Note 8. FHLB Advances and Junior Subordinated Debentures

The Company maintains a line of credit with the FHLB of San Francisco for use as a secondary source of funds. At March 31, 2014, the Company had approved financing with the San Francisco FHLB for maximum advances of up to 30% of total assets based on qualifying collateral. The Company’s borrowing capacity with the FHLB of San Francisco totaled $782.2 million at March 31, 2014, with $140.0 million in borrowings outstanding and a remaining borrowing capacity of $642.2 million. The Company also had $10.0 million in fixed rate term advances at March 31, 2014 from the FHLB of New York which was acquired through the acquisition of BankAsiana on October 1, 2013. The fair value of the acquired borrowings totaled $10.3 million at March 31, 2014. We had no further borrowing capacities at the FHLB of New York as of March 31, 2014.

The following table shows the Company’s outstanding advances from FHLB at March 31, 2014.

Issue Date	Balance		Rate		Maturity Date
October 25, 2013	$	40,000	0.11	%	Daily Advance (Open Maturity)
December 26, 2012	100,000		0.11	%	Daily Advance (Open Maturity)
May 20, 2011*	3,000		2.35	%	May 20, 2016
June 1, 2011*	1,000		2.16	%	June 1, 2016
June 8, 2011*	1,000		2.12	%	June 8, 2016
July 25, 2011*	5,000		2.10	%	July 25, 2016
Total Advances	$	150,000	0.18	%

*Advances acquired through the acquisition of BankAsiana had fair value of $10.3 million at March 31, 2014.

The following table summarizes information relating to the Company’s FHLB advances for the periods indicated:

	For the Three Months Ended
(Dollars in Thousands)	March 31, 2014			December 31, 2013
Balance at quarter end	$	150,292		$	190,325
Average balance during the quarter	191,646			184,259
Maximum amount outstanding at any month-end	190,314			210,336
Average interest rate during the quarter	0.15		%	0.14		%
Weighted average interest rate at quarter-end	0.25		%	0.25		%

Total junior subordinated debentures at March 31, 2014 totaled $71.6 million, unchanged from December 31, 2013. Wilshire Bancorp, as a wholly-owned subsidiary of the Bank in 2003 and as the parent company of the Bank in 2005 and 2007, issued an aggregate of $77.3 million in Junior Subordinated Debentures as part of the issuance of $75.0 million in trust preferred securities by statutory trusts wholly-owned by Wilshire Bancorp. The purpose of these transactions was to raise additional capital. In 2012, the Company called and redeemed Wilshire Statutory Trust I for a total of $15.5 million.

On November 20, 2013, the Company acquired Saehan Bancorp. Saehan Bancorp had previously formed Saehan Capital Trust I, and issued Junior Subordinated Debentures related to the trust totaling $20.6 million in March 2007. This debenture was acquired by Wilshire at a fair value of $9.7 million, or a discount of $10.9 million.

These Junior Subordinated Debentures are senior in liquidation rights to the Company’s outstanding shares of common stock.

The following table summarizes the Company’s outstanding Junior Subordinated Debentures at March 31, 2014:

(Dollars in Thousands)	Issued Date	Amount of Debenture Issued		Interest Rate	Current Rate		Callable Date		Maturity Date

Wilshire Statutory Trust II	03/17/2005	$	20,619	3 Month LIBOR + 1.79%	2.036	%	06/17/2014	(1)	03/17/2035
Wilshire Statutory Trust III	09/15/2005	15,464		3 Month LIBOR + 1.40%	1.646	%	06/15/2014	(2)	09/15/2035
Wilshire Statutory Trust IV	07/10/2007	25,774		3 Month LIBOR + 1.38%	1.626	%	06/15/2014	(3)	09/15/2037
Saehan Capital Trust I	03/30/2007	9,753		3 Month LIBOR + 1.62%	1.866	%	06/30/2014	(4)	03/30/2037
		$	71,610

(1) The Company has the right to redeem the $20.6 million debentures, in whole or in part, on any March 17, June 17, September 17, or December 17. The next callable date as of this report is June 17, 2014.

(2) The Company has the right to redeem the $15.5 million debentures, in whole or in part, on any March 15, June 15, September 15, or December 15. The next callable date as of this report is June 15, 2014.

(3) The Company has the right to redeem the $25.8 million debentures, in whole or in part, on any March 15, June 15, September 15, or December 15. The next callable date as of this report is June 15, 2014.

(4) The Company has the right to redeem the $20.6 million debentures, in whole or in part, on any March 30, June 30, September 30, or December 30. The next callable date as of this report is June 30, 2014.