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Subordinated Debentures and Convertible Notes (Tables)

3 Months Ended

Mar. 31, 2021

Subordinated Borrowings [Abstract]

Summary of Trust Preferred Securities and Debentures

The following table is a summary of trust preferred securities and Debentures at March 31, 2021:

Issuance Trust						Issuance Date						Trust Preferred Security Amount						Carrying Value of Debentures						Rate Type						Current Rate						Maturity Date
												(Dollars in thousands)
Nara Capital Trust III						06/05/2003						$	5,000					$	5,155					Variable						3.334%						06/15/2033
Nara Statutory Trust IV						12/22/2003						5,000						5,155						Variable						3.091%						01/07/2034
Nara Statutory Trust V						12/17/2003						10,000						10,310						Variable						3.132%						12/17/2033
Nara Statutory Trust VI						03/22/2007						8,000						8,248						Variable						1.834%						06/15/2037
Center Capital Trust I						12/30/2003						18,000						14,514						Variable						3.091%						01/07/2034
Wilshire Trust II						03/17/2005						20,000						16,025						Variable						1.972%						03/17/2035
Wilshire Trust III						09/15/2005						15,000						11,374						Variable						1.584%						09/15/2035
Wilshire Trust IV						07/10/2007						25,000						18,406						Variable						1.564%						09/15/2037
Saehan Capital Trust I						03/30/2007						20,000						15,282						Variable						1.819%						06/30/2037
Total												$	126,000					$	104,469

Convertible Debt

The value of the convertible note at issuance and the carrying value as of March 31, 2021 and December 31, 2020 are presented in the tables below:

																		As of March 31, 2021
						Amortization/ Capitalization Period						Gross Carrying Amount						Accumulated Amortization / Capitalization						Carrying Amount
												(Dollars in thousands)
Convertible notes principal balance												$	217,500					$	—					$	217,500
Issuance costs to be capitalized						5 years						(4,119)						2,123						(1,996)
Carrying balance of convertible notes												$	213,381					$	2,123					$	215,504

																		As of December 31, 2020
						Amortization/ Capitalization Period						Gross Carrying Amount						Accumulated Amortization / Capitalization						Carrying Amount
												(Dollars in thousands)
Convertible notes principal balance												$	217,500					$	—					$	217,500
Discount						5 years						(21,880)						10,951						(10,929)
Issuance costs to be capitalized						5 years						(4,119)						2,113						(2,006)
Carrying balance of convertible notes												$	191,501					$	13,064					$	204,565

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- Definition

Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components.

+ References

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- Definition

Tabular disclosure of borrowings under subordinated debt agreements that qualify as available in computing net capital under SEC uniform net capital rules for broker-dealers, including restrictive covenants, collateral, interest rates and due dates, amounts due by date and amount owed in total.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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

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