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STOCKHOLDERS' EQUITY | 9 Months Ended
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Sep. 30, 2025
Equity [Abstract] |
STOCKHOLDERS' EQUITY | NOTE 12 — STOCKHOLDERS' EQUITY A roll forward of common stock activity is presented in the following table: Number of Shares of Common Stock
| September 30, 2025 |  |
| Common Stock Outstanding |  |
| Class A |  | Class B |  |  |  |
Common stock - June 30, 2025 | 12,070,794 |  |  | 1,005,185 |  |  |  |  |
Shares repurchased under authorized repurchase plan | (457,350) |  |  | — |  |  |  |  |
Common stock - September 30, 2025 | 11,613,444 |  |  | 1,005,185 |  |  |  |  |
Common stock - December 31, 2024 | 12,712,436 |  |  | 1,005,185 |  |  |  |  |
Shares purchased under authorized repurchase plan | (1,098,992) |  |  | — |  |  |  |  |
Common stock - September 30, 2025 | 11,613,444 |  |  | 1,005,185 |  |  |  |  |
Common Stock The Parent Company has Class A common stock and Class B common stock, each with a par value of $1. Class A common stockholders have one vote per share while Class B common stockholders have 16 votes per share. Non-Cumulative Perpetual Preferred Stock The following table summarizes BancShares’ non-cumulative perpetual preferred stock: Preferred Stock
dollars in millions, except per share and par value data
Preferred Stock |  | Issuance Date |  | Earliest Redemption Date |  | Par Value |  | Shares Authorized, Issued and Outstanding |  |  |  |  |  | Liquidation Preference Per Share |  | Total Liquidation Preference |  | Dividend
Series A |  | March 12, 2020 |  | March 15, 2025 |  | $ | 0.01 |  |  | 345,000 |  |  |  |  |  | $ | 1,000 |  |  | $ | 345 |  |  | 5.375%
Series B (1) |  | January 3, 2022 |  | January 4, 2027 |  | 0.01 |  |  | 325,000 |  |  |  |  |  | 1,000 |  |  | 325 |  | SOFR + 3.972%
Series C |  | January 3, 2022 |  | January 4, 2027 |  | 0.01 |  |  | 8,000,000 |  |  |  |  |  | 25 |  |  | 200 |  | 5.625%
(1) Upon conversion to SOFR in 2023, BancShares began paying a credit spread adjustment in addition to the stated dividend. Dividends on BancShares Series A, B, and C preferred stock (together, “BancShares Preferred Stock”) will be paid when, as, and if declared by the Board of Directors of the Parent Company, or a duly authorized committee thereof, to the extent that the Parent Company has lawfully available funds to pay dividends. If declared, dividends with respect to the BancShares Preferred Stock will accrue and be payable quarterly in arrears on March 15, June 15, September 15, and December 15 of each year. Dividends on the BancShares Preferred Stock will not be cumulative. For further description of BancShares Preferred Stock, refer to Note 16—Stockholders’ Equity in the Notes to the Consolidated Financial Statements included in the 2024 Form 10-K.

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