| (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 March 31, 2026 (unaudited) and December 31, 2025 | |||||||||||
Consolidated Statements of Income for the Three Months Ended March 31, 2026 and 2025 (unaudited) | |||||||||||
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and 2025 (unaudited) | |||||||||||
Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2026 and 2025 (unaudited) | |||||||||||
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (unaudited) | |||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
| (Unaudited) | |||||||||||
| (In thousands) | |||||||||||
| ASSETS | |||||||||||
| Loans | $ | 20,461,064 | $ | 17,771,263 | |||||||
| Allowance for credit losses on loans | (198,605) | (179,468) | |||||||||
| Net loans | 20,262,459 | 17,591,795 | |||||||||
Loans held for sale (including $1,657,000 and $4,028,000 of residential mortgage loans carried at fair value at March 31, 2026 and December 31, 2025, respectively) | 2,081 | 4,329 | |||||||||
| Investment securities: | |||||||||||
Available for sale debt, at fair value (amortized cost of $9,333,626,000 and $9,742,278,000 at | |||||||||||
March 31, 2026 and December 31, 2025, respectively, and allowance for credit losses of $— | |||||||||||
at both March 31, 2026 and December 31, 2025) | 8,646,127 | 9,095,513 | |||||||||
| Trading debt | 44,329 | 40,080 | |||||||||
| Equity | 56,193 | 57,354 | |||||||||
| Other | 248,339 | 230,459 | |||||||||
| Total investment securities | 8,994,988 | 9,423,406 | |||||||||
| Federal funds sold | 630 | — | |||||||||
| Securities purchased under agreements to resell | 850,000 | 850,000 | |||||||||
| Interest earning deposits with banks | 3,270,046 | 2,744,393 | |||||||||
| Cash and due from banks | 572,588 | 803,239 | |||||||||
| Premises and equipment – net | 527,211 | 485,700 | |||||||||
| Goodwill | 253,805 | 146,539 | |||||||||
| Other intangible assets – net | 145,985 | 13,311 | |||||||||
| Other assets | 837,463 | 852,377 | |||||||||
| Total assets | $ | 35,717,256 | $ | 32,915,089 | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
| Deposits: | |||||||||||
| Non-interest bearing | $ | 8,058,024 | $ | 8,205,711 | |||||||
| Savings, interest checking and money market | 17,877,836 | 15,047,406 | |||||||||
| Certificates of deposit of less than $100,000 | 1,032,114 | 1,023,406 | |||||||||
| Certificates of deposit of $100,000 and over | 1,416,345 | 1,363,053 | |||||||||
| Total deposits | 28,384,319 | 25,639,576 | |||||||||
| Federal funds purchased and securities sold under agreements to repurchase | 2,576,723 | 2,989,641 | |||||||||
| Other borrowings | 8,045 | 12,798 | |||||||||
| Other liabilities | 421,771 | 458,302 | |||||||||
| Total liabilities | 31,390,858 | 29,100,317 | |||||||||
| Commerce Bancshares, Inc. shareholders’ equity: | |||||||||||
Common stock, $5 par value | |||||||||||
Authorized 190,000,000; issued 148,521,165 and 138,588,701 shares at March 31, 2026 and December 31, 2025, respectively | 742,606 | 692,944 | |||||||||
| Capital surplus | 3,986,353 | 3,522,292 | |||||||||
| Retained earnings | 233,094 | 131,826 | |||||||||
Treasury stock of 2,286,104 shares at March 31, 2026 | |||||||||||
and 876,521 shares at December 31, 2025, at cost | (120,692) | (48,001) | |||||||||
| Accumulated other comprehensive income (loss) | (539,592) | (507,690) | |||||||||
| Total Commerce Bancshares, Inc. shareholders' equity | 4,301,769 | 3,791,371 | |||||||||
| Non-controlling interest | 24,629 | 23,401 | |||||||||
| Total equity | 4,326,398 | 3,814,772 | |||||||||
| Total liabilities and equity | $ | 35,717,256 | $ | 32,915,089 | |||||||
| For the Three Months Ended March 31 | |||||||||||
| (In thousands, except per share data) | 2026 | 2025 | |||||||||
| (Unaudited) | |||||||||||
| INTEREST INCOME | |||||||||||
| Interest and fees on loans | $ | 288,384 | $ | 254,194 | |||||||
| Interest and fees on loans held for sale | 29 | 23 | |||||||||
| Interest on investment securities | 72,287 | 76,452 | |||||||||
| Interest on federal funds sold | 7 | 29 | |||||||||
| Interest on securities purchased under agreements to resell | 8,455 | 7,418 | |||||||||
| Interest on deposits with banks | 27,345 | 26,249 | |||||||||
| Total interest income | 396,507 | 364,365 | |||||||||
| INTEREST EXPENSE | |||||||||||
| Interest on deposits: | |||||||||||
| Savings, interest checking and money market | 58,557 | 52,403 | |||||||||
| Certificates of deposit of less than $100,000 | 8,083 | 8,932 | |||||||||
| Certificates of deposit of $100,000 and over | 12,098 | 13,319 | |||||||||
| Interest on federal funds purchased | 1,280 | 1,384 | |||||||||
| Interest on securities sold under agreements to repurchase | 15,780 | 19,224 | |||||||||
| Interest on other borrowings | 869 | 1 | |||||||||
| Total interest expense | 96,667 | 95,263 | |||||||||
| Net interest income | 299,840 | 269,102 | |||||||||
| Provision for credit losses | 10,960 | 14,487 | |||||||||
| Net interest income after credit losses | 288,880 | 254,615 | |||||||||
| NON-INTEREST INCOME | |||||||||||
| Trust fees | 71,049 | 56,592 | |||||||||
| Bank card transaction fees | 45,585 | 45,593 | |||||||||
| Deposit account charges and other fees | 28,578 | 26,622 | |||||||||
| Consumer brokerage services | 5,444 | 4,785 | |||||||||
| Capital market fees | 5,338 | 5,112 | |||||||||
| Loan fees and sales | 3,243 | 3,404 | |||||||||
| Other | 16,614 | 16,841 | |||||||||
| Total non-interest income | 175,851 | 158,949 | |||||||||
| INVESTMENT SECURITIES GAINS (LOSSES), NET | 11,647 | (7,591) | |||||||||
| NON-INTEREST EXPENSE | |||||||||||
| Salaries and employee benefits | 180,787 | 153,078 | |||||||||
| Data processing and software | 38,328 | 32,238 | |||||||||
| Professional and other services | 18,792 | 10,026 | |||||||||
| Net occupancy | 15,308 | 14,020 | |||||||||
| Marketing | 6,957 | 5,843 | |||||||||
| Equipment | 5,671 | 5,248 | |||||||||
| Supplies and communication | 5,238 | 5,046 | |||||||||
| Deposit insurance | 3,914 | 3,744 | |||||||||
| Other | 16,131 | 9,133 | |||||||||
| Total non-interest expense | 291,126 | 238,376 | |||||||||
| Income before income taxes | 185,252 | 167,597 | |||||||||
| Less income taxes | 40,881 | 36,964 | |||||||||
| Net income | 144,371 | 130,633 | |||||||||
| Less non-controlling interest expense (income) | 2,748 | (959) | |||||||||
| Net income attributable to Commerce Bancshares, Inc. | $ | 141,623 | $ | 131,592 | |||||||
| Net income per common share — basic | $ | .96 | $ | .93 | |||||||
| Net income per common share — diluted | $ | .96 | $ | .93 | |||||||
| For the Three Months Ended March 31 | |||||||||||
| (In thousands) | 2026 | 2025 | |||||||||
| (Unaudited) | |||||||||||
| Net income | $ | 144,371 | $ | 130,633 | |||||||
| Other comprehensive income (loss), net of tax: | |||||||||||
| Net unrealized gains (losses) on available for sale debt securities | (30,550) | 118,288 | |||||||||
| Change in pension loss | 103 | 172 | |||||||||
| Unrealized gains (losses) on cash flow hedge derivatives | (1,455) | 5,875 | |||||||||
| Other comprehensive income (loss), net of tax | (31,902) | 124,335 | |||||||||
| Comprehensive income (loss) | 112,469 | 254,968 | |||||||||
| Less non-controlling interest (income) expense | 2,748 | (959) | |||||||||
| Comprehensive income (loss) attributable to Commerce Bancshares, Inc. | $ | 109,721 | $ | 255,927 | |||||||
| 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, 2025 | $ | 692,944 | $ | 3,522,292 | $ | 131,826 | $ | (48,001) | $ | (507,690) | $ | 23,401 | $ | 3,814,772 | |||||||||
| Net income | 141,623 | 2,748 | 144,371 | ||||||||||||||||||||
| Other comprehensive income (loss) | (31,902) | (31,902) | |||||||||||||||||||||
| Distributions to non-controlling interest | (1,520) | (1,520) | |||||||||||||||||||||
| Acquisition of FineMark Holdings, Inc. | 49,662 | 470,203 | 519,865 | ||||||||||||||||||||
| Purchases of treasury stock | (84,974) | (84,974) | |||||||||||||||||||||
| Issuance under stock purchase and equity compensation plans | (12,284) | 12,283 | (1) | ||||||||||||||||||||
| Stock-based compensation | 6,142 | 6,142 | |||||||||||||||||||||
Cash dividends paid on common stock ($0.275 per share) | (40,355) | (40,355) | |||||||||||||||||||||
Balance March 31, 2026 | $ | 742,606 | $ | 3,986,353 | $ | 233,094 | $ | (120,692) | $ | (539,592) | $ | 24,629 | $ | 4,326,398 | |||||||||
Balance December 31, 2024 | $ | 676,054 | $ | 3,395,645 | $ | 45,494 | $ | (48,401) | $ | (758,911) | $ | 22,594 | $ | 3,332,475 | |||||||||
| Net Income | 131,592 | (959) | 130,633 | ||||||||||||||||||||
| Other comprehensive income (loss) | 124,335 | 124,335 | |||||||||||||||||||||
| Distributions to non-controlling interest | (1,020) | (1,020) | |||||||||||||||||||||
| Purchases of treasury stock | (55,579) | (55,579) | |||||||||||||||||||||
| Issuance under stock purchase and equity compensation plans | (18,111) | 18,109 | (2) | ||||||||||||||||||||
| Stock-based compensation | 4,426 | 4,426 | |||||||||||||||||||||
Cash dividends paid on common stock ($.262 per share) | (36,866) | (36,866) | |||||||||||||||||||||
Balance March 31, 2025 | $ | 676,054 | $ | 3,381,960 | $ | 140,220 | $ | (85,871) | $ | (634,576) | $ | 20,615 | $ | 3,498,402 | |||||||||
| For the Three Months Ended March 31 | |||||||||||
| (In thousands) | 2026 | 2025 | |||||||||
| (Unaudited) | |||||||||||
| OPERATING ACTIVITIES: | |||||||||||
| Net income | $ | 144,371 | $ | 130,633 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Provision for credit losses | 10,960 | 14,487 | |||||||||
| Provision for depreciation and amortization | 21,006 | 13,721 | |||||||||
| Accretion of discount related to acquired loans | (6,913) | — | |||||||||
| Amortization (accretion) of investment security premiums (discounts), net | (1,785) | (3,724) | |||||||||
| Investment securities (gains) losses, net (A) | (11,647) | 7,591 | |||||||||
| Net (gains) losses on sales of loans held for sale | (842) | (515) | |||||||||
| Originations of loans held for sale | (34,175) | (22,626) | |||||||||
| Proceeds from sales of loans held for sale | 36,933 | 23,357 | |||||||||
| Net (increase) decrease in trading debt securities, excluding unsettled transactions | 549,443 | (21,277) | |||||||||
| Stock-based compensation | 6,142 | 4,426 | |||||||||
| (Increase) decrease in interest receivable | 12,132 | 5,149 | |||||||||
| Increase (decrease) in interest payable | (2,323) | 5,432 | |||||||||
| Increase (decrease) in income taxes payable | 37,600 | 35,134 | |||||||||
| Other changes, net | (76,107) | (53,184) | |||||||||
| Net cash provided by (used in) operating activities | 684,795 | 138,604 | |||||||||
| INVESTING ACTIVITIES: | |||||||||||
| Cash received in acquisition | 501,360 | — | |||||||||
| Proceeds from sales of investment securities (A) | 17,662 | 6,757 | |||||||||
| Proceeds from maturities/pay downs of investment securities (A) | 450,272 | 542,456 | |||||||||
| Purchases of investment securities (A) | (39,012) | (514,579) | |||||||||
| Net (increase) decrease in loans | (67,168) | (170,573) | |||||||||
| Securities purchased under agreements to resell | — | (350,000) | |||||||||
| Repayments of securities purchased under agreements to resell | — | 125,000 | |||||||||
| Purchases of premises and equipment | (6,371) | (12,586) | |||||||||
| Sales of premises and equipment | 2,471 | 100 | |||||||||
| Net cash provided by (used in) investing activities | 859,214 | (373,425) | |||||||||
| FINANCING ACTIVITIES: | |||||||||||
| Net increase (decrease) in non-interest bearing, savings, interest checking and money market deposits | (199,629) | 774,974 | |||||||||
| Net increase (decrease) in certificates of deposit | (88,024) | (40,133) | |||||||||
| Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase | (475,936) | (526,722) | |||||||||
| FHLB short-term borrowings | 250,000 | — | |||||||||
| Repayments of FHLB borrowings | (603,929) | — | |||||||||
| Net increase (decrease) in other borrowings | (4,753) | 17,687 | |||||||||
| Purchases of treasury stock | (84,260) | (55,184) | |||||||||
| Cash dividends paid on common stock and distributions to non-controlling interest | (41,875) | (37,886) | |||||||||
| Other, net | (1) | (2) | |||||||||
| Net cash provided by (used in) financing activities | (1,248,407) | 132,734 | |||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | 295,602 | (102,087) | |||||||||
| Cash, cash equivalents and restricted cash at beginning of year | 3,547,715 | 3,375,992 | |||||||||
Cash, cash equivalents and restricted cash at March 31 | $ | 3,843,317 | $ | 3,273,905 | |||||||
| For the Three Months Ended March 31 | |||||||||||
| (In thousands) | 2026 | 2025 | |||||||||
| (Unaudited) | |||||||||||
| Supplemental disclosures: | |||||||||||
| Income tax payments, net | $ | 564 | $ | 562 | |||||||
| Interest paid on deposits and borrowings | 98,990 | 89,831 | |||||||||
| Non-cash activities: | |||||||||||
| Loans transferred to foreclosed real estate | — | 449 | |||||||||
| Business combination: | |||||||||||
| Fair value of tangible assets acquired | 3,327,074 | — | |||||||||
| Goodwill and other intangible assets | 246,068 | — | |||||||||
| Fair value of liabilities assumed | 3,549,295 | — | |||||||||
| Common stock issued | 519,865 | — | |||||||||
| Fair value of equity interest in FineMark prior to acquisition | 4,614 | — | |||||||||
(In thousands) | Fair Value | ||||
| Purchase consideration | |||||
| Fair value of common stock issued | $ | 519,865 | |||
| Fair value of equity interest in FineMark held by the Company prior to acquisition | 4,614 | ||||
| Cash for fractional shares | 8 | ||||
| Fair value of total consideration | $ | 524,487 | |||
| Assets | |||||
| Loans, net of allowance for credit losses on loans | $ | 2,607,866 | |||
| Trading securities | 541,967 | ||||
| Other investments | 27,180 | ||||
| Interest earning deposits with banks | 483,821 | ||||
| Cash and due from banks | 17,547 | ||||
| Premises and equipment | 47,074 | ||||
| Identifiable intangible assets | 138,082 | ||||
| Other assets | 102,979 | ||||
| Total assets acquired | $ | 3,966,516 | |||
| Liabilities | |||||
| Non-interest bearing deposits | $ | 425,140 | |||
| Interest-bearing deposits | 2,684,381 | ||||
| Repurchase agreements | 63,018 | ||||
| Other borrowings | 351,458 | ||||
| Other liabilities | 25,298 | ||||
| Total liabilities assumed | $ | 3,549,295 | |||
| Preliminary fair value of net assets acquired | $ | 417,221 | |||
| Preliminary goodwill | 107,266 | ||||
| (In thousands) | Unpaid principal balance | Premium / (discount) | Loans | Allowance for credit losses | Net loans | ||||||||||||
| Purchased seasoned loans | $ | 2,351,772 | $ | (76,873) | $ | 2,274,899 | $ | (19,870) | $ | 2,255,029 | |||||||
| PCD loans | 368,533 | (12,738) | 355,795 | (2,958) | 352,837 | ||||||||||||
| Total | $ | 2,720,305 | $ | (89,611) | $ | 2,630,694 | $ | (22,828) | $ | 2,607,866 | |||||||
| Pro Forma Combined Results | ||||||||
| For the Three Months Ended | ||||||||
| (In thousands) | March 31, 2026 | March 31, 2025 | ||||||
| Total revenue * | $ | 468,428 | $ | 455,698 | ||||
| Net Income | 150,695 | 135,690 | ||||||
(In thousands) | March 31, 2026 | December 31, 2025 | |||||||||
| Commercial: | |||||||||||
| Business | $ | 6,750,356 | $ | 6,439,380 | |||||||
| Real estate – construction and land | 1,581,789 | 1,438,012 | |||||||||
| Real estate – business | 4,059,539 | 3,674,567 | |||||||||
| Personal Banking: | |||||||||||
| Real estate – personal | 4,407,606 | 3,053,435 | |||||||||
| Consumer | 2,475,353 | 2,196,822 | |||||||||
| Revolving home equity | 619,178 | 375,159 | |||||||||
| Consumer credit card | 557,733 | 589,694 | |||||||||
| Overdrafts | 9,510 | 4,194 | |||||||||
| Total loans | $ | 20,461,064 | $ | 17,771,263 | |||||||
| Key Assumption | March 31, 2026 | December 31, 2025 | ||||||
| Overall economic forecast | •Economy expected to slow but continue to expand •Slightly increased unemployment due to reduced hiring •Inflation remains elevated •Assumes conflict in the Middle East will deescalate in the near term | •Increased GDP due to expected increases in consumer spending •Stable unemployment •Higher rates and volatility are expected to continue | ||||||
| Reasonable and supportable period and related reversion period | •Reasonable and supportable period of one year •Reversion to historical average loss rates within two quarters using a straight-line method | •Reasonable and supportable period of one year •Reversion to historical average loss rates within two quarters using a straight-line method | ||||||
| Forecasted macro-economic variables | •Unemployment rate ranges from 4.4% to 4.5% during the supportable forecast period •Real GDP growth ranges from 1.9% to 2.4% •Housing Price Index from 328.4 to 333.8 •Commercial Real Estate Price Index from 308.8 to 320.4 •CPI inflation rate from 2.8% to 3.9% | •Unemployment rate ranges from 4.3% to 4.5% during the supportable forecast period •Real GDP growth ranges from 2.1% to 2.8% •Housing Price Index from 324.9 to 329.7 •Commercial Real Estate Price Index from 292.5 to 305.6 •CPI inflation rate from 2.1% to 2.6% | ||||||
| Prepayment assumptions | Commercial loans •5% for most loan pools Personal banking loans •Ranging from 9.4% to 24.6% for most loan pools •Consumer credit cards 67.1% | Commercial loans •5% for most loan pools Personal banking loans •Ranging from 8.7% to 24.7% for most loan pools •Consumer credit cards 66.9% | ||||||
| Qualitative factors | Added qualitative factors related to: •Changes in the composition of the loan portfolios •Certain industries experiencing stress or emerging concerns within the portfolio •Loans downgraded to special mention, substandard, or non-accrual status •Auto, other vehicle and other consumer portfolios loss expectation adjustment •Certain portfolios where the model assumptions do not capture all identified loss risk | Added qualitative factors related to: •Changes in the composition of the loan portfolios •Certain industries experiencing stress or emerging concerns within the portfolio •Loans downgraded to special mention, substandard, or non-accrual status •Auto, other vehicle and other consumer portfolios loss expectation adjustment •Certain portfolios where the model assumptions do not capture all identified loss risk | ||||||
For the Three Months Ended March 31, 2026 | |||||||||||
| (In thousands) | Commercial | Personal Banking | Total | ||||||||
| ALLOWANCE FOR CREDIT LOSSES ON LOANS | |||||||||||
| Balance at end of prior period | $ | 116,865 | $ | 62,603 | $ | 179,468 | |||||
| Initial allowance for credit losses on purchased credit deteriorated loans at acquisition | 1,533 | 1,424 | 2,957 | ||||||||
| Initial allowance for credit losses on purchased seasoned loans at acquisition | 7,722 | 12,149 | 19,871 | ||||||||
| Provision for credit losses on loans | 4,763 | 6,520 | 11,283 | ||||||||
| Deductions: | |||||||||||
| Loans charged off | 5,799 | 11,418 | 17,217 | ||||||||
| Less recoveries on loans | 153 | 2,090 | 2,243 | ||||||||
| Net loan charge-offs (recoveries) | 5,646 | 9,328 | 14,974 | ||||||||
| Balance March 31, 2026 | $ | 125,237 | $ | 73,368 | $ | 198,605 | |||||
| LIABILITY FOR UNFUNDED LENDING COMMITMENTS | |||||||||||
| Balance at end of prior period | $ | 16,539 | $ | 1,121 | $ | 17,660 | |||||
| Initial allowance for credit loss at acquisition | 362 | — | 362 | ||||||||
| Provision for credit losses on unfunded lending commitments | (335) | 12 | (323) | ||||||||
| Balance March 31, 2026 | $ | 16,566 | $ | 1,133 | $ | 17,699 | |||||
| ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | $ | 141,803 | $ | 74,501 | $ | 216,304 | |||||
For the Three Months Ended March 31, 2025 | |||||||||||
| (In thousands) | Commercial | Personal Banking | Total | ||||||||
| ALLOWANCE FOR CREDIT LOSSES ON LOANS | |||||||||||
| Balance at beginning of period | $ | 106,769 | $ | 55,973 | $ | 162,742 | |||||
| Provision for credit losses on loans | 354 | 14,741 | 15,095 | ||||||||
| Deductions: | |||||||||||
| Loans charged off | 726 | 12,567 | 13,293 | ||||||||
| Less recoveries on loans | 303 | 2,184 | 2,487 | ||||||||
| Net loan charge-offs (recoveries) | 423 | 10,383 | 10,806 | ||||||||
| Balance March 31, 2025 | $ | 106,700 | $ | 60,331 | $ | 167,031 | |||||
| LIABILITY FOR UNFUNDED LENDING COMMITMENTS | |||||||||||
| Balance at beginning of period | $ | 17,887 | $ | 1,048 | $ | 18,935 | |||||
| Provision for credit losses on unfunded lending commitments | (840) | 232 | (608) | ||||||||
| Balance March 31, 2025 | $ | 17,047 | $ | 1,280 | $ | 18,327 | |||||
| ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | $ | 123,747 | $ | 61,611 | $ | 185,358 | |||||
(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, 2026 | |||||||||||||||||
| Commercial: | |||||||||||||||||
| Business | $ | 6,745,956 | $ | 3,640 | $ | 559 | $ | 201 | $ | 6,750,356 | |||||||
| Real estate – construction and land | 1,581,250 | 361 | 178 | — | 1,581,789 | ||||||||||||
| Real estate – business | 4,045,538 | 4,435 | 197 | 9,369 | 4,059,539 | ||||||||||||
| Personal Banking: | |||||||||||||||||
| Real estate – personal | 4,376,280 | 20,721 | 9,289 | 1,316 | 4,407,606 | ||||||||||||
| Consumer | 2,452,149 | 20,337 | 2,867 | — | 2,475,353 | ||||||||||||
| Revolving home equity | 614,338 | 3,453 | 1,353 | 34 | 619,178 | ||||||||||||
| Consumer credit card | 542,359 | 6,993 | 8,381 | — | 557,733 | ||||||||||||
| Overdrafts | 9,212 | 298 | — | — | 9,510 | ||||||||||||
| Total | $ | 20,367,082 | $ | 60,238 | $ | 22,824 | $ | 10,920 | $ | 20,461,064 | |||||||
| December 31, 2025 | |||||||||||||||||
| Commercial: | |||||||||||||||||
| Business | $ | 6,437,476 | $ | 1,241 | $ | 540 | $ | 123 | $ | 6,439,380 | |||||||
| Real estate – construction and land | 1,437,727 | 285 | — | — | 1,438,012 | ||||||||||||
| Real estate – business | 3,636,517 | 23,265 | — | 14,785 | 3,674,567 | ||||||||||||
| Personal Banking: | |||||||||||||||||
| Real estate – personal | 3,021,212 | 19,450 | 11,931 | 842 | 3,053,435 | ||||||||||||
| Consumer | 2,165,109 | 28,269 | 3,444 | — | 2,196,822 | ||||||||||||
| Revolving home equity | 373,245 | 1,493 | 421 | — | 375,159 | ||||||||||||
| Consumer credit card | 573,698 | 7,673 | 8,323 | — | 589,694 | ||||||||||||
| Overdrafts | 3,787 | 407 | — | — | 4,194 | ||||||||||||
| Total | $ | 17,648,771 | $ | 82,083 | $ | 24,659 | $ | 15,750 | $ | 17,771,263 | |||||||
| Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||
| (In thousands) | 2026 | 2025 | 2024 | 2023 | 2022 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
| March 31, 2026 | ||||||||||||||||||||||||||
| Business | ||||||||||||||||||||||||||
| Risk Rating: | ||||||||||||||||||||||||||
| Pass | $ | 440,569 | $ | 1,543,502 | $ | 805,900 | $ | 543,237 | $ | 398,031 | $ | 548,931 | $ | 2,254,771 | $ | 6,534,941 | ||||||||||
| Special mention | — | 10,239 | 24 | 698 | 130 | 400 | 40,163 | 51,654 | ||||||||||||||||||
| Substandard | — | 22,070 | 19,481 | 3,867 | 14,975 | 3,480 | 99,687 | 163,560 | ||||||||||||||||||
| Non-accrual | — | 50 | 36 | 114 | — | 1 | — | 201 | ||||||||||||||||||
| Total Business: | $ | 440,569 | $ | 1,575,861 | $ | 825,441 | $ | 547,916 | $ | 413,136 | $ | 552,812 | $ | 2,394,621 | $ | 6,750,356 | ||||||||||
Gross write-offs for the three months ended March 31, 2026 | $ | — | $ | — | $ | — | $ | 32 | $ | 55 | $ | 24 | $ | 272 | $ | 383 | ||||||||||
| Real estate-construction | ||||||||||||||||||||||||||
| Risk Rating: | ||||||||||||||||||||||||||
| Pass | $ | 156,781 | $ | 548,196 | $ | 325,625 | $ | 252,478 | $ | 171,259 | $ | 6,032 | $ | 23,424 | $ | 1,483,795 | ||||||||||
| Special mention | — | 13,942 | — | 55,816 | — | — | — | 69,758 | ||||||||||||||||||
| Substandard | — | — | — | 2,340 | 25,896 | — | — | 28,236 | ||||||||||||||||||
| Total Real estate-construction: | $ | 156,781 | $ | 562,138 | $ | 325,625 | $ | 310,634 | $ | 197,155 | $ | 6,032 | $ | 23,424 | $ | 1,581,789 | ||||||||||
Gross write-offs for the three months ended March 31, 2026 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
| Real estate-business | ||||||||||||||||||||||||||
| Risk Rating: | ||||||||||||||||||||||||||
| Pass | $ | 329,613 | $ | 1,323,163 | $ | 424,020 | $ | 332,634 | $ | 527,246 | $ | 783,918 | $ | 166,110 | $ | 3,886,704 | ||||||||||
| Special mention | — | 43,408 | 9,899 | 1,403 | 2,382 | 66 | 3,832 | 60,990 | ||||||||||||||||||
| Substandard | — | 390 | 973 | 11,228 | 31,131 | 52,377 | 6,377 | 102,476 | ||||||||||||||||||
| Non-accrual | — | — | — | — | 124 | 9,245 | — | 9,369 | ||||||||||||||||||
| Total Real estate-business: | $ | 329,613 | $ | 1,366,961 | $ | 434,892 | $ | 345,265 | $ | 560,883 | $ | 845,606 | $ | 176,319 | $ | 4,059,539 | ||||||||||
Gross write-offs for the three months ended March 31, 2026 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 5,416 | $ | — | $ | 5,416 | ||||||||||
| Commercial loans | ||||||||||||||||||||||||||
| Risk Rating: | ||||||||||||||||||||||||||
| Pass | $ | 926,963 | $ | 3,414,861 | $ | 1,555,545 | $ | 1,128,349 | $ | 1,096,536 | $ | 1,338,881 | $ | 2,444,305 | $ | 11,905,440 | ||||||||||
| Special mention | — | 67,589 | 9,923 | 57,917 | 2,512 | 466 | 43,995 | 182,402 | ||||||||||||||||||
| Substandard | — | 22,460 | 20,454 | 17,435 | 72,002 | 55,857 | 106,064 | 294,272 | ||||||||||||||||||
| Non-accrual | — | 50 | 36 | 114 | 124 | 9,246 | — | 9,570 | ||||||||||||||||||
| Total Commercial loans: | $ | 926,963 | $ | 3,504,960 | $ | 1,585,958 | $ | 1,203,815 | $ | 1,171,174 | $ | 1,404,450 | $ | 2,594,364 | $ | 12,391,684 | ||||||||||
Gross write-offs for the three months ended March 31, 2026 | $ | — | $ | — | $ | — | $ | 32 | $ | 55 | $ | 5,440 | $ | 272 | $ | 5,799 | ||||||||||
| Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||
| (In thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
| December 31, 2025 | ||||||||||||||||||||||||||
| Business | ||||||||||||||||||||||||||
| Risk Rating: | ||||||||||||||||||||||||||
| Pass | $ | 1,704,299 | $ | 847,973 | $ | 568,361 | $ | 416,732 | $ | 252,398 | $ | 336,662 | $ | 2,129,247 | $ | 6,255,672 | ||||||||||
| Special mention | 13,410 | 4,149 | 2,661 | 1,536 | 893 | 1,375 | 47,568 | 71,592 | ||||||||||||||||||
| Substandard | 96 | 619 | 4,713 | 15,957 | 4,016 | 519 | 86,073 | 111,993 | ||||||||||||||||||
| Non-accrual | — | 49 | 32 | 42 | — | — | — | 123 | ||||||||||||||||||
| Total Business: | $ | 1,717,805 | $ | 852,790 | $ | 575,767 | $ | 434,267 | $ | 257,307 | $ | 338,556 | $ | 2,262,888 | $ | 6,439,380 | ||||||||||
| Gross write-offs for the year ended December 31, 2025 | $ | — | $ | 389 | $ | 116 | $ | 165 | $ | 2 | $ | 10 | $ | 1,423 | $ | 2,105 | ||||||||||
| Real estate-construction | ||||||||||||||||||||||||||
| Risk Rating: | ||||||||||||||||||||||||||
| Pass | $ | 450,046 | $ | 283,778 | $ | 379,456 | $ | 239,314 | $ | 3,857 | $ | 2,860 | $ | 18,109 | $ | 1,377,420 | ||||||||||
| Special mention | 14,104 | — | — | — | — | — | — | 14,104 | ||||||||||||||||||
| Substandard | — | — | 2,365 | 25,875 | 18,248 | — | — | 46,488 | ||||||||||||||||||
| Total Real estate-construction: | $ | 464,150 | $ | 283,778 | $ | 381,821 | $ | 265,189 | $ | 22,105 | $ | 2,860 | $ | 18,109 | $ | 1,438,012 | ||||||||||
| Gross write-offs for the year ended December 31, 2025 | $ | — | $ | 40 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 40 | ||||||||||
| Real estate- business | ||||||||||||||||||||||||||
| Risk Rating: | ||||||||||||||||||||||||||
| Pass | $ | 1,334,661 | $ | 426,130 | $ | 309,409 | $ | 462,953 | $ | 359,933 | $ | 389,275 | $ | 166,209 | $ | 3,448,570 | ||||||||||
| Special mention | 58,905 | 27,423 | 3,572 | 12,221 | 965 | 1,965 | 31 | 105,082 | ||||||||||||||||||
| Substandard | — | 1,884 | 6,646 | 26,960 | 13,423 | 50,821 | 6,396 | 106,130 | ||||||||||||||||||
| Non-accrual | — | — | — | 124 | 153 | 14,508 | — | 14,785 | ||||||||||||||||||
| Total Real-estate business: | $ | 1,393,566 | $ | 455,437 | $ | 319,627 | $ | 502,258 | $ | 374,474 | $ | 456,569 | $ | 172,636 | $ | 3,674,567 | ||||||||||
| Gross write-offs for the year ended December 31, 2025 | $ | — | $ | — | $ | 400 | $ | — | $ | — | $ | — | $ | — | $ | 400 | ||||||||||
| Commercial loans | ||||||||||||||||||||||||||
| Risk Rating: | ||||||||||||||||||||||||||
| Pass | $ | 3,489,006 | $ | 1,557,881 | $ | 1,257,226 | $ | 1,118,999 | $ | 616,188 | $ | 728,797 | $ | 2,313,565 | $ | 11,081,662 | ||||||||||
| Special mention | 86,419 | 31,572 | 6,233 | 13,757 | 1,858 | 3,340 | 47,599 | 190,778 | ||||||||||||||||||
| Substandard | 96 | 2,503 | 13,724 | 68,792 | 35,687 | 51,340 | 92,469 | 264,611 | ||||||||||||||||||
| Non-accrual | — | 49 | 32 | 166 | 153 | 14,508 | — | 14,908 | ||||||||||||||||||
| Total Commercial loans: | $ | 3,575,521 | $ | 1,592,005 | $ | 1,277,215 | $ | 1,201,714 | $ | 653,886 | $ | 797,985 | $ | 2,453,633 | $ | 11,551,959 | ||||||||||
| Gross write-offs for the year ended December 31, 2025 | $ | — | $ | 429 | $ | 516 | $ | 165 | $ | 2 | $ | 10 | $ | 1,423 | $ | 2,545 | ||||||||||
| Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||
| (In thousands) | 2026 | 2025 | 2024 | 2023 | 2022 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
| March 31, 2026 | ||||||||||||||||||||||||||
| Real estate-personal | ||||||||||||||||||||||||||
| Current to 90 days past due | $ | 153,432 | $ | 630,463 | $ | 427,638 | $ | 462,502 | $ | 611,820 | $ | 2,100,252 | $ | 10,894 | $ | 4,397,001 | ||||||||||
| Over 90 days past due | — | — | 480 | 1,610 | 2,614 | 4,585 | — | 9,289 | ||||||||||||||||||
| Non-accrual | — | — | 3 | — | — | 1,313 | — | 1,316 | ||||||||||||||||||
| Total Real estate-personal: | $ | 153,432 | $ | 630,463 | $ | 428,121 | $ | 464,112 | $ | 614,434 | $ | 2,106,150 | $ | 10,894 | $ | 4,407,606 | ||||||||||
Gross write-offs for the three months ended March 31, 2026 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7 | $ | — | $ | 7 | ||||||||||
| Consumer | ||||||||||||||||||||||||||
| Current to 90 days past due | $ | 136,277 | $ | 492,593 | $ | 212,510 | $ | 218,205 | $ | 122,293 | $ | 141,885 | $ | 1,148,723 | $ | 2,472,486 | ||||||||||
| Over 90 days past due | — | 266 | 304 | 306 | 146 | 214 | 1,631 | 2,867 | ||||||||||||||||||
| Total Consumer: | $ | 136,277 | $ | 492,859 | $ | 212,814 | $ | 218,511 | $ | 122,439 | $ | 142,099 | $ | 1,150,354 | $ | 2,475,353 | ||||||||||
Gross write-offs for the three months ended March 31, 2026 | $ | — | $ | 412 | $ | 593 | $ | 580 | $ | 256 | $ | 138 | $ | 584 | $ | 2,563 | ||||||||||
| Revolving home equity | ||||||||||||||||||||||||||
| Current to 90 days past due | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 617,791 | $ | 617,791 | ||||||||||
| Over 90 days past due | — | — | — | — | — | — | 1,353 | 1,353 | ||||||||||||||||||
| Total Revolving home equity: | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 619,178 | $ | 619,178 | ||||||||||
Gross write-offs for the three months ended March 31, 2026 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7 | $ | 7 | ||||||||||
| Consumer credit card | ||||||||||||||||||||||||||
| Current to 90 days past due | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 549,352 | $ | 549,352 | ||||||||||
| Over 90 days past due | — | — | — | — | — | — | 8,381 | 8,381 | ||||||||||||||||||
| Total Consumer credit card: | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 557,733 | $ | 557,733 | ||||||||||
Gross write-offs for the three months ended March 31, 2026 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 8,214 | $ | 8,214 | ||||||||||
| Overdrafts | ||||||||||||||||||||||||||
| Current to 90 days past due | $ | 9,510 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9,510 | ||||||||||
| Total Overdrafts: | $ | 9,510 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9,510 | ||||||||||
Gross write-offs for the three months ended March 31, 2026 | $ | 628 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 628 | ||||||||||
| Personal banking loans | ||||||||||||||||||||||||||
| Current to 90 days past due | $ | 299,219 | $ | 1,123,056 | $ | 640,148 | $ | 680,707 | $ | 734,113 | $ | 2,242,137 | $ | 2,326,760 | $ | 8,046,140 | ||||||||||
| Over 90 days past due | — | 266 | 784 | 1,916 | 2,760 | 4,799 | 11,365 | 21,890 | ||||||||||||||||||
| Non-accrual | — | — | 3 | — | — | 1,313 | 34 | 1,350 | ||||||||||||||||||
| Total Personal banking loans: | $ | 299,219 | $ | 1,123,322 | $ | 640,935 | $ | 682,623 | $ | 736,873 | $ | 2,248,249 | $ | 2,338,159 | $ | 8,069,380 | ||||||||||
Gross write-offs for the three months ended March 31, 2026 | $ | 628 | $ | 412 | $ | 593 | $ | 580 | $ | 256 | $ | 145 | $ | 8,805 | $ | 11,419 | ||||||||||
| Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||
| (In thousands) | 2025 | 2024 | 2023 | 2022 | 2021 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
| December 31, 2025 | ||||||||||||||||||||||||||
| Real estate-personal | ||||||||||||||||||||||||||
| Current to 90 days past due | $ | 386,816 | $ | 312,902 | $ | 335,950 | $ | 360,793 | $ | 438,586 | $ | 1,196,850 | $ | 8,765 | $ | 3,040,662 | ||||||||||
| Over 90 days past due | — | 570 | 1,581 | 3,581 | 1,820 | 4,379 | — | 11,931 | ||||||||||||||||||
| Non-accrual | — | — | — | — | 102 | 740 | — | 842 | ||||||||||||||||||
| Total Real estate-personal: | $ | 386,816 | $ | 313,472 | $ | 337,531 | $ | 364,374 | $ | 440,508 | $ | 1,201,969 | $ | 8,765 | $ | 3,053,435 | ||||||||||
| Gross write-offs for the year ended December 31, 2025 | $ | — | $ | 47 | $ | 65 | $ | 416 | $ | 48 | $ | 29 | $ | — | $ | 605 | ||||||||||
| Consumer | ||||||||||||||||||||||||||
| Current to 90 days past due | $ | 520,170 | $ | 242,791 | $ | 237,779 | $ | 132,942 | $ | 93,343 | $ | 62,726 | $ | 903,627 | $ | 2,193,378 | ||||||||||
| Over 90 days past due | 187 | 387 | 406 | 276 | 117 | 195 | 1,876 | 3,444 | ||||||||||||||||||
| Total Consumer: | $ | 520,357 | $ | 243,178 | $ | 238,185 | $ | 133,218 | $ | 93,460 | $ | 62,921 | $ | 905,503 | $ | 2,196,822 | ||||||||||
| Gross write-offs for the year ended December 31, 2025 | $ | 894 | $ | 3,862 | $ | 2,948 | $ | 1,705 | $ | 720 | $ | 359 | $ | 2,032 | $ | 12,520 | ||||||||||
| Revolving home equity | ||||||||||||||||||||||||||
| Current to 90 days past due | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 374,738 | $ | 374,738 | ||||||||||
| Over 90 days past due | — | — | — | — | — | — | 421 | 421 | ||||||||||||||||||
| Total Revolving home equity: | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 375,159 | $ | 375,159 | ||||||||||
| Gross write-offs for the year ended December 31, 2025 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 15 | $ | 15 | ||||||||||
| Consumer credit card | ||||||||||||||||||||||||||
| Current to 90 days past due | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 581,371 | $ | 581,371 | ||||||||||
| Over 90 days past due | — | — | — | — | — | — | 8,323 | 8,323 | ||||||||||||||||||
| Total Consumer credit card: | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 589,694 | $ | 589,694 | ||||||||||
| Gross write-offs for the year ended December 31, 2025 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 31,833 | $ | 31,833 | ||||||||||
| Overdrafts | ||||||||||||||||||||||||||
| Current to 90 days past due | $ | 4,194 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,194 | ||||||||||
| Total Overdrafts: | $ | 4,194 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 4,194 | ||||||||||
| Gross write-offs for the year ended December 31, 2025 | $ | 2,522 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,522 | ||||||||||
| Personal banking loans | ||||||||||||||||||||||||||
| Current to 90 days past due | $ | 911,180 | $ | 555,693 | $ | 573,729 | $ | 493,735 | $ | 531,929 | $ | 1,259,576 | $ | 1,868,501 | $ | 6,194,343 | ||||||||||
| Over 90 days past due | 187 | 957 | 1,987 | 3,857 | 1,937 | 4,574 | 10,620 | 24,119 | ||||||||||||||||||
| Non-accrual | — | — | — | — | 102 | 740 | — | 842 | ||||||||||||||||||
| Total Personal banking loans: | $ | 911,367 | $ | 556,650 | $ | 575,716 | $ | 497,592 | $ | 533,968 | $ | 1,264,890 | $ | 1,879,121 | $ | 6,219,304 | ||||||||||
| Gross write-offs for the year ended December 31, 2025 | $ | 3,416 | $ | 3,909 | $ | 3,013 | $ | 2,121 | $ | 768 | $ | 388 | $ | 33,880 | $ | 47,495 | ||||||||||
| (In thousands) | Real Estate | Total | ||||||
| March 31, 2026 | ||||||||
| Commercial: | ||||||||
| Real estate - business | $ | 9,092 | $ | 9,092 | ||||
| Total | $ | 9,092 | $ | 9,092 | ||||
| December 31, 2025 | ||||||||
| Commercial: | ||||||||
| Real estate - business | $ | 14,508 | $ | 14,508 | ||||
| Total | $ | 14,508 | $ | 14,508 | ||||
| For the Three Months Ended March 31, 2026 | |||||||||||||||||
(Dollars in thousands) | Term Extension | Payment Delay | Interest Rate Reduction | Total | % of Total Loan Category | ||||||||||||
| March 31, 2026 | |||||||||||||||||
| Commercial: | |||||||||||||||||
| Business | $ | 62,272 | $ | — | $ | — | $ | 62,272 | 0.9 | % | |||||||
| Real estate – construction and land | 2,340 | — | — | 2,340 | 0.1 | ||||||||||||
| Real estate – business | 533 | — | — | 533 | — | ||||||||||||
| Personal Banking: | |||||||||||||||||
| Real estate – personal | — | 801 | — | 801 | — | ||||||||||||
| Consumer | — | — | 22 | 22 | — | ||||||||||||
| Consumer credit card | — | — | 902 | 902 | 0.2 | ||||||||||||
| Total | $ | 65,145 | $ | 801 | $ | 924 | $ | 66,870 | 0.3 | % | |||||||
| For the Three Months Ended March 31, 2025 | |||||||||||||||||
(Dollars in thousands) | Term Extension | Payment Delay | Interest Rate Reduction | Total | % of Total Loan Category | ||||||||||||
| March 31, 2025 | |||||||||||||||||
| Commercial: | |||||||||||||||||
| Business | $ | 54,539 | $ | — | $ | — | $ | 54,539 | 0.9 | % | |||||||
| Real estate – business | 76,958 | — | — | 76,958 | 2.1 | ||||||||||||
| Personal Banking: | |||||||||||||||||
| Real estate – personal | — | 3,884 | — | 3,884 | 0.1 | ||||||||||||
| Consumer | — | — | 67 | 67 | — | ||||||||||||
| Consumer credit card | — | — | 880 | 880 | 0.2 | ||||||||||||
| Total | $ | 131,497 | $ | 3,884 | $ | 947 | $ | 136,328 | 0.8 | % | |||||||
| Term Extension | ||||||||
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | |||||||
| Commercial: | ||||||||
| Business | Extended maturity by a weighted average of 11 months. | Extended maturity by a weighted average of 7 months. | ||||||
| Real estate – construction and land | Extended maturity by a weighted average of 11 months. | --- | ||||||
| Real estate – business | Extended maturity by a weighted average of 8 months. | Extended maturity by a weighted average of 18 months. | ||||||
| Payment Delay | ||||||||
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | |||||||
| Personal Banking: | ||||||||
| Real estate – personal | Deferred certain payments by a weighted average of 26 years. | Deferred certain payments by a weighted average of 16 years. | ||||||
| Consumer | Deferred certain payments by a weighted average of 26 years. | --- | ||||||
| Interest Rate Reduction | ||||||||
| Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 | |||||||
| Personal Banking: | ||||||||
| Consumer | Reduced contractual interest rate from average 22% to 6%. | Reduced contractual interest rate from average 21% to 6%. | ||||||
| Consumer credit card | Reduced contractual interest rate from average 22% to 6%. | Reduced contractual interest rate from average 21% to 6%. | ||||||
| For the Three Months Ended March 31, 2026 | ||||||||||||||||||||
(Dollars in thousands) | Term Extension | Payment Delay | Interest Rate Reduction | Interest/Fees Forgiven | Total | |||||||||||||||
| March 31, 2026 | ||||||||||||||||||||
| Commercial: | ||||||||||||||||||||
| Real estate – business | $ | 9,093 | $ | — | $ | — | $ | — | $ | 9,093 | ||||||||||
| Personal Banking: | ||||||||||||||||||||
| Real estate – personal | — | 144 | — | — | 144 | |||||||||||||||
| Consumer | — | 34 | 8 | — | 42 | |||||||||||||||
| Consumer credit card | — | — | 276 | — | 276 | |||||||||||||||
| Total | $ | 9,093 | $ | 178 | $ | 284 | $ | — | $ | 9,555 | ||||||||||
| For the Three Months Ended March 31, 2025 | ||||||||||||||||||||
(Dollars in thousands) | Term Extension | Payment Delay | Interest Rate Reduction | Interest/Fees Forgiven | Total | |||||||||||||||
| March 31, 2025 | ||||||||||||||||||||
| Commercial: | ||||||||||||||||||||
| Real estate – business | $ | 14,667 | $ | — | $ | — | $ | — | $ | 14,667 | ||||||||||
| Personal Banking: | ||||||||||||||||||||
| Real estate – personal | — | 1,762 | — | — | 1,762 | |||||||||||||||
| Consumer | — | — | 33 | — | 33 | |||||||||||||||
| Consumer credit card | — | — | 218 | — | 218 | |||||||||||||||
| Total | $ | 14,667 | $ | 1,762 | $ | 251 | $ | — | $ | 16,680 | ||||||||||
(In thousands) | Current | 30-89 Days Past Due | 90 Days Past Due | Total | ||||||||||
| March 31, 2026 | ||||||||||||||
| Commercial: | ||||||||||||||
| Business | $ | 90,748 | $ | 200 | $ | — | $ | 90,948 | ||||||
| Real estate – construction and land | 2,340 | — | — | 2,340 | ||||||||||
| Real estate – business | 2,260 | — | 9,092 | 11,352 | ||||||||||
| Personal Banking: | ||||||||||||||
| Real estate – personal | 5,808 | 1,705 | 144 | 7,657 | ||||||||||
| Consumer | 93 | 4 | 45 | 142 | ||||||||||
| Consumer credit card | 2,368 | 420 | 274 | 3,062 | ||||||||||
| Total | $ | 103,617 | $ | 2,329 | $ | 9,555 | $ | 115,501 | ||||||
(In thousands) | Current | 30-89 Days Past Due | 90 Days Past Due | Total | ||||||||||
| March 31, 2025 | ||||||||||||||
| Commercial: | ||||||||||||||
| Business | $ | 89,831 | $ | 44 | $ | — | $ | 89,875 | ||||||
| Real estate – business | 124,311 | 124 | 14,667 | 139,102 | ||||||||||
| Personal Banking: | ||||||||||||||
| Real estate – personal | 7,008 | 2,762 | 1,763 | 11,533 | ||||||||||
| Consumer | 852 | 17 | 33 | 902 | ||||||||||
| Consumer credit card | 2,418 | 445 | 218 | 3,081 | ||||||||||
| Total | $ | 224,420 | $ | 3,392 | $ | 16,681 | $ | 244,493 | ||||||
| (In thousands) | March 31, 2026 | December 31, 2025 | ||||||
| Available for sale debt securities | $ | 8,646,127 | $ | 9,095,513 | ||||
| Trading debt securities | 44,329 | 40,080 | ||||||
| Equity securities: | ||||||||
| Readily determinable fair value | 46,193 | 47,551 | ||||||
| No readily determinable fair value | 10,000 | 9,803 | ||||||
| Other: | ||||||||
| Federal Reserve Bank stock | 54,434 | 35,918 | ||||||
| Federal Home Loan Bank stock | 10,141 | 10,198 | ||||||
| Private equity investments | 183,764 | 184,343 | ||||||
Total investment securities (1) | $ | 8,994,988 | $ | 9,423,406 | ||||
| (In thousands) | Amortized Cost | Fair Value | ||||||
| U.S. government and federal agency obligations: | ||||||||
| Within 1 year | $ | 422,299 | $ | 423,185 | ||||
| After 1 but within 5 years | 1,704,983 | 1,707,211 | ||||||
| After 5 but within 10 years | 913,297 | 910,616 | ||||||
| After 10 years | 106,606 | 106,281 | ||||||
| Total U.S. government and federal agency obligations | 3,147,185 | 3,147,293 | ||||||
| Government-sponsored enterprise obligations: | ||||||||
| After 1 but within 5 years | 3,962 | 3,737 | ||||||
| After 5 but within 10 years | 30,816 | 26,321 | ||||||
| After 10 years | 19,821 | 13,927 | ||||||
| Total government-sponsored enterprise obligations | 54,599 | 43,985 | ||||||
| State and municipal obligations: | ||||||||
| Within 1 year | 55,782 | 55,348 | ||||||
| After 1 but within 5 years | 428,431 | 409,208 | ||||||
| After 5 but within 10 years | 116,777 | 103,102 | ||||||
| After 10 years | 104,874 | 87,166 | ||||||
| Total state and municipal obligations | 705,864 | 654,824 | ||||||
| Mortgage and asset-backed securities: | ||||||||
| Agency mortgage-backed securities | 3,701,146 | 3,123,669 | ||||||
| Non-agency mortgage-backed securities | 446,168 | 414,777 | ||||||
| Asset-backed securities | 1,104,943 | 1,093,819 | ||||||
| Total mortgage and asset-backed securities | 5,252,257 | 4,632,265 | ||||||
| Other debt securities: | ||||||||
| Within 1 year | 8,021 | 7,924 | ||||||
| After 1 but within 5 years | 59,891 | 55,915 | ||||||
| After 5 but within 10 years | 81,872 | 80,151 | ||||||
| After 10 years | 23,937 | 23,770 | ||||||
| Total other debt securities | 173,721 | 167,760 | ||||||
| Total available for sale debt securities | $ | 9,333,626 | $ | 8,646,127 | ||||
| Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||
| March 31, 2026 | ||||||||||||||||||||||||||
| U.S. government and federal agency obligations | $ | 1,321,452 | $ | 9,277 | $ | 190,275 | $ | 7,123 | $ | 1,511,727 | $ | 16,400 | ||||||||||||||
| Government-sponsored enterprise obligations | — | — | 43,985 | 10,614 | 43,985 | 10,614 | ||||||||||||||||||||
| State and municipal obligations | 30,515 | 118 | 614,192 | 50,935 | 644,707 | 51,053 | ||||||||||||||||||||
| Mortgage and asset-backed securities: | ||||||||||||||||||||||||||
| Agency mortgage-backed securities | 3,670 | 47 | 3,047,265 | 578,793 | 3,050,935 | 578,840 | ||||||||||||||||||||
| Non-agency mortgage-backed securities | — | — | 401,037 | 31,665 | 401,037 | 31,665 | ||||||||||||||||||||
| Asset-backed securities | 68,558 | 181 | 514,421 | 16,102 | 582,979 | 16,283 | ||||||||||||||||||||
| Total mortgage and asset-backed securities | 72,228 | 228 | 3,962,723 | 626,560 | 4,034,951 | 626,788 | ||||||||||||||||||||
| Other debt securities | 18,832 | 10 | 93,283 | 6,578 | 112,115 | 6,588 | ||||||||||||||||||||
| Total | $ | 1,443,027 | $ | 9,633 | $ | 4,904,458 | $ | 701,810 | $ | 6,347,485 | $ | 711,443 | ||||||||||||||
| December 31, 2025 | ||||||||||||||||||||||||||
| U.S. government and federal agency obligations | $ | 612,167 | $ | 2,620 | $ | 314,006 | $ | 8,244 | $ | 926,173 | $ | 10,864 | ||||||||||||||
| Government-sponsored enterprise obligations | — | — | 44,712 | 10,239 | 44,712 | 10,239 | ||||||||||||||||||||
| State and municipal obligations | 12,157 | 18 | 636,492 | 50,323 | 648,649 | 50,341 | ||||||||||||||||||||
| Mortgage and asset-backed securities: | ||||||||||||||||||||||||||
| Agency mortgage-backed securities | 2,437 | 30 | 3,148,627 | 565,056 | 3,151,064 | 565,086 | ||||||||||||||||||||
| Non-agency mortgage-backed securities | — | — | 421,508 | 31,942 | 421,508 | 31,942 | ||||||||||||||||||||
| Asset-backed securities | 32,875 | 36 | 546,984 | 16,925 | 579,859 | 16,961 | ||||||||||||||||||||
| Total mortgage and asset-backed securities | 35,312 | 66 | 4,117,119 | 613,923 | 4,152,431 | 613,989 | ||||||||||||||||||||
| Other debt securities | — | — | 110,038 | 6,661 | 110,038 | 6,661 | ||||||||||||||||||||
| Total | $ | 659,636 | $ | 2,704 | $ | 5,222,367 | $ | 689,390 | $ | 5,882,003 | $ | 692,094 | ||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | ||||||||||||
| March 31, 2026 | |||||||||||||||||
| U.S. government and federal agency obligations | $ | 3,147,185 | $ | 16,508 | $ | (16,400) | $ | — | $ | 3,147,293 | |||||||
| Government-sponsored enterprise obligations | 54,599 | — | (10,614) | — | 43,985 | ||||||||||||
| State and municipal obligations | 705,864 | 13 | (51,053) | — | 654,824 | ||||||||||||
| Mortgage and asset-backed securities: | |||||||||||||||||
| Agency mortgage-backed securities | 3,701,146 | 1,363 | (578,840) | — | 3,123,669 | ||||||||||||
| Non-agency mortgage-backed securities | 446,168 | 274 | (31,665) | — | 414,777 | ||||||||||||
| Asset-backed securities | 1,104,943 | 5,159 | (16,283) | — | 1,093,819 | ||||||||||||
| Total mortgage and asset-backed securities | 5,252,257 | 6,796 | (626,788) | — | 4,632,265 | ||||||||||||
| Other debt securities | 173,721 | 627 | (6,588) | — | 167,760 | ||||||||||||
| Total | $ | 9,333,626 | $ | 23,944 | $ | (711,443) | $ | — | $ | 8,646,127 | |||||||
| December 31, 2025 | |||||||||||||||||
| U.S. government and federal agency obligations | $ | 3,257,561 | $ | 32,403 | $ | (10,864) | $ | — | $ | 3,279,100 | |||||||
| Government-sponsored enterprise obligations | 54,951 | — | (10,239) | — | 44,712 | ||||||||||||
| State and municipal obligations | 715,037 | 37 | (50,341) | — | 664,733 | ||||||||||||
| Mortgage and asset-backed securities: | |||||||||||||||||
| Agency mortgage-backed securities | 3,786,811 | 1,380 | (565,086) | — | 3,223,105 | ||||||||||||
| Non-agency mortgage-backed securities | 467,200 | 430 | (31,942) | — | 435,688 | ||||||||||||
| Asset-backed securities | 1,269,503 | 9,503 | (16,961) | — | 1,262,045 | ||||||||||||
| Total mortgage and asset-backed securities | 5,523,514 | 11,313 | (613,989) | — | 4,920,838 | ||||||||||||
| Other debt securities | 191,215 | 1,576 | (6,661) | — | 186,130 | ||||||||||||
| Total | $ | 9,742,278 | $ | 45,329 | $ | (692,094) | $ | — | $ | 9,095,513 | |||||||
| For the Three Months Ended March 31 | ||||||||
| (In thousands) | 2026 | 2025 | ||||||
Proceeds from sales of securities: | ||||||||
Other investments | $ | 17,662 | $ | 6,757 | ||||
Total proceeds | $ | 17,662 | $ | 6,757 | ||||
| Investment securities gains (losses), net: | ||||||||
| Available for sale debt securities: | ||||||||
| Gains realized on sales | $ | — | $ | 4 | ||||
Equity securities: | ||||||||
| Gains (losses) on equity securities, net | 160 | (97) | ||||||
Other: | ||||||||
Gains realized on sales | 597 | 1,071 | ||||||
Losses realized on sales | — | (44) | ||||||
| Fair value adjustments, net | 10,890 | (8,525) | ||||||
| Total investment securities gains (losses), net | $ | 11,647 | $ | (7,591) | ||||
| March 31, 2026 | December 31, 2025 | ||||||||||||||||||||||||||||
(In thousands) | Gross Carrying Amount | Accumulated Amortization | Valuation Allowance | Net Amount | Gross Carrying Amount | Accumulated Amortization | Valuation Allowance | Net Amount | |||||||||||||||||||||
| Amortizable intangible assets: | |||||||||||||||||||||||||||||
| Core deposit premium | $ | 72,581 | $ | (8,031) | $ | — | $ | 64,550 | $ | 5,550 | $ | (5,427) | $ | — | $ | 123 | |||||||||||||
| Trade name | 5,550 | (277) | — | 5,273 | — | — | — | — | |||||||||||||||||||||
| Customer relationships | 65,500 | (2,519) | — | 62,981 | — | — | — | — | |||||||||||||||||||||
| Mortgage servicing rights | 13,929 | (4,348) | — | 9,581 | 13,805 | (4,217) | — | 9,588 | |||||||||||||||||||||
| Total | $ | 157,560 | $ | (15,175) | $ | — | $ | 142,385 | $ | 19,355 | $ | (9,644) | $ | — | $ | 9,711 | |||||||||||||
| (In thousands) | |||||
| 2026 | $ | 22,722 | |||
| 2027 | 20,875 | ||||
| 2028 | 19,037 | ||||
| 2029 | 17,243 | ||||
| 2030 | 15,456 | ||||
| (In thousands) | Goodwill | Easement | Core Deposit Premium | Trade Name | Customer Relationships | Mortgage Servicing Rights | ||||||||||||||
Balance January 1, 2026 | $ | 146,539 | $ | 3,600 | $ | 123 | $ | — | $ | — | $ | 9,588 | ||||||||
| Acquisition | 107,266 | — | 67,032 | 5,550 | 65,500 | — | ||||||||||||||
| Originations, net of disposals | — | — | — | — | — | 284 | ||||||||||||||
| Amortization | — | — | (2,605) | (277) | (2,519) | (291) | ||||||||||||||
| Balance March 31, 2026 | $ | 253,805 | $ | 3,600 | $ | 64,550 | $ | 5,273 | $ | 62,981 | $ | 9,581 | ||||||||
| (In thousands) | March 31, 2026 | December 31, 2025 | ||||||
| Retail banking segment | $ | 70,721 | $ | 70,721 | ||||
| Commercial segment | 75,072 | 75,072 | ||||||
| Wealth segment | 108,012 | 746 | ||||||
| Total goodwill | $ | 253,805 | $ | 146,539 | ||||
| For the Three Months Ended March 31 | |||||||||||
| (in thousands) | 2026 | 2025 | |||||||||
| Direct financing and sales-type leases | $ | 10,130 | $ | 9,843 | |||||||
| Operating leases | 5,080 | 4,297 | |||||||||
| Total lease income | $ | 15,210 | $ | 14,140 | |||||||
| For the Three Months Ended March 31 | |||||||||||
| (In thousands) | 2026 | 2025 | |||||||||
| Service cost | $ | 145 | $ | 136 | |||||||
| Interest cost on projected benefit obligation | 971 | 1,073 | |||||||||
| Expected return on plan assets | (975) | (980) | |||||||||
| Amortization of unrecognized net loss (gain) | 138 | 229 | |||||||||
| Net periodic pension cost | $ | 279 | $ | 458 | |||||||
| For the Three Months Ended March 31 | |||||||||||
| (In thousands, except per share data) | 2026 | 2025 | |||||||||
| Basic income per common share: | |||||||||||
| Net income attributable to Commerce Bancshares, Inc. | $ | 141,623 | $ | 131,592 | |||||||
| Less income allocated to nonvested restricted stock awards | 1,314 | 1,259 | |||||||||
| Net income allocated to common stock | $ | 140,309 | $ | 130,333 | |||||||
| Weighted average common shares outstanding | 145,786 | 139,563 | |||||||||
| Basic income per common share | $ | .96 | $ | .93 | |||||||
| Diluted income per common share: | |||||||||||
| Net income attributable to Commerce Bancshares, Inc. | $ | 141,623 | $ | 131,592 | |||||||
| Less income allocated to nonvested restricted stock awards | 1,313 | 1,258 | |||||||||
| Net income allocated to common stock | $ | 140,310 | $ | 130,334 | |||||||
| Weighted average common shares outstanding | 145,786 | 139,563 | |||||||||
| Net effect of assumed exercise of stock appreciation rights and restricted stock units - based on the treasury stock method using the average market price for the respective periods | 71 | 162 | |||||||||
| Weighted average diluted common shares outstanding | 145,857 | 139,725 | |||||||||
| Diluted income per common share | $ | .96 | $ | .93 | |||||||
| 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) | ||||||||||||||
Balance January 1, 2026 | $ | (485,071) | $ | (9,623) | $ | (12,996) | $ | (507,690) | ||||||
| Other comprehensive income (loss) before reclassifications to current earnings | (40,733) | — | (1,666) | (42,399) | ||||||||||
| Amounts reclassified to current earnings from accumulated other comprehensive income | — | 138 | (274) | (136) | ||||||||||
| Current period other comprehensive income (loss), before tax | (40,733) | 138 | (1,940) | (42,535) | ||||||||||
| Income tax (expense) benefit | 10,183 | (35) | 485 | 10,633 | ||||||||||
| Current period other comprehensive income (loss), net of tax | (30,550) | 103 | (1,455) | (31,902) | ||||||||||
Balance March 31, 2026 | $ | (515,621) | $ | (9,520) | $ | (14,451) | $ | (539,592) | ||||||
Balance January 1, 2025 | $ | (742,926) | $ | (12,059) | $ | (3,926) | $ | (758,911) | ||||||
| Other comprehensive income (loss) before reclassifications to current earnings | 157,722 | — | 10,366 | 168,088 | ||||||||||
| Amounts reclassified to current earnings from accumulated other comprehensive income | (4) | 229 | (2,533) | (2,308) | ||||||||||
| Current period other comprehensive income (loss), before tax | 157,718 | 229 | 7,833 | 165,780 | ||||||||||
| Income tax (expense) benefit | (39,430) | (57) | (1,958) | (41,445) | ||||||||||
| Current period other comprehensive income (loss), net of tax | 118,288 | 172 | 5,875 | 124,335 | ||||||||||
Balance March 31, 2025 | $ | (624,638) | $ | (11,887) | $ | 1,949 | $ | (634,576) | ||||||
(In thousands) | Retail Banking | Commercial | Wealth | Other/Elimination | Consolidated Totals | ||||||||||||
| Three Months Ended March 31, 2026 | |||||||||||||||||
| Net interest income | $ | 122,572 | $ | 133,601 | $ | 46,123 | $ | (2,456) | $ | 299,840 | |||||||
| Provision for credit losses | (9,271) | (5,696) | 2 | 4,005 | (10,960) | ||||||||||||
| Non-interest income | 24,093 | 68,936 | 80,220 | 2,602 | 175,851 | ||||||||||||
| Investment securities gains (losses), net | — | — | — | 11,647 | 11,647 | ||||||||||||
| Non-interest expense | (87,873) | (112,827) | (63,117) | (27,309) | (291,126) | ||||||||||||
| Income before income taxes | $ | 49,521 | $ | 84,014 | $ | 63,228 | $ | (11,511) | $ | 185,252 | |||||||
| Three Months Ended March 31, 2025 | |||||||||||||||||
| Net interest income | $ | 125,234 | $ | 133,266 | $ | 22,159 | $ | (11,557) | $ | 269,102 | |||||||
| Provision for credit losses | (10,250) | (532) | — | (3,705) | (14,487) | ||||||||||||
| Non-interest income | 23,260 | 70,326 | 64,038 | 1,325 | 158,949 | ||||||||||||
| Investment securities gains (losses), net | — | — | — | (7,591) | (7,591) | ||||||||||||
| Non-interest expense | (83,005) | (103,969) | (41,189) | (10,213) | (238,376) | ||||||||||||
| Income before income taxes | $ | 55,239 | $ | 99,091 | $ | 45,008 | $ | (31,741) | $ | 167,597 | |||||||
(In thousands) | March 31, 2026 | December 31, 2025 | ||||||
| Interest rate swaps | $ | 2,063,942 | $ | 1,968,679 | ||||
| Interest rate floors | 2,500,000 | 2,000,000 | ||||||
| Interest rate caps | 120,000 | 105,770 | ||||||
| Credit risk participation agreements | 473,785 | 474,951 | ||||||
| Foreign exchange contracts | 14,817 | 29,451 | ||||||
Mortgage loan commitments | 5,252 | 6,297 | ||||||
| Mortgage loan forward sale contracts | 840 | 1,794 | ||||||
| Forward TBA contracts | 3,500 | 7,000 | ||||||
| Total notional amount | $ | 5,182,136 | $ | 4,593,942 | ||||
| For the Three Months Ended March 31 | ||||||||
(In thousands) | 2026 | 2025 | ||||||
| Gain (loss) on interest rate swaps | $ | 299 | $ | — | ||||
| Gain (loss) on loans | (305) | — | ||||||
| Net impact of fair value hedging instruments | $ | (6) | $ | — | ||||
| Strike Rate | Effective Date | Maturity Date | ||||||
| 3.50 | % | July 1, 2024 | July 1, 2030 | |||||
| 3.25 | % | November 1, 2024 | November 1, 2030 | |||||
| 3.00 | % | March 1, 2025 | March 1, 2031 | |||||
| 2.75 | % | July 1, 2025 | July 1, 2031 | |||||
| 3.00 | % | October 1, 2026 | October 1, 2032 | |||||
| Asset Derivatives | Liability Derivatives | ||||||||||||||||
| Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2026 | Dec. 31, 2025 | ||||||||||||||
(In thousands) | Fair Value | Fair Value | |||||||||||||||
| Derivatives designated as hedging instruments: | |||||||||||||||||
| Interest rate floors | $ | 42,788 | $ | 32,524 | $ | — | $ | — | |||||||||
| Interest rate swaps | $ | — | $ | — | $ | (318) | $ | — | |||||||||
| Total derivatives designated as hedging instruments | $ | 42,788 | $ | 32,524 | $ | (318) | $ | — | |||||||||
| Derivative instruments not designated as hedging instruments: | |||||||||||||||||
| Interest rate swaps | $ | 15,023 | $ | 18,294 | $ | (15,023) | $ | (18,294) | |||||||||
| Interest rate caps | 7 | 2 | (5) | (2) | |||||||||||||
| Credit risk participation agreements | 75 | 56 | (58) | (77) | |||||||||||||
| Foreign exchange contracts | 371 | 396 | (317) | (401) | |||||||||||||
| Mortgage loan commitments | 108 | 133 | (2) | — | |||||||||||||
| Mortgage loan forward sale contracts | 6 | 15 | — | — | |||||||||||||
| Forward TBA contracts | 21 | 1 | (3) | (21) | |||||||||||||
| Total derivatives not designated as hedging instruments | $ | 15,611 | $ | 18,897 | $ | (15,408) | $ | (18,795) | |||||||||
| Total | $ | 58,399 | $ | 51,421 | $ | (15,726) | $ | (18,795) | |||||||||
| 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 | |||||||||||
| (In thousands) | 2026 | 2025 | |||||||||
| Derivatives and hedged instruments in fair value hedging relationships: | |||||||||||
| Interest rate swaps and hedged loans | Interest and fees on loans | $ | (6) | $ | — | ||||||
| Total | $ | (6) | $ | — | |||||||
| Derivative instruments: | |||||||||||
| Interest rate swaps | Other non-interest income | $ | 97 | $ | 105 | ||||||
| Interest rate caps | Other non-interest income | 2 | — | ||||||||
| Credit risk participation agreements | Other non-interest income | (310) | (8) | ||||||||
| Foreign exchange contracts | Other non-interest income | 59 | (32) | ||||||||
| Mortgage loan commitments | Loan fees and sales | (28) | 44 | ||||||||
| Mortgage loan forward sale contracts | Loan fees and sales | (9) | (10) | ||||||||
| Forward TBA contracts | Loan fees and sales | 19 | (65) | ||||||||
| Total | $ | (170) | $ | 34 | |||||||
| Gross Amounts Not Offset in the Balance Sheet | ||||||||||||||||||||
| (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, 2026 | ||||||||||||||||||||
| Assets: | ||||||||||||||||||||
Derivatives subject to master netting agreements | $ | 58,214 | $ | — | $ | 58,214 | $ | (6,851) | $ | (44,136) | $ | 7,227 | ||||||||
Derivatives not subject to master netting agreements | 185 | — | 185 | |||||||||||||||||
| Total derivatives | $ | 58,399 | $ | — | $ | 58,399 | ||||||||||||||
| Liabilities: | ||||||||||||||||||||
Derivatives subject to master netting agreements | $ | 15,399 | $ | — | $ | 15,399 | $ | (6,851) | $ | (316) | $ | 8,232 | ||||||||
Derivatives not subject to master netting agreements | 327 | — | 327 | |||||||||||||||||
| Total derivatives | $ | 15,726 | $ | — | $ | 15,726 | ||||||||||||||
| December 31, 2025 | ||||||||||||||||||||
| Assets: | ||||||||||||||||||||
Derivatives subject to master netting agreements | $ | 51,217 | $ | — | $ | 51,217 | $ | (10,642) | $ | (29,609) | $ | 10,966 | ||||||||
Derivatives not subject to master netting agreements | 204 | — | 204 | |||||||||||||||||
| Total derivatives | $ | 51,421 | $ | — | $ | 51,421 | ||||||||||||||
| Liabilities: | ||||||||||||||||||||
Derivatives subject to master netting agreements | $ | 18,400 | $ | — | $ | 18,400 | $ | (10,642) | $ | — | $ | 7,758 | ||||||||
Derivatives not subject to master netting agreements | 395 | — | 395 | |||||||||||||||||
| Total derivatives | $ | 18,795 | $ | — | $ | 18,795 | ||||||||||||||
| Gross Amounts Not Offset in the Balance Sheet | ||||||||||||||||||||
| (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, 2026 | ||||||||||||||||||||
Total resale agreements, subject to master netting arrangements | $ | 850,000 | $ | — | $ | 850,000 | $ | — | $ | (850,000) | $ | — | ||||||||
Total repurchase agreements, subject to master netting arrangements | 2,446,993 | — | 2,446,993 | — | (2,446,993) | — | ||||||||||||||
| December 31, 2025 | ||||||||||||||||||||
Total resale agreements, subject to master netting arrangements | $ | 850,000 | $ | — | $ | 850,000 | $ | — | $ | (850,000) | $ | — | ||||||||
Total repurchase agreements, subject to master netting arrangements | 2,861,016 | — | 2,861,016 | — | (2,861,016) | — | ||||||||||||||
| Remaining Contractual Maturity of the Agreements | ||||||||||||||
| (In thousands) | Overnight and continuous | Up to 90 days | Greater than 90 days | Total | ||||||||||
| March 31, 2026 | ||||||||||||||
| Repurchase agreements, secured by: | ||||||||||||||
| U.S. government and federal agency obligations | $ | 646,958 | $ | — | $ | — | $ | 646,958 | ||||||
| Government-sponsored enterprise obligations | 10,523 | — | — | 10,523 | ||||||||||
| Agency mortgage-backed securities | 1,262,248 | 5,350 | 26,000 | 1,293,598 | ||||||||||
| Non-agency mortgage-backed securities | 21,179 | — | — | 21,179 | ||||||||||
| Asset-backed securities | 336,321 | 21,226 | 29,996 | 387,543 | ||||||||||
| Other debt securities | 87,192 | — | — | 87,192 | ||||||||||
| Total repurchase agreements, gross amount recognized | $ | 2,364,421 | $ | 26,576 | $ | 55,996 | $ | 2,446,993 | ||||||
| December 31, 2025 | ||||||||||||||
| Repurchase agreements, secured by: | ||||||||||||||
| U.S. government and federal agency obligations | $ | 503,061 | $ | — | $ | — | $ | 503,061 | ||||||
| Government-sponsored enterprise obligations | 10,539 | — | — | 10,539 | ||||||||||
| Agency mortgage-backed securities | 1,647,928 | 4,600 | 26,750 | 1,679,278 | ||||||||||
| Non-agency mortgage-backed securities | 21,970 | — | — | 21,970 | ||||||||||
| Asset-backed securities | 453,827 | 29,656 | 21,226 | 504,709 | ||||||||||
| Other debt securities | 141,459 | — | — | 141,459 | ||||||||||
| Total repurchase agreements, gross amount recognized | $ | 2,778,784 | $ | 34,256 | $ | 47,976 | $ | 2,861,016 | ||||||
| Shares | Weighted Average Grant Date Fair Value | |||||||
| Nonvested at January 1, 2026 | 1,305,978 | $55.11 | ||||||
| Granted | 206,153 | 53.81 | ||||||
| Vested | (218,418) | 57.12 | ||||||
| Forfeited | (9,476) | 53.44 | ||||||
| Nonvested at March 31, 2026 | 1,284,237 | $54.57 | ||||||
| Time-Vested Restricted Stock Units | Performance-Vested Restricted Stock Units | ||||||||||||||||
| Units | Weighted Average Grant Date Fair Value | Units | Weighted Average Grant Date Fair Value | ||||||||||||||
| Nonvested at January 1, 2026 | — | $— | — | $— | |||||||||||||
| Granted | 283,820 | 52.09 | 95,266 | 52.68 | |||||||||||||
Adjustment (1) | — | — | — | — | |||||||||||||
| Vested | — | — | — | — | |||||||||||||
| Forfeited | (34) | 51.74 | — | — | |||||||||||||
| Nonvested at March 31, 2026 | 283,786 | $52.09 | 95,266 | $52.68 | |||||||||||||
| Fair value on valuation date | $52.68 | ||||
| Assumptions: | |||||
| Dividend yield | — | % | |||
| Historical volatility | 25.7 | % | |||
| Risk-free interest rate | 3.5 | % | |||
| Expected term | 2.9 years | ||||
(Dollars in thousands, except per share data) | Rights | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
| Outstanding at January 1, 2026 | 850,956 | $47.99 | ||||||||||||
| Granted | — | — | ||||||||||||
| Forfeited | (972) | 58.20 | ||||||||||||
| Expired | (1,220) | 52.33 | ||||||||||||
| Exercised | (55,429) | 27.25 | ||||||||||||
Outstanding at March 31, 2026 | 793,335 | $49.42 | 4.8 years | $2,622 | ||||||||||
| Three Months Ended March 31 | ||||||||
| (In thousands) | 2026 | 2025 | ||||||
| Trust fees | $ | 71,049 | $ | 56,592 | ||||
| Bank card transaction fees | 45,585 | 45,593 | ||||||
| Deposit account charges and other fees | 28,578 | 26,622 | ||||||
| Consumer brokerage services | 5,444 | 4,785 | ||||||
| Other non-interest income | 13,742 | 14,391 | ||||||
| Total non-interest income from contracts with customers | 164,398 | 147,983 | ||||||
Other non-interest income (1) | 11,453 | 10,966 | ||||||
| Total non-interest income | $ | 175,851 | $ | 158,949 | ||||
| (In thousands) | March 31, 2026 | December 31, 2025 | March 31, 2025 | December 31, 2024 | ||||||||||
| Bank card transaction fees | $ | 14,331 | $ | 16,878 | $ | 14,538 | $ | 17,754 | ||||||
| Trust fees | 2,297 | 2,424 | 1,787 | 2,165 | ||||||||||
| Deposit account charges and other fees | 7,667 | 8,414 | 7,549 | 7,897 | ||||||||||
| Fair Value Measurements Using | ||||||||||||||
| (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, 2026 | ||||||||||||||
| Assets: | ||||||||||||||
| Residential mortgage loans held for sale | $ | 1,657 | $ | — | $ | 1,657 | $ | — | ||||||
| Available for sale debt securities: | ||||||||||||||
| U.S. government and federal agency obligations | 3,147,293 | 3,147,293 | — | — | ||||||||||
| Government-sponsored enterprise obligations | 43,985 | — | 43,985 | — | ||||||||||
| State and municipal obligations | 654,824 | — | 653,874 | 950 | ||||||||||
| Agency mortgage-backed securities | 3,123,669 | — | 3,123,669 | — | ||||||||||
| Non-agency mortgage-backed securities | 414,777 | — | 414,777 | — | ||||||||||
| Asset-backed securities | 1,093,819 | — | 1,093,819 | — | ||||||||||
| Other debt securities | 167,760 | — | 167,760 | — | ||||||||||
| Trading debt securities | 44,329 | 13,233 | 31,096 | — | ||||||||||
| Equity securities | 46,193 | 46,193 | — | — | ||||||||||
| Private equity investments | 183,764 | — | — | 183,764 | ||||||||||
| Derivatives * | 58,399 | — | 58,216 | 183 | ||||||||||
| Assets held in trust for deferred compensation plan | 22,437 | 22,437 | — | — | ||||||||||
| Total assets | 9,002,906 | 3,229,156 | 5,588,853 | 184,897 | ||||||||||
| Liabilities: | ||||||||||||||
Derivatives * | 15,726 | — | 15,666 | 60 | ||||||||||
Liabilities held in trust for deferred compensation plan | 22,437 | 22,437 | — | — | ||||||||||
| Total liabilities | $ | 38,163 | $ | 22,437 | $ | 15,666 | $ | 60 | ||||||
| December 31, 2025 | ||||||||||||||
| Assets: | ||||||||||||||
| Residential mortgage loans held for sale | $ | 4,028 | $ | — | $ | 4,028 | $ | — | ||||||
| Available for sale debt securities: | ||||||||||||||
| U.S. government and federal agency obligations | 3,279,100 | 3,279,100 | — | — | ||||||||||
| Government-sponsored enterprise obligations | 44,712 | — | 44,712 | — | ||||||||||
| State and municipal obligations | 664,733 | — | 663,781 | 952 | ||||||||||
| Agency mortgage-backed securities | 3,223,105 | — | 3,223,105 | — | ||||||||||
| Non-agency mortgage-backed securities | 435,688 | — | 435,688 | — | ||||||||||
| Asset-backed securities | 1,262,045 | — | 1,262,045 | — | ||||||||||
| Other debt securities | 186,130 | — | 186,130 | — | ||||||||||
| Trading debt securities | 40,080 | 13,215 | 26,865 | — | ||||||||||
| Equity securities | 47,551 | 47,551 | — | — | ||||||||||
| Private equity investments | 184,343 | — | — | 184,343 | ||||||||||
| Derivatives * | 51,421 | — | 51,232 | 189 | ||||||||||
| Assets held in trust for deferred compensation plan | 23,276 | 23,276 | — | — | ||||||||||
| Total assets | 9,446,212 | 3,363,142 | 5,897,586 | 185,484 | ||||||||||
| Liabilities: | ||||||||||||||
Derivatives * | 18,795 | — | 18,718 | 77 | ||||||||||
Liabilities held in trust for deferred compensation plan | 23,276 | 23,276 | — | — | ||||||||||
| Total liabilities | $ | 42,071 | $ | 23,276 | $ | 18,718 | $ | 77 | ||||||
| (In thousands) | Investment Securities Gains (Losses), Net | ||||
For the three months ended March 31, 2026 | |||||
| Total gains or losses included in earnings | $ | 10,890 | |||
Change in unrealized gains or losses relating to assets still held at March 31, 2026 | $ | 10,890 | |||
For the three months ended March 31, 2025 | |||||
| Total gains or losses included in earnings | $ | (8,525) | |||
Change in unrealized gains or losses relating to assets still held at March 31, 2025 | $ | (8,525) | |||
| Quantitative Information about Level 3 Fair Value Measurements | Weighted | ||||||||||||||||||||||
| Valuation Technique | Unobservable Input | Range | Average* | ||||||||||||||||||||
| Private equity investments | Market comparable companies | EBITDA multiple | 4.0 | - | 6.0 | 5.1 | |||||||||||||||||
| Fair Value Measurements Using | |||||||||||||||||
| (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 | ||||||||||||
| March 31, 2026 | |||||||||||||||||
| Collateral dependent loans | $ | 9,092 | $ | — | $ | — | $ | 9,092 | $ | (3,719) | |||||||
| March 31, 2025 | |||||||||||||||||
| Collateral dependent loans | $ | 3,940 | $ | — | $ | — | $ | 3,940 | $ | (400) | |||||||
| Foreclosed assets | 112 | — | — | 112 | (55) | ||||||||||||
| Carrying Amount | Estimated Fair Value at March 31, 2026 | |||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
| Financial Assets | ||||||||||||||||||||
| Loans: | ||||||||||||||||||||
| Business | $ | 6,750,356 | $ | — | $ | — | $ | 6,659,674 | $ | 6,659,674 | ||||||||||
Real estate - construction and land | 1,581,789 | — | — | 1,552,932 | 1,552,932 | |||||||||||||||
Real estate - business | 4,059,539 | — | — | 3,985,397 | 3,985,397 | |||||||||||||||
Real estate - personal | 4,407,606 | — | — | 4,120,937 | 4,120,937 | |||||||||||||||
Consumer | 2,475,353 | — | — | 2,456,330 | 2,456,330 | |||||||||||||||
| Revolving home equity | 619,178 | — | — | 604,966 | 604,966 | |||||||||||||||
| Consumer credit card | 557,733 | — | — | 507,590 | 507,590 | |||||||||||||||
Overdrafts | 9,510 | — | — | 9,392 | 9,392 | |||||||||||||||
| Total loans | 20,461,064 | — | — | 19,897,218 | 19,897,218 | |||||||||||||||
| Loans held for sale | 2,081 | — | 2,081 | — | 2,081 | |||||||||||||||
| Investment securities | 8,984,988 | 3,206,719 | 5,528,980 | 249,289 | 8,984,988 | |||||||||||||||
| Federal funds sold | 630 | 630 | — | — | 630 | |||||||||||||||
| Securities purchased under agreements to resell | 850,000 | — | — | 862,125 | 862,125 | |||||||||||||||
| Interest earning deposits with banks | 3,270,046 | 3,270,046 | — | — | 3,270,046 | |||||||||||||||
| Cash and due from banks | 572,588 | 572,588 | — | — | 572,588 | |||||||||||||||
| Derivative instruments | 58,399 | — | 58,216 | 183 | 58,399 | |||||||||||||||
| Assets held in trust for deferred compensation plan | 22,437 | 22,437 | — | — | 22,437 | |||||||||||||||
| Total | $ | 34,222,233 | $ | 7,072,420 | $ | 5,589,277 | $ | 21,008,815 | $ | 33,670,512 | ||||||||||
| Financial Liabilities | ||||||||||||||||||||
| Non-interest bearing deposits | $ | 8,058,024 | $ | 8,058,024 | $ | — | $ | — | $ | 8,058,024 | ||||||||||
| Savings, interest checking and money market deposits | 17,877,836 | 17,877,836 | — | — | 17,877,836 | |||||||||||||||
| Certificates of deposit | 2,448,459 | — | — | 2,477,568 | 2,477,568 | |||||||||||||||
| Federal funds purchased | 129,730 | 129,730 | — | — | 129,730 | |||||||||||||||
| Securities sold under agreements to repurchase | 2,446,993 | — | — | 2,449,446 | 2,449,446 | |||||||||||||||
| Other borrowings | 7,994 | 2,589 | 5,405 | — | 7,994 | |||||||||||||||
| Derivative instruments | 15,726 | — | 15,666 | 60 | 15,726 | |||||||||||||||
| Liabilities held in trust for deferred compensation plan | 22,437 | 22,437 | — | — | 22,437 | |||||||||||||||
| Total | $ | 31,007,199 | $ | 26,090,616 | $ | 21,071 | $ | 4,927,074 | $ | 31,038,761 | ||||||||||
| Carrying Amount | Estimated Fair Value at December 31, 2025 | |||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
| Financial Assets | ||||||||||||||||||||
| Loans: | ||||||||||||||||||||
| Business | $ | 6,439,380 | $ | — | $ | — | $ | 6,367,754 | $ | 6,367,754 | ||||||||||
Real estate - construction and land | 1,438,012 | — | — | 1,415,490 | 1,415,490 | |||||||||||||||
Real estate - business | 3,674,567 | — | — | 3,628,499 | 3,628,499 | |||||||||||||||
Real estate - personal | 3,053,435 | — | — | 2,815,384 | 2,815,384 | |||||||||||||||
Consumer | 2,196,822 | — | — | 2,188,772 | 2,188,772 | |||||||||||||||
| Revolving home equity | 375,159 | — | — | 371,998 | 371,998 | |||||||||||||||
| Consumer credit card | 589,694 | — | — | 535,660 | 535,660 | |||||||||||||||
Overdrafts | 4,194 | — | — | 4,045 | 4,045 | |||||||||||||||
| Total loans | 17,771,263 | — | — | 17,327,602 | 17,327,602 | |||||||||||||||
| Loans held for sale | 4,329 | — | 4,329 | — | 4,329 | |||||||||||||||
| Investment securities | 9,413,603 | 3,339,866 | 5,842,326 | 231,411 | 9,413,603 | |||||||||||||||
| Securities purchased under agreements to resell | 850,000 | — | — | 869,427 | 869,427 | |||||||||||||||
| Interest earning deposits with banks | 2,744,393 | 2,744,393 | — | — | 2,744,393 | |||||||||||||||
| Cash and due from banks | 803,239 | 803,239 | — | — | 803,239 | |||||||||||||||
| Derivative instruments | 51,421 | — | 51,232 | 189 | 51,421 | |||||||||||||||
| Assets held in trust for deferred compensation plan | 23,276 | 23,276 | — | — | 23,276 | |||||||||||||||
| Total | $ | 31,661,524 | $ | 6,910,774 | $ | 5,897,887 | $ | 18,428,629 | $ | 31,237,290 | ||||||||||
| Financial Liabilities | ||||||||||||||||||||
| Non-interest bearing deposits | $ | 8,205,711 | $ | 8,205,711 | $ | — | $ | — | $ | 8,205,711 | ||||||||||
| Savings, interest checking and money market deposits | 15,047,406 | 15,047,406 | — | — | 15,047,406 | |||||||||||||||
| Certificates of deposit | 2,386,459 | — | — | 2,418,268 | 2,418,268 | |||||||||||||||
| Federal funds purchased | 128,625 | 128,625 | — | — | 128,625 | |||||||||||||||
| Securities sold under agreements to repurchase | 2,861,016 | — | — | 2,863,921 | 2,863,921 | |||||||||||||||
| Other borrowings | 12,739 | 12,739 | — | — | 12,739 | |||||||||||||||
| Derivative instruments | 18,795 | — | 18,718 | 77 | 18,795 | |||||||||||||||
| Liabilities held in trust for deferred compensation plan | 23,276 | 23,276 | — | — | 23,276 | |||||||||||||||
| Total | $ | 28,684,027 | $ | 23,417,757 | $ | 18,718 | $ | 5,282,266 | $ | 28,718,741 | ||||||||||
| Three Months Ended March 31 | ||||||||
| 2026 | 2025 | |||||||
| Per Share Data | ||||||||
| Net income per common share — basic | $ | .96 | $ | .93 | * | |||
| Net income per common share — diluted | .96 | .93 | * | |||||
| Cash dividends on common stock | .275 | .262 | * | |||||
| Book value per common share | 29.64 | 24.94 | * | |||||
| Market price | 49.20 | 59.27 | * | |||||
| Selected Ratios | ||||||||
| (Based on average balance sheets) | ||||||||
Loans to deposits (1) | 73.44 | % | 69.38 | % | ||||
| Non-interest bearing deposits to total deposits | 28.43 | 29.36 | ||||||
Equity to loans (1) | 21.37 | 19.56 | ||||||
| Equity to deposits | 15.69 | 13.57 | ||||||
| Equity to total assets | 12.29 | 10.71 | ||||||
| Return on total assets | 1.62 | 1.69 | ||||||
| Return on equity | 13.22 | 15.82 | ||||||
| (Based on end-of-period data) | ||||||||
Non-interest income to revenue (2) | 36.97 | 37.13 | ||||||
Efficiency ratio (3) | 60.00 | 55.61 | ||||||
| Tier I common risk-based capital ratio | 17.09 | 16.86 | ||||||
Tier I risk-based capital ratio | 17.09 | 16.86 | ||||||
| Total risk-based capital ratio | 17.90 | 17.65 | ||||||
Tangible common equity to tangible assets ratio (4) | 11.07 | 10.33 | ||||||
Tier I leverage ratio | 12.60 | 12.29 | ||||||
| March 31 | ||||||||
| (Dollars in thousands) | 2026 | 2025 | ||||||
| Total equity | $ | 4,326,398 | $ | 3,498,402 | ||||
| Less non-controlling interest | 24,629 | 20,615 | ||||||
| Less goodwill | 253,805 | 146,539 | ||||||
| Less intangible assets* | 136,404 | 3,825 | ||||||
| Total tangible common equity (a) | $ | 3,911,560 | $ | 3,327,423 | ||||
| Total assets | $ | 35,717,256 | $ | 32,364,964 | ||||
| Less goodwill | 253,805 | 146,539 | ||||||
| Less intangible assets* | 136,404 | 3,825 | ||||||
| Total tangible assets (b) | $ | 35,327,047 | $ | 32,214,600 | ||||
| Tangible common equity to tangible assets ratio (a)/(b) | 11.07 | % | 10.33 | % | ||||
| Three Months Ended March 31 | Increase (Decrease) | |||||||||||||
| (Dollars in thousands) | 2026 | 2025 | Amount | % change | ||||||||||
| Net interest income (expense) | $ | 299,840 | $ | 269,102 | $ | 30,738 | 11.4 | % | ||||||
| Provision for credit losses | (10,960) | (14,487) | (3,527) | (24.3) | ||||||||||
| Non-interest income | 175,851 | 158,949 | 16,902 | 10.6 | ||||||||||
| Investment securities gains (losses), net | 11,647 | (7,591) | 19,238 | N.M. | ||||||||||
| Non-interest expense | (291,126) | (238,376) | 52,750 | 22.1 | ||||||||||
| Income taxes | (40,881) | (36,964) | 3,917 | 10.6 | ||||||||||
| Non-controlling interest income (expense) | (2,748) | 959 | 3,707 | N.M. | ||||||||||
| Net income attributable to Commerce Bancshares, Inc. | $ | 141,623 | $ | 131,592 | 10,031 | 7.6 | ||||||||
| Three Months Ended March 31, 2026 vs. 2025 | |||||||||||
| Change due to | |||||||||||
| (In thousands) | Average Volume | Average Rate | Total | ||||||||
| Interest income, fully taxable-equivalent basis: | |||||||||||
| Loans: | |||||||||||
| Business | $ | 8,549 | $ | (5,988) | $ | 2,561 | |||||
| Real estate - construction and land | 3,186 | (2,784) | 402 | ||||||||
| Real estate - business | 5,478 | (1,310) | 4,168 | ||||||||
| Real estate - personal | 14,471 | 5,923 | 20,394 | ||||||||
| Consumer | 5,453 | (1,872) | 3,581 | ||||||||
| Revolving home equity | 4,519 | 37 | 4,556 | ||||||||
| Consumer credit card | (161) | (1,173) | (1,334) | ||||||||
| Overdrafts | — | — | — | ||||||||
| Total interest on loans | 41,495 | (7,167) | 34,328 | ||||||||
| Loans held for sale | 12 | (6) | 6 | ||||||||
| Investment securities: | |||||||||||
| U.S. government and federal agency obligations | 6,090 | (3,799) | 2,291 | ||||||||
| Government-sponsored enterprise obligations | (3) | (1) | (4) | ||||||||
| State and municipal obligations | (480) | 83 | (397) | ||||||||
| Mortgage-backed securities | (2,959) | 354 | (2,605) | ||||||||
| Asset-backed securities | (3,878) | 1,020 | (2,858) | ||||||||
| Other securities | 390 | (1,070) | (680) | ||||||||
| Total interest on investment securities | (840) | (3,413) | (4,253) | ||||||||
| Federal funds sold | (17) | (5) | (22) | ||||||||
| Securities purchased under agreements to resell | 574 | 463 | 1,037 | ||||||||
| Interest earning deposits with banks | 6,696 | (5,600) | 1,096 | ||||||||
| Total interest income | 47,920 | (15,728) | 32,192 | ||||||||
| Interest expense: | |||||||||||
| Deposits: | |||||||||||
| Savings | 1 | 46 | 47 | ||||||||
| Interest checking and money market | 8,951 | (2,844) | 6,107 | ||||||||
| Certificates of deposit of less than $100,000 | 602 | (1,451) | (849) | ||||||||
| Certificates of deposit of $100,000 and over | 1,204 | (2,425) | (1,221) | ||||||||
| Total interest on deposits | 10,758 | (6,674) | 4,084 | ||||||||
| Federal funds purchased | 146 | (250) | (104) | ||||||||
| Securities sold under agreements to repurchase | (344) | (3,100) | (3,444) | ||||||||
| Other borrowings | 870 | (2) | 868 | ||||||||
| Total interest expense | 11,430 | $ | (10,026) | $ | 1,404 | ||||||
| Net interest income, fully taxable-equivalent basis | $ | 36,490 | $ | (5,702) | $ | 30,788 | |||||
| Three Months Ended March 31 | Increase (Decrease) | |||||||||||||
| (Dollars in thousands) | 2026 | 2025 | Amount | % change | ||||||||||
| Trust fees | $ | 71,049 | $ | 56,592 | $ | 14,457 | 25.5 | % | ||||||
| Bank card transaction fees | 45,585 | 45,593 | (8) | — | ||||||||||
| Deposit account charges and other fees | 28,578 | 26,622 | 1,956 | 7.3 | ||||||||||
| Consumer brokerage services | 5,444 | 4,785 | 659 | 13.8 | ||||||||||
| Capital market fees | 5,338 | 5,112 | 226 | 4.4 | ||||||||||
| Loan fees and sales | 3,243 | 3,404 | (161) | (4.7) | ||||||||||
| Other | 16,614 | 16,841 | (227) | (1.3) | ||||||||||
| Total non-interest income | $ | 175,851 | $ | 158,949 | $ | 16,902 | 10.6 | % | ||||||
| Non-interest income as a % of total revenue* | 37.0 | % | 37.1 | % | ||||||||||
| Three Months Ended March 31 | ||||||||||||||
| (Dollars in thousands) | 2026 | 2025 | $ change | % change | ||||||||||
| Net debit card fees | $ | 10,589 | $ | 10,288 | $ | 301 | 2.9 | % | ||||||
| Net credit card fees | 3,435 | 3,608 | (173) | (4.8) | ||||||||||
| Net merchant fees | 5,583 | 5,767 | (184) | (3.2) | ||||||||||
| Net corporate card fees | 25,978 | 25,930 | 48 | .2 | ||||||||||
| Total bank card transaction fees | $ | 45,585 | $ | 45,593 | $ | (8) | — | % | ||||||
| Three Months Ended March 31 | ||||||||
| (In thousands) | 2026 | 2025 | ||||||
| Net gains (losses) on sales of available for sale debt securities | $ | — | $ | 4 | ||||
| Net gains (losses) on equity securities | 160 | (97) | ||||||
| Net gains (losses) on sales of private equity investments | 597 | 1,027 | ||||||
| Fair value adjustments on private equity investments | 10,890 | (8,525) | ||||||
| Total investment securities gains (losses), net | $ | 11,647 | $ | (7,591) | ||||
| Three Months Ended March 31 | Increase (Decrease) | |||||||||||||
| (Dollars in thousands) | 2026 | 2025 | Amount | % change | ||||||||||
| Salaries and employee benefits | $ | 180,787 | $ | 153,078 | $ | 27,709 | 18.1 | % | ||||||
| Data processing and software | 38,328 | 32,238 | 6,090 | 18.9 | ||||||||||
| Professional and other services | 18,792 | 10,026 | 8,766 | 87.4 | ||||||||||
| Net occupancy | 15,308 | 14,020 | 1,288 | 9.2 | ||||||||||
| Marketing | 6,957 | 5,843 | 1,114 | 19.1 | ||||||||||
| Equipment | 5,671 | 5,248 | 423 | 8.1 | ||||||||||
| Supplies and communication | 5,238 | 5,046 | 192 | 3.8 | ||||||||||
| Deposit insurance | 3,914 | 3,744 | 170 | 4.5 | ||||||||||
| Other | 16,131 | 9,133 | 6,998 | 76.6 | ||||||||||
| Total non-interest expense | $ | 291,126 | $ | 238,376 | $ | 52,750 | 22.1 | % | ||||||
| Three Months Ended | |||||||||||
| (In thousands) | Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2025 | ||||||||
| ALLOWANCE FOR CREDIT LOSSES ON LOANS | |||||||||||
| Balance at end of prior period | $ | 179,468 | $ | 175,671 | $ | 162,742 | |||||
| Initial allowance for credit losses on purchased credit deteriorated loans at acquisition | 2,957 | — | — | ||||||||
| Initial allowance for credit losses on purchased seasoned loans at acquisition | 19,871 | — | — | ||||||||
| Provision for credit losses on loans | 11,283 | 13,660 | 15,095 | ||||||||
| Net loan charge-offs (recoveries): | |||||||||||
| Commercial: | |||||||||||
| Business | 241 | 222 | 46 | ||||||||
| Real estate-construction and land | — | 16 | — | ||||||||
| Real estate-business | 5,405 | (24) | 377 | ||||||||
| Commercial net loan charge-offs (recoveries) | 5,646 | 214 | 423 | ||||||||
| Personal Banking: | |||||||||||
| Real estate-personal | 2 | 180 | 72 | ||||||||
| Consumer | 1,768 | 2,498 | 2,852 | ||||||||
| Revolving home equity | 6 | (2) | (3) | ||||||||
| Consumer credit card | 7,139 | 6,488 | 6,967 | ||||||||
| Overdrafts | 413 | 485 | 495 | ||||||||
| Personal banking net loan charge-offs (recoveries) | 9,328 | 9,649 | 10,383 | ||||||||
| Total net loan charge-offs (recoveries) | 14,974 | 9,863 | 10,806 | ||||||||
| Balance at end of period | $ | 198,605 | $ | 179,468 | $ | 167,031 | |||||
| LIABILITY FOR UNFUNDED LENDING COMMITMENTS | |||||||||||
| Balance at beginning of period | $ | 17,660 | $ | 15,327 | $ | 18,935 | |||||
| Initial allowance for credit loss at acquisition | 362 | — | — | ||||||||
| Provision for credit losses on unfunded lending commitments | (323) | 2,333 | (608) | ||||||||
| Balance at end of period | 17,699 | 17,660 | 18,327 | ||||||||
| ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | $ | 216,304 | $ | 197,128 | $ | 185,358 | |||||
| Three Months Ended | |||||||||||
| Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2025 | |||||||||
| Annualized net loan charge-offs (recoveries)*: | |||||||||||
| Commercial: | |||||||||||
| Business | .01 | % | .01 | % | — | % | |||||
| Real estate-construction and land | — | — | — | ||||||||
| Real estate-business | .54 | — | .04 | ||||||||
| Commercial net loan charge-offs (recoveries) | .19 | .01 | .02 | ||||||||
| Personal Banking: | |||||||||||
| Real estate-personal | — | .02 | .01 | ||||||||
| Consumer | .30 | .45 | .56 | ||||||||
| Revolving home equity | — | — | — | ||||||||
| Consumer credit card | 5.21 | 4.55 | 5.04 | ||||||||
| Overdrafts | 23.45 | 29.19 | 34.26 | ||||||||
| Personal banking net loan charge-offs (recoveries) | .47 | .62 | .70 | ||||||||
| Total annualized net loan charge-offs (recoveries) | .30 | % | .22 | % | .25 | % | |||||
| Mar. 31, 2026 | Dec. 31, 2025 | Mar. 31, 2025 | ||||||||||||||||||||||||
(Dollars in thousands) | Credit Loss Allowance Allocation | % of ACL to Loan Category | Credit Loss Allowance Allocation | % of ACL to Loan Category | Credit Loss Allowance Allocation | % of ACL to Loan Category | ||||||||||||||||||||
| Business | $ | 58,674 | .87 | % | $ | 53,238 | .83 | % | $ | 45,669 | .73 | % | ||||||||||||||
| RE — construction and land | 31,430 | 1.99 | 29,053 | 2.02 | 29,284 | 2.06 | ||||||||||||||||||||
| RE — business | 35,133 | .87 | 34,574 | .94 | 31,747 | .87 | ||||||||||||||||||||
| RE — personal | 22,065 | .50 | 10,915 | .36 | 13,475 | .44 | ||||||||||||||||||||
| Consumer | 15,838 | .64 | 15,624 | .71 | 14,967 | .71 | ||||||||||||||||||||
| Revolving home equity | 3,403 | .55 | 1,738 | .46 | 1,857 | .52 | ||||||||||||||||||||
| Consumer credit card | 31,945 | 5.73 | 34,178 | 5.80 | 29,904 | 5.26 | ||||||||||||||||||||
| Overdrafts | 117 | 1.23 | 148 | 3.53 | 128 | 4.09 | ||||||||||||||||||||
| Total | $ | 198,605 | .97 | % | $ | 179,468 | 1.01 | % | $ | 167,031 | .96 | % | ||||||||||||||
(Dollars in thousands) | March 31, 2026 | December 31, 2025 | ||||||
| Non-accrual loans | $ | 10,920 | $ | 15,750 | ||||
| Foreclosed real estate | 678 | 1,218 | ||||||
| Total non-performing assets | $ | 11,598 | $ | 16,968 | ||||
| Non-performing assets as a percentage of total loans | .06 | % | .10 | % | ||||
| Non-performing assets as a percentage of total assets | .03 | % | .05 | % | ||||
| Total loans past due 90 days and still accruing interest | $ | 22,824 | $ | 24,659 | ||||
(In thousands) | March 31, 2026 | December 31, 2025 | ||||||
| Potential problem loans: | ||||||||
| Business | $ | 163,740 | $ | 112,018 | ||||
| Real estate – construction and land | 28,340 | 46,622 | ||||||
| Real estate – business | 102,505 | 106,163 | ||||||
| Real estate – personal | 1,593 | 91 | ||||||
| Consumer | 14 | — | ||||||
| Total potential problem loans | $ | 296,192 | $ | 264,894 | ||||
| (Dollars in thousands) | March 31, 2026 | % of Total | % of Total Loans | December 31, 2025 | % of Total | % of Total Loans | ||||||||||||||
| Commercial construction | $ | 1,199,804 | 75.9 | % | 5.9 | % | $ | 1,226,363 | 85.3 | % | 6.9 | % | ||||||||
| Residential construction | 253,896 | 16.1 | 1.1 | 105,874 | 7.4 | .6 | ||||||||||||||
| Residential land and land development | 73,501 | 4.5 | .4 | 63,288 | 4.3 | .4 | ||||||||||||||
| Commercial land and land development | 54,588 | 3.5 | .3 | 42,487 | 3.0 | .2 | ||||||||||||||
| Total real estate - construction and land loans | $ | 1,581,789 | 100.0 | % | 7.7 | % | $ | 1,438,012 | 100.0 | % | 8.1 | % | ||||||||
| (Dollars in thousands) | March 31, 2026 | % of Total | % of Total Loans | December 31, 2025 | % of Total | % of Total Loans | ||||||||||||||
| Owner-occupied | $ | 1,504,132 | 37.1 | % | 7.4 | % | $ | 1,248,172 | 34.0 | % | 7.0 | % | ||||||||
| Industrial | 648,223 | 16.0 | 3.2 | 628,223 | 17.1 | 3.5 | ||||||||||||||
| Office | 611,456 | 15.1 | 3.0 | 528,421 | 14.4 | 3.0 | ||||||||||||||
| Hotels | 355,576 | 8.8 | 1.7 | 326,147 | 8.9 | 1.8 | ||||||||||||||
| Multi-family | 283,752 | 7.0 | 1.4 | 317,541 | 8.6 | 1.8 | ||||||||||||||
| Retail | 306,937 | 7.6 | 1.5 | 292,490 | 8.0 | 1.6 | ||||||||||||||
| Farm | 197,379 | 4.9 | 1.0 | 199,678 | 5.4 | 1.1 | ||||||||||||||
| Senior living | 37,600 | .9 | .2 | 43,161 | 1.2 | .2 | ||||||||||||||
| Other | 114,484 | 2.6 | .4 | 90,734 | 2.4 | .7 | ||||||||||||||
| Total real estate - business loans | $ | 4,059,539 | 100.0 | % | 19.8 | % | $ | 3,674,567 | 100.0 | % | 20.7 | % | ||||||||
| (Dollars in thousands) | Pass | Special Mention | Substandard | Non-Accrual | Total | ||||||||||||
| March 31, 2026 | |||||||||||||||||
| Owner-occupied | $ | 1,432,564 | $ | 10,851 | $ | 60,593 | $ | 124 | $ | 1,504,132 | |||||||
| Industrial | 648,223 | — | — | — | 648,223 | ||||||||||||
| Office | 559,736 | — | 51,720 | — | 611,456 | ||||||||||||
| Hotels | 353,300 | 2,276 | — | — | 355,576 | ||||||||||||
| Multi-family | 241,999 | 41,753 | — | — | 283,752 | ||||||||||||
| Retail | 306,937 | — | — | — | 306,937 | ||||||||||||
| Farm | 195,980 | 1,194 | 52 | 153 | 197,379 | ||||||||||||
| Senior living | 22,146 | — | 6,362 | 9,092 | 37,600 | ||||||||||||
| Other | 112,528 | 1,567 | 389 | — | 114,484 | ||||||||||||
| Total | $ | 3,873,413 | $ | 57,641 | $ | 119,116 | $ | 9,369 | $ | 4,059,539 | |||||||
| December 31, 2025 | |||||||||||||||||
| Owner-occupied | $ | 1,198,970 | $ | 18,011 | $ | 31,067 | $ | 124 | $ | 1,248,172 | |||||||
| Industrial | 628,223 | — | — | — | 628,223 | ||||||||||||
| Office | 443,737 | 27,175 | 57,509 | — | 528,421 | ||||||||||||
| Hotels | 326,147 | — | — | — | 326,147 | ||||||||||||
| Multi-family | 250,018 | 56,633 | 10,890 | — | 317,541 | ||||||||||||
| Retail | 292,490 | — | — | — | 292,490 | ||||||||||||
| Farm | 197,566 | 1,686 | 273 | 153 | 199,678 | ||||||||||||
| Senior living | 22,262 | — | 6,391 | 14,508 | 43,161 | ||||||||||||
| Other | 89,157 | 1,577 | — | — | 90,734 | ||||||||||||
| Total | $ | 3,448,570 | $ | 105,082 | $ | 106,130 | $ | 14,785 | $ | 3,674,567 | |||||||
| March 31, 2026 | December 31, 2025 | |||||||
FICO score: | ||||||||
Under 600 | 5.5 | % | 5.4 | % | ||||
600 – 659 | 12.3 | 12.3 | ||||||
660 – 719 | 28.3 | 27.4 | ||||||
720 – 779 | 26.5 | 26.3 | ||||||
780 and over | 27.4 | 28.6 | ||||||
Total | 100.0 | % | 100.0 | % | ||||
(In thousands) | March 31, 2026 | December 31, 2025 | Unfunded commitments at March 31, 2026 | ||||||||
| Upstream activities | $ | 232,000 | $ | 228,660 | $ | 146,090 | |||||
| Mid-stream activities | 42,478 | 25,038 | 124,661 | ||||||||
| Downstream activities | 29,681 | 15,543 | 14,381 | ||||||||
| Support activities | 65,407 | 33,803 | 15,800 | ||||||||
| Total energy lending portfolio | $ | 369,566 | $ | 303,044 | $ | 300,932 | |||||
(In thousands) | March 31, 2026 | March 31, 2025 | December 31, 2025 | ||||||||
| Liquid assets: | |||||||||||
| Balances at the Federal Reserve Bank | $ | 3,270,046 | $ | 2,756,521 | $ | 2,744,393 | |||||
| Federal funds sold | 630 | — | — | ||||||||
| Available for sale debt securities | 8,646,127 | 9,264,947 | 9,095,513 | ||||||||
| Securities purchased under agreements to resell | 850,000 | — | 850,000 | ||||||||
| Total | $ | 12,766,803 | $ | 12,021,468 | $ | 12,689,906 | |||||
(In thousands) | March 31, 2026 | March 31, 2025 | December 31, 2025 | ||||||||
| Investment securities pledged for the purpose of securing: | |||||||||||
| Federal Reserve Bank borrowings | $ | 524,689 | $ | 686,733 | $ | 538,874 | |||||
| FHLB borrowings and letters of credit | 1,883,351 | 1,498,670 | 2,160,967 | ||||||||
| Securities sold under agreements to repurchase * | 2,521,770 | 2,324,605 | 2,937,267 | ||||||||
| Other deposits and swaps | 1,724,936 | 1,791,223 | 1,638,324 | ||||||||
| Total pledged securities | 6,654,746 | 6,301,231 | 7,275,432 | ||||||||
| Unpledged and available for pledging | 1,980,057 | 2,939,139 | 1,808,420 | ||||||||
| Ineligible for pledging | 11,324 | 24,577 | 11,661 | ||||||||
| Total available for sale debt securities, at fair value | $ | 8,646,127 | $ | 9,264,947 | $ | 9,095,513 | |||||
(In thousands) | March 31, 2026 | March 31, 2025 | December 31, 2025 | ||||||||
| Core deposit base: | |||||||||||
| Non-interest bearing | $ | 8,058,024 | $ | 7,518,243 | $ | 8,205,711 | |||||
| Interest checking | 9,290,062 | 8,247,769 | 7,360,515 | ||||||||
| Savings and money market | 8,587,774 | 7,727,514 | 7,686,891 | ||||||||
| Total | $ | 25,935,860 | $ | 23,493,526 | $ | 23,253,117 | |||||
(In thousands) | March 31, 2026 | March 31, 2025 | December 31, 2025 | ||||||||
| Borrowings: | |||||||||||
| Federal funds purchased | $ | 129,730 | $ | 132,370 | $ | 128,625 | |||||
| Securities sold under agreements to repurchase | 2,446,993 | 2,267,666 | 2,861,016 | ||||||||
| Other debt | 8,045 | 17,743 | 12,798 | ||||||||
| Total | $ | 2,584,768 | $ | 2,417,779 | $ | 3,002,439 | |||||
| March 31, 2026 | |||||||||||
| (In thousands) | FHLB | Federal Reserve | Total | ||||||||
| Total collateral value established by FHLB and FRB | $ | 4,285,173 | $ | 2,758,589 | $ | 7,043,762 | |||||
| Letters of credit issued | (141,217) | — | (141,217) | ||||||||
| Available for future advances | $ | 4,143,956 | $ | 2,758,589 | $ | 6,902,545 | |||||
| Standard & Poor’s | Moody’s | |||||||
Commerce Bancshares, Inc. | ||||||||
| Issuer rating | A- | |||||||
| Rating outlook | Stable | |||||||
Commerce Bank | ||||||||
| Issuer rating | A | A3 | ||||||
| Baseline credit assessment | a2 | |||||||
| Short-term rating | A-1 | P-1 | ||||||
| Rating outlook | Stable | Stable | ||||||
| (Dollars in thousands) | March 31, 2026 | December 31, 2025 | Minimum Capital Requirement | Capital Conservation Buffer | Minimum Ratios Requirement including Capital Conservation Buffer | Minimum Ratios for Well-Capitalized Banks * | ||||||||||||||
| Risk-adjusted assets | $ | 26,291,306 | $ | 23,970,761 | ||||||||||||||||
| Tier I common risk-based capital | 4,492,333 | 4,156,776 | ||||||||||||||||||
| Tier I risk-based capital | 4,492,333 | 4,156,776 | ||||||||||||||||||
| Total risk-based capital | 4,705,679 | 4,353,905 | ||||||||||||||||||
| Tier I common risk-based capital ratio | 17.09 | % | 17.34 | % | 4.50 | % | 2.50 | % | 7.00 | % | 6.50 | % | ||||||||
| Tier I risk-based capital ratio | 17.09 | 17.34 | 6.00 | 2.50 | 8.50 | 8.00 | ||||||||||||||
| Total risk-based capital ratio | 17.90 | 18.16 | 8.00 | 2.50 | 10.50 | 10.00 | ||||||||||||||
| Tier I leverage ratio | 12.60 | 12.65 | 4.00 | N/A | 4.00 | 5.00 | ||||||||||||||
(Dollars in thousands) | Retail Banking | Commercial | Wealth | Segment Totals | Other/ Elimination | Consolidated Totals | ||||||||||||||
| Three Months Ended March 31, 2026 | ||||||||||||||||||||
| Net interest income | $ | 122,572 | $ | 133,601 | $ | 46,123 | $ | 302,296 | $ | (2,456) | $ | 299,840 | ||||||||
| Provision for credit losses | (9,271) | (5,696) | 2 | (14,965) | 4,005 | (10,960) | ||||||||||||||
| Non-interest income | 24,093 | 68,936 | 80,220 | 173,249 | 2,602 | 175,851 | ||||||||||||||
| Investment securities gains (losses), net | — | — | — | — | 11,647 | 11,647 | ||||||||||||||
| Non-interest expense | (87,873) | (112,827) | (63,117) | (263,817) | (27,309) | (291,126) | ||||||||||||||
| Income before income taxes | $ | 49,521 | $ | 84,014 | $ | 63,228 | $ | 196,763 | $ | (11,511) | $ | 185,252 | ||||||||
| Three Months Ended March 31, 2025 | ||||||||||||||||||||
| Net interest income | $ | 125,234 | $ | 133,266 | $ | 22,159 | $ | 280,659 | $ | (11,557) | $ | 269,102 | ||||||||
| Provision for credit losses | (10,250) | (532) | — | (10,782) | (3,705) | (14,487) | ||||||||||||||
| Non-interest income | 23,260 | 70,326 | 64,038 | 157,624 | 1,325 | 158,949 | ||||||||||||||
| Investment securities gains (losses), net | — | — | — | — | (7,591) | (7,591) | ||||||||||||||
| Non-interest expense | (83,005) | (103,969) | (41,189) | (228,163) | (10,213) | (238,376) | ||||||||||||||
| Income before income taxes | $ | 55,239 | $ | 99,091 | $ | 45,008 | $ | 199,338 | $ | (31,741) | $ | 167,597 | ||||||||
| Increase (decrease) in income before income taxes: | ||||||||||||||||||||
| Amount | $ | (5,718) | $ | (15,077) | $ | 18,220 | $ | (2,575) | $ | 20,230 | $ | 17,655 | ||||||||
| Percent | (10.4) | % | (15.2) | % | 40.5 | % | (1.3) | % | (63.7) | % | 10.5 | % | ||||||||
First Quarter 2026 | First Quarter 2025 | ||||||||||||||||||||||
(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) | $ | 6,687,131 | $ | 89,125 | 5.41 | % | $ | 6,106,185 | $ | 86,564 | 5.75 | % | |||||||||||
| Real estate — construction and land | 1,592,328 | 25,888 | 6.59 | 1,415,349 | 25,486 | 7.30 | |||||||||||||||||
| Real estate — business | 4,045,670 | 57,371 | 5.75 | 3,667,833 | 53,203 | 5.88 | |||||||||||||||||
| Real estate — personal | 4,417,131 | 52,539 | 4.82 | 3,045,876 | 32,145 | 4.28 | |||||||||||||||||
| Consumer | 2,421,541 | 37,047 | 6.20 | 2,082,360 | 33,466 | 6.52 | |||||||||||||||||
| Revolving home equity | 611,101 | 10,981 | 7.29 | 358,684 | 6,425 | 7.26 | |||||||||||||||||
| Consumer credit card | 555,697 | 17,313 | 12.64 | 560,534 | 18,647 | 13.49 | |||||||||||||||||
| Overdrafts | 7,144 | — | — | 5,860 | — | — | |||||||||||||||||
| Total loans | 20,337,743 | 290,264 | 5.79 | 17,242,681 | 255,936 | 6.02 | |||||||||||||||||
| Loans held for sale | 2,361 | 29 | 4.98 | 1,584 | 23 | 5.89 | |||||||||||||||||
| Investment securities: | |||||||||||||||||||||||
| U.S. government and federal agency obligations | 3,190,796 | 28,354 | 3.60 | 2,586,944 | 26,063 | 4.09 | |||||||||||||||||
| Government-sponsored enterprise obligations | 54,800 | 324 | 2.40 | 55,330 | 328 | 2.40 | |||||||||||||||||
State and municipal obligations(A) | 709,332 | 3,675 | 2.10 | 804,363 | 4,072 | 2.05 | |||||||||||||||||
| Mortgage-backed securities | 4,211,068 | 22,010 | 2.12 | 4,788,102 | 24,615 | 2.08 | |||||||||||||||||
| Asset-backed securities | 1,201,187 | 11,257 | 3.80 | 1,655,701 | 14,115 | 3.46 | |||||||||||||||||
| Other debt securities | 176,676 | 1,379 | 3.17 | 258,136 | 1,715 | 2.69 | |||||||||||||||||
Trading debt securities(A) | 97,801 | 758 | 3.14 | 38,298 | 469 | 4.97 | |||||||||||||||||
Equity securities(A) | 50,378 | 806 | 6.49 | 57,028 | 1,128 | 8.02 | |||||||||||||||||
Other securities(A) | 250,641 | 4,208 | 6.81 | 233,461 | 4,519 | 7.85 | |||||||||||||||||
| Total investment securities | 9,942,679 | 72,771 | 2.97 | 10,477,363 | 77,024 | 2.98 | |||||||||||||||||
| Federal funds sold | 862 | 7 | 3.29 | 2,089 | 29 | 5.63 | |||||||||||||||||
| Securities purchased under agreements to resell | 850,000 | 8,455 | 4.03 | 788,889 | 7,418 | 3.81 | |||||||||||||||||
| Interest earning deposits with banks | 2,997,340 | 27,345 | 3.70 | 2,388,504 | 26,249 | 4.46 | |||||||||||||||||
| Total interest earning assets | 34,130,985 | 398,871 | 4.74 | 30,901,110 | 366,679 | 4.81 | |||||||||||||||||
| Allowance for credit losses on loans | (201,769) | (162,186) | |||||||||||||||||||||
| Unrealized gain (loss) on debt securities | (630,778) | (935,054) | |||||||||||||||||||||
| Cash and due from banks | 432,047 | 391,436 | |||||||||||||||||||||
| Premises and equipment, net | 545,461 | 497,057 | |||||||||||||||||||||
| Other assets | 1,097,030 | 809,803 | |||||||||||||||||||||
| Total assets | $ | 35,372,976 | $ | 31,502,166 | |||||||||||||||||||
| LIABILITIES AND EQUITY: | |||||||||||||||||||||||
| Interest bearing deposits: | |||||||||||||||||||||||
| Savings | $ | 1,301,768 | 214 | .07 | $ | 1,294,174 | 167 | .05 | |||||||||||||||
| Interest checking and money market | 16,019,323 | 58,343 | 1.48 | 13,906,827 | 52,236 | 1.52 | |||||||||||||||||
| Certificates of deposit of less than $100,000 | 1,035,130 | 8,083 | 3.17 | 991,826 | 8,932 | 3.65 | |||||||||||||||||
| Certificates of deposit of $100,000 and over | 1,465,168 | 12,098 | 3.35 | 1,363,655 | 13,319 | 3.96 | |||||||||||||||||
| Total interest bearing deposits | 19,821,389 | 78,738 | 1.61 | 17,556,482 | 74,654 | 1.72 | |||||||||||||||||
| Borrowings: | |||||||||||||||||||||||
| Federal funds purchased | $ | 141,888 | $ | 1,280 | 3.66 | 128,340 | $ | 1,384 | 4.37 | ||||||||||||||
| Securities sold under agreements to repurchase | 2,674,484 | 15,780 | 2.39 | 2,723,227 | 19,224 | 2.86 | |||||||||||||||||
| Other borrowings | 90,796 | 869 | 3.88 | 616 | 1 | .66 | |||||||||||||||||
| Total borrowings | 2,907,168 | 17,929 | 2.50 | 2,852,183 | 20,609 | 2.93 | |||||||||||||||||
| Total interest bearing liabilities | 22,728,557 | 96,667 | 1.72 | % | 20,408,665 | 95,263 | 1.89 | % | |||||||||||||||
| Non-interest bearing deposits | 7,874,488 | 7,298,686 | |||||||||||||||||||||
| Other liabilities | 423,998 | 421,370 | |||||||||||||||||||||
| Equity | 4,345,933 | 3,373,445 | |||||||||||||||||||||
| Total liabilities and equity | $ | 35,372,976 | $ | 31,502,166 | |||||||||||||||||||
| Net interest margin (FTE) | $ | 302,204 | $ | 271,416 | |||||||||||||||||||
| Net yield on interest earning assets | 3.59 | % | 3.56 | % | |||||||||||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||||||||||||||
(Dollars in millions) | $ Change in Net Interest Income | % Change in Net Interest Income | $ Change in Net Interest Income | % Change in Net Interest Income | |||||||||||||||||||
| 300 basis points rising | $ | 46.5 | 3.80 | % | $ | 53.3 | 4.80 | % | |||||||||||||||
| 200 basis points rising | 32.2 | 2.63 | 41.0 | 3.69 | |||||||||||||||||||
| 100 basis points rising | 17.4 | 1.42 | 27.0 | 2.43 | |||||||||||||||||||
| 100 basis points falling | $ | (20.1) | (1.64) | % | $ | (23.6) | (2.13) | % | |||||||||||||||
| 200 basis points falling | (30.0) | (2.45) | (39.4) | (3.54) | |||||||||||||||||||
| 300 basis points falling | (38.6) | (3.16) | (53.7) | (4.84) | |||||||||||||||||||
Period | Total Number of Shares Purchased (1) | Average Price Paid per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Program | Maximum Number that May Yet Be Purchased Under the Program | ||||||||||
| January 1 - 31, 2026 | 188,995 | $52.64 | 187,496 | 2,999,225 | ||||||||||
| February 1 - 28, 2026 | 727,666 | 53.60 | 699,476 | 2,299,749 | ||||||||||
| March 1 - 31, 2026 | 708,179 | 49.18 | 665,749 | 1,634,000 | ||||||||||
| Total | 1,624,840 | $51.56 | 1,552,721 | 1,634,000 | ||||||||||
COMMERCE BANCSHARES, INC. | |||||||||||
| By | /s/ MARGARET M. ROWE | ||||||||||
| Margaret M. Rowe | |||||||||||
Date: May 7, 2026 | Senior Vice President & Secretary | ||||||||||
| By | /s/ PAUL A. STEINER | ||||||||||
| Paul A. Steiner | |||||||||||
| Controller | |||||||||||
Date: May 7, 2026 | (Chief Accounting Officer) | ||||||||||
| /s/ JOHN W. KEMPER | |||||
John W. Kemper President and Chief Executive Officer | |||||
| May 7, 2026 | |||||
| /s/ CHARLES G. KIM | |||||
Charles G. Kim Executive Vice President and Chief Financial Officer | |||||
| May 7, 2026 | |||||
| /s/ JOHN W. KEMPER | |||||
John W. Kemper Chief Executive Officer | |||||
| /s/ CHARLES G. KIM | |||||
Charles G. Kim Chief Financial Officer | |||||
| May 7, 2026 | |||||