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STOCKHOLDERS' EQUITY
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
STOCKHOLDERS' EQUITY
NOTE 15 - STOCKHOLDERS’ EQUITY
Preferred Stock
The following table summarizes the Company’s preferred stock:
December 31,
20252024
(dollars in millions, except per share data)Liquidation value per sharePreferred SharesCarrying AmountPreferred SharesCarrying Amount
Authorized ($25 par value per share)
100,000,000 100,000,000 
Issued and outstanding:
Series B$1,000300,000 $296 300,000 $296 
Series C1,000 300,000 297 300,000 297 
Series E1,000 
(1)
450,000 
(2)
437 450,000 437 
Series F1,000 — — 400,000 395 
Series G1,000 300,000 296 300,000 296 
Series H
1,000 
(1)
400,000 
(3)
392 400,000 392 
Series I
1,000 
(1)
400,000 
(4)
393 — — 
Total2,150,000 $2,111 2,150,000 $2,113 
(1) Equivalent to $25 per depositary share.
(2) Represented by 18,000,000 depositary shares each representing a 1/40th interest in the Series E Preferred Stock.
(3) Represented by 16,000,000 depositary shares each representing a 1/40th interest in the Series H Preferred Stock.
(4) Represented by 16,000,000 depositary shares each representing a 1/40th interest in the Series I Preferred Stock.
On July 31, 2025, the Company issued $400 million, or 400,000 shares, of 6.500% fixed-rate reset non-cumulative perpetual Series I Preferred Stock, par value of $25 per share with a liquidation preference of $1,000 per share (the “Series I Preferred Stock”). As a result of this issuance, the Company received net proceeds of $393 million after underwriting fees and other expenses. The Series I Preferred Stock has no stated maturity and will not be subject to any sinking fund or other obligation of the Company. The Series I Preferred Stock is redeemable at the Company’s option, in whole or in part, on any dividend payment date on or after October 6, 2030 or, in whole but not in part, at any time within the 90 days following a regulatory capital treatment event at a redemption price equal to $1,000 per share, plus any declared and unpaid dividends. The Company may not redeem shares of the Series I Preferred Stock without the prior approval of the FRB or other appropriate federal banking agency as required under applicable capital rules. Except in limited circumstances or otherwise required by law, holders of the Series I Preferred Stock do not have any voting rights.
On October 6, 2025, the Company redeemed all outstanding shares of the 5.650% fixed-rate reset non-cumulative perpetual Series F Preferred Stock.
The following table provides information related to the Company’s preferred stock outstanding as of December 31, 2025:
Preferred Stock(1)
Issue DateNumber of Shares Issued
Dividend Payment Date(2)
Annual Per Share Dividend Rate
Optional Redemption Date(3)
Series BMay 24, 2018300,000
Semi-annually beginning January 6, 2019 until July 6, 2023
6.000% until July 6, 2023
July 6, 2023
Quarterly beginning October 6, 2023
3 Mo. CME Term SOFR plus 3.265% beginning July 6, 2023
Series COctober 25, 2018300,000
Quarterly beginning January 6, 2019 until April 6, 2024
6.375% until April 6, 2024
April 6, 2024
Quarterly beginning July 6, 2024
3 Mo. CME Term SOFR plus 3.419% beginning April 6, 2024
Series EOctober 28, 2019
    450,000(4)
Quarterly beginning January 6, 2020
5.000%
January 6, 2025
Series GJune 11, 2021300,000Quarterly beginning October 6, 2021 until October 6, 2026
4.000% until October 6, 2026
October 6, 2026
Quarterly beginning January 6, 2027
5 Yr. US Treasury rate plus 3.215% beginning October 6, 2026
Series HMay 23, 2024
400,000(5)
Quarterly beginning October 6, 2024
7.375%
July 6, 2029
Series I
July 31, 2025
400,000(6)
Quarterly beginning January 6, 2026 until October 6, 2030
6.500% until October 6, 2030
October 6, 2030
Quarterly beginning January 6, 2031
5 Yr. US Treasury rate plus 2.629% beginning October 6, 2030
(1) Series B and C are non-cumulative fixed-to-floating rate perpetual preferred stock, Series E and H are non-cumulative fixed-rate perpetual preferred stock, and Series G and I are non-cumulative fixed-rate reset perpetual preferred stock. Except in limited circumstances, each series of preferred stock does not have voting rights.
(2) Dividends are payable when declared by the Company’s Board of Directors or an authorized committee thereof.    
(3) Redeemable at the Company’s option, in whole or in part, on any dividend payment date on or after the date stated, or in whole but not in part, at any time within 90 days following a regulatory capital treatment event as defined in the applicable certificate of designations, in each case at a redemption price equal to $1,000 per share plus any declared and unpaid dividends, without accumulation of any undeclared dividends. Under current rules, any redemption is subject to approval by the FRB.
(4) Represented by 18,000,000 depositary shares each representing a 1/40th interest in the Series E Preferred Stock.
(5) Represented by 16,000,000 depositary shares each representing a 1/40th interest in the Series H Preferred Stock.
(6) Represented by 16,000,000 depositary shares each representing a 1/40th interest in the Series I Preferred Stock.
Dividends
The following table summarizes the Company’s common and preferred stock dividend activity:
Year Ended December 31,
202520242023
(dollars in millions, except per share data)Dividends Declared per ShareDividends DeclaredDividends PaidDividends Declared per ShareDividends DeclaredDividends PaidDividends Declared per ShareDividends DeclaredDividends Paid
Common stock$1.72 $755 $755 $1.68 $769 $769 $1.68 $808 $808 
Preferred stock
Series B$75.66 $23 $23 $84.92 $25 $26 $74.49 $22 $25 
Series C77.22 23 24 80.78 24 23 63.75 19 19 
Series D— — — 39.66 12 17 63.50 19 19 
Series E50.00 23 23 50.00 23 23 50.00 22 22 
Series F42.38 17 22 56.50 23 23 56.50 23 23 
Series G40.00 12 12 40.00 12 12 40.00 12 12 
Series H
73.75 29 29 45.68 18 10 — — — 
Series I
28.17 11 — — — — — — — 
Total preferred stock$138 $133 $137 $134 $117 $120 
Treasury Stock
The purchase of the Company’s common stock is recorded at cost. Upon retirement, or if subsequently reissued, treasury stock is reduced by the cost of such stock on a first-in, first-out basis with differences recorded in additional paid-in capital or retained earnings, as applicable.
During the years ended December 31, 2025 and 2024, the Company repurchased $600 million, or 13,471,628 shares, and $1.1 billion, or 28,113,278 shares, respectively, of its outstanding common stock, which are held in treasury stock.