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BORROWINGS (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Summary of Bancorp's Short-term Borrowings | The following is a summary of additional information relating to Customers’ short-term debt:
(dollars in thousands) | June 30, 2024 (1) |  | December 31, 2023 (2) |  |
FRB advances |  |  |  |  |
Maximum outstanding at any month end | $ | — |  |  | $ | — |  |  |
Average balance during the period | — |  |  | 120,099 |  |  |
Weighted-average interest rate during the period | — | % |  | 5.23 | % |  |
FHLB advances |  |  |  |  |
Maximum outstanding at any month end | 150,000 |  |  | — |  |  |
Average balance during the period | 17,308 |  |  | 87,407 |  |  |
Weighted-average interest rate during the period | 5.74 | % |  | 5.16 | % |  |
Federal funds purchased |  |  |  |  |
Maximum outstanding at any month end | — |  |  | — |  |  |
Average balance during the period | — |  |  | 3,781 |  |  |
Weighted-average interest rate during the period | — | % |  | 4.97 | % |  |
(1) For the six months ended June 30, 2024. (2) For the year ended December 31, 2023.
Schedule of Long-term Debt | Long-term FHLB and FRB advances at June 30, 2024 and December 31, 2023 were as follows:
| June 30, 2024 |  | December 31, 2023
(dollars in thousands) | Amount |  | Rate |  | Amount |  | Rate
FHLB advances (1)(2) | $ | 1,018,349 |  |  | 4.19 | % |  | $ | 1,203,207 |  |  | 3.91 | %
Total long-term FHLB and FRB advances | $ | 1,018,349 |  |  |  |  | $ | 1,203,207 |  |  |
(1) Amounts reported in the above table include fixed rate long-term advances from FHLB of $950.0 million with maturities ranging from March 2025 to March 2028, and variable rate long-term advances from FHLB of $75.0 million with maturities ranging from March 2029 to June 2029 with a returnable option that can be repaid without penalty on certain predetermined dates at Customers Bank's option, at June 30, 2024. (2) Includes $(6.7) million and $3.2 million of unamortized basis adjustments from interest rate swaps designated as fair value hedges of long-term advances from FHLB at June 30, 2024 and December 31, 2023, respectively. Refer to NOTE 14 — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for additional information. Maturities of long-term FHLB advances were as follows at June 30, 2024:
| June 30, 2024
(dollars in thousands) | Amount (1) |  | Rate
2024 | $ | — |  |  | — | %
2025 | 200,000 |  |  | 4.45 | %
2026 | 200,000 |  |  | 4.32 | %
2027 | 450,000 |  |  | 3.70 | %
2028 | 100,000 |  |  | 4.19 | %
Thereafter | 75,000 |  |  | 6.05 | %
Total long-term FHLB advances | $ | 1,025,000 |  |  |
(1) Amounts reported in the above table include variable rate long-term advances from FHLB of $75.0 million with maturities ranging from March 2029 to June 2029 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 June 30, 2024 and December 31, 2023 was as follows:
(amounts in thousands) | June 30, 2024 |  | December 31, 2023
Total maximum borrowing capacity with the FHLB | $ | 3,345,182 |  |  | $ | 3,474,347 |
Total maximum borrowing capacity with the FRB | 4,283,486 |  |  | 3,436,000 |
Qualifying loans and securities serving as collateral against FHLB and FRB advances | 9,481,379 |  |  | 8,575,137 |
Senior and Subordinated Debt Long-term senior notes and subordinated debt at June 30, 2024 and December 31, 2023 were as follows:
|  |  |  | June 30, 2024 |  | December 31, 2023 |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
Issued by |  | Ranking |  | Carrying Amount |  | Carrying Amount |  | Rate |  | Issued Amount |  | Date Issued |  | Maturity |  | Price
Customers Bancorp |  | Senior (1) |  | $ | 98,998 |  |  | $ | 98,928 |  |  | 2.875 | % |  | $ | 100,000 |  |  | August 2021 |  | August 2031 |  | 100.000 | %
Customers Bancorp |  | Senior |  | 24,972 |  |  | 24,912 |  |  | 4.500 | % |  | 25,000 |  |  | September 2019 |  | September 2024 |  | 100.000 | %
Total other borrowings |  | $ | 123,970 |  |  | $ | 123,840 |  |  |  |  |  |  |  |  |  |  |
Customers Bancorp |  | Subordinated (2)(3) |  | $ | 72,857 |  |  | $ | 72,766 |  |  | 5.375 | % |  | $ | 74,750 |  |  | December 2019 |  | December 2034 |  | 100.000 | %
Customers Bank |  | Subordinated (2)(4) |  | 109,513 |  |  | 109,464 |  |  | 6.125 | % |  | 110,000 |  |  | June 2014 |  | June 2029 |  | 100.000 | %
Total subordinated debt |  | $ | 182,370 |  |  | $ | 182,230 |  |  |  |  |  |  |  |  |  |  |
(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 had an annual fixed rate of 6.125% until June 26, 2024. From June 26, 2024 until maturity, the notes 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 substituted 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

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