Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Company's Tax Provision and Applicable Tax Rates

The following table sets forth information regarding the Company’s tax provision and applicable tax rates for the periods indicated:

	For the Year Ended December 31,
	2024			2023			2022
	(Dollars in thousands)
Combined federal and state income tax provisions	$	36,205		$	(63,309)		$	51,719
Effective income tax rates	23.2		%	50.2		%	21.7		%

The provision for income taxes is comprised of the following components:

	For the Year Ended December 31,
	2024		2023		2022
	(In thousands)
Current tax expense (benefit):
Federal	$	2,088	$	(39,710)	$	36,436
State	(1,942)		(5,332)		10,021
Total current tax expense (benefit)	146		(45,042)		46,457
Deferred tax expense (benefit):
Federal	19,204		1,219		(1,028)
State	16,855		(19,486)		6,290
Total deferred tax expense (benefit)	36,059		(18,267)		5,262
Total income tax expense (benefit)	$	36,205	$	(63,309)	$	51,719

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. federal statutory rate to the Company’s effective income tax rate is detailed below:

	For the Year Ended December 31,
	2024				2023				2022
	(Dollars in thousands)
Income tax expense (benefit) at statutory rate	$	32,711	21.00	%	$	(26,458)	21.00	%	$	50,029	21.00	%
Increase (decrease) resulting from:
State income tax, net of federal tax benefit (1)	11,781		7.56	%	(19,606)		15.56	%	12,885		5.41	%
Valuation allowance	2,781		1.79	%	—		—	%	(700)		(0.29)	%
Amortization of qualified low-income housing investments	16,452		10.56	%	9,577		(7.60)	%	7,503		3.15	%
Tax credits	(16,456)		(10.56)	%	(9,183)		7.29	%	(7,300)		(3.06)	%
Tax-exempt income	(14,911)		(9.57)	%	(14,161)		11.24	%	(10,298)		(4.32)	%
162(m) remuneration of services	2,423		1.56	%	1,684		(1.34)	%	1,446		0.61	%
Other, net	1,424		0.91	%	(5,162)		4.10	%	(1,846)		(0.77)	%
Actual income tax expense (benefit)	$	36,205	23.24	%	$	(63,309)	50.25	%	$	51,719	21.71	%

(1)Includes state tax benefit associated with MSSC liquidation of $23.7 million for the year ended December 31, 2023 described above.

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and deferred tax liabilities are presented below:

	As of December 31,
	2024		2023
	(In thousands)
Deferred tax assets:
Unrealized loss on available for sale securities	$	194,324	$	193,134
Allowance for loan losses	69,531		45,189
Cash flow hedges	10,347		12,302
Leases	22,946		15,664
Charitable contribution limitation carryover	5,214		4,844
Investment losses	5,843		7,339
Accrued expenses	9,952		10,042
Fixed assets	659		4,142
Loan basis difference fair value adjustments	75,301		3,455
Tax attribute and NOL carryover	24,120		—
Other	1,195		2,061
Total deferred tax assets before valuation allowance	419,432		298,172
Valuation allowance	(2,781)		—
Total deferred tax assets net of valuation allowance	416,651		298,172
Deferred tax liabilities:
Amortization of intangibles	44,736		9,660
Lease obligation	19,199		14,284
Partnerships	3,417		1,971
Trading securities	5,203		3,405
Employee benefits	11,102		824
Other	866		1,843
Total deferred tax liabilities	84,523		31,987
Net deferred income tax assets	$	332,128	$	266,185

Schedule of Unrecognized Tax Benefits Roll Forward

The following table presents a reconciliation of the beginning and ending amount of unrecognized tax benefits for the periods indicated:

	For the Years Ended December 31,
	2024		2023		2022
	(In thousands)
Beginning	$	3,503	$	5,782	$	7,923
Additions based on tax positions related to the current year	—		—		—
Additions for tax positions of prior years	—		—		—
Reductions related to settlements with taxing authorities	—		—		—
Reductions as a result of a lapse of the applicable statute of limitations	(1,939)		(2,279)		(2,141)
Ending	$	1,564	$	3,503	$	5,782