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Federal Home Loan Bank Advances and Long-Term Debt | 12 Months Ended
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Dec. 31, 2019
FEDERAL HOME LOAN BANK ADVANCES AND LONG-TERM DEBT |
Federal Home Loan Bank Advances and Long-Term Debt | Federal Home Loan Bank Advances and Long-Term Debt FHLB Advances FHLB advances to the Bank totaled $745.9 million and $326.2 million as of December 31, 2019 and 2018, respectively. The FHLB advances have both fixed and floating interest rates that reset monthly or quarterly based on LIBOR. The weighted-average interest rate was 2.19% and 2.87% as of December 31, 2019 and 2018, respectively. The interest rates ranged from 1.82% to 3.13% and 1.79% to 2.98% for the years ended December 31, 2019 and 2018, respectively. As of December 31, 2019, FHLB advances that will mature in the next five years include $100.0 million in 2020, $400.0 million in 2021 and $245.9 million in 2022. The Bank’s available borrowing capacity from FHLB advances totaled $6.83 billion and $6.11 billion as of December 31, 2019 and 2018, respectively. The Bank’s available borrowing capacity from the FHLB is derived from its portfolio of loans that are pledged to the FHLB reduced by its outstanding FHLB advances. As of December 31, 2019 and 2018, all advances were secured by real estate loans. Long-Term Debt — Junior Subordinated Debt As of December 31, 2019, East West has six statutory business trusts for the purpose of issuing junior subordinated debt to third party investors. The junior subordinated debt was issued in connection with the East West’s various pooled trust preferred securities offerings. The Trusts issued both fixed and variable rate capital securities, representing undivided preferred beneficial interests in the assets of the Trusts, to third party investors. East West is the owner of all the beneficial interests represented by the common securities of the Trusts. The junior subordinated debt is recorded as a component of long-term debt and includes the value of the common stock issued by six of East West’s wholly-owned subsidiaries in conjunction with these transactions. The common stock is recorded in Other assets on the Consolidated Balance Sheet for the amount issued in connection with these junior subordinated debt issuances. The following table presents the outstanding junior subordinated debt issued by each trust as of December 31, 2019 and 2018:
Issuer |  | Stated Maturity (1) |  | Stated Interest Rate |  | Current Rate |  | December 31, 2019 |  | December 31, 2018
|  |  |  | Aggregate Principal Amount of Trust Securities |  | Aggregate Principal Amount of the Junior Subordinated Debts |  | Aggregate Principal Amount of Trust Securities |  | Aggregate Principal Amount of the Junior Subordinated Debts
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
East West Capital Trust V |  | November 2034 |  | 3-month LIBOR + 1.80% |  | 3.71% |  | $ | 464 |  |  | $ | 15,000 |  |  | $ | 464 |  |  | $ | 15,000 |
East West Capital Trust VI |  | September 2035 |  | 3-month LIBOR + 1.50% |  | 3.39% |  | 619 |  |  | 20,000 |  |  | 619 |  |  | 20,000 |
East West Capital Trust VII |  | June 2036 |  | 3-month LIBOR + 1.35% |  | 3.24% |  | 928 |  |  | 30,000 |  |  | 928 |  |  | 30,000 |
East West Capital Trust VIII |  | June 2037 |  | 3-month LIBOR + 1.40% |  | 3.29% |  | 619 |  |  | 18,000 |  |  | 619 |  |  | 18,000 |
East West Capital Trust IX |  | September 2037 |  | 3-month LIBOR + 1.90% |  | 3.79% |  | 928 |  |  | 30,000 |  |  | 928 |  |  | 30,000 |
MCBI Statutory Trust I |  | December 2035 |  | 3-month LIBOR + 1.55% |  | 3.44% |  | 1,083 |  |  | 35,000 |  |  | 1,083 |  |  | 35,000 |
Total |  |  |  |  |  |  |  | $ | 4,641 |  |  | $ | 148,000 |  |  | $ | 4,641 |  |  | $ | 148,000 |
(1) | All the above debt instruments mature more than five years after December 31, 2019 and are subject to call options where early redemption requires appropriate notice.
The proceeds from these issuances represent liabilities of East West to the Trusts and are reported on the Consolidated Balance Sheet as a component of Long-term debt. As of December 31, 2019 and 2018, the Company had outstanding junior subordinated debt of $147.1 million and $146.8 million, respectively. Interest payments on these securities are made quarterly and are deductible for tax purposes. Term Loan In 2013, East West entered into a $100.0 million three-year term loan agreement. The terms of the agreement were modified in 2015 to extend the term loan maturity from July 1, 2016 to December 31, 2018, where principal repayments of $5.0 million were due quarterly. The term loan bears interest at the rate of the three-month LIBOR plus 150 basis points and the weighted-average interest rate was 3.60% for the year ended December 31, 2018. As of both December 31, 2019 and 2018, the term loan had no outstanding balances as East West had made all scheduled principal repayments on the term loan in the fourth quarter of 2018.

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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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