v3.26.1
Earnings Per Common Share and Shareholders Equity
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Earnings Per Common Share and Shareholders' Equity Earnings Per Common Share and Shareholders' Equity 
 
The Company applies the two-class method of computing basic and diluted EPS. Under the two-class method, net income is allocated between common stock and participating securities based on their respective dividend rights and participation in undistributed earnings. In connection with the Pacific Premier acquisition, the Company issued certain restricted stock awards under share-based compensation plans that qualify as participating securities.

Basic EPS is calculated by dividing net income attributable to common shareholders by the weighted‑average number of common shares outstanding, excluding participating securities. Diluted EPS reflects the weighted‑average number of common shares outstanding adjusted for the effect of potentially dilutive securities, excluding participating securities and any instruments that are anti‑dilutive.

The following table presents the computation of basic and diluted earnings per common share for the periods indicated: 
Three Months EndedSix Months Ended
(in millions, except per share amounts, shares in thousands)
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Net income$208 $152 $400 $239 
Less: dividends and undistributed earnings allocated to participating securities— — (1)— 
Net income allocated to common shares $208 $152 $399 $239 
Weighted average number of common shares outstanding - basic
285,558 209,125 288,130 208,964 
Dilutive effect of share-based compensation
914 850 1,082 1,001 
Weighted average number of common shares outstanding - diluted
286,472 209,975 289,212 209,965 
Earnings per common share:
Basic
$0.73 $0.73 $1.39 $1.14 
Diluted
$0.73 $0.73 $1.38 $1.14 
The following table presents the weighted average outstanding restricted stock awards and restricted stock units excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive for the periods indicated:
Three Months EndedSix Months Ended
(shares in thousands)
June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Restricted stock awards and units201796641584

Share Repurchase Program

On October 29, 2025, the Company's Board of Directors approved a share repurchase program authorizing the repurchase of up to $700 million of the Company's common stock through November 30, 2026. During the three months ended June 30, 2026, the Company repurchased 6.6 million shares for an aggregate purchase price of $199 million, at an average price of $29.93 per share under this program. During the six months ended June 30, 2026, the Company repurchased 13.1 million shares for an aggregate purchase price of $398 million, at an average price of $30.33 per share under this program. There were no share repurchases during the three and six months ended June 30, 2025.