XML 29 R17.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Subordinated Debentures | 3 Months Ended
--- | ---
Mar. 31, 2017
Subordinated Borrowings [Abstract] |
Subordinated Debentures | Subordinated Debentures At March 31, 2017, the Company had nine wholly owned subsidiary grantor trusts that had issued $126.0 million of pooled trust preferred securities. Trust preferred securities accrue and pay distributions periodically at specified annual rates as provided in the indentures. The trusts used the net proceeds from the offering to purchase a like amount of subordinated debentures (the “Debentures”). The Debentures are the sole assets of the trusts. The Company’s obligations under the subordinated debentures and related documents, taken together, constitute a full and unconditional guarantee by the Company of the obligations of the trusts. The trust preferred securities are mandatorily redeemable upon the maturity of the Debentures, or upon earlier redemption as provided in the indentures. The Company now has the right to redeem the Debentures in whole (but not in part) on a quarterly basis at a redemption price specified in the indentures plus any accrued but unpaid interest to the redemption date. The Company also has a right to defer consecutive payments of interest on the debentures for up to five years. The following table is a summary of trust preferred securities and Debentures at March 31, 2017:
Issuance Trust |  | Issuance Date |  | Trust Preferred Security Amount |  | Carrying Value of Subordinated Debentures |  | Rate Type |  | Current Rate |  | Maturity Date
|  |  |  | (Dollars in thousands) |  |  |  |  |  |
Nara Capital Trust III |  | 06/05/2003 |  | $ | 5,000 |  |  | $ | 5,155 |  |  | Variable |  | 4.28% |  | 06/15/2033
Nara Statutory Trust IV |  | 12/22/2003 |  | 5,000 |  |  | 5,155 |  |  | Variable |  | 3.87% |  | 01/07/2034
Nara Statutory Trust V |  | 12/17/2003 |  | 10,000 |  |  | 10,310 |  |  | Variable |  | 4.10% |  | 12/17/2033
Nara Statutory Trust VI |  | 03/22/2007 |  | 8,000 |  |  | 8,248 |  |  | Variable |  | 2.78% |  | 06/15/2037
Center Capital Trust I |  | 12/30/2003 |  | 18,000 |  |  | 13,684 |  |  | Variable |  | 3.87% |  | 01/07/2034
Wilshire Statutory Trust II |  | 03/17/2005 |  | 20,000 |  |  | 15,158 |  |  | Variable |  | 2.94% |  | 03/17/2035
Wilshire Statutory Trust III |  | 09/15/2005 |  | 15,000 |  |  | 10,635 |  |  | Variable |  | 2.53% |  | 09/15/2035
Wilshire Statutory Trust IV |  | 07/10/2007 |  | 25,000 |  |  | 17,275 |  |  | Variable |  | 2.51% |  | 09/15/2037
Saehan Capital Trust I |  | 03/30/2007 |  | 20,000 |  |  | 14,447 |  |  | Variable |  | 2.77% |  | 06/30/2037
Total |  |  |  | $ | 126,000 |  |  | $ | 100,067 |  |  |  |  |  |  |
The Company’s investment in the common trust securities of the issuer trusts was $3.9 million at March 31, 2017 and is included in other assets. Although the subordinated debt issued by the trusts are not included as a component of stockholders’ equity in the consolidated balance sheets, the debt is treated as capital for regulatory purposes. The trust preferred security debt issuances are includable in Tier I capital up to a maximum of 25% of capital on an aggregate basis. Any amount that exceeds 25% qualifies as Tier 2 capital.

X
- References No definition available. + Details
Name: | us-gaap_SubordinatedBorrowingsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC's uniform net capital rule, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 45 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6479118&loc=d3e64650-112822 + Details
Name: | us-gaap_SubordinatedBorrowingsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration