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Parent Company Financial Information
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Parent Company Financial Information Parent Company Financial Information
The following tables summarize condensed financial information for the Parent Company only:
CONDENSED BALANCE SHEETS  
  
December 31,
(In thousands)20252024
Assets:
Cash and cash equivalents$138,993 $456,166 
Intercompany debt securities250,000 150,000 
Investment in subsidiaries9,774,083 9,377,808 
Due from subsidiaries499 — 
Alternative investments86,722 71,959 
Other assets7,973 7,962 
Total assets$10,258,270 $10,063,895 
Liabilities and stockholders’ equity:
Senior notes$316,206 $321,191 
Subordinated notes345,928 510,674 
Junior subordinated debt77,320 77,320 
Accrued interest payable9,585 5,007 
Due to subsidiaries— 10,613 
Other liabilities16,995 5,876 
Total liabilities766,034 930,681 
Stockholders’ equity9,492,236 9,133,214 
Total liabilities and stockholders’ equity$10,258,270 $10,063,895 
CONDENSED STATEMENTS OF INCOME
  
  
  
  
Years ended December 31,
(In thousands)202520242023
Income:
Dividend income from bank subsidiary$900,000 $600,000 $600,000 
Interest income on intercompany debt securities and interest-bearing deposits12,881 11,606 11,259 
Alternative investments income17,474 7,580 1,272 
Other non-interest income (1)
9,942 198 908 
Total income940,297 619,384 613,439 
Expense:
Interest expense on borrowings43,430 32,253 37,933 
Other non-interest expense30,545 24,988 33,711 
Total expense73,975 57,241 71,644 
Income before income taxes and equity in undistributed earnings of subsidiaries866,322 562,143 541,795 
Income tax benefit9,360 10,021 15,106 
Equity in undistributed earnings of subsidiaries127,120 196,543 310,939 
Net income$1,002,802 $768,707 $867,840 
(1)Includes a $9.8 million gain on extinguishment of long-term debt for the year ended December 31, 2025. Additional information regarding the gains recognized on the extinguishment of the 2029 subordinated notes and the 2030 subordinated notes can be found within Note 10: Borrowings.
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
  
  
  
  
Years ended December 31,
(In thousands)202520242023
Net income$1,002,802 $768,707 $867,840 
Other comprehensive income (loss), net of tax:
Derivative financial instruments— 25 229 
Other comprehensive income (loss) of subsidiaries205,539 (5,837)134,160 
Other comprehensive income (loss), net of tax205,539 (5,812)134,389 
Comprehensive income$1,208,341 $762,895 $1,002,229 
CONDENSED STATEMENTS OF CASH FLOWS
  
  
  
 Years ended December 31,
(In thousands)202520242023
Operating activities:
Net income$1,002,802 $768,707 $867,840 
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries(127,120)(196,543)(310,939)
(Gain) on call of intercompany debt securities(1,734)— — 
(Gain) on extinguishment of long-term debt(9,767)— (698)
Other, net (1)
(21,032)(8,711)(7,614)
Net cash provided by operating activities843,149 563,453 548,589 
Investing activities:
Purchase of intercompany debt securities(250,000)— — 
Proceeds from call of intercompany debt securities151,734 — — 
Alternative investments (capital calls), net of returns of capital(21,206)(17,589)(13,070)
Proceeds from sales of alternative investments12,226 9,657 — 
Net cash (used in) investing activities(107,246)(7,932)(13,070)
Financing activities:
Repayment of long-term debt(499,000)(132,550)(16,752)
Proceeds from issuance of long-term debt347,389 — — 
Debt issuance costs(1,636)— — 
Dividends paid to common stockholders(266,830)(274,545)(278,155)
Dividends paid to preferred stockholders(16,650)(16,650)(16,650)
Exercise of stock options67 254 1,723 
Common stock repurchase program(593,654)(65,403)(107,984)
Common shares acquired related to stock compensation plan activity(22,762)(17,215)(16,278)
Net cash (used in) financing activities(1,053,076)(506,109)(434,096)
Net (decrease) increase in cash and cash equivalents(317,173)49,412 101,423 
Cash and cash equivalents, beginning of period456,166 406,754 305,331 
Cash and cash equivalents, at end of period$138,993 $456,166 $406,754 
Supplemental disclosure of cash flow information:
Non-cash investing and financing activities:
Contribution of alternative investment to the Bank$8,034 $— $— 
(1)The increase in Other, net during the year ended December 31, 2025, is primarily attributed to higher alternative investments (gains) and a higher deferred tax (benefit) expense recognized in 2025, as compared to 2024 and 2023.