XML 40 R8.htm IDEA: XBRL DOCUMENT v2.4.1.9
Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash Flows from Operating Activities    
Net income $ 13,952us-gaap_NetIncomeLoss $ 8,136us-gaap_NetIncomeLoss
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Provision for loan losses, net of change to FDIC receivable 2,964us-gaap_ProvisionForLoanAndLeaseLosses 4,368us-gaap_ProvisionForLoanAndLeaseLosses
Provision for depreciation and amortization 1,033us-gaap_DepreciationAmortizationAndAccretionNet 890us-gaap_DepreciationAmortizationAndAccretionNet
Share-based compensation 1,416us-gaap_ShareBasedCompensation 1,659us-gaap_ShareBasedCompensation
Deferred taxes (1,540)us-gaap_DeferredIncomeTaxExpenseBenefit 2,215us-gaap_DeferredIncomeTaxExpenseBenefit
Net amortization of investment securities premiums and discounts 211us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments 177us-gaap_AccretionAmortizationOfDiscountsAndPremiumsInvestments
Gain on sale of investment securities 0us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet (2,832)us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet
Gain on sale of mortgages and other loans (1,266)cubi_GainOnSaleOfMortgagesAndOtherLoans (498)cubi_GainOnSaleOfMortgagesAndOtherLoans
Origination of loans held for sale (6,627,070)us-gaap_PaymentsForOriginationOfMortgageLoansHeldForSale (2,819,236)us-gaap_PaymentsForOriginationOfMortgageLoansHeldForSale
Proceeds from the sale of loans held for sale 6,285,952us-gaap_ProceedsFromSaleOfMortgageLoansHeldForSale 2,869,796us-gaap_ProceedsFromSaleOfMortgageLoansHeldForSale
Increase in FDIC loss sharing receivable (134)us-gaap_IncreaseDecreaseInOtherReceivables (990)us-gaap_IncreaseDecreaseInOtherReceivables
Amortization (accretion) of fair value discounts 32cubi_AccretionOfFairValuesDiscountsNet (129)cubi_AccretionOfFairValuesDiscountsNet
Net loss on sales of other real estate owned 441us-gaap_GainLossOnSaleOfOtherAssets 47us-gaap_GainLossOnSaleOfOtherAssets
Valuation and other adjustments to other real estate owned 343cubi_ValuationAndOtherAdjustmentsToOtherRealEstateOwned 127cubi_ValuationAndOtherAdjustmentsToOtherRealEstateOwned
Earnings on investment in bank-owned life insurance (1,061)us-gaap_BankOwnedLifeInsuranceIncome (835)us-gaap_BankOwnedLifeInsuranceIncome
(Increase) decrease in accrued interest receivable and other assets (3,259)us-gaap_IncreaseDecreaseInOtherOperatingAssets 1,552us-gaap_IncreaseDecreaseInOtherOperatingAssets
Increase in accrued interest payable and other liabilities 3,574us-gaap_IncreaseDecreaseInOtherOperatingLiabilities 14,858us-gaap_IncreaseDecreaseInOtherOperatingLiabilities
Net Cash (Used In) Provided by Operating Activities (324,412)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations 79,305us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash Flows from Investing Activities    
Proceeds from maturities, calls and principal repayments of securities available for sale 20,739us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities 10,264us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
Proceeds from sales of investment securities available for sale 0us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities 187,891us-gaap_ProceedsFromSaleOfAvailableForSaleSecurities
Purchases of investment securities available for sale 0us-gaap_PaymentsToAcquireAvailableForSaleSecurities (149,940)us-gaap_PaymentsToAcquireAvailableForSaleSecurities
Net increase in loans (148,554)us-gaap_PaymentsForProceedsFromLoansAndLeases (608,672)us-gaap_PaymentsForProceedsFromLoansAndLeases
Purchase of loan portfolios 0us-gaap_PaymentsToAcquireLoansHeldForInvestment (288,253)us-gaap_PaymentsToAcquireLoansHeldForInvestment
Proceeds from sales of loans 141,437us-gaap_ProceedsFromSaleOfLoansReceivable 424us-gaap_ProceedsFromSaleOfLoansReceivable
Purchases of bank-owned life insurance (15,000)us-gaap_PaymentsToAcquireLifeInsurancePolicies 0us-gaap_PaymentsToAcquireLifeInsurancePolicies
Net proceeds from (purchases of) FHLB, Federal Reserve Bank, and other restricted stock 204us-gaap_PaymentsForProceedsFromInvestments (8,006)us-gaap_PaymentsForProceedsFromInvestments
(Payments to) reimbursements from the FDIC on loss sharing agreements (302)cubi_CashInflowsFromFdicOnLossSharingAgreements 1,297cubi_CashInflowsFromFdicOnLossSharingAgreements
Purchases of bank premises and equipment (829)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (207)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Proceeds from sales of other real estate owned 1,619us-gaap_ProceedsFromSaleOfForeclosedAssets 1,376us-gaap_ProceedsFromSaleOfForeclosedAssets
Net Cash Used In Investing Activities (686)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (853,826)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Cash Flows from Financing Activities    
Net increase in deposits 360,789us-gaap_IncreaseDecreaseInDeposits 646,420us-gaap_IncreaseDecreaseInDeposits
Net (decrease) increase in short-term borrowed funds (98,000)us-gaap_ProceedsFromRepaymentsOfShortTermDebt 185,500us-gaap_ProceedsFromRepaymentsOfShortTermDebt
Proceeds from long-term FHLB borrowings 25,000us-gaap_ProceedsFromFederalHomeLoanBankBorrowings 0us-gaap_ProceedsFromFederalHomeLoanBankBorrowings
Proceeds from issuance of common stock 109us-gaap_ProceedsFromIssuanceOfCommonStock 0us-gaap_ProceedsFromIssuanceOfCommonStock
Net Cash Provided by Financing Activities 287,898us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 831,920us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Net (Decrease) Increase in Cash and Cash Equivalents (37,200)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 57,399us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and Cash Equivalents – Beginning 371,023us-gaap_CashAndCashEquivalentsAtCarryingValue 233,068us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and Cash Equivalents – Ending 333,823us-gaap_CashAndCashEquivalentsAtCarryingValue 290,467us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplementary Cash Flows Information    
Interest paid 10,550us-gaap_InterestPaid 7,017us-gaap_InterestPaid
Income taxes paid 2,762us-gaap_IncomeTaxesPaidNet 2,082us-gaap_IncomeTaxesPaidNet
Non-cash items:    
Transfer of loans to other real estate owned $ 159us-gaap_TransferToOtherRealEstate $ 4,955us-gaap_TransferToOtherRealEstate