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Capital | 12 Months Ended
--- | ---
Dec. 31, 2023
Broker-Dealer [Abstract] |
Capital | Capital The Bank is subject to regulation, examination, and supervision by the OCC and the Federal Reserve (the “Regulators”). The Bank is also governed by numerous federal and state laws and regulations, including the FDIC Improvement Act of 1991, which established five categories of capital adequacy ranging from “well capitalized” to “critically undercapitalized.” Such classifications are used by the FDIC to determine various matters, including prompt corrective action and each institution’s FDIC deposit insurance premium assessments. Capital amounts and classifications are also subject to the Regulators’ qualitative judgments about the components of capital and risk weightings, among other factors. The quantitative measures established to ensure capital adequacy require that banks maintain minimum amounts and ratios of leverage capital to average assets and of common equity tier 1 capital, tier 1 capital, and total capital to risk-weighted assets (as such measures are defined in the regulations). At December 31, 2023, our capital measures continued to exceed the minimum federal requirements for a bank holding company and for a bank. The following tables sets forth our common equity tier 1, tier 1 risk-based, total risk-based, and leverage capital amounts and ratios on a consolidated basis and for the Bank on a stand-alone basis, as well as the respective minimum regulatory capital requirements, at that date: The following table presents the actual capital amounts and ratios for the Company:
| Risk-Based Capital |  |  |
December 31, 2023 | Common Equity Tier 1 |  | Tier 1 |  | Total |  | Leverage Capital
(dollars in millions) | Amount | Ratio |  | Amount | Ratio |  | Amount | Ratio |  | Amount | Ratio
Total capital | $ | 8,009 |  | 9.05 | % |  | $ | 8,512 |  | 9.62 | % |  | $ | 10,415 |  | 11.77 | % |  | $ | 8,512 |  | 7.75 | %
Minimum for capital adequacy purposes | 3,983 |  | 4.50 |  |  | 5,310 |  | 6.00 |  |  | 7,081 |  | 8.00 |  |  | 4,392 |  | 4.00 |
Excess | $ | 4,026 |  | 4.55 | % |  | $ | 3,202 |  | 3.62 | % |  | $ | 3,334 |  | 3.77 | % |  | $ | 4,120 |  | 3.75 | %
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Total capital | $ | 6,335 |  | 9.06 | % |  | $ | 6,838 |  | 9.78 | % |  | $ | 8,154 |  | 11.66 | % |  | $ | 6,838 |  | 9.70 | %
Minimum for capital adequacy purposes | 3,146 |  | 4.50 |  |  | 4,195 |  | 6.00 |  |  | 5,593 |  | 8.00 |  |  | 2,819 |  | 4.00 |
Excess | $ | 3,189 |  | 4.56 | % |  | $ | 2,643 |  | 3.78 | % |  | $ | 2,561 |  | 3.66 | % |  | $ | 4,019 |  | 5.70 | %
The following table presents the actual capital amounts and ratios for the Bank:
| Risk-Based Capital |  |  |
December 31, 2023 | Common Equity Tier 1 |  | Tier 1 |  | Total |  | Leverage Capital
(dollars in millions) | Amount | Ratio |  | Amount | Ratio |  | Amount | Ratio |  | Amount | Ratio
Total capital | $ | 9,305 |  | 10.52 | % |  | $ | 9,305 |  | 10.52 | % |  | $ | 10,271 |  | 11.61 | % |  | $ | 9,305 |  | 8.48 | %
Minimum for capital adequacy purposes | 3,980 |  | 4.50 |  |  | 5,307 |  | 6.00 |  |  | 7,076 |  | 8.00 |  |  | 4,389 |  | 4.00 |
Excess | $ | 5,325 |  | 6.02 | % |  | $ | 3,998 |  | 4.52 | % |  | $ | 3,195 |  | 3.61 | % |  | $ | 4,916 |  | 4.48 | %
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |
Total capital | $ | 7,653 |  | 10.96 | % |  | $ | 7,653 |  | 10.96 | % |  | $ | 7,982 |  | 11.43 | % |  | $ | 7,653 |  | 10.87 | %
Minimum for capital adequacy purposes | 3,142 |  | 4.50 |  |  | 4,189 |  | 6.00 |  |  | 5,585 |  | 8.00 |  |  | 2,817 |  | 4.00 |
Excess | $ | 4,511 |  | 6.46 | % |  | $ | 3,464 |  | 4.96 | % |  | $ | 2,397 |  | 3.43 | % |  | $ | 4,836 |  | 6.87 | %
At December 31, 2023, our total risk-based capital ratio exceeded the minimum requirement for capital adequacy purposes by 377 basis points and the fully phased-in capital conservation buffer by 127 basis points. The Bank also exceeded the minimum capital requirements to be categorized as “Well Capitalized.” To be categorized as well capitalized, a bank must maintain a minimum common equity tier 1 ratio of 6.50 percent; a minimum tier 1 risk-based capital ratio of 8 percent; a minimum total risk-based capital ratio of 10 percent; and a minimum leverage capital ratio of 5 percent. Preferred Stock On March 17, 2017, the Company issued 20,600,000 depositary shares, each representing a 1/40th interest in a share of the Company’s Fixed-to-Floating Rate Series A Noncumulative Perpetual Preferred Stock, par value $0.01 per share, with a liquidation preference of $1.00 per share (equivalent to $25 per depositary share). Dividends will accrue on the depositary shares at a fixed rate equal to 6.375 percent per annum until March 17, 2027, and a floating rate equal to Three-month LIBOR plus 382.1 basis points per annum beginning on March 17, 2027. Dividends will be payable in arrears on March 17, June 17, September 17, and December 17 of each year, which commenced on June 17, 2017. Treasury Stock Repurchases On October 23, 2018, the Board of Directors approved the repurchase of up to $300 million of the Company’s outstanding common stock. As of December 31, 2023, the Company has repurchased a total of 30 million shares at an average price of $9.61 or an aggregate purchase of $286 million. The Company had no repurchases during 2023. During the year ended December 31, 2022, the Company repurchased 871,710 shares, at a cost of $8 million.

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