Subsequent Events |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events Declaration of Common Dividend On April 14, 2026, our Board declared a quarterly cash dividend of $0.30 per share on all common stock. The dividend is payable on May 15, 2026, to shareholders of record at the close of business on May 1, 2026. Series D Preferred Stock Offering and Redemption of Series B Preferred Stock On May 1, 2026, we issued 1,000,000 shares of 7.100% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series D with $0.01 par value and liquidation preference of $1,000 per share. Dividends, if declared by our Board, will be paid on a non-cumulative basis quarterly, in arrears, at a rate equal to (i) 7.100% from the original issue date to, but excluding, August 15, 2031, and (ii) from the August 15, 2031 dividend date and during each subsequent reset period at a rate per annum equal to the five-year treasury rate plus 3.148%. We intend to treat the Series D Preferred Stock as “Additional Tier 1” capital (or its equivalent) for purposes of the capital adequacy rules of the Federal Reserve (or, as and if applicable, the capital adequacy rules or regulations of any successor appropriate federal banking agency) applicable to us. On May 4, 2026, we announced that we will redeem all 1,350,000 outstanding shares of our 4.700% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series B on May 15, 2026, at a redemption price equal to $1,000 per share plus any declared and unpaid dividends up to, but excluding, the redemption date. This represents 100% of the issued and outstanding Series B Preferred Stock and an aggregate liquidation preference of $1.35 billion.
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