XML 64 R48.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense reflects the following expense (benefit) components:
| Years ended December 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 171,913 |  |  | $ | 219,548 |  |  | $ | 170,779 |
State and local | 58,204 |  |  | 50,750 |  |  | 52,579 |
Total current | 230,117 |  |  | 270,298 |  |  | 223,358 |
Deferred: |  |  |  |  |
Federal | (14,464) |  |  | (43,615) |  |  | (45,421) |
State and local | 32,647 |  |  | (10,019) |  |  | (24,243) |
Total deferred | 18,183 |  |  | (53,634) |  |  | (69,664) |
Total federal | 157,449 |  |  | 175,933 |  |  | 125,358 |
Total state and local | 90,851 |  |  | 40,731 |  |  | 28,336 |
Income tax expense | $ | 248,300 |  |  | $ | 216,664 |  |  | $ | 153,694 |
The following table summarizes the amount of income tax credits, other income tax benefits, and investment amortization generated from the Company’s LIHTC investments, which are recognized as a component of income tax expense on the accompanying Consolidated Statements of Income:
| Years ended December 31,
(In thousands) | 2024 |  | 2023
Income tax credits and other income tax benefits from LIHTC investments | $ | (107,851) |  |  | $ | (90,093) |
Investment amortization from LIHTC investments | 80,902 |  |  | 71,775 |
Schedule of Effective Income Tax Rate Reconciliation | The following table reflects a reconciliation of reported income tax expense to the amount that would result from applying the federal statutory rate of 21.0%:
| Years ended December 31,
| 2024 |  | 2023 |  | 2022
(In thousands) | Amount | Percent |  | Amount | Percent |  | Amount | Percent
Income tax expense at federal statutory rate | $ | 213,572 |  | 21.0 | % |  | $ | 227,746 |  | 21.0 | % |  | $ | 167,575 |  | 21.0 | %
Reconciliation to reported income tax expense: |  |  |  |  |  |  |  |
SALT expense, net of federal | 42,059 |  | 4.1 |  |  | 32,177 |  | 3.0 |  |  | 32,259 |  | 4.1 |
Tax-exempt interest, net | (29,272) |  | (2.9) |  |  | (44,473) |  | (4.1) |  |  | (35,371) |  | (4.4) |
Increase in cash surrender value of life insurance | (5,816) |  | (0.6) |  |  | (5,469) |  | (0.5) |  |  | (6,122) |  | (0.8) |
Non-deductible FDIC deposit insurance premiums | 12,305 |  | 1.2 |  |  | 10,693 |  | 1.0 |  |  | 5,581 |  | 0.7 |
LIHTC and related benefits, net | (13,545) |  | (1.3) |  |  | (3,866) |  | (0.4) |  |  | (7,627) |  | (1.0) |
Non-deductible compensation expense | 3,680 |  | 0.4 |  |  | 4,167 |  | 0.4 |  |  | 7,948 |  | 1.0 |
DTA valuation allowance adjustment, net | 31,091 |  | 3.1 |  |  | (368) |  | — |  |  | (9,874) |  | (1.2) |
Other, net | (5,774) |  | (0.6) |  |  | (3,943) |  | (0.4) |  |  | (675) |  | (0.1) |
Income tax expense and effective tax rate | $ | 248,300 |  | 24.4 | % |  | $ | 216,664 |  | 20.0 | % |  | $ | 153,694 |  | 19.3 | %
Schedule of Deferred Tax Assets and Liabilities | The following table reflects the significant components of DTAs, net:
| At December 31,
(In thousands) | 2024 |  | 2023
Deferred tax assets: |  |  |
ACL on loans and leases | $ | 187,348 |  |  | $ | 171,870 |
Net operating loss and credit carry forwards | 74,363 |  |  | 68,103 |
Compensation and employee benefit plans | 50,880 |  |  | 46,670 |
Lease liabilities under operating leases | 52,397 |  |  | 60,331 |
Net unrealized loss on available-for-sale securities | 193,309 |  |  | 191,922 |
Other | 71,008 |  |  | 72,546 |
Gross deferred tax assets | 629,305 |  |  | 611,442 |
Valuation allowance | (64,422) |  |  | (28,746) |
Total deferred tax assets, net of valuation allowance | $ | 564,883 |  |  | $ | 582,696 |
Deferred tax liabilities: |  |  |
ROU assets under operating leases | $ | 44,434 |  |  | $ | 49,754 |
Equipment financing leases | 54,990 |  |  | 54,300 |
Goodwill and other intangible assets | 102,042 |  |  | 59,817 |
Purchase accounting and fair value adjustments | 10,359 |  |  | 15,527 |
Other | 36,202 |  |  | 34,086 |
Gross deferred tax liabilities | 248,027 |  |  | 213,484 |
Deferred tax assets, net | $ | 316,856 |  |  | $ | 369,212 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table reflects a reconciliation of the beginning and ending balances of UTBs:
| Years ended December 31,
(In thousands) | 2024 |  | 2023 |  | 2022
Beginning balance | $ | 13,836 |  |  | $ | 9,875 |  |  | $ | 4,249 |
Additions as a result of tax positions taken during the current year | 493 |  |  | 359 |  |  | 223 |
Additions as a result of tax positions taken during prior years | 7,447 |  |  | 4,255 |  |  | 8,807 |
Reductions as a result of tax positions taken during prior years | (5,651) |  |  | — |  |  | (503) |
Reductions relating to settlements with taxing authorities | (1,997) |  |  | — |  |  | (2,110) |
Reductions as a result of lapse of statute of limitation periods | (362) |  |  | (653) |  |  | (791) |
Ending balance | $ | 13,766 |  |  | $ | 13,836 |  |  | $ | 9,875 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration