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Investment Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]  
Gross Unrealized Losses and Fair Value, Aggregated by Investment Category
The amortized cost, approximate fair value and allowance for credit losses of investment securities at fair value as of December 31, 2024 and 2023 are summarized as follows:
 
December 31, 2024 (1)
 (amounts in thousands)
Amortized
Cost
Allowance for Credit Losses
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Available for sale debt securities
Asset-backed securities$14,820 $(362)$— $(1,222)$13,236 
Agency-guaranteed residential mortgage-backed securities330,637 — 146 (3,745)327,038 
Agency-guaranteed residential collateralized mortgage obligations242,858 — — (16,112)226,746 
Agency-guaranteed commercial collateralized mortgage obligations95,850 — 44 (2,819)93,075 
Collateralized loan obligations257,500 — 100 (2,193)255,407 
Commercial mortgage-backed securities78,707 — — (999)77,708 
Corporate notes564,524 (7,135)347 (41,406)516,330 
Private label collateralized mortgage obligations502,985 (107)95 (27,075)475,898 
Available for sale debt securities$2,087,881 $(7,604)$732 $(95,571)1,985,438 
Equity securities (2)
34,256 
Total investment securities, at fair value$2,019,694 
 
December 31, 2023 (1)
(amounts in thousands)
Amortized
Cost
Allowance for Credit Losses
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair Value
Available for sale debt securities
Asset-backed securities$97,359 $(483)$15 $(4,262)$92,629 
Agency-guaranteed residential collateralized mortgage obligations129,589 — — (12,681)116,908 
Collateralized loan obligations500,109 — 1 (11,018)489,092 
Commercial mortgage-backed securities125,885 — — (4,249)121,636 
Corporate notes636,880 (3,469)79 (50,456)583,034 
Private label collateralized mortgage obligations1,034,841 — 1,201 (62,481)973,561 
Available for sale debt securities$2,524,663 $(3,952)$1,296 $(145,147)2,376,860 
Equity securities (2)
28,780 
Total investment securities, at fair value$2,405,640 
(1)Accrued interest on AFS debt securities totaled $15.0 million and $14.7 million at December 31, 2024 and 2023, respectively, and is included in accrued interest receivable on the consolidated balance sheet.
(2)Includes perpetual preferred stock issued by domestic banks and bank holding companies and equity securities issued by fintech companies, without a readily determinable fair value, and Community Reinvestment Act (“CRA”)-qualified mutual fund shares at December 31, 2024 and 2023. No impairments or measurement adjustments have been recorded on the equity securities without a readily determinable fair value since acquisition.
Gross unrealized losses and fair value of Customers’ AFS debt securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2024 and 2023 were as follows:
 December 31, 2024
 Less than 12 months12 months or moreTotal
(amounts in thousands)Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Available for sale debt securities
Agency-guaranteed residential mortgage-backed securities$266,568 $(3,745)$— $— $266,568 $(3,745)
Agency-guaranteed residential collateralized mortgage obligations126,602 (2,717)100,144 (13,395)226,746 (16,112)
Agency-guaranteed commercial collateralized mortgage obligations85,902 (2,819)— — 85,902 (2,819)
Collateralized loan obligations35,710 (265)205,639 (1,928)241,349 (2,193)
Commercial mortgage-backed securities— — 77,708 (999)77,708 (999)
Corporate notes74,373 (976)239,509 (16,064)313,882 (17,040)
Private label collateralized mortgage obligations29,419 (581)351,040 (24,552)380,459 (25,133)
Total$618,574 $(11,103)$974,040 $(56,938)$1,592,614 $(68,041)
 December 31, 2023
 Less than 12 months12 months or moreTotal
(amounts in thousands)Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Fair Value
Unrealized
Losses
Available for sale debt securities
Asset-backed securities$— $— $64,029 $(4,027)$64,029 $(4,027)
Agency-guaranteed residential mortgage-backed securities— — 116,908 (12,681)116,908 (12,681)
Collateralized loan obligations29,241 (392)438,551 (10,626)467,792 (11,018)
Commercial mortgage-backed securities— — 121,636 (4,249)121,636 (4,249)
Corporate notes23,243 (1,147)424,768 (33,764)448,011 (34,911)
Private label collateralized mortgage obligations303,750 (11,243)613,007 (51,417)916,757 (62,660)
Total$356,234 $(12,782)$1,778,899 $(116,764)$2,135,133 $(129,546)
The amortized cost, approximate fair value and allowance for credit losses of investment securities held to maturity as of December 31, 2024 and 2023 are summarized as follows:
December 31, 2024 (1)
(amounts in thousands)Amortized CostAllowance for Credit LossesNet Carrying ValueGross Unrealized GainsGross Unrealized LossesFair Value
Held to maturity debt securities:
Asset-backed securities$471,996 $— $471,996 $1,775 $(401)$473,370 
Agency-guaranteed residential mortgage-backed securities 6,880 — 6,880 — (940)5,940 
Agency-guaranteed commercial mortgage-backed securities 1,770 — 1,770 — (146)1,624 
Agency-guaranteed residential collateralized mortgage obligations169,754 — 169,754 — (21,984)147,770 
Agency-guaranteed commercial collateralized mortgage obligations158,320 — 158,320 — (22,689)135,631 
Private label collateralized mortgage obligations183,217 — 183,217 574 (13,449)170,342 
Total held to maturity debt securities$991,937 $— $991,937 $2,349 $(59,609)$934,677 
December 31, 2023 (1)
(amounts in thousands)Amortized CostAllowance for Credit LossesNet Carrying ValueGross Unrealized GainsGross Unrealized LossesFair Value
Held to maturity debt securities:
Asset-backed securities$575,990 $— $575,990 $202 $(2,064)$574,128 
Agency-guaranteed residential mortgage-backed securities 7,039 — 7,039 — (649)6,390 
Agency-guaranteed commercial mortgage-backed securities 1,850 — 1,850 — (134)1,716 
Agency-guaranteed residential collateralized mortgage obligations186,636 — 186,636 — (19,049)167,587 
Agency-guaranteed commercial collateralized mortgage obligations146,765 — 146,765 — (23,178)123,587 
Private label collateralized mortgage obligations184,890 — 184,890 — (11,859)173,031 
Total held to maturity debt securities$1,103,170 $— $1,103,170 $202 $(56,933)$1,046,439 
(1)Accrued interest on HTM debt securities totaled $2.4 million and $2.7 million at December 31, 2024 and 2023, respectively, and is included in accrued interest receivable on the consolidated balance sheet.
Gain (Loss) on Securities The following table presents gross realized gains and realized losses from the sale of AFS debt securities for the years ended December 31, 2024, 2023 and 2022:
For the Years Ended December 31,
(amounts in thousands)202420232022
Gross realized gains$4,237 $1,430 $3,087 
Gross realized losses(31,246)(2,004)(26,251)
Net realized gain (loss) on sale of available for sale debt securities$(27,009)$(574)$(23,164)
Summary of Investment Securities by Stated Maturity
The following table presents AFS debt securities by stated maturity. Debt securities backed by mortgages and other assets have expected maturities that differ from contractual maturities because borrowers have the right to call or prepay and, therefore, these debt securities are classified separately with no specific maturity date.
 December 31, 2024
(amounts in thousands)
Amortized
Cost
Fair
Value
Due in one year or less$51,201 $42,207 
Due after one year through five years444,507 410,636 
Due after five years through ten years68,816 63,487 
Asset-backed securities14,820 13,236 
Agency-guaranteed residential mortgage-backed securities330,637 327,038 
Agency-guaranteed residential collateralized mortgage obligations242,858 226,746 
Agency-guaranteed commercial collateralized mortgage obligations95,850 93,075 
Collateralized loan obligations257,500 255,407 
Commercial mortgage-backed securities78,707 77,708 
Private label collateralized mortgage obligations502,985 475,898 
Total available for sale debt securities$2,087,881 $1,985,438 
The following table presents HTM debt securities by stated maturity, including debt securities backed by mortgages and other assets with expected maturities that differ from contractual maturities because borrowers have the right to call or prepay and, therefore, are classified separately with no specific maturity date:
 December 31, 2024
(amounts in thousands)Amortized
Cost		Fair
Value
Asset-backed securities$471,996 $473,370 
Agency-guaranteed residential mortgage-backed securities6,880 5,940 
Agency-guaranteed commercial mortgage-backed securities1,770 1,624 
Agency-guaranteed residential collateralized mortgage obligations169,754 147,770 
Agency-guaranteed commercial collateralized mortgage obligations158,320 135,631 
Private label collateralized mortgage obligations183,217 170,342 
Total held to maturity debt securities$991,937 $934,677 
Debt Securities, Available-for-Sale, Allowance for Credit Loss
The following table presents the activity in the allowance for credit losses on AFS debt securities, by major security type, for the periods presented:
For the Years Ended December 31,
202420232022
(amounts in thousands)
Asset-backed securities
Corporate notes
Private label CMOs
Total
Asset-backed securities
Corporate notes
Total
Asset-backed securities
Corporate notes
Total
Balance at January 1$483 $3,469 $— $3,952 $578 $— $578 $— $— $— 
Credit losses on securities for which credit losses were not previously recorded224 665 107 996 — 3,860 3,860 578 — 578 
Increase in credit losses on previously impaired securities
— 4,675 — 4,675 — — — — — — 
Decrease in allowance for credit losses on previously impaired securities
(345)(1,504)— (1,849)(95)— (95)— — — 
Reduction due to sales— (170)— (170)— (391)(391)— — — 
Balance at December 31$362 $7,135 $107 $7,604 $483 $3,469 $3,952 $578 $— $578 
Debt Securities, Held-to-Maturity, Credit Quality Indicator
The following table presents the amortized cost of HTM debt securities based on their lowest credit rating available:
December 31, 2024
(amounts in thousands)AAAAANot RatedTotal
Held to maturity debt securities:
Asset-backed securities$— $— $471,996 $471,996 
Agency-guaranteed residential mortgage-backed securities — — 6,880 6,880 
Agency-guaranteed commercial mortgage-backed securities — — 1,770 1,770 
Agency-guaranteed residential collateralized mortgage obligations— — 169,754 169,754 
Agency-guaranteed commercial collateralized mortgage obligations— — 158,320 158,320 
Private label collateralized mortgage obligations99,589 9,309 74,319 183,217 
Total held to maturity debt securities$99,589 $9,309 $883,039 $991,937