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Shareholders' Equity | 3 Months Ended
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Mar. 31, 2024
Equity [Abstract] |
Shareholders' Equity | SHAREHOLDERS’ EQUITY Preferred Stock As of March 31, 2024 and December 31, 2023, Customers Bancorp has two series of preferred stock outstanding. The table below summarizes Customers’ issuances of preferred stock that remain outstanding at March 31, 2024 and December 31, 2023 and the dividends paid per share.
(amounts in thousands except share and per share data) |  | Shares at |  | Carrying value at |  |  |  | Initial Fixed Rate |  | Date at which dividend rate becomes floating and earliest redemption date |  | Floating rate of Three-Month SOFR (2) Plus: |  | Dividend Paid Per Share in 2024 (1)
Fixed-to-floating rate: |  | Issue Date |  | March 31, 2024 |  | December 31, 2023 |  | March 31, 2024 |  | December 31, 2023 |  |  |  |  |  |
Series E |  | April 28, 2016 |  | 2,300,000 |  | 2,300,000 |  | $ | 55,593 |  |  | $ | 55,593 |  |  |  |  | 6.45 | % |  | June 15, 2021 |  | 5.140 | % |  | $ | 0.68 |
Series F |  | September 16, 2016 |  | 3,400,000 |  | 3,400,000 |  | 82,201 |  |  | 82,201 |  |  |  |  | 6.00 | % |  | December 15, 2021 |  | 4.762 | % |  | $ | 0.66 |
Totals |  |  |  | 5,700,000 |  | 5,700,000 |  | $ | 137,794 |  |  | $ | 137,794 |  |  |  |  |  |  |  |  |  |  |
(1) For the three months ended March 31, 2024. (2) Pursuant to the Adjustable Interest Rate (LIBOR) Act enacted by Congress on March 15, 2022, Customers substituted three-month term SOFR plus a tenor spread adjustment of 26.161 basis points for three-month LIBOR as the benchmark reference rate on Series E and F Preferred Stock, plus 5.14% and 4.762%, respectively, beginning with dividends declared on October 25, 2023.

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