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Shareholders' Equity
 6 Months Ended
Jun. 30, 2023
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 was extended to September 27, 2023, 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 purchased no shares and 1,379,883 shares of its common stock for $39.8 million under the Share Repurchase Program during the three and six months ended June 30, 2023, respectively. Customers Bancorp purchased 548,821 shares of its common stock for $21.5 million and 664,145 shares for $27.8 million under the Share Repurchase Program during the three and six months ended June 30, 2022, respectively.
Preferred Stock
As of June 30, 2023 and December 31, 2022, Customers Bancorp has two series of preferred stock outstanding. The table below summarizes Customers' issuances of preferred stock that remain outstanding at June 30, 2023 and December 31, 2022 and the dividends paid per share.
(amounts in thousands except share and per share data)Shares atCarrying value at
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 2023 (1)
Fixed-to-floating rate:Issue DateJune 30, 2023December 31, 2022June 30, 2023December 31, 2022
Series EApril 28, 20162,300,0002,300,000$55,593 $55,593 6.45 %June 15, 20215.140 %$1.26 
Series FSeptember 16, 20163,400,0003,400,00082,201 82,201 6.00 %December 15, 20214.762 %$1.21 
Totals5,700,0005,700,000$137,794 $137,794 
(1) For the six months ended June 30, 2023.
On July 26, 2023, Customers declared dividends per share of $0.6831 and $0.65895 on Series E and F Preferred Stock, respectively. Pursuant to the Adjustable Interest Rate (LIBOR) Act enacted by Congress on March 15, 2022, Customers will substitute three-month term SOFR plus a tenor spread adjustment of 26.161 basis points for three-month LIBOR as the benchmark reference rate, plus 514 and 476 basis points to calculate the dividends to be declared in the future on Series E and F Preferred Stock, respectively.