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Federal Home Loan Bank Advances and Long-Term Debt | 12 Months Ended
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Dec. 31, 2021
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 The following table presents the balance of the Company’s junior subordinated debt and FHLB advances as of December 31, 2021 and 2020, and the related contractual rates and maturity dates as of December 31, 2021:
($ in thousands) |  |  |  | Interest Rate |  | Maturity Dates |  | December 31,
|  |  |  |  | 2021 |  | 2020
|  |  |  |  | Amount |  | Amount
Parent Company |  |  |  |  |  |  |  |  |  |
Junior subordinated debt (1 ) — floating (2) |  |  |  | 1.55% — 2.10% |  | 2034 — 2037 |  | $ | 147,658 |  |  | $ | 147,376 |
Bank |  |  |  |  |  |  |  |  |  |
FHLB advances (3): |  |  |  |  |  |  |  |  |  |
Fixed |  |  |  | 0.00% — 2.34% |  | 2021 |  | — |  |  | 405,000 |
Floating (2) |  |  |  | 0.53% — 0.59% |  | 2022 |  | 249,331 |  |  | 247,612 |
Total FHLB advances |  |  |  |  |  |  |  | $ | 249,331 |  |  | $ | 652,612 |
(1)The weighted-average contractual interest rates for junior subordinated debt were 1.74% and 2.26% as of December 31, 2021 and 2020, respectively. (2)Floating interest rates reset monthly or quarterly based on LIBOR. (3)The weighted-average contractual interest rates for FHLB advances were 1.17% and 1.77% as of December 31, 2021 and 2020, respectively. FHLB Advances The Bank’s available borrowing capacity from FHLB advances totaled $11.93 billion and $6.33 billion as of December 31, 2021 and 2020, 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, 2021 and 2020, all advances were secured by real estate loans. Long-Term Debt — Junior Subordinated Debt As of December 31, 2021, 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 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 proceeds from these issuances represent liabilities of East West to the Trusts and are reported as a component of L o ng-term debt on the Consolidated Balance Sheet. Interest payments on these securities are made quarterly and are deductible for tax purposes. The following table presents the outstanding junior subordinated debt issued by each trust as of December 31, 2021, and 2020:
Issuer |  | Stated Maturity (1) |  | Stated Interest Rate |  | Current Rate |  | December 31, 2021 |  | December 31, 2020
|  |  |  | 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% |  | 1.96% |  | $ | 464 |  |  | $ | 15,000 |  |  | $ | 464 |  |  | $ | 15,000 |
East West Capital Trust VI |  | September 2035 |  | 3-month LIBOR + 1.50% |  | 1.70% |  | 619 |  |  | 20,000 |  |  | 619 |  |  | 20,000 |
East West Capital Trust VII |  | June 2036 |  | 3-month LIBOR + 1.35% |  | 1.55% |  | 928 |  |  | 30,000 |  |  | 928 |  |  | 30,000 |
East West Capital Trust VIII |  | June 2037 |  | 3-month LIBOR + 1.40% |  | 1.58% |  | 619 |  |  | 18,000 |  |  | 619 |  |  | 18,000 |
East West Capital Trust IX |  | September 2037 |  | 3-month LIBOR + 1.90% |  | 2.10% |  | 928 |  |  | 30,000 |  |  | 928 |  |  | 30,000 |
MCBI Statutory Trust I |  | December 2035 |  | 3-month LIBOR + 1.55% |  | 1.75% |  | 1,083 |  |  | 35,000 |  |  | 1,083 |  |  | 35,000 |
Total |  |  |  |  |  |  |  | $ | 4,641 |  |  | $ | 148,000 |  |  | $ | 4,641 |  |  | $ | 148,000 |
(1)All the above debt instruments mature in more than five years after December 31, 2021 and are subject to call options where early redemption requires appropriate notice.

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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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