Short-Term Borrowings and Long-Term Debt

12 Months Ended

Dec. 31, 2024

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 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 were no FHLB advances borrowings as of December 31, 2023.

Long-Term Debt — Junior Subordinated Debt

As of December 31, 2024, East West had one 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 debt on 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.