Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 349

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 349
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 the year:Total borrowings, net$1,838,819 5.68 %$7,068,826 5.90 %$961,601 2.67 %

94

The following table presents summary information on our subordinated debt as of the dates indicated:

December 31,202420232022WeightedWeightedWeightedAverageAverageAverageSubordinated DebtBalanceRateBalanceRateBalanceRate(Dollars in thousands)Subordinated debt:With no unamortized acquisition discountor unamortized issuance costs$152,582 7.16 %$152,582 8.08 %$135,055 7.01 %With unamortized acquisition discount or unamortized issuance costs863,420 5.18 %865,186 5.56 %804,325 4.76 %Total subordinated debt1,016,002 5.48 %1,017,768 5.93 %939,380 5.08 %Unamortized issuance costs(3,815)(4,349)(4,866)Unamortized acquisition discount(70,264)(76,820)(67,427)Total subordinated debt, net$941,923 $936,599 $867,087 Averages for the year:Total subordinated debt, net$939,528 7.05 %$875,621 6.70 %$863,883 4.59 %

The subordinated debt is variable rate and based on 3-month Term SOFR or Prime plus a margin, except for: (a) one which is based on 3-month EURIBOR plus a margin, (b) $400 million of subordinated notes issued on April 30, 2021 that is fixed rate at 3.25% until May 1, 2026 when it changes to floating rate and resets quarterly equal to 3-month Term SOFR plus a spread of 252 basis points, and (c) $75 million of subordinated notes from legacy Banc of California, Inc. Inc. that is fixed rate at 4.375% 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. The margins on the 3-month term SOFR and Prime debentures range from 1.55%