Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 51

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 51
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 approximately $128.7 million and are due June 27, 2052. The notes are linked to the credit risk of a reference pool of previously purchased single-family residential mortgage loans, which had an approximate balance of $2.66 billion at the transaction date. The notes were issued in five classes with a blended rate on the notes of SOFR plus 11%. The transaction resulted in a lower risk-weighting on the reference pool of loans for regulatory capital purposes. The credit-linked notes are reported at fair value. See Note 11. Borrowings and Subordinated Debt and Note 14. Fair Value Option for more information regarding the credit-linked notes.

The following table presents information on our borrowings as of the dates indicated:

December 31,202420232022WeightedWeightedWeightedAverageAverageAverageBorrowingsBalanceRateBalanceRateBalanceRate(Dollars in thousands)FHLB secured term advances$1,100,000 3.93 %$— — %$1,270,000 4.62 %Senior Notes174,000 5.25 %174,000 5.25 %— — %Credit-linked notes 118,838 15.29 %123,116 16.02 %132,030 14.56 %Bank Term Funding Program— — %2,618,300 4.37 %— — %AFX short-term borrowings— — %— — %250,000 4.68 %FHLB unsecured overnight advance— — %— — %112,000 4.37 %Total borrowings1,392,838 5.06 %2,915,416 4.92 %1,764,030 5.36 %Acquisition discount on senior notes(1,024)(4,094)— Total borrowings, net$1,391,814 $2,911,322 $1,764,030 Averages for the year:Total borrowings, net$1,838,819 5.68 %$7,068,826 5.90 %$961,601 2.67 %

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

December 31,202420232022WeightedWeightedWeightedAverageAverageAverageSubordinated DebtBalanceRateBalance