v3.26.1
Regulatory Ratios and Capital
 6 Months Ended
Jun. 30, 2026
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]  
Regulatory Ratios and Capital Regulatory Ratios and Capital
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory (and possibly additional discretionary) actions by regulators that, if undertaken, could have a direct material adverse effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s and the Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.
The Basel III Capital Rules adopted by U.S. federal banking agencies, among other things, (i) establish the capital measure called “Common Equity Tier 1” (“CET1”), (ii) specify that Tier 1 capital consists of CET1 and “Additional Tier 1 Capital” instruments meeting stated requirements, (iii) require that most deductions/adjustments to regulatory capital measures be made to CET1 and not to other components of capital and (iv) define the scope of the deductions/adjustments to the capital measures.
Additionally, the Basel III Capital Rules require that the Company maintain a 2.5% capital conservation buffer comprised of CET1, with respect to each of CET1, Tier 1 and total capital to risk-weighted asset ratios. A financial institution with a conservation buffer of less than the required amount is subject to limitations on capital distributions, including dividend payments and stock repurchases, and certain discretionary bonus payments to executive officers. During the six months ended June 30, 2026, the Company declared and paid common stock dividends of $8.7 million, representing $0.20 per common share. No common stock dividends were paid in 2025. On July 22, 2026, the Company and its board of directors declared and announced a cash dividend of $0.20 per common share payable on September 15, 2026, to holders of record at the close of business on September 1, 2026.
Effective December 12, 2025, the Company’s board of directors authorized a new share repurchase program under which the Company may repurchase up to $200.0 million in shares of its outstanding common stock, excluding the effect of excise tax expense incurred on the net stock repurchases. The share repurchase program will expire on December 31, 2026, but may be suspended or discontinued at any time. The remaining repurchase authorization under the January 22, 2025 share repurchase program was terminated upon authorization of this new program. During the six months ended June 30, 2026, the Company repurchased 1,009,771 shares of its common stock for an aggregate price, including excise tax expense, of $98.7 million, at a weighted average price of $97.01 per share.
Because the Bank had less than $15.0 billion in total consolidated assets as of December 31, 2009, it is allowed to continue to classify the trust preferred securities, all of which were issued prior to May 19, 2010, as Tier 1 capital.
The table below summarizes the Company’s and the Bank’s actual and required capital ratios under the Basel III Capital Rules and other standards. As shown in the table below, the Company’s and Bank’s capital ratios exceeded the regulatory definition of well capitalized as of June 30, 2026 and December 31, 2025.
June 30, 2026December 31, 2025
(dollars in thousands)Minimum Capital Required(2)Capital Required to be Well CapitalizedCapital AmountRatioCapital AmountRatio
The Company
CET1 capital (to risk-weighted assets)7.00 %N/A$3,445,091 12.07 %$3,394,471 12.13 %
Tier 1 capital (to risk-weighted assets)8.50 %6.00 %3,855,091 13.51 %3,804,471 13.60 %
Total capital (to risk-weighted assets)10.50 %10.00 %4,188,462 14.68 %4,509,943 16.12 %
Tier 1 capital (to average assets)(1)4.00 %N/A3,855,091 11.65 %3,804,471 11.65 %
The Bank
CET1 capital (to risk-weighted assets)7.00 %6.50 %$3,504,224 12.35 %$3,618,691 13.01 %
Tier 1 capital (to risk-weighted assets)8.50 %8.00 %3,504,224 12.35 %3,618,691 13.01 %
Total capital (to risk-weighted assets)10.50 %10.00 %3,837,595 13.53 %3,951,503 14.20 %
Tier 1 capital (to average assets)(1)4.00 %5.00 %3,504,224 10.67 %3,618,691 11.18 %
(1)    The Tier 1 capital ratio (to average assets) is not impacted by the Basel III Capital Rules; however, the Federal Reserve Board and the Federal Deposit Insurance Corporation may require the Company and the Bank, respectively, to maintain a Tier 1 capital ratio (to average assets) above the required minimum.
(2)    Percentages represent the minimum capital ratios plus, as applicable, the fully phased-in 2.5% CET1 capital buffer under the Basel III Capital Rules.