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Borrowings
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Borrowings BORROWINGS
Short-term debt
Short-term debt at December 31, 2023 and 2022 was as follows:
 December 31,
 20232022
(dollars in thousands)AmountRateAmountRate
FHLB advances$— — %$300,000 4.54 %
Total short-term debt$— $300,000 
The following is a summary of additional information relating to Customers’ short-term debt:
 December 31,
(dollars in thousands)202320222021
FRB advances (1)
Maximum outstanding at any month end$— $— $— 
Average balance during the year120,099 — — 
Weighted-average interest rate during the year5.23 %— %— %
FHLB advances
Maximum outstanding at any month end$— $775,000 $850,000 
Average balance during the year87,407 144,918 264,704 
Weighted-average interest rate during the year5.16 %1.07 %2.35 %
Federal funds purchased
Maximum outstanding at any month end— 895,000 365,000 
Average balance during the year3,781 349,581 22,110 
Weighted-average interest rate during the year4.97 %1.66 %0.07 %
(1)    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 December 31, 2023 and 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 December 31, 2023 and 2022 were as follows:
December 31,
20232022
(dollars in thousands)AmountRateAmountRate
FHLB advances (1)(2)
$1,203,207 3.91 %$500,000 3.37 %
Total long-term FHLB and FRB advances$1,203,207 $500,000 
(1)    Amounts reported in the above table include a fixed rate long-term advance from FHLB of $250.0 million with a maturity of June 2024 and 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 December 31, 2023.
(2)    Includes $3.2 million of unamortized basis adjustments from interest rate swaps designated as fair value hedges of long-term advances from FHLB at December 31, 2023. Refer to NOTE 21 — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for additional information.
Maturities of long-term FHLB advances were as follows at December 31, 2023:
December 31, 2023
(dollars in thousands)
Amount (1)
Rate
2024$250,000 3.44 %
2025200,000 4.45 %
2026200,000 4.32 %
2027450,000 3.70 %
2028100,000 4.19 %
Thereafter— — %
Total long-term FHLB advances$1,200,000 
(1)    Amounts reported in the above table include a fixed rate long-term advance from FHLB of $250.0 million with a maturity of June 2024 and 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 December 31, 2023 and 2022 was as follows:
December 31,
(amounts in thousands)20232022
Total maximum borrowing capacity with the FHLB$3,474,347 $3,241,120 
Total maximum borrowing capacity with the FRB (1)
3,436,000 2,510,189 
Qualifying loans and securities (1) serving as collateral against FHLB and FRB advances
8,575,137 7,142,865 
(1)Includes $475.3 million of borrowing capacity available under the BTFP at December 31, 2023, 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 December 31, 2023 and 2022 were as follows:
December 31,
(dollars in thousands)20232022
Issued byRankingCarrying AmountCarrying AmountRateIssued AmountDate IssuedMaturityPrice
Customers Bancorp
Senior (1)
$98,928 $98,788 2.875 %$100,000 August 2021August 2031100.000 %
Customers BancorpSenior24,912 24,792 4.500 %25,000 September 2019September 2024100.000 %
Total other borrowings$123,840 $123,580 
Customers Bancorp
Subordinated (2)(3)
$72,766 $72,585 5.375 %$74,750 December 2019December 2034100.000 %
Customers Bank
Subordinated (2)(4)
109,464 109,367 6.125 %110,000 June 2014June 2029100.000 %
Total subordinated debt$182,230 $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, 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. Pursuant to the Adjustable Interest Rate (LIBOR) Act enacted by Congress on March 15, 2022, Customers expects that the subordinated notes will substitute three-month term SOFR plus a tenor spread adjustment of 26.161 basis points for three-month LIBOR as the benchmark reference rate in order to calculate the annual interest rate after June 26, 2024. 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.