Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 163

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 163
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 swaps with counterparty banks. The total notional balance of these offsetting hedging contracts was $192.4 million at December 31, 2024. The Company has also hedged the interest rate risk and foreign currency risk on €25.8 million of subordinated debt utilizing a combined cross currency swap/interest rate swap, which has had the effect of hedging the foreign currency risk and fixing the Euribor-based floating rate instrument at a fixed rate of 2.76% through July 2025. For the year ended December 31, 2024, changes in fair value and fees recorded to "Noninterest income" in the consolidated statements of earnings (loss) were immaterial.See Note 15. Fair Value Measurements for additional information regarding equity warrant assets.For further information regarding our derivatives, see Note 1. Nature of Operations and Summary of SignificantAccounting Policies.

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

NOTE 13.  COMMITMENTS AND CONTINGENCIESThe following table presents a summary of commitments described below as of the dates indicated:December 31, 20242023(In thousands)Loan commitments to extend credit$4,887,690 $5,578,907 Standby letters of credit201,768 252,572 Total$5,089,458 $5,831,479 The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement that the Company has in particular classes of financial instruments.Commitments to extend credit are contractual agreements to lend to our customers when customers are in compliance with their contractual credit agreements and when customers have contractual availability to borrow under such agreements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The estimated exposure to loss from these commitments is included in the reserve for unfunded loan commitments, which amounted to $29.1 million at December 31, 2024 and $29.6 million at December 31,