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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 
Form 10-Q
Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2024
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from                      to                     .
001-35542
(Commission File number)

Capture.jpg

(Exact name of registrant as specified in its charter)
Customers Bancorp, Inc.

Pennsylvania 27-2290659
(State or other jurisdiction of incorporation or organization) (IRS Employer Identification No.)
701 Reading Avenue
West Reading, PA 19611
(Address of principal executive offices)
(610) 933-2000
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolsName of Each Exchange on which Registered
Voting Common Stock, par value $1.00 per shareCUBINew York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series E, par value $1.00 per share
CUBI/PENew York Stock Exchange
Fixed-to-Floating Rate Non-Cumulative Perpetual
Preferred Stock, Series F, par value $1.00 per share
CUBI/PFNew York Stock Exchange
5.375% Subordinated Notes due 2034CUBBNew York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated Filer
Non-accelerated filer
o 
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    Yes      No  x




________________________________________ 
On May 6, 2024, 31,652,021 shares of Voting Common Stock were outstanding.



CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

2

GLOSSARY OF ABBREVIATIONS AND ACRONYMS
The following list of abbreviations and acronyms may be used throughout this Report, including Management’s Discussion and Analysis of Financial Condition and Results of Operations, the Unaudited Consolidated Financial Statements and the Notes to the Unaudited Consolidated Financial Statements.
ACLAllowance for credit losses
AFSAvailable for sale
AOCIAccumulated other comprehensive income (loss)
ASCAccounting Standards Codification
ASUAccounting Standards Update
B2BBusiness-to-business
BancorpCustomers Bancorp, Inc.
BankCustomers Bank
BBB spreadBBB rated corporate bond spreads to U.S. Treasury securities
BM TechnologiesBM Technologies, Inc.
BOLIBank-owned life insurance
CBITTM
Customers Bank Instant Token
CCFCustomers Commercial Finance, LLC
CECLCurrent expected credit losses
CODM
Chief operating decision maker
CommissionU.S. Securities and Exchange Commission
CompanyCustomers Bancorp, Inc. and subsidiaries
COVID-19
Coronavirus Disease 2019
CPIConsumer Price Index
CRACommunity Reinvestment Act
CUBISymbol for Customers Bancorp, Inc. common stock traded on the NYSE
CustomersCustomers Bancorp, Inc. and Customers Bank, collectively
Customers BancorpCustomers Bancorp, Inc.
DCFDiscounted cash flow
EPSEarnings per share
EVEEconomic value of equity
Exchange ActSecurities Exchange Act of 1934
FASBFinancial Accounting Standards Board
FDICFederal Deposit Insurance Corporation
Fed Funds
Federal Reserve Board’s Effective Federal Funds Rate
Federal Reserve,
Federal Reserve Board
Board of Governors of the Federal Reserve System
FHLBFederal Home Loan Bank
FICOFair, Isaac and Company
FintechThird-Party Financial Technology
FMVFair Market Value
FRBFederal Reserve Bank of Philadelphia
GDPGross domestic product
HTMHeld to maturity
LIBORLondon Interbank Offered Rate
LPOLimited Purpose Office
MMDAMoney market deposit accounts
NIMNet interest margin, tax equivalent
NMNot meaningful
NPANon-performing asset
NPLNon-performing loan
NYSENew York Stock Exchange
OCIOther comprehensive income (loss)
OREOOther real estate owned
PCDPurchased Credit-Deteriorated
PPPPaycheck Protection Program
PUTPurchase Upon Termination
Rate ShocksInterest rates rising or falling immediately
ROURight-of-use
3

SBAU.S. Small Business Administration
SBA loansLoans originated pursuant to the rules and regulations of the SBA
SECU.S. Securities and Exchange Commission
Securities ActSecurities Act of 1933, as amended
Series E Preferred StockFixed-to-floating rate non-cumulative perpetual preferred stock, series E
Series F Preferred StockFixed-to-floating rate non-cumulative perpetual preferred stock, series F
SOFRSecured Overnight Financing Rate
TRACTerminal Rental Adjustment Clause
U.S. GAAPAccounting principles generally accepted in the United States of America
VIEVariable interest entity


4

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET — UNAUDITED
(amounts in thousands, except share and per share data)
March 31,
2024
December 31,
2023
ASSETS
Cash and due from banks$51,974 $45,210 
Interest earning deposits3,649,146 3,801,136 
Cash and cash equivalents3,701,120 3,846,346 
Investment securities, at fair value (includes allowance for credit losses of $5,069 and $3,952, respectively)
2,604,868 2,405,640 
Investment securities held to maturity1,032,037 1,103,170 
Loans held for sale (includes $219,885 and $189,277, respectively, at fair value)
357,640 340,317 
Loans and leases receivable11,936,621 11,963,855 
Loans receivable, mortgage finance, at fair value
962,610 897,912 
Allowance for credit losses on loans and leases(133,296)(135,311)
Total loans and leases receivable, net of allowance for credit losses on loans and leases12,765,935 12,726,456 
FHLB, Federal Reserve Bank, and other restricted stock100,067 109,548 
Accrued interest receivable120,123 114,766 
Bank premises and equipment, net7,253 7,371 
Bank-owned life insurance293,400 292,193 
Goodwill and other intangibles3,629 3,629 
Other assets361,295 366,829 
Total assets$21,347,367 $21,316,265 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Demand, non-interest bearing$4,688,880 $4,422,494 
Interest bearing13,272,503 13,497,742 
Total deposits17,961,383 17,920,236 
FHLB advances1,195,088 1,203,207 
Other borrowings123,905 123,840 
Subordinated debt182,300 182,230 
Accrued interest payable and other liabilities193,074 248,358 
Total liabilities19,655,750 19,677,871 
Commitments and contingencies (NOTE 15)
Shareholders’ equity:
Preferred stock, par value $1.00 per share; liquidation preference $25.00 per share; 100,000,000 shares authorized, 5,700,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023
137,794 137,794 
Common stock, par value $1.00 per share; 200,000,000 shares authorized; 35,540,367 and 35,459,342 shares issued as of March 31, 2024 and December 31, 2023; 31,521,931 and 31,440,906 shares outstanding as of March 31, 2024 and December 31, 2023
35,540 35,459 
Additional paid in capital567,490 564,538 
Retained earnings1,205,508 1,159,582 
Accumulated other comprehensive income (loss), net(132,305)(136,569)
Treasury stock, at cost (4,018,436 shares as of March 31, 2024 and December 31, 2023)
(122,410)(122,410)
Total shareholders’ equity1,691,617 1,638,394 
Total liabilities and shareholders’ equity$21,347,367 $21,316,265 
See accompanying notes to the unaudited consolidated financial statements.
5

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (LOSS) — UNAUDITED
(amounts in thousands, except per share data)
Three Months Ended
March 31,
 20242023
Interest income:
Loans and leases$217,999 $244,212 
Investment securities46,802 47,316 
Interest earning deposits52,817 10,395 
Loans held for sale12,048 11,701 
Other2,111 1,321 
Total interest income331,777 314,945 
Interest expense:
Deposits153,725 143,930 
FHLB advances13,485 10,370 
FRB advances 6,286 
Subordinated debt2,689 2,689 
Other borrowings1,493 1,771 
Total interest expense171,392 165,046 
Net interest income160,385 149,899 
Provision for credit losses
17,070 19,603 
Net interest income after provision for credit losses
143,315 130,296 
Non-interest income:
Commercial lease income9,683 9,326 
Loan fees5,280 3,990 
Bank-owned life insurance3,261 2,647 
Mortgage finance transactional fees946 1,074 
Gain (loss) on sale of loans10  
Net gain (loss) on sale of investment securities(30) 
Other2,081 1,084 
Total non-interest income21,231 18,121 
Non-interest expense:
Salaries and employee benefits36,025 32,345 
Technology, communication and bank operations21,904 16,589 
Commercial lease depreciation7,970 7,875 
Professional services6,353 7,596 
Loan servicing4,031 4,661 
Occupancy2,347 2,760 
FDIC assessments, non-income taxes and regulatory fees13,469 2,728 
Advertising and promotion682 1,049 
Other6,388 4,530 
Total non-interest expense99,169 80,133 
Income before income tax expense65,377 68,284 
Income tax expense15,651 14,563 
Net income49,726 53,721 
Preferred stock dividends3,800 3,456 
Net income available to common shareholders$45,926 $50,265 
Basic earnings per common share $1.46 $1.58 
Diluted earnings per common share1.40 1.55 
See accompanying notes to the unaudited consolidated financial statements.
6

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) — UNAUDITED
(amounts in thousands)
 Three Months Ended
March 31,
 20242023
Net income$49,726 $53,721 
Unrealized gains (losses) on available for sale debt securities:
Unrealized gains (losses) arising during the period4,480 8,270 
Income tax effect(1,138)(2,101)
Reclassification adjustments for (gains) losses included in net income30  
Income tax effect(8) 
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity1,206 872 
Income tax effect(306)(221)
Net unrealized gains (losses) on available for sale debt securities4,264 6,820 
Other comprehensive income (loss), net of income tax effect4,264 6,820 
Comprehensive income (loss)$53,990 $60,541 
See accompanying notes to the unaudited consolidated financial statements.
7

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED
(amounts in thousands, except shares outstanding data)
Three Months Ended March 31, 2024
Preferred StockCommon Stock
Shares of
Preferred
Stock
Outstanding
Preferred
Stock
Shares of
Common
Stock
Outstanding
Common
Stock
Additional
Paid in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Total
Balance, December 31, 20235,700,000 $137,794 31,440,906 $35,459 $564,538 $1,159,582 $(136,569)$(122,410)$1,638,394 
Net income— — — — — 49,726 — — 49,726 
Other comprehensive income (loss)— — — — — — 4,264 — 4,264 
Preferred stock dividends (1)
— — — — — (3,800)— — (3,800)
Share-based compensation expense— — — — 3,976 — — — 3,976 
Issuance of common stock under share-based compensation arrangements— — 81,025 81 (1,024)— — — (943)
Balance, March 31, 20245,700,000 $137,794 31,521,931 $35,540 $567,490 $1,205,508 $(132,305)$(122,410)$1,691,617 
Three Months Ended March 31, 2023
Preferred StockCommon Stock
Shares of
Preferred
Stock
Outstanding
Preferred StockShares of
Common
Stock
Outstanding
Common
Stock
Additional
Paid in
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income (Loss)
Treasury
Stock
Total
Balance, December 31, 20225,700,000 $137,794 32,373,697 $35,012 $551,721 $924,134 $(163,096)$(82,604)$1,402,961 
Net income— — — — — 53,721 — — 53,721 
Other comprehensive income (loss)— — — — — — 6,820 — 6,820 
Preferred stock dividends (1)
— — — — — (3,456)— — (3,456)
Share-based compensation expense— — — — 2,980 — — — 2,980 
Issuance of common stock under share-based compensation arrangements— — 245,936 246 (2,446)— — — (2,200)
Repurchase of common shares— — (1,379,883)— — — — (39,806)(39,806)
Balance, March 31, 20235,700,000 $137,794 31,239,750 $35,258 $552,255 $974,399 $(156,276)$(122,410)$1,421,020 
(1)Dividends per share of $0.681630 and $0.657743 were declared on Series E and F preferred stock, respectively, for the three months ended March 31, 2024. Dividends per share of $0.619313 and $0.595688 were declared on Series E and F preferred stock, respectively, for the three months ended March 31, 2023.
See accompanying notes to the unaudited consolidated financial statements.
8

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
(amounts in thousands)
 Three Months Ended
March 31,
 20242023
Cash Flows from Operating Activities
Net income from continuing operations$49,726 $53,721 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses17,070 19,603 
Depreciation and amortization8,246 8,833 
Share-based compensation expense3,890 3,005 
Deferred taxes(276)18,656 
Net amortization (accretion) of investment securities premiums and discounts(2,286)(2,682)
Unrealized (gain) loss on investment securities45 (62)
Net (gain) loss on sale of investment securities30  
Impairment loss on fixed assets and leases 109 
Unrealized (gain) loss on derivatives(661)52 
Settlement of terminated fair value hedge derivatives 4,630 
(Gain) loss on sale of loans(68) 
Origination and purchases of loans held for sale(340,536)(185,919)
Proceeds from the sales and repayments of loans held for sale322,413 106,146 
Amortization (accretion) of loan net deferred fees, discounts and premiums(7,367)(23,039)
Earnings on investment in bank-owned life insurance(3,261)(2,647)
(Increase) decrease in accrued interest receivable and other assets(10,576)(932)
Increase (decrease) in accrued interest payable and other liabilities(55,207)18,064 
Net Cash Provided By (Used In) Operating Activities(18,818)17,538 
Cash Flows from Investing Activities
Proceeds from maturities, calls and principal repayments of investment securities available for sale 113,323 69,648 
Proceeds from maturities, calls and principal repayments of investment securities held to maturity72,327 44,213 
Proceeds from sales of investment securities available for sale21,970  
Purchases of investment securities available for sale(328,905) 
Purchases of investment securities held to maturity (73,074)
Origination of mortgage finance loans(4,936,887)(4,702,988)
Proceeds from repayments of mortgage finance loans4,880,422 4,794,683 
Net (increase) decrease in loans and leases, excluding mortgage finance loans
16,634 736,616 
Purchases of loans(7,403)(12,550)
Proceeds from bank-owned life insurance176 727 
Net (purchases of) proceeds from sale of FHLB, Federal Reserve Bank, and other restricted stock9,481 (50,537)
Purchases of bank premises and equipment(418)(130)
Proceeds from sale of other real estate owned33  
Proceeds from sales of leased assets under lessor operating leases94 113 
Purchases of leased assets under lessor operating leases(4,007)(2,076)
Net Cash Provided By (Used In) Investing Activities(163,160)804,645 
(continued)
Three Months Ended
March 31,
20242023
Cash Flows from Financing Activities
Net increase (decrease) in deposits41,501 (435,823)
Net increase (decrease) in short-term borrowed funds from FHLB (300,000)
Proceeds from long-term borrowed funds from FHLB and FRB 2,565,000 
Repayments of long-term borrowed funds from FHLB and FRB (1,015,000)
Preferred stock dividends paid(3,804)(3,450)
Purchase of treasury stock (39,806)
Payments of employee taxes withheld from share-based awards(1,426)(2,280)
Proceeds from issuance of common stock481 55 
Net Cash Provided By (Used In) Financing Activities36,752 768,696 
Net Increase (Decrease) in Cash and Cash Equivalents(145,226)1,590,879 
Cash and Cash Equivalents – Beginning3,846,346 455,806 
Cash and Cash Equivalents – Ending$3,701,120 $2,046,685 
Non-cash Investing and Financing Activities:
Transfer of loans held for investment to held for sale$ $16,000 
Transfer of loans held for sale to held for investment858  
See accompanying notes to the unaudited consolidated financial statements.
9

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS
NOTE 1 — DESCRIPTION OF THE BUSINESS
Customers Bancorp, Inc. (“Customers Bancorp”) is a bank holding company engaged in banking activities through its wholly owned subsidiary, Customers Bank (“the Bank”), collectively referred to as “Customers” herein.
Customers Bancorp and its wholly owned subsidiaries, the Bank, and non-bank subsidiaries, serve businesses and residents in Berks County and Southeastern Pennsylvania (Bucks, Chester and Philadelphia Counties); New York (Westchester and Suffolk Counties, and Manhattan); Hamilton, New Jersey; Boston, Massachusetts; Providence, Rhode Island; Portsmouth, New Hampshire; Chicago, Illinois; Dallas, Texas; Wilmington, North Carolina; and nationally for certain loan and deposit products. The Bank has seven branches and provides commercial banking products, primarily loans and deposits. In addition, the Bank also administratively supports loan and other financial products, including equipment finance leases, to customers through its limited-purpose offices. The Bank also serves specialized businesses nationwide, including its mortgage finance loans, commercial equipment financing, SBA lending, specialized lending and consumer loans through relationships with fintech companies.
The Bank is subject to regulation of the Pennsylvania Department of Banking and Securities and the Federal Reserve Bank and is periodically examined by those regulatory authorities.
NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION
Basis of Presentation
The interim unaudited consolidated financial statements have been prepared in conformity with U.S. GAAP and pursuant to the rules and regulations of the SEC. These interim unaudited consolidated financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary to present a fair statement of the financial position and the results of operations and cash flows of Customers Bancorp and subsidiaries for the interim periods presented. Certain information and footnote disclosures normally included in the annual consolidated financial statements have been omitted from these interim unaudited consolidated financial statements as permitted by SEC rules and regulations. The December 31, 2023 consolidated balance sheet presented in this report has been derived from Customers Bancorp’s audited 2023 consolidated financial statements. Management believes that the disclosures are adequate to present fairly the consolidated financial statements as of the dates and for the periods presented. These interim unaudited consolidated financial statements should be read in conjunction with the 2023 consolidated financial statements of Customers Bancorp and subsidiaries included in Customers’ Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 29, 2024 (the “2023 Form 10-K”). The 2023 Form 10-K describes Customers Bancorp’s significant accounting policies. There have been no material changes to Customers Bancorp’s significant accounting policies noted above for the three months ended March 31, 2024.
Recently Issued Accounting Standards
Presented below are recently issued accounting standards that Customers has adopted as well as those that the FASB has issued but are not yet effective.
10

Accounting Standards Adopted in 2024
StandardSummary of GuidanceEffects on Financial Statements
ASU 2022-03,
Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions

Issued June 2022
• Clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and not considered in measuring fair value.
• Prohibits recognition and measurement of a contractual sale restriction on the sale of an equity security as a separate unit of account.
• Provides disclosure requirements for the equity securities subject to contractual sale restrictions.
• Effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance.
• Customers adopted this guidance on January 1, 2024. This guidance did not have a material impact on Customers’ financial condition, results of operations and consolidated financial statements.
ASU 2023-02,
Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method

Issued March 2023
• Provides an election to account for tax equity investments, regardless of the tax credit program, using the proportional amortization method provided that certain conditions are met.
• Effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for any interim period, as of the beginning of the fiscal year that includes that interim period.
• Customers adopted this guidance on January 1, 2024. This guidance did not have a material impact on Customers’ financial condition, results of operations and consolidated financial statements.
11

Accounting Standards Issued But Not Yet Adopted
StandardSummary of GuidanceEffects on Financial Statements
ASU 2023-07,
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures

Issued November 2023
• Requires a public entity, including a public entity that has a single reportable segment to disclose, on an annual and interim basis, all disclosures required by the amendments in this ASU and all existing disclosures in ASC 280.
• Requires disclosures of significant segment expenses included within each reportable segment’s profit or loss that are regularly provided to the CODM, an amount for other segment items by reportable segment and a description of its composition, the title and position of the CODM and an explanation of how the CODM uses the reported measure of segment profit or loss.
• Clarifies that more than one measure of a segment’s profit or loss may be reported if the CODM uses them in assessing segment performance and deciding how to allocate resources, provided that at least one of the reported segment profit or loss measure is consistent with the measurement principles used in measuring the corresponding amounts in the entity’s consolidated financial statements.
• Effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted.
• Customers is currently evaluating the expected impact of this ASU on Customers’ consolidated financial statements.
ASU 2023-08,
Intangibles - Goodwill and Other - Crypto Assets (Subtopic 250-60)

Issued December 2023
• Requires crypto assets meeting certain criteria to be subsequently measured at fair value with changes recognized in net income each reporting period.
• Requires crypto assets measured at fair value to be presented separately from other intangible assets in the balance sheet and changes from the remeasurement of crypto assets separately from changes in the carrying amounts of other intangible assets in the income statement.
• Requires cash receipts arising from crypto assets that are received as noncash consideration in the ordinary course of business and converted nearly immediately into cash as operating activities in the statement of cash flows.
• Effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued.
• Customers does not expect this ASU to have a material impact on Customers’ financial condition, results of operations and consolidated financial statements.
ASU 2023-09,
Income Taxes (Topic 740): Improvements to Income Tax Disclosures

Issued December 2023
• Requires public entities to disclose annually a tabular reconciliation of specific reconciling items, including those items exceeding five percent of the amount computed by multiplying income from continuing operations before income taxes by the statutory income tax rate, in the income tax rate reconciliation of the effective tax rate to the statutory tax rate.
• Requires disclosures of income taxes paid, net of refunds received, disaggregated by federal, state and foreign taxes and by individual jurisdictions where income taxes paid is equal to or greater than five percent of total income taxes paid, net of refunds received.
• Effective for fiscal years beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued.
• Customers is currently evaluating the expected impact of this ASU on Customers’ consolidated financial statements.
12

NOTE 3 — EARNINGS (LOSS) PER SHARE
The following are the components and results of Customers’ earnings per common share calculations for the periods presented.
 Three Months Ended
March 31,
(amounts in thousands, except share and per share data)20242023
Net income available to common shareholders$45,926 $50,265 
Weighted-average number of common shares outstanding – basic31,473,424 31,819,203 
Share-based compensation plans1,381,110 525,814 
Weighted-average number of common shares – diluted32,854,534 32,345,017 
Basic earnings per common share$1.46 $1.58 
Diluted earnings per common share1.40 1.55 
The following are securities that could potentially dilute basic earnings per common share in future periods that were not included in the computation of diluted earnings per common share because either the performance conditions for certain of the share-based compensation awards have not been met or to do so would have been anti-dilutive for the periods presented.
 Three Months Ended
March 31,
 20242023
Anti-dilutive securities:
Share-based compensation awards1,680 850,725 
NOTE 4 — CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT
The following tables present the changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2024 and 2023. Amounts in parentheses indicate reductions to AOCI.
Unrealized Gains (Losses) on Available for Sale Securities (1)
 Three Months Ended March 31,
(amounts in thousands)20242023
Balance at January 1
$(136,569)$(163,096)
Unrealized gains (losses) arising during period, before tax4,480 8,270 
Income tax effect(1,138)(2,101)
Other comprehensive income (loss) before reclassifications3,342 6,169 
Reclassification adjustments for (gains) losses included in net income, before tax30  
Income tax effect(8) 
Amounts reclassified from accumulated other comprehensive income (loss) to net income
22  
Amortization of unrealized loss on securities transferred from available for sale to held to maturity1,206 872 
Income tax effect(306)(221)
Amortization of unrealized loss on securities transferred from available for sale to held to maturity900 651 
Net current-period other comprehensive income (loss)4,264 6,820 
Balance at March 31
$(132,305)$(156,276)
(1)Reclassification amounts for AFS debt securities are reported as gain (loss) on sale of investment securities and amortization of unrealized losses on debt securities transferred from available-for-sale to held-to-maturity is reported within interest income on the consolidated statements of income.
13

NOTE 5 — INVESTMENT SECURITIES
Investment securities at fair value
The amortized cost, approximate fair value and allowance for credit losses of investment securities at fair value as of March 31, 2024 and December 31, 2023 are summarized as follows:
 
March 31, 2024 (1)
(amounts in thousands)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Available for sale debt securities:
Asset-backed securities$62,274 $(450)$ $(3,590)$58,234 
Agency-guaranteed residential mortgage-backed securities 86,227  299 (114)86,412 
Agency-guaranteed residential collateralized mortgage obligations138,573   (13,615)124,958 
Agency-guaranteed commercial collateralized mortgage obligations34,573  73 (872)33,774 
Collateralized loan obligations593,236  55 (8,796)584,495 
Commercial mortgage-backed securities114,445   (1,819)112,626 
Corporate notes668,459 (4,619) (53,370)610,470 
Private label collateralized mortgage obligations1,017,587  628 (58,045)960,170 
Available for sale debt securities$2,715,374 $(5,069)$1,055 $(140,221)2,571,139 
Equity securities (2)
33,729 
Total investment securities, at fair value$2,604,868 
 
December 31, 2023 (1)
(amounts in thousands)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Available for sale debt securities:
Asset-backed securities$97,359