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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

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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.

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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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