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Borrowings (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Short-term Debt | Short-term debt at December 31, 2024 and 2023 was as follows:
| December 31,
| 2024 |  | 2023
(dollars in thousands) | Amount |  | Rate |  | Amount |  | Rate
FHLB advances | $ | 100,000 |  |  | 4.61 | % |  | $ | — |  |  | — | %
Total short-term debt | $ | 100,000 |  |  |  |  | $ | — |  |  |
Summary of Bancorps Short-term Debt | The following is a summary of additional information relating to Customers’ short-term debt:
| December 31,
(dollars in thousands) | 2024 |  | 2023 |  | 2022
FRB advances (1) |  |  |  |  |
Maximum outstanding at any month end | $ | — |  |  | $ | — |  |  | $ | — |
Average balance during the year | — |  |  | 120,099 |  |  | — |
Weighted-average interest rate during the year | — | % |  | 5.23 | % |  | — | %
FHLB advances |  |  |  |  |
Maximum outstanding at any month end | $ | 150,000 |  |  | $ | — |  |  | $ | 775,000 |
Average balance during the year | 8,880 |  |  | 87,407 |  |  | 144,918 |
Weighted-average interest rate during the year | 5.71 | % |  | 5.16 | % |  | 1.07 | %
Federal funds purchased |  |  |  |  |
Maximum outstanding at any month end | $ | — |  |  | $ | — |  |  | $ | 895,000 |
Average balance during the year | — |  |  | 3,781 |  |  | 349,581 |
Weighted-average interest rate during the year | — | % |  | 4.97 | % |  | 1.66 | %
(1) Included advances under the Bank Term Funding Program (“BTFP”). The BTFP offered 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. The BTFP ended on March 11, 2024.
Schedule of Long-term Debt | FHLB and FRB advances Long-term FHLB and FRB advances at December 31, 2024 and 2023 were as follows:
| December 31,
| 2024 |  | 2023
(dollars in thousands) | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
FHLB advances (1) | $ | 1,028,352 |  | (2) |  | 4.11 | % | (3) |  | $ | 1,203,207 |  | (2) |  | 3.91 | % | (3)
Total long-term FHLB and FRB advances | $ | 1,028,352 |  |  |  |  |  |  | $ | 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 $80.0 million with maturities ranging from March 2028 to December 2028 with a returnable option that can be repaid without penalty on certain predetermined dates at Customers Bank's option, at December 31, 2024. (2) Includes $(1.6) 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 December 31, 2024 and 2023, respectively. Refer to NOTE 20 — DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES for additional information. (3) Excludes the effect of interest rate swaps designated as fair value hedges of long-term advances from FHLB. Maturities of long-term FHLB advances were as follows at December 31, 2024:
| December 31, 2024
(dollars in thousands) | Amount (1) |  | Rate
2025 | $ | 200,000 |  |  | 4.45 | %
2026 | 200,000 |  |  | 4.32 | %
2027 | 450,000 |  |  | 3.70 | %
2028 | 180,000 |  |  | 4.54 | %
2029 | — |  |  | — | %
Thereafter | — |  |  | — | %
Total long-term FHLB advances | $ | 1,030,000 |  |  |
(1) Amounts reported in the above table include variable rate long-term advances from FHLB of $80.0 million with maturities ranging from March 2028 to December 2028 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 December 31, 2024 and 2023 was as follows:
| December 31,
(amounts in thousands) | 2024 |  | 2023
Total maximum borrowing capacity with the FHLB | $ | 3,562,171 |  |  | $ | 3,474,347 |
Total maximum borrowing capacity with the FRB | 4,357,519 |  |  | 3,436,000 |
Qualifying loans and securities serving as collateral against FHLB and FRB advances | 9,722,736 |  |  | 8,575,137 |
Senior and Subordinated Debt Long-term senior notes and subordinated debt at December 31, 2024 and 2023 were as follows:
|  |  |  | Carrying Amount at December 31, |  |  |  |  |  |  |  |  |  |
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |
Issued by |  | Ranking |  | 2024 |  | 2023 |  | Rate |  | Issued Amount |  | Date Issued |  | Maturity |  | Price
Customers Bancorp |  | Senior (1) |  | $ | 99,068 |  |  | $ | 98,928 |  |  | 2.875 | % |  | $ | 100,000 |  |  | August 2021 |  | August 2031 |  | 100.000 | %
Customers Bancorp |  | Senior |  | — |  |  | 24,912 |  |  | 4.500 | % |  | 25,000 |  |  | September 2019 |  | September 2024 |  | 100.000 | %
Total other borrowings |  | $ | 99,068 |  |  | $ | 123,840 |  |  |  |  |  |  |  |  |  |  |
Customers Bancorp |  | Subordinated (2)(3) |  | $ | 72,947 |  |  | $ | 72,766 |  |  | 5.375 | % |  | $ | 74,750 |  |  | December 2019 |  | December 2034 |  | 100.000 | %
Customers Bank |  | Subordinated (2)(4) |  | 109,562 |  |  | 109,464 |  |  | 6.125 | % |  | 110,000 |  |  | June 2014 |  | June 2029 |  | 100.000 | %
Total subordinated debt |  | $ | 182,509 |  |  | $ | 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 will bear 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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