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Borrowings
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Borrowings BORROWINGS
Short-term debt
Short-term debt at March 31, 2023 and December 31, 2022 was as follows:
 March 31, 2023December 31, 2022
(dollars in thousands)AmountRateAmountRate
FHLB advances— — %300,000 4.54 %
Total short-term debt$— $300,000 
The following is a summary of additional information relating to Customers' short-term debt:
(dollars in thousands)
March 31, 2023 (1)
December 31, 2022 (2)
FRB advances (3)
Maximum outstanding at any month end$— $— 
Average balance during the period487,067 — 
Weighted-average interest rate during the period5.23 %— %
FHLB advances
Maximum outstanding at any month end— 775,000 
Average balance during the period354,482 144,918 
Weighted-average interest rate during the period5.16 %1.07 %
Federal funds purchased
Maximum outstanding at any month end— 895,000 
Average balance during the period15,333 349,581 
Weighted-average interest rate during the period4.97 %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.
At March 31, 2023 and December 31, 2022, Customers Bank had aggregate availability under federal funds lines totaling $1.7 billion.
Long-term debt
FHLB and FRB advances
Long-term FHLB and FRB advances at March 31, 2023 and December 31, 2022 were as follows:
March 31, 2023December 31, 2022
(dollars in thousands)AmountRateAmountRate
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 %
2025540,000 5.21 %
2026540,000 5.23 %
2027450,000 3.70 %
Thereafter100,000 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, 2023December 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, 2023December 31, 2022
(dollars in thousands)
Issued byRankingCarrying AmountCarrying AmountRateIssued AmountDate IssuedMaturityPrice
Customers Bancorp
Senior (1)
$98,823 $98,788 2.875 %$100,000 August 2021August 2031100.000 %
Customers BancorpSenior24,822 24,792 4.500 %25,000 September 2019September 2024100.000 %
Total other borrowings$123,645 $123,580 
Customers Bancorp
Subordinated (2)(3)
$72,630 $72,585 5.375 %$74,750 December 2019December 2034100.000 %
Customers Bank
Subordinated (2)(4)
109,391 109,367 6.125 %110,000 June 2014June 2029100.000 %
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.