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INVESTMENT SECURITIES (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Amortized Cost and Approximate Fair Value of Investment Securities and Held-to-Maturity Securities
The amortized cost, approximate fair value and allowance for credit losses of investment securities at fair value as of September 30, 2025 and December 31, 2024 are summarized as follows:
 
September 30, 2025 (1)
(amounts in thousands)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Available for sale debt securities:
Asset-backed securities$281,612 $(196)$800 $(377)$281,839 
Agency-guaranteed residential mortgage-backed securities 439,938 — 4,288 (140)444,086 
Agency-guaranteed residential collateralized mortgage obligations488,233 — 2,987 (8,606)482,614 
Agency-guaranteed commercial collateralized mortgage obligations96,660 — 540 (2,411)94,789 
Collateralized loan obligations10,809 — — (149)10,660 
Corporate notes344,683 (23,868)1,300 (22,683)299,432 
Private label collateralized mortgage obligations383,389 — — (16,977)366,412 
Available for sale debt securities$2,045,324 $(24,064)$9,915 $(51,343)1,979,832 
Equity securities (2)
30,988 
Total investment securities, at fair value$2,010,820 
 
December 31, 2024 (1)
(amounts in thousands)Amortized CostAllowance for Credit LossesGross Unrealized GainsGross Unrealized LossesFair Value
Available for sale debt securities:
Asset-backed securities$14,820 $(362)$— $(1,222)$13,236 
Agency-guaranteed residential mortgage-backed securities 330,637 — 146 (3,745)327,038 
Agency-guaranteed residential collateralized mortgage obligations242,858 — — (16,112)226,746 
Agency-guaranteed commercial collateralized mortgage obligations95,850 — 44 (2,819)93,075 
Collateralized loan obligations257,500 — 100 (2,193)255,407 
Commercial mortgage-backed securities78,707 — — (999)77,708 
Corporate notes564,524 (7,135)347 (41,406)516,330 
Private label collateralized mortgage obligations502,985 (107)95 (27,075)475,898 
Available for sale debt securities$2,087,881 $(7,604)$732 $(95,571)1,985,438 
Equity securities (2)
34,256 
Total investment securities, at fair value$2,019,694 
(1)Accrued interest on AFS debt securities totaled $9.4 million and $15.0 million at September 30, 2025 and December 31, 2024, respectively, and is included in accrued interest receivable on the consolidated balance sheet.
(2)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, 2025 and December 31, 2024. No impairments 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.
The amortized cost, approximate fair value and allowance for credit losses of investment securities held to maturity as of September 30, 2025 and December 31, 2024 are summarized as follows:
September 30, 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$301,284 $— $301,284 $942 $(1,551)$300,675 
Agency-guaranteed residential mortgage-backed securities 6,750 — 6,750 — (740)6,010 
Agency-guaranteed commercial mortgage-backed securities 1,708 — 1,708 — (215)1,493 
Agency-guaranteed residential collateralized mortgage obligations157,231 — 157,231 — (11,118)146,113 
Agency-guaranteed commercial collateralized mortgage obligations179,333 — 179,333 — (21,968)157,365 
Private label collateralized mortgage obligations155,018 — 155,018 5 (9,549)145,474 
Total held to maturity debt securities$801,324 $— $801,324 $947 $(45,141)$757,130 
December 31, 2024 (1)
(amounts in thousands)Amortized CostAllowance for Credit LossesNet Carrying ValueGross Unrealized GainsGross Unrealized LossesFair Value
Held to maturity debt securities:
Asset-backed securities$471,996 $— $471,996 $1,775 $(401)$473,370 
Agency-guaranteed residential mortgage-backed securities 6,880 — 6,880 — (940)5,940 
Agency-guaranteed commercial mortgage-backed securities 1,770 — 1,770 — (146)1,624 
Agency-guaranteed residential collateralized mortgage obligations169,754 — 169,754 — (21,984)147,770 
Agency-guaranteed commercial collateralized mortgage obligations158,320 — 158,320 — (22,689)135,631 
Private label collateralized mortgage obligations183,217 — 183,217 574 (13,449)170,342 
Total held to maturity debt securities$991,937 $— $991,937 $2,349 $(59,609)$934,677 
(1)Accrued interest on HTM debt securities totaled $1.8 million and $2.4 million at September 30, 2025 and December 31, 2024, respectively, and is included in accrued interest receivable on the consolidated balance sheet.
Gain (Loss) on Securities The following table presents gross realized gains and realized losses from the sale of AFS debt securities for the for the periods presented:
Three Months Ended September 30,Nine Months Ended September 30,
(amounts in thousands)2025202420252024
Gross realized gains$769 $— $4,017 $176 
Gross realized losses(583)— (5,628)(925)
Net realized gains (losses) on sale of available for sale debt securities$186 $— $(1,611)$(749)
Summary of Available-for-Sale and Held-to-Maturity Debt Securities by Stated Maturity
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, 2025
(amounts in thousands)Amortized
Cost		Fair
Value
Due in one year or less$54,158 $44,830 
Due after one year through five years199,897 174,971 
Due after five years through ten years81,878 70,755 
Due after ten years8,750 8,876 
Asset-backed securities281,612 281,839 
Agency-guaranteed residential mortgage-backed securities439,938 444,086 
Agency-guaranteed residential collateralized mortgage obligations488,233 482,614 
Agency-guaranteed commercial collateralized mortgage obligations96,660 94,789 
Collateralized loan obligations10,809 10,660 
Private label collateralized mortgage obligations383,389 366,412 
Total available for sale debt securities$2,045,324 $1,979,832 
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, 2025
(amounts in thousands)Amortized
Cost		Fair
Value
Asset-backed securities$301,284 $300,675 
Agency-guaranteed residential mortgage-backed securities6,750 6,010 
Agency-guaranteed commercial mortgage-backed securities1,708 1,493 
Agency-guaranteed residential collateralized mortgage obligations157,231 146,113 
Agency-guaranteed commercial collateralized mortgage obligations179,333 157,365 
Private label collateralized mortgage obligations155,018 145,474 
Total held to maturity debt securities$801,324 $757,130 
Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value
Gross unrealized losses and fair value of Customers’ AFS debt securities for which an allowance for credit losses has not been recorded, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2025 and December 31, 2024 were as follows:
 September 30, 2025
 Less Than 12 Months12 Months or MoreTotal
(amounts in thousands)Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
Available for sale debt securities:
Asset-backed securities$— $— $81,699 $(20)$81,699 $(20)
Agency-guaranteed residential mortgage-backed securities 20,022 (140)— — 20,022 (140)
Agency-guaranteed residential collateralized mortgage obligations230,892 (1,715)95,096 (6,891)325,988 (8,606)
Agency-guaranteed commercial collateralized mortgage obligations10,157 (49)65,250 (2,362)75,407 (2,411)
Collateralized loan obligations— — 10,660 (149)10,660 (149)
Corporate notes 17,198 (1,552)86,888 (6,112)104,086 (7,664)
Private label collateralized mortgage obligations29,909 (92)336,503 (16,885)366,412 (16,977)
Total$308,178 $(3,548)$676,096 $(32,419)$984,274 $(35,967)
 December 31, 2024
 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$266,568 $(3,745)$— $— $266,568 $(3,745)
Agency-guaranteed residential collateralized mortgage obligations126,602 (2,717)100,144 (13,395)226,746 (16,112)
Agency-guaranteed commercial collateralized mortgage obligations85,902 (2,819)— — 85,902 (2,819)
Collateralized loan obligations35,710 (265)205,639 (1,928)241,349 (2,193)
Commercial mortgage-backed securities— — 77,708 (999)77,708 (999)
Corporate notes74,373 (976)239,509 (16,064)313,882 (17,040)
Private label collateralized mortgage obligations29,419 (581)351,040 (24,552)380,459 (25,133)
Total$618,574 $(11,103)$974,040 $(56,938)$1,592,614 $(68,041)
Debt Securities, Available-for-Sale, Allowance for Credit Loss
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 September 30,
20252024
(amounts in thousands)Asset-backed securitiesCorporate notes
Private label CMOs
TotalAsset-backed securitiesCorporate notesTotal
Balance at July 1
$584 $16,772 $— $17,356 $367 $4,972 $5,339 
Credit losses on securities for which credit losses were not previously recorded5 851 — 856 24 — 24 
Credit losses on previously impaired securities14 7,825 — 7,839 — 12 12 
Decrease in allowance for credit losses on previously impaired securities(407)(1,507)— (1,914)(84)(652)(736)
Reduction due to sales and intent to sell
— (73)— (73)— — — 
Balance at September 30
$196 $23,868 $— $24,064 $307 $4,332 $4,639 
Nine Months Ended September 30,
20252024
(amounts in thousands)Asset-backed securitiesCorporate notes
Private label CMOs
TotalAsset-backed securitiesCorporate notesTotal
Balance at January 1$362 $7,135 $107 $7,604 $483 $3,469 $3,952 
Credit losses on securities for which credit losses were not previously recorded(92)6,851 — 6,759 24 635 659 
Credit losses on previously impaired securities15 10,143 — 10,158 — 613 613 
Decrease in allowance for credit losses on previously impaired securities(89)(732)— (821)(200)(385)(585)
Reduction due to sales and intent to sell
— (1,434)(107)(1,541)— — — 
Allowance for credit losses on PCD debt securities
— 1,905 — 1,905 — — — 
Balance at September 30
$196 $23,868 $— $24,064 $307 $4,332 $4,639 
Debt Securities, Held-to-Maturity, Credit Quality Indicator
The following table presents the amortized cost of HTM debt securities based on their lowest credit rating available:
September 30, 2025
(amounts in thousands)AAAAANot RatedTotal
Held to maturity debt securities:
Asset-backed securities$— $— $301,284 $301,284 
Agency-guaranteed residential mortgage-backed securities — — 6,750 6,750 
Agency-guaranteed commercial mortgage-backed securities — — 1,708 1,708 
Agency-guaranteed residential collateralized mortgage obligations— — 157,231 157,231 
Agency-guaranteed commercial collateralized mortgage obligations— — 179,333 179,333 
Private label collateralized mortgage obligations97,429 9,355 48,234 155,018 
Total held to maturity debt securities$97,429 $9,355 $694,540 $801,324