(Mark One) | |||||
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE | ||||
SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE | ||||
SECURITIES EXCHANGE ACT OF 1934 |
COMMERCE BANCSHARES, INC. | ||||||||
(Exact name of registrant as specified in its charter) |
Missouri | 43-0889454 | ||||||||||
(State of Incorporation) | (IRS Employer Identification No.) | ||||||||||
1000 Walnut | |||||||||||
Kansas City, | MO | 64106 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of class | Trading symbol(s) | Name of exchange on which registered | ||||||
$5 Par Value Common Stock | CBSH | NASDAQ Global Select Market | ||||||
Page | |||||||||||
INDEX | |||||||||||
Consolidated Balance Sheets as of | |||||||||||
Consolidated Statements of Income for theThree andSix Months Ended | |||||||||||
Consolidated Statements of Comprehensive Income for the Three and Six Months Ended | |||||||||||
Consolidated Statements of Changes in Equity for the | |||||||||||
Consolidated Statements of Cash Flows for the | |||||||||||
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||
ASSETS | ASSETS | ASSETS | ||||||||||||||||||||
Loans | Loans | $ | 16,535,522 | $ | 16,303,131 | Loans | $ | 16,956,539 | $ | 16,303,131 | ||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (159,317) | (150,136) | Allowance for credit losses on loans | (158,685) | (150,136) | ||||||||||||||||
Net loans | Net loans | 16,376,205 | 16,152,995 | Net loans | 16,797,854 | 16,152,995 | ||||||||||||||||
Loans held for sale (including $684,000 and $— of residential mortgage loans carried at fair value at March 31, 2023 and December 31, 2022, respectively) | 6,162 | 4,964 | ||||||||||||||||||||
Loans held for sale (including $1,566,000 and $— of residential mortgage loans carried at fair value at June 30, 2023 and December 31, 2022, respectively) | Loans held for sale (including $1,566,000 and $— of residential mortgage loans carried at fair value at June 30, 2023 and December 31, 2022, respectively) | 6,776 | 4,964 | |||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||
Available for sale debt, at fair value (amortized cost of $12,538,550,000 and $13,738,206,000 at | ||||||||||||||||||||||
March 31, 2023 and December 31, 2022, respectively, and allowance for credit losses of $— | ||||||||||||||||||||||
at both March 31, 2023 and December 31, 2022) | 11,228,616 | 12,238,316 | ||||||||||||||||||||
Available for sale debt, at fair value (amortized cost of $11,833,736,000 and $13,738,206,000 at | Available for sale debt, at fair value (amortized cost of $11,833,736,000 and $13,738,206,000 at | |||||||||||||||||||||
June 30, 2023 and December 31, 2022, respectively, and allowance for credit losses of $— | June 30, 2023 and December 31, 2022, respectively, and allowance for credit losses of $— | |||||||||||||||||||||
at both June 30, 2023 and December 31, 2022) | at both June 30, 2023 and December 31, 2022) | 10,414,625 | 12,238,316 | |||||||||||||||||||
Trading debt | Trading debt | 41,584 | 43,523 | Trading debt | 29,412 | 43,523 | ||||||||||||||||
Equity | Equity | 12,528 | 12,304 | Equity | 12,266 | 12,304 | ||||||||||||||||
Other | Other | 268,417 | 225,034 | Other | 258,045 | 225,034 | ||||||||||||||||
Total investment securities | Total investment securities | 11,551,145 | 12,519,177 | Total investment securities | 10,714,348 | 12,519,177 | ||||||||||||||||
Federal funds sold | Federal funds sold | 27,060 | 49,505 | Federal funds sold | 2,750 | 49,505 | ||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | 825,000 | 825,000 | Securities purchased under agreements to resell | 825,000 | 825,000 | ||||||||||||||||
Interest earning deposits with banks | Interest earning deposits with banks | 1,341,854 | 389,140 | Interest earning deposits with banks | 2,568,695 | 389,140 | ||||||||||||||||
Cash and due from banks | Cash and due from banks | 351,210 | 452,496 | Cash and due from banks | 366,699 | 452,496 | ||||||||||||||||
Premises and equipment – net | Premises and equipment – net | 428,169 | 418,909 | Premises and equipment – net | 451,568 | 418,909 | ||||||||||||||||
Goodwill | Goodwill | 138,921 | 138,921 | Goodwill | 146,371 | 138,921 | ||||||||||||||||
Other intangible assets – net | Other intangible assets – net | 14,918 | 15,234 | Other intangible assets – net | 14,666 | 15,234 | ||||||||||||||||
Other assets | Other assets | 944,212 | 909,590 | Other assets | 936,535 | 909,590 | ||||||||||||||||
Total assets | Total assets | $ | 32,004,856 | $ | 31,875,931 | Total assets | $ | 32,831,262 | $ | 31,875,931 | ||||||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | LIABILITIES AND STOCKHOLDERS' EQUITY | LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||
Non-interest bearing | Non-interest bearing | $ | 8,685,234 | $ | 10,066,356 | Non-interest bearing | $ | 8,198,849 | $ | 10,066,356 | ||||||||||||
Savings, interest checking and money market | Savings, interest checking and money market | 14,419,741 | 15,126,981 | Savings, interest checking and money market | 14,418,974 | 15,126,981 | ||||||||||||||||
Certificates of deposit of less than $100,000 | Certificates of deposit of less than $100,000 | 468,667 | 387,336 | Certificates of deposit of less than $100,000 | 1,543,424 | 387,336 | ||||||||||||||||
Certificates of deposit of $100,000 and over | Certificates of deposit of $100,000 and over | 1,109,818 | 606,767 | Certificates of deposit of $100,000 and over | 1,708,197 | 606,767 | ||||||||||||||||
Total deposits | Total deposits | 24,683,460 | 26,187,440 | Total deposits | 25,869,444 | 26,187,440 | ||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | Federal funds purchased and securities sold under agreements to repurchase | 2,784,559 | 2,841,734 | Federal funds purchased and securities sold under agreements to repurchase | 2,878,021 | 2,841,734 | ||||||||||||||||
Other borrowings | Other borrowings | 1,507,776 | 9,672 | Other borrowings | 1,005,613 | 9,672 | ||||||||||||||||
Other liabilities | Other liabilities | 346,649 | 355,508 | Other liabilities | 392,956 | 355,508 | ||||||||||||||||
Total liabilities | Total liabilities | 29,322,444 | 29,394,354 | Total liabilities | 30,146,034 | 29,394,354 | ||||||||||||||||
Commerce Bancshares, Inc. stockholders’ equity: | Commerce Bancshares, Inc. stockholders’ equity: | Commerce Bancshares, Inc. stockholders’ equity: | ||||||||||||||||||||
Common stock, $5 par value | Common stock, $5 par value | Common stock, $5 par value | ||||||||||||||||||||
Authorized 140,000,000; issued 125,863,879 shares at March 31, 2023 and December 31, 2022 | 629,319 | 629,319 | ||||||||||||||||||||
Authorized 190,000,000 at June 30, 2023 and 140,000,000 at December 31, 2022; issued 125,863,879 shares at June 30, 2023 and December 31, 2022 | Authorized 190,000,000 at June 30, 2023 and 140,000,000 at December 31, 2022; issued 125,863,879 shares at June 30, 2023 and December 31, 2022 | 629,319 | 629,319 | |||||||||||||||||||
Capital surplus | Capital surplus | 2,919,060 | 2,932,959 | Capital surplus | 2,921,365 | 2,932,959 | ||||||||||||||||
Retained earnings | Retained earnings | 117,313 | 31,620 | Retained earnings | 211,358 | 31,620 | ||||||||||||||||
Treasury stock of 883,736 shares at March 31, 2023 | ||||||||||||||||||||||
Treasury stock of 868,125 shares at June 30, 2023 | Treasury stock of 868,125 shares at June 30, 2023 | |||||||||||||||||||||
and 605,142 shares at December 31, 2022, at cost | and 605,142 shares at December 31, 2022, at cost | (59,670) | (41,743) | and 605,142 shares at December 31, 2022, at cost | (58,389) | (41,743) | ||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | (940,498) | (1,086,864) | Accumulated other comprehensive income (loss) | (1,036,295) | (1,086,864) | ||||||||||||||||
Total Commerce Bancshares, Inc. stockholders' equity | Total Commerce Bancshares, Inc. stockholders' equity | 2,665,524 | 2,465,291 | Total Commerce Bancshares, Inc. stockholders' equity | 2,667,358 | 2,465,291 | ||||||||||||||||
Non-controlling interest | Non-controlling interest | 16,888 | 16,286 | Non-controlling interest | 17,870 | 16,286 | ||||||||||||||||
Total equity | Total equity | 2,682,412 | 2,481,577 | Total equity | 2,685,228 | 2,481,577 | ||||||||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 32,004,856 | $ | 31,875,931 | Total liabilities and equity | $ | 32,831,262 | $ | 31,875,931 |
For the Three Months Ended March 31 | For the Three Months Ended June 30 | For the Six Months Ended June 30 | ||||||||||||||||||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | 2023 | 2022 | (In thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||||||||||
INTEREST INCOME | INTEREST INCOME | INTEREST INCOME | ||||||||||||||||||||||||||||||||
Interest and fees on loans | Interest and fees on loans | $ | 223,816 | $ | 132,075 | Interest and fees on loans | $ | 241,327 | $ | 142,526 | $ | 465,143 | $ | 274,601 | ||||||||||||||||||||
Interest and fees on loans held for sale | Interest and fees on loans held for sale | 145 | 150 | Interest and fees on loans held for sale | 151 | 161 | 296 | 311 | ||||||||||||||||||||||||||
Interest on investment securities | Interest on investment securities | 71,119 | 73,105 | Interest on investment securities | 73,727 | 88,635 | 144,846 | 161,740 | ||||||||||||||||||||||||||
Interest on federal funds sold | Interest on federal funds sold | 489 | 1 | Interest on federal funds sold | 105 | 19 | 594 | 20 | ||||||||||||||||||||||||||
Interest on securities purchased under agreements to resell | Interest on securities purchased under agreements to resell | 3,952 | 5,300 | Interest on securities purchased under agreements to resell | 4,099 | 4,385 | 8,051 | 9,685 | ||||||||||||||||||||||||||
Interest on deposits with banks | Interest on deposits with banks | 9,336 | 1,151 | Interest on deposits with banks | 29,254 | 2,428 | 38,590 | 3,579 | ||||||||||||||||||||||||||
Total interest income | Total interest income | 308,857 | 211,782 | Total interest income | 348,663 | 238,154 | 657,520 | 449,936 | ||||||||||||||||||||||||||
INTEREST EXPENSE | INTEREST EXPENSE | INTEREST EXPENSE | ||||||||||||||||||||||||||||||||
Interest on deposits: | Interest on deposits: | Interest on deposits: | ||||||||||||||||||||||||||||||||
Savings, interest checking and money market | Savings, interest checking and money market | 20,151 | 1,760 | Savings, interest checking and money market | 30,046 | 2,278 | 50,197 | 4,038 | ||||||||||||||||||||||||||
Certificates of deposit of less than $100,000 | Certificates of deposit of less than $100,000 | 1,425 | 139 | Certificates of deposit of less than $100,000 | 10,125 | 205 | 11,550 | 344 | ||||||||||||||||||||||||||
Certificates of deposit of $100,000 and over | Certificates of deposit of $100,000 and over | 6,627 | 427 | Certificates of deposit of $100,000 and over | 14,416 | 470 | 21,043 | 897 | ||||||||||||||||||||||||||
Interest on federal funds purchased | Interest on federal funds purchased | 5,586 | 7 | Interest on federal funds purchased | 6,397 | 224 | 11,983 | 231 | ||||||||||||||||||||||||||
Interest on securities sold under agreements to repurchase | Interest on securities sold under agreements to repurchase | 17,495 | 682 | Interest on securities sold under agreements to repurchase | 17,014 | 2,702 | 34,509 | 3,384 | ||||||||||||||||||||||||||
Interest on other borrowings | Interest on other borrowings | 5,950 | (19) | Interest on other borrowings | 21,127 | (110) | 27,077 | (129) | ||||||||||||||||||||||||||
Total interest expense | Total interest expense | 57,234 | 2,996 | Total interest expense | 99,125 | 5,769 | 156,359 | 8,765 | ||||||||||||||||||||||||||
Net interest income | Net interest income | 251,623 | 208,786 | Net interest income | 249,538 | 232,385 | 501,161 | 441,171 | ||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 11,456 | (9,858) | Provision for credit losses | 6,471 | 7,162 | 17,927 | (2,696) | ||||||||||||||||||||||||||
Net interest income after credit losses | Net interest income after credit losses | 240,167 | 218,644 | Net interest income after credit losses | 243,067 | 225,223 | 483,234 | 443,867 | ||||||||||||||||||||||||||
NON-INTEREST INCOME | NON-INTEREST INCOME | NON-INTEREST INCOME | ||||||||||||||||||||||||||||||||
Bank card transaction fees | Bank card transaction fees | 49,725 | 43,873 | 96,379 | 85,918 | |||||||||||||||||||||||||||||
Trust fees | Trust fees | 45,328 | 47,811 | Trust fees | 47,265 | 46,792 | 92,593 | 94,603 | ||||||||||||||||||||||||||
Bank card transaction fees | 46,654 | 42,045 | ||||||||||||||||||||||||||||||||
Deposit account charges and other fees | Deposit account charges and other fees | 21,752 | 22,307 | Deposit account charges and other fees | 22,633 | 25,564 | 44,385 | 47,871 | ||||||||||||||||||||||||||
Consumer brokerage services | Consumer brokerage services | 5,085 | 4,446 | Consumer brokerage services | 4,677 | 5,068 | 9,762 | 9,514 | ||||||||||||||||||||||||||
Capital market fees | Capital market fees | 3,362 | 4,125 | Capital market fees | 2,539 | 3,327 | 5,901 | 7,452 | ||||||||||||||||||||||||||
Loan fees and sales | Loan fees and sales | 2,589 | 4,235 | Loan fees and sales | 2,735 | 3,246 | 5,324 | 7,481 | ||||||||||||||||||||||||||
Other | Other | 12,842 | 6,800 | Other | 18,031 | 11,557 | 30,873 | 18,357 | ||||||||||||||||||||||||||
Total non-interest income | Total non-interest income | 137,612 | 131,769 | Total non-interest income | 147,605 | 139,427 | 285,217 | 271,196 | ||||||||||||||||||||||||||
INVESTMENT SECURITIES GAINS (LOSSES), NET | INVESTMENT SECURITIES GAINS (LOSSES), NET | (306) | 7,163 | INVESTMENT SECURITIES GAINS (LOSSES), NET | 3,392 | 1,029 | 3,086 | 8,192 | ||||||||||||||||||||||||||
NON-INTEREST EXPENSE | NON-INTEREST EXPENSE | NON-INTEREST EXPENSE | ||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | 144,373 | 135,953 | Salaries and employee benefits | 145,429 | 142,243 | 289,802 | 278,196 | ||||||||||||||||||||||||||
Data processing and software | Data processing and software | 28,154 | 27,016 | Data processing and software | 28,719 | 27,635 | 56,873 | 54,651 | ||||||||||||||||||||||||||
Net occupancy | Net occupancy | 12,759 | 12,296 | Net occupancy | 12,995 | 12,503 | 25,754 | 24,799 | ||||||||||||||||||||||||||
Marketing | Marketing | 6,368 | 5,836 | 11,839 | 12,180 | |||||||||||||||||||||||||||||
Equipment | Equipment | 4,850 | 4,568 | Equipment | 4,864 | 4,734 | 9,714 | 9,302 | ||||||||||||||||||||||||||
Supplies and communication | Supplies and communication | 4,590 | 4,713 | Supplies and communication | 4,625 | 4,361 | 9,215 | 9,074 | ||||||||||||||||||||||||||
Marketing | 5,471 | 6,344 | ||||||||||||||||||||||||||||||||
Other | Other | 23,910 | 14,758 | Other | 24,611 | 16,193 | 48,521 | 30,951 | ||||||||||||||||||||||||||
Total non-interest expense | Total non-interest expense | 224,107 | 205,648 | Total non-interest expense | 227,611 | 213,505 | 451,718 | 419,153 | ||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | 153,366 | 151,928 | Income before income taxes | 166,453 | 152,174 | 319,819 | 304,102 | ||||||||||||||||||||||||||
Less income taxes | Less income taxes | 32,813 | 31,902 | Less income taxes | 35,990 | 32,021 | 68,803 | 63,923 | ||||||||||||||||||||||||||
Net income | Net income | 120,553 | 120,026 | Net income | 130,463 | 120,153 | 251,016 | 240,179 | ||||||||||||||||||||||||||
Less non-controlling interest expense (income) | Less non-controlling interest expense (income) | 1,101 | 1,872 | Less non-controlling interest expense (income) | 2,674 | 4,359 | 3,775 | 6,231 | ||||||||||||||||||||||||||
Net income attributable to Commerce Bancshares, Inc. | Net income attributable to Commerce Bancshares, Inc. | $ | 119,452 | $ | 118,154 | Net income attributable to Commerce Bancshares, Inc. | $ | 127,789 | $ | 115,794 | $ | 247,241 | $ | 233,948 | ||||||||||||||||||||
Net income per common share — basic | Net income per common share — basic | $ | .95 | $ | .92 | Net income per common share — basic | $ | 1.03 | $ | .92 | $ | 1.98 | $ | 1.84 | ||||||||||||||||||||
Net income per common share — diluted | Net income per common share — diluted | $ | .95 | $ | .92 | Net income per common share — diluted | $ | 1.02 | $ | .92 | $ | 1.97 | $ | 1.84 |
For the Three Months Ended March 31 | For the Three Months Ended June 30 | For the Six Months Ended June 30 | ||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||||||||||||||
Net income | Net income | $ | 120,553 | $ | 120,026 | Net income | $ | 130,463 | $ | 120,153 | $ | 251,016 | $ | 240,179 | ||||||||||||||||||||
Other comprehensive income (loss): | Other comprehensive income (loss): | Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Net unrealized gains (losses) on available for sale debt securities | Net unrealized gains (losses) on available for sale debt securities | 142,466 | (507,265) | Net unrealized gains (losses) on available for sale debt securities | (81,882) | (328,201) | 60,584 | (835,466) | ||||||||||||||||||||||||||
Change in pension loss | Change in pension loss | 270 | 323 | Change in pension loss | 269 | 322 | 539 | 645 | ||||||||||||||||||||||||||
Unrealized gains (losses) on cash flow hedge derivatives | Unrealized gains (losses) on cash flow hedge derivatives | 3,630 | (4,538) | Unrealized gains (losses) on cash flow hedge derivatives | (14,184) | (4,615) | (10,554) | (9,153) | ||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 146,366 | (511,480) | Other comprehensive income (loss) | (95,797) | (332,494) | 50,569 | (843,974) | ||||||||||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | 266,919 | (391,454) | Comprehensive income (loss) | 34,666 | (212,341) | 301,585 | (603,795) | ||||||||||||||||||||||||||
Less non-controlling interest (income) expense | Less non-controlling interest (income) expense | 1,101 | 1,872 | Less non-controlling interest (income) expense | 2,674 | 4,359 | 3,775 | 6,231 | ||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Commerce Bancshares, Inc. | Comprehensive income (loss) attributable to Commerce Bancshares, Inc. | $ | 265,818 | $ | (393,326) | Comprehensive income (loss) attributable to Commerce Bancshares, Inc. | $ | 31,992 | $ | (216,700) | $ | 297,810 | $ | (610,026) |
Commerce Bancshares, Inc. Shareholders | Commerce Bancshares, Inc. Shareholders | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | Common Stock | Capital Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interest | Total | (In thousands, except per share data) | Common Stock | Capital Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interest | Total | |||||||||||||||||||||||||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2022 | $ | 629,319 | $ | 2,932,959 | $ | 31,620 | $ | (41,743) | $ | (1,086,864) | $ | 16,286 | $ | 2,481,577 | |||||||||||||||||||||||||||||||||||||||||
Balance March 31, 2023 | Balance March 31, 2023 | $ | 629,319 | $ | 2,919,060 | $ | 117,313 | $ | (59,670) | $ | (940,498) | $ | 16,888 | $ | 2,682,412 | ||||||||||||||||||||||||||||||||||||||||
Net income | Net income | 119,452 | 1,101 | 120,553 | Net income | 127,789 | 2,674 | 130,463 | |||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 146,366 | 146,366 | Other comprehensive income (loss) | (95,797) | (95,797) | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | Distributions to non-controlling interest | (453) | (453) | Distributions to non-controlling interest | (1,692) | (1,692) | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | Purchases of treasury stock | (318) | (318) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | (36,245) | (36,245) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Sale of non-controlling interest of subsidiary | 46 | (46) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance under stock purchase and equity compensation plans | Issuance under stock purchase and equity compensation plans | (18,318) | 18,318 | — | Issuance under stock purchase and equity compensation plans | (1,599) | 1,599 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 4,373 | 4,373 | Stock-based compensation | 3,904 | 3,904 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid on common stock ($.270 per share) | (33,759) | (33,759) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid on common stock ($0.270 per share) | Cash dividends paid on common stock ($0.270 per share) | (33,744) | (33,744) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance March 31, 2023 | $ | 629,319 | $ | 2,919,060 | $ | 117,313 | $ | (59,670) | $ | (940,498) | $ | 16,888 | $ | 2,682,412 | |||||||||||||||||||||||||||||||||||||||||
Balance December 31, 2021 | $ | 610,804 | $ | 2,689,894 | $ | 92,493 | $ | (32,973) | $ | 77,080 | $ | 11,026 | $ | 3,448,324 | |||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2023 | Balance June 30, 2023 | $ | 629,319 | $ | 2,921,365 | $ | 211,358 | $ | (58,389) | $ | (1,036,295) | $ | 17,870 | $ | 2,685,228 | ||||||||||||||||||||||||||||||||||||||||
Balance March 31, 2022 | Balance March 31, 2022 | $ | 610,804 | $ | 2,678,025 | $ | 178,504 | $ | (72,293) | $ | (434,400) | $ | 12,762 | $ | 2,973,402 | ||||||||||||||||||||||||||||||||||||||||
Net income | 118,154 | 1,872 | 120,026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | Net Income | 115,794 | 4,359 | 120,153 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | (511,480) | (511,480) | Other comprehensive income (loss) | (332,494) | (332,494) | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to non-controlling interest | Distributions to non-controlling interest | (136) | (136) | Distributions to non-controlling interest | (654) | (654) | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchases of treasury stock | Purchases of treasury stock | (55,855) | (55,855) | Purchases of treasury stock | (57,350) | (57,350) | |||||||||||||||||||||||||||||||||||||||||||||||||
Issuance under stock purchase and equity compensation plans | Issuance under stock purchase and equity compensation plans | (16,087) | 16,535 | 448 | Issuance under stock purchase and equity compensation plans | (55) | 55 | — | |||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | Stock-based compensation | 4,218 | 4,218 | Stock-based compensation | 4,191 | 4,191 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid on common stock ($.252 per share) | Cash dividends paid on common stock ($.252 per share) | (32,143) | (32,143) | Cash dividends paid on common stock ($.252 per share) | (31,935) | (31,935) | |||||||||||||||||||||||||||||||||||||||||||||||||
Balance March 31, 2022 | $ | 610,804 | $ | 2,678,025 | $ | 178,504 | $ | (72,293) | $ | (434,400) | $ | 12,762 | $ | 2,973,402 | |||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2022 | Balance June 30, 2022 | $ | 610,804 | $ | 2,682,161 | $ | 262,363 | $ | (129,588) | $ | (766,894) | $ | 16,467 | $ | 2,675,313 |
Commerce Bancshares, Inc. Shareholders | |||||||||||||||||||||||||||||
(In thousands, except per share data) | Common Stock | Capital Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interest | Total | ||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||
Balance December 31, 2022 | $ | 629,319 | $ | 2,932,959 | $ | 31,620 | $ | (41,743) | $ | (1,086,864) | $ | 16,286 | $ | 2,481,577 | |||||||||||||||
Net income | 247,241 | 3,775 | 251,016 | ||||||||||||||||||||||||||
Other comprehensive income (loss) | 50,569 | 50,569 | |||||||||||||||||||||||||||
Distributions to non-controlling interest | (2,145) | (2,145) | |||||||||||||||||||||||||||
Purchases of treasury stock | (36,563) | (36,563) | |||||||||||||||||||||||||||
Sale of non-controlling interest of subsidiary | 46 | (46) | — | ||||||||||||||||||||||||||
Issuance under stock purchase and equity compensation plans | (19,917) | 19,917 | — | ||||||||||||||||||||||||||
Stock-based compensation | 8,277 | 8,277 | |||||||||||||||||||||||||||
Cash dividends paid on common stock ($.540 per share) | (67,503) | (67,503) | |||||||||||||||||||||||||||
Balance June 30, 2023 | $ | 629,319 | $ | 2,921,365 | $ | 211,358 | $ | (58,389) | $ | (1,036,295) | $ | 17,870 | $ | 2,685,228 | |||||||||||||||
Balance December 31, 2021 | $ | 610,804 | $ | 2,689,894 | $ | 92,493 | $ | (32,973) | $ | 77,080 | $ | 11,026 | $ | 3,448,324 | |||||||||||||||
Net income | 233,948 | 6,231 | 240,179 | ||||||||||||||||||||||||||
Other comprehensive income (loss) | (843,974) | (843,974) | |||||||||||||||||||||||||||
Distributions to non-controlling interest | (790) | (790) | |||||||||||||||||||||||||||
Purchases of treasury stock | (113,205) | (113,205) | |||||||||||||||||||||||||||
Issuance under stock purchase and equity compensation plans | (16,142) | 16,590 | 448 | ||||||||||||||||||||||||||
Stock-based compensation | 8,409 | 8,409 | |||||||||||||||||||||||||||
Cash dividends paid on common stock ($.505 per share) | (64,078) | (64,078) | |||||||||||||||||||||||||||
Balance June 30, 2022 | $ | 610,804 | $ | 2,682,161 | $ | 262,363 | $ | (129,588) | $ | (766,894) | $ | 16,467 | $ | 2,675,313 |
For the Three Months Ended March 31 | For the Six Months Ended June 30 | |||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | ||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||||||
OPERATING ACTIVITIES: | OPERATING ACTIVITIES: | OPERATING ACTIVITIES: | ||||||||||||||||||||
Net income | Net income | $ | 120,553 | $ | 120,026 | Net income | $ | 251,016 | $ | 240,179 | ||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||||||||||||
Provision for credit losses | Provision for credit losses | 11,456 | (9,858) | Provision for credit losses | 17,927 | (2,696) | ||||||||||||||||
Provision for depreciation and amortization | Provision for depreciation and amortization | 11,565 | 11,811 | Provision for depreciation and amortization | 24,164 | 23,638 | ||||||||||||||||
Amortization of investment security premiums, net | Amortization of investment security premiums, net | 7,654 | 4,932 | Amortization of investment security premiums, net | 9,482 | 5,946 | ||||||||||||||||
Investment securities (gains) losses, net (A) | Investment securities (gains) losses, net (A) | 306 | (7,163) | Investment securities (gains) losses, net (A) | (3,086) | (8,192) | ||||||||||||||||
Net (gains) losses on sales of loans held for sale | Net (gains) losses on sales of loans held for sale | (137) | (1,302) | Net (gains) losses on sales of loans held for sale | (422) | (1,944) | ||||||||||||||||
Originations of loans held for sale | Originations of loans held for sale | (9,931) | (57,580) | Originations of loans held for sale | (25,729) | (93,439) | ||||||||||||||||
Proceeds from sales of loans held for sale | Proceeds from sales of loans held for sale | 8,850 | 57,789 | Proceeds from sales of loans held for sale | 24,210 | 96,282 | ||||||||||||||||
Net (increase) decrease in trading debt securities, excluding unsettled transactions | Net (increase) decrease in trading debt securities, excluding unsettled transactions | 11,548 | 9,798 | Net (increase) decrease in trading debt securities, excluding unsettled transactions | 17,915 | 870 | ||||||||||||||||
Purchase of interest rate floor | Purchase of interest rate floor | (25,900) | — | Purchase of interest rate floor | (25,900) | — | ||||||||||||||||
Stock-based compensation | Stock-based compensation | 4,373 | 4,218 | Stock-based compensation | 8,277 | 8,409 | ||||||||||||||||
(Increase) decrease in interest receivable | (Increase) decrease in interest receivable | (1,005) | (7,972) | (Increase) decrease in interest receivable | (667) | (11,739) | ||||||||||||||||
Increase (decrease) in interest payable | Increase (decrease) in interest payable | 10,025 | 273 | Increase (decrease) in interest payable | 31,819 | 247 | ||||||||||||||||
Increase (decrease) in income taxes payable | Increase (decrease) in income taxes payable | 26,970 | 28,657 | Increase (decrease) in income taxes payable | (74) | (1,855) | ||||||||||||||||
Other changes, net | Other changes, net | (60,270) | (29,115) | Other changes, net | (108,044) | 30,464 | ||||||||||||||||
Net cash provided by operating activities | 116,057 | 124,514 | ||||||||||||||||||||
Net cash provided by (used in) operating activities | Net cash provided by (used in) operating activities | 220,888 | 286,170 | |||||||||||||||||||
INVESTING ACTIVITIES: | INVESTING ACTIVITIES: | INVESTING ACTIVITIES: | ||||||||||||||||||||
Cash paid in acquisition, net of cash received | Cash paid in acquisition, net of cash received | (6,197) | — | |||||||||||||||||||
Distributions received from equity-method investment | Distributions received from equity-method investment | 1,434 | 400 | Distributions received from equity-method investment | 1,434 | 400 | ||||||||||||||||
Proceeds from sales of investment securities (A) | Proceeds from sales of investment securities (A) | 840,435 | 1,745 | Proceeds from sales of investment securities (A) | 1,130,536 | 3,712 | ||||||||||||||||
Proceeds from maturities/pay downs of investment securities (A) | Proceeds from maturities/pay downs of investment securities (A) | 474,220 | 805,355 | Proceeds from maturities/pay downs of investment securities (A) | 922,759 | 1,462,151 | ||||||||||||||||
Purchases of investment securities (A) | Purchases of investment securities (A) | (168,584) | (1,812,434) | Purchases of investment securities (A) | (190,253) | (1,894,221) | ||||||||||||||||
Net (increase) decrease in loans | Net (increase) decrease in loans | (239,230) | (287,328) | Net (increase) decrease in loans | (666,743) | (518,899) | ||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | — | (200,000) | Securities purchased under agreements to resell | — | (200,000) | ||||||||||||||||
Repayments of securities purchased under agreements to resell | Repayments of securities purchased under agreements to resell | — | 375,000 | |||||||||||||||||||
Purchases of premises and equipment | Purchases of premises and equipment | (20,044) | (15,597) | Purchases of premises and equipment | (51,904) | (28,985) | ||||||||||||||||
Sales of premises and equipment | Sales of premises and equipment | 6 | 175 | Sales of premises and equipment | 1,215 | 1,401 | ||||||||||||||||
Net cash provided by (used in) investing activities | Net cash provided by (used in) investing activities | 888,237 | (1,507,684) | Net cash provided by (used in) investing activities | 1,140,847 | (799,441) | ||||||||||||||||
FINANCING ACTIVITIES: | FINANCING ACTIVITIES: | FINANCING ACTIVITIES: | ||||||||||||||||||||
Net increase (decrease) in non-interest bearing, savings, interest checking and money market deposits | Net increase (decrease) in non-interest bearing, savings, interest checking and money market deposits | (2,137,278) | (208,358) | Net increase (decrease) in non-interest bearing, savings, interest checking and money market deposits | (2,506,872) | (1,302,692) | ||||||||||||||||
Net increase (decrease) in certificates of deposit | Net increase (decrease) in certificates of deposit | 584,382 | (303,277) | Net increase (decrease) in certificates of deposit | 2,257,518 | (437,030) | ||||||||||||||||
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase | Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase | (57,175) | (705,506) | Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase | 36,287 | (788,671) | ||||||||||||||||
FHLB short-term borrowings | FHLB short-term borrowings | 2,250,000 | — | |||||||||||||||||||
Repayments of FHLB borrowings | Repayments of FHLB borrowings | (1,250,000) | — | |||||||||||||||||||
Net increase (decrease) in other borrowings | Net increase (decrease) in other borrowings | 1,498,104 | (3,503) | Net increase (decrease) in other borrowings | (4,059) | (6,535) | ||||||||||||||||
Purchases of treasury stock | Purchases of treasury stock | (36,245) | (55,855) | Purchases of treasury stock | (36,563) | (113,205) | ||||||||||||||||
Issuance of stock under equity compensation plans | Issuance of stock under equity compensation plans | — | 448 | Issuance of stock under equity compensation plans | — | 448 | ||||||||||||||||
Cash dividends paid on common stock | Cash dividends paid on common stock | (33,759) | (32,143) | Cash dividends paid on common stock | (67,503) | (64,078) | ||||||||||||||||
Net cash used in financing activities | (181,971) | (1,308,194) | ||||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | 678,808 | (2,711,763) | |||||||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | Increase (decrease) in cash, cash equivalents and restricted cash | 822,323 | (2,691,364) | Increase (decrease) in cash, cash equivalents and restricted cash | 2,040,543 | (3,225,034) | ||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of year | Cash, cash equivalents and restricted cash at beginning of year | 897,801 | 4,296,954 | Cash, cash equivalents and restricted cash at beginning of year | 897,801 | 4,296,954 | ||||||||||||||||
Cash, cash equivalents and restricted cash at March 31 | $ | 1,720,124 | $ | 1,605,590 | ||||||||||||||||||
Cash, cash equivalents and restricted cash at June 30 | Cash, cash equivalents and restricted cash at June 30 | $ | 2,938,344 | $ | 1,071,920 | |||||||||||||||||
Income tax payments, net | Income tax payments, net | $ | 3,857 | $ | 1,640 | Income tax payments, net | $ | 64,925 | $ | 62,588 | ||||||||||||
Interest paid on deposits and borrowings | Interest paid on deposits and borrowings | $ | 47,209 | $ | 2,723 | Interest paid on deposits and borrowings | $ | 124,540 | $ | 8,518 | ||||||||||||
Loans transferred to foreclosed real estate | Loans transferred to foreclosed real estate | $ | 72 | $ | 25 | Loans transferred to foreclosed real estate | $ | 72 | $ | 25 |
(In thousands) | (In thousands) | March 31, 2023 | December 31, 2022 | (In thousands) | June 30, 2023 | December 31, 2022 | ||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||
Business | Business | $ | 5,704,467 | $ | 5,661,725 | Business | $ | 5,906,493 | $ | 5,661,725 | ||||||||||||
Real estate – construction and land | Real estate – construction and land | 1,437,419 | 1,361,095 | Real estate – construction and land | 1,451,783 | 1,361,095 | ||||||||||||||||
Real estate – business | Real estate – business | 3,486,543 | 3,406,981 | Real estate – business | 3,621,222 | 3,406,981 | ||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||
Real estate – personal | Real estate – personal | 2,952,042 | 2,918,078 | Real estate – personal | 2,980,599 | 2,918,078 | ||||||||||||||||
Consumer | Consumer | 2,094,389 | 2,059,088 | Consumer | 2,110,605 | 2,059,088 | ||||||||||||||||
Revolving home equity | Revolving home equity | 295,478 | 297,207 | Revolving home equity | 303,845 | 297,207 | ||||||||||||||||
Consumer credit card | Consumer credit card | 558,669 | 584,000 | Consumer credit card | 574,755 | 584,000 | ||||||||||||||||
Overdrafts | Overdrafts | 6,515 | 14,957 | Overdrafts | 7,237 | 14,957 | ||||||||||||||||
Total loans | Total loans | $ | 16,535,522 | $ | 16,303,131 | Total loans | $ | 16,956,539 | $ | 16,303,131 |
Key Assumption | June 30, 2023 | March 31, 2023 | |||||||||
Overall economic forecast | •Mild recession in the second half of 2023 •Assume the Federal Reserve will pause increasing interest rates through year end •Mild recession is expected to weaken employment | •Mild recession to start 3rd quarter of 2023 •Assume the Federal Reserve will continue raising interest rates •Mild recession is expected to weaken employment | |||||||||
Reasonable and supportable period and related reversion period | •Reasonable and supportable period of one year •Reversion to historical average loss within | •Reasonable and supportable period of one year •Reversion to historical average loss within | |||||||||
Forecasted macro-economic variables | •Unemployment rate ranges from 3.9% to 5.3% during the supportable forecast period •Real GDP growth ranges from (.27)% to 1.2% •BBB corporate yield from 4.9% to 5.5% •Housing Price Index from 282.1 to 284.5 | •Unemployment rate ranges from 3.7% to 5.3% during the supportable forecast period •Real GDP growth ranges from •BBB corporate yield from 5.3% to 5.8% • | |||||||||
Prepayment assumptions | Commercial loans •5% for most loan pools Personal banking loans •Ranging from 7.93% to 22.9% for most loan pools •Consumer credit cards 67.6% | Commercial loans •5% for most loan pools Personal banking loans •Ranging from 6.45% to 22.4% for most loan pools •Consumer credit cards 67.5% | |||||||||
Qualitative factors | Added qualitative factors related to: •Changes in the composition of the loan portfolios •Certain •Certain portfolios sensitive to unusually high rate of inflation and supply chain issues •Loans downgraded to special mention, substandard, or non-accrual status | Added qualitative factors related to: •Changes in the composition of the loan portfolios •Certain portfolios sensitive to pandemic economic uncertainties •Certain portfolios sensitive to unusually high rate of inflation and supply chain issues •Loans downgraded to special mention, substandard, or non-accrual status |
For the Three Months Ended March 31, 2023 | For the Three Months Ended June 30, 2023 | For the Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Commercial | Personal Banking | Total | (In thousands) | Commercial | Personal Banking | Total | Commercial | Personal Banking | Total | |||||||||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS | ALLOWANCE FOR CREDIT LOSSES ON LOANS | ALLOWANCE FOR CREDIT LOSSES ON LOANS | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 103,293 | $ | 46,843 | $ | 150,136 | Balance at beginning of period | $ | 108,615 | $ | 50,702 | $ | 159,317 | $ | 103,293 | $ | 46,843 | $ | 150,136 | ||||||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 5,548 | 10,400 | 15,948 | Provision for credit losses on loans | (546) | 6,410 | 5,864 | 5,002 | 16,810 | 21,812 | |||||||||||||||||||||||||||||||||||
Deductions: | Deductions: | Deductions: | ||||||||||||||||||||||||||||||||||||||||||||
Loans charged off | Loans charged off | 292 | 8,756 | 9,048 | Loans charged off | 307 | 8,531 | 8,838 | 599 | 17,287 | 17,886 | |||||||||||||||||||||||||||||||||||
Less recoveries on loans | Less recoveries on loans | 66 | 2,215 | 2,281 | Less recoveries on loans | 262 | 2,080 | 2,342 | 328 | 4,295 | 4,623 | |||||||||||||||||||||||||||||||||||
Net loan charge-offs (recoveries) | Net loan charge-offs (recoveries) | 226 | 6,541 | 6,767 | Net loan charge-offs (recoveries) | 45 | 6,451 | 6,496 | 271 | 12,992 | 13,263 | |||||||||||||||||||||||||||||||||||
Balance March 31, 2023 | $ | 108,615 | $ | 50,702 | $ | 159,317 | ||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2023 | Balance June 30, 2023 | $ | 108,024 | $ | 50,661 | $ | 158,685 | $ | 108,024 | $ | 50,661 | $ | 158,685 | |||||||||||||||||||||||||||||||||
LIABILITY FOR UNFUNDED LENDING COMMITMENTS | LIABILITY FOR UNFUNDED LENDING COMMITMENTS | LIABILITY FOR UNFUNDED LENDING COMMITMENTS | ||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 31,743 | $ | 1,377 | $ | 33,120 | Balance at beginning of period | $ | 27,105 | $ | 1,523 | $ | 28,628 | $ | 31,743 | $ | 1,377 | $ | 33,120 | ||||||||||||||||||||||||||
Provision for credit losses on unfunded lending commitments | Provision for credit losses on unfunded lending commitments | (4,638) | 146 | (4,492) | Provision for credit losses on unfunded lending commitments | 737 | (130) | 607 | (3,901) | 16 | (3,885) | |||||||||||||||||||||||||||||||||||
Balance March 31, 2023 | $ | 27,105 | $ | 1,523 | $ | 28,628 | ||||||||||||||||||||||||||||||||||||||||
Balance June 30, 2023 | Balance June 30, 2023 | $ | 27,842 | $ | 1,393 | $ | 29,235 | $ | 27,842 | $ | 1,393 | $ | 29,235 | |||||||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | $ | 135,720 | $ | 52,225 | $ | 187,945 | ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | $ | 135,866 | $ | 52,054 | $ | 187,920 | $ | 135,866 | $ | 52,054 | $ | 187,920 |
For the Three Months Ended March 31, 2022 | |||||||||||||||||||||||
(In thousands) | Commercial | Personal Banking | Total | ||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS | |||||||||||||||||||||||
Balance at beginning of period | $ | 97,776 | $ | 52,268 | $ | 150,044 | |||||||||||||||||
Provision for credit losses on loans | (2,879) | (7,807) | (10,686) | ||||||||||||||||||||
Deductions: | |||||||||||||||||||||||
Loans charged off | 177 | 7,285 | 7,462 | ||||||||||||||||||||
Less recoveries on loans | 107 | 2,707 | 2,814 | ||||||||||||||||||||
Net loan charge-offs (recoveries) | 70 | 4,578 | 4,648 | ||||||||||||||||||||
Balance March 31, 2022 | $ | 94,827 | $ | 39,883 | $ | 134,710 | |||||||||||||||||
LIABILITY FOR UNFUNDED LENDING COMMITMENTS | |||||||||||||||||||||||
Balance at beginning of period | $ | 23,271 | $ | 933 | $ | 24,204 | |||||||||||||||||
Provision for credit losses on unfunded lending commitments | 509 | 319 | 828 | ||||||||||||||||||||
Balance March 31, 2022 | $ | 23,780 | $ | 1,252 | $ | 25,032 | |||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | $ | 118,607 | $ | 41,135 | $ | 159,742 |
For the Three Months Ended June 30, 2022 | For the Six Months Ended June 30, 2022 | ||||||||||||||||||||||
(In thousands) | Commercial | Personal Banking | Total | Commercial | Personal Banking | Total | |||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS | |||||||||||||||||||||||
Balance at beginning of period | $ | 94,827 | $ | 39,883 | $ | 134,710 | $ | 97,776 | $ | 52,268 | $ | 150,044 | |||||||||||
Provision for credit losses on loans | 4,716 | 2,571 | 7,287 | 1,837 | (5,236) | (3,399) | |||||||||||||||||
Deductions: | |||||||||||||||||||||||
Loans charged off | 207 | 6,533 | 6,740 | 384 | 13,818 | 14,202 | |||||||||||||||||
Less recoveries on loans | 189 | 2,593 | 2,782 | 296 | 5,300 | 5,596 | |||||||||||||||||
Net loan charge-offs (recoveries) | 18 | 3,940 | 3,958 | 88 | 8,518 | 8,606 | |||||||||||||||||
Balance June 30, 2022 | $ | 99,525 | $ | 38,514 | $ | 138,039 | $ | 99,525 | $ | 38,514 | $ | 138,039 | |||||||||||
LIABILITY FOR UNFUNDED LENDING COMMITMENTS | |||||||||||||||||||||||
Balance at beginning of period | $ | 23,780 | $ | 1,252 | $ | 25,032 | $ | 23,271 | $ | 933 | $ | 24,204 | |||||||||||
Provision for credit losses on unfunded lending commitments | (163) | 38 | (125) | 346 | 357 | 703 | |||||||||||||||||
Balance June 30, 2022 | $ | 23,617 | $ | 1,290 | $ | 24,907 | $ | 23,617 | $ | 1,290 | $ | 24,907 | |||||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | $ | 123,142 | $ | 39,804 | $ | 162,946 | $ | 123,142 | $ | 39,804 | $ | 162,946 |
(In thousands) | (In thousands) | Current or Less Than 30 Days Past Due | 30 – 89 Days Past Due | 90 Days Past Due and Still Accruing | Non-accrual | Total | (In thousands) | Current or Less Than 30 Days Past Due | 30 – 89 Days Past Due | 90 Days Past Due and Still Accruing | Non-accrual | Total | ||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||||||||||||||
Business | Business | $ | 5,692,966 | $ | 4,644 | $ | 496 | $ | 6,361 | $ | 5,704,467 | Business | $ | 5,896,412 | $ | 4,847 | $ | 502 | $ | 4,732 | $ | 5,906,493 | ||||||||||||
Real estate – construction and land | Real estate – construction and land | 1,432,344 | 4,646 | 429 | — | 1,437,419 | Real estate – construction and land | 1,451,314 | 469 | — | — | 1,451,783 | ||||||||||||||||||||||
Real estate – business | Real estate – business | 3,483,425 | 2,947 | — | 171 | 3,486,543 | Real estate – business | 3,619,936 | 1,133 | — | 153 | 3,621,222 | ||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||
Real estate – personal | Real estate – personal | 2,937,474 | 8,375 | 4,924 | 1,269 | 2,952,042 | Real estate – personal | 2,962,174 | 10,921 | 6,228 | 1,276 | 2,980,599 | ||||||||||||||||||||||
Consumer | Consumer | 2,067,340 | 25,134 | 1,915 | — | 2,094,389 | Consumer | 2,087,542 | 21,199 | 1,864 | — | 2,110,605 | ||||||||||||||||||||||
Revolving home equity | Revolving home equity | 293,783 | 846 | 849 | — | 295,478 | Revolving home equity | 300,329 | 2,676 | 840 | — | 303,845 | ||||||||||||||||||||||
Consumer credit card | Consumer credit card | 547,228 | 5,254 | 6,187 | — | 558,669 | Consumer credit card | 562,657 | 6,181 | 5,917 | — | 574,755 | ||||||||||||||||||||||
Overdrafts | Overdrafts | 6,189 | 326 | — | — | 6,515 | Overdrafts | 6,932 | 305 | — | — | 7,237 | ||||||||||||||||||||||
Total | Total | $ | 16,460,749 | $ | 52,172 | $ | 14,800 | $ | 7,801 | $ | 16,535,522 | Total | $ | 16,887,296 | $ | 47,731 | $ | 15,351 | $ | 6,161 | $ | 16,956,539 | ||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||||||||||||||
Business | Business | $ | 5,652,710 | $ | 1,759 | $ | 505 | $ | 6,751 | $ | 5,661,725 | Business | $ | 5,652,710 | $ | 1,759 | $ | 505 | $ | 6,751 | $ | 5,661,725 | ||||||||||||
Real estate – construction and land | Real estate – construction and land | 1,361,095 | — | — | — | 1,361,095 | Real estate – construction and land | 1,361,095 | — | — | — | 1,361,095 | ||||||||||||||||||||||
Real estate – business | Real estate – business | 3,406,207 | 585 | — | 189 | 3,406,981 | Real estate – business | 3,406,207 | 585 | — | 189 | 3,406,981 | ||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||
Real estate – personal | Real estate – personal | 2,895,742 | 14,289 | 6,681 | 1,366 | 2,918,078 | Real estate – personal | 2,895,742 | 14,289 | 6,681 | 1,366 | 2,918,078 | ||||||||||||||||||||||
Consumer | Consumer | 2,031,827 | 25,089 | 2,172 | — | 2,059,088 | Consumer | 2,031,827 | 25,089 | 2,172 | — | 2,059,088 | ||||||||||||||||||||||
Revolving home equity | Revolving home equity | 295,303 | 1,201 | 703 | — | 297,207 | Revolving home equity | 295,303 | 1,201 | 703 | — | 297,207 | ||||||||||||||||||||||
Consumer credit card | Consumer credit card | 572,213 | 6,238 | 5,549 | — | 584,000 | Consumer credit card | 572,213 | 6,238 | 5,549 | — | 584,000 | ||||||||||||||||||||||
Overdrafts | Overdrafts | 14,090 | 647 | 220 | — | 14,957 | Overdrafts | 14,090 | 647 | 220 | — | 14,957 | ||||||||||||||||||||||
Total | Total | $ | 16,229,187 | $ | 49,808 | $ | 15,830 | $ | 8,306 | $ | 16,303,131 | Total | $ | 16,229,187 | $ | 49,808 | $ | 15,830 | $ | 8,306 | $ | 16,303,131 |
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Total | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Business | Business | Business | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | Risk Rating: | Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 526,988 | $ | 1,268,330 | $ | 716,669 | $ | 374,953 | $ | 334,438 | $ | 369,983 | $ | 2,008,711 | $ | 5,600,072 | Pass | $ | 1,136,860 | $ | 1,058,237 | $ | 631,119 | $ | 325,640 | $ | 303,589 | $ | 315,781 | $ | 2,001,024 | $ | 5,772,250 | ||||||||||||||||||
Special mention | Special mention | 14,056 | 1,606 | 4,460 | 7,330 | 513 | 1,643 | 676 | 30,284 | Special mention | 22,690 | 4,981 | 21,536 | 7,692 | 456 | 4,067 | 5,994 | 67,416 | ||||||||||||||||||||||||||||||||||
Substandard | Substandard | 1,127 | 6,188 | 10,059 | 17,261 | 503 | 10,732 | 21,880 | 67,750 | Substandard | 71 | 11,828 | 9,759 | 15,748 | 484 | 10,320 | 13,885 | 62,095 | ||||||||||||||||||||||||||||||||||
Non-accrual | Non-accrual | — | 158 | 1,818 | 33 | 1 | 4,280 | 71 | 6,361 | Non-accrual | — | 58 | 1,705 | 33 | — | 2,936 | — | 4,732 | ||||||||||||||||||||||||||||||||||
Total Business: | Total Business: | $ | 542,171 | $ | 1,276,282 | $ | 733,006 | $ | 399,577 | $ | 335,455 | $ | 386,638 | $ | 2,031,338 | $ | 5,704,467 | Total Business: | $ | 1,159,621 | $ | 1,075,104 | $ | 664,119 | $ | 349,113 | $ | 304,529 | $ | 333,104 | $ | 2,020,903 | $ | 5,906,493 | ||||||||||||||||||
Gross write-offs for the three months ended March 31, 2023 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 292 | $ | 292 | ||||||||||||||||||||||||||||||||||||
Gross write-offs for the six months ended June 30, 2023 | Gross write-offs for the six months ended June 30, 2023 | $ | — | $ | — | $ | — | $ | 41 | $ | — | $ | — | $ | 558 | $ | 599 | |||||||||||||||||||||||||||||||||||
Real estate-construction | Real estate-construction | Real estate-construction | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | Risk Rating: | Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 156,801 | $ | 552,570 | $ | 549,106 | $ | 83,653 | $ | 27,431 | $ | 3,235 | $ | 27,547 | $ | 1,400,343 | Pass | $ | 221,343 | $ | 590,385 | $ | 497,885 | $ | 66,877 | $ | 27,103 | $ | 3,102 | $ | 33,532 | $ | 1,440,227 | ||||||||||||||||||
Special mention | Special mention | 7,115 | 207 | — | — | — | — | — | 7,322 | Special mention | 7,221 | 269 | — | — | — | — | — | 7,490 | ||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 2,016 | — | — | — | 27,738 | — | 29,754 | Substandard | — | 4,066 | — | — | — | — | — | 4,066 | ||||||||||||||||||||||||||||||||||
Total Real estate-construction: | Total Real estate-construction: | $ | 163,916 | $ | 554,793 | $ | 549,106 | $ | 83,653 | $ | 27,431 | $ | 30,973 | $ | 27,547 | $ | 1,437,419 | Total Real estate-construction: | $ | 228,564 | $ | 594,720 | $ | 497,885 | $ | 66,877 | $ | 27,103 | $ | 3,102 | $ | 33,532 | $ | 1,451,783 | ||||||||||||||||||
Gross write-offs for the three months ended March 31, 2023 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Gross write-offs for the six months ended June 30, 2023 | Gross write-offs for the six months ended June 30, 2023 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Real estate-business | Real estate-business | Real estate-business | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | Risk Rating: | Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 229,043 | $ | 1,136,589 | $ | 573,233 | $ | 495,078 | $ | 388,892 | $ | 401,324 | $ | 109,489 | $ | 3,333,648 | Pass | $ | 483,249 | $ | 1,142,014 | $ | 527,586 | $ | 481,254 | $ | 355,089 | $ | 365,850 | $ | 83,463 | $ | 3,438,505 | ||||||||||||||||||
Special mention | Special mention | — | 4,555 | — | 605 | 9,616 | 1,235 | — | 16,011 | Special mention | — | 7,157 | 915 | 1,128 | 9,492 | 1,323 | 400 | 20,415 | ||||||||||||||||||||||||||||||||||
Substandard | Substandard | — | 2,811 | 30,886 | 16,416 | 11,924 | 74,676 | — | 136,713 | Substandard | — | 14,487 | 30,845 | 16,857 | 11,885 | 88,054 | 21 | 162,149 | ||||||||||||||||||||||||||||||||||
Non-accrual | Non-accrual | — | 14 | 45 | — | — | 112 | — | 171 | Non-accrual | — | 14 | 45 | — | — | 94 | — | 153 | ||||||||||||||||||||||||||||||||||
Total Real estate-business: | Total Real estate-business: | $ | 229,043 | $ | 1,143,969 | $ | 604,164 | $ | 512,099 | $ | 410,432 | $ | 477,347 | $ | 109,489 | $ | 3,486,543 | Total Real estate-business: | $ | 483,249 | $ | 1,163,672 | $ | 559,391 | $ | 499,239 | $ | 376,466 | $ | 455,321 | $ | 83,884 | $ | 3,621,222 | ||||||||||||||||||
Gross write-offs for the three months ended March 31, 2023 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Gross write-offs for the six months ended June 30, 2023 | Gross write-offs for the six months ended June 30, 2023 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Commercial loans | Commercial loans | Commercial loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Risk Rating: | Risk Rating: | Risk Rating: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | Pass | $ | 912,832 | $ | 2,957,489 | $ | 1,839,008 | $ | 953,684 | $ | 750,761 | $ | 774,542 | $ | 2,145,747 | $ | 10,334,063 | Pass | $ | 1,841,452 | $ | 2,790,636 | $ | 1,656,590 | $ | 873,771 | $ | 685,781 | $ | 684,733 | $ | 2,118,019 | $ | 10,650,982 | ||||||||||||||||||
Special mention | Special mention | 21,171 | 6,368 | 4,460 | 7,935 | 10,129 | 2,878 | 676 | 53,617 | Special mention | 29,911 | 12,407 | 22,451 | 8,820 | 9,948 | 5,390 | 6,394 | 95,321 | ||||||||||||||||||||||||||||||||||
Substandard | Substandard | 1,127 | 11,015 | 40,945 | 33,677 | 12,427 | 113,146 | 21,880 | 234,217 | Substandard | 71 | 30,381 | 40,604 | 32,605 | 12,369 | 98,374 | 13,906 | 228,310 | ||||||||||||||||||||||||||||||||||
Non-accrual | Non-accrual | — | 172 | 1,863 | 33 | 1 | 4,392 | 71 | 6,532 | Non-accrual | — | 72 | 1,750 | 33 | — | 3,030 | — | 4,885 | ||||||||||||||||||||||||||||||||||
Total Commercial loans: | Total Commercial loans: | $ | 935,130 | $ | 2,975,044 | $ | 1,886,276 | $ | 995,329 | $ | 773,318 | $ | 894,958 | $ | 2,168,374 | $ | 10,628,429 | Total Commercial loans: | $ | 1,871,434 | $ | 2,833,496 | $ | 1,721,395 | $ | 915,229 | $ | 708,098 | $ | 791,527 | $ | 2,138,319 | $ | 10,979,498 | ||||||||||||||||||
Gross write-offs for the three months ended March 31, 2023 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 292 | $ | 292 | ||||||||||||||||||||||||||||||||||||
Gross write-offs for the six months ended June 30, 2023 | Gross write-offs for the six months ended June 30, 2023 | $ | — | $ | — | $ | — | $ | 41 | $ | — | $ | — | $ | 558 | $ | 599 |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Business | ||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||
Pass | $ | 1,456,476 | $ | 782,409 | $ | 464,201 | $ | 360,844 | $ | 180,375 | $ | 219,053 | $ | 2,146,380 | $ | 5,609,738 | ||||||||||
Special mention | 3,113 | 2,548 | 7,757 | 1,063 | 67 | — | 1,319 | 15,867 | ||||||||||||||||||
Substandard | 5,752 | 10,004 | 685 | 37 | 810 | 10,342 | 1,739 | 29,369 | ||||||||||||||||||
Non-accrual | 195 | 1,987 | — | 1 | 792 | 3,776 | — | 6,751 | ||||||||||||||||||
Total Business: | $ | 1,465,536 | $ | 796,948 | $ | 472,643 | $ | 361,945 | $ | 182,044 | $ | 233,171 | $ | 2,149,438 | $ | 5,661,725 | ||||||||||
Real estate-construction | ||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||
Pass | $ | 538,022 | $ | 596,465 | $ | 129,632 | $ | 27,331 | $ | 1,305 | $ | 2,029 | $ | 18,559 | $ | 1,313,343 | ||||||||||
Special mention | 352 | — | — | — | — | — | — | 352 | ||||||||||||||||||
Substandard | — | 19,494 | — | — | 14,766 | 13,140 | — | 47,400 | ||||||||||||||||||
Total Real estate-construction: | $ | 538,374 | $ | 615,959 | $ | 129,632 | $ | 27,331 | $ | 16,071 | $ | 15,169 | $ | 18,559 | $ | 1,361,095 | ||||||||||
Real estate- business | ||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||
Pass | $ | 1,085,379 | $ | 616,516 | $ | 555,648 | $ | 424,641 | $ | 163,628 | $ | 271,579 | $ | 90,799 | $ | 3,208,190 | ||||||||||
Special mention | 4,608 | — | 618 | 9,737 | 976 | 279 | — | 16,218 | ||||||||||||||||||
Substandard | 2,795 | 30,944 | 61,141 | 10,490 | 30,782 | 46,232 | — | 182,384 | ||||||||||||||||||
Non-accrual | 14 | 45 | — | — | 124 | 6 | — | 189 | ||||||||||||||||||
Total Real-estate business: | $ | 1,092,796 | $ | 647,505 | $ | 617,407 | $ | 444,868 | $ | 195,510 | $ | 318,096 | $ | 90,799 | $ | 3,406,981 | ||||||||||
Commercial loans | ||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||
Pass | $ | 3,079,877 | $ | 1,995,390 | $ | 1,149,481 | $ | 812,816 | $ | 345,308 | $ | 492,661 | $ | 2,255,738 | $ | 10,131,271 | ||||||||||
Special mention | 8,073 | 2,548 | 8,375 | 10,800 | 1,043 | 279 | 1,319 | 32,437 | ||||||||||||||||||
Substandard | 8,547 | 60,442 | 61,826 | 10,527 | 46,358 | 69,714 | 1,739 | 259,153 | ||||||||||||||||||
Non-accrual | 209 | 2,032 | — | 1 | 916 | 3,782 | — | 6,940 | ||||||||||||||||||
Total Commercial loans: | $ | 3,096,706 | $ | 2,060,412 | $ | 1,219,682 | $ | 834,144 | $ | 393,625 | $ | 566,436 | $ | 2,258,796 | $ | 10,429,801 |
Term Loans Amortized Cost Basis by Origination Year | Term Loans Amortized Cost Basis by Origination Year | |||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Total | (In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate-personal | Real estate-personal | Real estate-personal | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current to 90 days past due | Current to 90 days past due | $ | 113,590 | $ | 512,841 | $ | 578,969 | $ | 769,804 | $ | 284,835 | $ | 675,601 | $ | 10,209 | $ | 2,945,849 | Current to 90 days past due | $ | 256,814 | $ | 479,786 | $ | 558,080 | $ | 746,091 | $ | 277,351 | $ | 644,588 | $ | 10,385 | $ | 2,973,095 | ||||||||||||||||||
Over 90 days past due | Over 90 days past due | — | 394 | 946 | 1,372 | — | 2,212 | — | 4,924 | Over 90 days past due | — | 722 | 1,275 | 1,346 | — | 2,885 | — | 6,228 | ||||||||||||||||||||||||||||||||||
Non-accrual | Non-accrual | — | — | — | — | 167 | 1,102 | — | 1,269 | Non-accrual | — | 49 | — | — | 167 | 1,060 | — | 1,276 | ||||||||||||||||||||||||||||||||||
Total Real estate-personal: | Total Real estate-personal: | $ | 113,590 | $ | 513,235 | $ | 579,915 | $ | 771,176 | $ | 285,002 | $ | 678,915 | $ | 10,209 | $ | 2,952,042 | Total Real estate-personal: | $ | 256,814 | $ | 480,557 | $ | 559,355 | $ | 747,437 | $ | 277,518 | $ | 648,533 | $ | 10,385 | $ | 2,980,599 | ||||||||||||||||||
Gross write-offs for the three months ended March 31, 2023 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 18 | $ | — | $ | 18 | ||||||||||||||||||||||||||||||||||||
Gross write-offs for the six months ended June 30, 2023 | Gross write-offs for the six months ended June 30, 2023 | $ | — | $ | 18 | $ | — | $ | — | $ | — | $ | 18 | $ | — | $ | 36 | |||||||||||||||||||||||||||||||||||
Consumer | Consumer | Consumer | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current to 90 days past due | Current to 90 days past due | $ | 158,392 | $ | 430,621 | $ | 345,779 | $ | 183,261 | $ | 91,521 | $ | 82,898 | $ | 800,002 | $ | 2,092,474 | Current to 90 days past due | $ | 317,512 | $ | 392,842 | $ | 307,047 | $ | 162,859 | $ | 77,928 | $ | 69,972 | $ | 780,581 | $ | 2,108,741 | ||||||||||||||||||
Over 90 days past due | Over 90 days past due | — | 343 | 310 | 115 | 62 | 443 | 642 | 1,915 | Over 90 days past due | 116 | 323 | 140 | 112 | 50 | 446 | 677 | 1,864 | ||||||||||||||||||||||||||||||||||
Total Consumer: | Total Consumer: | $ | 158,392 | $ | 430,964 | $ | 346,089 | $ | 183,376 | $ | 91,583 | $ | 83,341 | $ | 800,644 | $ | 2,094,389 | Total Consumer: | $ | 317,628 | $ | 393,165 | $ | 307,187 | $ | 162,971 | $ | 77,978 | $ | 70,418 | $ | 781,258 | $ | 2,110,605 | ||||||||||||||||||
Gross write-offs for the three months ended March 31, 2023 | $ | — | $ | 519 | $ | 505 | $ | 279 | $ | 127 | $ | 159 | $ | 270 | $ | 1,859 | ||||||||||||||||||||||||||||||||||||
Gross write-offs for the six months ended June 30, 2023 | Gross write-offs for the six months ended June 30, 2023 | $ | 61 | $ | 1,265 | $ | 996 | $ | 492 | $ | 173 | $ | 238 | $ | 505 | $ | 3,730 | |||||||||||||||||||||||||||||||||||
Revolving home equity | Revolving home equity | Revolving home equity | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current to 90 days past due | Current to 90 days past due | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 294,629 | $ | 294,629 | Current to 90 days past due | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 303,005 | $ | 303,005 | ||||||||||||||||||
Over 90 days past due | Over 90 days past due | — | — | — | — | — | — | 849 | 849 | Over 90 days past due | — | — | — | — | — | — | 840 | 840 | ||||||||||||||||||||||||||||||||||
Total Revolving home equity: | Total Revolving home equity: | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 295,478 | $ | 295,478 | Total Revolving home equity: | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 303,845 | $ | 303,845 | ||||||||||||||||||
Gross write-offs for the three months ended March 31, 2023 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||||||||
Gross write-offs for the six months ended June 30, 2023 | Gross write-offs for the six months ended June 30, 2023 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||
Consumer credit card | Consumer credit card | Consumer credit card | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current to 90 days past due | Current to 90 days past due | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 552,482 | $ | 552,482 | Current to 90 days past due | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 568,838 | $ | 568,838 | ||||||||||||||||||
Over 90 days past due | Over 90 days past due | — | — | — | — | — | — | 6,187 | 6,187 | Over 90 days past due | — | — | — | — | — | — | 5,917 | 5,917 | ||||||||||||||||||||||||||||||||||
Total Consumer credit card: | Total Consumer credit card: | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 558,669 | $ | 558,669 | Total Consumer credit card: | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 574,755 | $ | 574,755 | ||||||||||||||||||
Gross write-offs for the three months ended March 31, 2023 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,684 | $ | 5,684 | ||||||||||||||||||||||||||||||||||||
Gross write-offs for the six months ended June 30, 2023 | Gross write-offs for the six months ended June 30, 2023 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 11,637 | $ | 11,637 | |||||||||||||||||||||||||||||||||||
Overdrafts | Overdrafts | Overdrafts | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current to 90 days past due | Current to 90 days past due | $ | 6,515 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,515 | Current to 90 days past due | $ | 7,237 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,237 | ||||||||||||||||||
Over 90 days past due | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Total Overdrafts: | Total Overdrafts: | $ | 6,515 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 6,515 | Total Overdrafts: | $ | 7,237 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7,237 | ||||||||||||||||||
Gross write-offs for the three months ended March 31, 2023 | $ | 1,195 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,195 | ||||||||||||||||||||||||||||||||||||
Gross write-offs for the six months ended June 30, 2023 | Gross write-offs for the six months ended June 30, 2023 | $ | 1,884 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,884 | |||||||||||||||||||||||||||||||||||
Personal banking loans | Personal banking loans | Personal banking loans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Current to 90 days past due | Current to 90 days past due | $ | 278,497 | $ | 943,462 | $ | 924,748 | $ | 953,065 | $ | 376,356 | $ | 758,499 | $ | 1,657,322 | $ | 5,891,949 | Current to 90 days past due | $ | 581,563 | $ | 872,628 | $ | 865,127 | $ | 908,950 | $ | 355,279 | $ | 714,560 | $ | 1,662,809 | $ | 5,960,916 | ||||||||||||||||||
Over 90 days past due | Over 90 days past due | — | 737 | 1,256 | 1,487 | 62 | 2,655 | 7,678 | 13,875 | Over 90 days past due | 116 | 1,045 | 1,415 | 1,458 | 50 | 3,331 | 7,434 | 14,849 | ||||||||||||||||||||||||||||||||||
Non-accrual | Non-accrual | — | — | — | — | 167 | 1,102 | — | 1,269 | Non-accrual | — | 49 | — | — | 167 | 1,060 | — | 1,276 | ||||||||||||||||||||||||||||||||||
Total Personal banking loans: | Total Personal banking loans: | $ | 278,497 | $ | 944,199 | $ | 926,004 | $ | 954,552 | $ | 376,585 | $ | 762,256 | $ | 1,665,000 | $ | 5,907,093 | Total Personal banking loans: | $ | 581,679 | $ | 873,722 | $ | 866,542 | $ | 910,408 | $ | 355,496 | $ | 718,951 | $ | 1,670,243 | $ | 5,977,041 | ||||||||||||||||||
Gross write-offs for the three months ended March 31, 2023 | $ | 1,195 | $ | 519 | $ | 505 | $ | 279 | $ | 127 | $ | 177 | $ | 5,954 | $ | 8,756 | ||||||||||||||||||||||||||||||||||||
Gross write-offs for the six months ended June 30, 2023 | Gross write-offs for the six months ended June 30, 2023 | $ | 1,945 | $ | 1,283 | $ | 996 | $ | 492 | $ | 173 | $ | 256 | $ | 12,142 | $ | 17,287 |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||
(In thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Real estate-personal | ||||||||||||||||||||||||||
Current to 90 days past due | $ | 535,283 | $ | 589,658 | $ | 783,651 | $ | 290,580 | $ | 132,305 | $ | 568,380 | $ | 10,174 | $ | 2,910,031 | ||||||||||
Over 90 days past due | 514 | 967 | 1,338 | 81 | 1,388 | 2,393 | — | 6,681 | ||||||||||||||||||
Non-accrual | — | — | 52 | 169 | 102 | 1,043 | — | 1,366 | ||||||||||||||||||
Total Real estate-personal: | $ | 535,797 | $ | 590,625 | $ | 785,041 | $ | 290,830 | $ | 133,795 | $ | 571,816 | $ | 10,174 | $ | 2,918,078 | ||||||||||
Consumer | ||||||||||||||||||||||||||
Current to 90 days past due | $ | 536,429 | $ | 378,118 | $ | 205,849 | $ | 106,733 | $ | 36,096 | $ | 62,255 | $ | 731,436 | $ | 2,056,916 | ||||||||||
Over 90 days past due | 326 | 251 | 203 | 58 | 267 | 228 | 839 | 2,172 | ||||||||||||||||||
Total Consumer: | $ | 536,755 | $ | 378,369 | $ | 206,052 | $ | 106,791 | $ | 36,363 | $ | 62,483 | $ | 732,275 | $ | 2,059,088 | ||||||||||
Revolving home equity | ||||||||||||||||||||||||||
Current to 90 days past due | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 296,504 | $ | 296,504 | ||||||||||
Over 90 days past due | — | — | — | — | — | — | 703 | 703 | ||||||||||||||||||
Total Revolving home equity: | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 297,207 | $ | 297,207 | ||||||||||
Consumer credit card | ||||||||||||||||||||||||||
Current to 90 days past due | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 578,451 | $ | 578,451 | ||||||||||
Over 90 days past due | — | — | — | — | — | — | 5,549 | 5,549 | ||||||||||||||||||
Total Consumer credit card: | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 584,000 | $ | 584,000 | ||||||||||
Overdrafts | ||||||||||||||||||||||||||
Current to 90 days past due | $ | 14,737 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 14,737 | ||||||||||
Over 90 days past due | 220 | — | — | — | — | — | — | 220 | ||||||||||||||||||
Total Overdrafts: | $ | 14,957 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 14,957 | ||||||||||
Personal banking loans | ||||||||||||||||||||||||||
Current to 90 days past due | $ | 1,086,449 | $ | 967,776 | $ | 989,500 | $ | 397,313 | $ | 168,401 | $ | 630,635 | $ | 1,616,565 | $ | 5,856,639 | ||||||||||
Over 90 days past due | 1,060 | 1,218 | 1,541 | 139 | 1,655 | 2,621 | 7,091 | 15,325 | ||||||||||||||||||
Non-accrual | — | — | 52 | 169 | 102 | 1,043 | — | 1,366 | ||||||||||||||||||
Total Personal banking loans: | $ | 1,087,509 | $ | 968,994 | $ | 991,093 | $ | 397,621 | $ | 170,158 | $ | 634,299 | $ | 1,623,656 | $ | 5,873,330 |
(In thousands) | (In thousands) | Business Assets | Oil & Gas Assets | Total | (In thousands) | Business Assets | Oil & Gas Assets | Total | ||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||||||||||||||
Business | Business | $ | 2,611 | $ | 1,671 | $ | 4,282 | Business | $ | 1,598 | $ | 1,508 | $ | 3,106 | ||||||||||||||||||||
Total | Total | $ | 2,611 | $ | 1,671 | $ | 4,282 | Total | $ | 1,598 | $ | 1,508 | $ | 3,106 | ||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||||||||||||||
Business | Business | $ | 2,778 | $ | 1,824 | $ | 4,602 | Business | $ | 2,778 | $ | 1,824 | $ | 4,602 | ||||||||||||||||||||
Total | Total | $ | 2,778 | $ | 1,824 | $ | 4,602 | Total | $ | 2,778 | $ | 1,824 | $ | 4,602 |
Personal Banking Loans | Personal Banking Loans | Personal Banking Loans | ||||||||||||||||||||||||||
% of Loan Category | % of Loan Category | |||||||||||||||||||||||||||
Real Estate - Personal | Consumer | Revolving Home Equity | Consumer Credit Card | Real Estate - Personal | Consumer | Revolving Home Equity | Consumer Credit Card | |||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||
FICO score: | FICO score: | FICO score: | ||||||||||||||||||||||||||
Under 600 | Under 600 | 1.8 | % | 2.6 | % | 1.8 | % | 4.2 | % | Under 600 | 1.7 | % | 2.5 | % | 1.6 | % | 4.2 | % | ||||||||||
600 - 659 | 600 - 659 | 2.5 | 4.0 | 3.3 | 11.9 | 600 - 659 | 2.2 | 3.9 | 3.0 | 11.6 | ||||||||||||||||||
660 - 719 | 660 - 719 | 9.2 | 13.6 | 9.8 | 30.9 | 660 - 719 | 8.1 | 13.4 | 9.6 | 29.3 | ||||||||||||||||||
720 - 779 | 720 - 779 | 21.8 | 29.2 | 21.7 | 27.5 | 720 - 779 | 22.6 | 24.3 | 22.6 | 27.5 | ||||||||||||||||||
780 and over | 780 and over | 64.7 | 50.6 | 63.4 | 25.5 | 780 and over | 65.4 | 55.9 | 63.2 | 27.4 | ||||||||||||||||||
Total | Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||
FICO score: | FICO score: | FICO score: | ||||||||||||||||||||||||||
Under 600 | Under 600 | 1.4 | % | 2.2 | % | 1.5 | % | 3.4 | % | Under 600 | 1.4 | % | 2.2 | % | 1.5 | % | 3.4 | % | ||||||||||
600 - 659 | 600 - 659 | 2.2 | 4.2 | 2.8 | 11.4 | 600 - 659 | 2.2 | 4.2 | 2.8 | 11.4 | ||||||||||||||||||
660 - 719 | 660 - 719 | 8.1 | 14.5 | 9.7 | 30.8 | 660 - 719 | 8.1 | 14.5 | 9.7 | 30.8 | ||||||||||||||||||
720 - 779 | 720 - 779 | 23.7 | 26.7 | 21.4 | 27.1 | 720 - 779 | 23.7 | 26.7 | 21.4 | 27.1 | ||||||||||||||||||
780 and over | 780 and over | 64.6 | 52.4 | 64.6 | 27.3 | 780 and over | 64.6 | 52.4 | 64.6 | 27.3 | ||||||||||||||||||
Total | Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
Three Months Ended March 31, 2023 | For the Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Term Extension | Payment Delay | Interest Rate Reduction | Interest/Fees Forgiven | Other | Total | % of Total Loan Category | (Dollars in thousands) | Term Extension | Payment Delay | Interest Rate Reduction | Interest/Fees Forgiven | Other | Total | % of Total Loan Category | ||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||||||||||||||||||||||||||
Business | Business | $ | 3,104 | $ | — | $ | — | $ | — | $ | — | $ | 3,104 | 0.1 | % | Business | $ | 17,097 | $ | — | $ | — | $ | — | $ | — | $ | 17,097 | 0.3 | % | ||||||||||||||||
Real estate – business | Real estate – business | 23,039 | — | — | — | — | 23,039 | 0.7 | Real estate – business | 33,966 | — | — | — | — | 33,966 | 0.9 | ||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||||||||
Real estate – personal | Real estate – personal | — | 1,666 | — | — | — | 1,666 | 0.1 | Real estate – personal | 246 | 1,223 | — | — | — | 1,469 | — | ||||||||||||||||||||||||||||||
Consumer | Consumer | — | 58 | 16 | — | 55 | 129 | — | Consumer | 31 | 18 | 8 | — | — | 57 | — | ||||||||||||||||||||||||||||||
Consumer credit card | Consumer credit card | — | — | 618 | 275 | — | 893 | 0.2 | Consumer credit card | — | — | 731 | 224 | — | 955 | 0.2 | ||||||||||||||||||||||||||||||
Total | Total | $ | 26,143 | $ | 1,724 | $ | 634 | $ | 275 | $ | 55 | $ | 28,831 | 0.2 | % | Total | $ | 51,340 | $ | 1,241 | $ | 739 | $ | 224 | $ | — | $ | 53,544 | 0.3 | % |
For the Six Months Ended June 30, 2023 | |||||||||||||||||||||||
(Dollars in thousands) | Term Extension | Payment Delay | Interest Rate Reduction | Interest/Fees Forgiven | Other | Total | % of Total Loan Category | ||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Business | $ | 18,193 | $ | — | $ | — | $ | — | $ | — | $ | 18,193 | 0.3 | % | |||||||||
Real estate – business | 49,548 | — | — | — | — | 49,548 | 1.4 | ||||||||||||||||
Personal Banking: | |||||||||||||||||||||||
Real estate – personal | 246 | 2,777 | — | — | — | 3,023 | 0.1 | ||||||||||||||||
Consumer | 31 | 75 | 21 | — | 55 | 182 | — | ||||||||||||||||
Consumer credit card | — | — | 1,299 | 487 | — | 1,786 | 0.3 | ||||||||||||||||
Total | $ | 68,018 | $ | 2,852 | $ | 1,320 | $ | 487 | $ | 55 | $ | 72,732 | 0.4 | % |
Term Extension | |||||||||||
Three Months Ended | Six Months Ended June 30, 2023 | ||||||||||
Commercial: | |||||||||||
Business | Added a weighted average of 9 months to the life of loans. | Added a | |||||||||
Real estate – business | Added a weighted average of 12 months to the life of loans. | Added a | |||||||||
Personal Banking: | |||||||||||
Real estate – personal | Added a weighted average of 7 months to the life of loans. | Added a weighted average of 7 months to the life of loans. | |||||||||
Consumer | Added 10 years to the life of loans. | Added 10 years to the life of loans. | |||||||||
Payment Delay | ||||||||
Three Months Ended | Six Months Ended June 30, 2023 | |||||||
Personal Banking: | ||||||||
Real estate – personal | Deferred | Deferred certain payments by a weighted average of 20 years. | ||||||
Consumer | Deferred | Deferred certain payments by a weighted average of 71 months. | ||||||
Interest Rate Reduction | |||||||||||
Three Months Ended | Six Months Ended June 30, 2023 | ||||||||||
Personal Banking: | |||||||||||
Consumer | Reduced | Reduced contractual interest from weighted average 21% to 6%. | |||||||||
Consumer credit card | Reduced | Reduced contractual interest from weighted average 21% to 6%. | |||||||||
Forgiveness of Interest/Fees | ||||||||
Three Months Ended | Six Months Ended June 30, 2023 | |||||||
Personal Banking: | ||||||||
Consumer credit card | Approximately | Approximately $27 thousand of interest and fees forgiven. | ||||||
(Dollars in thousands) | Interest Rate Reduction | Interest/Fees Forgiven | Total | |||||||||||||||||
March 31, 2023 | ||||||||||||||||||||
Personal Banking: | ||||||||||||||||||||
Consumer | $ | 8 | $ | — | $ | 8 | ||||||||||||||
Consumer credit card | 63 | 12 | 75 | |||||||||||||||||
Total | $ | 71 | $ | 12 | $ | 83 |
For the Three Months Ended June 30, 2023 | For the Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Payment Delay | Interest Rate Reduction | Interest/Fees Forgiven | Total | Payment Delay | Interest Rate Reduction | Interest/Fees Forgiven | Total | |||||||||||||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||||||||||||||
Real estate – personal | $ | 779 | $ | — | $ | — | $ | 779 | $ | 779 | $ | — | $ | — | $ | 779 | |||||||||||||||||||||||||
Consumer | — | 6 | — | 6 | — | 11 | — | 11 | |||||||||||||||||||||||||||||||||
Consumer credit card | — | 67 | 78 | 145 | — | 111 | 78 | 189 | |||||||||||||||||||||||||||||||||
Total | $ | 779 | $ | 73 | $ | 78 | $ | 930 | $ | 779 | $ | 122 | $ | 78 | $ | 979 |
(In thousands) | (In thousands) | Current | 30-89 Days Past Due | 90 Days Past Due | Total | (In thousands) | Current | 30-89 Days Past Due | 90 Days Past Due | Total | ||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||||||||
Business | Business | $ | 3,104 | $ | — | $ | — | $ | 3,104 | Business | $ | 18,193 | $ | — | $ | — | $ | 18,193 | ||||||||||
Real estate – business | Real estate – business | 23,039 | — | — | 23,039 | Real estate – business | 49,548 | — | — | 49,548 | ||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||
Real estate – personal | Real estate – personal | 1,061 | 605 | — | 1,666 | Real estate – personal | 2,027 | 217 | 779 | 3,023 | ||||||||||||||||||
Consumer | Consumer | 75 | 46 | 8 | 129 | Consumer | 169 | 7 | 6 | 182 | ||||||||||||||||||
Consumer credit card | Consumer credit card | 645 | 173 | 75 | 893 | Consumer credit card | 1,205 | 436 | 145 | 1,786 | ||||||||||||||||||
Total | Total | $ | 27,924 | $ | 824 | $ | 83 | $ | 28,831 | Total | $ | 71,142 | $ | 660 | $ | 930 | $ | 72,732 |
(In thousands) | December 31, 2022 | ||||||||||
Accruing restructured loans: | |||||||||||
Commercial | $ | 184,388 | |||||||||
Assistance programs | 5,156 | ||||||||||
Other consumer | 4,049 | ||||||||||
Non-accrual loans | 5,078 | ||||||||||
Total troubled debt restructurings | $ | 198,671 |
(In thousands) | December 31, 2022 | Balance at December 31, 2022 that was 90 days past due at any time during previous 12 months | ||||||
Commercial: | ||||||||
Business | $ | 12,311 | $ | — | ||||
Real estate - construction and land | 57,547 | — | ||||||
Real estate - business | 118,654 | — | ||||||
Personal Banking: | ||||||||
Real estate - personal | 2,809 | 419 | ||||||
Consumer | 2,250 | 268 | ||||||
Revolving home equity | 17 | — | ||||||
Consumer credit card | 5,083 | 452 | ||||||
Total troubled debt restructurings | $ | 198,671 | $ | 1,139 |
(In thousands) | (In thousands) | March 31, 2023 | December 31, 2022 | (In thousands) | June 30, 2023 | December 31, 2022 | ||||||||||
Available for sale debt securities | Available for sale debt securities | $ | 11,228,616 | $ | 12,238,316 | Available for sale debt securities | $ | 10,414,625 | $ | 12,238,316 | ||||||
Trading debt securities | Trading debt securities | 41,584 | 43,523 | Trading debt securities | 29,412 | 43,523 | ||||||||||
Equity securities: | Equity securities: | Equity securities: | ||||||||||||||
Readily determinable fair value | Readily determinable fair value | 6,083 | 6,210 | Readily determinable fair value | 5,520 | 6,210 | ||||||||||
No readily determinable fair value | No readily determinable fair value | 6,445 | 6,094 | No readily determinable fair value | 6,746 | 6,094 | ||||||||||
Other: | Other: | Other: | ||||||||||||||
Federal Reserve Bank stock | Federal Reserve Bank stock | 34,887 | 34,795 | Federal Reserve Bank stock | 34,985 | 34,795 | ||||||||||
Federal Home Loan Bank stock | Federal Home Loan Bank stock | 70,112 | 10,678 | Federal Home Loan Bank stock | 50,328 | 10,678 | ||||||||||
Equity method investments | Equity method investments | — | 1,434 | Equity method investments | — | 1,434 | ||||||||||
Private equity investments | Private equity investments | 163,418 | 178,127 | Private equity investments | 172,732 | 178,127 | ||||||||||
Total investment securities (1) | Total investment securities (1) | $ | 11,551,145 | $ | 12,519,177 | Total investment securities (1) | $ | 10,714,348 | $ | 12,519,177 |
(In thousands) | (In thousands) | Amortized Cost | Fair Value | (In thousands) | Amortized Cost | Fair Value | ||||||||||
U.S. government and federal agency obligations: | U.S. government and federal agency obligations: | U.S. government and federal agency obligations: | ||||||||||||||
Within 1 year | Within 1 year | $ | 482,979 | $ | 474,435 | Within 1 year | $ | 464,203 | $ | 455,044 | ||||||
After 1 but within 5 years | After 1 but within 5 years | 391,902 | 378,408 | After 1 but within 5 years | 344,689 | 327,450 | ||||||||||
After 5 but within 10 years | After 5 but within 10 years | 173,874 | 167,380 | After 5 but within 10 years | 176,092 | 163,321 | ||||||||||
Total U.S. government and federal agency obligations | Total U.S. government and federal agency obligations | 1,048,755 | 1,020,223 | Total U.S. government and federal agency obligations | 984,984 | 945,815 | ||||||||||
Government-sponsored enterprise obligations: | Government-sponsored enterprise obligations: | Government-sponsored enterprise obligations: | ||||||||||||||
After 5 but within 10 years | After 5 but within 10 years | 4,955 | 4,631 | After 5 but within 10 years | 4,955 | 4,418 | ||||||||||
After 10 years | After 10 years | 50,734 | 39,783 | After 10 years | 50,726 | 39,618 | ||||||||||
Total government-sponsored enterprise obligations | Total government-sponsored enterprise obligations | 55,689 | 44,414 | Total government-sponsored enterprise obligations | 55,681 | 44,036 | ||||||||||
State and municipal obligations: | State and municipal obligations: | State and municipal obligations: | ||||||||||||||
Within 1 year | Within 1 year | 98,381 | 97,510 | Within 1 year | 77,600 | 76,353 | ||||||||||
After 1 but within 5 years | After 1 but within 5 years | 465,196 | 442,933 | After 1 but within 5 years | 346,058 | 318,691 | ||||||||||
After 5 but within 10 years | After 5 but within 10 years | 887,757 | 771,946 | After 5 but within 10 years | 826,895 | 704,751 | ||||||||||
After 10 years | After 10 years | 163,836 | 141,425 | After 10 years | 151,057 | 127,942 | ||||||||||
Total state and municipal obligations | Total state and municipal obligations | 1,615,170 | 1,453,814 | Total state and municipal obligations | 1,401,610 | 1,227,737 | ||||||||||
Mortgage and asset-backed securities: | Mortgage and asset-backed securities: | Mortgage and asset-backed securities: | ||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 4,975,242 | 4,271,563 | Agency mortgage-backed securities | 4,849,215 | 4,065,406 | ||||||||||
Non-agency mortgage-backed securities | Non-agency mortgage-backed securities | 1,403,543 | 1,207,969 | Non-agency mortgage-backed securities | 1,378,516 | 1,174,790 | ||||||||||
Asset-backed securities | Asset-backed securities | 2,918,160 | 2,763,578 | Asset-backed securities | 2,646,850 | 2,499,675 | ||||||||||
Total mortgage and asset-backed securities | Total mortgage and asset-backed securities | 9,296,945 | 8,243,110 | Total mortgage and asset-backed securities | 8,874,581 | 7,739,871 | ||||||||||
Other debt securities: | Other debt securities: | Other debt securities: | ||||||||||||||
Within 1 year | Within 1 year | 14,040 | 13,572 | Within 1 year | 35,141 | 34,128 | ||||||||||
After 1 but within 5 years | After 1 but within 5 years | 246,688 | 230,527 | After 1 but within 5 years | 221,479 | 204,297 | ||||||||||
After 5 but within 10 years | After 5 but within 10 years | 245,003 | 209,285 | After 5 but within 10 years | 244,000 | 205,179 | ||||||||||
After 10 years | After 10 years | 16,260 | 13,671 | After 10 years | 16,260 | 13,562 | ||||||||||
Total other debt securities | Total other debt securities | 521,991 | 467,055 | Total other debt securities | 516,880 | 457,166 | ||||||||||
Total available for sale debt securities | Total available for sale debt securities | $ | 12,538,550 | $ | 11,228,616 | Total available for sale debt securities | $ | 11,833,736 | $ | 10,414,625 |
Less than 12 months | 12 months or longer | Total | Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | (In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | U.S. government and federal agency obligations | $ | 532,588 | $ | 9,565 | $ | 386,394 | $ | 20,444 | $ | 918,982 | $ | 30,009 | U.S. government and federal agency obligations | $ | 355,274 | $ | 15,192 | $ | 590,541 | $ | 23,977 | $ | 945,815 | $ | 39,169 | ||||||||||||||||||||||||||
Government-sponsored enterprise obligations | Government-sponsored enterprise obligations | 4,631 | 324 | 39,783 | 10,951 | 44,414 | 11,275 | Government-sponsored enterprise obligations | — | — | 44,036 | 11,645 | 44,036 | 11,645 | ||||||||||||||||||||||||||||||||||||||
State and municipal obligations | State and municipal obligations | 188,055 | 2,025 | 1,200,901 | 159,549 | 1,388,956 | 161,574 | State and municipal obligations | 82,322 | 1,999 | 1,140,008 | 171,874 | 1,222,330 | 173,873 | ||||||||||||||||||||||||||||||||||||||
Mortgage and asset-backed securities: | Mortgage and asset-backed securities: | Mortgage and asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 159,424 | 4,610 | 4,091,658 | 699,252 | 4,251,082 | 703,862 | Agency mortgage-backed securities | 50,830 | 2,159 | 4,000,228 | 781,734 | 4,051,058 | 783,893 | ||||||||||||||||||||||||||||||||||||||
Non-agency mortgage-backed securities | Non-agency mortgage-backed securities | 648 | 12 | 1,199,354 | 195,665 | 1,200,002 | 195,677 | Non-agency mortgage-backed securities | 1,106 | 9 | 1,168,007 | 203,789 | 1,169,113 | 203,798 | ||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 131,679 | 2,523 | 2,631,899 | 152,059 | 2,763,578 | 154,582 | Asset-backed securities | 23,848 | 652 | 2,457,632 | 146,649 | 2,481,480 | 147,301 | ||||||||||||||||||||||||||||||||||||||
Total mortgage and asset-backed securities | Total mortgage and asset-backed securities | 291,751 | 7,145 | 7,922,911 | 1,046,976 | 8,214,662 | 1,054,121 | Total mortgage and asset-backed securities | 75,784 | 2,820 | 7,625,867 | 1,132,172 | 7,701,651 | 1,134,992 | ||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 7,843 | 201 | 459,212 | 54,735 | 467,055 | 54,936 | Other debt securities | 874 | 126 | 456,292 | 59,588 | 457,166 | 59,714 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 1,024,868 | $ | 19,260 | $ | 10,009,201 | $ | 1,292,655 | $ | 11,034,069 | $ | 1,311,915 | Total | $ | 514,254 | $ | 20,137 | $ | 9,856,744 | $ | 1,399,256 | $ | 10,370,998 | $ | 1,419,393 | ||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | U.S. government and federal agency obligations | $ | 605,840 | $ | 17,490 | $ | 380,573 | $ | 25,940 | $ | 986,413 | $ | 43,430 | U.S. government and federal agency obligations | $ | 605,840 | $ | 17,490 | $ | 380,573 | $ | 25,940 | $ | 986,413 | $ | 43,430 | ||||||||||||||||||||||||||
Government-sponsored enterprise obligations | Government-sponsored enterprise obligations | 25,068 | 4,650 | 18,040 | 7,971 | 43,108 | 12,621 | Government-sponsored enterprise obligations | 25,068 | 4,650 | 18,040 | 7,971 | 43,108 | 12,621 | ||||||||||||||||||||||||||||||||||||||
State and municipal obligations | State and municipal obligations | 814,799 | 26,708 | 875,329 | 171,385 | 1,690,128 | 198,093 | State and municipal obligations | 814,799 | 26,708 | 875,329 | 171,385 | 1,690,128 | 198,093 | ||||||||||||||||||||||||||||||||||||||
Mortgage and asset-backed securities: | Mortgage and asset-backed securities: | Mortgage and asset-backed securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 1,323,938 | 125,330 | 2,966,851 | 654,327 | 4,290,789 | 779,657 | Agency mortgage-backed securities | 1,323,938 | 125,330 | 2,966,851 | 654,327 | 4,290,789 | 779,657 | ||||||||||||||||||||||||||||||||||||||
Non-agency mortgage-backed securities | Non-agency mortgage-backed securities | 135,984 | 16,736 | 1,069,222 | 195,218 | 1,205,206 | 211,954 | Non-agency mortgage-backed securities | 135,984 | 16,736 | 1,069,222 | 195,218 | 1,205,206 | 211,954 | ||||||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 1,331,055 | 50,056 | 2,006,188 | 140,424 | 3,337,243 | 190,480 | Asset-backed securities | 1,331,055 | 50,056 | 2,006,188 | 140,424 | 3,337,243 | 190,480 | ||||||||||||||||||||||||||||||||||||||
Total mortgage and asset-backed securities | Total mortgage and asset-backed securities | 2,790,977 | 192,122 | 6,042,261 | 989,969 | 8,833,238 | 1,182,091 | Total mortgage and asset-backed securities | 2,790,977 | 192,122 | 6,042,261 | 989,969 | 8,833,238 | 1,182,091 | ||||||||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 166,040 | 9,690 | 308,818 | 54,707 | 474,858 | 64,397 | Other debt securities | 166,040 | 9,690 | 308,818 | 54,707 | 474,858 | 64,397 | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 4,402,724 | $ | 250,660 | $ | 7,625,021 | $ | 1,249,972 | $ | 12,027,745 | $ | 1,500,632 | Total | $ | 4,402,724 | $ | 250,660 | $ | 7,625,021 | $ | 1,249,972 | $ | 12,027,745 | $ | 1,500,632 |
(In thousands) | (In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | (In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | ||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | U.S. government and federal agency obligations | $ | 1,048,755 | $ | 1,477 | $ | (30,009) | $ | — | $ | 1,020,223 | U.S. government and federal agency obligations | $ | 984,984 | $ | — | $ | (39,169) | $ | — | $ | 945,815 | ||||||||||||
Government-sponsored enterprise obligations | Government-sponsored enterprise obligations | 55,689 | — | (11,275) | — | 44,414 | Government-sponsored enterprise obligations | 55,681 | — | (11,645) | — | 44,036 | ||||||||||||||||||||||
State and municipal obligations | State and municipal obligations | 1,615,170 | 218 | (161,574) | — | 1,453,814 | State and municipal obligations | 1,401,610 | — | (173,873) | — | 1,227,737 | ||||||||||||||||||||||
Mortgage and asset-backed securities: | Mortgage and asset-backed securities: | Mortgage and asset-backed securities: | ||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 4,975,242 | 183 | (703,862) | — | 4,271,563 | Agency mortgage-backed securities | 4,849,215 | 84 | (783,893) | — | 4,065,406 | ||||||||||||||||||||||
Non-agency mortgage-backed securities | Non-agency mortgage-backed securities | 1,403,543 | 103 | (195,677) | — | 1,207,969 | Non-agency mortgage-backed securities | 1,378,516 | 72 | (203,798) | — | 1,174,790 | ||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 2,918,160 | — | (154,582) | — | 2,763,578 | Asset-backed securities | 2,646,850 | 126 | (147,301) | — | 2,499,675 | ||||||||||||||||||||||
Total mortgage and asset-backed securities | Total mortgage and asset-backed securities | 9,296,945 | 286 | (1,054,121) | — | 8,243,110 | Total mortgage and asset-backed securities | 8,874,581 | 282 | (1,134,992) | — | 7,739,871 | ||||||||||||||||||||||
Other debt securities | Other debt securities | 521,991 | — | (54,936) | — | 467,055 | Other debt securities | 516,880 | — | (59,714) | — | 457,166 | ||||||||||||||||||||||
Total | Total | $ | 12,538,550 | $ | 1,981 | $ | (1,311,915) | $ | — | $ | 11,228,616 | Total | $ | 11,833,736 | $ | 282 | $ | (1,419,393) | $ | — | $ | 10,414,625 | ||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | U.S. government and federal agency obligations | $ | 1,078,807 | $ | 29 | $ | (43,430) | $ | — | $ | 1,035,406 | U.S. government and federal agency obligations | $ | 1,078,807 | $ | 29 | $ | (43,430) | $ | — | $ | 1,035,406 | ||||||||||||
Government-sponsored enterprise obligations | Government-sponsored enterprise obligations | 55,729 | — | (12,621) | — | 43,108 | Government-sponsored enterprise obligations | 55,729 | — | (12,621) | — | 43,108 | ||||||||||||||||||||||
State and municipal obligations | State and municipal obligations | 1,965,028 | 174 | (198,093) | — | 1,767,109 | State and municipal obligations | 1,965,028 | 174 | (198,093) | — | 1,767,109 | ||||||||||||||||||||||
Mortgage and asset-backed securities: | Mortgage and asset-backed securities: | Mortgage and asset-backed securities: | ||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 5,087,893 | 191 | (779,657) | — | 4,308,427 | Agency mortgage-backed securities | 5,087,893 | 191 | (779,657) | — | 4,308,427 | ||||||||||||||||||||||
Non-agency mortgage-backed securities | Non-agency mortgage-backed securities | 1,423,469 | 92 | (211,954) | — | 1,211,607 | Non-agency mortgage-backed securities | 1,423,469 | 92 | (211,954) | — | 1,211,607 | ||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 3,588,025 | 256 | (190,480) | — | 3,397,801 | Asset-backed securities | 3,588,025 | 256 | (190,480) | — | 3,397,801 | ||||||||||||||||||||||
Total mortgage and asset-backed securities | Total mortgage and asset-backed securities | 10,099,387 | 539 | (1,182,091) | — | 8,917,835 | Total mortgage and asset-backed securities | 10,099,387 | 539 | (1,182,091) | — | 8,917,835 | ||||||||||||||||||||||
Other debt securities | Other debt securities | 539,255 | — | (64,397) | — | 474,858 | Other debt securities | 539,255 | — | (64,397) | — | 474,858 | ||||||||||||||||||||||
Total | Total | $ | 13,738,206 | $ | 742 | $ | (1,500,632) | $ | — | $ | 12,238,316 | Total | $ | 13,738,206 | $ | 742 | $ | (1,500,632) | $ | — | $ | 12,238,316 |
For the Three Months Ended March 31 | For the Six Months Ended June 30 | |||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | ||||||||||
Proceeds from sales of securities: | Proceeds from sales of securities: | Proceeds from sales of securities: | ||||||||||||||
Available for sale debt securities | Available for sale debt securities | $ | 812,176 | $ | — | Available for sale debt securities | $ | 1,101,782 | $ | 51,948 | ||||||
Other investments | Other investments | 28,259 | 1,745 | Other investments | 28,754 | 3,805 | ||||||||||
Total proceeds | Total proceeds | $ | 840,435 | $ | 1,745 | Total proceeds | $ | 1,130,536 | $ | 55,753 | ||||||
Investment securities gains (losses), net: | Investment securities gains (losses), net: | Investment securities gains (losses), net: | ||||||||||||||
Available for sale debt securities: | Available for sale debt securities: | Available for sale debt securities: | ||||||||||||||
Gains realized on sales | Gains realized on sales | $ | 143 | $ | — | |||||||||||
Losses realized on sales | Losses realized on sales | $ | (3,088) | $ | — | Losses realized on sales | (8,587) | (9,582) | ||||||||
Equity securities: | Equity securities: | Equity securities: | ||||||||||||||
Fair value adjustments, net | Fair value adjustments, net | (127) | (287) | Fair value adjustments, net | (690) | (1,023) | ||||||||||
Other: | Other: | Other: | ||||||||||||||
Gains realized on sales | Gains realized on sales | 658 | — | Gains realized on sales | 879 | 27 | ||||||||||
Losses realized on sales | Losses realized on sales | — | (4,313) | |||||||||||||
Fair value adjustments, net | Fair value adjustments, net | 2,251 | 7,450 | Fair value adjustments, net | 11,341 | 23,083 | ||||||||||
Total investment securities gains (losses), net | Total investment securities gains (losses), net | $ | (306) | $ | 7,163 | Total investment securities gains (losses), net | $ | 3,086 | $ | 8,192 |
March 31, 2023 | December 31, 2022 | June 30, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Gross Carrying Amount | Accumulated Amortization | Valuation Allowance | Net Amount | Gross Carrying Amount | Accumulated Amortization | Valuation Allowance | Net Amount | (In thousands) | Gross Carrying Amount | Accumulated Amortization | Valuation Allowance | Net Amount | Gross Carrying Amount | Accumulated Amortization | Valuation Allowance | Net Amount | ||||||||||||||||||||||||||||||||||||||||
Amortizable intangible assets: | Amortizable intangible assets: | Amortizable intangible assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Core deposit premium | Core deposit premium | $ | 5,550 | $ | (4,911) | $ | — | $ | 639 | $ | 31,270 | $ | (30,565) | $ | — | $ | 705 | Core deposit premium | $ | 5,550 | $ | (4,977) | $ | — | $ | 573 | $ | 31,270 | $ | (30,565) | $ | — | $ | 705 | ||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | 22,227 | (11,548) | — | 10,679 | 22,187 | (11,258) | — | 10,929 | Mortgage servicing rights | 22,328 | (11,835) | — | 10,493 | 22,187 | (11,258) | — | 10,929 | ||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 27,777 | $ | (16,459) | $ | — | $ | 11,318 | $ | 53,457 | $ | (41,823) | $ | — | $ | 11,634 | Total | $ | 27,878 | $ | (16,812) | $ | — | $ | 11,066 | $ | 53,457 | $ | (41,823) | $ | — | $ | 11,634 |
(In thousands) | (In thousands) | (In thousands) | ||||||||
2023 | 2023 | $ | 1,396 | 2023 | $ | 1,388 | ||||
2024 | 2024 | 1,260 | 2024 | 1,276 | ||||||
2025 | 2025 | 1,117 | 2025 | 1,130 | ||||||
2026 | 2026 | 977 | 2026 | 988 | ||||||
2027 | 2027 | 841 | 2027 | 851 |
(In thousands) | (In thousands) | Goodwill | Easement | Core Deposit Premium | Mortgage Servicing Rights | (In thousands) | Goodwill | Easement | Core Deposit Premium | Mortgage Servicing Rights | ||||||||||||||||||
Balance January 1, 2023 | Balance January 1, 2023 | $ | 138,921 | $ | 3,600 | $ | 705 | $ | 10,929 | Balance January 1, 2023 | $ | 138,921 | $ | 3,600 | $ | 705 | $ | 10,929 | ||||||||||
Acquisition | Acquisition | 7,450 | — | — | — | |||||||||||||||||||||||
Originations, net of disposals | Originations, net of disposals | — | — | — | 40 | Originations, net of disposals | — | — | — | 141 | ||||||||||||||||||
Amortization | Amortization | — | — | (66) | (290) | Amortization | — | — | (132) | (577) | ||||||||||||||||||
Balance March 31, 2023 | $ | 138,921 | $ | 3,600 | $ | 639 | $ | 10,679 | ||||||||||||||||||||
Balance June 30, 2023 | Balance June 30, 2023 | $ | 146,371 | $ | 3,600 | $ | 573 | $ | 10,493 |
(In thousands) | June 30, 2023 | December 31, 2022 | ||||||
Consumer segment | $ | 70,721 | $ | 70,721 | ||||
Commercial segment | 74,904 | 67,454 | ||||||
Wealth segment | 746 | 746 | ||||||
Total goodwill | $ | 146,371 | $ | 138,921 |
For the Three Months Ended March 31 | For the Three Months Ended June 30 | For the Six Months Ended June 30 | ||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | 2023 | 2022 | (in thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Direct financing and sales-type leases | Direct financing and sales-type leases | $ | 6,755 | $ | 5,247 | Direct financing and sales-type leases | $ | 7,541 | $ | 5,114 | $ | 14,296 | $ | 10,361 | ||||||||||||||||||||
Operating leases(a) | Operating leases(a) | 2,334 | 2,184 | Operating leases(a) | 3,483 | 2,158 | 5,816 | 4,342 | ||||||||||||||||||||||||||
Total lease income | Total lease income | $ | 9,089 | $ | 7,431 | Total lease income | $ | 11,024 | $ | 7,272 | $ | 20,112 | $ | 14,703 |
For the Three Months Ended March 31 | For the Three Months Ended June 30 | For the Six Months Ended June 30 | ||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Service cost | Service cost | $ | 116 | $ | 132 | Service cost | $ | 116 | $ | 131 | $ | 232 | $ | 263 | ||||||||||||||||||||
Interest cost on projected benefit obligation | Interest cost on projected benefit obligation | 1,158 | 665 | Interest cost on projected benefit obligation | 1,157 | 665 | 2,315 | 1,330 | ||||||||||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (1,001) | (1,126) | Expected return on plan assets | (1,001) | (1,125) | (2,002) | (2,251) | ||||||||||||||||||||||||||
Amortization of prior service cost | Amortization of prior service cost | (67) | (68) | Amortization of prior service cost | (68) | (67) | (135) | (135) | ||||||||||||||||||||||||||
Amortization of unrecognized net loss | Amortization of unrecognized net loss | 427 | 498 | Amortization of unrecognized net loss | 427 | 497 | 854 | 995 | ||||||||||||||||||||||||||
Net periodic pension cost | Net periodic pension cost | $ | 633 | $ | 101 | Net periodic pension cost | $ | 631 | $ | 101 | $ | 1,264 | $ | 202 |
For the Three Months Ended March 31 | For the Three Months Ended June 30 | For the Six Months Ended June 30 | ||||||||||||||||||||||||||||||||
(In thousands, except per share data) | (In thousands, except per share data) | 2023 | 2022 | (In thousands, except per share data) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Basic income per common share: | Basic income per common share: | Basic income per common share: | ||||||||||||||||||||||||||||||||
Net income attributable to Commerce Bancshares, Inc. | Net income attributable to Commerce Bancshares, Inc. | $ | 119,452 | $ | 118,154 | Net income attributable to Commerce Bancshares, Inc. | $ | 127,789 | $ | 115,794 | $ | 247,241 | $ | 233,948 | ||||||||||||||||||||
Less income allocated to nonvested restricted stock | Less income allocated to nonvested restricted stock | 1,056 | 1,070 | Less income allocated to nonvested restricted stock | 1,128 | 1,052 | 2,184 | 2,122 | ||||||||||||||||||||||||||
Net income allocated to common stock | Net income allocated to common stock | $ | 118,396 | $ | 117,084 | Net income allocated to common stock | $ | 126,661 | $ | 114,742 | $ | 245,057 | $ | 231,826 | ||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | 124,004 | 126,341 | Weighted average common shares outstanding | 123,885 | 125,637 | 123,944 | 125,987 | ||||||||||||||||||||||||||
Basic income per common share | Basic income per common share | $ | .95 | $ | .92 | Basic income per common share | $ | 1.03 | $ | .92 | $ | 1.98 | $ | 1.84 | ||||||||||||||||||||
Diluted income per common share: | Diluted income per common share: | Diluted income per common share: | ||||||||||||||||||||||||||||||||
Net income attributable to Commerce Bancshares, Inc. | Net income attributable to Commerce Bancshares, Inc. | $ | 119,452 | $ | 118,154 | Net income attributable to Commerce Bancshares, Inc. | $ | 127,789 | $ | 115,794 | $ | 247,241 | $ | 233,948 | ||||||||||||||||||||
Less income allocated to nonvested restricted stock | Less income allocated to nonvested restricted stock | 1,054 | 1,068 | Less income allocated to nonvested restricted stock | 1,128 | 1,050 | 2,182 | 2,118 | ||||||||||||||||||||||||||
Net income allocated to common stock | Net income allocated to common stock | $ | 118,398 | $ | 117,086 | Net income allocated to common stock | $ | 126,661 | $ | 114,744 | $ | 245,059 | $ | 231,830 | ||||||||||||||||||||
Weighted average common shares outstanding | Weighted average common shares outstanding | 124,004 | 126,341 | Weighted average common shares outstanding | 123,885 | 125,637 | 123,944 | 125,987 | ||||||||||||||||||||||||||
Net effect of the assumed exercise of stock-based awards - based on the treasury stock method using the average market price for the respective periods | Net effect of the assumed exercise of stock-based awards - based on the treasury stock method using the average market price for the respective periods | 255 | 306 | Net effect of the assumed exercise of stock-based awards - based on the treasury stock method using the average market price for the respective periods | 122 | 279 | 188 | 293 | ||||||||||||||||||||||||||
Weighted average diluted common shares outstanding | Weighted average diluted common shares outstanding | 124,259 | 126,647 | Weighted average diluted common shares outstanding | 124,007 | 125,916 | 124,132 | 126,280 | ||||||||||||||||||||||||||
Diluted income per common share | Diluted income per common share | $ | .95 | $ | .92 | Diluted income per common share | $ | 1.02 | $ | .92 | $ | 1.97 | $ | 1.84 |
Unrealized Gains (Losses) on Securities (1) | Pension Loss | Unrealized Gains (Losses) on Cash Flow Hedge Derivatives (2) | Total Accumulated Other Comprehensive Income (Loss) | Unrealized Gains (Losses) on Securities (1) | Pension Loss | Unrealized Gains (Losses) on Cash Flow Hedge Derivatives (2) | Total Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | (In thousands) | ||||||||||||||||||||||||||||||||||||||
Balance January 1, 2023 | Balance January 1, 2023 | $ | (1,124,915) | $ | (17,186) | $ | 55,237 | $ | (1,086,864) | Balance January 1, 2023 | $ | (1,124,915) | $ | (17,186) | $ | 55,237 | $ | (1,086,864) | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications to current earnings | Other comprehensive income (loss) before reclassifications to current earnings | 186,868 | — | 9,225 | 196,093 | Other comprehensive income (loss) before reclassifications to current earnings | 72,335 | — | (5,523) | 66,812 | ||||||||||||||||||||||||||||||
Amounts reclassified to current earnings from accumulated other comprehensive income | Amounts reclassified to current earnings from accumulated other comprehensive income | 3,088 | 360 | (4,385) | (937) | Amounts reclassified to current earnings from accumulated other comprehensive income | 8,444 | 719 | (8,549) | 614 | ||||||||||||||||||||||||||||||
Current period other comprehensive income (loss), before tax | Current period other comprehensive income (loss), before tax | 189,956 | 360 | 4,840 | 195,156 | Current period other comprehensive income (loss), before tax | 80,779 | 719 | (14,072) | 67,426 | ||||||||||||||||||||||||||||||
Income tax (expense) benefit | Income tax (expense) benefit | (47,490) | (90) | (1,210) | (48,790) | Income tax (expense) benefit | (20,195) | (180) | 3,518 | (16,857) | ||||||||||||||||||||||||||||||
Current period other comprehensive income (loss), net of tax | Current period other comprehensive income (loss), net of tax | 142,466 | 270 | 3,630 | 146,366 | Current period other comprehensive income (loss), net of tax | 60,584 | 539 | (10,554) | 50,569 | ||||||||||||||||||||||||||||||
Balance March 31, 2023 | $ | (982,449) | $ | (16,916) | $ | 58,867 | $ | (940,498) | ||||||||||||||||||||||||||||||||
Balance June 30, 2023 | Balance June 30, 2023 | $ | (1,064,331) | $ | (16,647) | $ | 44,683 | $ | (1,036,295) | |||||||||||||||||||||||||||||||
Balance January 1, 2022 | Balance January 1, 2022 | $ | 23,174 | $ | (20,668) | $ | 74,574 | $ | 77,080 | Balance January 1, 2022 | $ | 23,174 | $ | (20,668) | $ | 74,574 | $ | 77,080 | ||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications to current earnings | Other comprehensive income (loss) before reclassifications to current earnings | (676,353) | — | — | (676,353) | Other comprehensive income (loss) before reclassifications to current earnings | (1,123,536) | — | — | (1,123,536) | ||||||||||||||||||||||||||||||
Amounts reclassified to current earnings from accumulated other comprehensive income | Amounts reclassified to current earnings from accumulated other comprehensive income | — | 430 | (6,050) | (5,620) | Amounts reclassified to current earnings from accumulated other comprehensive income | 9,582 | 860 | (12,204) | (1,762) | ||||||||||||||||||||||||||||||
Current period other comprehensive income (loss), before tax | Current period other comprehensive income (loss), before tax | (676,353) | 430 | (6,050) | (681,973) | Current period other comprehensive income (loss), before tax | (1,113,954) | 860 | (12,204) | (1,125,298) | ||||||||||||||||||||||||||||||
Income tax (expense) benefit | Income tax (expense) benefit | 169,088 | (107) | 1,512 | 170,493 | Income tax (expense) benefit | 278,488 | (215) | 3,051 | 281,324 | ||||||||||||||||||||||||||||||
Current period other comprehensive income (loss), net of tax | Current period other comprehensive income (loss), net of tax | (507,265) | 323 | (4,538) | (511,480) | Current period other comprehensive income (loss), net of tax | (835,466) | 645 | (9,153) | (843,974) | ||||||||||||||||||||||||||||||
Balance March 31, 2022 | $ | (484,091) | $ | (20,345) | $ | 70,036 | $ | (434,400) | ||||||||||||||||||||||||||||||||
Balance June 30, 2022 | Balance June 30, 2022 | $ | (812,292) | $ | (20,023) | $ | 65,421 | $ | (766,894) |
(In thousands) | (In thousands) | Consumer | Commercial | Wealth | Segment Totals | Other/Elimination | Consolidated Totals | (In thousands) | Consumer | Commercial | Wealth | Segment Totals | Other/Elimination | Consolidated Totals | ||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2023 | Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 96,854 | $ | 116,166 | $ | 17,540 | $ | 230,560 | $ | 21,063 | $ | 251,623 | Net interest income | $ | 101,552 | $ | 116,462 | $ | 17,024 | $ | 235,038 | $ | 14,500 | $ | 249,538 | ||||||||||||||
Provision for credit losses | Provision for credit losses | (6,306) | (393) | (13) | (6,712) | (4,744) | (11,456) | Provision for credit losses | (6,430) | (90) | — | (6,520) | 49 | (6,471) | ||||||||||||||||||||||||||
Non-interest income | Non-interest income | 24,303 | 58,324 | 52,944 | 135,571 | 2,041 | 137,612 | Non-interest income | 25,531 | 64,769 | 54,513 | 144,813 | 2,792 | 147,605 | ||||||||||||||||||||||||||
Investment securities gains (losses), net | Investment securities gains (losses), net | — | — | — | — | (306) | (306) | Investment securities gains (losses), net | — | — | — | — | 3,392 | 3,392 | ||||||||||||||||||||||||||
Non-interest expense | Non-interest expense | (77,326) | (93,623) | (39,636) | (210,585) | (13,522) | (224,107) | Non-interest expense | (83,431) | (98,427) | (40,472) | (222,330) | (5,281) | (227,611) | ||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | $ | 37,525 | $ | 80,474 | $ | 30,835 | $ | 148,834 | $ | 4,532 | $ | 153,366 | Income before income taxes | $ | 37,222 | $ | 82,714 | $ | 31,065 | $ | 151,001 | $ | 15,452 | $ | 166,453 | ||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 86,818 | $ | 108,953 | $ | 18,869 | $ | 214,640 | $ | (5,854) | $ | 208,786 | Net interest income | $ | 198,406 | $ | 232,628 | $ | 34,564 | $ | 465,598 | $ | 35,563 | $ | 501,161 | ||||||||||||||
Provision for credit losses | Provision for credit losses | (4,504) | (82) | (26) | (4,612) | 14,470 | 9,858 | Provision for credit losses | (12,736) | (483) | (13) | (13,232) | (4,695) | (17,927) | ||||||||||||||||||||||||||
Non-interest income | Non-interest income | 26,415 | 53,651 | 53,206 | 133,272 | (1,503) | 131,769 | Non-interest income | 49,834 | 123,093 | 107,457 | 280,384 | 4,833 | 285,217 | ||||||||||||||||||||||||||
Investment securities gains (losses), net | Investment securities gains (losses), net | — | — | — | — | 7,163 | 7,163 | Investment securities gains (losses), net | — | — | — | — | 3,086 | 3,086 | ||||||||||||||||||||||||||
Non-interest expense | Non-interest expense | (74,823) | (89,506) | (36,288) | (200,617) | (5,031) | (205,648) | Non-interest expense | (160,757) | (192,050) | (80,108) | (432,915) | (18,803) | (451,718) | ||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | $ | 33,906 | $ | 73,016 | $ | 35,761 | $ | 142,683 | $ | 9,245 | $ | 151,928 | Income before income taxes | $ | 74,747 | $ | 163,188 | $ | 61,900 | $ | 299,835 | $ | 19,984 | $ | 319,819 | ||||||||||||||
Three Months Ended June 30, 2022 | Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 90,561 | $ | 110,182 | $ | 19,222 | $ | 219,965 | $ | 12,420 | $ | 232,385 | |||||||||||||||||||||||||||
Provision for loan losses | Provision for loan losses | (3,910) | (63) | 23 | (3,950) | (3,212) | (7,162) | |||||||||||||||||||||||||||||||||
Non-interest income | Non-interest income | 28,340 | 56,815 | 53,983 | 139,138 | 289 | 139,427 | |||||||||||||||||||||||||||||||||
Investment securities gains (losses), net | Investment securities gains (losses), net | — | — | — | — | 1,029 | 1,029 | |||||||||||||||||||||||||||||||||
Non-interest expense | Non-interest expense | (77,629) | (91,316) | (36,491) | (205,436) | (8,069) | (213,505) | |||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | $ | 37,362 | $ | 75,618 | $ | 36,737 | $ | 149,717 | $ | 2,457 | $ | 152,174 | |||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 177,379 | $ | 219,135 | $ | 38,091 | $ | 434,605 | $ | 6,566 | $ | 441,171 | |||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (8,413) | (145) | (3) | (8,561) | 11,257 | 2,696 | |||||||||||||||||||||||||||||||||
Non-interest income | Non-interest income | 54,755 | 110,466 | 107,189 | 272,410 | (1,214) | 271,196 | |||||||||||||||||||||||||||||||||
Investment securities gains (losses), net | Investment securities gains (losses), net | — | — | — | — | 8,192 | 8,192 | |||||||||||||||||||||||||||||||||
Non-interest expense | Non-interest expense | (152,453) | (180,822) | (72,779) | (406,054) | (13,099) | (419,153) | |||||||||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | $ | 71,268 | $ | 148,634 | $ | 72,498 | $ | 292,400 | $ | 11,702 | $ | 304,102 |
(In thousands) | (In thousands) | March 31, 2023 | December 31, 2022 | (In thousands) | June 30, 2023 | December 31, 2022 | ||||||||||
Interest rate swaps | Interest rate swaps | $ | 1,987,051 | $ | 1,981,821 | Interest rate swaps | $ | 2,161,392 | $ | 1,981,821 | ||||||
Interest rate floors | Interest rate floors | 1,500,000 | 1,000,000 | Interest rate floors | 1,500,000 | 1,000,000 | ||||||||||
Interest rate caps | Interest rate caps | 152,784 | 152,784 | Interest rate caps | 152,784 | 152,784 | ||||||||||
Credit risk participation agreements | Credit risk participation agreements | 577,922 | 579,925 | Credit risk participation agreements | 580,358 | 579,925 | ||||||||||
Foreign exchange contracts | Foreign exchange contracts | 15,335 | 27,991 | Foreign exchange contracts | 14,590 | 27,991 | ||||||||||
Mortgage loan commitments | Mortgage loan commitments | 362 | — | Mortgage loan commitments | 3,268 | — | ||||||||||
Mortgage loan forward sale contracts | 3,290 | — | ||||||||||||||
Forward TBA contracts | Forward TBA contracts | 3,500 | — | Forward TBA contracts | 4,000 | — | ||||||||||
Total notional amount | Total notional amount | $ | 4,240,244 | $ | 3,742,521 | Total notional amount | $ | 4,416,392 | $ | 3,742,521 |
Asset Derivatives | Liability Derivatives | Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | June 30, 2023 | Dec. 31, 2022 | June 30, 2023 | Dec. 31, 2022 | |||||||||||||||||||||||||||
(In thousands) | (In thousands) | Fair Value | Fair Value | (In thousands) | Fair Value | Fair Value | ||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | Derivatives designated as hedging instruments: | Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Interest rate floors | Interest rate floors | $ | 68,495 | $ | 33,371 | $ | — | $ | — | Interest rate floors | $ | 53,748 | $ | 33,371 | $ | — | $ | — | ||||||||||||||||
Total derivatives designated as hedging instruments | Total derivatives designated as hedging instruments | $ | 68,495 | $ | 33,371 | $ | — | $ | — | Total derivatives designated as hedging instruments | $ | 53,748 | $ | 33,371 | $ | — | $ | — | ||||||||||||||||
Derivative instruments not designated as hedging instruments: | Derivative instruments not designated as hedging instruments: | Derivative instruments not designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | $ | 28,960 | $ | 23,894 | $ | (40,352) | $ | (51,742) | Interest rate swaps | $ | 48,492 | $ | 23,894 | $ | (49,370) | $ | (51,742) | ||||||||||||||||
Interest rate caps | Interest rate caps | 2,222 | 2,705 | (2,222) | (2,705) | Interest rate caps | 2,182 | 2,705 | (2,182) | (2,705) | ||||||||||||||||||||||||
Credit risk participation agreements | Credit risk participation agreements | 44 | 34 | (148) | (119) | Credit risk participation agreements | 35 | 34 | (88) | (119) | ||||||||||||||||||||||||
Foreign exchange contracts | Foreign exchange contracts | 359 | 488 | (310) | (418) | Foreign exchange contracts | 399 | 488 | (358) | (418) | ||||||||||||||||||||||||
Mortgage loan commitments | Mortgage loan commitments | 77 | — | — | — | Mortgage loan commitments | 58 | — | — | — | ||||||||||||||||||||||||
Mortgage loan forward sale contracts | — | — | (1) | — | ||||||||||||||||||||||||||||||
Forward TBA contracts | Forward TBA contracts | — | — | (35) | — | Forward TBA contracts | 22 | — | — | — | ||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | Total derivatives not designated as hedging instruments | $ | 31,662 | $ | 27,121 | $ | (43,068) | $ | (54,984) | Total derivatives not designated as hedging instruments | $ | 51,188 | $ | 27,121 | $ | (51,998) | $ | (54,984) | ||||||||||||||||
Total | Total | $ | 100,157 | $ | 60,492 | $ | (43,068) | $ | (54,984) | Total | $ | 104,936 | $ | 60,492 | $ | (51,998) | $ | (54,984) |
Amount of Gain or (Loss) Recognized in OCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain or (Loss) Recognized in OCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | |||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Total | Included Component | Excluded Component | Total | Included Component | Excluded Component | (In thousands) | Total | Included Component | Excluded Component | Total | Included Component | Excluded Component | ||||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2023 | For the Three Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | Derivatives in cash flow hedging relationships: | Derivatives in cash flow hedging relationships: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate floors | Interest rate floors | $ | 9,225 | $ | — | $ | 9,225 | Interest and fees on loans | $ | 4,385 | $ | 7,444 | $ | (3,059) | Interest rate floors | $ | (14,748) | $ | — | $ | (14,748) | Interest and fees on loans | $ | 4,165 | $ | 7,455 | $ | (3,290) | ||||||||||||||||||||||||
Total | Total | $ | 9,225 | $ | — | $ | 9,225 | Total | $ | 4,385 | $ | 7,444 | $ | (3,059) | Total | $ | (14,748) | $ | — | $ | (14,748) | Total | $ | 4,165 | $ | 7,455 | $ | (3,290) | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2023 | For the Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | Derivatives in cash flow hedging relationships: | Derivatives in cash flow hedging relationships: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate floors | Interest rate floors | $ | — | $ | — | $ | — | Interest and fees on loans | $ | 6,050 | $ | 7,566 | $ | (1,516) | Interest rate floors | $ | (5,523) | $ | — | $ | (5,523) | Interest and fees on loans | $ | 8,550 | $ | 14,899 | $ | (6,349) | ||||||||||||||||||||||||
Total | Total | $ | — | $ | — | $ | — | Total | $ | 6,050 | $ | 7,566 | $ | (1,516) | Total | $ | (5,523) | $ | — | $ | (5,523) | Total | $ | 8,550 | $ | 14,899 | $ | (6,349) | ||||||||||||||||||||||||
For the Three Months Ended June 30, 2022 | For the Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate floors | Interest rate floors | $ | — | $ | — | $ | — | Interest and fees on loans | $ | 6,154 | $ | 7,687 | $ | (1,533) | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | — | $ | — | Total | $ | 6,154 | $ | 7,687 | $ | (1,533) | ||||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2022 | For the Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate floors | Interest rate floors | $ | — | $ | — | $ | — | Interest and fees on loans | $ | 12,204 | $ | 15,253 | $ | (3,049) | ||||||||||||||||||||||||||||||||||||||
Total | Total | $ | — | $ | — | $ | — | Total | $ | 12,204 | $ | 15,253 | $ | (3,049) |
Location of Gain or (Loss) Recognized in Consolidated Statements of Income | Amount of Gain or (Loss) Recognized in Income on Derivatives | Location of Gain or (Loss) Recognized in Consolidated Statements of Income | Amount of Gain or (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||||||||||||||||
For the Three Months Ended March 31 | For the Three Months Ended June 30 | For the Six Months Ended June 30 | ||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Derivative instruments: | Derivative instruments: | Derivative instruments: | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps | Interest rate swaps | Other non-interest income | $ | 623 | $ | 812 | Interest rate swaps | Other non-interest income | $ | 1,873 | $ | 870 | $ | 2,496 | $ | 1,682 | ||||||||||||||||||||||||
Interest rate caps | Interest rate caps | Other non-interest income | — | 16 | Interest rate caps | Other non-interest income | — | — | — | 16 | ||||||||||||||||||||||||||||||
Credit risk participation agreements | Credit risk participation agreements | Other non-interest income | (19) | (10) | Credit risk participation agreements | Other non-interest income | 3 | (82) | (16) | (92) | ||||||||||||||||||||||||||||||
Foreign exchange contracts | Foreign exchange contracts | Other non-interest income | (20) | (14) | Foreign exchange contracts | Other non-interest income | (9) | 14 | (29) | — | ||||||||||||||||||||||||||||||
Mortgage loan commitments | Mortgage loan commitments | Loan fees and sales | 77 | (485) | Mortgage loan commitments | Loan fees and sales | (19) | (49) | 58 | (534) | ||||||||||||||||||||||||||||||
Mortgage loan forward sale contracts | Mortgage loan forward sale contracts | Loan fees and sales | (1) | — | Mortgage loan forward sale contracts | Loan fees and sales | 1 | (4) | — | (4) | ||||||||||||||||||||||||||||||
Forward TBA contracts | Forward TBA contracts | Loan fees and sales | 1 | 1,243 | Forward TBA contracts | Loan fees and sales | 49 | 423 | 50 | 1,666 | ||||||||||||||||||||||||||||||
Total | Total | $ | 661 | $ | 1,562 | Total | $ | 1,898 | $ | 1,172 | $ | 2,559 | $ | 2,734 |
Gross Amounts Not Offset in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Gross Amount Recognized | Gross Amounts Offset in the Balance Sheet | Net Amounts Presented in the Balance Sheet | Financial Instruments Available for Offset | Collateral Received/ Pledged | Net Amount | (In thousands) | Gross Amount Recognized | Gross Amounts Offset in the Balance Sheet | Net Amounts Presented in the Balance Sheet | Financial Instruments Available for Offset | Collateral Received/ Pledged | Net Amount | ||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||
Derivatives subject to master netting agreements | Derivatives subject to master netting agreements | $ | 100,005 | $ | — | $ | 100,005 | $ | (2,255) | $ | (93,822) | $ | 3,928 | Derivatives subject to master netting agreements | $ | 104,855 | $ | — | $ | 104,855 | $ | (746) | $ | (100,290) | $ | 3,819 | ||||||||||||||
Derivatives not subject to master netting agreements | Derivatives not subject to master netting agreements | 152 | — | 152 | Derivatives not subject to master netting agreements | 81 | — | 81 | ||||||||||||||||||||||||||||||||
Total derivatives | Total derivatives | $ | 100,157 | $ | — | $ | 100,157 | Total derivatives | $ | 104,936 | $ | — | $ | 104,936 | ||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||
Derivatives subject to master netting agreements | Derivatives subject to master netting agreements | $ | 42,694 | $ | — | $ | 42,694 | $ | (2,255) | $ | — | $ | 40,439 | Derivatives subject to master netting agreements | $ | 51,584 | $ | — | $ | 51,584 | $ | (746) | $ | — | $ | 50,838 | ||||||||||||||
Derivatives not subject to master netting agreements | Derivatives not subject to master netting agreements | 374 | — | 374 | Derivatives not subject to master netting agreements | 414 | — | 414 | ||||||||||||||||||||||||||||||||
Total derivatives | Total derivatives | $ | 43,068 | $ | — | $ | 43,068 | Total derivatives | $ | 51,998 | $ | — | $ | 51,998 | ||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||||||||||||||
Derivatives subject to master netting agreements | Derivatives subject to master netting agreements | $ | 60,270 | $ | — | $ | 60,270 | $ | (1,007) | $ | (56,816) | $ | 2,447 | Derivatives subject to master netting agreements | $ | 60,270 | $ | — | $ | 60,270 | $ | (1,007) | $ | (56,816) | $ | 2,447 | ||||||||||||||
Derivatives not subject to master netting agreements | Derivatives not subject to master netting agreements | 222 | — | 222 | Derivatives not subject to master netting agreements | 222 | — | 222 | ||||||||||||||||||||||||||||||||
Total derivatives | Total derivatives | $ | 60,492 | $ | — | $ | 60,492 | Total derivatives | $ | 60,492 | $ | — | $ | 60,492 | ||||||||||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||||||||||||||
Derivatives subject to master netting agreements | Derivatives subject to master netting agreements | $ | 54,609 | $ | — | $ | 54,609 | $ | (1,007) | $ | — | $ | 53,602 | Derivatives subject to master netting agreements | $ | 54,609 | $ | — | $ | 54,609 | $ | (1,007) | $ | — | $ | 53,602 | ||||||||||||||
Derivatives not subject to master netting agreements | Derivatives not subject to master netting agreements | 375 | — | 375 | Derivatives not subject to master netting agreements | 375 | — | 375 | ||||||||||||||||||||||||||||||||
Total derivatives | Total derivatives | $ | 54,984 | $ | — | $ | 54,984 | Total derivatives | $ | 54,984 | $ | — | $ | 54,984 |
Gross Amounts Not Offset in the Balance Sheet | Gross Amounts Not Offset in the Balance Sheet | |||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Gross Amount Recognized | Gross Amounts Offset in the Balance Sheet | Net Amounts Presented in the Balance Sheet | Financial Instruments Available for Offset | Securities Collateral Received/Pledged | Unsecured Amount | (In thousands) | Gross Amount Recognized | Gross Amounts Offset in the Balance Sheet | Net Amounts Presented in the Balance Sheet | Financial Instruments Available for Offset | Securities Collateral Received/Pledged | Unsecured Amount | ||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Total resale agreements, subject to master netting arrangements | Total resale agreements, subject to master netting arrangements | $ | 1,025,000 | $ | (200,000) | $ | 825,000 | $ | — | $ | (825,000) | $ | — | Total resale agreements, subject to master netting arrangements | $ | 1,025,000 | $ | (200,000) | $ | 825,000 | $ | — | $ | (825,000) | $ | — | ||||||||||||||
Total repurchase agreements, subject to master netting arrangements | Total repurchase agreements, subject to master netting arrangements | 2,228,089 | (200,000) | 2,028,089 | — | (2,028,089) | — | Total repurchase agreements, subject to master netting arrangements | 2,566,621 | (200,000) | 2,366,621 | — | (2,366,621) | — | ||||||||||||||||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||
Total resale agreements, subject to master netting arrangements | Total resale agreements, subject to master netting arrangements | $ | 1,025,000 | $ | (200,000) | $ | 825,000 | $ | — | $ | (825,000) | $ | — | Total resale agreements, subject to master netting arrangements | $ | 1,025,000 | $ | (200,000) | $ | 825,000 | $ | — | $ | (825,000) | $ | — | ||||||||||||||
Total repurchase agreements, subject to master netting arrangements | Total repurchase agreements, subject to master netting arrangements | 2,881,874 | (200,000) | 2,681,874 | — | (2,681,874) | — | Total repurchase agreements, subject to master netting arrangements | 2,881,874 | (200,000) | 2,681,874 | — | (2,681,874) | — |
Remaining Contractual Maturity of the Agreements | Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||||||||
(In thousands) | (In thousands) | Overnight and continuous | Up to 90 days | Greater than 90 days | Total | (In thousands) | Overnight and continuous | Up to 90 days | Greater than 90 days | Total | ||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||
Repurchase agreements, secured by: | Repurchase agreements, secured by: | Repurchase agreements, secured by: | ||||||||||||||||||||||||||
U.S. government and federal agency obligations | U.S. government and federal agency obligations | $ | 194,757 | $ | 13,602 | $ | 19,278 | $ | 227,637 | U.S. government and federal agency obligations | $ | 183,261 | $ | 26,168 | $ | 15,598 | $ | 225,027 | ||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 1,472,769 | 14,743 | 205,000 | 1,692,512 | Agency mortgage-backed securities | 1,574,674 | 3,826 | 212,204 | 1,790,704 | ||||||||||||||||||
Non-agency mortgage-backed securities | Non-agency mortgage-backed securities | 11,818 | — | — | 11,818 | Non-agency mortgage-backed securities | 11,348 | — | — | 11,348 | ||||||||||||||||||
Asset-backed securities | Asset-backed securities | 294,161 | — | — | 294,161 | Asset-backed securities | 537,606 | — | — | 537,606 | ||||||||||||||||||
Other debt securities | Other debt securities | 1,961 | — | — | 1,961 | Other debt securities | 1,936 | — | — | 1,936 | ||||||||||||||||||
Total repurchase agreements, gross amount recognized | Total repurchase agreements, gross amount recognized | $ | 1,975,466 | $ | 28,345 | $ | 224,278 | $ | 2,228,089 | Total repurchase agreements, gross amount recognized | $ | 2,308,825 | $ | 29,994 | $ | 227,802 | $ | 2,566,621 | ||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||
Repurchase agreements, secured by: | Repurchase agreements, secured by: | Repurchase agreements, secured by: | ||||||||||||||||||||||||||
U.S. government and federal agency obligations | U.S. government and federal agency obligations | $ | 488,053 | $ | 26,928 | $ | 12,460 | $ | 527,441 | U.S. government and federal agency obligations | $ | 488,053 | $ | 26,928 | $ | 12,460 | $ | 527,441 | ||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 1,792,314 | 21,744 | 204,500 | 2,018,558 | Agency mortgage-backed securities | 1,792,314 | 21,744 | 204,500 | 2,018,558 | ||||||||||||||||||
Non-agency mortgage-backed securities | Non-agency mortgage-backed securities | 40,950 | — | — | 40,950 | Non-agency mortgage-backed securities | 40,950 | — | — | 40,950 | ||||||||||||||||||
Asset-backed securities | Asset-backed securities | 293,001 | — | — | 293,001 | Asset-backed securities | 293,001 | — | — | 293,001 | ||||||||||||||||||
Other debt securities | Other debt securities | 1,924 | — | — | 1,924 | Other debt securities | 1,924 | — | — | 1,924 | ||||||||||||||||||
Total repurchase agreements, gross amount recognized | Total repurchase agreements, gross amount recognized | $ | 2,616,242 | $ | 48,672 | $ | 216,960 | $ | 2,881,874 | Total repurchase agreements, gross amount recognized | $ | 2,616,242 | $ | 48,672 | $ | 216,960 | $ | 2,881,874 |
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | |||||||||||||
Nonvested at January 1, 2023 | Nonvested at January 1, 2023 | 1,148,873 | $58.20 | Nonvested at January 1, 2023 | 1,148,873 | $58.20 | ||||||||||
Granted | Granted | 247,082 | 65.63 | Granted | 285,263 | 63.45 | ||||||||||
Vested | Vested | (284,800) | 50.62 | Vested | (304,068) | 50.59 | ||||||||||
Forfeited | Forfeited | (2,238) | 61.82 | Forfeited | (20,526) | 60.58 | ||||||||||
Nonvested at March 31, 2023 | 1,108,917 | $61.79 | ||||||||||||||
Nonvested at June 30, 2023 | Nonvested at June 30, 2023 | 1,109,542 | $61.59 |
Weighted per share average fair value at grant date | $18.65 | ||||
Assumptions: | |||||
Dividend yield | 1.6 | % | |||
Volatility | 27.9 | % | |||
Risk-free interest rate | 3.9 | % | |||
Expected term | 5.8 years |
(Dollars in thousands, except per share data) | (Dollars in thousands, except per share data) | Rights | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | (Dollars in thousands, except per share data) | Rights | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||||||
Outstanding at January 1, 2023 | Outstanding at January 1, 2023 | 948,727 | $46.82 | Outstanding at January 1, 2023 | 948,727 | $46.82 | ||||||||||||||||||||||
Granted | Granted | 89,829 | 65.64 | Granted | 89,829 | 65.64 | ||||||||||||||||||||||
Forfeited | Forfeited | (555) | 60.00 | Forfeited | (4,011) | 63.35 | ||||||||||||||||||||||
Expired | Expired | (5,518) | 51.82 | |||||||||||||||||||||||||
Exercised | Exercised | (40,976) | 25.88 | Exercised | (45,006) | 26.08 | ||||||||||||||||||||||
Outstanding at March 31, 2023 | 997,025 | $49.37 | 5.6 years | $11,094 | ||||||||||||||||||||||||
Outstanding at June 30, 2023 | Outstanding at June 30, 2023 | 984,021 | $49.39 | 5.3 years | $4,857 |
Three Months Ended March 31 | Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Bank card transaction fees | Bank card transaction fees | $ | 46,654 | $ | 42,045 | Bank card transaction fees | $ | 49,725 | $ | 43,873 | $ | 96,379 | $ | 85,918 | ||||||||||||||||||||
Trust fees | Trust fees | 45,328 | 47,811 | Trust fees | 47,265 | 46,792 | 92,593 | 94,603 | ||||||||||||||||||||||||||
Deposit account charges and other fees | Deposit account charges and other fees | 21,752 | 22,307 | Deposit account charges and other fees | 22,633 | 25,564 | 44,385 | 47,871 | ||||||||||||||||||||||||||
Consumer brokerage services | Consumer brokerage services | 5,085 | 4,446 | Consumer brokerage services | 4,677 | 5,068 | 9,762 | 9,514 | ||||||||||||||||||||||||||
Other non-interest income | Other non-interest income | 8,339 | 4,495 | Other non-interest income | 9,486 | 10,750 | 17,825 | 15,245 | ||||||||||||||||||||||||||
Total non-interest income from contracts with customers | Total non-interest income from contracts with customers | 127,158 | 121,104 | Total non-interest income from contracts with customers | 133,786 | 132,047 | 260,944 | 253,151 | ||||||||||||||||||||||||||
Other non-interest income (1) | Other non-interest income (1) | 10,454 | 10,665 | Other non-interest income (1) | 13,819 | 7,380 | 24,273 | 18,045 | ||||||||||||||||||||||||||
Total non-interest income | Total non-interest income | $ | 137,612 | $ | 131,769 | Total non-interest income | $ | 147,605 | $ | 139,427 | $ | 285,217 | $ | 271,196 |
(In thousands) | (In thousands) | March 31, 2023 | December 31, 2022 | March 31, 2022 | December 31, 2021 | (In thousands) | June 30, 2023 | December 31, 2022 | June 30, 2022 | December 31, 2021 | ||||||||||||||||||
Bank card transaction fees | Bank card transaction fees | $ | 15,585 | $ | 17,254 | $ | 14,171 | $ | 16,424 | Bank card transaction fees | $ | 16,321 | $ | 17,254 | $ | 14,598 | $ | 16,424 | ||||||||||
Trust fees | Trust fees | 2,098 | 2,038 | 2,094 | 2,222 | Trust fees | 1,984 | 2,038 | 1,975 | 2,222 | ||||||||||||||||||
Deposit account charges and other fees | Deposit account charges and other fees | 5,398 | 6,631 | 5,452 | 6,702 | Deposit account charges and other fees | 6,488 | 6,631 | 6,898 | 6,702 | ||||||||||||||||||
Consumer brokerage services | Consumer brokerage services | 773 | 949 | 324 | 391 | Consumer brokerage services | 637 | 949 | 678 | 391 |
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||||
(In thousands) | (In thousands) | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | (In thousands) | Total Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||
Residential mortgage loans held for sale | Residential mortgage loans held for sale | $ | 684 | $ | — | $ | 684 | $ | — | Residential mortgage loans held for sale | $ | 1,566 | $ | — | $ | 1,566 | $ | — | ||||||||||
Available for sale debt securities: | Available for sale debt securities: | Available for sale debt securities: | ||||||||||||||||||||||||||
U.S. government and federal agency obligations | U.S. government and federal agency obligations | 1,020,223 | 1,020,223 | — | — | U.S. government and federal agency obligations | 945,815 | 945,815 | — | — | ||||||||||||||||||
Government-sponsored enterprise obligations | Government-sponsored enterprise obligations | 44,414 | — | 44,414 | — | Government-sponsored enterprise obligations | 44,036 | — | 44,036 | — | ||||||||||||||||||
State and municipal obligations | State and municipal obligations | 1,453,814 | — | 1,452,900 | 914 | State and municipal obligations | 1,227,737 | — | 1,226,817 | 920 | ||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 4,271,563 | — | 4,271,563 | — | Agency mortgage-backed securities | 4,065,406 | — | 4,065,406 | — | ||||||||||||||||||
Non-agency mortgage-backed securities | Non-agency mortgage-backed securities | 1,207,969 | — | 1,207,969 | — | Non-agency mortgage-backed securities | 1,174,790 | — | 1,174,790 | — | ||||||||||||||||||
Asset-backed securities | Asset-backed securities | 2,763,578 | — | 2,763,578 | — | Asset-backed securities | 2,499,675 | — | 2,499,675 | — | ||||||||||||||||||
Other debt securities | Other debt securities | 467,055 | — | 467,055 | — | Other debt securities | 457,166 | — | 457,166 | — | ||||||||||||||||||
Trading debt securities | Trading debt securities | 41,584 | 500 | 41,084 | — | Trading debt securities | 29,412 | — | 29,412 | — | ||||||||||||||||||
Equity securities | Equity securities | 6,083 | 6,083 | — | — | Equity securities | 5,520 | 5,520 | — | — | ||||||||||||||||||
Private equity investments | Private equity investments | 163,418 | — | — | 163,418 | Private equity investments | 172,732 | — | — | 172,732 | ||||||||||||||||||
Derivatives * | Derivatives * | 100,157 | — | 100,036 | 121 | Derivatives * | 104,936 | — | 104,843 | 93 | ||||||||||||||||||
Assets held in trust for deferred compensation plan | Assets held in trust for deferred compensation plan | 18,656 | 18,656 | — | — | Assets held in trust for deferred compensation plan | 19,482 | 19,482 | — | — | ||||||||||||||||||
Total assets | Total assets | 11,559,198 | 1,045,462 | 10,349,283 | 164,453 | Total assets | 10,748,273 | 970,817 | 9,603,711 | 173,745 | ||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||
Derivatives * | Derivatives * | 43,068 | — | 42,920 | 148 | Derivatives * | 51,998 | — | 51,910 | 88 | ||||||||||||||||||
Liabilities held in trust for deferred compensation plan | Liabilities held in trust for deferred compensation plan | 18,656 | 18,656 | — | — | Liabilities held in trust for deferred compensation plan | 19,482 | 19,482 | — | — | ||||||||||||||||||
Total liabilities | Total liabilities | $ | 61,724 | $ | 18,656 | $ | 42,920 | $ | 148 | Total liabilities | $ | 71,480 | $ | 19,482 | $ | 51,910 | $ | 88 | ||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||
Assets: | Assets: | Assets: | ||||||||||||||||||||||||||
Residential mortgage loans held for sale | Residential mortgage loans held for sale | $ | — | $ | — | $ | — | $ | — | Residential mortgage loans held for sale | $ | — | $ | — | $ | — | $ | — | ||||||||||
Available for sale debt securities: | Available for sale debt securities: | Available for sale debt securities: | ||||||||||||||||||||||||||
U.S. government and federal agency obligations | U.S. government and federal agency obligations | 1,035,406 | 1,035,406 | — | — | U.S. government and federal agency obligations | 1,035,406 | 1,035,406 | — | — | ||||||||||||||||||
Government-sponsored enterprise obligations | Government-sponsored enterprise obligations | 43,108 | — | 43,108 | — | Government-sponsored enterprise obligations | 43,108 | — | 43,108 | — | ||||||||||||||||||
State and municipal obligations | State and municipal obligations | 1,767,109 | — | 1,765,268 | 1,841 | State and municipal obligations | 1,767,109 | — | 1,765,268 | 1,841 | ||||||||||||||||||
Agency mortgage-backed securities | Agency mortgage-backed securities | 4,308,427 | — | 4,308,427 | — | Agency mortgage-backed securities | 4,308,427 | — | 4,308,427 | — | ||||||||||||||||||
Non-agency mortgage-backed securities | Non-agency mortgage-backed securities | 1,211,607 | — | 1,211,607 | — | Non-agency mortgage-backed securities | 1,211,607 | — | 1,211,607 | — | ||||||||||||||||||
Asset-backed securities | Asset-backed securities | 3,397,801 | — | 3,397,801 | — | Asset-backed securities | 3,397,801 | — | 3,397,801 | — | ||||||||||||||||||
Other debt securities | Other debt securities | 474,858 | — | 474,858 | — | Other debt securities | 474,858 | — | 474,858 | — | ||||||||||||||||||
Trading debt securities | Trading debt securities | 43,523 | — | 43,523 | — | Trading debt securities | 43,523 | — | 43,523 | — | ||||||||||||||||||
Equity securities | Equity securities | 6,210 | 6,210 | — | — | Equity securities | 6,210 | 6,210 | — | — | ||||||||||||||||||
Private equity investments | Private equity investments | 178,127 | — | — | 178,127 | Private equity investments | 178,127 | — | — | 178,127 | ||||||||||||||||||
Derivatives * | Derivatives * | 60,492 | — | 60,458 | 34 | Derivatives * | 60,492 | — | 60,458 | 34 | ||||||||||||||||||
Assets held in trust for deferred compensation plan | Assets held in trust for deferred compensation plan | 17,856 | 17,856 | — | — | Assets held in trust for deferred compensation plan | 17,856 | 17,856 | — | — | ||||||||||||||||||
Total assets | Total assets | 12,544,524 | 1,059,472 | 11,305,050 | 180,002 | Total assets | 12,544,524 | 1,059,472 | 11,305,050 | 180,002 | ||||||||||||||||||
Liabilities: | Liabilities: | Liabilities: | ||||||||||||||||||||||||||
Derivatives * | Derivatives * | 54,984 | — | 54,865 | 119 | Derivatives * | 54,984 | — | 54,865 | 119 | ||||||||||||||||||
Liabilities held in trust for deferred compensation plan | Liabilities held in trust for deferred compensation plan | 17,856 | 17,856 | — | — | Liabilities held in trust for deferred compensation plan | 17,856 | 17,856 | — | — | ||||||||||||||||||
Total liabilities | Total liabilities | $ | 72,840 | $ | 17,856 | $ | 54,865 | $ | 119 | Total liabilities | $ | 72,840 | $ | 17,856 | $ | 54,865 | $ | 119 |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||||||||||||||||
(In thousands) | (In thousands) | State and Municipal Obligations | Private Equity Investments | Derivatives | Total | (In thousands) | State and Municipal Obligations | Private Equity Investments | Derivatives | Total | ||||||||||||||||||
For the three months ended March 31, 2023 | ||||||||||||||||||||||||||||
For the three months ended June 30, 2023 | For the three months ended June 30, 2023 | |||||||||||||||||||||||||||
Balance March 31, 2023 | Balance March 31, 2023 | $ | 914 | $ | 163,418 | $ | (27) | $ | 164,305 | |||||||||||||||||||
Total gains or losses (realized/unrealized): | Total gains or losses (realized/unrealized): | |||||||||||||||||||||||||||
Included in earnings | Included in earnings | — | 9,090 | (16) | 9,074 | |||||||||||||||||||||||
Included in other comprehensive income * | Included in other comprehensive income * | 5 | — | — | 5 | |||||||||||||||||||||||
Discount accretion | Discount accretion | 1 | — | — | 1 | |||||||||||||||||||||||
Purchases of private equity investments | Purchases of private equity investments | — | 224 | — | 224 | |||||||||||||||||||||||
Purchase of risk participation agreement | Purchase of risk participation agreement | — | — | 61 | 61 | |||||||||||||||||||||||
Sale of risk participation agreement | Sale of risk participation agreement | — | — | (13) | (13) | |||||||||||||||||||||||
Balance June 30, 2023 | Balance June 30, 2023 | $ | 920 | $ | 172,732 | $ | 5 | $ | 173,657 | |||||||||||||||||||
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023 | Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023 | $ | — | $ | 9,090 | $ | 61 | $ | 9,151 | |||||||||||||||||||
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023 | *Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023 | $ | 5 | $ | — | $ | — | $ | 5 | |||||||||||||||||||
For the six months ended June 30, 2023 | For the six months ended June 30, 2023 | |||||||||||||||||||||||||||
Balance January 1, 2023 | Balance January 1, 2023 | $ | 1,841 | $ | 178,127 | $ | (85) | $ | 179,883 | Balance January 1, 2023 | $ | 1,841 | $ | 178,127 | $ | (85) | $ | 179,883 | ||||||||||
Total gains or losses (realized/unrealized): | Total gains or losses (realized/unrealized): | Total gains or losses (realized/unrealized): | ||||||||||||||||||||||||||
Included in earnings | Included in earnings | — | 2,251 | 58 | 2,309 | Included in earnings | — | 11,341 | 42 | 11,383 | ||||||||||||||||||
Included in other comprehensive income * | Included in other comprehensive income * | 26 | — | — | 26 | Included in other comprehensive income * | 31 | — | — | 31 | ||||||||||||||||||
Investment securities called | Investment securities called | (1,000) | — | — | (1,000) | Investment securities called | (1,000) | — | — | (1,000) | ||||||||||||||||||
Discount accretion | Discount accretion | 47 | — | — | 47 | Discount accretion | 48 | — | — | 48 | ||||||||||||||||||
Purchases of private equity investments | Purchases of private equity investments | — | 10,532 | — | 10,532 | Purchases of private equity investments | — | 10,756 | — | 10,756 | ||||||||||||||||||
Sale/pay down of private equity investments | Sale/pay down of private equity investments | — | (27,492) | — | (27,492) | Sale/pay down of private equity investments | — | (27,492) | — | (27,492) | ||||||||||||||||||
Balance March 31, 2023 | $ | 914 | $ | 163,418 | $ | (27) | $ | 164,305 | ||||||||||||||||||||
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2023 | $ | — | $ | 2,251 | $ | 58 | $ | 2,309 | ||||||||||||||||||||
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2023 | $ | 4 | $ | — | $ | — | $ | 4 | ||||||||||||||||||||
For the three months ended March 31, 2022 | ||||||||||||||||||||||||||||
Balance January 1, 2022 | $ | 1,984 | $ | 147,406 | $ | 571 | $ | 149,961 | ||||||||||||||||||||
Total gains or losses (realized/unrealized): | ||||||||||||||||||||||||||||
Included in earnings | — | 7,450 | (495) | 6,955 | ||||||||||||||||||||||||
Included in other comprehensive income * | (83) | — | — | (83) | ||||||||||||||||||||||||
Discount accretion | 1 | — | — | 1 | ||||||||||||||||||||||||
Purchases of private equity investments | — | 300 | — | 300 | ||||||||||||||||||||||||
Sale/pay down of private equity investments | — | (1,745) | — | (1,745) | ||||||||||||||||||||||||
Purchase of risk participation agreement | Purchase of risk participation agreement | — | — | 145 | 145 | Purchase of risk participation agreement | — | — | 61 | 61 | ||||||||||||||||||
Balance March 31, 2022 | $ | 1,902 | $ | 153,411 | $ | 221 | $ | 155,534 | ||||||||||||||||||||
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2022 | $ | — | $ | 7,450 | $ | 267 | $ | 7,717 | ||||||||||||||||||||
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2022 | $ | (83) | $ | — | $ | — | $ | (83) | ||||||||||||||||||||
Sale of risk participation agreement | Sale of risk participation agreement | — | — | (13) | (13) | |||||||||||||||||||||||
Balance June 30, 2023 | Balance June 30, 2023 | $ | 920 | $ | 172,732 | $ | 5 | $ | 173,657 | |||||||||||||||||||
Total gains or losses for the six months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023 | Total gains or losses for the six months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023 | $ | — | $ | 11,341 | $ | 42 | $ | 11,383 | |||||||||||||||||||
*Total gains or losses for the six months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023 | *Total gains or losses for the six months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023 | $ | 10 | $ | — | $ | — | $ | 10 |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | ||||||||||||||
(In thousands) | State and Municipal Obligations | Private Equity Investments | Derivatives | Total | ||||||||||
For the three months ended June 30, 2022 | ||||||||||||||
Balance March 31, 2022 | $ | 1,902 | $ | 153,411 | $ | 221 | $ | 155,534 | ||||||
Total gains or losses (realized/unrealized): | ||||||||||||||
Included in earnings | — | 15,633 | (131) | 15,502 | ||||||||||
Included in other comprehensive income * | (87) | — | — | (87) | ||||||||||
Discount accretion | 1 | — | — | 1 | ||||||||||
Purchases of private equity investments | — | 822 | — | 822 | ||||||||||
Sale/pay down of private equity investments | — | (8,095) | — | (8,095) | ||||||||||
Purchase of risk participation agreement | — | — | 314 | 314 | ||||||||||
Sale of risk participation agreement | — | — | (250) | (250) | ||||||||||
Balance June 30, 2022 | $ | 1,816 | $ | 161,771 | $ | 154 | $ | 163,741 | ||||||
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2022 | $ | — | $ | 15,633 | $ | 148 | $ | 15,781 | ||||||
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2022 | $ | (87) | $ | — | $ | — | $ | (87) | ||||||
For the six months ended June 30, 2022 | ||||||||||||||
Balance January 1, 2022 | $ | 1,984 | $ | 147,406 | $ | 571 | $ | 149,961 | ||||||
Total gains or losses (realized/unrealized): | ||||||||||||||
Included in earnings | — | 23,083 | (626) | 22,457 | ||||||||||
Included in other comprehensive income * | (170) | — | — | (170) | ||||||||||
Discount accretion | 2 | — | — | 2 | ||||||||||
Purchases of private equity investments | — | 1,122 | — | 1,122 | ||||||||||
Sale/pay down of private equity investments | — | (9,840) | — | (9,840) | ||||||||||
Purchase of risk participation agreement | — | — | 459 | 459 | ||||||||||
Sale of risk participation agreement | — | — | (250) | (250) | ||||||||||
Balance June 30, 2022 | $ | 1,816 | $ | 161,771 | $ | 154 | $ | 163,741 | ||||||
Total gains or losses for the six months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2022 | $ | — | $ | 23,033 | $ | 136 | $ | 23,169 | ||||||
*Total gains or losses for the six months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2022 | $ | (170) | $ | — | $ | — | $ | (170) |
(In thousands) | Loan Fees and Sales | Other Non-Interest Income | Investment Securities Gains (Losses), Net | Total | ||||||||||
For the three months ended March 31, 2023 | ||||||||||||||
Total gains or losses included in earnings | $ | 77 | $ | (19) | $ | 2,251 | $ | 2,309 | ||||||
Change in unrealized gains or losses relating to assets still held at March 31, 2023 | $ | 77 | $ | (19) | $ | 2,251 | $ | 2,309 | ||||||
For the three months ended March 31, 2022 | ||||||||||||||
Total gains or losses included in earnings | $ | (485) | $ | (10) | $ | 7,450 | $ | 6,955 | ||||||
Change in unrealized gains or losses relating to assets still held at March 31, 2022 | $ | 279 | $ | (12) | $ | 7,450 | $ | 7,717 |
(In thousands) | Loan Fees and Sales | Other Non-Interest Income | Investment Securities Gains (Losses), Net | Total | ||||||||||
For the three months ended June 30, 2023 | ||||||||||||||
Total gains or losses included in earnings | $ | (19) | $ | 3 | $ | 9,090 | $ | 9,074 | ||||||
Change in unrealized gains or losses relating to assets still held at June 30, 2023 | $ | 58 | $ | 3 | $ | 9,090 | $ | 9,151 | ||||||
For the six months ended June 30, 2023 | ||||||||||||||
Total gains or losses included in earnings | $ | 58 | $ | (16) | $ | 11,341 | $ | 11,383 | ||||||
Change in unrealized gains or losses relating to assets still held at June 30, 2023 | $ | 58 | $ | (16) | $ | 11,341 | $ | 11,383 | ||||||
For the three months ended June 30, 2022 | ||||||||||||||
Total gains or losses included in earnings | $ | (49) | $ | (82) | $ | 15,633 | $ | 15,502 | ||||||
Change in unrealized gains or losses relating to assets still held at June 30, 2022 | $ | 230 | $ | (82) | $ | 15,633 | $ | 15,781 | ||||||
For the six months ended June 30, 2022 | ||||||||||||||
Total gains or losses included in earnings | $ | (534) | $ | (92) | $ | 23,083 | $ | 22,457 | ||||||
Change in unrealized gains or losses relating to assets still held at June 30, 2022 | $ | 230 | $ | (94) | $ | 23,033 | $ | 23,169 |
Quantitative Information about Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements | Weighted | Quantitative Information about Level 3 Fair Value Measurements | Weighted | ||||||||||||||||||||||||||||||||||||||||||
Valuation Technique | Unobservable Input | Range | Average* | Valuation Technique | Unobservable Input | Range | Average* | |||||||||||||||||||||||||||||||||||||||
Private equity investments | Private equity investments | Market comparable companies | EBITDA multiple | 4.0 | - | 6.0 | 5.2 | Private equity investments | Market comparable companies | EBITDA multiple | 4.0 | - | 6.0 | 5.2 | ||||||||||||||||||||||||||||||||
Mortgage loan commitments | Mortgage loan commitments | Discounted cash flow | Probability of funding | 62.6% | - | 100.0% | 78.3% | Mortgage loan commitments | Discounted cash flow | Probability of funding | 64.5% | - | 100.0% | 81.2% | ||||||||||||||||||||||||||||||||
Embedded servicing value | .7% | - | 1.6% | 1.2% | Embedded servicing value | .7% | - | 1.5% | 1.1% |
Fair Value Measurements Using | Fair Value Measurements Using | |||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) Recognized During the Three Months Ended March 31 | (In thousands) | Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Gains (Losses) Recognized During the Six Months Ended June 30 | ||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||
Collateral dependent loans | Collateral dependent loans | $ | 1,819 | $ | — | $ | — | $ | 1,819 | $ | 425 | Collateral dependent loans | $ | 1,647 | $ | — | $ | — | $ | 1,647 | $ | 588 | ||||||||||||
March 31, 2022 | ||||||||||||||||||||||||||||||||||
June 30, 2022 | June 30, 2022 | |||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | $ | 11,360 | $ | — | $ | — | $ | 11,360 | $ | 304 | Mortgage servicing rights | $ | 11,407 | $ | — | $ | — | $ | 11,407 | $ | 304 | ||||||||||||
Long- lived assets | Long- lived assets | 497 | — | — | 497 | (965) | Long- lived assets | 484 | — | — | 484 | (965) |
Quantitative Information about Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements | Weighted | Quantitative Information about Level 3 Fair Value Measurements | Weighted | ||||||||||||||||||||||||||||||||||||||||||
Valuation Technique | Unobservable Input | Range | Average* | Valuation Technique | Unobservable Input | Range | Average* | |||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | Mortgage servicing rights | Discounted cash flow | Discount rate | 9.51 | % | - | 9.71 | % | 9.58 | % | Mortgage servicing rights | Discounted cash flow | Discount rate | 9.51 | % | - | 9.71 | % | 9.58 | % | ||||||||||||||||||||||||||
Prepayment speeds (CPR)* | 6.33 | % | - | 7.47 | % | 6.53 | % | Prepayment speeds (CPR)* | 6.43 | % | - | 7.79 | % | 6.65 | % | |||||||||||||||||||||||||||||||
Loan servicing costs - annually per loan | Loan servicing costs - annually per loan | |||||||||||||||||||||||||||||||||||||||||||||
Performing loans | $ | 70 | - | $ | 72 | $ | 71 | Performing loans | $ | 70 | - | $ | 72 | $ | 71 | |||||||||||||||||||||||||||||||
Delinquent loans | $ | 200 | - | $ | 750 | Delinquent loans | $ | 200 | - | $ | 750 | |||||||||||||||||||||||||||||||||||
Loans in foreclosure | $ | 1,000 | Loans in foreclosure | $ | 1,000 |
Carrying Amount | Estimated Fair Value at March 31, 2023 | Carrying Amount | Estimated Fair Value at June 30, 2023 | |||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Level 1 | Level 2 | Level 3 | Total | (In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||
Financial Assets | Financial Assets | Financial Assets | ||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||
Business | Business | $ | 5,704,467 | $ | — | $ | — | $ | 5,577,723 | $ | 5,577,723 | Business | $ | 5,906,493 | $ | — | $ | — | $ | 5,725,065 | $ | 5,725,065 | ||||||||||||||||||
Real estate - construction and land | Real estate - construction and land | 1,437,419 | — | — | 1,407,614 | 1,407,614 | Real estate - construction and land | 1,451,783 | — | — | 1,431,727 | 1,431,727 | ||||||||||||||||||||||||||||
Real estate - business | Real estate - business | 3,486,543 | — | — | 3,383,813 | 3,383,813 | Real estate - business | 3,621,222 | — | — | 3,470,492 | 3,470,492 | ||||||||||||||||||||||||||||
Real estate - personal | Real estate - personal | 2,952,042 | — | — | 2,700,721 | 2,700,721 | Real estate - personal | 2,980,599 | — | — | 2,671,283 | 2,671,283 | ||||||||||||||||||||||||||||
Consumer | Consumer | 2,094,389 | — | — | 2,033,884 | 2,033,884 | Consumer | 2,110,605 | — | — | 2,044,119 | 2,044,119 | ||||||||||||||||||||||||||||
Revolving home equity | Revolving home equity | 295,478 | — | — | 296,436 | 296,436 | Revolving home equity | 303,845 | — | — | 300,823 | 300,823 | ||||||||||||||||||||||||||||
Consumer credit card | Consumer credit card | 558,669 | — | — | 530,987 | 530,987 | Consumer credit card | 574,755 | — | — | 542,739 | 542,739 | ||||||||||||||||||||||||||||
Overdrafts | Overdrafts | 6,515 | — | — | 6,372 | 6,372 | Overdrafts | 7,237 | — | — | 7,045 | 7,045 | ||||||||||||||||||||||||||||
Total loans | Total loans | 16,535,522 | — | — | 15,937,550 | 15,937,550 | Total loans | 16,956,539 | — | — | 16,193,293 | 16,193,293 | ||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 6,162 | — | 6,162 | — | 6,162 | Loans held for sale | 6,776 | — | 6,776 | — | 6,776 | ||||||||||||||||||||||||||||
Investment securities | Investment securities | 11,544,700 | 1,026,806 | 10,248,563 | 269,331 | 11,544,700 | Investment securities | 10,707,602 | 951,335 | 9,497,302 | 258,965 | 10,707,602 | ||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 27,060 | 27,060 | — | — | 27,060 | Federal funds sold | 2,750 | 2,750 | — | — | 2,750 | ||||||||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | 825,000 | — | — | 804,959 | 804,959 | Securities purchased under agreements to resell | 825,000 | — | — | 808,605 | 808,605 | ||||||||||||||||||||||||||||
Interest earning deposits with banks | Interest earning deposits with banks | 1,341,854 | 1,341,854 | — | — | 1,341,854 | Interest earning deposits with banks | 2,568,695 | 2,568,695 | — | — | 2,568,695 | ||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | 351,210 | 351,210 | — | — | 351,210 | Cash and due from banks | 366,699 | 366,699 | — | — | 366,699 | ||||||||||||||||||||||||||||
Derivative instruments | Derivative instruments | 100,157 | — | 100,036 | 121 | 100,157 | Derivative instruments | 104,936 | — | 104,843 | 93 | 104,936 | ||||||||||||||||||||||||||||
Assets held in trust for deferred compensation plan | Assets held in trust for deferred compensation plan | 18,656 | 18,656 | — | — | 18,656 | Assets held in trust for deferred compensation plan | 19,482 | 19,482 | — | — | 19,482 | ||||||||||||||||||||||||||||
Total | Total | $ | 30,750,321 | $ | 2,765,586 | $ | 10,354,761 | $ | 17,011,961 | $ | 30,132,308 | Total | $ | 31,558,479 | $ | 3,908,961 | $ | 9,608,921 | $ | 17,260,956 | $ | 30,778,838 | ||||||||||||||||||
Financial Liabilities | Financial Liabilities | Financial Liabilities | ||||||||||||||||||||||||||||||||||||||
Non-interest bearing deposits | Non-interest bearing deposits | $ | 8,685,234 | $ | 8,685,234 | $ | — | $ | — | $ | 8,685,234 | Non-interest bearing deposits | $ | 8,198,849 | $ | 8,198,849 | $ | — | $ | — | $ | 8,198,849 | ||||||||||||||||||
Savings, interest checking and money market deposits | Savings, interest checking and money market deposits | 14,419,741 | 14,419,741 | — | — | 14,419,741 | Savings, interest checking and money market deposits | 14,418,974 | 14,418,974 | — | — | 14,418,974 | ||||||||||||||||||||||||||||
Certificates of deposit | Certificates of deposit | 1,578,485 | — | — | 1,577,207 | 1,577,207 | Certificates of deposit | 3,251,621 | — | — | 3,262,639 | 3,262,639 | ||||||||||||||||||||||||||||
Federal funds purchased | Federal funds purchased | 756,470 | 756,470 | — | — | 756,470 | Federal funds purchased | 511,400 | 511,400 | — | — | 511,400 | ||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 2,028,089 | — | — | 2,030,615 | 2,030,615 | Securities sold under agreements to repurchase | 2,366,621 | — | — | 2,369,489 | 2,369,489 | ||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 1,506,817 | 2,930 | 3,887 | 1,500,000 | 1,506,817 | Other borrowings | 1,004,878 | — | 4,878 | 1,000,000 | 1,004,878 | ||||||||||||||||||||||||||||
Derivative instruments | Derivative instruments | 43,068 | — | 42,920 | 148 | 43,068 | Derivative instruments | 51,998 | — | 51,910 | 88 | 51,998 | ||||||||||||||||||||||||||||
Liabilities held in trust for deferred compensation plan | Liabilities held in trust for deferred compensation plan | 18,656 | 18,656 | — | — | 18,656 | Liabilities held in trust for deferred compensation plan | 19,482 | 19,482 | — | — | 19,482 | ||||||||||||||||||||||||||||
Total | Total | $ | 29,036,560 | $ | 23,883,031 | $ | 46,807 | $ | 5,107,970 | $ | 29,037,808 | Total | $ | 29,823,823 | $ | 23,148,705 | $ | 56,788 | $ | 6,632,216 | $ | 29,837,709 |
Carrying Amount | Estimated Fair Value at December 31, 2022 | |||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial Assets | ||||||||||||||||||||
Loans: | ||||||||||||||||||||
Business | $ | 5,661,725 | $ | — | $ | — | $ | 5,506,128 | $ | 5,506,128 | ||||||||||
Real estate - construction and land | 1,361,095 | — | — | 1,347,328 | 1,347,328 | |||||||||||||||
Real estate - business | 3,406,981 | — | — | 3,289,655 | 3,289,655 | |||||||||||||||
Real estate - personal | 2,918,078 | — | — | 2,654,423 | 2,654,423 | |||||||||||||||
Consumer | 2,059,088 | — | — | 1,999,788 | 1,999,788 | |||||||||||||||
Revolving home equity | 297,207 | — | — | 295,005 | 295,005 | |||||||||||||||
Consumer credit card | 584,000 | — | — | 538,268 | 538,268 | |||||||||||||||
Overdrafts | 14,957 | — | — | 14,666 | 14,666 | |||||||||||||||
Total loans | 16,303,131 | — | — | 15,645,261 | 15,645,261 | |||||||||||||||
Loans held for sale | 4,964 | — | 4,964 | — | 4,964 | |||||||||||||||
Investment securities | 12,511,649 | 1,041,616 | 11,244,592 | 225,441 | 12,511,649 | |||||||||||||||
Federal funds sold | 49,505 | 49,505 | — | — | 49,505 | |||||||||||||||
Securities purchased under agreements to resell | 825,000 | — | — | 795,574 | 795,574 | |||||||||||||||
Interest earning deposits with banks | 389,140 | 389,140 | — | — | 389,140 | |||||||||||||||
Cash and due from banks | 452,496 | 452,496 | — | — | 452,496 | |||||||||||||||
Derivative instruments | 60,492 | — | 60,458 | 34 | 60,492 | |||||||||||||||
Assets held in trust for deferred compensation plan | 17,856 | 17,856 | — | — | 17,856 | |||||||||||||||
Total | $ | 30,614,233 | $ | 1,950,613 | $ | 11,310,014 | $ | 16,666,310 | $ | 29,926,937 | ||||||||||
Financial Liabilities | ||||||||||||||||||||
Non-interest bearing deposits | $ | 10,066,356 | $ | 10,066,356 | $ | — | $ | — | $ | 10,066,356 | ||||||||||
Savings, interest checking and money market deposits | 15,126,981 | 15,126,981 | — | — | 15,126,981 | |||||||||||||||
Certificates of deposit | 994,103 | — | — | 982,613 | 982,613 | |||||||||||||||
Federal funds purchased | 159,860 | 159,860 | — | — | 159,860 | |||||||||||||||
Securities sold under agreements to repurchase | 2,681,874 | — | — | 2,684,471 | 2,684,471 | |||||||||||||||
Other borrowings | 8,831 | — | 8,831 | — | 8,831 | |||||||||||||||
Derivative instruments | 54,984 | — | 54,865 | 119 | 54,984 | |||||||||||||||
Liabilities held in trust for deferred compensation plan | 17,856 | 17,856 | — | — | 17,856 | |||||||||||||||
Total | $ | 29,110,845 | $ | 25,371,053 | $ | 63,696 | $ | 3,667,203 | $ | 29,101,952 |
Three Months Ended March 31 | Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||
Per Share Data | Per Share Data | Per Share Data | ||||||||||||||||||||||||||||||||
Net income per common share — basic | Net income per common share — basic | $ | .95 | $ | .92 | * | Net income per common share — basic | $ | 1.03 | $ | .92 | * | $ | 1.98 | $ | 1.84 | * | |||||||||||||||||
Net income per common share — diluted | Net income per common share — diluted | .95 | .92 | * | Net income per common share — diluted | 1.02 | .92 | * | 1.97 | 1.84 | * | |||||||||||||||||||||||
Cash dividends on common stock | Cash dividends on common stock | .270 | .252 | * | Cash dividends on common stock | .270 | .252 | * | .540 | .505 | * | |||||||||||||||||||||||
Book value per common share | Book value per common share | 21.51 | 23.43 | * | Book value per common share | 21.53 | 21.23 | * | ||||||||||||||||||||||||||
Market price | Market price | 58.35 | 68.18 | * | Market price | 48.70 | 62.52 | * | ||||||||||||||||||||||||||
Selected Ratios | Selected Ratios | Selected Ratios | ||||||||||||||||||||||||||||||||
(Based on average balance sheets) | (Based on average balance sheets) | (Based on average balance sheets) | ||||||||||||||||||||||||||||||||
Loans to deposits (1) | Loans to deposits (1) | 64.99 | % | 51.90 | % | Loans to deposits (1) | 66.15 | % | 53.93 | % | 65.57 | % | 52.91 | % | ||||||||||||||||||||
Non-interest bearing deposits to total deposits | Non-interest bearing deposits to total deposits | 36.10 | 39.34 | Non-interest bearing deposits to total deposits | 32.63 | 39.02 | 34.35 | 39.18 | ||||||||||||||||||||||||||
Equity to loans (1) | Equity to loans (1) | 15.74 | 21.83 | Equity to loans (1) | 16.35 | 18.41 | 16.05 | 20.10 | ||||||||||||||||||||||||||
Equity to deposits | Equity to deposits | 10.23 | 11.33 | Equity to deposits | 10.81 | 9.93 | 10.52 | 10.63 | ||||||||||||||||||||||||||
Equity to total assets | Equity to total assets | 8.22 | 9.26 | Equity to total assets | 8.29 | 8.37 | 8.26 | 8.82 | ||||||||||||||||||||||||||
Return on total assets | Return on total assets | 1.54 | 1.33 | Return on total assets | 1.56 | 1.36 | 1.55 | 1.35 | ||||||||||||||||||||||||||
Return on equity | Return on equity | 18.75 | 14.41 | Return on equity | 18.81 | 16.29 | 18.78 | 15.28 | ||||||||||||||||||||||||||
(Based on end-of-period data) | (Based on end-of-period data) | (Based on end-of-period data) | ||||||||||||||||||||||||||||||||
Non-interest income to revenue (2) | Non-interest income to revenue (2) | 35.35 | 38.69 | Non-interest income to revenue (2) | 37.17 | 37.50 | 36.27 | 38.07 | ||||||||||||||||||||||||||
Efficiency ratio (3) | Efficiency ratio (3) | 57.49 | 60.29 | Efficiency ratio (3) | 57.22 | 57.29 | 57.35 | 58.72 | ||||||||||||||||||||||||||
Tier I common risk-based capital ratio | Tier I common risk-based capital ratio | 14.47 | 13.92 | Tier I common risk-based capital ratio | 14.75 | 13.95 | ||||||||||||||||||||||||||||
Tier I risk-based capital ratio | Tier I risk-based capital ratio | 14.47 | 13.92 | Tier I risk-based capital ratio | 14.75 | 13.95 | ||||||||||||||||||||||||||||
Total risk-based capital ratio | Total risk-based capital ratio | 15.26 | 14.61 | Total risk-based capital ratio | 15.53 | 14.64 | ||||||||||||||||||||||||||||
Tangible common equity to tangible assets ratio (4) | Tangible common equity to tangible assets ratio (4) | 7.92 | 8.09 | Tangible common equity to tangible assets ratio (4) | 7.70 | 7.56 | ||||||||||||||||||||||||||||
Tier I leverage ratio | Tier I leverage ratio | 10.61 | 9.07 | Tier I leverage ratio | 10.46 | 9.45 |
March 31 | June 30 | |||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | (Dollars in thousands) | 2023 | 2022 | ||||||||||
Total equity | Total equity | $ | 2,682,412 | $ | 2,973,402 | Total equity | $ | 2,685,228 | $ | 2,675,313 | ||||||
Less non-controlling interest | Less non-controlling interest | 16,888 | 12,762 | Less non-controlling interest | 17,870 | 16,467 | ||||||||||
Less goodwill | Less goodwill | 138,921 | 138,921 | Less goodwill | 146,371 | 138,921 | ||||||||||
Less intangible assets* | Less intangible assets* | 4,239 | 4,525 | Less intangible assets* | 4,173 | 4,446 | ||||||||||
Total tangible common equity (a) | Total tangible common equity (a) | $ | 2,522,364 | $ | 2,817,194 | Total tangible common equity (a) | $ | 2,516,814 | $ | 2,515,479 | ||||||
Total assets | Total assets | $ | 32,004,856 | $ | 34,986,793 | Total assets | $ | 32,831,262 | $ | 33,435,370 | ||||||
Less goodwill | Less goodwill | 138,921 | 138,921 | Less goodwill | 146,371 | 138,921 | ||||||||||
Less intangible assets* | Less intangible assets* | 4,239 | 4,525 | Less intangible assets* | 4,173 | 4,446 | ||||||||||
Total tangible assets (b) | Total tangible assets (b) | $ | 31,861,696 | $ | 34,843,347 | Total tangible assets (b) | $ | 32,680,718 | $ | 33,292,003 | ||||||
Tangible common equity to tangible assets ratio (a)/(b) | Tangible common equity to tangible assets ratio (a)/(b) | 7.92 | % | 8.09 | % | Tangible common equity to tangible assets ratio (a)/(b) | 7.70 | % | 7.56 | % |
Three Months Ended March 31 | Increase (Decrease) | Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | Amount | % change | (Dollars in thousands) | 2023 | 2022 | % change | 2023 | 2022 | % change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 251,623 | $ | 208,786 | $ | 42,837 | 20.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income (expense) | Net interest income (expense) | $ | 249,538 | $ | 232,385 | 7.4 | % | $ | 501,161 | $ | 441,171 | 13.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for credit losses | Provision for credit losses | (11,456) | 9,858 | 21,314 | (216.2) | Provision for credit losses | (6,471) | (7,162) | 9.6 | (17,927) | 2,696 | 764.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest income | Non-interest income | 137,612 | 131,769 | 5,843 | 4.4 | Non-interest income | 147,605 | 139,427 | 5.9 | 285,217 | 271,196 | 5.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities gains (losses), net | Investment securities gains (losses), net | (306) | 7,163 | (7,469) | (104.3) | Investment securities gains (losses), net | 3,392 | 1,029 | N.M. | 3,086 | 8,192 | (62.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest expense | Non-interest expense | (224,107) | (205,648) | 18,459 | 9.0 | Non-interest expense | (227,611) | (213,505) | 6.6 | (451,718) | (419,153) | 7.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes | (32,813) | (31,902) | 911 | 2.9 | Income taxes | (35,990) | (32,021) | 12.4 | (68,803) | (63,923) | 7.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest income (expense) | Non-controlling interest income (expense) | (1,101) | (1,872) | (771) | (41.2) | Non-controlling interest income (expense) | (2,674) | (4,359) | (38.7) | (3,775) | (6,231) | (39.4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income attributable to Commerce Bancshares, Inc. | Net income attributable to Commerce Bancshares, Inc. | $ | 119,452 | $ | 118,154 | 1,298 | 1.1 | % | Net income attributable to Commerce Bancshares, Inc. | $ | 127,789 | $ | 115,794 | 10.4 | % | $ | 247,241 | $ | 233,948 | 5.7 | % |
Three Months Ended March 31, 2023 vs. 2022 | Three Months Ended June 30, 2023 vs. 2022 | Six Months Ended June 30, 2023 vs. 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Change due to | Change due to | Change due to | ||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | Average Volume | Average Rate | Total | (In thousands) | Average Volume | Average Rate | Total | Average Volume | Average Rate | Total | |||||||||||||||||||||||||||||||||||
Interest income, fully taxable equivalent basis: | Interest income, fully taxable equivalent basis: | Interest income, fully taxable equivalent basis: | ||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||
Business | Business | $ | 2,575 | $ | 33,046 | $ | 35,621 | Business | $ | 2,992 | $ | 34,646 | $ | 37,638 | $ | 5,592 | $ | 67,667 | $ | 73,259 | ||||||||||||||||||||||||||
Real estate - construction and land | Real estate - construction and land | 2,558 | 12,402 | 14,960 | Real estate - construction and land | 2,294 | 13,862 | 16,156 | 4,878 | 26,238 | 31,116 | |||||||||||||||||||||||||||||||||||
Real estate - business | Real estate - business | 3,195 | 19,448 | 22,643 | Real estate - business | 3,481 | 19,972 | 23,453 | 6,676 | 39,420 | 46,096 | |||||||||||||||||||||||||||||||||||
Real estate - personal | Real estate - personal | 1,009 | 2,381 | 3,390 | Real estate - personal | 1,104 | 2,992 | 4,096 | 2,110 | 5,376 | 7,486 | |||||||||||||||||||||||||||||||||||
Consumer | Consumer | 241 | 8,735 | 8,976 | Consumer | 252 | 10,505 | 10,757 | 494 | 19,239 | 19,733 | |||||||||||||||||||||||||||||||||||
Revolving home equity | Revolving home equity | 196 | 2,603 | 2,799 | Revolving home equity | 261 | 2,893 | 3,154 | 455 | 5,498 | 5,953 | |||||||||||||||||||||||||||||||||||
Consumer credit card | Consumer credit card | 430 | 3,197 | 3,627 | Consumer credit card | 513 | 3,405 | 3,918 | 944 | 6,601 | 7,545 | |||||||||||||||||||||||||||||||||||
Overdrafts | Overdrafts | — | — | — | Overdrafts | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total interest on loans | Total interest on loans | 10,204 | 81,812 | 92,016 | Total interest on loans | 10,897 | 88,275 | 99,172 | 21,149 | 170,039 | 191,188 | |||||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | (26) | 21 | (5) | Loans held for sale | (33) | 23 | (10) | (61) | 46 | (15) | |||||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government and federal agency securities | U.S. government and federal agency securities | (39) | (4,140) | (4,179) | U.S. government and federal agency securities | (1,028) | (3,900) | (4,928) | (922) | (8,185) | (9,107) | |||||||||||||||||||||||||||||||||||
Government-sponsored enterprise obligations | Government-sponsored enterprise obligations | 204 | 188 | 392 | Government-sponsored enterprise obligations | — | (1) | (1) | 205 | 186 | 391 | |||||||||||||||||||||||||||||||||||
State and municipal obligations | State and municipal obligations | (1,600) | (114) | (1,714) | State and municipal obligations | (3,404) | (976) | (4,380) | (4,999) | (1,095) | (6,094) | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | (4,209) | 1,269 | (2,940) | Mortgage-backed securities | (4,178) | 1,506 | (2,672) | (8,408) | 2,796 | (5,612) | |||||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | (1,948) | 7,005 | 5,057 | Asset-backed securities | (4,073) | 5,127 | 1,054 | (5,879) | 11,990 | 6,111 | |||||||||||||||||||||||||||||||||||
Other securities | Other securities | 231 | 823 | 1,054 | Other securities | 4,008 | (8,868) | (4,860) | 3,424 | (7,230) | (3,806) | |||||||||||||||||||||||||||||||||||
Total interest on investment securities | Total interest on investment securities | (7,361) | 5,031 | (2,330) | Total interest on investment securities | (8,675) | (7,112) | (15,787) | (16,579) | (1,538) | (18,117) | |||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 51 | 437 | 488 | Federal funds sold | 14 | 72 | 86 | 153 | 421 | 574 | |||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | (2,779) | 1,431 | (1,348) | Securities purchased under agreements to resell | (2,256) | 1,970 | (286) | (5,052) | 3,418 | (1,634) | |||||||||||||||||||||||||||||||||||
Interest earning deposits with banks | Interest earning deposits with banks | (798) | 8,983 | 8,185 | Interest earning deposits with banks | 2,013 | 24,813 | 26,826 | (685) | 35,696 | 35,011 | |||||||||||||||||||||||||||||||||||
Total interest income | Total interest income | (709) | 97,715 | 97,006 | Total interest income | 1,960 | 108,041 | 110,001 | (1,075) | 208,082 | 207,007 | |||||||||||||||||||||||||||||||||||
Interest expense: | Interest expense: | Interest expense: | ||||||||||||||||||||||||||||||||||||||||||||
Deposits: | Deposits: | Deposits: | ||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | (2) | 17 | 15 | Savings | (9) | 38 | 29 | (11) | 55 | 44 | |||||||||||||||||||||||||||||||||||
Interest checking and money market | Interest checking and money market | (98) | 18,474 | 18,376 | Interest checking and money market | (594) | 28,333 | 27,739 | (682) | 46,797 | 46,115 | |||||||||||||||||||||||||||||||||||
Certificates of deposit of less than $100,000 | Certificates of deposit of less than $100,000 | (7) | 1,293 | 1,286 | Certificates of deposit of less than $100,000 | 76 | 9,844 | 9,920 | 69 | 11,137 | 11,206 | |||||||||||||||||||||||||||||||||||
Certificates of deposit of $100,000 and over | Certificates of deposit of $100,000 and over | (37) | 6,237 | 6,200 | Certificates of deposit of $100,000 and over | 319 | 13,627 | 13,946 | 160 | 19,986 | 20,146 | |||||||||||||||||||||||||||||||||||
Total interest on deposits | Total interest on deposits | (144) | 26,021 | 25,877 | Total interest on deposits | (208) | 51,842 | 51,634 | (464) | 77,975 | 77,511 | |||||||||||||||||||||||||||||||||||
Federal funds purchased | Federal funds purchased | 151 | 5428 | 5579 | Federal funds purchased | 776 | 5,397 | 6,173 | 1,457 | 10,295 | 11,752 | |||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | (72) | 16,885 | 16,813 | Securities sold under agreements to repurchase | (62) | 14,374 | 14,312 | (230) | 31,355 | 31,125 | |||||||||||||||||||||||||||||||||||
Other borrowings | Other borrowings | 6,713 | 6 | 6,719 | Other borrowings | 21,136 | (1) | 21,135 | 27,852 | 2 | 27,854 | |||||||||||||||||||||||||||||||||||
Total interest expense | Total interest expense | 6,648 | 48,340 | 54,988 | Total interest expense | 21,642 | 71,612 | 93,254 | 28,615 | $ | 119,627 | $ | 148,242 | |||||||||||||||||||||||||||||||||
Net interest income, tax equivalent basis | Net interest income, tax equivalent basis | $ | (7,357) | $ | 49,375 | $ | 42,018 | Net interest income, tax equivalent basis | $ | (19,682) | $ | 36,429 | $ | 16,747 | $ | (29,690) | $ | 88,455 | $ | 58,765 |
Three Months Ended March 31 | Increase (Decrease) | Three Months Ended June 30 | Increase (Decrease) | Six Months Ended June 30 | Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | Amount | % change | (Dollars in thousands) | 2023 | 2022 | Amount | % change | 2023 | 2022 | Amount | % change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank card transaction fees | Bank card transaction fees | $ | 49,725 | $ | 43,873 | $ | 5,852 | 13.3 | % | $ | 96,379 | $ | 85,918 | $ | 10,461 | 12.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trust fees | Trust fees | $ | 45,328 | $ | 47,811 | $ | (2,483) | (5.2) | % | Trust fees | 47,265 | 46,792 | 473 | 1.0 | 92,593 | 94,603 | (2,010) | (2.1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Bank card transaction fees | 46,654 | 42,045 | 4,609 | 11.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit account charges and other fees | Deposit account charges and other fees | 21,752 | 22,307 | (555) | (2.5) | Deposit account charges and other fees | 22,633 | 25,564 | (2,931) | (11.5) | 44,385 | 47,871 | (3,486) | (7.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer brokerage services | Consumer brokerage services | 5,085 | 4,446 | 639 | 14.4 | Consumer brokerage services | 4,677 | 5,068 | (391) | (7.7) | 9,762 | 9,514 | 248 | 2.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital market fees | Capital market fees | 3,362 | 4,125 | (763) | (18.5) | Capital market fees | 2,539 | 3,327 | (788) | (23.7) | 5,901 | 7,452 | (1,551) | (20.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan fees and sales | Loan fees and sales | 2,589 | 4,235 | (1,646) | (38.9) | Loan fees and sales | 2,735 | 3,246 | (511) | (15.7) | 5,324 | 7,481 | (2,157) | (28.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 12,842 | 6,800 | 6,042 | 88.9 | Other | 18,031 | 11,557 | 6,474 | 56.0 | 30,873 | 18,357 | 12,516 | 68.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-interest income | Total non-interest income | $ | 137,612 | $ | 131,769 | $ | 5,843 | 4.4 | % | Total non-interest income | $ | 147,605 | $ | 139,427 | $ | 8,178 | 5.9 | % | $ | 285,217 | $ | 271,196 | $ | 14,021 | 5.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest income as a % of total revenue* | Non-interest income as a % of total revenue* | 35.4 | % | 38.7 | % | Non-interest income as a % of total revenue* | 37.2 | % | 37.5 | % | 36.3 | % | 38.1 | % |
Three Months Ended March 31 | Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | $ change | % change | (Dollars in thousands) | 2023 | 2022 | $ change | % change | 2023 | 2022 | $ change | % change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net debit card fees | Net debit card fees | $ | 10,287 | $ | 9,552 | $ | 735 | 7.7 | % | Net debit card fees | $ | 11,340 | $ | 10,533 | $ | 807 | 7.7 | % | $ | 21,627 | $ | 20,085 | $ | 1,542 | 7.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net credit card fees | Net credit card fees | 3,674 | 3,722 | (48) | (1.3) | Net credit card fees | 3,812 | 3,712 | 100 | 2.7 | 7,486 | 7,434 | 52 | .7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net merchant fees | Net merchant fees | 5,351 | 4,980 | 371 | 7.4 | Net merchant fees | 5,359 | 4,934 | 425 | 8.6 | 10,710 | 9,914 | 796 | 8.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net corporate card fees | Net corporate card fees | 27,342 | 23,791 | 3,551 | 14.9 | Net corporate card fees | 29,214 | 24,694 | 4,520 | 18.3 | 56,556 | 48,485 | 8,071 | 16.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total bank card transaction fees | Total bank card transaction fees | $ | 46,654 | $ | 42,045 | $ | 4,609 | 11.0 | % | Total bank card transaction fees | $ | 49,725 | $ | 43,873 | $ | 5,852 | 13.3 | % | $ | 96,379 | $ | 85,918 | $ | 10,461 | 12.2 | % |
Three Months Ended March 31 | Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||||||||||||
(In thousands) | (In thousands) | 2023 | 2022 | (In thousands) | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||
Net gains (losses) on sales of available for sale debt securities | Net gains (losses) on sales of available for sale debt securities | $ | (3,088) | $ | — | Net gains (losses) on sales of available for sale debt securities | $ | (5,356) | $ | (9,582) | $ | (8,444) | $ | (9,582) | ||||||||||||||||||||
Fair value adjustments on equity securities, net | Fair value adjustments on equity securities, net | (127) | (287) | Fair value adjustments on equity securities, net | (563) | (736) | (690) | (1,023) | ||||||||||||||||||||||||||
Net gains (losses) on sales of private equity investments | Net gains (losses) on sales of private equity investments | 658 | — | Net gains (losses) on sales of private equity investments | 221 | (4,286) | 879 | (4,286) | ||||||||||||||||||||||||||
Fair value adjustments on private equity investments | Fair value adjustments on private equity investments | 2,251 | 7,450 | Fair value adjustments on private equity investments | 9,090 | 15,633 | 11,341 | 23,083 | ||||||||||||||||||||||||||
Total investment securities gains (losses), net | Total investment securities gains (losses), net | $ | (306) | $ | 7,163 | Total investment securities gains (losses), net | $ | 3,392 | $ | 1,029 | $ | 3,086 | $ | 8,192 |
Three Months Ended March 31 | Increase (Decrease) | Three Months Ended June 30 | Increase (Decrease) | Six Months Ended June 30 | Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | 2023 | 2022 | Amount | % change | (Dollars in thousands) | 2023 | 2022 | Amount | % change | 2023 | 2022 | Amount | % change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Salaries and employee benefits | Salaries and employee benefits | $ | 144,373 | $ | 135,953 | $ | 8,420 | 6.2 | % | Salaries and employee benefits | $ | 145,429 | $ | 142,243 | $ | 3,186 | 2.2 | % | $ | 289,802 | $ | 278,196 | $ | 11,606 | 4.2 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Data processing and software | Data processing and software | 28,154 | 27,016 | 1,138 | 4.2 | Data processing and software | 28,719 | 27,635 | 1,084 | 3.9 | 56,873 | 54,651 | 2,222 | 4.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net occupancy | Net occupancy | 12,759 | 12,296 | 463 | 3.8 | Net occupancy | 12,995 | 12,503 | 492 | 3.9 | 25,754 | 24,799 | 955 | 3.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | Marketing | 6,368 | 5,836 | 532 | 9.1 | 11,839 | 12,180 | (341) | (2.8) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment | Equipment | 4,850 | 4,568 | 282 | 6.2 | Equipment | 4,864 | 4,734 | 130 | 2.7 | 9,714 | 9,302 | 412 | 4.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplies and communication | Supplies and communication | 4,590 | 4,713 | (123) | (2.6) | Supplies and communication | 4,625 | 4,361 | 264 | 6.1 | 9,215 | 9,074 | 141 | 1.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketing | 5,471 | 6,344 | (873) | (13.8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other | Other | 23,910 | 14,758 | 9,152 | 62.0 | Other | 24,611 | 16,193 | 8,418 | 52.0 | 48,521 | 30,951 | 17,570 | 56.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-interest expense | Total non-interest expense | $ | 224,107 | $ | 205,648 | $ | 18,459 | 9.0 | % | Total non-interest expense | $ | 227,611 | $ | 213,505 | $ | 14,106 | 6.6 | % | $ | 451,718 | $ | 419,153 | $ | 32,565 | 7.8 | % |
Three Months Ended | Three Months Ended | Six Months Ended June 30 | ||||||||||||||||||||||||||||||||||||||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | June 30, 2023 | Mar. 31, 2023 | June 30, 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS | ALLOWANCE FOR CREDIT LOSSES ON LOANS | ALLOWANCE FOR CREDIT LOSSES ON LOANS | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | $ | 150,136 | $ | 143,377 | $ | 150,044 | Balance at beginning of period | $ | 159,317 | $ | 150,136 | $ | 134,710 | $ | 150,136 | $ | 150,044 | ||||||||||||||||||||||
Provision for credit losses on loans | Provision for credit losses on loans | 15,948 | 12,404 | (10,686) | Provision for credit losses on loans | 5,864 | 15,948 | 7,287 | $ | 21,812 | $ | (3,399) | ||||||||||||||||||||||||||||
Net loan charge-offs (recoveries): | Net loan charge-offs (recoveries): | Net loan charge-offs (recoveries): | ||||||||||||||||||||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||||||||||||||||||||
Business | Business | 230 | 496 | 77 | Business | 165 | 230 | 19 | 395 | 96 | ||||||||||||||||||||||||||||||
Real estate-construction and land | Real estate-construction and land | — | — | — | Real estate-construction and land | (115) | — | — | (115) | — | ||||||||||||||||||||||||||||||
Real estate-business | Real estate-business | (4) | (4) | (7) | Real estate-business | (5) | (4) | (1) | (9) | (8) | ||||||||||||||||||||||||||||||
Commercial net loan charge-offs (recoveries) | Commercial net loan charge-offs (recoveries) | 226 | 492 | 70 | Commercial net loan charge-offs (recoveries) | 45 | 226 | 18 | 271 | 88 | ||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||
Real estate-personal | Real estate-personal | (11) | (40) | 22 | Real estate-personal | (6) | (11) | (41) | (17) | (19) | ||||||||||||||||||||||||||||||
Consumer | Consumer | 1,275 | 1,522 | 808 | Consumer | 1,273 | 1,275 | 633 | 2,548 | 1,441 | ||||||||||||||||||||||||||||||
Revolving home equity | Revolving home equity | (26) | (26) | 18 | Revolving home equity | (20) | (26) | (14) | (46) | 4 | ||||||||||||||||||||||||||||||
Consumer credit card | Consumer credit card | 4,325 | 3,467 | 3,372 | Consumer credit card | 4,687 | 4,325 | 2,937 | 9,012 | 6,309 | ||||||||||||||||||||||||||||||
Overdrafts | Overdrafts | 978 | 230 | 358 | Overdrafts | 517 | 978 | 425 | 1,495 | 783 | ||||||||||||||||||||||||||||||
Personal banking net loan charge-offs (recoveries) | Personal banking net loan charge-offs (recoveries) | 6,541 | 5,153 | 4,578 | Personal banking net loan charge-offs (recoveries) | 6,451 | 6,541 | 3,940 | 12,992 | 8,518 | ||||||||||||||||||||||||||||||
Total net loan charge-offs (recoveries) | Total net loan charge-offs (recoveries) | 6,767 | 5,645 | 4,648 | Total net loan charge-offs (recoveries) | 6,496 | 6,767 | 3,958 | 13,263 | 8,606 | ||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | $ | 159,317 | $ | 150,136 | $ | 134,710 | Balance at end of period | $ | 158,685 | $ | 159,317 | $ | 138,039 | $ | 158,685 | $ | 138,039 | ||||||||||||||||||||||
LIABILITY FOR UNFUNDED LENDING COMMITMENTS | LIABILITY FOR UNFUNDED LENDING COMMITMENTS | LIABILITY FOR UNFUNDED LENDING COMMITMENTS | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | Balance at beginning of period | 33,120 | 30,047 | 24,204 | Balance at beginning of period | 28,628 | 33,120 | 25,032 | 33,120 | 24,204 | ||||||||||||||||||||||||||||||
Provision for credit losses on unfunded lending commitments | Provision for credit losses on unfunded lending commitments | (4,492) | 3,073 | 828 | Provision for credit losses on unfunded lending commitments | 607 | (4,492) | (125) | (3,885) | 703 | ||||||||||||||||||||||||||||||
Balance at end of period | Balance at end of period | 28,628 | 33,120 | 25,032 | Balance at end of period | 29,235 | 28,628 | 24,907 | 29,235 | 24,907 | ||||||||||||||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | $ | 187,945 | $ | 183,256 | $ | 159,742 | ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | $ | 187,920 | $ | 187,945 | $ | 162,946 | $ | 187,920 | $ | 162,946 |
Three Months Ended | Three Months Ended | Six Months Ended June 30 | ||||||||||||||||||||||||||||||||||||||
Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | June 30, 2023 | Mar. 31, 2023 | June 30, 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||
Annualized net loan charge-offs (recoveries)*: | Annualized net loan charge-offs (recoveries)*: | Annualized net loan charge-offs (recoveries)*: | ||||||||||||||||||||||||||||||||||||||
Commercial: | Commercial: | Commercial: | ||||||||||||||||||||||||||||||||||||||
Business | Business | .02 | % | .04 | % | .01 | % | Business | .01 | % | .02 | % | — | % | .01 | % | — | % | ||||||||||||||||||||||
Real estate-construction and land | Real estate-construction and land | — | — | — | Real estate-construction and land | (.03) | — | — | (.02) | — | ||||||||||||||||||||||||||||||
Real estate-business | Real estate-business | — | — | — | Real estate-business | — | — | — | — | — | ||||||||||||||||||||||||||||||
Commercial net loan charge-offs (recoveries) | Commercial net loan charge-offs (recoveries) | .01 | .02 | — | Commercial net loan charge-offs (recoveries) | — | .01 | — | .01 | — | ||||||||||||||||||||||||||||||
Personal Banking: | Personal Banking: | Personal Banking: | ||||||||||||||||||||||||||||||||||||||
Real estate-personal | Real estate-personal | — | (.01) | — | Real estate-personal | — | — | (.01) | — | — | ||||||||||||||||||||||||||||||
Consumer | Consumer | .25 | .29 | .16 | Consumer | .24 | .25 | .12 | .25 | .14 | ||||||||||||||||||||||||||||||
Revolving home equity | Revolving home equity | (.04) | (.04) | .03 | Revolving home equity | (.03) | (.04) | (.02) | (.03) | — | ||||||||||||||||||||||||||||||
Consumer credit card | Consumer credit card | 3.15 | 2.46 | 2.53 | Consumer credit card | 3.38 | 3.15 | 2.19 | 3.27 | 2.36 | ||||||||||||||||||||||||||||||
Overdrafts | Overdrafts | 89.15 | 12.28 | 28.04 | Overdrafts | 44.79 | 89.15 | 30.86 | 66.40 | 29.50 | ||||||||||||||||||||||||||||||
Personal banking net loan charge-offs (recoveries) | Personal banking net loan charge-offs (recoveries) | .45 | .35 | .33 | Personal banking net loan charge-offs (recoveries) | .44 | .45 | .28 | .44 | .30 | ||||||||||||||||||||||||||||||
Total annualized net loan charge-offs (recoveries) | Total annualized net loan charge-offs (recoveries) | .17 | % | .14 | % | .12 | % | Total annualized net loan charge-offs (recoveries) | .16 | % | .17 | % | .10 | % | .16 | % | .11 | % |
(Dollars in thousands) | (Dollars in thousands) | March 31, 2023 | December 31, 2022 | (Dollars in thousands) | June 30, 2023 | December 31, 2022 | ||||||||||
Non-accrual loans | Non-accrual loans | $ | 7,801 | $ | 8,306 | Non-accrual loans | $ | 6,161 | $ | 8,306 | ||||||
Foreclosed real estate | Foreclosed real estate | 167 | 96 | Foreclosed real estate | 94 | 96 | ||||||||||
Total non-performing assets | Total non-performing assets | $ | 7,968 | $ | 8,402 | Total non-performing assets | $ | 6,255 | $ | 8,402 | ||||||
Non-performing assets as a percentage of total loans | Non-performing assets as a percentage of total loans | .05 | % | .05 | % | Non-performing assets as a percentage of total loans | .04 | % | .05 | % | ||||||
Non-performing assets as a percentage of total assets | Non-performing assets as a percentage of total assets | .02 | % | .03 | % | Non-performing assets as a percentage of total assets | .02 | % | .03 | % | ||||||
Total loans past due 90 days and still accruing interest | Total loans past due 90 days and still accruing interest | $ | 14,800 | $ | 15,830 | Total loans past due 90 days and still accruing interest | $ | 15,351 | $ | 15,830 |
(In thousands) | (In thousands) | March 31, 2023 | December 31, 2022 | (In thousands) | June 30, 2023 | December 31, 2022 | ||||||||||
Potential problem loans: | Potential problem loans: | Potential problem loans: | ||||||||||||||
Business | Business | $ | 67,828 | $ | 29,455 | Business | $ | 62,100 | $ | 29,455 | ||||||
Real estate – construction and land | Real estate – construction and land | 29,849 | 47,493 | Real estate – construction and land | 4,100 | 47,493 | ||||||||||
Real estate – business | Real estate – business | 136,878 | 182,526 | Real estate – business | 162,353 | 182,526 | ||||||||||
Real estate – personal | Real estate – personal | 247 | 250 | Real estate – personal | 258 | 250 | ||||||||||
Total potential problem loans | Total potential problem loans | $ | 234,802 | $ | 259,724 | Total potential problem loans | $ | 228,811 | $ | 259,724 |
(Dollars in thousands) | (Dollars in thousands) | March 31, 2023 | % of Total | % of Total Loans | December 31, 2022 | % of Total | % of Total Loans | (Dollars in thousands) | June 30, 2023 | % of Total | % of Total Loans | December 31, 2022 | % of Total | % of Total Loans | ||||||||||||||||||||||||||
Commercial construction | Commercial construction | $ | 1,203,399 | 83.7 | % | 7.3 | % | $ | 1,122,105 | 82.4 | % | 6.9 | % | Commercial construction | $ | 1,218,245 | 83.9 | % | 7.2 | % | $ | 1,122,105 | 82.4 | % | 6.9 | % | ||||||||||||||
Residential construction | Residential construction | 130,136 | 9.1 | .8 | 138,311 | 10.2 | .8 | Residential construction | 134,012 | 9.2 | .9 | 138,311 | 10.2 | .8 | ||||||||||||||||||||||||||
Residential land and land development | Residential land and land development | 52,595 | 3.6 | .3 | 50,012 | 3.7 | .3 | Residential land and land development | 57,541 | 4.0 | .3 | 50,012 | 3.7 | .3 | ||||||||||||||||||||||||||
Commercial land and land development | Commercial land and land development | 51,289 | 3.6 | .3 | 50,667 | 3.7 | .3 | Commercial land and land development | 41,985 | 2.9 | .2 | 50,667 | 3.7 | .3 | ||||||||||||||||||||||||||
Total real estate - construction and land loans | Total real estate - construction and land loans | $ | 1,437,419 | 100.0 | % | 8.7 | % | $ | 1,361,095 | 100.0 | % | 8.3 | % | Total real estate - construction and land loans | $ | 1,451,783 | 100.0 | % | 8.6 | % | $ | 1,361,095 | 100.0 | % | 8.3 | % |
(Dollars in thousands) | (Dollars in thousands) | March 31, 2023 | % of Total | % of Total Loans | December 31, 2022 | % of Total | % of Total Loans | (Dollars in thousands) | June 30, 2023 | % of Total | % of Total Loans | December 31, 2022 | % of Total | % of Total Loans | ||||||||||||||||||||||||||
Owner-occupied | Owner-occupied | $ | 1,156,873 | 33.2 | % | 7.0 | % | $ | 1,136,189 | 33.3 | % | 7.0 | % | Owner-occupied | $ | 1,146,899 | 31.7 | % | 6.8 | % | $ | 1,136,189 | 33.3 | % | 7.0 | % | ||||||||||||||
Industrial | Industrial | 566,197 | 15.6 | 3.3 | 478,534 | 14.0 | 2.9 | |||||||||||||||||||||||||||||||||
Office | Office | 500,524 | 14.4 | 3.0 | 497,601 | 14.6 | 3.1 | Office | 502,774 | 13.9 | 3.0 | 497,601 | 14.6 | 3.1 | ||||||||||||||||||||||||||
Industrial | 482,093 | 13.8 | 2.9 | 478,534 | 14.0 | 2.9 | ||||||||||||||||||||||||||||||||||
Retail | Retail | 354,592 | 10.2 | 2.1 | 322,971 | 9.5 | 2.0 | Retail | 358,048 | 9.9 | 2.1 | 322,971 | 9.5 | 2.0 | ||||||||||||||||||||||||||
Multi-family | Multi-family | 289,700 | 8.3 | 1.8 | 308,156 | 9.0 | 1.9 | Multi-family | 303,323 | 8.4 | 1.8 | 308,156 | 9.0 | 1.9 | ||||||||||||||||||||||||||
Hotels | Hotels | 252,463 | 7.2 | 1.5 | 230,972 | 6.8 | 1.4 | Hotels | 250,269 | 6.9 | 1.5 | 230,972 | 6.8 | 1.4 | ||||||||||||||||||||||||||
Farm | Farm | 194,723 | 5.6 | 1.2 | 195,920 | 5.8 | 1.2 | Farm | 195,645 | 5.4 | 1.2 | 195,920 | 5.8 | 1.2 | ||||||||||||||||||||||||||
Senior living | Senior living | 144,273 | 4.1 | .9 | 131,217 | 3.9 | .8 | Senior living | 171,198 | 4.7 | 1.0 | 131,217 | 3.9 | .8 | ||||||||||||||||||||||||||
Other | Other | 111,302 | 3.2 | .7 | 105,421 | 3.1 | .6 | Other | 126,869 | 3.5 | .7 | 105,421 | 3.1 | .6 | ||||||||||||||||||||||||||
Total real estate - business loans | Total real estate - business loans | $ | 3,486,543 | 100.0 | % | 21.1 | % | $ | 3,406,981 | 100.0 | % | 20.9 | % | Total real estate - business loans | $ | 3,621,222 | 100.0 | % | 21.4 | % | $ | 3,406,981 | 100.0 | % | 20.9 | % |
(Dollars in thousands) | (Dollars in thousands) | Pass | Special Mention | Substandard | Non-Accrual | Total | (Dollars in thousands) | Pass | Special Mention | Substandard | Non-Accrual | Total | ||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||||||||||
June 30, 2023 | June 30, 2023 | |||||||||||||||||||||||||||||||||
Owner-occupied | Owner-occupied | $ | 1,148,677 | $ | 615 | $ | 7,469 | $ | 112 | $ | 1,156,873 | Owner-occupied | $ | 1,131,420 | $ | 8,446 | $ | 6,939 | $ | 94 | $ | 1,146,899 | ||||||||||||
Industrial | Industrial | 566,103 | 94 | — | — | 566,197 | ||||||||||||||||||||||||||||
Office | Office | 497,137 | 3,387 | — | — | 500,524 | Office | 499,432 | — | 3,342 | — | 502,774 | ||||||||||||||||||||||
Industrial | 482,093 | — | — | — | 482,093 | |||||||||||||||||||||||||||||
Retail | Retail | 352,694 | — | 1,898 | — | 354,592 | Retail | 356,182 | — | 1,866 | — | 358,048 | ||||||||||||||||||||||
Multi-family | Multi-family | 283,119 | 1,958 | 4,623 | — | 289,700 | Multi-family | 301,377 | 1,946 | — | — | 303,323 | ||||||||||||||||||||||
Hotels | Hotels | 241,194 | 9,606 | 1,663 | — | 252,463 | Hotels | 239,115 | 9,492 | 1,662 | — | 250,269 | ||||||||||||||||||||||
Farm | Farm | 194,488 | 177 | — | 58 | 194,723 | Farm | 195,409 | 177 | — | 59 | 195,645 | ||||||||||||||||||||||
Senior living | Senior living | 23,212 | — | 121,060 | 1 | 144,273 | Senior living | 22,858 | — | 148,340 | — | 171,198 | ||||||||||||||||||||||
Other | Other | 111,034 | 268 | — | — | 111,302 | Other | 126,609 | 260 | — | — | 126,869 | ||||||||||||||||||||||
Total | Total | $ | 3,333,648 | $ | 16,011 | $ | 136,713 | $ | 171 | $ | 3,486,543 | Total | $ | 3,438,505 | $ | 20,415 | $ | 162,149 | $ | 153 | $ | 3,621,222 | ||||||||||||
December 31, 2022 | December 31, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||
Owner-occupied | Owner-occupied | $ | 1,129,343 | $ | 632 | $ | 6,084 | $ | 130 | $ | 1,136,189 | Owner-occupied | $ | 1,129,343 | $ | 632 | $ | 6,084 | $ | 130 | $ | 1,136,189 | ||||||||||||
Industrial | Industrial | 478,534 | — | — | — | 478,534 | ||||||||||||||||||||||||||||
Office | Office | 494,169 | 3,432 | — | — | 497,601 | Office | 494,169 | 3,432 | — | — | 497,601 | ||||||||||||||||||||||
Industrial | 478,534 | — | — | — | 478,534 | |||||||||||||||||||||||||||||
Retail | Retail | 321,041 | — | 1,930 | — | 322,971 | Retail | 321,041 | — | 1,930 | — | 322,971 | ||||||||||||||||||||||
Multi-family | Multi-family | 286,202 | 1,975 | 19,979 | — | 308,156 | Multi-family | 286,202 | 1,975 | 19,979 | — | 308,156 | ||||||||||||||||||||||
Hotels | Hotels | 174,558 | 9,725 | 46,689 | — | 230,972 | Hotels | 174,558 | 9,725 | 46,689 | — | 230,972 | ||||||||||||||||||||||
Farm | Farm | 195,685 | 177 | — | 58 | 195,920 | Farm | 195,685 | 177 | — | 58 | 195,920 | ||||||||||||||||||||||
Senior living | Senior living | 23,514 | — | 107,702 | 1 | 131,217 | Senior living | 23,514 | — | 107,702 | 1 | 131,217 | ||||||||||||||||||||||
Other | Other | 105,144 | 277 | — | — | 105,421 | Other | 105,144 | 277 | — | — | 105,421 | ||||||||||||||||||||||
Total | Total | $ | 3,208,190 | $ | 16,218 | $ | 182,384 | $ | 189 | $ | 3,406,981 | Total | $ | 3,208,190 | $ | 16,218 | $ | 182,384 | $ | 189 | $ | 3,406,981 |
(In thousands) | (In thousands) | March 31, 2023 | December 31, 2022 | Unfunded commitments at March 31, 2023 | (In thousands) | June 30, 2023 | December 31, 2022 | Unfunded commitments at June 30, 2023 | ||||||||||||||||||||
Extraction | Extraction | $ | 233,670 | $ | 235,933 | $ | 150,203 | Extraction | $ | 191,884 | $ | 235,933 | $ | 160,598 | ||||||||||||||
Mid-stream shipping and storage | Mid-stream shipping and storage | 27,520 | 43,432 | 107,637 | Mid-stream shipping and storage | 26,382 | 43,432 | 94,215 | ||||||||||||||||||||
Downstream distribution and refining | Downstream distribution and refining | 14,934 | 7,675 | 8,433 | Downstream distribution and refining | 10,686 | 7,675 | 12,117 | ||||||||||||||||||||
Support activities | Support activities | 9,017 | 9,387 | 7,532 | Support activities | 9,202 | 9,387 | 5,964 | ||||||||||||||||||||
Total energy lending portfolio | Total energy lending portfolio | $ | 285,141 | $ | 296,427 | $ | 273,805 | Total energy lending portfolio | $ | 238,154 | $ | 296,427 | $ | 272,894 |
(In thousands) | (In thousands) | March 31, 2023 | March 31, 2022 | December 31, 2022 | (In thousands) | June 30, 2023 | June 30, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Liquid assets: | Liquid assets: | Liquid assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Available for sale debt securities | Available for sale debt securities | $ | 11,228,616 | $ | 14,780,494 | $ | 12,238,316 | Available for sale debt securities | $ | 10,414,625 | $ | 13,700,308 | $ | 12,238,316 | ||||||||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 27,060 | — | 49,505 | Federal funds sold | 2,750 | 26,000 | 49,505 | ||||||||||||||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | 825,000 | 1,825,000 | 825,000 | Securities purchased under agreements to resell | 825,000 | 1,450,000 | 825,000 | ||||||||||||||||||||||||||||||||||||||||||||
Balances at the Federal Reserve Bank | Balances at the Federal Reserve Bank | 1,341,854 | 1,260,813 | 389,140 | Balances at the Federal Reserve Bank | 2,568,695 | 684,994 | 389,140 | ||||||||||||||||||||||||||||||||||||||||||||
Total | Total | $ | 13,422,530 | $ | 17,866,307 | $ | 13,501,961 | Total | $ | 13,811,070 | $ | 15,861,302 | $ | 13,501,961 |
(In thousands) | (In thousands) | March 31, 2023 | March 31, 2022 | December 31, 2022 | (In thousands) | June 30, 2023 | June 30, 2022 | December 31, 2022 | ||||||||||||||||||||
Investment securities pledged for the purpose of securing: | Investment securities pledged for the purpose of securing: | Investment securities pledged for the purpose of securing: | ||||||||||||||||||||||||||
Federal Reserve Bank borrowings | Federal Reserve Bank borrowings | $ | 3,145,959 | $ | 16,260 | $ | 11,469 | Federal Reserve Bank borrowings | $ | 2,852,481 | $ | 14,854 | $ | 11,469 | ||||||||||||||
FHLB borrowings and letters of credit | FHLB borrowings and letters of credit | 294,025 | 2,798 | 1,817 | FHLB borrowings and letters of credit | 315,323 | 2,405 | 1,817 | ||||||||||||||||||||
Securities sold under agreements to repurchase * | Securities sold under agreements to repurchase * | 2,290,546 | 2,575,444 | 2,950,240 | Securities sold under agreements to repurchase * | 2,630,852 | 2,506,986 | 2,950,240 | ||||||||||||||||||||
Other deposits and swaps | Other deposits and swaps | 2,409,058 | 2,606,141 | 1,772,974 | Other deposits and swaps | 2,340,094 | 2,767,433 | 1,772,974 | ||||||||||||||||||||
Total pledged securities | Total pledged securities | 8,139,588 | 5,200,643 | 4,736,500 | Total pledged securities | 8,138,750 | 5,291,678 | 4,736,500 | ||||||||||||||||||||
Unpledged and available for pledging | Unpledged and available for pledging | 3,070,590 | 8,426,648 | 6,545,695 | Unpledged and available for pledging | 2,263,586 | 7,390,389 | 6,545,695 | ||||||||||||||||||||
Ineligible for pledging | Ineligible for pledging | 18,438 | 1,153,203 | 956,121 | Ineligible for pledging | 12,289 | 1,018,241 | 956,121 | ||||||||||||||||||||
Total available for sale debt securities, at fair value | Total available for sale debt securities, at fair value | $ | 11,228,616 | $ | 14,780,494 | $ | 12,238,316 | Total available for sale debt securities, at fair value | $ | 10,414,625 | $ | 13,700,308 | $ | 12,238,316 |
(In thousands) | (In thousands) | March 31, 2023 | March 31, 2022 | December 31, 2022 | (In thousands) | June 30, 2023 | June 30, 2022 | December 31, 2022 | ||||||||||||||||||||
Core deposit base: | Core deposit base: | Core deposit base: | ||||||||||||||||||||||||||
Non-interest bearing | Non-interest bearing | $ | 8,685,234 | $ | 11,428,372 | $ | 10,066,356 | Non-interest bearing | $ | 8,198,849 | $ | 11,102,585 | $ | 10,066,356 | ||||||||||||||
Interest checking | Interest checking | 6,464,948 | 3,301,315 | 1,854,336 | Interest checking | 6,790,331 | 2,815,600 | 1,854,336 | ||||||||||||||||||||
Savings and money market | Savings and money market | 7,954,793 | 13,450,317 | 13,272,645 | Savings and money market | 7,628,643 | 13,247,464 | 13,272,645 | ||||||||||||||||||||
Total | Total | $ | 23,104,975 | $ | 28,180,004 | $ | 25,193,337 | Total | $ | 22,617,823 | $ | 27,165,649 | $ | 25,193,337 |
(In thousands) | (In thousands) | March 31, 2023 | March 31, 2022 | December 31, 2022 | (In thousands) | June 30, 2023 | June 30, 2022 | December 31, 2022 | ||||||||||||||||||||
Borrowings: | Borrowings: | Borrowings: | ||||||||||||||||||||||||||
Federal funds purchased | Federal funds purchased | $ | 756,470 | $ | 17,315 | $ | 159,860 | Federal funds purchased | $ | 511,400 | $ | 7,750 | $ | 159,860 | ||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 2,028,089 | 2,300,146 | 2,681,874 | Securities sold under agreements to repurchase | 2,366,621 | 2,226,546 | 2,681,874 | ||||||||||||||||||||
FHLB advances | FHLB advances | 1,500,000 | — | — | FHLB advances | 1,000,000 | — | — | ||||||||||||||||||||
Other debt | Other debt | 7,776 | 9,057 | 9,672 | Other debt | 5,613 | 6,025 | 9,672 | ||||||||||||||||||||
Total | Total | $ | 4,292,335 | $ | 2,326,518 | $ | 2,851,406 | Total | $ | 3,883,634 | $ | 2,240,321 | $ | 2,851,406 |
March 31, 2023 | June 30, 2023 | |||||||||||||||||||||
(In thousands) | (In thousands) | FHLB | Federal Reserve | Total | (In thousands) | FHLB | Federal Reserve | Total | ||||||||||||||
Total collateral value established by FHLB and FRB | Total collateral value established by FHLB and FRB | $ | 2,165,815 | $ | 3,829,015 | $ | 5,994,830 | Total collateral value established by FHLB and FRB | $ | 2,446,938 | $ | 4,952,458 | $ | 7,399,396 | ||||||||
Advances outstanding | Advances outstanding | (1,500,000) | — | (1,500,000) | Advances outstanding | (1,000,000) | — | (1,000,000) | ||||||||||||||
Letters of credit issued | Letters of credit issued | (111,515) | — | (111,515) | Letters of credit issued | (327,541) | — | (327,541) | ||||||||||||||
Available for future advances | Available for future advances | $ | 554,300 | $ | 3,829,015 | $ | 4,383,315 | Available for future advances | $ | 1,119,397 | $ | 4,952,458 | $ | 6,071,855 |
Standard & Poor’s | Moody’s | |||||||
Commerce Bancshares, Inc. | ||||||||
Issuer rating | A- | |||||||
Rating outlook | Stable | |||||||
Commerce Bank | ||||||||
Issuer rating | A | A2 | ||||||
Baseline credit assessment | a1 | |||||||
Short-term rating | A-1 | P-1 | ||||||
Rating outlook | Stable | Stable |
(Dollars in thousands) | (Dollars in thousands) | March 31, 2023 | December 31, 2022 | Minimum Ratios under Capital Adequacy Guidelines | Minimum Ratios for Well-Capitalized Banks * | (Dollars in thousands) | June 30, 2023 | December 31, 2022 | Minimum Ratios under Capital Adequacy Guidelines | Minimum Ratios for Well-Capitalized Banks * | ||||||||||||||||||
Risk-adjusted assets | Risk-adjusted assets | $ | 23,928,212 | $ | 24,178,423 | Risk-adjusted assets | $ | 24,144,821 | $ | 24,178,423 | ||||||||||||||||||
Tier I common risk-based capital | Tier I common risk-based capital | 3,463,319 | 3,417,223 | Tier I common risk-based capital | 3,561,233 | 3,417,223 | ||||||||||||||||||||||
Tier I risk-based capital | Tier I risk-based capital | 3,463,319 | 3,417,223 | Tier I risk-based capital | 3,561,233 | 3,417,223 | ||||||||||||||||||||||
Total risk-based capital | Total risk-based capital | 3,651,557 | 3,600,920 | Total risk-based capital | 3,749,447 | 3,600,920 | ||||||||||||||||||||||
Tier I common risk-based capital ratio | Tier I common risk-based capital ratio | 14.47 | % | 14.13 | % | 7.00 | % | 6.50 | % | Tier I common risk-based capital ratio | 14.75 | % | 14.13 | % | 7.00 | % | 6.50 | % | ||||||||||
Tier I risk-based capital ratio | Tier I risk-based capital ratio | 14.47 | 14.13 | 8.50 | 8.00 | Tier I risk-based capital ratio | 14.75 | 14.13 | 8.50 | 8.00 | ||||||||||||||||||
Total risk-based capital ratio | Total risk-based capital ratio | 15.26 | 14.89 | 10.50 | 10.00 | Total risk-based capital ratio | 15.53 | 14.89 | 10.50 | 10.00 | ||||||||||||||||||
Tier I leverage ratio | Tier I leverage ratio | 10.61 | 10.34 | 4.00 | 5.00 | Tier I leverage ratio | 10.46 | 10.34 | 4.00 | 5.00 |
(Dollars in thousands) | (Dollars in thousands) | Consumer | Commercial | Wealth | Segment Totals | Other/ Elimination | Consolidated Totals | (Dollars in thousands) | Consumer | Commercial | Wealth | Segment Totals | Other/ Elimination | Consolidated Totals | ||||||||||||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 | Six Months Ended June 30, 2023 | |||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 96,854 | $ | 116,166 | $ | 17,540 | $ | 230,560 | $ | 21,063 | $ | 251,623 | Net interest income | $ | 198,406 | $ | 232,628 | $ | 34,564 | $ | 465,598 | $ | 35,563 | $ | 501,161 | ||||||||||||||
Provision for credit losses | Provision for credit losses | (6,306) | (393) | (13) | (6,712) | (4,744) | (11,456) | Provision for credit losses | (12,736) | (483) | (13) | (13,232) | (4,695) | (17,927) | ||||||||||||||||||||||||||
Non-interest income | Non-interest income | 24,303 | 58,324 | 52,944 | 135,571 | 2,041 | 137,612 | Non-interest income | 49,834 | 123,093 | 107,457 | 280,384 | 4,833 | 285,217 | ||||||||||||||||||||||||||
Investment securities gains (losses), net | Investment securities gains (losses), net | — | — | — | — | (306) | (306) | Investment securities gains (losses), net | — | — | — | — | 3,086 | 3,086 | ||||||||||||||||||||||||||
Non-interest expense | Non-interest expense | (77,326) | (93,623) | (39,636) | (210,585) | (13,522) | (224,107) | Non-interest expense | (160,757) | (192,050) | (80,108) | (432,915) | (18,803) | (451,718) | ||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | $ | 37,525 | $ | 80,474 | $ | 30,835 | $ | 148,834 | $ | 4,532 | $ | 153,366 | Income before income taxes | $ | 74,747 | $ | 163,188 | $ | 61,900 | $ | 299,835 | $ | 19,984 | $ | 319,819 | ||||||||||||||
Three Months Ended March 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||||||
Net interest income | Net interest income | $ | 86,818 | $ | 108,953 | $ | 18,869 | $ | 214,640 | $ | (5,854) | $ | 208,786 | Net interest income | $ | 177,379 | $ | 219,135 | $ | 38,091 | $ | 434,605 | $ | 6,566 | $ | 441,171 | ||||||||||||||
Provision for credit losses | Provision for credit losses | (4,504) | (82) | (26) | (4,612) | 14,470 | 9,858 | Provision for credit losses | (8,413) | (145) | (3) | (8,561) | 11,257 | 2,696 | ||||||||||||||||||||||||||
Non-interest income | Non-interest income | 26,415 | 53,651 | 53,206 | 133,272 | (1,503) | 131,769 | Non-interest income | 54,755 | 110,466 | 107,189 | 272,410 | (1,214) | 271,196 | ||||||||||||||||||||||||||
Investment securities gains (losses), net | Investment securities gains (losses), net | — | — | — | — | 7,163 | 7,163 | Investment securities gains (losses), net | — | — | — | — | 8,192 | 8,192 | ||||||||||||||||||||||||||
Non-interest expense | Non-interest expense | (74,823) | (89,506) | (36,288) | (200,617) | (5,031) | (205,648) | Non-interest expense | (152,453) | (180,822) | (72,779) | (406,054) | (13,099) | (419,153) | ||||||||||||||||||||||||||
Income before income taxes | Income before income taxes | $ | 33,906 | $ | 73,016 | $ | 35,761 | $ | 142,683 | $ | 9,245 | $ | 151,928 | Income before income taxes | $ | 71,268 | $ | 148,634 | $ | 72,498 | $ | 292,400 | $ | 11,702 | $ | 304,102 | ||||||||||||||
Increase (decrease) in income before income taxes: | Increase (decrease) in income before income taxes: | Increase (decrease) in income before income taxes: | ||||||||||||||||||||||||||||||||||||||
Amount | Amount | $ | 3,619 | $ | 7,458 | $ | (4,926) | $ | 6,151 | $ | (4,713) | $ | 1,438 | Amount | $ | 3,479 | $ | 14,554 | $ | (10,598) | $ | 7,435 | $ | 8,282 | $ | 15,717 | ||||||||||||||
Percent | Percent | 10.7 | % | 10.2 | % | (13.8 | %) | 4.3 | % | (51.0) | % | .9 | % | Percent | 4.9 | % | 9.8 | % | (14.6 | %) | 2.5 | % | 70.8 | % | 5.2 | % |
First Quarter 2023 | First Quarter 2022 | Second Quarter 2023 | Second Quarter 2022 | |||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | Average Balance | Interest Income/Expense | Avg. Rates Earned/Paid | Average Balance | Interest Income/Expense | Avg. Rates Earned/Paid | (Dollars in thousands) | Average Balance | Interest Income/Expense | Avg. Rates Earned/Paid | Average Balance | Interest Income/Expense | Avg. Rates Earned/Paid | ||||||||||||||||||||||||||||||||
ASSETS: | ASSETS: | ASSETS: | ||||||||||||||||||||||||||||||||||||||||||||
Loans: | Loans: | Loans: | ||||||||||||||||||||||||||||||||||||||||||||
Business(A) | Business(A) | $ | 5,656,104 | $ | 74,037 | 5.31 | % | $ | 5,324,172 | $ | 38,416 | 2.93 | % | Business(A) | $ | 5,757,388 | $ | 80,040 | 5.58 | % | $ | 5,385,181 | $ | 42,402 | 3.16 | % | ||||||||||||||||||||
Real estate — construction and land | Real estate — construction and land | 1,410,835 | 25,486 | 7.33 | 1,134,902 | 10,526 | 3.76 | Real estate — construction and land | 1,450,196 | 28,645 | 7.92 | 1,225,267 | 12,489 | 4.09 | ||||||||||||||||||||||||||||||||
Real estate — business | Real estate — business | 3,478,382 | 48,444 | 5.65 | 3,095,068 | 25,801 | 3.38 | Real estate — business | 3,540,851 | 52,626 | 5.96 | 3,163,508 | 29,173 | 3.70 | ||||||||||||||||||||||||||||||||
Real estate — personal | Real estate — personal | 2,933,750 | 26,086 | 3.61 | 2,808,980 | 22,696 | 3.28 | Real estate — personal | 2,960,962 | 27,139 | 3.68 | 2,825,578 | 23,043 | 3.27 | ||||||||||||||||||||||||||||||||
Consumer | Consumer | 2,067,385 | 27,060 | 5.31 | 2,040,200 | 18,084 | 3.59 | Consumer | 2,098,523 | 29,454 | 5.63 | 2,070,560 | 18,697 | 3.62 | ||||||||||||||||||||||||||||||||
Revolving home equity | Revolving home equity | 296,748 | 5,146 | 7.03 | 273,859 | 2,347 | 3.48 | Revolving home equity | 300,623 | 5,661 | 7.55 | 272,280 | 2,507 | 3.69 | ||||||||||||||||||||||||||||||||
Consumer credit card | Consumer credit card | 556,223 | 18,757 | 13.68 | 540,844 | 15,130 | 11.35 | Consumer credit card | 555,875 | 19,088 | 13.77 | 537,681 | 15,170 | 11.32 | ||||||||||||||||||||||||||||||||
Overdrafts | Overdrafts | 4,449 | — | — | 5,178 | — | — | Overdrafts | 4,630 | — | — | 5,524 | — | — | ||||||||||||||||||||||||||||||||
Total loans | Total loans | 16,403,876 | 225,016 | 5.56 | 15,223,203 | 133,000 | 3.54 | Total loans | 16,669,048 | 242,653 | 5.84 | 15,485,579 | 143,481 | 3.72 | ||||||||||||||||||||||||||||||||
Loans held for sale | Loans held for sale | 5,708 | 145 | 10.30 | 9,383 | 150 | 6.48 | Loans held for sale | 5,957 | 151 | 10.17 | 7,933 | 161 | 8.14 | ||||||||||||||||||||||||||||||||
Investment securities: | Investment securities: | Investment securities: | ||||||||||||||||||||||||||||||||||||||||||||
U.S. government and federal agency obligations | U.S. government and federal agency obligations | 1,099,067 | 5,138 | 1.90 | 1,103,749 | 9,317 | 3.42 | U.S. government and federal agency obligations | 1,035,651 | 8,842 | 3.42 | 1,119,305 | 13,770 | 4.93 | ||||||||||||||||||||||||||||||||
Government-sponsored enterprise obligations | Government-sponsored enterprise obligations | 87,086 | 690 | 3.21 | 51,770 | 298 | 2.33 | Government-sponsored enterprise obligations | 55,751 | 331 | 2.38 | 55,762 | 332 | 2.39 | ||||||||||||||||||||||||||||||||
State and municipal obligations(A) | State and municipal obligations(A) | 1,793,756 | 9,994 | 2.26 | 2,077,600 | 11,708 | 2.29 | State and municipal obligations(A) | 1,532,519 | 7,809 | 2.04 | 2,126,380 | 12,189 | 2.30 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | Mortgage-backed securities | 6,454,408 | 32,830 | 2.06 | 7,316,609 | 35,770 | 1.98 | Mortgage-backed securities | 6,316,224 | 32,930 | 2.09 | 7,158,252 | 35,602 | 1.99 | ||||||||||||||||||||||||||||||||
Asset-backed securities | Asset-backed securities | 3,233,757 | 16,041 | 2.01 | 3,933,061 | 10,984 | 1.13 | Asset-backed securities | 2,827,911 | 14,666 | 2.08 | 4,038,113 | 13,612 | 1.35 | ||||||||||||||||||||||||||||||||
Other debt securities | Other debt securities | 528,941 | 2,523 | 1.93 | 636,247 | 3,134 | 2.00 | Other debt securities | 519,988 | 2,413 | 1.86 | 643,463 | 3,157 | 1.97 | ||||||||||||||||||||||||||||||||
Trading debt securities(A) | Trading debt securities(A) | 45,757 | 518 | 4.59 | 40,686 | 185 | 1.84 | Trading debt securities(A) | 46,493 | 525 | 4.53 | 43,904 | 269 | 2.46 | ||||||||||||||||||||||||||||||||
Equity securities(A) | Equity securities(A) | 12,458 | 714 | 23.24 | 9,498 | 609 | 26.00 | Equity securities(A) | 12,335 | 715 | 23.25 | 9,094 | 610 | 26.90 | ||||||||||||||||||||||||||||||||
Other securities(A) | Other securities(A) | 229,867 | 4,029 | 7.11 | 192,311 | 2,802 | 5.91 | Other securities(A) | 273,587 | 6,409 | 9.40 | 195,090 | 10,886 | 22.38 | ||||||||||||||||||||||||||||||||
Total investment securities | Total investment securities | 13,485,097 | 72,477 | 2.18 | 15,361,531 | 74,807 | 1.97 | Total investment securities | 12,620,459 | 74,640 | 2.37 | 15,389,363 | 90,427 | 2.36 | ||||||||||||||||||||||||||||||||
Federal funds sold | Federal funds sold | 38,978 | 489 | 5.09 | 1,053 | 1 | .39 | Federal funds sold | 7,484 | 105 | 5.63 | 4,269 | 19 | 1.79 | ||||||||||||||||||||||||||||||||
Securities purchased under agreements to resell | Securities purchased under agreements to resell | 825,000 | 3,952 | 1.94 | 1,733,887 | 5,300 | 1.24 | Securities purchased under agreements to resell | 824,974 | 4,099 | 1.99 | 1,703,569 | 4,385 | 1.03 | ||||||||||||||||||||||||||||||||
Interest earning deposits with banks | Interest earning deposits with banks | 809,935 | 9,336 | 4.67 | 2,608,029 | 1,151 | .18 | Interest earning deposits with banks | 2,284,162 | 29,254 | 5.14 | 1,248,942 | 2,428 | .78 | ||||||||||||||||||||||||||||||||
Total interest earning assets | Total interest earning assets | 31,568,594 | 311,415 | 4.00 | 34,937,086 | 214,409 | 2.49 | Total interest earning assets | 32,412,084 | 350,902 | 4.34 | 33,839,655 | 240,901 | 2.86 | ||||||||||||||||||||||||||||||||
Allowance for credit losses on loans | Allowance for credit losses on loans | (150,117) | (149,685) | Allowance for credit losses on loans | (159,068) | (134,670) | ||||||||||||||||||||||||||||||||||||||||
Unrealized loss on debt securities | (1,387,196) | (174,297) | ||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on debt securities | Unrealized gain (loss) on debt securities | (1,331,002) | (851,110) | |||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | Cash and due from banks | 314,024 | 340,242 | Cash and due from banks | 309,789 | 315,352 | ||||||||||||||||||||||||||||||||||||||||
Premises and equipment, net | Premises and equipment, net | 431,288 | 407,000 | Premises and equipment, net | 449,030 | 401,663 | ||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets | 631,239 | 557,158 | Other assets | 1,182,521 | 521,478 | ||||||||||||||||||||||||||||||||||||||||
Total assets | Total assets | $ | 31,407,832 | $ | 35,917,504 | Total assets | $ | 32,863,354 | $ | 34,092,368 | ||||||||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY: | LIABILITIES AND EQUITY: | LIABILITIES AND EQUITY: | ||||||||||||||||||||||||||||||||||||||||||||
Interest bearing deposits: | Interest bearing deposits: | Interest bearing deposits: | ||||||||||||||||||||||||||||||||||||||||||||
Savings | Savings | $ | 1,550,215 | 193 | .05 | $ | 1,563,093 | 178 | .05 | Savings | $ | 1,516,887 | 186 | .05 | $ | 1,609,694 | 157 | .04 | ||||||||||||||||||||||||||||
Interest checking and money market | Interest checking and money market | 13,265,485 | 19,958 | .61 | 14,949,727 | 1,582 | .04 | Interest checking and money market | 12,918,399 | 29,860 | .93 | 14,847,306 | 2,121 | .06 | ||||||||||||||||||||||||||||||||
Certificates of deposit of less than $100,000 | Certificates of deposit of less than $100,000 | 415,367 | 1,425 | 1.39 | 429,852 | 139 | .13 | Certificates of deposit of less than $100,000 | 1,075,110 | 10,125 | 3.78 | 411,655 | 205 | .20 | ||||||||||||||||||||||||||||||||
Certificates of deposit of $100,000 and over | Certificates of deposit of $100,000 and over | 903,393 | 6,627 | 2.98 | 862,232 | 427 | .20 | Certificates of deposit of $100,000 and over | 1,472,208 | 14,416 | 3.93 | 648,728 | 470 | .29 | ||||||||||||||||||||||||||||||||
Total interest bearing deposits | Total interest bearing deposits | 16,134,460 | 28,203 | .71 | 17,804,904 | 2,326 | .05 | Total interest bearing deposits | 16,982,604 | 54,587 | 1.29 | 17,517,383 | 2,953 | .07 | ||||||||||||||||||||||||||||||||
Borrowings: | Borrowings: | Borrowings: | ||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased | Federal funds purchased | $ | 493,721 | $ | 5,586 | 4.59 | 23,356 | $ | 7 | .12 | Federal funds purchased | $ | 507,165 | $ | 6,397 | 5.06 | 113,128 | $ | 224 | .79 | ||||||||||||||||||||||||||
Securities sold under agreements to repurchase | Securities sold under agreements to repurchase | 2,418,726 | 17,495 | 2.93 | 2,712,468 | 682 | .10 | Securities sold under agreements to repurchase | 2,206,612 | 17,014 | 3.09 | 2,258,184 | 2,702 | .48 | ||||||||||||||||||||||||||||||||
Other borrowings(B) | Other borrowings(B) | 551,267 | 6,720 | 4.94 | 768 | 1 | .53 | Other borrowings(B) | 1,617,952 | 21,147 | 5.24 | 2,029 | 12 | 2.37 | ||||||||||||||||||||||||||||||||
Total borrowings | Total borrowings | 3,463,714 | 29,801 | 3.49 | 2,736,592 | 690 | .10 | Total borrowings | 4,331,729 | 44,558 | 4.13 | 2,373,341 | 2,938 | .50 | ||||||||||||||||||||||||||||||||
Total interest bearing liabilities | Total interest bearing liabilities | 19,598,174 | 58,004 | 1.20 | % | 20,541,496 | 3,016 | .06 | % | Total interest bearing liabilities | 21,314,333 | 99,145 | 1.87 | % | 19,890,724 | 5,891 | .12 | % | ||||||||||||||||||||||||||||
Non-interest bearing deposits | Non-interest bearing deposits | 9,114,512 | 11,544,701 | Non-interest bearing deposits | 8,224,475 | 11,209,680 | ||||||||||||||||||||||||||||||||||||||||
Other liabilities | Other liabilities | 112,052 | 505,644 | Other liabilities | 598,915 | 139,986 | ||||||||||||||||||||||||||||||||||||||||
Equity | Equity | 2,583,094 | 3,325,663 | Equity | 2,725,631 | 2,851,978 | ||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | Total liabilities and equity | $ | 31,407,832 | $ | 35,917,504 | Total liabilities and equity | $ | 32,863,354 | $ | 34,092,368 | ||||||||||||||||||||||||||||||||||||
Net interest margin (FTE) | Net interest margin (FTE) | $ | 253,411 | $ | 211,393 | Net interest margin (FTE) | $ | 251,757 | $ | 235,010 | ||||||||||||||||||||||||||||||||||||
Net yield on interest earning assets | Net yield on interest earning assets | 3.26 | % | 2.45 | % | Net yield on interest earning assets | 3.12 | % | 2.79 | % |
Six Months 2023 | Six Months 2022 | ||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Income/Expense | Avg. Rates Earned/Paid | Average Balance | Interest Income/Expense | Avg. Rates Earned/Paid | |||||||||||||||||
ASSETS: | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||
Business(A) | $ | 5,707,026 | $ | 154,077 | 5.44 | % | $ | 5,354,845 | $ | 80,818 | 3.04 | % | |||||||||||
Real estate — construction and land | 1,430,624 | 54,131 | 7.63 | 1,180,334 | 23,015 | 3.93 | |||||||||||||||||
Real estate — business | 3,509,789 | 101,070 | 5.81 | 3,129,477 | 54,974 | 3.54 | |||||||||||||||||
Real estate — personal | 2,947,431 | 53,225 | 3.64 | 2,817,325 | 45,739 | 3.27 | |||||||||||||||||
Consumer | 2,083,040 | 56,514 | 5.47 | 2,055,464 | 36,781 | 3.61 | |||||||||||||||||
Revolving home equity | 298,696 | 10,807 | 7.30 | 273,065 | 4,854 | 3.58 | |||||||||||||||||
Consumer credit card | 556,048 | 37,845 | 13.72 | 539,254 | 30,300 | 11.33 | |||||||||||||||||
Overdrafts | 4,540 | — | — | 5,352 | — | — | |||||||||||||||||
Total loans | 16,537,194 | 467,669 | 5.70 | 15,355,116 | 276,481 | 3.63 | |||||||||||||||||
Loans held for sale | 5,833 | 296 | 10.23 | 8,654 | 311 | 7.25 | |||||||||||||||||
Investment securities: | |||||||||||||||||||||||
U.S. government and federal agency obligations | 1,067,184 | 13,980 | 2.64 | 1,111,570 | 23,087 | 4.19 | |||||||||||||||||
Government-sponsored enterprise obligations | 71,332 | 1,021 | 2.89 | 53,777 | 630 | 2.36 | |||||||||||||||||
State and municipal obligations(A) | 1,662,416 | 17,803 | 2.16 | 2,102,125 | 23,897 | 2.29 | |||||||||||||||||
Mortgage-backed securities | 6,384,934 | 65,760 | 2.08 | 7,236,993 | 71,372 | 1.99 | |||||||||||||||||
Asset-backed securities | 3,029,713 | 30,707 | 2.04 | 3,985,877 | 24,596 | 1.24 | |||||||||||||||||
Other debt securities | 524,440 | 4,936 | 1.90 | 639,875 | 6,291 | 1.98 | |||||||||||||||||
Trading debt securities(A) | 46,127 | 1,043 | 4.56 | 42,304 | 454 | 2.16 | |||||||||||||||||
Equity securities(A) | 12,396 | 1,429 | 23.25 | 9,295 | 1,219 | 26.45 | |||||||||||||||||
Other securities(A) | 251,848 | 10,438 | 8.36 | 193,708 | 13,688 | 14.25 | |||||||||||||||||
Total investment securities | 13,050,390 | 147,117 | 2.27 | 15,375,524 | 165,234 | 2.17 | |||||||||||||||||
Federal funds sold | 23,144 | 594 | 5.18 | 2,670 | 20 | 1.51 | |||||||||||||||||
Securities purchased under agreements to resell | 824,987 | 8,051 | 1.97 | 1,718,644 | 9,685 | 1.14 | |||||||||||||||||
Interest earning deposits with banks | 1,551,121 | 38,590 | 5.02 | 1,924,731 | 3,579 | .37 | |||||||||||||||||
Total interest earning assets | 31,992,669 | 662,317 | 4.17 | 34,385,339 | 455,310 | 2.67 | |||||||||||||||||
Allowance for credit losses on loans | (154,617) | (142,136) | |||||||||||||||||||||
Unrealized gain (loss) on debt securities | (1,358,944) | (514,573) | |||||||||||||||||||||
Cash and due from banks | 311,895 | 327,728 | |||||||||||||||||||||
Premises and equipment, net | 440,208 | 404,317 | |||||||||||||||||||||
Other assets | 908,403 | 539,219 | |||||||||||||||||||||
Total assets | $ | 32,139,614 | $ | 34,999,894 | |||||||||||||||||||
LIABILITIES AND EQUITY: | |||||||||||||||||||||||
Interest bearing deposits: | |||||||||||||||||||||||
Savings | $ | 1,533,459 | 379 | .05 | $ | 1,586,522 | 335 | .04 | |||||||||||||||
Interest checking and money market | 13,090,983 | 49,818 | .77 | 14,898,234 | 3,703 | .05 | |||||||||||||||||
Certificates of deposit of less than $100,000 | 747,061 | 11,550 | 3.12 | 420,703 | 344 | .16 | |||||||||||||||||
Certificates of deposit of $100,000 and over | 1,189,372 | 21,043 | 3.57 | 754,890 | 897 | .24 | |||||||||||||||||
Total interest bearing deposits | 16,560,875 | 82,790 | 1.01 | 17,660,349 | 5,279 | .06 | |||||||||||||||||
Borrowings: | |||||||||||||||||||||||
Federal funds purchased | $ | 500,480 | $ | 11,983 | 4.83 | $ | 68,490 | 231 | .68 | ||||||||||||||
Securities sold under agreements to repurchase | 2,312,083 | 34,509 | 3.01 | 2,484,071 | 3,384 | .27 | |||||||||||||||||
Other borrowings(B) | 1,087,556 | 27,867 | 5.17 | 1,402 | 13 | 1.87 | |||||||||||||||||
Total borrowings | 3,900,119 | 74,359 | 3.84 | 2,553,963 | 3,628 | .29 | |||||||||||||||||
Total interest bearing liabilities | 20,460,994 | 157,149 | 1.55 | % | 20,214,312 | 8,907 | .09 | % | |||||||||||||||
Non-interest bearing deposits | 8,667,035 | 11,376,265 | |||||||||||||||||||||
Other liabilities | 356,829 | 321,805 | |||||||||||||||||||||
Equity | 2,654,756 | 3,087,512 | |||||||||||||||||||||
Total liabilities and equity | $ | 32,139,614 | $ | 34,999,894 | |||||||||||||||||||
Net interest margin (FTE) | $ | 505,168 | $ | 446,403 | |||||||||||||||||||
Net yield on interest earning assets | 3.18 | % | 2.62 | % |
Simulation A | March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||
(Dollars in millions) | $ Change in Net Interest Income | % Change in Net Interest Income | Assumed Deposit (Attrition)/Growth | $ Change in Net Interest Income | % Change in Net Interest Income | Assumed Deposit (Attrition)/Growth | |||||||||||||||||||||||
300 basis points rising | $ | (7.6) | (.75) | % | $ | — | $ | (.5) | (.05) | % | $ | — | |||||||||||||||||
200 basis points rising | (6.5) | (.63) | — | 2.0 | .19 | — | |||||||||||||||||||||||
100 basis points rising | (1.3) | (.13) | — | 4.1 | .38 | — | |||||||||||||||||||||||
100 basis points falling | (16.0) | (1.56) | — | (24.0) | (2.20) | — | |||||||||||||||||||||||
200 basis points falling | (40.1) | (3.92) | — | (52.6) | (4.82) | — | |||||||||||||||||||||||
300 basis points falling | (66.5) | (6.49) | — | (84.9) | (7.78) | — | |||||||||||||||||||||||
Simulation B | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2023 | March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in millions) | (Dollars in millions) | $ Change in Net Interest Income | % Change in Net Interest Income | Assumed Deposit (Attrition)/Growth | $ Change in Net Interest Income | % Change in Net Interest Income | Assumed Deposit (Attrition)/Growth | (Dollars in millions) | $ Change in Net Interest Income | % Change in Net Interest Income | Assumed Deposit (Attrition)/Growth | $ Change in Net Interest Income | % Change in Net Interest Income | Assumed Deposit (Attrition)/Growth | ||||||||||||||||||||||||||||||||||||||||||||
300 basis points rising | 300 basis points rising | $ | (15.1) | (1.50) | % | $ | (49.4) | $ | (17.9) | (1.71) | % | $ | (216.7) | 300 basis points rising | $ | (30.9) | (3.09) | % | $ | — | $ | (7.6) | (.75) | % | $ | — | ||||||||||||||||||||||||||||||||
200 basis points rising | 200 basis points rising | (11.5) | (1.14) | (36.2) | (11.4) | (1.09) | (180.4) | 200 basis points rising | (24.4) | (2.44) | — | (6.5) | (.63) | — | ||||||||||||||||||||||||||||||||||||||||||||
100 basis points rising | 100 basis points rising | (3.9) | (.39) | (20.0) | (5.0) | (.48) | (136.6) | 100 basis points rising | (11.1) | (1.11) | — | (1.3) | (.13) | — | ||||||||||||||||||||||||||||||||||||||||||||
100 basis points falling | 100 basis points falling | $ | (10.9) | (1.08) | $ | 74.7 | 3.6 | .34 | 539.3 | 100 basis points falling | $ | (3.3) | (.33) | $ | — | (16.0) | (1.56) | — | ||||||||||||||||||||||||||||||||||||||||
200 basis points falling | 200 basis points falling | (29.1) | (2.89) | 189.6 | (15.2) | (1.45) | 761.0 | 200 basis points falling | (16.6) | (1.66) | — | (40.1) | (3.92) | — | ||||||||||||||||||||||||||||||||||||||||||||
300 basis points falling | 300 basis points falling | (52.4) | (5.21) | 257.1 | (45.6) | (4.36) | 792.0 | 300 basis points falling | (34.3) | (3.43) | — | (66.5) | (6.49) | — |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as part of Publicly Announced Program | Maximum Number that May Yet Be Purchased Under the Program | |||||||||||||
January 1 - 31, 2023 | 124,045 | $ | 65.85 | 124,045 | 2,988,013 | ||||||||||||
February 1 - 28, 2023 | 270,152 | $ | 66.76 | 270,152 | 2,717,861 | ||||||||||||
March 1 - 31, 2023 | 153,184 | $ | 64.51 | 153,184 | 2,564,677 | ||||||||||||
Total | 547,381 | $ | 65.93 | 547,381 | 2,564,677 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as part of Publicly Announced Program | Maximum Number that May Yet Be Purchased Under the Program | |||||||||||||
April 1 - 30, 2023 | 2,907 | $ | 56.11 | 2,907 | 2,561,770 | ||||||||||||
May 1 - 31, 2023 | 662 | $ | 49.79 | 662 | 2,561,108 | ||||||||||||
June 1 - 30, 2023 | 2,636 | $ | 49.45 | 2,636 | 2,558,472 | ||||||||||||
Total | 6,205 | $ | 52.61 | 6,205 | 2,558,472 |
COMMERCE BANCSHARES, INC. | |||||||||||
By | /s/ MARGARET M. ROWE | ||||||||||
Margaret M. Rowe | |||||||||||
Date: | Vice President & Secretary |
By | /s/ PAUL A. STEINER | ||||||||||
Paul A. Steiner | |||||||||||
Controller | |||||||||||
Date: | (Chief Accounting Officer) |