Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases Lessee Arrangements The Company has various operating leases, including with respect to its headquarters in San Francisco, California, and office spaces in the Salt Lake City, Utah area, Boston, Massachusetts, and New York, New York. In April 2025, the Company acquired an office building located in San Francisco, California, which will be used as its headquarters beginning in the second quarter of 2026, following the expiration of its current San Francisco lease. As of June 30, 2025, the remaining leases have lease terms ranging from approximately to four years. As of June 30, 2025, the Company pledged $0.5 million of cash and $1.1 million in letters of credit as security deposits in connection with its lease agreements. Balance sheet information related to leases was as follows:
Net lease costs were $2.7 million and $5.5 million during the second quarter and first half of 2025, respectively. Such costs are recorded within “Occupancy” expense on the Income Statement. Net lease costs were $2.7 million and $5.2 million during the second quarter and first half of 2024, respectively. The Company’s future minimum undiscounted lease payments under operating leases as of June 30, 2025 were as follows:
The weighted-average remaining lease term and discount rate used in the calculation of the Company’s operating lease assets and liabilities were as follows:
Lessor Arrangements Operating Leases The Company leases space in its office building to third-party tenants under operating lease agreements with initial term expiration dates ranging from 2025 to 2034. Some of the agreements include options to extend the lease term for an additional to five years. The Company earns rental income from such leases which is recorded within “Other non-interest income” on the Income Statement. For both the second quarter and first half of 2025, rental income totaled $1.9 million. Future fixed lease payments to be received by the Company as of June 30, 2025, under non-cancelable operating leases, were as follows:
Sales-type Leases The Company has sales-type leases for equipment (Equipment Finance). Such arrangements may include options to renew or to purchase the leased equipment at the end of the lease term. For the second quarter and first half of 2025, interest earned on Equipment Finance was $0.7 million and $1.6 million, respectively, and is included in “Interest and fees on loans and leases held for investment” on the Income Statement. For the second quarter and first half of 2024, interest earned on Equipment Finance was $1.4 million and $3.1 million, respectively. The components of Equipment Finance assets are as follows:
Future minimum lease payments based on maturity of the Company’s sales-type leases as of June 30, 2025 were as follows:
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| Leases | Leases Lessee Arrangements The Company has various operating leases, including with respect to its headquarters in San Francisco, California, and office spaces in the Salt Lake City, Utah area, Boston, Massachusetts, and New York, New York. In April 2025, the Company acquired an office building located in San Francisco, California, which will be used as its headquarters beginning in the second quarter of 2026, following the expiration of its current San Francisco lease. As of June 30, 2025, the remaining leases have lease terms ranging from approximately to four years. As of June 30, 2025, the Company pledged $0.5 million of cash and $1.1 million in letters of credit as security deposits in connection with its lease agreements. Balance sheet information related to leases was as follows:
Net lease costs were $2.7 million and $5.5 million during the second quarter and first half of 2025, respectively. Such costs are recorded within “Occupancy” expense on the Income Statement. Net lease costs were $2.7 million and $5.2 million during the second quarter and first half of 2024, respectively. The Company’s future minimum undiscounted lease payments under operating leases as of June 30, 2025 were as follows:
The weighted-average remaining lease term and discount rate used in the calculation of the Company’s operating lease assets and liabilities were as follows:
Lessor Arrangements Operating Leases The Company leases space in its office building to third-party tenants under operating lease agreements with initial term expiration dates ranging from 2025 to 2034. Some of the agreements include options to extend the lease term for an additional to five years. The Company earns rental income from such leases which is recorded within “Other non-interest income” on the Income Statement. For both the second quarter and first half of 2025, rental income totaled $1.9 million. Future fixed lease payments to be received by the Company as of June 30, 2025, under non-cancelable operating leases, were as follows:
Sales-type Leases The Company has sales-type leases for equipment (Equipment Finance). Such arrangements may include options to renew or to purchase the leased equipment at the end of the lease term. For the second quarter and first half of 2025, interest earned on Equipment Finance was $0.7 million and $1.6 million, respectively, and is included in “Interest and fees on loans and leases held for investment” on the Income Statement. For the second quarter and first half of 2024, interest earned on Equipment Finance was $1.4 million and $3.1 million, respectively. The components of Equipment Finance assets are as follows:
Future minimum lease payments based on maturity of the Company’s sales-type leases as of June 30, 2025 were as follows:
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| Leases | Leases Lessee Arrangements The Company has various operating leases, including with respect to its headquarters in San Francisco, California, and office spaces in the Salt Lake City, Utah area, Boston, Massachusetts, and New York, New York. In April 2025, the Company acquired an office building located in San Francisco, California, which will be used as its headquarters beginning in the second quarter of 2026, following the expiration of its current San Francisco lease. As of June 30, 2025, the remaining leases have lease terms ranging from approximately to four years. As of June 30, 2025, the Company pledged $0.5 million of cash and $1.1 million in letters of credit as security deposits in connection with its lease agreements. Balance sheet information related to leases was as follows:
Net lease costs were $2.7 million and $5.5 million during the second quarter and first half of 2025, respectively. Such costs are recorded within “Occupancy” expense on the Income Statement. Net lease costs were $2.7 million and $5.2 million during the second quarter and first half of 2024, respectively. The Company’s future minimum undiscounted lease payments under operating leases as of June 30, 2025 were as follows:
The weighted-average remaining lease term and discount rate used in the calculation of the Company’s operating lease assets and liabilities were as follows:
Lessor Arrangements Operating Leases The Company leases space in its office building to third-party tenants under operating lease agreements with initial term expiration dates ranging from 2025 to 2034. Some of the agreements include options to extend the lease term for an additional to five years. The Company earns rental income from such leases which is recorded within “Other non-interest income” on the Income Statement. For both the second quarter and first half of 2025, rental income totaled $1.9 million. Future fixed lease payments to be received by the Company as of June 30, 2025, under non-cancelable operating leases, were as follows:
Sales-type Leases The Company has sales-type leases for equipment (Equipment Finance). Such arrangements may include options to renew or to purchase the leased equipment at the end of the lease term. For the second quarter and first half of 2025, interest earned on Equipment Finance was $0.7 million and $1.6 million, respectively, and is included in “Interest and fees on loans and leases held for investment” on the Income Statement. For the second quarter and first half of 2024, interest earned on Equipment Finance was $1.4 million and $3.1 million, respectively. The components of Equipment Finance assets are as follows:
Future minimum lease payments based on maturity of the Company’s sales-type leases as of June 30, 2025 were as follows:
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