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Borrowings (Tables) | 3 Months Ended
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Mar. 31, 2021
Debt Disclosure [Abstract] |
Short Term Borrowings | Short-term debt at March 31, 2021 and December 31, 2020 was as follows:
| March 31, 2021 |  | December 31, 2020
(dollars in thousands) | Amount |  | Rate |  | Amount |  | Rate
FHLB advances | $ | 850,000 |  |  | 1.21 | % |  | $ | 850,000 |  |  | 1.19 | %
Federal funds purchased | 365,000 |  |  | 0.05 | % |  | 250,000 |  |  | 0.09 | %
Total short-term debt | $ | 1,215,000 |  |  |  |  | $ | 1,100,000 |  |  |
Summary of Bancorps Short Term Borrowings | The following is a summary of additional information relating to Customers' short-term debt:
(dollars in thousands) | March 31, 2021 |  | December 31, 2020 |  |
FHLB advances |  |  |  |  |
Maximum outstanding at any month end | $ | 850,000 |  |  | $ | 910,000 |  |  |
Average balance during the period | 850,000 |  |  | 809,788 |  |  |
Weighted-average interest rate during the period | 2.48 | % |  | 2.31 | % |  |
Federal funds purchased |  |  |  |  |
Maximum outstanding at any month end | 365,000 |  |  | 842,000 |  |  |
Average balance during the period | 16,333 |  |  | 239,481 |  |  |
Weighted-average interest rate during the period | 0.07 | % |  | 0.19 | % |  |
Schedule of Long-term Debt | Long-term FHLB and FRB advances at March 31, 2021 and December 31, 2020 were as follows:
| March 31, 2021 |  | December 31, 2020
(dollars in thousands) | Amount |  | Rate |  | Amount |  | Rate
FRB PPP Liquidity Facility advances | $ | 3,284,156 |  |  | 0.35 | % |  | $ | 4,415,016 |  |  | 0.35 | %
Total long-term FHLB and FRB advances | $ | 3,284,156 |  |  |  |  | $ | 4,415,016 |  |  |
The maximum borrowing capacity with the FHLB and FRB at March 31, 2021 and December 31, 2020 was as follows:
(amounts in thousands) | March 31, 2021 |  | December 31, 2020
Total maximum borrowing capacity with the FHLB | $ | 2,492,783 |  |  | $ | 2,729,516 |
Total maximum borrowing capacity with the FRB (1) | 183,124 |  |  | 223,299 |
Qualifying loans serving as collateral against FHLB and FRB advances (1) | 3,258,271 |  |  | 3,363,364 |
(1) Amounts reported in the above table exclude borrowings under the PPPLF, which are limited to the face value of the loans originated under the PPP. At March 31, 2021, Customers had $3.3 billion of borrowings under the PPPLF, with a borrowing capacity of up to $5.2 billion, which is the face value of the qualifying loans Customers has originated and outstanding under the PPP. At December 31, 2020, Customers had $4.4 billion of borrowings under the PPPLF. Senior and Subordinated Debt Long-term senior notes and subordinated debt at March 31, 2021 and December 31, 2020 were as follows:
|  |  |  | March 31, 2021 |  | December 31, 2020 |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Issued by |  | Ranking |  | Amount |  | Amount |  | Rate |  | Issued Amount |  | Date Issued |  | Maturity |  | Price
Customers Bancorp |  | Senior |  | $ | 24,581 |  |  | $ | 24,552 |  |  | 4.500 | % |  | $ | 25,000 |  |  | September 2019 |  | September 2024 |  | 100.000 | %
Customers Bancorp |  | Senior |  | 99,557 |  |  | 99,485 |  |  | 3.950 | % |  | 100,000 |  |  | June 2017 |  | June 2022 |  | 99.775 | %
Total other borrowings |  | $ | 124,138 |  |  | $ | 124,037 |  |  |  |  |  |  |  |  |  |  |
Customers Bancorp |  | Subordinated (1)(2) |  | $ | 72,267 |  |  | $ | 72,222 |  |  | 5.375 | % |  | $ | 74,750 |  |  | December 2019 |  | December 2034 |  | 100.000 | %
Customers Bank |  | Subordinated (1)(3) |  | 109,197 |  |  | 109,172 |  |  | 6.125 | % |  | 110,000 |  |  | June 2014 |  | June 2029 |  | 100.000 | %
Total subordinated debt |  | $ | 181,464 |  |  | $ | 181,394 |  |  |  |  |  |  |  |  |  |  |
(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=120391452&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=119993939&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=120395691&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=119993939&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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- Definition Tabular disclosure of short-term debt arrangements (having initial terms of repayment within one year or the normal operating cycle, if longer) including: (1) description of the short-term debt arrangement; (2) identification of the lender or type of lender; (3) repayment terms; (4) weighted average interest rate; (5) carrying amount of funds borrowed under the specified short-term debt arrangement as of the balance sheet date; (6) description of the refinancing of a short-term obligation when that obligation is excluded from current liabilities in the balance sheet; and (7) amount of a short-term obligation that has been excluded from current liabilities in the balance sheet because of a refinancing of the obligation. + 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 210.5-02.19) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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