v3.26.3
Regulatory Ratios and Capital
 9 Months Ended
Sep. 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 nine months ended September 30, 2026, the Company declared and paid common stock dividends of $17.3 million, representing $0.40 per common share. No common stock dividends were paid in 2025. On October 21, 2026, the Company’s board of directors declared a cash dividend of $0.20 per common share payable on December 15, 2026, to holders of record at the close of business on December 1, 2026.
Effective December 12, 2025, the Company’s board of directors authorized a 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. Effective October 20, 2026, 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 new share repurchase program will expire on October 31, 2027, but may be suspended or discontinued at any time. The remaining repurchase authorization under the December 12, 2025 share repurchase program was terminated upon authorization of this new program.
During the nine months ended September 30, 2026, the Company repurchased 2,061,431 shares of its common stock for an aggregate purchase price, including excise tax expense, of $201.7 million, at a weighted average price of $97.00 per share.
Because the Bank had less than $15.0 billion in total consolidated assets as of December 31, 2009, it is allowed to continue to classify the trust preferred securities, all of which were issued prior to May 19, 2010, as Tier 1 capital.
The table below summarizes the Company’s and the Bank’s actual and required capital ratios under the Basel III Capital Rules and other standards. As shown in the table below, the Company’s and Bank’s capital ratios exceeded the regulatory definition of well capitalized as of September 30, 2026 and December 31, 2025.
September 30, 2026December 31, 2025
($ 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$3,436,713 12.20 %$3,394,471 12.13 %
Tier 1 capital (to risk-weighted assets)8.50 %6.00 %3,846,713 13.65 %3,804,471 13.60 %
Total capital (to risk-weighted assets)10.50 %10.00 %4,182,546 14.84 %4,509,943 16.12 %
Tier 1 capital (to average assets)(1)4.00 %N/A3,846,713 11.65 %3,804,471 11.65 %
The Bank
CET1 capital (to risk-weighted assets)7.00 %6.50 %$3,610,018 12.89 %$3,618,691 13.01 %
Tier 1 capital (to risk-weighted assets)8.50 %8.00 %3,610,018 12.89 %3,618,691 13.01 %
Total capital (to risk-weighted assets)10.50 %10.00 %3,945,851 14.08 %3,951,503 14.20 %
Tier 1 capital (to average assets)(1)4.00 %5.00 %3,610,018 11.03 %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.