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Borrowings
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Borrowings BORROWINGS
Short-term debt
Short-term debt at December 31, 2024 and 2023 was as follows:
 December 31,
 20242023
(dollars in thousands)AmountRateAmountRate
FHLB advances$100,000 4.61 %$— — %
Total short-term debt$100,000 $— 
The following is a summary of additional information relating to Customers’ short-term debt:
 December 31,
(dollars in thousands)202420232022
FRB advances (1)
Maximum outstanding at any month end$— $— $— 
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 $— $775,000 
Average balance during the year8,880 87,407 144,918 
Weighted-average interest rate during the year5.71 %5.16 %1.07 %
Federal funds purchased
Maximum outstanding at any month end$— $— $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.
At December 31, 2024 and 2023, 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, 2024 and 2023 were as follows:
December 31,
20242023
(dollars in thousands)AmountRateAmountRate
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 %
2026200,000 4.32 %
2027450,000 3.70 %
2028180,000 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)20242023
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 byRanking20242023RateIssued AmountDate IssuedMaturityPrice
Customers Bancorp
Senior (1)
$99,068 $98,928 2.875 %$100,000 August 2021August 2031100.000 %
Customers BancorpSenior— 24,912 4.500 %25,000 September 2019September 2024100.000 %
Total other borrowings$99,068 $123,840 
Customers Bancorp
Subordinated (2)(3)
$72,947 $72,766 5.375 %$74,750 December 2019December 2034100.000 %
Customers Bank
Subordinated (2)(4)
109,562 109,464 6.125 %110,000 June 2014June 2029100.000 %
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.