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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 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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- References

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-20/tableOfContent

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- Definition

The entire disclosure of lessor's sales-type leases.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-30/tableOfContent

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- Definition

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+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/842-30/tableOfContent

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