XML 46 R19.htm IDEA: XBRL DOCUMENT v3.25.2
SHAREHOLDERS’ EQUITY
 6 Months Ended
Jun. 30, 2025
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. Customers Bancorp purchased 104,206 shares of its common stock for $5.6 million under the 2024 Share Repurchase Program during the six months ended June 30, 2025. As of March 30, 2025, Customers had purchased all shares authorized under the 2024 Share Repurchase Program.
Preferred Stock
As of June 30, 2025 and December 31, 2024, Customers Bancorp had one and two series of preferred stock outstanding, respectively. On June 16, 2025, Customers redeemed all of the outstanding shares of Series E Preferred Stock for an aggregate payment of $57.5 million, at a redemption price of $25.00 per share. The redemption price paid in excess of the carrying value of Series E Preferred Stock of $1.9 million is included as a loss on redemption of preferred stock in the consolidated statements of income for the three and six months ended June 30, 2025. After giving effect to the redemption, no shares of the Series E Preferred Stock remained outstanding.
The table below summarizes Customers’ issuances of preferred stock that remain outstanding at June 30, 2025 and December 31, 2024 and the dividends paid per share:
(amounts in thousands except share and per share data)Shares atCarrying value at
Initial Fixed Rate
Date at which dividend rate becomes floating and earliest redemption date
Floating rate of Three-Month SOFR (1) Plus:
Dividend Paid Per Share in 2025 (2)
Fixed-to-floating rate:Issue DateJune 30, 2025December 31, 2024June 30, 2025December 31, 2024
Series EApril 28, 2016—2,300,000$— $55,593 6.45 %June 15, 20215.140 %$1.23 
Series FSeptember 16, 20163,400,0003,400,00082,201 82,201 6.00 %December 15, 20214.762 %$1.18 
Totals3,400,0005,700,000$82,201 $137,794 
(1)    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.
(2)    For the six months ended June 30, 2025.