Income Taxes (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2026 and 2025:


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
	(In thousands)
Current:
Federal	$	31,852	$	28,777	$	53,416	$	49,995
State	6,341		5,818		10,634		10,108
Total current	38,193		34,595		64,050		60,103
Deferred:
Federal	(2,599)		(838)		4,211		4,517
State	(518)		(169)		838		913
Total deferred	(3,117)		(1,007)		5,049		5,430
Income tax expense	$	35,076	$	33,588	$	69,099	$	65,533

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 and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026				Three Months Ended June 30, 2025				Six Months Ended June 30, 2026				Six Months Ended June 30, 2025
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent
Income tax at federal statutory rate	$	32,425	21.00	%	$	31,918	21.00	%	$	64,393	21.00	%	$	62,821	21.00	%
Tax effect of:
State income taxes, net of federal income taxes(1)	3,764		2.44		3,490		2.30		7,494		2.44		7,073		2.37
Tax credits

Other tax credits	(56)		(0.04)	%	(61)		(0.04)	%	(116)		(0.04)	%	(121)		(0.04)	%
Nontaxable or nondeductible items
Nontaxable income:
Interest on municipal securities	(1,776)		(1.15)	%	(1,681)		(1.11)	%	(3,559)		(1.16)	%	(3,370)		(1.13)	%
Income on bank-owned life insurance	(384)		(0.25)	%	(559)		(0.37)	%	(672)		(0.22)	%	(946)		(0.32)	%
Other nontaxable income	(210)		(0.14)	%	(446)		(0.29)	%	(845)		(0.28)	%	(1,431)		(0.48)	%
Nondeductible expenses:
Municipal bond interest expense	46		0.03	%	41		0.03	%	93		0.03	%	84		0.03	%

Executive compensation expense	799		0.52	%	633		0.42	%	1,434		0.47	%	902		0.30	%
Other nondeductible expenses	468		0.30	%	253		0.17	%	877		0.29	%	521		0.17	%
Other	—		—	%	—		—	%	—		—	%	—		—	%
Total	$	35,076	22.72	%	$	33,588	22.10	%	$	69,099	22.53	%	$	65,533	21.91	%

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:


	June 30, 2026		December 31, 2025
	(In thousands)
Deferred tax assets:
Allowance for credit losses	$	89,168	$	80,486
Deferred compensation	5,297		7,048
Stock compensation	2,621		3,671
Non-accrual interest income	1,551		1,388
Real estate owned	455		310
Unrealized loss on investment securities, available-for-sale	52,416		51,026
Loan discounts	9,215		2,110

Investments	25,746		22,619

Other	14,253		12,882
Gross deferred tax assets	200,722		181,540
Deferred tax liabilities:
Accelerated depreciation on premises and equipment	6,622		2,521
Tax basis on acquisitions	11,970		10,645

Core deposit intangible	15,309		7,217
FHLB dividends	1,877		2,003
Other	11,141		11,132
Gross deferred tax liabilities	46,919		33,518
Net deferred tax assets	$	153,803	$	148,022

Summary of Additional Cash Flow Information

Income taxes paid, net of refunds received, for the six months ended June 30, 2026 is as follows:


	June 30, 2026
	(In thousands)
Federal	$	20,000
State and local
New York	2,196
All other states	1,999
Total	24,195

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


	June 30,
	2026		2025
	(In thousands)
Interest paid	$	181,936	$	197,709
Income taxes paid, net of refunds received	24,195		48,211
Assets acquired by foreclosure	3,182		2,531