XML 59 R45.htm IDEA: XBRL DOCUMENT v3.22.4
Borrowings (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Short Term Borrowings Short-term debt at December 31, 2022 and 2021 was as follows:
 December 31,
 20222021
(dollars in thousands)AmountRateAmountRate
FHLB advances$300,000 4.54 %$700,000 0.26 %
Federal funds purchased— — %75,000 0.05 %
Total short-term debt$300,000 $775,000 
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)202220212020
FHLB advances
Maximum outstanding at any month end$775,000 $850,000 $910,000 
Average balance during the year144,918 264,704 809,788 
Weighted-average interest rate during the year1.07 %2.35 %2.31 %
Federal funds purchased
Maximum outstanding at any month end895,000 365,000 842,000 
Average balance during the year349,581 22,110 239,481 
Weighted-average interest rate during the year1.66 %0.07 %0.19 %
Schedule of Long-term Debt
FHLB and FRB advances
Long-term FHLB and FRB advances at December 31, 2022 and 2021 were as follows:
December 31,
20222021
(dollars in thousands)AmountRateAmountRate
FHLB advances (1)
$500,000 3.37 %$— — %
Total long-term FHLB and FRB advances$500,000 $— 
(1)    Amounts reported in the above table include long-term advances from FHLB of $250.0 million with a fixed rate of 3.44% and maturity of June 2024 with a returnable option that can be repaid without penalty on certain predetermined dates at Customers Bank's option, and $250.0 million with a fixed rate of 3.30% and maturity of June 2027.
The maximum borrowing capacity with the FHLB and FRB at December 31, 2022 and 2021 was as follows:
December 31,
(amounts in thousands)20222021
Total maximum borrowing capacity with the FHLB$3,241,120 $2,973,635 
Total maximum borrowing capacity with the FRB (1)
2,510,189 183,052 
Qualifying loans serving as collateral against FHLB and FRB advances (1)
7,142,865 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. Under the PPPLF, Federal Reserve Banks extended non-recourse loans to institutions that were 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. Customers had no borrowings under the PPPLF at December 31, 2022 and 2021.
Senior and Subordinated Debt

Long-term senior notes and subordinated debt at December 31, 2022 and 2021 were as follows:
December 31,
(dollars in thousands)20222021
Issued byRankingCarrying AmountCarrying AmountRateIssued AmountDate IssuedMaturityPrice
Customers Bancorp
Senior (1)
$98,788 $98,642 2.875 %$100,000 August 2021August 2031100.000 %
Customers BancorpSenior24,792 24,672 4.500 %25,000 September 2019September 2024100.000 %
Customers BancorpSenior— 99,772 3.950 %100,000 June 2017June 202299.775 %
Total other borrowings$123,580 $223,086 
Customers Bancorp
Subordinated (2)(3)
$72,585 $72,403 5.375 %$74,750 December 2019December 2034100.000 %
Customers Bank
Subordinated (2)(4)
109,367 109,270 6.125 %110,000 June 2014June 2029100.000 %
Total subordinated debt$181,952 $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.