v3.26.3
LEASES
 9 Months Ended
Sep. 30, 2026
Leases [Abstract]  
LEASES LEASES
We have operating and finance leases for branches, data centers, and corporate offices, including our headquarters in Salt Lake City, Utah. At September 30, 2026, we had 407 branches, with 279 owned and 128 leased. The remaining maturities of our lease commitments range from the year 2026 to 2062, with certain lease arrangements including options to extend or terminate the leases.
Leases with terms longer than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. ROU assets for operating leases and finance leases are included in “Other assets” and “Premises, equipment and software, net” on the consolidated balance sheet, respectively. The corresponding liabilities for those leases are included in “Other liabilities” and “Long-term debt,” respectively. For more information about our lease policies, see Note 8 of our 2025 Form 10-K.
The following schedule presents ROU assets and lease liabilities with the associated weighted average remaining life and discount rate:
(In millions)September 30, 2026December 31, 2025
Operating leases
ROU assets, net of amortization$211$207
Lease liabilities263257
Finance leases
ROU assets, net of amortization33
Lease liabilities34
Weighted average remaining lease term (years)
Operating leases9.09.4
Finance leases14.014.7
Weighted average discount rate
Operating leases4.1 %4.0 %
Finance leases3.2 %3.2 %
The following schedule presents additional information related to lease expense:
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2026202520262025
Lease expense:
Operating lease expense$11 $10 $32 $30 
Other expenses associated with operating leases 1
16 17 48 48 
Total lease expense$27 $27 $80 $78 
Related cash disbursements for operating leases$11 $10 $33 $31 
1 Other expenses primarily include property taxes and building and property maintenance.
The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years:
(In millions)Total undiscounted lease payments
2026 1
$11 
202739 
202841 
202937 
203034 
Thereafter158 
Total lease payments320 
Less imputed interest57 
Total$263 
1 Represents contractual maturities remaining in 2026.
We enter into lease arrangements as a lessor of certain real estate properties, including bank-owned and subleased locations, to generate income. These activities include leasing vacant suites within buildings that we partially occupy. Operating lease income totaled $4 million for each of the quarters ended September 30, 2026 and 2025, and $12 million and $11 million for the first nine months of 2026 and 2025, respectively.
At September 30, 2026 and December 31, 2025, equipment leases originated by the Bank and classified as sales-type or direct-financing leases had carrying values of $331 million and $367 million, respectively. Income recognized from these leases totaled $4 million and $5 million for the quarters ended September 30, 2026 and 2025, respectively, and $14 million for each of the first nine months of 2026 and 2025
LEASES LEASES
We have operating and finance leases for branches, data centers, and corporate offices, including our headquarters in Salt Lake City, Utah. At September 30, 2026, we had 407 branches, with 279 owned and 128 leased. The remaining maturities of our lease commitments range from the year 2026 to 2062, with certain lease arrangements including options to extend or terminate the leases.
Leases with terms longer than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. ROU assets for operating leases and finance leases are included in “Other assets” and “Premises, equipment and software, net” on the consolidated balance sheet, respectively. The corresponding liabilities for those leases are included in “Other liabilities” and “Long-term debt,” respectively. For more information about our lease policies, see Note 8 of our 2025 Form 10-K.
The following schedule presents ROU assets and lease liabilities with the associated weighted average remaining life and discount rate:
(In millions)September 30, 2026December 31, 2025
Operating leases
ROU assets, net of amortization$211$207
Lease liabilities263257
Finance leases
ROU assets, net of amortization33
Lease liabilities34
Weighted average remaining lease term (years)
Operating leases9.09.4
Finance leases14.014.7
Weighted average discount rate
Operating leases4.1 %4.0 %
Finance leases3.2 %3.2 %
The following schedule presents additional information related to lease expense:
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2026202520262025
Lease expense:
Operating lease expense$11 $10 $32 $30 
Other expenses associated with operating leases 1
16 17 48 48 
Total lease expense$27 $27 $80 $78 
Related cash disbursements for operating leases$11 $10 $33 $31 
1 Other expenses primarily include property taxes and building and property maintenance.
The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years:
(In millions)Total undiscounted lease payments
2026 1
$11 
202739 
202841 
202937 
203034 
Thereafter158 
Total lease payments320 
Less imputed interest57 
Total$263 
1 Represents contractual maturities remaining in 2026.
We enter into lease arrangements as a lessor of certain real estate properties, including bank-owned and subleased locations, to generate income. These activities include leasing vacant suites within buildings that we partially occupy. Operating lease income totaled $4 million for each of the quarters ended September 30, 2026 and 2025, and $12 million and $11 million for the first nine months of 2026 and 2025, respectively.
At September 30, 2026 and December 31, 2025, equipment leases originated by the Bank and classified as sales-type or direct-financing leases had carrying values of $331 million and $367 million, respectively. Income recognized from these leases totaled $4 million and $5 million for the quarters ended September 30, 2026 and 2025, respectively, and $14 million for each of the first nine months of 2026 and 2025
LEASES LEASES
We have operating and finance leases for branches, data centers, and corporate offices, including our headquarters in Salt Lake City, Utah. At September 30, 2026, we had 407 branches, with 279 owned and 128 leased. The remaining maturities of our lease commitments range from the year 2026 to 2062, with certain lease arrangements including options to extend or terminate the leases.
Leases with terms longer than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. ROU assets for operating leases and finance leases are included in “Other assets” and “Premises, equipment and software, net” on the consolidated balance sheet, respectively. The corresponding liabilities for those leases are included in “Other liabilities” and “Long-term debt,” respectively. For more information about our lease policies, see Note 8 of our 2025 Form 10-K.
The following schedule presents ROU assets and lease liabilities with the associated weighted average remaining life and discount rate:
(In millions)September 30, 2026December 31, 2025
Operating leases
ROU assets, net of amortization$211$207
Lease liabilities263257
Finance leases
ROU assets, net of amortization33
Lease liabilities34
Weighted average remaining lease term (years)
Operating leases9.09.4
Finance leases14.014.7
Weighted average discount rate
Operating leases4.1 %4.0 %
Finance leases3.2 %3.2 %
The following schedule presents additional information related to lease expense:
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2026202520262025
Lease expense:
Operating lease expense$11 $10 $32 $30 
Other expenses associated with operating leases 1
16 17 48 48 
Total lease expense$27 $27 $80 $78 
Related cash disbursements for operating leases$11 $10 $33 $31 
1 Other expenses primarily include property taxes and building and property maintenance.
The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years:
(In millions)Total undiscounted lease payments
2026 1
$11 
202739 
202841 
202937 
203034 
Thereafter158 
Total lease payments320 
Less imputed interest57 
Total$263 
1 Represents contractual maturities remaining in 2026.
We enter into lease arrangements as a lessor of certain real estate properties, including bank-owned and subleased locations, to generate income. These activities include leasing vacant suites within buildings that we partially occupy. Operating lease income totaled $4 million for each of the quarters ended September 30, 2026 and 2025, and $12 million and $11 million for the first nine months of 2026 and 2025, respectively.
At September 30, 2026 and December 31, 2025, equipment leases originated by the Bank and classified as sales-type or direct-financing leases had carrying values of $331 million and $367 million, respectively. Income recognized from these leases totaled $4 million and $5 million for the quarters ended September 30, 2026 and 2025, respectively, and $14 million for each of the first nine months of 2026 and 2025
LEASES LEASES
We have operating and finance leases for branches, data centers, and corporate offices, including our headquarters in Salt Lake City, Utah. At September 30, 2026, we had 407 branches, with 279 owned and 128 leased. The remaining maturities of our lease commitments range from the year 2026 to 2062, with certain lease arrangements including options to extend or terminate the leases.
Leases with terms longer than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. ROU assets for operating leases and finance leases are included in “Other assets” and “Premises, equipment and software, net” on the consolidated balance sheet, respectively. The corresponding liabilities for those leases are included in “Other liabilities” and “Long-term debt,” respectively. For more information about our lease policies, see Note 8 of our 2025 Form 10-K.
The following schedule presents ROU assets and lease liabilities with the associated weighted average remaining life and discount rate:
(In millions)September 30, 2026December 31, 2025
Operating leases
ROU assets, net of amortization$211$207
Lease liabilities263257
Finance leases
ROU assets, net of amortization33
Lease liabilities34
Weighted average remaining lease term (years)
Operating leases9.09.4
Finance leases14.014.7
Weighted average discount rate
Operating leases4.1 %4.0 %
Finance leases3.2 %3.2 %
The following schedule presents additional information related to lease expense:
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2026202520262025
Lease expense:
Operating lease expense$11 $10 $32 $30 
Other expenses associated with operating leases 1
16 17 48 48 
Total lease expense$27 $27 $80 $78 
Related cash disbursements for operating leases$11 $10 $33 $31 
1 Other expenses primarily include property taxes and building and property maintenance.
The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years:
(In millions)Total undiscounted lease payments
2026 1
$11 
202739 
202841 
202937 
203034 
Thereafter158 
Total lease payments320 
Less imputed interest57 
Total$263 
1 Represents contractual maturities remaining in 2026.
We enter into lease arrangements as a lessor of certain real estate properties, including bank-owned and subleased locations, to generate income. These activities include leasing vacant suites within buildings that we partially occupy. Operating lease income totaled $4 million for each of the quarters ended September 30, 2026 and 2025, and $12 million and $11 million for the first nine months of 2026 and 2025, respectively.
At September 30, 2026 and December 31, 2025, equipment leases originated by the Bank and classified as sales-type or direct-financing leases had carrying values of $331 million and $367 million, respectively. Income recognized from these leases totaled $4 million and $5 million for the quarters ended September 30, 2026 and 2025, respectively, and $14 million for each of the first nine months of 2026 and 2025
LEASES LEASES
We have operating and finance leases for branches, data centers, and corporate offices, including our headquarters in Salt Lake City, Utah. At September 30, 2026, we had 407 branches, with 279 owned and 128 leased. The remaining maturities of our lease commitments range from the year 2026 to 2062, with certain lease arrangements including options to extend or terminate the leases.
Leases with terms longer than twelve months are reported as a lease liability with a corresponding right-of-use (“ROU”) asset. ROU assets for operating leases and finance leases are included in “Other assets” and “Premises, equipment and software, net” on the consolidated balance sheet, respectively. The corresponding liabilities for those leases are included in “Other liabilities” and “Long-term debt,” respectively. For more information about our lease policies, see Note 8 of our 2025 Form 10-K.
The following schedule presents ROU assets and lease liabilities with the associated weighted average remaining life and discount rate:
(In millions)September 30, 2026December 31, 2025
Operating leases
ROU assets, net of amortization$211$207
Lease liabilities263257
Finance leases
ROU assets, net of amortization33
Lease liabilities34
Weighted average remaining lease term (years)
Operating leases9.09.4
Finance leases14.014.7
Weighted average discount rate
Operating leases4.1 %4.0 %
Finance leases3.2 %3.2 %
The following schedule presents additional information related to lease expense:
Three Months Ended September 30,Nine Months Ended September 30,
(In millions)2026202520262025
Lease expense:
Operating lease expense$11 $10 $32 $30 
Other expenses associated with operating leases 1
16 17 48 48 
Total lease expense$27 $27 $80 $78 
Related cash disbursements for operating leases$11 $10 $33 $31 
1 Other expenses primarily include property taxes and building and property maintenance.
The following schedule presents the total contractual undiscounted lease payments for operating lease liabilities by expected due date for each of the next five years:
(In millions)Total undiscounted lease payments
2026 1
$11 
202739 
202841 
202937 
203034 
Thereafter158 
Total lease payments320 
Less imputed interest57 
Total$263 
1 Represents contractual maturities remaining in 2026.
We enter into lease arrangements as a lessor of certain real estate properties, including bank-owned and subleased locations, to generate income. These activities include leasing vacant suites within buildings that we partially occupy. Operating lease income totaled $4 million for each of the quarters ended September 30, 2026 and 2025, and $12 million and $11 million for the first nine months of 2026 and 2025, respectively.
At September 30, 2026 and December 31, 2025, equipment leases originated by the Bank and classified as sales-type or direct-financing leases had carrying values of $331 million and $367 million, respectively. Income recognized from these leases totaled $4 million and $5 million for the quarters ended September 30, 2026 and 2025, respectively, and $14 million for each of the first nine months of 2026 and 2025