Company: BANC-PF
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001169770-25-000029
Chunk: 165

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 8
Chunk 165
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% for the comparable period in 2024. The higher 2025 year-to-date effective tax rate was due primarily to the one-time non-cash tax expense related to the DTA revaluation recorded in the second quarter of 2025.

Balance Sheet Analysis

The following table provides a summary of our balance sheet highlights as of the dates indicated:

June 30,December 31,IncreaseBalance Sheet Highlights20252024(Decrease)(In thousands)Cash and cash equivalents$2,353,552 $2,502,212 $(148,660)Securities available-for-sale2,246,174 2,246,839 (665)Securities held-to-maturity2,316,725 2,306,149 10,576 Loans held for sale465,571 26,331 439,240 Loans and leases held for investment24,245,893 23,781,663 464,230 Total loans and leases24,711,464 23,807,994 903,470 Total assets34,250,453 33,542,864 707,589 Noninterest-bearing deposits$7,441,116 $7,719,913 $(278,797)Total deposits27,528,433 27,191,909 336,524 Borrowings1,917,180 1,391,814 525,366 Subordinated debt949,213 941,923 7,290 Total liabilities30,823,610 30,042,915 780,695 Total stockholders' equity3,426,843 3,499,949 (73,106)

Cash and Cash Equivalents

Cash and cash equivalents decreased by $148.7 million to $2.4 billion at June 30, 2025 compared to $2.5 billion at December 31, 2024, primarily attributable to the use of cash to support loan growth in the first half of the year.

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Securities Available-for-Sale 

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

 June 30, 2025December 31, 2024Fair% of DurationFair% of DurationSecurity TypeValueTotal(in years)ValueTotal(in years) (Dollars in thousands)Agency residential MBS$849,865 38 %7.7 $861,840 38 %