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Borrowings (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Short Term Borrowings
Short-term debt at December 31, 2020 and 2019 was as follows:
 December 31,
 20202019
(dollars in thousands)AmountRateAmountRate
FHLB advances$850,000 1.19 %$500,000 2.15 %
Federal funds purchased250,000 0.09 %538,000 1.60 %
Total short-term debt$1,100,000 $1,038,000 
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)202020192018
FHLB advances
Maximum outstanding at any month end$910,000 $1,190,150 $2,622,165 
Average balance during the year809,788 793,304 1,526,180 
Weighted-average interest rate during the year2.31 %2.66 %2.05 %
Federal funds purchased
Maximum outstanding at any month end842,000 600,000 195,000 
Average balance during the year239,481 271,400 156,652 
Weighted-average interest rate during the year0.19 %2.28 %1.92 %
Schedule of Long-term Debt
FHLB and FRB advances
Long-term FHLB and FRB advances at December 31, 2020 and 2019 were as follows:
December 31,
20202019
(dollars in thousands)AmountRateAmountRate
FHLB advances$— — %$350,000 2.36 %
FRB PPP Liquidity Facility advances4,415,016 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)20202019
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)20202019
Issued byRankingAmountAmountRateIssued AmountDate IssuedMaturityPrice
Customers BancorpSenior$24,552 $24,432 4.500 %$25,000 September 2019September 2024100.000 %
Customers BancorpSenior99,485 99,198 3.950 %100,000 June 2017June 202299.775 %
Total other borrowings124,037 123,630 
Customers Bancorp
Subordinated (1)(2)
72,222 72,040 5.375 %74,750 December 2019December 2034100.000 %
Customers Bank
Subordinated (1)(3)
109,172 109,075 6.125 %110,000 June 2014June 2029100.000 %
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.