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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

☒			Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
			For the quarterly period ended March 31, 2021

☐			Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
			For the transition period from                      to                     .

001-35542

(Commission File number)

(Exact name of registrant as specified in its charter)

701 Reading Avenue

West Reading PA 19611

(Address of principal executive offices)

(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)

 

 

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer

o

Accelerated Filer

x

Non-accelerated filer

o

Smaller Reporting Company

☐

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.

o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    Yes  ☐    No  x

________________________________________ 

On April 30, 2021, 32,266,264 shares of Voting Common Stock were outstanding.

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

Table of Contents

Part I
Item 1.			Customers Bancorp, Inc. Consolidated Financial Statements as of March 31, 2021 and for the three month periods ended March 31, 2021 and 2020 (unaudited)			5
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			43
Item 3.			Quantitative and Qualitative Disclosures about Market Risk			72
Item 4.			Controls and Procedures			73
PART II
Item 1.			Legal Proceedings			74
Item 1A.			Risk Factors			74
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			74
Item 3.			Defaults Upon Senior Securities			75
Item 4.			Mine Safety Disclosures			75
Item 5.			Other Information			75
Item 6.			Exhibits			76
SIGNATURES						78

GLOSSARY OF ABBREVIATIONS AND ACRONYMS

The following list of abbreviations and acronyms may be used throughout this Report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, the Unaudited Consolidated Financial Statements and the Notes to the Unaudited Consolidated Financial Statements.