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Short-Term Borrowings and Long-Term Debt
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Short-Term Borrowings and Long-Term Debt Short-Term Borrowings and Long-Term 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,
20232022
($ in thousands)
Interest Rate
Maturity Dates
AmountAmount
Parent company
Junior subordinated debt (1 ) — floating (2)
7.00% — 7.55%
2034 — 2037$148,249 $147,950 
Bank
Short-term borrowings4.37%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.

Short-Term Borrowings — Bank Term Funding Program

As of December 31, 2023 , the Company’s short-term borrowings consisted of funds from the Bank Term Funding Program (“BTFP”), which was designed by the Federal Reserve to provide additional liquidity to U.S. depository institutions. The advances are limited to the par value of eligible collateral pledged by the borrower, for a term of up to one year. U.S. federally insured depository institutions can request advances under the BTFP until at least March 11, 2024.

The Company pledged eligible U.S. government agency and U.S. government-sponsored enterprise debt and mortgage-backed securities, and U.S. Treasury securities as collateral for the borrowings under the BTFP. As of December 31, 2023, the carrying amount of the Company’s pledged securities to the BTFP totaled $4.3 billion with a remaining borrowing capacity of $121 million. In comparison, there were no short-term borrowings as of December 31, 2022.

Long-Term Debt — Junior Subordinated Debt

As of December 31, 2023, East West had 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 both fixed and 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 Long-term debt on the Consolidated Balance Sheet. Interest payments on these securities are disbursed quarterly and are deductible for tax purposes.
The following table presents the outstanding junior subordinated debt issued by each trust as of December 31, 2023 and 2022:
December 31, 2023December 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 VNovember 2034
3-month CME Term SOFR + 2.06%
7.44%$464 $15,000 $464 $15,000 
East West Capital Trust VISeptember 2035
3-month CME Term SOFR + 1.76%
7.15%619 20,000 619 20,000 
East West Capital Trust VIIJune 2036
3-month CME Term SOFR + 1.61%
7.00%928 30,000 928 30,000 
East West Capital Trust VIIIJune 2037
3-month CME Term SOFR + 1.66%
7.02%619 18,000 619 18,000 
East West Capital Trust IXSeptember 2037
3-month CME Term SOFR + 2.16%
7.55%928 30,000 928 30,000 
MCBI Statutory Trust IDecember 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.