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PREFERRED STOCK AND COMMON STOCK | 6 Months Ended
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Jun. 30, 2026
Equity [Abstract] |
PREFERRED STOCK AND COMMON STOCK | PREFERRED STOCK AND COMMON STOCK Preferred Stock As reflected in the table below, in May 2026 we authorized and issued 135,000 shares of preferred stock as depositary shares (the Depositary Shares) for gross proceeds of $135 million, with each Depositary Share representing a 1/40th interest in our Series B 8.875% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, par value $0.01 per share (the Series B Preferred Stock). The Series B Preferred Stock has a liquidation preference of $25 per Depositary Share (equivalent to $1,000 per share of Series B Preferred Stock) and as of June 30, 2026, the aggregate liquidation value was $135 million. We used the net proceeds of the offering to enter into a preferred stock transaction with one of our subsidiary banks, CCB, pursuant to which CCB issued preferred stock to Parent Company on terms substantially the same as those of the Series B Preferred Stock. The CCB preferred stock is eliminated in consolidation. The following table provides information about our preferred stock issued and outstanding as of the dates presented:
|  |  |  |  |  | Per Annum Dividend Rate |  |  |  |  |  |  |  | Carrying Amount
Series (1) |  | Issuance Date |  | Earliest Redemption Date |  |  |  |  | Total Shares |  | Liquidation Preference |  | June 30, 2026 |  | December 31, 2025
(Millions, except share amounts) |  |  |  |  |  |  |  |  |  |  |  |
Series A |  | November 25, 2025 |  | December 15, 2030 |  | 8.625 | % |  |  |  | 75,000 |  |  | $ | 75 |  |  | $ | 72 |  |  | $ | 71 |
Series B |  | May 12, 2026 |  | December 15, 2031 |  | 8.875 | % |  |  |  | 135,000 |  |  | 135 |  |  | 130 |  |  | — |
Total |  |  |  |  |  |  |  |  |  |  |  | $ | 210 |  |  | $ | 202 |  |  | $ | 71 |
______________________________ (1)Issued as depositary shares representing 1/40th interest in a share of the corresponding series of non-cumulative perpetual preferred stock, par value $0.01 per share. Dividends are payable quarterly in arrears on March 15, June 15, September 15 and December 15, at a fixed rate, in each case when, as and if declared by our Board of Directors. Stock Repurchase Authorizations Periodically, we repurchase shares of our common stock pursuant to Board-approved share repurchase authorizations. The rationale for our repurchase authorizations, and the amounts thereof, is to execute against our previously disclosed capital priorities to grow responsibly, maintain balance sheet strength, and return value to stockholders. The following table provides information about our common stock repurchases under our various Board-approved share repurchase authorizations, for the periods presented:
(Millions) |  | Amount Authorized for Repurchase |  | Number of Shares Repurchased (1) |  | Approximate Dollar Value of Shares Repurchased (2) |  | Amount Remaining for Future Repurchases
As of December 31, 2025 |  |  |  |  |  |  |  | $ | 240 |
For the three months ended: |  |  |  |  |  |  |  |
March 31, 2026 |  | $ | 600 |  |  | 2.0 |  | $ | 150 |  |  | $ | 690 |
June 30, 2026 |  | — |  | 2.8 |  | 241 |  |  | 449
Total |  | $ | 600 |  |  | 4.8 |  | $ | 391 |  |  |
______________________________ (1)Upon repurchase, these shares were retired and ceased to be outstanding shares of common stock, and are now treated as authorized but unissued shares of common stock. Does not include the 1.5 million shares that were retired in connection with the termination of our Capped Call transactions, discussed below. (2)Excludes excise taxes on stock repurchases. Capped Call Transactions In connection with the prior issuance of our 4.25% Convertible Senior Notes due 2028 (Convertible Notes), we entered into privately negotiated capped call (Capped Call) transactions with certain financial institution counterparties in June 2023. At that time, these transactions were expected generally to reduce potential dilution to our common stock upon any conversion of Convertible Notes and/or offset any cash payments we were required to make in excess of the principal amount of the Convertible Notes, with such reduction and/or offset subject to a cap, based on the cap price. As of December 31, 2025, all of the Capped Call transactions remained outstanding, notwithstanding that no Convertible Notes were outstanding at that time. For additional information on the June 2023 issuance of our Convertible Notes and the subsequent repurchases in 2024 and 2025, as well as information on our Capped Call transactions, refer to Note 10, “Borrowings of Long-Term and Other Debt” to the audited Consolidated Financial Statements included in our Annual Reports on Form 10-K for the years ended December 31, 2025 and 2024. In February 2026 we entered into a separate, privately negotiated termination agreement (each, a Capped Call Unwind Agreement) with each financial institution counterparty to the Capped Call transactions, thereby terminating all of the outstanding Capped Call transactions, and resulting in the receipt of an aggregate 1.5 million shares of our common stock, with a value of $111 million, from the Capped Call counterparties pursuant to the Capped Call Unwind Agreements. Following their receipt, these shares were retired and ceased to be outstanding shares of common stock, and are now treated as authorized but unissued shares of common stock. Dividends The table below summarizes the cash dividend activity we had on our preferred and common stock for the dates presented:
(Millions, except per share amounts) |  | Preferred Stock |  | Common Stock
Dividend Declaration Date |  | Dividend Payment Date |  | Amount Per Share |  | Amount |  | Amount Per Share |  | Amount (1)
January 29, 2026 |  | March 16, 2026 |  | $ | 26.35 |  |  | $ | 2 |  |  | $ | 0.23 |  |  | $ | 10 |
April 23, 2026 |  | June 15, 2026 |  | $ | 21.56 |  |  | $ | 2 |  |  | $ | 0.23 |  |  | $ | 9 |
|  |  |  |  |  | $ | 4 |  |  |  |  | $ | 19 |
______________________________ (1)Excludes dividend equivalent rights paid during the period. On July 23, 2026, our Board of Directors declared a quarterly cash dividend of $21.56 per share on our Series A preferred stock, $30.32 per share on our Series B preferred stock, and $0.23 per share on our common stock, each payable on September 15, 2026, to the applicable stockholders of record at the close of business on August 31, 2026. The declaration and payment of future dividends on our preferred and common stock are subject to approval by our Board of Directors, based upon a review of relevant considerations and regulatory and other restrictions on our ability to pay dividends, including restrictions imposed by the terms of each series of our outstanding preferred stock.

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