2,840						—						2,840
Core non-interest income			15,523						21,580						16,837						19,262						16,484						37,103						33,317
Core revenue			$	180,375					$	186,279					$	210,531					$	239,154					$	155,241					$	366,654					$	304,805
GAAP non-interest expense			$	76,205					$	73,807					$	81,548					$	80,009					$	70,823					$	150,012					$	132,750
Severance expense			—						—						—						—						(2,004)						—						(2,004)
Impairments on fixed assets and leases			(914)						(286)						(1,260)						—						—						(1,200)						—
Legal reserves			—						—						—						(1,185)						—						—						—
Merger and acquisition related expenses			—						—						—						—						—						—						(418)
Deposit relationship adjustment fees			—						—						—						(6,216)						—						—						—
Core non-interest expense			$	75,291					$	73,521					$	80,288					$	72,608					$	68,819					$	148,812					$	130,328
Core efficiency ratio (1)			41.74		%				39.47		%				38.14		%				30.36		%				44.33		%				40.59		%				42.76		%

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

Tangible Common Equity to Tangible Assets - Customers Bancorp
(Dollars in thousands except per share data)			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021
GAAP total shareholders' equity			$	1,353,390					$	1,377,406					$	1,366,217					$	1,284,299					$	1,250,729
Reconciling items:
Preferred stock			(137,794)						(137,794)						(137,794)						(137,794)						(217,471)
Goodwill and other intangibles			(3,629)						(3,678)						(3,736)						(3,794)						(3,853)
Tangible common equity			$	1,211,967					$	1,235,934					$	1,224,687					$	1,142,711					$	1,029,405
GAAP total assets			$	20,251,996					$	19,163,708					$	19,575,028					$	19,108,922					$	19,635,108
Reconciling items:
Goodwill and other intangibles			(3,629)						(3,678)						(3,736)						(3,794)						(3,853)
Tangible assets			$	20,248,367					$	19,160,030					$	19,571,292					$	19,105,128					$	19,631,255
Tangible common equity to tangible assets			5.99		%				6.45		%				6.26		%				5.98		%				5.24		%

26

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)

(Dollars in thousands, except per share data)

Tangible Common Equity to Tangible Assets, excluding PPP - Customers Bancorp
(Dollars in thousands except per share data)			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021
GAAP total shareholders' equity			$	1,353,390					$	1,377,406					$	1,366,217					$	1,284,299					$	1,250,729
Reconciling items:
Preferred stock			(137,794)						(137,794)						(137,794)						(137,794)						(217,471)
Goodwill and other intangibles			(3,629)						(3,678)						(3,736)						(3,794)						(3,853)
Tangible common equity			$	1,211,967					$	1,235,934					$	1,224,687					$	1,142,711					$	1,029,405
GAAP total assets			$	20,251,996					$	19,163,708					$	19,575,028					$	19,108,922					$	19,635,108
Loans receivable, PPP			(1,570,160)						(2,195,902)						(3,250,008)						(4,957,357)						(6,305,056)
Total assets, excluding PPP			$	18,681,836					$	16,967,806					$	16,325,020					$	14,151,565					$	13,330,052
Reconciling items:
Goodwill and other intangibles			(3,629)						(3,678)						(3,736)						(3,794)						(3,853)
Tangible assets, excluding PPP			$	18,678,207					$	16,964,128					$	16,321,284					$	14,147,771					$	13,326,199
Tangible common equity to tangible assets, excluding PPP			6.49		%				7.29		%				7.50		%				8.08		%				7.72		%

Tangible Book Value per Common Share - Customers Bancorp
(Dollars in thousands except share and per share data)			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021
GAAP total shareholders' equity			$	1,353,390					$	1,377,406					$	1,366,217					$	1,284,299					$	1,250,729
Reconciling Items:
Preferred stock			(137,794)						(137,794)						(137,794)						(137,794)						(217,471)
Goodwill and other intangibles			(3,629)						(3,678)						(3,736)						(3,794)						(3,853)
Tangible common equity			$	1,211,967					$	1,235,934					$	1,224,687					$	1,142,711					$	1,029,405
Common shares outstanding			32,449,486						32,957,847						32,913,267						32,537,976						32,353,256
Tangible book value per common share			$	37.35					$	37.50					$	37.21					$	35.12					$	31.82

Core Loans (Total Loans and Leases, excluding PPP)
(Dollars in thousands except per share data)			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021
Total loans and leases			$	15,664,353					$	14,073,518					$	14,568,885					$	15,515,537					$	16,967,022
Loans receivable, PPP			(1,570,160)						(2,195,902)						(3,250,008)						(4,957,357)						(6,305,056)
Core Loans (Loans and leases, excluding PPP)			$	14,094,193					$	11,877,616					$	11,318,877					$	10,558,180					$	10,661,966

Total loans and leases, excluding mortgage banking lending and PPP
(Dollars in thousands except per share data)			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021
Total loans and leases			$	15,664,353					$	14,073,518					$	14,568,885					$	15,515,537					$	16,967,022
Loans to mortgage companies			(1,975,189)						(1,830,121)						(2,362,438)						(2,626,483)						(2,922,217)
Loans receivable, PPP			(1,570,160)						(2,195,902)						(3,250,008)						(4,957,357)						(6,305,056)
Total loans and leases, excluding mortgage banking lending and PPP			$	12,119,004					$	10,047,495					$	8,956,439					$	7,931,697					$	7,739,749

Total Assets, excluding PPP
(Dollars in thousands except per share data)			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021
Total assets			$	20,251,996					$	19,163,708					$	19,575,028					$	19,108,922					$	19,635,108
Loans receivable, PPP			(1,570,160)						(2,195,902)						(3,250,008)						(4,957,357)						(6,305,056)
Total assets, excluding PPP			$	18,681,836					$	16,967,806					$	16,325,020					$	14,151,565					$	13,330,052

27

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP MEASURES - UNAUDITED (CONTINUED)

(Dollars in thousands, except per share data)

Coverage of credit loss reserves for loans and leases held for investment, excluding PPP
(Dollars in thousands except per share data)			Q2 2022						Q1 2022						Q4 2021						Q3 2021						Q2 2021
Loans and leases receivable			$	13,783,155					$	12,314,757					$	12,268,306					$	12,927,956					$	14,077,198
Loans receivable, PPP			(1,570,160)						(2,195,902)						(3,250,008)						(4,957,357)						(6,305,056)
Loans and leases held for investment, excluding PPP			$	12,212,995					$	10,118,855					$	9,018,298					$	7,970,599					$	7,772,142
Allowance for credit losses on loans and leases			$	156,530					$	145,847					$	137,804					$	131,496					$	125,436
Coverage of credit loss reserves for loans and leases held for investment, excluding PPP			1.28		%				1.44		%				1.53		%				1.65		%				1.61		%

28

“A Digital-Forward Super-Community Bank“ Investor Presentation: Q2 2022 Let’s take on tomorrow. July 2022

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2 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED In addition to historical information, this presentation 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: The impact of the ongoing pandemic on the U.S. economy and customer behavior, the impact that changes in 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 continued success and acceptance of our blockchain payments system; the effects of actions by the federal government, including the Board of Governors of the Federal Reserve System and other government agencies, that effect market interest rates and the money supply; the 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 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, 2021, 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. This does not constitute an offer to sell, or a solicitation of an offer to buy, any security in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. Forward-Looking Statements

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3 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Community Banking Specialty Banking Digital Banking o C&I o CRE o Multi-Family o SBA o SMB Lending o Residential Mortgage o Lender Finance o Fund Finance o Financial Institutions Group o Real Estate Specialty Finance o Mortgage Banking Lending o Equipment Finance o Tech and Venture Banking o Healthcare Lending Consumer o Checking & Savings o Personal Loan o Student Loan o Credit Card BaaS o MPL Program Commercial o Digital Asset Banking o SMB Bundle o Credit Card Transaction Banking o Treasury Services o Payments Customers Bancorp Snapshot Customers Bancorp, Inc. NYSE: CUBI Headquarters West Reading, PA Offices1 39 FTE Employees 692 Market Capitalization2 As of 07/22/2022 $1.2B Total Assets $20.3B Tangible Book Value3 $37.35 Data as of 06/30/2022, unless otherwise noted. (1) Offices includes branches, executive offices, Private Banking Offices and Loan Production Offices. (2) Share price $38.02 as of 07/22/2022 (3) Non-GAAP Measure, refer to Appendix for reconciliation. Lines of Business New Lines of Business A Digital-Forward Super-Community Bank

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4 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Q2’22 (vs. Q2’21) Profitability Balance Sheet Credit 3.38% vs. 2.98% NIM $20.3B +3% Total Assets 0.14% -10 bps NPA Ratio3 1.17% vs. 1.27% ROAA $15.7B -8% Total Loans and Leases 1.14% +25 bps Reserve Coverage NA Adjusted PTPP ROAA2 $16.9B +22% Total Deposits3 557.8% vs. 270.0% Reserves to NPLs3 Highlights - GAAP 1. Net income to common shareholders 2. ROAA is the GAAP metric which is already provided. 3. GAAP metric Highlights Diluted EPS $1.68 Net Income1 $56.5M ROCE 18.2% Q2’22 (vs. Q2’21) -2% -3% vs. 23.2%

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5 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Q2’22 (vs. Q2’21) Profitability Balance Sheet Credit 3.32% vs. 3.30% NIM1,2 $18.7B +40% Core Assets1,2 0.14% -10 bps NPA Ratio 1.23% vs. 1.30% Core ROAA1 $14.1B +32% Total Loans and Leases1,2 1.28% -33 bps Reserve Coverage1,2 2.11% vs. 1.80% Adjusted PTPP ROAA1 $16.9B +22% Total Deposits 557.8% vs. 270.0% Reserves to NPLs Highlights – Adjusted/Core Highlights | Core Earnings1 $59.4M Core ROCE1 19.1% Q2’22 (vs. Q2’21) +0% 1. Non-GAAP Measure, refer to Appendix for reconciliation. 2. Ex PPP +0% vs. 23.7% +32% $1.38$1.77 Core EPS1 Core EPS ex PPP1,2

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6 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Business Line Accomplishments and Strategic Priorities Community Geographic expansion o Strengthened presence and reputation in local markets laying the foundation for continued production growth and team recruitment Continued Growth of Existing Verticals o Net loan growth of 8% QoQ from Mid-Atlantic region C&I o Successful re-launch of relationship focused multifamily program resulting in loan growth of $300M+ SBA Growth o SBA production growth of 29% QoQ and 88% YoY o Continue to advance digital lending program pilot 2022 Q2 ACCOMPLISHMENTS 2022 PRIORITIES Geographic expansion o Continue to recruit regional C&I teams in adjacent and expansion markets Continued Growth of Existing Verticals o Achieve double digit loan growth across all verticals SBA Growth o Grow originations by at least 50% Specialty Lending Expansion o Continue to recruit specialty lending teams and add to existing teams to support future growth o Evaluate new banking verticals including Digital Asset Lending o New lending verticals are expected to surpass $1B in outstanding in 2022 Continued Growth of Existing Verticals o Achieve double digit loan growth across all verticals (ex MWH) Consumer: o Continue to index portfolio mix to direct originations o Expand cross-sell with products Commercial: o Continue to scale CBIT customers and significantly grow deposits o Digital SMB bundle product pilot launch to cross-sell to digital SMB customers Banking-as-a-Service o Achieve $5M+ of run rate revenue in H2’22 Specialty Lending Expansion o Fund Finance crossed outstanding balance of ~$1B in Q2’22 with goal of ~$2B in outstandings by Q4’22 o Onboarded a team to launch a technology enhanced Small Ticket/SMB Vendor Finance product within our Equipment Finance business o Digital Asset Lending initiative diligence progressing with initial loans expected to be originated in H2’22 Continued Growth of Existing Verticals o Industry leading growth in existing verticals – Fund Finance (+183% QoQ) – Lender Finance (+34% QoQ) – RE Specialty Finance (+28% QoQ) – Equipment Finance (+7% QoQ) Consumer: o Crossed over $2B in lifetime direct personal loan originations Commercial: o Onboarded 90 new CBIT customers continuing to enhance the existing platform nodes o On track for Digital SMB bundle product pilot launch in Q3’22 which will now also include Equipment Financing Banking-as-a-Service o Expect to launch our initial MPL program pilot in H2’22 Transaction Banking o Launching a broad suite of API-enabled Treasury Services and Payments offerings to attract low cost deposits and fee income Specialty Digital

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7 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED We are reinventing banking through a cloud-based offering of 24/7 API enabled fully integrated Treasury, Payments and BaaS offerings Digital Assets Fund Finance Tech & Venture Banking Financial Institutions Group API-enabled Digital Solutions Digital Onboarding API Enabled FX CBIT & Crypto On/Off Ramps ERP Integrations Customer Facing API Library Tech-Enabled Banking: Commercial Treasury Services, Payments and BaaS CUBI’s proprietary tech-led product suite will drive: 1. Differentiated primary commercial banking relationships 2. Franchise value from sticky multi-product customer integrations 3. Low-to-no cost deposit franchise of payments and reporting integrated operating accounts BaaS MPL Program API Enabled Wires and ACH BaaS Integrations

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8 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Core Loan growth composition ex PPP1 $ bil l ions, Q2’22 Specialty Lending C&I provides multiple solutions (Fund Finance, Lender Finance facilities) to fund clients (Private Equity, Venture Capital, Credit) to gain bigger share of the wallet Lender Finance o 7+ years of experience in this vertical with no loss or delinquency o Clients - Private Debt Funds that have proven performance via historical track records across various economic cycles o Loans - “Asset-based” in nature, being secured by a well-structured diverse collateral pool, with no defaulted assets allowed in the borrowing base. 100% floating rate facilities Fund Finance o Highly experienced team recruited from large cap banks with industry wide history of low to no default o Clients - well-established fund managers with proven track records over various economic cycles o Loans - underlying well structured collateral is secured by diverse LP commitments, institutional in nature, at conservative advance rates. 100% floating rate and primarily 364-day facilities (capital efficient). Tech & VC o Clients - Recurring revenue software businesses, with mission critical products, backed by well-known and funded venture capital firms o $250M+ in loans closed to date and a strong pipeline/backlog o Source of fee income and low-cost deposits Loan growth of $2.2B in Q2 driven by low-risk variable rate lending verticals 1. Non-GAAP Measure, refer to Appendix for reconciliation. 2. Includes RESF, Healthcare and other segments 3. Includes Community banking C&I, Consumer, Investment CRE Specialty C&I ($1.6B) Mortgage Banking Lending Fund Finance Multifamily Lender Finance All Other3 Tech & VC Total $0.2 Specialty-Other2 $0.7 $0.6 $0.2 $0.1 $0.1 $0.3 $2.2

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9 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED A Blockchain-based, instant payments platform generating $2.1B in low-cost deposits Overview Deposit Inflow as a Result of CBIT Launch o API connected platform with customers o Onboarded 90 new customers in Q2’22 bring total customers to 190 o Compliance-first, best-in-class onboarding process. o CBIT adoption central to our strategy. Digital banking team closely integrated with all the other business unit heads Introducing: Customers Bank Instant Token (CBIT™) An Instant Payments Tool to Serve Diverse Potential Commercial Clients in 2022 and Beyond Freight and Shipping Large Corporate Clients Digital-Asset Related Businesses Healthcare and Payers Real Estate Financial Institutions $1.5B $1.8B $2.1B Q2’22Q1’22Q3’21 $0.3B Interim soft launch $0.3B QoQ growth

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10 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Loans ex PPP1 $ bil l ions • Loan growth ex PPP1: +$2.2B QoQ, 19% QoQ, 32% YoY • Specialty C&I: +$1.6B QoQ, 50% QoQ, 192% YoY • $829M loan growth ex PPP in the month of Jun’22 $4.6 $3.3PPP loans Balance Sheet: Loan and Deposit Growth & Mix $2.3 $3.7 $2.4 $1.8 $2.0 $1.6 $1.6 $2.1 $2.4 $2.4$3.3 $2.4 $1.8 $1.5 $1.7 $2.0 $1.3 $1.4 $1.3 $1.3 $1.4 $0.7 $1.1 $1.6 $2.7 $3.2 $4.8 $1.2 $1.3 $1.3 $1.3 $1.4 $1.5 $0.7 2018 Q1’22 $1.2 $1.5 2019 2020 Q2’222021 $8.5 $11.9 $10.0 $11.3 $11.3 $14.1 +12% +19% Community C&I Specialty C&I Investment CRE Multifamily Consumer2 Mortgage Banking Lending 1. Non-GAAP Measure, refer to Appendix for reconciliation. 2. Includes consumer installment ($1.9B), Mortgages ($0.5B) and Manufactured housing -- $2.2 +50% +18% $1.6 $6.0 $7.3 $9.0 $12.3 $11.8 $12.3 $2.4 $4.5 $4.6 $4.7 2021 Q2’22 $1.1 Q1’222018 $1.3 20202019 $7.1 $8.6 $11.3 $16.8 $16.4 $16.9 +21% Interest bearing deposits Non-interest bearing deposits Deposits $ bil l ions • Total deposit growth: +3% QoQ, +22% YoY • Non-interest bearing deposit growth: +2% QoQ, +73% YoY • Proportion of non-interest bearing deposits has increased from 16% in 2018 to 28% in Q2’22

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11 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Interest earning assets mix1 Q2’22, percent Interest Rate Sensitive Earning Asset Mix • ~65% of interest earning assets are market sensitive • Expected to benefit from rising rate environment 55% 9% 23% 12% 1% Floating Loans Cash Floating Securities Fixed Loans Fixed Securities 1. Floating rate loans and securities are defined as assets with resets less than one year and include fixed loans maturing within one year (including PPP loans). 2. Non-GAAP Measure, refer to Appendix for reconciliation. 3. Includes consumer installment ($1.9B), Mortgages ($0.5B) and Manufactured housing 4. Includes Mortgages and Home Equity loans 11% 34% 10% 14% 17% 14% Loan mix ex PPP2 percent • Significant improvement in loan mix with greater proportion of lower credit risk verticals • Pipeline remains extremely strong especially in C&I • Loan mix ex PPP2: Consumer installment (13%), Consumer mortgages4 (4%) Community C&I Specialty C&I Investment CRE Multifamily Consumer3 Mortgage Banking Lending As of Q2’22 83 % Commercial Loans

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12 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED $103.0 $107.9 $115.0 $130.1 $145.9 Q2’22Q2’21 Q3’21 Q4’21 Q1’22 +42% +12% 4.36% 4.56% 0.47% 0.54% 4.00% 5.00% 3.00% 0.00% 1.00% 2.00% Q3’21Q2’21 Q2’22Q4’21 Q1’22 +3.89% +4.02% NII ex PPP1 $ mill ions Loan yield1 and Deposit cost percent Loan yield1 Deposit cost • Strong NII growth: +12% QoQ, +42% YoY • NII growth driven by strong loan growth in C&I including specialty lending verticals • Spread between loan yield and deposit cost increased from 3.89% to 4.02% Income Statement: Growth in Net Interest Income & Margin 1. Non-GAAP Measure, refer to Appendix for reconciliation.

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13 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED $4.1 $3.5 $2.6 $1.8 $1.3 $2.2 $1.5 $0.7 $0.4 $0.2 $3.3 Q3’21Q2’21 $6.3 Q4’21 Q1’22 Q2’22 $5.0 $2.2 $1.6 Rounds 1 & 2 Round 3 $26 $102 $72 $30 $15 Q4’21Q2’21 Q3’21 Q1’22 Q2’22 PPP loans1 $ bil l ions Fee income recognized from PPP1 $ mill ions • ~$350 million of origination fee income from the program • ~$43M of remaining deferred origination fees to be recognized mostly in 2022 1. As of 06/30/2022 includes all PPP loans facilitated by Customers Bank (originated and purchased). Paycheck Protection Program: Loans and Fees • ~$0.6B of PPP loans were repaid (including SBA guarantee payments)/forgiven in Q2’22 % $ loans forgiven 91% 73% R1&2 R3

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14 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED $0.4 Q3’21 $3.8 $1.9 $1.1 $1.5 Q2’21 $0.5 $4.4 Q4’21 $0.3 $4.2 Q1’22 $0.5 $3.1 Q2’22 $2.0 $2.9 $4.3 $3.9 Cash and Cash equivalents Investment securities HTM Investment securities AFS Liquidity $ bil l ions Investment Securities AFS Mix (~52% floating rate) As of Jun 30, 2022, percent • Strategic sales of investment portfolio redeployed to fund strong loan growth • AFS securities with fair value of $500M re-classified to HTM in Q2’22 (Ending balance of $495M at Q2’22) to prevent further material AOCI loss on AFS securities • Majority of investment securities are deployed in MBS & CMO and ABS1 • Ample liquidity to fund future loan growth • Portfolio characteristics (as of Q2’22) − Yield, net of hedges: ~2.9% − Effective Duration: ~1.6 years − Floating rate securities: ~52% Liquidity and Investment Securities Mix 45% 37% 17% MBS & CMO ABS1 OtherCorporates 1. Includes CLOs $0.2

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15 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED 13.3% 13.6% 12.9% 12.9% 12.6% Q2’22E1Q4’21Q2’21 Q3’21 Q1’22 Total risk-based capital percent 7.7% 8.1% 7.5% 7.3% 6.5%2 Q3’21Q2’21 Q4’21 Q1’22 Q2’22 7.2%2 TCE/TA excl PPP3 percent $31.82 $35.12 $37.21 $37.50 $37.35 Q3’21 Q2’22Q2’21 Q4’21 Q1’22 ~$40+ +17% Tangible book value3 per share o Unrealized loss impact in AFS portfolio negatively impacted TCE/TA excl. PPP3 ~0.3% in Q2’22. Total cumulative impact of ~0.7% as of Q2’22 o Expect TBV per share of $40+ by Q4’22E o Expect TCE/TA excl PPP3 to be ~7.5% over the next 3-4 quarters 1. Total capital ratio is estimated pending final Call report. 2. TCE/TA excl PPP excl. AOCI is 7.2% (~0.7% impact of AOCI on TCE/TA excl PPP) 3. Non-GAAP Measure, refer to Appendix for reconciliation. Capital: Strong Capital Position AOCI Q4’22E 0.7%

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16 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED $46 $52 $50 $44 $28 Q2’22Q2’21 Q3’21 Q4’21 Q1’22 NPL $ mill ions $7.3 Q2’21 $7.1 $7.0 $6.0 Q1’22 $7.8 Q4’21 $11.51 Q2’22Q3’21 $9.91 $6.6 $7.6 $7.2 NCO $ mill ions 0.24% 0.27% 0.25% 0.23% 0.14% Q1’22Q2’21 Q3’21 Q4’21 Q2’22 NPA as percent of total assets percent o Credit quality remains excellent as evidenced by NPAs/Total Assets of only 0.14% at Q2’22 o The coverage ratio, excluding PPP loans2 was 1.28% at Q2’22 o Reserves/NPLs was 557.8% at Q2’22 o Annualized Consumer Installment charge-offs at ~2.1%1 for Q2’22. Consumer Installment Lifetime CECL reserves of ~5.9% for Q2’22 (Consumer installment portfolio WAL of ~1.7 years) Commercial NCO Consumer NCO Credit: Credit Quality and Reserves Remain Strong 1. Net charge-offs excludes $2 million charge-offs of deposit overdrawn accounts for consumer serviced deposits 2.Non-GAAP Measure, refer to Appendix for reconciliation

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17 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Industry leading loan and deposit growth supported by best-in-class digital banking Exceptional credit quality Customer centric culture built around service and experience Well positioned for higher interest rate environment – technology enabling both low- to-no cost large scale deposit generation capabilities as well as growing fee income opportunities Demonstrated industry leading proprietary technological capabilities as a high-tech, high- touch bank Attractive valuation - Trading at ~1.0X1 tangible book value and less than 6X1 2023E consensus Let’s take on tomorrow. Key Investment Highlights 1. Based on share price as of July 22, 2022 (~$38.02)

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ANALYST COVERAGE B. Riley Financial, Inc. Steve Moss D.A. Davidson Companies Russell Gunther Hovde Group Will Curtiss Jefferies Group LLC Casey Haire Keefe, Bruyette & Woods Inc. Michael Perito Maxim Group Inc. Michael Diana Piper Sandler Companies Frank Schiraldi Stephens Inc. Matt Breese Wedbush Securities Inc. Peter Winter

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19 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Appendix

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20 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Seasoned teams led by SPOC RM’s Exceptional service through omnichannel expansion Full service Private Business Banking Instant B2B payments platform Digital bank with over 500K customers API integrations support customer growth Streamlined digital u/w & onboarding HIGH TOUCH HIGH TECH The customer is at the center of everything we do • Single Point of Contact for customers (SPOC) • Technology led customer experience • Customer retention & referrals at an all time high • Industry leading employee retention

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21 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED ~$20B Assets ~$17B Deposits ~$16B Loans • A Digital-Forward Super- Community Bank • Growth story remains committed to maintaining best in class credit quality • Unique specialty lending strategy customizable to client needs • Technology enhanced products and processes enable scalable loan and deposit growth ~$0.3B ~$0.3B ~$0.2B Assets Deposits Loans WHERE WE STARTED 2009 Our vision for growth has remained a part of our story since the beginning WHERE WE ARE 2022 Q2 ~40% CAGR

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22 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Let’s take on tomorrow. Environmental, Social & Governance Report Pennsylvania Housing Finance Agency (PHFA) recognized Customers Bank as a top-10 producing lending partner across the state in 2021 for completing 241 mortgages totaling ~$35 million Customers Bank in 2021 financed over $40 million of hydroelectric, solar and low emission domestic natural gas energy projects. Customers Bank’s SBA/Government Guaranteed Lending team ranked 36th in the nation in 2021 with ~$56 million in loans to qualifying small businesses. In total, Customers Bank contributed over $4 million in 2021 through CRA-eligible donations, charitable donations, community sponsorships, and tax credit programs. In addition to these contributions, Customers Bank made ~$50 million of CRA-qualified investments (mutual funds and small business investment companies) to support affordable housing and economic development within the bank’s footprint. Customers Bank ultimately participated in over 350,000 Paycheck Protection Program (PPP) loans worth more than $10 billion as an originator, funder, servicer, or lending partner. It is estimated that this work may have saved as many as 1 million jobs and tens of thousands of business establishments. The Board created the Environmental Social & Governance Committee charging the members to drive a positive impact within the communities we serve and through the people and organizations with whom we do business. Customers Bank was ranked as #1 “medium sized” employer in the Philadelphia region on the basis of its wellness program, culture and leadership commitment, foundational components, strategic planning, communication and marketing, programming and interventions, and reporting and analysis.

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23 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED 1. FICO score at time of origination. Note: Data as of June 30, 2022. 23% 51% 25% 1% FICO Score1 660-679 680-699 700-749 750+ 23% 28%21% 11% 12% 5% 30 – 39.99% 0-9.99% 10 – 19.99% 40 – 49.99% 20 – 29.99% > 50% Unknown Geog raphy Profession Deb t to Income ratio Borrower Income 17% 45% 38% >$100K<$50K $50K -$100K 21% 11% 19% 27% 21% West Southeast Southwest Midwest Northeast Consumer Installment Loans Purp ose 85% 7% 5% 3% Personal Loan Specialty Home Improvement Student Loan 93% 2% 4% Non COVID-19 Impacted Segments Non-Professional Retail & Restaurants Average FICO Score1 ~729 Average DTI ~17.4% Average borrower income ~$102k Weighted average life of ~1.7 years

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24 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED CUBI Consumer Loans – Portfolio Credit trends Portfolio borrower income trends • 83% of consumer loans with borrower income greater than 50k • 38% of consumer loans with borrower income greater than 100k 4% 1% 14% 23% 43% 51% 39% 25% 40% 0% 10% 60% 20% 30% 50% Q1’20Q2’20Q3’20Q4’20 Q1’21 Q2’21 Q3’21 Q4’21 Q1’22Q2’22 Portfolio FICO score trends 660-679 680-699 700-749 750+ • No consumer loans with FICO score < 660 • 76% of consumer loans with FICO score greater than 700 14% 17% 41% 45% 42% 38% 10% 60% 0% 20% 40% 30% 50% Q1’20 Q4’21Q2’20Q3’20Q4’20 Q1’21 Q2’21 Q3’21 Q1’22Q2’22 <50k >100k 50k-99.99k

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25 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Note: Customers Bancorp’s impairment percentages are considered 1 day+ delinquent or in forbearance. Industry chart is from DV01 Insights Performance Report-Consumer Credit Updated as of May 31, 2022 for Industry and 06/30/2022 for CUBI. June’22 Industry report yet to be released. Impairment of consumer installment loans Percent 06/2003/20 06/2109/20 03/2212/2003/19 03/2106/19 12/19 15.0 12/2109/21 06/2209/19 0.0 10.0 5.0 6.4 1.5 CUBI Industry CUBI Consumer installment loans impairment remains well below industry levels • CUBI portfolio impairment below long term average of ~1.5% and well below industry average

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26 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED (1) Utilized Moody’s June 2022 Baseline forecast with qualitative adjustments for Q2 2022 provision. (2) Excludes Mortgage Banking Lending loans reported at fair value, loans held for sale and PPP Loans. Credit: Allowance for Credit Losses for Loans and Leases June 30, 2022 Q2 2022 ($ in thousands) Amortized Cost Allowance for Credit Losses Lifetime Loss Rate Annualized Net Charge Off Ratio Loans and Leases Receivable: Commercial: Multi-Family 2,008,784 9,765 0.49% 0.40% Commercial and Industrial 5,737,670 11,081 0.19% -0.03% Commercial Real Estate Owner Occupied 710,577 4,745 0.67% -0.02% Commercial Real Estate Non-Owner Occupied 1,152,869 8,880 0.77% 0.06% Construction 195,687 1,179 0.60% -0.21% Total Commercial Loans and Leases Receivable $ 9,805,587 $ 35,650 0.36% 0.06% Consumer: Residential real estate $ 457,768 $ 5,578 1.22% -0.03% Manufactured housing 48,570 4,080 8.40% 0.00% Installment 1,901,070 111,222 5.85% 2.51% Total Consumer Loans Receivable $ 2,407,408 $ 120,880 5.02% 1.98% Total Loans and Leases $ 12,212,995 $ 156,530 1.28% 0.44%

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27 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Liquidity (1) Includes CLOs Liquidity Sources ($000's) 2Q 21 3Q 21 4Q 21 1Q 22 2Q 22 YOY Change Cash and Cash Equivalents $430,501 $1,052,055 $518,032 $274,600 $245,178 ($185,323) FHLB Available Borrowing Capacity $1,466,067 $2,031,551 $1,798,374 $3,213,767 $2,924,637 $1,458,570 FRB Available Borrowing Capacity $197,000 $186,000 $191,000 $214,908 $244,802 $47,802 Investments (MV AFS + HTM) US Gov't & Agency Debt $20,114 $0 $0 $0 $0 ($20,114) Agency & Non-Agency MBS & CMO $661,823 $871,191 $1,838,872 $2,194,349 $1,900,917 $1,239,094 Municipals $8,554 $8,655 $8,430 $7,950 $7,737 ($817) Corporates $350,420 $440,892 $580,046 $593,749 $546,336 $195,916 ABS1 $485,881 $540,959 $1,364,227 $1,347,981 $1,160,160 $674,279 Other AFS $0 $5,000 $25,575 $25,824 $24,771 $24,771 Less: Pledged Securities ($15,988) ($12,440) ($11,315) ($16,972) ($19,325) ($3,337) Net Unpledged Securities $1,510,804 $1,854,257 $3,805,835 $4,152,881 $3,620,596 $2,109,792 Total $3,604,371 $5,123,863 $6,313,241 $7,856,156 $7,035,212 $3,430,841

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28 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Customers believes 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 Customers' 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. Reconciliation of Non-GAAP Measures - Unaudited

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29 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Core Earnings - Customers Bancorp ($ in thousands, except per share data) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 USD Per Share USD Per Share USD Per Share USD Per Share USD Per Share GAAP net income to common shareholders $ 56,519 $ 1.68 $ 74,896 $ 2.18 $ 98,647 $ 2.87 $ 110,241 $ 3.25 $ 58,042 $ 1.72 Reconciling items (after tax): Net loss from discontinued operations - - - - 1,585 0.05 - - - - Severance expense - - - - - - - - 1,517 0.04 Impairments on fixed assets and leases 705 0.02 220 0.01 1,118 0.03 - - - - Legal reserves - - - - - - 897 0.03 - - (Gains) losses on investment securities 2,494 0.07 1,030 0.03 43 0.00 (4,591) (0.14) (2,694) (0.08) (Gains) Loss on sale of foreign subsidiaries - - - - - - - - 2,150 0.06 Derivative credit valuation adjustment (351) (0.01) (736) (0.02) (180) (0.01) (198) (0.01) 288 0.01 Deposit relationship adjustment fees - - - - - - 4,707 0.14 - - Loss on redemption of preferred stock - - - - - - 2,820 0.08 - - Core Earnings $ 59,367 $ 1.77 $ 75,410 $ 2.20 $ 101,213 $ 2.95 $ 113,876 $ 3.36 $ 59,303 $ 1.76 Reconciliation of Non-GAAP Measures – Unaudited (Contd.)

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30 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Core Earnings, Excluding PPP - Customers Bancorp ($ in thousands, not including per share amounts) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 USD Per Share USD Per Share USD Per Share USD Per Share USD Per Share GAAP net income available to shareholders $ 56,519 $ 1.68 $ 74,896 $ 2.18 $ 98,647 $ 2.87 $ 110,241 $ 3.25 $ 58,042 $ 1.72 Less: PPP net income (after tax) 13,066 0.39 24,713 0.72 64,323 1.87 81,337 2.40 24,312 0.72 GAAP net income to common shareholders, excluding PPP 43,453 1.29 50,183 1.46 34,324 1.00 28,904 0.85 33,730 1.00 Reconciling items (after tax): Net loss from discontinued operations - - - - 1,585 0.05 - - - - Severance expense - - - - - - - - 1,517 0.04 Impairments on fixed assets and leases 705 0.02 220 0.01 1,118 0.03 - - - - Legal reserves - - - - - - 897 0.03 - - (Gains) losses on investment securities 2,494 0.07 1,030 0.03 43 0.00 (4,591) (0.14) (2,694) (0.08) (Gains) Loss on sale of foreign subsidiaries - - - - - - - - 2,150 0.06 Derivative credit valuation adjustment (351) (0.01) (736) (0.02) (180) (0.01) (198) (0.01) 288 0.01 Deposit relationship adjustment fees - - - - - - 4,707 0.14 - - Loss on redemption of preferred stock - - - - - - 2,820 0.08 - - Core earnings, excluding PPP $ 46,301 $ 1.38 $ 50,697 $ 1.48 $ 36,890 $ 1.07 $ 32,539 $ 0.96 $ 34,991 $ 1.04

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31 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Core Return on Average Assets - Customers Bancorp ($ in thousands) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 GAAP net income $ 58,650 $ 76,761 $ 100,669 $ 116,042 $ 61,341 Reconciling items (after tax): Net loss from discontinued operations - - 1,585 - - Severance expense - - - - 1,517 Impairments on fixed assets and leases 705 220 1,118 - - Legal reserves - - - 897 - (Gains) losses on investment securities 2,494 1,030 43 (4,591) (2,694) (Gains) Loss on sale of foreign subsidiaries - - - - 2,150 Derivative credit valuation adjustment (351) (736) (180) (198) 288 Deposit relationship adjustment fees - - - 4,707 - Core net income $ 61,498 $ 77,275 $ 103,235 $ 116,857 $ 62,602 Average total assets $ 20,056,020 $ 19,129,330 $ 19,214,241 $ 19,739,340 $ 19,306,948 Core return on average assets 1.23% 1.64% 2.13% 2.35% 1.30% Reconciliation of Non-GAAP Measures – Unaudited (Contd.)

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32 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Adjusted Net Income and Adjusted ROAA - Pre-Tax Pre-Provision - Customers Bancorp ($ in thousands) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 GAAP net income $ 58,650 $ 76,761 $ 100,669 $ 116,042 $ 61,341 Reconciling items: Income tax expense 18,896 19,332 12,993 36,263 20,124 Provision (benefit) for credit losses on loans and leases 23,847 15,997 13,890 13,164 3,291 Provision (benefit) for credit losses on unfunded commitments 608 (109) 352 669 45 Severance expense - - - - 2,004 Net loss from discontinued operations - - 1,585 - - Impairments on fixed assets and leases 914 286 1,260 - - Legal reserves - - - 1,185 - (Gains) losses on investment securities 3,232 1,339 49 (6,063) (3,558) (Gains) Loss on sale of foreign subsidiaries - - - - 2,840 Derivative credit valuation adjustment (455) (957) (203) (261) 380 Deposit relationship adjustment fees - - - 6,216 - Adjusted net income - pre-tax pre-provision $ 105,692 $ 112,649 $ 130,595 $ 167,215 $ 86,467 Average total assets $ 20,056,020 $ 19,129,330 $ 19,214,241 $ 19,739,340 $ 19,306,948 Adjusted ROAA - pre-tax pre-provision 2.11% 2.39% 2.70% 3.36% 1.80% Reconciliation of Non-GAAP Measures – Unaudited (Contd.)

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33 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Core Return on Average Common Equity ($ in thousands) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 GAAP net income to common shareholders $ 56,519 $ 74,896 $ 98,647 $ 110,241 $ 58,042 Reconciling items (after tax): Net loss from discontinued operations - - 1,585 - - Severance expense - - - - 1,517 Impairments on fixed assets and leases 705 220 1,118 - - Legal reserves - - - 897 - (Gains) losses on investment securities 2,494 1,030 43 (4,591) (2,694) (Gains) Loss on sale of foreign subsidiaries - - - - 2,150 Derivative credit valuation adjustment (351) (736) (180) (198) 288 Deposit relationship adjustment fees - - - 4,707 - Loss on redemption of preferred stock - - - 2,820 - Core earnings $ 59,367 $ 75,410 $ 101,213 $ 113,876 $ 59,303 Average total common shareholders' equity $ 1,244,819 $ 1,252,022 $ 1,179,478 $ 1,071,566 $ 1,002,624 Core return on average common equity 19.13% 24.43% 34.04% 42.16% 23.72% Reconciliation of Non-GAAP Measures – Unaudited (Contd.)

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34 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Tangible Equity ($ in thousands) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 GAAP - Total shareholders' equity $ 1,353,390 $ 1,377,406 $ 1,366,217 $ 1,284,299 $ 1,250,729 Reconciling items: Goodwill and other intangibles (3,629) (3,678) (3,736) (3,794) (3,853) Tangible equity $ 1,349,761 $ 1,373,728 $ 1,362,481 $ 1,280,505 $ 1,246,876 Tangible Book Value per Common Share - Customers Bancorp ($ in thousands, except per share data) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 GAAP - Total shareholders' equity $ 1,353,390 $ 1,377,406 $ 1,366,217 $ 1,284,299 $ 1,250,729 Reconciling items: Preferred stock (137,794) (137,794) (137,794) (137,794) (217,471) Goodwill and other intangibles (3,629) (3,678) (3,736) (3,794) (3,853) Tangible common equity $ 1,211,967 $ 1,235,934 $ 1,224,687 $ 1,142,711 $ 1,029,405 Common shares outstanding 32,449,486 32,957,847 32,913,267 32,537,976 32,353,256 Tangible book value per common share $ 37.35 $ 37.50 $ 37.21 $ 35.12 $ 31.82

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35 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Tangible Common Equity to Tangible Assets, Excluding PPP - Customers Bancorp ($ in thousands) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 GAAP - Total shareholders' equity $ 1,353,390 $ 1,377,406 $ 1,366,217 $ 1,284,299 $ 1,250,729 Reconciling items: Preferred stock (137,794) (137,794) (137,794) (137,794) (217,471) Goodwill and other intangibles (3,629) (3,678) (3,736) (3,794) (3,853) Tangible common equity $ 1,211,967 $ 1,235,934 $ 1,224,687 $ 1,142,711 $ 1,029,405 GAAP - Total assets $ 20,251,996 $ 19,163,708 $ 19,575,028 $ 19,108,922 $ 19,635,108 Reconciling items: Goodwill and other intangibles (3,629) (3,678) (3,736) (3,794) (3,853) PPP loans (1,570,160) (2,195,902) (3,250,008) (4,957,357) (6,305,056) Tangible assets $ 18,678,207 $ 16,964,128 $ 16,321,284 $ 14,147,771 $ 13,326,199 Tangible common equity to tangible assets, excluding PPP 6.49% 7.29% 7.50% 8.08% 7.72%

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36 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Tangible Common Equity to Tangible Assets - Customers Bancorp ($ in thousands) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 GAAP - Total shareholders' equity $ 1,353,390 $ 1,377,406 $ 1,366,217 $ 1,284,299 $ 1,250,729 Reconciling items: Preferred stock (137,794) (137,794) (137,794) (137,794) (217,471) Goodwill and other intangibles (3,629) (3,678) (3,736) (3,794) (3,853) Tangible common equity $ 1,211,967 $ 1,235,934 $ 1,224,687 $ 1,142,711 $ 1,029,405 GAAP - Total assets $ 20,251,996 $ 19,163,708 $ 19,575,028 $ 19,108,922 $ 19,635,108 Reconciling items: Goodwill and other intangibles (3,629) (3,678) (3,736) (3,794) (3,853) Tangible assets $ 20,248,367 $ 19,160,030 $ 19,571,292 $ 19,105,128 $ 19,631,255 Tangible common equity to tangible assets 5.99% 6.45% 6.26% 5.98% 5.24%

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37 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Core Loans (Total loans and leases, excluding PPP) ($ in thousands) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Total loans and leases $ 15,664,353 $ 14,073,518 $ 14,568,885 $ 15,515,537 $ 16,967,022 PPP loans (1,570,160) (2,195,902) (3,250,008) (4,957,357) (6,305,056) Loans and leases, excluding PPP $ 14,094,193 $ 11,877,616 $ 11,318,877 $ 10,558,180 $ 10,661,966 Total loans and leases, excluding mortgage banking lending and PPP ($ in thousands) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Total loans and leases $ 15,664,353 $ 14,073,518 $ 14,568,885 $ 15,515,537 $ 16,967,022 Loans to mortgage companies (1,975,189) (1,830,121) (2,362,438) (2,626,483) (2,922,217) PPP loans (1,570,160) (2,195,902) (3,250,008) (4,957,357) (6,305,056) Loans and leases, excluding mortgage banking lending and PPP $ 12,119,004 $ 10,047,495 $ 8,956,439 $ 7,931,697 $ 7,739,749

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38 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Coverage of credit loss reserves for loans and leases held for investment, excluding PPP ($ in thousands) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Loans and leases receivable $ 13,783,155 $ 12,314,757 $ 12,268,306 $ 12,927,956 $ 14,077,198 PPP loans (1,570,160) (2,195,902) (3,250,008) (4,957,357) (6,305,056) Loans and leases held for investment, excluding PPP $ 12,212,995 $ 10,118,855 $ 9,018,298 $ 7,970,599 $ 7,772,142 Allowance for credit losses on loans and leases $ 156,530 $ 145,847 $ 137,804 $ 131,496 $ 125,436 Coverage of credit loss reserves for loans and leases held for investment, excluding PPP 1.28% 1.44% 1.53% 1.65% 1.61% Core Assets ($ in thousands) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 GAAP - Total assets $ 20,251,996 $ 19,163,708 $ 19,575,028 $ 19,108,922 $ 19,635,108 Reconciling items: Goodwill and other intangibles (3,629) (3,678) (3,736) (3,794) (3,853) PPP loans (1,570,160) (2,195,902) (3,250,008) (4,957,357) (6,305,056) Core assets $ 18,678,207 $ 16,964,128 $ 16,321,284 $ 14,147,771 $ 13,326,199

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39 © 2022 C USTO M ERS BAN K / ALL RIG H TS RESERVED Reconciliation of Non-GAAP Measures – Unaudited (Contd.) Net Interest Margin, Tax Equivalent, Excluding PPP - Customers Bancorp ($ in thousands) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 GAAP net interest income $ 164,852 $ 164,699 $ 193,694 $ 219,892 $ 138,757 PPP net interest income (18,946) (34,615) (78,647) (112,005) (35,785) Tax-equivalent adjustment 270 239 276 290 289 Net interest income, tax equivalent, excluding PPP $ 146,176 $ 130,323 $ 115,323 $ 108,177 $ 103,261 GAAP average total interest earning assets $ 19,525,936 $ 18,572,308 $ 18,576,433 $ 19,033,826 $ 18,698,996 Average PPP loans (1,863,429) (2,641,318) (3,898,607) (5,778,367) (6,133,184) Adjusted average total interest earning assets $ 17,662,507 $ 15,930,990 $ 14,677,826 $ 13,255,459 $ 12,565,812 Net interest margin, tax equivalent, excluding PPP 3.32% 3.32% 3.12% 3.24% 3.30% Loan Yield, excluding PPP ($ in thousands) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 Total interest on loans and leases $ 168,941 $ 157,175 $ 198,000 $ 233,097 $ 153,608 Interest on PPP loans (20,572) (36,894) (82,086) (117,102) (41,137) Interest on loans and leases, excluding PPP $ 148,369 $ 120,281 $ 115,914 $ 115,995 $ 112,471 Average loans and leases $ 14,918,498 $ 13,656,991 $ 14,335,370 $ 16,192,744 $ 16,482,802 Average PPP loans (1,863,429) (2,641,318) (3,898,607) (5,778,367) (6,133,184) Adjusted average total interest earning assets $ 13,055,069 $ 11,015,673 $ 10,436,763 $ 10,414,377 $ 10,349,618 Loan yield, excluding PPP 4.56% 4.43% 4.41% 4.42% 4.36% Net Interest Income, Excluding PPP - Customers Bancorp ($ in thousands) Q2 2022 Q1 2022 Q4 2021 Q3 2021 Q2 2021 GAAP net interest income $ 164,852 $ 164,699 $ 193,694 $ 219,892 $ 138,757 PPP net interest income (18,946) (34,615) (78,647) (112,005) (35,785) Net interest income, excluding PPP $ 145,906 $ 130,084 $ 115,047 $ 107,887 $ 102,972

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