Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 411

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 411
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 year ended December 31, 2024 and 2023. The following restricted cash balances are included in "Interest-earning deposits in financial institutions" on the consolidated balance sheets. As of December 31, 2024 and 2023, we pledged cash collateral for our derivative contracts of $5.3 million and $3.3 million. In connection with the issuance of the credit-linked notes on September 29, 2022, legacy Pacific Western Bank established a correspondent bank account at a third party financial institution as the collateral account for the credit-linked notes. The repayment of principal on the credit-linked notes is secured by this collateral account, which had a balance of $119.6 million at December 31, 2024 and $125.2 million at December 31, 2023. Starting in the second quarter of 2023, we began to pledge cash to secure the standby letters of credit that we have issued on behalf of our customers. At December 31, 2024 and 2023, the balance of such restricted cash totaled $59.3 million and $56.6 million.

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

NOTE 4.  INVESTMENT SECURITIES

Transfer of Securities Available-for-Sale to Held-to Maturity    Effective June 1, 2022, the Company transferred $2.3 billion in fair value of municipal securities, agency commercial MBS, private label commercial MBS, U.S. Treasury securities, and corporate debt securities from AFS to HTM. At the time of transfer, $218.3 million of unrealized losses, net of tax, was retained in "Accumulated other comprehensive loss, net" on the consolidated balance sheets. The amount remaining in "Accumulated other comprehensive loss, net" at December 31, 2024 was $157.9 million.Securities Available-for-Sale The following tables present amortized cost, gross unrealized gains and losses, and fair values of AFS securities as of the dates indicated:  December 31, 2024AllowanceGrossGrossAmortizedfor CreditNet CarryingUnrealizedUnrealizedFairSecurity TypeCostLossesAmountGainsLossesValue (In thousands)Agency residential MBS$1,051,601 $— $1,051,601 $— $(189,761)$861,840 Agency