Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 124

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 8
Chunk 124
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70,482 Total$— $52,278 $1,095,113 $1,160,258 $2,307,649 December 31, 2024Due AfterDue AfterDue One Year Five YearsDue WithinThroughThroughAfterSecurity TypeOne YearFive YearsTen YearsTen YearsTotal(In thousands)Fair Value:Municipal securities$— $20,135 $425,876 $750,449 $1,196,460 Agency commercial MBS— 29,273 373,363 — 402,636 Private label commercial MBS— — 34,668 294,448 329,116 U.S. Treasury securities— — 173,283 — 173,283 Corporate debt securities— — 9,381 45,818 55,199 Total$— $49,408 $1,016,571 $1,090,715 $2,156,694 CMBS have contractual maturity dates, but require periodic payments based upon scheduled amortization terms. Actual principal collections on these securities usually occur more rapidly than the scheduled amortization terms because of prepayments made by obligors of the underlying loan collateral. FRB and FHLB StockIn connection with borrowing facilities with the FRB and FHLB, the Bank owned FRB and FHLB stock carried at cost of $147.8 million and $126.3 million at December 31, 2024 and 2023. We evaluated the carrying value of our FRB and FHLB stock investment at December 31, 2024 and determined that it was not impaired. Our evaluation considered the long-term nature of the investment, the current financial and liquidity position of the FRB and FHLB, repurchase activity of excess stock by the FRB and FHLB at its carrying value, the return on the investment from recurring dividends, and our intent and ability to hold this investment for a period of time sufficient to recover our recorded investment.

142

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

Interest Income on Investment SecuritiesThe following table presents the composition of our interest income on investment securities for the years indicated:Year Ended December 31, 202420232022(In thousands)Taxable interest$114,656 $150,710 $179,496 Non-taxable interest18,594 19,