XML 35 R19.htm IDEA: XBRL DOCUMENT
v3.20.4

Borrowings | 12 Months Ended
--- | ---
Dec. 31, 2020
Debt Disclosure [Abstract] |
Borrowings | BORROWINGS Short-term debt Short-term debt at December 31, 2020 and 2019 was as follows:
| December 31,
| 2020 |  | 2019
(dollars in thousands) | Amount |  | Rate |  | Amount |  | Rate
FHLB advances | $ | 850,000 |  |  | 1.19 | % |  | $ | 500,000 |  |  | 2.15 | %
Federal funds purchased | 250,000 |  |  | 0.09 | % |  | 538,000 |  |  | 1.60 | %
Total short-term debt | $ | 1,100,000 |  |  |  |  | $ | 1,038,000 |  |  |
The following is a summary of additional information relating to Customers' short-term debt:
| December 31,
(dollars in thousands) | 2020 |  | 2019 |  | 2018
FHLB advances |  |  |  |  |
Maximum outstanding at any month end | $ | 910,000 |  |  | $ | 1,190,150 |  |  | $ | 2,622,165 |
Average balance during the year | 809,788 |  |  | 793,304 |  |  | 1,526,180 |
Weighted-average interest rate during the year | 2.31 | % |  | 2.66 | % |  | 2.05 | %
Federal funds purchased |  |  |  |  |
Maximum outstanding at any month end | 842,000 |  |  | 600,000 |  |  | 195,000 |
Average balance during the year | 239,481 |  |  | 271,400 |  |  | 156,652 |
Weighted-average interest rate during the year | 0.19 | % |  | 2.28 | % |  | 1.92 | %
At December 31, 2020 and 2019, Customers Bank had aggregate availability under federal funds lines totaling $924.0 million and $551.0 million, respectively. Long-term debt FHLB and FRB advances Long-term FHLB and FRB advances at December 31, 2020 and 2019 were as follows:
| December 31,
| 2020 |  | 2019
(dollars in thousands) | Amount |  | Rate |  | Amount |  | Rate
FHLB advances | $ | — |  |  | — | % |  | $ | 350,000 |  |  | 2.36 | %
FRB PPP Liquidity Facility advances | 4,415,016 |  |  | 0.35 | % |  | — |  |  | — | %
Total long-term FHLB and FRB advances | $ | 4,415,016 |  |  |  |  | $ | 350,000 |  |  |
Beginning in second quarter 2020, Customers began participating in the PPPLF, in which Federal Reserve Banks extend non-recourse loans to institutions that are eligible to make PPP loans. Only PPP loans that are guaranteed by the SBA pursuant to the PPP, with respect to both principal and interest that are originated or purchased by an eligible institution, may be pledged as collateral to the Federal Reserve Banks. There were no advances outstanding with the FRB at December 31, 2019. The maximum borrowing capacity with the FHLB and FRB at December 31, 2020 and 2019, was as follows:
| December 31,
(amounts in thousands) | 2020 |  | 2019
Total maximum borrowing capacity with the FHLB | $ | 2,729,516 |  |  | $ | 3,445,416 |
Total maximum borrowing capacity with the FRB (1) | 223,299 |  |  | 136,842 |
Qualifying loans serving as collateral against FHLB and FRB advances (1) | 3,363,364 |  |  | 4,496,983 |
(1)Amounts reported in the above table exclude borrowings under the PPPLF, which are limited to the unpaid principal balance of the loans originated under the PPP. At December 31, 2020, Customers had $4.4 billion of borrowings under the PPPLF, with a borrowing capacity of up to $4.7 billion, which is the remaining unpaid principal balance of the qualifying PPP loans. Senior and Subordinated Debt Long-term senior notes and subordinated debt at December 31, 2020 and 2019 were as follows:
|  |  |  | December 31, |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  | 2020 |  | 2019 |  |  |  |  |  |  |  |  |  |
Issued by |  | Ranking |  | Amount |  | Amount |  | Rate |  | Issued Amount |  | Date Issued |  | Maturity |  | Price
Customers Bancorp |  | Senior |  | $ | 24,552 |  |  | $ | 24,432 |  |  | 4.500 | % |  | $ | 25,000 |  |  | September 2019 |  | September 2024 |  | 100.000 | %
Customers Bancorp |  | Senior |  | 99,485 |  |  | 99,198 |  |  | 3.950 | % |  | 100,000 |  |  | June 2017 |  | June 2022 |  | 99.775 | %
Total other borrowings |  | 124,037 |  |  | 123,630 |  |  |  |  |  |  |  |  |  |  |
Customers Bancorp |  | Subordinated (1)(2) |  | 72,222 |  |  | 72,040 |  |  | 5.375 | % |  | 74,750 |  |  | December 2019 |  | December 2034 |  | 100.000 | %
Customers Bank |  | Subordinated (1)(3) |  | 109,172 |  |  | 109,075 |  |  | 6.125 | % |  | 110,000 |  |  | June 2014 |  | June 2029 |  | 100.000 | %
Total subordinated debt |  | $ | 181,394 |  |  | $ | 181,115 |  |  |  |  |  |  |  |  |  |  |
(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.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration