v3.26.1
Basis of presentation (Policies)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation Basis of Presentation
The (unaudited) interim Consolidated Financial Statements are, in the opinion of management, a fair statement of the results for the periods
reported. The consolidated statement of financial condition presented as of December 31, 2025 was derived from audited Consolidated
Financial Statements of the Corporation for the year ended December 31, 2025.
Certain information and notes to the financial statements disclosures which would normally be included in financial statements prepared in
accordance with Accounting Principles Generally Accepted in the United States of America (U.S. GAAP), have been condensed or omitted
from the unaudited financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly,
these financial statements should be read in conjunction with the audited Consolidated Financial Statements of the Corporation for the year
ended December 31, 2025, included in the 2025 Form 10-K. Operating results for the interim periods disclosed herein are not necessarily
indicative of the results that may be expected for a full year or any future period.
Use of Estimates in the Preparation of Financial Statements Use of Estimates in the Preparation of Financial Statements
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and contingent assets and
liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual
results could differ from those estimates.
Recently Adopted Accounting Standards Updates and Accounting Standards Updates Not Yet Adopted Recently Adopted Accounting Standards Updates
Standard
Description
Date of adoption
Effect on the financial statements
FASB ASU 2025-05,
Financial Instruments -
Credit Losses (Topic
326) - Measurement of
Credit Losses for
Accounts Receivables
and Contract Assets
The Financial Accounting Standards Board
(the "FASB") issued Accounting Standard
Update ("ASU") 2025-05 in July 2025, which
permits entities to elect a practical expedient
when accounting for current accounts
receivable and current contract assets arising
from transactions accounted for under
Accounting Standard Update ("ASC") Topic
606, Revenue from Contracts with Customers.
This practical expedient establishes that, in
developing reasonable and supportable
forecasts as part of estimating expected credit
losses, entities assume that current conditions
as of the balance sheet date do not change for
the remaining life of the asset.
January 1, 2026
The Corporation does not currently
engage in transactions within the scope of
this guidance. Accordingly, adoption did
not have a material impact on the
consolidated financial statements. Should
the Corporation enter into such
transactions in the future, the impact
would be evaluated at that time.
FASB ASU 2024-04,
Debt—Debt with
Conversion and Other
Options (Subtopic
470-20) - Induced
Conversions of
Convertible Debt
Instruments
The FASB issued ASU 2024-04 in November
2024, which clarifies the requirements for
determining whether certain settlements of
convertible debt instruments should be
accounted for as an induced conversion. Also it
makes additional clarifications to assist
stakeholders in applying the guidance. The
ASU clarifies that the incorporation, elimination,
or modification of a volume- weighted average
price ("VWAP") formula does not automatically
cause a settlement to be accounted for as an
extinguishment and that the induced conversion
guidance applies to a convertible debt
instrument that is not currently convertible as
long as it had a substantive conversion feature
as of both its issuance date and the date the
inducement offer is accepted.
January 1, 2026
The Corporation does not currently
engage in transactions within the scope of
this guidance. Accordingly, adoption did
not have a material impact on the
consolidated financial statements. Should
the Corporation enter into such
transactions in the future, the impact
would be evaluated at that time.
Accounting Standards Updates Not Yet Adopted
Standard
Description
Date of adoption
Effect on the financial statements
FASB ASU 2026-02,
Environmental Credits
and Environmental
Credit Obligations
(Topic 818)
The FASB issued ASU 2026-02 in May 2026,
which improves the financial accounting for
and disclosure of environmental credits and
environmental credit obligations. This Update
provides recognition, measurement,
presentation and disclosure requirements for
entities that generate, purchase or receive
environmental credits or have a regulatory
compliance obligation that may be settled with
environmental credits.
January 1, 2028
The Corporation does not currently
engage in transactions within the scope of
this guidance. Accordingly, adoption is not
expected to have a material impact on the
consolidated financial statements. Should
the Corporation enter into such
transactions in the future, the impact would
be evaluated at that time.
FASB ASU 2026-01,
Equity (Topic 505) -
Initial Measurement of
Paid-in Kind Dividends
on Equity-Classified
Preferred Stock
The FASB issued ASU 2026-01 in April 2026,
which establishes authoritative guidance on
the initial measurement of paid-in-kind (PIK)
dividends on equity-classified preferred stock.
The update establishes a consistent
measurement requirement for PIK dividends
but does not address when such dividends
should be recognized. It requires PIK
dividends to be initially measured using the
stated PIK dividend rate in the preferred stock
agreement, generally applied to the liquidation
preference of the preferred stock.
January 1, 2027
The Corporation does not currently
engage in transactions within the scope of
this guidance. Accordingly, adoption is not
expected to have a material impact on the
consolidated financial statements. Should
the Corporation enter into such
transactions in the future, the impact would
be evaluated at that time.
FASB ASU 2025-10,
Government Grants
(Topic 832) -
Accounting for
Government Grants
Received by Business
Entities
The FASB issued ASU 2025-10 in December
2025, which establishes the accounting for
government grants received by a business
entity. The update establishes recognition,
measurement, and disclosure requirements
for government grants. It allows asset related
grants to be recognized either as deferred
income or as an adjustment to the cost basis
of an asset and income-related grants as
deferred income.
January 1, 2029
The Corporation does not currently
engage in transactions within the scope of
this guidance. Accordingly, adoption is not
expected to have a material impact on the
consolidated financial statements. Should
the Corporation enter into such
transactions in the future, the impact would
be evaluated at that time.
FASB ASU 2025-09,
Derivatives and
Hedging (Topic 815) -
Hedge Accounting
Improvements
The FASB issued ASU 2025-09 in November
2025, which aims to improve and broaden
hedge accounting under ASC Topic 815 by
allowing entities to group forecasted
transaction with similar risk exposures,
provides a model for hedging choose-your
rate debt, expands hedge accounting for
forecasted purchases and sales of non
financial assets, eliminates net written option
limitations for certain compound derivatives,
and resolves recognition mismatches in dual
hedging strategies involving foreign-currency-
denominated debt.
January 1, 2027
The Corporation does not currently
engage in transactions within the scope of
this guidance. Accordingly, adoption is not
expected to have a material impact on the
consolidated financial statements. Should
the Corporation enter into such
transactions in the future, the impact would
be evaluated at that time.
FASB ASU 2025-08,
Financial Instruments
Credit Losses (Topic
326)- Purchased Loans
The FASB issued ASU 2025-08 in November
2025, which aims to simplify and reduce the
complexity of the accounting for purchased
loans under ASC Topic 326. The update
expands the population of loans subject to the
gross-up approach to include purchased
seasoned loans, regardless whether they had
credit deterioration.
January 1, 2027
The amendments in this standard apply to
certain transactions entered into after the
effective date. Adoption is not expected to
have a material impact on the consolidated
financial statements. However, the
applicability and magnitude will depend on
the nature and extent of transactions the
Corporation may enter into in future
periods.
FASB ASU 2025-07,
Derivatives and
Hedging (Topic 815)
and Revenue from
Contracts with
Customers (Topic 606)
Derivatives Scope
Refinements and
Scope Clarification for
Share Based Noncash
Consideration from a
Customer in a Revenue
Contract
The FASB issued ASU 2025-07 in September
2025, which refines the scope of derivative
accounting under ASC Topic 815 and clarifies
the treatment of share-based noncash
consideration under ASC Topic 606. The
update reduces complexity and diversity in
application. Narrows the scope of derivative
accounting under ASC Topic 815 for certain
contracts whose underlyings are based on a
party’s own operations or activities; and
clarifies that ASC Topic 606 governs share-
based noncash consideration received from a
customer until the entity’s right becomes
unconditional.
January 1, 2027
The Corporation does not currently
engage in transactions within the scope of
this guidance. Accordingly, adoption is not
expected to have a material impact on the
consolidated financial statements. Should
the Corporation enter into such
transactions in the future, the impact would
be evaluated at that time.
FASB ASU 2025-06,
Intangibles - Goodwill
and Other - Internal-
Use Software (Subtopic
350 40) - Targeted
Improvements to the
Accounting for Internal
Use Software
The FASB issued ASU 2025-06 in September
2025, which seeks to modernize the
accounting for internal-use software under
ASC Subtopic 350-40, Intangibles— Goodwill
and Other—Internal-Use Software. The
update replaces the traditional stage based
model (preliminary, development, post-
implementation) with a principles based
framework that better reflects current software
development practices, including agile and
cloud-based approaches.
January 1, 2028
The Corporation is currently evaluating
the impact that the adoption of this
guidance will have on our accounting for
internal use software considering our
development practices which may include
agile and cloud-based approaches.
FASB ASU 2025-04,
Compensation—Stock
Compensation (Topic
718) and Revenue from
Contracts with
Customers (Topic 606)
- Clarifications to
Share-Based
Consideration Payable
to a Customer
The FASB issued ASU 2025-04 in May 2025,
which  clarifies  the  accounting  for share-
basedawardsgrantedas
consideration payable to a customer. The ASU
expands the definition of performance
condition for share-based consideration under
ASC Topic 718 and eliminates the forfeiture
policy election for service conditions. It also
confirms that the variable consideration
constraint in ASC Topic 606 does not apply to
such awards.
January 1, 2027
The Corporation does not currently
engage in transactions within the scope of
this guidance. Accordingly, adoption is not
expected to have a material impact on the
consolidated financial statements. Should
the Corporation enter into such
transactions in the future, the impact
would be evaluated at that time.
FASB ASU 2025-03,
Business Combinations
(Topic 805) and
Consolidation (Topic
810) - Determining the
Accounting Acquirer in
the Acquisition of a
Variable Interest Entity
The FASB issued ASU 2025-03 in May 2025
which requires that an entity consider the
factors in paragraphs 805-10-55-12 through
55-15 when it is involved in an acquisition
transaction effected primarily by exchanging
equity interests when the legal acquiree is a
variable interest entity ("VIE") that meets the
definition of a business to determine which
entity is the accounting acquirer. This replaces
the previous requirement that the primary
beneficiary always is the acquirer.
January 1, 2027
The amendments in this standard apply to
certain transactions entered into after the
effective date. Adoption is not expected to
have a material impact on the
consolidated financial statements.
However, the applicability and magnitude
will depend on the nature and extent of
transactions the Corporation may enter
into in future periods.
FASB ASU 2024-03,
Income Statement—
Reporting
Comprehensive Income
—Expense
Disaggregation
Disclosures (Subtopic
220-40) -
Disaggregation of
Income Statement
Expenses (As updated
by ASU 2025-01)
The FASB issued ASU 2024-03 in November
2024, which requires public entities to disclose
additional information about specific expense
categories in the notes to financial statements
at interim and annual reporting periods to
improve financial transparency.
For fiscal years
beginning on
January 1,2027
For interim
periods within
fiscal years
beginning after
January 1,2028
The Corporation is currently evaluating
any impact that the adoption of this
guidance will have on its financial
statements and presentation and
disclosures.
Fair Value Measurement ASC Subtopic 820-10 “Fair Value Measurements and Disclosures" establishes a fair value hierarchy that prioritizes the inputs to valuation
techniques used to measure fair value into three levels in order to increase consistency and comparability in fair value measurements and
disclosures. The hierarchy is broken down into three levels based on the reliability of inputs as follows:
•Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Corporation has the ability to access at the
measurement date. Valuation on these instruments does not necessitate a significant degree of judgment since valuations are based
on quoted prices that are readily available in an active market.
•Level 2  - Quoted prices other than those included in Level 1 that are observable either directly or indirectly. Level 2 inputs include
quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that
are not active, or other inputs that are observable or that can be corroborated by observable market data for substantially the full term
of the financial instrument.
•Level 3 - Inputs are unobservable and significant to the fair value measurement. Unobservable inputs reflect the Corporation’s own
judgments about assumptions that market participants would use in pricing the asset or liability.
The Corporation maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable
inputs be used when available. Fair value is based upon quoted market prices when available. If listed prices or quotes are not available,
the Corporation employs internally-developed models that primarily use market-based inputs including yield curves, interest rates,
volatilities, and credit curves, among others. Valuation adjustments are limited to those necessary to ensure that the financial instrument’s
fair value is adequately representative of the price that would be received or paid in the marketplace. These adjustments include amounts
that reflect counterparty credit quality, the Corporation’s credit standing, constraints on liquidity and unobservable parameters that are
applied consistently. There have been no changes in the Corporation’s methodologies used to estimate the fair value of assets and liabilities
from those disclosed in the 2025 Form 10-K.
The estimated fair value may be subjective in nature and may involve uncertainties and matters of significant judgment for certain financial
instruments. Changes in the underlying assumptions used in calculating fair value could significantly affect the results.
Revenue From Contracts With Customers Revenue from contracts with customers is recognized when, or as, the performance obligations are satisfied by the Corporation by
transferring the promised services to the customers based on ASC Topic 606 Revenue from Contracts with Customers. Revenue streams
identified from contracts with customers, as listed above, will have certain timing for recognition based on the nature of the contract
including when the obligation is satisfied and/or services are rendered. Service charges on deposit accounts, debit card fees, and credit
card fees are recognized at a point in time, upon the occurrence of an activity or an event. Interchange fees on debit and credit card
transactions are recognized upon settlement of the payment transaction. For more details over nature and timing of revenue streams from
contracts with customers refer to Note 31 on the 2025 Form 10-K for a complete description of the nature and timing of revenue streams
from contracts with customers.