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Borrowings | 12 Months Ended
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Dec. 31, 2017
Debt Disclosure [Abstract] |
Borrowings | BORROWINGS Short-term debt Short-term debt at December 31, 2017 and 2016, was as follows:
| December 31,
| 2017 |  | 2016
| Amount |  | Rate |  | Amount |  | Rate
(amounts in thousands) |
FHLB advances | $ | 1,611,860 |  |  | 1.47 | % |  | $ | 688,800 |  |  | 0.85 | %
Federal funds purchased | 155,000 |  |  | 1.50 |  |  | 83,000 |  |  | 0.74 |
Total short-term debt | $ | 1,766,860 |  |  |  |  | $ | 771,800 |  |  |
The following is a summary of additional information relating to Customers' short-term debt:
| December 31,
| 2017 |  | 2016 |  | 2015
(amounts in thousands) |
FHLB advances |  |  |  |  |
Maximum outstanding at any month end | $ | 2,283,250 |  |  | $ | 1,697,800 |  |  | $ | 1,365,300 |
Average balance during the year | 1,415,755 |  |  | 965,293 |  |  | 844,835 |
Weighted-average interest rate during the year | 1.44 | % |  | 0.95 | % |  | 0.60 | %
Federal funds purchased |  |  |  |  |
Maximum outstanding at any month end | 238,000 |  |  | 137,000 |  |  | 85,000 |
Average balance during the year | 163,466 |  |  | 84,514 |  |  | 41,397 |
Weighted-average interest rate during the year | 1.19 | % |  | 0.58 | % |  | 0.35 | %
At December 31, 2017 and 2016, the Bank had aggregate availability under federal funds lines totaling $310.0 million and $237.0 million, respectively. Long-term debt FHLB advances At December 31, 2016, Customers had $180.0 million of long-term FHLB advances at an average rate of 1.32% that mature in 2018, of which $170.0 million are fixed rate.
Customers had a total maximum borrowing capacity with the Federal Home Loan Bank of $4.3 billion and with the Federal Reserve Bank of Philadelphia of $142.5 million at December 31, 2017. Customers had a total borrowing capacity with the Federal Home Loan Bank of $4.1 billion and with the Federal Reserve Bank of Philadelphia of $158.6 million at December 31, 2016. Amounts can be borrowed as short-term or long-term. As of December 31, 2017 and 2016, advances under these arrangements were secured by certain assets, which included qualifying loans of Customers Bank of $5.5 billion and $4.8 billion, respectively. Senior notes In June 2017, Customers Bancorp issued $100 million of senior notes at 99.775% of face value. The price to purchasers represents a yield-to-maturity of 4.0% on the fixed coupon rate of 3.95%. The senior notes mature in June 2022. The net proceeds to Customers after deducting the underwriting discount and offering expenses were $98.6 million. The net proceeds were contributed to Customers Bank for purposes of its working capital needs and the funding of its organic growth. On June 26, 2014, the Bancorp closed a private placement transaction in which it issued $25.0 million of 4.625% senior notes that will mature in June 2019. Interest is paid semi-annually in arrears in June and December. In July and August 2013, the Bancorp issued $63.3 million in aggregate principal amount of senior notes that will mature in July 2018. The notes bear interest at 6.375% per year which is payable on March 15, June 15, September 15 and December 15. The notes are unsecured obligations of the Bancorp and rank equally with all of its secured and unsecured senior indebtedness. Subordinated debt On June 26, 2014, the Bank closed a private-placement transaction in which it issued $110.0 million of fixed-to-floating rate subordinated notes due in 2029. The subordinated notes bear interest at an annual fixed rate of 6.125% until June 26, 2024, and interest is paid semiannually. From June 26, 2024, the subordinated notes will bear an annual interest rate equal to three-month LIBOR plus 344.3 basis points until maturity on June 26, 2029. The 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. The subordinated notes qualify as Tier 2 capital for regulatory capital purposes.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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