Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 454

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 454
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 thousands)Term advance$150,000 4.59 %6/26/2026Term advance150,000 4.63 %5/28/2027Term advance150,000 4.63 %6/3/2027Term advance150,000 4.39 %6/3/2027Callable term advance500,000 3.18 %9/18/2034Total FHLB secured advances$1,100,000 3.93 %FRBSF Secured Line of Credit.  The Bank has a secured line of credit with the FRBSF. As of December 31, 2024, the Bank had secured borrowing capacity of $6.3 billion collateralized by liens covering $5.9 billion of qualifying loans and $1.5 billion of securities. As of December 31, 2024 and 2023, there was no balances outstanding.Senior Notes. The Senior Notes are unsecured debt obligations and rank equally with our other present and future unsecured unsubordinated obligations. We make interest payments on the Senior Notes semi-annually in arrears. We have the option to redeem the Senior Notes either in whole or in part on or after January 15, 2025 (i.e., 90 days prior to the maturity date of April 15, 2025). Notification of no less than 30 nor more than 60 days is required for redemption. The Senior Notes will be redeemable at a price equal to 100% of the principal amount of the Senior Notes to be redeemed plus accrued and unpaid interest to the date of redemption.Line of Credit Arrangement with Commercial Bank.  On December 23, 2024, Banc of California, Inc. completed an unsecured revolving line of credit agreement with a correspondent bank for $50.0 million. The rate is based on 1-month SOFR plus a spread of 2.25% basis points. As of December 31, 2024, there was no balance outstanding.  Credit-Linked Notes.  On September 29, 2022, legacy Pacific Western Bank completed a credit-linked notes transaction. The notes were issued in five classes, each with an interest rate of SOFR plus a spread that ranges from 8.00% to 13.25%, with a weighted average spread of 10.73% at December 31, 2024. The notes are linked to the credit risk of