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Borrowings | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Borrowings | BORROWINGS Short-term debt Short-term debt at December 31, 2021 and 2020 was as follows:
| December 31,
| 2021 |  | 2020
(dollars in thousands) | Amount |  | Rate |  | Amount |  | Rate
FHLB advances | $ | 700,000 |  |  | 0.26 | % |  | $ | 850,000 |  |  | 1.19 | %
Federal funds purchased | 75,000 |  |  | 0.05 | % |  | 250,000 |  |  | 0.09 | %
Total short-term debt | $ | 775,000 |  |  |  |  | $ | 1,100,000 |  |  |
The following is a summary of additional information relating to Customers' short-term debt:
| December 31,
(dollars in thousands) | 2021 |  | 2020 |  | 2019
FHLB advances |  |  |  |  |
Maximum outstanding at any month end | $ | 850,000 |  |  | $ | 910,000 |  |  | $ | 1,190,150 |
Average balance during the year | 264,704 |  |  | 809,788 |  |  | 793,304 |
Weighted-average interest rate during the year | 2.35 | % |  | 2.31 | % |  | 2.66 | %
Federal funds purchased |  |  |  |  |
Maximum outstanding at any month end | 365,000 |  |  | 842,000 |  |  | 600,000 |
Average balance during the year | 22,110 |  |  | 239,481 |  |  | 271,400 |
Weighted-average interest rate during the year | 0.07 | % |  | 0.19 | % |  | 2.28 | %
At December 31, 2021 and 2020, Customers Bank had aggregate availability under federal funds lines totaling $1.3 billion and $924.0 million, respectively. Long-term debt FHLB and FRB advances Long-term FHLB and FRB advances at December 31, 2021 and 2020 were as follows:
| December 31,
| 2021 |  | 2020
(dollars in thousands) | Amount |  | Rate |  | Amount |  | Rate
FRB PPP Liquidity Facility advances | $ | — |  |  | — | % |  | $ | 4,415,016 |  |  | 0.35 | %
Total long-term FHLB and FRB advances | $ | — |  |  |  |  | $ | 4,415,016 |  |  |
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. During the year ended December 31, 2021, Customers repaid the PPPLF advances. No new advances are available from the PPPLF after July 30, 2021. There were no long-term advances outstanding with the FHLB or FRB at December 31, 2021 and 2020. The maximum borrowing capacity with the FHLB and FRB at December 31, 2021 and 2020, was as follows:
| December 31,
(amounts in thousands) | 2021 |  | 2020
Total maximum borrowing capacity with the FHLB | $ | 2,973,635 |  |  | $ | 2,729,516 |
Total maximum borrowing capacity with the FRB (1) | 183,052 |  |  | 223,299 |
Qualifying loans serving as collateral against FHLB and FRB advances (1) | 3,594,339 |  |  | 3,363,364 |
(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, 2021, Customers had no borrowings under the PPPLF. 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 December 31, 2021 and 2020 were as follows:
|  |  |  | December 31, |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  | 2021 |  | 2020 |  |  |  |  |  |  |  |  |  |
Issued by |  | Ranking |  | Amount |  | Amount |  | Rate |  | Issued Amount |  | Date Issued |  | Maturity |  | Price
Customers Bancorp |  | Senior (1) |  | $ | 98,642 |  |  | $ | — |  |  | 2.875 | % |  | $ | 100,000 |  |  | August 2021 |  | August 2031 |  | 100.000 | %
Customers Bancorp |  | Senior |  | 24,672 |  |  | 24,552 |  |  | 4.500 | % |  | 25,000 |  |  | September 2019 |  | September 2024 |  | 100.000 | %
Customers Bancorp |  | Senior |  | 99,772 |  |  | 99,485 |  |  | 3.950 | % |  | 100,000 |  |  | June 2017 |  | June 2022 |  | 99.775 | %
Total other borrowings |  | $ | 223,086 |  |  | $ | 124,037 |  |  |  |  |  |  |  |  |  |  |
Customers Bancorp |  | Subordinated (2)(3) |  | $ | 72,403 |  |  | $ | 72,222 |  |  | 5.375 | % |  | $ | 74,750 |  |  | December 2019 |  | December 2034 |  | 100.000 | %
Customers Bank |  | Subordinated (2)(4) |  | 109,270 |  |  | 109,172 |  |  | 6.125 | % |  | 110,000 |  |  | June 2014 |  | June 2029 |  | 100.000 | %
Total subordinated debt |  | $ | 181,673 |  |  | $ | 181,394 |  |  |  |  |  |  |  |  |  |  |
(1)The senior notes will bear an annual fixed rate of 2.875% until August 15, 2026. From August 15, 2026 until maturity, the notes will bear an annual interest rate equal to a benchmark rate. which is expected to be the three-month term SOFR, plus 235 basis points. Customers Bancorp has the ability to call the senior notes, in whole, or in part, at a redemption price equal to 100% of the principal balance at certain times on or after August 15, 2026. (2)The subordinated notes qualify as Tier 2 capital for regulatory capital purposes. (3)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. (4)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 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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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