XML 44 R33.htm IDEA: XBRL DOCUMENT
v3.23.1

Borrowings (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2023
Debt Disclosure [Abstract] |
Short Term Borrowings | Short-term debt at March 31, 2023 and December 31, 2022 was as follows:
| March 31, 2023 |  | December 31, 2022
(dollars in thousands) | Amount |  | Rate |  | Amount |  | Rate
FHLB advances | — |  |  | — | % |  | 300,000 |  |  | 4.54 | %
Total short-term debt | $ | — |  |  |  |  | $ | 300,000 |  |  |
Summary of Bancorp's Short Term Borrowings | The following is a summary of additional information relating to Customers' short-term debt:
(dollars in thousands) | March 31, 2023 (1) |  | December 31, 2022 (2) |  |
FRB advances (3) |  |  |  |  |
Maximum outstanding at any month end | $ | — |  |  | $ | — |  |  |
Average balance during the period | 487,067 |  |  | — |  |  |
Weighted-average interest rate during the period | 5.23 | % |  | — | % |  |
FHLB advances |  |  |  |  |
Maximum outstanding at any month end | — |  |  | 775,000 |  |  |
Average balance during the period | 354,482 |  |  | 144,918 |  |  |
Weighted-average interest rate during the period | 5.16 | % |  | 1.07 | % |  |
Federal funds purchased |  |  |  |  |
Maximum outstanding at any month end | — |  |  | 895,000 |  |  |
Average balance during the period | 15,333 |  |  | 349,581 |  |  |
Weighted-average interest rate during the period | 4.97 | % |  | 1.66 | % |  |
(1) For the three months ended March 31, 2023. (2) For the year ended December 31, 2022. (3) Includes advances under the BTFP. The BTFP offers loans of up to one year to eligible depository institutions pledging any collateral valued at par, that are eligible for purchase by the Federal Reserve Banks in open market operations, such as U.S. Treasuries, U.S. agency securities, and U.S. agency mortgage-backed securities.
Schedule of Long-term Debt | Long-term FHLB and FRB advances at March 31, 2023 and December 31, 2022 were as follows:
| March 31, 2023 |  | December 31, 2022
(dollars in thousands) | Amount |  | Rate |  | Amount |  | Rate
FHLB advances (1)(2) | $ | 2,052,143 |  |  | 4.64 | % |  | $ | 500,000 |  |  | 3.37 | %
Total long-term FHLB and FRB advances | $ | 2,052,143 |  |  |  |  | $ | 500,000 |  |  |
(1) Amounts reported in the above table include variable and fixed rate long-term advances from FHLB of $1.1 billion with maturities ranging from June 2024 to September 2026 with a returnable option that can be repaid without penalty on certain predetermined dates at Customers Bank's option, and fixed rate long-term advances of $950.0 million with maturities ranging from March 2025 to March 2028, at March 31, 2023. (2) Includes $2.1 million of unamortized basis adjustments from a terminated interest rate swap designated as a fair value hedge of a long-term advance from FHLB of $250 million with a fixed rate of 3.30% and maturity of June 2027, at March 31, 2023. Maturities of long-term FHLB advances were as follows at March 31, 2023:
| March 31, 2023
(dollars in thousands) | Amount (1) |  | Rate
2024 | $ | 420,000 |  |  | 4.26 | %
2025 | 540,000 |  |  | 5.21 | %
2026 | 540,000 |  |  | 5.23 | %
2027 | 450,000 |  |  | 3.70 | %
Thereafter | 100,000 |  |  | 4.19 | %
Total long-term FHLB advances | $ | 2,050,000 |  |  |
(1) Amounts reported in the above table include variable and fixed rate long-term advances from FHLB of $1.1 billion with maturities ranging from June 2024 to September 2026 with a returnable option that can be repaid without penalty on certain predetermined dates at Customers Bank's option. The maximum borrowing capacity with the FHLB and FRB at March 31, 2023 and December 31, 2022 was as follows:
(amounts in thousands) | March 31, 2023 |  | December 31, 2022
Total maximum borrowing capacity with the FHLB | $ | 3,307,772 |  |  | $ | 3,241,120 |
Total maximum borrowing capacity with the FRB (1) | 6,516,922 |  |  | 2,510,189 |
Qualifying loans and securities (1) serving as collateral against FHLB and FRB advances | 12,079,694 |  |  | 7,142,865 |
(1) Includes $508.2 million of borrowing capacity available under the BTFP, which offers loans of up to one year to eligible depository institutions pledging any collateral valued at par, that are eligible for purchase by the Federal Reserve Banks in open market operations, such as U.S. Treasuries, U.S. agency securities, and U.S. agency mortgage-backed securities. Senior and Subordinated Debt Long-term senior notes and subordinated debt at March 31, 2023 and December 31, 2022 were as follows:
|  |  |  | March 31, 2023 |  | December 31, 2022 |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Issued by |  | Ranking |  | Carrying Amount |  | Carrying Amount |  | Rate |  | Issued Amount |  | Date Issued |  | Maturity |  | Price
Customers Bancorp |  | Senior (1) |  | $ | 98,823 |  |  | $ | 98,788 |  |  | 2.875 | % |  | $ | 100,000 |  |  | August 2021 |  | August 2031 |  | 100.000 | %
Customers Bancorp |  | Senior |  | 24,822 |  |  | 24,792 |  |  | 4.500 | % |  | 25,000 |  |  | September 2019 |  | September 2024 |  | 100.000 | %
Total other borrowings |  | $ | 123,645 |  |  | $ | 123,580 |  |  |  |  |  |  |  |  |  |  |
Customers Bancorp |  | Subordinated (2)(3) |  | $ | 72,630 |  |  | $ | 72,585 |  |  | 5.375 | % |  | $ | 74,750 |  |  | December 2019 |  | December 2034 |  | 100.000 | %
Customers Bank |  | Subordinated (2)(4) |  | 109,391 |  |  | 109,367 |  |  | 6.125 | % |  | 110,000 |  |  | June 2014 |  | June 2029 |  | 100.000 | %
Total subordinated debt |  | $ | 182,021 |  |  | $ | 181,952 |  |  |  |  |  |  |  |  |  |  |
(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 after June 30, 2023, 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
- Definition Tabular disclosure of additional information relating to short-term debt. + References No definition available. + Details
Name: | cubi_ScheduleOfAdditionalInformationShortTermDebtTableTableTextBlock
Namespace Prefix: | cubi_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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 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 https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69B -URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 55 -Paragraph 69E -URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
Name: | us-gaap_ScheduleOfShortTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration