Company: CVBF
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029985
Chunk: 256

Company: CVB FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 256
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       (1)Includes short-term leases and variable lease costs, which are immaterial.  

        Other Information

        Cash paid for amounts included in the   measurement of  lease liabilities:

        Operating cash outflows from operating   leases, net
         
        $
        8,094

        $
        6,642

        December 31,

        2024

        2023

        Lease Term and Discount Rate

        Weighted average remaining lease term   (years)

        9.99

        3.94

        Weighted average discount rate

        5.95
        %

        3.48
        %
       
       During the third and fourth quarters of 2024, the Bank executed sale-leaseback transactions with the sale of four properties for an aggregate sale price of $47.1 million, resulting in a pre-tax net gain of $25.9 million and cash proceeds of $44.76 million. The Bank simultaneously entered into lease agreements with the respective purchasers for initial terms of 15 and 18 years with specified renewal options for each respective lease. The Bank also recorded ROU assets and corresponding operating lease liabilities of $26.8 million. The Company’s lease arrangements that have not yet commenced as of December 31, 2024 and the Company’s short-term lease costs and variable lease costs, for the year ended December 31, 2024 are not material to the consolidated financial statements. The future lease payments required for leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2024, excluding property taxes and insurance, are as follows:  

        December 31, 2024

        (Dollars in thousands)

        Year:

        2025
         
        $
        10,114

        2026

        9,080

        2027

        7,679

        2028

        5,892

        2029

        4,205

        Thereafter

        32,670

        Total future lease payments

        69,640

        Less: Imputed interest

        (20,023
        )

        Present value of lease liabilities
         
        $
        49,617

140

22.	REVENUE RECOGNITION ASU No. 2014-09 “Revenue from Contracts with Customers (Topic