Company: BANC-PF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001169770-25-000024
Chunk: 129

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 129
---
 interest rates and collateral, as those of comparable transactions with non-insiders prevailing at the time, in accordance with the Bank's underwriting guidelines, and do not involve more than the normal risk of collectability or present other unfavorable features. As of March 31, 2025, no related party loans were categorized as nonaccrual, past due, restructured, or potential problem loans.Transactions with Related PartiesThe Company and the Bank have engaged in the transaction described below with the Company's current directors, executive officers, and beneficial owners of more than five percent of the outstanding shares of the Company's voting common stock and certain persons related to them.

The Company is a party to a services agreement with IntraFi Network LLC (“IntraFi”) whereby IntraFi provides the Bank with certain insured cash sweep services from time to time. Affiliates of funds managed by Warburg Pincus LLC hold a material investment interest in IntraFi. Additionally, one of Warburg Pincus LLC’s principals, Todd Schell, who currently serves as a member of the Board, is a member of the board of directors of IntraFi. Affiliates of funds managed by Warburg Pincus LLC beneficially owned approximately 9.97% of the Company’s outstanding voting common stock as of March 31, 2025, based on information reported on a Schedule 13D filed with the SEC on August 1, 2024. For the three months ended March 31, 2025 and 2024, the amounts paid to IntraFi for certain insured cash sweep services were $1.8 million and $2.3 million.

NOTE 18.  SUBSEQUENT EVENTSStock Repurchase ProgramSubsequent to March 31, 2025 and through April 21, 2025, we repurchased 8,809,814 shares of common stock at a weighted average price per share of $12.65, or $111.5 million in the aggregate. Since the announcement of the stock repurchase program on March 17, 2025 and through April 21, 2025, we have repurchased a total of 11,494,637 shares of common stock at a weighted average price per share of $13.05 per share, or $150.0 million in the aggregate. On April 23, 2025, the Company announced an upsize of its stock repurchase program from $150.0 million to $300.0 million and expanded