STOCKHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Common Stock Outstanding Roll Forward

A roll forward of common stock activity is presented in the following table:

Number of Shares of Common Stock



	Common Stock Outstanding
	Class A	Class B
Common stock - December 31, 2025	11,133,974	1,005,185
Shares repurchased under authorized repurchase plan	(449,845)	—

Common stock - March 31, 2026	10,684,129	1,005,185

Schedule of Preferred Stock and Depositary Shares

As of March 31, 2026, the Parent Company had Series A, Series B, Series C, Series D, and Series E non-cumulative perpetual preferred stock outstanding (together, “BancShares Preferred Stock”) as summarized in the following table:

Preferred Stock


dollars in millions, except per share, depositary share, and per depositary share data
Preferred Stock	Issuance Date	Earliest Redemption Date	Book Value (1)		Par Value Per Share		Shares Authorized, Issued and Outstanding	Aggregate Liquidation Preference		Liquidation Preference Per Share		Depositary Shares (Fractional Interest) (2)	Liquidation Preference Per Depositary Share		Dividend
Series A	March 12, 2020	March 15, 2025	$	340	$	0.01	345,000	$	345	$	1,000	13,800,000 (1/40th)	$	25	5.375	%
Series B (3)	January 3, 2022	January 4, 2027	334		0.01		325,000	325		1,000		n/a	n/a		SOFR + 3.972%
Series C	January 3, 2022	January 4, 2027	207		0.01		8,000,000	200		25		n/a	n/a		5.625	%
Series D (4)	November 18, 2025	December 15, 2030	494		0.01		5,000	500		100,000		500,000 (1/100th)	1,000		7.000	%
Series E (5)	February 5, 2026	March 15, 2031	390		0.01		400,000	400		1,000		16,000,000 (1/40th)	25		6.625	%
Total			$	1,765			9,075,000	$	1,770

(1) The book value is net of direct issuance costs and premiums or discounts.

(2) Each depositary share represents a fractional ownership interest in a share of non-cumulative perpetual preferred stock.

(3) Upon conversion to SOFR in 2023, BancShares began paying a credit spread adjustment in addition to the stated dividend.

(4) The dividend rate is 7.000% per annum from the issuance date to, but excluding, the first reset date of December 15, 2030. Thereafter, the dividend rate resets to the five-year treasury rate plus 3.301% on the fifth anniversary of the preceding reset date.

(5) The initial dividend period will commence on and include the issuance date and will end on and include June 14, 2026. The dividend rate is 6.625% per annum from the issuance date to, but excluding, the first reset date of March 15, 2031. Thereafter, the dividend rate resets to the five-year treasury rate plus 2.830% on the fifth anniversary of the preceding reset date.