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SHAREHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
SHAREHOLDERS’ EQUITY SHAREHOLDERS’ EQUITY
Common Stock
On June 26, 2024, the Board of Directors of Customers Bancorp authorized a new common stock repurchase program (the “2024 Share Repurchase Program”) to repurchase up to 497,509 shares of the Company’s common stock. The term of the 2024 Share Repurchase Program will extend for one year from June 26, 2024, unless earlier terminated. Purchases of shares under the 2024 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.
The Company’s previously authorized common stock repurchase program (the “Share Repurchase Program”), authorized on August 25, 2021, subsequently expired on September 27, 2023. At expiration, the Share Repurchase Program had 497,509 shares that had not been repurchased.
Customers Bancorp did not purchase any shares of its common stock under the 2024 Share Repurchase Program during the three and six months ended June 30, 2024. Customers Bancorp purchased no shares and 1,379,883 shares of its common stock for $39.8 million under the previously authorized Share Repurchase Program during the three and six months ended June 30, 2023, respectively.
Preferred Stock
As of June 30, 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 June 30, 2024 and December 31, 2023 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 date
Floating rate of Three-Month SOFR (2) Plus:
Dividend Paid Per Share in 2024 (1)
Fixed-to-floating rate:Issue DateJune 30, 2024December 31, 2023June 30, 2024December 31, 2023
Series EApril 28, 20162,300,0002,300,000$55,593 $55,593 6.45 %June 15, 20215.140 %$1.38 
Series FSeptember 16, 20163,400,0003,400,00082,201 82,201 6.00 %December 15, 20214.762 %$1.33 
Totals5,700,0005,700,000$137,794 $137,794 
(1)    For the six months ended June 30, 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.