Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The current and deferred amounts of income tax expense (benefit) were as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Current
Federal	$	62,599	$	38,353	$	29,319
State	19,289		9,436		5,283
Total current	81,888		47,789		34,602
Deferred
Federal	25,320		(30,701)		(8,371)
State	(4,075)		(5,775)		(3,135)
Total deferred	21,245		(36,475)		(11,506)
Total income tax expense	$	103,133	$	11,314	$	23,097

Total federal	$	87,919	$	7,652	$	20,948
Total state	15,214		3,661		2,148
Total income tax expense	$	103,133	$	11,314	$	23,097

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

Temporary differences between the amounts reported on the financial statements and the tax bases of assets and liabilities resulted in deferred taxes. DTAs and liabilities, included in other assets and accrued expenses and other liabilities on the consolidated balance sheets, respectively, were as follows:


(in thousands)	December 31, 2025		December 31, 2024
Deferred tax assets
Allowance for loan losses	$	95,867	$	89,295
Allowance for other losses	10,576		9,840
Accrued liabilities	33,931		26,109
Deferred compensation	34,086		30,404
Federal tax credits carryforward	—		18,160
Benefit of state tax losses and credit carryforwards	5,760		4,187
Capital loss	15,923		29,325
Nonaccrual interest	1,840		1,269
Partnerships	38,390		37,781
Lease liability	9,921		8,881
Basis difference from equity securities and other investments	4,302		—
Net unrealized losses on AFS securities	3,510		16,228
Net unrealized losses on pension and postretirement benefits	5,879		7,995
Other	8,510		3,353
Total deferred tax assets	$	268,495	$	282,828
Valuation allowance for deferred tax assets	(15,923)		(32,702)
Total deferred tax assets after valuation allowance	$	252,572	$	250,126

Deferred tax liabilities
Prepaid expenses	$	102,491	$	83,251
Goodwill	22,862		22,376
Mortgage banking activities	21,778		21,877
Deferred loan fee income	8,270		7,836

Lease financing	64,171		13,213
Bank premises and equipment	3,029		30,534
Purchase accounting	4,374		6,246
Basis difference from equity securities and other investments	—		3,104


Total deferred tax liabilities	$	226,975	$	188,437
Net deferred tax assets	$	25,597	$	61,689

Summary of Valuation Allowance [Table Text Block]

At December 31, 2025, the valuation allowance for DTAs was related to capital loss carryovers. The changes in the valuation allowance inclusive of state valuation allowances were as follows:


(in thousands)	2025		2024
Valuation allowance for deferred tax assets, beginning of year	$	(32,702)	$	—
Decrease (increase) in current year	16,779		(32,702)
Valuation allowance for deferred tax assets, end of year	$	(15,923)	$	(32,702)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The effective income tax rate differs from the statutory federal tax rate. The major reasons for this difference were as follows:


	2025				2024				2023
(Dollars in thousands)	Dollar		Percent		Dollar		Percent		Dollar		Percent
Federal income tax rate at statutory rate	$	121,361	21.0	%	$	28,236	21.0	%	$	43,271	21.0	%
Increases (decreases) resulting from:
State income taxes (net of federal benefit)(a)	10,105		1.9	%	(1,276)		(0.9)	%	(2,232)		(1.1)	%
Tax effect of tax credits and benefits, net of related expenses
Partnerships	(5,904)		(1.0)	%	(7,400)		(5.5)	%	(7,248)		(3.5)	%
Research credits	(992)		(0.2)	%	(1,044)		(0.8)	%	(1,574)		(0.8)	%
Other tax credits	—		—	%	—		—	%	(194)		(0.1)	%
Nontaxable and nondeductible items
Tax-exempt interest and dividends	(13,030)		(2.3)	%	(13,921)		(10.4)	%	(15,321)		(7.4)	%
Bank owned life insurance	(3,611)		(0.6)	%	(2,830)		(2.1)	%	(2,149)		(1.0)	%
Net (benefit) tax from stock-based compensation	(292)		(0.1)	%	(208)		(0.2)	%	7		—	%
Net benefit of portfolio reallocation and legal entity rationalization plan(b)	—		—	%	(29,109)		(21.6)	%	—		—	%
FDIC premium	6,760		1.2	%	6,500		4.8	%	6,220		3.0	%
Dividends	(318)		(0.1)	%	(336)		(0.2)	%	(334)		(0.2)	%
Other	1,943		0.3	%	3,610		2.7	%	2,177		1.1	%
Changes in valuation allowance	(14,337)		(2.5)	%	27,525		20.5	%	—		—	%
Changes in unrecognized tax benefits	1,017		0.2	%	545		0.4	%	(6)		—	%
Other adjustments	431		0.1	%	1,022		0.7	%	480		0.2	%
Effective income tax	$	103,133	17.9	%	$	11,314	8.4	%	$	23,097	11.2	%

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

A reconciliation of the beginning and ending amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was as follows:


(in thousands)	2025		2024
Balance at beginning of year	$	2,772	$	2,227
Changes for tax positions related to prior years	234		83

Changes for tax positions related to current year	783		462
Balance at end of year	$	3,789	$	2,772

Schedule of Cash Flow, Supplemental Disclosures

Income taxes paid (refunded) are as follows:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Federal	$	(3,266)	$	6,607	$	42,500
State	4,787		11,142		26,917
Total	$	1,521	$	17,749	$	69,417

Income taxes paid (net of refunds) exceeds 5% of total income taxes paid (net of refunds) for the year in the following jurisdictions:


	Years Ended December 31,
(in thousands)	2025		2024		2023
Federal	$	(3,266)	$	6,607	$	42,500
State
Illinois	2,589		4,054		7,250
Minnesota	2,195		*		4,000
New York	753		*		*
New York City	443		*		*
Iowa	585		*		*
Connecticut	344		*		*
New Jersey	280		*		*
Massachusetts	118		*		*
Indiana	99		*		*
Wisconsin	(2,718)		1,942		10,450
Ohio	*		1,607		*

*Did not exceed 5% of total income taxes paid (net of refunds).