Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 116

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 116
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,192)$1,187,609 Agency commercial MBS268,639 — 268,639 — (15,333)253,306 Agency residential CMOs320,984 — 320,984 — (36,650)284,334 Municipal securities29,192 — 29,192 — (1,109)28,083 Corporate debt securities327,426 (199)327,227 259 (60,254)267,232 Private label residential CMOs193,071 — 193,071 — (34,659)158,412 Collateralized loan obligations109,168 — 109,168 — (752)108,416 Private label commercial MBS22,126 — 22,126 — (1,313)20,813 Asset-backed securities20,241 — 20,241 — (289)19,952 SBA securities14,642 — 14,642 — (903)13,739 U.S. Treasury securities4,965 — 4,965 3 — 4,968 Total (1)$2,699,255 $(199)$2,699,056 $262 $(352,454)$2,346,864 _________________________(1)    Excludes accrued interest receivable of $10.0 million at December 31, 2023 which is recorded in "Other assets" on the consolidated balance sheets.

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

See Note 15. Fair Value Measurements for information on fair value measurements and methodology.At December 31, 2023, the Company had an allowance for credit losses on AFS securities of $199,000 on one corporate debt security of other financial institutions that were downgraded to below investment grade by external credit agencies. During 2024, the Company sold that security and reversed this allowance. As of December 31, 2024, we believe there was no credit impairment and the decline in fair value of our securities was primarily attributable to changes in interest rates and credit spreads. We do not currently intend to sell any of the securities in an unrealized loss position and it is not more likely than not the Company will be required to sell these securities before their anticipated recovery and the Company has