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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
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) | 2025 |  | 2024 |  | 2023
Current: |  |  |  |  |
Federal | $ | 154,714 |  |  | $ | 171,913 |  |  | $ | 219,548 |
State and local | 55,045 |  |  | 58,204 |  |  | 50,750 |
Total current | 209,759 |  |  | 230,117 |  |  | 270,298 |
Deferred: |  |  |  |  |
Federal | 45,537 |  |  | (14,464) |  |  | (43,615) |
State and local | 2,051 |  |  | 32,647 |  |  | (10,019) |
Total deferred | 47,588 |  |  | 18,183 |  |  | (53,634) |
Total federal | 200,251 |  |  | 157,449 |  |  | 175,933 |
Total state and local | 57,096 |  |  | 90,851 |  |  | 40,731 |
Income tax expense | $ | 257,347 |  |  | $ | 248,300 |  |  | $ | 216,664 |
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) | 2025 |  | 2024 |  | 2023
Income tax credits and other income tax benefits from LIHTC investments | $ | (142,347) |  |  | $ | (107,851) |  |  | $ | (90,093) |
Investment amortization from LIHTC investments | 115,274 |  |  | 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,
| 2025 |  | 2024 |  | 2023
(Dollars in thousands) | Amount | Percent |  | Amount | Percent |  | Amount | Percent
Income tax expense at federal statutory rate | $ | 264,631 |  | 21.0 | % |  | $ | 213,572 |  | 21.0 | % |  | $ | 227,746 |  | 21.0 | %
Reconciliation to reported income tax expense: |  |  |  |  |  |  |  |
SALT expense, net of federal (1) | 45,906 |  | 3.6 |  |  | 64,798 |  | 6.4 |  |  | 28,603 |  | 2.7 |
Tax credits: |  |  |  |  |  |  |  |
LIHTCs and related benefits, net of amortization | (16,804) |  | (1.3) |  |  | (17,376) |  | (1.7) |  |  | (7,070) |  | (0.7) |
Other | (597) |  | (0.1) |  |  | (1,237) |  | (0.1) |  |  | (824) |  | (0.1) |
Changes in valuation allowances | (1,378) |  | (0.1) |  |  | 1,378 |  | 0.1 |  |  | (368) |  | — |
Nontaxable or Nondeductible items: |  |  |  |  |  |  |  |
Tax-exempt interest, net | (44,369) |  | (3.5) |  |  | (31,500) |  | (3.1) |  |  | (44,473) |  | (4.1) |
Non-deductible FDIC deposit insurance premiums | 12,878 |  | 1.0 |  |  | 12,305 |  | 1.2 |  |  | 10,693 |  | 1.0 |
Other | (2,952) |  | (0.2) |  |  | (4,156) |  | (0.4) |  |  | (938) |  | (0.1) |
Changes in unrecognized tax benefits (2) | (894) |  | (0.1) |  |  | 3,635 |  | 0.4 |  |  | 4,466 |  | 0.4 |
Other, net | 926 |  | 0.1 |  |  | 6,881 |  | 0.6 |  |  | (1,171) |  | (0.1) |
Income tax expense and effective tax rate | $ | 257,347 |  | 20.4 | % |  | $ | 248,300 |  | 24.4 | % |  | $ | 216,664 |  | 20.0 | %
(1)The majority (greater than 50 percent) of the tax effect in this category is comprised of New York State, along with Massachusetts in 2025, Connecticut in 2024, and New York City in 2023. (2)Changes in unrecognized tax benefits include interest and penalties.
Schedule of Deferred Tax Assets and Liabilities | The following table reflects the significant components of DTAs, net:
| December 31,
(In thousands) | 2025 |  | 2024
Deferred tax assets: |  |  |
ACL on loans and leases | $ | 195,913 |  |  | $ | 187,348 |
Net operating loss and credit carry forwards | 73,180 |  |  | 74,363 |
Compensation and employee benefit plans | 58,649 |  |  | 50,880 |
Lease liabilities under operating leases | 54,989 |  |  | 52,397 |
Net unrealized loss on available-for-sale securities | 124,044 |  |  | 193,309 |
Other | 36,155 |  |  | 71,008 |
Gross deferred tax assets | 542,930 |  |  | 629,305 |
Valuation allowance | (56,816) |  |  | (64,422) |
Total deferred tax assets, net of valuation allowance | $ | 486,114 |  |  | $ | 564,883 |
Deferred tax liabilities: |  |  |
ROU assets under operating leases | $ | 47,918 |  |  | $ | 44,434 |
Equipment financing leases | 84,337 |  |  | 54,990 |
Goodwill and other intangible assets | 96,029 |  |  | 102,042 |
Purchase accounting and fair value adjustments | 16,170 |  |  | 10,359 |
Other | 45,920 |  |  | 36,202 |
Gross deferred tax liabilities | 290,374 |  |  | 248,027 |
Deferred tax assets, net | $ | 195,740 |  |  | $ | 316,856 |
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) | 2025 |  | 2024 |  | 2023
Beginning balance | $ | 13,766 |  |  | $ | 13,836 |  |  | $ | 9,875 |
Additions as a result of tax positions taken during the current year | 305 |  |  | 493 |  |  | 359 |
Additions as a result of tax positions taken during prior years | 3,430 |  |  | 7,447 |  |  | 4,255 |
Reductions as a result of tax positions taken during prior years | (3,626) |  |  | (5,651) |  |  | — |
Reductions relating to settlements with taxing authorities | (2,553) |  |  | (1,997) |  |  | — |
Reductions as a result of lapse of statute of limitation periods | (894) |  |  | (362) |  |  | (653) |
Ending balance | $ | 10,428 |  |  | $ | 13,766 |  |  | $ | 13,836 |

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