Parent Company Only Financial Information

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Parent Company Only Financial Information

Parent Company Only Financial Information

Presented below are condensed financial statements for the Parent Company:

Balance Sheets

	December 31,
(in thousands)	2025		2024
Assets
Cash and due from banks	$	32,616	$	36,158
Interest-bearing deposits in other financial institutions	50,325		212,943
Notes and interest receivable from subsidiaries	653,411		710,126
Investments in and receivable due from subsidiaries	4,802,649		4,455,525
Other assets	60,431		57,649
Total assets	$	5,599,432	$	5,472,402
Liabilities and Stockholders' Equity
Senior notes, at par	$	300,000	$	300,000
Subordinated notes, at par	300,000		550,000
Long-term funding capitalized costs and fair value hedge liability	(5,724)		(12,660)
Total long-term funding	594,276		837,340
Accrued expenses and other liabilities	29,809		29,500
Total liabilities	624,085		866,841
Preferred equity	194,112		194,112
Common equity	4,781,235		4,411,450
Total stockholders’ equity	4,975,347		4,605,562
Total liabilities and stockholders’ equity	$	5,599,432	$	5,472,402

Statements of Income

	For the Years Ended December 31,
(in thousands)	2025		2024		2023
Income
Income from subsidiaries	$	483,092	$	129,224	$	192,559
Interest income on notes receivable from subsidiaries	45,607		42,834		30,363
Other income	1,428		1,310		1,175
Total income	530,127		173,368		224,097
Expense
Interest expense on short and long-term funding	43,009		45,781		36,081
Other expense	6,696		6,727		7,352
Total expense	49,705		52,508		43,434
Income before income tax expense	480,422		120,860		180,663
Income tax (benefit)	5,645		(2,286)		(2,292)
Net income	474,777		123,145		182,956
Preferred stock dividends	11,500		11,500		11,500
Net income available to common equity	$	463,277	$	111,645	$	171,456

Statements of Cash Flows

	For the Years Ended December 31,
(in thousands)	2025		2024		2023
Cash Flows from Operating Activities
Net income	$	474,777	$	123,145	$	182,956
Adjustments to reconcile net income to net cash provided by operating activities:
(Increase) decrease in equity in undistributed net income (loss) of subsidiaries	(281,091)		55,776		107,441
Net change in other assets and accrued expenses and other liabilities	24,615		12,059		(35,863)
Net cash provided by operating activities	218,301		190,980		254,534
Cash Flows from Investing Activities
Net decrease (increase) in investment in subsidiary	55,000		(331,023)		—
Net increase in notes receivable from subsidiaries	—		(145,000)		(385,000)
Net cash provided by (used in) investing activities	55,000		(476,023)		(385,000)
Cash Flows from Financing Activities
Net decrease in commercial paper	—		—		(20,798)
Proceeds from issuance of long-term funding	—		297,864		292,740
Repayment of Corporation's senior notes	(250,000)		—		—
Proceeds from issuance of common stock	—		331,023		—
Proceeds from issuance of common stock for stock-based compensation plans	6,887		37,576		4,297
Purchase of treasury stock, open market purchases	(22,292)		(18,289)		—
Purchase of treasury stock, stock-based compensation plans	(6,733)		(6,234)		(6,593)
Cash dividends on common stock	(155,773)		(139,197)		(129,534)
Cash dividends on preferred stock	(11,500)		(11,500)		(11,500)
Other	(50)		—		—
Net cash (used in) provided by financing activities	(439,461)		491,243		128,612
Net (decrease) increase in cash and cash equivalents	(166,160)		206,200		(1,854)
Cash and cash equivalents at beginning of year	249,101		42,901		44,755
Cash and cash equivalents at end of year	$	82,941	$	249,101	$	42,901