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LEASES | 9 Months Ended
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Sep. 30, 2025
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, 2025, we had 408 branches, with 278 owned and 130 leased. The remaining maturities of our lease commitments range from the year 2025 to 2062, with some 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 2024 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, 2025 |  | December 31, 2024
Operating leases |  |  |
ROU assets, net of amortization | $ | 205 |  | $ | 188
Lease liabilities | 256 |  | 240
Finance leases |  |  |
ROU assets, net of amortization | 3 |  | 3
Lease liabilities | 3 |  | 4
Weighted average remaining lease term (years) |  |  |
Operating leases | 9.6 |  | 9.9
Finance leases | 14.9 |  | 15.6
Weighted average discount rate |  |  |
Operating leases | 4.0 | % |  | 3.8 | %
Finance leases | 3.1 | % |  | 3.1 | %
The following schedule presents additional information related to lease expense:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Lease expense: |  |  |  |  |  |  |
Operating lease expense | $ | 10 |  |  | $ | 10 |  |  | $ | 30 |  |  | $ | 30 |
Other expenses associated with operating leases 1 | 17 |  |  | 16 |  |  | 48 |  |  | 46 |
Total lease expense | $ | 27 |  |  | $ | 26 |  |  | $ | 78 |  |  | $ | 76 |
Related cash disbursements for operating leases | $ | 10 |  |  | $ | 11 |  |  | $ | 31 |  |  | $ | 33 |
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
2025 1 | $ | 11 |
2026 | 41 |
2027 | 32 |
2028 | 34 |
2029 | 30 |
Thereafter | 166 |
Total lease payments | 314 |
Less imputed interest | 58 |
Total | $ | 256 |
1 Represents contractual maturities remaining in 2025. We enter into certain lease agreements as the lessor of real estate, including bank-owned and subleased properties, to generate cash flow. This activity includes leasing vacant suites within buildings that we partially occupy. Operating lease income totaled $4 million and $3 million for the third quarter of 2025 and 2024, respectively, and $11 million and $10 million for the first nine months of 2025 and 2024, respectively. At September 30, 2025 and December 31, 2024, we originated equipment leases classified as sales-type or direct-financing leases totaling $349 million and $377 million, respectively. Income from these leases was $5 million for both the third quarters of 2025 and 2024, and $14 million for both the first nine months of 2025 and 2024.
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, 2025, we had 408 branches, with 278 owned and 130 leased. The remaining maturities of our lease commitments range from the year 2025 to 2062, with some 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 2024 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, 2025 |  | December 31, 2024
Operating leases |  |  |
ROU assets, net of amortization | $ | 205 |  | $ | 188
Lease liabilities | 256 |  | 240
Finance leases |  |  |
ROU assets, net of amortization | 3 |  | 3
Lease liabilities | 3 |  | 4
Weighted average remaining lease term (years) |  |  |
Operating leases | 9.6 |  | 9.9
Finance leases | 14.9 |  | 15.6
Weighted average discount rate |  |  |
Operating leases | 4.0 | % |  | 3.8 | %
Finance leases | 3.1 | % |  | 3.1 | %
The following schedule presents additional information related to lease expense:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Lease expense: |  |  |  |  |  |  |
Operating lease expense | $ | 10 |  |  | $ | 10 |  |  | $ | 30 |  |  | $ | 30 |
Other expenses associated with operating leases 1 | 17 |  |  | 16 |  |  | 48 |  |  | 46 |
Total lease expense | $ | 27 |  |  | $ | 26 |  |  | $ | 78 |  |  | $ | 76 |
Related cash disbursements for operating leases | $ | 10 |  |  | $ | 11 |  |  | $ | 31 |  |  | $ | 33 |
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
2025 1 | $ | 11 |
2026 | 41 |
2027 | 32 |
2028 | 34 |
2029 | 30 |
Thereafter | 166 |
Total lease payments | 314 |
Less imputed interest | 58 |
Total | $ | 256 |
1 Represents contractual maturities remaining in 2025. We enter into certain lease agreements as the lessor of real estate, including bank-owned and subleased properties, to generate cash flow. This activity includes leasing vacant suites within buildings that we partially occupy. Operating lease income totaled $4 million and $3 million for the third quarter of 2025 and 2024, respectively, and $11 million and $10 million for the first nine months of 2025 and 2024, respectively. At September 30, 2025 and December 31, 2024, we originated equipment leases classified as sales-type or direct-financing leases totaling $349 million and $377 million, respectively. Income from these leases was $5 million for both the third quarters of 2025 and 2024, and $14 million for both the first nine months of 2025 and 2024.
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, 2025, we had 408 branches, with 278 owned and 130 leased. The remaining maturities of our lease commitments range from the year 2025 to 2062, with some 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 2024 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, 2025 |  | December 31, 2024
Operating leases |  |  |
ROU assets, net of amortization | $ | 205 |  | $ | 188
Lease liabilities | 256 |  | 240
Finance leases |  |  |
ROU assets, net of amortization | 3 |  | 3
Lease liabilities | 3 |  | 4
Weighted average remaining lease term (years) |  |  |
Operating leases | 9.6 |  | 9.9
Finance leases | 14.9 |  | 15.6
Weighted average discount rate |  |  |
Operating leases | 4.0 | % |  | 3.8 | %
Finance leases | 3.1 | % |  | 3.1 | %
The following schedule presents additional information related to lease expense:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Lease expense: |  |  |  |  |  |  |
Operating lease expense | $ | 10 |  |  | $ | 10 |  |  | $ | 30 |  |  | $ | 30 |
Other expenses associated with operating leases 1 | 17 |  |  | 16 |  |  | 48 |  |  | 46 |
Total lease expense | $ | 27 |  |  | $ | 26 |  |  | $ | 78 |  |  | $ | 76 |
Related cash disbursements for operating leases | $ | 10 |  |  | $ | 11 |  |  | $ | 31 |  |  | $ | 33 |
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
2025 1 | $ | 11 |
2026 | 41 |
2027 | 32 |
2028 | 34 |
2029 | 30 |
Thereafter | 166 |
Total lease payments | 314 |
Less imputed interest | 58 |
Total | $ | 256 |
1 Represents contractual maturities remaining in 2025. We enter into certain lease agreements as the lessor of real estate, including bank-owned and subleased properties, to generate cash flow. This activity includes leasing vacant suites within buildings that we partially occupy. Operating lease income totaled $4 million and $3 million for the third quarter of 2025 and 2024, respectively, and $11 million and $10 million for the first nine months of 2025 and 2024, respectively. At September 30, 2025 and December 31, 2024, we originated equipment leases classified as sales-type or direct-financing leases totaling $349 million and $377 million, respectively. Income from these leases was $5 million for both the third quarters of 2025 and 2024, and $14 million for both the first nine months of 2025 and 2024.
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, 2025, we had 408 branches, with 278 owned and 130 leased. The remaining maturities of our lease commitments range from the year 2025 to 2062, with some 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 2024 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, 2025 |  | December 31, 2024
Operating leases |  |  |
ROU assets, net of amortization | $ | 205 |  | $ | 188
Lease liabilities | 256 |  | 240
Finance leases |  |  |
ROU assets, net of amortization | 3 |  | 3
Lease liabilities | 3 |  | 4
Weighted average remaining lease term (years) |  |  |
Operating leases | 9.6 |  | 9.9
Finance leases | 14.9 |  | 15.6
Weighted average discount rate |  |  |
Operating leases | 4.0 | % |  | 3.8 | %
Finance leases | 3.1 | % |  | 3.1 | %
The following schedule presents additional information related to lease expense:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Lease expense: |  |  |  |  |  |  |
Operating lease expense | $ | 10 |  |  | $ | 10 |  |  | $ | 30 |  |  | $ | 30 |
Other expenses associated with operating leases 1 | 17 |  |  | 16 |  |  | 48 |  |  | 46 |
Total lease expense | $ | 27 |  |  | $ | 26 |  |  | $ | 78 |  |  | $ | 76 |
Related cash disbursements for operating leases | $ | 10 |  |  | $ | 11 |  |  | $ | 31 |  |  | $ | 33 |
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
2025 1 | $ | 11 |
2026 | 41 |
2027 | 32 |
2028 | 34 |
2029 | 30 |
Thereafter | 166 |
Total lease payments | 314 |
Less imputed interest | 58 |
Total | $ | 256 |
1 Represents contractual maturities remaining in 2025. We enter into certain lease agreements as the lessor of real estate, including bank-owned and subleased properties, to generate cash flow. This activity includes leasing vacant suites within buildings that we partially occupy. Operating lease income totaled $4 million and $3 million for the third quarter of 2025 and 2024, respectively, and $11 million and $10 million for the first nine months of 2025 and 2024, respectively. At September 30, 2025 and December 31, 2024, we originated equipment leases classified as sales-type or direct-financing leases totaling $349 million and $377 million, respectively. Income from these leases was $5 million for both the third quarters of 2025 and 2024, and $14 million for both the first nine months of 2025 and 2024.
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, 2025, we had 408 branches, with 278 owned and 130 leased. The remaining maturities of our lease commitments range from the year 2025 to 2062, with some 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 2024 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, 2025 |  | December 31, 2024
Operating leases |  |  |
ROU assets, net of amortization | $ | 205 |  | $ | 188
Lease liabilities | 256 |  | 240
Finance leases |  |  |
ROU assets, net of amortization | 3 |  | 3
Lease liabilities | 3 |  | 4
Weighted average remaining lease term (years) |  |  |
Operating leases | 9.6 |  | 9.9
Finance leases | 14.9 |  | 15.6
Weighted average discount rate |  |  |
Operating leases | 4.0 | % |  | 3.8 | %
Finance leases | 3.1 | % |  | 3.1 | %
The following schedule presents additional information related to lease expense:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Lease expense: |  |  |  |  |  |  |
Operating lease expense | $ | 10 |  |  | $ | 10 |  |  | $ | 30 |  |  | $ | 30 |
Other expenses associated with operating leases 1 | 17 |  |  | 16 |  |  | 48 |  |  | 46 |
Total lease expense | $ | 27 |  |  | $ | 26 |  |  | $ | 78 |  |  | $ | 76 |
Related cash disbursements for operating leases | $ | 10 |  |  | $ | 11 |  |  | $ | 31 |  |  | $ | 33 |
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
2025 1 | $ | 11 |
2026 | 41 |
2027 | 32 |
2028 | 34 |
2029 | 30 |
Thereafter | 166 |
Total lease payments | 314 |
Less imputed interest | 58 |
Total | $ | 256 |
1 Represents contractual maturities remaining in 2025. We enter into certain lease agreements as the lessor of real estate, including bank-owned and subleased properties, to generate cash flow. This activity includes leasing vacant suites within buildings that we partially occupy. Operating lease income totaled $4 million and $3 million for the third quarter of 2025 and 2024, respectively, and $11 million and $10 million for the first nine months of 2025 and 2024, respectively. At September 30, 2025 and December 31, 2024, we originated equipment leases classified as sales-type or direct-financing leases totaling $349 million and $377 million, respectively. Income from these leases was $5 million for both the third quarters of 2025 and 2024, and $14 million for both the first nine months of 2025 and 2024.

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