Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 382

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 382
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 69 — Restricted stock surrendered(2,708)(5,419)(9,531)Preferred stock dividends paid(39,788)(39,788)(19,339)Common stock dividends paid(68,298)(48,881)(120,256)Net cash (used in) provided by financing activities(4,844,102)(9,607,559)1,051,086 Net (decrease) increase in cash and cash equivalents(2,875,364)3,137,354 (1,817,012)Cash and cash equivalents, beginning of year5,377,576 2,240,222 4,057,234 Cash and cash equivalents, end of year$2,502,212 $5,377,576 $2,240,222 Supplemental disclosures of cash flow information:Cash paid for interest$1,014,839 $1,063,981 $238,377 Cash (received) paid for income taxes(14,450)(68,168)97,254 Loans transferred to foreclosed assets19,978 20,915 7,985 Transfers from loans held for investment to loans held for sale1,930,285 3,162,615 76,253 Transfers to loans held for investment from loans held for sale1,179 513,914 — Transfer of securities available-for-sale to held-to-maturity— — 2,260,407 Effective November 30, 2023, the Company merged with PacWest Bancorpin a transaction summarized as follows:Fair value of assets acquired$8,405,477 Stock consideration (663,004)Liabilities assumed$7,742,473 

See accompanying Notes to Consolidated Financial Statements. 

118

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

NOTE 1.  NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES    Banc of California, Inc., a Maryland corporation, was incorporated in March 2002 and serves as the holding company for its wholly owned subsidiary, Banc of California (the “Bank”), a California state-chartered bank and member of the FRB. When we refer to the “parent” or the “holding company," we are referring to Banc of California, Inc., the parent company, on a stand-alone basis. When we