Companies: 11,396     total market cap: $149.667 T
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Customers Bancorp
CUBI
#4241
Rank
$2.84 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$85.26
Share price
0.07%
Change (1 day)
27.10%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Customers Bancorp
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q3

Customers Bancorp - 10-Q quarterly report FY2026 Q3


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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 September 30, 2026
☐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.

Pennsylvania27-2290659
(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
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 November 3, 2026, 33,352,441 shares of Voting Common Stock were outstanding.


CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
Table of Contents
Item 1.
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Item 2.
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Item 3.
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Item 4.
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Item 1.
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Item 1A.
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Item 2.
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Item 3.
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Item 5.
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Item 6.
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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.
2019 Plan2019 Stock Incentive Plan
2024 Share Repurchase Program
Share repurchase program authorized by the Board of Directors of Customers Bancorp in 2024
2026 Share Repurchase Program
Share repurchase program authorized by the Board of Directors of Customers Bancorp in 2026
ACLAllowance for credit losses
AFSAvailable for sale
AOCIAccumulated other comprehensive income (loss)
ASCAccounting Standards Codification
ASUAccounting Standards Update
BancorpCustomers Bancorp, Inc.
BankCustomers Bank
BBB spreadBBB rated corporate bond spreads to U.S. Treasury securities
CECLCurrent expected credit losses
CMO
Collateralized mortgage obligation
CODM
Chief operating decision maker
CommissionU.S. Securities and Exchange Commission
CompanyCustomers Bancorp, Inc. and subsidiaries
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
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
FICO
Fair Isaac Corporation
FintechThird-Party Financial Technology
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
Rate ShocksInterest rates rising or falling immediately
ROURight-of-use
SBAU.S. Small Business Administration
SBA loansLoans originated pursuant to the rules and regulations of the SBA
3
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
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)
September 30,
2026		December 31,
2025
ASSETS
Cash and due from banks$95,500 $62,051 
Interest earning deposits3,529,465 4,349,412 
Cash and cash equivalents3,624,965 4,411,463 
Investment securities, at fair value (includes allowance for credit losses of $34,464 and $28,805, respectively)
3,571,796 1,937,646 
Investment securities held to maturity601,300 729,134 
Loans held for sale (includes $4,883 and $2,745, respectively, at fair value)
109,509 26,102 
Loans and leases receivable16,922,448 15,041,340 
Loans receivable, mortgage finance, at fair value
1,400,573 1,612,997 
Loans receivable, installment, at fair value78,807 102,077 
Allowance for credit losses on loans and leases(172,125)(155,656)
Total loans and leases receivable, net of allowance for credit losses on loans and leases18,229,703 16,600,758 
FHLB, Federal Reserve Bank, and other restricted stock146,161 110,411 
Accrued interest receivable113,421 103,626 
Bank premises and equipment, net19,191 16,745 
Bank-owned life insurance312,480 305,503 
Other real estate owned12,568 12,432 
Goodwill and other intangibles3,629 3,629 
Other assets666,925 638,419 
Total assets$27,411,648 $24,895,868 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Demand, non-interest bearing$7,209,138 $6,303,748 
Interest bearing15,354,695 14,474,956 
Total deposits22,563,833 20,778,704 
FHLB advances2,137,182 1,325,068 
Other borrowings99,313 99,208 
Subordinated debt171,867 281,147 
Accrued interest payable and other liabilities246,753 296,224 
Total liabilities25,218,948 22,780,351 
Commitments and contingencies (NOTE 17)
Shareholders’ equity:
Common stock, par value $1.00 per share; 200,000,000 shares authorized; 36,544,357 and 36,188,920 shares issued as of September 30, 2026 and December 31, 2025; 33,340,010 and 34,191,223 shares outstanding as of September 30, 2026 and December 31, 2025
36,544 36,189 
Additional paid in capital675,689 666,756 
Retained earnings1,754,790 1,535,194 
Accumulated other comprehensive income (loss), net(118,011)(54,050)
Treasury stock, at cost (3,204,347 and 1,997,697 shares as of September 30, 2026 and December 31, 2025)
(156,312)(68,572)
Total shareholders’ equity2,192,700 2,115,517 
Total liabilities and shareholders’ equity$27,411,648 $24,895,868 
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
September 30,		Nine Months Ended
September 30,
2026202520262025
Interest income:
Loans and leases$282,865 $272,131 $810,227 $750,008 
Investment securities45,663 36,091 112,531 107,811 
Interest earning deposits36,548 49,639 116,006 132,525 
Loans held for sale2,896 1,589 5,411 8,156 
Other2,785 2,029 7,551 5,889 
Total interest income370,757 361,479 1,051,726 1,004,389 
Interest expense:
Deposits139,439 141,983 395,861 407,336 
FHLB advances19,216 12,945 49,260 37,463 
Subordinated debt2,723 3,251 10,067 9,692 
Federal funds purchased16 — 128 — 
Other borrowings1,285 1,388 3,615 3,837 
Total interest expense162,679 159,567 458,931 458,328 
Net interest income208,078 201,912 592,795 546,061 
Provision for credit losses
25,434 26,543 71,873 75,621 
Net interest income after provision for credit losses
182,644 175,369 520,922 470,440 
Non-interest income:
Commercial lease income15,955 11,536 46,765 33,260 
Loan fees6,249 11,443 25,428 27,784 
Bank-owned life insurance2,254 2,165 7,551 9,074 
Mortgage finance transactional fees1,308 1,298 3,946 3,406 
Net gain (loss) on sale of loans and leases964 — 3,069 2 
Net gain (loss) on sale of investment securities(292)186 217 (1,611)
Impairment loss on debt securities— — — (51,319)
Other4,928 3,563 12,749 14,711 
Total non-interest income31,366 30,191 99,725 35,307 
Non-interest expense:
Salaries and employee benefits56,269 48,723 163,600 137,245 
Technology, communication and bank operations15,107 10,415 39,641 32,109 
Commercial lease depreciation13,166 9,463 38,619 26,669 
Professional services7,766 12,281 29,485 37,988 
Loan servicing3,915 4,167 11,484 12,850 
Occupancy3,657 4,370 11,108 11,333 
FDIC assessments, non-income taxes and regulatory fees4,727 8,505 17,527 32,161 
Advertising and promotion476 636 1,511 1,625 
Other8,313 6,657 27,300 22,634 
Total non-interest expense113,396 105,217 340,275 314,614 
Income before income tax expense100,614 100,343 280,372 191,133 
Income tax expense22,231 24,598 60,776 41,537 
Net income78,383 75,745 219,596 149,596 
Preferred stock dividends— 2,019 — 8,593 
Loss on redemption of preferred stock— — — 1,908 
Net income available to common shareholders$78,383 $73,726 $219,596 $139,095 
Basic earnings per common share $2.33 $2.28 $6.49 $4.37 
Diluted earnings per common share2.25 2.20 6.28 4.24 
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
September 30,		Nine Months Ended
September 30,
2026202520262025
Net income$78,383 $75,745 $219,596 $149,596 
Unrealized gains (losses) on available for sale debt securities:
Unrealized gains (losses) arising during the period(70,611)22,929 (64,131)1,669 
Income tax effect18,502 (6,066)16,786 (463)
Reclassification adjustments for (gains) losses included in net income292 (186)(217)52,930 
Income tax effect(77)49 58 (13,923)
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity874 1,074 2,713 3,449 
Income tax effect(228)(284)(717)(911)
Net unrealized gains (losses) on available for sale debt securities(51,248)17,516 (45,508)42,751 
Unrealized gains (losses) on cash flow hedges:
Unrealized gains (losses) arising during the period(11,932)2,286 (26,439)2,286 
Income tax effect3,127 (605)6,971 (605)
Reclassification adjustment for (gains) losses included in net income525 1,412 1,378 1,412 
Income tax effect(137)(373)(363)(373)
Net unrealized gains (losses) on cash flow hedges(8,417)2,720 (18,453)2,720 
Other comprehensive income (loss), net of income tax effect(59,665)20,236 (63,961)45,471 
Comprehensive income (loss)$18,718 $95,981 $155,635 $195,067 
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 September 30, 2026
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, June 30, 2026 — $— 33,772,598 $36,485 $669,114 $1,676,407 $(58,346)$(117,968)$2,205,692 
Net income— — — — — 78,383 — — 78,383 
Other comprehensive income (loss)— — — — — — (59,665)— (59,665)
Share-based compensation expense— — — — 5,681 — — — 5,681 
Issuance of common stock under share-based compensation arrangements— — 59,590 59 894 — — — 953 
Repurchase of common shares— — (492,178)— — — — (38,344)(38,344)
Balance, September 30, 2026— $— 33,340,010 $36,544 $675,689 $1,754,790 $(118,011)$(156,312)$2,192,700 
Three Months Ended September 30, 2025
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, June 30, 2025 3,400,000 $82,201 31,606,934 $36,123 $572,473 $1,391,380 $(71,325)$(147,294)$1,863,558 
Net income— — — — — 75,745 — — 75,745 
Other comprehensive income (loss)— — — — — — 20,236 — 20,236 
Issuance of common stock, net of offering costs of $9.0 million (1)
— — 2,518,248 — 84,753 — — 78,722 163,475 
Preferred stock dividends (2)
— — — — — (2,019)— — (2,019)
Share-based compensation expense— — — — 4,466 — — — 4,466 
Issuance of common stock under share-based compensation arrangements— — 38,324 38 560 — — — 598 
Balance, September 30, 20253,400,000 $82,201 34,163,506 $36,161 $662,252 $1,465,106 $(51,089)$(68,572)$2,126,059 
(1)Refer to NOTE 11 – SHAREHOLDERS’ EQUITY for additional information about the reissuance of shares of common stock to the public that were held in treasury stock in an underwritten public offering.
(2)Dividend per share of $0.590368 was declared on Series F Preferred Stock for the three months ended September 30, 2025.
8
Nine Months Ended September 30, 2026
Preferred StockCommon Stock
Shares of Preferred Stock OutstandingPreferred StockShares of Common Stock OutstandingCommon StockAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
Balance, December 31, 2025— $— 34,191,223 $36,189 $666,756 $1,535,194 $(54,050)$(68,572)$2,115,517 
Net income— — — — — 219,596 — — 219,596 
Other comprehensive income (loss)— — — — — — (63,961)— (63,961)
Share-based compensation expense— — — — 17,525 — — — 17,525 
Issuance of common stock under share-based compensation arrangements— — 355,437 355 (8,592)— — — (8,237)
Repurchase of common shares— — (1,206,650)— — — — (87,740)(87,740)
Balance, September 30, 2026— $— 33,340,010 $36,544 $675,689 $1,754,790 $(118,011)$(156,312)$2,192,700 
Nine Months Ended September 30, 2025
Preferred StockCommon Stock
Shares of Preferred Stock OutstandingPreferred StockShares of Common Stock OutstandingCommon StockAdditional Paid in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Treasury StockTotal
Balance, December 31, 20245,700,000 $137,794 31,346,507 $35,758 $575,333 $1,326,011 $(96,560)$(141,653)$1,836,683 
Net income— — — — — 149,596 — — 149,596 
Other comprehensive income (loss)— — — — — — 45,471 — 45,471 
Issuance of common stock, net of offering costs of $9.0 million (1)
— — 2,518,248 — 84,753 — — 78,722 163,475 
Preferred stock dividends (2)
— — — — — (8,593)— — (8,593)
Redemption of preferred stock (3)
(2,300,000)(55,593)— — — — — — (55,593)
Loss on redemption of preferred stock (3)
— — — — — (1,908)— — (1,908)
Share-based compensation expense— — — — 13,203 — — — 13,203 
Issuance of common stock under share-based compensation arrangements— — 402,957 403 (11,037)— — — (10,634)
Repurchase of common shares— — (104,206)— — — — (5,641)(5,641)
Balance, September 30, 20253,400,000 $82,201 34,163,506 $36,161 $662,252 $1,465,106 $(51,089)$(68,572)$2,126,059 
(1)Refer to NOTE 11 – SHAREHOLDERS’ EQUITY for additional information about the reissuance of shares of common stock that were held in treasury stock in an underwritten public offering.
(2)Dividends per share of $1.229832 and $1.772424 were declared on Series E and F Preferred Stock, respectively, for the nine months ended September 30, 2025.
(3)Refer to NOTE 11 – SHAREHOLDERS’ EQUITY for additional information about the redemption of Series E Preferred Stock.
See accompanying notes to the unaudited consolidated financial statements.
9
CUSTOMERS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED
(amounts in thousands)
Nine Months Ended
September 30,
20262025
Cash Flows from Operating Activities
Net income$219,596 $149,596 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses71,873 75,621 
Depreciation and amortization42,724 29,179 
Share-based compensation expense16,663 13,063 
Deferred taxes(2,238)(12,703)
Net amortization (accretion) of investment securities premiums and discounts(3,681)(2,958)
Impairment loss on debt securities— 51,319 
Net (gain) loss on sales of loans, leases and investment securities(5,293)(248)
Fair value and other adjustments2,016 (1,705)
Origination and purchases of loans held for sale(436,018)(606,180)
Proceeds from sales and repayments of loans held for sale458,538 672,239 
Amortization (accretion) of loan net deferred fees, discounts and premiums(17,587)(27,962)
Earnings on investment in bank-owned life insurance(7,551)(9,074)
(Increase) decrease in accrued interest receivable and other assets(90,963)6,528 
Increase (decrease) in accrued interest payable and other liabilities(49,137)36,474 
Net Cash Provided By (Used In) Operating Activities198,942 373,189 
Cash Flows from Investing Activities
Proceeds from maturities, calls and principal repayments of investment securities available for sale 411,860 246,168 
Proceeds from maturities, calls and principal repayments of investment securities held to maturity146,421 218,611 
Proceeds from sales of investment securities available for sale105,463 551,337 
Purchases of investment securities available for sale(2,227,873)(802,476)
Purchases of investment securities held to maturity(15,391)(24,005)
Origination of mortgage finance loans(21,246,351)(19,265,031)
Proceeds from repayments of mortgage finance loans21,476,033 19,120,445 
Net (increase) decrease in loans and leases, excluding mortgage finance loans
(1,745,539)(1,264,353)
Proceeds from sales of loans and leases134,218 1,081 
Purchases of loans(388,387)(334,886)
Purchases of bank-owned life insurance— (1,462)
Proceeds from bank-owned life insurance1,431 5,634 
Net (purchases of) proceeds from sales of FHLB, Federal Reserve Bank, and other restricted stock(37,752)(7,076)
Purchases of bank premises and equipment(1,732)(11,250)
Proceeds from sales of other real estate owned— 118 
Proceeds from sales of leased assets under lessor operating leases5,800 11,091 
Purchases of leased assets under lessor operating leases(54,206)(88,809)
Net Cash Provided By (Used In) Investing Activities(3,436,005)(1,644,863)
(continued)
Nine Months Ended
September 30,
20262025
Cash Flows from Financing Activities
Net increase (decrease) in deposits1,836,565 1,530,025 
Net increase (decrease) in short-term borrowed funds from FHLB250,000 (50,000)
Proceeds from long-term borrowed funds from FHLB and FRB1,700,000 310,000 
Repayments of long-term borrowed funds from FHLB and FRB(1,130,000)(200,000)
Repayments of subordinated long-term debt(110,000)— 
Redemption of preferred stock— (57,501)
Preferred stock dividends paid— (8,855)
Purchase of treasury stock(87,740)(5,641)
Payments of employee taxes withheld from share-based awards(10,547)(12,534)
Proceeds from issuance of common stock2,287 165,888 
Net Cash Provided By (Used In) Financing Activities2,450,565 1,671,382 
Net Increase (Decrease) in Cash and Cash Equivalents(786,498)399,708 
Cash and Cash Equivalents – Beginning4,411,463 3,785,931 
Cash and Cash Equivalents – Ending$3,624,965 $4,185,639 
Non-cash Investing and Financing Activities:
Transfer of loans held for investment to held for sale$83,459 $4,700 
Transfer of loans held for sale to held for investment1,683 138,176 
Transfer of loans to other real estate owned136 12,644 
See accompanying notes to the unaudited consolidated financial statements.
10
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.
The Bank has diversified lending activities that build overall franchise value and a high-tech, high-touch, branch-light strategy that serves its customers through a single-point-of-contact private banking strategy. The Bank serves commercial businesses through community, SBA, and private client groups. The Bank also serves corporate businesses nationwide, including healthcare, real estate specialty finance, fund finance, technology and venture capital banking, financial institutions group, mortgage finance and commercial equipment financing, as well as commercial real estate companies in the Bank’s geographic markets and provides payments and treasury services. The Bank serves consumers through its branch network, provides residential mortgages, and personal loan and deposit products including through relationships with fintech companies and Banking-as-a-Service to fintech companies.
Customers Bancorp and its wholly owned subsidiaries, the Bank, and non-bank subsidiaries, serve businesses and residents from operations and lending centers 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; California (Southern California and the Bay Area); Nevada (Las Vegas and Reno); and nationally for certain loan and deposit products. The Bank has seven branches and also administratively supports loan and other financial products, including equipment finance leases, to customers through its limited-purpose offices.
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, 2025 consolidated balance sheet presented in this report has been derived from Customers Bancorp’s audited 2025 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 2025 consolidated financial statements of Customers Bancorp and subsidiaries included in Customers’ Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 27, 2026 (the “2025 Form 10-K”). The 2025 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 and nine months ended September 30, 2026.
Recently Issued Accounting Standards
Presented below are recently issued accounting standards that Customers has adopted during the current period as well as those that the FASB has issued but are not yet effective.
11
Accounting Standards Issued But Not Yet Adopted
StandardSummary of GuidanceEffects on Financial Statements
ASU 2024-03,
Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)

Issued November 2024

and

ASU 2025-01,
Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date

Issued January 2025
• Requires disclosure in the notes to financial statements at each interim and annual reporting period of specified information about certain costs and expenses including purchases of inventory, employee compensation, depreciation, intangible asset amortization and depreciation, depletion, and amortization recognized as part of oil-and gas-producing activities.
• Requires disclosure of certain amounts already required to be disclosed under U.S. GAAP in the same disclosure as the other disaggregation requirements.
• Requires disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively.
• Requires disclosure of the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses.
• Effective for annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted.
• Customers is currently evaluating the expected impact of this ASU on Customers’ consolidated financial statements.
ASU 2025-08,
Financial Instruments - Credit Losses (Topic 326) - Purchased Loans

Issued November 2025

• Expands the population of acquired financial assets subject to the gross-up approach in Topic 326 to loans (excluding credit cards) acquired without credit deterioration and deemed “seasoned”, as defined below. Specifically, after an entity determines that a loan is a non-PCD asset based on its assessment of credit deterioration experienced since origination, the entity determines whether the loan is seasoned and accounted for using the gross-up approach. The gross-up approach requires recognition of an ACL for the estimate of credit losses at the acquisition date. The ACL is recorded with an offsetting gross-up adjustment to the purchase price of the acquired financial asset.
• All non-PCD loans (excluding credit cards) that are acquired in a business combination are deemed seasoned. Other non-PCD loans (excluding credit cards) are seasoned if they were purchased at least 90 days after origination and the acquirer was not involved in the origination of the loans.
• Effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. Early adoption is permitted for annual financial statements that have not yet been issued.
• Adoption of this ASU will impact Customers’ consolidated financial statements on a prospective basis only when loans are acquired.
12
StandardSummary of GuidanceEffects on Financial Statements
ASU 2025-09,
Derivatives and Hedging (Topic 815) - Hedge Accounting Improvements

Issued November 2025

• Amends the hedge accounting guidance to more closely align hedge accounting with the economics of an entity’s risk management activities. The amendments included in the five issues addressed in this ASU better reflect those strategies in financial reporting by enabling entities to achieve and maintain hedge accounting for highly effective economic hedges of forecasted transactions.
• Specifically, one of five issues in this ASU expands the hedged risks permitted to be aggregated in a group of individual forecasted transactions in a cash flow hedge from having a shared risk exposure to a similar risk exposure. Entities are required to assess risk similarity both at hedge inception and on an ongoing basis. The amendments also clarify that a group of individual forecasted transactions can be considered to have a similar risk exposure if the derivative used as the hedging instrument is highly effective against each hedged risk in the group. In some cases, entities are permitted to perform an ongoing qualitative assessment of whether a group of individual forecasted transactions has a similar risk exposure.
• Effective for annual reporting periods beginning after December 15, 2026, and interim periods within those annual reporting periods. Early adoption is permitted.
• Amendments in this ASU are to be applied on a prospective basis for all hedging relationships. An entity may elect to adopt the amendments in this ASU for hedging relationships that exist as of the date of adoption. An entity is permitted to modify certain critical terms of certain existing hedging relationships without de-designating the hedge.
• This ASU is not expected to have a material impact on Customers’ consolidated financial statements.

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
September 30,		Nine Months Ended
September 30,
(amounts in thousands, except share and per share data)2026202520262025
Net income available to common shareholders$78,383 $73,726 $219,596 $139,095 
Weighted-average number of common shares outstanding – basic33,708,023 32,340,813 33,860,376 31,794,547 
Share-based compensation plans1,085,143 1,119,242 1,129,720 983,900 
Weighted-average number of common shares – diluted34,793,166 33,460,055 34,990,096 32,778,447 
Basic earnings per common share$2.33 $2.28 $6.49 $4.37 
Diluted earnings per common share2.25 2.20 6.28 4.24 
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
September 30,		Nine Months Ended
September 30,
2026202520262025
Anti-dilutive securities:
Share-based compensation awards— 32,122 8,900 52,204 

13
NOTE 4 — CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT
The following table presents the changes in accumulated other comprehensive income (loss) by component for the three and nine months ended September 30, 2026 and 2025. Amounts in parentheses indicate reductions to AOCI:
Three Months Ended September 30, 2026
(amounts in thousands)
Unrealized Gains (Losses) on Available for Sale Securities (1)
Unrealized Gains (Losses) on Cash Flow Hedges (2)
Total
Balance at July 1$(51,272)$(7,074)$(58,346)
Unrealized gains (losses) arising during period, before tax(70,611)(11,932)(82,543)
Income tax effect18,502 3,127 21,629 
Other comprehensive income (loss) before reclassifications(52,109)(8,805)(60,914)
Reclassification adjustments for (gains) losses included in net income, before tax292 525 817 
Income tax effect(77)(137)(214)
Amounts reclassified from accumulated other comprehensive income (loss) to net income
215 388 603 
Amortization of unrealized loss on securities transferred from available for sale to held to maturity874 — 874 
Income tax effect(228)— (228)
Amortization of unrealized loss on securities transferred from available for sale to held to maturity646 — 646 
Net current-period other comprehensive income (loss)(51,248)(8,417)(59,665)
Balance at September 30$(102,520)$(15,491)$(118,011)
Three Months Ended September 30, 2025
(amounts in thousands)
Unrealized Gains (Losses) on Available for Sale Securities (1)
Unrealized Gains (Losses) on Cash Flow Hedges (2)
Total
Balance at July 1$(71,325)$— $(71,325)
Unrealized gains (losses) arising during period, before tax22,929 2,286 25,215 
Income tax effect(6,066)(605)(6,671)
Other comprehensive income (loss) before reclassifications16,863 1,681 18,544 
Reclassification adjustments for (gains) losses included in net income, before tax(186)1,412 1,226 
Income tax effect49 (373)(324)
Amounts reclassified from accumulated other comprehensive income (loss) to net income
(137)1,039 902 
Amortization of unrealized loss on securities transferred from available for sale to held to maturity1,074 — 1,074 
Income tax effect(284)— (284)
Amortization of unrealized loss on securities transferred from available for sale to held to maturity790 — 790 
Net current-period other comprehensive income (loss)17,516 2,720 20,236 
Balance at September 30$(53,809)$2,720 $(51,089)

14
Nine Months Ended September 30, 2026
(amounts in thousands)
Unrealized Gains (Losses) Available for Sale Securities (1)
Unrealized Gains (Losses) on Cash Flow Hedges (2)
Total
Balance at January 1
$(57,012)$2,962 $(54,050)
Unrealized gains (losses) arising during period, before tax(64,131)(26,439)(90,570)
Income tax effect16,786 6,971 23,757 
Other comprehensive income (loss) before reclassifications(47,345)(19,468)(66,813)
Reclassification adjustments for (gains) losses included in net income, before tax(217)1,378 1,161 
Income tax effect58 (363)(305)
Amounts reclassified from accumulated other comprehensive income (loss) to net income
(159)1,015 856 
Amortization of unrealized loss on securities transferred from available for sale to held to maturity2,713 — 2,713 
Income tax effect(717)— (717)
Amortization of unrealized loss on securities transferred from available for sale to held to maturity1,996 — 1,996 
Net current-period other comprehensive income (loss)(45,508)(18,453)(63,961)
Balance at September 30$(102,520)$(15,491)$(118,011)

Nine Months Ended September 30, 2025
(amounts in thousands)
Unrealized Gains (Losses) on Available for Sale Securities (1)
Unrealized
Gains (Losses) on Cash Flow Hedges (2)
Total
Balance at January 1
$(96,560)$— $(96,560)
Unrealized gains (losses) arising during period, before tax1,669 2,286 3,955 
Income tax effect(463)(605)(1,068)
Other comprehensive income (loss) before reclassifications1,206 1,681 2,887 
Reclassification adjustments for (gains) losses included in net income, before tax52,930 1,412 54,342 
Income tax effect(13,923)(373)(14,296)
Amounts reclassified from accumulated other comprehensive income (loss) to net income
39,007 1,039 40,046 
Amortization of unrealized loss on securities transferred from available for sale to held to maturity3,449 — 3,449 
Income tax effect(911)— (911)
Amortization of unrealized loss on securities transferred from available for sale to held to maturity2,538 — 2,538 
Net current-period other comprehensive income 42,751 2,720 45,471 
Balance at September 30$(53,809)$2,720 $(51,089)
(1)    Reclassification amounts for AFS debt securities are reported as net gain (loss) on sale of investment securities or impairment loss on debt 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.
(2)    Reclassification amounts for cash flow hedges are reported as interest income for the applicable hedged items on the consolidated statements of income.
15
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 September 30, 2026 and December 31, 2025 are summarized as follows:
September 30, 2026 (1)
(amounts in thousands)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Available for sale debt securities:
Asset-backed securities$251,619 $— $394 $— $252,013 
Agency-guaranteed residential mortgage-backed securities 1,109,690 — — (49,424)1,060,266 
Agency-guaranteed residential collateralized mortgage obligations1,511,821 — 329 (17,422)1,494,728 
Agency-guaranteed commercial collateralized mortgage obligations118,805 — — (8,200)110,605 
Corporate notes339,982 (34,464)72 (13,252)292,338 
Private label collateralized mortgage obligations355,127 — — (23,528)331,599 
Available for sale debt securities$3,687,044 $(34,464)$795 $(111,826)3,541,549 
Equity securities (2)
30,247 
Total investment securities, at fair value$3,571,796 
December 31, 2025 (1)
(amounts in thousands)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Available for sale debt securities:
Asset-backed securities$239,259 $(586)$— $(860)$237,813 
Agency-guaranteed residential mortgage-backed securities 410,648 — 3,238 (125)413,761 
Agency-guaranteed residential collateralized mortgage obligations496,595 — 4,307 (7,395)493,507 
Agency-guaranteed commercial collateralized mortgage obligations118,049 — 548 (3,021)115,576 
Corporate notes340,793 (28,219)1,091 (27,807)285,858 
Private label collateralized mortgage obligations376,803 — — (16,783)360,020 
Available for sale debt securities$1,982,147 $(28,805)$9,184 $(55,991)1,906,535 
Equity securities (2)
31,111 
Total investment securities, at fair value$1,937,646 
(1)Accrued interest on AFS debt securities totaled $13.1 million and $9.2 million at September 30, 2026 and December 31, 2025, respectively, and is included in accrued interest receivable on the consolidated balance sheet.
(2)Primarily includes perpetual preferred stock issued by domestic banks and domestic bank holding companies and equity securities issued by fintech companies, without a readily determinable fair value, and CRA-qualified mutual fund shares at September 30, 2026 and December 31, 2025. No impairments or measurement adjustments have been recorded on equity securities without a readily determinable fair value during the three and nine months ended September 30, 2026. No impairments or measurement adjustments have been recorded on equity securities without a readily determinable fair value during the three months ended September 30, 2025. Impairments of $2.3 million have been recorded on certain equity securities without a readily determinable fair value during the nine months ended September 30, 2025 and included within other non-interest income on the consolidated statement of income.
16
Customers’ transactions with unconsolidated VIEs include sales of consumer installment loans and investments in the securities issued by the VIEs. Customers is not the primary beneficiary of the VIEs because Customers has no right to make decisions that will most significantly affect the economic performance of the VIEs. Customers’ continuing involvement with the unconsolidated VIEs is not significant. Customers’ continuing involvement is not considered to be significant where Customers only invests in securities issued by the VIE and was not involved in the design of the VIE or where Customers has transferred financial assets to the VIE for only cash consideration. Customers’ investments in the securities issued by the VIEs are classified as AFS or HTM debt securities on the consolidated balance sheets, and represent Customers’ maximum exposure to loss.
Proceeds from the sale of AFS debt securities were $34.5 million and $105.5 million for the three and nine months ended September 30, 2026, respectively. Proceeds from the sale of AFS debt securities were $100.9 million and $551.3 million for the three and nine months ended September 30, 2025, respectively. The following table presents gross realized gains and realized losses from the sale of AFS debt securities for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2026202520262025
Gross realized gains$138 $769 $1,020 $4,017 
Gross realized losses(430)(583)(803)(5,628)
Net realized gains (losses) on sale of available for sale debt securities$(292)$186 $217 $(1,611)
These gains (losses) were determined using the specific identification method and were reported as net gain (loss) on sale of investment securities within non-interest income on the consolidated statements of income.
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:
September 30, 2026
(amounts in thousands)Amortized
Cost		Fair
Value
Due in one year or less$45,162 $32,918 
Due after one year through five years133,192 114,222 
Due after five years through ten years145,628 129,198 
Due after ten years16,000 16,000 
Asset-backed securities251,619 252,013 
Agency-guaranteed residential mortgage-backed securities1,109,690 1,060,266 
Agency-guaranteed residential collateralized mortgage obligations1,511,821 1,494,728 
Agency-guaranteed commercial collateralized mortgage obligations118,805 110,605 
Private label collateralized mortgage obligations355,127 331,599 
Total available for sale debt securities$3,687,044 $3,541,549 
17
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 September 30, 2026 and December 31, 2025 were as follows:
September 30, 2026
Less Than 12 Months12 Months or MoreTotal
(amounts in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available for sale debt securities:
Agency-guaranteed residential mortgage-backed securities $1,060,267 $(49,424)$— $— $1,060,267 $(49,424)
Agency-guaranteed residential collateralized mortgage obligations1,106,291 (7,766)78,629 (9,656)1,184,920 (17,422)
Agency-guaranteed commercial collateralized mortgage obligations29,721 (860)80,884 (7,340)110,605 (8,200)
Corporate notes 124,028 (3,522)21,277 (1,723)145,305 (5,245)
Private label collateralized mortgage obligations— — 331,599 (23,528)331,599 (23,528)
Total$2,320,307 $(61,572)$512,389 $(42,247)$2,832,696 $(103,819)
December 31, 2025
Less Than 12 Months12 Months or MoreTotal
(amounts in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available for sale debt securities:
Asset-backed securities$— $— $1,478 $(176)$1,478 $(176)
Agency-guaranteed residential mortgage-backed securities121,782 (95)3,793 (30)125,575 (125)
Agency-guaranteed residential collateralized mortgage obligations171,773 (905)92,018 (6,490)263,791 (7,395)
Agency-guaranteed commercial collateralized mortgage obligations21,190 (276)75,013 (2,745)96,203 (3,021)
Corporate notes26,590 (910)83,414 (9,086)110,004 (9,996)
Private label collateralized mortgage obligations— — 360,020 (16,783)360,020 (16,783)
Total$341,335 $(2,186)$615,736 $(35,310)$957,071 $(37,496)
At September 30, 2026, there were 136 AFS debt securities with unrealized losses in the less-than-twelve-months category and 33 AFS debt securities with unrealized losses in the twelve-months-or-more category. Except for certain AFS debt securities where there was a change in future estimated cash flows as further discussed below, the unrealized losses were principally due to changes in market interest rates and credit spreads that resulted in a negative impact on the respective securities’ fair value and expected to be recovered when market prices recover or at maturity. Customers does not intend to sell any of the 169 securities, and it is not more likely than not that Customers will be required to sell any of the 169 securities before recovery of the amortized cost basis. At December 31, 2025, there were 57 AFS debt securities in an unrealized loss position.
Customers recorded an allowance for credit losses on certain AFS debt securities where there was a change in future estimated cash flows during the three and nine months ended September 30, 2026 and 2025. A discounted cash flow approach is used to determine the amount of the allowance. The cash flows expected to be collected, after considering expected prepayments, are discounted at the original effective interest rate. The amount of the allowance is limited to the difference between the amortized cost basis of the security and its estimated fair value.
18
The following tables present the activity in the allowance for credit losses on AFS debt securities, by major security type, for the periods presented:
Three Months Ended September 30,
20262025
(amounts in thousands)Asset-backed securitiesCorporate notesTotalAsset-backed securitiesCorporate notes
Private label CMOs
Total
Balance at July 1$— $29,910 $29,910 $584 $16,772 $— $17,356 
Credit losses on securities for which credit losses were not previously recorded— 95 95 5 851 — 856 
Credit losses on previously impaired securities— 4,654 4,654 14 7,825 — 7,839 
Decrease in allowance for credit losses on previously impaired securities— — — (407)(1,507)— (1,914)
Reduction due to sales and intent to sell
— (195)(195)— (73)— (73)
Balance at September 30$— $34,464 $34,464 $196 $23,868 $— $24,064 
Nine Months Ended September 30,
20262025
(amounts in thousands)Asset-backed securitiesCorporate notesTotalAsset-backed securitiesCorporate notes
Private label CMOs
Total
Balance at January 1$586 $28,219 $28,805 $362 $7,135 $107 $7,604 
Credit losses on securities for which credit losses were not previously recorded— 297 297 (92)6,851 — 6,759 
Credit losses on previously impaired securities— 16,100 16,100 15 10,143 — 10,158 
Decrease in allowance for credit losses on previously impaired securities(586)(907)(1,493)(89)(732)— (821)
Reduction due to sales and intent to sell
— (9,245)(9,245)— (1,434)(107)(1,541)
Allowance for credit losses on PCD debt securities
— — — — 1,905 — 1,905 
Balance at September 30$— $34,464 $34,464 $196 $23,868 $— $24,064 
Customers has elected to not estimate an ACL on accrued interest receivable on AFS debt securities, as it already has a policy in place to reverse or write-off accrued interest, through interest income, for debt securities in non-accrual status in a timely manner. No accrued interest income was reversed for the three months ended September 30, 2026. Customers recorded a reversal of $0.6 million in accrued interest income for the nine months ended September 30, 2026. Customers recorded a reversal of $0.7 million and $4.8 million in accrued interest income for the three and nine months ended September 30, 2025, respectively.
At September 30, 2026 and December 31, 2025, Customers Bank had pledged AFS investment securities aggregating $3.0 billion and $1.4 billion in fair value, respectively, as collateral primarily for immediately available liquidity from the FRB and the FHLB. The counterparty does not have the ability to sell or repledge these securities.
19
Investment securities held to maturity
The amortized cost, approximate fair value and allowance for credit losses of investment securities held to maturity as of September 30, 2026 and December 31, 2025 are summarized as follows:
September 30, 2026 (1)
(amounts in thousands)Amortized CostAllowance for Credit LossesNet Carrying ValueGross Unrealized GainsGross Unrealized LossesFair Value
Held to maturity debt securities:
Asset-backed securities$151,830 $— $151,830 $— $(3,239)$148,591 
Agency-guaranteed residential mortgage-backed securities 6,578 — 6,578 — (1,053)5,525 
Agency-guaranteed commercial mortgage-backed securities 1,624 — 1,624 — (256)1,368 
Agency-guaranteed residential collateralized mortgage obligations142,574 — 142,574 — (19,279)123,295 
Agency-guaranteed commercial collateralized mortgage obligations195,059 — 195,059 — (32,789)162,270 
Private label collateralized mortgage obligations103,635 — 103,635 — (14,690)88,945 
Total held to maturity debt securities$601,300 $— $601,300 $— $(71,306)$529,994 
December 31, 2025 (1)
(amounts in thousands)Amortized CostAllowance for Credit LossesNet Carrying ValueGross Unrealized GainsGross Unrealized LossesFair Value
Held to maturity debt securities:
Asset-backed securities$258,371 $— $258,371 $678 $(2,432)$256,617 
Agency-guaranteed residential mortgage-backed securities 6,708 — 6,708 — (718)5,990 
Agency-guaranteed commercial mortgage-backed securities 1,687 — 1,687 — (238)1,449 
Agency-guaranteed residential collateralized mortgage obligations153,662 — 153,662 — (10,629)143,033 
Agency-guaranteed commercial collateralized mortgage obligations182,272 — 182,272 — (22,242)160,030 
Private label collateralized mortgage obligations126,434 — 126,434 — (9,955)116,479 
Total held to maturity debt securities$729,134 $— $729,134 $678 $(46,214)$683,598 
(1)Accrued interest on HTM debt securities totaled $1.1 million and $1.5 million at September 30, 2026 and December 31, 2025, respectively, and is included in accrued interest receivable on the consolidated balance sheet.
20
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:
September 30, 2026
(amounts in thousands)Amortized
Cost		Fair
Value
Asset-backed securities$151,830 $148,591 
Agency-guaranteed residential mortgage-backed securities6,578 5,525 
Agency-guaranteed commercial mortgage-backed securities1,624 1,368 
Agency-guaranteed residential collateralized mortgage obligations142,574 123,295 
Agency-guaranteed commercial collateralized mortgage obligations195,059 162,270 
Private label collateralized mortgage obligations103,635 88,945 
Total held to maturity debt securities$601,300 $529,994 
Customers recorded no allowance for credit losses on investment securities classified as held to maturity at September 30, 2026 and December 31, 2025. The U.S. government agency securities represent obligations issued by a U.S. government-sponsored enterprise or other federal government agency that are explicitly or implicitly guaranteed by the U.S. federal government and therefore, assumed to have zero credit losses. The private label collateralized mortgage obligations that are highly rated with sufficient overcollateralization are estimated to have no expected credit losses. Customers recorded no allowance for its investments in the asset-backed securities. Customers considered the seniority of its beneficial interests, which include overcollateralization of these asset-backed securities in the estimate of the ACL at September 30, 2026 and December 31, 2025. The unrealized losses on HTM debt securities with no ACL were primarily due to changes in market interest rates that resulted in a negative impact on the respective securities’ fair value and are expected to be recovered when market prices recover or at maturity.
Credit Quality Indicators
Customers monitors the credit quality of HTM debt securities primarily through credit ratings provided by rating agencies. Investment grade debt securities are rated BBB- or higher by S&P Global Ratings, Baa3 or higher by Moody’s Investors Service or equivalent ratings by other rating agencies, and are generally considered to be of low credit risk. Except for the asset-backed securities, all of the HTM debt securities held by Customers were investment grade or U.S. government agency guaranteed securities that were not rated at September 30, 2026 and December 31, 2025. The asset-backed securities are not rated by rating agencies. Customers monitors the credit quality of these asset-backed securities by evaluating the performance of the sold consumer installment loans against the overcollateralization available for these securities.
The following table presents the amortized cost of HTM debt securities based on their lowest credit rating available:
September 30, 2026
(amounts in thousands)AAANot RatedTotal
Held to maturity debt securities:
Asset-backed securities$— $151,830 $151,830 
Agency-guaranteed residential mortgage-backed securities — 6,578 6,578 
Agency-guaranteed commercial mortgage-backed securities — 1,624 1,624 
Agency-guaranteed residential collateralized mortgage obligations— 142,574 142,574 
Agency-guaranteed commercial collateralized mortgage obligations— 195,059 195,059 
Private label collateralized mortgage obligations103,635 — 103,635 
Total held to maturity debt securities$103,635 $497,665 $601,300 
Customers has elected to not estimate an ACL on accrued interest receivable on HTM debt securities, as it already has a policy in place to reverse or write-off accrued interest, through interest income, for debt securities in non-accrual status in a timely manner. At September 30, 2026 and December 31, 2025, there were no HTM debt securities past due under the terms of their agreements or in non-accrual status.
At September 30, 2026 and December 31, 2025, Customers Bank had pledged HTM investment securities aggregating $381.4 million and $406.5 million in fair value, respectively, as collateral primarily for immediately available liquidity from the FRB and the FHLB. The counterparties do not have the ability to sell or repledge these securities.
21
NOTE 6 – LOANS HELD FOR SALE
The composition of loans held for sale as of September 30, 2026 and December 31, 2025 was as follows:
(amounts in thousands)September 30, 2026December 31, 2025
Residential mortgage loans, at fair value$3,169 $1,851 
Personal installment loans, at lower of cost or fair value104,626 23,357 
Other installment loans, at fair value
1,714 894 
Total loans held for sale
$109,509 $26,102 
Total loans held for sale included NPLs of $0.2 million and $0.3 million as of September 30, 2026 and December 31, 2025, respectively.
Refer to NOTE 7 – LOANS AND LEASES RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES for additional information on the transfer of other consumer installment loans, at fair value, from loans held for sale to held for investment.
NOTE 7 — LOANS AND LEASES RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES
The following table presents loans and leases receivable as of September 30, 2026 and December 31, 2025:
(amounts in thousands)September 30, 2026December 31, 2025
Loans and leases receivable:
Commercial:
Commercial and industrial:
Corporate banking (1)
$7,856,243 $6,616,992 
Geographic and other1,560,267 1,594,182 
Multifamily2,668,192 2,490,336 
Commercial real estate owner occupied1,221,205 1,135,119 
Commercial real estate non-owner occupied2,066,642 1,738,821 
Construction158,914 162,966 
Total commercial loans and leases receivable15,531,463 13,738,416 
Consumer:
Residential real estate512,410 497,567 
Manufactured housing23,451 27,452 
Installment:
Personal645,794 581,340 
Other209,330 196,565 
Total consumer loans receivable1,390,985 1,302,924 
Loans and leases receivable16,922,448 15,041,340 
Loans receivable, mortgage finance, at fair value1,400,573 1,612,997 
Loans receivable, installment, at fair value78,807 102,077 
Allowance for credit losses on loans and leases(172,125)(155,656)
Total loans and leases receivable, net of allowance for credit losses on loans and leases (2)
$18,229,703 $16,600,758 
(1)Includes direct finance and sales-type equipment leases of $333.7 million and $306.5 million at September 30, 2026 and December 31, 2025, respectively.
(2)Includes deferred (fees) costs and unamortized (discounts) premiums, net of $(36.4) million and $(30.3) million at September 30, 2026 and December 31, 2025, respectively.
22
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 $93.1 million and $89.9 million at September 30, 2026 and December 31, 2025, respectively, and is presented in accrued interest receivable in the consolidated balance sheet. At September 30, 2026 and December 31, 2025, there were $46.3 million and $34.2 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 September 30, 2026 and December 31, 2025:
September 30, 2026
(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$11,551 $15,474 $7,245 $34,270 $9,378,199 $9,412,469 
Multifamily— — 594 594 2,667,598 2,668,192 
Commercial real estate owner occupied— 26,886 5,550 32,436 1,188,769 1,221,205 
Commercial real estate non-owner occupied6,589 10,000 135 16,724 2,049,918 2,066,642 
Construction— — — — 158,914 158,914 
Residential real estate6,328 4,534 4,395 15,257 497,153 512,410 
Manufactured housing594 129 1,161 1,884 21,567 23,451 
Installment7,303 3,844 4,218 15,365 839,759 855,124 
Total$32,365 $60,867 $23,298 $116,530 $16,801,877 $16,918,407 
December 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$9,212 $12,888 $7,359 $29,459 $8,177,047 $8,206,506 
Multifamily17,506 — 2,092 19,598 2,470,738 2,490,336 
Commercial real estate owner occupied3,124 158 3,875 7,157 1,127,962 1,135,119 
Commercial real estate non-owner occupied65 — 168 233 1,738,588 1,738,821 
Construction— — — — 162,966 162,966 
Residential real estate11,259 4,376 5,197 20,832 476,735 497,567 
Manufactured housing533 205 1,466 2,204 25,248 27,452 
Installment8,744 3,519 4,483 16,746 761,159 777,905 
Total$50,443 $21,146 $24,640 $96,229 $14,940,443 $15,036,672 
(1)Includes past due loans and leases that are accruing interest because collection is considered probable.
(2)Includes loans amounting to $0.1 million and $4.0 million as of September 30, 2026 and December 31, 2025, 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.
(4)Includes PCD loans of $112.5 million and $118.5 million at September 30, 2026 and December 31, 2025, respectively.
23
Non-accrual Loans and Leases
The following table presents the amortized cost of loans and leases held for investment on non-accrual status:
September 30, 2026December 31, 2025
(amounts in thousands)Non-accrual loans with no related allowanceNon-accrual loans with related allowanceTotal non-accrual loansNon-accrual loans with no related allowanceNon-accrual loans with related allowanceTotal non-accrual loans
Commercial and industrial$13,898 $11,609 $25,507 $8,108 $11,682 $19,790 
Multifamily9,360 — 9,360 2,092 — 2,092 
Commercial real estate owner occupied5,550 — 5,550 3,876 — 3,876 
Commercial real estate non-owner occupied135 — 135 168 — 168 
Residential real estate5,955 223 6,178 9,513 158 9,671 
Manufactured housing— 1,015 1,015 — 1,192 1,192 
Installment— 4,218 4,218 — 4,483 4,483 
Total$34,898 $17,065 $51,963 $23,757 $17,515 $41,272 
Interest income recognized on non-accrual loans was insignificant for the three and nine months ended September 30, 2026 and 2025. Accrued interest reversed when the loans went to non-accrual status was insignificant for the three and nine months ended September 30, 2026 and 2025.
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 September 30, 2026 and December 31, 2025, 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 had a lending arrangement with a fintech company, which was acquired by a bank, whereby Customers originated consumer installment loans and held 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. Customers transferred these consumer installment loans from held for sale to held for investment when the lending arrangement with this fintech company expired, and continue to be reported at fair value based on an election made to account for the loans at fair value.
At September 30, 2026, Customers had $1.3 million of consumer installment loans, at fair value, in non-accrual status. As these loans are reported at their fair value, they do not have an ACL and are therefore excluded from ACL-related disclosures.

24
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 and nine months ended September 30, 2026 and 2025 are presented in the tables below:
(amounts in thousands)Commercial and industrialMultifamilyCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallmentTotal
Three Months Ended
September 30, 2026
Ending Balance,
June 30, 2026		$40,158 $29,324 $10,226 $13,503 $2,803 $6,251 $3,244 $58,597 $164,106 
Charge-offs(5,645)(569)(50)— — — — (9,303)(15,567)
Recoveries61 820 225 — — — — 1,795 2,901 
Provision (benefit) for credit losses on loans and leases5,216 18,753 (5,950)(3,346)(1,170)498 (751)7,435 20,685 
Ending Balance,
September 30, 2026		$39,790 $48,328 $4,451 $10,157 $1,633 $6,749 $2,493 $58,524 $172,125 
Nine Months Ended
September 30, 2026
Ending Balance,
December 31, 2025		$37,683 $19,333 $10,431 $18,928 $2,225 $6,499 $3,391 $57,166 $155,656 
Charge-offs(13,593)(8,079)(86)— — (22)— (28,186)(49,966)
Recoveries2,785 820 598 — — 2 — 5,261 9,466 
Provision (benefit) for credit losses on loans and leases12,915 36,254 (6,492)(8,771)(592)270 (898)24,283 56,969 
Ending Balance,
September 30, 2026		$39,790 $48,328 $4,451 $10,157 $1,633 $6,749 $2,493 $58,524 $172,125 
(amounts in thousands)Commercial and industrialMultifamilyCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallmentTotal
Three Months Ended
September 30, 2025
Ending Balance,
June 30, 2025		$36,262 $20,864 $12,514 $20,679 $2,160 $6,331 $3,721 $44,887 $147,418 
Charge-offs(2,383)— (335)(3,073)— (39)— (11,670)(17,500)
Recoveries203 — — — — 14 — 1,912 2,129 
Provision (benefit) for credit losses on loans and leases313 (891)(1,188)2,178 (182)39 (213)19,706 19,762 
Ending Balance,
September 30, 2025		$34,395 $19,973 $10,991 $19,784 $1,978 $6,345 $3,508 $54,835 $151,809 
Nine Months Ended
September 30, 2025
Ending Balance,
December 31, 2024		$29,379 $18,511 $10,755 $17,405 $1,250 $5,968 $3,829 $49,678 $136,775 
Allowance for credit losses on PCD loans, net of charge-offs (1)
1,000 — — — — — — — 1,000 
Charge-offs(12,886)(3,834)(771)(3,073)— (40)— (34,821)(55,425)
Recoveries3,604 — 9 — 6 19 — 6,157 9,795 
Provision (benefit) for credit losses on loans and leases13,298 5,296 998 5,452 722 398 (321)33,821 59,664 
Ending Balance,
September 30, 2025		$34,395 $19,973 $10,991 $19,784 $1,978 $6,345 $3,508 $54,835 $151,809 
(1)    Represents $1.0 million of allowance for credit losses on PCD loans recognized upon acquisition of commercial and industrial loans during the nine months ended September 30, 2025.


25
At September 30, 2026, the ACL on loans and leases was $172.1 million, an increase of $16.4 million from the December 31, 2025 balance of $155.7 million. The increase in ACL for the three and nine months ended September 30, 2026 was primarily attributable to increase in loan balances and the reserve build within the multifamily loan portfolio, partially offset by slight improvements in the forecast of macroeconomic variables.
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 and nine months ended September 30, 2026 and 2025, disaggregated by class of financing receivable and type of modification granted:
Three Months Ended September 30, 2026
(dollars in thousands)Interest Rate ReductionTerm ExtensionPayment DeferralDebt ForgivenessInterest Rate Reduction and Term ExtensionTotalPercentage of Total by Financing Class
Personal installment$— $705 $1,124 $289 $— $2,118 0.33 %
Total$— $705 $1,124 $289 $— $2,118 
Three Months Ended September 30, 2025
(dollars in thousands)Term ExtensionPayment DeferralDebt ForgivenessInterest Rate Reduction and Term ExtensionTotalPercentage of Total by Financing Class
Commercial and industrial$1,625 $— $— $— $1,625 0.02 %
Personal installment1,004 346 686 729 2,765 0.48 %
Total$2,629 $346 $686 $729 $4,390 

Nine Months Ended September 30, 2026
(dollars in thousands)Interest Rate ReductionTerm ExtensionPayment DeferralDebt ForgivenessInterest Rate Reduction and Term ExtensionTotalPercentage of Total by Financing Class
Commercial and industrial$— $8,305 $— $— $— $8,305 0.09 %
Manufactured housing— — — — 41 41 0.17 %
Personal installment140 1,709 2,073 1,036 — 4,958 0.77 %
Total$140 $10,014 $2,073 $1,036 $41 $13,304 

26
Nine Months Ended September 30, 2025
(dollars in thousands)Term ExtensionPayment DeferralDebt ForgivenessInterest Rate Reduction and Term ExtensionTotalPercentage of Total by Financing Class
Commercial and industrial$2,306 $637 $— $— $2,943 0.04 %
Personal installment3,547 1,436 1,126 853 6,962 1.22 %
Total$5,853 $2,073 $1,126 $853 $9,905 
As of September 30, 2026, there were no commitments to lend additional funds to debtors experiencing financial difficulty whose loans have been modified during the three and nine months ended September 30, 2026.
The following tables summarize the impacts of loan modifications made to borrowers experiencing financial difficulty for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30, 2026Three Months Ended September 30, 2025
Weighted AverageWeighted Average
(dollars in thousands)Interest Rate Reduction (%)Term Extension
(in months)		Payment Deferral
(in months)		Debt ForgivenInterest Rate Reduction (%)Term Extension
(in months)		Payment Deferral
(in months)		Debt Forgiven
Commercial and industrial—%00$— —%30$— 
Personal installment—610191 11.35101,007 
Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
Weighted AverageWeighted Average
(dollars in thousands)Interest Rate Reduction (%)Term Extension
(in months)		Payment Deferral
(in months)		Debt ForgivenInterest Rate Reduction (%)Term Extension
(in months)		Payment Deferral
(in months)		Debt Forgiven
Commercial and industrial— %130$— — %56$— 
Manufactured housing4.3 400— — 00— 
Personal installment12.3 6101,193 11.4 581,934 
The performance of loans made to borrowers experiencing financial difficulty in which modifications were made is closely monitored to understand the effectiveness of modification efforts. Loans are considered to be in payment default at 90 days or more past due. The following tables present an aging analysis of loan modifications made to borrowers experiencing financial difficulty in the twelve months ended September 30, 2026 and 2025:
September 30, 2026
(dollars in thousands)30-59 Days past due60-89 Days past due90 Days or more past dueCurrentTotal
Commercial and industrial$— $— $— $13,068 $13,068 
Manufactured housing— — — 41 41 
Personal installment368 225 238 5,066 5,897 
Total$368 $225 $238 $18,175 $19,006 
September 30, 2025
(dollars in thousands)30-59 Days past due60-89 Days past due90 Days or more past dueCurrentTotal
Commercial and industrial$— $— $345 $2,597 $2,942 
Manufactured housing— — — 89 89 
Personal installment494 477 251 6,221 7,443 
Total$494 $477 $596 $8,907 $10,474 
27
The loans to borrowers experiencing financial difficulty that were modified during the twelve months ended September 30, 2026 and 2025, 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 non-accrual.
Credit Quality Indicators
The ACL represents management’s estimate of expected losses in Customers’ loans and leases receivable portfolio, excluding mortgage finance loans 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, 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 loans, 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, 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 2025 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 September 30, 2026 and December 31, 2025:
Term Loans Amortized Cost Basis by Origination Year as of
September 30, 2026
(amounts in thousands)20262025202420232022PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Commercial and industrial loans and leases:
Pass$2,650,224 $1,628,330 $1,044,030 $339,615 $657,149 $269,352 $2,474,952 $234,406 $9,298,058 
Special mention— 1,689 — — 4,447 43 2,000 14,451 22,630 
Substandard9,303 404 10,500 2,293 8,942 31,223 5,892 23,224 91,781 
Doubtful— — — — — — — — — 
Total commercial and industrial loans and leases$2,659,527 $1,630,423 $1,054,530 $341,908 $670,538 $300,618 $2,482,844 $272,081 $9,412,469 
Commercial and industrial loans and leases charge-offs:
Three Months Ended September 30, 2026$— $216 $1,496 $— $3,750 $183 $— $— $5,645 
Nine Months Ended September 30, 2026— 3,832 1,496 332 6,860 1,073 — — 13,593 
Multifamily loans:
Pass$297,623 $453,748 $283,003 $746 $1,039,868 $405,601 $— $— $2,480,589 
Special mention— — — — 63,837 20,375 — — 84,212 
Substandard— — — — 23,227 80,164 — — 103,391 
Doubtful— — — — — — — — — 
Total multifamily loans$297,623 $453,748 $283,003 $746 $1,126,932 $506,140 $— $— $2,668,192 
Multifamily loans charge-offs:
Three Months Ended September 30, 2026$— $— $— $— $569 $— $— $— $569 
Nine Months Ended September 30, 2026— — — — 569 7,510 — — 8,079 
28
Term Loans Amortized Cost Basis by Origination Year as of
September 30, 2026
(amounts in thousands)20262025202420232022PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Commercial real estate owner occupied loans:
Pass$215,413 $247,656 $322,573 $25,066 $171,822 $169,533 $128 $1,427 $1,153,618 
Special mention— — — — — 738 — — 738 
Substandard4,724 44,501 — 4,853 2,673 10,098 — — 66,849 
Doubtful— — — — — — — — — 
Total commercial real estate owner occupied loans$220,137 $292,157 $322,573 $29,919 $174,495 $180,369 $128 $1,427 $1,221,205 
Commercial real estate owner occupied loans charge-offs:
Three Months Ended September 30, 2026$— $— $— $— $50 $— $— $— $50 
Nine Months Ended September 30, 2026— — — — 86 — — — 86 
Commercial real estate non-owner occupied loans:
Pass$530,472 $505,147 $170,609 $13,824 $330,180 $480,576 $200 $2,000 $2,033,008 
Special mention— — — 21,971 2,649 2,222 — — 26,842 
Substandard— — — — 2,114 4,678 — — 6,792 
Doubtful— — — — — — — — — 
Total commercial real estate non-owner occupied loans$530,472 $505,147 $170,609 $35,795 $334,943 $487,476 $200 $2,000 $2,066,642 
Commercial real estate non-owner occupied loans charge-offs:
Three Months Ended September 30, 2026$— $— $— $— $— $— $— $— $— 
Nine Months Ended September 30, 2026— — — — — — — — — 
Construction loans:
Pass$11,413 $113,884 $12,546 $— $21,071 $— $— $— $158,914 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Total construction loans$11,413 $113,884 $12,546 $— $21,071 $— $— $— $158,914 
Construction loans charge-offs:
Three Months Ended September 30, 2026$— $— $— $— $— $— $— $— $— 
Nine Months Ended September 30, 2026— — — — — — — — — 
Total commercial loans and leases receivable$3,719,172 $2,995,359 $1,843,261 $408,368 $2,327,979 $1,474,603 $2,483,172 $275,508 $15,527,422 
Total commercial loans and leases receivable charge-offs:
Three Months Ended September 30, 2026$— $216 $1,496 $— $4,369 $183 $— $— $6,264 
Nine Months Ended September 30, 2026— 3,832 1,496 332 7,515 8,583 — — 21,758 
Residential real estate loans:
Performing$40,372 $46,884 $31,746 $16,525 $146,937 $179,389 $44,410 $— $506,263 
Non-performing— — 126 1,002 528 4,491 — — 6,147 
Total residential real estate loans$40,372 $46,884 $31,872 $17,527 $147,465 $183,880 $44,410 $— $512,410 
Residential real estate loans charge-offs:
Three Months Ended September 30, 2026$— $— $— $— $— $— $— $— $— 
Nine Months Ended September 30, 2026— — — 21 1 — — — 22 
Manufactured housing loans:
Performing$— $— $— $— $— $22,218 $— $— $22,218 
Non-performing— — — — — 1,233 — — 1,233 
Total manufactured housing loans$— $— $— $— $— $23,451 $— $— $23,451 
29
Term Loans Amortized Cost Basis by Origination Year as of
September 30, 2026
(amounts in thousands)20262025202420232022PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Manufactured housing loans charge-offs:
Three Months Ended September 30, 2026$— $— $— $— $— $— $— $— $— 
Nine Months Ended September 30, 2026— — — — — — — — — 
Installment loans:
Performing$339,764 $172,004 $47,448 $127,758 $85,991 $67,820 $10,216 $— $851,001 
Non-performing516 868 318 1,514 454 387 66 — 4,123 
Total installment loans$340,280 $172,872 $47,766 $129,272 $86,445 $68,207 $10,282 $— $855,124 
Installment loans charge-offs:
Three Months Ended September 30, 2026$1,849 $1,669 $921 $2,005 $2,062 $797 $— $— $9,303 
Nine Months Ended September 30, 20263,715 4,800 3,294 6,565 6,939 2,873 — — 28,186 
Total consumer loans receivable$380,652 $219,756 $79,638 $146,799 $233,910 $275,538 $54,692 $— $1,390,985 
Total consumer loans receivable charge-offs:
Three Months Ended September 30, 2026$1,849 $1,669 $921 $2,005 $2,062 $797 $— $— $9,303 
Nine Months Ended September 30, 20263,715 4,800 3,294 6,586 6,940 2,873 — — 28,208 
Loans and leases receivable$4,099,824 $3,215,115 $1,922,899 $555,167 $2,561,889 $1,750,141 $2,537,864 $275,508 $16,918,407 
Loans and leases receivable charge-offs:
Three Months Ended September 30, 2026$1,849 $1,885 $2,417 $2,005 $6,431 $980 $— $— $15,567 
Nine Months Ended September 30, 2026$3,715 $8,632 $4,790 $6,918 $14,455 $11,456 $— $— $49,966 

30
Term Loans Amortized Cost Basis by Origination Year as of
December 31, 2025
(amounts in thousands)20252024202320222021PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Commercial and industrial loans and leases:
Pass$2,609,580 $1,280,152 $609,744 $839,184 $233,753 $129,958 $2,131,707 $167,916 $8,001,994 
Special mention7,511 4,778 — 37,976 3,633 — 9,658 7,150 70,706 
Substandard— 10,267 1,116 18,927 15,226 84,462 797 3,011 133,806 
Doubtful— — — — — — — — — 
Total commercial and industrial loans and leases$2,617,091 $1,295,197 $610,860 $896,087 $252,612 $214,420 $2,142,162 $178,077 $8,206,506 
Commercial and industrial loans and leases charge-offs:
For the Year Ended December 31, 2025$— $1,064 $881 $10,880 $600 $1,307 $— $— $14,732 
Multifamily loans:
Pass$467,366 $233,998 $775 $1,148,681 $242,865 $290,416 $— $— $2,384,101 
Special mention— — — 14,556 20,471 16,920 — — 51,947 
Substandard— — — 7,182 16,974 30,132 — — 54,288 
Doubtful— — — — — — — — — 
Total multifamily loans$467,366 $233,998 $775 $1,170,419 $280,310 $337,468 $— $— $2,490,336 
Multifamily loans charge-offs:
For the Year Ended December 31, 2025
$— $— $— $— $— $8,446 $— $— $8,446 
Commercial real estate owner occupied loans:
Pass$217,893 $335,437 $52,517 $195,951 $161,739 $124,346 $7,604 $32 $1,095,519 
Special mention17,785 — — 10,676 1,214 43 — — 29,718 
Substandard— — 2,928 170 — 6,784 — — 9,882 
Doubtful— — — — — — — — — 
Total commercial real estate owner occupied loans$235,678 $335,437 $55,445 $206,797 $162,953 $131,173 $7,604 $32 $1,135,119 
Commercial real estate owner occupied loans charge-offs:
For the Year Ended December 31, 2025
$— $— $15 $417 $361 $393 $— $— $1,186 
Commercial real estate non-owner occupied loans:
Pass$524,297 $163,771 $14,136 $354,528 $86,017 $525,878 $3,300 $— $1,671,927 
Special mention— — 24,048 28,407 6,010 5,626 — — 64,091 
Substandard— — — 1,754 — 1,049 — — 2,803 
Doubtful— — — — — — — — — 
Total commercial real estate non-owner occupied loans$524,297 $163,771 $38,184 $384,689 $92,027 $532,553 $3,300 $— $1,738,821 
Commercial real estate non-owner occupied loans charge-offs:
For the Year Ended December 31, 2025
$— $— $— $— $— $3,073 $— $— $3,073 
Construction loans:
Pass$36,844 $55,389 $49,156 $21,577 $— $— $— $— $162,966 
Special mention— — — — — — — — — 
Substandard— — — — — — — — — 
Doubtful— — — — — — — — — 
Total construction loans$36,844 $55,389 $49,156 $21,577 $— $— $— $— $162,966 
Construction loans charge-offs:
For the Year Ended December 31, 2025
$— $— $— $— $— $— $— $— $— 
Total commercial loans and leases receivable$3,881,276 $2,083,792 $754,420 $2,679,569 $787,902 $1,215,614 $2,153,066 $178,109 $13,733,748 
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Term Loans Amortized Cost Basis by Origination Year as of
December 31, 2025
(amounts in thousands)20252024202320222021PriorRevolving loans amortized cost basisRevolving loans converted to termTotal
Total commercial loans and leases receivable charge-offs:
For the Year Ended December 31, 2025$— $1,064 $896 $11,297 $961 $13,219 $— $— $27,437 
Residential real estate loans:
Performing$49,521 $32,347 $18,124 $152,771 $114,934 $75,589 $44,794 $— $488,080 
Non-performing— 133 962 1,225 1,040 4,990 1,137 — 9,487 
Total residential real estate loans$49,521 $32,480 $19,086 $153,996 $115,974 $80,579 $45,931 $— $497,567 
Residential real estate loans charge-offs:
For the Year Ended December 31, 2025$— $— $53 $— $— $3 $— $— $56 
Manufactured housing loans:
Performing$— $— $— $— $— $25,845 $— $— $25,845 
Non-performing— — — — — 1,607 — — 1,607 
Total manufactured housing loans$— $— $— $— $— $27,452 $— $— $27,452 
Manufactured housing loans charge-offs:
For the Year Ended December 31, 2025$— $— $— $— $— $— $— $— $— 
Installment loans:
Performing$245,697 $76,563 $178,863 $159,650 $40,057 $32,671 $39,981 $1 $773,483 
Non-performing364 467 1,532 1,610 258 61 130 — 4,422 
Total installment loans$246,061 $77,030 $180,395 $161,260 $40,315 $32,732 $40,111 $1 $777,905 
Installment loans charge-offs:
For the Year Ended December 31, 2025$2,621 $4,713 $12,790 $15,413 $6,457 $2,809 $— $— $44,803 
Total consumer loans receivable$295,582 $109,510 $199,481 $315,256 $156,289 $140,763 $86,042 $1 $1,302,924 
Total consumer loans receivable charge-offs:
For the Year Ended December 31, 20252,621 4,713 12,843 15,413 6,457 2,812 — — 44,859 
Loans and leases receivable$4,176,858 $2,193,302 $953,901 $2,994,825 $944,191 $1,356,377 $2,239,108 $178,110 $15,036,672 
Loans and leases receivable charge-offs:
For the Year Ended December 31, 2025$2,621 $5,777 $13,739 $26,710 $7,418 $16,031 $— $— $72,296 

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Loan Purchases and Sales
Purchases and sales of loans held for investment were as follows for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2026202520262025
Purchases (1)
Commercial and industrial:
Geographic and other$15,000 $888 $15,000 $54,743 
Construction— — — 10,080 
Personal installment (2)
140,494 151,998 310,272 297,639 
Other installment (2)
32,847 — 63,115 — 
Total$188,341 $152,886 $388,387 $362,462 
Sales (3)
Commercial and industrial:
Corporate banking$— $— $1,039 $— 
Geographic and other (4)
28,023 — 66,337 — 
Multifamily12,197 — 12,197 8,000 
Commercial real estate owner occupied (4)
26,157 — 31,363 — 
Personal installment— — — 281 
Other installment23,282 — 23,282 — 
Total$89,659 $— $134,218 $8,281 
(1)Amounts reported in the above table are the unpaid principal balance at time of purchase. The purchase price was 99.1% and 98.7% of the loans’ unpaid principal balance for the three months ended September 30, 2026 and 2025, respectively. The purchase price was 99.4% and 92.0% of the loans’ unpaid principal balance for the nine months ended September 30, 2026 and 2025, respectively.
(2)Installment loan purchases for the three and nine months ended September 30, 2026 and 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.
(3)The gain on sales of loans held for investment included in net gain (loss) on sale of loans and leases in the consolidated statement of income was $1.0 million and $3.1 million for the three and nine months ended September 30, 2026, respectively. The gain on sales of loans held for investment included in net gain (loss) on sale of loans and leases in the consolidated statement of income was insignificant for the three and nine months ended September 30, 2025.
(4)Primarily sales of SBA loans.
Loans Pledged as Collateral
Customers has pledged eligible commercial and residential real estate, multifamily, commercial and industrial and consumer installment loans as collateral for borrowings outstanding or available immediately from the FHLB and FRB in the amount of $10.7 billion and $9.4 billion at September 30, 2026 and December 31, 2025, respectively.
NOTE 8 — LEASES
Lessee
Customers has operating leases for its branches, certain LPOs, and administrative offices, with remaining lease terms ranging between eight months and nine years. These operating leases comprise substantially all of Customers’ obligations in which Customers is the lessee. These lease agreements typically consist of initial lease terms ranging between one and ten years, with options to renew the leases or extend the term up to ten years at Customers’ sole discretion. Some operating leases include variable lease payments that are based on an index or rate, such as the CPI. Variable lease payments are not included in the liability or ROU asset and are recognized in the period in which the obligation for those payments are incurred. Customers’ operating lease agreements do not contain any material residual value guarantees or material restrictive covenants. Pursuant to these agreements, Customers does not have any commitments that would meet the definition of a finance lease.
As most of Customers’ operating leases do not provide an implicit rate, Customers utilized its incremental borrowing rate when determining the present value of lease payments.
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The following table summarizes operating lease ROU assets and operating lease liabilities and their corresponding balance sheet location:
(amounts in thousands)ClassificationSeptember 30, 2026December 31, 2025
ASSETS
Operating lease ROU assetsOther assets$30,799 $34,347 
LIABILITIES
Operating lease liabilitiesOther liabilities$37,723 $41,719 
The following table summarizes operating lease cost and its corresponding income statement location for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)Classification2026202520262025
Operating lease cost (1)
Occupancy expenses$1,772 $1,787 $5,371 $5,612 
(1) There were no variable lease costs for the three and nine months ended September 30, 2026 and 2025, and sublease income for operating leases was immaterial.
Maturities of non-cancelable operating lease liabilities were as follows at September 30, 2026:
(amounts in thousands)September 30, 2026
2026$1,923 
20277,827 
20287,526 
20296,590 
20304,980 
Thereafter14,643 
Total minimum payments43,489 
Less: interest
5,766 
Present value of lease liabilities$37,723 
Customers does not have leases where it is involved with the construction or design of an underlying asset. Cash paid pursuant to the operating lease liabilities was $1.9 million and $5.8 million for the three and nine months ended September 30, 2026, respectively. Cash paid pursuant to the operating lease liabilities was $1.4 million and $4.4 million for the three and nine months ended September 30, 2025, respectively. These payments were reported as cash flows used in operating activities in the statement of cash flows.
The following table summarizes the weighted average remaining lease term and discount rate for Customers’ operating leases at September 30, 2026 and December 31, 2025:
September 30, 2026December 31, 2025
Weighted average remaining lease term (years)
Operating leases6.8 years7.4 years
Weighted average discount rate
Operating leases4.21 %4.20 %
Equipment Lessor
Customers’ commercial equipment financing group goes to market through the following origination platforms: vendors, intermediaries, direct and capital markets. Lease terms typically range from 24 months to 120 months. Customers’ commercial equipment financing group leases equipment under direct finance, sales-type or operating leases.
The estimated residual values for direct finance, sales-type and operating leases are established by utilizing internally developed analyses, external studies, and/or third-party appraisals to establish a residual position. Expected credit losses on direct financing and sales-type leases and the related estimated residual values are included in the ACL on loans and leases.
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Direct finance and sales-type equipment leases, are included in corporate banking loans and leases within commercial and industrial loans and leases receivable and are recorded at the discounted amounts of lease payments receivable and the estimated residual value of the leased assets. Interest income on direct finance and sales-type leases is recognized over the term of the leases using the effective interest method. Any difference between the lower of the fair value of the underlying leased asset or the sum of the lease receivables and the carrying amount of the underlying leased asset would result to a gain or loss at the lease commencement date. Customers’ direct finance and sales-type lease activity primarily relates to leasing of new equipment.
Customers’ commercial equipment financing group has executed leases of commercial clean vehicles that qualified for investment tax credits in 2024. Customers accounted for these leases as sales-type leases and were included in loans and leases receivable on the balance sheet. Customers did not enter into sales-type leases of commercial clean vehicles that qualified for investment tax credits during the three and nine months ended September 30, 2026 and 2025.
Customers’ commercial equipment financing group had total interest income, including from direct financing and sales-type leases of $18.1 million and $16.1 million for the three months ended September 30, 2026 and 2025, respectively. Customers’ commercial equipment financing group had total interest income, including from direct financing and sales-type leases of $53.9 million and $46.0 million for the nine months ended September 30, 2026 and 2025, respectively.
Leased assets under operating leases are reported at amortized cost, net of accumulated depreciation and any impairment charges, and are presented in other assets. The depreciation expense of the leased assets is recognized on a straight-line basis over the contractual term of the leases up to the expected residual value. The expected residual value and, accordingly, the monthly depreciation expense, may change throughout the term of the lease. Operating lease rental income for leased assets is recognized in commercial lease income on a straight-line basis over the lease term. Customers periodically reviews its operating leased assets for impairment. An impairment loss is recognized if the carrying amount of the operating leased asset exceeds its fair value and is not recoverable. The carrying amount of operating leased assets is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the lease payments and the estimated residual value upon the eventual disposition of the equipment.
The following table summarizes lease receivables and investment in operating leases and their corresponding balance sheet location at September 30, 2026 and December 31, 2025:
(amounts in thousands)ClassificationSeptember 30, 2026December 31, 2025
ASSETS
Direct financing and sales-type leases
Lease receivablesLoans and leases receivable$332,977 $301,753 
Guaranteed residual assetsLoans and leases receivable29,561 26,859 
Unguaranteed residual assetsLoans and leases receivable10,492 11,788 
Deferred initial direct costsLoans and leases receivable1,919 1,717 
Unearned incomeLoans and leases receivable(41,251)(35,575)
Net investment in direct financing and sales-type leases
$333,698 $306,542 
Operating leases
Investment in operating leasesOther assets$443,711 $407,987 
Accumulated depreciationOther assets(132,778)(105,706)
Deferred initial direct costsOther assets929 1,094 
Net investment in operating leases311,862 303,375 
Total lease assets$645,560 $609,917 
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Maturities of operating and direct financing and sales-type lease receivables were as follows at September 30, 2026:
(amounts in thousands)Operating leases
Direct financing and sales-type leases
2026$15,308 $31,933 
202758,561 86,462 
202848,713 70,076 
202936,668 56,481 
203023,349 38,558 
Thereafter17,578 49,467 
Total minimum payments$200,177 332,977 
Less: interest41,251 
Present value of lease receivables$291,726 
NOTE 9 – DEPOSITS
The components of deposits at September 30, 2026 and December 31, 2025 were as follows:
September 30, 2026December 31, 2025
(amounts in thousands)
Demand, non-interest bearing$7,209,138 $6,303,748 
Demand, interest bearing5,104,467 5,049,151 
Savings, including money market deposit accounts6,594,183 6,129,837 
Time3,656,045 3,295,968 
Total deposits$22,563,833 $20,778,704 
The scheduled maturities for time deposits at September 30, 2026 were as follows:
(amounts in thousands)September 30, 2026
2026$428,634 
20271,362,529 
2028766,317 
2029489,043 
2030245,195 
Thereafter364,327 
Total time deposits$3,656,045 
Time deposits greater than the FDIC limit of $250,000 totaled $1.2 billion at September 30, 2026 and December 31, 2025.
Demand deposit overdrafts reclassified as loans were $1.2 million at September 30, 2026 and December 31, 2025.
At September 30, 2026 and December 31, 2025, the Bank had $1.9 billion and $1.8 billion in deposits, respectively, to which it had pledged $2.0 billion and $1.8 billion of available borrowing capacity through the FHLB to the depositors through a standby letter of credit arrangement, respectively.
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NOTE 10 - BORROWINGS
Short-term debt
Short-term debt at September 30, 2026 and December 31, 2025 was as follows:
September 30, 2026December 31, 2025
(dollars in thousands)AmountRateAmountRate
FHLB advances$250,000 4.16 %$— — %
Total short-term debt$250,000 $— 
The following is a summary of additional information relating to Customers’ short-term debt:
(dollars in thousands)
September 30, 2026 (1)
December 31, 2025 (2)
FHLB advances
Maximum outstanding at any month end$250,000 $200,000 
Average balance during the period15,971 61,781 
Weighted-average interest rate during the period4.16 %4.55 %
Federal funds purchased
Maximum outstanding at any month end$145,000 $— 
Average balance during the period4,535 — 
Weighted-average interest rate during the period3.78 %— %
(1)    For the nine months ended September 30, 2026.
(2)    For the year ended December 31, 2025.
At September 30, 2026 and December 31, 2025, Customers Bank had aggregate availability under federal funds lines totaling $155.0 million and $1.6 billion, respectively.
Long-term debt
FHLB and FRB advances
Long-term FHLB and FRB advances at September 30, 2026 and December 31, 2025 were as follows:
September 30, 2026December 31, 2025
(dollars in thousands)AmountRateAmountRate
FHLB advances (1)
$1,887,182 
(2)
4.24 %
(3)
$1,325,068 
(2)
4.04 %
(3)
Total long-term FHLB and FRB advances$1,887,182 $1,325,068 
(1)    Amounts reported in the above table include fixed rate long-term advances from FHLB of $450.0 million with maturities ranging from June 2027 to March 2028, and variable rate long-term advances from FHLB of $1.4 billion with maturities ranging from October 2029 to September 2031 with a returnable option that can be repaid without penalty on certain predetermined dates at Customers Bank’s option, at September 30, 2026.
(2)    Includes $(2.8) million and $5.1 million of unamortized basis adjustments from interest rate swaps designated as fair value hedges of long-term advances from FHLB at September 30, 2026 and December 31, 2025, respectively. Refer to NOTE 16 — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for additional information.
(3)    Excludes the effect of interest rate swaps designated as fair value hedges of long-term advances from FHLB.
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Maturities of long-term FHLB advances were as follows at September 30, 2026:
September 30, 2026
(dollars in thousands)
Amount (1)
Rate (2)
2026$— — %
2027350,000 3.55 %
2028100,000 4.19 %
2029180,000 4.36 %
2030720,000 4.40 %
Thereafter540,000 4.43 %
Total long-term FHLB advances$1,890,000 
(1)    Amounts reported in the above table include variable rate long-term advances from FHLB of $1.4 billion with maturities ranging from October 2029 to September 2031 with a returnable option that can be repaid without penalty on certain predetermined dates at Customers Bank’s option.
(2)    Excludes the effect of interest rate swaps designated as fair value hedges of long-term advances from FHLB.
The maximum borrowing capacity with the FHLB and FRB at September 30, 2026 and December 31, 2025 was as follows:
(amounts in thousands)September 30, 2026December 31, 2025
Total maximum borrowing capacity with the FHLB$6,128,629 $4,639,436 
Total maximum borrowing capacity with the FRB
5,807,565 4,742,290 
Qualifying loans and securities serving as collateral against FHLB and FRB
14,046,009 11,200,653 
Senior and Subordinated Debt
Long-term senior notes and subordinated debt at September 30, 2026 and December 31, 2025 were as follows:
(dollars in thousands)Carrying Amount
Issued byRankingSeptember 30, 2026December 31, 2025RateIssued AmountDate IssuedMaturityPrice
Customers Bancorp
Senior (1)
$99,313 $99,208 2.875 %$100,000 August 2021August 2031100.000 %
Total other borrowings$99,313 $99,208 
Customers Bancorp
Subordinated (2)(3)
$98,602 $98,359 6.875 %$100,000 December 2025January 2036100.000 %
Customers Bancorp
Subordinated (2)(4)
73,265 73,129 5.375 %$74,750 December 2019December 2034100.000 %
Customers Bank
Subordinated (2)(5)
— 109,659 6.125 %110,000 June 2014June 2029100.000 %
Total subordinated debt$171,867 $281,147 
(1)The senior notes had an annual fixed rate of 2.875% until August 15, 2026. From August 15, 2026 until maturity, the notes bear an annual interest rate equal to a benchmark rate, which is the three-month term SOFR, plus 235 basis points. Customers Bancorp has the ability to call the senior notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after August 15, 2026.
(2)The subordinated notes qualify as Tier 2 capital for regulatory capital purposes.
(3)The subordinated notes will bear an annual fixed rate of 6.875% until January 15, 2031. From January 15, 2031 until maturity, the notes will bear an annual interest rate equal to a benchmark rate, which is expected to be the three-month term SOFR, plus 342 basis points. Customers Bancorp has the ability to call the subordinated notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after January 15, 2031.
(4)Customers Bancorp has the ability to call the subordinated notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after December 30, 2029.
(5)The subordinated notes had an annual fixed rate of 6.125% until June 26, 2024. From June 26, 2024 until maturity, the notes bear an annual interest rate equal to the three-month LIBOR plus 344.3 basis points. 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 in order to calculate the annual interest rate after June 26, 2024. Customers Bank has the ability to call the subordinated notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after June 26, 2024. Customers Bank called the subordinated notes on March 26, 2026.
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NOTE 11 — SHAREHOLDERS’ EQUITY
Common Stock
On June 26, 2024, the Board of Directors of Customers Bancorp authorized a 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 extended for one year from June 26, 2024. Customers Bancorp purchased 104,206 shares of its common stock for $5.6 million under the 2024 Share Repurchase Program during the nine months ended September 30, 2025. Customers had purchased all shares authorized under the 2024 Share Repurchase Program.
On September 5, 2025, Customers Bancorp sold 2,189,781 shares of its common stock held as treasury stock in an underwritten public offering at a price of $68.50 per share. Customers Bancorp granted the underwriters a 30-day option to purchase up to an additional 328,467 shares of its common stock in the offering at the public offering price, less underwriting discounts and commissions, which option was exercised in full. The net proceeds after deducting underwriting discounts and commissions and offering expenses were $163.5 million. The sales proceeds received in excess of the carrying value of the treasury stock of $84.8 million is included in additional paid-in capital in the consolidated statements of changes in shareholders’ equity for the three and nine months ended September 30, 2025.
On February 11, 2026, the Board of Directors of Customers Bancorp authorized a new common stock repurchase program, the 2026 Share Repurchase Program, to repurchase up to $100.0 million of the Company’s common stock. The term of the 2026 Share Repurchase Program will extend for one year from February 12, 2026, unless earlier terminated. Purchases of shares under the 2026 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 492,178 shares of its common stock for $38.3 million under the 2026 Share Repurchase Program during the three months ended September 30, 2026. Customers Bancorp purchased 1,206,650 shares of its common stock for $87.7 million under the 2026 Share Repurchase Program during the nine months ended September 30, 2026.
Preferred Stock
As of September 30, 2026 and December 31, 2025, Customers Bancorp had no series of preferred stock outstanding. On June 16, 2025 and December 15, 2025, Customers redeemed all of the outstanding shares of Series E Preferred Stock and Series F Preferred Stock, respectively, for an aggregate payment of $142.5 million, at a redemption price of $25.00 per share. The redemption price of $57.5 million 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 statement of income for the nine months ended September 30, 2025. After giving effect to the redemption, no shares of the Series E Preferred Stock and Series F Preferred Stock remained outstanding. There were no preferred stock dividends for the three and nine months ended September 30, 2026. Preferred stock dividends were $2.0 million and $8.6 million for the three and nine months ended September 30, 2025.
NOTE 12 — SHARE-BASED COMPENSATION
Customers’ 2019 Plan is administered by the Leadership Development and Compensation Committee of the Board of Directors. At September 30, 2026 and December 31, 2025, the aggregate number of shares of common stock available for grant under the 2019 Plan was 635,102 and 283,983 shares, respectively.
Share-based compensation expense relating to stock options and restricted stock units is recognized on a straight-line basis over the vesting periods of the awards and is a component of salaries and employee benefits expense. Total share-based compensation expense for the team members’ incentives for the three months ended September 30, 2026 and 2025 was $5.1 million and $4.0 million, respectively. Total share-based compensation expense for the team members’ incentives for the nine months ended September 30, 2026 and 2025 was $15.6 million and $12.1 million, respectively. At September 30, 2026, there was $41.4 million of unrecognized compensation cost related to all non-vested share-based compensation awards. This cost is expected to be recognized through 2031.
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Restricted Stock Units
The fair value of restricted stock units granted under the 2019 Plan is determined based on the closing market price of Customers’ common stock on the date of grant, except for the performance based restricted stock units with market conditions. There were 9,424 and 263,381 restricted stock units granted under the 2019 Plan during the three months ended September 30, 2026 and 2025, respectively. There were 420,947 and 601,879 restricted stock units granted under 2019 Plan during the nine months ended September 30, 2026 and 2025, respectively. The grants are mostly subject to either a three-year waterfall vesting (with one third of the amount vesting annually) or a three-year cliff vesting, with 84,073 and 41,823 of those units for the nine months ended September 30, 2026 and 2025, respectively, also subject to the performance metrics, including total shareholder return, return on average common equity, and average NPAs to total assets over a three-year period relative to the performance of its peer group. The performance conditions are considered probable.

In addition, in 2025, an incentive award of 225,000 performance-based restricted stock units were granted, subject to certain performance conditions under the Company’s 2019 Stock Incentive Plan in connection with an executive appointment. These restricted stock units vest if the executive is employed by the Company as of January 1, 2031 and, at any time during a five-year period commencing on January 1, 2026, the average closing price of the Company’s common stock is, for 20 consecutive trading days, equal to or greater than $125.00. Incentive awards of 30,838 performance-based restricted stock units that are subject to the same vesting requirements as those described above were granted to other executives in 2026.
The tables below present the status of the restricted stock units at September 30, 2026 and 2025, and changes during the three and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30, 2026Three Months Ended September 30, 2025
Restricted
Stock Units
Weighted-
Average Grant-
Date Fair Value
Restricted
Stock Units
Weighted-
Average Grant-
Date Fair Value
Outstanding and unvested at July 1,1,010,153 $55.61 835,943 $41.52 
Granted9,424 78.23 263,381 49.22 
Vested(13,015)42.09 (13,244)37.59 
Forfeited(17,854)56.93 (24,448)42.03 
Outstanding and unvested at September 30,988,708 55.81 1,061,632 43.47 
Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
Restricted
Stock Units
Weighted-
Average Grant-
Date Fair Value
Restricted
Stock Units
Weighted-
Average Grant-
Date Fair Value
Outstanding and unvested at December 31,
1,028,926 $42.63 1,110,122 $32.61 
Granted420,947 65.33 601,879 49.27 
Vested(413,362)35.07 (584,193)28.52 
Forfeited(47,803)56.71 (66,176)44.03 
Outstanding and unvested at September 30,988,708 55.81 1,061,632 43.47 
As a part of Customers’ annual equity compensation program, including the long-term incentive program, the Leadership Development and Compensation Committee of the Board of Directors approved granting of an aggregate of 71,007 restricted stock units, and 15,043 restricted stock units and 23,647 performance based restricted stock units under the long-term incentive program to certain executives (collectively, the “Contingent Grants”), subject to approval of an increase in the number of shares authorized for issuance under the 2019 Plan by the Customers Bancorp shareholders at the annual shareholders’ meeting. The amendments to the 2019 Plan were approved by the shareholders at the annual shareholders’ meeting on May 26, 2026, and the Contingent Grants are included in the table above for the nine months ended September 30, 2026.
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NOTE 13 — FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK
Customers is involved with financial instruments and other commitments with off-balance sheet risks. Financial instruments with off-balance sheet risks are incurred in the normal course of business to meet the financing needs of the Bank’s customers. These financial instruments include commitments to extend credit, including unused portions of lines of credit, and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized on the balance sheet.
As of September 30, 2026 and December 31, 2025, the following off-balance sheet commitments, financial instruments and other arrangements were outstanding:
(amounts in thousands)September 30, 2026December 31, 2025
Commitments to fund loans and leases$205,363 $190,268 
Unfunded commitments to fund mortgage finance loans1,680,729 1,379,938 
Unfunded commitments under lines of credit and credit cards4,734,780 3,912,704 
Letters of credit49,964 43,345 
Other unused and unfunded commitments28,060 37,308 
Allowance For Credit Losses on Lending-Related Commitments
ACL on lending related commitments is a liability account, calculated in accordance with ASC 326, Financial Instruments - Credit Losses (“ASC 326”), representing expected credit losses over the contractual period for which Customers is exposed to credit risk resulting from a contractual obligation to extend credit. Customers recognized a benefit to provision for credit losses of $7.2 million and $6.2 million for the three and nine months ended September 30, 2026, respectively, resulting in an ACL of $2.8 million as of September 30, 2026. Customers recognized a benefit to provision for credit losses of $0.8 million and a provision of $2.0 million for the three and nine months ended September 30, 2025, respectively, resulting in an ACL of $6.9 million as of September 30, 2025. Customers had an ACL on unfunded lending-related commitments of $9.0 million as of December 31, 2025. The ACL on lending-related commitments is recorded in accrued interest payable and other liabilities in the consolidated balance sheet and the credit loss expense or benefit is recorded as a provision (benefit) for credit losses within other non-interest expense in the consolidated statement of income.
NOTE 14 — REGULATORY CAPITAL
The Bank and the Bancorp are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet the minimum capital requirements can result in certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on Customers’ financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank and the Bancorp must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items, as calculated under the regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Prompt corrective action provisions are not applicable to bank holding companies.
Quantitative measures established by regulation to ensure capital adequacy require the Bank and the Bancorp to maintain minimum amounts and ratios (set forth in the following table) of common equity Tier 1, Tier 1, and total capital to risk-weighted assets, and Tier 1 capital to average assets (as defined in the regulations). At September 30, 2026 and December 31, 2025, the Bank and the Bancorp satisfied all capital requirements to which they were subject.
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Generally, to comply with the regulatory definition of adequately capitalized, or well capitalized, respectively, or to comply with the Basel III capital requirements, an institution must at least maintain the common equity Tier 1, Tier 1 and total risk-based capital ratios and the Tier 1 leverage ratio in excess of the related minimum ratios as set forth in the following table:
Minimum Capital Levels to be Classified as:
ActualAdequately CapitalizedWell CapitalizedBasel III Compliant
(dollars in thousands)AmountRatioAmountRatioAmountRatioAmountRatio
As of September 30, 2026:
Common equity Tier 1 capital (to risk-weighted assets)
Customers Bancorp, Inc.$2,304,659 12.623 %$821,624 4.500 %N/AN/A$1,278,081 7.000 %
Customers Bank$2,443,440 13.403 %$820,353 4.500 %$1,184,954 6.500 %$1,276,104 7.000 %
Tier 1 capital (to risk-weighted assets)
Customers Bancorp, Inc.$2,304,659 12.623 %$1,095,498 6.000 %N/AN/A$1,551,956 8.500 %
Customers Bank$2,443,440 13.403 %$1,093,804 6.000 %$1,458,405 8.000 %$1,549,555 8.500 %
Total capital (to risk-weighted assets)
Customers Bancorp, Inc.$2,646,910 14.497 %$1,460,664 8.000 %N/AN/A$1,917,122 10.500 %
Customers Bank$2,613,824 14.338 %$1,458,405 8.000 %$1,823,006 10.000 %$1,914,157 10.500 %
Tier 1 capital (to average assets)
Customers Bancorp, Inc.$2,304,659 8.578 %$1,074,720 4.000 %N/AN/A$1,074,720 4.000 %
Customers Bank$2,443,440 9.103 %$1,073,747 4.000 %$1,342,184 5.000 %$1,073,747 4.000 %
As of December 31, 2025:
Common equity Tier 1 capital (to risk-weighted assets)
Customers Bancorp, Inc.$2,164,010 12.992 %$749,547 4.500 %N/AN/A$1,165,962 7.000 %
Customers Bank$2,203,933 13.252 %$748,412 4.500 %$1,081,040 6.500 %$1,164,197 7.000 %
Tier 1 capital (to risk-weighted assets)
Customers Bancorp, Inc.$2,164,010 12.992 %$999,396 6.000 %N/AN/A$1,415,811 8.500 %
Customers Bank$2,203,933 13.252 %$997,883 6.000 %$1,330,510 8.000 %$1,413,667 8.500 %
Total capital (to risk-weighted assets)
Customers Bancorp, Inc.$2,563,309 15.389 %$1,332,528 8.000 %N/AN/A$1,748,943 10.500 %
Customers Bank$2,431,744 14.621 %$1,330,510 8.000 %$1,663,138 10.000 %$1,746,295 10.500 %
Tier 1 capital (to average assets)
Customers Bancorp, Inc.$2,164,010 8.724 %$992,221 4.000 %N/AN/A$992,221 4.000 %
Customers Bank$2,203,933 8.895 %$991,061 4.000 %$1,238,827 5.000 %$991,061 4.000 %
The Basel III Capital Rules require that we maintain a 2.500% capital conservation buffer with respect to each of common equity Tier 1, Tier 1 and total capital to risk-weighted assets, which provides for capital levels that exceed the minimum risk-based capital adequacy requirements. A financial institution with a conservation buffer of less than the required amount is subject to limitations on capital distributions, including dividend payments and stock repurchases, and certain discretionary bonus payments to executive officers.
NOTE 15 — DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS
Customers uses fair value measurements to record fair value adjustments to certain assets and liabilities and to disclose the fair value of its financial instruments. ASC 825, Financial Instruments, requires disclosure of the estimated fair value of an entity’s assets and liabilities considered to be financial instruments. For Customers, as for most financial institutions, the majority of its assets and liabilities are considered to be financial instruments. Many of these instruments lack an available trading market as characterized by a willing buyer and a willing seller engaging in an exchange transaction. For fair value disclosure purposes, Customers utilizes certain fair value measurement criteria under ASC 820, Fair Value Measurements and Disclosures (“ASC 820”), as explained below.
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In accordance with ASC 820, the fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in many instances, there are no quoted market prices for Customers’ various financial instruments. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the instrument.
The fair value guidance provides a consistent definition of fair value, focusing on an exit price in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment. The fair value is a reasonable point within the range that is most representative of fair value under current market conditions.
The fair value guidance also establishes a fair value hierarchy and describes the following three levels used to classify fair value measurements.
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2: Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability.
Level 3: Prices or valuation techniques that require adjustments to inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement.
The following methods and assumptions were used to estimate the fair values of Customers’ financial instruments as of September 30, 2026 and December 31, 2025:
Financial Instruments Recorded at Fair Value on a Recurring Basis
Investment securities:
The fair values of equity securities with a readily determinable fair value, AFS debt securities and debt securities reported at fair value based on a fair value option election are determined by obtaining quoted market prices on nationally recognized and foreign securities exchanges (Level 1), quoted prices in markets that are not active (Level 2), matrix pricing (Level 2), which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted market prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted prices, or internally and externally developed models that use unobservable inputs due to limited or no market activity of the instrument (Level 3).
When quoted market prices are not available, Customers employs an independent pricing service that utilizes matrix pricing to calculate fair value. Such fair value measurements consider observable data such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayments speeds, credit information, and respective terms and conditions for debt instruments. Management maintains procedures to monitor the pricing service’s results and has an established process to challenge their valuations, or methodologies, that appear unusual or unexpected.
Customers also utilizes internally and externally developed models that use unobservable inputs due to limited or no market activity of the instrument. These models use unobservable inputs that are inherently judgmental and reflect our best estimates of the assumptions a market participant would use to calculate fair value. Certain unobservable inputs in isolation may have either a directionally consistent or opposite impact on the fair value of the instrument for a given change in that input. When multiple inputs are used within the valuation techniques, a change in one input in a certain direction may be offset by an opposite change from another input. These assets are classified as Level 1, 2 or 3 fair values, based upon the lowest level of input that is significant to the fair value measurements.
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Loans held for sale - Residential mortgage loans (fair value option):
Customers generally estimates the fair values of residential mortgage loans held for sale based on commitments on hand from investors within the secondary market for loans with similar characteristics. These assets are classified as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements.
Loans held for sale and Loans receivable - Consumer other installment loans (fair value option):
The fair value of medical and home improvement installment loans within consumer other installment loans is the amount of cash initially advanced to fund the loan, as specified in the agreement with fintech companies, and generally held for up to 90 days prior to sale. Customers transferred medical installment loans from held for sale to held for investment when a lending arrangement with a fintech company expired. These assets are classified as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements.
Loans receivable - Mortgage finance loans (fair value option):
The fair value of mortgage finance loans is the amount of cash initially advanced to fund the mortgage, plus accrued interest and fees, as specified in the respective agreements. The loan is used by mortgage companies as short-term bridge financing between the funding of mortgage loans and the finalization of the sale of the loans to an investor. Changes in fair value are not generally expected to be recognized because at inception of the transaction the underlying mortgage loans have already been sold to an approved investor. Additionally, the interest rate is variable, and the transaction is short-term, with an average life of under 30 days from purchase to sale. These assets are classified as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements.
Derivatives (assets and liabilities):
The fair values of interest rate swaps, caps and collars and credit derivatives are determined using models that incorporate readily observable market data into a market standard methodology. This methodology nets the discounted future cash receipts and the discounted expected cash payments. The discounted variable cash receipts and payments are based on expectations of future interest rates derived from observable market interest rate curves. In addition, fair value is adjusted for the effect of nonperformance risk by incorporating credit valuation adjustments for Customers and its counterparties. These assets and liabilities are classified as Level 2 fair values, based upon the lowest level of input that is significant to the fair value measurements.
Derivative assets and liabilities are presented in other assets and accrued interest payable and other liabilities on the consolidated balance sheet.
Financial Instruments Recorded at Fair Value on a Nonrecurring Basis
Collateral-dependent loans:
Collateral-dependent loans are those loans that are accounted for under ASC 326, in which the Bank has measured impairment generally based on the fair value of the loan’s collateral or DCF analysis. Fair value is generally determined based upon independent third-party appraisals of the properties that collateralize the loans, DCF based upon the expected proceeds, sales agreements or letters of intent with third parties. These assets are generally classified as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements.
Other real estate owned:
The fair value of OREO is determined by using appraisals, which may be discounted based on management’s review and changes in market conditions or sales agreements with third parties. All appraisals must be performed in accordance with the Uniform Standards of Professional Appraisal Practice. Appraisals are certified to the Bank and performed by appraisers on the Bank’s approved list of appraisers. Evaluations are completed by a person independent of management. The content of the appraisal depends on the complexity of the property. Appraisals are completed on a “retail value” and an “as is value”. These assets are classified as Level 3 fair values, based upon the lowest level of input that is significant to the fair value measurements.
The following information should not be interpreted as an estimate of Customers’ fair value in its entirety because fair value calculations are only provided for a limited portion of Customers’ assets and liabilities. Due to a wide range of valuation techniques and the degree of subjectivity used in making these estimates, comparisons between Customers’ disclosures and those of other companies may not be meaningful.
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The estimated fair values of Customers’ financial instruments at September 30, 2026 and December 31, 2025 were as follows:
Fair Value Measurements at September 30, 2026
(amounts in thousands)Carrying AmountEstimated Fair ValueQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets:
Cash and cash equivalents$3,624,965 $3,624,965 $3,624,965 $— $— 
Debt securities, available for sale3,541,549 3,541,549 — 3,289,536 252,013 
Debt securities, held to maturity601,300 529,994 — 381,403 148,591 
Loans held for sale109,509 109,509 — 3,169 106,340 
Total loans and leases receivable, net of allowance for credit losses on loans and leases18,229,703 17,954,220 — 1,400,573 16,553,647 
FHLB, Federal Reserve Bank, and other restricted stock146,161 146,161 — 146,161 — 
Derivatives19,194 19,194 — 19,131 63 
Liabilities:
Deposits$22,563,833 $22,539,851 $18,907,788 $3,632,063 $— 
FHLB advances2,137,182 2,137,731 — 2,137,731 — 
Other borrowings99,313 98,291 — 98,291 — 
Subordinated debt171,867 161,200 — 161,200 — 
Derivatives24,687 24,687 — 24,687 — 

Fair Value Measurements at December 31, 2025
(amounts in thousands)Carrying AmountEstimated Fair ValueQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
Assets:
Cash and cash equivalents$4,411,463 $4,411,463 $4,411,463 $— $— 
Debt securities, available for sale1,906,535 1,906,535 — 1,668,722 237,813 
Debt securities, held to maturity729,134 683,598 — 426,981 256,617 
Loans held for sale26,102 26,102 — 1,851 24,251 
Total loans and leases receivable, net of allowance for credit losses on loans and leases16,600,758 16,307,551 — 1,612,997 14,694,554 
FHLB, Federal Reserve Bank, and other restricted stock110,411 110,411 — 110,411 — 
Derivatives11,369 11,369 — 11,325 44 
Liabilities:
Deposits$20,778,704 $20,806,081 $17,482,736 $3,323,345 $— 
FHLB advances1,325,068 1,327,565 — 1,327,565 — 
Other borrowings99,208 93,834 — 93,834 — 
Subordinated debt281,147 277,105 — 277,105 — 
Derivatives15,799 15,799 — 15,799 — 

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For financial assets and liabilities measured at fair value on a recurring and nonrecurring basis, the fair value measurements by level within the fair value hierarchy used at September 30, 2026 and December 31, 2025 were as follows:
September 30, 2026
Fair Value Measurements at the End of the Reporting Period Using
(amounts in thousands)Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Measured at Fair Value on a Recurring Basis:
Assets
Available for sale debt securities:
Asset-backed securities$— $— $252,013 $252,013 
Agency-guaranteed residential mortgage-backed securities — 1,060,266 — 1,060,266 
Agency-guaranteed residential collateralized mortgage obligations— 1,494,728 — 1,494,728 
Agency-guaranteed commercial collateralized mortgage obligations— 110,605 — 110,605 
Corporate notes— 292,338 — 292,338 
Private label collateralized mortgage obligations— 331,599 — 331,599 
Derivatives— 19,131 63 19,194 
Loans held for sale – fair value option— 3,169 1,714 4,883 
Loans receivable, mortgage finance – fair value option— 1,400,573 — 1,400,573 
Loans receivable, installment – fair value option— — 78,807 78,807 
Total assets – recurring fair value measurements$— $4,712,409 $332,597 $5,045,006 
Liabilities
Derivatives $— $24,687 $— $24,687 
Measured at Fair Value on a Nonrecurring Basis:
Assets
Collateral-dependent loans$— $— $26,176 $26,176 
Other real estate owned— — 12,568 12,568 
Total assets – nonrecurring fair value measurements$— $— $38,744 $38,744 
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December 31, 2025
Fair Value Measurements at the End of the Reporting Period Using
(amounts in thousands)Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)		Total
Measured at Fair Value on a Recurring Basis:
Assets
Available for sale debt securities:
Asset-backed securities$— $— $237,813 $237,813 
Agency-guaranteed residential mortgage–backed securities — 413,761 — 413,761 
Agency-guaranteed residential collateralized mortgage obligations— 493,507 — 493,507 
Agency-guaranteed commercial collateralized mortgage obligations— 115,576 — 115,576 
Corporate notes— 285,858 — 285,858 
Private label collateralized mortgage obligations— 360,020 — 360,020 
Derivatives — 11,325 44 11,369 
Loans held for sale – fair value option— 1,851 894 2,745 
Loans receivable, mortgage finance – fair value option— 1,612,997 — 1,612,997 
Loans receivable, installment – fair value option— — 102,077 102,077 
Total assets – recurring fair value measurements$— $3,294,895 $340,828 $3,635,723 
Liabilities
Derivatives $— $15,799 $— $15,799 
Measured at Fair Value on a Nonrecurring Basis:
Assets
Collateral-dependent loans$— $— $20,668 $20,668 
Other real estate owned— — 12,432 12,432 
Total assets – nonrecurring fair value measurements$— $— $33,100 $33,100 
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The changes in asset-backed securities (Level 3 assets) measured at fair value on a recurring basis for the three and nine months ended September 30, 2026 and 2025 are summarized in the tables below:
Asset-backed securities
(amounts in thousands)Three Months Ended September 30,
20262025
Balance at July 1$301,492 $228,698 
Purchases— 85,776 
Principal payments and premium amortization(48,686)(34,242)
Increase in allowance for credit losses— (19)
Decrease in allowance for credit losses— 407 
Change in fair value recognized in OCI(793)1,219 
Balance at September 30$252,013 $281,839 

Asset-backed securities
(amounts in thousands)Nine Months Ended September 30,
20262025
Balance at January 1$237,813 $13,236 
Purchases137,509 322,032 
Principal payments and premium amortization(125,148)(55,241)
Increase in allowance for credit losses— (485)
Decrease in allowance for credit losses586 651 
Change in fair value recognized in OCI1,253 1,646 
Balance at September 30$252,013 $281,839 
The changes in other installment loans (Level 3 assets) classified as held for sale and held for investment, and measured at fair value on a recurring basis, based on an election made to account for the loans at fair value for the three and nine months ended September 30, 2026 and 2025 are summarized in the tables below:
Other Installment Loans
(amounts in thousands)Three Months Ended September 30,
20262025
Balance at July 1$87,808 $123,455 
Originations
23,842 998 
Sales
(24,935)(856)
Principal payments
(6,568)(11,949)
Change in fair value recognized in earnings
374 228 
Balance at September 30$80,521 $111,876 

Other Installment Loans
(amounts in thousands)Nine Months Ended September 30,
20262025
Balance at January 1$102,971 $162,055 
Originations
38,829 196,956 
Sales
(37,733)(176,777)
Principal payments
(23,629)(72,636)
Change in fair value recognized in earnings
83 2,278 
Balance at September 30$80,521 $111,876 
There were no transfers between levels during the three and nine months ended September 30, 2026 and 2025.
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The following tables summarize financial assets and financial liabilities measured at fair value as of September 30, 2026 and December 31, 2025 on a recurring and nonrecurring basis for which Customers utilized Level 3 inputs to measure fair value. The unobservable Level 3 inputs noted below contain a level of uncertainty that may differ from what is realized in an immediate settlement of the assets. Therefore, Customers may realize a value higher or lower than the current estimated fair value of the assets.
Quantitative Information about Level 3 Fair Value Measurements
(dollars in thousands)Fair Value
Estimate		Valuation TechniqueUnobservable InputRange 
(Weighted Average)
September 30, 2026
Asset-backed securities$252,013 Discounted cash flowDiscount rate


Annualized loss rate


Constant prepayment rate
7% - 8%
(8%)

5% - 8%
(5%)

19% - 25%
(19%)
Other real estate owned12,568 
Collateral appraisal (1)
Liquidation expenses (2)
6% - 7%
(6%)

Quantitative Information about Level 3 Fair Value Measurements
(dollars in thousands)Fair Value
Estimate		Valuation TechniqueUnobservable InputRange 
(Weighted Average)
December 31, 2025
Asset-backed securities$237,813 Discounted cash flowDiscount rate


Annualized loss rate


Constant prepayment rate
8% - 9%
(8%)

3% - 13%
(4%)

17% - 20%
(19%)
Other real estate owned12,432 
Collateral appraisal (1)
Liquidation expenses (2)
6% - 7%
(6%)
(1)    Obtained from approved independent appraisers. Appraisals are current and in compliance with credit policy. Customers does not generally discount appraisals. Fair value is also estimated based on sale agreements or letters of intent with third parties.
(2)    Appraisals are adjusted by management for liquidation expenses. The range and weighted average of liquidation expense adjustments are presented as a percentage of the appraisal.
NOTE 16 — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
Risk Management Objectives of Using Derivatives
Customers is exposed to certain risks arising from both its business operations and economic conditions. Customers manages economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources, and durations of its assets and liabilities. Specifically, Customers enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the values of which are determined by interest rates. Customers’ derivative financial instruments are used to manage differences in the amount, timing and duration of Customers’ known or expected cash receipts and its known or expected cash payments principally related to certain loans, borrowings and deposits. Customers also has interest-rate derivatives resulting from an accommodation provided to certain qualifying customers, and therefore, they are not used to manage Customers’ interest-rate risk in assets or liabilities. Customers manages a matched book with respect to its derivative instruments used in this customer service in order to minimize its net risk exposure resulting from such transactions.
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Cash Flow Hedges of Interest-Rate Risk
Customers’ objectives in using interest-rate derivatives include managing exposure to interest rate movements. To accomplish this objective, Customers primarily uses interest rate swaps as part of its interest rate risk management strategy. In the past, such derivatives were used to hedge the variable cash flows associated with the forecasted issuances of debt and a certain variable-rate deposit relationship. Customers also uses such derivatives to hedge the variable cash flows associated with certain variable-rate commercial and industrial loans. Interest rate swaps designated as cash flow hedges of forecasted issuance of debt and variable-rate deposit relationship involve the receipt of variable amounts from a counterparty in exchange for Customers making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate swaps designated as cash flow hedges of loans receivable involve the receipt of fixed amounts from a counterparty in exchange for Customers making variable-rate payments over the life of the agreements without exchange of the underlying notional amount. The changes in the fair value of derivatives designated and qualifying as cash flow hedges are recorded in AOCI and subsequently reclassified into earnings in the period that the hedged item affects earnings. At September 30, 2026, Customers had four outstanding interest rate derivatives with notional amounts totaling $1.1 billion designated as cash flow hedges of interest-rate risk associated with variable-rate commercial and industrial loans. The outstanding cash flow hedges expire between July 2027 and January 2031. Customers did not enter into interest rate derivatives that were designated as cash flow hedges of certain commercial and industrial loans during the three months ended September 30, 2026. During the nine months ended September 30, 2026, Customers entered into two interest rate derivatives with notional amounts totaling $300.0 million that were designated as cash flow hedges of certain commercial and industrial loans. Customers entered into two interest rate derivatives with notional amounts totaling $800.0 million that were designated as cash flow hedges of variable-rate commercial and industrial loans during the three and nine months ended September 30, 2025. At December 31, 2025, Customers had two outstanding interest rate derivatives with notional amounts totaling $800.0 million designated as cash flow hedges of variable-rate commercial and industrial loans.
Customers discontinues cash flow hedge accounting if it is probable the forecasted hedged transactions will not occur in the initially identified time period. At such time, the associated gains and losses deferred in AOCI are reclassified immediately into earnings and any subsequent changes in the fair value of such derivatives are recognized directly in earnings.
Amounts reported in AOCI related to derivatives will be reclassified to interest income as interest payments are received on Customers’ variable-rate commercial and industrial loans. During the next twelve months, Customers estimates that $9.3 million will be reclassified from AOCI as a decrease to interest income. Customers is hedging its exposure to the variability in future cash flows for forecasted transactions (interest payments on commercial and industrial loans) over a maximum period of five years.
Fair Value Hedges of Benchmark Interest-Rate Risk
Customers is exposed to changes in the fair value of certain of its fixed rate AFS debt securities, deposits and FHLB advances due to changes in the benchmark interest rate. Customers uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate such as the Fed Funds Effective Swap Rate. Interest rate swaps designated as fair value hedges of certain fixed rate AFS debt securities involve the payment of fixed-rate amounts to a counterparty in exchange for Customers receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. Interest rate swaps designated as fair value hedges of certain deposits and FHLB advances involve the payment of variable-rate amounts to a counterparty in exchange for Customers receiving fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in net interest income.
At September 30, 2026, Customers had 54 outstanding interest rate derivatives with notional amounts totaling $2.2 billion that were designated as fair value hedges of certain deposits and FHLB advances. During the three months ended September 30, 2026, Customers entered into eleven interest rate derivatives with notional amounts totaling $240.7 million that were designated as fair value hedges of certain deposits, and terminated two interest rate derivatives with notional amounts totaling $200.0 million that were designated as fair value hedges of certain FHLB advances. During the nine months ended September 30, 2026, Customers entered into 18 interest rate derivatives with notional amounts totaling $484.7 million that were designated as fair value hedges of certain deposits, and terminated two interest rate derivatives with notional amounts totaling $200.0 million that were designated as fair value hedges of certain FHLB advances. Customers did not enter into any interest rate derivatives during the three months ended September 30, 2025. During the nine months ended September 30, 2025, Customers entered into three interest rate derivatives with notional amounts totaling $320.2 million that were designated as fair value hedges of certain deposits. At December 31, 2025, Customers had 44 outstanding interest rate derivatives with notional amounts totaling $2.4 billion that were designated as fair value hedges of certain deposits and FHLB advances.
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As of September 30, 2026 and December 31, 2025, the following amounts were recorded on the consolidated balance sheet related to cumulative basis adjustments for fair value hedges:
Amortized CostCumulative Amount of Fair Value Hedging Adjustment to Hedged Items
(amounts in thousands)September 30, 2026December 31, 2025September 30, 2026December 31, 2025
Deposits$1,756,833 $1,697,282 $(31,204)$20,232 
FHLB advances450,000 750,000 (2,818)5,068 
Derivatives Not Designated as Hedging Instruments
Customers executes interest rate swaps (typically the loan customers will swap a floating-rate loan for a fixed-rate loan), caps and collars with commercial banking customers to facilitate their respective risk management strategies. The customer interest rate swaps, caps and collars are simultaneously offset by interest rate swaps, caps and collars that Customers executes with a third party in order to minimize interest-rate risk exposure resulting from such transactions. As the interest rate swaps, caps and collars associated with this program do not meet the hedge accounting requirements, changes in the fair value of both the customer swaps, caps and collars and the offsetting third-party market swaps, caps and collars are recognized directly in earnings. At September 30, 2026, Customers had 114 interest rate swaps with an aggregate notional amount of $1.5 billion and 14 interest rate caps and collars with an aggregated notional amount of $580.8 million related to this program. At December 31, 2025, Customers had 118 interest rate swaps with an aggregate notional amount of $1.1 billion and ten interest rate caps and collars with an aggregate notional amount of $432.2 million related to this program.
Fair Value of Derivative Instruments on the Balance Sheet
The following tables present the fair value of Customers’ derivative financial instruments as well as their presentation on the consolidated balance sheets as of September 30, 2026 and December 31, 2025:
September 30, 2026
Derivative AssetsDerivative Liabilities
(amounts in thousands)Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivatives not designated as hedging instruments:
Interest rate swaps, caps and collars (1)
Other assets$19,131 Other liabilities$24,671 
December 31, 2025
Derivative AssetsDerivative Liabilities
(amounts in thousands)Balance Sheet LocationFair ValueBalance Sheet LocationFair Value
Derivatives not designated as hedging instruments:
Interest rate swaps, caps and collars (1)
Other assets$11,325 Other liabilities$15,700 
(1)    Customers’ centrally cleared derivatives are legally settled through variation margin payments and these payments are reflected as a reduction of the related derivative asset or liability, including accrued interest, on the consolidated balance sheet.
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Effect of Derivative Instruments on Net Income
The following table presents amounts included in the consolidated statements of income related to derivatives designated as fair value hedges and derivatives not designated as hedges for the three and nine months ended September 30, 2026 and 2025:
Amount of Income (Loss) Recognized in Earnings
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)Income Statement Location2026202520262025
Derivatives designated as fair value hedges:
Recognized on interest rate swapsNet interest income$1,014 $(2,245)$3,804 $(6,535)
Recognized on hedged depositsNet interest income(792)1,452 (2,924)4,188 
Recognized on hedged FHLB advancesNet interest income(103)944 (468)2,834 
Total$119 $151 $412 $487 
Derivatives not designated as hedging instruments:
Interest rate swaps, caps and collars
Other non-interest income$1,520 $340 $2,139 $(2,011)
Effect of Derivative Instruments on Comprehensive Income
The following tables present the effect of Customers’ derivative financial instruments on comprehensive income for the three and nine months ended September 30, 2026 and 2025:
Amount of Gain (Loss) Recognized in OCI on Derivatives (1)
Location of Gain (Loss) Reclassified from AOCI into Income 
Amount of Gain (Loss) Reclassified from AOCI into Income
Three Months Ended September 30,Three Months Ended September 30,
(amounts in thousands)2026202520262025
Derivatives in cash flow hedging relationships:
Interest rate swaps$(8,805)$1,681 
Interest income
$(525)$(1,412)

Amount of Gain (Loss) Recognized in OCI on Derivatives (1)
Location of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income
Nine Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2026202520262025
Derivatives in cash flow hedging relationships:
Interest rate swaps$(19,468)$1,681 
Interest income
$(1,378)$(1,412)
(1)    Amounts presented are net of taxes. Refer to NOTE 4 – CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) for the total effect on other comprehensive income (loss) from derivatives designated as cash flow hedges for the periods presented.
Credit-risk-related Contingent Features
By entering into derivative contracts, Customers is exposed to credit risk. The credit risk associated with derivatives executed with customers is the same as that involved in extending the related loans and is subject to the same standard credit policies. To mitigate the credit-risk exposure to major derivative dealer counterparties, Customers only enters into agreements with those counterparties that maintain credit ratings of high quality or with central clearing parties.
Agreements with major derivative dealer counterparties contain provisions whereby default on any of Customers’ indebtedness would be considered a default on its derivative obligations. Customers also has entered into agreements that contain provisions under which the counterparty could require Customers to settle its obligations if Customers fails to maintain its status as a well/adequately capitalized institution. Under these agreements, Customers had derivative assets of $19.1 million and derivative liabilities of $0.1 million, resulting in a net asset position of $19.0 million at September 30, 2026. In addition, Customers, which has collateral posting thresholds with certain of these counterparties, had received $18.5 million of cash collateral at September 30, 2026. Customers records cash posted or received as collateral with these counterparties, except with a central clearing entity, as a reduction or an increase in the outstanding balance of cash and cash equivalents and an increase in the balance of other assets or other liabilities.
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Disclosures about Offsetting Assets and Liabilities
The following tables present derivative instruments that are subject to enforceable master netting arrangements. Customers’ interest rate swaps, caps and collars with institutional counterparties are subject to master netting arrangements and are included in the tables below. Interest rate swaps, caps and collars with commercial banking customers are not subject to master netting arrangements and are excluded from the tables below. Customers has not made a policy election to offset its derivative positions.
Gross Amounts Recognized on the Consolidated Balance SheetGross Amounts Not Offset in the Consolidated Balance SheetNet Amount
(amounts in thousands)Financial InstrumentsCash Collateral Received/Posted
September 30, 2026
Interest rate derivative assets with institutional counterparties$19,076 $(62)$(18,491)$523 
Interest rate derivative liabilities with institutional counterparties$62 $(62)$— $— 
Gross Amounts Recognized on the Consolidated Balance SheetGross Amounts Not Offset in the Consolidated Balance SheetNet Amount
(amounts in thousands)Financial InstrumentsCash Collateral Received/Posted
December 31, 2025
Interest rate derivative assets with institutional counterparties$6,294 $(5,219)$(1,075)$— 
Interest rate derivative liabilities with institutional counterparties$5,219 $(5,219)$— $— 
NOTE 17 — LOSS CONTINGENCIES
Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are any such matters that will have a material effect on the consolidated financial statements that are not currently accrued for. However, in light of the uncertainties inherent in these matters, it is possible that the ultimate resolution may have a material adverse effect on Customers’ results of operations for a particular period, and future changes in circumstances or additional information could result in accruals or resolution in excess of established accruals, which could adversely affect Customers’ results of operations, potentially materially.
Demand Letter
On or about June 17, 2025, the Company’s Board of Directors received a letter demanding it investigate and pursue causes of action, purportedly on behalf of the Company, against certain current and former directors and/or officers of the Company based on alleged deficiencies in the Company’s disclosures concerning anti-money laundering and bank secrecy compliance (the “Demand Letter”). In response to the Demand Letter, on July 23, 2025, the Board approved the formation of a Special Litigation Committee comprised entirely of independent directors to investigate the allegations raised. The investigation has been completed and the Special Litigation Committee concluded that no further investigation or action is warranted. The Company intends to defend against any further action related to the Demand Letter.
NOTE 18 — BUSINESS SEGMENTS
Customers has one reportable segment. Customers derives its revenues from customers by providing loans and deposit products in the United States, and manages the business on a consolidated basis. Customers’ accounting policies of the reportable segment are the same as those described in NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION to the audited consolidated financial statements in the 2025 Form 10-K.
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Customers’ CODM is the Executive Committee (the “Executive Committee”) that includes the Executive Chairman, Chief Executive Officer, Chief Financial Officer, Chief Banking Officer, Chief Risk Officer, Chief Credit Officer, Chief Operating Officer and the Head of Corporate Development and Investor Relations. The Executive Committee assesses performance of Customers on a consolidated basis, and decides how to allocate resources based on net income that is also reported as net income available to common shareholders on the consolidated statement of income.
The Executive Committee uses net income, which is the measure of segment profit and loss, to evaluate income generated from segment assets (return on assets) and other measures, such as net interest margin, tax equivalent, return on average assets, return on common equity and tangible common equity per common share, in deciding how to reinvest profits, such as originating loans and leases, investing in investment securities, or to repurchase shares in Customers’ common stock.
Net income available to common shareholders is used to monitor budget versus actual results. The Executive Committee also uses net income available to common shareholders and other measures in comparing to Customers’ peer banks. The comparison of Customers’ net income available to common shareholders and other measures to its peer banks, along with the comparison of budgeted versus actual results are used in assessing Customers’ performance and in establishing management compensation.
The following table presents Customers’ reported segment revenues, profit or loss and significant segment expenses for the three and nine months ended September 30, 2026 and 2025:
Segment profit or loss
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands, except per share data)
2026202520262025
Interest income:
Total interest income$370,757 $361,479 $1,051,726 $1,004,389 
Total interest expense162,679 159,567 458,931 458,328 
Net interest income208,078 201,912 592,795 546,061 
Provision for credit losses
25,434 26,543 71,873 75,621 
Net interest income after provision for credit losses182,644 175,369 520,922 470,440 
Total non-interest income (1)
31,366 30,191 99,725 35,307 
Non-interest expense:
Salaries and employee benefits56,269 48,723 163,600 137,245 
Technology, communication and bank operations15,107 10,415 39,641 32,109 
Commercial lease depreciation13,166 9,463 38,619 26,669 
Professional services7,766 12,281 29,485 37,988 
Loan servicing3,915 4,167 11,484 12,850 
Occupancy (2)
3,657 4,370 11,108 11,333 
FDIC assessments, non-income taxes and regulatory fees4,727 8,505 17,527 32,161 
Advertising and promotion476 636 1,511 1,625 
Other (3)
8,313 6,657 27,300 22,634 
Total non-interest expense113,396 105,217 340,275 314,614 
Income before income tax expense100,614 100,343 280,372 191,133 
Income tax expense22,231 24,598 60,776 41,537 
Segment net income
78,383 75,745 219,596 149,596 
Preferred stock dividends— 2,019 — 8,593 
Loss on redemption of preferred stock— — — 1,908 
Segment net income available to common shareholders
$78,383 $73,726 $219,596 $139,095 
Reconciliation of profit or loss
Adjustments and reconciling items
— — — — 
Consolidated net income available to common shareholders
$78,383 $73,726 $219,596 $139,095 
Basic earnings per common share $2.33 $2.28 $6.49 $4.37 
Diluted earnings per common share2.25 2.20 6.28 4.24 
(1)    Includes Customers’ equity in the net income of investees accounted for under the equity method consisting primarily of investments in the SBA’s small business investment companies, and income from investments in affordable housing projects.
(2)    Includes depreciation expense for furniture, fixture and equipment and amortization of leasehold improvements of $1.1 million for the three months ended September 30, 2026 and 2025. Depreciation expense for furniture and equipment and amortization of leasehold improvement were $3.2 million and $2.6 million for the nine months ended September 30, 2026 and 2025, respectively.
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(3)    Other expenses include provision (benefit) for credit losses on unfunded lending-related commitments, deposit costs, loan workout and non-capitalizable origination costs, provision for operating losses, insurance expenses, charitable contributions and other miscellaneous expenses.
Substantially all revenues generated and long-lived assets held by Customers are derived from customers that reside in the United States. Customers did not earn revenues from a single external customer that represents ten percent or more of consolidated total revenues.
The measure of segment assets is reported as total assets on the consolidated balance sheet. The following table presents Customers’ reported segment assets as of September 30, 2026 and December 31, 2025:
Segment assets
(amounts in thousands)
September 30, 2026December 31, 2025
Total assets$27,411,648 $24,895,868 
Adjustments and reconciling items
— — 
Consolidated total assets
$27,411,648 $24,895,868 
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ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Cautionary Note Regarding Forward-Looking Statements
This report and all attachments hereto, as well as other written or oral communications made from time to time by us, may contain forward-looking information within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements with respect to Customers Bancorp, Inc.’s strategies, goals, beliefs, expectations, estimates, intentions, capital raising efforts, financial condition and results of operations, future performance and business. Statements preceded by, followed by, or that include the words “may,” “could,” “should,” “pro forma,” “looking forward,” “would,” “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “project,” “confident,” or similar expressions generally indicate a forward-looking statement. These forward-looking statements involve risks and uncertainties that are subject to change based on various important factors (some of which, in whole or in part, are beyond Customers Bancorp, Inc.’s control). Numerous competitive, economic, regulatory, legal and technological events and factors, among others, could cause Customers Bancorp, Inc.’s financial performance to differ materially from the goals, plans, objectives, intentions and expectations expressed in such forward-looking statements, including: a continuation of the recent turmoil in the banking industry, responsive measures taken by us and regulatory authorities to mitigate and manage related risks, regulatory actions taken that address related issues and the costs and obligations associated therewith, such as the FDIC special assessments; the potential for negative consequences resulting from regulatory violations, investigations and examinations, including potential supervisory actions, the assessment of fines and penalties, the imposition of sanctions, the need to undertake remedial actions and possible damage to our reputation; technological changes, including acceptance and success of our proprietary B2B instant payments platform, cubiX, which is subject to a variety of factors that are difficult to evaluate; effects of competition on deposit rates and growth, loan rates and growth and net interest margin; failure to identify and adequately and promptly address cybersecurity risks, including data breaches and cyberattacks, which may be exacerbated by our continued development and implementation of generative artificial intelligence, including risks arising from reliance on third-party AI tools, model limitations, data integrity issues or regulatory uncertainty, and the cost of defending against them and any reputational or other financial risks following such a cybersecurity incident; public health crises and pandemics and their effects on the economic and business environments in which we operate; geopolitical conditions, including acts or threats of terrorism, actions taken by the United States or other governments in response to acts or threats of terrorism and military conflicts, including the war between Russia and Ukraine and ongoing conflict in the Middle East, which could impact the economic conditions in the United States; the impact that changes in the economy have on the performance of our loan and lease portfolio, the market value of our investment securities, the demand for our products and services and the availability of sources of funding; the effects of actions by the federal government, including the Board of Governors of the Federal Reserve System and other government agencies, that affect market interest rates and the money supply; actions that we and our customers take in response to these developments and the effects such actions have on our operations, products, services and customer relationships; higher inflation and its impacts; the effects of changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs on its trading partners; and the effects of any changes in accounting standards or policies. Customers Bancorp, Inc. cautions that the foregoing factors are not exclusive, and neither such factors nor any such forward-looking statement takes into account the impact of any future events. All forward-looking statements and information set forth herein are based on management’s current beliefs and assumptions as of the date hereof and speak only as of the date they are made. For a more complete discussion of the assumptions, risks and uncertainties related to our business, you are encouraged to review Customers Bancorp, Inc.’s filings with the Securities and Exchange Commission, including its most recent annual report on Form 10-K for the year ended December 31, 2025, subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K, including any amendments thereto, that update or provide information in addition to the information included in the Form 10-K and Form 10-Q filings, if any. Customers Bancorp, Inc. does not undertake to update any forward-looking statement whether written or oral, that may be made from time to time by Customers Bancorp, Inc. or by or on behalf of Customers Bank, except as may be required under applicable law.
Management’s discussion and analysis represents an overview of the financial condition and results of operations, and highlights the significant changes in the financial condition and results of operations, as presented in the accompanying consolidated financial statements for Customers Bancorp, Inc. (the “Bancorp” or “Customers Bancorp”), a financial holding company, and its wholly owned subsidiaries, including Customers Bank (the “Bank”), collectively referred to as “Customers” herein. This information is intended to facilitate your understanding and assessment of significant changes and trends related to Customers’ financial condition and results of operations as of and for the three and nine months ended September 30, 2026. All quarterly information in this Management’s Discussion and Analysis is unaudited. You should read this section in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in Customers’ 2025 Form 10-K.
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Overview
Like most financial institutions, Customers derives the majority of its income from interest it receives on its interest-earning assets, such as loans, leases and investments. Customers’ primary source of funds for making these loans, leases and investments is its deposits and borrowings, on which it pays interest. Consequently, one of the key measures of Customers’ success is the amount of its net interest income, or the difference between the interest income on its interest-earning assets and the interest expense on its interest-bearing liabilities, such as deposits and borrowings. Another key measure is the difference between the interest income generated by interest earning assets and the interest expense on interest-bearing liabilities, relative to the amount of average interest earning assets, which is referred to as net interest margin.
There is credit risk inherent in loans and leases requiring Customers to maintain an ACL to absorb credit losses on existing loans and leases that may become uncollectible. Customers maintains this allowance by charging a provision for credit losses on loan and leases against its operating earnings. Customers has included a detailed discussion of this process in “NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION” to Customers’ audited consolidated financial statements in its 2025 Form 10-K, as well as several tables describing its ACL in “NOTE 7 – LOANS AND LEASES RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES” to Customers’ unaudited consolidated financial statements.
Impact of Macroeconomic and Banking Industry Uncertainties, Tariffs, and Military Conflicts
The Federal Reserve raised the target range for the federal funds rate by a quarter of a percentage point at its meeting in September 2026. The Federal Reserve stated that inflation remains elevated, and its policy action will support a timelier return to its 2% inflation goal. The Federal Reserve stated that it will deliver price stability. At its October 2026 meeting, the Federal Reserve maintained the target range for the federal funds rate from September 2026. Significant uncertainties exist as to the direction of interest rates and their effects on economic conditions.
Significant uncertainties as to future economic conditions continue to exist, including risks of higher inflation, changes in U.S. trade policies including the imposition of tariffs and retaliatory tariffs on its trading partners, disruptions to global supply chains and labor markets and higher oil and commodity prices exacerbated by the military conflicts between Russia and Ukraine and in the Middle East. Customers has maintained higher levels of liquidity and strong capital ratios. Customers remains focused on growing its non-interest bearing and lower-cost interest-bearing deposits. The Bank’s debt securities available for sale and held to maturity are available to be pledged as collateral to the FRB and FHLB for additional liquidity. The Bank had approximately $7.8 billion in immediate available liquidity from the FRB and FHLB and cash on hand of $3.6 billion as of September 30, 2026. The Bank’s estimated FDIC insured deposits represented approximately 57% of our deposits (inclusive of accrued interest) as of September 30, 2026. When including collateralized and affiliate deposits as FDIC insured, this number increased to 66% of our deposits as of September 30, 2026. Customers continues to monitor closely the impact of uncertainties affecting the macroeconomic conditions, the military conflicts between Russia and Ukraine and in the Middle East, as well as any effects that may result from the federal government’s responses including future rate and regulatory actions; however, the extent to which inflation, interest rates and other macroeconomic and industry factors and the geopolitical conflicts will impact Customers’ operations and financial results during the remainder of 2026 is highly uncertain.
New Accounting Pronouncements
For information about the impact that recently adopted or issued accounting guidance will have on us, refer to “NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION” to Customers’ unaudited consolidated financial statements.
Critical Accounting Policies and Estimates
Customers has adopted various accounting policies that govern the application of U.S. GAAP and that are consistent with general practices within the banking industry in the preparation of its consolidated financial statements. Customers’ significant accounting policies are described in “NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION” in Customers’ audited consolidated financial statements included in its 2025 Form 10-K. Certain accounting policies involve significant judgments and assumptions by Customers that have a material impact on the carrying value of certain assets. Customers considers these accounting policies to be critical accounting policies. The judgments and assumptions used are based on historical experience and other factors, which are believed to be reasonable under the circumstances. Because of the nature of the judgments and assumptions management makes, actual results could differ from these judgments and estimates, which could have a material impact on the carrying values of Customers’ assets.
The critical accounting policy that is both important to the portrayal of Customers’ financial condition and results of operations and requires complex, subjective judgments is the ACL. This critical accounting policy and material estimate, along with the related disclosures, are reviewed by Customers’ Audit Committee of the Board of Directors.
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Allowance for Credit Losses
Customers’ ACL at September 30, 2026 represents Customers’ current estimate of the lifetime credit losses expected from its loan and lease portfolio and its unfunded lending-related commitments that are not unconditionally cancellable. Management estimates the ACL by projecting a lifetime loss rate conditional on a forecast of economic parameters and other qualitative adjustments, for the loans’ and leases’ expected remaining term.
Customers uses external sources in the creation of its forecasts, including current economic conditions and forecasts for macroeconomic variables over its reasonable and supportable forecast period (e.g., GDP growth rate, unemployment rate, BBB spread, commercial real estate and home price index). After the reasonable and supportable forecast period, which ranges from two to five years, the models revert the forecasted macroeconomic variables to their historical long-term trends, without specific predictions for the economy, over the expected life of the pool, while also incorporating prepayment assumptions into its lifetime loss rates. Internal factors that impact the quarterly allowance estimate include the level of outstanding balances, portfolio performance and assigned risk ratings. Significant loan/borrower attributes utilized in the models include property type, initial loan to value, assigned risk ratings, delinquency status, origination date, maturity date, initial FICO scores, as well as borrower industry and state.
The ACL may be affected materially by a variety of qualitative factors that Customers considers to reflect its current judgment of various events and risks that are not measured in our statistical procedures, including uncertainty related to the economic forecasts used in the modeled credit loss estimates, nature and volume of the loan and lease portfolio, credit underwriting policy exceptions, peer comparison, industry data, as well as model and data limitations.
The qualitative allowance for economic forecast risk is further informed by multiple alternative scenarios, as deemed applicable, to arrive at a scenario or a composite of scenarios supporting the period-end ACL balance. The evaluation process is inherently imprecise and subjective as it requires significant management judgment based on underlying factors that are susceptible to changes, sometimes materially and rapidly. Customers recognizes that this approach may not be suitable in certain economic environments such that additional analysis may be performed at management’s discretion. Due in part to its subjectivity, the qualitative evaluation may be materially impacted during periods of economic uncertainty and late breaking events that could lead to a revision of reserves to reflect management’s best estimate of expected credit losses.
The ACL is established in accordance with our ACL policy. The ACL Committee, which includes the Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, Chief Banking Officer, and Chief Credit Officer, among others, reviews the adequacy of the ACL each quarter, together with Customers’ risk management team. The ACL policy, significant judgments and the related disclosures are reviewed by Customers’ Audit Committee of the Board of Directors.
The net increase in our estimated ACL as of September 30, 2026 as compared to December 31, 2025 resulted primarily from an increase in loan balances partially offset by slight improvements in the forecast of macroeconomic variables. The provision for credit losses on loans and leases was $20.7 million and $57.0 million for the three and nine months ended September 30, 2026, respectively, for an ending ACL balance of $174.9 million ($172.1 million for loans and leases and $2.8 million for unfunded lending-related commitments) as of September 30, 2026.
To determine the ACL as of September 30, 2026, Customers utilized its baseline forecast to generate its modeled expected losses and considered other alternative economic forecast scenarios to qualitatively adjust the modeled ACL by loan portfolio in order to reflect management’s reasonable expectations of current and future economic conditions. The baseline forecast at September 2026 assumed slight improvements in certain macroeconomic variables while others remained flat from the second quarter 2026 forecasts of macroeconomic conditions used by Customers.
As of December 31, 2025, the ACL ending balance was $164.7 million ($155.7 million for loans and leases and $9.0 million for unfunded lending-related commitments). To determine the ACL as of December 31, 2025, Customers utilized its December 2025 baseline forecast to generate its modeled expected losses and considered other alternative economic forecast scenarios to qualitatively adjust the modeled ACL by loan portfolio in order to reflect management’s reasonable expectations of current and future economic conditions. The baseline forecast at December 31, 2025 assumed slight improvements in macroeconomic forecasts compared to the macroeconomic forecasts used by Customers in 2024.

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One of the most significant judgments influencing the ACL is the macroeconomic forecasts. Changes in the economic forecasts could significantly affect the estimated credit losses which could potentially lead to materially different allowance levels from one reporting period to the next. Given the dynamic relationship between macroeconomic variables within Customers’ modeling framework, it is difficult to estimate the impact of a change in any one individual variable on the ACL. To illustrate a hypothetical sensitivity analysis, management calculated a quantitative allowance using a 100% weighting applied to an adverse scenario. Under this scenario, as an example, the unemployment rate increases significantly as compared to the baseline forecast peaking in the fourth quarter of 2027. In addition, GDP is significantly lower in the adverse scenario with GDP turning negative for the remainder of 2026 before turning positive in the third quarter of 2027. To demonstrate the sensitivity to key economic parameters, management calculated the difference between a 100% Baseline weighting and a 100% adverse scenario weighting specific only for modeled results. This would result in an incremental quantitative impact to the ACL of approximately $89.1 million at September 30, 2026. This resulting difference is not intended to represent an expected increase in ACL levels since (i) Customers may use a weighted approach applied to multiple economic scenarios for its ACL process, (ii) the highly uncertain economic environment, (iii) the difficulty in predicting inter-relationships between macroeconomic variables used in various economic scenarios, and (iv) the sensitivity analysis does not account for any qualitative adjustments incorporated by Customers as part of its overall ACL framework.
There is no certainty that Customers’ ACL will be appropriate over time to cover losses in our portfolio as economic and market conditions may ultimately differ from our reasonable and supportable forecast. Additionally, events adversely affecting specific customers, industries, or Customers’ markets, such as geopolitical instability, or risks of rising inflation including a near-term recession could severely impact our current expectations. If the credit quality of Customers’ customer base materially deteriorates or the risk profile of a market, industry, or group of customers changes materially, Customers’ net income and capital could be materially adversely affected which, in turn could have a material adverse effect on Customers’ financial condition and results of operations. The extent to which the geopolitical instability, higher tariffs and risks of rising inflation have and will continue to negatively impact Customers’ businesses, financial condition, liquidity and results will depend on future developments, which are highly uncertain and cannot be forecasted with precision at this time.
For more information, refer to “NOTE 7 – LOANS AND LEASES RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES” to Customers’ unaudited consolidated financial statements.
Results of Operations
The following table sets forth the condensed statements of income for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30,QTDNine Months Ended September 30,YTD
(dollars in thousands)20262025Change% Change20262025Change% Change
Net interest income$208,078 $201,912 $6,166 3.1 %$592,795 $546,061 $46,734 8.6 %
Provision for credit losses
25,434 26,543 (1,109)(4.2)%71,873 75,621 (3,748)(5.0)%
Total non-interest income31,366 30,191 1,175 3.9 %99,725 35,307 64,418 182.5 %
Total non-interest expense113,396 105,217 8,179 7.8 %340,275 314,614 25,661 8.2 %
Income before income tax expense100,614 100,343 271 0.3 %280,372 191,133 89,239 46.7 %
Income tax expense22,231 24,598 (2,367)(9.6)%60,776 41,537 19,239 46.3 %
Net income78,383 75,745 2,638 3.5 %219,596 149,596 70,000 46.8 %
Preferred stock dividends— 2,019 (2,019)(100.0)%— 8,593 (8,593)(100.0)%
Loss on redemption of preferred stock— — — — %— 1,908 (1,908)(100.0)%
Net income available to common shareholders$78,383 $73,726 $4,657 6.3 %$219,596 $139,095 $80,501 57.9 %


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Customers reported net income available to common shareholders of $78.4 million and $219.6 million for the three and nine months ended September 30, 2026, compared to net income available to common shareholders of $73.7 million and $139.1 million for the three and nine months ended September 30, 2025. Factors contributing to the change in net income available to common shareholders for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025 were as follows:
Net interest income
Net interest income increased $6.2 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily due to higher average loan balances. Average interest-earning assets increased by $2.7 billion for the three months ended September 30, 2026, compared to the three months ended September 30, 2025. The increase in interest-earning assets was primarily driven by increases in corporate banking loans and leases and investment securities. NIM decreased by 27 basis points to 3.19% for the three months ended September 30, 2026 from 3.46% for the three months ended September 30, 2025. The NIM decrease was primarily attributable to lower market interest rates on corporate banking loans and leases and interest earning deposits and lower discount accretion on geographic and other commercial and industrial loans, partially offset by lower cost of deposits from a favorable shift in deposit mix and lower market interest rates for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. Customers’ total cost of funds, including non-interest bearing deposits and borrowings, was 2.66% and 2.91% for the three months ended September 30, 2026 and 2025, respectively.
Net interest income increased $46.7 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to higher average loan balances. Average interest-earning assets increased by $2.7 billion for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. The increase in interest-earning assets was primarily driven by an increase in corporate banking loans and leases. NIM decreased by 11 basis points to 3.19% for the nine months ended September 30, 2026 from 3.30% for the nine months ended September 30, 2025. The NIM decrease was primarily attributable to lower market interest rates on corporate banking loans and leases and interest-earning deposits and lower discount accretion on geographic and other commercial and industrial loans, partially offset by lower cost of deposits from a favorable shift in deposit mix and lower market interest rates on deposits for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. Customers’ total cost of funds, including non-interest bearing deposits and borrowings, was 2.64% and 2.95% for the nine months ended September 30, 2026 and 2025, respectively.
Provision for credit losses
The $1.1 million decrease in the provision for credit losses for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 included a $0.9 million increase in provision for credit losses on loans and leases for the three months ended September 30, 2026 compared to the three months ended September 30, 2025, which primarily reflects a reserve build in multifamily loans driven by market specific conditions as well as increased reserves for consumer installment loans. These were largely offset by reserve releases in commercial and industrial and commercial real estate non-owner occupied loans attributable to slightly improving macroeconomic variables. The ACL on loans and leases held for investment represented 1.02% of total loans and leases receivable at September 30, 2026, compared to 1.03% of total loans and leases receivable at September 30, 2025. Net charge-offs for the three months ended September 30, 2026 were $12.7 million, or 28 basis points of average loans and leases on an annualized basis, compared to net charge-offs of $15.4 million, or 39 basis points on an annualized basis, for the three months ended September 30, 2025. The decrease in net charge-offs for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, was primarily due to lower charge-offs for non-owner occupied commercial real estate loans and consumer installment loans, partially offset by higher charge-offs for commercial and industrial loans and leases.
The $3.7 million decrease in the provision for credit losses for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 included a $2.7 million decrease in provision for credit losses on loans and leases for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025, which primarily reflects reserve releases in commercial and industrial and commercial real estate non-owner occupied loans attributable to slightly improving macroeconomic variables. These releases were largely offset by a reserve build in multifamily loans driven by market specific conditions, increases in loan balances, and increased reserves for consumer installment loans. Net charge-offs for the nine months ended September 30, 2026 were $40.5 million, or 31 basis points of average loans and leases on an annualized basis, compared to net charge-offs of $45.6 million, or 40 basis points on an annualized basis, for the nine months ended September 30, 2025. The decrease in net charge-offs for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, was primarily due to lower charge-offs for non-owner occupied commercial real estate loans and consumer installment loans, partially offset by higher charge-offs for multifamily loans.
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The provision for credit losses for the three months ended September 30, 2026 and 2025 also included a provision for credit losses of $4.7 million and $6.8 million, respectively, on certain debt securities available for sale. The provision for credit losses on certain debt securities available for sale was $14.9 million and $16.0 million for the nine months ended September 30, 2026 and 2025, respectively. Refer to “NOTE 5 – INVESTMENT SECURITIES” to Customers’ unaudited consolidated financial statements for additional information.
The ACL on off-balance sheet credit exposures is presented within accrued interest payable and other liabilities in the consolidated balance sheet and the related provision is presented as part of other non-interest expense on the consolidated statement of income. Refer to “NOTE 13 – FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK” to Customers’ unaudited consolidated financial statements for additional information.
Non-interest income
The $1.2 million increase in non-interest income for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily resulted from increases of $4.4 million in commercial lease income and $1.4 million in other non-interest income, partially offset by a decrease of $5.2 million in loan fees for the three months ended September 30, 2026 compared to the three months ended September 30, 2025.
The $64.4 million increase in non-interest income for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily resulted from $51.3 million of impairment loss on debt securities that the Bank decided to sell, in order to further improve structural liquidity, enhance credit profile, reduce asset sensitivity and benefit margin during the nine months ended September 30, 2025, increases of $13.5 million in commercial lease income and $3.1 million in net gain on sale of loans and leases and a decrease of $1.8 million in net loss on sale of investment securities, partially offset by decreases of $2.4 million in loan fees, $2.0 million in other non-interest income and $1.5 million in bank-owned life insurance income for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.
Non-interest expense
The $8.2 million increase in non-interest expense for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily resulted from increases of $7.5 million in salaries and employee benefits, $4.7 million in technology, communication and bank operations, $3.7 million in commercial lease depreciation and $1.7 million in other non-interest expense. These increases were offset in part by decreases of $4.5 million in professional fees and $3.8 million in FDIC assessments, non-income taxes and regulatory fees for the three months ended September 30, 2026 compared to the three months ended September 30, 2025.
The $25.7 million increase in non-interest expense for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily resulted from increases of $26.4 million in salaries and employee benefits, $12.0 million in commercial lease depreciation, $7.5 million in technology, communication and bank operations and $4.7 million in other non-interest expense. These increases were offset in part by decreases of $14.6 million in FDIC assessments, non-income taxes and regulatory fees and $8.5 million in professional services for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.
Income tax expense
Customers’ effective tax rate was 22.1% for the three months ended September 30, 2026 compared to 24.5% for the three months ended September 30, 2025. The decrease in the effective tax rate primarily resulted from favorable discrete items, primarily excess tax benefits on vested stock awards and the net discount realized on the purchase of energy tax credits, and a lower estimated annual effective tax rate.
Customers’ effective tax rate was 21.7% for the nine months ended September 30, 2026 compared to 21.7% for the nine months ended September 30, 2025. The effective tax rate was relatively consistent between periods, as the benefit of a lower estimated annual effective tax rate was offset by a smaller impact of favorable discrete items relative to pre-tax income. Favorable discrete items in 2026 primarily consisted of excess tax benefits on vested stock awards and the net discount realized on the purchase of energy tax credits.
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Preferred stock dividends and loss on redemption of preferred stock
There were no preferred stock dividends for the three and nine months ended September 30, 2026. Preferred stock dividends were $2.0 million and $8.6 million for the three and nine months ended September 30, 2025, respectively. On June 16, 2025 and December 15, 2025, Customers redeemed all of the outstanding shares of Series E Preferred Stock and Series F Preferred Stock, respectively, for an aggregate payment of $142.5 million, at a redemption price of $25.00 per share. The redemption price of $57.5 million 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 statement of income for the nine months ended September 30, 2025. After giving effect to the redemption, no shares of the Series E Preferred Stock and Series F Preferred Stock remained outstanding. Refer to “NOTE 11 – SHAREHOLDERS’ EQUITY” to Customers’ unaudited consolidated financial statements for additional information.
NET INTEREST INCOME
Net interest income (the difference between the interest earned on loans and leases, investments and interest-earning deposits with banks, and interest paid on deposits, borrowed funds and subordinated debt) is the primary source of Customers’ earnings. The following table summarizes Customers’ net interest income, related interest spread, net interest margin and the dollar amount of changes in interest income and interest expense for the major categories of interest-earning assets and interest-bearing liabilities for the three and nine months ended September 30, 2026 and 2025. Information is provided for each category of interest-earning assets and interest-bearing liabilities with respect to (i) changes attributable to volume (i.e., changes in average balances multiplied by the prior-period average rate) and (ii) changes attributable to rate (i.e., changes in average rate multiplied by prior-period average balances). For purposes of this table, changes attributable to both rate and volume which cannot be segregated have been allocated proportionately to the change due to volume and the change due to rate.

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Three Months Ended September 30,Three Months Ended September 30,
202620252026 vs. 2025
(dollars in thousands)Average
Balance		Interest
Income or
Expense		Average
Yield or
Cost (%)		Average
Balance		Interest
Income or
Expense		Average
Yield or
Cost (%)		Due to rateDue to volumeTotal
Assets
Interest-earning deposits $3,899,455 $36,548 3.67 %$4,409,220 $49,639 4.47 %$(7,954)$(5,137)$(13,091)
Investment securities (1)
3,925,752 45,663 4.65 %2,931,351 36,091 4.88 %(1,816)11,388 9,572 
Loans and leases:
Commercial and industrial loans and leases (2):
Corporate banking loans and leases7,851,715 132,916 6.72 %6,664,038 123,660 7.36 %(11,415)20,671 9,256 
Geographic and other commercial and industrial loans2,202,293 35,560 6.41 %2,145,416 48,467 8.96 %(14,158)1,251 (12,907)
Mortgage finance loans1,509,016 18,310 4.81 %1,478,871 18,454 4.95 %(521)377 (144)
Multifamily loans2,668,582 32,060 4.77 %2,306,373 25,931 4.46 %1,880 4,249 6,129 
Non-owner occupied commercial real estate loans2,103,198 32,440 6.12 %1,635,937 24,148 5.86 %1,115 7,177 8,292 
Residential mortgages540,836 6,504 4.80 %551,436 6,647 4.78 %20 (163)(143)
Installment loans1,032,560 27,971 10.75 %938,890 26,413 11.16 %(999)2,557 1,558 
Total loans and leases (3)
17,908,200 285,761 6.33 %15,720,961 273,720 6.91 %(24,139)36,180 12,041 
Other interest-earning assets185,860 2,785 5.95 %140,011 2,029 5.75 %73 683 756 
Total interest-earning assets25,919,267 370,757 5.67 %23,201,543 361,479 6.19 %(31,544)40,822 9,278 
Non-interest-earning assets840,905 729,180 
Total assets $26,760,172 $23,930,723 
Liabilities
Interest checking accounts$5,296,900 43,330 3.25 %$4,983,168 48,105 3.83 %(7,652)2,877 (4,775)
Money market deposit accounts5,122,505 44,997 3.49 %4,360,446 42,980 3.91 %(4,950)6,967 2,017 
Other savings accounts1,501,599 12,755 3.37 %1,485,652 14,724 3.93 %(2,125)156 (1,969)
Certificates of deposit3,684,179 38,357 4.13 %3,108,831 36,174 4.62 %(4,087)6,270 2,183 
Total interest-bearing deposits (4)
15,605,183 139,439 3.55 %13,938,097 141,983 4.04 %(18,376)15,832 (2,544)
Federal funds purchased1,576 16 4.00 %— — — %— 16 16 
Borrowings2,140,676 23,224 4.31 %1,429,981 17,584 4.88 %(2,253)7,893 5,640 
Total interest-bearing liabilities17,747,435 162,679 3.64 %15,368,078 159,567 4.12 %(19,883)22,995 3,112 
Non-interest-bearing deposits (4)
6,529,941 6,362,360 
Total deposits and borrowings24,277,376 2.66 %21,730,438 2.91 %
Other non-interest-bearing liabilities254,503 239,969 
Total liabilities 24,531,879 21,970,407 
Shareholders’ equity2,228,293 1,960,316 
Total liabilities and shareholders’ equity$26,760,172 $23,930,723 
Net interest income208,078 201,912 $(11,661)$17,827 $6,166 
Tax-equivalent adjustment672 360 
Net interest earnings$208,750 $202,272 
Interest spread3.02 %3.27 %
Net interest margin3.18 %3.46 %
Net interest margin tax equivalent (5)
3.19 %3.46 %
(1)For presentation in this table, average balances and the corresponding average yields for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
(2)Includes owner occupied commercial real estate loans.
(3)Includes non-accrual loans, the effect of which is to reduce the yield earned on loans and leases, and deferred loan fees.
(4)Total costs of deposits (including interest bearing and non-interest-bearing) were 2.50% and 2.77% for the three months ended September 30, 2026 and 2025, respectively.
(5)Tax-equivalent basis, using an estimated marginal tax rate of 21% for the three months ended September 30, 2026 and 26% for three months ended September 30, 2025, presented to approximate interest income as a taxable asset.
Net interest income increased $6.2 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily due to higher average loan balances. Average interest-earning assets increased by $2.7 billion, primarily related to increases in corporate banking loans and leases and investment securities.
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The NIM decreased by 27 basis points to 3.19% for the three months ended September 30, 2026 from 3.46% for the three months ended September 30, 2025 resulting primarily from lower market interest rates on corporate banking loans and leases and interest earning deposits and lower discount accretion on geographic and other commercial and industrial loans, partially offset by lower cost of deposits from a favorable shift in deposit mix and lower market interest rates. Customers’ total cost of funds, including non-interest bearing deposits and borrowings was 2.66% and 2.91% for the three months ended September 30, 2026 and 2025, respectively.
Nine Months Ended September 30,Nine Months Ended September 30,
202620252026 vs. 2025
(dollars in thousands)Average
Balance		Interest
Income or
Expense		Average
Yield or
Cost (%)		Average
Balance		Interest
Income or
Expense		Average
Yield or
Cost (%)		Due to rateDue to volumeTotal
Assets
Interest-earning deposits $4,150,858 $116,006 3.69 %$3,946,022 $132,525 4.49 %$(23,446)$6,927 $(16,519)
Investment securities (1)
3,219,193 112,531 4.66 %2,973,600 107,811 4.85 %(4,214)8,934 4,720 
Loans and leases:
Commercial and industrial loans and leases (2):
Corporate banking loans and leases7,493,019 380,493 6.79 %6,286,158 352,792 7.50 %(35,567)63,268 27,701 
Geographic and other commercial and industrial loans2,217,325 106,870 6.44 %2,082,261 116,935 7.51 %(17,343)7,278 (10,065)
Mortgage finance loans1,537,735 51,638 4.49 %1,411,814 51,555 4.88 %(4,305)4,388 83 
Multifamily loans2,552,765 89,427 4.68 %2,299,335 74,876 4.35 %5,932 8,619 14,551 
Non-owner occupied commercial real estate loans2,005,840 89,993 6.00 %1,589,446 68,715 5.78 %2,699 18,579 21,278 
Residential mortgages531,043 19,008 4.77 %539,762 19,219 4.76 %47 (258)(211)
Installment loans964,420 78,209 10.84 %919,021 74,072 10.78 %419 3,718 4,137 
Total loans and leases (3)
17,302,147 815,638 6.30 %15,127,797 758,164 6.70 %(47,087)104,561 57,474 
Other interest-earning assets172,564 7,551 5.85 %133,921 5,889 5.88 %(30)1,692 1,662 
Total interest-earning assets24,844,762 1,051,726 5.65 %22,181,340 1,004,389 6.05 %(68,785)116,122 47,337 
Non-interest-earning assets844,841 694,136 
Total assets $25,689,603 $22,875,476 
Liabilities
Interest checking accounts$5,123,095 124,431 3.25 %$5,090,947 145,253 3.81 %(21,721)899 (20,822)
Money market deposit accounts4,696,501 121,516 3.46 %4,128,528 121,144 3.92 %(15,160)15,532 372 
Other savings accounts1,578,500 40,278 3.41 %1,322,135 38,182 3.86 %(4,771)6,867 2,096 
Certificates of deposit3,527,369 109,636 4.16 %2,905,047 102,757 4.73 %(13,376)20,255 6,879 
Total interest-bearing deposits (4)
14,925,465 395,861 3.55 %13,446,657 407,336 4.05 %(53,452)41,977 (11,475)
Federal funds purchased4,535 128 3.78 %— — — %— 128 128 
Borrowings1,949,119 62,942 4.31 %1,398,401 50,992 4.88 %(6,463)18,413 11,950 
Total interest-bearing liabilities16,879,119 458,931 3.63 %14,845,058 458,328 4.13 %(58,665)59,268 603 
Non-interest-bearing deposits (4)
6,369,545 5,891,249 
Total deposits and borrowings23,248,664 2.64 %20,736,307 2.95 %
Other non-interest-bearing liabilities258,502 235,938 
Total liabilities 23,507,166 20,972,245 
Shareholders’ equity2,182,437 1,903,231 
Total liabilities and shareholders’ equity$25,689,603 $22,875,476 
Net interest income592,795 546,061 $(10,120)$56,854 $46,734 
Tax-equivalent adjustment1,719 1,089 
Net interest earnings$594,514 $547,150 
Interest spread3.01 %3.10 %
Net interest margin3.18 %3.29 %
Net interest margin tax equivalent (5)
3.19 %3.30 %
(1)For presentation in this table, average balances and the corresponding average yields for investment securities are based upon historical cost, adjusted for amortization of premiums and accretion of discounts.
(2)Includes owner occupied commercial real estate loans.
(3)Includes non-accrual loans, the effect of which is to reduce the yield earned on loans and leases, and deferred loan fees.
(4)Total costs of deposits (including interest bearing and non-interest-bearing) were 2.49% and 2.82% for the nine months ended September 30, 2026 and 2025, respectively.
(5)Tax-equivalent basis, using an estimated marginal tax rate of 21% for the nine months ended September 30, 2026 and 26% for nine months ended September 30, 2025, presented to approximate interest income as a taxable asset.
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Net interest income increased $46.7 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily due to higher average loan balances. Average interest-earning assets increased by $2.7 billion, primarily related to an increase in corporate banking loans and leases.
The NIM decreased by 11 basis points to 3.19% for the nine months ended September 30, 2026 from 3.30% for the nine months ended September 30, 2025 resulting primarily from lower market interest rates on corporate banking loans and leases and interest-earning deposits and lower discount accretion on geographic and other commercial and industrial loans, partially offset by lower cost of deposits from a favorable shift in deposit mix and lower market interest rates on deposits. Customers’ total cost of funds, including non-interest bearing deposits and borrowings was 2.64% and 2.95% for the nine months ended September 30, 2026 and 2025, respectively.
PROVISION FOR CREDIT LOSSES
The provision for credit losses is a charge to earnings to maintain the ACL at a level consistent with management’s assessment of expected lifetime losses in the loan and lease portfolio, lending-related commitments and investment securities at the balance sheet date. Customers recorded a provision for credit losses of $20.7 million for loans and leases and a benefit to provision of $7.2 million for lending-related commitments, respectively, for the three months ended September 30, 2026. Customers recorded a provision for credit losses of $19.8 million for loans and leases and a benefit to provision of $0.8 million for lending-related commitments, respectively, for the three months ended September 30, 2025. The increase in provision for credit losses for loans and leases for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily reflects the increase in loan balances and a reserve build in multifamily loans driven by market specific conditions, partially offset by slightly improving macroeconomic variables. Net charge-offs for the three months ended September 30, 2026 were $12.7 million, or 28 basis points of average loans and leases on an annualized basis, compared to net charge-offs of $15.4 million, or 39 basis points of average loans and leases on an annualized basis, for the three months ended September 30, 2025. The decrease in net charge-offs for the three months ended September 30, 2026, compared to the three months ended September 30, 2025, was primarily due to lower charge-offs for non-owner occupied commercial real estate loans and consumer installment loans, partially offset by higher charge-offs for commercial and industrial loans and leases.
Customers recorded a provision for credit losses of $57.0 million for loans and leases and a benefit to provision of $6.2 million for lending-related commitments, respectively, for the nine months ended September 30, 2026. Customers recorded a provision for credit losses of $59.7 million for loans and leases and $2.0 million for lending-related commitments, respectively, for the nine months ended September 30, 2025. The decrease in provision for credit losses for loans and leases primarily reflects reserve releases in commercial and industrial and commercial real estate non-owner occupied loans attributable to slightly improving macroeconomic variables. These releases were largely offset by a reserve build in multifamily loans driven by market specific conditions and the increase in loan balances. Net charge-offs for the nine months ended September 30, 2026 were $40.5 million, or 31 basis points of average loans and leases on an annualized basis, compared to net charge-offs of $45.6 million, or 40 basis points on an annualized basis, for the nine months ended September 30, 2025. The decrease in net charge-offs for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, was primarily due to lower charge-offs for non-owner occupied commercial real estate loans and consumer installment loans, partially offset by higher charge-offs for multifamily loans.
For more information about the provision and ACL and our loss experience on loans and leases, refer to “Credit Risk” and “Asset Quality” herein.
The provision for credit losses for the three months ended September 30, 2026 and 2025 also included a provision for credit losses of $4.7 million and $6.8 million, respectively, on certain debt securities available for sale. The provision for credit losses on certain debt securities available for sale was $14.9 million and $16.0 million for the nine months ended September 30, 2026 and 2025, respectively. Refer to “NOTE 5 – INVESTMENT SECURITIES” to Customers’ unaudited consolidated financial statements for additional information.
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NON-INTEREST INCOME
The table below presents the components of non-interest income for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30,QTDNine Months Ended September 30,YTD
(dollars in thousands)20262025Change% Change20262025Change% Change
Commercial lease income$15,955 $11,536 $4,419 38.3 %$46,765 $33,260 $13,505 40.6 %
Loan fees6,249 11,443 (5,194)(45.4)%25,428 27,784 (2,356)(8.5)%
Bank-owned life insurance2,254 2,165 89 4.1 %7,551 9,074 (1,523)(16.8)%
Mortgage finance transactional fees1,308 1,298 10 0.8 %3,946 3,406 540 15.9 %
Net gain (loss) on sale of loans and leases964 — 964 NM3,069 2 3,067 NM
Net gain (loss) on sale of investment securities(292)186 (478)(257.0)%217 (1,611)1,828 (113.5)%
Impairment loss on debt securities— — — — %— (51,319)51,319 (100.0)%
Other4,928 3,563 1,365 38.3 %12,749 14,711 (1,962)(13.3)%
Total non-interest income$31,366 $30,191 $1,175 3.9 %$99,725 $35,307 $64,418 182.5 %
Commercial lease income
Commercial lease income represents income earned on commercial operating leases originated by Customers’ commercial equipment financing group in which Customers is the lessor. The $4.4 million increase in commercial lease income for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily resulted from the growth of Customers’ equipment finance business.
The $13.5 million increase in commercial lease income for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily resulted from the growth of Customers’ equipment finance business.
Loan fees
The $5.2 million decrease in loan fees for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily resulted from a decrease in income from certain stock warrants.
The $2.4 million decrease in loan fees for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily resulted from a decrease in income from certain stock warrants.
Bank-owned life insurance
Bank-owned life insurance income represents income earned on life insurance policies owned by Customers including an increase in cash surrender value of the policies and any benefits paid by insurance carriers under the policies.
The $1.5 million decrease in bank-owned life insurance income for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily resulted from lower death benefits received from insurance carriers, partially offset by an increase in cash surrender value of the policies.
Net gain (loss) on sale of loans and leases
The $1.0 million increase in net gain on sale of loans and leases for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily resulted from sales of SBA loans.
The $3.1 million increase in net gain on sale of loans and leases for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily resulted from sales of SBA loans.
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Net gain (loss) on sale of investment securities
The $0.5 million decrease in net gain on sale of investment securities for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 reflects net losses realized from the sales of $34.5 million in AFS debt securities for the three months ended September 30, 2026, compared to net gains realized from the sale of $100.7 million in AFS debt securities for the three months ended September 30, 2025.
The $1.8 million decrease in net loss on sale of investment securities for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 reflects net gains realized from the sales of $105.5 million in AFS debt securities for the nine months ended September 30, 2026, compared to net losses realized from the sales of $552.9 million in AFS debt securities, mostly those securities that the Bank decided to sell, for the nine months ended September 30, 2025.
Impairment loss on debt securities
The $51.3 million decrease in impairment loss on debt securities for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 resulted from impairment loss recorded on certain AFS debt securities that the Bank decided to sell, in order to further improve structural liquidity, enhance credit profile, reduce asset sensitivity and benefit margin during the nine months ended September 30, 2025.
Other non-interest income
The $1.4 million increase in other non-interest income for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily resulted from an increase in income from derivatives.
The $2.0 million decrease in other non-interest income for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily resulted from loss on equity investments for the nine months ended September 30, 2026 and $1.8 million of fees associated with the sunsetting of a loan origination program with a fintech company, which was acquired by a bank, during the nine months ended September 30, 2025.
NON-INTEREST EXPENSE
The table below presents the components of non-interest expense for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30,QTDNine Months Ended September 30,YTD
(dollars in thousands)20262025Change% Change20262025Change% Change
Salaries and employee benefits$56,269 $48,723 $7,546 15.5 %$163,600 $137,245 $26,355 19.2 %
Technology, communication and bank operations15,107 10,415 4,692 45.1 %39,641 32,109 7,532 23.5 %
Commercial lease depreciation13,166 9,463 3,703 39.1 %38,619 26,669 11,950 44.8 %
Professional services7,766 12,281 (4,515)(36.8)%29,485 37,988 (8,503)(22.4)%
Loan servicing3,915 4,167 (252)(6.0)%11,484 12,850 (1,366)(10.6)%
Occupancy3,657 4,370 (713)(16.3)%11,108 11,333 (225)(2.0)%
FDIC assessments, non-income taxes and regulatory fees4,727 8,505 (3,778)(44.4)%17,527 32,161 (14,634)(45.5)%
Advertising and promotion476 636 (160)(25.2)%1,511 1,625 (114)(7.0)%
Other8,313 6,657 1,656 24.9 %27,300 22,634 4,666 20.6 %
Total non-interest expense$113,396 $105,217 $8,179 7.8 %$340,275 $314,614 $25,661 8.2 %
Salaries and employee benefits
The $7.5 million increase in salaries and employee benefits for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily resulted from an increase in average full-time equivalent team members and higher incentives associated with the Bank’s growth, annual merit increases, higher stock compensation and healthcare benefits.
The $26.4 million increase in salaries and employee benefits for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily resulted from an increase in average full-time equivalent team members and higher incentives associated with the Bank’s growth, annual merit increases, severance, higher stock compensation and healthcare benefits.
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Technology, communication and bank operations
The $4.7 million increase in technology, communication and bank operations expense for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily resulted from increases of $3.6 million in software and processing fees.
The $7.5 million increase in technology, communication and bank operations expense for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily resulted from increases of $5.5 million in software and processing fees.
Commercial lease depreciation
The $3.7 million increase in commercial lease depreciation for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily resulted from the growth of the operating lease arrangements originated by Customers’ commercial equipment financing group in which Customers is the lessor.
The $12.0 million increase in commercial lease depreciation for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily resulted from the growth of the operating lease arrangements originated by Customers’ commercial equipment financing group in which Customers is the lessor.
Professional services
The $4.5 million decrease in professional services for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily resulted from a decrease in consulting fees.
The $8.5 million decrease in professional services for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily resulted from a decrease in consulting fees.
FDIC assessments, non-income taxes and regulatory fees
The $3.8 million decrease in FDIC assessments, non-income taxes and regulatory fees for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily resulted from a decrease in FDIC assessments.
The $14.6 million decrease in FDIC assessments, non-income taxes and regulatory fees for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily resulted from a decrease in FDIC assessments.
Other non-interest expense
The $1.7 million increase in other non-interest expense for the three months ended September 30, 2026 compared to the three months ended September 30, 2025 primarily resulted from increases in deposit costs of $7.8 million mainly for deposits referred from other financial institutions and in business development expenses, partially offset by a decrease of $6.4 million in provision for unfunded lending-related commitments.
The $4.7 million increase in other non-interest expense for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025 primarily resulted from increases in deposit costs of $8.1 million mainly for deposits referred from other financial institutions, $3.4 million in business development expenses and $1.2 million in insurance expenses related to self-insured health plan. These increases were partially offset by a decrease of $8.2 million in provision for unfunded lending-related commitments. Refer to “NOTE 13 – FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK” to Customers’ unaudited consolidated financial statements for additional information on a benefit to provision for unfunded lending-related commitments.
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INCOME TAXES
The table below presents income tax expense and the effective tax rate for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30,QTDNine Months Ended September 30,YTD
(dollars in thousands)20262025Change% Change20262025Change% Change
Income before income tax expense$100,614 $100,343 $271 0.3 %$280,372 $191,133 $89,239 46.7 %
Income tax expense22,231 24,598 (2,367)(9.6)%60,776 41,537 19,239 46.3 %
Effective tax rate22.1 %24.5 %21.7 %21.7 %
The $2.4 million decrease in income tax expense for the three months ended September 30, 2026, when compared to the same period in the prior year, primarily resulted from a lower effective tax rate, as pre-tax income was relatively consistent between periods. The decrease in the effective tax rate to 22.1% from 24.5% primarily resulted from favorable discrete items, primarily excess tax benefits on vested stock awards and the net discount realized on the purchase of energy tax credits, and a lower estimated annual effective tax rate.
The $19.2 million increase in income tax expense for the nine months ended September 30, 2026, when compared to the same period in the prior year, primarily resulted from higher pre-tax income. The effective tax rate was relatively consistent at 21.7% for the nine months ended September 30, 2026 and 2025, as the benefit of a lower estimated annual effective tax rate was offset by a smaller impact of favorable discrete items relative to pre-tax income. Favorable discrete items in 2026 primarily consisted of excess tax benefits on vested stock awards and the net discount realized on the purchase of energy tax credits.
PREFERRED STOCK DIVIDENDS AND LOSS ON REDEMPTION OF PREFERRED STOCK
There were no preferred stock dividends for the three and nine months ended September 30, 2026. Preferred stock dividends were $2.0 million and $8.6 million for the three and nine months ended September 30, 2025, respectively. On June 16, 2025 and December 15, 2025, Customers redeemed all of the outstanding shares of Series E Preferred Stock and Series F Preferred Stock, respectively, for an aggregate payment of $142.5 million, at a redemption price of $25.00 per share. The redemption price of $57.5 million 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 statement of income for the nine months ended September 30, 2025. After giving effect to the redemption, no shares of the Series E Preferred Stock and Series F Preferred Stock remained outstanding. Refer to “NOTE 11 – SHAREHOLDERS’ EQUITY” to Customers’ unaudited consolidated financial statements for additional information.
Financial Condition
General
Customers’ total assets were $27.4 billion at September 30, 2026. This represented an increase of $2.5 billion from total assets of $24.9 billion at December 31, 2025. The increase in total assets was primarily driven by increases of $1.9 billion in loans and leases receivable, $1.6 billion in investment securities, at fair value and $83.4 million in loans held for sale, partially offset by decreases of $786.5 million in cash and cash equivalents, $212.4 million in loans receivable, mortgage finance, at fair value and $127.8 million in investment securities held to maturity.
Total liabilities were $25.2 billion at September 30, 2026. This represented an increase of $2.4 billion from $22.8 billion at December 31, 2025. The increase in total liabilities primarily resulted from increases of $1.8 billion in total deposits and $812.1 million in FHLB advances, partially offset by decreases of $109.3 million in subordinated debt and $49.5 million in accrued interest payable and other liabilities.
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The following table sets forth certain key condensed balance sheet data as of September 30, 2026 and December 31, 2025:
(dollars in thousands)September 30,
2026		December 31,
2025		Change% Change
Cash and cash equivalents$3,624,965 $4,411,463 $(786,498)(17.8)%
Investment securities, at fair value3,571,796 1,937,646 1,634,150 84.3 %
Investment securities held to maturity601,300 729,134 (127,834)(17.5)%
Loans held for sale109,509 26,102 83,407 319.5 %
Loans and leases receivable16,922,448 15,041,340 1,881,108 12.5 %
Loans receivable, mortgage finance, at fair value1,400,573 1,612,997 (212,424)(13.2)%
Loans receivable, installment, at fair value78,807 102,077 (23,270)(22.8)%
Allowance for credit losses on loans and leases(172,125)(155,656)(16,469)10.6 %
Bank-owned life insurance312,480 305,503 6,977 2.3 %
Other assets666,925 638,419 28,506 4.5 %
Total assets27,411,648 24,895,868 2,515,780 10.1 %
Total deposits22,563,833 20,778,704 1,785,129 8.6 %
FHLB advances2,137,182 1,325,068 812,114 61.3 %
Other borrowings99,313 99,208 105 0.1 %
Subordinated debt171,867 281,147 (109,280)(38.9)%
Accrued interest payable and other liabilities246,753 296,224 (49,471)(16.7)%
Total liabilities25,218,948 22,780,351 2,438,597 10.7 %
Total shareholders’ equity2,192,700 2,115,517 77,183 3.6 %
Total liabilities and shareholders’ equity$27,411,648 $24,895,868 $2,515,780 10.1 %
Cash and Cash Equivalents
Cash and cash equivalents include cash and due from banks and interest-earning deposits. Cash and due from banks consists mainly of vault cash and cash items in the process of collection. Cash and due from banks were $95.5 million and $62.1 million at September 30, 2026 and December 31, 2025, respectively. Cash and cash due from banks balances vary from day to day, primarily due to variations in customers’ deposit activities with the Bank.
Interest-earning deposits consist of cash deposited at other banks, primarily the FRB. Interest-earning deposits were $3.5 billion and $4.3 billion at September 30, 2026 and December 31, 2025, respectively. The balance of interest-earning deposits varies from day to day, depending on several factors, such as fluctuations in customers’ deposits with Customers, payment of checks drawn on customers’ accounts and strategic investment decisions made to optimize Customers’ net interest income, while effectively managing interest-rate risk and liquidity. The decrease in interest-earning deposits since December 31, 2025 primarily resulted from deploying excess cash into loans and investment securities.
Investment securities at fair value
The investment securities portfolio is an important source of interest income and liquidity. It consists primarily of mortgage-backed securities and collateralized mortgage obligations guaranteed by agencies of the United States government, asset-backed securities, private label collateralized mortgage obligations, corporate notes and certain equity securities. In addition to generating revenue, the investment portfolio is maintained to manage interest-rate risk, provide liquidity, serve as collateral for other borrowings, and diversify the credit risk of interest-earning assets. The portfolio is structured to optimize net interest income given the changes in the economic environment, liquidity position and balance sheet mix.
At September 30, 2026, investment securities at fair value totaled $3.6 billion compared to $1.9 billion at December 31, 2025. The increase primarily resulted from purchases of $2.2 billion of investment securities consisting mostly of agency-guaranteed mortgage-backed securities and collateralized mortgage obligations, partially offset by maturities, calls and principal repayments totaling $411.9 million and sales of $105.5 million for the nine months ended September 30, 2026.
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For financial reporting purposes, AFS debt securities are reported at fair value. Unrealized gains and losses on AFS debt securities that the Bank does not intend to sell, other than credit losses, are included in other comprehensive income (loss) and reported as a separate component of shareholders’ equity, net of the related tax effect. Changes in the fair value of equity securities with a readily determinable fair value and securities reported at fair value based on a fair value option election are recorded in non-interest income in the period in which they occur. Customers recorded a provision for credit losses of $14.9 million and $16.0 million on certain debt securities available for sale for the nine months ended September 30, 2026 and 2025, respectively. Refer to “NOTE 5 – INVESTMENT SECURITIES” and “NOTE 15 – DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS” to Customers’ unaudited consolidated financial statements for additional information.
The following table sets forth information about the maturities and weighted-average yield of the AFS debt securities portfolio. The weighted-average yield is computed based on a constant effective interest rate over the contractual life of each security adjusted for prepayment estimates, and considers the contractual coupon, amortization of premiums and accretion of discounts. Yields exclude the impact of related hedging derivatives.
September 30, 2026
Within one yearAfter one but within five yearsAfter five but within ten yearsAfter ten yearsNo
specific
maturity		Total
Asset-backed securities— %— %— %— %7.02 %7.02 %
Agency-guaranteed residential mortgage-backed securities— — — — 5.21 5.21 
Agency-guaranteed residential collateralized mortgage obligations— — — — 4.38 4.38 
Agency-guaranteed commercial collateralized mortgage obligations— — — — 6.22 6.22 
Corporate notes5.91 6.80 7.39 5.49 — 6.35 
Private label collateralized mortgage obligations— — — — 4.67 4.67 
Weighted-average yield5.91 %6.80 %7.39 %5.49 %4.95 %5.08 %
The agency-guaranteed mortgage-backed securities and collateralized mortgage obligations in the AFS portfolio were issued by Ginnie Mae and Freddie Mac, and contain guarantees for the collection of principal and interest on the underlying mortgages.
Investment securities held to maturity
At September 30, 2026, investment securities held to maturity totaled $601.3 million compared to $729.1 million at December 31, 2025. The decrease primarily resulted from the maturities, calls and principal repayments totaling $146.4 million, partially offset by purchases of $15.4 million for the nine months ended September 30, 2026.
The following table sets forth information about the maturities and weighted-average yield of the investment securities held to maturity. The weighted-average yield is computed based on a constant effective interest rate over the contractual life of each security adjusted for prepayment estimates, and considers the contractual coupon, amortization of premiums, accretion of discounts and amortization of unrealized losses upon transfer from investment securities available for sale to held to maturity, along with the unrealized loss in accumulated other comprehensive income.
September 30, 2026
Within one yearAfter one but within five yearsAfter five but within ten yearsNo
specific
maturity		Total
Asset-backed securities— %— %— %5.07 %5.07 %
Agency-guaranteed residential mortgage-backed securities— — — 1.79 1.79 
Agency-guaranteed commercial mortgage-backed securities— — — 1.77 1.77 
Agency-guaranteed residential collateralized mortgage obligations— — — 1.88 1.88 
Agency-guaranteed commercial collateralized mortgage obligations— — — 3.20 3.20 
Private label collateralized mortgage obligations— — — 2.39 2.39 
Weighted-average yield— %— %— %3.17 %3.17 %
The agency-guaranteed mortgage-backed securities and collateralized mortgage obligations in the HTM portfolio were issued by Fannie Mae, Freddie Mac and Ginnie Mae, and contain guarantees for the collection of principal and interest on the underlying mortgages.
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Investment securities classified as HTM are those debt securities that Customers has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs, or changes in general economic conditions. For financial reporting purposes, these securities are reported at cost, adjusted for the amortization of premiums and accretion of discounts, computed by a method which approximates the interest method over the terms of the securities. Refer to “NOTE 5 – INVESTMENT SECURITIES” and “NOTE 15 – DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS” to Customers’ unaudited consolidated financial statements for additional information.
LOANS AND LEASES
The Bank has diversified lending activities that build overall franchise value and a high-tech, high-touch, branch-light strategy that serves its customers through a single-point-of-contact private banking strategy. The Bank serves commercial businesses through community, SBA, and private client groups. The Bank also serves corporate businesses nationwide, including healthcare, real estate specialty finance, fund finance, technology and venture capital banking, financial institutions group, mortgage finance and commercial equipment financing, as well as commercial real estate companies in the Bank’s geographic markets and provides payments and treasury services. The Bank serves consumers through its branch network, provides residential mortgages, and personal loan and deposit products including through relationships with fintech companies and Banking-as-a-Service to fintech companies.
Existing lending relationships are primarily with small and middle market businesses and individual consumers primarily 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; California (Southern California and the Bay Area); Nevada (Las Vegas and Reno); and nationally for certain loan and deposit products, such as the portfolio of corporate banking loans and leases and mortgage finance loans. The loan portfolio consists primarily of commercial and industrial loans, loans to support mortgage companies’ funding needs, multifamily and commercial real estate loans.
Commercial Lending
Customers’ commercial lending is broadly divided into corporate banking and geographic and other commercial and industrial banking. As of September 30, 2026, Customers had $16.9 billion in commercial loans outstanding, totaling approximately 91.5% of its total loan and lease portfolio, which includes loans held for sale, loans receivable, mortgage finance, at fair value, and loans receivable, installment, at fair value, compared to commercial loans outstanding of $15.4 billion, comprising approximately 91.5% of its total loan and lease portfolio at December 31, 2025.
Customers’ corporate banking includes healthcare, real estate specialty finance, fund finance, technology and venture capital banking, financial institutions group, mortgage finance, commercial equipment finance, and municipal finance. Customers’ lender finance vertical within fund finance provides variable rate loans secured by diverse collateral pools to private debt funds. Customers’ capital call lines vertical within fund finance provides variable rate loans secured by collateral pools and limited partnership commitments from institutional investors in private equity funds and cash management services to the alternative investment industry. Customers’ technology and venture capital banking group services the venture-backed growth industry from seed-stage through late-stage.
Customers’ mortgage finance primarily provides financing to mortgage bankers for residential mortgage originations from loan closing until sale in the secondary market. The underlying residential loans are taken as collateral for Customers’ commercial loans to the mortgage companies. As of September 30, 2026 and December 31, 2025, mortgage finance loans totaled $1.4 billion and $1.6 billion, respectively, and are reported as loans receivable, mortgage finance, at fair value on the consolidated balance sheet.
Customers’ commercial equipment financing group goes to market through the following origination platforms: vendors, intermediaries, direct and capital markets. As of September 30, 2026 and December 31, 2025, Customers had $832.3 million and $813.7 million, respectively, of equipment finance loans outstanding. As of September 30, 2026 and December 31, 2025, Customers had $333.7 million and $306.5 million, respectively, of equipment finance leases outstanding. As of September 30, 2026 and December 31, 2025, Customers had $311.9 million and $303.4 million, respectively, of operating leases outstanding, net of accumulated depreciation of $132.8 million and $105.7 million, respectively.
Customers’ geographic and other commercial and industrial banking includes community banking, SBA lending and private client groups. These groups within Customers’ geographic markets originate loans, including SBA loans, through the branch network sales force and a team of dedicated relationship managers. The support administration of these groups is centralized, including technology, risk management, product management, marketing, performance tracking and overall strategy. Credit and sales training has been established for Customers’ sales force, ensuring that it has small business experts in place providing appropriate financial solutions to the small business owners in its communities.
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Customers’ multifamily lending group is focused on retaining a portfolio of high-quality multifamily loans within Customers’ covered geographic markets. These lending activities use conservative underwriting standards and primarily target the refinancing of loans with other banks or provide purchase money for new acquisitions by borrowers. The primary collateral for these loans is a first lien mortgage on the multifamily property, plus an assignment of all leases related to such property. Customers had multifamily loans of $2.7 billion outstanding, comprising approximately 14.4% of the total loan and lease portfolio at September 30, 2026, compared to $2.5 billion, or approximately 14.8% of the total loan and lease portfolio at December 31, 2025.
Consumer Lending
Customers provides unsecured consumer installment loans, residential mortgage and home equity loans to customers nationwide primarily through relationships with fintech companies. The installment loan portfolio consists largely of originated and purchased personal, student loan refinancing, home improvement and medical 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. Customers has been selective in the consumer loans it has been purchasing. At September 30, 2026, Customers had $1.6 billion in consumer loans outstanding (including consumer loans held for investment and held for sale), or 8.5% of the total loan and lease portfolio, compared to $1.4 billion, or 8.5% of the total loan and lease portfolio, at December 31, 2025.
Purchases and sales of loans held for investment were as follows for the three and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2026202520262025
Purchases (1)
Commercial and industrial:
Geographic and other$15,000$888$15,000$54,743
Construction———10,080
Personal installment (2)
140,494151,998310,272297,639
Other installment (2)
32,847—63,115—
Total$188,341$152,886$388,387$362,462
Sales (3)
Commercial and industrial:
Corporate banking$—$—$1,039$—
Geographic and other (4)
28,023—66,337—
Multifamily12,197—12,1978,000
Commercial real estate owner occupied (4)
26,157—31,363—
Personal installment———281
Other installment23,282—23,282—
Total$89,659$—$134,218$8,281
(1)    Amounts reported in the above table are the unpaid principal balance at time of purchase. The purchase price was 99.1% and 98.7% of the loans’ unpaid principal balance for the three months ended September 30, 2026 and 2025, respectively. The purchase price was 99.4% and 92.0% of the loans’ unpaid principal balance for the nine months ended September 30, 2026 and 2025, respectively.
(2)    Installment loan purchases for the three and nine months ended September 30, 2026 and 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.
(3)    The gain on sales of loans held for investment included in net gain (loss) on sale of loans and leases in the consolidated statement of income was $1.0 million and $3.1 million for the three and nine months ended September 30, 2026, respectively. The gain on sales of loans held for investment included in net gain (loss) on sale of loans and leases in the consolidated statement of income was insignificant for the three and nine months ended September 30, 2025.
(4)    Primarily sales of SBA loans.
Loans Held for Sale
The composition of loans held for sale as of September 30, 2026 and December 31, 2025 was as follows:
(amounts in thousands)September 30, 2026December 31, 2025
Residential mortgage loans, at fair value$3,169 $1,851 
Personal installment loans, at lower of cost or fair value104,626 23,357 
Other installment loans, at fair value1,714 894 
Total loans held for sale$109,509 $26,102 
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Loans held for sale are reported on the consolidated balance sheet at either fair value (due to the election of the fair value option) or at the lower of cost or fair value. An ACL is not recorded on loans that are classified as held for sale.
Refer to “NOTE 7 – LOANS AND LEASES RECEIVABLE AND ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LEASES” to Customers’ unaudited consolidated financial statements for additional information on the transfer of other consumer installment loans, at fair value, from loans held for sale to held for investment.
Total Loans and Leases Receivable
The composition of total loans and leases receivable (excluding loans held for sale) was as follows:
(amounts in thousands)September 30, 2026December 31, 2025
Loans and leases receivable:
Commercial:
Commercial and industrial:
Corporate banking (1)
$7,856,243 $6,616,992 
Geographic and other1,560,267 1,594,182 
Multifamily2,668,192 2,490,336 
Commercial real estate owner occupied1,221,205 1,135,119 
Commercial real estate non-owner occupied2,066,642 1,738,821 
Construction158,914 162,966 
Total commercial loans and leases receivable15,531,463 13,738,416 
Consumer:
Residential real estate512,410 497,567 
Manufactured housing23,451 27,452 
Installment:
Personal645,794 581,340 
Other209,330 196,565 
Total consumer loans receivable1,390,985 1,302,924 
Loans and leases receivable16,922,448 15,041,340 
Loans receivable, mortgage finance, at fair value1,400,573 1,612,997 
Loans receivable, installment, at fair value78,807 102,077 
Allowance for credit losses on loans and leases(172,125)(155,656)
Total loans and leases receivable, net of allowance for credit losses on loans and leases (2)
$18,229,703 $16,600,758 
(1)Includes direct finance and sales-type equipment leases of $333.7 million and $306.5 million at September 30, 2026 and December 31, 2025, respectively.
(2)Includes deferred (fees) costs and unamortized (discounts) premiums, net of $(36.4) million and $(30.3) million at September 30, 2026 and December 31, 2025, respectively.
Loans and leases receivable
Loans and leases receivable (excluding loans held for sale and loans receivable, mortgage finance, at fair value and loans receivable, installment, at fair value), net of the ACL, increased by $1.9 billion to $16.8 billion at September 30, 2026, from $14.9 billion at December 31, 2025. The increase in loans and leases receivable, net of the ACL, was primarily attributable to higher balances in corporate banking loans and leases, partially offset by a $16.5 million increase in ACL, as further described below, from December 31, 2025. The overall loans and leases receivable fluctuations were the result of Customers selectively pursuing disciplined loan growth by focusing on holistic and strategic banking relationships that create franchise value.
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The following table presents Customers’ loans receivable (excluding loans held for sale, loans receivable, mortgage finance, at fair value and loans receivable, installment, at fair value) as of September 30, 2026 based on the remaining term to contractual maturity:
(amounts in thousands)Within one yearAfter one but within five yearsAfter five but within fifteen yearsAfter fifteen yearsTotal
Commercial loans:
Commercial and industrial$2,174,022 $5,880,183 $1,293,886 $68,419 $9,416,510 
Multifamily 273,036 271,019 2,124,137 — 2,668,192 
Commercial real estate owner occupied179,296 699,711 263,853 78,345 1,221,205 
Commercial real estate non-owner occupied623,072 1,205,444 238,126 — 2,066,642 
Construction 4,489 67,768 86,657 — 158,914 
Total commercial loans$3,253,915 $8,124,125 $4,006,659 $146,764 $15,531,463 
Consumer loans:
Residential real estate$805 $452 $9,260 $501,893 $512,410 
Manufactured housing376 3,440 16,679 2,956 23,451 
Installment69,080 525,858 213,133 47,053 855,124 
Total consumer loans$70,261 $529,750 $239,072 $551,902 $1,390,985 
The following table presents the distribution of those loans that mature in more than one year between predetermined rates and floating or adjustable rates, excluding the effect of interest rate swaps designated as cash flow hedges of certain commercial and industrial loans, as of September 30, 2026:
(amounts in thousands)Predetermined ratesFloating or adjustable ratesTotal
Commercial loans:
Commercial and industrial$1,382,343 $5,860,145 $7,242,488 
Multifamily 235,814 2,159,342 2,395,156 
Commercial real estate owner occupied115,900 926,009 1,041,909 
Commercial real estate non-owner occupied878,990 564,580 1,443,570 
Construction 12,008 142,417 154,425 
Total commercial loans$2,625,055 $9,652,493 $12,277,548 
Consumer loans:
Residential real estate$415,392 $96,213 $511,605 
Manufactured housing23,075 — 23,075 
Installment786,041 3 786,044 
Total consumer loans$1,224,508 $96,216 $1,320,724 
Loans receivable, mortgage finance, at fair value

The mortgage finance product line primarily provides financing to mortgage companies nationwide from the time of origination of the underlying mortgage loans until the mortgage loans are sold into the secondary market. As a mortgage finance lender, Customers provides a form of financing to mortgage bankers by purchasing for resale the underlying residential mortgages on a short-term basis under a master repurchase agreement. These loans are reported as loans receivable, mortgage finance, at fair value on the consolidated balance sheets. Because these loans are reported at their fair value, they do not have an ACL and are therefore excluded from ACL-related disclosures. At September 30, 2026, all of Customers’ mortgage finance loans were current in terms of payment.

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Customers is subject to the risks associated with such lending, including, but not limited to, the risks of fraud, bankruptcy and default of the mortgage banker or of the underlying residential borrower, any of which could result in credit losses. Customers’ mortgage finance lending team members monitor these mortgage originators by obtaining financial and other relevant information to reduce these risks during the lending period. Loans receivable, mortgage finance, at fair value totaled $1.4 billion and $1.6 billion at September 30, 2026 and December 31, 2025, respectively.
Loans receivable, installment, at fair value
Customers had a lending arrangement with a fintech company, which was acquired by a bank, whereby Customers originated consumer installment loans and held 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. Customers transferred these consumer installment loans from held for sale to held for investment when the lending arrangement with this fintech company expired, and continue to be reported at fair value based on an election made to account for the loans at fair value. Because these loans are reported at their fair value, they do not have an ACL and are therefore excluded from ACL-related disclosures. At September 30, 2026, Customers had $1.3 million of consumer installment loans, at fair value, on non-accrual status.
Credit Risk
Customers manages credit risk by maintaining diversification in its loan and lease portfolio, establishing and enforcing prudent underwriting standards and collection efforts, and continuous and periodic loan and lease classification reviews. Management also considers the effect of credit risk on financial performance by reviewing quarterly and maintaining an adequate ACL. Credit losses are charged-off when they are identified, and provisions are added for current expected credit losses, to the ACL at least quarterly. The ACL is estimated at least quarterly.
The provision for credit losses on loans and leases was $20.7 million and $57.0 million for the three and nine months ended September 30, 2026, respectively. The provision for credit losses on loans and leases was $19.8 million and $59.7 million for the three and nine months ended September 30, 2025, respectively. The ACL maintained for loans and leases receivable (excluding loans held for sale, loans receivable, mortgage finance, at fair value, and loans receivable, installment, at fair value) was $172.1 million, or 1.02% of loans and leases receivable at September 30, 2026, and $155.7 million or 1.03% of loans and leases receivable at December 31, 2025.
The increase in the ACL from December 31, 2025 resulted primarily from an increase in loan balances and reserve build in the multifamily portfolio due to market specific conditions partially offset by slight improvements in the forecast of macroeconomic variables. Net charge-offs were $12.7 million for the three months ended September 30, 2026, a decrease of $2.7 million compared to the same period in 2025. The decrease in net charge-offs for the three months ended September 30, 2026 compared to the same period in 2025 was primarily due to lower charge-offs for non-owner occupied commercial real estate and consumer installment loans, partially offset by higher charge-offs for commercial and industrial loans. Net charge-offs were $40.5 million for the nine months ended September 30, 2026, a decrease of $5.1 million compared to the same period in 2025. The decrease in net charge-offs for the nine months ended September 30, 2026 compared to the same period in 2025 was primarily due to lower charge-offs for non-owner occupied commercial real estate and consumer installment loans, partially offset by higher charge-offs for multifamily loans and commercial and industrial loans. Refer to the tables of changes in Customers’ ACL for annualized net-charge offs to average loans by loan type for the periods indicated.
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The tables below present changes in Customers’ ACL for the periods indicated:
(amounts in thousands)Commercial and industrialMultifamilyCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallmentTotal
Three Months Ended
September 30, 2026
Ending Balance,
June 30, 2026		$40,158 $29,324 $10,226 $13,503 $2,803 $6,251 $3,244 $58,597 $164,106 
Charge-offs(5,645)(569)(50)— — — — (9,303)(15,567)
Recoveries61 820 225 — — — — 1,795 2,901 
Provision (benefit) for credit losses on loans and leases5,216 18,753 (5,950)(3,346)(1,170)498 (751)7,435 20,685 
Ending Balance,
September 30, 2026		$39,790 $48,328 $4,451 $10,157 $1,633 $6,749 $2,493 $58,524 $172,125 
Nine Months Ended
September 30, 2026
Ending Balance,
December 31, 2025		$37,683 $19,333 $10,431 $18,928 $2,225 $6,499 $3,391 $57,166 $155,656 
Charge-offs(13,593)(8,079)(86)— — (22)— (28,186)(49,966)
Recoveries2,785 820 598 — — 2 — 5,261 9,466 
Provision (benefit) for credit losses on loans and leases12,915 36,254 (6,492)(8,771)(592)270 (898)24,283 56,969 
Ending Balance,
September 30, 2026		$39,790 $48,328 $4,451 $10,157 $1,633 $6,749 $2,493 $58,524 $172,125 
Annualized Net Charge-offs to Average Loans and Leases
Three Months Ended
September 30, 2026		(0.25)%0.04 %0.06 %— %— %— %— %(3.48)%(0.31)%
Nine Months Ended
September 30, 2026		(0.17)%(0.38)%0.06 %— %— %(0.01)%— %(3.72)%(0.35)%
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(amounts in thousands)Commercial and industrialMultifamilyCommercial real estate owner occupiedCommercial real estate non-owner occupiedConstructionResidential real estateManufactured housingInstallmentTotal
Three Months Ended
September 30, 2025
Ending Balance,
June 30, 2025		$36,262 $20,864 $12,514 $20,679 $2,160 $6,331 $3,721 $44,887 $147,418 
Charge-offs(2,383)— (335)(3,073)— (39)— (11,670)(17,500)
Recoveries203 — — — — 14 — 1,912 2,129 
Provision (benefit) for credit losses on loans and leases313 (891)(1,188)2,178 (182)39 (213)19,706 19,762 
Ending Balance,
September 30, 2025		$34,395 $19,973 $10,991 $19,784 $1,978 $6,345 $3,508 $54,835 $151,809 
Nine Months Ended
September 30, 2025
Ending Balance,
December 31, 2024		$29,379 $18,511 $10,755 $17,405 $1,250 $5,968 $3,829 $49,678 $136,775 
Allowance for credit losses on PCD loans, net of charge-offs (1)
1,000 — — — — — — — 1,000 
Charge-offs(12,886)(3,834)(771)(3,073)— (40)— (34,821)(55,425)
Recoveries3,604 — 9 — 6 19 — 6,157 9,795 
Provision (benefit) for credit losses on loans and leases13,298 5,296 998 5,452 722 398 (321)33,821 59,664 
Ending Balance,
September 30, 2025		$34,395 $19,973 $10,991 $19,784 $1,978 $6,345 $3,508 $54,835 $151,809 
Annualized Net Charge-offs to Average Loans and Leases
Three Months Ended
September 30, 2025		(0.11)%— %(0.13)%(0.80)%— %(0.02)%— %(4.27)%(0.43)%
Nine Months Ended
September 30, 2025		(0.17)%(0.22)%(0.09)%(0.28)%0.01 %(0.01)%— %(4.49)%(0.45)%
(1)Represents $1.0 million of allowance for credit losses on PCD loans recognized upon acquisition of commercial and industrial loans during the nine months ended September 30, 2025.
The ACL is based on a quarterly evaluation of the loan and lease portfolio held for investment and is maintained at a level that management considers adequate to absorb expected losses as of the balance sheet date. All commercial loans, with the exception of PPP loans and mortgage finance loans, which are reported at fair value, are assigned internal credit-risk ratings, based upon an assessment of the borrower, the structure of the transaction and the available collateral and/or guarantees. All loans and leases are monitored regularly by the responsible officer, and the risk ratings are adjusted when considered appropriate. The risk assessment allows management to identify problem loans and leases timely. Management considers a variety of factors and recognizes the inherent risk of loss that always exists in the lending process. Management uses a disciplined methodology to estimate an appropriate level of ACL. Refer to Critical Accounting Policies and Estimates herein and “NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION” to Customers’ audited consolidated financial statements in its 2025 Form 10-K for further discussion on management’s methodology for estimating the ACL.
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Customers’ commercial real estate, commercial and residential construction, consumer residential and owner occupied commercial and industrial loan types have real estate as collateral (collectively, “the real estate portfolio”), primarily in the form of a first lien position. Current appraisals providing current value estimates of the property are received when Customers’ credit group determines that the facts and circumstances have significantly changed since the date of the last appraisal, including that real estate values have deteriorated. A designated credit committee and loan officers review all non-accrual loans on a periodic basis. In addition, loans where the loan officers have identified a “borrower of interest” are discussed to determine if additional analysis is necessary to apply the risk-rating criteria properly. The risk ratings for the real estate loan portfolio are determined based upon the current information available, including but not limited to discussions with the borrower, updated financial information, economic conditions within the geographic area and other factors that may affect the cash flow of the loan. If a loan is individually evaluated for impairment, the collateral value or discounted cash flow analysis is generally used to determine the estimated fair value of the underlying collateral, net of estimated selling costs, and compared to the outstanding loan balance to determine the amount of reserve necessary, if any. Appraisals used in this evaluation process are typically less than two years aged. For loans where real estate is not the primary source of collateral, updated financial information is obtained, including any relevant supplemental financial data to estimate the fair value of the loan, net of estimated selling costs, and compared to the outstanding loan balance to estimate the required reserve.
These impairment measurements are inherently subjective as they require material estimates, including, among others, estimates of property values in appraisals, the amounts and timing of expected future cash flows on individual loans, and general considerations for historical loss experience, economic conditions, uncertainties in estimating losses and inherent risks in the various credit portfolios, all of which require judgment and may be susceptible to significant change over time and as a result of changing economic conditions or other factors. Pursuant to ASC 326, individually assessed loans, consisting primarily of non-accrual and restructured loans, are considered in the methodology for determining the ACL. Individually assessed loans are generally evaluated based on the expected future cash flows or the fair value of the underlying collateral if principal repayment is expected to substantially come from the operation of the collateral or fair value of the collateral less estimated costs to sell if repayment of the loan is expected to be provided from the sale of such collateral. Shortfalls in the underlying collateral value for loans or leases determined to be collateral dependent are charged off immediately. Subsequent to an appraisal or other fair value estimate, management will assess whether there was a further decline in the value of the collateral based on changes in market conditions or property use that would require additional impairment to be recorded to reflect the particular situation, thereby increasing the ACL on loans and leases held for investment.
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Asset Quality
Customers classifies the loan and lease receivables by product or other characteristic generally defining a shared characteristic with other loans or leases in the same group. Charge-offs from originated and acquired loans and leases held for investment are absorbed by the ACL. The schedule that follows includes both loans held for sale and loans held for investment:
Asset Quality at September 30, 2026
(dollars in thousands)Total Loans and LeasesCurrent30-89 Days Past Due90 Days or More Past Due and AccruingNon-accrual/NPL (a)OREO and Repossessed Assets (b)
NPA (1) (a)+(b)
NPL to Loan and Lease Type (%)NPA to Loans and Leases + OREO and Repossessed Assets (%)
Loan and Lease Type
Commercial and industrial$9,416,510 $9,375,545 $11,652 $3,806 $25,507 $12,324 $37,831 0.27 %0.40 %
Multifamily2,668,192 2,658,832 — — 9,360 — 9,360 0.35 %0.35 %
Commercial real estate owner occupied1,221,205 1,188,769 26,886 — 5,550 — 5,550 0.45 %0.45 %
Commercial real estate non-owner occupied2,066,642 2,049,918 16,589 — 135 — 135 0.01 %0.01 %
Construction158,914 158,914 — — — — — — %— %
Total commercial loans and leases receivable15,531,463 15,431,978 55,127 3,806 40,552 12,324 52,876 0.26 %0.34 %
Residential512,410 495,778 10,454 — 6,178 244 6,422 1.21 %1.25 %
Manufactured housing23,451 21,567 723 146 1,015 40 1,055 4.33 %4.49 %
Installment855,124 839,759 11,147 — 4,218 — 4,218 0.49 %0.49 %
Total consumer loans receivable1,390,985 1,357,104 22,324 146 11,411 284 11,695 0.82 %0.84 %
Loans and leases receivable
16,922,448 16,789,082 77,451 3,952 51,963 12,608 64,571 0.31 %0.38 %
Loans receivable, mortgage finance, at fair value
1,400,573 1,400,573 — — — — — — %— %
Loans receivable, installment, at fair value78,807 75,928 1,553 — 1,326 — 1,326 1.68 %1.68 %
Total loans held for sale 109,509 108,360 999 — 150 — 150 0.14 %0.14 %
Total portfolio$18,511,337 $18,373,943 $80,003 $3,952 $53,439 $12,608 $66,047 0.29 %0.36 %
Asset Quality at September 30, 2026 (continued)
(dollars in thousands)Total Loans and LeasesNon-accrual / NPLACLReserves to Loans and Leases (%)Reserves to NPLs (%)
Loan and Lease Type
Commercial and industrial$9,416,510 $25,507 $39,790 0.42 %156.00 %
Multifamily2,668,192 9,360 48,328 1.81 %516.32 %
Commercial real estate owner occupied1,221,205 5,550 4,451 0.36 %80.20 %
Commercial real estate non-owner occupied2,066,642 135 10,157 0.49 %7,523.70 %
Construction158,914 — 1,633 1.03 %— %
Total commercial loans and leases receivable15,531,463 40,552 104,359 0.67 %257.35 %
Residential512,410 6,178 6,749 1.32 %109.24 %
Manufactured housing23,451 1,015 2,493 10.63 %245.62 %
Installment855,124 4,218 58,524 6.84 %1,387.48 %
Total consumer loans receivable1,390,985 11,411 67,766 4.87 %593.87 %
Loans and leases receivable
16,922,448 51,963 172,125 1.02 %331.25 %
Loans receivable, mortgage finance, at fair value
1,400,573 — — — %— %
Loans receivable, installment, at fair value78,807 1,326 — — %— %
Total loans held for sale 109,509 150 — — %— %
Total portfolio$18,511,337 $53,439 $172,125 0.93 %322.10 %
(1)    Excludes non-performing investment securities, at fair value of $13.0 million with ACL of $25.9 million at September 30, 2026.
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The total loan and lease portfolio was $18.5 billion at September 30, 2026 compared to $16.8 billion at December 31, 2025, and $53.4 million, or 0.29% of loans and leases, were non-performing at September 30, 2026 compared to $43.7 million, or 0.26% of loans and leases, at December 31, 2025. The total loan and lease portfolio was supported by an ACL of $172.1 million (322.10% of NPLs and 0.93% of total loans and leases) and $155.7 million (356.29% of NPLs and 0.93% of total loans and leases), at September 30, 2026 and December 31, 2025, respectively.
The tables below set forth non-accrual loans, NPAs and asset quality ratios:
(amounts in thousands)September 30, 2026December 31, 2025
Loans 90+ days delinquent still accruing
$3,952 $4,029 
Non-accrual loans$53,439 $43,688 
OREO and repossessed assets12,608 12,472 
Investment securities, at fair value12,986 16,184 
Total non-performing assets$79,033 $72,344 
September 30, 2026December 31, 2025
Non-accrual loans to loans and leases receivable (1)
0.31 %0.27 %
Non-accrual loans to total loans and leases portfolio
0.29 %0.26 %
Non-performing assets to total assets (2)
0.29 %0.29 %
Non-accrual loans and loans 90+ days delinquent to total assets 0.21 %0.19 %
Allowance for credit losses on loans and leases to:
Loans and leases receivable
1.02 %1.03 %
Non-accrual loans 322.10 %356.29 %
(1)    Excludes loans held for sale, loans receivable, mortgage finance, at fair value and loans receivable, installment, at fair value.
(2)    Includes non-performing investment securities, at fair value of $13.0 million with ACL of $25.9 million at September 30, 2026 and fair value of $16.2 million with ACL of $18.8 million at December 31, 2025, respectively.
The asset quality ratios related to NPAs, including non-performing investment securities, at fair value, and non-accrual loans remained low at September 30, 2026 as compared to December 31, 2025. Refer to Credit Risk above for information about the increase in ACL affecting the related asset quality ratios at September 30, 2026 as compared to December 31, 2025.
DEPOSITS
Customers offers a variety of deposit accounts, including checking, savings, MMDA, and time deposits. Deposits are primarily obtained from Customers’ geographic service area and nationwide through our single point of contact relationship managers, our branchless digital banking products, deposit brokers, listing services and other relationships.
The components of deposits were as follows at the dates indicated:
(dollars in thousands)September 30, 2026December 31, 2025Change% Change
Demand, non-interest bearing$7,209,138 $6,303,748 $905,390 14.4 %
Demand, interest bearing5,104,467 5,049,151 55,316 1.1 %
Savings, including MMDA6,594,183 6,129,837 464,346 7.6 %
Non-time deposits18,907,788 17,482,736 1,425,052 8.2 %
Time deposits3,656,045 3,295,968 360,077 10.9 %
Total deposits$22,563,833 $20,778,704 $1,785,129 8.6 %
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Total deposits were $22.6 billion at September 30, 2026, an increase of $1.8 billion, or 8.6%, from $20.8 billion at December 31, 2025. The increase in total deposits was primarily due to increases in non-interest bearing demand deposits of $905.4 million, or 14.4%, to $7.2 billion at September 30, 2026 from $6.3 billion at December 31, 2025, savings, including MMDA of $464.3 million, or 7.6%, to $6.6 billion at September 30, 2026, from $6.1 billion at December 31, 2025, time deposits of $360.1 million, or 10.9%, to $3.7 billion at September 30, 2026, from $3.3 billion at December 31, 2025 and interest bearing demand deposits of $55.3 million, or 1.1%, to $5.1 billion at September 30, 2026, from $5.0 billion at December 31, 2025.
At September 30, 2026 and December 31, 2025, the Bank had $1.9 billion and $1.8 billion in deposits, respectively, to which it had pledged $2.0 billion and $1.8 billion of available borrowing capacity through the FHLB to the depositors through a standby letter of credit arrangement, respectively.
The total amount of estimated uninsured deposits was $9.8 billion and $8.6 billion at September 30, 2026 and December 31, 2025, respectively. Time deposits greater than the FDIC limit of $250,000 totaled $1.2 billion at September 30, 2026 and December 31, 2025. At September 30, 2026, the scheduled maturities of uninsured time deposits were as follows:
(amounts in thousands)September 30, 2026
3 months or less$338,861 
Over 3 through 6 months426,768 
Over 6 through 12 months335,090 
Over 12 months118,898 
Total$1,219,617 
Average deposit balances by type and the associated average rate paid are summarized below:
Three Months Ended September 30, 2026Three Months Ended September 30, 2025
(dollars in thousands)Average
Balance		Average
Rate Paid		Average
Balance		Average
Rate Paid
Demand, non-interest bearing$6,529,941 0.00 %$6,362,360 0.00 %
Demand, interest-bearing5,296,900 3.25 %4,983,168 3.83 %
Savings, including MMDA6,624,104 3.46 %5,846,098 3.92 %
Time deposits3,684,179 4.13 %3,108,831 4.62 %
Total$22,135,124 2.50 %$20,300,457 2.77 %

Nine Months Ended September 30, 2026Nine Months Ended September 30, 2025
(dollars in thousands)Average
Balance		Average
Rate Paid		Average
Balance		Average
Rate Paid
Demand, non-interest bearing$6,369,545 0.00 %$5,891,249 0.00 %
Demand, interest-bearing5,123,095 3.25 %5,090,947 3.81 %
Savings, including MMDA6,275,001 3.45 %5,450,663 3.91 %
Time deposits3,527,369 4.16 %2,905,047 4.73 %
Total$21,295,010 2.49 %$19,337,906 2.82 %
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FHLB ADVANCES AND OTHER BORROWINGS
Borrowed funds from various sources are generally used to supplement deposit growth and meet other operating needs. Customers’ borrowings include short-term and long-term advances from the FHLB, FRB, federal funds purchased, senior unsecured notes and subordinated debt. Subordinated debt is also considered as Tier 2 capital for certain regulatory calculations.
Short-term debt
Short-term debt at September 30, 2026 and December 31, 2025 was as follows:
September 30, 2026December 31, 2025
(dollars in thousands)AmountRateAmountRate
FHLB advances$250,000 4.16 %$— — %
Total short-term debt$250,000 $— 
Long-term debt
FHLB and FRB Advances
Long-term FHLB and FRB advances at September 30, 2026 and December 31, 2025 were as follows:
September 30, 2026December 31, 2025
(dollars in thousands)AmountRateAmountRate
FHLB advances (1)
$1,887,182 
(2)
4.24 %
(3)
$1,325,068 
(2)
4.04 %
(3)
Total long-term FHLB and FRB advances$1,887,182 $1,325,068 
(1)    Amounts reported in the above table include fixed rate long-term advances from FHLB of $450.0 million with maturities ranging from June 2027 to March 2028, and variable rate long-term advances from FHLB of $1.4 billion with maturities ranging from October 2029 to September 2031 with a returnable option that can be repaid without penalty on certain predetermined dates at Customers Bank’s option, at September 30, 2026.
(2)    Includes $(2.8) million and $5.1 million of unamortized basis adjustments from interest rate swaps designated as fair value hedges of long-term advances from FHLB at September 30, 2026 and December 31, 2025, respectively. Refer to “NOTE 16 — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES” to Customers’ unaudited consolidated financial statements for additional information.
(3)    Excludes the effect of interest rate swaps designated as fair value hedges of long-term advances from FHLB.
The maximum borrowing capacity with the FHLB and FRB at September 30, 2026 and December 31, 2025 was as follows:
(dollars in thousands)September 30, 2026December 31, 2025
Total maximum borrowing capacity with the FHLB$6,128,629 $4,639,436 
Total maximum borrowing capacity with the FRB
5,807,565 4,742,290 
Qualifying loans and securities serving as collateral against FHLB and FRB
14,046,009 11,200,653 
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Senior Notes and Subordinated Debt
Long-term senior notes and subordinated debt at September 30, 2026 and December 31, 2025 were as follows:
(dollars in thousands)Carrying Amount
Issued byRankingSeptember 30, 2026December 31, 2025RateIssued AmountDate IssuedMaturityPrice
Customers Bancorp
Senior (1)
$99,313 $99,208 2.875 %$100,000 August 2021August 2031100.000 %
Total other borrowings$99,313 $99,208 
Customers Bancorp
Subordinated (2)(3)
$98,602 $98,359 6.875 %$100,000 December 2025January 2036100.000 %
Customers Bancorp
Subordinated (2)(4)
73,265 73,129 5.375 %$74,750 December 2019December 2034100.000 %
Customers Bank
Subordinated (2)(5)
— 109,659 6.125 %110,000 June 2014June 2029100.000 %
Total subordinated debt$171,867 $281,147 
(1)The senior notes had an annual fixed rate of 2.875% until August 15, 2026. From August 15, 2026 until maturity, the notes bear an annual interest rate equal to a benchmark rate, which is the three-month term SOFR, plus 235 basis points. Customers Bancorp has the ability to call the senior notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after August 15, 2026.
(2)The subordinated notes qualify as Tier 2 capital for regulatory capital purposes.
(3)The subordinated notes will bear an annual fixed rate of 6.875% until January 15, 2031. From January 15, 2031 until maturity, the notes will bear an annual interest rate equal to a benchmark rate, which is expected to be the three-month term SOFR, plus 342 basis points. Customers Bancorp has the ability to call the subordinated notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after January 15, 2031.
(4)Customers Bancorp has the ability to call the subordinated notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after December 30, 2029.
(5)The subordinated notes had an annual fixed rate of 6.125% until June 26, 2024. From June 26, 2024 until maturity, the notes bear an annual interest rate equal to the three-month LIBOR plus 344.3 basis points. 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 in order to calculate the annual interest rate after June 26, 2024. Customers Bank has the ability to call the subordinated notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after June 26, 2024. Customers Bank called the subordinated notes on March 26, 2026.
SHAREHOLDERS’ EQUITY
The components of shareholders’ equity were as follows at the dates indicated:
(dollars in thousands)September 30, 2026December 31, 2025Change% Change
Common stock$36,544 $36,189 $355 1.0 %
Additional paid in capital675,689 666,756 8,933 1.3 %
Retained earnings1,754,790 1,535,194 219,596 14.3 %
Accumulated other comprehensive income (loss), net(118,011)(54,050)(63,961)118.3 %
Treasury stock(156,312)(68,572)(87,740)128.0 %
Total shareholders’ equity
$2,192,700 $2,115,517 $77,183 3.6 %
Shareholders’ equity increased $77.2 million, or 3.6%, to $2.2 billion at September 30, 2026 when compared to shareholders’ equity of $2.1 billion at December 31, 2025. The increase primarily resulted from an increase of $219.6 million in retained earnings, partially offset by an increase in treasury stock of $87.7 million and a decrease in accumulated other comprehensive income (loss), net of $64.0 million.
The increases in common stock and additional paid in capital primarily resulted from the issuance of common stock under share-based compensation arrangements for the nine months ended September 30, 2026.
The increase in retained earnings resulted from net income of $219.6 million for the nine months ended September 30, 2026.
The decrease in accumulated other comprehensive income (loss), net primarily resulted from increases of $64.1 million in unrealized losses on AFS debt securities due to changes in market interest rates and credit spreads and income tax effect of $16.8 million and $26.4 million in unrealized losses on derivatives designated as cash flow hedges and income tax effect of $7.0 million during the nine months ended September 30, 2026.
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The increase in treasury stock primarily resulted from repurchases of 1,206,650 shares of its common stock for $87.7 million under the 2026 Share Repurchase Program for the nine months ended September 30, 2026. Refer to “NOTE 11 – SHAREHOLDERS’ EQUITY” to Customers’ unaudited consolidated financial statements for additional information.
LIQUIDITY AND CAPITAL RESOURCES
Liquidity for a financial institution is a measure of that institution’s ability to meet depositors’ needs for funds, to satisfy or fund loan and lease commitments and for other operating purposes. Ensuring adequate liquidity is an objective of the asset/liability management process. Customers coordinates its management of liquidity with its interest rate sensitivity and capital position, and strives to maintain a strong liquidity position that is sufficient to meet Customers’ short-term and long-term needs, commitments and contractual obligations.
Customers is involved with financial instruments and other commitments with off-balance sheet risks. Financial instruments with off-balance sheet risks are incurred in the normal course of business to meet the financing needs of the Bank’s customers. These financial instruments include commitments to extend credit, including unused portions of lines of credit, and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized on the consolidated balance sheet.
With commitments to extend credit, exposure to credit loss in the event of non-performance by the other party to the financial instrument is represented by the contractual amount of those instruments. The same credit policies are used in making commitments and conditional obligations as for on-balance sheet instruments. Because they involve credit risk similar to extending a loan and lease, these financial instruments are subject to the Bank’s credit policy and other underwriting standards.
Customers recognized a benefit to provision for credit losses on unfunded lending-related commitments of $7.2 million and $6.2 million during the three and nine months ended September 30, 2026, respectively, resulting in an ACL of $2.8 million as of September 30, 2026. Customers had an ACL on unfunded lending-related commitments of $9.0 million as of December 31, 2025.
Customers’ contractual obligations and other commitments representing required and potential cash outflows include operating leases, demand deposits, time deposits, federal funds purchased, short-term and long-term advances from FHLB, unsecured senior notes, subordinated debt, loan and other commitments as of September 30, 2026. Refer to “NOTE 8 – LEASES”, “NOTE 9 – DEPOSITS”, “NOTE 10 – BORROWINGS” and “NOTE 13 – FINANCIAL INSTRUMENTS WITH OFF-BALANCE SHEET RISK” to Customers’ unaudited consolidated financial statements for additional information.
At September 30, 2026, Customers had $3.6 billion of cash on hand and $4.2 billion of investment securities. Customers’ investment portfolio, including debt securities available for sale and held to maturity provides periodic cash flows through regular maturities and amortization and can be used as collateral to secure additional funding. We maintain a strong liquidity position, with $11.4 billion of liquidity immediately available consisting of cash on hand and available borrowing capacity from the FHLB and the FRB, which covered approximately 117% of uninsured deposits and approximately 151% of uninsured deposits less collateralized and affiliate deposits at September 30, 2026. Our loan to deposit ratio was 82% at September 30, 2026. Customers’ principal sources of funds are deposits, borrowings, principal and interest payments on loans and leases, other funds from operations, and proceeds from common and preferred stock issuances. Borrowing arrangements are maintained with the FHLB and the FRB to meet short-term liquidity needs. Longer-term borrowing arrangements are also maintained with the FHLB and the FRB. As of September 30, 2026, Customers’ borrowing capacity with the FHLB was $6.1 billion, of which $2.1 billion was utilized in borrowings and $2.0 billion of available capacity was utilized to collateralize deposits. As of December 31, 2025, Customers’ borrowing capacity with the FHLB was $4.6 billion, of which $1.3 billion was utilized in borrowings and $1.8 billion of available capacity was utilized to collateralize deposits. As of September 30, 2026 and December 31, 2025, Customers’ borrowing capacity with the FRB was $5.8 billion and $5.3 billion, respectively. None of this capacity was utilized as of September 30, 2026 and December 31, 2025.
The table below summarizes Customers’ cash flows for the nine months ended September 30, 2026 and 2025:
Nine Months Ended September 30,
(dollars in thousands)20262025Change% Change
Net cash provided by (used in) operating activities $198,942 $373,189 $(174,247)(46.7)%
Net cash provided by (used in) investing activities(3,436,005)(1,644,863)(1,791,142)108.9 %
Net cash provided by (used in) financing activities2,450,565 1,671,382 779,183 46.6 %
Net increase (decrease) in cash and cash equivalents$(786,498)$399,708 $(1,186,206)(296.8)%
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Cash flows provided by (used in) operating activities
Cash provided by operating activities of $198.9 million for the nine months ended September 30, 2026 resulted from proceeds from sales and repayments of loans held for sale of $458.5 million, net income of $219.6 million and net non-cash operating adjustments of $96.9 million, partially offset by origination and purchases of loans held for sale of $436.0 million, an increase in accrued interest receivable and other assets of $91.0 million and a decrease in accrued interest payable and other liabilities of $49.1 million.
Cash provided by operating activities of $373.2 million for the nine months ended September 30, 2025 resulted from proceeds from sales and repayments of loans held for sale of $672.2 million, net income of $149.6 million, net non-cash operating adjustments of $114.5 million, an increase in accrued interest payable and other liabilities of $36.5 million and a decrease in accrued interest receivable and other assets of $6.5 million, partially offset by origination and purchases of loans held for sale of $606.2 million.
Cash flows provided by (used in) investing activities
Cash used in investing activities of $3.4 billion for the nine months ended September 30, 2026 primarily resulted from purchases of investment securities available for sale of $2.2 billion, net increase in loans and leases, excluding mortgage finance loans of $1.7 billion, purchases of loans of $388.4 million, purchases of leased assets under lessor operating leases of $54.2 million and net purchases of FHLB, Federal Reserve Bank, and other restricted stock of $37.8 million, partially offset by proceeds from maturities, calls, and principal repayments of investment securities available for sale of $411.9 million and held to maturity of $146.4 million, net proceeds from repayments of mortgage finance loans of $229.7 million, proceeds from sales of investment securities available for sale of $105.5 million and proceeds from sales of loans and leases of $134.2 million.
Cash used in investing activities of $1.6 billion for the nine months ended September 30, 2025 primarily resulted from net increase in loans and leases, excluding mortgage finance loans of $1.3 billion, purchases of investment securities available for sale of $802.5 million, purchases of loans of $334.9 million, net origination of mortgage finance loans of $144.6 million, purchases of leased assets under lessor operating leases of $88.8 million and purchases of investment securities held to maturity of $24.0 million, partially offset by proceeds from sales of investment securities available for sale of $551.3 million, proceeds from maturities, calls, and principal repayments of investment securities available for sale of $246.2 million and held to maturity of $218.6 million.
Cash flows provided by (used in) financing activities
Cash provided by financing activities of $2.5 billion for the nine months ended September 30, 2026 primarily resulted from net increase in deposits of $1.8 billion, proceeds from long-term borrowed funds from the FHLB and the FRB of $1.7 billion and net increase in short-term borrowed funds from FHLB of $250.0 million, partially offset by repayments of long-term borrowed funds from the FHLB and the FRB of $1.1 billion, repayments of the Bank subordinated long-term debt of $110.0 million and purchases of treasury stock of $87.7 million.
Cash provided by financing activities of $1.7 billion for the nine months ended September 30, 2025 primarily resulted from net increase in deposits of $1.5 billion, proceeds from long-term borrowed funds from the FHLB and the FRB of $310.0 million and proceeds from issuance of common stock of $165.9 million including $163.5 million, net of issuance costs, from reissuance of common stock in an underwritten public offering that were held as treasury stock, partially offset by repayments of long-term borrowed funds from the FHLB and the FRB of $200.0 million, redemption of preferred stock of $57.5 million, payments of employee taxes withheld from share-based awards of $12.5 million, dividends paid on preferred stock of $8.9 million and purchases of treasury stock of $5.6 million. Refer to “NOTE 11 — SHAREHOLDERS’ EQUITY” to Customers’ unaudited consolidated financial statements for additional information on the redemption of preferred stock and reissuance of common stock that were held as treasury stock.
CAPITAL ADEQUACY
The Bank and the Bancorp are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on Customers’ financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank and the Bancorp must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance sheet items, as calculated under the regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Prompt corrective action provisions are not applicable to bank holding companies.
Quantitative measures established by regulation to ensure capital adequacy require the Bank and the Bancorp to maintain minimum amounts and ratios (set forth in the following table) of common equity Tier 1, Tier 1, and total capital to risk-weighted assets, and Tier 1 capital to average assets (as defined in the regulations). At September 30, 2026 and December 31, 2025, the Bank and the Bancorp met all capital adequacy requirements to which they were subject.
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Generally, to comply with the regulatory definition of adequately capitalized, or well capitalized, respectively, or to comply with the Basel III capital requirements, an institution must at least maintain the common equity Tier 1, Tier 1, and total risk-based capital ratios and the Tier 1 leverage ratio in excess of the related minimum ratios set forth in the following table:
Minimum Capital Levels to be Classified as:
ActualAdequately CapitalizedWell CapitalizedBasel III Compliant
(dollars in thousands)AmountRatioAmountRatioAmountRatioAmountRatio
As of September 30, 2026:
Common equity Tier 1 capital (to risk-weighted assets)
Customers Bancorp, Inc.$2,304,659 12.623 %$821,624 4.500 %N/AN/A$1,278,081 7.000 %
Customers Bank$2,443,440 13.403 %$820,353 4.500 %$1,184,954 6.500 %$1,276,104 7.000 %
Tier 1 capital (to risk-weighted assets)
Customers Bancorp, Inc.$2,304,659 12.623 %$1,095,498 6.000 %N/AN/A$1,551,956 8.500 %
Customers Bank$2,443,440 13.403 %$1,093,804 6.000 %$1,458,405 8.000 %$1,549,555 8.500 %
Total capital (to risk-weighted assets)
Customers Bancorp, Inc.$2,646,910 14.497 %$1,460,664 8.000 %N/AN/A$1,917,122 10.500 %
Customers Bank$2,613,824 14.338 %$1,458,405 8.000 %$1,823,006 10.000 %$1,914,157 10.500 %
Tier 1 capital (to average assets)
Customers Bancorp, Inc.$2,304,659 8.578 %$1,074,720 4.000 %N/AN/A$1,074,720 4.000 %
Customers Bank$2,443,440 9.103 %$1,073,747 4.000 %$1,342,184 5.000 %$1,073,747 4.000 %
As of December 31, 2025:
Common equity Tier 1 capital (to risk-weighted assets)
Customers Bancorp, Inc.$2,164,010 12.992 %$749,547 4.500 %N/AN/A$1,165,962 7.000 %
Customers Bank$2,203,933 13.252 %$748,412 4.500 %$1,081,040 6.500 %$1,164,197 7.000 %
Tier 1 capital (to risk-weighted assets)
Customers Bancorp, Inc.$2,164,010 12.992 %$999,396 6.000 %N/AN/A$1,415,811 8.500 %
Customers Bank$2,203,933 13.252 %$997,883 6.000 %$1,330,510 8.000 %$1,413,667 8.500 %
Total capital (to risk-weighted assets)
Customers Bancorp, Inc.$2,563,309 15.389 %$1,332,528 8.000 %N/AN/A$1,748,943 10.500 %
Customers Bank$2,431,744 14.621 %$1,330,510 8.000 %$1,663,138 10.000 %$1,746,295 10.500 %
Tier 1 capital (to average assets)
Customers Bancorp, Inc.$2,164,010 8.724 %$992,221 4.000 %N/AN/A$992,221 4.000 %
Customers Bank$2,203,933 8.895 %$991,061 4.000 %$1,238,827 5.000 %$991,061 4.000 %
The Basel III Capital Rules require that we maintain a 2.500% capital conservation buffer with respect to each of common equity Tier 1, Tier 1 and total capital to risk-weighted assets, which provides for capital levels that exceed the minimum risk-based capital adequacy requirements. A financial institution with a conservation buffer of less than the required amount is subject to limitations on capital distributions, including dividend payments and stock repurchases, and certain discretionary bonus payments to executive officers. As of September 30, 2026, the Bank and the Bancorp were in compliance with the Basel III requirements.
Effect of Government Monetary Policies
Our earnings are and will be affected by domestic economic conditions and the monetary and fiscal policies of the United States government and its agencies. An important function of the Federal Reserve Board is to regulate the money supply and interest rates. Among the instruments used to implement those objectives are open market operations in United States government securities and changes in reserve requirements against member bank deposits. These instruments are used in varying combinations to influence overall growth and distribution of bank loans and leases, investments, and deposits, and their use may also affect rates charged on loans and leases or paid for deposits.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
Interest Rate Sensitivity
The largest part of Customers’ net income is net interest income, and the majority of its financial instruments are interest rate sensitive assets and liabilities with various term structures and maturities. One of the primary goals of management is to optimize net interest income while minimizing interest rate risk. Interest rate risk is derived from timing differences in the repricing of assets and liabilities, loan prepayments, deposit withdrawals and differences in lending and funding rates. Customers’ asset/liability committee actively looks to monitor and control the economic impact of changes in interest rates on the mix of interest rate sensitive assets and interest rate sensitive liabilities.
Customers uses two complementary methods to effectively measure and manage interest rate risk. The two types of simulation analysis used to determine the impact of changes in interest rates under various hypothetical interest rate scenarios are income scenario modeling and estimates of economic value (EVE). The combination of these two methods supplies a reasonably comprehensive summary of the levels of interest rate risk of Customers’ exposure to time factors and changes in interest rate environments.
Income scenario modeling is used to measure interest rate sensitivity and manage interest rate risk over a near term horizon. Income scenario considers not only the impact of changing market interest rates upon forecasted net interest income but also other factors such as yield curve relationships, the volume and mix of assets and liabilities, customer preferences and general market conditions.
Through the use of income scenario modeling, Customers has estimated the net interest income for the twelve months ending September 30, 2027 and December 31, 2026, based upon the assets, liabilities and off-balance sheet financial instruments including derivatives in existence at September 30, 2026 and December 31, 2025.
Customers has also estimated changes to that projected twelve-month net interest income based upon implied forward interest rates rising or falling immediately (“rate shocks”). For upward rate shocks modeling a rising rate environment at September 30, 2026 and December 31, 2025, Customers used a parallel and sustained shift in interest rates, in which the base market interest rate forecast was immediately increased by 100, 200, and 300 basis points. For downward rate shocks modeling a falling rate environment at September 30, 2026 and December 31, 2025, Customers used a parallel and sustained shift in interest rates, in which the base market interest rate forecast was immediately decreased by 100, 200 and 300 basis points. The following table reflects the estimated percentage change in projected twelve-month net interest income under the rate shocks versus the base projected net interest income for the twelve months ending September 30, 2027 and December 31, 2026, resulting from changes in interest rates:
Net change in net interest income
% change from base
Rate ShocksSeptember 30, 2026December 31, 2025
Up 3%3.6%4.4%
Up 2%2.1%3.0%
Up 1%0.4%1.3%
Down 1%(1.7)%(0.8)%
Down 2%(3.9)%(2.7)%
Down 3%(5.9)%(4.4)%
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EVE considers a longer-term horizon and estimates the hypothetical discounted net present value of asset and liability cash flows. Discount rates are based upon market prices for comparable assets and liabilities. Upward and downward rate shocks are used to measure sensitivity of EVE in relation to a constant rate environment using implied forward interest rates. For upward rate shocks modeling a rising rate environment at September 30, 2026 and December 31, 2025, current market interest rates were shocked by a parallel and sustained shift in interest rates, in which the base market interest rate forecast was immediately increased by 100, 200, and 300 basis points. For downward rate shocks modeling a falling rate environment at September 30, 2026 and December 31, 2025, current market interest rates were shocked by a parallel and sustained shift in interest rates, in which the base market interest rate forecast was immediately decreased by 100, 200 and 300 basis points. This method of measurement primarily evaluates the longer term repricing risks and embedded options in Customers Bank’s balance sheet. The following table reflects the estimated change in EVE at September 30, 2026 and December 31, 2025, resulting from shocks to interest rates:
% change from base
Rate ShocksSeptember 30, 2026December 31, 2025
Up 3%(16.9)%(9.5)%
Up 2%(11.0)%(5.8)%
Up 1%(5.3)%(2.4)%
Down 1%4.4%2.4%
Down 2%8.3%5.7%
Down 3%12.3%10.1%
Management believes that the assumptions and combination of methods used in evaluating interest rate risk are reasonable. However, the interest rate sensitivity of our assets, liabilities and off-balance sheet financial instruments, as well as the estimated effect of changes in interest rates on estimated net interest income, could vary substantially if different assumptions are used or actual experience differs from the assumptions used in the model.
Item 4. Controls and Procedures
(a) Management’s Evaluation of Disclosure Controls and Procedures. As of the end of the period covered by this report, Customers Bancorp carried out an evaluation, under the supervision and with the participation of Customers Bancorp’s management, including Customers Bancorp’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of Customers Bancorp’s disclosure controls and procedures as defined in the Exchange Act Rules 13a-15(e) and 15d-15(e). Based upon the evaluation, the Chief Executive Officer and Chief Financial Officer concluded that Customers Bancorp’s disclosure controls and procedures were effective as of September 30, 2026.
(b) Changes in Internal Control Over Financial Reporting. During the quarter ended September 30, 2026, there have been no changes in Customers Bancorp’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, Customers Bancorp’s internal control over financial reporting.
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Part II. OTHER INFORMATION
Item 1. Legal Proceedings
For information on Customers’ legal proceedings, refer to “NOTE 17 – LOSS CONTINGENCIES” to the unaudited consolidated financial statements.
Item 1A. Risk Factors
In addition to the other information set forth in this Quarterly Report, you should carefully consider the factors discussed in “Risk Factors” included within the 2025 Form 10-K. There are no material changes from the risk factors included within the 2025 Form 10-K. The risks described within the 2025 Form 10-K are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently believe to be immaterial also may materially adversely affect our business, financial condition and/or operating results. Refer to “Item 2 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Cautionary Note Regarding Forward-Looking Statements.”
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
On February 11, 2026, the Board of Directors of Customers Bancorp authorized a new common stock repurchase program, the 2026 Share Repurchase Program, to repurchase up to $100.0 million of the Company’s common stock. The term of the 2026 Share Repurchase Program will extend for one year from February 12, 2026, unless earlier terminated. Purchases of shares under the 2026 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. The shares of the Company’s common stock repurchased during the three months ended September 30, 2026 pursuant to the 2026 Share Repurchase Program were as follows:
PeriodTotal number of shares purchased
Average price paid per share (1)
Total number of shares purchased as part of publicly announced plans or programs
Approximate dollar value of shares that may yet be purchased under the plans or programs (1)
July 1 - July 31, 2026— $— — $50,235,405 
August 1 - August 31, 202640,000 79.05 40,000 47,073,235 
September 1 - September 30, 2026452,178 78.20 452,178 12,404,871 
Total492,178 $78.27 492,178 $12,404,871 
(1)    Average price paid per share excludes commissions and excise tax, which will reduce the approximate dollar value of shares that may yet be purchased under the 2026 Share Repurchase Program.
Dividends on Common Stock
Customers Bancorp historically has not paid any cash dividends on its shares of common stock and does not expect to do so in the foreseeable future.
Any future determination relating to our dividend policy will be made at the discretion of Customers Bancorp’s Board of Directors and will depend on a number of factors, including earnings and financial condition, liquidity and capital requirements, the general economic and regulatory climate, ability to service any equity or debt obligations senior to our common stock and other factors deemed relevant by the Board of Directors.
In addition, as a bank holding company, Customers Bancorp is subject to general regulatory restrictions on the payment of cash dividends. Federal bank regulatory agencies have the authority to prohibit bank holding companies from engaging in unsafe or unsound practices in conducting their business, which, depending on the financial condition and liquidity of the holding company at the time, could include the payment of dividends. Further, various federal and state statutory provisions limit the amount of dividends that bank subsidiaries can pay to their parent holding company without regulatory approval. Generally, subsidiaries are prohibited from paying dividends when doing so would cause them to fall below the regulatory minimum capital levels, and limits exist on paying dividends in excess of net income for specified periods. The ability to pay dividends and the amounts that can be paid is limited to the extent the Bank’s capital ratios do not exceed the minimum required levels plus 250 basis points.
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Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
Not applicable.
Item 5. Other Information
During the third quarter of 2026, no director or officer (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated or modified any “Rule 10b5-1 trading arrangements” or “non-Rule 10b5-1 trading arrangements,” as each term is defined in Item 408(a) of Regulation S-K.
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Item 6. Exhibits
Exhibit No.Description
3.1
3.2
3.3
3.4
3.5
31.1
31.2
32.1
32.2
101
The following financial statements from the Customers’ Quarterly Report on Form 10-Q as of and for the quarterly period ended September 30, 2026, formatted in Inline XBRL include: (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statements of Changes in Shareholders’ Equity, (v) Consolidated Statements of Cash Flows, and (vi) the Notes to the Consolidated Financial Statements.
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document
101.SCHXBRL Taxonomy Extension Schema Document.
101.CALXBRL Taxonomy Extension Calculation Linkbase Document.
101.DEFXBRL Taxonomy Extension Definitions Linkbase Document.
101.LABXBRL Taxonomy Extension Label Linkbase Document.
101.PREXBRL Taxonomy Extension Presentation Linkbase Document.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Customers Bancorp, Inc.
November 6, 2026By:
/s/ Samvir S. Sidhu
Name:
Samvir S. Sidhu
Title:
President and Chief Executive Officer
(Principal Executive Officer)
November 6, 2026By:
/s/ Mark R. McCollom
Name:
Mark R. McCollom
Title:Chief Financial Officer
(Principal Financial Officer)

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