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STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
Schedule of preferred stock | The following table summarizes the Company’s preferred stock:
|  |  | September 30, 2025 |  | December 31, 2024
(dollars in millions, except per share data) | Liquidation value per share |  | Preferred Shares |  | Carrying Amount |  | Preferred Shares |  | Carrying Amount
Authorized ($25 par value per share) |  |  | 100,000,000 |  |  |  |  | 100,000,000 |  |  |
Issued and outstanding: |  |  |  |  |  |  |  |  |
Series B | $1,000 |  |  | 300,000 |  |  | $296 |  |  | 300,000 |  |  | $296 |
Series C | 1,000 |  |  | 300,000 |  |  | 297 |  |  | 300,000 |  |  | 297 |
Series E | 1,000 |  | (1) | 450,000 |  | (2) | 437 |  |  | 450,000 |  |  | 437 |
Series F | 1,000 |  |  | — |  |  | — |  |  | 400,000 |  |  | 395 |
Series G | 1,000 |  |  | 300,000 |  |  | 296 |  |  | 300,000 |  |  | 296 |
Series H | 1,000 |  | (1) | 400,000 |  | (3) | 392 |  |  | 400,000 |  |  | 392 |
Series I | 1,000 |  | (1) | 400,000 |  | (4) | 393 |  |  | — |  |  | — |
Total |  |  | 2,150,000 |  |  | $2,111 |  |  | 2,150,000 |  |  | $2,113 |
(1) Equivalent to $25 per depositary share. (2) Represented by 18,000,000 depositary shares each representing a 1/40th interest in the Series E Preferred Stock. (3) Represented by 16,000,000 depositary shares each representing a 1/40th interest in the Series H Preferred Stock. (4) Represented by 16,000,000 depositary shares each representing a 1/40th interest in the Series I Preferred Stock. On July 31, 2025, the Company issued $400 million, or 400,000 shares, of 6.500% fixed-rate reset non-cumulative perpetual Series I Preferred Stock, par value of $25 per share with a liquidation preference of $1,000 per share (the “Series I Preferred Stock”). As a result of this issuance, the Company received net proceeds of $393 million after underwriting fees and other expenses. The Series I Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. The Series I Preferred Stock is redeemable at the Company’s option, in whole or in part, on any dividend payment date on or after October 6, 2030 or, in whole but not in part, at any time within the 90 days following a regulatory capital treatment event at a redemption price equal to $1,000 per share, plus any declared and unpaid dividends. The Company may not redeem shares of the Series I Preferred Stock without the prior approval of the FRB or other appropriate federal banking agency as required under applicable capital rules. Except in limited circumstances or otherwise required by law, holders of the Series I Preferred Stock do not have any voting rights. In September 2025, the Company provided notice of its intent to redeem all outstanding shares of the 5.650% fixed-rate reset non-cumulative perpetual Series F Preferred Stock on October 6, 2025. Upon providing notice, the Series F Preferred Stock was reclassified from Preferred stock to Other liabilities in the Consolidated Balance Sheets. On October 6, 2025, the Company redeemed all outstanding shares of the Series F Preferred Stock at a redemption price of $1,000 per share.
Schedule of dividends | The following tables summarize the Company’s common and preferred stock dividend activity:
|  | Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
(dollars in millions, except per share data) |  | Dividends Declared per Share | Dividends Declared | Dividends Paid |  | Dividends Declared per Share | Dividends Declared | Dividends Paid
Common stock |  | $0.42 |  | $184 |  | $184 |  |  | $0.42 |  | $190 |  | $190 |
Preferred stock |  |  |  |  |  |  |  |
Series B |  | $19.07 |  | $5 |  | $5 |  |  | $21.68 |  | $6 |  | $7 |
Series C |  | 19.46 |  | 5 |  | 6 |  |  | 22.07 |  | 6 |  | 6 |
Series D |  | — |  | — |  | — |  |  | — |  | — |  | 7 |
Series E |  | 12.50 |  | 6 |  | 6 |  |  | 12.50 |  | 6 |  | 6 |
Series F |  | 14.13 |  | 6 |  | 6 |  |  | 14.13 |  | 6 |  | 6 |
Series G |  | 10.00 |  | 3 |  | 3 |  |  | 10.00 |  | 3 |  | 3 |
Series H |  | 18.43 |  | 7 |  | 7 |  |  | 27.25 |  | 11 |  | — |
Total preferred stock |  |  | $32 |  | $33 |  |  |  | $38 |  | $35 |
|  | Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
(dollars in millions, except per share data) |  | Dividends Declared per Share | Dividends Declared | Dividends Paid |  | Dividends Declared per Share | Dividends Declared | Dividends Paid
Common stock |  | $1.26 |  | $555 |  | $555 |  |  | $1.26 |  | $581 |  | $581 |
Preferred stock |  |  |  |  |  |  |  |
Series B |  | $57.26 |  | $17 |  | $17 |  |  | $65.06 |  | $19 |  | $20 |
Series C |  | 58.43 |  | 17 |  | 18 |  |  | 60.54 |  | 18 |  | 16 |
Series D |  | — |  | — |  | — |  |  | 39.66 |  | 12 |  | 17 |
Series E |  | 37.50 |  | 17 |  | 17 |  |  | 37.50 |  | 17 |  | 17 |
Series F |  | 42.38 |  | 17 |  | 17 |  |  | 42.38 |  | 17 |  | 17 |
Series G |  | 30.00 |  | 9 |  | 9 |  |  | 30.00 |  | 9 |  | 9 |
Series H |  | 55.31 |  | 22 |  | 22 |  |  | 27.25 |  | 11 |  | — |
Total preferred stock |  |  | $99 |  | $100 |  |  |  | $103 |  | $96 |

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