EAST WEST BANCORP INC
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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10 — Short-Term Borrowings and Long-Term Debt
Note 10 —Short-Term Borrowings and Long-Term Debt
The following table presents details of the Company’s BTFP borrowings, FHLB advances, and long-term debt as of December 31, 2024 and 2023:
| December 31, | ||||
|---|---|---|---|---|
| 2024 · 2023 | ||||
| ($ in thousands) | Interest Rate | Maturity Dates | Amount | Amount |
| Parent company | ||||
| Junior subordinated debt (1) — floating | 6.17% | 12/15/2035 | $32,001 | $148,249 |
| Bank | ||||
| BTFP borrowings | 4.37% | 3/19/2024 | $— | $4,500,000 |
| FHLB advances (2): | ||||
| Floating (3) | 4.56% — 4.61% | 2025 | $3,000,000 | $— |
| Fixed | 3.87% — 3.95% | 2026 | 500,000 | — |
| Total FHLB advances | $3,500,000 | $— | ||
(1)As of December 31, 2024, the remaining junior subordinated debt outstanding was issued by MCBI Statutory Trust I that had a stated interest rate of 3-month CME Term Secured Overnight Financing Rate ("SOFR") +1.81%. The weighted-average contractual interest rates for junior subordinated debt were 6.17% and 6.87% as of December 31, 2024 and 2023, respectively.
(2)The weighted-average interest rate for FHLB advances was 4.48% as of December 31, 2024.
(3)Floating interest rates are based on the SOFR plus the established spread.
Bank Term Funding Program
As of December 31, 2023, the Company’s short-term borrowings consisted of funds from the BTFP, which were repaid upon maturity in March 2024.
FHLB Advances
The Bank’s available borrowing capacity from FHLB advances totaled $9.9 billion as of December 31, 2024. The Bank’s available borrowing capacity from the FHLB is derived from its portfolio of loans that are pledged to the FHLB, reduced by any outstanding FHLB advances. As of December 31, 2024, all advances were secured by real estate loans. In comparison, there wereno FHLB advances borrowings as of December 31, 2023.
Long-Term Debt—Junior Subordinated Debt
As of December 31, 2024, East West hadone statutory business trust for the purpose of holding junior subordinated debt issued to third party investors. The proceeds from these issuances represent liabilities of East West to the Trust and are reported as a component of Long-term debton the Consolidated Balance Sheet. Interest payments on these securities are disbursed quarterly and are deductible for tax purposes. During the first quarter of 2024, the Company redeemed approximately$117 million of junior subordinated debt. The remaining outstanding principal amounts included$35 million of junior subordinated debt and$1 million of trust preferred securities as of December 31, 2024.
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