v3.26.1
Stockholders' Equity
 6 Months Ended
Jun. 30, 2026
Stockholders' Equity Note [Abstract]  
Stockholders' Equity

7. Stockholders’ Equity

Common Shares Outstanding

Common shares outstanding excludes treasury shares totaling 12.5 million and 10.7 million at June 30, 2026 and December 31, 2025, respectively, with a first-in-first-out cost basis of $639.2 million and $502.9 million at June 30, 2026 and December 31, 2025, respectively. Shares outstanding also excludes unvested restricted share awards totaling 5,682 at June 30, 2026 and 8,520 at December 31, 2025.

Stock Buyback Programs

On December 10, 2025, the Company’s Board of Directors approved a stock buyback program, effective January 1, 2026, whereby the Company is authorized to repurchase up to 5% of the shares of the Company's common stock outstanding as of December 31, 2025, or approximately 4.1 million shares, through the program’s expiration date of December 31, 2026. The program allows the Company to repurchase its common shares in the open market, by block purchase, through accelerated share repurchase programs, in privately negotiated transactions, or otherwise, in one or more transactions, from time to time, depending on market conditions and other factors, and in accordance with applicable regulations of the Securities and Exchange Commission. The Company is not obligated to purchase any shares under this program, and the Board of Directors has the ability to terminate or amend the program at any time prior to the expiration date. During the six months ended June 30, 2026, the Company repurchased 2.1 million shares of its outstanding common stock at an average cost of $67.82 per share, inclusive of commissions, under this program. The Company has accrued $1.3 million of estimated excise tax associated with share repurchases during the six months ended June 30, 2026.

Prior to its completion in December 2025, the Company had in place a stock repurchase program authorized by the Board of Directors on December 9, 2024, whereby the Company was authorized to repurchase up to 5% of the Company's common stock outstanding at December 31, 2024, or approximately 4.3 million shares, with the same terms described above through the program's expiration date of December 31, 2026. During the six months ended June 30, 2025, the Company repurchased 1.1 million shares of its outstanding common stock at an average cost of $54.58 per share, inclusive of commissions.

Accumulated Other Comprehensive Income (Loss)

A rollforward of the components of Accumulated Other Comprehensive Income (Loss) is presented in the table that follows:

($ in thousands)

Available for
Sale Securities

 

HTM Securities
Transferred
from AFS

 

Employee
Benefit Plans

 

Cash
Flow Hedges

 

Equity Method Investment

 

Total

 

Balance, December 31, 2025

$

(293,835

)

$

(6,858

)

$

(61,448

)

$

(14,795

)

$

685

 

$

(376,251

)

Net change in unrealized gain (loss)

 

(53,914

)

 

—

 

 

—

 

 

(17,595

)

 

386

 

 

(71,123

)

Reclassification of net loss realized and included in earnings

 

98,595

 

 

—

 

 

270

 

 

11,644

 

 

—

 

 

110,509

 

Valuation adjustments to employee benefit plans

 

—

 

 

—

 

 

(496

)

 

—

 

 

—

 

 

(496

)

Amortization of unrealized net loss on securities transferred to HTM

 

—

 

 

813

 

 

—

 

 

—

 

 

—

 

 

813

 

Income tax (expense) benefit

 

(10,082

)

 

(184

)

 

51

 

 

1,342

 

 

—

 

 

(8,873

)

Balance, June 30, 2026

$

(259,236

)

$

(6,229

)

$

(61,623

)

$

(19,404

)

$

1,071

 

$

(345,421

)

Balance, December 31, 2024

$

(473,679

)

$

(8,071

)

$

(77,235

)

$

(47,136

)

$

29

 

$

(606,092

)

Net change in unrealized gain (loss)

 

146,860

 

 

—

 

 

—

 

 

11,096

 

 

(173

)

 

157,783

 

Reclassification of net loss realized and included in earnings

 

—

 

 

—

 

 

1,888

 

 

17,195

 

 

—

 

 

19,083

 

Amortization of unrealized net loss on securities transferred to HTM

 

—

 

 

792

 

 

—

 

 

—

 

 

—

 

 

792

 

Income tax expense

 

(34,140

)

 

(196

)

 

(594

)

 

(6,463

)

 

—

 

 

(41,393

)

Balance, June 30, 2025

$

(360,959

)

$

(7,475

)

$

(75,941

)

$

(25,308

)

$

(144

)

$

(469,827

)

Accumulated Other Comprehensive Income or Loss (“AOCI”) is reported as a component of stockholders’ equity. AOCI can include, among other items, unrealized holding gains and losses on securities available for sale (“AFS”), including the Company’s share of unrealized gains and losses reported by a partnership accounted for under the equity method, gains and losses associated with pension or other post-retirement benefits that are not recognized immediately as a component of net periodic benefit cost, and gains and losses on derivative instruments that are designated as, and qualify as, cash flow hedges. Net unrealized gains and losses on AFS securities reclassified as securities held to maturity (“HTM”) also continue to be reported as a component of AOCI and will be amortized over the estimated remaining life of the securities as an adjustment to interest income. Subject to certain thresholds, unrealized losses on employee benefit plans will be reclassified into income as pension and post-retirement costs are recognized over the remaining service period of plan participants. Accumulated gains or losses on cash flow hedges of variable rate loans described in Note 6 - Derivatives will be reclassified into income over the life of the hedge. Accumulated other comprehensive loss resulting from terminated interest rate swaps are being amortized over the remaining maturities of the designated instruments. Gains and losses within AOCI are net of deferred income taxes, where applicable.

The following table shows the line items in the consolidated statements of income affected by amounts reclassified from AOCI.

 

 

 

Six Months Ended

 

 

 

Amount reclassified from AOCI (a)

 

June 30,

 

 

Income Statement

($ in thousands)

 

2026

 

 

2025

 

 

Line Item

Loss on sale of AFS securities

 

$

(98,595

)

 

$

—

 

 

Securities transactions, net

Tax effect

 

 

22,222

 

 

 

—

 

 

Income taxes

Net of tax

 

 

(76,373

)

 

 

—

 

 

Net income

Amortization of unrealized net loss on securities transferred to HTM

 

 

(813

)

 

 

(792

)

 

Interest income

Tax effect

 

 

184

 

 

 

196

 

 

Income taxes

Net of tax

 

 

(629

)

 

 

(596

)

 

Net income

Amortization of defined benefit pension and post-retirement items

 

 

(270

)

 

 

(1,888

)

 

Other noninterest expense (b)

Tax effect

 

 

61

 

 

 

594

 

 

Income taxes

Net of tax

 

 

(209

)

 

 

(1,294

)

 

Net income

Reclassification of unrealized loss on cash flow hedges

 

 

(8,634

)

 

 

(14,159

)

 

Interest income

Tax effect

 

 

1,947

 

 

 

3,235

 

 

Income taxes

Net of tax

 

 

(6,687

)

 

 

(10,924

)

 

Net income

Amortization of loss on terminated cash flow hedges

 

 

(3,010

)

 

 

(3,036

)

 

Interest income

Tax effect

 

 

679

 

 

 

694

 

 

Income taxes

Net of tax

 

 

(2,331

)

 

 

(2,342

)

 

Net income

Total reclassifications, net of tax

 

$

(86,229

)

 

$

(15,156

)

 

Net income

 

(a)
Amounts in parentheses indicate reduction in net income.
(b)
These AOCI components are included in the computation of net periodic pension and post-retirement cost that is reported with other noninterest
expense (see Note 12 – Retirement Plans for additional details).