2017 Q1 Form 10-Q Financial Statement

#000148881317000009 Filed on May 10, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $83.09M $73.40M
YoY Change 13.21% 25.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $9.916M $2.385M
YoY Change 315.77% -5.77%
% of Gross Profit
Depreciation & Amortization $1.500M $800.0K
YoY Change 87.5% -20.0%
% of Gross Profit
Operating Expenses $9.916M $2.385M
YoY Change 315.77% -5.77%
Operating Profit
YoY Change
Interest Expense $20.68M $15.77M
YoY Change 31.1% 27.31%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $32.76M $27.24M
YoY Change 20.27% 18.18%
Income Tax $7.009M $9.052M
% Of Pretax Income 21.4% 33.24%
Net Earnings $25.75M $18.18M
YoY Change 41.59% 30.33%
Net Earnings / Revenue 30.99% 24.77%
Basic Earnings Per Share $0.73 $0.63
Diluted Earnings Per Share $0.67 $0.58
COMMON SHARES
Basic Shares Outstanding 30.41M shares 26.95M shares
Diluted Shares Outstanding 32.79M shares 29.27M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $177.3M $262.6M
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 $11.83M $12.44M
YoY Change -4.93% 12.5%
Goodwill $3.648M
YoY Change -0.36%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $73.00M
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $9.907B $9.039B
YoY Change 9.6% 26.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.00M $27.00M
YoY Change 11.11% 3.85%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $215.0M $80.00M
YoY Change 168.75%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $30.00M $27.00M
YoY Change 11.11% 3.85%
LONG-TERM LIABILITIES
Long-Term Debt $196.0M $195.0M
YoY Change 0.51% -1.52%
Other Long-Term Liabilities $50.00M $25.00M
YoY Change 100.0% 92.31%
Total Long-Term Liabilities $246.0M $220.0M
YoY Change 11.82% 4.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.00M $27.00M
Total Long-Term Liabilities $246.0M $220.0M
Total Liabilities $9.027B $8.440B
YoY Change 6.96% 26.43%
SHAREHOLDERS EQUITY
Retained Earnings $215.8M $140.9M
YoY Change 53.15% 71.08%
Common Stock $31.17M $27.57M
YoY Change 13.06% 0.77%
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.233M $8.233M
YoY Change 0.0% -0.25%
Treasury Stock Shares 530.3K shares 530.3K shares
Shareholders Equity $879.8M $599.2M
YoY Change
Total Liabilities & Shareholders Equity $9.907B $9.039B
YoY Change 9.6% 26.72%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $25.75M $18.18M
YoY Change 41.59% 30.33%
Depreciation, Depletion And Amortization $1.500M $800.0K
YoY Change 87.5% -20.0%
Cash From Operating Activities $452.2M -$88.80M
YoY Change -609.2% -72.63%
INVESTING ACTIVITIES
Capital Expenditures $366.0K $1.615M
YoY Change -77.34% 94.81%
Acquisitions
YoY Change
Other Investing Activities -$604.4M -$433.0M
YoY Change 39.58% -433100.0%
Cash From Investing Activities -$1.037B -$434.6M
YoY Change 138.7% 61985.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.716M $1.309M
YoY Change 31.09% 1100.92%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $497.8M 521.5M
YoY Change -4.54% 81.14%
NET CHANGE
Cash From Operating Activities $452.2M -88.80M
Cash From Investing Activities -$1.037B -434.6M
Cash From Financing Activities $497.8M 521.5M
Net Change In Cash -$87.42M -1.900M
YoY Change 4501.0% -94.89%
FREE CASH FLOW
Cash From Operating Activities $452.2M -$88.80M
Capital Expenditures $366.0K $1.615M
Free Cash Flow $451.8M -$90.42M
YoY Change -599.7% -72.2%

Facts In Submission

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CY2017Q1 us-gaap Capital Required For Capital Adequacy
CapitalRequiredForCapitalAdequacy
706782000 USD
CY2016Q4 us-gaap Capital Required For Capital Adequacy To Risk Weighted Assets
CapitalRequiredForCapitalAdequacyToRiskWeightedAssets
0.08625
CY2017Q1 us-gaap Capital Required For Capital Adequacy To Risk Weighted Assets
CapitalRequiredForCapitalAdequacyToRiskWeightedAssets
0.0925
CY2017Q1 us-gaap Capital Required For Capital Adequacy To Risk Weighted Assets
CapitalRequiredForCapitalAdequacyToRiskWeightedAssets
0.0925
CY2016Q4 us-gaap Capital To Risk Weighted Assets
CapitalToRiskWeightedAssets
0.13053
CY2017Q1 us-gaap Capital To Risk Weighted Assets
CapitalToRiskWeightedAssets
0.12987
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
264593000 USD
CY2016Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
262638000 USD
CY2016Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
244709000 USD
CY2017Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
157130000 USD
CY2016Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
244709000 USD
CY2017Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
157130000 USD
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1955000 USD
CY2017Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-87579000 USD
CY2016Q4 us-gaap Cash And Due From Banks
CashAndDueFromBanks
17485000 USD
CY2017Q1 us-gaap Cash And Due From Banks
CashAndDueFromBanks
5004000 USD
CY2016Q1 us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
89669000 USD
CY2017Q1 us-gaap Cash Provided By Used In Financing Activities Discontinued Operations
CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
251624000 USD
CY2016Q1 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
60000 USD
CY2017Q1 us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
9381000 USD
CY2016Q1 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
-1201000 USD
CY2017Q1 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
-1643000 USD
CY2015Q4 us-gaap Certain Loans Acquired In Transfer Accretable Yield
CertainLoansAcquiredInTransferAccretableYield
12947000 USD
CY2016Q1 us-gaap Certain Loans Acquired In Transfer Accretable Yield
CertainLoansAcquiredInTransferAccretableYield
12622000 USD
CY2016Q4 us-gaap Certain Loans Acquired In Transfer Accretable Yield
CertainLoansAcquiredInTransferAccretableYield
10202000 USD
CY2017Q1 us-gaap Certain Loans Acquired In Transfer Accretable Yield
CertainLoansAcquiredInTransferAccretableYield
9376000 USD
CY2016Q1 us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Accretion
CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion
470000 USD
CY2017Q1 us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Accretion
CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion
493000 USD
CY2016Q1 us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Reclassifications To From Nonaccretable Difference
CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference
145000 USD
CY2017Q1 us-gaap Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Reclassifications To From Nonaccretable Difference
CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldReclassificationsToFromNonaccretableDifference
-333000 USD
CY2017Q1 us-gaap Collateral Already Posted Aggregate Fair Value
CollateralAlreadyPostedAggregateFairValue
8600000 USD
CY2016Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
1.00
CY2017Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
1.00
CY2016Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2017Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2016Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
30820177 shares
CY2017Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
31166587 shares
CY2016Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
30289917 shares
CY2017Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
30636327 shares
CY2016Q4 us-gaap Common Stock Value
CommonStockValue
30820000 USD
CY2017Q1 us-gaap Common Stock Value
CommonStockValue
31167000 USD
CY2016Q1 us-gaap Communications And Information Technology
CommunicationsAndInformationTechnology
2385000 USD
CY2017Q1 us-gaap Communications And Information Technology
CommunicationsAndInformationTechnology
3319000 USD
CY2016Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
20835000 USD
CY2017Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
25767000 USD
CY2016Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
468000 USD
CY2017Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-284000 USD
CY2016Q4 us-gaap Deposits
Deposits
6846980000 USD
CY2017Q1 us-gaap Deposits
Deposits
6627061000 USD
CY2016Q4 us-gaap Deposits Fair Value Disclosure
DepositsFairValueDisclosure
6846868000 USD
CY2017Q1 us-gaap Deposits Fair Value Disclosure
DepositsFairValueDisclosure
6626141000 USD
CY2016Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
846000 USD
CY2017Q1 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
1307000 USD
CY2016Q4 us-gaap Derivative Assets
DerivativeAssets
10864000 USD
CY2017Q1 us-gaap Derivative Assets
DerivativeAssets
11076000 USD
CY2017Q1 us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
1900000 USD
CY2016Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
14172000 USD
CY2017Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
13374000 USD
CY2016Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-1812000 USD
CY2017Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-1898000 USD
CY2016Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
-0.04
CY2017Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerBasicShare
-0.04
CY2016Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
-0.04
CY2017Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
DiscontinuedOperationIncomeLossFromDiscontinuedOperationNetOfTaxPerDilutedShare
-0.04
CY2016Q1 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-688000 USD
CY2017Q1 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-721000 USD
CY2016Q4 us-gaap Disposal Group Including Discontinued Operation Other Liabilities
DisposalGroupIncludingDiscontinuedOperationOtherLiabilities
31403000 USD
CY2017Q1 us-gaap Disposal Group Including Discontinued Operation Other Liabilities
DisposalGroupIncludingDiscontinuedOperationOtherLiabilities
36382000 USD
CY2016Q1 us-gaap Dividends Preferred Stock
DividendsPreferredStock
1286000 USD
CY2017Q1 us-gaap Dividends Preferred Stock
DividendsPreferredStock
3615000 USD
CY2016Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.63
CY2017Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.73
CY2016Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.58
CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.67
CY2016Q1 us-gaap Fdic Indemnification Asset Period Increase Decrease
FDICIndemnificationAssetPeriodIncreaseDecrease
-477000 USD
CY2017Q1 us-gaap Fdic Indemnification Asset Period Increase Decrease
FDICIndemnificationAssetPeriodIncreaseDecrease
0 USD
CY2016Q4 us-gaap Federal Funds Purchased
FederalFundsPurchased
83000000 USD
CY2017Q1 us-gaap Federal Funds Purchased
FederalFundsPurchased
215000000 USD
CY2016Q4 us-gaap Federal Funds Purchased Fair Value Disclosure
FederalFundsPurchasedFairValueDisclosure
83000000 USD
CY2017Q1 us-gaap Federal Funds Purchased Fair Value Disclosure
FederalFundsPurchasedFairValueDisclosure
215000000 USD
CY2016Q4 us-gaap Federal Home Loan Bank Advances Branch Of Fhlb Bank Amount Of Advances By Branch
FederalHomeLoanBankAdvancesBranchOfFHLBBankAmountOfAdvancesByBranch
868800000 USD
CY2017Q1 us-gaap Federal Home Loan Bank Advances Branch Of Fhlb Bank Amount Of Advances By Branch
FederalHomeLoanBankAdvancesBranchOfFHLBBankAmountOfAdvancesByBranch
1206550000 USD
CY2016Q4 us-gaap Federal Home Loan Bank Borrowings Fair Value Disclosure
FederalHomeLoanBankBorrowingsFairValueDisclosure
869049000 USD
CY2017Q1 us-gaap Federal Home Loan Bank Borrowings Fair Value Disclosure
FederalHomeLoanBankBorrowingsFairValueDisclosure
1206490000 USD
CY2016Q4 us-gaap Federal Home Loan Bank Stock And Federal Reserve Bank Stock
FederalHomeLoanBankStockAndFederalReserveBankStock
68408000 USD
CY2017Q1 us-gaap Federal Home Loan Bank Stock And Federal Reserve Bank Stock
FederalHomeLoanBankStockAndFederalReserveBankStock
85218000 USD
CY2016Q1 us-gaap Fees And Commissions Credit And Debit Cards
FeesAndCommissionsCreditAndDebitCards
144000 USD
CY2017Q1 us-gaap Fees And Commissions Credit And Debit Cards
FeesAndCommissionsCreditAndDebitCards
203000 USD
CY2016Q1 us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
254000 USD
CY2017Q1 us-gaap Fees And Commissions Depositor Accounts
FeesAndCommissionsDepositorAccounts
324000 USD
CY2016Q1 us-gaap Fees And Commissions Mortgage Banking And Servicing
FeesAndCommissionsMortgageBankingAndServicing
165000 USD
CY2017Q1 us-gaap Fees And Commissions Mortgage Banking And Servicing
FeesAndCommissionsMortgageBankingAndServicing
155000 USD
CY2016Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
31144000 USD
CY2017Q1 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
FinancingReceivableAllowanceForCreditLossesCollectivelyEvaluatedForImpairment
31627000 USD
CY2016Q4 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
1360000 USD
CY2017Q1 us-gaap Financing Receivable Allowance For Credit Losses Individually Evaluated For Impairment1
FinancingReceivableAllowanceForCreditLossesIndividuallyEvaluatedForImpairment1
3910000 USD
CY2016Q1 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
497000 USD
CY2017Q1 us-gaap Financing Receivable Allowance For Credit Losses Recovery
FinancingReceivableAllowanceForCreditLossesRecovery
319000 USD
CY2016Q1 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
42000 USD
CY2017Q1 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
823000 USD
CY2016Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
6080333000 USD
CY2017Q1 us-gaap Financing Receivable Collectively Evaluated For Impairment
FinancingReceivableCollectivelyEvaluatedForImpairment
6529477000 USD
CY2016Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
29411000 USD
CY2017Q1 us-gaap Financing Receivable Individually Evaluated For Impairment
FinancingReceivableIndividuallyEvaluatedForImpairment
39355000 USD
CY2016Q1 us-gaap Financing Receivable Modifications Number Of Contracts2
FinancingReceivableModificationsNumberOfContracts2
26 Loan
CY2017Q1 us-gaap Financing Receivable Modifications Number Of Contracts2
FinancingReceivableModificationsNumberOfContracts2
21 Loan
CY2016Q1 us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
FinancingReceivableModificationsPostModificationRecordedInvestment2
2859000 USD
CY2017Q1 us-gaap Financing Receivable Modifications Post Modification Recorded Investment2
FinancingReceivableModificationsPostModificationRecordedInvestment2
1203000 USD
CY2016Q4 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
6067889000 USD
CY2017Q1 us-gaap Financing Receivable Recorded Investment Current
FinancingReceivableRecordedInvestmentCurrent
6532145000 USD
CY2016Q4 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
17792000 USD
CY2017Q1 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
9528000 USD
CY2017Q1 us-gaap Financing Receivable Recorded Investment Nonaccrual Status
FinancingReceivableRecordedInvestmentNonaccrualStatus
27159000 USD
CY2016Q4 us-gaap Financing Receivable Recorded Investment Past Due
FinancingReceivableRecordedInvestmentPastDue
24063000 USD
CY2016Q1 us-gaap Foreclosed Real Estate Expense
ForeclosedRealEstateExpense
287000 USD
CY2017Q1 us-gaap Foreclosed Real Estate Expense
ForeclosedRealEstateExpense
-55000 USD
CY2016Q1 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
-15000 USD
CY2017Q1 us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
103000 USD
CY2016Q1 us-gaap Gain Loss On Sales Of Loans Net
GainLossOnSalesOfLoansNet
644000 USD
CY2017Q1 us-gaap Gain Loss On Sales Of Loans Net
GainLossOnSalesOfLoansNet
1328000 USD
CY2016Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
50347000 USD
CY2017Q1 us-gaap Impaired Financing Receivable Average Recorded Investment
ImpairedFinancingReceivableAverageRecordedInvestment
34387000 USD
CY2016Q1 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
515000 USD
CY2017Q1 us-gaap Impaired Financing Receivable Interest Income Accrual Method
ImpairedFinancingReceivableInterestIncomeAccrualMethod
333000 USD
CY2016Q4 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
29411000 USD
CY2017Q1 us-gaap Impaired Financing Receivable Recorded Investment
ImpairedFinancingReceivableRecordedInvestment
39355000 USD
CY2016Q4 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
1360000 USD
CY2017Q1 us-gaap Impaired Financing Receivable Related Allowance
ImpairedFinancingReceivableRelatedAllowance
3910000 USD
CY2016Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
30692000 USD
CY2017Q1 us-gaap Impaired Financing Receivable Unpaid Principal Balance
ImpairedFinancingReceivableUnpaidPrincipalBalance
40100000 USD
CY2016Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
19308000 USD
CY2017Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
26924000 USD
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
29047000 USD
CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
34654000 USD
CY2016Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.67
CY2017Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.77
CY2016Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.62
CY2017Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.71
CY2016Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-1124000 USD
CY2017Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-1177000 USD
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9739000 USD
CY2017Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7730000 USD
CY2016Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
15789000 USD
CY2017Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2348000 USD
CY2016Q1 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
479449000 USD
CY2017Q1 us-gaap Increase Decrease In Deposits
IncreaseDecreaseInDeposits
-219919000 USD
CY2016Q1 us-gaap Increase Decrease In Federal Funds Purchased
IncreaseDecreaseInFederalFundsPurchased
-10000000 USD
CY2017Q1 us-gaap Increase Decrease In Federal Funds Purchased
IncreaseDecreaseInFederalFundsPurchased
-132000000 USD
CY2016Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
21519000 USD
CY2017Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
7794000 USD
CY2016Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
4288000 USD
CY2017Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-3215000 USD
CY2016Q1 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-304000 USD
CY2017Q1 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
0 USD
CY2016Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
307630 shares
CY2017Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
37171 shares
CY2016Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2018563 shares
CY2017Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2344929 shares
CY2016Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
3639000 USD
CY2017Q1 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
3636000 USD
CY2016Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
73398000 USD
CY2017Q1 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
83094000 USD
CY2016Q1 us-gaap Interest And Dividend Income Securities
InterestAndDividendIncomeSecurities
3709000 USD
CY2017Q1 us-gaap Interest And Dividend Income Securities
InterestAndDividendIncomeSecurities
5887000 USD
CY2016Q1 us-gaap Interest Expense Other Long Term Debt
InterestExpenseOtherLongTermDebt
1606000 USD
CY2016Q1 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
54472000 USD
CY2017Q1 us-gaap Interest And Fee Income Loans And Leases
InterestAndFeeIncomeLoansAndLeases
61461000 USD
CY2016Q1 us-gaap Interest And Fee Income Loans And Leases Held For Sale
InterestAndFeeIncomeLoansAndLeasesHeldForSale
14106000 USD
CY2017Q1 us-gaap Interest And Fee Income Loans And Leases Held For Sale
InterestAndFeeIncomeLoansAndLeasesHeldForSale
13946000 USD
CY2016Q4 us-gaap Interest Bearing Deposit Liabilities
InterestBearingDepositLiabilities
6334316000 USD
CY2017Q1 us-gaap Interest Bearing Deposit Liabilities
InterestBearingDepositLiabilities
6119783000 USD
CY2016Q4 us-gaap Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
227224000 USD
CY2017Q1 us-gaap Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
152126000 USD
CY2016Q1 us-gaap Interest Expense
InterestExpense
15767000 USD
CY2017Q1 us-gaap Interest Expense
InterestExpense
20670000 USD
CY2016Q1 us-gaap Interest Expense Deposits
InterestExpenseDeposits
10208000 USD
CY2017Q1 us-gaap Interest Expense Deposits
InterestExpenseDeposits
14317000 USD
CY2017Q1 us-gaap Interest Expense Other Long Term Debt
InterestExpenseOtherLongTermDebt
1608000 USD
CY2016Q1 us-gaap Interest Expense Subordinated Notes And Debentures
InterestExpenseSubordinatedNotesAndDebentures
1685000 USD
CY2017Q1 us-gaap Interest Expense Subordinated Notes And Debentures
InterestExpenseSubordinatedNotesAndDebentures
1685000 USD
CY2016Q1 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
55651000 USD
CY2017Q1 us-gaap Interest Income Expense After Provision For Loan Loss
InterestIncomeExpenseAfterProvisionForLoanLoss
59374000 USD
CY2016Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
57631000 USD
CY2017Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
62424000 USD
CY2016Q1 us-gaap Interest Paid
InterestPaid
13018000 USD
CY2017Q1 us-gaap Interest Paid
InterestPaid
17015000 USD
CY2016Q4 us-gaap Interest Receivable
InterestReceivable
23690000 USD
CY2017Q1 us-gaap Interest Receivable
InterestReceivable
25603000 USD
CY2016Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
493474000 USD
CY2017Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
1017300000 USD
CY2016Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
16397000 USD
CY2017Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
16163000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
8526864000 USD
CY2017Q1 us-gaap Liabilities
Liabilities
9026819000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
9382736000 USD
CY2017Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
9906636000 USD
CY2015Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
35647000 USD
CY2016Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
37605000 USD
CY2016Q4 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
37315000 USD
CY2017Q1 us-gaap Loans And Leases Receivable Allowance
LoansAndLeasesReceivableAllowance
39883000 USD
CY2016Q4 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
-76000 USD
CY2017Q1 us-gaap Loans And Leases Receivable Deferred Income
LoansAndLeasesReceivableDeferredIncome
2834000 USD
CY2016Q4 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
6142314000 USD
CY2017Q1 us-gaap Loans And Leases Receivable Gross Carrying Amount
LoansAndLeasesReceivableGrossCarryingAmount
6599581000 USD
CY2016Q4 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
6142390000 USD
CY2017Q1 us-gaap Loans And Leases Receivable Net Of Deferred Income
LoansAndLeasesReceivableNetOfDeferredIncome
6596747000 USD
CY2016Q4 us-gaap Loans And Leases Receivable Net Reported Amount Covered And Not Covered
LoansAndLeasesReceivableNetReportedAmountCoveredAndNotCovered
6105075000 USD
CY2017Q1 us-gaap Loans And Leases Receivable Net Reported Amount Covered And Not Covered
LoansAndLeasesReceivableNetReportedAmountCoveredAndNotCovered
6556864000 USD
CY2016Q4 us-gaap Loans Held For Sale Fair Value Disclosure
LoansHeldForSaleFairValueDisclosure
2117510000 USD
CY2017Q1 us-gaap Loans Held For Sale Fair Value Disclosure
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">DESCRIPTION OF THE BUSINESS</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Customers Bancorp, Inc. (the &#8220;Bancorp&#8221; or &#8220;Customers Bancorp&#8221;) is a bank holding company engaged in banking activities through its wholly owned subsidiary, Customers Bank (the &#8220;Bank&#8221;), collectively referred to as &#8220;Customers&#8221; herein.&#160; The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;) and pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;).</font></div><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Customers Bancorp, Inc. and its wholly owned subsidiaries, Customers Bank, and non-bank subsidiaries, 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; Providence, Rhode Island; Portsmouth, New Hampshire (Rockingham County); Manhattan, New York; and nationally for certain loan and deposit products.&#160; The Bank has </font><font style="font-family:inherit;font-size:10pt;">14</font><font style="font-family:inherit;font-size:10pt;"> full-service branches and provides commercial banking products, primarily loans and deposits.&#160;Customers Bank administratively supports loan and other financial products to customers through its limited-purpose offices in Boston, Massachusetts, Providence, Rhode Island, Portsmouth, New Hampshire, Manhattan and Melville, New York and Philadelphia, Pennsylvania. The Bank also provides liquidity to residential mortgage originators nationwide through commercial loans to mortgage companies.</font></div><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Through BankMobile, a division of Customers Bank, Customers offers state of the art high tech digital banking services to consumers, students, and the "under banked" nationwide. The combination of the BankMobile technology software platform with the OneAccount Student Checking and Refund Management Disbursement Services business (the "Disbursement business") acquired from Higher One Holdings, Inc. and Higher One, Inc. (together, "Higher One") propelled BankMobile to one of the largest mobile banking services in the United States by number of customers. Customers has announced its intent to sell BankMobile and anticipates the sale to close in 2017. Accordingly, BankMobile has been classified as "held for sale" in the consolidated balance sheets and BankMobile's operating results and associated cash flows have been presented as discontinued operations in the consolidated financial statements, see </font><font style="font-family:inherit;font-size:10pt;">NOTE 3 - DISCONTINUED OPERATIONS</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Customers 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. Customers Bancorp has made certain equity investments through its wholly owned subsidiaries CB Green Ventures Pte Ltd. and CUBI India Ventures Pte Ltd.</font></div></div>

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