Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 52

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 7
Chunk 52
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RateBalanceRate(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% to 3.40%, while the margin on the 3-month EURIBOR debenture is 2.05%. On July 1, 2023, interest rates transitioned from LIBOR to Term SOFR or Prime plus the relevant spread amount as the applicable benchmark upon the cessation of LIBOR on June 30, 2023. The subordinated debt is all long-term, with matur