Company: BANC-PF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001169770-25-000024
Chunk: 23

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 2
Chunk 23
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656 3,499,949 21,707 

Cash and Cash Equivalents

Cash and cash equivalents decreased by $158.3 million during the first quarter of 2025 to $2.3 billion at March 31, 2025 compared to $2.5 billion at December 31, 2024, primarily reflecting a lower cash target level being maintained during the quarter.

78

Securities Available-for-Sale 

The following table presents the composition and durations of our AFS securities as of the dates indicated:

 March 31, 2025December 31, 2024Fair% of DurationFair% of DurationSecurity TypeValueTotal(in years)ValueTotal(in years) (Dollars in thousands)Agency residential MBS$867,042 37 %7.8 $861,840 38 %7.6 Agency residential CMOs565,068 24 %2.8 446,631 20 %3.2 Private label residential CMOs303,327 13 %4.1 316,910 14 %3.9 Collateralized loan obligations242,885 10 %— 279,416 12 %0.3 Corporate debt securities263,403 11 %1.2 257,712 12 %1.4 Agency commercial MBS61,204 3 %1.6 51,564 2 %1.9 Asset-backed securities15,224 1 %0.1 15,600 1 %0.1 Private label commercial MBS11,446 1 %3.5 12,372 1 %3.6 SBA securities3,862 — %3.3 4,200 — %3.2 Municipal securities 597 — %0.9 594 — %3.7 Total securities available-for-sale$2,334,058 100 %4.3 $2,246,839 100 %4.4 

AFS securities increased by $87.2 million during the first quarter of 2025 to $2.3 billion at March 31, 2025 compared to $2.2 billion at December 31, 2024. The increase was primarily driven by purchases of $148.5 million and a $38.5