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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
STOCKHOLDERS' EQUITY
NOTE 15 — STOCKHOLDERS' EQUITY

A roll forward of common stock activity is presented in the following table:

Number of Shares of Common Stock
December 31, 2025December 31, 2024
Common Stock OutstandingCommon Stock Outstanding
Class AClass BClass AClass B
Common stock - beginning of period12,712,436 1,005,185 13,514,933 1,005,185 
Shares purchased under authorized repurchase plan(1,578,462)— (814,641)— 
Restricted stock units vested, net of shares held to cover taxes— — 12,144 — 
Common stock - end of period11,133,974 1,005,185 12,712,436 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
On November 18, 2025, the Parent Company issued and sold 7.000% non-cumulative perpetual preferred stock, series D, for a total of $500 million. As of December 31, 2025, the Parent Company had Series A, Series B, Series C, and Series D non-cumulative perpetual preferred stock (together, “BancShares Preferred Stock”) as summarized in the following table:

Preferred Stock
dollars in millions, except per share, depositary share, and per depositary share data
Preferred StockIssuance DateEarliest Redemption Date
Book Value (1)
Par Value Per ShareShares Authorized, Issued and OutstandingAggregate Liquidation PreferenceLiquidation Preference Per Share
Depositary Shares (Fractional Interest) (2)
Liquidation Preference Per Depositary ShareDividend
Series AMarch 12, 2020March 15, 2025$340 $0.01 345,000$345 $1,000 
13,800,000 (1/40th)
$25 5.375 %
Series B (3)
January 3, 2022January 4, 20273340.01 325,0003251,000 n/an/a
SOFR + 3.972%
Series CJanuary 3, 2022January 4, 20272070.01 8,000,00020025 n/an/a5.625 %
Series D (4)
November 18, 2025December 15, 20304940.01 5,000500100,000 
500,000 (1/100th)
1,000 7.000 %
Total$1,375 8,675,000$1,370 
(1) The book value is net of direct issuance costs and premiums or discounts.
(2) Each depositary share represents a fractional ownership interest in a share of non-cumulative perpetual preferred stock.
(3) Upon conversion to SOFR in 2023, BancShares began paying a credit spread adjustment in addition to the stated dividend.
(4) The dividend rate is 7.000% per annum from the original issuance date to, but excluding, the first reset date of December 15, 2030. Thereafter, the dividend rate resets to the five-year treasury rate plus 3.301% on the fifth anniversary of the preceding reset date.

Dividends on 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.

The Parent Company may redeem the BancShares Preferred Stock at its option, and subject to any required regulatory approval, at a redemption price equal to the “Liquidation Preference Per Share” in the table above, plus any declared and unpaid dividends to, but excluding, the redemption date, (i) in whole or in part, from time to time, on any dividend payment date on or after the “Earliest Redemption Date” in the table above, or (ii) in whole but not in part, at any time within 90 days following a regulatory capital treatment event.

Issuance of Series E Non-Cumulative Perpetual Preferred Stock
On February 5, 2026, the Parent Company issued and sold 6.625% non-cumulative perpetual preferred stock, series E (“Series E Preferred Stock”), for a total of $400 million. The issuance and sale included 16,000,000 depositary shares, each representing a 1/40th ownership interest in a share of Series E Preferred Stock with a liquidation preference of $1,000 per share (equivalent to $25 per depository share).