Income Taxes (Tables)

3 Months Ended

Mar. 31, 2026

Summary of Components of Provision (Benefit) for Income Taxes

The following is a summary of the components of the provision for income taxes for the three months ended March 31, 2026 and 2025:


	For the Three Months Ended March 31,
	2026		2025
	(In thousands)
Current:
Federal	$	21,564	$	21,218
State	4,293		4,290
Total current	25,857		25,508
Deferred:
Federal	6,810		5,354
State	1,356		1,083
Total deferred	8,166		6,437
Income tax expense	$	34,023	$	31,945

Reconciliation between Statutory Federal Income Tax Rate and Effective Income Tax Rate

The reconciliation between the statutory federal income tax rate and effective income tax rate by dollar amount and percentage is as follows for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31, 2026				Three Months Ended March 31, 2025
	Amount		Percent		Amount		Percent
Income tax at federal statutory rate	$	31,969	21.00	%	$	30,902	21.00	%
Tax effect of:
State income taxes, net of federal income taxes(1)	3,730		2.45		3,583		2.44
Tax credits

Other tax credits	(60)		(0.04)	%	(60)		(0.04)	%
Nontaxable or nondeductible items
Nontaxable income:
Interest on municipal securities	(1,782)		(1.17)	%	(1,689)		(1.15)	%
Income on bank-owned life insurance	(288)		(0.19)	%	(387)		(0.26)	%
Other nontaxable income	(635)		(0.42)	%	(985)		(0.67)	%
Nondeductible expenses:
Municipal bond interest expense	47		0.03	%	43		0.03	%

Executive compensation expense	634		0.42	%	269		0.18	%
Other nondeductible expenses	408		0.27	%	269		0.18	%
Other	—		—	%	—		—	%
Total	$	34,023	22.35	%	$	31,945	21.71	%

Differences between Tax Basis of Assets and Liabilities

The types of temporary differences between the tax basis of assets and liabilities and their financial reporting amounts that give rise to deferred income tax assets and liabilities, and their approximate tax effects, are as follows:


	March 31, 2026		December 31, 2025
	(In thousands)
Deferred tax assets:
Allowance for credit losses	$	80,249	$	80,486
Deferred compensation	3,900		7,048
Stock compensation	2,345		3,671
Non-accrual interest income	1,479		1,388
Real estate owned	310		310
Unrealized loss on investment securities, available-for-sale	55,461		51,026
Loan discounts	1,871		2,110

Investments	22,208		22,619

Other	11,799		12,882
Gross deferred tax assets	179,622		181,540
Deferred tax liabilities:
Accelerated depreciation on premises and equipment	4,563		2,521
Tax basis on acquisitions	11,308		10,645

Core deposit intangible	6,777		7,217
FHLB dividends	1,935		2,003
Other	11,052		11,132
Gross deferred tax liabilities	35,635		33,518
Net deferred tax assets	$	143,987	$	148,022

Summary of Additional Cash Flow Information

Income taxes paid, net of refunds received, for the three months ended March 31, 2026 is as follows:


	March 31, 2026
	(In thousands)
Federal	$	—
State and local
New York	1,071
All other states	780
Total	1,851

The following is a summary of the Company’s additional cash flow information during the three-month period ended:


	March 31,
	2026		2025
	(In thousands)
Interest paid	$	89,641	$	102,313
Income taxes paid, net of refunds received	1,851		2,854
Assets acquired by foreclosure	1,623		1,419