XML 48 R32.htm IDEA: XBRL DOCUMENT v3.25.4
Shareholders' Equity
12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' Equity Shareholders’ Equity
A summary of the Company’s common and preferred stock at December 31, 2025 and 2024 is as follows:
20252024
Common Stock:
Shares authorized100,000,000 100,000,000 
Shares issued67,062,182 66,560,182 
Shares outstanding66,974,913 66,495,227 
Cash dividend per share$2.00 $1.80 
Preferred Stock:
Shares authorized20,000,000 20,000,000 
Shares issued17,000 5,011,500 
Shares outstanding17,000 5,011,500 

The Company reserves shares of its authorized common stock specifically for the 2025 Plan, the ESPP and the DDFS. The reserved shares and these plans are detailed in Note (18) “Stock Compensation Plans and Other Employee Benefit Plans”.

Preferred Stock Redemption

On July 15, 2025, the Company redeemed all 5,000,000 issued and outstanding shares of the Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D (the “Series D Preferred Stock”), for a redemption price of $25.00 per share or $125.0 million. Also, the Company redeemed all 11,500 issued and outstanding shares of 6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E (the “Series E Preferred Stock”), and all of the related 11,500,000 issued and outstanding depositary shares (the “Depositary Shares”), each representing a 1/1,000th interest in a share of Series E Preferred Stock, for a redemption price of $25,000 per share of Series E Preferred Stock (or $25.00 per Depositary Share) or $287.5 million. The regular quarterly dividends on the Series D Preferred Stock and the Series E Preferred Stock represented by the Depositary Shares were paid separately on July 15, 2025 to holders of record on July 1, 2025. Accordingly, the redemption price did not include any accrued and unpaid dividends.

Series F Preferred Stock

In May 2025, the Company issued 17,000 shares of fixed-rate reset non-cumulative perpetual preferred stock, Series F, liquidation preference $25,000 per share (the “Series F Preferred Stock”) as part of a $425 million public offering of 17,000,000 depository shares, each representing a 1/1,000th interest in a share of Series F Preferred Stock. When, as and if declared, dividends on the Series F Preferred Stock are payable quarterly in arrears at a fixed rate of 7.875% per annum starting October 15, 2025. The redemption of the Series D Preferred Stock and Series E Preferred Stock in July 2025 was funded with a portion of the net proceeds from the issuance of the Series F Preferred Stock.
Other

At the January 2026 Board of Directors meeting, a quarterly cash dividend of $0.55 per share of common stock ($2.20 on an annualized basis) was declared. It was paid on February 19, 2026 to shareholders of record as of February 5, 2026.
Accumulated Other Comprehensive Income or Loss
The following tables summarize the components of other comprehensive income or loss, including the related income tax effects, and the related amount reclassified to net income for the years ended December 31, 2025, 2024 and 2023:
(In thousands)Accumulated
Unrealized
Gains (Losses) on Securities
Accumulated
Unrealized
Gains (Losses) on Derivative
Instruments
Accumulated
Foreign
Currency
Translation
Adjustments
Total
Accumulated
Other
Comprehensive
Income (Loss)
Balance at January 1, 2025$(429,580)$(11,227)$(67,528)$(508,335)
Other comprehensive income during the period, net of tax, before reclassifications136,899 49,070 14,691 200,660 
Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax(118)12,069  11,951 
Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax(30)  (30)
Net other comprehensive income during the period, net of tax$136,751 $61,139 $14,691 $212,581 
Balance at December 31, 2025$(292,829)$49,912 $(52,837)$(295,754)
Balance at January 1, 2024$(350,697)$32,049 $(42,583)$(361,231)
Other comprehensive loss during the period, net of tax, before reclassifications(77,903)(96,872)(24,945)(199,720)
Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax(915)53,596 — 52,681 
Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax(65)— — (65)
Net other comprehensive loss during the period, net of tax$(78,883)$(43,276)$(24,945)$(147,104)
Balance at December 31, 2024$(429,580)$(11,227)$(67,528)$(508,335)
Balance at January 1, 2023$(386,057)$7,381 $(48,960)$(427,636)
Other comprehensive income (loss) during the period, net of tax, before reclassifications36,214 (16,334)6,377 26,257 
Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax(699)41,002 — 40,303 
Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax(155)— — (155)
Net other comprehensive income during the period, net of tax$35,360 $24,668 $6,377 $66,405 
Balance at December 31, 2023$(350,697)$32,049 $(42,583)$(361,231)
Amount Reclassified from Accumulated Other Comprehensive Income or Loss for the Years Ended,
Details Regarding the Component of Accumulated Other Comprehensive Income or LossDecember 31,Impacted Line on the Consolidated Statements of Income
202520242023
(In thousands)
Accumulated unrealized gains on available-for-sale securities
Gains included in net income$159 $1,236 $951 Gains (losses) on investment securities, net
159 1,236 951 Income before taxes
Tax effect(41)(321)(252)Income tax expense
Net of tax$118 $915 $699 Net income
Accumulated unrealized gains (losses) on derivative instruments
Amount reclassified to interest income on loans$29,611 $87,306 $74,616 Interest on loans
Amount reclassified to interest expense on deposits(13,300)(14,632)(19,559)Interest on deposits
Amount reclassified to interest expense on other borrowings — 789 Interest on other borrowings
(16,311)(72,674)(55,846)Income before taxes
Tax effect4,242 19,078 14,844 Income tax expense
Net of tax$(12,069)$(53,596)$(41,002)Net income