Leases |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Leases |
Note 6 – Leases
Effective October 1, 2021, the Bank entered into an operating lease for its administrative offices at 4601 Wilshire Boulevard in Los Angeles. The operating lease has one 5-year extension option at the
then fair market rate which was exercised during the year ended December 31, 2025.
The ROU asset represents our right to use the underlying asset during the lease
term. Operating lease represent our obligation to make lease payments arising from the lease. ROU assets and lease
liabilities are recognized based on the present value of the remaining lease payments using a discount rate that represents our incremental borrowing rate at the date of the lease’s inception. The ROU asset totaled $1.5 million and $420 thousand as of
December 31, 2025 and 2024, respectively, and was included in on the consolidated statements of financial condition.
The lease liability totaled $1.5 million and $420 thousand as of December 31, 2025 and 2024, respectively, and was included in on the consolidated statements of financial condition.
The Bank has no finance leases.
The Company recognized rent expense of $242
thousand in both 2025 and 2024.
Additional information regarding our operating leases is summarized below for
the periods indicated (dollars in thousands):
The future minimum payments for operating leases with remaining terms of one
year or more as of December 31, 2025 were as follows (in thousands):
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