Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 495

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 495
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 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.

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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$3,897,093 $3,805,364 Parent Company OnlyYear Ended December 31, Condensed Statements of Earnings (Loss) 202420232022(In thousands)Miscellaneous income (loss) $6,601 $8,978 $(7,234)Dividends from Bank subsidiary80,000 46,000 129,000 Total income86,601 54,978 121,766 Interest expense29,217 12,067 5,824 Operating expenses4,716 11,944 6,015 Total expenses33,933 24,011 11,839 Earnings before income taxes and equity in undistributedearnings of subsidiaries52,668 30,