Company: BANC-PF
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0001628280-25-009438
Chunk: 451

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 451
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 Consolidated Financial Statements

Operating Leases as a LesseeOur lease expense is a component of "Occupancy expense" on our consolidated statements of earnings (loss). The following table presents the components of lease expense for the years indicated:Year Ended December 31, 202420232022(In thousands)Operating Lease Expense:Fixed costs$33,298 $33,672 $33,323 Variable costs524 217 129 Short-term lease costs625 831 1,466 Sublease income(4,753)(2,081)(4,048)Net lease expense$29,694 $32,639 $30,870 The following table presents supplemental cash flow information related to leases for the years indicated:Year Ended December 31, 202420232022(In thousands)Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows from operating leases$37,333 $37,064 $35,677 ROU assets obtained in exchange for lease obligations:Operating leases$5,429 $39,985 $39,661 The following table presents supplemental balance sheet and other information related to operating leases as of the date indicated:December 31, 20242023(Dollars in thousands)Operating leases:Operating lease right-of-use assets, net$100,092 $133,126 Operating lease liabilities$124,355 $161,308 Weighted average remaining lease term (in years)5.96.1Weighted average discount rate3.53 %3.40 %The following table presents the maturities of operating lease liabilities as of the date indicated: December 31, 2024(In thousands)Year Ending December 31, 2025$31,869 202627,874 202720,781 202816,565 202912,210 Thereafter29,359 Total operating lease liabilities138,658 Less: Imputed interest(14,303)Present value of operating lease liabilities$124,355 

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

Operating Leases as a Lessor   We provide equipment financing to our customers through operating leases where we facilitate the purchase of equipment leased to our customers. The equipment is shown on our consolidated balance sheets as "Equipment leased to others under operating leases" and is depreciated to its estimated residual value at the end of the lease term