Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 453

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 453
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265 630 Thereafter— — — Total $3,468,376 $1,098,048 $4,566,424 

  NOTE 11.  BORROWINGS AND SUBORDINATED DEBT         

BorrowingsThe following table summarizes our borrowings as of the dates indicated:December 31,20242023WeightedWeightedAverageAverageBorrowing TypeBalanceRateBalanceRate(Dollars in thousands)FHLB secured advances$1,100,000 3.93 %$— — %Senior notes174,000 5.25 %174,000 5.25 %Credit-linked notes118,838 15.29 %123,116 16.02 %Bank Term Funding Program— — %2,618,300 4.37 %Total borrowings1,392,838 5.06 %2,915,416 4.92 %Acquisition discount on senior notes(1,024)(4,094)Total borrowings, net (1)$1,391,814 $2,911,322 ___________________(1)    All borrowings were held at the Bank level with the exception of the 5.25% Senior Notes due April 2025 ("Senior Notes"), which were issued at the holding company level.The Bank has established secured and unsecured lines of credit under which it may borrow funds from time to time on a term or overnight basis from the FHLB, the FRBSF, and other financial institutions.FHLB Secured Line of Credit.  The Bank had secured financing capacity with the FHLB of $6.9 billion as of December 31, 2024, collateralized by a blanket lien on $10.5 billion of qualifying loans and $19.8 million of securities. As of December 31, 2024, there were $527.9 million in letters of credit pledged and $1.1 billion balances outstanding. As of December 31, 2023, there were $243.8 million in letters of credit pledged and no balances outstanding,

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

The following table presents the interest rates and maturity dates of FHLB secured advances as of the dates indicated:December 31, 2024MaturityBalanceRateDate(Dollars in