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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2024
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | SHAREHOLDERS’ EQUITY During the year ended December 31, 2024, the Corporation repurchased 1.5 million shares at an average price paid of $63.50 per share under the share repurchase program initially authorized in 2010 by the Board of Directors of the Corporation. There is no expiration date for the share repurchase program. There were no repurchases of common stock under the share repurchase program in 2023. At December 31, 2024, the Corporation had 4.7 million shares of common stock reserved for stock option exercises and restricted stock unit vesting. In May 2020, the Corporation issued and sold 400,000 depositary shares, each representing a 1/100th ownership interest in a share of 5.625% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, without par value, with a liquidation preference of $100,000 per share (equivalent of 1,000 per depositary share). Holders of the depositary shares will be entitled to all proportional rights and preferences of the Series A preferred stock (including dividend, voting, redemption and liquidation rights). The $400 million issuance yielded $394 million in proceeds, net of underwriting discounts and offering expenses. Dividends on the Series A preferred stock accrue on a non-cumulative basis at an initial fixed rate per annum of 5.625% and are payable in arrears when, as and if authorized by the Corporation’s Board of Directors or a duly authorized committee of the Board and declared by the Corporation, on the first day of January, April, July and October of each year, and commenced on October 1, 2020. Beginning on October 1, 2025 and every five years thereafter, the per annum dividend rate on outstanding shares of Series A preferred stock will reset and equal the then-current five-year Treasury rate plus 5.291%. Under the terms of the Series A preferred stock, the ability of the Corporation to pay dividends on, make distributions with respect to, or to repurchase, redeem or acquire its common stock or any other stock ranking on parity with or junior to the Series A preferred stock, is subject to restrictions in the event that the Corporation does not declare and either pay or set aside a sum sufficient for payment of dividends on the Series A preferred stock for the immediately preceding dividend period. The Series A preferred stock is perpetual and has no maturity date, but is redeemable by the Corporation at specified times subject to regulatory considerations.

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