XML 96 R22.htm IDEA: XBRL DOCUMENT

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS 401(k) Plan Customers has a 401(k) profit sharing plan whereby eligible team members may contribute amounts up to the annual Internal Revenue Service (“IRS”) statutory contribution limit. Customers provides a matching contribution equal to 50% of the first 6% of the contribution made by the team member. Customers’ employer contributions for the years ended December 31, 2024, 2023 and 2022 were $3.4 million, $2.5 million, and $2.3 million, respectively. In 2021, the 401(k) plan became a multiple employer plan, as defined by the U.S. Department of Labor in accordance with the Employee Retirement Income Security Act of 1974, covering the full-time employees of Customers and BM Technologies. Effective January 1, 2023, employees of BM Technologies were no longer participants in the 401(k) plan and the 401(k) plan changed from a multiple employer plan to a single employer plan. All employees of BM Technologies and their account balances were transferred to a separate 401(k) plan sponsored by BM Technologies. Supplemental Executive Retirement Plans Customers entered into a supplemental executive retirement plan (“SERP”) with its Chairman and CEO that provides annual retirement benefits for a 15-year period upon the later of him reaching the age of 65 or when he terminates employment. The SERP is a defined-contribution type of deferred-compensation arrangement that is designed to provide a target annual retirement benefit of $300,000 per year for 15 years starting at age 65, based on an assumed constant rate of return of 7% per year. The level of retirement benefit is not guaranteed by Customers, and the ultimate retirement benefit can be less than or greater than the target. Customers funds its obligations under the SERP with the increase in cash surrender value of a life insurance policy on the life of the Chairman and CEO which it owns. The present value of the amount owed as of December 31, 2024 and 2023 was $8.4 million and $7.3 million, respectively, and was included in other liabilities. During the years ended December 31, 2024, 2022 and 2021, Customers entered into additional SERPs with several senior executives that provide lifetime retirement benefits upon reaching the age of 65 or when the executives terminate employment; early termination benefits; change in control benefits; and certain disability and death benefits as described in these SERPs. These SERPs are deferred-compensation arrangements that are designed to provide benefits based on the account value of the annuity contracts purchased by Customers to fund its obligations under the SERPs. The present value of the amount owed under these SERPs as of December 31, 2024 and 2023 was $1.0 million and $0.8 million, respectively, and was included in other liabilities.