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Short-Term Borrowings and Long-Term Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Debt | The following table presents details of the Company’s junior subordinated debt and short-term borrowings as of December 31, 2023 and 2022,
|  |  |  |  |  |  |  | December 31,
|  |  |  |  |  |  |  | 2023 |  | 2022
($ in thousands) |  |  |  | Interest Rate |  | Maturity Dates |  | Amount |  | Amount
Parent company |  |  |  |  |  |  |  |  |  |
Junior subordinated debt (1 ) — floating (2) |  |  |  | 7.00% — 7.55% |  | 2034 — 2037 |  | $ | 148,249 |  |  | $ | 147,950 |
Bank |  |  |  |  |  |  |  |  |  |
Short-term borrowings |  |  |  | 4.37% |  | 3/19/2024 |  | $ | 4,500,000 |  |  | $ | — |
(1)The weighted-average contractual interest rates for junior subordinated debt were 6.87% and 3.49% as of December 31, 2023 and 2022, respectively. (2)During the third quarter of 2023, all junior subordinated debt that referenced London Interbank Offered Rate transitioned to a Secured Overnight Financing Rate (“SOFR”)-based replacement rate plus the applicable stated margin.
Schedule of Components of Long-Term Debt | The following table presents the outstanding junior subordinated debt issued by each trust as of December 31, 2023 and 2022:
|  |  |  |  |  |  |  | December 31, 2023 |  | December 31, 2022
Issuer |  | Stated Maturity (1) |  | Stated Interest Rate |  | Current Rate |  | Aggregate Principal Amount of Trust Securities |  | Aggregate Principal Amount of the Junior Subordinated Debt |  | Aggregate Principal Amount of Trust Securities |  | Aggregate Principal Amount of the Junior Subordinated Debt
($ in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
East West Capital Trust V |  | November 2034 |  | 3-month CME Term SOFR + 2.06% |  | 7.44% |  | $ | 464 |  |  | $ | 15,000 |  |  | $ | 464 |  |  | $ | 15,000 |
East West Capital Trust VI |  | September 2035 |  | 3-month CME Term SOFR + 1.76% |  | 7.15% |  | 619 |  |  | 20,000 |  |  | 619 |  |  | 20,000 |
East West Capital Trust VII |  | June 2036 |  | 3-month CME Term SOFR + 1.61% |  | 7.00% |  | 928 |  |  | 30,000 |  |  | 928 |  |  | 30,000 |
East West Capital Trust VIII |  | June 2037 |  | 3-month CME Term SOFR + 1.66% |  | 7.02% |  | 619 |  |  | 18,000 |  |  | 619 |  |  | 18,000 |
East West Capital Trust IX |  | September 2037 |  | 3-month CME Term SOFR + 2.16% |  | 7.55% |  | 928 |  |  | 30,000 |  |  | 928 |  |  | 30,000 |
MCBI Statutory Trust I |  | December 2035 |  | 3-month CME Term SOFR + 1.81% |  | 7.20% |  | 1,083 |  |  | 35,000 |  |  | 1,083 |  |  | 35,000 |
Total |  |  |  |  |  |  |  | $ | 4,641 |  |  | $ | 148,000 |  |  | $ | 4,641 |  |  | $ | 148,000 |
(1)The debt instruments above mature in more than five years after December 31, 2023 and are subject to call options where early redemption requires appropriate notice.

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