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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q


☒			Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
			For the quarterly period ended March 31, 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)

(Exact name of registrant as specified in its charter)


Customers Bancorp, Inc.

Pennsylvania

27-2290659

(State or other jurisdiction of incorporation or organization)

(IRS Employer Identification No.)

701 Reading Avenue

West Reading, PA 19611

(Address of principal executive offices)

(610) 933-2000

(Registrant’s telephone number, including area code)

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbols

Name of Each Exchange on which Registered

Voting Common Stock, par value $1.00 per share

CUBI

New York Stock Exchange

5.375% Subordinated Notes due 2034

CUBB

New 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 filer

Accelerated Filer

☐

Non-accelerated filer

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.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No x

________________________________________

On May 5, 2026, 33,825,088 shares of Voting Common Stock were outstanding.

Table of Contents

CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

Table of Contents


Part I

Item 1.	Customers Bancorp, Inc. Consolidated Financial Statements as of March 31, 2026 and for the three month periods ended March 31, 2026 and 2025 (unaudited)	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	50

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	76

Item 4.	Controls and Procedures	77

PART II

Item 1.	Legal Proceedings	78

Item 1A.	Risk Factors	78

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	78

Item 3.	Defaults Upon Senior Securities	79

Item 4.	Mine Safety Disclosures	79

Item 5.	Other Information	79

Item 6.	Exhibits	80

SIGNATURES		81

Table of Contents

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 Plan			2019 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
ACL			Allowance for credit losses
AFS			Available for sale

AOCI			Accumulated other comprehensive income (loss)
ASC			Accounting Standards Codification
ASU			Accounting Standards Update


Bancorp			Customers Bancorp, Inc.
Bank			Customers Bank
BBB spread			BBB rated corporate bond spreads to U.S. Treasury securities



BOLI			Bank-owned life insurance






CECL			Current expected credit losses
CMO			Collateralized mortgage obligation
CODM			Chief operating decision maker
Commission			U.S. Securities and Exchange Commission
Company			Customers Bancorp, Inc. and subsidiaries




COVID-19			Coronavirus Disease 2019
CPI			Consumer Price Index
CRA			Community Reinvestment Act
CUBI			Symbol for Customers Bancorp, Inc. common stock traded on the NYSE

Customers			Customers Bancorp, Inc. and Customers Bank, collectively
Customers Bancorp			Customers Bancorp, Inc.
DCF			Discounted cash flow









EVE			Economic value of equity
Exchange Act			Securities Exchange Act of 1934
FASB			Financial Accounting Standards Board
FDIC			Federal 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


FHLB			Federal Home Loan Bank
FICO			Fair Isaac Corporation
Fintech			Third-Party Financial Technology


FRB			Federal Reserve Bank of Philadelphia

GDP			Gross domestic product



HTM			Held to maturity


LIBOR			London Interbank Offered Rate
LPO			Limited Purpose Office

MMDA			Money market deposit accounts
NIM			Net interest margin, tax equivalent
NM			Not meaningful
NPA			Non-performing asset
NPL			Non-performing loan

NYSE			New York Stock Exchange

OCI			Other comprehensive income (loss)

OREO			Other real estate owned



PCD			Purchased Credit-Deteriorated

PPP			Paycheck Protection Program


Rate Shocks			Interest rates rising or falling immediately
ROU			Right-of-use

Table of Contents


SBA			U.S. Small Business Administration
SBA loans			Loans originated pursuant to the rules and regulations of the SBA
SEC			U.S. Securities and Exchange Commission
Securities Act			Securities Act of 1933, as amended


Series E Preferred Stock			Fixed-to-floating rate non-cumulative perpetual preferred stock, series E
Series F Preferred Stock			Fixed-to-floating rate non-cumulative perpetual preferred stock, series F
SERP			Supplemental Executive Retirement Plan

SOFR			Secured Overnight Financing Rate





U.S. GAAP			Accounting principles generally accepted in the United States of America
VIE			Variable interest entity

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET — UNAUDITED

(amounts in thousands, except share and per share data)


	March 31, 2026		December 31, 2025
ASSETS
Cash and due from banks	$	89,153	$	62,051
Interest earning deposits	4,709,051		4,349,412
Cash and cash equivalents	4,798,204		4,411,463
Investment securities, at fair value (includes allowance for credit losses of $24,566 and $28,805, respectively)	1,993,152		1,937,646

Investment securities held to maturity	663,545		729,134
Loans held for sale (includes $3,226 and $2,745, respectively, at fair value)	20,282		26,102

Loans and leases receivable	15,519,493		15,041,340
Loans receivable, mortgage finance, at fair value	1,758,685		1,612,997
Loans receivable, installment, at fair value	93,086		102,077
Allowance for credit losses on loans and leases	(160,962)		(155,656)
Total loans and leases receivable, net of allowance for credit losses on loans and leases	17,210,302		16,600,758
FHLB, Federal Reserve Bank, and other restricted stock	117,880		110,411
Accrued interest receivable	105,002		103,626

Bank premises and equipment, net	15,749		16,745
Bank-owned life insurance	306,927		305,503
Other real estate owned	12,506		12,432
Goodwill and other intangibles	3,629		3,629
Other assets	633,589		638,419

Total assets	$	25,880,767	$	24,895,868
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities:
Deposits:
Demand, non-interest bearing	$	6,739,713	$	6,303,748
Interest bearing	14,852,932		14,474,956
Total deposits	21,592,645		20,778,704


Federal funds purchased	70,000		—
FHLB advances	1,561,655		1,325,068
Other borrowings	99,243		99,208
Subordinated debt	171,614		281,147

Accrued interest payable and other liabilities	241,310		296,224

Total liabilities	23,736,467		22,780,351
Commitments and contingencies (NOTE 17)
Shareholders’ equity:

Common stock, par value $1.00 per share; 200,000,000 shares authorized; 36,311,997 and 36,188,920 shares issued as of March 31, 2026 and December 31, 2025; 33,692,632 and 34,191,223 shares outstanding as of March 31, 2026 and December 31, 2025	36,312		36,189
Additional paid in capital	669,112		666,756
Retained earnings	1,604,847		1,535,194
Accumulated other comprehensive income (loss), net	(54,657)		(54,050)
Treasury stock, at cost (2,619,365 and 1,997,697 shares as of March 31, 2026 and December 31, 2025)	(111,314)		(68,572)
Total shareholders’ equity	2,144,300		2,115,517
Total liabilities and shareholders’ equity	$	25,880,767	$	24,895,868

See accompanying notes to the unaudited consolidated financial statements.

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (LOSS) — UNAUDITED

(amounts in thousands, except per share data)


	Three Months Ended March 31,
	2026		2025
Interest income:
Loans and leases	$	258,734	$	231,008
Investment securities	32,141		34,339
Interest earning deposits	41,830		42,914
Loans held for sale	1,235		4,761
Other	2,372		1,887
Total interest income	336,312		314,909
Interest expense:
Deposits	126,126		131,308
FHLB advances	12,935		11,801

Subordinated debt	4,621		3,212
Federal funds purchased	13		—
Other borrowings	1,266		1,142
Total interest expense	144,961		147,463
Net interest income	191,351		167,446
Provision for credit losses	23,372		28,297
Net interest income after provision for credit losses	167,979		139,149
Non-interest income:

Commercial lease income	15,418		10,668
Loan fees	10,506		7,235
Bank-owned life insurance	3,084		4,660
Mortgage finance transactional fees	1,306		933



Net gain (loss) on sale of loans and leases	1,044		2




Net gain (loss) on sale of investment securities	355		—
Impairment loss on debt securities	—		(51,319)





Other	2,603		3,331
Total non-interest income (loss)	34,316		(24,490)
Non-interest expense:
Salaries and employee benefits	51,294		42,674
Technology, communication and bank operations	11,643		11,312
Commercial lease depreciation	12,692		8,463
Professional services	11,695		11,857
Loan servicing	3,859		4,630
Occupancy	3,956		3,412
FDIC assessments, non-income taxes and regulatory fees	8,215		11,750
Advertising and promotion	554		528





Other	8,080		8,145
Total non-interest expense	111,988		102,771
Income before income tax expense (benefit)	90,307		11,888
Income tax expense (benefit)	20,654		(1,024)








Net income	69,653		12,912
Preferred stock dividends	—		3,389

Net income available to common shareholders	$	69,653	$	9,523


Basic earnings per common share	$	2.04	$	0.30

Diluted earnings per common share	1.97		0.29

See accompanying notes to the unaudited consolidated financial statements.

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) — UNAUDITED

(amounts in thousands)


	Three Months Ended March 31,
	2026		2025


Net income	$	69,653	$	12,912
Unrealized gains (losses) on available for sale debt securities:
Unrealized gains (losses) arising during the period	5,120		(13,249)
Income tax effect	(1,356)		3,484
Reclassification adjustments for (gains) losses included in net income	(355)		51,319
Income tax effect	94		(13,497)
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity	887		1,169
Income tax effect	(236)		(307)
Net unrealized gains (losses) on available for sale debt securities	4,154		28,919
Unrealized gains (losses) on cash flow hedges:
Unrealized gains (losses) arising during the period	(6,944)		—
Income tax effect	1,840		—
Reclassification adjustment for (gains) losses included in net income	467		—
Income tax effect	(124)		—
Net unrealized gains (losses) on cash flow hedges	(4,761)		—
Other comprehensive income (loss), net of income tax effect	(607)		28,919
Comprehensive income (loss)	$	69,046	$	41,831

See accompanying notes to the unaudited consolidated financial statements.

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY — UNAUDITED

(amounts in thousands, except shares outstanding data)


	Three Months Ended March 31, 2026
	Preferred Stock			Common Stock
	Shares of Preferred Stock Outstanding	Preferred Stock		Shares of Common Stock Outstanding	Common Stock		Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total
Balance, December 31, 2025	—	$	—	34,191,223	$	36,189	$	666,756	$	1,535,194	$	(54,050)	$	(68,572)	$	2,115,517


Net income	—	—		—	—		—		69,653		—		—		69,653

Other comprehensive income (loss)	—	—		—	—		—		—		(607)		—		(607)








Share-based compensation expense	—	—		—	—		5,831		—		—		—		5,831

Issuance of common stock under share-based compensation arrangements	—	—		123,077	123		(3,475)		—		—		—		(3,352)
Repurchase of common shares	—	—		(621,668)	—		—		—		—		(42,742)		(42,742)
Balance, March 31, 2026	—	$	—	33,692,632	$	36,312	$	669,112	$	1,604,847	$	(54,657)	$	(111,314)	$	2,144,300

	Three Months Ended March 31, 2025
	Preferred Stock			Common Stock
	Shares of Preferred Stock Outstanding	Preferred Stock		Shares of Common Stock Outstanding	Common Stock		Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total
Balance, December 31, 2024	5,700,000	$	137,794	31,346,507	$	35,758	$	575,333	$	1,326,011	$	(96,560)	$	(141,653)	$	1,836,683

Net income	—	—		—	—		—		12,912		—		—		12,912

Other comprehensive income (loss)	—	—		—	—		—		—		28,919		—		28,919


Preferred stock dividends (1)	—	—		—	—		—		(3,389)		—		—		(3,389)





Share-based compensation expense	—	—		—	—		4,295		—		—		—		4,295

Issuance of common stock under share-based compensation arrangements	—	—		236,831	237		(9,456)		—		—		—		(9,219)
Repurchase of common shares	—	—		(104,206)	—		—		—		—		(5,641)		(5,641)
Balance, March 31, 2025	5,700,000	$	137,794	31,479,132	$	35,995	$	570,172	$	1,335,534	$	(67,641)	$	(147,294)	$	1,864,560

(1)Dividends per share of $0.616789 and $0.592902 were declared on Series E and F preferred stock, respectively, for the three months ended March 31, 2025.

See accompanying notes to the unaudited consolidated financial statements.

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CUSTOMERS BANCORP, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS — UNAUDITED

(amounts in thousands)


	Three Months Ended March 31,
	2026		2025
Cash Flows from Operating Activities
Net income	$	69,653	$	12,912
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for credit losses	23,372		28,297
Depreciation and amortization	14,235		15,639

Share-based compensation expense	5,728		4,246
Deferred taxes	3,338		(24,941)
Net amortization (accretion) of investment securities premiums and discounts	(991)		(725)
Unrealized (gain) loss on investment securities	86		(160)
Impairment loss on debt securities	—		51,319

Net (gain) loss on sale of investment securities	(355)		—



Unrealized (gain) loss on derivatives	11		(712)




Fair value adjustment on loans held for sale	(347)		667
Fair value adjustment on loans held for investment	231		—
Net (gain) loss on sale of loans and leases	(1,044)		(2)




Origination and purchases of loans held for sale	(171,423)		(299,808)
Proceeds from sales and repayments of loans held for sale	185,771		326,356

Amortization (accretion) of loan net deferred fees, discounts and premiums	(7,266)		(4,365)


Earnings on investment in bank-owned life insurance	(3,084)		(4,660)
(Increase) decrease in accrued interest receivable and other assets	(28,043)		(10,470)
Increase (decrease) in accrued interest payable and other liabilities	(54,802)		528
Net Cash Provided By (Used In) Operating Activities	35,070		94,121
Cash Flows from Investing Activities
Proceeds from maturities, calls and principal repayments of investment securities available for sale	130,026		99,521
Proceeds from maturities, calls and principal repayments of investment securities held to maturity	66,601		69,058

Proceeds from sales of investment securities available for sale	41,296		—
Purchases of investment securities available for sale	(225,464)		(156,689)
Purchases of investment securities held to maturity	—		(14,022)

Origination of mortgage finance loans	(7,335,209)		(5,329,199)
Proceeds from repayments of mortgage finance loans	7,203,610		5,287,252
Net (increase) decrease in loans and leases, excluding mortgage finance loans	(457,955)		(337,435)
Proceeds from sales of loans and leases	19,194		1,081
Purchases of loans	(57,826)		(106,020)
Purchases of bank-owned life insurance	—		(1,462)
Proceeds from bank-owned life insurance	1,431		5,102
Net (purchases of) proceeds from sale of FHLB, Federal Reserve Bank, and other restricted stock	(7,469)		(544)

Purchases of bank premises and equipment	(49)		(686)


Proceeds from sales of leased assets under lessor operating leases	434		413
Purchases of leased assets under lessor operating leases	(4,905)		(16,398)
Net Cash Provided By (Used In) Investing Activities	(626,285)		(500,028)

	(continued)










	Three Months Ended March 31,
	2026		2025
Cash Flows from Financing Activities
Net increase (decrease) in deposits	824,059		66,911




Net increase (decrease) in federal funds purchased	70,000		—

Proceeds from long-term borrowed funds from FHLB and FRB	420,000		100,000
Repayments of long-term borrowed funds from FHLB and FRB	(180,000)		(100,000)


Repayments of subordinated long-term debt	(110,000)		—




Preferred stock dividends paid	—		(3,434)

Purchase of treasury stock	(42,742)		(5,641)
Payments of employee taxes withheld from share-based awards	(3,607)		(9,815)
Proceeds from issuance of common stock	246		645

Net Cash Provided By (Used In) Financing Activities	977,956		48,666






Net Increase (Decrease) in Cash and Cash Equivalents	386,741		(357,241)
Cash and Cash Equivalents – Beginning	4,411,463		3,785,931
Cash and Cash Equivalents – Ending	$	4,798,204	$	3,428,690





Non-cash Investing and Financing Activities:




Transfer of loans held for sale to held for investment	$	674	$	135,815

See accompanying notes to the unaudited consolidated financial statements.

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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 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 months ended March 31, 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.

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Accounting Standards Issued But Not Yet Adopted

Standard

Summary of Guidance

Effects 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.

• Customers is currently evaluating the expected impact of this ASU on Customers’ consolidated financial statements.

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Standard

Summary of Guidance

Effects 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 disclosure. 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.

• Customers is currently evaluating the expected impact of this ASU 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 March 31,
(amounts in thousands, except share and per share data)	2026		2025


Net income available to common shareholders	$	69,653	$	9,523

Weighted-average number of common shares outstanding – basic	34,080,834		31,447,623
Share-based compensation plans	1,233,001		1,042,949

Weighted-average number of common shares – diluted	35,313,835		32,490,572



Basic earnings per common share	$	2.04	$	0.30



Diluted earnings per common share	1.97		0.29

The following are securities that could potentially dilute basic earnings per common share in future periods that were not included in the computation of diluted earnings per common share because either the performance conditions for certain of the share-based compensation awards have not been met or to do so would have been anti-dilutive for the periods presented:


	Three Months Ended March 31,
	2026	2025
Anti-dilutive securities:
Share-based compensation awards	3,532	22,027

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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 months ended March 31, 2026 and 2025. Amounts in parentheses indicate reductions to AOCI:



	Three Months Ended March 31, 2026
(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	$	(57,012)	$	2,962	$	(54,050)



Unrealized gains (losses) arising during period, before tax	5,120		(6,944)		(1,824)
Income tax effect	(1,356)		1,840		484
Other comprehensive income (loss) before reclassifications	3,764		(5,104)		(1,340)
Reclassification adjustments for (gains) losses included in net income, before tax	(355)		467		112
Income tax effect	94		(124)		(30)
Amounts reclassified from accumulated other comprehensive income (loss) to net income	(261)		343		82
Amortization of unrealized loss on securities transferred from available for sale to held to maturity	887		—		887
Income tax effect	(236)		—		(236)
Amortization of unrealized loss on securities transferred from available for sale to held to maturity	651		—		651
Net current-period other comprehensive income (loss)	4,154		(4,761)		(607)
Balance at March 31	$	(52,858)	$	(1,799)	$	(54,657)



	Three Months Ended March 31, 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 tax	(13,249)		—		(13,249)
Income tax effect	3,484		—		3,484
Other comprehensive income (loss) before reclassifications	(9,765)		—		(9,765)
Reclassification adjustments for (gains) losses included in net income, before tax	51,319		—		51,319
Income tax effect	(13,497)		—		(13,497)
Amounts reclassified from accumulated other comprehensive income (loss) to net income	37,822		—		37,822
Amortization of unrealized loss on securities transferred from available for sale to held to maturity	1,169		—		1,169
Income tax effect	(307)		—		(307)
Amortization of unrealized loss on securities transferred from available for sale to held to maturity	862		—		862
Net current-period other comprehensive income (loss)	28,919		—		28,919
Balance at March 31	$	(67,641)	$	—	$	(67,641)

(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.

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NOTE 5 — INVESTMENT SECURITIES

Investment securities at fair value

The amortized cost, approximate fair value and allowance for credit losses of investment securities at fair value as of March 31, 2026 and December 31, 2025 are summarized as follows:


	March 31, 2026 (1)
(amounts in thousands)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale debt securities:
Asset-backed securities	$	273,593	$	(42)	$	2,394	$	(239)	$	275,706

Agency-guaranteed residential mortgage-backed securities	491,169		—		2,057		(2,366)		490,860

Agency-guaranteed residential collateralized mortgage obligations	481,331		—		3,245		(7,918)		476,658
Agency-guaranteed commercial collateralized mortgage obligations	117,586		—		287		(4,449)		113,424


Corporate notes	294,229		(24,524)		430		(23,837)		246,298
Private label collateralized mortgage obligations	370,550		—		—		(11,644)		358,906


Available for sale debt securities	$	2,028,458	$	(24,566)	$	8,413	$	(50,453)	1,961,852

Equity securities (2)									31,300
Total investment securities, at fair value									$	1,993,152


	December 31, 2025 (1)
(amounts in thousands)	Amortized Cost		Allowance for Credit Losses		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Available for sale debt securities:
Asset-backed securities	$	239,259	$	(586)	$	—	$	(860)	$	237,813

Agency-guaranteed residential mortgage-backed securities	410,648		—		3,238		(125)		413,761

Agency-guaranteed residential collateralized mortgage obligations	496,595		—		4,307		(7,395)		493,507
Agency-guaranteed commercial collateralized mortgage obligations	118,049		—		548		(3,021)		115,576


Corporate notes	340,793		(28,219)		1,091		(27,807)		285,858
Private label collateralized mortgage obligations	376,803		—		—		(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 $11.2 million and $9.2 million at March 31, 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 March 31, 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 months ended March 31, 2026 and 2025.

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.

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Proceeds from the sale of AFS debt securities were $41.3 million for the three months ended March 31, 2026. There was no sale of AFS debt securities for the three months ended March 31, 2025. The following table presents gross realized gains and realized losses from the sale of AFS debt securities for the periods presented:



	Three Months Ended March 31,
(amounts in thousands)	2026		2025
Gross realized gains	$	674	$	—
Gross realized losses	(319)		—
Net realized gains (losses) on sale of available for sale debt securities	$	355	$	—

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:



	March 31, 2026
(amounts in thousands)	Amortized Cost		Fair Value
Due in one year or less	$	73,585	$	61,427
Due after one year through five years	115,513		92,456
Due after five years through ten years	105,131		92,415

Asset-backed securities	273,593		275,706
Agency-guaranteed residential mortgage-backed securities	491,169		490,860

Agency-guaranteed residential collateralized mortgage obligations	481,331		476,658
Agency-guaranteed commercial collateralized mortgage obligations	117,586		113,424


Private label collateralized mortgage obligations	370,550		358,906


Total available for sale debt securities	$	2,028,458	$	1,961,852

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 March 31, 2026 and December 31, 2025 were as follows:



	March 31, 2026
	Less Than 12 Months				12 Months or More				Total
(amounts in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale debt securities:
Asset-backed securities	$	—	$	—	$	2,204	$	(239)	$	2,204	$	(239)
Agency-guaranteed residential mortgage-backed securities	224,467		(2,309)		3,750		(57)		228,217		(2,366)

Agency-guaranteed residential collateralized mortgage obligations	107,682		(767)		88,077		(7,151)		195,759		(7,918)
Agency-guaranteed commercial collateralized mortgage obligations	20,823		(561)		73,652		(3,888)		94,475		(4,449)


Corporate notes	71,418		(1,332)		86,274		(9,226)		157,692		(10,558)
Private label collateralized mortgage obligations	—		—		358,907		(11,644)		358,907		(11,644)


Total	$	424,390	$	(4,969)	$	612,864	$	(32,205)	$	1,037,254	$	(37,174)

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	December 31, 2025
	Less Than 12 Months				12 Months or More				Total
(amounts in thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
Available for sale debt securities:
Asset-backed securities	$	—	$	—	$	1,478	$	(176)	$	1,478	$	(176)
Agency-guaranteed residential mortgage-backed securities	121,782		(95)		3,793		(30)		125,575		(125)

Agency-guaranteed residential collateralized mortgage obligations	171,773		(905)		92,018		(6,490)		263,791		(7,395)
Agency-guaranteed commercial collateralized mortgage obligations	21,190		(276)		75,013		(2,745)		96,203		(3,021)


Corporate notes	26,590		(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 March 31, 2026, there were 33 AFS debt securities with unrealized losses in the less-than-twelve-months category and 43 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 76 securities, and it is not more likely than not that Customers will be required to sell any of the 76 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 months ended March 31, 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.

The following table presents the activity in the allowance for credit losses on AFS debt securities, by major security type, for the periods presented:


	Three Months Ended March 31,
	2026				2025
(amounts in thousands)	Asset-backed securities		Corporate notes		Total		Asset-backed securities		Corporate notes		Private label CMOs		Total
Balance at January 1	$	586	$	28,219	$	28,805	$	362	$	7,135	$	107	$	7,604

Credit losses on previously impaired securities	—		7,043		7,043		66		7,007		—		7,073
Decrease in allowance for credit losses on previously impaired securities	(544)		(1,688)		(2,232)		(75)		(146)		—		(221)
Reduction due to sales and intent to sell	—		(9,050)		(9,050)		—		(1,222)		(107)		(1,329)

Balance at March 31	$	42	$	24,524	$	24,566	$	353	$	12,774	$	—	$	13,127

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 March 31, 2026. Customers recorded a reversal of $4.1 million in accrued interest income for the three months ended March 31, 2025.

At March 31, 2026 and December 31, 2025, no AFS investment securities holding of any one issuer, other than the U.S. government and its agencies, amounted to greater than 10% of shareholders’ equity.

At March 31, 2026 and December 31, 2025, Customers Bank had pledged AFS investment securities aggregating $1.4 billion in fair value 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.

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Investment securities held to maturity

The amortized cost, approximate fair value and allowance for credit losses of investment securities held to maturity as of March 31, 2026 and December 31, 2025 are summarized as follows:


	March 31, 2026 (1)
(amounts in thousands)	Amortized Cost		Allowance for Credit Losses		Net Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Held to maturity debt securities:
Asset-backed securities	$	217,790	$	—	$	217,790	$	140	$	(2,426)	$	215,504

Agency-guaranteed residential mortgage-backed securities	6,665		—		6,665		—		(754)		5,911
Agency-guaranteed commercial mortgage-backed securities	1,666		—		1,666		—		(240)		1,426
Agency-guaranteed residential collateralized mortgage obligations	150,633		—		150,633		—		(14,760)		135,873
Agency-guaranteed commercial collateralized mortgage obligations	181,395		—		181,395		—		(26,123)		155,272



Private label collateralized mortgage obligations	105,396		—		105,396		—		(10,920)		94,476

Total held to maturity debt securities	$	663,545	$	—	$	663,545	$	140	$	(55,223)	$	608,462


	December 31, 2025 (1)
(amounts in thousands)	Amortized Cost		Allowance for Credit Losses		Net Carrying Value		Gross Unrealized Gains		Gross Unrealized Losses		Fair 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 obligations	153,662		—		153,662		—		(10,629)		143,033
Agency-guaranteed commercial collateralized mortgage obligations	182,272		—		182,272		—		(22,242)		160,030



Private label collateralized mortgage obligations	126,434		—		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 $1.3 million and $1.5 million at March 31, 2026 and December 31, 2025, respectively, and is included in accrued interest receivable on the consolidated balance sheet.

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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:


	March 31, 2026
(amounts in thousands)	Amortized Cost		Fair Value




Asset-backed securities	$	217,790	$	215,504


Agency-guaranteed residential mortgage-backed securities	6,665		5,911
Agency-guaranteed commercial mortgage-backed securities	1,666		1,426
Agency-guaranteed residential collateralized mortgage obligations	150,633		135,873
Agency-guaranteed commercial collateralized mortgage obligations	181,395		155,272
Private label collateralized mortgage obligations	105,396		94,476
Total held to maturity debt securities	$	663,545	$	608,462

Customers recorded no allowance for credit losses on investment securities classified as held to maturity at March 31, 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 March 31, 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 March 31, 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 and other underlying 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:


	March 31, 2026
(amounts in thousands)	AAA		Not Rated		Total
Held to maturity debt securities:
Asset-backed securities	$	—	$	217,790	$	217,790

Agency-guaranteed residential mortgage-backed securities	—		6,665		6,665
Agency-guaranteed commercial mortgage-backed securities	—		1,666		1,666
Agency-guaranteed residential collateralized mortgage obligations	—		150,633		150,633
Agency-guaranteed commercial collateralized mortgage obligations	—		181,395		181,395



Private label collateralized mortgage obligations	86,556		18,840		105,396

Total held to maturity debt securities	$	86,556	$	576,989	$	663,545

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 March 31, 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 March 31, 2026 and December 31, 2025, Customers Bank had pledged HTM investment securities aggregating $393.0 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.

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NOTE 6 – LOANS HELD FOR SALE

The composition of loans held for sale as of March 31, 2026 and December 31, 2025 was as follows:


(amounts in thousands)	March 31, 2026		December 31, 2025








Residential mortgage loans, at fair value	$	1,767	$	1,851
Personal installment loans, at lower of cost or fair value	17,056		23,357

Other installment loans, at fair value	1,459		894

Total loans held for sale	$	20,282	$	26,102

Total loans held for sale included NPLs of $0.3 million as of March 31, 2026 and December 31, 2025.

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 during the the three months ended March 31, 2025.

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 March 31, 2026 and December 31, 2025:


(amounts in thousands)	March 31, 2026		December 31, 2025
Loans and leases receivable:
Commercial:
Commercial and industrial:

Specialized lending (1)	$	7,398,205	$	7,090,087
Other commercial and industrial	1,076,473		1,121,087
Multifamily	2,510,697		2,490,336
Commercial real estate owner occupied	1,279,501		1,135,119
Commercial real estate non-owner occupied	1,742,989		1,738,821
Construction	204,999		162,966

Total commercial loans and leases receivable	14,212,864		13,738,416
Consumer:
Residential real estate	495,458		497,567
Manufactured housing	26,065		27,452
Installment:

Personal	599,302		581,340
Other	185,804		196,565

Total consumer loans receivable	1,306,629		1,302,924
Loans and leases receivable	15,519,493		15,041,340

Loans receivable, mortgage finance, at fair value	1,758,685		1,612,997
Loans receivable, installment, at fair value	93,086		102,077
Allowance for credit losses on loans and leases	(160,962)		(155,656)
Total loans and leases receivable, net of allowance for credit losses on loans and leases (2)	$	17,210,302	$	16,600,758

(1)Includes direct finance and sales-type equipment leases of $316.9 million and $306.5 million at March 31, 2026 and December 31, 2025, respectively.

(2)Includes deferred (fees) costs and unamortized (discounts) premiums, net of $(29.0) million and $(30.3) million at March 31, 2026 and December 31, 2025, respectively.

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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 $87.1 million and $89.9 million at March 31, 2026 and December 31, 2025, respectively, and is presented in accrued interest receivable in the consolidated balance sheet. At March 31, 2026 and December 31, 2025, there were $40.7 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 March 31, 2026 and December 31, 2025:


	March 31, 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, including specialized lending	$	4,858	$	—	$	18,263	$	23,121	$	8,447,378	$	8,470,499


Multifamily	29,665		—		—		29,665		2,481,032		2,510,697

Commercial real estate owner occupied	2,880		1,662		4,001		8,543		1,270,958		1,279,501
Commercial real estate non-owner occupied	10,000		—		135		10,135		1,732,854		1,742,989
Construction	—		—		—		—		204,999		204,999
Residential real estate	13,634		1,709		2,944		18,287		477,171		495,458
Manufactured housing	287		104		1,396		1,787		24,278		26,065
Installment	8,356		3,182		3,736		15,274		769,832		785,106



Total	$	69,680	$	6,657	$	30,475	$	106,812	$	15,408,502	$	15,515,314


	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, including specialized lending	$	9,212	$	12,888	$	7,359	$	29,459	$	8,177,047	$	8,206,506


Multifamily	17,506		—		2,092		19,598		2,470,738		2,490,336

Commercial real estate owner occupied	3,124		158		3,875		7,157		1,127,962		1,135,119
Commercial real estate non-owner occupied	65		—		168		233		1,738,588		1,738,821
Construction	—		—		—		—		162,966		162,966
Residential real estate	11,259		4,376		5,197		20,832		476,735		497,567
Manufactured housing	533		205		1,466		2,204		25,248		27,452
Installment	8,744		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 $3.9 million and $4.0 million as of March 31, 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 $120.0 million and $118.5 million at March 31, 2026 and December 31, 2025, respectively.

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Non-accrual Loans and Leases

The following table presents the amortized cost of loans and leases held for investment on non-accrual status:


	March 31, 2026						December 31, 2025
(amounts in thousands)	Non-accrual loans with no related allowance		Non-accrual loans with related allowance		Total non-accrual loans		Non-accrual loans with no related allowance		Non-accrual loans with related allowance		Total non-accrual loans
Commercial and industrial, including specialized lending	$	6,916	$	11,672	$	18,588	$	8,108	$	11,682	$	19,790


Multifamily	9,090		—		9,090		2,092		—		2,092

Commercial real estate owner occupied	5,740		—		5,740		3,876		—		3,876
Commercial real estate non-owner occupied	135		—		135		168		—		168

Residential real estate	7,354		155		7,509		9,513		158		9,671
Manufactured housing	—		1,143		1,143		—		1,192		1,192
Installment	—		3,736		3,736		—		4,483		4,483



Total	$	29,235	$	16,706	$	45,941	$	23,757	$	17,515	$	41,272

Interest income recognized on non-accrual loans was insignificant for the three months ended March 31, 2026 and 2025. Accrued interest reversed when the loans went to non-accrual status was insignificant for the three months ended March 31, 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 March 31, 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. The lending arrangement with this fintech company expired during the three months ended June 30, 2025. Customers transferred these consumer installment loans from held for sale to held for investment during the three months ended March 31, 2025, and continue to be reported at fair value based on an election made to account for the loans at fair value.

At March 31, 2026, Customers had $1.6 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.

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Allowance for credit losses on loans and leases

The changes in the ACL on loans and leases by loan and lease type for the three months ended March 31, 2026 and 2025 are presented in the tables below:


(amounts in thousands)	Commercial and industrial (1)		Multifamily		Commercial real estate owner occupied		Commercial real estate non-owner occupied		Construction		Residential real estate		Manufactured housing		Installment		Total
Three Months Ended March 31, 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	(4,479)		(2,630)		(30)		—		—		(1)		—		(9,932)		(17,072)
Recoveries	1,903		—		35		—		—		1		—		1,878		3,817
Provision (benefit) for credit losses on loans and leases	6,107		2,738		120		(458)		447		(786)		(53)		10,446		18,561
Ending Balance, March 31, 2026	$	41,214	$	19,441	$	10,556	$	18,470	$	2,672	$	5,713	$	3,338	$	59,558	$	160,962



(amounts in thousands)	Commercial and industrial (1)		Multifamily		Commercial real estate owner occupied		Commercial real estate non-owner occupied		Construction		Residential real estate		Manufactured housing		Installment		Total
Three Months Ended March 31, 2025
Ending Balance, December 31, 2024	$	29,379	$	18,511	$	10,755	$	17,405	$	1,250	$	5,968	$	3,829	$	49,678	$	136,775

Charge-offs	(4,507)		(3,834)		(19)		—		—		—		—		(12,403)		(20,763)
Recoveries	1,276		—		3		—		3		—		—		2,337		3,619
Provision (benefit) for credit losses on loans and leases	4,436		4,113		41		653		11		195		(29)		12,025		21,445
Ending Balance, March 31, 2025	$	30,584	$	18,790	$	10,780	$	18,058	$	1,264	$	6,163	$	3,800	$	51,637	$	141,076

(1) Includes specialized lending.

At March 31, 2026, the ACL on loans and leases was $161.0 million, an increase of $5.3 million from the December 31, 2025 balance of $155.7 million. The increase in ACL for the three months ended March 31, 2026 was primarily attributable to a slight deterioration in macroeconomic forecasts and an increase in loan balances held for investment.

Loan Modifications for Borrowers Experiencing Financial Difficulty

A borrower is considered to be experiencing financial difficulty when there is a significant doubt about the borrower’s ability to make the required principal and interest payments on the loan or to get an equivalent financing from another creditor at a market rate for a similar loan.

When borrowers are experiencing financial difficulty, Customers may make certain loan modifications as part of loss mitigation strategies to maximize expected payment. To be classified as a modification made to a borrower experiencing financial difficulty, the modification must be in the form of an interest rate reduction, principal forgiveness, or an other-than-insignificant payment delay (payment deferral), term extension, or combinations thereof.

Customers will generally try other forms of relief before principal forgiveness. Any contractual reduction in the amount of principal due without receiving payment or assets is considered forgiveness. For the purpose of this disclosure, Customers considers any contractual change in interest rate that results in a reduction in interest rate relative to the current stated interest rate as an interest rate reduction. Generally, Customers considers any delay in payment of greater than 90 days in the last twelve months to be significant. Term extensions extend the original contractual maturity of the loan. For the purpose of this disclosure, modification of contingent payment features or covenants that would have accelerated payment are not considered term extensions.

Table of Contents

The following tables present the amortized cost of loans that were modified to borrowers experiencing financial difficulty for the three months ended March 31, 2026 and 2025, disaggregated by class of financing receivable and type of modification granted:


	Three Months Ended March 31, 2026
(dollars in thousands)	Interest Rate Reduction		Term Extension		Payment Deferral		Debt Forgiveness		Interest Rate Reduction and Term Extension		Total		Percentage of Total by Financing Class


Commercial and industrial, including specialized lending	$	—	$	6,440	$	—	$	—	$	—	$	6,440	0.08	%







Manufactured housing	—		—		—		—		42		42		0.16	%

Personal installment	99		803		565		620		—		2,087		0.35	%

Total	$	99	$	7,243	$	565	$	620	$	42	$	8,569


	Three Months Ended March 31, 2025
(dollars in thousands)	Term Extension		Payment Deferral		Debt Forgiveness		Interest Rate Reduction and Term Extension		Total		Percentage of Total by Financing Class


Commercial and industrial, including specialized lending	$	731	$	766	$	—	$	—	$	1,497	0.02	%









Personal installment	2,616		1,440		118		128		4,302		0.87	%

Total	$	3,347	$	2,206	$	118	$	128	$	5,799

Customers Bancorp, Inc. 10-Q