Company: BANC-PF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001169770-25-000024
Chunk: 27

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 2
Chunk 27
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 residential real estate mortgage loan portfolios. Loan originations including production, purchased loans, and unfunded new commitments were $2.6 billion in the first quarter, most of which onboarded towards the end of the quarter, with a weighted average interest rate on production of 7.20%. 

The following table presents the geographic composition of our real estate loans held for investment by the top 10 states and all other states combined (in the order presented for the current quarter-end) as of the dates indicated:

March 31, 2025December 31, 2024% of % of Real Estate Loans by StateBalanceTotalBalanceTotal(Dollars in thousands)California$11,556,371 71 %$11,722,323 71 %Colorado1,162,155 7 %1,224,295 7 %Arizona574,955 4 %540,726 3 %Texas540,773 3 %542,312 3 %Florida432,305 3 %437,987 3 %Nevada390,585 2 %388,627 2 %Washington386,025 2 %393,584 2 %Oregon296,754 2 %307,088 2 %Utah144,705 1 %147,205 1 %Illinois105,845 — %106,463 1 %Total of 10 largest states15,590,473 95 %15,810,610 95 %All other states763,223 5 %789,342 5 %Total real estate loans held for investment$16,353,696 100 %$16,599,952 100 %

At March 31, 2025 and December 31, 2024, 71% and 71% of our real estate loans were collateralized by property located in California because our full-service branches and our community banking activities are primarily located in California.

When considering the markets in which to pursue real estate loans, we consider the market conditions, our current loan portfolio concentrations by property type and by market, and our past experiences with the borrower, within the specific market, and with the property type.

When underwriting real estate loans, we seek to mitigate risk by using the following framework:

•requiring borrowers to invest and maintain a meaningful cash equity interest in the properties securing our loans;

•reviewing each loan