Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 457

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 457
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6-416,470 9.95 %16,470 10.45 %12/5/20061/30/2037Prime + 1.95Trust CS 2006-56,650 6.80 %6,650 7.60 %12/19/20061/30/20373-month Term SOFR + 1.95Trust CS 2007-239,177 6.80 %39,177 7.60 %6/13/20077/30/20373-month Term SOFR + 1.95PMB Statutory Trust III7,217 7.99 %7,217 9.02 %9/16/20029/26/20323-month Term SOFR + 3.40PMB Capital Trust III10,310 6.89 %10,310 7.66 %10/4/200410/8/20343-month Term SOFR + 2.00Total subordinated debt1,012,187 5.48 %1,013,419 5.93 %Acquisition discount (5)(70,264)(76,820)Total subordinated debt, net$941,923 $936,599 ___________________(1)    Rates do not include the effects of discounts and issuance costs.(2)    Net of unamortized issuance costs of $3.8 million.(3)    Interest rate is fixed until May 1, 2026, when it changes to a floating rate and resets quarterly equal to 3-month Term SOFR, plus a spread of 252 basis points.(4)    Denomination is in Euros with a value of €25.8 million. (5)    Amount represents the fair value adjustment on trust preferred securities assumed in acquisitions.(6)    Interest rate is fixed until October 30, 2025, when it changes to a floating rate equal to 3-month Term SOFR, plus a spread of 419.5 basis points. (7)    Subordinated notes, net issued at the Bank level rather than the holding company level.

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BANC OF CALIFORNIA, INC. AND SUBSIDIARIESNotes to Consolidated Financial Statements

NOTE 12.  DERIVATIVES

We use derivative instruments and other risk management techniques to reduce our exposure to adverse fluctuations in interest