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FEDERAL HOME LOAN BANK ADVANCES AND LONG-TERM DEBT | 12 Months Ended
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Dec. 31, 2014
FEDERAL HOME LOAN BANK ADVANCES AND LONG-TERM DEBT |
FEDERAL HOME LOAN BANK ADVANCES AND LONG-TERM DEBT | NOTE 13 — FHLB ADVANCES AND LONG-TERM DEBT FHLB Advances— Total carrying amounts of FHLB advances were $317.2 million and $315.1 million with weighted average interest rates of 0.58% and 0.61%, as of December 31, 2014 and 2013, respectively. As of December 31, 2014, FHLB advances that matures during the next five years are as follows: 2015 to 2018 — $0 million; 2019 — $79.4 million; 2020 and thereafter — $237.8 million. As of December 31, 2014 and 2013, FHLB advances had interest rates ranging from 0.40% to 0.64%, which are floating and reset monthly or quarterly based on LIBOR. There were no outstanding overnight borrowings as of December 31, 2014 and 2013. All advances as of December 31, 2014 and 2013 were secured by real estate loans. The Company’s available borrowing capacity from FHLB totaled $5.54 billion and $3.70 billion as of December 31, 2014 and 2013, respectively. The Company’s available borrowing capacity from the FHLB is derived from its portfolio of loans that are pledged to the FHLB deducted by its outstanding FHLB advances. As of December 31, 2014 and 2013, the Company had additional available borrowing capacity of $3.03 billion and $1.42 billion, respectively, from the Federal Reserve Bank’s discount window derived from its portfolio of loans that are pledged to the Federal Reserve Bank. Long-Term Debt The following table presents the components of long-term debt as of December 31, 2014 and 2013:
|  | December 31,
| 2014 |  | 2013
|  | (In thousands)
Junior subordinated debt |  | $ | 145,848 |  |  | $ | 126,868 |
Term loan |  | 80,000 |  |  | 100,000 |
Total long-term debt |  | $ | 225,848 |  |  | $ | 226,868 |
Junior Subordinated Debt—As of December 31, 2014, the Company has six statutory business trusts for the purpose of issuing junior subordinated debt to third party investors. The junior subordinated debt was issued in connection with the Company's various pooled trust preferred securities offerings. Junior subordinated debt is recorded as a component of long-term debt and considers 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, totaled $148.0 million as of December 31, 2014, compared to $123.0 million as of December 31, 2013. During 2014, the junior subordinated debt of one statutory business trust for $10.0 million, with related common stock of $310 thousand, was redeemed in order to reduce higher interest-bearing debt and due to the phase-out of trust preferred securities as Tier I regulatory capital. This decrease was offset by a junior subordinated debt recorded due to the acquisition of MetroCorp during the first quarter of 2014. As of December 31, 2014, the MetroCorp junior subordinated debt was $35.0 million, before reduction of a purchase accounting adjustment of $6.8 million, with related common stock of $1.1 million. The total related common stock outstanding, issued by the Trusts to the Company amounted to $4.6 million and $3.9 million as of December 31, 2014 and 2013, 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. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, bank holding companies with more than $15 billion in total consolidated assets are no longer able to include trust preferred securities as Tier I regulatory capital following a phase-out period, which commenced in 2013 with phase-out complete by 2016. The junior subordinated debt is being phased out 25% each year, over the four year period, from Tier I capital into Tier II capital for regulatory purposes. 1 The following table summarizes pertinent information related to outstanding junior subordinated debt issued by each Trust as of December 31, 2014 and 2013:
Trust Name |  | Maturity Date (1) |  | Stated Interest Rate |  | Rate as of December 31, 2014 |  | December 31,
|  |  |  | 2014 |  | 2013
|  |  |  |  |  |  |  | ($ in thousands)
East West Capital Trust IV |  | July 2034 |  | 3-month Libor + 2.55% |  | — |  |  | $ | — |  |  | $ | 10,000 |
East West Capital Trust V |  | November 2034 |  | 3-month Libor + 1.80% |  | 2.03 | % |  | 15,000 |  |  | 15,000 |
East West Capital Trust VI |  | September 2035 |  | 3-month Libor + 1.50% |  | 1.74 | % |  | 20,000 |  |  | 20,000 |
East West Capital Trust VII |  | June 2036 |  | 3-month Libor + 1.35% |  | 1.59 | % |  | 30,000 |  |  | 30,000 |
East West Capital Trust VIII |  | June 2037 |  | 3-month Libor + 1.40% |  | 1.64 | % |  | 18,000 |  |  | 18,000 |
East West Capital Trust IX |  | September 2037 |  | 3-month Libor + 1.90% |  | 2.14 | % |  | 30,000 |  |  | 30,000 |
Metro Bank Trust |  | December 2035 |  | 3-month Libor + 1.55% |  | 1.79 | % |  | 35,000 |  |  | — |
Total |  |  |  |  |  |  |  | $ | 148,000 |  |  | $ | 123,000 |
(1) | All of the above debt instruments are subject to various call options.
Term Loan—In 2013, the Company entered into a three-year term loan agreement for $100.0 million. The three-year term loan is payable in quarterly installments of $5.0 million starting on March 31, 2014 and with a $50.0 million final repayment at maturity on July 1, 2016. The interest rate was 1.81% as of December 31, 2014, which is based on the three-month LIBOR plus 150 basis points. The outstanding balance of the term loan was $80.0 million and $100.0 million as of December 31, 2014 and 2013, respectively. The term loan is included in long-term debt in the consolidated balance sheets.

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- Definition The entire disclosure of long term debt and the borrowings from the Federal Home Loan Bank, including: (i) general description; (ii) title and nature of obligation; (iii) interest rate; (iv) payment terms; (v) maturity dates by year; (vi) collateral requirements; (vii) restrictive covenants; (viii) priority; (ix) conversion or redemption features; (x) carrying value of assets pledged as collateral; (xi) combined aggregate maturities for next five years; (xii) unused or available balances. + References No definition available. + Details
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