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Borrowings (Tables)
 6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]  
Short Term Borrowings Short-term debt at June 30, 2021 and December 31, 2020 was as follows:
 June 30, 2021December 31, 2020
(dollars in thousands)AmountRateAmountRate
FHLB advances$— — %$850,000 1.19 %
Federal funds purchased— — %250,000 0.09 %
Total short-term debt$— $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)
June 30, 2021 (1)
December 31, 2020 (2)
FHLB advances
Maximum outstanding at any month end$850,000 $910,000 
Average balance during the period500,273 809,788 
Weighted-average interest rate during the period2.48 %2.31 %
Federal funds purchased
Maximum outstanding at any month end365,000 842,000 
Average balance during the period44,171 239,481 
Weighted-average interest rate during the period0.07 %0.19 %
(1)    For the six months ended June 30, 2021.
(2)    For the year ended December 31, 2020.
Schedule of Long-term Debt Long-term FHLB and FRB advances at June 30, 2021 and December 31, 2020 were as follows:
June 30, 2021December 31, 2020
(dollars in thousands)AmountRateAmountRate
FRB PPP Liquidity Facility advances$3,865,865 0.35 %$4,415,016 0.35 %
Total long-term FHLB and FRB advances$3,865,865 $4,415,016 
The maximum borrowing capacity with the FHLB and FRB at June 30, 2021 and December 31, 2020 was as follows:
(amounts in thousands)June 30, 2021December 31, 2020
Total maximum borrowing capacity with the FHLB$2,387,172 $2,729,516 
Total maximum borrowing capacity with the FRB (1)
197,894 223,299 
Qualifying loans serving as collateral against FHLB and FRB advances (1)
3,156,850 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 June 30, 2021, Customers had $3.9 billion of borrowings under the PPPLF, with a borrowing capacity of up to $6.3 billion, which is the face value of the qualifying loans Customers has originated or purchased 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 June 30, 2021 and December 31, 2020 were as follows:
June 30, 2021December 31, 2020
(dollars in thousands)
Issued byRankingAmountAmountRateIssued AmountDate IssuedMaturityPrice
Customers BancorpSenior$24,612 $24,552 4.500 %$25,000 September 2019September 2024100.000 %
Customers BancorpSenior99,629 99,485 3.950 %100,000 June 2017June 202299.775 %
Total other borrowings$124,241 $124,037 
Customers Bancorp
Subordinated (1)(2)
$72,313 $72,222 5.375 %$74,750 December 2019December 2034100.000 %
Customers Bank
Subordinated (1)(3)
109,221 109,172 6.125 %110,000 June 2014June 2029100.000 %
Total subordinated debt$181,534 $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