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CAPITAL RESOURCES | 12 Months Ended
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Dec. 31, 2011
CAPITAL RESOURCES |
CAPITAL RESOURCES |
19. CAPITAL RESOURCES Junior Subordinated Debt—As of December 31, 2011, the Company has seven statutory business trusts for the purpose of issuing junior subordinated debt to third party investors. Junior subordinated debt is recorded as a component of long-term debt and includes the value of the common stock issued by the Trusts to the Company in conjunction with these transactions. The common stock is recorded in other assets for the amount issued in connection with these junior subordinated debt issuances. Junior subordinated debt outstanding, issued by the Trusts to the Company, was $133.0 million and $155.8 million at December 31, 2011 and 2010, respectively. During 2011, the Company called $21.4 million of junior subordinated debt securities with an associated early repayment penalty of $526 thousand. The related two statutory business trusts were dissolved during 2011 after the repayment of the related debt. The debt securities were repaid in order to reduce higher interest-bearing debt and in anticipation of the phase out of trust preferred securities as Tier I regulatory capital beginning in 2013. The related common stock outstanding, issued by the Trust to the Company was $4.2 million and $4.8 million as of December 31, 2011 and 2010, respectively. The proceeds from these issuances represent liabilities of the Company to the Trusts and are reported in the consolidated balance sheets as a component of long-term debt. Interest payments on these securities are made either quarterly or semi-annually and are deductible for tax purposes. These securities are not registered with the Securities and Exchange Commission. For regulatory reporting purposes, these securities qualify for Tier I capital treatment. Under Dodd-Frank, depository institution holding companies, such as the Company, with more than $15 billion in total consolidated assets as of December 31, 2009, will no longer be able to include trust preferred securities as Tier I regulatory capital as of the end of a phase-out period in 2016, and will be obligated to replace any outstanding trust preferred securities issued prior to May 19, 2010, with qualifying Tier I regulatory capital during the phase-out period. The table below summarizes pertinent information related to outstanding junior subordinated debt issued by each Trust as of December 31, 2011 and 2010:
|  |  |  |  |  |  |  | Balance at December 31, |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  |  |  | Stated Interest Rate |  | Rate at December 31, 2011 |
Trust Name |  | Maturity Date(1) |  | 2011 |  | 2010 |
|  |  |  |  |  |  |  | (Dollars in thousands) |
East West Capital Trust I |  | March 2030 |  | 10.88%, fixed |  |  | — | % | $ | — |  | $ | 10,750 |
East West Capital Trust II |  | July 2030 |  | 10.95%, fixed |  |  | — | % |  | — |  |  | 10,000 |
East West Capital Statutory Trust III |  | December 2033 |  | 3-month Libor + 2.85% |  |  | 3.41 | % |  | 10,000 |  |  | 10,000 |
East West Capital Trust IV |  | July 2034 |  | 3-month Libor + 2.55% |  |  | 2.97 | % |  | 10,000 |  |  | 10,000 |
East West Capital Trust V |  | November 2034 |  | 3-month Libor + 1.80% |  |  | 2.10 | % |  | 15,000 |  |  | 15,000 |
East West Capital Trust VI |  | September 2035 |  | 3-month Libor + 1.50% |  |  | 2.05 | % |  | 20,000 |  |  | 20,000 |
East West Capital Trust VII |  | June 2036 |  | 3-month Libor + 1.35% |  |  | 1.90 | % |  | 30,000 |  |  | 30,000 |
East West Capital Trust VIII |  | June 2037 |  | 3-month Libor + 1.40% |  |  | 1.93 | % |  | 18,000 |  |  | 20,000 |
East West Capital Trust IX |  | September 2037 |  | 3-month Libor + 1.90% |  |  | 2.45 | % |  | 30,000 |  |  | 30,000 |
|  |  |  |  |  |  |  |  | $ | 133,000 |  | $ | 155,750 |
(1) All of the above debt instruments are subject to various call options. Subordinated Debt—In 2005, the Company issued $75.0 million in subordinated debt in a private placement transaction. For the subordinated debt, the maturity is September 23, 2015 and the interest rate is based on the three-month LIBOR plus 110 basis points, payable on a quarterly basis. At December 31, 2011, the interest rate on this debt instrument was 1.54%. The subordinated debt was issued through the Bank and qualifies as Tier II capital for regulatory reporting purposes and is included as a component of long-term debt in the accompanying consolidated balance sheets.

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