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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2019
Debt Disclosure [Abstract] |
Short Term Borrowings | Short-term debt at December 31, 2019 and 2018 was as follows:
| December 31, |  |  |  |  |  |
| 2019 |  |  |  | 2018 |  |
(dollars in thousands) | Amount |  | Rate |  | Amount |  | Rate
FHLB advances | $ | 500,000 |  |  | 2.15 | % |  | $ | 1,248,070 |  |  | 2.62 | %
Federal funds purchased | 538,000 |  |  | 1.60 | % |  | 187,000 |  |  | 2.60 | %
Total short-term debt | $ | 1,038,000 |  |  |  |  | $ | 1,435,070 |  |  |
Summary of Bancorps Short Term Borrowings | The following is a summary of additional information relating to Customers' short-term debt:
| December 31, |  |  |  |
(dollars in thousands) | 2019 |  | 2018 |  | 2017
FHLB advances |  |  |  |  |
Maximum outstanding at any month end | $ | 1,190,150 |  |  | $ | 2,622,165 |  |  | $ | 2,283,250 |
Average balance during the year | 793,304 |  |  | 1,526,180 |  |  | 1,415,755 |
Weighted-average interest rate during the year | 2.66 | % |  | 2.05 | % |  | 1.44 | %
Federal funds purchased |  |  |  |  |
Maximum outstanding at any month end | 600,000 |  |  | 195,000 |  |  | 238,000 |
Average balance during the year | 271,400 |  |  | 156,652 |  |  | 163,466 |
Weighted-average interest rate during the year | 2.28 | % |  | 1.92 | % |  | 1.19 | %
Schedule of Long-term Debt | FHLB and FRB advances Long-term FHLB and FRB advances at December 31, 2019 and 2018 were as follows:
| December 31, |  |  |  |  |  |
| 2019 |  |  |  | 2018 |  |
(dollars in thousands) | Amount |  | Rate |  | Amount |  | Rate
FHLB advances | $ | 350,000 |  |  | 2.36 | % |  | $ | — |  |  | — | %
Total long-term FHLB advances | $ | 350,000 |  |  |  |  | $ | — |  |  |
There were no advances outstanding with the FRB at December 31, 2019 and 2018, respectively. The maximum borrowing capacity with the FHLB and FRB at December 31, 2019 and 2018, was as follows:
| December 31, |  |
(amounts in thousands) | 2019 |  | 2018
Total maximum borrowing capacity with the FHLB | $ | 3,445,416 |  |  | $ | 4,146,899 |
Total maximum borrowing capacity with the FRB | 136,842 |  |  |  | 102,461 |
Qualifying loans serving as collateral against FHLB and FRB advances | 4,496,983 |  |  |  | 5,221,957 |
Senior and Subordinated Debt Long-term senior notes and subordinated debt at December 31, 2019 and 2018 were as follows:
|  |  |  | December 31, |  |  |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  |  |  | 2019 |  | 2018 |  |  |  |  |  |  |  |  |  |
Issued by |  | Ranking |  | Amount |  | Amount |  | Rate |  | Issued Amount |  | Date Issued |  | Maturity |  | Price
Customers Bancorp |  | Senior |  | $ | 24,432 |  |  | $ | — |  |  | 4.500 | % |  | $ | 25,000 |  |  | September 2019 |  | September 2024 |  | 100.000 | %
Customers Bancorp |  | Senior |  | 99,198 |  |  | 98,911 |  |  | 3.950 | % |  | 100,000 |  |  | June 2017 |  | June 2022 |  | 99.775 | %
Customers Bancorp |  | Senior |  | — |  |  |  | 24,960 |  |  | 4.625 | % |  | 25,000 |  |  | June 2014 |  | June 2019 |  | 100.000 | %
Total other borrowings |  |  |  | 123,630 |  |  | 123,871 |  |  |  |  |  |  |  |  |  |  |
Customers Bancorp |  | Subordinated (1)(2) |  | 72,040 |  |  | — |  |  | 5.375 | % |  | 74,750 |  |  | December 2019 |  | December 2034 |  | 100.000 | %
Customers Bank |  | Subordinated (1)(3) |  | 109,075 |  |  | 108,977 |  |  | 6.125 | % |  | 110,000 |  |  | June 2014 |  | June 2029 |  | 100.000 | %
Total subordinated debt |  |  |  | $ | 181,115 |  |  | $ | 108,977 |  |  |  |  |  |  |  |  |  |  |
(1)The subordinated notes qualify as Tier 2 capital for regulatory capital purposes. (2)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. (3)The subordinated notes will bear an annual fixed rate of 6.125% until June 26, 2024. From June 26, 2024 until maturity, the notes will bear an annual interest rate equal to the three-month LIBOR plus 344.3 basis points. 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.

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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