Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 198

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 198
---
187,108 8.00%8.50%Banc of California$3,617,643 13.27%$2,181,599 8.00%8.50%Total capital (to risk-weighted assets):Banc of California, Inc.$4,490,493 16.43%$2,733,885 10.00%10.50%Banc of California$4,295,821 15.75%$2,726,998 10.00%10.50%We issued or assumed through mergers subordinated debt to trusts that were established by us or entities we acquired, which, in turn, issued trust preferred securities. On April 30, 2021, the Bank completed the sale of $400 million aggregate principal amount of 3.25% Fixed-to-Floating Rate Subordinated Notes due May 1, 2031.  The carrying value of subordinated debt totaled $941.9 million at December 31, 2024. At December 31, 2024, $131.0 million of the trust preferred securities were included in the Company's Tier I capital under the phase-out limitations of Basel III, and $796.0 million was included in Tier II capital. Interest payments on subordinated debt are considered dividend payments under the FRB regulations and subject to the same notification requirements for declaring and paying dividends on common stock.

198

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

NOTE 23. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANYThe following tables present the parent company only condensed balance sheets and the related condensed statements of earnings (loss) and condensed statements of cash flows as of and for the years indicated:Parent Company OnlyDecember 31, Condensed Balance Sheets20242023(In thousands)Assets:Cash and cash equivalents$192,255 $285,758 Investments in subsidiaries3,570,039 3,384,784 Other assets134,799 134,822 Total assets$3,897,093 $3,805,364 Liabilities:Borrowings$172,976 $169,906 Subordinated debt214,709 213,171 Other liabilities9,459 31,522 Total liabilities397,144 414,599 Stockholders’ equity3,499,949 3,390,765 Total liabilities and stockholders’ equity$