$CUBI
Customers Bancorp, Inc.

2014 Q2 Form 10-Q Financial Statement

#000119312514303149 Filed on August 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $45.09M $31.67M
YoY Change 42.37% 60.78%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $2.305M $1.061M
YoY Change 117.25% 53.55%
% of Gross Profit
Depreciation & Amortization $900.0K $700.0K
YoY Change 28.57% 133.33%
% of Gross Profit
Operating Expenses $2.305M $1.061M
YoY Change 117.25% 53.55%
Operating Profit
YoY Change
Interest Expense $8.162M $5.557M
YoY Change 46.88% 0.16%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $15.75M $12.66M
YoY Change 24.46% 25.57%
Income Tax $5.517M $4.429M
% Of Pretax Income 35.03% 35.0%
Net Earnings $10.23M $8.226M
YoY Change 24.4% 26.48%
Net Earnings / Revenue 22.69% 25.97%
Basic Earnings Per Share $0.38 $0.35
Diluted Earnings Per Share $0.37 $0.34
COMMON SHARES
Basic Shares Outstanding 26.72M shares 23.39M shares
Diluted Shares Outstanding 27.98M shares 24.04M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $265.5M $205.7M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $11.08M $10.17M
YoY Change 8.9% 13.0%
Goodwill $3.670M $3.683M
YoY Change -0.35%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $5.636B $3.793B
YoY Change 48.57% 66.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.00M $11.00M
YoY Change 109.09% 22.22%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $120.0M
YoY Change -100.0% 2300.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $23.00M $11.00M
YoY Change 109.09% 22.22%
LONG-TERM LIABILITIES
Long-Term Debt $200.0M $507.0M
YoY Change -60.55% 181.67%
Other Long-Term Liabilities $6.000M
YoY Change
Total Long-Term Liabilities $206.0M $507.0M
YoY Change -59.37% 181.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.00M $11.00M
Total Long-Term Liabilities $206.0M $507.0M
Total Liabilities $5.222B $3.413B
YoY Change 52.98% 60.71%
SHAREHOLDERS EQUITY
Retained Earnings $43.58M $53.73M
YoY Change -18.89%
Common Stock $27.26M $24.71M
YoY Change 10.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.254M $500.0K
YoY Change 1550.8%
Treasury Stock Shares 532.3K shares 47.62K shares
Shareholders Equity $413.7M $379.8M
YoY Change
Total Liabilities & Shareholders Equity $5.636B $3.793B
YoY Change 48.57% 66.15%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income $10.23M $8.226M
YoY Change 24.4% 26.48%
Depreciation, Depletion And Amortization $900.0K $700.0K
YoY Change 28.57% 133.33%
Cash From Operating Activities -$365.4M -$51.30M
YoY Change 612.28% -52.89%
INVESTING ACTIVITIES
Capital Expenditures -$400.0K -$1.000M
YoY Change -60.0% -16.67%
Acquisitions
YoY Change
Other Investing Activities -$273.4M -$258.6M
YoY Change 5.72% 65.35%
Cash From Investing Activities -$273.8M -$259.7M
YoY Change 5.43% 64.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $103.5M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 614.3M 335.6M
YoY Change 83.05% 12.73%
NET CHANGE
Cash From Operating Activities -365.4M -51.30M
Cash From Investing Activities -273.8M -259.7M
Cash From Financing Activities 614.3M 335.6M
Net Change In Cash -24.90M 24.60M
YoY Change -201.22% -21.15%
FREE CASH FLOW
Cash From Operating Activities -$365.4M -$51.30M
Capital Expenditures -$400.0K -$1.000M
Free Cash Flow -$365.0M -$50.30M
YoY Change 625.65% -53.3%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <b>NOTE 1 &#x2014; DESCRIPTION OF THE BUSINESS</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Customers Bancorp, Inc. (the &#x201C;Bancorp&#x201D;, &#x201C;Customers Bancorp&#x201D;, or the &#x201C;Company&#x201D;) is a bank holding company engaged in banking activities through its wholly owned subsidiary, Customers Bank (the &#x201C;Bank&#x201D;).&#xA0;Customers Bancorp also has made certain equity investments through its wholly owned subsidiaries CB Green Ventures Pte Ltd. and CUBI India Ventures Pte Ltd.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Customers Bancorp, Inc. and its wholly owned subsidiary, Customers Bank, serve residents and businesses in Southeastern Pennsylvania (Bucks, Berks, Chester, Philadelphia and Delaware Counties), Rye, New York (Westchester County); Hamilton, New Jersey (Mercer County); Boston, Massachusetts; and Providence, Rhode Island.&#xA0;The Bank has 14 branches and provides commercial and consumer banking products, primarily loans and deposits. The Bank also provides liquidity to residential mortgage originators nationwide through commercial loans to mortgage companies. Customers Bank is subject to regulation of the Pennsylvania Department of Banking and Securities and the Federal Reserve Bank and is periodically examined by those regulatory authorities.</p> </div>
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