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LOANS AND LEASES RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
LOANS AND LEASES RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES LOANS AND LEASES RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES
The following table presents loans and leases receivable as of March 31, 2025 and December 31, 2024.
(amounts in thousands)March 31, 2025December 31, 2024
Loans and leases receivable:
Commercial:
Commercial and industrial:
Specialized lending (1)
$6,070,093 $5,842,420 
Other commercial and industrial
1,174,369 1,182,350 
Multifamily2,322,123 2,252,246 
Commercial real estate owner occupied1,139,126 1,100,944 
Commercial real estate non-owner occupied1,438,906 1,359,130 
Construction154,647 147,209 
Total commercial loans and leases receivable12,299,264 11,884,299 
Consumer:
Residential real estate496,772 496,559 
Manufactured housing31,775 33,123 
Installment:
Personal493,276 463,854 
Other234,733 249,799 
Total consumer loans receivable1,256,556 1,243,335 
Loans and leases receivable13,555,820 13,127,634 
Loans receivable, mortgage finance, at fair value1,366,460 1,321,128 
Loans receivable, installment, at fair value138,159 — 
Allowance for credit losses on loans and leases(141,076)(136,775)
Total loans and leases receivable, net of allowance for credit losses on loans and leases (2)
$14,919,363 $14,311,987 
(1)Includes direct finance and sales-type equipment leases of $269.2 million and $262.7 million at March 31, 2025 and December 31, 2024, respectively.
(2)Includes deferred (fees) costs and unamortized (discounts) premiums, net of $(22.2) million and $(20.8) million at March 31, 2025 and December 31, 2024, respectively.
Customers’ total loans and leases receivable includes loans receivable reported at fair value based on an election made to account for these loans at fair value and loans and leases receivable predominately reported at their outstanding unpaid principal balance, net of charge-offs, deferred costs and fees and unamortized premiums and discounts, and evaluated for impairment. The total amount of accrued interest recorded for total loans was $86.2 million and $88.2 million at March 31, 2025 and December 31, 2024, respectively, and is presented in accrued interest receivable in the consolidated balance sheet. At March 31, 2025 and December 31, 2024, there were $33.5 million and $31.9 million of individually evaluated loans that were collateral-dependent, respectively. Substantially all individually evaluated loans are collateral-dependent and consisted primarily of commercial and industrial, commercial real estate, and residential real estate loans. Collateral-dependent commercial and industrial loans were secured by accounts receivable, inventory and equipment; collateral-dependent commercial real estate loans were secured by commercial real estate assets; and residential real estate loans were secured by residential real estate assets.
Loans and leases receivable
The following tables summarize loans and leases receivable by loan and lease type and performance status as of March 31, 2025 and December 31, 2024:
 March 31, 2025
(amounts in thousands)
30-59 Days past due (1)
60-89 Days past due (1)
90 Days or more past due (2)
Total past due
Loans and leases not past due (3)(4)
Total loans and leases (4)
Commercial and industrial, including specialized lending$6,933 $3,999 $18,519 $29,451 $7,196,323 $7,225,774 
Multifamily6,427 — — 6,427 2,315,696 2,322,123 
Commercial real estate owner occupied118 — 7,792 7,910 1,131,216 1,139,126 
Commercial real estate non-owner occupied16,653 — 62 16,715 1,422,191 1,438,906 
Construction— — — — 154,647 154,647 
Residential real estate9,013 2,616 2,093 13,722 483,050 496,772 
Manufactured housing465 239 1,984 2,688 29,087 31,775 
Installment9,124 2,757 4,659 16,540 711,469 728,009 
Total$48,733 $9,611 $35,109 $93,453 $13,443,679 $13,537,132 
 December 31, 2024
(amounts in thousands)
30-59 Days past due (1)
60-89 Days past due (1)
90 Days or more past due (2)
Total past due
Loans and leases not past due (3)(4)
Total loans and leases (4)
Commercial and industrial, including specialized lending
$3,655 $19,854 $3,606 $27,115 $6,974,904 $7,002,019 
Multifamily— — 11,834 11,834 2,240,412 2,252,246 
Commercial real estate owner occupied11,395 — 8,071 19,466 1,081,478 1,100,944 
Commercial real estate non-owner occupied— — 17,007 17,007 1,342,123 1,359,130 
Construction— — — — 147,209 147,209 
Residential real estate9,541 4,560 3,384 17,485 479,074 496,559 
Manufactured housing766 155 2,262 3,183 29,940 33,123 
Installment7,918 5,108 5,613 18,639 695,014 713,653 
Total$33,275 $29,677 $51,777 $114,729 $12,990,154 $13,104,883 
(1)Includes past due loans and leases that are accruing interest because collection is considered probable.
(2)Includes loans amounting to $0.4 million and $17.1 million as of March 31, 2025 and December 31, 2024, respectively, that are still accruing interest because collection is considered probable.
(3)Loans and leases where next payment due is less than 30 days from the report date. The tables exclude PPP loans.
(4)Includes PCD loans of $122.9 million and $126.4 million at March 31, 2025 and December 31, 2024, respectively.
Nonaccrual Loans and Leases
The following table presents the amortized cost of loans and leases held for investment on nonaccrual status.
 March 31, 2025December 31, 2024
(amounts in thousands)Nonaccrual loans with no related allowanceNonaccrual loans with related allowanceTotal nonaccrual loansNonaccrual loans with no related allowanceNonaccrual loans with related allowanceTotal nonaccrual loans
Commercial and industrial, including specialized lending$18,754 $— $18,754 $4,041 $— $4,041 
Multifamily— — — 11,834 — 11,834 
Commercial real estate owner occupied7,793 — 7,793 8,090 — 8,090 
Commercial real estate non-owner occupied62 — 62 354 — 354 
Residential real estate7,714 437 8,151 8,274 440 8,714 
Manufactured housing— 1,653 1,653 — 1,852 1,852 
Installment— 4,659 4,659 — 5,613 5,613 
Total$34,323 $6,749 $41,072 $32,593 $7,905 $40,498 
Interest income recognized on nonaccrual loans was insignificant for the three months ended March 31, 2025 and 2024. Accrued interest reversed when the loans went to nonaccrual status was insignificant for the three months ended March 31, 2025 and 2024.
Loans receivable, mortgage finance, at fair value
Mortgage finance loans consist of commercial loans to mortgage companies. These mortgage finance lending transactions are subject to master repurchase agreements. As a result of the contractual provisions, for accounting purposes, control of the underlying mortgage loan has not transferred and the rewards and risks of the mortgage loans are not assumed by Customers. The mortgage finance loans are designated as loans held for investment and reported at fair value based on an election made to account for the loans at fair value. Pursuant to the agreements, Customers funds the pipelines for these mortgage lenders by sending payments directly to the closing agents for funded mortgage loans and receives proceeds directly from third party investors when the underlying mortgage loans are sold into the secondary market. The fair value of the mortgage finance loans is estimated as the amount of cash initially advanced to fund the mortgage, plus accrued interest and fees, as specified in the respective agreements. The interest rates on these loans are variable, and the lending transactions are short-term, with an average life under 30 days from purchase to sale. The primary goal of these lending transactions is to provide liquidity to mortgage companies.
At March 31, 2025 and December 31, 2024, all of Customers’ mortgage finance loans were current in terms of payment. As these loans are reported at their fair value, they do not have an ACL and are therefore excluded from ACL-related disclosures.
Loans receivable, installment, at fair value
Customers has a lending arrangement with a fintech company, which recently was acquired by a bank, whereby Customers has been originating consumer installment loans and holding these loans prior to sale. These consumer installment loans were designated as loans held for sale and reported at fair value based on an election made to account for the loans at fair value. The lending arrangement with this fintech company expires in the second quarter of 2025. Accordingly, Customers transferred these consumer installment loans from held for sale to held for investment during the three months ended March 31, 2025, and continue to be reported at fair value based on an election made to account for the loans at fair value.
At March 31, 2025, Customers had $2.1 million of consumer installment loans, at fair value, of nonaccrual status. As these loans are reported at their fair value, they do not have an ACL and are therefore excluded from ACL-related disclosures.
Allowance for credit losses on loans and leases
The changes in the ACL on loans and leases by loan and lease type for the three months ended March 31, 2025 and 2024 are presented in the tables below.
(amounts in thousands)
Commercial and industrial (1)
MultifamilyCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallmentTotal
Three Months Ended
March 31, 2025
Ending Balance,
December 31, 2024
$29,379 $18,511 $10,755 $17,405 $1,250 $5,968 $3,829 $49,678 $136,775 
Charge-offs(4,507)(3,834)(19)— — — — (12,403)(20,763)
Recoveries1,276 — 3 — 3 — — 2,337 3,619 
Provision (benefit) for credit losses on loans and leases4,436 4,113 41 653 11 195 (29)12,025 21,445 
Ending Balance,
March 31, 2025		$30,584 $18,790 $10,780 $18,058 $1,264 $6,163 $3,800 $51,637 $141,076 
(amounts in thousands)
Commercial and industrial (1)
MultifamilyCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallmentTotal
Three Months Ended
March 31, 2024
Ending Balance,
December 31, 2023
$23,503 $16,343 $9,882 $16,859 $1,482 $6,586 $4,239 $56,417 $135,311 
Charge-offs(5,396)(473)(22)— — (19)— (16,917)(22,827)
Recoveries1,724 — — — — 1 — 3,134 4,859 
Provision (benefit) for credit losses on loans and leases3,172 2,437 341 1,461 384 139 (79)8,098 15,953 
Ending Balance,
March 31, 2024		$23,003 $18,307 $10,201 $18,320 $1,866 $6,707 $4,160 $50,732 $133,296 
(1)    Includes specialized lending.
At March 31, 2025, the ACL on loans and leases was $141.1 million, an increase of $4.3 million from the December 31, 2024 balance of $136.8 million. The increase in ACL for the three months ended March 31, 2025 was primarily attributable to slight deterioration in macroeconomic forecasts and an increase in loan balances held for investment.
Loan Modifications for Borrowers Experiencing Financial Difficulty
A borrower is considered to be experiencing financial difficulty when there is a significant doubt about the borrower’s ability to make the required principal and interest payments on the loan or to get an equivalent financing from another creditor at a market rate for a similar loan.
When borrowers are experiencing financial difficulty, Customers may make certain loan modifications as part of loss mitigation strategies to maximize expected payment. To be classified as a modification made to a borrower experiencing financial difficulty, the modification must be in the form of an interest rate reduction, principal forgiveness, or an other-than-insignificant payment delay (payment deferral), term extension, or combinations thereof.
Customers will generally try other forms of relief before principal forgiveness. Any contractual reduction in the amount of principal due without receiving payment or assets is considered forgiveness. For the purpose of this disclosure, Customers considers any contractual change in interest rate that results in a reduction in interest rate relative to the current stated interest rate as an interest rate reduction. Generally, Customers considers any delay in payment of greater than 90 days in the last twelve months to be significant. Term extensions extend the original contractual maturity of the loan. For the purpose of this disclosure, modification of contingent payment features or covenants that would have accelerated payment are not considered term extensions.
The following tables present the amortized cost of loans that were modified to borrowers experiencing financial difficulty for the three months ended March 31, 2025 and 2024, disaggregated by class of financing receivable and type of modification granted.
Three Months Ended March 31, 2025
(dollars in thousands)Term ExtensionPayment DeferralDebt ForgivenessInterest Rate Reduction and Term ExtensionTotalPercentage of Total by Financing Class
Commercial and industrial, including specialized lending
$731 $766 $— $— $1,497 0.02 %
Personal installment2,616 1,440 118 128 4,302 0.87 %
Total$3,347 $2,206 $118 $128 $5,799 

Three Months Ended March 31, 2024
(dollars in thousands)Term ExtensionPayment DeferralDebt ForgivenessInterest Rate Reduction and Term ExtensionTotalPercentage of Total by Financing Class
Commercial and industrial, including specialized lending
$— $1,980 $— $— $1,980 0.03 %
Multifamily— 10,688 — — 10,688 0.50 %
Residential real estate— 57 — — 57 0.01 %
Personal installment3,747 198 36 — 3,981 0.50 %
Total$3,747 $12,923 $36 $— $16,706 
As of March 31, 2025, there were no commitments to lend additional funds to debtors experiencing financial difficulty whose loans have been modified during the three months ended March 31, 2025.
The following table summarizes the impacts of loan modifications made to borrowers experiencing financial difficulty for the three months ended March 31, 2025 and 2024.
Three Months Ended March 31, 2025Three Months Ended March 31, 2024
Weighted AverageWeighted Average
(dollars in thousands)Interest Rate Reduction (%)Term Extension
(in months)		Payment Deferral
(in months)		Debt ForgivenInterest Rate Reduction (%)Term Extension
(in months)		Payment Deferral
(in months)		Debt Forgiven
Commercial and industrial, including specialized lending—%116$— —%03$— 
Multifamily—00— —012— 
Residential real estate—00— —05— 
Personal installment13.25773 —66100 
The performance of loans made to borrowers experiencing financial difficulty in which modifications were made is closely monitored to understand the effectiveness of modification efforts. Loans are considered to be in payment default at 90 days or more past due. The following tables present an aging analysis of loan modifications made to borrowers experiencing financial difficulty in the twelve months ended March 31, 2025 and 2024.
March 31, 2025
(dollars in thousands)30-59 Days past due60-89 Days past due90 Days or more past dueCurrentTotal
Commercial and industrial, including specialized lending
$— $— $— $11,179 $11,179 
Residential real estate— — — 302 302 
Manufactured housing— — 17 299 316 
Personal installment188 347 136 5,951 6,622 
Total$188 $347 $153 $17,731 $18,419 
March 31, 2024
(dollars in thousands)30-59 Days past due60-89 Days past due90 Days or more past dueCurrentTotal
Commercial and industrial, including specialized lending
$1,980 $— $— $15,348 $17,328 
Multifamily— — — 10,688 10,688 
Residential real estate57 — — 46 103 
Manufactured housing— 92 31 620 743 
Personal installment943 626 546 12,131 14,246 
Total$2,980 $718 $577 $38,833 $43,108 
The loans to borrowers experiencing financial difficulty that were modified during the twelve months ended March 31, 2025 and 2024, respectively, that subsequently defaulted were not material. Customers’ ACL is influenced by loan level characteristics that inform the assessed propensity to default. As such, the provision for credit losses is impacted by changes in such loan level characteristics, such as payment performance. Loans made to borrowers experiencing financial difficulty can be classified as either accrual or nonaccrual.
Credit Quality Indicators
The ACL represents management’s estimate of expected losses in Customers’ loans and leases receivable portfolio, excluding mortgage finance and consumer installment loans reported at fair value pursuant to a fair value option election and PPP loans as these loans are fully guaranteed by the SBA, provided that the eligibility criteria are met. Commercial and industrial including specialized lending, multifamily, owner occupied commercial real estate, non-owner occupied commercial real estate, and construction loans are rated based on an internally assigned risk rating system which is assigned at the time of loan origination and reviewed on a periodic, or on an “as needed” basis. Residential real estate, manufactured housing and installment loans are evaluated based on the payment activity of the loan.
To facilitate the monitoring of credit quality within the commercial and industrial including specialized lending, multifamily, owner occupied commercial real estate, non-owner occupied commercial real estate, and construction loan portfolios, and as an input in the ACL lifetime loss rate model for the commercial and industrial loan portfolio, the Bank utilizes the following categories of risk ratings: pass/satisfactory (includes risk rating 1 through 6), special mention, substandard, doubtful, and loss. The risk rating categories, which are derived from standard regulatory rating definitions, are assigned upon initial approval of credit to borrowers and updated periodically thereafter. Pass ratings, which are assigned to those borrowers who do not have identified potential or well-defined weaknesses and for whom there is a high likelihood of orderly repayment, are updated periodically based on the size and credit characteristics of the borrower. All other categories are updated on a quarterly basis during the month preceding the end of the calendar quarter. While assigning risk ratings involves judgment, the risk-rating process allows management to identify riskier credits in a timely manner and allocate the appropriate resources to manage those loans and leases. The 2024 Form 10-K describes Customers Bancorp’s risk rating grades.
Risk ratings are not established for certain consumer loans, including residential real estate, home equity, manufactured housing, and installment loans, mainly because these portfolios consist of a larger number of homogeneous loans with smaller balances. Instead, these portfolios are evaluated for risk mainly based upon aggregate payment history through the monitoring of delinquency levels and trends and are classified as performing and non-performing. The following tables present the credit ratings of loans and leases receivable and current period gross write-offs as of March 31, 2025 and December 31, 2024.
Term Loans Amortized Cost Basis by Origination Year as of
March 31, 2025
(amounts in thousands)20252024202320222021PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Commercial and industrial loans and leases, including specialized lending:
Pass$870,173 $1,568,549 $757,704 $1,095,070 $296,349 $156,307 $2,000,301 $276,874 $7,021,327 
Special mention7,200 19,278 466 18,920 107 — 6,145 8,159 60,275 
Substandard— 1,005 531 36,248 9,663 65,051 28,981 2,693 144,172 
Doubtful— — — — — — — — 
Total commercial and industrial loans and leases$877,373 $1,588,832 $758,701 $1,150,238 $306,119 $221,358 $2,035,427 $287,726 $7,225,774 
Commercial and industrial loans and leases charge-offs:
Three Months Ended March 31, 2025$— $— $103 $4,013 $12 $379 $— $— $4,507 
Multifamily loans:
Pass$126,248 $238,962 $803 $1,171,382 $285,480 $393,640 $— $— $2,216,515 
Special mention— — — 18,572 — 30,800 — — 49,372 
Substandard— — — — 12,023 44,213 — — 56,236 
Doubtful— — — — — — — — — 
Total multifamily loans$126,248 $238,962 $803 $1,189,954 $297,503 $468,653 $— $— $2,322,123 
Multifamily loans charge-offs:
Three Months Ended March 31, 2025$— $— $— $— $— $3,834 $— $3,834 
Commercial real estate owner occupied loans:
Pass$61,337 $394,556 $53,922 $209,748 $194,376 $168,200 $7,604 $97 $1,089,840 
Special mention— — — 156 16,362 4,650 — 11,091 32,259 
Substandard— — 2,944 703 — 13,380 — — 17,027 
Doubtful— — — — — — — — — 
Total commercial real estate owner occupied loans$61,337 $394,556 $56,866 $210,607 $210,738 $186,230 $7,604 $11,188 $1,139,126 
Commercial real estate owner occupied loans charge-offs:
Three Months Ended March 31, 2025$— $— $— $— $— $19 $— $— $19 
Commercial real estate non-owner occupied loans:
Pass$101,960 $163,009 $30,307 $389,600 $95,827 $560,208 $2,000 $— $1,342,911 
Special mention— — 12,000 24,855 — 557 — — 37,412 
Substandard— — — — — 58,583 — — 58,583 
Doubtful— — — — — — — — — 
Total commercial real estate non-owner occupied loans$101,960 $163,009 $42,307 $414,455 $95,827 $619,348 $2,000 $— $1,438,906 
Commercial real estate non-owner occupied loans charge-offs:
Three Months Ended March 31, 2025$— $— $— $— $— $— $— $— $— 
Construction loans:
Pass$— $22,382 $28,779 $93,649 $— $— $— $— $144,810 
Special mention— — 9,837 — — — — — 9,837 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Total construction loans$— $22,382 $38,616 $93,649 $— $— $— $— $154,647 
Construction loans charge-offs:
Three Months Ended March 31, 2025$— $— $— $— $— $— $— $— $— 
Total commercial loans and leases receivable$1,166,918 $2,407,741 $897,293 $3,058,903 $910,187 $1,495,589 $2,045,031 $298,914 $12,280,576 
Term Loans Amortized Cost Basis by Origination Year as of
March 31, 2025
(amounts in thousands)20252024202320222021PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Total commercial loans and leases receivable charge-offs:
Three Months Ended March 31, 2025$— $— $103 $4,013 $12 $4,232 $— $— $8,360 
Residential real estate loans:
Performing$8,055 $45,794 $20,557 $160,993 $121,810 $83,313 $48,752 $— $489,274 
Non-performing— 137 268 1,211 1,059 4,536 287 — 7,498 
Total residential real estate loans$8,055 $45,931 $20,825 $162,204 $122,869 $87,849 $49,039 $— $496,772 
Residential real estate loans charge-offs:
Three Months Ended March 31, 2025$— $— $— $— $— $— $— $— $— 
Manufactured housing loans:
Performing$— $— $— $— $— $30,653 $— $— $30,653 
Non-performing— — — — — 1,122 — — 1,122 
Total manufactured housing loans$— $— $— $— $— $31,775 $— $— $31,775 
Manufactured housing loans charge-offs:
Three Months Ended March 31, 2025$— $— $— $— $— $— $— $— $— 
Installment loans:
Performing$9,618 $80,834 $229,157 $228,396 $79,363 $49,056 $46,399 $3 $722,826 
Non-performing— 1,138 1,522 1,084 645 583 211 — 5,183 
Total installment loans$9,618 $81,972 $230,679 $229,480 $80,008 $49,639 $46,610 $3 $728,009 
Installment loans charge-offs:
Three Months Ended March 31, 2025$217 $658 $3,299 $4,829 $2,564 $836 $— $— $12,403 
Total consumer loans$17,673 $127,903 $251,504 $391,684 $202,877 $169,263 $95,649 $3 $1,256,556 
Total consumer loans charge-offs:
Three Months Ended March 31, 2025$217 $658 $3,299 $4,829 $2,564 $836 $— $— $12,403 
Loans and leases receivable$1,184,591 $2,535,644 $1,148,797 $3,450,587 $1,113,064 $1,664,852 $2,140,680 $298,917 $13,537,132 
Loans and leases receivable charge-offs:
Three Months Ended March 31, 2025$217 $658 $3,402 $8,842 $2,576 $5,068 $— $— $20,763 
Term Loans Amortized Cost Basis by Origination Year as of
December 31, 2024
(amounts in thousands)20242023202220212020PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Commercial and industrial loans and leases, including specialized lending:
Pass$2,103,150 $738,456 $1,278,246 $333,068 $107,840 $6,742 $1,907,480 $336,100 $6,811,082 
Special mention16,905 — 6,933 1,522 — 62 8,144 3,630 37,196 
Substandard— 1,631 43,668 11,525 4,178 62,095 27,830 2,814 153,741 
Doubtful— — — — — — — — — 
Total commercial and industrial loans and leases$2,120,055 $740,087 $1,328,847 $346,115 $112,018 $68,899 $1,943,454 $342,544 $7,002,019 
Commercial and industrial loans and leases charge-offs:
For the Year Ended December 31, 2024 (1)
$312 $2,765 $5,833 $4,865 $2,429 $7,531 $— $— $23,735 
Multifamily loans:
Pass$235,685 $813 $1,182,371 $288,055 $124,779 $314,967 $— $— $2,146,670 
Special mention— — 14,040 12,093 — 32,316 — — 58,449 
Substandard— — — — — 47,127 — — 47,127 
Doubtful— — — — — — — — — 
Total multifamily loans$235,685 $813 $1,196,411 $300,148 $124,779 $394,410 $— $— $2,252,246 
Multifamily loans charge-offs:
For the Year Ended December 31, 2024
$— $— $— $— $— $4,073 $— $— $4,073 
Commercial real estate owner occupied loans:
Pass$395,522 $54,356 $211,300 $195,169 $42,078 $118,677 $7,605 $104 $1,024,811 
Special mention— — 159 16,429 10,000 15,885 — 11,136 53,609 
Substandard— 2,944 703 — — 18,877 — — 22,524 
Doubtful— — — — — — — — — 
Total commercial real estate owner occupied loans$395,522 $57,300 $212,162 $211,598 $52,078 $153,439 $7,605 $11,240 $1,100,944 
Commercial real estate owner occupied loans charge-offs:
For the Year Ended December 31, 2024
$— $— $— $— $— $365 $— $— $365 
Commercial real estate non-owner occupied loans:
Pass$163,429 $30,367 $412,352 $96,656 $165,111 $413,336 $2,000 $— $1,283,251 
Special mention— 12,000 4,277 — — 431 — — 16,708 
Substandard— — — — — 59,171 — — 59,171 
Doubtful— — — — — — — — — 
Total commercial real estate non-owner occupied loans$163,429 $42,367 $416,629 $96,656 $165,111 $472,938 $2,000 $— $1,359,130 
Commercial real estate non-owner occupied loans charge-offs:
For the Year Ended December 31, 2024
$— $— $— $— $145 $— $— $— $145 
Construction loans:
Pass$16,103 $22,610 $94,957 $— $— $4,446 $— $— $138,116 
Special mention— 9,093 — — — — — — 9,093 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Total construction loans$16,103 $31,703 $94,957 $— $— $4,446 $— $— $147,209 
Construction loans charge-offs:
For the Year Ended December 31, 2024
$— $— $— $— $— $— $— $— $— 
Total commercial loans and leases receivable$2,930,794 $872,270 $3,249,006 $954,517 $453,986 $1,094,132 $1,953,059 $353,784 $11,861,548 
Term Loans Amortized Cost Basis by Origination Year as of
December 31, 2024
(amounts in thousands)20242023202220212020PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Total commercial loans and leases receivable charge-offs:
For the Year Ended December 31, 2024
$312 $2,765 $5,833 $4,865 $2,574 $11,969 $— $— $28,318 
Residential real estate loans:
Performing$45,757 $20,701 $163,473 $123,170 $5,827 $77,989 $50,807 $— $487,724 
Non-performing138 273 925 1,077 317 5,425 680 — 8,835 
Total residential real estate loans$45,895 $20,974 $164,398 $124,247 $6,144 $83,414 $51,487 $— $496,559 
Residential real estate loans charge-offs:
For the Year Ended December 31, 2024
$— $— $— $— $— $38 $— $— $38 
Manufactured housing loans:
Performing$— $— $— $— $— $31,570 $— $— $31,570 
Non-performing— — — — — 1,553 — — 1,553 
Total manufactured housing loans$— $— $— $— $— $33,123 $— $— $33,123 
Manufactured housing loans charge-offs:
For the Year Ended December 31, 2024
$— $— $— $— $— $— $— $— $— 
Installment loans:
Performing$86,018 $164,223 $255,777 $98,375 $31,808 $25,733 $46,126 $5 $708,065 
Non-performing238 1,829 1,698 918 260 504 141 — 5,588 
Total installment loans$86,256 $166,052 $257,475 $99,293 $32,068 $26,237 $46,267 $5 $713,653 
Installment loans charge-offs:
For the Year Ended December 31, 2024
$2,797 $8,791 $22,707 $15,211 $2,811 $3,792 $— $— $56,109 
Total consumer loans$132,151 $187,026 $421,873 $223,540 $38,212 $142,774 $97,754 $5 $1,243,335 
Total consumer loans charge-offs:
For the Year Ended December 31, 2024
$2,797 $8,791 $22,707 $15,211 $2,811 $3,830 $— $— $56,147 
Loans and leases receivable$3,062,945 $1,059,296 $3,670,879 $1,178,057 $492,198 $1,236,906 $2,050,813 $353,789 $13,104,883 
Loans and leases receivable charge-offs:
For the Year Ended December 31, 2024
$3,109 $11,556 $28,540 $20,076 $5,385 $15,799 $— $— $84,465 
(1)    Charge-offs for the year ended December 31, 2024 included $5.0 million of commercial and industrial loans originated under the PPP that were subsequently determined to be ineligible for SBA forgiveness and guarantee and were ultimately deemed uncollectible.
Loan Purchases and Sales
Purchases and sales of loans held for investment were as follows for the three months ended March 31, 2025 and 2024:
Three Months Ended March 31,
(amounts in thousands)20252024
Purchases (1)
Other commercial and industrial$1,079 $7,403 
Personal installment (2)
104,941 — 
Total$106,020 $7,403 
Sales
Multifamily$8,000 $— 
Personal installment
281 — 
Total$8,281 $— 
(1)Amounts reported in the above table are the unpaid principal balance at time of purchase. The purchase price was 99.5% and 100.0% of the loans’ unpaid principal balance for the three months ended March 31, 2025 and 2024, respectively.
(2)Installment loan purchases for the three months ended March 31, 2025 consist of third-party originated unsecured consumer loans. None of the loans held for investment are considered sub-prime at the time of origination. Customers considers sub-prime borrowers to be those with FICO scores below 660.
Loans Pledged as Collateral
Customers has pledged eligible commercial and residential real estate, multifamily, commercial and industrial, PPP and consumer installment loans as collateral for borrowings outstanding or available immediately from the FHLB and FRB in the amount of $8.2 billion and $8.0 billion at March 31, 2025 and December 31, 2024, respectively.