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Shareholders' Equity
 9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
SHAREHOLDERS’ EQUITY SHAREHOLDERS’ EQUITY
Common Stock
On August 25, 2021, the Board of Directors of Customers Bancorp authorized the Share Repurchase Program to repurchase up to 3,235,326 shares of the Company's common stock (representing 10% of the Company’s outstanding shares of common stock on June 30, 2021). The term of the Share Repurchase Program will extend for one year from September 27, 2021, unless earlier terminated. Purchases of shares under the Share Repurchase Program may be executed through open market purchases, privately negotiated transactions, through the use of Rule 10b5-1 plans, or otherwise. The exact number of shares, timing for such purchases, and the price and terms at and on which such purchases are to be made will be at the discretion of the Company and will comply with all applicable regulatory limitations. Customers Bancorp did not purchase any shares of its common stock during the three months ended September 30, 2021 pursuant to the Share Repurchase Program. Customers Bancorp purchased 167,233 shares of its common stock for $7.2 million under the Share Repurchase Program on various dates between October 1, 2021 and October 15, 2021.
Preferred Stock
As of September 30, 2021, Customers Bancorp has two series of preferred stock outstanding. On September 15, 2021, Customers redeemed all of the outstanding shares of Series C and Series D Preferred Stock for an aggregate payment of $82.5 million, at a redemption price of $25.00 per share. The redemption price paid in excess of the carrying value of Series C and Series D Preferred Stock of $2.8 million is included as a loss on redemption of preferred stock in the consolidated statements of income for the three and nine months ended September 30, 2021. After giving effect to the redemption, no shares of the Series C and Series D Preferred Stock remained outstanding.
The table below summarizes Customers' issuances of preferred stock and the dividends paid per share.
(amounts in thousands except share and per share data)Shares atCarrying value at December 31,
Initial Fixed Rate
Date at which dividend rate becomes floating and earliest redemption dateFloating rate of Three-Month LIBOR Plus:
Dividend Paid Per Share in 2021 (1)
Fixed-to-floating rate:Issue DateSeptember 30, 2021December 31, 2020September 30, 2021December 31, 2020
Series CMay 18, 2015—2,300,000$— $55,569 7.00 %June 15, 20205.300 %$1.04 
Series DJanuary 29, 2016—1,000,000— 24,108 6.50 %March 15, 20215.090 %$1.08 
Series EApril 28, 20162,300,0002,300,00055,593 55,593 6.45 %June 15, 20215.140 %$1.14 
Series FSeptember 16, 20163,400,0003,400,00082,201 82,201 6.00 %December 15, 20214.762 %$1.13 
Totals5,700,0009,000,000$137,794 $217,471 
(1) For the nine months ended September 30, 2021.
On June 15, 2020, Series C Preferred Stock became floating at three-month LIBOR plus 5.30%, compared to a fixed rate of 7.00%. On March 15, 2021, Series D Preferred Stock became floating at three-month LIBOR plus 5.09%, compared to a fixed rate of 6.50%. On June 15, 2021, the Series E Preferred Stock became floating at three-month LIBOR plus 5.14%, compared to a fixed rate of 6.45%.