Company: BANC-PF
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001169770-25-000024
Chunk: 155

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-05-09
Form: 10-Q
Item: Item 8
Chunk 155
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, 2024Amortized% of DurationAmortized% of DurationSecurity TypeCostTotal(in years)CostTotal(in years) (Dollars in thousands)Municipal securities $1,252,455 55 %8.2$1,251,364 55 %8.0Agency commercial MBS442,172 19 %5.7440,476 19 %5.9Private label commercial MBS356,586 15 %5.4355,342 15 %5.6U.S. Treasury securities190,726 8 %5.7189,985 8 %5.9Corporate debt securities70,573 3 %4.470,482 3 %4.0Total securities held-to-maturity$2,312,512 100 %7.0$2,307,649 100 %7.0

HTM securities increased by $5.8 million in the first quarter to $2.3 billion at March 31, 2025 compared to $2.3 billion at December 31, 2024. The increase was primarily due to the accretion of $8.3 million of the remaining unrealized losses balance deferred in other comprehensive income ("OCI") from a prior transfer of securities from AFS to HTM on June 1, 2022, and the release of $0.9 million in credit loss reserve, partially offset by $3.2 million of net amortization and $0.3 million of principal paydowns.

As of March 31, 2025, HTM securities had aggregate unrealized net after-tax losses in AOCI of $151.9 million remaining from the balance established at the time of the AFS to HTM transfer, compared to $157.9 million at December 31, 2024.

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The following table shows the geographic composition of the majority of our HTM municipal securities portfolio as of the date indicated:

March 31, 2025Amortized % of Municipal Securities by StateCostTotal(Dollars in thousands) California$314,235 25 % Texas277,718 22 % Washington188,396 15 % Oregon80,261 6 % Maryland64,278 5 % Georgia55,314 4 % Colorado48,578 4 % Minnesota34,719 3