Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule Of Components Of Income Tax Expense (Benefit)

The components of income tax expense from operations for the years ended December 31, 2024, 2023 and 2022 were as follows:

(In thousands)	Current		Deferred		Total
Year ended December 31, 2024:
U.S. federal	$	132,197	$	(845)	$	131,352
State and local	13,483		254		13,737
Total	$	145,680	$	(591)	$	145,089
Year ended December 31, 2023:
U.S. federal	$	124,787	$	(6,228)	$	118,559
State and local	17,161		(1,171)		15,990
Total	$	141,948	$	(7,399)	$	134,549
Year ended December 31, 2022:
U.S. federal	$	96,849	$	19,990	$	116,839
State and local	13,793		1,726		15,519
Total	$	110,642	$	21,716	$	132,358

Schedule Of Income Tax Expense Recorded Directly To Stockholders Equity

The components of income tax (benefit) expense recorded directly to stockholders’ equity for the years ended 2024, 2023 and 2022 were as follows:

(In thousands)	2024		2023		2022
Unrealized gain (loss) on available for sale debt securities	$	57,359	$	69,972	$	(382,697)
Change in fair value on cash flow hedges	(13,704)		(6,017)		(6,446)
Accumulated pension (benefit) loss	512		1,197		1,161
Income tax (benefit) expense allocated to stockholders’ equity	$	44,167	$	65,152	$	(387,982)

Components Of Deferred Tax Assets And Liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31, 2024 and 2023 were as follows:

(In thousands)	2024		2023
Deferred tax assets:
Unrealized loss on available for sale debt securities	$	247,643	$	305,001
Loans, principally due to allowance for credit losses	43,450		44,702
Unearned fee income	10,858		10,810
Accrued expenses	10,124		10,531
Deferred compensation	8,477		7,894
Equity-based compensation	8,364		8,082
Cash flow hedges	5,630		—
Other	497		812
Total deferred tax assets	335,043		387,832
Deferred tax liabilities:
Equipment lease financing	97,042		99,453
Land, buildings, and equipment	23,359		21,016
Intangible assets	7,596		7,545
Private equity investments	5,446		6,888
Cash flow hedges	—		9,468
Other	8,949		7,235
Total deferred tax liabilities	142,392		151,605
Net deferred tax assets (liabilities)	$	192,651	$	236,227

Schedule Of Company's Actual Income Tax Expense

A reconciliation between the expected federal income tax expense using the federal statutory tax rate of 21%, and the Company's actual income tax expense for 2024, 2023, and 2022 is provided below. The effective tax rate is calculated by dividing income taxes by income before income taxes less the non-controlling interest expense.

(In thousands)	2024		2023		2022
Computed “expected” tax expense	$	140,998	$	128,438	$	130,359
Increase (decrease) in income taxes resulting from:
State and local income taxes, net of federal tax benefit	10,852		12,633		12,260
Tax-exempt interest, net of cost to carry	(6,892)		(7,002)		(8,473)
Non-deductible FDIC insurance premiums	1,656		2,101		1,376
Share-based award payments	(1,479)		(1,176)		(1,669)
Other	(46)		(445)		(1,495)
Total income tax expense	$	145,089	$	134,549	$	132,358

Schedule of Unrecognized Tax Benefits Roll Forward

The activity in the accrued liability for unrecognized tax benefits for the years ended December 31, 2024 and 2023 was as follows:

(In thousands)	2024		2023
Unrecognized tax benefits at beginning of year	$	1,270	$	1,205
Gross increases – tax positions in prior period	8		25
Gross decreases – tax positions in prior period	(2)		—
Gross increases – current-period tax positions	295		336
Lapse of statute of limitations	(347)		(296)
Unrecognized tax benefits at end of year	$	1,224	$	1,270

The Company and its subsidiaries are subject to income tax by federal, state and local government taxing authorities. Tax years 2021 through 2024 remain open to examination for U.S. federal income tax and for major state taxing jurisdictions.