Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Components of Income Tax Expense (Benefit)

The following table presents the components of income tax expense for the years indicated:


	Year Ended December 31,
	2025		2024		2023
	(In thousands)
Current Tax Expense:
Federal	$	46,763	$	45,554	$	34,219
State	1,611		1,156		3,387
Total current tax expense	48,374		46,710		37,606
Deferred Tax (Benefit) Expense:
Federal	5,518		(6,082)		(238,865)
State	30,210		1,138		(110,942)
Total deferred tax (benefit) expense	35,728		(4,944)		(349,807)
Total income tax (benefit) expense	$	84,102	$	41,766	$	(312,201)

Schedule of Effective Income Tax Rate Reconciliation

The following table presents a reconciliation of the recorded income tax expense to the amount of taxes computed by applying the applicable federal statutory income tax rates of 21% for 2024 and 2023 to earnings before income taxes:


	Year Ended December 31,
	2024		2023
	(In thousands)
Computed expected income tax (benefit) expense at federal statutory rate	$	35,417	$	(464,381)
State tax (benefit) expense, net of federal tax benefit	12,657		(156,669)
Goodwill impairment	—		286,811
Tax‑exempt interest benefit	(15,572)		(12,518)
Increase in cash surrender value of life insurance	(1,246)		(1,455)
Low income housing tax credits, net of amortization	(12,378)		(8,574)
Nondeductible employee compensation	1,683		3,947
Nondeductible acquisition‑related expense	—		5,456
Nondeductible FDIC premiums	9,377		18,973
Change in unrecognized tax benefits	40		443
Valuation allowance change	(2,115)		(5,948)
Disallowed interest	11,043		12,318
Equity compensation shortfall (windfall)	4,991		4,949




State rate and apportionment changes	(4,662)		2,240
Other, net	2,531		2,207
Recorded income tax (benefit) expense	$	41,766	$	(312,201)

Schedule of Deferred Tax Assets and Liabilities

The following table presents the tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of the dates indicated:


	December 31,
	2025		2024
	(In thousands)
Deferred Tax Assets:
Book allowance for loan losses in excess of tax specific charge-offs	$	78,989	$	78,096
Fair value mark on acquired loans	43,637		65,100
Interest on nonaccrual loans	6,596		4,569
Deferred compensation	4,490		4,902

Foreclosed assets valuation allowance	86		335


Net operating losses	261,014		292,843

Accrued liabilities	88,077		102,232
Unrealized loss from FDIC‑assisted acquisitions	503		413
Unrealized loss on securities available-for-sale	54,454		79,977
Unrealized loss on securities held-to-maturity	51,006		62,162
Tax mark-to-market on loans	227		250

Goodwill	64,512		73,863
Tax credits	164,071		130,522
Lease liability	33,421		35,447
FDIC indemnification asset	1,779		7,028


Other	2,891		3,159
Gross deferred tax assets	855,753		940,898
Valuation allowance	(16,065)		(19,015)
Deferred tax assets, net of valuation allowance	839,688		921,883
Deferred Tax Liabilities:
Core deposit and customer relationship intangibles	20,367		27,292
Deferred loan fees and costs	861		2,193
Unrealized gain on credit-linked notes	1,706		1,452
Premises and equipment, principally due to differences in depreciation	2,181		5,710
FHLB stock	570		553

Subordinated debt	13,118		14,789
Equity investments	12,375		9,695

Operating leases	103,633		110,415
ROU assets	28,122		29,197

Gross deferred tax liabilities	182,933		201,296
Total net deferred tax assets	$	656,755	$	720,587

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the activity related to the Company's unrecognized tax benefits for the years indicated:


	Year Ended December 31,
Unrecognized Tax Benefits	2025		2024
	(In thousands)
Balance, beginning of year	$	645	$	1,598

Reductions for tax positions related to prior years	—		(953)
Reductions related to settlements	(335)		—

Balance, end of year	$	310	$	645

Unrecognized tax benefits that would affect the effective tax rate if recognized	$	310	$	645