XML 53 R19.htm IDEA: XBRL DOCUMENT
v3.22.2

Borrowings | 6 Months Ended
--- | ---
Jun. 30, 2022
Debt Disclosure [Abstract] |
Borrowings | BORROWINGS Short-term debt Short-term debt at June 30, 2022 and December 31, 2021 was as follows:
| June 30, 2022 |  | December 31, 2021
(dollars in thousands) | Amount |  | Rate |  | Amount |  | Rate
FHLB advances | $ | 135,000 |  |  | 1.38 | % |  | $ | 700,000 |  |  | 0.26 | %
Federal funds purchased | 770,000 |  |  | 1.71 | % |  | 75,000 |  |  | 0.05 | %
Total short-term debt | $ | 905,000 |  |  |  |  | $ | 775,000 |  |  |
The following is a summary of additional information relating to Customers' short-term debt:
(dollars in thousands) | June 30, 2022 (1) |  | December 31, 2021 (2) |  |
FHLB advances |  |  |  |  |
Maximum outstanding at any month end | $ | 775,000 |  |  | $ | 850,000 |  |  |
Average balance during the period | 250,164 |  |  | 264,704 |  |  |
Weighted-average interest rate during the period | 1.46 | % |  | 2.35 | % |  |
Federal funds purchased |  |  |  |  |
Maximum outstanding at any month end | 895,000 |  |  | 365,000 |  |  |
Average balance during the period | 367,210 |  |  | 22,110 |  |  |
Weighted-average interest rate during the period | 0.82 | % |  | 0.07 | % |  |
(1) For the six months ended June 30, 2022. (2) For the year ended December 31, 2021. At June 30, 2022 and December 31, 2021, Customers Bank had aggregate availability under federal funds lines totaling $929.0 million and $1.3 billion, respectively. Long-term debt FHLB and FRB advances Long-term FHLB and FRB advances at June 30, 2022 and December 31, 2021 were as follows:
| June 30, 2022 |  | December 31, 2021
(dollars in thousands) | Amount |  | Rate |  | Amount |  | Rate
FHLB advances | $ | 500,000 |  |  | 3.37 | % |  | $ | — |  |  | — | %
Total long-term FHLB and FRB advances | $ | 500,000 |  |  |  |  | $ | — |  |  |
The maximum borrowing capacity with the FHLB and FRB at June 30, 2022 and December 31, 2021 was as follows:
(amounts in thousands) | June 30, 2022 |  | December 31, 2021
Total maximum borrowing capacity with the FHLB | $ | 3,655,756 |  |  | $ | 2,973,635 |
Total maximum borrowing capacity with the FRB (1) | 244,802 |  |  | 183,052 |
Qualifying loans serving as collateral against FHLB and FRB advances (1) | 4,466,931 |  |  | 3,594,339 |
(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. During the three months ended September 30, 2021, Customers repaid the PPPLF advances. No new advances are available from the PPPLF after July 30, 2021. Customers had no borrowings under the PPPLF at June 30, 2022 and December 31, 2021. Senior and Subordinated Debt Long-term senior notes and subordinated debt at June 30, 2022 and December 31, 2021 were as follows:
|  |  |  | June 30, 2022 |  | December 31, 2021 |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Issued by |  | Ranking |  | Carrying Amount |  | Carrying Amount |  | Rate |  | Issued Amount |  | Date Issued |  | Maturity |  | Price
Customers Bancorp |  | Senior (1) |  | $ | 98,719 |  |  | $ | 98,642 |  |  | 2.875 | % |  | $ | 100,000 |  |  | August 2021 |  | August 2031 |  | 100.000 | %
Customers Bancorp |  | Senior |  | 24,731 |  |  | 24,672 |  |  | 4.500 | % |  | 25,000 |  |  | September 2019 |  | September 2024 |  | 100.000 | %
Customers Bancorp |  | Senior |  | — |  |  | 99,772 |  |  | 3.950 | % |  | 100,000 |  |  | June 2017 |  | June 2022 |  | 99.775 | %
Total other borrowings |  | $ | 123,450 |  |  | $ | 223,086 |  |  |  |  |  |  |  |  |  |  |
Customers Bancorp |  | Subordinated (2)(3) |  | $ | 72,494 |  |  | $ | 72,403 |  |  | 5.375 | % |  | $ | 74,750 |  |  | December 2019 |  | December 2034 |  | 100.000 | %
Customers Bank |  | Subordinated (2)(4) |  | 109,318 |  |  | 109,270 |  |  | 6.125 | % |  | 110,000 |  |  | June 2014 |  | June 2029 |  | 100.000 | %
Total subordinated debt |  | $ | 181,812 |  |  | $ | 181,673 |  |  |  |  |  |  |  |  |  |  |
(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.

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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration