Borrowings (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Short Term Borrowings

Short-term debt at December 31, 2019 and 2018 was as follows:

	December 31,
	2019				2018
(dollars in thousands)	Amount		Rate		Amount		Rate
FHLB advances	$	500,000	2.15	%	$	1,248,070	2.62	%
Federal funds purchased	538,000		1.60	%	187,000		2.60	%
Total short-term debt	$	1,038,000			$	1,435,070

Summary of Bancorps Short Term Borrowings

The following is a summary of additional information relating to Customers' short-term debt:

	December 31,
(dollars in thousands)	2019			2018			2017
FHLB advances
Maximum outstanding at any month end	$	1,190,150		$	2,622,165		$	2,283,250
Average balance during the year	793,304			1,526,180			1,415,755
Weighted-average interest rate during the year	2.66		%	2.05		%	1.44		%
Federal funds purchased
Maximum outstanding at any month end	600,000			195,000			238,000
Average balance during the year	271,400			156,652			163,466
Weighted-average interest rate during the year	2.28		%	1.92		%	1.19		%

Schedule of Long-term Debt

FHLB and FRB advances

Long-term FHLB and FRB advances at December 31, 2019 and 2018 were as follows:

	December 31,
	2019				2018
(dollars in thousands)	Amount		Rate		Amount		Rate
FHLB advances	$	350,000	2.36	%	$	—	—	%
Total long-term FHLB advances	$	350,000			$	—

There were no advances outstanding with the FRB at December 31, 2019 and 2018, respectively.

The maximum borrowing capacity with the FHLB and FRB at December 31, 2019 and 2018, was as follows:

	December 31,
(amounts in thousands)	2019		2018
Total maximum borrowing capacity with the FHLB	$	3,445,416	$	4,146,899
Total maximum borrowing capacity with the FRB	136,842		102,461
Qualifying loans serving as collateral against FHLB and FRB advances	4,496,983		5,221,957

Senior and Subordinated Debt

Long-term senior notes and subordinated debt at December 31, 2019 and 2018 were as follows:

		December 31,
(dollars in thousands)		2019		2018
Issued by	Ranking	Amount		Amount		Rate		Issued Amount		Date Issued	Maturity	Price
Customers Bancorp	Senior	$	24,432	$	—	4.500	%	$	25,000	September 2019	September 2024	100.000	%
Customers Bancorp	Senior	99,198		98,911		3.950	%	100,000		June 2017	June 2022	99.775	%
Customers Bancorp	Senior	—		24,960		4.625	%	25,000		June 2014	June 2019	100.000	%
Total other borrowings		123,630		123,871
Customers Bancorp	Subordinated (1)(2)	72,040		—		5.375	%	74,750		December 2019	December 2034	100.000	%
Customers Bank	Subordinated (1)(3)	109,075		108,977		6.125	%	110,000		June 2014	June 2029	100.000	%
Total subordinated debt		$	181,115	$	108,977

(1)The subordinated notes qualify as Tier 2 capital for regulatory capital purposes.

(2)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.

(3)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.