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Leases | 6 Months Ended
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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 Liabilities | Balance Sheet Classification | June 30, 2026 | December 31, 2025 |  |
Operating lease assets | Other assets | $ | 9,403 |  | $ | 12,942 |  |  |
Operating lease liabilities | Other 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 |  |  |  |  |
2027 | 5,010 |  |  |  |  |
2028 | 4,046 |  |  |  |  |
2029 | 909 |  |  |  |  |
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 Rate | June 30, 2026 |  | December 31, 2025 |  |
Weighted-average remaining lease term (in years) | 2.54 |  | 2.64 |  |
Weighted-average discount rate | 4.32 | % |  | 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,
| 2026 |  | 2025 |  | 2026 |  | 2025
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 |
2027 | 3,356 |
2028 | 2,460 |
2029 | 1,932 |
2030 | 1,990 |
Thereafter | 6,215 |
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,
| 2026 |  | 2025 |  | 2026 |  | 2025
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, 2026 |  | December 31, 2025 |  |
Lease receivables | $ | 17,418 |  |  | $ | 25,384 |  |  |
Unguaranteed residual asset values | 18,631 |  |  | 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 |
2027 | 7,292 |
2028 | 3,576 |
2029 | 1,381 |
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 Liabilities | Balance Sheet Classification | June 30, 2026 | December 31, 2025 |  |
Operating lease assets | Other assets | $ | 9,403 |  | $ | 12,942 |  |  |
Operating lease liabilities | Other 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 |  |  |  |  |
2027 | 5,010 |  |  |  |  |
2028 | 4,046 |  |  |  |  |
2029 | 909 |  |  |  |  |
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 Rate | June 30, 2026 |  | December 31, 2025 |  |
Weighted-average remaining lease term (in years) | 2.54 |  | 2.64 |  |
Weighted-average discount rate | 4.32 | % |  | 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,
| 2026 |  | 2025 |  | 2026 |  | 2025
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 |
2027 | 3,356 |
2028 | 2,460 |
2029 | 1,932 |
2030 | 1,990 |
Thereafter | 6,215 |
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,
| 2026 |  | 2025 |  | 2026 |  | 2025
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, 2026 |  | December 31, 2025 |  |
Lease receivables | $ | 17,418 |  |  | $ | 25,384 |  |  |
Unguaranteed residual asset values | 18,631 |  |  | 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 |
2027 | 7,292 |
2028 | 3,576 |
2029 | 1,381 |
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 Liabilities | Balance Sheet Classification | June 30, 2026 | December 31, 2025 |  |
Operating lease assets | Other assets | $ | 9,403 |  | $ | 12,942 |  |  |
Operating lease liabilities | Other 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 |  |  |  |  |
2027 | 5,010 |  |  |  |  |
2028 | 4,046 |  |  |  |  |
2029 | 909 |  |  |  |  |
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 Rate | June 30, 2026 |  | December 31, 2025 |  |
Weighted-average remaining lease term (in years) | 2.54 |  | 2.64 |  |
Weighted-average discount rate | 4.32 | % |  | 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,
| 2026 |  | 2025 |  | 2026 |  | 2025
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 |
2027 | 3,356 |
2028 | 2,460 |
2029 | 1,932 |
2030 | 1,990 |
Thereafter | 6,215 |
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,
| 2026 |  | 2025 |  | 2026 |  | 2025
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, 2026 |  | December 31, 2025 |  |
Lease receivables | $ | 17,418 |  |  | $ | 25,384 |  |  |
Unguaranteed residual asset values | 18,631 |  |  | 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 |
2027 | 7,292 |
2028 | 3,576 |
2029 | 1,381 |
Total lease payments | $ | 17,974 |
Discount effect | (556) |
Present value of future minimum lease payments | $ | 17,418 |

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