v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases Leases
Lessee Arrangements

Following the expiration of its prior headquarters lease, the Company relocated its headquarters in April 2026 to an office building in San Francisco, California.

The Company has various operating leases for office space in the Salt Lake City, Utah area, Boston, Massachusetts, and New York, New York, with remaining lease terms ranging from approximately two to three years as of June 30, 2026.
Balance sheet information related to leases was as follows:
ROU Assets and Lease LiabilitiesBalance Sheet ClassificationJune 30, 2026December 31, 2025
Operating lease assetsOther assets$9,403 $12,942 
Operating lease liabilitiesOther liabilities$11,369 $15,826 

Net lease costs were $1.6 million and $4.4 million during the second quarter and first half of 2026, respectively. Such costs are recorded within “Occupancy” expense on the Income Statement. Net lease costs were $2.7 million and $5.5 million during the second quarter and first half of 2025, respectively.

The Company’s future minimum undiscounted lease payments under operating leases as of June 30, 2026 were as follows:
Operating Lease Payments
2026$2,471 
20275,010 
20284,046 
2029909 
Total lease payments$12,436 
Discount effect(1,067)
Present value of future minimum lease payments$11,369 

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:
Lease Term and Discount RateJune 30, 2026December 31, 2025
Weighted-average remaining lease term (in years)2.542.64
Weighted-average discount rate4.32 %4.56 %
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 extending until 2034. Some of the agreements include options to extend the lease term for an additional five years.

Rental income earned from such leases was as follows for the periods presented:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Rental income(1)
$1,415 $1,854 $3,407 $1,854 
(1)    Recorded in “Other non-interest income” on the Income Statement.

Future fixed lease payments to be received by the Company as of June 30, 2026, under non-cancelable operating leases, were as follows:
2026$2,238 
20273,356 
20282,460 
20291,932 
20301,990 
Thereafter6,215 
Total lease payments
$18,191 

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.

Interest earned on Equipment Finance was as follows for the periods presented:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Interest earned(1)
$461 $709 $981 $1,556 
(1)    Recorded in “Interest on loans” on the Income Statement.

The components of Equipment Finance assets are as follows:
June 30, 2026December 31, 2025
Lease receivables$17,418 $25,384 
Unguaranteed residual asset values18,631 17,907 
Unearned income(2,910)(3,690)
Deferred costs
110 156 
Total$33,249 $39,757 
Future minimum lease payments based on maturity of the Company’s sales-type leases as of June 30, 2026 were as follows:
2026$5,725 
20277,292 
20283,576 
20291,381 
Total lease payments$17,974 
Discount effect(556)
Present value of future minimum lease payments$17,418 
Leases Leases
Lessee Arrangements

Following the expiration of its prior headquarters lease, the Company relocated its headquarters in April 2026 to an office building in San Francisco, California.

The Company has various operating leases for office space in the Salt Lake City, Utah area, Boston, Massachusetts, and New York, New York, with remaining lease terms ranging from approximately two to three years as of June 30, 2026.
Balance sheet information related to leases was as follows:
ROU Assets and Lease LiabilitiesBalance Sheet ClassificationJune 30, 2026December 31, 2025
Operating lease assetsOther assets$9,403 $12,942 
Operating lease liabilitiesOther liabilities$11,369 $15,826 

Net lease costs were $1.6 million and $4.4 million during the second quarter and first half of 2026, respectively. Such costs are recorded within “Occupancy” expense on the Income Statement. Net lease costs were $2.7 million and $5.5 million during the second quarter and first half of 2025, respectively.

The Company’s future minimum undiscounted lease payments under operating leases as of June 30, 2026 were as follows:
Operating Lease Payments
2026$2,471 
20275,010 
20284,046 
2029909 
Total lease payments$12,436 
Discount effect(1,067)
Present value of future minimum lease payments$11,369 

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:
Lease Term and Discount RateJune 30, 2026December 31, 2025
Weighted-average remaining lease term (in years)2.542.64
Weighted-average discount rate4.32 %4.56 %
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 extending until 2034. Some of the agreements include options to extend the lease term for an additional five years.

Rental income earned from such leases was as follows for the periods presented:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Rental income(1)
$1,415 $1,854 $3,407 $1,854 
(1)    Recorded in “Other non-interest income” on the Income Statement.

Future fixed lease payments to be received by the Company as of June 30, 2026, under non-cancelable operating leases, were as follows:
2026$2,238 
20273,356 
20282,460 
20291,932 
20301,990 
Thereafter6,215 
Total lease payments
$18,191 

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.

Interest earned on Equipment Finance was as follows for the periods presented:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Interest earned(1)
$461 $709 $981 $1,556 
(1)    Recorded in “Interest on loans” on the Income Statement.

The components of Equipment Finance assets are as follows:
June 30, 2026December 31, 2025
Lease receivables$17,418 $25,384 
Unguaranteed residual asset values18,631 17,907 
Unearned income(2,910)(3,690)
Deferred costs
110 156 
Total$33,249 $39,757 
Future minimum lease payments based on maturity of the Company’s sales-type leases as of June 30, 2026 were as follows:
2026$5,725 
20277,292 
20283,576 
20291,381 
Total lease payments$17,974 
Discount effect(556)
Present value of future minimum lease payments$17,418 
Leases Leases
Lessee Arrangements

Following the expiration of its prior headquarters lease, the Company relocated its headquarters in April 2026 to an office building in San Francisco, California.

The Company has various operating leases for office space in the Salt Lake City, Utah area, Boston, Massachusetts, and New York, New York, with remaining lease terms ranging from approximately two to three years as of June 30, 2026.
Balance sheet information related to leases was as follows:
ROU Assets and Lease LiabilitiesBalance Sheet ClassificationJune 30, 2026December 31, 2025
Operating lease assetsOther assets$9,403 $12,942 
Operating lease liabilitiesOther liabilities$11,369 $15,826 

Net lease costs were $1.6 million and $4.4 million during the second quarter and first half of 2026, respectively. Such costs are recorded within “Occupancy” expense on the Income Statement. Net lease costs were $2.7 million and $5.5 million during the second quarter and first half of 2025, respectively.

The Company’s future minimum undiscounted lease payments under operating leases as of June 30, 2026 were as follows:
Operating Lease Payments
2026$2,471 
20275,010 
20284,046 
2029909 
Total lease payments$12,436 
Discount effect(1,067)
Present value of future minimum lease payments$11,369 

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:
Lease Term and Discount RateJune 30, 2026December 31, 2025
Weighted-average remaining lease term (in years)2.542.64
Weighted-average discount rate4.32 %4.56 %
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 extending until 2034. Some of the agreements include options to extend the lease term for an additional five years.

Rental income earned from such leases was as follows for the periods presented:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Rental income(1)
$1,415 $1,854 $3,407 $1,854 
(1)    Recorded in “Other non-interest income” on the Income Statement.

Future fixed lease payments to be received by the Company as of June 30, 2026, under non-cancelable operating leases, were as follows:
2026$2,238 
20273,356 
20282,460 
20291,932 
20301,990 
Thereafter6,215 
Total lease payments
$18,191 

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.

Interest earned on Equipment Finance was as follows for the periods presented:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Interest earned(1)
$461 $709 $981 $1,556 
(1)    Recorded in “Interest on loans” on the Income Statement.

The components of Equipment Finance assets are as follows:
June 30, 2026December 31, 2025
Lease receivables$17,418 $25,384 
Unguaranteed residual asset values18,631 17,907 
Unearned income(2,910)(3,690)
Deferred costs
110 156 
Total$33,249 $39,757 
Future minimum lease payments based on maturity of the Company’s sales-type leases as of June 30, 2026 were as follows:
2026$5,725 
20277,292 
20283,576 
20291,381 
Total lease payments$17,974 
Discount effect(556)
Present value of future minimum lease payments$17,418