10-Q

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)
☑	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
	SECURITIES EXCHANGE ACT OF 1934

________________________________________________________

For the quarterly period ended March 31, 2022

OR

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
	SECURITIES EXCHANGE ACT OF 1934

____________________________________________________________

For the transition period from           to   

Commission File No. 001-36502

	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)

(816) 234-2000

(Registrant’s telephone number, including area 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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ     No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ     No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer þ Accelerated filer o Non-accelerated filer o Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐     No ☑

As of May 2, 2022, the registrant had outstanding 120,734,318 shares of its $5 par value common stock, registrant’s only class of common stock.

Commerce Bancshares, Inc. and Subsidiaries

Form 10-Q

			Page
INDEX
Part I	Financial Information
	Item 1.	Financial Statements
		Consolidated Balance Sheets as of March 31, 2022 (unaudited) and December 31, 2021	3
		Consolidated Statements of Income for the Three Months Ended March 31, 2022 and 2021 (unaudited)	4
		Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2022 and 2021 (unaudited)	5
		Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2022 and 2021 (unaudited)	6
		Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021 (unaudited)	7
		Notes to Consolidated Financial Statements	8
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	41
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	61
	Item 4.	Controls and Procedures	62
Part II	Other Information
	Item 1.	Legal Proceedings	63
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63
	Item 6.	Exhibits	63
Signatures			64

2

PART I: FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

Commerce Bancshares, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS

	March 31, 2022		December 31, 2021
	(Unaudited)
	(In thousands)
ASSETS
Loans	$	15,459,014	$	15,176,359
Allowance for credit losses on loans	(134,710)		(150,044)
Net loans	15,324,304		15,026,315
Loans held for sale (including $3,901,000 and $5,570,000 of residential mortgage loans carried at fair value at March 31, 2022 and December 31, 2021, respectively)	8,908		8,615
Investment securities:
Available for sale debt, at fair value (amortized cost of $15,425,954,000 and $14,419,133,000 at
March 31, 2022 and December 31, 2021, respectively, and allowance for credit losses of $—
at March 31, 2022 and December 31, 2021, respectively)	14,780,494		14,450,027
Trading debt	31,380		46,235
Equity	9,284		9,202
Other	199,576		194,047
Total investment securities	15,020,734		14,699,511
Federal funds sold and short-term securities purchased under agreements to resell	—		2,800
Securities purchased under agreements to resell	1,825,000		1,625,000
Interest earning deposits with banks	1,260,813		3,971,217
Cash and due from banks	326,549		305,539
Premises and equipment – net	394,028		388,738
Goodwill	138,921		138,921
Other intangible assets – net	15,885		15,570
Other assets	671,651		506,862
Total assets	$	34,986,793	$	36,689,088
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing	$	11,428,372	$	11,772,374
Savings, interest checking and money market	16,751,632		16,598,085
Certificates of deposit of less than $100,000	422,992		435,960
Certificates of deposit of $100,000 and over	716,345		1,006,654
Total deposits	29,319,341		29,813,073
Federal funds purchased and securities sold under agreements to repurchase	2,317,461		3,022,967
Other borrowings	9,057		12,560
Other liabilities	367,532		392,164
Total liabilities	32,013,391		33,240,764
Commerce Bancshares, Inc. stockholders’ equity:
Common stock, $5 par value
Authorized 140,000,000; issued 122,160,705 shares	610,804		610,804
Capital surplus	2,678,025		2,689,894
Retained earnings	178,504		92,493
Treasury stock of 1,034,382 shares at March 31, 2022
and 476,392 shares at December 31, 2021, at cost	(72,293)		(32,973)
Accumulated other comprehensive income	(434,400)		77,080
Total Commerce Bancshares, Inc. stockholders' equity	2,960,640		3,437,298
Non-controlling interest	12,762		11,026
Total equity	2,973,402		3,448,324
Total liabilities and equity	$	34,986,793	$	36,689,088

See accompanying notes to consolidated financial statements.

3

Commerce Bancshares, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME

		For the Three Months Ended March 31
(In thousands, except per share data)		2022		2021
	(Unaudited)
INTEREST INCOME
Interest and fees on loans		$	132,075	$	146,338
Interest and fees on loans held for sale		150		304
Interest on investment securities		73,105		51,557
Interest on federal funds sold		1		—
Interest on securities purchased under agreements to resell		5,300		11,128
Interest on deposits with banks		1,151		370
Total interest income		211,782		209,697
INTEREST EXPENSE
Interest on deposits:
Savings, interest checking and money market		1,760		2,103
Certificates of deposit of less than $100,000		139		473
Certificates of deposit of $100,000 and over		427		1,062
Interest on federal funds purchased and securities sold under
agreements to repurchase		689		312
Interest on other borrowings		(19)		(1)
Total interest expense		2,996		3,949
Net interest income		208,786		205,748
Provision for credit losses		(9,858)		(6,232)
Net interest income after credit losses		218,644		211,980
NON-INTEREST INCOME
Bank card transaction fees		42,045		37,695
Trust fees		47,811		44,127
Deposit account charges and other fees		22,307		22,575
Capital market fees		4,125		4,981
Consumer brokerage services		4,446		4,081
Loan fees and sales		4,235		10,184
Other		6,800		12,402
Total non-interest income		131,769		136,045
INVESTMENT SECURITIES GAINS, NET		7,163		9,853
NON-INTEREST EXPENSE
Salaries and employee benefits		135,953		129,033
Net occupancy		12,296		12,021
Equipment		4,568		4,353
Supplies and communication		4,713		4,125
Data processing and software		27,016		25,463
Marketing		6,344		5,158
Other		14,758		12,420
Total non-interest expense		205,648		192,573
Income before income taxes		151,928		165,305
Less income taxes		31,902		32,076
Net income		120,026		133,229
Less non-controlling interest expense		1,872		2,257
Net income attributable to Commerce Bancshares, Inc.		$	118,154	$	130,972
Net income per common share — basic		$	.97	$	1.06
Net income per common share — diluted		$	.97	$	1.06

See accompanying notes to consolidated financial statements.

4

Commerce Bancshares, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

	For the Three Months Ended March 31
(In thousands)	2022		2021
	(Unaudited)
Net income	$	120,026	$	133,229
Other comprehensive income (loss):
Net unrealized losses on available for sale debt securities	(507,265)		(158,676)
Pension loss amortization	323		437
Unrealized losses on cash flow hedge derivatives	(4,538)		(4,386)
Other comprehensive income (loss)	(511,480)		(162,625)
Comprehensive income (loss)	(391,454)		(29,396)
Less non-controlling interest expense	1,872		2,257
Comprehensive income (loss) attributable to Commerce Bancshares, Inc.	$	(393,326)	$	(31,653)

See accompanying notes to consolidated financial statements.

5

Commerce Bancshares, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Three Months Ended March 31, 2022 and 2021

	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, 2021	$	610,804	$	2,689,894	$	92,493	$	(32,973)	$	77,080	$	11,026	$	3,448,324
Net income					118,154						1,872		120,026
Other comprehensive loss									(511,480)				(511,480)
Distributions to non-controlling interest											(136)		(136)
Purchases of treasury stock							(55,855)						(55,855)
Issuance of stock under purchase and equity     compensation plans			$	(16,087)			16,535						448
Stock-based compensation			4,218										4,218
Cash dividends paid on common stock      ($0.265 per share)					(32,143)								(32,143)
Balance March 31, 2022	$	610,804	$	2,678,025	$	178,504	$	(72,293)	$	(434,400)	$	12,762	$	2,973,402
Balance December 31, 2020	$	589,352	$	2,436,288	$	73,000	$	(32,970)	$	331,377	$	2,925	$	3,399,972
Net income					130,972						2,257		133,229
Other comprehensive loss									(162,625)				(162,625)
Distributions to non-controlling interest											(387)		(387)
Purchases of treasury stock							(25,923)						(25,923)
Issuance of stock under purchase and equity      compensation plans			(19,828)				19,813						(15)
Stock-based compensation			3,933										3,933
Cash dividends paid on common stock      ($.250 per share)					(30,799)								(30,799)
Balance March 31, 2021	$	589,352	$	2,420,393	$	173,173	$	(39,080)	$	168,752	$	4,795	$	3,317,385

See accompanying notes to consolidated financial statements.

6

Commerce Bancshares, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the Three Months Ended March 31
(In thousands)	2022		2021
	(Unaudited)
OPERATING ACTIVITIES:
Net income	$	120,026	$	133,229
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	(9,858)		(6,232)
Provision for depreciation and amortization	11,811		11,379
Amortization of investment security premiums, net	4,932		22,079
Investment securities gains, net (A)	(7,163)		(9,853)
Net gains on sales of loans held for sale	(1,302)		(7,381)
Originations of loans held for sale	(57,580)		(172,435)
Proceeds from sales of loans held for sale	57,789		184,155
Net decrease in trading debt securities, excluding unsettled transactions	9,798		4,872
Stock-based compensation	4,218		3,933
(Increase) decrease in interest receivable	(7,972)		444
Increase (decrease) in interest payable	273		(1,804)
Increase in income taxes payable	28,657		28,105
Other changes, net	(29,115)		11,178
Net cash provided by operating activities	124,514		201,669
INVESTING ACTIVITIES:
Distributions received from equity-method investment	400		—
Proceeds from sales of investment securities (A)	1,745		9,292
Proceeds from maturities/pay downs of investment securities (A)	805,355		938,527
Purchases of investment securities (A)	(1,812,434)		(1,194,891)
Net increase in loans	(287,328)		(72,497)
Securities purchased under agreements to resell	(200,000)		—
Purchases of premises and equipment	(15,597)		(10,730)
Sales of premises and equipment	175		2,568
Net cash used in investing activities	(1,507,684)		(327,731)
FINANCING ACTIVITIES:
Net increase (decrease) in non-interest bearing, savings, interest checking and money market deposits	(208,358)		585,579
Net decrease in certificates of deposit	(303,277)		(73,000)
Net decrease in federal funds purchased and securities sold under agreements to repurchase	(705,506)		(160,273)
Net increase (decrease) in other borrowings	(3,503)		2,989
Purchases of treasury stock	(55,855)		(25,923)
Issuance of stock under equity compensation plans	448		(15)
Cash dividends paid on common stock	(32,143)		(30,799)
Net cash provided by (used in) financing activities	(1,308,194)		298,558
Increase (decrease) in cash, cash equivalents and restricted cash	(2,691,364)		172,496
Cash, cash equivalents and restricted cash at beginning of year	4,296,954		2,208,328
Cash, cash equivalents and restricted cash at March 31	$	1,605,590	$	2,380,824
Income tax payments, net	$	1,640	$	2,510
Interest paid on deposits and borrowings	$	2,723	$	5,753
Loans transferred to foreclosed real estate	$	25	$	115

(A) Available for sale debt securities, equity securities, and other securities.

See accompanying notes to consolidated financial statements.

Restricted cash is comprised of cash collateral posted by the Company to secure interest rate swap agreements. This balance is included in other assets in the consolidated balance sheets and totaled $18.2 million and $24.5 million at March 31, 2022 and 2021, respectively.

7

Commerce Bancshares, Inc. and Subsidiaries

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2022 (Unaudited)

1. Principles of Consolidation and Presentation

The accompanying consolidated financial statements include the accounts of Commerce Bancshares, Inc. and all majority-owned subsidiaries (the Company). Most of the Company's operations are conducted by its subsidiary bank, Commerce Bank (the Bank). The consolidated financial statements in this report have not been audited by an independent registered public accounting firm, but in the opinion of management, all adjustments necessary to present fairly the financial position and the results of operations for the interim periods have been made. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated. Certain reclassifications were made to 2021 data to conform to current year presentation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. Management has evaluated subsequent events for potential recognition or disclosure. The results of operations for the three month period ended March 31, 2022 are not necessarily indicative of results to be attained for the full year or any other interim period.

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission. Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company's most recent Annual Report on Form 10-K, containing the latest audited consolidated financial statements and notes thereto.

2. Loans and Allowance for Credit Losses

Major classifications within the Company’s held for investment loan portfolio at March 31, 2022 and December 31, 2021 are as follows:

(In thousands)	March 31, 2022		December 31, 2021
Commercial:
Business	$	5,508,508	$	5,303,535
Real estate – construction and land	1,144,411		1,118,266
Real estate – business	3,109,668		3,058,837
Personal Banking:
Real estate – personal	2,820,076		2,805,401
Consumer	2,053,160		2,032,225
Revolving home equity	264,401		275,945
Consumer credit card	544,579		575,410
Overdrafts	14,211		6,740
Total loans	$	15,459,014	$	15,176,359

Accrued interest receivable totaled $32.1 million and $25.9 million at March 31, 2022 and December 31, 2021, respectively, and was included within other assets on the consolidated balance sheets. For the three months ended March 31, 2022, the Company wrote-off accrued interest by reversing interest income of $29 thousand and $899 thousand in the Commercial and Personal Banking portfolios, respectively. Similarly, for the three months ended March 31, 2021, the Company wrote-off accrued interest of $125 thousand and $2.0 million in the Commercial and Personal Banking portfolios, respectively.

At March 31, 2022, loans of $3.2 billion were pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits. Additional loans of $1.3 billion were pledged at the Federal Reserve Bank as collateral for discount window borrowings.

8

Allowance for credit losses

The allowance for credit losses is measured using an average historical loss model which incorporates relevant information about past events (including historical credit loss experience on loans with similar risk characteristics), current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the loans. The allowance for credit losses is measured on a collective (pool) basis. Loans are aggregated into pools based on similar risk characteristics including borrower type, collateral type and expected credit loss patterns. Loans that do not share similar risk characteristics, primarily large loans on non-accrual status, are evaluated on an individual basis.

For loans evaluated for credit losses on a collective basis, average historical loss rates are calculated for each pool using the Company’s historical net charge-offs (combined charge-offs and recoveries by observable historical reporting period) and outstanding loan balances during a lookback period. Lookback periods can be different based on the individual pool and represent management’s credit expectations for the pool of loans over the remaining contractual life. In certain loan pools, if the Company’s own historical loss rate is not reflective of the loss expectations, the historical loss rate is augmented by industry and peer data. The calculated average net charge-off rate is then adjusted for current conditions and reasonable and supportable forecasts. These adjustments increase or decrease the average historical loss rate to reflect expectations of future losses given a single path economic forecast of key macroeconomic variables including GDP, disposable income, various interest rates, unemployment rate, consumer price index (CPI) inflation rate, housing price index (HPI), commercial real estate price index (CREPI) and market volatility. The adjustments are based on results from various regression models projecting the impact of the macroeconomic variables to loss rates. The forecast is used for a reasonable and supportable period before reverting back to historical averages using a straight-line method. The forecast adjusted loss rate is applied to the amortized cost of loans over the remaining contractual lives, adjusted for expected prepayments. The contractual term excludes expected extensions (except for contractual extensions at the option of the customer), renewals and modifications unless there is a reasonable expectation that a troubled debt restructuring will be executed. Credit cards and certain similar consumer lines of credit do not have stated maturities and therefore, for these loan classes, remaining contractual lives are determined by estimating future cash flows expected to be received from customers until payments have been fully allocated to outstanding balances. Additionally, the allowance for credit losses considers other qualitative factors not included in historical loss rates or macroeconomic forecast such as changes in portfolio composition, underwriting practices, or significant unique events or conditions.

9

Key model assumptions in the Company’s allowance for credit loss model include the economic forecast, the reasonable and supportable period, forecasted macro-economic variables, prepayment assumptions and qualitative factors applied for portfolio composition changes, underwriting practices, or significant unique events or conditions. The assumptions utilized in estimating the Company’s allowance for credit losses at March 31, 2022 and December 31, 2021 are discussed below.

Key Assumption	March 31, 2022	December 31, 2021
Overall economic forecast	•Improving health situation supports positive economic momentum in the short term •Projects significant monetary policy tightening to rein in inflation •Projects continued high inflation •Uncertainties related to supply chain issues	•Continued recovery from the Global Coronavirus Recession (GCR) •Assumes improving health conditions •Assumes gradual easing of supply constraints •Continued uncertainty regarding the health crisis •Uncertainty regarding rising inflation
Reasonable and supportable period and related reversion period	•One year for commercial and personal banking loans •Reversion to historical average loss rates within two quarters using straight-line method	•One year for commercial and personal banking loans •Reversion to historical average loss rates within two quarters using straight-line method
Forecasted macro-economic variables	•Unemployment rate ranging from 3.6% to 3.4% during the supportable forecast period •Real GDP growth ranging from 2.6% to 3.7% •Prime rate from 4.0% to 5.2%	•Unemployment rate ranging from 4.1% to 3.7% during the supportable forecast period •Real GDP growth ranges from 5.0% to 3.4% •Prime rate of 3.25% through the second quarter of 2022, increasing to 3.5% by the end of 2022
Prepayment assumptions	Commercial loans •5% for most loan pools Personal banking loans •Ranging from 28.3% to 16.5% for most loan pools •66.0% for consumer credit cards	Commercial loans •5% for most loan pools Personal banking loans •Ranging from 28.0% to 16.5% for most loan pools •64.1% for consumer credit cards
Qualitative factors	Added qualitative factors related to: •Certain portfolios sensitive to pandemic economic uncertainties •Changes in the composition of the loan portfolios •Uncertainty related to unusually high rate of inflation, geopolitical environment, and supply chain issues •Loans downgraded to special mention, substandard, or non-accrual status	Added net reserves using qualitative processes related to: •Loans originated in our expansion markets, loans that are designated as shared national credits, and certain portfolios sensitive to pandemic economic uncertainties •Changes in the composition of the loan portfolios •Loans downgraded to special mention, substandard, or non-accrual status

The liability for unfunded lending commitments utilizes the same model as the allowance for credit losses on loans, however, the liability for unfunded lending commitments incorporates an assumption for the portion of unfunded commitments that are expected to be funded.

Sensitivity in the Allowance for Credit Loss model

The allowance for credit losses is an estimate that requires significant judgment including projections of the macro-economic environment. The forecasted macro-economic environment continuously changes which can cause fluctuations in estimated expected losses.

The current forecast projects a continued recovery of the COVID-19 related health situation, which is expected to create positive economic momentum. However, the higher inflation and Russia's invasion of Ukraine has created greater uncertainty in the forecast. The geopolitical environment, trends in health conditions, and ongoing supply constraints could significantly modify economic projections used in the estimation of the allowance for credit losses.

10

A summary of the activity in the allowance for credit losses on loans and the liability for unfunded lending commitments during the three months ended March 31, 2022 and 2021, respectively, follows:

	For the Three Months Ended March 31, 2022
(In thousands)	Commercial		Personal Banking		Total
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period	$	97,776	$	52,268	$	150,044
Provision for credit losses on loans	(2,879)		(7,807)		(10,686)
Deductions:
Loans charged off	177		7,285		7,462
Less recoveries on loans	107		2,707		2,814
Net loan charge-offs (recoveries)	70		4,578		4,648
Balance March 31, 2022	$	94,827	$	39,883	$	134,710
LIABILITY FOR UNFUNDED LENDING COMMITMENTS
Balance at beginning of period	$	23,271	$	933	$	24,204
Provision for credit losses on unfunded lending commitments	509		319		828
Balance March 31, 2022	$	23,780	$	1,252	$	25,032
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS	$	118,607	$	41,135	$	159,742

	For the Three Months Ended March 31, 2021
(In thousands)	Commercial		Personal Banking		Total
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period	$	121,549	$	99,285	$	220,834
Provision for credit losses on loans	(1,909)		(8,446)		(10,355)
Deductions:
Loans charged off	232		12,709		12,941
Less recoveries on loans	215		2,774		2,989
Net loan charge-offs	17		9,935		9,952
Balance March 31, 2021	$	119,623	$	80,904	$	200,527
LIABILITY FOR UNFUNDED LENDING COMMITMENTS
Balance at beginning of period	$	37,259	$	1,048	$	38,307
Provision for credit losses on unfunded lending commitments	4,254		(131)		4,123
Balance March 31, 2021	$	41,513	$	917	$	42,430
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS	$	161,136	$	81,821	$	242,957

11

Delinquent and non-accrual loans

The Company considers loans past due on the day following the contractual repayment date, if the contractual repayment was not received by the Company as of the end of the business day. The following table provides aging information on the Company’s past due and accruing loans, in addition to the balances of loans on non-accrual status, at March 31, 2022 and December 31, 2021.

(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, 2022
Commercial:
Business	$	5,494,664	$	6,747	$	341	$	6,756	$	5,508,508
Real estate – construction and land	1,144,411		—		—		—		1,144,411
Real estate – business	3,105,452		4,026		—		190		3,109,668
Personal Banking:
Real estate – personal	2,811,330		5,076		2,281		1,389		2,820,076
Consumer	2,031,680		18,890		2,590		—		2,053,160
Revolving home equity	262,799		748		854		—		264,401
Consumer credit card	535,482		4,493		4,604		—		544,579
Overdrafts	13,891		320		—		—		14,211
Total	$	15,399,709	$	40,300	$	10,670	$	8,335	$	15,459,014
December 31, 2021
Commercial:
Business	$	5,292,125	$	3,621	$	477	$	7,312	$	5,303,535
Real estate – construction and land	1,117,434		832		—		—		1,118,266
Real estate – business	3,058,566		57		—		214		3,058,837
Personal Banking:
Real estate – personal	2,796,662		4,125		2,983		1,631		2,805,401
Consumer	2,005,556		24,458		2,211		—		2,032,225
Revolving home equity	274,372		772		801		—		275,945
Consumer credit card	565,335		4,821		5,254		—		575,410
Overdrafts	6,425		315		—		—		6,740
Total	$	15,116,475	$	39,001	$	11,726	$	9,157	$	15,176,359

At March 31, 2022, the Company had $4.9 million in non-accrual business loans that had no allowance for credit loss. At December 31, 2021, the Company had $5.3 million in non-accrual business loans that had no allowance for credit loss. The Company did not record any interest income on non-accrual loans during the three months ended March 31, 2022 and 2021, respectively.

Credit quality indicators

The following table provides information about the credit quality of the Commercial loan portfolio. The Company utilizes an internal risk rating system comprised of a series of grades to categorize loans according to perceived risk associated with the expectation of debt repayment based on borrower specific information including, but not limited to, current financial information, historical payment experience, industry information, collateral levels and collateral types. The “pass” category consists of a range of loan grades that reflect increasing, though still acceptable, risk. A loan is assigned the risk rating at origination and then monitored throughout the contractual term for possible risk rating changes. Movement of risk through the various grade levels in the “pass” category is monitored for early identification of credit deterioration. The “special mention” rating is applied to loans where the borrower exhibits negative financial trends due to borrower specific or systemic conditions that, if left uncorrected, threaten its capacity to meet its debt obligations. The borrower is believed to have sufficient financial flexibility to react to and resolve its negative financial situation. It is a transitional grade that is closely monitored for improvement or deterioration. The “substandard” rating is applied to loans where the borrower exhibits well-defined weaknesses that jeopardize its continued performance and are of a severity that the distinct possibility of default exists. Loans are placed on “non-accrual” when management does not expect to collect payments consistent with acceptable and agreed upon terms of repayment.

All loans are analyzed for risk rating updates annually. For larger loans, rating assessments may be more frequent if relevant information is obtained earlier through debt covenant monitoring or overall relationship management. Smaller loans

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are monitored as identified by the loan officer based on the risk profile of the individual borrower or if the loan becomes past due related to credit issues. Loans rated Special Mention, Substandard or Non-accrual are subject to quarterly review and monitoring processes. In addition to the regular monitoring performed by the lending personnel and credit committees, loans are subject to review by a credit review department which verifies the appropriateness of the risk ratings for the loans chosen as part of its risk-based review plan.

The risk category of loans in the Commercial portfolio as of March 31, 2022 and December 31, 2021 are as follows:

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Total
March 31, 2022
Business
Risk Rating:
Pass	$	305,308	$	1,246,520	$	644,426	$	533,462	$	219,320	$	368,615	$	2,106,483	$	5,424,134
Special mention	2,622		976		83		1,315		11,452		8,138		2,806		27,392
Substandard	2,437		1,230		1,110		7,172		4,530		10,503		23,244		50,226
Non-accrual	302		86		—		—		1,462		4,906		—		6,756
Total Business:	$	310,669	$	1,248,812	$	645,619	$	541,949	$	236,764	$	392,162	$	2,132,533	$	5,508,508
Real estate-construction
Risk Rating:
Pass	$	155,429	$	591,643	$	249,882	$	53,869	$	1,236	$	2,800	$	13,968	$	1,068,827
Special mention	—		19,474		—		—		976		—		—		20,450
Substandard	—		15,486		11,600		—		14,891		13,157		—		55,134
Total Real estate-construction:	$	155,429	$	626,603	$	261,482	$	53,869	$	17,103	$	15,957	$	13,968	$	1,144,411
Real estate-business
Risk Rating:
Pass	$	232,411	$	726,266	$	687,933	$	514,629	$	206,324	$	378,239	$	83,578	$	2,829,380
Special mention	—		3,537		30,657		8,995		34,319		2,345		—		79,853
Substandard	589		15,589		62,170		12,993		4,867		103,044		993		200,245
Non-accrual	—		—		—		—		173		17		—		190
Total Real estate-business:	$	233,000	$	745,392	$	780,760	$	536,617	$	245,683	$	483,645	$	84,571	$	3,109,668
Commercial loans
Risk Rating:
Pass	$	693,148	$	2,564,429	$	1,582,241	$	1,101,960	$	426,880	$	749,654	$	2,204,029	$	9,322,341
Special mention	2,622		23,987		30,740		10,310		46,747		10,483		2,806		127,695
Substandard	3,026		32,305		74,880		20,165		24,288		126,704		24,237		305,605
Non-accrual	302		86		—		—		1,635		4,923		—		6,946
Total Commercial loans:	$	699,098	$	2,620,807	$	1,687,861	$	1,132,435	$	499,550	$	891,764	$	2,231,072	$	9,762,587

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	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2021		2020		2019		2018		2017		Prior		Revolving Loans Amortized Cost Basis		Total
December 31, 2021
Business
Risk Rating:
Pass	$	1,473,869	$	704,157	$	554,759	$	248,739	$	159,238	$	270,454	$	1,795,073	$	5,206,289
Special mention	1,785		126		17,576		12,050		1,490		3,232		16,545		52,804
Substandard	836		1,191		8,855		4,936		1		10,775		10,536		37,130
Non-accrual	430		—		1		1,549		—		5,332		—		7,312
Total Business:	$	1,476,920	$	705,474	$	581,191	$	267,274	$	160,729	$	289,793	$	1,822,154	$	5,303,535
Real estate-construction
Risk Rating:
Pass	$	598,734	$	346,507	$	66,985	$	2,110	$	2,655	$	2,252	$	13,230	$	1,032,473
Special mention	44,649		—		—		985		—		—		—		45,634
Substandard	485		11,620		—		14,896		13,158		—		—		40,159
Total Real estate-construction:	$	643,868	$	358,127	$	66,985	$	17,991	$	15,813	$	2,252	$	13,230	$	1,118,266
Real estate- business
Risk Rating:
Pass	$	775,561	$	712,173	$	551,697	$	230,138	$	170,888	$	254,489	$	76,641	$	2,771,587
Special mention	4,011		30,322		10,500		37,576		2,068		2,103		1		86,581
Substandard	17,079		62,939		12,930		2,326		58,934		45,265		982		200,455
Non-accrual	—		—		—		189		—		25		—		214
Total Real-estate business:	$	796,651	$	805,434	$	575,127	$	270,229	$	231,890	$	301,882	$	77,624	$	3,058,837
Commercial loans
Risk Rating:
Pass	$	2,848,164	$	1,762,837	$	1,173,441	$	480,987	$	332,781	$	527,195	$	1,884,944	$	9,010,349
Special mention	50,445		30,448		28,076		50,611		3,558		5,335		16,546		185,019
Substandard	18,400		75,750		21,785		22,158		72,093		56,040		11,518		277,744
Non-accrual	430		—		1		1,738		—		5,357		—		7,526
Total Commercial loans:	$	2,917,439	$	1,869,035	$	1,223,303	$	555,494	$	408,432	$	593,927	$	1,913,008	$	9,480,638

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The credit quality of Personal Banking loans is monitored primarily on the basis of aging/delinquency, and this information is provided as of March 31, 2022 and December 31, 2021 below:

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Total
March 31, 2022
Real estate-personal
Current to 90 days past due	$	144,994	$	668,179	$	853,063	$	328,209	$	150,144	$	661,855	$	9,962	$	2,816,406
Over 90 days past due	—		192		962		126		114		887		—		2,281
Non-accrual	—		—		—		182		107		1,100		—		1,389
Total Real estate-personal:	$	144,994	$	668,371	$	854,025	$	328,517	$	150,365	$	663,842	$	9,962	$	2,820,076
Consumer
Current to 90 days past due	$	208,522	$	504,841	$	310,052	$	165,881	$	66,175	$	102,869	$	692,230	$	2,050,570
Over 90 days past due	—		283		157		243		200		444		1,263		2,590
Total Consumer:	$	208,522	$	505,124	$	310,209	$	166,124	$	66,375	$	103,313	$	693,493	$	2,053,160
Revolving home equity
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	263,547	$	263,547
Over 90 days past due	—		—		—		—		—		—		854		854
Total Revolving home equity:	$	—	$	—	$	—	$	—	$	—	$	—	$	264,401	$	264,401
Consumer credit card
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	539,975	$	539,975
Over 90 days past due	—		—		—		—		—		—		4,604		4,604
Total Consumer credit card:	$	—	$	—	$	—	$	—	$	—	$	—	$	544,579	$	544,579
Overdrafts
Current to 90 days past due	$	14,211	$	—	$	—	$	—	$	—	$	—	$	—	$	14,211
Total Overdrafts:	$	14,211	$	—	$	—	$	—	$	—	$	—	$	—	$	14,211
Personal banking loans
Current to 90 days past due	$	367,727	$	1,173,020	$	1,163,115	$	494,090	$	216,319	$	764,724	$	1,505,714	$	5,684,709
Over 90 days past due	—		475		1,119		369		314		1,331		6,721		10,329
Non-accrual	—		—		—		182		107		1,100		—		1,389
Total Personal banking loans:	$	367,727	$	1,173,495	$	1,164,234	$	494,641	$	216,740	$	767,155	$	1,512,435	$	5,696,427

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	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2021		2020		2019		2018		2017		Prior		Revolving Loans Amortized Cost Basis		Total
December 31, 2021
Real estate-personal
Current to 90 days past due	$	690,058	$	888,631	$	354,292	$	157,485	$	149,391	$	551,460	$	9,470	$	2,800,787
Over 90 days past due	133		1,150		298		124		97		1,181		—		2,983
Non-accrual	115		—		251		109		—		1,156		—		1,631
Total Real estate-personal:	$	690,306	$	889,781	$	354,841	$	157,718	$	149,488	$	553,797	$	9,470	$	2,805,401
Consumer
Current to 90 days past due	$	571,455	$	348,774	$	192,076	$	79,887	$	47,401	$	78,088	$	712,333	$	2,030,014
Over 90 days past due	283		335		257		250		74		351		661		2,211
Total Consumer:	$	571,738	$	349,109	$	192,333	$	80,137	$	47,475	$	78,439	$	712,994	$	2,032,225
Revolving home equity
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	275,144	$	275,144
Over 90 days past due	—		—		—		—		—		—		801		801
Total Revolving home equity:	$	—	$	—	$	—	$	—	$	—	$	—	$	275,945	$	275,945
Consumer credit card
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	570,156	$	570,156
Over 90 days past due	—		—		—		—		—		—		5,254		5,254
Total Consumer credit card:	$	—	$	—	$	—	$	—	$	—	$	—	$	575,410	$	575,410
Overdrafts
Current to 90 days past due	$	6,740	$	—	$	—	$	—	$	—	$	—	$	—	$	6,740
Total Overdrafts:	$	6,740	$	—	$	—	$	—	$	—	$	—	$	—	$	6,740
Personal banking loans
Current to 90 days past due	$	1,268,253	$	1,237,405	$	546,368	$	237,372	$	196,792	$	629,548	$	1,567,103	$	5,682,841
Over 90 days past due	416		1,485		555		374		171		1,532		6,716		11,249
Non-accrual	115		—		251		109		—		1,156		—		1,631
Total Personal banking loans:	$	1,268,784	$	1,238,890	$	547,174	$	237,855	$	196,963	$	632,236	$	1,573,819	$	5,695,721

Collateral-dependent loans

The Company's collateral-dependent loans are comprised of large loans on non-accrual status. The Company requires that collateral-dependent loans are either over-collateralized or carry collateral equal to the amortized cost of the loan. The following table presents the amortized cost basis of collateral-dependent loans as of March 31, 2022 and December 31, 2021.

(In thousands)	Business Assets		Oil & Gas Assets		Total
March 31, 2022
Commercial:
Business	$	1,498	$	2,401	$	3,899
Total	$	1,498	$	2,401	$	3,899
December 31, 2021
Commercial:
Business	$	1,604	$	2,459	$	4,063
Total	$	1,604	$	2,459	$	4,063

Other Personal Banking loan information

As noted above, the credit quality of Personal Banking loans is monitored primarily on the basis of aging/delinquency, and this information is provided in the table in the above section on "Credit quality indicators." In addition, FICO scores are obtained and updated on a quarterly basis for most of the loans in the Personal Banking portfolio. This is a published credit score designed to measure the risk of default by taking into account various factors from a borrower's financial history and is considered supplementary information utilized by the Company, as management does not consider this information in evaluating the allowance for credit losses on loans. The Bank normally obtains a FICO score at the loan's origination and renewal dates, and updates are obtained on a quarterly basis. Excluded from the table below are certain personal real estate loans for which FICO scores are not obtained because the loans generally pertain to commercial customer activities and are

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often underwritten with other collateral considerations. These loans totaled $183.4 million at March 31, 2022 and $185.6 million at December 31, 2021. The table also excludes consumer loans related to the Company's patient healthcare loan program, which totaled $181.8 million at March 31, 2022 and $186.6 million at December 31, 2021. As the healthcare loans are guaranteed by the hospital, customer FICO scores are not obtained for these loans. The personal real estate loans and consumer loans excluded below totaled less than 7% of the Personal Banking portfolio. For the remainder of loans in the Personal Banking portfolio, the table below shows the percentage of balances outstanding at March 31, 2022 and December 31, 2021 by FICO score.

Personal Banking Loans
	% of Loan Category
	Real Estate - Personal		Consumer		Revolving Home Equity		Consumer Credit Card
March 31, 2022
FICO score:
Under 600	.9	%	1.9	%	0.9	%	3.4	%
600 - 659	2.5		3.9		2.6		11.3
660 - 719	7.2		13.5		10.1		31.0
720 - 779	26.6		24.9		21.7		28.0
780 and over	62.8		55.8		64.7		26.3
Total	100.0	%	100.0	%	100.0	%	100.0	%
December 31, 2021
FICO score:
Under 600	1.0	%	1.9	%	0.9	%	3.4	%
600 - 659	2.4		3.9		2.6		11.3
660 - 719	7.4		13.8		9.4		29.9
720 - 779	25.2		25.3		20.4		28.2
780 and over	64.0		55.1		66.7		27.2
Total	100.0	%	100.0	%	100.0	%	100.0	%

Troubled debt restructurings

Restructured loans are those extended to borrowers who are experiencing financial difficulty and who have been granted a concession. Restructured loans are placed on non-accrual status if the Company does not believe it probable that amounts due under the contractual terms will be collected. Commercial performing restructured loans are primarily comprised of certain business, construction and business real estate loans classified as substandard but renewed at rates judged to be non-market. These loans are performing in accordance with their modified terms, and because the Company believes it probable that all amounts due under the modified terms of the agreements will be collected, interest on these loans is being recognized on an accrual basis. Troubled debt restructurings also include certain credit card and other small consumer loans under various debt management and assistance programs. Modifications to these loans generally involve removing the available line of credit, placing loans on amortizing status, and lowering the contractual interest rate. Certain personal real estate, revolving home equity, and consumer loans were classified as consumer bankruptcy troubled debt restructurings because they were not reaffirmed by the borrower in bankruptcy proceedings. Interest on these loans is being recognized on an accrual basis, as the borrowers are continuing to make payments. Other consumer loans classified as troubled debt restructurings consist of various other workout arrangements with consumer customers.

(In thousands)		March 31, 2022		December 31, 2021
Accruing restructured loans:
	Commercial	$	108,789	$	46,867
	Assistance programs	5,865		6,146
	Other consumer	4,681		4,787
Non-accrual loans		6,457		7,087
Total troubled debt restructurings		$	125,792	$	64,887

Section 4013 of the CARES Act was signed into law on March 27, 2020, and included a provision that short-term modifications are not troubled debt restructurings, if made on a good-faith basis in response to COVID-19 to borrowers who were current prior to December 31, 2019. The Company elected such option under the CARES Act when determining if a customer’s modification is subject to troubled debt restructuring classification. The initial guidance issued under the CARES Act was due to expire on December 31, 2020. During January 2021, the Consolidated Appropriations Act, 2021 was enacted and extended through the end of 2021 the relief offered under the CARES Act related to the accounting and disclosure

17

requirements for troubled debt restructurings as a result of COVID-19. The Company elected to extend its application of this guidance through December 31, 2021. During the period covered by the CARES Act, if it was deemed that the loan modification was not short-term, not COVID-19 related or the customer does not meet the criteria under the guidance to be scoped out of troubled debt restructuring classification, the Company evaluated the loan modifications under its existing framework and accounted for the modification as a troubled debt restructuring.

The table below shows the balance of troubled debt restructurings by loan classification at March 31, 2022, in addition to the outstanding balances of these restructured loans which the Company considers to have been in default at any time during the past twelve months. For purposes of this disclosure, the Company considers "default" to mean 90 days or more past due as to interest or principal.

(In thousands)	March 31, 2022		Balance 90 days past due at any time during previous 12 months
Commercial:
Business	$	30,254	$	—
Real estate - construction and land	10,101		—
Real estate - business	73,804		—
Personal Banking:
Real estate - personal	3,220		729
Consumer	20		—
Revolving home equity	2,637		282
Consumer credit card	5,756		518
Total troubled debt restructurings	$	125,792	$	1,529

For those loans on non-accrual status also classified as restructured, the modification did not create any further financial effect on the Company as those loans were already recorded at net realizable value. For those performing commercial loans classified as restructured, there were no concessions involving forgiveness of principal or interest and, therefore, there was no financial impact to the Company as a result of modification to these loans. However, the effects of modifications to loans under various debt management and assistance programs were estimated to decrease interest income by approximately $649 thousand on an annual, pre-tax basis, compared to amounts contractually owed. Other modifications to consumer loans mainly involve extensions and other small modifications that did not include the forgiveness of principal or interest.

The allowance for credit losses related to troubled debt restructurings on non-accrual status is determined by individual evaluation, including collateral adequacy, using the same process as loans on non-accrual status which are not classified as troubled debt restructurings. Those performing loans classified as troubled debt restructurings are accruing loans which management expects to collect under contractual terms. Performing commercial loans having no other concessions granted other than being renewed at non-market interest rates are judged to have similar risk characteristics as non-troubled debt commercial loans and are collectively evaluated based on internal risk rating, loan type, delinquency, historical experience and current economic factors. Performing personal banking loans classified as troubled debt restructurings resulted from the borrower not reaffirming the debt during bankruptcy and have had no other concession granted, other than the Bank's future limitations on collecting payment deficiencies or in pursuing foreclosure actions. As such, they have similar risk characteristics as non-troubled debt personal banking loans and are evaluated collectively based on loan type, delinquency, historical experience and current economic factors.

If a troubled debt restructuring defaults and is already on non-accrual status, the allowance for credit losses continues to be based on individual evaluation, using discounted expected cash flows or the fair value of collateral. If an accruing troubled debt restructuring defaults, the loan's risk rating is downgraded to non-accrual status and the loan's related allowance for credit losses is determined based on individual evaluation, or if necessary, the loan is charged off and collection efforts begin.

The Company had commitments of $17.7 million at March 31, 2022 to lend additional funds to borrowers with restructured loans. Additionally, the Company had commitments at March 31, 2022 of $24.0 million related to letters of credit with an internal risk rating below substandard.

Loans held for sale

The Company designates certain long-term fixed rate personal real estate loans as held for sale, and the Company has elected the fair value option for these loans. The election of the fair value option aligns the accounting for these loans with the related economic hedges discussed in Note 11. The loans are primarily sold to Federal Home Loan Mortgage Corporation

18

(FHLMC) and Federal National Mortgage Association (FNMA). At March 31, 2022, the fair value of these loans was $3.9 million, and the unpaid principal balance was $3.9 million.

The Company also designates certain student loan originations as held for sale. The borrowers are credit-worthy students who are attending colleges and universities. The loans are intended to be sold in the secondary market, and the Company maintains contracts with Sallie Mae to sell the loans within 210 days after the last disbursement to the student. These loans are carried at lower of cost or fair value, which at March 31, 2022 totaled $5.0 million.

At March 31, 2022, none of the loans held for sale were on non-accrual status or 90 days past due and still accruing interest.

Foreclosed real estate/repossessed assets

The Company’s holdings of foreclosed real estate totaled $296 thousand and $115 thousand at March 31, 2022 and December 31, 2021, respectively. Personal property acquired in repossession, generally autos, totaled $1.3 million and $1.1 million at March 31, 2022 and December 31, 2021, respectively. Upon acquisition, these assets are recorded at fair value less estimated selling costs at the date of foreclosure, establishing a new cost basis. They are subsequently carried at the lower of this cost basis or fair value less estimated selling costs.

3. Investment Securities

Investment securities consisted of the following at March 31, 2022 and December 31, 2021.

(In thousands)	March 31, 2022		December 31, 2021
Available for sale debt securities	$	14,780,494	$	14,450,027
Trading debt securities	31,380		46,235
Equity securities:
Readily determinable fair value	6,866		7,153
No readily determinable fair value	2,418		2,049
Other:
Federal Reserve Bank stock	34,532		34,379
Federal Home Loan Bank stock	10,199		10,428
Equity method investments	1,434		1,834
Private equity investments	153,411		147,406
Total investment securities (1)	$	15,020,734	$	14,699,511

(1)Accrued interest receivable totaled $41.4 million and $39.5 million at March 31, 2022 and December 31, 2021, respectively, and was included within other assets on the consolidated balance sheets.

The Company has elected to measure equity securities with no readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes for the identical or similar investment of the same issuer. This portfolio includes the Company's holdings of Visa Class B shares, which have a carrying value of zero, as there have not been observable price changes in orderly transactions for identical or similar investments of the same issuer. During the three months ended March 31, 2022, the Company did not record any impairment or other adjustments to the carrying amount of its portfolio of equity securities with no readily determinable fair value.

Other investment securities include Federal Reserve Bank (FRB) stock, Federal Home Loan Bank (FHLB) stock, equity method investments, and investments in portfolio concerns held by the Company's private equity subsidiary. FRB stock and FHLB stock are held for debt and regulatory purposes. Investment in FRB stock is based on the capital structure of the investing bank, and investment in FHLB stock is tied to the asset size of the borrowing bank and the level of borrowings from the FHLB. These holdings are carried at cost. Additionally, the Company's equity method investments are carried at cost, adjusted to reflect the Company's portion of income, loss, or dividends of the investee. These adjustments are included in non-interest income on the Company's consolidated statements of income. The Company's private equity investments are carried at estimated fair value.

The majority of the Company’s investment portfolio is comprised of available for sale debt securities, which are carried at fair value with changes in fair value reported in other comprehensive income (OCI). A summary of the available for sale debt securities by maturity groupings as of March 31, 2022 is shown below. The investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as FHLMC, FNMA, and Government National Mortgage Association (GNMA), in addition to non-agency mortgage-backed securities, which have no guarantee but are collateralized by commercial and residential mortgages. Also included are certain other asset-backed securities, which are primarily collateralized by credit

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cards, automobiles, student loans, and commercial loans. These securities differ from traditional debt securities primarily in that they may have uncertain maturity dates and are priced based on estimated prepayment rates on the underlying collateral.

(In thousands)	Amortized Cost		Fair Value
U.S. government and federal agency obligations:
Within 1 year	$	186,706	$	189,347
After 1 but within 5 years	746,460		746,770
After 5 but within 10 years	181,875		193,844
Total U.S. government and federal agency obligations	1,115,041		1,129,961
Government-sponsored enterprise obligations:
After 5 but within 10 years	5,000		5,000
After 10 years	50,765		46,390
Total government-sponsored enterprise obligations	55,765		51,390
State and municipal obligations:
Within 1 year	181,848		182,560
After 1 but within 5 years	735,420		730,637
After 5 but within 10 years	917,122		860,827
After 10 years	326,616		298,241
Total state and municipal obligations	2,161,006		2,072,265
Mortgage and asset-backed securities:
Agency mortgage-backed securities	5,774,953		5,441,374
Non-agency mortgage-backed securities	1,525,223		1,435,363
Asset-backed securities	4,121,388		4,011,361
Total mortgage and asset-backed securities	11,421,564		10,888,098
Other debt securities:
Within 1 year	121,215		121,629
After 1 but within 5 years	229,677		223,109
After 5 but within 10 years	312,426		285,620
After 10 years	9,260		8,422
Total other debt securities	672,578		638,780
Total available for sale debt securities	$	15,425,954	$	14,780,494

Investments in U.S. government and federal agency obligations include U.S. Treasury inflation-protected securities, which totaled $399.4 million, at fair value, at March 31, 2022. Interest paid on these securities increases with inflation and decreases with deflation, as measured by the Consumer Price Index. At maturity, the principal paid is the greater of an inflation-adjusted principal or the original principal.

Allowance for credit losses on available for sale debt securities

The Company’s model for establishing its allowance for credit losses uses cash flows projected to be received over the estimated life of the securities, discounted to present value, and compared to the current amortized cost bases of the securities. Securities for which fair value is less than amortized cost are reviewed for impairment. Special emphasis is placed on securities whose credit rating has fallen below Baa3 (Moody's) or BBB- (Standard & Poor's), whose fair values have fallen more than 20% below purchase price, or who have been identified based on management’s judgment. These securities are placed on a watch list and cash flow analyses are prepared on an individual security basis. Credit impairment is determined using input factors such as cash flow projections, contractual payments required, expected delinquency rates, credit support from other tranches, prepayment speeds, collateral loss severity rates (including loan to values), and various other information related to the underlying collateral. At March 31, 2022, the fair value of securities on this watch list was $13.1 million compared to $13.4 million at December 31, 2021.

Significant inputs to the cash flow model used at March 31, 2022 to quantify credit losses were primarily credit support agreements, as the securities on the Company's watch list at March 31, 2022 were securities backed by government-guaranteed student loans and are expected to perform as contractually required. As of March 31, 2022, the Company did not identify any securities for which a credit loss exists, and for the three months ended March 31, 2022 and 2021, the Company did not recognize a credit loss expense on any available for sale debt securities.

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The table below summarizes debt securities available for sale in an unrealized loss position, aggregated by length of loss period, for which an allowance for credit losses has not been recorded at March 31, 2022 and December 31, 2021. Unrealized losses on these available for sale securities have not been recognized into income because after review, the securities were deemed not to be impaired. The unrealized losses on these securities are primarily attributable to changes in interest rates and current market conditions. Additionally, management does not intend to sell the securities, and it is more likely than not that management will not be required to sell the securities prior to their anticipated recovery.

	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, 2022
U.S. government and federal agency obligations	$	390,451	$	13,082	$	—	$	—	$	390,451	$	13,082
Government-sponsored enterprise obligations	29,665		1,281		16,725		3,094		46,390		4,375
State and municipal obligations	1,204,526		80,379		136,076		15,435		1,340,602		95,814
Mortgage and asset-backed securities:
Agency mortgage-backed securities	4,009,914		242,976		987,082		96,265		4,996,996		339,241
Non-agency mortgage-backed securities	1,360,220		87,585		28,932		2,525		1,389,152		90,110
Asset-backed securities	3,439,877		106,785		149,894		6,339		3,589,771		113,124
Total mortgage and asset-backed securities	8,810,011		437,346		1,165,908		105,129		9,975,919		542,475
Other debt securities	326,917		17,622		148,487		16,683		475,404		34,305
Total	$	10,761,570	$	549,710	$	1,467,196	$	140,341	$	12,228,766	$	690,051
December 31, 2021
U.S. government and federal agency obligations	$	296,492	$	2,241	$	—	$	—	$	296,492	$	2,241
Government-sponsored enterprise obligations	—		—		18,899		919		18,899		919
State and municipal obligations	876,691		15,874		32,684		1,049		909,375		16,923
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,333,691		59,044		265,835		8,720		3,599,526		67,764
Non-agency mortgage-backed securities	1,285,611		17,222		1,948		19		1,287,559		17,241
Asset-backed securities	2,518,935		19,201		87,893		525		2,606,828		19,726
Total mortgage and asset-backed securities	7,138,237		95,467		355,676		9,264		7,493,913		104,731
Other debt securities	270,409		5,098		58,574		3,017		328,983		8,115
Total	$	8,581,829	$	118,680	$	465,833	$	14,249	$	9,047,662	$	132,929

The entire available for sale debt portfolio included $12.2 billion of securities that were in a loss position at March 31, 2022, compared to $9.0 billion at December 31, 2021.  The total amount of unrealized loss on these securities was $690.1 million at March 31, 2022, an increase of $557.1 million compared to the unrealized loss at December 31, 2021.  Securities with significant unrealized losses are discussed in the "Allowance for credit losses on available for sale debt securities" section above.

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For debt securities classified as available for sale, the following table shows the amortized cost, fair value, and allowance for credit losses of securities available for sale at March 31, 2022 and December 31, 2021, and the corresponding amounts of gross unrealized gains and losses (pre-tax) in AOCI, by security type.

(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
March 31, 2022
U.S. government and federal agency obligations	$	1,115,041	$	28,002	$	(13,082)	$	—	$	1,129,961
Government-sponsored enterprise obligations	55,765		—		(4,375)		—		51,390
State and municipal obligations	2,161,006		7,073		(95,814)		—		2,072,265
Mortgage and asset-backed securities:
Agency mortgage-backed securities	5,774,953		5,662		(339,241)		—		5,441,374
Non-agency mortgage-backed securities	1,525,223		250		(90,110)		—		1,435,363
Asset-backed securities	4,121,388		3,097		(113,124)		—		4,011,361
Total mortgage and asset-backed securities	11,421,564		9,009		(542,475)		—		10,888,098
Other debt securities	672,578		507		(34,305)		—		638,780
Total	$	15,425,954	$	44,591	$	(690,051)	$	—	$	14,780,494
December 31, 2021
U.S. government and federal agency obligations	$	1,035,477	$	47,484	$	(2,241)	$	—	$	1,080,720
Government-sponsored enterprise obligations	50,773		1,901		(919)		—		51,755
State and municipal obligations	2,072,210		41,540		(16,923)		—		2,096,827
Mortgage and asset-backed securities:
Agency mortgage-backed securities	5,698,088		52,676		(67,764)		—		5,683,000
Non-agency mortgage-backed securities	1,383,037		681		(17,241)		—		1,366,477
Asset-backed securities	3,546,024		12,921		(19,726)		—		3,539,219
Total mortgage and asset-backed securities	10,627,149		66,278		(104,731)		—		10,588,696
Other debt securities	633,524		6,620		(8,115)		—		632,029
Total	$	14,419,133	$	163,823	$	(132,929)	$	—	$	14,450,027

The following table presents proceeds from sales of securities and the components of investment securities gains and losses which have been recognized in earnings.

	For the Three Months Ended March 31
(In thousands)	2022		2021
Proceeds from sales of securities:
Other investments	$	1,745	$	9,292
Total proceeds	$	1,745	$	9,292
Investment securities gains (losses), net:
Equity securities:
Fair value adjustments, net	$	(287)	$	(35)
Other:
Gains realized on sales	—		1,523
Fair value adjustments, net	7,450		8,365
Total investment securities gains, net	$	7,163	$	9,853

Net gains on investment securities for the three months ended March 31, 2022 were mainly comprised of net losses of $287 thousand on equity investments, offset by net gains in fair value of $7.5 million on private equity investments, due to fair value adjustments.

At March 31, 2022, securities totaling $5.2 billion in fair value were pledged to secure public fund deposits, securities sold under agreements to repurchase, trust funds, and borrowings at the FRB and FHLB, compared to $6.4 billion at December 31, 2021. Securities pledged under agreements pursuant to which the collateral may be sold or re-pledged by the secured parties approximated $201.0 million, while the remaining securities were pledged under agreements pursuant to which the secured

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parties may not sell or re-pledge the collateral. Except for obligations of various government-sponsored enterprises such as FNMA, FHLB and FHLMC, no investment in a single issuer exceeded 10% of stockholders’ equity.

4. Goodwill and Other Intangible Assets

The following table presents information about the Company's intangible assets which have estimable useful lives.

	March 31, 2022								December 31, 2021
(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	$	31,270	$	(30,345)	$	—	$	925	$	31,270	$	(30,266)	$	—	$	1,004
Mortgage servicing rights	21,490		(10,130)		—		11,360		20,870		(9,600)		(304)		10,966
Total	$	52,760	$	(40,475)	$	—	$	12,285	$	52,140	$	(39,866)	$	(304)	$	11,970

Aggregate amortization expense on intangible assets was $609 thousand and $951 thousand for the three month periods ended March 31, 2022 and 2021. The following table shows the estimated annual amortization expense for the next five fiscal years. This expense is based on existing asset balances and the interest rate environment as of March 31, 2022. The Company’s actual amortization expense in any given period may be different from the estimated amounts depending upon the acquisition of intangible assets, changes in mortgage interest rates, prepayment rates and other market conditions.

(In thousands)
2022	$	1,785
2023	1,402
2024	1,240
2025	1,088
2026	945

Changes in the carrying amount of goodwill and net other intangible assets for the three month period ended March 31, 2022 are as follows:

(In thousands)	Goodwill		Easement		Core Deposit Premium		Mortgage Servicing Rights
Balance January 1, 2022	$	138,921	$	3,600	$	1,004	$	10,966
Originations, net of disposals	—		—		—		620
Amortization	—		—		(79)		(530)
Impairment recovery	—		—		—		304
Balance March 31, 2022	$	138,921	$	3,600	$	925	$	11,360

Goodwill allocated to the Company’s operating segments at March 31, 2022 and December 31, 2021 is shown below.

(In thousands)
Consumer segment	$	70,721
Commercial segment	67,454
Wealth segment	746
Total goodwill	$	138,921

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5. Guarantees

The Company, as a provider of financial services, routinely issues financial guarantees in the form of financial and performance standby letters of credit. Standby letters of credit are contingent commitments issued by the Company generally to guarantee the payment or performance obligation of a customer to a third party. While these represent a potential outlay by the Company, a significant amount of the commitments may expire without being drawn upon. The Company has recourse against the customer for any amount it is required to pay to a third party under a standby letter of credit. The letters of credit are subject to the same credit policies, underwriting standards and approval process as loans made by the Company. Most of the standby letters of credit are secured, and in the event of nonperformance by customers, the Company has rights to the underlying collateral, which could include commercial real estate, physical plant and property, inventory, receivables, cash and marketable securities.

Upon issuance of standby letters of credit, the Company recognizes a liability for the fair value of the obligation undertaken, which is estimated to be equivalent to the amount of fees received from the customer over the life of the agreement. At March 31, 2022, that net liability was $4.2 million, which will be accreted into income over the remaining life of the respective commitments. The contractual amount of these letters of credit, which represents the maximum potential future payments guaranteed by the Company, was $502.1 million at March 31, 2022.

The Company periodically enters into credit risk participation agreements (RPAs) as a guarantor to other financial institutions, in order to mitigate those institutions’ credit risk associated with interest rate swaps with third parties. The RPA stipulates that, in the event of default by the third party on the interest rate swap, the Company will reimburse a portion of the loss borne by the financial institution. These interest rate swaps are normally collateralized (generally with real property, inventories and equipment) by the third party, which limits the credit risk associated with the Company’s RPAs. The third parties usually have other borrowing relationships with the Company. The Company monitors overall borrower collateral and at March 31, 2022, believes sufficient collateral is available to cover potential swap losses. The RPAs are carried at fair value throughout their term with all changes in fair value, including those due to a change in the third party’s creditworthiness, recorded in current earnings. The terms of the RPAs, which correspond to the terms of the underlying swaps, range from 2 years to 15 years. At March 31, 2022, the fair value of the Company's guarantee liabilities for RPAs was $126 thousand, and the notional amount of the underlying swaps was $347.9 million. The maximum potential future payment guaranteed by the Company cannot be readily estimated but is dependent upon the fair value of the interest rate swaps at the time of default.

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6. Leases

The Company has net investments in direct financing and sales-type leases to commercial, industrial, and tax-exempt entities. These leases are included within business loans on the Company's consolidated balance sheets. The Company primarily leases various types of equipment, trucks and trailers, and office furniture and fixtures. Lease agreements may include options for the lessee to renew or purchase the leased equipment at the end of the lease term. The Company has elected to adopt the lease component expedient in which the lease and nonlease components are combined into the total lease receivable. The Company also leases office space to third parties, and these leases are classified as operating leases. The leases may include options to renew or expand the leased space, and currently the leases have remaining terms of 3 months to 6 years.

The following table provides the components of lease income.

	For the Three Months Ended March 31
(in thousands)	2022		2021
Direct financing and sales-type leases	$	5,247	$	6,121
Operating leases(a)	2,184		2,074
Total lease income	$	7,431	$	8,195

(a) Includes rent from Tower Properties Company, a related party, of $19 thousand for the three month periods ended March 31, 2022 and 2021.

7. Pension

The amount of net pension cost is shown in the table below:

	For the Three Months Ended March 31
(In thousands)	2022		2021
Service cost - benefits earned during the period	$	132	$	95
Interest cost on projected benefit obligation	665		556
Expected return on plan assets	(1,126)		(1,124)
Amortization of prior service cost	(68)		(68)
Amortization of unrecognized net loss	498		651
Net periodic pension cost	$	101	$	110

All benefits accrued under the Company’s defined benefit pension plan have been frozen since January 1, 2011. During the first three months of 2022, the Company made no funding contributions to its defined benefit pension plan and made minimal funding contributions to a supplemental executive retirement plan (the CERP), which carries no segregated assets.

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8. Common Stock *

Presented below is a summary of the components used to calculate basic and diluted income per share. The Company applies the two-class method of computing income per share, as nonvested share-based awards that pay nonforfeitable common stock dividends are considered securities which participate in undistributed earnings with common stock. The two-class method requires the calculation of separate income per share amounts for the nonvested share-based awards and for common stock. Income per share attributable to common stock is shown in the table below. Nonvested share-based awards are further discussed in Note 13.

	For the Three Months Ended March 31
(In thousands, except per share data)	2022		2021
Basic income per common share:
Net income attributable to Commerce Bancshares, Inc.	$	118,154	$	130,972
Less income allocated to nonvested restricted stock	1,070		1,200
Net income allocated to common stock	$	117,084	$	129,772
Weighted average common shares outstanding	120,324		122,073
Basic income per common share	$	.97	$	1.06
Diluted income per common share:
Net income attributable to Commerce Bancshares, Inc.	$	118,154	$	130,972
Less income allocated to nonvested restricted stock	1,068		1,198
Net income allocated to common stock	$	117,086	$	129,774
Weighted average common shares outstanding	120,324		122,073
Net effect of the assumed exercise of stock-based awards - based on the treasury stock method using the average market price for the respective periods	292		329
Weighted average diluted common shares outstanding	120,616		122,402
Diluted income per common share	$	.97	$	1.06

Unexercised stock appreciation rights of 119 thousand and 54 thousand for the three month periods ended March 31, 2022 and 2021, respectively, were excluded from the computation of diluted income per common share because their inclusion would have been anti-dilutive.

* All prior year share and per share amounts in this note have been restated for the 5% common stock dividend distributed in December 2021.

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9. Accumulated Other Comprehensive Income

The table below shows the activity and accumulated balances for components of other comprehensive income. Information about unrealized gains and losses on securities can be found in Note 3, and information about unrealized gains and losses on cash flow hedge derivatives is located in Note 11.

	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, 2022	$	23,174	$	(20,668)	$	74,574	$	77,080
Other comprehensive loss before reclassifications to current earnings	(676,353)		—		—		(676,353)
Amounts reclassified to current earnings from accumulated other comprehensive income	—		430		(6,050)		(5,620)
Current period other comprehensive income (loss), before tax	(676,353)		430		(6,050)		(681,973)
Income tax (expense) benefit	169,088		(107)		1,512		170,493
Current period other comprehensive income (loss), net of tax	(507,265)		323		(4,538)		(511,480)
Balance March 31, 2022	$	(484,091)	$	(20,345)	$	70,036	$	(434,400)
Balance January 1, 2021	$	263,801	$	(25,118)	$	92,694	$	331,377
Other comprehensive income (loss) before reclassifications to current earnings	(211,569)		—		—		(211,569)
Amounts reclassified to current earnings from accumulated other comprehensive income	—		583		(5,848)		(5,265)
Current period other comprehensive income (loss), before tax	(211,569)		583		(5,848)		(216,834)
Income tax (expense) benefit	52,893		(146)		1,462		54,209
Current period other comprehensive income (loss), net of tax	(158,676)		437		(4,386)		(162,625)
Balance March 31, 2021	$	105,125	$	(24,681)	$	88,308	$	168,752

(1) The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "investment securities gains (losses), net" in the consolidated statements of income.

(2) The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "interest and fees on loans" in the consolidated statements of income.

10. Segments

The Company segregates financial information for use in assessing its performance and allocating resources among three operating segments: Consumer, Commercial and Wealth. The Consumer segment consists of various consumer loan and deposit products offered through its retail branch network of approximately 150 locations.  This segment also includes indirect and other consumer loan financing businesses, along with debit and credit card loan and fee businesses.  Residential mortgage origination, sales and servicing functions are included in this Consumer segment, but residential mortgage loans retained by the Company are not considered part of this segment and are instead included in the Other/Elimination column.  The Commercial segment provides corporate lending (including the Small Business Banking product line within the branch network), leasing, and international services, along with business and governmental deposit products and commercial cash management services.  This segment also includes both merchant and commercial bank card products as well as the Capital Markets Group, which sells fixed income securities and provides securities safekeeping and accounting services to its business and correspondent bank customers.  The Wealth segment provides traditional trust and estate planning, advisory and discretionary investment management, and brokerage services.  This segment also provides various loan and deposit related services to its private banking customers.

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The following table presents selected financial information by segment and reconciliations of combined segment totals to consolidated totals. There were no material intersegment revenues between the three segments. Management periodically makes changes to methods of assigning costs and income to its business segments to better reflect operating results. If appropriate, these changes are reflected in prior year information presented below.

(In thousands)	Consumer		Commercial		Wealth		Segment Totals		Other/Elimination		Consolidated Totals
Three Months Ended March 31, 2022
Net interest income	$	79,896	$	109,530	$	18,868	$	208,294	$	492	$	208,786
Provision for credit losses	(4,498)		(82)		(26)		(4,606)		14,464		9,858
Non-interest income	28,354		53,651		53,206		135,211		(3,442)		131,769
Investment securities gains, net	—		—		—		—		7,163		7,163
Non-interest expense	(72,994)		(89,524)		(36,286)		(198,804)		(6,844)		(205,648)
Income before income taxes	$	30,758	$	73,575	$	35,762	$	140,095	$	11,833	$	151,928
Three Months Ended March 31, 2021
Net interest income	$	77,939	$	110,565	$	17,457	$	205,961	$	(213)	$	205,748
Provision for credit losses	(9,901)		(27)		5		(9,923)		16,155		6,232
Non-interest income	38,248		50,728		50,985		139,961		(3,916)		136,045
Investment securities gains, net	—		—		—		—		9,853		9,853
Non-interest expense	(70,369)		(79,281)		(33,043)		(182,693)		(9,880)		(192,573)
Income before income taxes	$	35,917	$	81,985	$	35,404	$	153,306	$	11,999	$	165,305

The information presented above was derived from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. This information is based on internal management accounting procedures and methods, which have been developed to reflect the underlying economics of the businesses. The methodologies are applied in connection with funds transfer pricing and assignment of overhead costs among segments. Funds transfer pricing was used in the determination of net interest income by assigning a standard cost (credit) for funds used (provided by) assets and liabilities based on their maturity, prepayment and/or repricing characteristics.

The segment activity, as shown above, includes both direct and allocated items. Amounts in the “Other/Elimination” column include activity not related to the segments, such as that relating to administrative functions, the investment securities portfolio, and the effect of certain expense allocations to the segments. The provision for credit losses in this category contains the difference between net loan charge-offs assigned directly to the segments and the recorded provision for credit loss expense. Included in this category’s net interest income are earnings of the investment portfolio, which are not allocated to a segment.

The performance measurement of the operating segments is based on the management structure of the Company and is not necessarily comparable with similar information for any other financial institution. The information is also not necessarily indicative of the segments' financial condition and results of operations if they were independent entities.

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11. Derivative Instruments

The notional amounts of the Company’s derivative instruments are shown in the table below. These contractual amounts, along with other terms of the derivative, are used to determine amounts to be exchanged between counterparties and are not a measure of loss exposure. At March 31, 2022, the Company’s derivative instruments are accounted for as free-standing derivatives, and changes in their fair value are recorded in current earnings.

(In thousands)	March 31, 2022		December 31, 2021
Interest rate swaps	$	2,177,130	$	2,229,419
Interest rate caps	221,293		152,058
Credit risk participation agreements	475,944		485,633
Foreign exchange contracts	2,797		5,119
Mortgage loan commitments	19,638		21,787
Mortgage loan forward sale contracts	638		1,165
Forward TBA contracts	18,500		21,000
Total notional amount	$	2,915,940	$	2,916,181

The largest group of notional amounts relate to interest rate swap contracts sold to commercial customers who wish to modify their interest rate sensitivity. The customers are engaged in a variety of businesses, including real estate, manufacturing, retail product distribution, education, and retirement communities. These interest rate swap contracts with customers are offset by matching interest rate swap contracts purchased by the Company from other financial institutions (dealers). Contracts with dealers that require central clearing are novated to a clearing agency who becomes the Company's counterparty. Because of the matching terms of the offsetting contracts, in addition to collateral provisions which mitigate the impact of non-performance risk, changes in fair value subsequent to initial recognition have a minimal effect on earnings.

Many of the Company’s interest rate swap contracts with large financial institutions contain contingent features relating to debt ratings or capitalization levels. Under these provisions, if the Company’s debt rating falls below investment grade or if the Company ceases to be “well-capitalized” under risk-based capital guidelines, certain counterparties can require immediate and ongoing collateralization on interest rate swaps in net liability positions or instant settlement of the contracts. The Company maintains debt ratings and capital well above these minimum requirements.

During the year ended December 31, 2020, the Company monetized three interest rate floors that were previously classified as cash flow hedges with a combined notional balance of $1.5 billion and an asset fair value of $163.2 million. As of March 31, 2022, the total realized gains on the monetized cash flow hedges remaining in AOCI was $93.4 million (pre-tax), which will be reclassified into interest income over the next 4.7 years. The estimated amount of net gains related to the cash flow hedges remaining in AOCI at March 31, 2022 that is expected to be reclassified into income within the next 12 months is $24.4 million.

The Company also contracts with other financial institutions, as a guarantor or beneficiary, to share credit risk associated with certain interest rate swaps through risk participation agreements. The Company’s risks and responsibilities as guarantor are further discussed in Note 5 on Guarantees. In addition, the Company enters into foreign exchange contracts, which are mainly comprised of contracts to purchase or deliver foreign currencies for customers at specific future dates.

Under its program to sell residential mortgage loans in the secondary market, the Company designates certain newly-originated residential mortgage loans as held for sale. Derivative instruments arising from this activity include mortgage loan commitments and forward loan sale contracts. Changes in the fair values of the loan commitments and funded loans prior to sale that are due to changes in interest rates are economically hedged with forward contracts to sell residential mortgage-backed securities in the to-be-announced (TBA) market. These forward TBA contracts are also considered to be derivatives and are settled in cash at the security settlement date.

The fair values of the Company's derivative instruments, whose notional amounts are listed above, are shown in the table below. Information about the valuation methods used to determine fair value is provided in Note 17 on Fair Value Measurements in the 2021 Annual Report on Form 10-K.

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The Company's policy is to present its derivative assets and derivative liabilities on a gross basis in its consolidated balance sheets, and these are reported in other assets and other liabilities. Certain collateral posted to and from the Company's clearing counterparty has been applied to the fair values of the cleared swaps, such that at March 31, 2022 in the table below, the positive fair values of cleared swaps were reduced by $11.3 million and the negative fair values of cleared swaps were reduced by $5.5 million. At December 31, 2021, positive fair values of cleared swaps were reduced by $587 thousand and the negative fair values of cleared swaps were reduced by $29.7 million.

	Asset Derivatives				Liability Derivatives
	Mar. 31, 2022		Dec. 31, 2021		Mar. 31, 2022		Dec. 31, 2021
(In thousands)	Fair Value				Fair Value
Derivative instruments:
Interest rate swaps	$	11,236	$	40,752	$	(17,075)	$	(11,606)
Interest rate caps	1,137		147		(1,137)		(147)
Credit risk participation agreements	68		84		(126)		(277)
Foreign exchange contracts	28		77		(11)		(45)
Mortgage loan commitments	302		764		(23)		—
Mortgage loan forward sale contracts	4		5		—		(1)
Forward TBA contracts	355		13		(10)		(25)
Total	$	13,130	$	41,842	$	(18,382)	$	(12,101)

The pre-tax effects of derivative instruments on the consolidated statements of income and consolidated statements of comprehensive income are shown in the tables below.

	Amount of Gain or (Loss) Recognized in OCI						Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
(In thousands)	Total		Included Component		Excluded Component			Total		Included Component		Excluded Component
For the Three Months Ended March 31, 2022
Derivatives in cash flow hedging relationships:
Interest rate floors	$	—	$	—	$	—	Interest and fees on loans	$	(6,050)	$	(7,566)	$	1,516
Total	$	—	$	—	$	—	Total	$	(6,050)	$	(7,566)	$	1,516
For the Three Months Ended March 31, 2021
Derivatives in cash flow hedging relationships:
Interest rate floors	$	—	$	—	$	—	Interest and fees on loans	$	(5,848)	$	(7,364)	$	1,516
Total	$	—	$	—	$	—	Total	$	(5,848)	$	(7,364)	$	1,516

	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)		2022		2021
Derivative instruments:
Interest rate swaps	Other non-interest income	$	812	$	1,075
Interest rate caps	Other non-interest income	16		15
Credit risk participation agreements	Other non-interest income	(10)		365
Foreign exchange contracts	Other non-interest income	(14)		96
Mortgage loan commitments	Loan fees and sales	(485)		(1,372)
Mortgage loan forward sale contracts	Loan fees and sales	—		39
Forward TBA contracts	Loan fees and sales	1,243		2,906
Total		$	1,562	$	3,124

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The following table shows the extent to which assets and liabilities relating to derivative instruments have been offset in the consolidated balance sheets. It also provides information about these instruments which are subject to an enforceable master netting arrangement, irrespective of whether they are offset, and the extent to which the instruments could potentially be offset. Also shown is collateral received or pledged in the form of other financial instruments, which is generally cash or marketable securities. The collateral amounts in this table are limited to the outstanding balances of the related asset or liability (after netting is applied); thus, amounts of excess collateral are not shown. Most of the derivatives in the following table were transacted under master netting arrangements that contain a conditional right of offset, such as close-out netting, upon default.

While the Company is party to master netting arrangements with most of its swap derivative counterparties, the Company does not offset derivative assets and liabilities under these agreements on its consolidated balance sheets. Collateral exchanged between the Company and dealer bank counterparties is generally subject to thresholds and transfer minimums, and usually consists of marketable securities. By contract, these may be sold or re-pledged by the secured party until recalled at a subsequent valuation date by the pledging party. For those swap transactions requiring central clearing, the Company posts cash or securities to its clearing agent. Collateral positions are valued daily, and adjustments to amounts received and pledged by the Company are made as appropriate to maintain proper collateralization for these transactions. Swap derivative transactions with customers are generally secured by rights to non-financial collateral, such as real and personal property, which is not shown in the table below.

							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, 2022
Assets:
Derivatives subject to master netting agreements	$	12,805	$	—	$	12,805	$	(2,036)	$	(1,298)	$	9,471
Derivatives not subject to master netting agreements	325		—		325
Total derivatives	$	13,130	$	—	$	13,130
Liabilities:
Derivatives subject to master netting agreements	$	18,308	$	—	$	18,308	$	(2,036)	$	(1,035)	$	15,237
Derivatives not subject to master netting agreements	74		—		74
Total derivatives	$	18,382	$	—	$	18,382
December 31, 2021
Assets:
Derivatives subject to master netting agreements	$	40,970	$	—	$	40,970	$	(347)	$	—	$	40,623
Derivatives not subject to master netting agreements	872		—		872
Total derivatives	$	41,842	$	—	$	41,842
Liabilities:
Derivatives subject to master netting agreements	$	12,019	$	—	$	12,019	$	(347)	$	(10,146)	$	1,526
Derivatives not subject to master netting agreements	82		—		82
Total derivatives	$	12,101	$	—	$	12,101

12. Resale and Repurchase Agreements

The Company regularly enters into resale and repurchase agreement transactions with other financial institutions and with its own customers. Resale and repurchase agreements are agreements to purchase/sell securities subject to an obligation to resell/repurchase the same or similar securities. They are accounted for as secured lending and collateralized borrowing (e.g. financing transactions), not as true sales and purchases of the underlying collateral securities. Some of the resale and repurchase agreements were transacted under master netting arrangements that contain a conditional right of offset, such as

31

close-out netting, upon default. The security collateral accepted or pledged in resale and repurchase agreements with other financial institutions may be sold or re-pledged by the secured party, but is usually delivered to and held by third party trustees. The Company generally retains custody of securities pledged for repurchase agreements with its customers.

The Company is party to agreements commonly known as collateral swaps. These agreements involve the exchange of collateral under simultaneous repurchase and resale agreements with the same financial institution counterparty. These repurchase and resale agreements have the same principal amounts, inception dates, and maturity dates and have been offset against each other in the consolidated balance sheets, as permitted under the netting provisions of ASC 210-20-45. The collateral swaps totaled $200.0 million at March 31, 2022 and $400.0 million at December 31, 2021.

The following table shows the extent to which resale agreement assets and repurchase agreement liabilities with the same counterparty have been offset on the consolidated balance sheets, in addition to the extent to which they could potentially be offset. Also shown is collateral received or pledged, which consists of marketable securities. The collateral amounts in the table are limited to the outstanding balances of the related asset or liability (after offsetting is applied); thus amounts of excess collateral are not shown.

							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, 2022
Total resale agreements, subject to master netting arrangements	$	2,025,000	$	(200,000)	$	1,825,000	$	—	$	(1,825,000)	$	—
Total repurchase agreements, subject to master netting arrangements	2,500,146		(200,000)		2,300,146		—		(2,300,146)		—
December 31, 2021
Total resale agreements, subject to master netting arrangements	$	2,025,000	$	(400,000)	$	1,625,000	$	—	$	(1,625,000)	$	—
Total repurchase agreements, subject to master netting arrangements	3,379,582		(400,000)		2,979,582		—		(2,979,582)		—

The table below shows the remaining contractual maturities of repurchase agreements outstanding at March 31, 2022 and December 31, 2021, in addition to the various types of marketable securities that have been pledged by the Company as collateral for these borrowings.

	Remaining Contractual Maturity of the Agreements
(In thousands)	Overnight and continuous		Up to 90 days		Greater than 90 days		Total
March 31, 2022
Repurchase agreements, secured by:
U.S. government and federal agency obligations	$	353,708	$	23,631	$	6,258	$	383,597
Agency mortgage-backed securities	1,572,433		1,207		209,245		1,782,885
Non-agency mortgage-backed securities	24,953		—		—		24,953
Asset-backed securities	290,783		—		—		290,783
Other debt securities	17,928		—		—		17,928
Total repurchase agreements, gross amount recognized	$	2,259,805	$	24,838	$	215,503	$	2,500,146
December 31, 2021
Repurchase agreements, secured by:
U.S. government and federal agency obligations	$	600,866	$	33,373	$	9,259	$	643,498
Agency mortgage-backed securities	1,844,652		3,908		400,250		2,248,810
Non-agency mortgage-backed securities	32,299		—		—		32,299
Asset-backed securities	422,525		—		—		422,525
Other debt securities	32,450		—		—		32,450
Total repurchase agreements, gross amount recognized	$	2,932,792	$	37,281	$	409,509	$	3,379,582

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13. Stock-Based Compensation

The Company issues stock-based compensation in the form of nonvested restricted stock and stock appreciation rights (SARs). Historically, most of the awards have been issued during the first quarter of each year. The stock-based compensation expense that has been charged against income was $4.2 million and $3.9 million in the three months ended March 31, 2022 and 2021, respectively.

Nonvested stock awards granted generally vest in 4 to 7 years and contain restrictions as to transferability, sale, pledging, or assigning, among others, prior to the end of the vesting period. Dividend and voting rights are conferred upon grant. A summary of the status of the Company’s nonvested share awards as of March 31, 2022, and changes during the three month period then ended, is presented below.

	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2022	1,120,491	$55.58
Granted	225,152	70.92
Vested	(238,899)	47.60
Forfeited	(3,088)	55.13
Nonvested at March 31, 2022	1,103,656	$60.44

SARs are granted with exercise prices equal to the market price of the Company’s stock at the date of grant. SARs vest ratably over 4 years of continuous service and have contractual terms of 10 years. All SARs must be settled in stock under provisions of the plan. In determining compensation cost, the Black-Scholes option-pricing model is used to estimate the fair value of SARs on date of grant. The current year per share average fair value and the model assumptions are shown in the table below.

Weighted per share average fair value at grant date	$17.42
Assumptions:
Dividend yield	1.5	%
Volatility	28.4	%
Risk-free interest rate	1.6	%
Expected term	5.7 years

A summary of SAR activity during the first three months of 2022 is presented below.

(Dollars in thousands, except per share data)	Rights	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	896,348	$	46.21
Granted	96,318	70.64
Forfeited	(1,797)	58.26
Expired	(257)	57.18
Exercised	(23,137)	44.54
Outstanding at March 31, 2022	967,475	$	48.65	6.0 years	$	22,190

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14. Revenue from Contracts with Customers

Revenue from contracts with customers is recognized to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For the three months ended March 31, 2022, approximately 61% of the Company’s total revenue was comprised of net interest income, which is not within the scope of this guidance. Of the remaining revenue, those items that were subject to this guidance mainly included fees for bank card, trust, deposit account services and consumer brokerage services.

The following table disaggregates non-interest income subject to ASC 606 by major product line.

	Three Months Ended March 31
(In thousands)	2022		2021
Bank card transaction fees	$	42,045	$	37,695
Trust fees	47,811		44,127
Deposit account charges and other fees	22,307		22,575
Consumer brokerage services	4,446		4,081
Other non-interest income	4,495		7,696
Total non-interest income from contracts with customers	121,104		116,174
Other non-interest income (1)	10,665		19,871
Total non-interest income	$	131,769	$	136,045

(1) This revenue is not within the scope of ASC 606, and includes fees relating to capital market activities, loan fees and sales, derivative instruments, standby letters of credit and various other transactions.

For bank card transaction fees, the majority of debit and credit card fees are earned in the Consumer segment, while corporate card and merchant fees are earned in the Commercial segment. The Consumer and Commercial segments contribute approximately 39% and 60%, respectively, of the Company's deposit account charge revenue. All trust fees and consumer brokerage services income are earned in the Wealth segment.    

The following table presents the opening and closing receivable balances for the three month periods ended March 31, 2022 and 2021 for the Company’s significant revenue categories subject to ASC 606.

(In thousands)	March 31, 2022		December 31, 2021		March 31, 2021		December 31, 2020
Bank card transaction fees	$	14,171	$	16,424	$	12,437	$	14,199
Trust fees	2,094		2,222		2,017		2,071
Deposit account charges and other fees	5,452		6,702		5,281		6,933
Consumer brokerage services	324		391		323		432

For these revenue categories, none of the transaction price has been allocated to performance obligations that are unsatisfied as of the end of a reporting period.

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15. Fair Value Measurements

The Company uses fair value measurements to record fair value adjustments to certain financial and nonfinancial assets and liabilities and to determine fair value disclosures. Various financial instruments such as available for sale debt securities, equity securities, trading debt securities, certain investments relating to private equity activities, and derivatives are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets and liabilities on a nonrecurring basis, such as mortgage servicing rights and certain other investment securities. These nonrecurring fair value adjustments typically involve lower of cost or fair value accounting or write-downs of individual assets.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, the Company uses various valuation techniques and assumptions when estimating fair value. For accounting disclosure purposes, a three-level valuation hierarchy of fair value measurements has been established. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:

•Level 1 – inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.

•Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and inputs that are observable for the assets or liabilities, either directly or indirectly (such as interest rates, yield curves, and prepayment speeds).

•Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value. These may be internally developed, using the Company’s best information and assumptions that a market participant would consider.

The valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis are described in the Fair Value Measurements note in the Company's 2021 Annual Report on Form 10-K. There have been no significant changes in these methodologies since then.

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Instruments Measured at Fair Value on a Recurring Basis

The table below presents the March 31, 2022 and December 31, 2021 carrying values of assets and liabilities measured at fair value on a recurring basis. There were no transfers among levels during the first three months of 2022 or the year ended December 31, 2021.

			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, 2022
Assets:
Residential mortgage loans held for sale	$	3,901	$	—	$	3,901	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	1,129,961		1,129,961		—		—
Government-sponsored enterprise obligations	51,390		—		51,390		—
State and municipal obligations	2,072,265		—		2,070,363		1,902
Agency mortgage-backed securities	5,441,374		—		5,441,374		—
Non-agency mortgage-backed securities	1,435,363		—		1,435,363		—
Asset-backed securities	4,011,361		—		4,011,361		—
Other debt securities	638,780		—		638,780		—
Trading debt securities	31,380		—		31,380		—
Equity securities	6,866		6,866		—		—
Private equity investments	153,411		—		—		153,411
Derivatives *	13,130		—		12,760		370
Assets held in trust for deferred compensation plan	20,403		20,403		—		—
Total assets	15,009,585		1,157,230		13,696,672		155,683
Liabilities:
Derivatives *	18,382		—		18,233		149
Liabilities held in trust for deferred compensation plan	20,403		20,403		—		—
Total liabilities	$	38,785	$	20,403	$	18,233	$	149
December 31, 2021
Assets:
Residential mortgage loans held for sale	$	5,570	$	—	$	5,570	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	1,080,720		1,080,720		—		—
Government-sponsored enterprise obligations	51,755		—		51,755		—
State and municipal obligations	2,096,827		—		2,094,843		1,984
Agency mortgage-backed securities	5,683,000		—		5,683,000		—
Non-agency mortgage-backed securities	1,366,477		—		1,366,477		—
Asset-backed securities	3,539,219		—		3,539,219		—
Other debt securities	632,029		—		632,029		—
Trading debt securities	46,235		—		46,235		—
Equity securities	7,153		7,153		—		—
Private equity investments	147,406		—		—		147,406
Derivatives *	41,842		—		40,994		848
Assets held in trust for deferred compensation plan	21,794		21,794		—		—
Total assets	14,720,027		1,109,667		13,460,122		150,238
Liabilities:
Derivatives *	12,101		—		11,824		277
Liabilities held in trust for deferred compensation plan	21,794		21,794		—		—
Total liabilities	$	33,895	$	21,794	$	11,824	$	277

* The fair value of each class of derivative is shown in Note 11.

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The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(In thousands)	State and Municipal Obligations		Private Equity Investments		Derivatives		Total
For the three months ended March 31, 2022
Balance January 1, 2022	$	1,984	$	147,406	$	571	$	149,961
Total gains or losses (realized/unrealized):
Included in earnings	—		7,450		(495)		6,955
Included in other comprehensive income *	(83)		—		—		(83)
Discount accretion	1		—		—		1
Purchases of private equity investments	—		300		—		300
Sale/pay down of private equity investments	—		(1,745)		—		(1,745)
Purchase of risk participation agreement	—		—		145		145
Balance March 31, 2022	$	1,902	$	153,411	$	221	$	155,534
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2022	$	—	$	7,450	$	267	$	7,717
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2022	$	(83)	$	—	$	—	$	(83)

For the three months ended March 31, 2021
Balance January 1, 2021	$	7,968	$	94,368	$	2,741	$	105,077
Total gains or losses (realized/unrealized):
Included in earnings	—		8,365		(1,007)		7,358
Included in other comprehensive income *	(1)		—		—		(1)
Discount accretion	3		—		—		3
Sale/pay down of private equity investments	—		(8,476)		—		(8,476)
Sale of risk participation agreement	—		—		(98)		(98)
Balance March 31, 2021	$	7,970	$	94,257	$	1,636	$	103,863
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2021	$	—	$	8,365	$	2,050	$	10,415
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2021	$	(1)	$	—	$	—	$	(1)

* Included in "net unrealized gains (losses) on other securities" in the consolidated statements of comprehensive income.

Gains and losses included in earnings for the Level 3 assets and liabilities in the previous table are reported in the following line items in the consolidated statements of income:

(In thousands)	Loan Fees and Sales		Other Non-Interest Income		Investment Securities Gains (Losses), Net		Total
For the three months ended March 31, 2022
Total gains or losses included in earnings	$	(485)	$	(10)	$	7,450	$	6,955
Change in unrealized gains or losses relating to assets still held at March 31, 2022	$	279	$	(12)	$	7,450	$	7,717
For the three months ended March 31, 2021
Total gains or losses included in earnings	$	(1,372)	$	365	$	8,365	$	7,358
Change in unrealized gains or losses relating to assets still held at March 31, 2021	$	1,855	$	195	$	8,365	$	10,415

Level 3 Inputs

The Company's significant Level 3 measurements, which employ unobservable inputs that are readily quantifiable, pertain to auction rate securities (ARS), investments in portfolio concerns held by the Company's private equity subsidiaries, and held for sale residential mortgage loan commitments. ARS are included in state and municipal securities and totaled $1.9 million at March 31, 2022, while private equity investments, included in other securities, totaled $153.4 million.

37

Information about these inputs is presented in the table below.

Quantitative Information about Level 3 Fair Value Measurements						Weighted
	Valuation Technique	Unobservable Input	Range			Average*
Auction rate securities	Discounted cash flow	Estimated market recovery period			5 years	5 years
		Estimated market rate	2.5%	-	3.0%	2.8%
Private equity investments	Market comparable companies	EBITDA multiple	4.0	-	6.0	5.4
Mortgage loan commitments	Discounted cash flow	Probability of funding	68.2%	-	100.0%	90.2%
		Embedded servicing value	—%	-	1.4%	1.1%

* Unobservable inputs were weighted by the relative fair value of the instruments.

Instruments Measured at Fair Value on a Nonrecurring Basis

For assets measured at fair value on a nonrecurring basis during the first three months of 2022 and 2021, and still held as of March 31, 2022 and 2021, the following table provides the adjustments to fair value recognized during the respective periods, the level of valuation inputs used to determine each adjustment, and the carrying value of the related individual assets or portfolios at March 31, 2022 and 2021.

			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, 2022
Mortgage servicing rights	11,360		—		—		11,360		304
Long-lived assets	497		—		—		497		(965)
March 31, 2021
Collateral dependent loans	$	11,233	$	—	$	—	$	11,233	$	(2,926)
Mortgage servicing rights	8,234		—		—		8,234		1,055

The Company's significant Level 3 measurements that are measured on a nonrecurring basis pertain to the Company's mortgage servicing rights retained on certain fixed rate personal real estate loan originations. Mortgage servicing rights are included in other intangible assets-net on the consolidated balance sheets, and information about these inputs is presented in the table below.

Quantitative Information about Level 3 Fair Value Measurements										Weighted
	Valuation Technique	Unobservable Input	Range							Average*
Mortgage servicing rights	Discounted cash flow	Discount rate	9.01		%	-	9.34		%	9.12		%
		Prepayment speeds (CPR)*	6.22		%	-	9.41		%	6.65		%
		Loan servicing costs - annually per loan
		Performing loans	$	70		-	$	72		$	71
		Delinquent loans	$	200		-	$	750
		Loans in foreclosure	$	1,000

*Ranges and weighted averages based on interest rate tranches.

The significant unobservable inputs used in the fair value measurement of the Company’s mortgage servicing rights are updated periodically for changes in market conditions. Actual rates may differ from our estimates. Increases in prepayment speed and discount rates negatively impact the fair value of our mortgage servicing rights.

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16. Fair Value of Financial Instruments

The carrying amounts and estimated fair values of financial instruments held by the Company are set forth below. Fair value estimates are made at a specific point in time based on relevant market information. They do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for many of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, risk characteristics and economic conditions. These estimates are subjective, involve uncertainties, and cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

The estimated fair values of the Company’s financial instruments and the classification of their fair value measurement within the valuation hierarchy are as follows at March 31, 2022 and December 31, 2021:

	Carrying Amount		Estimated Fair Value at March 31, 2022
(In thousands)			Level 1		Level 2		Level 3		Total
Financial Assets
Loans:
Business	$	5,508,508	$	—	$	—	$	5,406,516	$	5,406,516
Real estate - construction and land	1,144,411		—		—		1,129,894		1,129,894
Real estate - business	3,109,668		—		—		3,059,118		3,059,118
Real estate - personal	2,820,076		—		—		2,777,860		2,777,860
Consumer	2,053,160		—		—		2,043,692		2,043,692
Revolving home equity	264,401		—		—		261,985		261,985
Consumer credit card	544,579		—		—		508,944		508,944
Overdrafts	14,211		—		—		13,985		13,985
Total loans	15,459,014		—		—		15,201,994		15,201,994
Loans held for sale	8,908		—		8,908		—		8,908
Investment securities	15,016,882		1,136,827		13,680,011		200,044		15,016,882
Securities purchased under agreements to resell	1,825,000		—		—		1,801,227		1,801,227
Interest earning deposits with banks	1,260,813		1,260,813		—		—		1,260,813
Cash and due from banks	326,549		326,549		—		—		326,549
Derivative instruments	13,130		—		12,760		370		13,130
Assets held in trust for deferred compensation plan	20,403		20,403		—		—		20,403
Total	$	33,930,699	$	2,744,592	$	13,701,679	$	17,203,635	$	33,649,906
Financial Liabilities
Non-interest bearing deposits	$	11,428,372	$	11,428,372	$	—	$	—	$	11,428,372
Savings, interest checking and money market deposits	16,751,632		16,751,632		—		—		16,751,632
Certificates of deposit	1,139,337		—		—		1,124,978		1,124,978
Federal funds purchased	17,315		17,315		—		—		17,315
Securities sold under agreements to repurchase	2,300,146		—		—		2,300,267		2,300,267
Other borrowings	8,990		—		8,990		—		8,990
Derivative instruments	18,382		—		18,233		149		18,382
Liabilities held in trust for deferred compensation plan	20,403		20,403		—		—		20,403
Total	$	31,684,577	$	28,217,722	$	27,223	$	3,425,394	$	31,670,339

39

	Carrying Amount		Estimated Fair Value at December 31, 2021
(In thousands)			Level 1		Level 2		Level 3		Total
Financial Assets
Loans:
Business	$	5,303,535	$	—	$	—	$	5,229,153	$	5,229,153
Real estate - construction and land	1,118,266		—		—		1,099,747		1,099,747
Real estate - business	3,058,837		—		—		3,054,481		3,054,481
Real estate - personal	2,805,401		—		—		2,809,490		2,809,490
Consumer	2,032,225		—		—		2,031,408		2,031,408
Revolving home equity	275,945		—		—		273,450		273,450
Consumer credit card	575,410		—		—		536,468		536,468
Overdrafts	6,740		—		—		6,458		6,458
Total loans	15,176,359		—		—		15,040,655		15,040,655
Loans held for sale	8,615		—		8,615		—		8,615
Investment securities	14,695,628		1,087,873		13,413,558		194,197		14,695,628
Federal funds sold	2,800		2,800		—		—		2,800
Securities purchased under agreements to resell	1,625,000		—		—		1,623,856		1,623,856
Interest earning deposits with banks	3,971,217		3,971,217		—		—		3,971,217
Cash and due from banks	305,539		305,539		—		—		305,539
Derivative instruments	41,842		—		40,994		848		41,842
Assets held in trust for deferred compensation plan	21,794		21,794		—		—		21,794
Total	$	35,848,794	$	5,389,223	$	13,463,167	$	16,859,556	$	35,711,946
Financial Liabilities
Non-interest bearing deposits	$	11,772,374	$	11,772,374	$	—	$	—	$	11,772,374
Savings, interest checking and money market deposits	16,598,085		16,598,085		—		—		16,598,085
Certificates of deposit	1,442,614		—		—		1,438,919		1,438,919
Federal funds purchased	43,385		43,385		—		—		43,385
Securities sold under agreements to repurchase	2,979,582		—		—		2,979,677		2,979,677
Other borrowings	12,514		—		12,514		—		12,514
Derivative instruments	12,101		—		11,824		277		12,101
Liabilities held in trust for deferred compensation plan	21,794		21,794		—		—		21,794
Total	$	32,882,449	$	28,435,638	$	24,338	$	4,418,873	$	32,878,849

17. Legal and Regulatory Proceedings

The Company has various legal proceedings pending at March 31, 2022, arising in the normal course of business. While some matters pending against the Company specify damages claimed by plaintiffs, others do not seek a specified amount of damages or are at early stages of the legal process. The Company records a loss accrual for all legal and regulatory matters for which it deems a loss is probable and can be reasonably estimated. Some matters, which are in the early stages, have not yet progressed to the point where a loss amount can be determined to be probable and estimable.

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Item 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes and with the statistical information and financial data appearing in this report as well as the Company's 2021 Annual Report on Form 10-K. Results of operations for the three month periods ended March 31, 2022 are not necessarily indicative of results to be attained for any other period.

Forward-Looking Information

This report may contain "forward-looking statements" that are subject to risks and uncertainties and include information about possible or assumed future results of operations. Many possible events or factors could affect the future financial results and performance of the Company. This could cause results or performance to differ materially from those expressed in the forward-looking statements. Words such as "expects", "anticipates", "believes", "estimates", variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers should not rely solely on the forward-looking statements and should consider all uncertainties and risks discussed throughout this report. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events. Such possible events or factors include: changes in economic conditions in the Company's market area, the effects of the COVID-19 pandemic, changes in policies by regulatory agencies, governmental legislation and regulation, fluctuations in interest rates, changes in liquidity requirements, demand for loans in the Company's market area, changes in accounting and tax principles, estimates made on income taxes, competition with other entities that offer financial services, cybersecurity threats, and such other factors as discussed in Part I Item 1A - "Risk Factors" and Part II Item 7 - "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 2021 Annual Report on Form 10-K and in Part II Item 1A of this Quarterly Report on Form 10-Q. During the quarter ended March 31, 2022, there were no material changes to the Risk Factors disclosed in the Company's 2021 Annual Report on Form 10-K.

Critical Accounting Estimates and Related Policies

The Company has identified certain policies as being critical because they require management to make particularly difficult, subjective and/or complex judgments about matters that are inherently uncertain and because of the likelihood that materially different amounts would be reported under different conditions or using different assumptions. These estimates and related policies are the Company's allowance for credit losses and fair value measurement policies. A discussion of these estimates and related policies can be found in the sections captioned "Critical Accounting Policies" and "Allowance for Credit Losses on Loans and Liability for Unfunded Lending Commitments" in Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Company's 2021 Annual Report on Form 10-K. There have been no changes in the Company's application of critical accounting policies since December 31, 2021.

41

Selected Financial Data

	Three Months Ended March 31
	2022			2021
Per Share Data
Net income per common share — basic	$	.97		$	1.06	*
Net income per common share — diluted	.97			1.06		*
Cash dividends on common stock	.265			.250		*
Book value per common share	24.60			26.99		*
Market price	71.59			72.96		*
Selected Ratios
(Based on average balance sheets)
Loans to deposits (1)	51.90		%	61.79		%
Non-interest bearing deposits to total deposits	39.34			39.41
Equity to loans (1)	21.83			20.68
Equity to deposits	11.33			12.78
Equity to total assets	9.26			10.37
Return on total assets	1.33			1.63
Return on common equity	14.41			15.69
(Based on end-of-period data)
Non-interest income to revenue (2)	38.69			39.80
Efficiency ratio (3)	60.29			56.37
Tier I common risk-based capital ratio	13.92			13.76
Tier I risk-based capital ratio	13.92			13.76
Total risk-based capital ratio	14.61			14.79
Tangible common equity to tangible assets ratio (4)	8.09			9.57
Tier I leverage ratio	9.07			9.38

* Restated for the 5% stock dividend distributed in December 2021.

(1) Includes loans held for sale.

(2) Revenue includes net interest income and non-interest income.

(3) The efficiency ratio is calculated as non-interest expense (excluding intangibles amortization) as a percent of revenue.

(4) The tangible common equity to tangible assets ratio is a measurement which management believes is a useful indicator of capital adequacy and utilization.

It provides a meaningful basis for period to period and company to company comparisons, and also assists regulators, investors and analysts in analyzing the financial position of the Company. Tangible common equity and tangible assets are non-GAAP measures and should not be viewed as substitutes for, or superior to, data prepared in accordance with GAAP.

The following table is a reconciliation of the GAAP financial measures of total equity and total assets to the non-GAAP measures of total tangible common equity and total tangible assets.

	March 31
(Dollars in thousands)	2022			2021
Total equity	$	2,973,402		$	3,317,385
Less non-controlling interest	12,762			4,795
Less goodwill	138,921			138,921
Less core deposit premium	4,525			4,864
Total tangible common equity (a)	$	2,817,194		$	3,168,805
Total assets	$	34,986,793		$	33,269,786
Less goodwill	138,921			138,921
Less core deposit premium	4,525			4,864
Total tangible assets (b)	$	34,843,347		$	33,126,001
Tangible common equity to tangible assets ratio (a)/(b)	8.09		%	9.57		%

42

Results of Operations

Summary

	Three Months Ended March 31				Increase (Decrease)
(Dollars in thousands)	2022		2021		Amount		% change
Net interest income	$	208,786	$	205,748	$	3,038	1.5	%
Provision for credit losses	9,858		6,232		(3,626)		58.2
Non-interest income	131,769		136,045		(4,276)		(3.1)
Investment securities gains, net	7,163		9,853		(2,690)		(27.3)
Non-interest expense	(205,648)		(192,573)		13,075		6.8
Income taxes	(31,902)		(32,076)		(174)		(.5)
Non-controlling interest expense	(1,872)		(2,257)		(385)		(17.1)
Net income attributable to Commerce Bancshares, Inc.	$	118,154	$	130,972	(12,818)		(9.8)	%

For the quarter ended March 31, 2022, net income attributable to Commerce Bancshares, Inc. (net income) amounted to $118.2 million, a decrease of $12.8 million, or 9.8%, compared to the first quarter of the previous year. For the current quarter, the annualized return on average assets was 1.33%, the annualized return on average equity was 14.41%, and the efficiency ratio was 60.29%. Diluted earnings per common share was $.97, a decrease of 8.5% compared to $1.06 per share in the first quarter of 2021, and increased 3.2% compared to $.94 per share in the previous quarter.

Compared to the first quarter of last year, net interest income increased $3.0 million, or 1.5%, mainly due to an increase of $21.5 million in interest income on investment securities, partly offset by decreases in loan interest and interest on securities purchased under agreements to resell of $14.4 million and $5.8 million, respectively. The provision for credit losses declined $3.6 million due to a decrease in the estimate of the allowance for credit losses on loans and unfunded commitments and lower net loan charge-offs. Non-interest income decreased $4.3 million, or 3.1%, compared to the first quarter of 2021, mainly due to lower loan fees and sales and income from branch sales, partly offset by growth in net bank card and trust fees. Net gains on investment securities totaled $7.2 million in the current quarter compared to net gains of $9.9 million in the same quarter last year. Net securities gains in the current quarter primarily resulted from unrealized fair value gains of $7.5 million in the Company's private equity investment portfolio. Non-interest expense increased $13.1 million, or 6.8%, over the first quarter of 2021 mainly due to higher salaries and employee benefits, data processing and software, marketing, and travel and entertainment expense.

43

Net Interest Income

The following table summarizes the changes in net interest income on a fully taxable equivalent basis, by major category of interest earning assets and interest bearing liabilities, identifying changes related to volumes and rates. Changes not solely due to volume or rate changes are allocated to rate.

Analysis of Changes in Net Interest Income

	Three Months Ended March 31, 2022 vs. 2021
	Change due to
(In thousands)	Average Volume		Average Rate		Total
Interest income, fully taxable equivalent basis:
Loans:
Business	$	(9,222)	$	(2,060)	$	(11,282)
Real estate - construction and land	375		609		984
Real estate - business	626		(1,069)		(443)
Real estate - personal	(144)		(858)		(1,002)
Consumer	921		(2,141)		(1,220)
Revolving home equity	(213)		65		(148)
Consumer credit card	(1,837)		501		(1,336)
Overdrafts	—		—		—
Total interest on loans	(9,494)		(4,953)		(14,447)
Loans held for sale	(201)		47		(154)
Investment securities:
U.S. government and federal agency securities	2,370		2,405		4,775
Government-sponsored enterprise obligations	6		(3)		3
State and municipal obligations	722		(897)		(175)
Mortgage-backed securities	1,090		10,681		11,771
Asset-backed securities	6,332		(2,475)		3,857
Other securities	1,501		(402)		1,099
Total interest on investment securities	12,021		9,309		21,330
Federal funds sold	1		—		1
Securities purchased under agreements to resell	11,573		(17,401)		(5,828)
Interest earning deposits with banks	278		503		781
Total interest income	14,178		(12,495)		1,683
Interest expense:
Deposits:
Savings	45		(144)		(99)
Interest checking and money market	317		(561)		(244)
Certificates of deposit of less than $100,000	(81)		(253)		(334)
Certificates of deposit of $100,000 and over	64		(699)		(635)
Total interest on deposits	345		(1,657)		(1,312)
Federal funds purchased	(2)		4		2
Securities sold under agreements to repurchase	86		289		375
Other borrowings	—		(1)		(1)
Total interest expense	429		(1,365)		(936)
Net interest income, tax equivalent basis	$	13,749	$	(11,130)	$	2,619

Net interest income in the first quarter of 2022 was $208.8 million, an increase of $3.0 million over the first quarter of 2021. On a tax equivalent (T/E) basis, net interest income totaled $211.4 million in the first quarter of 2022, up $2.6 million over the same period last year and up $969 thousand over the previous quarter. The increase in net interest income compared to the first

44

quarter of 2021 was mainly due to higher interest income earned on on investment securities (T/E) of $21.3 million, partly offset by lower interest earned on loans (T/E) of $14.4 million and securities purchased under agreements to resell of $5.8 million. The increase in interest earned on investment securities (T/E) was mainly due to higher average balances and rates earned. The decrease in total interest earned on loans (T/E) was the result of declines in average balances and rates earned, while the decrease in securities purchased under agreements to resell declined due to lower average rates, partly offset by higher average balances. The Company's net yield on earning assets (T/E) was 2.45% in the current quarter compared to 2.71% in the first quarter of 2021.

Total interest income (T/E) increased $1.7 million over the first quarter of 2021. Interest income on loans (T/E) was $133.0 million during the first quarter of 2022, a decrease of $14.4 million, or 9.8%, from the same quarter last year. The decrease in interest income from the same quarter last year was primarily due to a decline of $1.1 billion, or 6.8%, in average loan balances, coupled with a decrease of 12 basis points in the average rate earned. Most of the decrease in interest income occurred in the business, consumer credit card, consumer, and personal real estate loan categories. These decreases were partly offset by an increase in interest income in the construction and land loan category. Business loan interest income decreased $11.3 million due to a decline of $1.2 billion in average balances and a decrease of 16 basis points in the average rate earned. The decline in business loan average balances was mainly due to a decrease of $1.3 billion in Paycheck Protection Program (PPP) loans, while interest earned on PPP loans declined $10.0 million from the same quarter last year. Consumer credit card loan interest decreased $1.3 million mainly due to a decline of $67.9 million in average balances, partly offset by a 38 basis point increase in the average rate earned. Consumer loan interest declined $1.2 million due to a decrease of 43 basis points in the average rate earned, partly offset by a $92.9 million, or 4.8%, increase in average balances. Personal real estate loan interest income fell $1.0 million due to a 12 basis point decrease in the average rate earned and lower average balances of $17.1 million. These decreases to interest income (T/E) were partly offset by an increase of $984 thousand in interest earned on construction and land loans, due to an increase of 22 basis points in the average rate earned and growth of $42.9 million, or 3.9%, in average loan balances.

Interest income on investment securities (T/E) was $74.8 million during the first quarter of 2022, which was an increase of $21.3 million over the same quarter last year. The increase in interest income occurred mainly in interest earned on mortgage-backed securities, which increased $11.8 million, partly due to a $7.5 million increase in premium amortization, reflecting slower forward prepayment speed estimates in the current quarter, compared to a premium amortization adjustment increase of $4.1 million in the prior year. In addition, the average rate earned increased 59 basis points and the average balance increased $318.1 million, or 4.5%. Interest on U.S. government and federal agency obligations grew $4.8 million mainly due to an increase in inflation income on the Company's U.S. Treasury inflation-protected securities (TIPS). Interest income related to TIPS, which is tied to the Consumer Price Index, increased $4.4 million over the same quarter last year. The average balance of U.S. government and federal agency obligations also increased $378.4 million, or 52.2%. Interest on asset-backed securities rose $3.9 million due to higher average balances of $1.8 billion, partly offset by a decrease of 26 basis points in the average rate earned. The average balance of the total investment portfolio (excluding unrealized fair value adjustments on available for sale debt securities) was $15.4 billion in the first quarter of 2022, compared to $12.6 billion in the first quarter of 2021.

Interest income on securities purchased under agreements to resell decreased $5.8 million from the same quarter last year, due to a decrease of 407 basis points in the average rate earned, partly offset by growth of $883.9 million in the average balance. Interest income on balances at the Federal Reserve grew $781 thousand due to an increase of $1.1 billion in the average balance invested and an increase of eight basis points in the average rate earned.

The average tax equivalent yield on total interest earning assets was 2.49% in the first quarter of 2022, down from 2.76% in the first quarter of 2021.

Total interest expense decreased $936 thousand compared to the first quarter of 2021 due to a $1.3 million decrease in interest expense on interest bearing deposits, partly offset by a $376 thousand increase in interest expense on borrowings. The decrease in deposit interest expense resulted mainly from a four basis point decline in the overall average rate paid. Interest expense on certificates of deposit (CD's) declined $969 thousand due to an 18 basis point decrease in the average rate paid, coupled with a decrease of $454.7 million in the average balance. Interest expense on interest checking and money market accounts declined $244 thousand, due to a two basis point decrease in the average rate paid, partly offset by higher average balances of $2.0 billion. Interest expense on borrowings was higher due to an increase of four basis points in the average rate paid on customer repurchase agreements. The overall average rate incurred on all interest bearing liabilities was .06% and .09% in the first quarters of 2022 and 2021, respectively.

Summaries of average assets and liabilities and the corresponding average rates earned/paid appear on the last page of this discussion.

45

Non-Interest Income

	Three Months Ended March 31						Increase (Decrease)
(Dollars in thousands)	2022			2021			Amount		% change
Bank card transaction fees	$	42,045		$	37,695		$	4,350	11.5	%
Trust fees	47,811			44,127			3,684		8.3
Deposit account charges and other fees	22,307			22,575			(268)		(1.2)
Capital market fees	4,125			4,981			(856)		(17.2)
Consumer brokerage services	4,446			4,081			365		8.9
Loan fees and sales	4,235			10,184			(5,949)		(58.4)
Other	6,800			12,402			(5,602)		(45.2)
Total non-interest income	$	131,769		$	136,045		$	(4,276)	(3.1)	%
Non-interest income as a % of total revenue*	38.7		%	39.8		%

* Total revenue includes net interest income and non-interest income.

The table below is a summary of net bank card transaction fees for the three month periods ended March 31, 2022 and 2021.

	Three Months Ended March 31
(Dollars in thousands)	2022		2021		$ change		% change
Net debit card fees	$	9,552	$	9,367	$	185	2.0	%
Net credit card fees	3,722		3,421		301		8.8
Net merchant fees	4,980		4,614		366		7.9
Net corporate card fees	23,791		20,293		3,498		17.2
Total bank card transaction fees	$	42,045	$	37,695	$	4,350	11.5	%

For the first quarter of 2022, total non-interest income amounted to $131.8 million compared to $136.0 million in the same quarter last year, which was a decrease of $4.3 million, or 3.1%. The decrease was mainly due to lower loan fees and sales and a decline in other non-interest income, partly offset by higher net bank card fees and trust fees. Bank card transaction fees for the current quarter grew $4.4 million, or 11.5%, over the same period last year, due to growth of $3.5 million in net corporate card fees, $366 thousand in net merchant card fees, $301 thousand in net credit card fees, and $185 thousand in net debit card fees. The growth in net corporate, credit and debit card fees was mainly due to higher interchange income, partly offset by higher rewards expense. The growth in net merchant fees was mostly due to higher merchant fees, partly offset by higher network expense. Trust fees for the quarter increased $3.7 million, or 8.3%, over the same quarter last year, resulting from higher private client fees, which were up 10.1%. Compared to the same period last year, deposit account fees decreased $268 thousand, or 1.2%, mainly due to lower personal deposit account fees, partly offset by higher corporate cash management fees. Capital market fees decreased $856 thousand, or 17.2%, while consumer brokerage service fees increased $365 thousand, or 8.9%, due to growth in advisory fees. Loan fees and sales decreased $5.9 million, or 58.4%, compared to the same quarter last year, mainly due to a decline in mortgage banking revenue. Other non-interest income decreased $5.6 million, or 45.2%, mainly due to a gain of $2.4 million on the sale of a branch location recorded last year coupled with a write-down of $965 thousand on a branch location recorded in the current quarter. In addition, swap fees, cash sweep commissions and tax credit sales fees declined $637 thousand, $403 thousand and $394 thousand, respectively. Fair value adjustments on the Company's deferred compensation plan assets, which are held in a trust and recorded as both an asset and a liability, decreased $1.9 million from the same quarter last year, affecting both other income and other expense.

46

Investment Securities Gains (Losses), Net

	Three Months Ended March 31
(In thousands)	2022		2021
Net gains (losses) on sales and fair value adjustments of private equity investments	$	7,450	$	9,888
Fair value adjustments on equity securities, net	(287)		(35)
Total investment securities gains, net	$	7,163	$	9,853

Net gains on investment securities, which were recognized in earnings during the three months ended March 31, 2022 and 2021, are shown in the table above. Net securities gains of $7.2 million were reported in the first quarter of 2022, compared to net gains of $9.9 million in the same period last year. The net gains in the first quarter of 2022 were primarily comprised of $7.5 million of net gains in fair value on the Company’s private equity investments. The net gains on investment securities for the same quarter last year were mainly comprised of a net gain of $1.5 million realized on the sale of a private equity investment and $8.4 million of net gains in fair value on the Company’s private equity investments. The portion of private equity activity attributable to minority interests is reported as non-controlling interest in the consolidated statements of income and resulted in expense of $1.5 million during the first three months of 2022 and expense of $2.0 million during the first three months of 2021.

Non-Interest Expense

	Three Months Ended March 31				Increase (Decrease)
(Dollars in thousands)	2022		2021		Amount		% change
Salaries and employee benefits	$	135,953	$	129,033	$	6,920	5.4	%
Net occupancy	12,296		12,021		275		2.3
Equipment	4,568		4,353		215		4.9
Supplies and communication	4,713		4,125		588		14.3
Data processing and software	27,016		25,463		1,553		6.1
Marketing	6,344		5,158		1,186		23.0
Other	14,758		12,420		2,338		18.8
Total non-interest expense	$	205,648	$	192,573	$	13,075	6.8	%

Non-interest expense for the first quarter of 2022 amounted to $205.6 million, an increase of $13.1 million, or 6.8%, compared to expense of $192.6 million in the first quarter of last year. The increase in expense was mainly due to higher salaries and benefits expense, data processing and software expense, marketing expense and other non-interest expense. Salaries expense increased $4.4 million, or 4.1%, driven by growth in full-time salary costs and incentive compensation. Employee benefits expense totaled $24.2 million, reflecting growth of $2.5 million, or 11.5%, mainly as a result of higher healthcare expense, payroll taxes and retirement expense. Full-time equivalent employees totaled 4,563 at March 31, 2022, compared to 4,619 at March 31, 2021. Supplies and communication expense increased $588 thousand, or 14.3%, mainly due to higher postage and courier expense, while marketing expense increased $1.2 million, or 23.0%, due to an expansion of marketing efforts in the first quarter of 2022. Data processing and software expense increased $1.6 million, or 6.1%, due to higher software amortization, including expense related to the completed implementation of the Company's new core customer and deposit system placed into service in January 2022, as well as increased costs for service providers and bank card processing fees. Other non-interest expense increased $2.3 million, mainly due to higher travel and entertainment expense of $1.1 million, lower deferred origination costs of $1.1 million, partly offset by a $1.9 million decline in the Company's deferred compensation liability, as previously mentioned.

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Provision and Allowance for Credit Losses on Loans and Liability for Unfunded Lending Commitments

	Three Months Ended
	Mar. 31, 2022		Dec. 31, 2021		Mar. 31, 2021
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period	$	150,044	$	162,775	$	220,834
Provision for credit losses on loans	(10,686)		(8,474)		(10,355)
Net loan charge-offs (recoveries):
Commercial:
Business	77		90		(4)
Real estate-construction and land	—		—		1
Real estate-business	(7)		6		20
Commercial net loan charge-offs (recoveries)	70		96		17
Personal Banking:
Real estate-personal	22		(71)		15
Consumer	808		919		763
Revolving home equity	18		(26)		23
Consumer credit card	3,372		2,964		8,981
Overdrafts	358		375		153
Personal banking net loan charge-offs (recoveries)	4,578		4,161		9,935
Total net loan charge-offs	4,648		4,257		9,952
Balance at end of period	$	134,710	$	150,044	$	200,527
LIABILITY FOR UNFUNDED LENDING COMMITMENTS
Balance at beginning of period	24,204		22,784		38,307
Provision for credit losses on unfunded lending commitments	828		1,420		4,123
Balance at end of period	25,032		24,204		42,430
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS	$	159,742	$	174,248	$	242,957

	Three Months Ended
	Mar. 31, 2022		Dec. 31, 2021		Mar. 31, 2021
Annualized net loan charge-offs (recoveries)*:
Commercial:
Business	.01	%	.01	%	—	%
Real estate-construction and land	—		—		—
Real estate-business	—		—		—
Commercial net loan charge-offs	—		—		—
Personal Banking:
Real estate-personal	—		(.01)		—
Consumer	.16		.18		.16
Revolving home equity	.03		(.04)		.03
Consumer credit card	2.53		2.10		5.98
Overdrafts	28.04		30.20		17.50
Personal banking net loan charge-offs (recoveries)	.33		.29		.71
Total annualized net loan charge-offs	.12	%	.11	%	.25	%

* as a percentage of average loans (excluding loans held for sale)

The Company has an established process to determine the amount of the allowance for credit losses on loans and the liability for unfunded lending commitments, which assesses the risks and losses expected in its portfolios. This process provides an allowance based on estimates of allowances for pools of loans and unfunded lending commitments, as well as a second, smaller component based on certain individually evaluated loans and unfunded lending commitments. The Company's policies and

48

processes for determining the allowance for credit losses on loans and the liability for unfunded lending commitments are discussed in Note 1 to the consolidated financial statements and in the "Allowance for Credit Losses" discussion within Critical Accounting Estimates and Related Policies in Item 7 of the 2021 Annual Report on Form 10-K.

Net loan charge-offs in the first quarter of 2022 amounted to $4.6 million, compared to $4.3 million in the prior quarter and $10.0 million in the first quarter of last year. During the first quarter of 2022, the Company recorded net charge-offs on commercial loans of $70 thousand, compared to net charge-offs of $96 thousand in the prior quarter. Consumer credit card loan net charge-offs increased $408 thousand in the first quarter of 2022, compared to the prior quarter, but declined $5.6 million compared to the same quarter in the prior year. Compared to the same period last year, net loan charge-offs in the first quarter of 2022 decreased $5.4 million, primarily driven by the decrease in net charge-offs on consumer credit card loans.

For the three months ended March 31, 2022, annualized net charge-offs on average consumer credit card loans totaled 2.53%, compared to 2.10% in the previous quarter and 5.98% in the same period last year. Consumer loan annualized net charge-offs in the current quarter amounted to .16%, compared to .18% in the prior quarter and .16% in the same period last year. In the first quarter of 2022, total annualized net loan charge-offs were .12%, compared to .11% in the previous quarter and .25% in the same period last year.

The continued recovery of the provision for credit losses on loans is the result of an improved forecast coupled with lower than projected net charge-offs. For the quarter ended March 31, 2021, the allowance for credit losses on loans decreased $15.3 million, compared to the allowance for credit losses on loans as of December 31, 2021. The decrease was primarily due to the improved economic forecast utilized in the Company's estimate of future credit losses at March 31, 2022, coupled with lower than projected net loan charge-offs during the first quarter of 2022. The allowance for credit losses on commercial loans decreased slightly by $2.9 million, while the allowance for credit losses related to personal banking loans, including consumer credit card loans, decreased $12.4 million. As a result, the provision for credit losses on loans was a recovery of $10.7 million in the current quarter, which was a $2.2 million increase from the $8.5 million benefit recorded in the prior quarter. The recovery of the provision for credit losses on loans in the current quarter was $331 thousand more than the recovery recorded in the third quarter of 2020.

While the forecast reflects a continued recovery from the COVID-19 pandemic, the allowance considered the uncertainty of disruptions caused by higher inflation, the geopolitical environment, and ongoing supply constraints on the economy and on the consumer and commercial loan portfolios. At March 31, 2022, the allowance for credit losses on loans amounted to $134.7 million, compared to $150.0 million and $200.5 million at December 31, 2021 and March 31, 2021, respectively, and was .87%, .99% and 1.22% of total loans at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.

In the current quarter, the provision for credit losses on unfunded lending commitments was $828 thousand, reflecting a $592 thousand decrease over the provision in the prior quarter and a $3.3 million decrease compared to the first quarter of 2021. At March 31, 2022, the liability for unfunded lending commitments was $25.0 million, compared to $24.2 million at December 31, 2021 and $42.4 million at March 31, 2021. The Company's unfunded lending commitments primarily relate to construction loans, and the Company's estimate for credit losses in its unfunded lending commitments utilizes the same model and forecast as its estimate for credit losses on loans. See Note 2 for further discussion of the model inputs utilized in the Company's estimate of credit losses.

The Company considers the allowance for credit losses on loans and the liability for unfunded commitments adequate to cover losses expected in the loan portfolio, including unfunded commitments, at March 31, 2022.

The allowance for credit losses on loans and the liability for unfunded lending commitments are estimates that require significant judgment including projections of the macro-economic environment. The Company utilizes a third-party macro-economic forecast that continuously changes due to economic conditions and events. These changes in the forecast cause fluctuations in the allowance for credit losses on loans and the liability for unfunded lending commitments. The Company uses its best judgment to assess the macro-economic forecast and internal loss data in estimating the allowance for credit losses on loans and the liability for unfunded lending commitments. These estimates are subject to periodic refinement based on changes in the underlying external and internal data.

49

Risk Elements of Loan Portfolio

The following table presents non-performing assets and loans which are past due 90 days and still accruing interest. Non-performing assets include non-accruing loans and foreclosed real estate. Loans are placed on non-accrual status when management does not expect to collect payments consistent with acceptable and agreed upon terms of repayment. Loans that are 90 days past due as to principal and/or interest payments are generally placed on non-accrual, unless they are both well-secured and in the process of collection, or they are personal banking loans that are exempt under regulatory rules from being classified as non-accrual.

(Dollars in thousands)	March 31, 2022			December 31, 2021
Non-accrual loans	$	8,335		$	9,157
Foreclosed real estate	296			115
Total non-performing assets	$	8,631		$	9,272
Non-performing assets as a percentage of total loans	.06		%	.06		%
Non-performing assets as a percentage of total assets	.02		%	.03		%
Total loans past due 90 days and still accruing interest	$	10,670		$	11,726

Non-accrual loans totaled $8.3 million at March 31, 2022, a decrease of $822 thousand from the balance at December 31, 2021. The decrease occurred mainly in business loans which decreased $556 thousand. At March 31, 2022, non-accrual loans were comprised of business (81.1%), personal real estate (16.6%), and business real estate (2.3%) loans. Foreclosed real estate totaled $296 thousand at March 31, 2022, an increase of $181 thousand when compared to December 31, 2021. Total loans past due 90 days or more and still accruing interest were $10.7 million as of March 31, 2022, a decrease of $1.1 million from December 31, 2021. Balances by class for non-accrual loans and loans past due 90 days and still accruing interest are shown in the "Delinquent and non-accrual loans" section in Note 2 to the consolidated financial statements.

In addition to the non-performing and past due loans mentioned above, the Company also has identified loans for which management has concerns about the ability of the borrowers to meet existing repayment terms. They are classified as substandard under the Company's internal rating system. The loans are generally secured by either real estate or other borrower assets, reducing the potential for loss should they become non-performing. Although these loans are generally identified as potential problem loans, they may never become non-performing. Such loans totaled $306.6 million at March 31, 2022 compared with $278.7 million at December 31, 2021, resulting in an increase of $27.9 million, or 10.0%.

(In thousands)	March 31, 2022		December 31, 2021
Potential problem loans:
Business	$	50,198	$	37,143
Real estate – construction and land	55,274		40,259
Real estate – business	200,631		200,766
Real estate – personal	533		526
Total potential problem loans	$	306,636	$	278,694

At March 31, 2022, the Company had $125.8 million of loans whose terms have been modified or restructured under a troubled debt restructuring. These loans have been extended to borrowers who are experiencing financial difficulty and who have been granted a concession, as defined by accounting guidance, and are further discussed in the "Troubled debt restructurings" section in Note 2 to the consolidated financial statements. This balance includes certain commercial loans totaling $108.8 million which are classified as substandard and included in the table above because of this classification.

Loans with Special Risk Characteristics

Management relies primarily on an internal risk rating system, in addition to delinquency status, to assess risk in the loan portfolio, and these statistics are presented in Note 2 to the consolidated financial statements. However, certain types of loans are considered at high risk of loss due to their terms, location, or special conditions. Additional information about the major types of loans in these categories and their risk features are provided below. Information based on loan-to-value (LTV) ratios was generally calculated with valuations at loan origination date. The Company normally obtains an updated appraisal or valuation at the time a loan is renewed or modified, or if the loan becomes significantly delinquent or is in the process of being foreclosed upon.

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Real Estate – Construction and Land Loans

The Company's portfolio of construction and land loans, as shown in the table below, amounted to 7.4% of total loans outstanding at March 31, 2022. The largest component of construction and land loans was commercial construction, which increased $17.1 million during the three months ended March 31, 2022. At March 31, 2022, multi-family residential construction loans totaled approximately $180.5 million, or 19.2%, of the commercial construction loan portfolio, compared to $155.9 million, or 16.9%, at December 31, 2021.

(Dollars in thousands)	March 31, 2022		% of Total		% of Total Loans		December 31, 2021		% of Total		% of Total Loans
Commercial construction	$	939,785	82.1	%	6.1	%	$	922,654	82.5	%	6.1	%
Residential construction	115,079		10.1		.7		96,618		8.6		.7
Commercial land and land development	45,827		4.0		.3		48,481		4.3		.3
Residential land and land development	43,720		3.8		.3		50,513		4.6		.3
Total real estate - construction and land loans	$	1,144,411	100.0	%	7.4	%	$	1,118,266	100.0	%	7.4	%

Real Estate – Business Loans

Total business real estate loans were $3.1 billion at March 31, 2022 and comprised 20.1% of the Company's total loan portfolio. These loans include properties such as manufacturing and warehouse buildings, small office and medical buildings, churches, hotels and motels, shopping centers, and other commercial properties. At March 31, 2022, 38.0% of business real estate loans were for owner-occupied real estate properties, which have historically resulted in lower net charge-off rates than non-owner-occupied commercial real estate loans.

(Dollars in thousands)	March 31, 2022		% of Total		% of Total Loans		December 31, 2021		% of Total		% of Total Loans
Owner-occupied	$	1,180,589	38.0	%	7.6	%	$	1,188,469	38.9	%	7.8	%
Office	419,430		13.5		2.7		380,101		12.4		2.5
Multi-family	350,567		11.3		2.3		354,282		11.6		2.3
Retail	336,142		10.8		2.2		339,874		11.1		2.2
Hotels	232,470		7.5		1.5		234,673		7.7		1.5
Farm	188,130		6.0		1.2		178,780		5.8		1.2
Senior living	177,534		5.7		1.1		174,871		5.7		1.2
Industrial	111,467		3.6		.7		99,800		3.3		.7
Other	113,339		3.6		.8		107,987		3.5		.8
Total real estate - business loans	$	3,109,668	100.0	%	20.1	%	$	3,058,837	100.0	%	20.2	%

Revolving Home Equity Loans

The Company had $264.4 million in revolving home equity loans at March 31, 2022 that were generally collateralized by residential real estate. Most of these loans (92.8%) are written with terms requiring interest-only monthly payments. These loans are offered in three main product lines: LTV up to 80%, 80% to 90%, and 90% to 100%. As of March 31, 2022, the outstanding principal of loans with an original LTV higher than 80% was $30.7 million, or 11.6% of the portfolio, compared to $30.9 million as of December 31, 2021. Total revolving home equity loan balances over 30 days past due were $1.6 million at March 31, 2022 and December 31, 2021, and there were no revolving home equity loans on non-accrual status at March 31, 2022 or December 31, 2021. The weighted average FICO score for the total current portfolio balance is 790. At maturity, the accounts are re-underwritten, and if they qualify under the Company's credit, collateral and capacity policies, the borrower is given the option to renew the line of credit or convert the outstanding balance to an amortizing loan.  If criteria are not met, amortization is required, or the borrower may pay off the loan. During the remainder of 2022 through 2024, approximately 17% of the Company's current outstanding balances are expected to mature. Of these balances, approximately 81% have a FICO score of 700 or higher. The Company does not expect a significant increase in losses as these loans mature, due to their high FICO scores, low LTVs, and low historical loss levels.

Consumer Loans

Within the consumer loan portfolio are several direct and indirect product lines, which include loans for the purchase of automobiles, motorcycles, marine and RVs. Auto loans comprised 40% of the consumer loan portfolio at March 31, 2022, and outstanding balances for auto loans were $830.7 million and $855.4 million at March 31, 2022 and December 31, 2021,

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respectively. The balances over 30 days past due amounted to $6.9 million at March 31, 2022 and $9.0 million at December 31, 2021, respectively and comprised .8% of the outstanding balances of these loans at March 31, 2022 and 1.1% at December 31, 2021, respectively. For the three months ended March 31, 2022, $84.7 million of new auto loans were originated, compared to $106.2 million during the first three months of 2021.  At March 31, 2022, the automobile loan portfolio had a weighted average FICO score of 755, and net charge-offs on auto loans were .1% of average auto loans.

The Company's consumer loan portfolio also includes fixed rate home equity loans, typically for home repair or remodeling, and these loans comprised 11% of the consumer loan portfolio at March 31, 2022. Losses on these loans have historically been low, and the Company saw net recoveries of $28 thousand for the first three months of 2022. Private banking loans comprised 31% of the consumer loan portfolio at March 31, 2022. The Company's private banking loans are generally well-collateralized, and at March 31, 2022 were secured primarily by assets held by the Company's trust department. The remaining portion of the Company's consumer loan portfolio is comprised of health services financing, motorcycles, marine and RV loans. Net charge-offs on private banking, health services financing, motorcycle and marine and RV loans totaled $428 thousand in the first three months of 2022 and were .2% of the average balances of these loans at March 31, 2022.

Consumer Credit Card Loans

The Company offers low promotional rates on selected consumer credit card products. Out of a portfolio at March 31, 2022 of $544.6 million in consumer credit card loans outstanding, approximately $84.3 million, or 15.5%, carried a low promotional rate. Within the next six months, $32.7 million of these loans are scheduled to convert to the ongoing higher contractual rate. To mitigate some of the risk involved with this credit card product, the Company performs credit checks and detailed analysis of the customer borrowing profile before approving the loan application. Management believes that the risks in the consumer loan portfolio are reasonable and the anticipated loss ratios are within acceptable parameters.

Oil and Gas Energy Lending

The Company's energy lending portfolio is comprised of lending to the petroleum and natural gas sectors and totaled $275.8 million, or 1.8% of total loans at March 31, 2022, an increase of $15.1 million from year end 2021, as shown in the table below.

(In thousands)	March 31, 2022		December 31, 2021		Unfunded commitments at March 31, 2022
Extraction	$	201,185	$	184,840	$	165,853
Mid-stream shipping and storage	38,413		36,850		67,878
Downstream distribution and refining	22,067		24,915		19,899
Support activities	14,103		14,039		17,843
Total energy lending portfolio	$	275,768	$	260,644	$	271,473

Information about the credit quality of the Company's energy lending portfolio as of March 31, 2022 and December 31, 2021 is provided in the table below.

(Dollars in thousands)	March 31, 2022		% of Energy Lending		December 31, 2021		% of Energy Lending
Pass	$	271,368	98.4	%	$	256,186	98.3	%
Special mention	1,999		.7		1,999		.8
Non-accrual	2,401		.9		2,459		.9
Total	$	275,768	100.0	%	$	260,644	100.0	%

Energy lending balances classified as substandard and non-accrual represented 0.9% of total energy lending loan balances at March 31, 2022. The Company saw a small recovery on energy loans during the three months ended March 31, 2022. The Company recorded $10 thousand of recoveries on energy loans for the year ended December 31, 2021.

Shared National Credits

The Company participates in credits of large, publicly traded companies which are defined by regulation as shared national credits, or SNCs. Regulations define SNCs as loans exceeding $100 million that are shared by three or more financial institutions. The Company typically participates in these loans when business operations are maintained in the local communities or regional markets and opportunities to provide other banking services are present. The balance of SNC loans

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totaled $1.2 billion at March 31, 2022 and December 31, 2021. Additional unfunded commitments at March 31, 2022 totaled $1.8 billion.

Income Taxes

Income tax expense was $31.9 million in the first quarter of 2022, compared to $33.8 million in the fourth quarter of 2021 and $32.1 million in the first quarter of 2021. The Company's effective tax rate, including the effect of non-controlling interest, was 21.3% in the first quarter of 2022, compared to 22.7% in the fourth quarter of 2021 and 19.7% in the first quarter of 2021. The effective tax rate in the first quarter has historically been lower than other quarters due to the recognition of share-based excess tax benefits as a reduction to income tax expense. These benefits result from transactions relating to equity award vesting, most of which occur in the first quarter of each year. The effective tax rate in the first quarter of 2022 increased compared to the effective tax rate in the first quarter of 2021 mainly due to executive compensation limitations on stock-based compensation.

Financial Condition

Balance Sheet

Total assets of the Company were $35.0 billion at March 31, 2022 and $36.7 billion at December 31, 2021. Earning assets (excluding the allowance for credit losses on loans and fair value adjustments on debt securities) amounted to $34.2 billion at March 31, 2022 and $35.5 billion at December 31, 2021, and consisted of 45% in loans and 46% in investment securities at March 31, 2022.

During the first quarter of 2022, average loans totaled $15.2 billion, an increase of $130.1 million over the prior quarter, and declined $1.1 billion, or 6.8%, from the same quarter last year. Compared to the previous quarter, average balances of business loans grew $132.3 million (includes a decline of $132.0 million in Paycheck Protection Program (PPP) average loan balances). Average business real estate loan balances grew $91.6 million, while construction loan balances declined $93.3 million. Period end loans increased $282.7 million compared to the prior quarter, including PPP loan balances that decreased $75.7 million this quarter and totaled $53.4 million at March 31, 2022. Excluding PPP loans, period end business loans increased $280.7 million. As of March 31, 2022, 97% of PPP loan balances have been forgiven. During the current quarter, the Company sold certain fixed rate personal real estate loans totaling $55.6 million, compared to $119.3 million in the prior quarter.

Total average available for sale debt securities increased $418.0 million over the previous quarter to $14.9 billion, at fair value. The increase in investment securities was mainly the result of growth in asset-backed securities. During the current quarter, purchases of securities totaled $1.8 billion with a weighted average yield of approximately 2.06%. Maturities and pay downs were $806.5 million. At March 31, 2022, the duration of the investment portfolio was 3.6 years, and maturities and pay downs of approximately $3.1 billion are expected to occur during the next 12 months.

Total average deposits increased $501.7 million this quarter compared to the previous quarter. The increase in deposits mostly resulted from growth in interest checking and money market deposits of $1.1 billion, partially offset by declines in demand deposit and certificates of deposit balances of $374.6 million and $255.3 million, respectively. Compared to the previous quarter, total average consumer and wealth deposits grew $290.2 million and $213.6 million, respectively. The average loans to deposits ratio was 51.9% in the current quarter and 52.4% in the prior quarter. The Company’s average borrowings, which include customer repurchase agreements, were $2.7 billion in the first quarter of 2022 and $2.6 billion in the prior quarter.

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Liquidity and Capital Resources

Liquidity Management

The Company’s most liquid assets are comprised of available for sale debt securities, federal funds sold, securities purchased under agreements to resell (resale agreements), and balances at the Federal Reserve Bank, as follows:

(In thousands)	March 31, 2022		March 31, 2021		December 31, 2021
Liquid assets:
Available for sale debt securities	$	14,780,494	$	12,528,203	$	14,450,027
Federal funds sold	—		500		2,800
Securities purchased under agreements to resell	1,825,000		850,000		1,625,000
Balances at the Federal Reserve Bank	1,260,813		2,017,128		3,971,217
Total	$	17,866,307	$	15,395,831	$	20,049,044

There were no federal funds sold at March 31, 2022, which are funds lent to the Company's correspondent bank customers with overnight maturities. Resale agreements, maturing through 2024, totaled $1.8 billion at March 31, 2022. Under these agreements, the Company lends funds to upstream financial institutions and holds marketable securities, safe-kept by a third-party custodian, as collateral. This collateral totaled $1.9 billion in fair value at March 31, 2022. Interest earning balances at the Federal Reserve Bank, which have overnight maturities and are used for general liquidity purposes, totaled $1.3 billion at March 31, 2022. The fair value of the available for sale debt portfolio was $14.8 billion at March 31, 2022 and included an unrealized net loss of $645.5 million.

Approximately $3.1 billion of the available for sale debt portfolio is expected to mature or pay down during the next 12 months, and these funds offer substantial resources to meet new loan demand or help offset potential reductions in the Company's deposit funding base. The Company pledges portions of its investment securities portfolio to secure public fund deposits, securities sold under agreements to repurchase, trust funds, letters of credit issued by the FHLB, and borrowing capacity at the Federal Reserve Bank. Total investment securities pledged for these purposes were as follows:

(In thousands)	March 31, 2022		March 31, 2021		December 31, 2021
Investment securities pledged for the purpose of securing:
Federal Reserve Bank borrowings	$	16,260	$	39,586	$	17,465
FHLB borrowings and letters of credit	2,798		4,874		3,218
Securities sold under agreements to repurchase *	2,575,444		2,170,744		3,475,589
Other deposits and swaps	2,606,141		2,477,132		2,897,576
Total pledged securities	5,200,643		4,692,336		6,393,848
Unpledged and available for pledging	8,426,648		6,490,351		6,913,721
Ineligible for pledging	1,153,203		1,345,516		1,142,458
Total available for sale debt securities, at fair value	$	14,780,494	$	12,528,203	$	14,450,027

* Includes securities pledged for collateral swaps, as discussed in Note 12 to the consolidated financial statements.

Liquidity is also available from the Company's large base of core customer deposits, defined as non-interest bearing, interest checking, savings, and money market deposit accounts. At March 31, 2022, such deposits totaled $28.2 billion and represented 96.1% of total deposits. These core deposits are normally less volatile, as they are often with customer relationships tied to other products offered by the Company, promoting long lasting relationships and stable funding sources. Certificates of deposit of $100,000 and over totaled $716.3 million at March 31, 2022. These accounts are normally considered more volatile with higher cost and comprised 2.4% of total deposits at March 31, 2022.

(In thousands)	March 31, 2022		March 31, 2021		December 31, 2021
Core deposit base:
Non-interest bearing	$	11,428,372	$	11,076,556	$	11,772,374
Interest checking	3,301,315		2,180,434		3,227,822
Savings and money market	13,450,317		12,391,944		13,370,263
Total	$	28,180,004	$	25,648,934	$	28,370,459

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Other important components of liquidity are the level of borrowings from third party sources and the availability of future credit. The Company's outside borrowings are mainly comprised of federal funds purchased and repurchase agreements, as follows:

(In thousands)	March 31, 2022		March 31, 2021		December 31, 2021
Borrowings:
Federal funds purchased	$	17,315	$	28,490	$	43,385
Securities sold under agreements to repurchase	2,300,146		1,909,620		2,979,582
Other debt	9,057		3,791		12,560
Total	$	2,326,518	$	1,941,901	$	3,035,527

Federal funds purchased are unsecured overnight borrowings obtained mainly from upstream correspondent banks with which the Company maintains approved lines of credit. Repurchase agreements are collateralized by securities in the Company's investment portfolio and are comprised of non-insured customer funds totaling $2.3 billion, which generally mature overnight. The Company also borrows on a secured basis through advances from the FHLB. The advances are generally short-term, fixed interest rate borrowings. There were no advances outstanding from the FHLB at March 31, 2022.

The Company pledges certain assets, including loans and investment securities, to both the Federal Reserve Bank and the FHLB as security to establish lines of credit and borrow from these entities. Based on the amount and type of collateral pledged, the FHLB establishes a collateral value from which the Company may draw advances against the collateral. Also, this collateral is used to enable the FHLB to issue letters of credit in favor of public fund depositors of the Company. The Federal Reserve Bank also establishes a collateral value of assets pledged and permits borrowings from the discount window. The following table reflects the collateral value of assets pledged, borrowings, and letters of credit outstanding, in addition to the estimated future funding capacity available to the Company at March 31, 2022.

	March 31, 2022
(In thousands)	FHLB		Federal Reserve		Total
Collateral value established by FHLB and FRB	$	1,949,603	$	1,011,829	$	2,961,432
Letters of credit issued	(199,250)		—		(199,250)
Available for future advances	$	1,750,353	$	1,011,829	$	2,762,182

In addition to those mentioned above, several other sources of liquidity are available. No commercial paper has been issued or outstanding during the past ten years. The Company has no subordinated debt or hybrid instruments which could affect future borrowing capacity. Because of its lack of significant long-term debt, the Company believes that through its Capital Markets Group or in other public debt markets, it could generate additional liquidity from sources such as jumbo certificates of deposit or privately placed corporate notes or other forms of debt. The Company receives strong outside rankings from both Standard & Poor's and Moody's on both the consolidated company level and its subsidiary bank, Commerce Bank, which would support future financing efforts, should the need arise. These ratings are as follows:

	Standard & Poor’s	Moody’s
Commerce Bancshares, Inc.
Issuer rating	A-
Rating outlook	Stable
Commerce Bank
Issuer rating	A	A2
Baseline credit assessment		a1
Short-term rating	A-1	P-1
Rating outlook	Stable	Stable

The cash flows from the operating, investing and financing activities of the Company resulted in a net decrease in cash, cash equivalents and restricted cash of $2.7 billion during the first three months of 2022, as reported in the consolidated statements of cash flows in this report. Operating activities, consisting mainly of net income adjusted for certain non-cash items, provided cash flow of $124.5 million and has historically been a stable source of funds. Investing activities, which occur mainly in the

55

loan and investment securities portfolios, used cash of $1.5 billion. Activity in the investment securities portfolio used cash of $1.0 billion from purchases (net of sales, maturities and pay downs), securities purchased under agreements to resell used cash of $200.0 million, and increase in the loan portfolio, which used cash of $287.3 million. Financing activities used cash of $1.3 billion, largely resulting from a decrease in federal funds purchased and securities sold under agreements to repurchase of $705.5 million, paired with a decrease in deposits of $511.6 million.

Capital Management

The Company met all capital adequacy requirements and had regulatory capital ratios in excess of the levels established for well-capitalized institutions at March 31, 2022 and December 31, 2021, as shown in the following table.

(Dollars in thousands)	March 31, 2022			December 31, 2021			Minimum Ratios under Capital Adequacy Guidelines		Minimum Ratios for Well-Capitalized Banks *
Risk-adjusted assets	$	23,415,739		$	22,483,748
Tier I common risk-based capital	3,259,861			3,225,044
Tier I risk-based capital	3,259,861			3,225,044
Total risk-based capital	3,420,044			3,399,880
Tier I common risk-based capital ratio	13.92		%	14.34		%	7.00	%	6.50	%
Tier I risk-based capital ratio	13.92			14.34			8.50		8.00
Total risk-based capital ratio	14.61			15.12			10.50		10.00
Tier I leverage ratio	9.07			9.13			4.00		5.00

*Under Prompt Corrective Action requirements

The Company is subject to a 2.5% capital conservation buffer, which is an amount above the minimum ratios under capital adequacy guidelines, and is required under Basel III. The capital conservation buffer is intended to absorb losses during periods of economic stress. Failure to maintain the buffer will result in constraints on dividends, share repurchases, and executive compensation.

In the first quarter of 2020, the interim final rule of the Federal Reserve Bank and other U.S. banking agencies became effective, providing banks that adopt CECL (ASU 2016-13) during the 2020 calendar year the option to delay recognizing the estimated impact on regulatory capital until after a two year deferral period, followed by a three year transition period. In connection with the adoption of CECL on January 1, 2020, the Company elected to utilize this option. As a result, the two year deferral period for the Company extends through December 31, 2021. Beginning on January 1, 2022, the Company began to phase in 25% of the previously deferred estimated capital impact of CECL, with an additional 25% to be phased in at the beginning of each subsequent year until fully phased in by the first quarter of 2025.

The Company maintains a treasury stock buyback program under authorizations by its Board of Directors (the Board) and normally purchases stock in the open market. During the three months ended March 31, 2022, the Company purchased 795,387 shares at an average price of $70.22 in open market purchases and through stock-based compensation transactions. At March 31, 2022, 941,935 shares remained available for purchase under the Board authorization. On April 20, 2022, the share repurchase authorization was increased to 5,000,000 shares.

The Company's common stock dividend policy reflects its earnings outlook, desired payout ratios, the need to maintain adequate capital and liquidity levels, and alternative investment options. The Company paid a $.265 per share cash dividend on its common stock in the first quarter of 2022, which was a 6.0% increase compared to its 2021 quarterly dividend.

Material Cash Requirements, Commitments, Off-Balance Sheet Arrangements and Contingencies

The Company's material cash requirements include commitments for contractual obligations (both short-term and long-term), commitments to extend credit, and off-balance sheet arrangements. The Company's material cash requirements for the next 12 months are primarily to fund loan growth. Additionally, the Company will utilize cash to fund deposit maturities and withdrawals that may occur in the next 12 months. Other contractual obligations, purchase commitments, lease obligations, and unfunded commitments may require cash payments by the Company, and these are further discussed in the Company's 2021 Annual Report on Form 10-K. There have been no changes in the Company's material cash requirements since December 31, 2021. Further discussion of the Company's longer-term material cash obligations is below.

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In the normal course of business, various commitments and contingent liabilities arise which are not required to be recorded on the balance sheet. The most significant of these are loan commitments, which at March 31, 2022 totaled $13.0 billion (including $5.0 billion in unused, approved credit card lines). In addition, the Company enters into standby and commercial letters of credit. These contracts totaled $502.1 million and $1.4 million, respectively, at March 31, 2022. As many commitments expire unused or only partially used, these totals do not necessarily reflect future cash requirements. The carrying value of the guarantee obligations associated with the standby letters of credit, which has been recorded as a liability on the consolidated balance sheet, amounted to $4.2 million at March 31, 2022. The allowance for these commitments is recorded in the Company’s liability for unfunded lending commitments within other liabilities on its consolidated balance sheets. At March 31, 2022, the liability for unfunded commitments totaled $25.0 million. See further discussion of the liability for unfunded lending commitments in Note 2 to the consolidated financial statements.

During the third quarter of 2020, the Company signed a $106.7 million agreement with U.S. Capital Development to develop a 280,000 square foot commercial office building in a two building complex in Clayton, Missouri, which is expected to be completed near the end of 2022. As of March 31, 2022, the Company has made payments totaling $63.3 million. While the Company intends to occupy a portion of the office building for executive offices, a 15 year lease agreement has been signed by an anchor tenant to lease approximately 50% of the office building.

The Company regularly purchases various state tax credits arising from third party property redevelopment. These credits are either resold to third parties at a profit or retained for use by the Company. During the first three months of 2022, purchases and sales of tax credits amounted to $52.1 million and $22.1 million, respectively. Fees from sales of tax credits were $783 thousand for the three months ended March 31, 2022, compared to $1.2 million in the same period last year. At March 31, 2022, the Company expected to fund outstanding purchase commitments of $167.3 million during the remainder of 2022.

The Company's sound equity base, along with its long-term low debt level, common and preferred stock availability, and excellent debt ratings, provide several alternatives for future financing. Future acquisitions may utilize partial funding through one or more of these options. Through the various sources of liquidity described above, the Company maintains a liquidity position that it believes will adequately satisfy its financial obligations. The Company is not aware of any trends, events, or commitments that are reasonably likely to increase or decrease its liquidity in a material way.

Segment Results

The table below is a summary of segment pre-tax income results for the first three months of 2022 and 2021.

(Dollars in thousands)	Consumer			Commercial			Wealth			Segment Totals			Other/ Elimination			Consolidated Totals
Three Months Ended March 31, 2022
Net interest income	$	79,896		$	109,530		$	18,868		$	208,294		$	492		$	208,786
Provision for credit losses	(4,498)			(82)			(26)			(4,606)			14,464			9,858
Non-interest income	28,354			53,651			53,206			135,211			(3,442)			131,769
Investment securities gains, net	—			—			—			—			7,163			7,163
Non-interest expense	(72,994)			(89,524)			(36,286)			(198,804)			(6,844)			(205,648)
Income before income taxes	$	30,758		$	73,575		$	35,762		$	140,095		$	11,833		$	151,928
Three Months Ended March 31, 2021
Net interest income	$	77,939		$	110,565		$	17,457		$	205,961		$	(213)		$	205,748
Provision for credit losses	(9,901)			(27)			5			(9,923)			16,155			6,232
Non-interest income	38,248			50,728			50,985			139,961			(3,916)			136,045
Investment securities gains, net	—			—			—			—			9,853			9,853
Non-interest expense	(70,369)			(79,281)			(33,043)			(182,693)			(9,880)			(192,573)
Income before income taxes	$	35,917		$	81,985		$	35,404		$	153,306		$	11,999		$	165,305
Increase (decrease) in income before income taxes:
Amount	$	(5,159)		$	(8,410)		$	358		$	(13,211)		$	(166)		$	(13,377)
Percent	(14.4		%)	(10.3		%)	1.0		%	(8.6		%)	(1.4		%)	(8.1		%)

Consumer

For the three months ended March 31, 2022, income before income taxes for the Consumer segment decreased $5.2 million, or 14.4%, compared to the first three months of 2021. The decrease in income before income taxes was mainly due to a decline

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in non-interest income of $9.9 million, or 25.9%, and higher non-interest expense of $2.6 million, or 3.7%. These decreases to income were partly offset by growth in net interest income of $2.0 million, or 2.5%, and a decrease in the provision for loan losses of $5.4 million, or 54.6%. Net interest income increased due to a $3.7 million increase in net allocated funding credits assigned to the Consumer segment's loan and deposit portfolios, and a $968 thousand decrease in deposit interest expense. These increases were partly offset by a $2.7 million decline in loan interest income. Non-interest income decreased mainly due to a decline of $9.5 million in mortgage banking revenue. Personal deposit account fees also declined from the prior year, while net credit and debit card fees were higher. Non-interest expense increased over the same period in the previous year mainly due to higher full-time salaries expense, marketing expense and allocated support costs for information technology. In addition, impairment expense on mortgage servicing rights (MSR) increased, while MSR amortization expense declined. The provision for credit losses totaled $4.5 million, a $5.4 million decrease from the first three months of 2021, mainly due to lower credit card loan net charge-offs.

Commercial

For the three months ended March 31, 2022, income before income taxes for the Commercial segment decreased $8.4 million, or 10.3%, compared to the same period in the previous year. This decrease was mainly due to an increase in non-interest expense and and a decline in net interest income, partly offset by an increase in non-interest income. Net interest income decreased $1.0 million, or .9%, due to lower loan interest income of $11.3 million and higher interest expense on customer repurchase agreements of $378 thousand, partly offset by a $10.5 million increase in net allocated funding credits. Non-interest income increased $2.9 million, or 5.8%, over the previous year mainly due to growth in net bank card fees (mainly corporate card fees) and deposit account fees (mainly corporate cash management fees). These increases were partly offset by declines in capital market fees and swap fees. Non-interest expense increased $10.2 million, or 12.9%, mainly due to higher salaries and benefits expense, data processing and software expense and allocated support costs for information technology, and lower deferred origination costs. The provision for credit losses increased $55 thousand over the same period last year, mainly due to higher commercial card loan net charge-offs.

Wealth

Wealth segment pre-tax profitability for the three months ended March 31, 2022 increased $358 thousand, or 1.0%, over the same period in the previous year. Net interest income increased $1.4 million, or 8.1%, mainly due to a $1.0 million increase in loan interest income. Non-interest income increased $2.2 million, or 4.4%, over the prior year largely due to higher trust fees (mainly private client trust fees) and brokerage fees, partly offset by lower mortgage banking revenue. Non-interest expense increased $3.2 million, or 9.8%, mainly due to higher salaries and benefits expense. In addition, travel and entertainment expense and marketing expense also increased. The provision for credit losses increased $31 thousand over the same period last year, mainly due to higher net charge-offs on personal real estate loans.

The Other/Elimination category in the preceding table includes the activity of various support and overhead operating units of the Company, in addition to the investment securities portfolio and other items not allocated to the segments. In accordance with the Company’s transfer pricing procedures, the difference between the total provision for credit losses and total net charge-offs/recoveries is not allocated to a business segment and is included in this category. The pre-tax profitability of this category was lower than in the same period last year by $166 thousand. This decrease was partly due to higher non-interest expense of $3.0 million, partly offset by higher net interest income of $705 thousand and non-interest income of $474 thousand. Unallocated securities gains were $7.2 million in the first three months of 2022 compared to gains of $9.9 million in 2021. Also, the unallocated provision for credit losses increased $1.7 million, primarily driven by an increase in the liability for unfunded lending commitments and an increase in the provision for credit losses on loans, which are both not allocated to the segments for management reporting purposes. Net charge-offs are allocated to the segments when incurred for management reporting purposes. The provision for credit losses on loans was $15.3 million lower than net charge-offs, as the provision was a benefit in 2022, while the provision was $20.3 million lower than net charge-offs, as the provision was also a benefit in 2021. For the three months ended March 31, 2022, the Company's provision on unfunded lending commitments was expense of $828 thousand.

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Impact of Recently Issued Accounting Standards

Reference Rate Reform The FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting", in March 2020, and has been followed by additional clarifying guidance related to derivatives that are modified as a result of reference rate reform. The guidance provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if they reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. Further, the guidance applies to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The expedients and exceptions provided by the new guidance do not apply to contract modifications made and hedging relationships entered into or evaluated for effectiveness after December 31, 2022, except for certain hedging relationships existing as of December 31, 2022. In April 2022, the FASB proposed extending the sunset date under Topic 848 to December 31, 2024. The change is to align the temporary accounting relief guidance with the expected cessation date of LIBOR, which was postponed by administrators earlier this year to June 2023, a year after the current sunset date of ASU 2020-04.

In order to assess the impact of transition and ensure a successful transition process, the Company established a LIBOR Transition Program led by the LIBOR Transition Steering Committee (the Committee), which is an internal, cross-functional team with representatives from all relevant business lines, support functions and legal counsel. A LIBOR impact and risk assessment has been performed, and the Committee has developed and prioritized action items. All financial contracts that reference LIBOR have been identified and LIBOR fallback language has been included in key loan provisions of new and renewed loans in preparation from transition from LIBOR. The Company ceased originating new loans with LIBOR as a reference rate at the end of 2021 and is actively working with customers to modify existing loans that reference LIBOR to a new reference rate. Additionally, changes to the Company's systems have been identified, and the process of installing and testing code was started in the third quarter of 2021. The installation and testing process is expected to be completed in 2022.

Credit Losses The FASB issued ASU 2022-01, "Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures", in March 2022. This ASU eliminates the troubled debt restructuring recognition and measurement guidance and, instead, requires that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments also enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. The amendments require that an entity disclose current period gross write-offs by year of origination for financing receivables and net investment in leases within the scope of Subtopic 326-20. The guidance is effective January 1, 2023. The Company is evaluating the guidance to determine the impact on the Company's consolidated financial statements.

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AVERAGE BALANCE SHEETS — AVERAGE RATES AND YIELDS

Three Months Ended March 31, 2022 and 2021

	First Quarter 2022						First Quarter 2021
(Dollars in thousands)	Average Balance		Interest Income/Expense		Avg. Rates Earned/Paid		Average Balance		Interest Income/Expense		Avg. Rates Earned/Paid
ASSETS:
Loans:
Business(A)	$	5,324,172	$	38,416	2.93	%	$	6,532,921	$	49,698	3.09	%
Real estate — construction and land	1,134,902		10,526		3.76		1,091,969		9,542		3.54
Real estate — business	3,095,068		25,801		3.38		3,022,979		26,244		3.52
Real estate — personal	2,808,980		22,696		3.28		2,826,112		23,698		3.40
Consumer	2,040,200		18,084		3.59		1,947,322		19,304		4.02
Revolving home equity	273,859		2,347		3.48		299,371		2,495		3.38
Consumer credit card	540,844		15,130		11.35		608,747		16,466		10.97
Overdrafts	5,178		—		—		3,546		—		—
Total loans	15,223,203		133,000		3.54		16,332,967		147,447		3.66
Loans held for sale	9,383		150		6.48		35,814		304		3.44
Investment securities:
U.S. government and federal agency obligations	1,103,749		9,317		3.42		725,367		4,542		2.54
Government-sponsored enterprise obligations	51,770		298		2.33		50,801		295		2.36
State and municipal obligations(A)	2,077,600		11,708		2.29		1,958,637		11,883		2.46
Mortgage-backed securities	7,316,609		35,770		1.98		6,998,521		23,999		1.39
Asset-backed securities	3,933,061		10,984		1.13		2,085,491		7,127		1.39
Other debt securities	636,247		3,134		2.00		570,115		3,020		2.15
Trading debt securities(A)	40,686		185		1.84		32,320		86		1.08
Equity securities(A)	9,498		609		26.00		4,321		528		49.56
Other securities(A)	192,311		2,802		5.91		154,030		1,997		5.26
Total investment securities	15,361,531		74,807		1.97		12,579,603		53,477		1.72
Federal funds sold	1,053		1		.39		7		—		—
Securities purchased under agreements to resell	1,733,887		5,300		1.24		849,999		11,128		5.31
Interest earning deposits with banks	2,608,029		1,151		.18		1,480,331		370		.10
Total interest earning assets	34,937,086		214,409		2.49		31,278,721		212,726		2.76
Allowance for credit losses on loans	(149,685)						(220,512)
Unrealized gain (loss) on debt securities	(174,297)						283,511
Cash and due from banks	340,242						354,569
Premises and equipment, net	407,000						401,230
Other assets	557,158						552,306
Total assets	$	35,917,504					$	32,649,825
LIABILITIES AND EQUITY:
Interest bearing deposits:
Savings	$	1,563,093	178		.05		$	1,333,177	277		.08
Interest checking and money market	14,949,727		1,582		.04		12,970,629		1,826		.06
Certificates of deposit of less than $100,000	429,852		139		.13		516,728		473		.37
Certificates of deposit of $100,000 and over	862,232		427		.20		1,230,075		1,062		.35
Total interest bearing deposits	17,804,904		2,326		.05		16,050,609		3,638		.09
Borrowings:
Federal funds purchased	$	23,356	$	7	.12		37,034		$	5	.05
Securities sold under agreements to repurchase	2,712,468		682		.10		2,129,038		307		.06
Other borrowings	768		1		.53		831		2		.98
Total borrowings	2,736,592		690		.10		2,166,903		314		.06
Total interest bearing liabilities	20,541,496		3,016		.06	%	18,217,512		3,952		.09	%
Non-interest bearing deposits	11,544,701						10,438,637
Other liabilities	505,644						608,212
Equity	3,325,663						3,385,464
Total liabilities and equity	$	35,917,504					$	32,649,825
Net interest margin (T/E)			$	211,393					$	208,774
Net yield on interest earning assets					2.45	%					2.71	%

(A) Stated on a tax equivalent basis using a federal income tax rate of 21%.

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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Interest rate risk management focuses on maintaining consistent growth in net interest income within Board-approved policy limits. The Company primarily uses earnings simulation models to analyze net interest income sensitivity to movement in interest rates. The Company performs monthly simulations that model interest rate movements and risk in accordance with changes to its balance sheet composition. For further discussion of the Company’s market risk, see the Interest Rate Sensitivity section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Company’s 2021 Annual Report on Form 10-K.

The tables below show the effects of gradual shifts in interest rates over a twelve month period on the Company’s net interest income versus the Company's net interest income in a flat rate scenario.  Simulation A presents three rising rate scenarios and in each scenario, rates are assumed to change evenly over 12 months. In these scenarios, the balance sheet remains flat.

The sensitivity of deposit balances to changes in rates is particularly difficult to estimate in exceptionally low rate environments. Since the future effects of changes in rates on deposit balances cannot be known with certainty, the Company conservatively models alternate scenarios with deposit attrition as rates rise. Simulation B illustrates results from these higher attrition scenarios to provide added perspective on potential effects of higher rates. 

The Company utilizes these simulations both for monitoring interest rate risk and for liquidity planning purposes.  While the future effects of rising rates on deposit balances cannot be known, the Company maintains a practice of running multiple rate scenarios to better understand interest rate risk and its effect on the Company’s performance. 

Simulation A	March 31, 2022						December 31, 2021
(Dollars in millions)	$ Change in Net Interest Income		% Change in Net Interest Income		Assumed Deposit (Attrition)/Growth		$ Change in Net Interest Income		% Change in Net Interest Income		Assumed Deposit (Attrition)/Growth
300 basis points rising	$	75.3	9.21	%	$	—	$	105.2	14.44	%	$	—
200 basis points rising	57.5		7.03		—		76.0		10.44		—
100 basis points rising	31.5		3.86		—		39.5		5.42		—

Simulation B	March 31, 2022						December 31, 2021
(Dollars in millions)	$ Change in Net Interest Income		% Change in Net Interest Income		Assumed Deposit (Attrition)/Growth		$ Change in Net Interest Income		% Change in Net Interest Income		Assumed Deposit (Attrition)/Growth
300 basis points rising	$	7.6	.94	%	$	(2,001.8)	$	60.8	8.35	%	$	(1,611.1)
200 basis points rising	14.1		1.73		(1,414.9)		51.8		7.11		(950.7)
100 basis points rising	12.9		1.58		(673.4)		33.5		4.59		(263.6)

Under Simulation A, in the three rising rate scenarios, interest rate risk is less asset sensitive than the previous quarter, which is primarily due to a decrease in interest earning balances at the Federal Reserve coupled with an increase in interest rates. Deposit attrition was removed from the simulation in both the current and previous quarters. The Company did not model a 100 basis point falling scenario due to the already low interest rate environment.

In Simulation B, the assumed levels of deposit attrition were modeled to capture the results of a shrinking balance sheet. Under this Simulation, in the three rising rate scenarios, interest rate risk is less asset sensitive than the previous quarter, also primarily due to a decrease in interest earning balances at the Federal Reserve coupled with an increase in interest rates.

Projecting deposit activity in a period of historically low interest rates is difficult, and the Company cannot predict how deposits will actually react to shifting rates.  The comparisons above provide insight into potential effects of changes in rates and deposit levels on net interest income.  The Company believes that its approach to interest rate risk has appropriately considered its susceptibility to both rising and falling rates and has adopted strategies which minimize the impact of interest rate risk.

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Item 4. CONTROLS AND PROCEDURES

An evaluation was performed under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of March 31, 2022. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures were effective. There were no changes in the Company's internal control over financial reporting that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

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PART II: OTHER INFORMATION

Item 1. LEGAL PROCEEDINGS

The information required by this item is set forth in Part I, Item 1 under Note 17, Legal and Regulatory Proceedings.

Item 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The following table sets forth information about the Company's purchases of its $5 par value common stock, its only class of common stock registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended.

Period	Total Number of Shares Purchased	Average Price Paid per Share			Total Number of Shares Purchased as part of Publicly Announced Program	Maximum Number that May Yet Be Purchased Under the Program
January 1 - 31, 2022	178,380		$	68.44	178,380	1,558,942
February 1 - 28, 2022	330,983		$	70.81	330,983	1,227,959
March 1 - 31, 2022	286,024		$	70.66	286,024	941,935
Total	795,387		$	70.22	795,387	941,935

The Company's stock purchases shown above were made under authorizations by the Board of Directors. At March 31, 2022, 941,935 shares remained available for purchase. On April 20, 2022, the share repurchase authorization was increased to 5,000,000 shares.

Item 6. EXHIBITS

31.1 — Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2 — Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32 — Certifications of CEO and CFO pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101 — Interactive data files in Inline XBRL pursuant to Rule 405 of Regulation S-T: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income, (iii) the Consolidated Statements of Comprehensive Income, (iv) the Consolidated Statements of Changes in Equity, (v) the Consolidated Statements of Cash Flows and (vi) the Notes to Consolidated Financial Statements, tagged as blocks of text and in detail. The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.

104 — Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

63

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	COMMERCE BANCSHARES, INC.
	By	/s/  MARGARET M. ROWE
		Margaret M. Rowe
Date: May 5, 2022		Vice President & Secretary

	By	/s/  PAUL A. STEINER
		Paul A. Steiner
		Controller
Date: May 5, 2022		(Chief Accounting Officer)

64

EX-31.1

Exhibit 31.1

CERTIFICATION

I, John W. Kemper, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Commerce Bancshares, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ JOHN W. KEMPER
	John W. Kemper President and Chief Executive Officer
May 5, 2022

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Charles G. Kim, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Commerce Bancshares, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ CHARLES G. KIM
	Charles G. Kim Executive Vice President and Chief Financial Officer
May 5, 2022

EX-32

Exhibit 32

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Commerce Bancshares, Inc. (the “Company”) on Form 10-Q for the period ended March 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), we, John W. Kemper and Charles G. Kim, Chief Executive Officer and Chief Financial Officer, respectively, of the Company, hereby certify, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of our knowledge:

(1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

	/s/ JOHN W. KEMPER
	John W. Kemper Chief Executive Officer
	/s/ CHARLES G. KIM
	Charles G. Kim Chief Financial Officer
May 5, 2022

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

XML

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2022	May 02, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-36502
Entity Registrant Name	COMMERCE BANCSHARES, INC.
Entity Incorporation, State or Country Code	MO
Entity Tax Identification Number	43-0889454
Entity Address, Address Line One	1000 Walnut
Entity Address, City or Town	Kansas City,
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	64106
City Area Code	816
Local Phone Number	234-2000
Title of 12(b) Security	$5 Par Value Common Stock
Trading Symbol	CBSH
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		120,734,318
Entity Central Index Key	0000022356
Document Fiscal Year Focus	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
ASSETS
Loans	$ 15,459,014	$ 15,176,359
Financing Receivable, Allowance for Credit Loss	(134,710)	(150,044)
Net loans	15,324,304	15,026,315
Loans held for sale	8,908	8,615
Investment securities:
Available for sale debt securities	14,780,494	14,450,027
Trading	31,380	46,235
Equity Securities	9,284	9,202
Other securities	199,576	194,047
Total investment securities	15,020,734	14,699,511
Federal Funds Sold and Securities Purchased under Agreements to Resell	0	2,800
Long Term Securities Purchased Under Agreements To Resell	1,825,000	1,625,000
Interest earning deposits with banks	1,260,813	3,971,217
Cash and due from banks	326,549	305,539
Premises and equipment, net	394,028	388,738
Goodwill	138,921	138,921
Other intangible assets, net	15,885	15,570
Other assets	671,651	506,862
Total assets	34,986,793	36,689,088
Deposits:
Non-interest bearing	11,428,372	11,772,374
Savings, interest checking and money market	16,751,632	16,598,085
Certificates of deposit of less than $100,000	422,992	435,960
Certificates of deposit of $100,000 and over	716,345	1,006,654
Total deposits	29,319,341	29,813,073
Federal funds purchased and securities sold under agreements to repurchase	2,317,461	3,022,967
Other borrowings	9,057	12,560
Other liabilities	367,532	392,164
Total liabilities	32,013,391	33,240,764
Commerce Bancshares, Inc. stockholders' equity:
Common stock	610,804	610,804
Capital surplus	2,678,025	2,689,894
Retained earnings	178,504	92,493
Treasury stock, at cost	(72,293)	(32,973)
Accumulated Other Comprehensive Income (Loss)	(434,400)	77,080
Total Commerce Bancshares, Inc. stockholders' equity	2,960,640	3,437,298
Non-controlling interest	12,762	11,026
Total equity	2,973,402	3,448,324
Total liabilities and equity	$ 34,986,793	$ 36,689,088

XML

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Mortgages Held-for-sale, Fair Value Disclosure	$ 3,901,000	$ 5,570,000
Debt Securities, Available-for-sale, Amortized Cost	15,425,954,000	14,419,133,000
Allowance for Credit Losses	$ 0	$ 0
Common stock, par value	$ 5	$ 5
Common Stock, Shares Authorized	140,000,000	140,000,000
Common stock, shares issued	122,160,705	122,160,705
Treasury stock, shares	1,034,382	476,392

XML

Consolidated Statements Of Income - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
INTEREST INCOME
Interest and fees on loans		$ 132,075	$ 146,338
Interest and fees on loans held for sale		150	304
Interest on investment securities		73,105	51,557
Interest on federal funds sold and short-term securities purchased under agreements to resell		1	0
Interest on Long-Term Securities Purchased Under Agreements To Resell		5,300	11,128
Interest on deposits with banks		1,151	370
Total interest income		211,782	209,697
INTEREST EXPENSE
Savings, interest checking and money market		1,760	2,103
Certificates of deposit of less than $100,000		139	473
Certificates of deposit of $100,000 and over		427	1,062
Interest on federal funds purchased and securities sold under agreements to repurchase		689	312
Interest on other borrowings		(19)	(1)
Total interest expense		2,996	3,949
Net interest income		208,786	205,748
Provision for credit losses		(9,858)	(6,232)
Net interest income after credit losses		218,644	211,980
NON-INTEREST INCOME
Bank card transaction fees		42,045	37,695
Trust fees		47,811	44,127
Deposit account charges and other fees		22,307	22,575
Capital market fees		4,125	4,981
Consumer brokerage services		4,446	4,081
Loan fees and sales		4,235	10,184
Other		6,800	12,402
Total non-interest income		131,769	136,045
INVESTMENT SECURITIES GAINS (LOSSES), NET
INVESTMENT SECURITIES GAINS, NET	[1]	7,163	9,853
NON-INTEREST EXPENSE
Salaries and employee benefits		135,953	129,033
Net occupancy		12,296	12,021
Equipment		4,568	4,353
Supplies and communication		4,713	4,125
Data processing and software		27,016	25,463
Marketing		6,344	5,158
Other		14,758	12,420
Total non-interest expense		205,648	192,573
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		151,928	165,305
Less income taxes		31,902	32,076
Net income		120,026	133,229
Less non-controlling interest expense (income)		1,872	2,257
Net income attributable to Commerce Bancshares, Inc.		$ 118,154	$ 130,972
Net income per common share — basic		$ 0.97	$ 1.06
Net income per common share — diluted		$ 0.97	$ 1.06

[1] Available for sale debt securities, equity securities, and other securities.

XML

Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 120,026	$ 133,229
Other comprehensive income (loss)
Net unrealized losses on available for sale debt securities	(507,265)	(158,676)
Pension loss amortization	323	437
Unrealized losses on cash flow hedge derivatives	(4,538)	(4,386)
Current period other comprehensive income (loss), net of tax	(511,480)	(162,625)
Comprehensive income (loss)	(391,454)	(29,396)
Less non-controlling interest expense	1,872	2,257
Comprehensive income (loss) attributable to Commerce Bancshares, Inc.	$ (393,326)	$ (31,653)

XML

Consolidated Statements Of Changes In Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Capital Surplus [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-Controlling Interest [Member]
Balance at Dec. 31, 2020	$ 3,399,972	$ 589,352	$ 2,436,288	$ 73,000	$ (32,970)	$ 331,377	$ 2,925
Net income	133,229			130,972			2,257
Other comprehensive income (loss)	(162,625)					(162,625)
Distributions to non-controlling interest	(387)						(387)
Purchase of treasury stock	(25,923)				(25,923)
Stock Issued During Period RSAs and SARs	15		19,828		(19,813)
Stock-based compensation	3,933		3,933
Cash dividends per share, Common Stock, Cash	(30,799)			(30,799)
Balance at Mar. 31, 2021	3,317,385	589,352	2,420,393	173,173	(39,080)	168,752	4,795
Balance at Dec. 31, 2021	3,448,324	610,804	2,689,894	92,493	(32,973)	77,080	11,026
Net income	120,026			118,154			1,872
Other comprehensive income (loss)	(511,480)					(511,480)
Distributions to non-controlling interest	(136)						(136)
Purchase of treasury stock	(55,855)				(55,855)
Stock Issued During Period RSAs and SARs	(448)		16,087		(16,535)
Stock-based compensation	4,218		4,218
Cash dividends per share, Common Stock, Cash	(32,143)			(32,143)
Balance at Mar. 31, 2022	$ 2,973,402	$ 610,804	$ 2,678,025	$ 178,504	$ (72,293)	$ (434,400)	$ 12,762

XML

Consolidated Statements Of Changes In Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.265	$ 0.250

XML

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES:
Net income		$ 120,026	$ 133,229
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		(9,858)	(6,232)
Provision for depreciation and amortization		11,811	11,379
Amortization of investment security premiums, net		4,932	22,079
Investment securities gains, net (A)	[1]	(7,163)	(9,853)
Net gains on sales of loans held for sale		(1,302)	(7,381)
Originations of loans held for sale		(57,580)	(172,435)
Proceeds from sales of loans held for sale		57,789	184,155
Net decrease in trading debt securities, excluding unsettled transactions		9,798	4,872
Stock-based compensation		4,218	3,933
(Increase) decrease in interest receivable		(7,972)	444
Increase (decrease) in interest payable		273	(1,804)
Increase in income taxes payable		28,657	28,105
Other changes, net		(29,115)	11,178
Net cash provided by operating activities		124,514	201,669
INVESTING ACTIVITIES:
Distributions received from equity-method investment		400	0
Proceeds from sales of investment securities (A)	[1]	1,745	9,292
Proceeds from maturities/pay downs of investment securities (A)	[1]	805,355	938,527
Purchases of investment securities (A)	[1]	(1,812,434)	(1,194,891)
Net increase in loans		(287,328)	(72,497)
Securities purchased under agreements to resell		(200,000)	0
Purchases of premises and equipment		(15,597)	(10,730)
Sales of premises and equipment		175	2,568
Net cash used in investing activities		(1,507,684)	(327,731)
FINANCING ACTIVITIES:
Net increase (decrease) in non-interest bearing, savings, interest checking and money market deposits		(208,358)	585,579
Net decrease in certificates of deposit		(303,277)	(73,000)
Net decrease in federal funds purchased and securities sold under agreements to repurchase		(705,506)	(160,273)
Net increase (decrease) in other borrowings		(3,503)	2,989
Purchases of treasury stock		(55,855)	(25,923)
Issuance of stock under equity compensation plans		448	(15)
Cash dividends paid on common stock		(32,143)	(30,799)
Net cash provided by (used in) financing activities		(1,308,194)	298,558
Increase (decrease) in cash, cash equivalents and restricted cash		(2,691,364)	172,496
Cash, cash equivalents and restricted cash at beginning of year		4,296,954	2,208,328
Cash, cash equivalents and restricted cash at March 31		1,605,590	2,380,824
Supplemental Cash Flow Information:
Income tax payments, net		1,640	2,510
Interest paid on deposits and borrowings		2,723	5,753
Loans transferred to foreclosed real estate		$ 25	$ 115

[1] Available for sale debt securities, equity securities, and other securities.

XML

Consolidated Statements Of Cash Flows Cash Flow Additional Information - USD ($) $ in Millions	Mar. 31, 2022	Mar. 31, 2021
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Restricted Cash and Cash Equivalents	$ 18.2	$ 24.5

XML

Principles Of Consolidation And Presentation

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Principles Of Consolidation And Presentation

Principles of Consolidation and Presentation

The accompanying consolidated financial statements include the accounts of Commerce Bancshares, Inc. and all majority-owned subsidiaries (the Company). Most of the Company's operations are conducted by its subsidiary bank, Commerce Bank (the Bank). The consolidated financial statements in this report have not been audited by an independent registered public accounting firm, but in the opinion of management, all adjustments necessary to present fairly the financial position and the results of operations for the interim periods have been made. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated. Certain reclassifications were made to 2021 data to conform to current year presentation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. Management has evaluated subsequent events for potential recognition or disclosure. The results of operations for the three month period ended March 31, 2022 are not necessarily indicative of results to be attained for the full year or any other interim period.

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission. Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company's most recent Annual Report on Form 10-K, containing the latest audited consolidated financial statements and notes thereto.

XML

Loans And Allowance For Credit Losses

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Financing Receivables

Loans and Allowance for Credit Losses

Major classifications within the Company’s held for investment loan portfolio at March 31, 2022 and December 31, 2021 are as follows:

(In thousands)	March 31, 2022		December 31, 2021
Commercial:
Business	$	5,508,508	$	5,303,535
Real estate – construction and land	1,144,411		1,118,266
Real estate – business	3,109,668		3,058,837
Personal Banking:
Real estate – personal	2,820,076		2,805,401
Consumer	2,053,160		2,032,225
Revolving home equity	264,401		275,945
Consumer credit card	544,579		575,410
Overdrafts	14,211		6,740
Total loans	$	15,459,014	$	15,176,359

Accrued interest receivable totaled $32.1 million and $25.9 million at March 31, 2022 and December 31, 2021, respectively, and was included within other assets on the consolidated balance sheets. For the three months ended March 31, 2022, the Company wrote-off accrued interest by reversing interest income of $29 thousand and $899 thousand in the Commercial and Personal Banking portfolios, respectively. Similarly, for the three months ended March 31, 2021, the Company wrote-off accrued interest of $125 thousand and $2.0 million in the Commercial and Personal Banking portfolios, respectively.

At March 31, 2022, loans of $3.2 billion were pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits. Additional loans of $1.3 billion were pledged at the Federal Reserve Bank as collateral for discount window borrowings.

Allowance for credit losses

The allowance for credit losses is measured using an average historical loss model which incorporates relevant information about past events (including historical credit loss experience on loans with similar risk characteristics), current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the loans. The allowance for credit losses is measured on a collective (pool) basis. Loans are aggregated into pools based on similar risk characteristics including borrower type, collateral type and expected credit loss patterns. Loans that do not share similar risk characteristics, primarily large loans on non-accrual status, are evaluated on an individual basis.

For loans evaluated for credit losses on a collective basis, average historical loss rates are calculated for each pool using the Company’s historical net charge-offs (combined charge-offs and recoveries by observable historical reporting period) and outstanding loan balances during a lookback period. Lookback periods can be different based on the individual pool and represent management’s credit expectations for the pool of loans over the remaining contractual life. In certain loan pools, if the Company’s own historical loss rate is not reflective of the loss expectations, the historical loss rate is augmented by industry and peer data. The calculated average net charge-off rate is then adjusted for current conditions and reasonable and supportable forecasts. These adjustments increase or decrease the average historical loss rate to reflect expectations of future losses given a single path economic forecast of key macroeconomic variables including GDP, disposable income, various interest rates, unemployment rate, consumer price index (CPI) inflation rate, housing price index (HPI), commercial real estate price index (CREPI) and market volatility. The adjustments are based on results from various regression models projecting the impact of the macroeconomic variables to loss rates. The forecast is used for a reasonable and supportable period before reverting back to historical averages using a straight-line method. The forecast adjusted loss rate is applied to the amortized cost of loans over the remaining contractual lives, adjusted for expected prepayments. The contractual term excludes expected extensions (except for contractual extensions at the option of the customer), renewals and modifications unless there is a reasonable expectation that a troubled debt restructuring will be executed. Credit cards and certain similar consumer lines of credit do not have stated maturities and therefore, for these loan classes, remaining contractual lives are determined by estimating future cash flows expected to be received from customers until payments have been fully allocated to outstanding balances. Additionally, the allowance for credit losses considers other qualitative factors not included in historical loss rates or macroeconomic forecast such as changes in portfolio composition, underwriting practices, or significant unique events or conditions.

Key model assumptions in the Company’s allowance for credit loss model include the economic forecast, the reasonable and supportable period, forecasted macro-economic variables, prepayment assumptions and qualitative factors applied for portfolio composition changes, underwriting practices, or significant unique events or conditions. The assumptions utilized in estimating the Company’s allowance for credit losses at March 31, 2022 and December 31, 2021 are discussed below.

Key Assumption	March 31, 2022	December 31, 2021
Overall economic forecast	•Improving health situation supports positive economic momentum in the short term •Projects significant monetary policy tightening to rein in inflation •Projects continued high inflation •Uncertainties related to supply chain issues	•Continued recovery from the Global Coronavirus Recession (GCR) •Assumes improving health conditions •Assumes gradual easing of supply constraints •Continued uncertainty regarding the health crisis •Uncertainty regarding rising inflation
Reasonable and supportable period and related reversion period	•One year for commercial and personal banking loans •Reversion to historical average loss rates within two quarters using straight-line method	•One year for commercial and personal banking loans •Reversion to historical average loss rates within two quarters using straight-line method
Forecasted macro-economic variables	•Unemployment rate ranging from 3.6% to 3.4% during the supportable forecast period •Real GDP growth ranging from 2.6% to 3.7% •Prime rate from 4.0% to 5.2%	•Unemployment rate ranging from 4.1% to 3.7% during the supportable forecast period •Real GDP growth ranges from 5.0% to 3.4% •Prime rate of 3.25% through the second quarter of 2022, increasing to 3.5% by the end of 2022
Prepayment assumptions	Commercial loans •5% for most loan pools Personal banking loans •Ranging from 28.3% to 16.5% for most loan pools •66.0% for consumer credit cards	Commercial loans •5% for most loan pools Personal banking loans •Ranging from 28.0% to 16.5% for most loan pools •64.1% for consumer credit cards
Qualitative factors	Added qualitative factors related to: •Certain portfolios sensitive to pandemic economic uncertainties •Changes in the composition of the loan portfolios •Uncertainty related to unusually high rate of inflation, geopolitical environment, and supply chain issues •Loans downgraded to special mention, substandard, or non-accrual status	Added net reserves using qualitative processes related to: •Loans originated in our expansion markets, loans that are designated as shared national credits, and certain portfolios sensitive to pandemic economic uncertainties •Changes in the composition of the loan portfolios •Loans downgraded to special mention, substandard, or non-accrual status

The liability for unfunded lending commitments utilizes the same model as the allowance for credit losses on loans, however, the liability for unfunded lending commitments incorporates an assumption for the portion of unfunded commitments that are expected to be funded.

Sensitivity in the Allowance for Credit Loss model

The allowance for credit losses is an estimate that requires significant judgment including projections of the macro-economic environment. The forecasted macro-economic environment continuously changes which can cause fluctuations in estimated expected losses.

The current forecast projects a continued recovery of the COVID-19 related health situation, which is expected to create positive economic momentum. However, the higher inflation and Russia's invasion of Ukraine has created greater uncertainty in the forecast. The geopolitical environment, trends in health conditions, and ongoing supply constraints could significantly modify economic projections used in the estimation of the allowance for credit losses.

A summary of the activity in the allowance for credit losses on loans and the liability for unfunded lending commitments during the three months ended March 31, 2022 and 2021, respectively, follows:

	For the Three Months Ended March 31, 2022
(In thousands)	Commercial		Personal Banking		Total
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period	$	97,776	$	52,268	$	150,044
Provision for credit losses on loans	(2,879)		(7,807)		(10,686)
Deductions:
Loans charged off	177		7,285		7,462
Less recoveries on loans	107		2,707		2,814
Net loan charge-offs (recoveries)	70		4,578		4,648
Balance March 31, 2022	$	94,827	$	39,883	$	134,710
LIABILITY FOR UNFUNDED LENDING COMMITMENTS
Balance at beginning of period	$	23,271	$	933	$	24,204
Provision for credit losses on unfunded lending commitments	509		319		828
Balance March 31, 2022	$	23,780	$	1,252	$	25,032
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS	$	118,607	$	41,135	$	159,742

	For the Three Months Ended March 31, 2021
(In thousands)	Commercial		Personal Banking		Total
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period	$	121,549	$	99,285	$	220,834
Provision for credit losses on loans	(1,909)		(8,446)		(10,355)
Deductions:
Loans charged off	232		12,709		12,941
Less recoveries on loans	215		2,774		2,989
Net loan charge-offs	17		9,935		9,952
Balance March 31, 2021	$	119,623	$	80,904	$	200,527
LIABILITY FOR UNFUNDED LENDING COMMITMENTS
Balance at beginning of period	$	37,259	$	1,048	$	38,307
Provision for credit losses on unfunded lending commitments	4,254		(131)		4,123
Balance March 31, 2021	$	41,513	$	917	$	42,430
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS	$	161,136	$	81,821	$	242,957

Delinquent and non-accrual loans

The Company considers loans past due on the day following the contractual repayment date, if the contractual repayment was not received by the Company as of the end of the business day. The following table provides aging information on the Company’s past due and accruing loans, in addition to the balances of loans on non-accrual status, at March 31, 2022 and December 31, 2021.

(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, 2022
Commercial:
Business	$	5,494,664	$	6,747	$	341	$	6,756	$	5,508,508
Real estate – construction and land	1,144,411		—		—		—		1,144,411
Real estate – business	3,105,452		4,026		—		190		3,109,668
Personal Banking:
Real estate – personal	2,811,330		5,076		2,281		1,389		2,820,076
Consumer	2,031,680		18,890		2,590		—		2,053,160
Revolving home equity	262,799		748		854		—		264,401
Consumer credit card	535,482		4,493		4,604		—		544,579
Overdrafts	13,891		320		—		—		14,211
Total	$	15,399,709	$	40,300	$	10,670	$	8,335	$	15,459,014
December 31, 2021
Commercial:
Business	$	5,292,125	$	3,621	$	477	$	7,312	$	5,303,535
Real estate – construction and land	1,117,434		832		—		—		1,118,266
Real estate – business	3,058,566		57		—		214		3,058,837
Personal Banking:
Real estate – personal	2,796,662		4,125		2,983		1,631		2,805,401
Consumer	2,005,556		24,458		2,211		—		2,032,225
Revolving home equity	274,372		772		801		—		275,945
Consumer credit card	565,335		4,821		5,254		—		575,410
Overdrafts	6,425		315		—		—		6,740
Total	$	15,116,475	$	39,001	$	11,726	$	9,157	$	15,176,359

At March 31, 2022, the Company had $4.9 million in non-accrual business loans that had no allowance for credit loss. At December 31, 2021, the Company had $5.3 million in non-accrual business loans that had no allowance for credit loss. The Company did not record any interest income on non-accrual loans during the three months ended March 31, 2022 and 2021, respectively.

Credit quality indicators

The following table provides information about the credit quality of the Commercial loan portfolio. The Company utilizes an internal risk rating system comprised of a series of grades to categorize loans according to perceived risk associated with the expectation of debt repayment based on borrower specific information including, but not limited to, current financial information, historical payment experience, industry information, collateral levels and collateral types. The “pass” category consists of a range of loan grades that reflect increasing, though still acceptable, risk. A loan is assigned the risk rating at origination and then monitored throughout the contractual term for possible risk rating changes. Movement of risk through the various grade levels in the “pass” category is monitored for early identification of credit deterioration. The “special mention” rating is applied to loans where the borrower exhibits negative financial trends due to borrower specific or systemic conditions that, if left uncorrected, threaten its capacity to meet its debt obligations. The borrower is believed to have sufficient financial flexibility to react to and resolve its negative financial situation. It is a transitional grade that is closely monitored for improvement or deterioration. The “substandard” rating is applied to loans where the borrower exhibits well-defined weaknesses that jeopardize its continued performance and are of a severity that the distinct possibility of default exists. Loans are placed on “non-accrual” when management does not expect to collect payments consistent with acceptable and agreed upon terms of repayment.

All loans are analyzed for risk rating updates annually. For larger loans, rating assessments may be more frequent if relevant information is obtained earlier through debt covenant monitoring or overall relationship management. Smaller loans

are monitored as identified by the loan officer based on the risk profile of the individual borrower or if the loan becomes past due related to credit issues. Loans rated Special Mention, Substandard or Non-accrual are subject to quarterly review and monitoring processes. In addition to the regular monitoring performed by the lending personnel and credit committees, loans are subject to review by a credit review department which verifies the appropriateness of the risk ratings for the loans chosen as part of its risk-based review plan.

The risk category of loans in the Commercial portfolio as of March 31, 2022 and December 31, 2021 are as follows:

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Total
March 31, 2022
Business
Risk Rating:
Pass	$	305,308	$	1,246,520	$	644,426	$	533,462	$	219,320	$	368,615	$	2,106,483	$	5,424,134
Special mention	2,622		976		83		1,315		11,452		8,138		2,806		27,392
Substandard	2,437		1,230		1,110		7,172		4,530		10,503		23,244		50,226
Non-accrual	302		86		—		—		1,462		4,906		—		6,756
Total Business:	$	310,669	$	1,248,812	$	645,619	$	541,949	$	236,764	$	392,162	$	2,132,533	$	5,508,508
Real estate-construction
Risk Rating:
Pass	$	155,429	$	591,643	$	249,882	$	53,869	$	1,236	$	2,800	$	13,968	$	1,068,827
Special mention	—		19,474		—		—		976		—		—		20,450
Substandard	—		15,486		11,600		—		14,891		13,157		—		55,134
Total Real estate-construction:	$	155,429	$	626,603	$	261,482	$	53,869	$	17,103	$	15,957	$	13,968	$	1,144,411
Real estate-business
Risk Rating:
Pass	$	232,411	$	726,266	$	687,933	$	514,629	$	206,324	$	378,239	$	83,578	$	2,829,380
Special mention	—		3,537		30,657		8,995		34,319		2,345		—		79,853
Substandard	589		15,589		62,170		12,993		4,867		103,044		993		200,245
Non-accrual	—		—		—		—		173		17		—		190
Total Real estate-business:	$	233,000	$	745,392	$	780,760	$	536,617	$	245,683	$	483,645	$	84,571	$	3,109,668
Commercial loans
Risk Rating:
Pass	$	693,148	$	2,564,429	$	1,582,241	$	1,101,960	$	426,880	$	749,654	$	2,204,029	$	9,322,341
Special mention	2,622		23,987		30,740		10,310		46,747		10,483		2,806		127,695
Substandard	3,026		32,305		74,880		20,165		24,288		126,704		24,237		305,605
Non-accrual	302		86		—		—		1,635		4,923		—		6,946
Total Commercial loans:	$	699,098	$	2,620,807	$	1,687,861	$	1,132,435	$	499,550	$	891,764	$	2,231,072	$	9,762,587

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2021		2020		2019		2018		2017		Prior		Revolving Loans Amortized Cost Basis		Total
December 31, 2021
Business
Risk Rating:
Pass	$	1,473,869	$	704,157	$	554,759	$	248,739	$	159,238	$	270,454	$	1,795,073	$	5,206,289
Special mention	1,785		126		17,576		12,050		1,490		3,232		16,545		52,804
Substandard	836		1,191		8,855		4,936		1		10,775		10,536		37,130
Non-accrual	430		—		1		1,549		—		5,332		—		7,312
Total Business:	$	1,476,920	$	705,474	$	581,191	$	267,274	$	160,729	$	289,793	$	1,822,154	$	5,303,535
Real estate-construction
Risk Rating:
Pass	$	598,734	$	346,507	$	66,985	$	2,110	$	2,655	$	2,252	$	13,230	$	1,032,473
Special mention	44,649		—		—		985		—		—		—		45,634
Substandard	485		11,620		—		14,896		13,158		—		—		40,159
Total Real estate-construction:	$	643,868	$	358,127	$	66,985	$	17,991	$	15,813	$	2,252	$	13,230	$	1,118,266
Real estate- business
Risk Rating:
Pass	$	775,561	$	712,173	$	551,697	$	230,138	$	170,888	$	254,489	$	76,641	$	2,771,587
Special mention	4,011		30,322		10,500		37,576		2,068		2,103		1		86,581
Substandard	17,079		62,939		12,930		2,326		58,934		45,265		982		200,455
Non-accrual	—		—		—		189		—		25		—		214
Total Real-estate business:	$	796,651	$	805,434	$	575,127	$	270,229	$	231,890	$	301,882	$	77,624	$	3,058,837
Commercial loans
Risk Rating:
Pass	$	2,848,164	$	1,762,837	$	1,173,441	$	480,987	$	332,781	$	527,195	$	1,884,944	$	9,010,349
Special mention	50,445		30,448		28,076		50,611		3,558		5,335		16,546		185,019
Substandard	18,400		75,750		21,785		22,158		72,093		56,040		11,518		277,744
Non-accrual	430		—		1		1,738		—		5,357		—		7,526
Total Commercial loans:	$	2,917,439	$	1,869,035	$	1,223,303	$	555,494	$	408,432	$	593,927	$	1,913,008	$	9,480,638

The credit quality of Personal Banking loans is monitored primarily on the basis of aging/delinquency, and this information is provided as of March 31, 2022 and December 31, 2021 below:

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Total
March 31, 2022
Real estate-personal
Current to 90 days past due	$	144,994	$	668,179	$	853,063	$	328,209	$	150,144	$	661,855	$	9,962	$	2,816,406
Over 90 days past due	—		192		962		126		114		887		—		2,281
Non-accrual	—		—		—		182		107		1,100		—		1,389
Total Real estate-personal:	$	144,994	$	668,371	$	854,025	$	328,517	$	150,365	$	663,842	$	9,962	$	2,820,076
Consumer
Current to 90 days past due	$	208,522	$	504,841	$	310,052	$	165,881	$	66,175	$	102,869	$	692,230	$	2,050,570
Over 90 days past due	—		283		157		243		200		444		1,263		2,590
Total Consumer:	$	208,522	$	505,124	$	310,209	$	166,124	$	66,375	$	103,313	$	693,493	$	2,053,160
Revolving home equity
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	263,547	$	263,547
Over 90 days past due	—		—		—		—		—		—		854		854
Total Revolving home equity:	$	—	$	—	$	—	$	—	$	—	$	—	$	264,401	$	264,401
Consumer credit card
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	539,975	$	539,975
Over 90 days past due	—		—		—		—		—		—		4,604		4,604
Total Consumer credit card:	$	—	$	—	$	—	$	—	$	—	$	—	$	544,579	$	544,579
Overdrafts
Current to 90 days past due	$	14,211	$	—	$	—	$	—	$	—	$	—	$	—	$	14,211
Total Overdrafts:	$	14,211	$	—	$	—	$	—	$	—	$	—	$	—	$	14,211
Personal banking loans
Current to 90 days past due	$	367,727	$	1,173,020	$	1,163,115	$	494,090	$	216,319	$	764,724	$	1,505,714	$	5,684,709
Over 90 days past due	—		475		1,119		369		314		1,331		6,721		10,329
Non-accrual	—		—		—		182		107		1,100		—		1,389
Total Personal banking loans:	$	367,727	$	1,173,495	$	1,164,234	$	494,641	$	216,740	$	767,155	$	1,512,435	$	5,696,427

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2021		2020		2019		2018		2017		Prior		Revolving Loans Amortized Cost Basis		Total
December 31, 2021
Real estate-personal
Current to 90 days past due	$	690,058	$	888,631	$	354,292	$	157,485	$	149,391	$	551,460	$	9,470	$	2,800,787
Over 90 days past due	133		1,150		298		124		97		1,181		—		2,983
Non-accrual	115		—		251		109		—		1,156		—		1,631
Total Real estate-personal:	$	690,306	$	889,781	$	354,841	$	157,718	$	149,488	$	553,797	$	9,470	$	2,805,401
Consumer
Current to 90 days past due	$	571,455	$	348,774	$	192,076	$	79,887	$	47,401	$	78,088	$	712,333	$	2,030,014
Over 90 days past due	283		335		257		250		74		351		661		2,211
Total Consumer:	$	571,738	$	349,109	$	192,333	$	80,137	$	47,475	$	78,439	$	712,994	$	2,032,225
Revolving home equity
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	275,144	$	275,144
Over 90 days past due	—		—		—		—		—		—		801		801
Total Revolving home equity:	$	—	$	—	$	—	$	—	$	—	$	—	$	275,945	$	275,945
Consumer credit card
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	570,156	$	570,156
Over 90 days past due	—		—		—		—		—		—		5,254		5,254
Total Consumer credit card:	$	—	$	—	$	—	$	—	$	—	$	—	$	575,410	$	575,410
Overdrafts
Current to 90 days past due	$	6,740	$	—	$	—	$	—	$	—	$	—	$	—	$	6,740
Total Overdrafts:	$	6,740	$	—	$	—	$	—	$	—	$	—	$	—	$	6,740
Personal banking loans
Current to 90 days past due	$	1,268,253	$	1,237,405	$	546,368	$	237,372	$	196,792	$	629,548	$	1,567,103	$	5,682,841
Over 90 days past due	416		1,485		555		374		171		1,532		6,716		11,249
Non-accrual	115		—		251		109		—		1,156		—		1,631
Total Personal banking loans:	$	1,268,784	$	1,238,890	$	547,174	$	237,855	$	196,963	$	632,236	$	1,573,819	$	5,695,721

Collateral-dependent loans

The Company's collateral-dependent loans are comprised of large loans on non-accrual status. The Company requires that collateral-dependent loans are either over-collateralized or carry collateral equal to the amortized cost of the loan. The following table presents the amortized cost basis of collateral-dependent loans as of March 31, 2022 and December 31, 2021.

(In thousands)	Business Assets		Oil & Gas Assets		Total
March 31, 2022
Commercial:
Business	$	1,498	$	2,401	$	3,899
Total	$	1,498	$	2,401	$	3,899
December 31, 2021
Commercial:
Business	$	1,604	$	2,459	$	4,063
Total	$	1,604	$	2,459	$	4,063

Other Personal Banking loan information

As noted above, the credit quality of Personal Banking loans is monitored primarily on the basis of aging/delinquency, and this information is provided in the table in the above section on "Credit quality indicators." In addition, FICO scores are obtained and updated on a quarterly basis for most of the loans in the Personal Banking portfolio. This is a published credit score designed to measure the risk of default by taking into account various factors from a borrower's financial history and is considered supplementary information utilized by the Company, as management does not consider this information in evaluating the allowance for credit losses on loans. The Bank normally obtains a FICO score at the loan's origination and renewal dates, and updates are obtained on a quarterly basis. Excluded from the table below are certain personal real estate loans for which FICO scores are not obtained because the loans generally pertain to commercial customer activities and are

often underwritten with other collateral considerations. These loans totaled $183.4 million at March 31, 2022 and $185.6 million at December 31, 2021. The table also excludes consumer loans related to the Company's patient healthcare loan program, which totaled $181.8 million at March 31, 2022 and $186.6 million at December 31, 2021. As the healthcare loans are guaranteed by the hospital, customer FICO scores are not obtained for these loans. The personal real estate loans and consumer loans excluded below totaled less than 7% of the Personal Banking portfolio. For the remainder of loans in the Personal Banking portfolio, the table below shows the percentage of balances outstanding at March 31, 2022 and December 31, 2021 by FICO score.

Personal Banking Loans
	% of Loan Category
	Real Estate - Personal		Consumer		Revolving Home Equity		Consumer Credit Card
March 31, 2022
FICO score:
Under 600	.9	%	1.9	%	0.9	%	3.4	%
600 - 659	2.5		3.9		2.6		11.3
660 - 719	7.2		13.5		10.1		31.0
720 - 779	26.6		24.9		21.7		28.0
780 and over	62.8		55.8		64.7		26.3
Total	100.0	%	100.0	%	100.0	%	100.0	%
December 31, 2021
FICO score:
Under 600	1.0	%	1.9	%	0.9	%	3.4	%
600 - 659	2.4		3.9		2.6		11.3
660 - 719	7.4		13.8		9.4		29.9
720 - 779	25.2		25.3		20.4		28.2
780 and over	64.0		55.1		66.7		27.2
Total	100.0	%	100.0	%	100.0	%	100.0	%

Troubled debt restructurings

Restructured loans are those extended to borrowers who are experiencing financial difficulty and who have been granted a concession. Restructured loans are placed on non-accrual status if the Company does not believe it probable that amounts due under the contractual terms will be collected. Commercial performing restructured loans are primarily comprised of certain business, construction and business real estate loans classified as substandard but renewed at rates judged to be non-market. These loans are performing in accordance with their modified terms, and because the Company believes it probable that all amounts due under the modified terms of the agreements will be collected, interest on these loans is being recognized on an accrual basis. Troubled debt restructurings also include certain credit card and other small consumer loans under various debt management and assistance programs. Modifications to these loans generally involve removing the available line of credit, placing loans on amortizing status, and lowering the contractual interest rate. Certain personal real estate, revolving home equity, and consumer loans were classified as consumer bankruptcy troubled debt restructurings because they were not reaffirmed by the borrower in bankruptcy proceedings. Interest on these loans is being recognized on an accrual basis, as the borrowers are continuing to make payments. Other consumer loans classified as troubled debt restructurings consist of various other workout arrangements with consumer customers.

(In thousands)		March 31, 2022		December 31, 2021
Accruing restructured loans:
	Commercial	$	108,789	$	46,867
	Assistance programs	5,865		6,146
	Other consumer	4,681		4,787
Non-accrual loans		6,457		7,087
Total troubled debt restructurings		$	125,792	$	64,887

Section 4013 of the CARES Act was signed into law on March 27, 2020, and included a provision that short-term modifications are not troubled debt restructurings, if made on a good-faith basis in response to COVID-19 to borrowers who were current prior to December 31, 2019. The Company elected such option under the CARES Act when determining if a customer’s modification is subject to troubled debt restructuring classification. The initial guidance issued under the CARES Act was due to expire on December 31, 2020. During January 2021, the Consolidated Appropriations Act, 2021 was enacted and extended through the end of 2021 the relief offered under the CARES Act related to the accounting and disclosure

requirements for troubled debt restructurings as a result of COVID-19. The Company elected to extend its application of this guidance through December 31, 2021. During the period covered by the CARES Act, if it was deemed that the loan modification was not short-term, not COVID-19 related or the customer does not meet the criteria under the guidance to be scoped out of troubled debt restructuring classification, the Company evaluated the loan modifications under its existing framework and accounted for the modification as a troubled debt restructuring.

The table below shows the balance of troubled debt restructurings by loan classification at March 31, 2022, in addition to the outstanding balances of these restructured loans which the Company considers to have been in default at any time during the past twelve months. For purposes of this disclosure, the Company considers "default" to mean 90 days or more past due as to interest or principal.

(In thousands)	March 31, 2022		Balance 90 days past due at any time during previous 12 months
Commercial:
Business	$	30,254	$	—
Real estate - construction and land	10,101		—
Real estate - business	73,804		—
Personal Banking:
Real estate - personal	3,220		729
Consumer	20		—
Revolving home equity	2,637		282
Consumer credit card	5,756		518
Total troubled debt restructurings	$	125,792	$	1,529

For those loans on non-accrual status also classified as restructured, the modification did not create any further financial effect on the Company as those loans were already recorded at net realizable value. For those performing commercial loans classified as restructured, there were no concessions involving forgiveness of principal or interest and, therefore, there was no financial impact to the Company as a result of modification to these loans. However, the effects of modifications to loans under various debt management and assistance programs were estimated to decrease interest income by approximately $649 thousand on an annual, pre-tax basis, compared to amounts contractually owed. Other modifications to consumer loans mainly involve extensions and other small modifications that did not include the forgiveness of principal or interest.

The allowance for credit losses related to troubled debt restructurings on non-accrual status is determined by individual evaluation, including collateral adequacy, using the same process as loans on non-accrual status which are not classified as troubled debt restructurings. Those performing loans classified as troubled debt restructurings are accruing loans which management expects to collect under contractual terms. Performing commercial loans having no other concessions granted other than being renewed at non-market interest rates are judged to have similar risk characteristics as non-troubled debt commercial loans and are collectively evaluated based on internal risk rating, loan type, delinquency, historical experience and current economic factors. Performing personal banking loans classified as troubled debt restructurings resulted from the borrower not reaffirming the debt during bankruptcy and have had no other concession granted, other than the Bank's future limitations on collecting payment deficiencies or in pursuing foreclosure actions. As such, they have similar risk characteristics as non-troubled debt personal banking loans and are evaluated collectively based on loan type, delinquency, historical experience and current economic factors.

If a troubled debt restructuring defaults and is already on non-accrual status, the allowance for credit losses continues to be based on individual evaluation, using discounted expected cash flows or the fair value of collateral. If an accruing troubled debt restructuring defaults, the loan's risk rating is downgraded to non-accrual status and the loan's related allowance for credit losses is determined based on individual evaluation, or if necessary, the loan is charged off and collection efforts begin.

The Company had commitments of $17.7 million at March 31, 2022 to lend additional funds to borrowers with restructured loans. Additionally, the Company had commitments at March 31, 2022 of $24.0 million related to letters of credit with an internal risk rating below substandard.

Loans held for sale

The Company designates certain long-term fixed rate personal real estate loans as held for sale, and the Company has elected the fair value option for these loans. The election of the fair value option aligns the accounting for these loans with the related economic hedges discussed in Note 11. The loans are primarily sold to Federal Home Loan Mortgage Corporation

(FHLMC) and Federal National Mortgage Association (FNMA). At March 31, 2022, the fair value of these loans was $3.9 million, and the unpaid principal balance was $3.9 million.

The Company also designates certain student loan originations as held for sale. The borrowers are credit-worthy students who are attending colleges and universities. The loans are intended to be sold in the secondary market, and the Company maintains contracts with Sallie Mae to sell the loans within 210 days after the last disbursement to the student. These loans are carried at lower of cost or fair value, which at March 31, 2022 totaled $5.0 million.

At March 31, 2022, none of the loans held for sale were on non-accrual status or 90 days past due and still accruing interest.

Foreclosed real estate/repossessed assets

The Company’s holdings of foreclosed real estate totaled $296 thousand and $115 thousand at March 31, 2022 and December 31, 2021, respectively. Personal property acquired in repossession, generally autos, totaled $1.3 million and $1.1 million at March 31, 2022 and December 31, 2021, respectively. Upon acquisition, these assets are recorded at fair value less estimated selling costs at the date of foreclosure, establishing a new cost basis. They are subsequently carried at the lower of this cost basis or fair value less estimated selling costs.

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Investment Securities

3 Months Ended

Mar. 31, 2022

Investment Securities [Abstract]

Investment Securities

Investment Securities

Investment securities consisted of the following at March 31, 2022 and December 31, 2021.

(In thousands)	March 31, 2022		December 31, 2021
Available for sale debt securities	$	14,780,494	$	14,450,027
Trading debt securities	31,380		46,235
Equity securities:
Readily determinable fair value	6,866		7,153
No readily determinable fair value	2,418		2,049
Other:
Federal Reserve Bank stock	34,532		34,379
Federal Home Loan Bank stock	10,199		10,428
Equity method investments	1,434		1,834
Private equity investments	153,411		147,406
Total investment securities (1)	$	15,020,734	$	14,699,511

(1)Accrued interest receivable totaled $41.4 million and $39.5 million at March 31, 2022 and December 31, 2021, respectively, and was included within other assets on the consolidated balance sheets.

The Company has elected to measure equity securities with no readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes for the identical or similar investment of the same issuer. This portfolio includes the Company's holdings of Visa Class B shares, which have a carrying value of zero, as there have not been observable price changes in orderly transactions for identical or similar investments of the same issuer. During the three months ended March 31, 2022, the Company did not record any impairment or other adjustments to the carrying amount of its portfolio of equity securities with no readily determinable fair value.

Other investment securities include Federal Reserve Bank (FRB) stock, Federal Home Loan Bank (FHLB) stock, equity method investments, and investments in portfolio concerns held by the Company's private equity subsidiary. FRB stock and FHLB stock are held for debt and regulatory purposes. Investment in FRB stock is based on the capital structure of the investing bank, and investment in FHLB stock is tied to the asset size of the borrowing bank and the level of borrowings from the FHLB. These holdings are carried at cost. Additionally, the Company's equity method investments are carried at cost, adjusted to reflect the Company's portion of income, loss, or dividends of the investee. These adjustments are included in non-interest income on the Company's consolidated statements of income. The Company's private equity investments are carried at estimated fair value.

The majority of the Company’s investment portfolio is comprised of available for sale debt securities, which are carried at fair value with changes in fair value reported in other comprehensive income (OCI). A summary of the available for sale debt securities by maturity groupings as of March 31, 2022 is shown below. The investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as FHLMC, FNMA, and Government National Mortgage Association (GNMA), in addition to non-agency mortgage-backed securities, which have no guarantee but are collateralized by commercial and residential mortgages. Also included are certain other asset-backed securities, which are primarily collateralized by credit

cards, automobiles, student loans, and commercial loans. These securities differ from traditional debt securities primarily in that they may have uncertain maturity dates and are priced based on estimated prepayment rates on the underlying collateral.

(In thousands)	Amortized Cost		Fair Value
U.S. government and federal agency obligations:
Within 1 year	$	186,706	$	189,347
After 1 but within 5 years	746,460		746,770
After 5 but within 10 years	181,875		193,844
Total U.S. government and federal agency obligations	1,115,041		1,129,961
Government-sponsored enterprise obligations:
After 5 but within 10 years	5,000		5,000
After 10 years	50,765		46,390
Total government-sponsored enterprise obligations	55,765		51,390
State and municipal obligations:
Within 1 year	181,848		182,560
After 1 but within 5 years	735,420		730,637
After 5 but within 10 years	917,122		860,827
After 10 years	326,616		298,241
Total state and municipal obligations	2,161,006		2,072,265
Mortgage and asset-backed securities:
Agency mortgage-backed securities	5,774,953		5,441,374
Non-agency mortgage-backed securities	1,525,223		1,435,363
Asset-backed securities	4,121,388		4,011,361
Total mortgage and asset-backed securities	11,421,564		10,888,098
Other debt securities:
Within 1 year	121,215		121,629
After 1 but within 5 years	229,677		223,109
After 5 but within 10 years	312,426		285,620
After 10 years	9,260		8,422
Total other debt securities	672,578		638,780
Total available for sale debt securities	$	15,425,954	$	14,780,494

Investments in U.S. government and federal agency obligations include U.S. Treasury inflation-protected securities, which totaled $399.4 million, at fair value, at March 31, 2022. Interest paid on these securities increases with inflation and decreases with deflation, as measured by the Consumer Price Index. At maturity, the principal paid is the greater of an inflation-adjusted principal or the original principal.

Allowance for credit losses on available for sale debt securities

The Company’s model for establishing its allowance for credit losses uses cash flows projected to be received over the estimated life of the securities, discounted to present value, and compared to the current amortized cost bases of the securities. Securities for which fair value is less than amortized cost are reviewed for impairment. Special emphasis is placed on securities whose credit rating has fallen below Baa3 (Moody's) or BBB- (Standard & Poor's), whose fair values have fallen more than 20% below purchase price, or who have been identified based on management’s judgment. These securities are placed on a watch list and cash flow analyses are prepared on an individual security basis. Credit impairment is determined using input factors such as cash flow projections, contractual payments required, expected delinquency rates, credit support from other tranches, prepayment speeds, collateral loss severity rates (including loan to values), and various other information related to the underlying collateral. At March 31, 2022, the fair value of securities on this watch list was $13.1 million compared to $13.4 million at December 31, 2021.

Significant inputs to the cash flow model used at March 31, 2022 to quantify credit losses were primarily credit support agreements, as the securities on the Company's watch list at March 31, 2022 were securities backed by government-guaranteed student loans and are expected to perform as contractually required. As of March 31, 2022, the Company did not identify any securities for which a credit loss exists, and for the three months ended March 31, 2022 and 2021, the Company did not recognize a credit loss expense on any available for sale debt securities.

The table below summarizes debt securities available for sale in an unrealized loss position, aggregated by length of loss period, for which an allowance for credit losses has not been recorded at March 31, 2022 and December 31, 2021. Unrealized losses on these available for sale securities have not been recognized into income because after review, the securities were deemed not to be impaired. The unrealized losses on these securities are primarily attributable to changes in interest rates and current market conditions. Additionally, management does not intend to sell the securities, and it is more likely than not that management will not be required to sell the securities prior to their anticipated recovery.

	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, 2022
U.S. government and federal agency obligations	$	390,451	$	13,082	$	—	$	—	$	390,451	$	13,082
Government-sponsored enterprise obligations	29,665		1,281		16,725		3,094		46,390		4,375
State and municipal obligations	1,204,526		80,379		136,076		15,435		1,340,602		95,814
Mortgage and asset-backed securities:
Agency mortgage-backed securities	4,009,914		242,976		987,082		96,265		4,996,996		339,241
Non-agency mortgage-backed securities	1,360,220		87,585		28,932		2,525		1,389,152		90,110
Asset-backed securities	3,439,877		106,785		149,894		6,339		3,589,771		113,124
Total mortgage and asset-backed securities	8,810,011		437,346		1,165,908		105,129		9,975,919		542,475
Other debt securities	326,917		17,622		148,487		16,683		475,404		34,305
Total	$	10,761,570	$	549,710	$	1,467,196	$	140,341	$	12,228,766	$	690,051
December 31, 2021
U.S. government and federal agency obligations	$	296,492	$	2,241	$	—	$	—	$	296,492	$	2,241
Government-sponsored enterprise obligations	—		—		18,899		919		18,899		919
State and municipal obligations	876,691		15,874		32,684		1,049		909,375		16,923
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,333,691		59,044		265,835		8,720		3,599,526		67,764
Non-agency mortgage-backed securities	1,285,611		17,222		1,948		19		1,287,559		17,241
Asset-backed securities	2,518,935		19,201		87,893		525		2,606,828		19,726
Total mortgage and asset-backed securities	7,138,237		95,467		355,676		9,264		7,493,913		104,731
Other debt securities	270,409		5,098		58,574		3,017		328,983		8,115
Total	$	8,581,829	$	118,680	$	465,833	$	14,249	$	9,047,662	$	132,929

The entire available for sale debt portfolio included $12.2 billion of securities that were in a loss position at March 31, 2022, compared to $9.0 billion at December 31, 2021.  The total amount of unrealized loss on these securities was $690.1 million at March 31, 2022, an increase of $557.1 million compared to the unrealized loss at December 31, 2021.  Securities with significant unrealized losses are discussed in the "Allowance for credit losses on available for sale debt securities" section above.

For debt securities classified as available for sale, the following table shows the amortized cost, fair value, and allowance for credit losses of securities available for sale at March 31, 2022 and December 31, 2021, and the corresponding amounts of gross unrealized gains and losses (pre-tax) in AOCI, by security type.

(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
March 31, 2022
U.S. government and federal agency obligations	$	1,115,041	$	28,002	$	(13,082)	$	—	$	1,129,961
Government-sponsored enterprise obligations	55,765		—		(4,375)		—		51,390
State and municipal obligations	2,161,006		7,073		(95,814)		—		2,072,265
Mortgage and asset-backed securities:
Agency mortgage-backed securities	5,774,953		5,662		(339,241)		—		5,441,374
Non-agency mortgage-backed securities	1,525,223		250		(90,110)		—		1,435,363
Asset-backed securities	4,121,388		3,097		(113,124)		—		4,011,361
Total mortgage and asset-backed securities	11,421,564		9,009		(542,475)		—		10,888,098
Other debt securities	672,578		507		(34,305)		—		638,780
Total	$	15,425,954	$	44,591	$	(690,051)	$	—	$	14,780,494
December 31, 2021
U.S. government and federal agency obligations	$	1,035,477	$	47,484	$	(2,241)	$	—	$	1,080,720
Government-sponsored enterprise obligations	50,773		1,901		(919)		—		51,755
State and municipal obligations	2,072,210		41,540		(16,923)		—		2,096,827
Mortgage and asset-backed securities:
Agency mortgage-backed securities	5,698,088		52,676		(67,764)		—		5,683,000
Non-agency mortgage-backed securities	1,383,037		681		(17,241)		—		1,366,477
Asset-backed securities	3,546,024		12,921		(19,726)		—		3,539,219
Total mortgage and asset-backed securities	10,627,149		66,278		(104,731)		—		10,588,696
Other debt securities	633,524		6,620		(8,115)		—		632,029
Total	$	14,419,133	$	163,823	$	(132,929)	$	—	$	14,450,027

The following table presents proceeds from sales of securities and the components of investment securities gains and losses which have been recognized in earnings.

	For the Three Months Ended March 31
(In thousands)	2022		2021
Proceeds from sales of securities:
Other investments	$	1,745	$	9,292
Total proceeds	$	1,745	$	9,292
Investment securities gains (losses), net:
Equity securities:
Fair value adjustments, net	$	(287)	$	(35)
Other:
Gains realized on sales	—		1,523
Fair value adjustments, net	7,450		8,365
Total investment securities gains, net	$	7,163	$	9,853

Net gains on investment securities for the three months ended March 31, 2022 were mainly comprised of net losses of $287 thousand on equity investments, offset by net gains in fair value of $7.5 million on private equity investments, due to fair value adjustments.

At March 31, 2022, securities totaling $5.2 billion in fair value were pledged to secure public fund deposits, securities sold under agreements to repurchase, trust funds, and borrowings at the FRB and FHLB, compared to $6.4 billion at December 31, 2021. Securities pledged under agreements pursuant to which the collateral may be sold or re-pledged by the secured parties approximated $201.0 million, while the remaining securities were pledged under agreements pursuant to which the secured

parties may not sell or re-pledge the collateral. Except for obligations of various government-sponsored enterprises such as FNMA, FHLB and FHLMC, no investment in a single issuer exceeded 10% of stockholders’ equity.

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Goodwill And Other Intangible Assets

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill And Other Intangible Assets

Goodwill and Other Intangible Assets

The following table presents information about the Company's intangible assets which have estimable useful lives.

	March 31, 2022								December 31, 2021
(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	$	31,270	$	(30,345)	$	—	$	925	$	31,270	$	(30,266)	$	—	$	1,004
Mortgage servicing rights	21,490		(10,130)		—		11,360		20,870		(9,600)		(304)		10,966
Total	$	52,760	$	(40,475)	$	—	$	12,285	$	52,140	$	(39,866)	$	(304)	$	11,970

Aggregate amortization expense on intangible assets was $609 thousand and $951 thousand for the three month periods ended March 31, 2022 and 2021. The following table shows the estimated annual amortization expense for the next five fiscal years. This expense is based on existing asset balances and the interest rate environment as of March 31, 2022. The Company’s actual amortization expense in any given period may be different from the estimated amounts depending upon the acquisition of intangible assets, changes in mortgage interest rates, prepayment rates and other market conditions.

(In thousands)
2022	$	1,785
2023	1,402
2024	1,240
2025	1,088
2026	945

Changes in the carrying amount of goodwill and net other intangible assets for the three month period ended March 31, 2022 are as follows:

(In thousands)	Goodwill		Easement		Core Deposit Premium		Mortgage Servicing Rights
Balance January 1, 2022	$	138,921	$	3,600	$	1,004	$	10,966
Originations, net of disposals	—		—		—		620
Amortization	—		—		(79)		(530)
Impairment recovery	—		—		—		304
Balance March 31, 2022	$	138,921	$	3,600	$	925	$	11,360

Goodwill allocated to the Company’s operating segments at March 31, 2022 and December 31, 2021 is shown below.

(In thousands)
Consumer segment	$	70,721
Commercial segment	67,454
Wealth segment	746
Total goodwill	$	138,921

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Guarantees

3 Months Ended

Mar. 31, 2022

Guarantees [Abstract]

Guarantees

Guarantees

The Company, as a provider of financial services, routinely issues financial guarantees in the form of financial and performance standby letters of credit. Standby letters of credit are contingent commitments issued by the Company generally to guarantee the payment or performance obligation of a customer to a third party. While these represent a potential outlay by the Company, a significant amount of the commitments may expire without being drawn upon. The Company has recourse against the customer for any amount it is required to pay to a third party under a standby letter of credit. The letters of credit are subject to the same credit policies, underwriting standards and approval process as loans made by the Company. Most of the standby letters of credit are secured, and in the event of nonperformance by customers, the Company has rights to the underlying collateral, which could include commercial real estate, physical plant and property, inventory, receivables, cash and marketable securities.

Upon issuance of standby letters of credit, the Company recognizes a liability for the fair value of the obligation undertaken, which is estimated to be equivalent to the amount of fees received from the customer over the life of the agreement. At March 31, 2022, that net liability was $4.2 million, which will be accreted into income over the remaining life of the respective commitments. The contractual amount of these letters of credit, which represents the maximum potential future payments guaranteed by the Company, was $502.1 million at March 31, 2022.

The Company periodically enters into credit risk participation agreements (RPAs) as a guarantor to other financial institutions, in order to mitigate those institutions’ credit risk associated with interest rate swaps with third parties. The RPA stipulates that, in the event of default by the third party on the interest rate swap, the Company will reimburse a portion of the loss borne by the financial institution. These interest rate swaps are normally collateralized (generally with real property, inventories and equipment) by the third party, which limits the credit risk associated with the Company’s RPAs. The third parties usually have other borrowing relationships with the Company. The Company monitors overall borrower collateral and at March 31, 2022, believes sufficient collateral is available to cover potential swap losses. The RPAs are carried at fair value throughout their term with all changes in fair value, including those due to a change in the third party’s creditworthiness, recorded in current earnings. The terms of the RPAs, which correspond to the terms of the underlying swaps, range from 2 years to 15 years. At March 31, 2022, the fair value of the Company's guarantee liabilities for RPAs was $126 thousand, and the notional amount of the underlying swaps was $347.9 million. The maximum potential future payment guaranteed by the Company cannot be readily estimated but is dependent upon the fair value of the interest rate swaps at the time of default.

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Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

Leases

The Company has net investments in direct financing and sales-type leases to commercial, industrial, and tax-exempt entities. These leases are included within business loans on the Company's consolidated balance sheets. The Company primarily leases various types of equipment, trucks and trailers, and office furniture and fixtures. Lease agreements may include options for the lessee to renew or purchase the leased equipment at the end of the lease term. The Company has elected to adopt the lease component expedient in which the lease and nonlease components are combined into the total lease receivable. The Company also leases office space to third parties, and these leases are classified as operating leases. The leases may include options to renew or expand the leased space, and currently the leases have remaining terms of 3 months to 6 years.

The following table provides the components of lease income.

	For the Three Months Ended March 31
(in thousands)	2022		2021
Direct financing and sales-type leases	$	5,247	$	6,121
Operating leases(a)	2,184		2,074
Total lease income	$	7,431	$	8,195

(a) Includes rent from Tower Properties Company, a related party, of $19 thousand for the three month periods ended March 31, 2022 and 2021

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Pension

3 Months Ended

Mar. 31, 2022

Pension [Abstract]

Pension

Pension

The amount of net pension cost is shown in the table below:

	For the Three Months Ended March 31
(In thousands)	2022		2021
Service cost - benefits earned during the period	$	132	$	95
Interest cost on projected benefit obligation	665		556
Expected return on plan assets	(1,126)		(1,124)
Amortization of prior service cost	(68)		(68)
Amortization of unrecognized net loss	498		651
Net periodic pension cost	$	101	$	110

All benefits accrued under the Company’s defined benefit pension plan have been frozen since January 1, 2011. During the first three months of 2022, the Company made no funding contributions to its defined benefit pension plan and made minimal funding contributions to a supplemental executive retirement plan (the CERP), which carries no segregated assets.

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Common Stock

3 Months Ended

Mar. 31, 2022

Common Stock [Abstract]

Common Stock

Common Stock *

Presented below is a summary of the components used to calculate basic and diluted income per share. The Company applies the two-class method of computing income per share, as nonvested share-based awards that pay nonforfeitable common stock dividends are considered securities which participate in undistributed earnings with common stock. The two-class method requires the calculation of separate income per share amounts for the nonvested share-based awards and for common stock. Income per share attributable to common stock is shown in the table below. Nonvested share-based awards are further discussed in Note 13.

	For the Three Months Ended March 31
(In thousands, except per share data)	2022		2021
Basic income per common share:
Net income attributable to Commerce Bancshares, Inc.	$	118,154	$	130,972
Less income allocated to nonvested restricted stock	1,070		1,200
Net income allocated to common stock	$	117,084	$	129,772
Weighted average common shares outstanding	120,324		122,073
Basic income per common share	$	.97	$	1.06
Diluted income per common share:
Net income attributable to Commerce Bancshares, Inc.	$	118,154	$	130,972
Less income allocated to nonvested restricted stock	1,068		1,198
Net income allocated to common stock	$	117,086	$	129,774
Weighted average common shares outstanding	120,324		122,073
Net effect of the assumed exercise of stock-based awards - based on the treasury stock method using the average market price for the respective periods	292		329
Weighted average diluted common shares outstanding	120,616		122,402
Diluted income per common share	$	.97	$	1.06

Unexercised stock appreciation rights of 119 thousand and 54 thousand for the three month periods ended March 31, 2022 and 2021, respectively, were excluded from the computation of diluted income per common share because their inclusion would have been anti-dilutive.

* All prior year share and per share amounts in this note have been restated for the 5% common stock dividend distributed in December 2021.

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Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income

The table below shows the activity and accumulated balances for components of other comprehensive income. Information about unrealized gains and losses on securities can be found in Note 3, and information about unrealized gains and losses on cash flow hedge derivatives is located in Note 11.

	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, 2022	$	23,174	$	(20,668)	$	74,574	$	77,080
Other comprehensive loss before reclassifications to current earnings	(676,353)		—		—		(676,353)
Amounts reclassified to current earnings from accumulated other comprehensive income	—		430		(6,050)		(5,620)
Current period other comprehensive income (loss), before tax	(676,353)		430		(6,050)		(681,973)
Income tax (expense) benefit	169,088		(107)		1,512		170,493
Current period other comprehensive income (loss), net of tax	(507,265)		323		(4,538)		(511,480)
Balance March 31, 2022	$	(484,091)	$	(20,345)	$	70,036	$	(434,400)
Balance January 1, 2021	$	263,801	$	(25,118)	$	92,694	$	331,377
Other comprehensive income (loss) before reclassifications to current earnings	(211,569)		—		—		(211,569)
Amounts reclassified to current earnings from accumulated other comprehensive income	—		583		(5,848)		(5,265)
Current period other comprehensive income (loss), before tax	(211,569)		583		(5,848)		(216,834)
Income tax (expense) benefit	52,893		(146)		1,462		54,209
Current period other comprehensive income (loss), net of tax	(158,676)		437		(4,386)		(162,625)
Balance March 31, 2021	$	105,125	$	(24,681)	$	88,308	$	168,752

(1) The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "investment securities gains (losses), net" in the consolidated statements of income.

(2) The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "interest and fees on loans" in the consolidated statements of income.

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Segments

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segments

SegmentsThe Company segregates financial information for use in assessing its performance and allocating resources among three operating segments: Consumer, Commercial and Wealth. The Consumer segment consists of various consumer loan and deposit products offered through its retail branch network of approximately 150 locations.  This segment also includes indirect and other consumer loan financing businesses, along with debit and credit card loan and fee businesses.  Residential mortgage origination, sales and servicing functions are included in this Consumer segment, but residential mortgage loans retained by the Company are not considered part of this segment and are instead included in the Other/Elimination column.  The Commercial segment provides corporate lending (including the Small Business Banking product line within the branch network), leasing, and international services, along with business and governmental deposit products and commercial cash management services.  This segment also includes both merchant and commercial bank card products as well as the Capital Markets Group, which sells fixed income securities and provides securities safekeeping and accounting services to its business and correspondent bank customers.  The Wealth segment provides traditional trust and estate planning, advisory and discretionary investment management, and brokerage services.  This segment also provides various loan and deposit related services to its private banking customers.

The following table presents selected financial information by segment and reconciliations of combined segment totals to consolidated totals. There were no material intersegment revenues between the three segments. Management periodically makes changes to methods of assigning costs and income to its business segments to better reflect operating results. If appropriate, these changes are reflected in prior year information presented below.

(In thousands)	Consumer		Commercial		Wealth		Segment Totals		Other/Elimination		Consolidated Totals
Three Months Ended March 31, 2022
Net interest income	$	79,896	$	109,530	$	18,868	$	208,294	$	492	$	208,786
Provision for credit losses	(4,498)		(82)		(26)		(4,606)		14,464		9,858
Non-interest income	28,354		53,651		53,206		135,211		(3,442)		131,769
Investment securities gains, net	—		—		—		—		7,163		7,163
Non-interest expense	(72,994)		(89,524)		(36,286)		(198,804)		(6,844)		(205,648)
Income before income taxes	$	30,758	$	73,575	$	35,762	$	140,095	$	11,833	$	151,928
Three Months Ended March 31, 2021
Net interest income	$	77,939	$	110,565	$	17,457	$	205,961	$	(213)	$	205,748
Provision for credit losses	(9,901)		(27)		5		(9,923)		16,155		6,232
Non-interest income	38,248		50,728		50,985		139,961		(3,916)		136,045
Investment securities gains, net	—		—		—		—		9,853		9,853
Non-interest expense	(70,369)		(79,281)		(33,043)		(182,693)		(9,880)		(192,573)
Income before income taxes	$	35,917	$	81,985	$	35,404	$	153,306	$	11,999	$	165,305

The information presented above was derived from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. This information is based on internal management accounting procedures and methods, which have been developed to reflect the underlying economics of the businesses. The methodologies are applied in connection with funds transfer pricing and assignment of overhead costs among segments. Funds transfer pricing was used in the determination of net interest income by assigning a standard cost (credit) for funds used (provided by) assets and liabilities based on their maturity, prepayment and/or repricing characteristics.

The segment activity, as shown above, includes both direct and allocated items. Amounts in the “Other/Elimination” column include activity not related to the segments, such as that relating to administrative functions, the investment securities portfolio, and the effect of certain expense allocations to the segments. The provision for credit losses in this category contains the difference between net loan charge-offs assigned directly to the segments and the recorded provision for credit loss expense. Included in this category’s net interest income are earnings of the investment portfolio, which are not allocated to a segment.

The performance measurement of the operating segments is based on the management structure of the Company and is not necessarily comparable with similar information for any other financial institution. The information is also not necessarily indicative of the segments' financial condition and results of operations if they were independent entities.

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Derivative Instruments

3 Months Ended

Mar. 31, 2022

Derivative Instrument Detail [Abstract]

Derivative Instruments

Derivative Instruments

The notional amounts of the Company’s derivative instruments are shown in the table below. These contractual amounts, along with other terms of the derivative, are used to determine amounts to be exchanged between counterparties and are not a measure of loss exposure. At March 31, 2022, the Company’s derivative instruments are accounted for as free-standing derivatives, and changes in their fair value are recorded in current earnings.

(In thousands)	March 31, 2022		December 31, 2021
Interest rate swaps	$	2,177,130	$	2,229,419
Interest rate caps	221,293		152,058
Credit risk participation agreements	475,944		485,633
Foreign exchange contracts	2,797		5,119
Mortgage loan commitments	19,638		21,787
Mortgage loan forward sale contracts	638		1,165
Forward TBA contracts	18,500		21,000
Total notional amount	$	2,915,940	$	2,916,181

The largest group of notional amounts relate to interest rate swap contracts sold to commercial customers who wish to modify their interest rate sensitivity. The customers are engaged in a variety of businesses, including real estate, manufacturing, retail product distribution, education, and retirement communities. These interest rate swap contracts with customers are offset by matching interest rate swap contracts purchased by the Company from other financial institutions (dealers). Contracts with dealers that require central clearing are novated to a clearing agency who becomes the Company's counterparty. Because of the matching terms of the offsetting contracts, in addition to collateral provisions which mitigate the impact of non-performance risk, changes in fair value subsequent to initial recognition have a minimal effect on earnings.

Many of the Company’s interest rate swap contracts with large financial institutions contain contingent features relating to debt ratings or capitalization levels. Under these provisions, if the Company’s debt rating falls below investment grade or if the Company ceases to be “well-capitalized” under risk-based capital guidelines, certain counterparties can require immediate and ongoing collateralization on interest rate swaps in net liability positions or instant settlement of the contracts. The Company maintains debt ratings and capital well above these minimum requirements.

During the year ended December 31, 2020, the Company monetized three interest rate floors that were previously classified as cash flow hedges with a combined notional balance of $1.5 billion and an asset fair value of $163.2 million. As of March 31, 2022, the total realized gains on the monetized cash flow hedges remaining in AOCI was $93.4 million (pre-tax), which will be reclassified into interest income over the next 4.7 years. The estimated amount of net gains related to the cash flow hedges remaining in AOCI at March 31, 2022 that is expected to be reclassified into income within the next 12 months is $24.4 million.

The Company also contracts with other financial institutions, as a guarantor or beneficiary, to share credit risk associated with certain interest rate swaps through risk participation agreements. The Company’s risks and responsibilities as guarantor are further discussed in Note 5 on Guarantees. In addition, the Company enters into foreign exchange contracts, which are mainly comprised of contracts to purchase or deliver foreign currencies for customers at specific future dates.

Under its program to sell residential mortgage loans in the secondary market, the Company designates certain newly-originated residential mortgage loans as held for sale. Derivative instruments arising from this activity include mortgage loan commitments and forward loan sale contracts. Changes in the fair values of the loan commitments and funded loans prior to sale that are due to changes in interest rates are economically hedged with forward contracts to sell residential mortgage-backed securities in the to-be-announced (TBA) market. These forward TBA contracts are also considered to be derivatives and are settled in cash at the security settlement date.

The fair values of the Company's derivative instruments, whose notional amounts are listed above, are shown in the table below. Information about the valuation methods used to determine fair value is provided in Note 17 on Fair Value Measurements in the 2021 Annual Report on Form 10-K.

The Company's policy is to present its derivative assets and derivative liabilities on a gross basis in its consolidated balance sheets, and these are reported in other assets and other liabilities. Certain collateral posted to and from the Company's clearing counterparty has been applied to the fair values of the cleared swaps, such that at March 31, 2022 in the table below, the positive fair values of cleared swaps were reduced by $11.3 million and the negative fair values of cleared swaps were reduced by $5.5 million. At December 31, 2021, positive fair values of cleared swaps were reduced by $587 thousand and the negative fair values of cleared swaps were reduced by $29.7 million.

	Asset Derivatives				Liability Derivatives
	Mar. 31, 2022		Dec. 31, 2021		Mar. 31, 2022		Dec. 31, 2021
(In thousands)	Fair Value				Fair Value
Derivative instruments:
Interest rate swaps	$	11,236	$	40,752	$	(17,075)	$	(11,606)
Interest rate caps	1,137		147		(1,137)		(147)
Credit risk participation agreements	68		84		(126)		(277)
Foreign exchange contracts	28		77		(11)		(45)
Mortgage loan commitments	302		764		(23)		—
Mortgage loan forward sale contracts	4		5		—		(1)
Forward TBA contracts	355		13		(10)		(25)
Total	$	13,130	$	41,842	$	(18,382)	$	(12,101)

The pre-tax effects of derivative instruments on the consolidated statements of income and consolidated statements of comprehensive income are shown in the tables below.

	Amount of Gain or (Loss) Recognized in OCI						Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
(In thousands)	Total		Included Component		Excluded Component			Total		Included Component		Excluded Component
For the Three Months Ended March 31, 2022
Derivatives in cash flow hedging relationships:
Interest rate floors	$	—	$	—	$	—	Interest and fees on loans	$	(6,050)	$	(7,566)	$	1,516
Total	$	—	$	—	$	—	Total	$	(6,050)	$	(7,566)	$	1,516
For the Three Months Ended March 31, 2021
Derivatives in cash flow hedging relationships:
Interest rate floors	$	—	$	—	$	—	Interest and fees on loans	$	(5,848)	$	(7,364)	$	1,516
Total	$	—	$	—	$	—	Total	$	(5,848)	$	(7,364)	$	1,516

	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)		2022		2021
Derivative instruments:
Interest rate swaps	Other non-interest income	$	812	$	1,075
Interest rate caps	Other non-interest income	16		15
Credit risk participation agreements	Other non-interest income	(10)		365
Foreign exchange contracts	Other non-interest income	(14)		96
Mortgage loan commitments	Loan fees and sales	(485)		(1,372)
Mortgage loan forward sale contracts	Loan fees and sales	—		39
Forward TBA contracts	Loan fees and sales	1,243		2,906
Total		$	1,562	$	3,124

The following table shows the extent to which assets and liabilities relating to derivative instruments have been offset in the consolidated balance sheets. It also provides information about these instruments which are subject to an enforceable master netting arrangement, irrespective of whether they are offset, and the extent to which the instruments could potentially be offset. Also shown is collateral received or pledged in the form of other financial instruments, which is generally cash or marketable securities. The collateral amounts in this table are limited to the outstanding balances of the related asset or liability (after netting is applied); thus, amounts of excess collateral are not shown. Most of the derivatives in the following table were transacted under master netting arrangements that contain a conditional right of offset, such as close-out netting, upon default.

While the Company is party to master netting arrangements with most of its swap derivative counterparties, the Company does not offset derivative assets and liabilities under these agreements on its consolidated balance sheets. Collateral exchanged between the Company and dealer bank counterparties is generally subject to thresholds and transfer minimums, and usually consists of marketable securities. By contract, these may be sold or re-pledged by the secured party until recalled at a subsequent valuation date by the pledging party. For those swap transactions requiring central clearing, the Company posts cash or securities to its clearing agent. Collateral positions are valued daily, and adjustments to amounts received and pledged by the Company are made as appropriate to maintain proper collateralization for these transactions. Swap derivative transactions with customers are generally secured by rights to non-financial collateral, such as real and personal property, which is not shown in the table below.

							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, 2022
Assets:
Derivatives subject to master netting agreements	$	12,805	$	—	$	12,805	$	(2,036)	$	(1,298)	$	9,471
Derivatives not subject to master netting agreements	325		—		325
Total derivatives	$	13,130	$	—	$	13,130
Liabilities:
Derivatives subject to master netting agreements	$	18,308	$	—	$	18,308	$	(2,036)	$	(1,035)	$	15,237
Derivatives not subject to master netting agreements	74		—		74
Total derivatives	$	18,382	$	—	$	18,382
December 31, 2021
Assets:
Derivatives subject to master netting agreements	$	40,970	$	—	$	40,970	$	(347)	$	—	$	40,623
Derivatives not subject to master netting agreements	872		—		872
Total derivatives	$	41,842	$	—	$	41,842
Liabilities:
Derivatives subject to master netting agreements	$	12,019	$	—	$	12,019	$	(347)	$	(10,146)	$	1,526
Derivatives not subject to master netting agreements	82		—		82
Total derivatives	$	12,101	$	—	$	12,101

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Resale and Repurchase Agreements

3 Months Ended

Mar. 31, 2022

Resale and Repurchase Agreements [Abstract]

Resale and Repurchase Agreements [Text Block]

Resale and Repurchase AgreementsThe Company regularly enters into resale and repurchase agreement transactions with other financial institutions and with its own customers. Resale and repurchase agreements are agreements to purchase/sell securities subject to an obligation to resell/repurchase the same or similar securities. They are accounted for as secured lending and collateralized borrowing (e.g. financing transactions), not as true sales and purchases of the underlying collateral securities. Some of the resale and repurchase agreements were transacted under master netting arrangements that contain a conditional right of offset, such as

close-out netting, upon default. The security collateral accepted or pledged in resale and repurchase agreements with other financial institutions may be sold or re-pledged by the secured party, but is usually delivered to and held by third party trustees. The Company generally retains custody of securities pledged for repurchase agreements with its customers.

The Company is party to agreements commonly known as collateral swaps. These agreements involve the exchange of collateral under simultaneous repurchase and resale agreements with the same financial institution counterparty. These repurchase and resale agreements have the same principal amounts, inception dates, and maturity dates and have been offset against each other in the consolidated balance sheets, as permitted under the netting provisions of ASC 210-20-45. The collateral swaps totaled $200.0 million at March 31, 2022 and $400.0 million at December 31, 2021.

The following table shows the extent to which resale agreement assets and repurchase agreement liabilities with the same counterparty have been offset on the consolidated balance sheets, in addition to the extent to which they could potentially be offset. Also shown is collateral received or pledged, which consists of marketable securities. The collateral amounts in the table are limited to the outstanding balances of the related asset or liability (after offsetting is applied); thus amounts of excess collateral are not shown.

							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, 2022
Total resale agreements, subject to master netting arrangements	$	2,025,000	$	(200,000)	$	1,825,000	$	—	$	(1,825,000)	$	—
Total repurchase agreements, subject to master netting arrangements	2,500,146		(200,000)		2,300,146		—		(2,300,146)		—
December 31, 2021
Total resale agreements, subject to master netting arrangements	$	2,025,000	$	(400,000)	$	1,625,000	$	—	$	(1,625,000)	$	—
Total repurchase agreements, subject to master netting arrangements	3,379,582		(400,000)		2,979,582		—		(2,979,582)		—

The table below shows the remaining contractual maturities of repurchase agreements outstanding at March 31, 2022 and December 31, 2021, in addition to the various types of marketable securities that have been pledged by the Company as collateral for these borrowings.

	Remaining Contractual Maturity of the Agreements
(In thousands)	Overnight and continuous		Up to 90 days		Greater than 90 days		Total
March 31, 2022
Repurchase agreements, secured by:
U.S. government and federal agency obligations	$	353,708	$	23,631	$	6,258	$	383,597
Agency mortgage-backed securities	1,572,433		1,207		209,245		1,782,885
Non-agency mortgage-backed securities	24,953		—		—		24,953
Asset-backed securities	290,783		—		—		290,783
Other debt securities	17,928		—		—		17,928
Total repurchase agreements, gross amount recognized	$	2,259,805	$	24,838	$	215,503	$	2,500,146
December 31, 2021
Repurchase agreements, secured by:
U.S. government and federal agency obligations	$	600,866	$	33,373	$	9,259	$	643,498
Agency mortgage-backed securities	1,844,652		3,908		400,250		2,248,810
Non-agency mortgage-backed securities	32,299		—		—		32,299
Asset-backed securities	422,525		—		—		422,525
Other debt securities	32,450		—		—		32,450
Total repurchase agreements, gross amount recognized	$	2,932,792	$	37,281	$	409,509	$	3,379,582

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement, Noncash Expense [Abstract]

Stock-Based Compensation

Stock-Based Compensation

The Company issues stock-based compensation in the form of nonvested restricted stock and stock appreciation rights (SARs). Historically, most of the awards have been issued during the first quarter of each year. The stock-based compensation expense that has been charged against income was $4.2 million and $3.9 million in the three months ended March 31, 2022 and 2021, respectively.

Nonvested stock awards granted generally vest in 4 to 7 years and contain restrictions as to transferability, sale, pledging, or assigning, among others, prior to the end of the vesting period. Dividend and voting rights are conferred upon grant. A summary of the status of the Company’s nonvested share awards as of March 31, 2022, and changes during the three month period then ended, is presented below.

	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2022	1,120,491	$55.58
Granted	225,152	70.92
Vested	(238,899)	47.60
Forfeited	(3,088)	55.13
Nonvested at March 31, 2022	1,103,656	$60.44

SARs are granted with exercise prices equal to the market price of the Company’s stock at the date of grant. SARs vest ratably over 4 years of continuous service and have contractual terms of 10 years. All SARs must be settled in stock under provisions of the plan. In determining compensation cost, the Black-Scholes option-pricing model is used to estimate the fair value of SARs on date of grant. The current year per share average fair value and the model assumptions are shown in the table below.

Weighted per share average fair value at grant date	$17.42
Assumptions:
Dividend yield	1.5	%
Volatility	28.4	%
Risk-free interest rate	1.6	%
Expected term	5.7 years

A summary of SAR activity during the first three months of 2022 is presented below.

(Dollars in thousands, except per share data)	Rights	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	896,348	$	46.21
Granted	96,318	70.64
Forfeited	(1,797)	58.26
Expired	(257)	57.18
Exercised	(23,137)	44.54
Outstanding at March 31, 2022	967,475	$	48.65	6.0 years	$	22,190

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Revenue from Contract with Customer

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue from Contracts with Customers

Revenue from contracts with customers is recognized to reflect the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For the three months ended March 31, 2022, approximately 61% of the Company’s total revenue was comprised of net interest income, which is not within the scope of this guidance. Of the remaining revenue, those items that were subject to this guidance mainly included fees for bank card, trust, deposit account services and consumer brokerage services.

The following table disaggregates non-interest income subject to ASC 606 by major product line.

	Three Months Ended March 31
(In thousands)	2022		2021
Bank card transaction fees	$	42,045	$	37,695
Trust fees	47,811		44,127
Deposit account charges and other fees	22,307		22,575
Consumer brokerage services	4,446		4,081
Other non-interest income	4,495		7,696
Total non-interest income from contracts with customers	121,104		116,174
Other non-interest income (1)	10,665		19,871
Total non-interest income	$	131,769	$	136,045

(1) This revenue is not within the scope of ASC 606, and includes fees relating to capital market activities, loan fees and sales, derivative instruments, standby letters of credit and various other transactions.

For bank card transaction fees, the majority of debit and credit card fees are earned in the Consumer segment, while corporate card and merchant fees are earned in the Commercial segment. The Consumer and Commercial segments contribute approximately 39% and 60%, respectively, of the Company's deposit account charge revenue. All trust fees and consumer brokerage services income are earned in the Wealth segment.    

The following table presents the opening and closing receivable balances for the three month periods ended March 31, 2022 and 2021 for the Company’s significant revenue categories subject to ASC 606.

(In thousands)	March 31, 2022		December 31, 2021		March 31, 2021		December 31, 2020
Bank card transaction fees	$	14,171	$	16,424	$	12,437	$	14,199
Trust fees	2,094		2,222		2,017		2,071
Deposit account charges and other fees	5,452		6,702		5,281		6,933
Consumer brokerage services	324		391		323		432

For these revenue categories, none of the transaction price has been allocated to performance obligations that are unsatisfied as of the end of a reporting period.

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Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Fair Value Measurements [Abstract]

Fair Value Measurements

Fair Value Measurements

The Company uses fair value measurements to record fair value adjustments to certain financial and nonfinancial assets and liabilities and to determine fair value disclosures. Various financial instruments such as available for sale debt securities, equity securities, trading debt securities, certain investments relating to private equity activities, and derivatives are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets and liabilities on a nonrecurring basis, such as mortgage servicing rights and certain other investment securities. These nonrecurring fair value adjustments typically involve lower of cost or fair value accounting or write-downs of individual assets.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, the Company uses various valuation techniques and assumptions when estimating fair value. For accounting disclosure purposes, a three-level valuation hierarchy of fair value measurements has been established. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:

•Level 1 – inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.

•Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and inputs that are observable for the assets or liabilities, either directly or indirectly (such as interest rates, yield curves, and prepayment speeds).

•Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value. These may be internally developed, using the Company’s best information and assumptions that a market participant would consider.

The valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis are described in the Fair Value Measurements note in the Company's 2021 Annual Report on Form 10-K. There have been no significant changes in these methodologies since then.

Instruments Measured at Fair Value on a Recurring Basis

The table below presents the March 31, 2022 and December 31, 2021 carrying values of assets and liabilities measured at fair value on a recurring basis. There were no transfers among levels during the first three months of 2022 or the year ended December 31, 2021.

			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, 2022
Assets:
Residential mortgage loans held for sale	$	3,901	$	—	$	3,901	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	1,129,961		1,129,961		—		—
Government-sponsored enterprise obligations	51,390		—		51,390		—
State and municipal obligations	2,072,265		—		2,070,363		1,902
Agency mortgage-backed securities	5,441,374		—		5,441,374		—
Non-agency mortgage-backed securities	1,435,363		—		1,435,363		—
Asset-backed securities	4,011,361		—		4,011,361		—
Other debt securities	638,780		—		638,780		—
Trading debt securities	31,380		—		31,380		—
Equity securities	6,866		6,866		—		—
Private equity investments	153,411		—		—		153,411
Derivatives *	13,130		—		12,760		370
Assets held in trust for deferred compensation plan	20,403		20,403		—		—
Total assets	15,009,585		1,157,230		13,696,672		155,683
Liabilities:
Derivatives *	18,382		—		18,233		149
Liabilities held in trust for deferred compensation plan	20,403		20,403		—		—
Total liabilities	$	38,785	$	20,403	$	18,233	$	149
December 31, 2021
Assets:
Residential mortgage loans held for sale	$	5,570	$	—	$	5,570	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	1,080,720		1,080,720		—		—
Government-sponsored enterprise obligations	51,755		—		51,755		—
State and municipal obligations	2,096,827		—		2,094,843		1,984
Agency mortgage-backed securities	5,683,000		—		5,683,000		—
Non-agency mortgage-backed securities	1,366,477		—		1,366,477		—
Asset-backed securities	3,539,219		—		3,539,219		—
Other debt securities	632,029		—		632,029		—
Trading debt securities	46,235		—		46,235		—
Equity securities	7,153		7,153		—		—
Private equity investments	147,406		—		—		147,406
Derivatives *	41,842		—		40,994		848
Assets held in trust for deferred compensation plan	21,794		21,794		—		—
Total assets	14,720,027		1,109,667		13,460,122		150,238
Liabilities:
Derivatives *	12,101		—		11,824		277
Liabilities held in trust for deferred compensation plan	21,794		21,794		—		—
Total liabilities	$	33,895	$	21,794	$	11,824	$	277

* The fair value of each class of derivative is shown in Note 11.

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(In thousands)	State and Municipal Obligations		Private Equity Investments		Derivatives		Total
For the three months ended March 31, 2022
Balance January 1, 2022	$	1,984	$	147,406	$	571	$	149,961
Total gains or losses (realized/unrealized):
Included in earnings	—		7,450		(495)		6,955
Included in other comprehensive income *	(83)		—		—		(83)
Discount accretion	1		—		—		1
Purchases of private equity investments	—		300		—		300
Sale/pay down of private equity investments	—		(1,745)		—		(1,745)
Purchase of risk participation agreement	—		—		145		145
Balance March 31, 2022	$	1,902	$	153,411	$	221	$	155,534
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2022	$	—	$	7,450	$	267	$	7,717
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2022	$	(83)	$	—	$	—	$	(83)

For the three months ended March 31, 2021
Balance January 1, 2021	$	7,968	$	94,368	$	2,741	$	105,077
Total gains or losses (realized/unrealized):
Included in earnings	—		8,365		(1,007)		7,358
Included in other comprehensive income *	(1)		—		—		(1)
Discount accretion	3		—		—		3
Sale/pay down of private equity investments	—		(8,476)		—		(8,476)
Sale of risk participation agreement	—		—		(98)		(98)
Balance March 31, 2021	$	7,970	$	94,257	$	1,636	$	103,863
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2021	$	—	$	8,365	$	2,050	$	10,415
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2021	$	(1)	$	—	$	—	$	(1)

* Included in "net unrealized gains (losses) on other securities" in the consolidated statements of comprehensive income.

Gains and losses included in earnings for the Level 3 assets and liabilities in the previous table are reported in the following line items in the consolidated statements of income:

(In thousands)	Loan Fees and Sales		Other Non-Interest Income		Investment Securities Gains (Losses), Net		Total
For the three months ended March 31, 2022
Total gains or losses included in earnings	$	(485)	$	(10)	$	7,450	$	6,955
Change in unrealized gains or losses relating to assets still held at March 31, 2022	$	279	$	(12)	$	7,450	$	7,717
For the three months ended March 31, 2021
Total gains or losses included in earnings	$	(1,372)	$	365	$	8,365	$	7,358
Change in unrealized gains or losses relating to assets still held at March 31, 2021	$	1,855	$	195	$	8,365	$	10,415

Level 3 Inputs

The Company's significant Level 3 measurements, which employ unobservable inputs that are readily quantifiable, pertain to auction rate securities (ARS), investments in portfolio concerns held by the Company's private equity subsidiaries, and held for sale residential mortgage loan commitments. ARS are included in state and municipal securities and totaled $1.9 million at March 31, 2022, while private equity investments, included in other securities, totaled $153.4 million.

Information about these inputs is presented in the table below.

Quantitative Information about Level 3 Fair Value Measurements						Weighted
	Valuation Technique	Unobservable Input	Range			Average*
Auction rate securities	Discounted cash flow	Estimated market recovery period			5 years	5 years
		Estimated market rate	2.5%	-	3.0%	2.8%
Private equity investments	Market comparable companies	EBITDA multiple	4.0	-	6.0	5.4
Mortgage loan commitments	Discounted cash flow	Probability of funding	68.2%	-	100.0%	90.2%
		Embedded servicing value	—%	-	1.4%	1.1%

* Unobservable inputs were weighted by the relative fair value of the instruments.

Instruments Measured at Fair Value on a Nonrecurring Basis

For assets measured at fair value on a nonrecurring basis during the first three months of 2022 and 2021, and still held as of March 31, 2022 and 2021, the following table provides the adjustments to fair value recognized during the respective periods, the level of valuation inputs used to determine each adjustment, and the carrying value of the related individual assets or portfolios at March 31, 2022 and 2021.

			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, 2022
Mortgage servicing rights	11,360		—		—		11,360		304
Long-lived assets	497		—		—		497		(965)
March 31, 2021
Collateral dependent loans	$	11,233	$	—	$	—	$	11,233	$	(2,926)
Mortgage servicing rights	8,234		—		—		8,234		1,055

The Company's significant Level 3 measurements that are measured on a nonrecurring basis pertain to the Company's mortgage servicing rights retained on certain fixed rate personal real estate loan originations. Mortgage servicing rights are included in other intangible assets-net on the consolidated balance sheets, and information about these inputs is presented in the table below.

Quantitative Information about Level 3 Fair Value Measurements										Weighted
	Valuation Technique	Unobservable Input	Range							Average*
Mortgage servicing rights	Discounted cash flow	Discount rate	9.01		%	-	9.34		%	9.12		%
		Prepayment speeds (CPR)*	6.22		%	-	9.41		%	6.65		%
		Loan servicing costs - annually per loan
		Performing loans	$	70		-	$	72		$	71
		Delinquent loans	$	200		-	$	750
		Loans in foreclosure	$	1,000

*Ranges and weighted averages based on interest rate tranches.

The significant unobservable inputs used in the fair value measurement of the Company’s mortgage servicing rights are updated periodically for changes in market conditions. Actual rates may differ from our estimates. Increases in prepayment speed and discount rates negatively impact the fair value of our mortgage servicing rights.

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Fair Value Of Financial Instruments

3 Months Ended

Mar. 31, 2022

Fair Value Of Financial Instruments [Abstract]

Fair Value Of Financial Instruments

Fair Value of Financial Instruments

The carrying amounts and estimated fair values of financial instruments held by the Company are set forth below. Fair value estimates are made at a specific point in time based on relevant market information. They do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for many of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, risk characteristics and economic conditions. These estimates are subjective, involve uncertainties, and cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

The estimated fair values of the Company’s financial instruments and the classification of their fair value measurement within the valuation hierarchy are as follows at March 31, 2022 and December 31, 2021:

	Carrying Amount		Estimated Fair Value at March 31, 2022
(In thousands)			Level 1		Level 2		Level 3		Total
Financial Assets
Loans:
Business	$	5,508,508	$	—	$	—	$	5,406,516	$	5,406,516
Real estate - construction and land	1,144,411		—		—		1,129,894		1,129,894
Real estate - business	3,109,668		—		—		3,059,118		3,059,118
Real estate - personal	2,820,076		—		—		2,777,860		2,777,860
Consumer	2,053,160		—		—		2,043,692		2,043,692
Revolving home equity	264,401		—		—		261,985		261,985
Consumer credit card	544,579		—		—		508,944		508,944
Overdrafts	14,211		—		—		13,985		13,985
Total loans	15,459,014		—		—		15,201,994		15,201,994
Loans held for sale	8,908		—		8,908		—		8,908
Investment securities	15,016,882		1,136,827		13,680,011		200,044		15,016,882
Securities purchased under agreements to resell	1,825,000		—		—		1,801,227		1,801,227
Interest earning deposits with banks	1,260,813		1,260,813		—		—		1,260,813
Cash and due from banks	326,549		326,549		—		—		326,549
Derivative instruments	13,130		—		12,760		370		13,130
Assets held in trust for deferred compensation plan	20,403		20,403		—		—		20,403
Total	$	33,930,699	$	2,744,592	$	13,701,679	$	17,203,635	$	33,649,906
Financial Liabilities
Non-interest bearing deposits	$	11,428,372	$	11,428,372	$	—	$	—	$	11,428,372
Savings, interest checking and money market deposits	16,751,632		16,751,632		—		—		16,751,632
Certificates of deposit	1,139,337		—		—		1,124,978		1,124,978
Federal funds purchased	17,315		17,315		—		—		17,315
Securities sold under agreements to repurchase	2,300,146		—		—		2,300,267		2,300,267
Other borrowings	8,990		—		8,990		—		8,990
Derivative instruments	18,382		—		18,233		149		18,382
Liabilities held in trust for deferred compensation plan	20,403		20,403		—		—		20,403
Total	$	31,684,577	$	28,217,722	$	27,223	$	3,425,394	$	31,670,339

	Carrying Amount		Estimated Fair Value at December 31, 2021
(In thousands)			Level 1		Level 2		Level 3		Total
Financial Assets
Loans:
Business	$	5,303,535	$	—	$	—	$	5,229,153	$	5,229,153
Real estate - construction and land	1,118,266		—		—		1,099,747		1,099,747
Real estate - business	3,058,837		—		—		3,054,481		3,054,481
Real estate - personal	2,805,401		—		—		2,809,490		2,809,490
Consumer	2,032,225		—		—		2,031,408		2,031,408
Revolving home equity	275,945		—		—		273,450		273,450
Consumer credit card	575,410		—		—		536,468		536,468
Overdrafts	6,740		—		—		6,458		6,458
Total loans	15,176,359		—		—		15,040,655		15,040,655
Loans held for sale	8,615		—		8,615		—		8,615
Investment securities	14,695,628		1,087,873		13,413,558		194,197		14,695,628
Federal funds sold	2,800		2,800		—		—		2,800
Securities purchased under agreements to resell	1,625,000		—		—		1,623,856		1,623,856
Interest earning deposits with banks	3,971,217		3,971,217		—		—		3,971,217
Cash and due from banks	305,539		305,539		—		—		305,539
Derivative instruments	41,842		—		40,994		848		41,842
Assets held in trust for deferred compensation plan	21,794		21,794		—		—		21,794
Total	$	35,848,794	$	5,389,223	$	13,463,167	$	16,859,556	$	35,711,946
Financial Liabilities
Non-interest bearing deposits	$	11,772,374	$	11,772,374	$	—	$	—	$	11,772,374
Savings, interest checking and money market deposits	16,598,085		16,598,085		—		—		16,598,085
Certificates of deposit	1,442,614		—		—		1,438,919		1,438,919
Federal funds purchased	43,385		43,385		—		—		43,385
Securities sold under agreements to repurchase	2,979,582		—		—		2,979,677		2,979,677
Other borrowings	12,514		—		12,514		—		12,514
Derivative instruments	12,101		—		11,824		277		12,101
Liabilities held in trust for deferred compensation plan	21,794		21,794		—		—		21,794
Total	$	32,882,449	$	28,435,638	$	24,338	$	4,418,873	$	32,878,849

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Legal and Regulatory Proceedings	3 Months Ended
	Mar. 31, 2022
Legal Proceedings [Abstract]
Legal Matters and Contingencies [Text Block]	Legal and Regulatory ProceedingsThe Company has various legal proceedings pending at March 31, 2022, arising in the normal course of business. While some matters pending against the Company specify damages claimed by plaintiffs, others do not seek a specified amount of damages or are at early stages of the legal process. The Company records a loss accrual for all legal and regulatory matters for which it deems a loss is probable and can be reasonably estimated. Some matters, which are in the early stages, have not yet progressed to the point where a loss amount can be determined to be probable and estimable.

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Loans And Allowance For Credit Losses (Tables)

3 Months Ended

Mar. 31, 2022

Receivables [Abstract]

Summary Classification Of Held For Investment Loan Portfolio

Major classifications within the Company’s held for investment loan portfolio at March 31, 2022 and December 31, 2021 are as follows:

(In thousands)	March 31, 2022		December 31, 2021
Commercial:
Business	$	5,508,508	$	5,303,535
Real estate – construction and land	1,144,411		1,118,266
Real estate – business	3,109,668		3,058,837
Personal Banking:
Real estate – personal	2,820,076		2,805,401
Consumer	2,053,160		2,032,225
Revolving home equity	264,401		275,945
Consumer credit card	544,579		575,410
Overdrafts	14,211		6,740
Total loans	$	15,459,014	$	15,176,359

CECL Model Inputs

Key model assumptions in the Company’s allowance for credit loss model include the economic forecast, the reasonable and supportable period, forecasted macro-economic variables, prepayment assumptions and qualitative factors applied for portfolio composition changes, underwriting practices, or significant unique events or conditions. The assumptions utilized in estimating the Company’s allowance for credit losses at March 31, 2022 and December 31, 2021 are discussed below.

Key Assumption	March 31, 2022	December 31, 2021
Overall economic forecast	•Improving health situation supports positive economic momentum in the short term •Projects significant monetary policy tightening to rein in inflation •Projects continued high inflation •Uncertainties related to supply chain issues	•Continued recovery from the Global Coronavirus Recession (GCR) •Assumes improving health conditions •Assumes gradual easing of supply constraints •Continued uncertainty regarding the health crisis •Uncertainty regarding rising inflation
Reasonable and supportable period and related reversion period	•One year for commercial and personal banking loans •Reversion to historical average loss rates within two quarters using straight-line method	•One year for commercial and personal banking loans •Reversion to historical average loss rates within two quarters using straight-line method
Forecasted macro-economic variables	•Unemployment rate ranging from 3.6% to 3.4% during the supportable forecast period •Real GDP growth ranging from 2.6% to 3.7% •Prime rate from 4.0% to 5.2%	•Unemployment rate ranging from 4.1% to 3.7% during the supportable forecast period •Real GDP growth ranges from 5.0% to 3.4% •Prime rate of 3.25% through the second quarter of 2022, increasing to 3.5% by the end of 2022
Prepayment assumptions	Commercial loans •5% for most loan pools Personal banking loans •Ranging from 28.3% to 16.5% for most loan pools •66.0% for consumer credit cards	Commercial loans •5% for most loan pools Personal banking loans •Ranging from 28.0% to 16.5% for most loan pools •64.1% for consumer credit cards
Qualitative factors	Added qualitative factors related to: •Certain portfolios sensitive to pandemic economic uncertainties •Changes in the composition of the loan portfolios •Uncertainty related to unusually high rate of inflation, geopolitical environment, and supply chain issues •Loans downgraded to special mention, substandard, or non-accrual status	Added net reserves using qualitative processes related to: •Loans originated in our expansion markets, loans that are designated as shared national credits, and certain portfolios sensitive to pandemic economic uncertainties •Changes in the composition of the loan portfolios •Loans downgraded to special mention, substandard, or non-accrual status

Summary Of Activity In The Allowance For Credit Losses

A summary of the activity in the allowance for credit losses on loans and the liability for unfunded lending commitments during the three months ended March 31, 2022 and 2021, respectively, follows:

	For the Three Months Ended March 31, 2022
(In thousands)	Commercial		Personal Banking		Total
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period	$	97,776	$	52,268	$	150,044
Provision for credit losses on loans	(2,879)		(7,807)		(10,686)
Deductions:
Loans charged off	177		7,285		7,462
Less recoveries on loans	107		2,707		2,814
Net loan charge-offs (recoveries)	70		4,578		4,648
Balance March 31, 2022	$	94,827	$	39,883	$	134,710
LIABILITY FOR UNFUNDED LENDING COMMITMENTS
Balance at beginning of period	$	23,271	$	933	$	24,204
Provision for credit losses on unfunded lending commitments	509		319		828
Balance March 31, 2022	$	23,780	$	1,252	$	25,032
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS	$	118,607	$	41,135	$	159,742

	For the Three Months Ended March 31, 2021
(In thousands)	Commercial		Personal Banking		Total
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period	$	121,549	$	99,285	$	220,834
Provision for credit losses on loans	(1,909)		(8,446)		(10,355)
Deductions:
Loans charged off	232		12,709		12,941
Less recoveries on loans	215		2,774		2,989
Net loan charge-offs	17		9,935		9,952
Balance March 31, 2021	$	119,623	$	80,904	$	200,527
LIABILITY FOR UNFUNDED LENDING COMMITMENTS
Balance at beginning of period	$	37,259	$	1,048	$	38,307
Provision for credit losses on unfunded lending commitments	4,254		(131)		4,123
Balance March 31, 2021	$	41,513	$	917	$	42,430
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS	$	161,136	$	81,821	$	242,957

Aging Information On Past Due And Nonaccrual Loans

The following table provides aging information on the Company’s past due and accruing loans, in addition to the balances of loans on non-accrual status, at March 31, 2022 and December 31, 2021.

(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, 2022
Commercial:
Business	$	5,494,664	$	6,747	$	341	$	6,756	$	5,508,508
Real estate – construction and land	1,144,411		—		—		—		1,144,411
Real estate – business	3,105,452		4,026		—		190		3,109,668
Personal Banking:
Real estate – personal	2,811,330		5,076		2,281		1,389		2,820,076
Consumer	2,031,680		18,890		2,590		—		2,053,160
Revolving home equity	262,799		748		854		—		264,401
Consumer credit card	535,482		4,493		4,604		—		544,579
Overdrafts	13,891		320		—		—		14,211
Total	$	15,399,709	$	40,300	$	10,670	$	8,335	$	15,459,014
December 31, 2021
Commercial:
Business	$	5,292,125	$	3,621	$	477	$	7,312	$	5,303,535
Real estate – construction and land	1,117,434		832		—		—		1,118,266
Real estate – business	3,058,566		57		—		214		3,058,837
Personal Banking:
Real estate – personal	2,796,662		4,125		2,983		1,631		2,805,401
Consumer	2,005,556		24,458		2,211		—		2,032,225
Revolving home equity	274,372		772		801		—		275,945
Consumer credit card	565,335		4,821		5,254		—		575,410
Overdrafts	6,425		315		—		—		6,740
Total	$	15,116,475	$	39,001	$	11,726	$	9,157	$	15,176,359

Risk Category of Loans in Commercial Portfolio

The risk category of loans in the Commercial portfolio as of March 31, 2022 and December 31, 2021 are as follows:

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Total
March 31, 2022
Business
Risk Rating:
Pass	$	305,308	$	1,246,520	$	644,426	$	533,462	$	219,320	$	368,615	$	2,106,483	$	5,424,134
Special mention	2,622		976		83		1,315		11,452		8,138		2,806		27,392
Substandard	2,437		1,230		1,110		7,172		4,530		10,503		23,244		50,226
Non-accrual	302		86		—		—		1,462		4,906		—		6,756
Total Business:	$	310,669	$	1,248,812	$	645,619	$	541,949	$	236,764	$	392,162	$	2,132,533	$	5,508,508
Real estate-construction
Risk Rating:
Pass	$	155,429	$	591,643	$	249,882	$	53,869	$	1,236	$	2,800	$	13,968	$	1,068,827
Special mention	—		19,474		—		—		976		—		—		20,450
Substandard	—		15,486		11,600		—		14,891		13,157		—		55,134
Total Real estate-construction:	$	155,429	$	626,603	$	261,482	$	53,869	$	17,103	$	15,957	$	13,968	$	1,144,411
Real estate-business
Risk Rating:
Pass	$	232,411	$	726,266	$	687,933	$	514,629	$	206,324	$	378,239	$	83,578	$	2,829,380
Special mention	—		3,537		30,657		8,995		34,319		2,345		—		79,853
Substandard	589		15,589		62,170		12,993		4,867		103,044		993		200,245
Non-accrual	—		—		—		—		173		17		—		190
Total Real estate-business:	$	233,000	$	745,392	$	780,760	$	536,617	$	245,683	$	483,645	$	84,571	$	3,109,668
Commercial loans
Risk Rating:
Pass	$	693,148	$	2,564,429	$	1,582,241	$	1,101,960	$	426,880	$	749,654	$	2,204,029	$	9,322,341
Special mention	2,622		23,987		30,740		10,310		46,747		10,483		2,806		127,695
Substandard	3,026		32,305		74,880		20,165		24,288		126,704		24,237		305,605
Non-accrual	302		86		—		—		1,635		4,923		—		6,946
Total Commercial loans:	$	699,098	$	2,620,807	$	1,687,861	$	1,132,435	$	499,550	$	891,764	$	2,231,072	$	9,762,587

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2021		2020		2019		2018		2017		Prior		Revolving Loans Amortized Cost Basis		Total
December 31, 2021
Business
Risk Rating:
Pass	$	1,473,869	$	704,157	$	554,759	$	248,739	$	159,238	$	270,454	$	1,795,073	$	5,206,289
Special mention	1,785		126		17,576		12,050		1,490		3,232		16,545		52,804
Substandard	836		1,191		8,855		4,936		1		10,775		10,536		37,130
Non-accrual	430		—		1		1,549		—		5,332		—		7,312
Total Business:	$	1,476,920	$	705,474	$	581,191	$	267,274	$	160,729	$	289,793	$	1,822,154	$	5,303,535
Real estate-construction
Risk Rating:
Pass	$	598,734	$	346,507	$	66,985	$	2,110	$	2,655	$	2,252	$	13,230	$	1,032,473
Special mention	44,649		—		—		985		—		—		—		45,634
Substandard	485		11,620		—		14,896		13,158		—		—		40,159
Total Real estate-construction:	$	643,868	$	358,127	$	66,985	$	17,991	$	15,813	$	2,252	$	13,230	$	1,118,266
Real estate- business
Risk Rating:
Pass	$	775,561	$	712,173	$	551,697	$	230,138	$	170,888	$	254,489	$	76,641	$	2,771,587
Special mention	4,011		30,322		10,500		37,576		2,068		2,103		1		86,581
Substandard	17,079		62,939		12,930		2,326		58,934		45,265		982		200,455
Non-accrual	—		—		—		189		—		25		—		214
Total Real-estate business:	$	796,651	$	805,434	$	575,127	$	270,229	$	231,890	$	301,882	$	77,624	$	3,058,837
Commercial loans
Risk Rating:
Pass	$	2,848,164	$	1,762,837	$	1,173,441	$	480,987	$	332,781	$	527,195	$	1,884,944	$	9,010,349
Special mention	50,445		30,448		28,076		50,611		3,558		5,335		16,546		185,019
Substandard	18,400		75,750		21,785		22,158		72,093		56,040		11,518		277,744
Non-accrual	430		—		1		1,738		—		5,357		—		7,526
Total Commercial loans:	$	2,917,439	$	1,869,035	$	1,223,303	$	555,494	$	408,432	$	593,927	$	1,913,008	$	9,480,638

Risk Category of Loans in Personal Banking Portfolio

The credit quality of Personal Banking loans is monitored primarily on the basis of aging/delinquency, and this information is provided as of March 31, 2022 and December 31, 2021 below:

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Total
March 31, 2022
Real estate-personal
Current to 90 days past due	$	144,994	$	668,179	$	853,063	$	328,209	$	150,144	$	661,855	$	9,962	$	2,816,406
Over 90 days past due	—		192		962		126		114		887		—		2,281
Non-accrual	—		—		—		182		107		1,100		—		1,389
Total Real estate-personal:	$	144,994	$	668,371	$	854,025	$	328,517	$	150,365	$	663,842	$	9,962	$	2,820,076
Consumer
Current to 90 days past due	$	208,522	$	504,841	$	310,052	$	165,881	$	66,175	$	102,869	$	692,230	$	2,050,570
Over 90 days past due	—		283		157		243		200		444		1,263		2,590
Total Consumer:	$	208,522	$	505,124	$	310,209	$	166,124	$	66,375	$	103,313	$	693,493	$	2,053,160
Revolving home equity
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	263,547	$	263,547
Over 90 days past due	—		—		—		—		—		—		854		854
Total Revolving home equity:	$	—	$	—	$	—	$	—	$	—	$	—	$	264,401	$	264,401
Consumer credit card
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	539,975	$	539,975
Over 90 days past due	—		—		—		—		—		—		4,604		4,604
Total Consumer credit card:	$	—	$	—	$	—	$	—	$	—	$	—	$	544,579	$	544,579
Overdrafts
Current to 90 days past due	$	14,211	$	—	$	—	$	—	$	—	$	—	$	—	$	14,211
Total Overdrafts:	$	14,211	$	—	$	—	$	—	$	—	$	—	$	—	$	14,211
Personal banking loans
Current to 90 days past due	$	367,727	$	1,173,020	$	1,163,115	$	494,090	$	216,319	$	764,724	$	1,505,714	$	5,684,709
Over 90 days past due	—		475		1,119		369		314		1,331		6,721		10,329
Non-accrual	—		—		—		182		107		1,100		—		1,389
Total Personal banking loans:	$	367,727	$	1,173,495	$	1,164,234	$	494,641	$	216,740	$	767,155	$	1,512,435	$	5,696,427

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2021		2020		2019		2018		2017		Prior		Revolving Loans Amortized Cost Basis		Total
December 31, 2021
Real estate-personal
Current to 90 days past due	$	690,058	$	888,631	$	354,292	$	157,485	$	149,391	$	551,460	$	9,470	$	2,800,787
Over 90 days past due	133		1,150		298		124		97		1,181		—		2,983
Non-accrual	115		—		251		109		—		1,156		—		1,631
Total Real estate-personal:	$	690,306	$	889,781	$	354,841	$	157,718	$	149,488	$	553,797	$	9,470	$	2,805,401
Consumer
Current to 90 days past due	$	571,455	$	348,774	$	192,076	$	79,887	$	47,401	$	78,088	$	712,333	$	2,030,014
Over 90 days past due	283		335		257		250		74		351		661		2,211
Total Consumer:	$	571,738	$	349,109	$	192,333	$	80,137	$	47,475	$	78,439	$	712,994	$	2,032,225
Revolving home equity
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	275,144	$	275,144
Over 90 days past due	—		—		—		—		—		—		801		801
Total Revolving home equity:	$	—	$	—	$	—	$	—	$	—	$	—	$	275,945	$	275,945
Consumer credit card
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	570,156	$	570,156
Over 90 days past due	—		—		—		—		—		—		5,254		5,254
Total Consumer credit card:	$	—	$	—	$	—	$	—	$	—	$	—	$	575,410	$	575,410
Overdrafts
Current to 90 days past due	$	6,740	$	—	$	—	$	—	$	—	$	—	$	—	$	6,740
Total Overdrafts:	$	6,740	$	—	$	—	$	—	$	—	$	—	$	—	$	6,740
Personal banking loans
Current to 90 days past due	$	1,268,253	$	1,237,405	$	546,368	$	237,372	$	196,792	$	629,548	$	1,567,103	$	5,682,841
Over 90 days past due	416		1,485		555		374		171		1,532		6,716		11,249
Non-accrual	115		—		251		109		—		1,156		—		1,631
Total Personal banking loans:	$	1,268,784	$	1,238,890	$	547,174	$	237,855	$	196,963	$	632,236	$	1,573,819	$	5,695,721

Amortized Cost Basis of Collateral-Dependent Loans

The following table presents the amortized cost basis of collateral-dependent loans as of March 31, 2022 and December 31, 2021.

(In thousands)	Business Assets		Oil & Gas Assets		Total
March 31, 2022
Commercial:
Business	$	1,498	$	2,401	$	3,899
Total	$	1,498	$	2,401	$	3,899
December 31, 2021
Commercial:
Business	$	1,604	$	2,459	$	4,063
Total	$	1,604	$	2,459	$	4,063

Summary Of Loans In The Personal Banking Portfolio Percentage Of Balances Outstanding

For the remainder of loans in the Personal Banking portfolio, the table below shows the percentage of balances outstanding at March 31, 2022 and December 31, 2021 by FICO score.

Personal Banking Loans
	% of Loan Category
	Real Estate - Personal		Consumer		Revolving Home Equity		Consumer Credit Card
March 31, 2022
FICO score:
Under 600	.9	%	1.9	%	0.9	%	3.4	%
600 - 659	2.5		3.9		2.6		11.3
660 - 719	7.2		13.5		10.1		31.0
720 - 779	26.6		24.9		21.7		28.0
780 and over	62.8		55.8		64.7		26.3
Total	100.0	%	100.0	%	100.0	%	100.0	%
December 31, 2021
FICO score:
Under 600	1.0	%	1.9	%	0.9	%	3.4	%
600 - 659	2.4		3.9		2.6		11.3
660 - 719	7.4		13.8		9.4		29.9
720 - 779	25.2		25.3		20.4		28.2
780 and over	64.0		55.1		66.7		27.2
Total	100.0	%	100.0	%	100.0	%	100.0	%

Additional Information about Troubled Debt Restructurings

(In thousands)		March 31, 2022		December 31, 2021
Accruing restructured loans:
	Commercial	$	108,789	$	46,867
	Assistance programs	5,865		6,146
	Other consumer	4,681		4,787
Non-accrual loans		6,457		7,087
Total troubled debt restructurings		$	125,792	$	64,887

Outstanding Balance Of Loans Classified As Troubled Debt Restructurings

The table below shows the balance of troubled debt restructurings by loan classification at March 31, 2022, in addition to the outstanding balances of these restructured loans which the Company considers to have been in default at any time during the past twelve months. For purposes of this disclosure, the Company considers "default" to mean 90 days or more past due as to interest or principal.

(In thousands)	March 31, 2022		Balance 90 days past due at any time during previous 12 months
Commercial:
Business	$	30,254	$	—
Real estate - construction and land	10,101		—
Real estate - business	73,804		—
Personal Banking:
Real estate - personal	3,220		729
Consumer	20		—
Revolving home equity	2,637		282
Consumer credit card	5,756		518
Total troubled debt restructurings	$	125,792	$	1,529

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Investment Securities (Tables)

3 Months Ended

Mar. 31, 2022

Investment Securities [Abstract]

Summary Investment Holdings

(In thousands)	March 31, 2022		December 31, 2021
Available for sale debt securities	$	14,780,494	$	14,450,027
Trading debt securities	31,380		46,235
Equity securities:
Readily determinable fair value	6,866		7,153
No readily determinable fair value	2,418		2,049
Other:
Federal Reserve Bank stock	34,532		34,379
Federal Home Loan Bank stock	10,199		10,428
Equity method investments	1,434		1,834
Private equity investments	153,411		147,406
Total investment securities (1)	$	15,020,734	$	14,699,511

(1)Accrued interest receivable totaled $41.4 million and $39.5 million at March 31, 2022 and December 31, 2021, respectively, and was included within other assets on the consolidated balance sheets.

Summary Of Available For Sale Investment Securities By Maturity Groupings

A summary of the available for sale debt securities by maturity groupings as of March 31, 2022 is shown below. The investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as FHLMC, FNMA, and Government National Mortgage Association (GNMA), in addition to non-agency mortgage-backed securities, which have no guarantee but are collateralized by commercial and residential mortgages. Also included are certain other asset-backed securities, which are primarily collateralized by credit

cards, automobiles, student loans, and commercial loans. These securities differ from traditional debt securities primarily in that they may have uncertain maturity dates and are priced based on estimated prepayment rates on the underlying collateral.

(In thousands)	Amortized Cost		Fair Value
U.S. government and federal agency obligations:
Within 1 year	$	186,706	$	189,347
After 1 but within 5 years	746,460		746,770
After 5 but within 10 years	181,875		193,844
Total U.S. government and federal agency obligations	1,115,041		1,129,961
Government-sponsored enterprise obligations:
After 5 but within 10 years	5,000		5,000
After 10 years	50,765		46,390
Total government-sponsored enterprise obligations	55,765		51,390
State and municipal obligations:
Within 1 year	181,848		182,560
After 1 but within 5 years	735,420		730,637
After 5 but within 10 years	917,122		860,827
After 10 years	326,616		298,241
Total state and municipal obligations	2,161,006		2,072,265
Mortgage and asset-backed securities:
Agency mortgage-backed securities	5,774,953		5,441,374
Non-agency mortgage-backed securities	1,525,223		1,435,363
Asset-backed securities	4,121,388		4,011,361
Total mortgage and asset-backed securities	11,421,564		10,888,098
Other debt securities:
Within 1 year	121,215		121,629
After 1 but within 5 years	229,677		223,109
After 5 but within 10 years	312,426		285,620
After 10 years	9,260		8,422
Total other debt securities	672,578		638,780
Total available for sale debt securities	$	15,425,954	$	14,780,494

Securities With Unrealized Losses And Length Of Impairment Period

	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, 2022
U.S. government and federal agency obligations	$	390,451	$	13,082	$	—	$	—	$	390,451	$	13,082
Government-sponsored enterprise obligations	29,665		1,281		16,725		3,094		46,390		4,375
State and municipal obligations	1,204,526		80,379		136,076		15,435		1,340,602		95,814
Mortgage and asset-backed securities:
Agency mortgage-backed securities	4,009,914		242,976		987,082		96,265		4,996,996		339,241
Non-agency mortgage-backed securities	1,360,220		87,585		28,932		2,525		1,389,152		90,110
Asset-backed securities	3,439,877		106,785		149,894		6,339		3,589,771		113,124
Total mortgage and asset-backed securities	8,810,011		437,346		1,165,908		105,129		9,975,919		542,475
Other debt securities	326,917		17,622		148,487		16,683		475,404		34,305
Total	$	10,761,570	$	549,710	$	1,467,196	$	140,341	$	12,228,766	$	690,051
December 31, 2021
U.S. government and federal agency obligations	$	296,492	$	2,241	$	—	$	—	$	296,492	$	2,241
Government-sponsored enterprise obligations	—		—		18,899		919		18,899		919
State and municipal obligations	876,691		15,874		32,684		1,049		909,375		16,923
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,333,691		59,044		265,835		8,720		3,599,526		67,764
Non-agency mortgage-backed securities	1,285,611		17,222		1,948		19		1,287,559		17,241
Asset-backed securities	2,518,935		19,201		87,893		525		2,606,828		19,726
Total mortgage and asset-backed securities	7,138,237		95,467		355,676		9,264		7,493,913		104,731
Other debt securities	270,409		5,098		58,574		3,017		328,983		8,115
Total	$	8,581,829	$	118,680	$	465,833	$	14,249	$	9,047,662	$	132,929

Available For Sale Securities Unrealized Gains And Losses By Security Type

For debt securities classified as available for sale, the following table shows the amortized cost, fair value, and allowance for credit losses of securities available for sale at March 31, 2022 and December 31, 2021, and the corresponding amounts of gross unrealized gains and losses (pre-tax) in AOCI, by security type.

(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
March 31, 2022
U.S. government and federal agency obligations	$	1,115,041	$	28,002	$	(13,082)	$	—	$	1,129,961
Government-sponsored enterprise obligations	55,765		—		(4,375)		—		51,390
State and municipal obligations	2,161,006		7,073		(95,814)		—		2,072,265
Mortgage and asset-backed securities:
Agency mortgage-backed securities	5,774,953		5,662		(339,241)		—		5,441,374
Non-agency mortgage-backed securities	1,525,223		250		(90,110)		—		1,435,363
Asset-backed securities	4,121,388		3,097		(113,124)		—		4,011,361
Total mortgage and asset-backed securities	11,421,564		9,009		(542,475)		—		10,888,098
Other debt securities	672,578		507		(34,305)		—		638,780
Total	$	15,425,954	$	44,591	$	(690,051)	$	—	$	14,780,494
December 31, 2021
U.S. government and federal agency obligations	$	1,035,477	$	47,484	$	(2,241)	$	—	$	1,080,720
Government-sponsored enterprise obligations	50,773		1,901		(919)		—		51,755
State and municipal obligations	2,072,210		41,540		(16,923)		—		2,096,827
Mortgage and asset-backed securities:
Agency mortgage-backed securities	5,698,088		52,676		(67,764)		—		5,683,000
Non-agency mortgage-backed securities	1,383,037		681		(17,241)		—		1,366,477
Asset-backed securities	3,546,024		12,921		(19,726)		—		3,539,219
Total mortgage and asset-backed securities	10,627,149		66,278		(104,731)		—		10,588,696
Other debt securities	633,524		6,620		(8,115)		—		632,029
Total	$	14,419,133	$	163,823	$	(132,929)	$	—	$	14,450,027

Proceeds From Sales Of Securities And Components Of Investment Securities Gains And Losses

The following table presents proceeds from sales of securities and the components of investment securities gains and losses which have been recognized in earnings.

	For the Three Months Ended March 31
(In thousands)	2022		2021
Proceeds from sales of securities:
Other investments	$	1,745	$	9,292
Total proceeds	$	1,745	$	9,292
Investment securities gains (losses), net:
Equity securities:
Fair value adjustments, net	$	(287)	$	(35)
Other:
Gains realized on sales	—		1,523
Fair value adjustments, net	7,450		8,365
Total investment securities gains, net	$	7,163	$	9,853

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Goodwill And Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule Of Intangible Assets With Estimable Useful Lives

The following table presents information about the Company's intangible assets which have estimable useful lives.

	March 31, 2022								December 31, 2021
(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	$	31,270	$	(30,345)	$	—	$	925	$	31,270	$	(30,266)	$	—	$	1,004
Mortgage servicing rights	21,490		(10,130)		—		11,360		20,870		(9,600)		(304)		10,966
Total	$	52,760	$	(40,475)	$	—	$	12,285	$	52,140	$	(39,866)	$	(304)	$	11,970

Schedule of Estimated Annual Amortization Expense

The following table shows the estimated annual amortization expense for the next five fiscal years. This expense is based on existing asset balances and the interest rate environment as of March 31, 2022. The Company’s actual amortization expense in any given period may be different from the estimated amounts depending upon the acquisition of intangible assets, changes in mortgage interest rates, prepayment rates and other market conditions.

(In thousands)
2022	$	1,785
2023	1,402
2024	1,240
2025	1,088
2026	945

Schedule Of Changes In Carrying Amount Of Goodwill And Net Other Intangible Assets

Changes in the carrying amount of goodwill and net other intangible assets for the three month period ended March 31, 2022 are as follows:

(In thousands)	Goodwill		Easement		Core Deposit Premium		Mortgage Servicing Rights
Balance January 1, 2022	$	138,921	$	3,600	$	1,004	$	10,966
Originations, net of disposals	—		—		—		620
Amortization	—		—		(79)		(530)
Impairment recovery	—		—		—		304
Balance March 31, 2022	$	138,921	$	3,600	$	925	$	11,360

Schedule Of Goodwill Allocated By Operating Segments

Goodwill allocated to the Company’s operating segments at March 31, 2022 and December 31, 2021 is shown below.

(In thousands)
Consumer segment	$	70,721
Commercial segment	67,454
Wealth segment	746
Total goodwill	$	138,921

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Leases (Tables)

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Lessor, Components of Lease Income [Table Text Block]

The following table provides the components of lease income.

	For the Three Months Ended March 31
(in thousands)	2022		2021
Direct financing and sales-type leases	$	5,247	$	6,121
Operating leases(a)	2,184		2,074
Total lease income	$	7,431	$	8,195

(a) Includes rent from Tower Properties Company, a related party, of $19 thousand for the three month periods ended March 31, 2022 and 2021

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Pension (Tables)

3 Months Ended

Mar. 31, 2022

Pension [Abstract]

Net Pension Cost

The amount of net pension cost is shown in the table below:

	For the Three Months Ended March 31
(In thousands)	2022		2021
Service cost - benefits earned during the period	$	132	$	95
Interest cost on projected benefit obligation	665		556
Expected return on plan assets	(1,126)		(1,124)
Amortization of prior service cost	(68)		(68)
Amortization of unrecognized net loss	498		651
Net periodic pension cost	$	101	$	110

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Common Stock (Tables)

3 Months Ended

Mar. 31, 2022

Common Stock [Abstract]

Summary Of Components Used To Calculate Basic And Diluted Income Per Share

Presented below is a summary of the components used to calculate basic and diluted income per share. The Company applies the two-class method of computing income per share, as nonvested share-based awards that pay nonforfeitable common stock dividends are considered securities which participate in undistributed earnings with common stock. The two-class method requires the calculation of separate income per share amounts for the nonvested share-based awards and for common stock. Income per share attributable to common stock is shown in the table below. Nonvested share-based awards are further discussed in Note 13.

	For the Three Months Ended March 31
(In thousands, except per share data)	2022		2021
Basic income per common share:
Net income attributable to Commerce Bancshares, Inc.	$	118,154	$	130,972
Less income allocated to nonvested restricted stock	1,070		1,200
Net income allocated to common stock	$	117,084	$	129,772
Weighted average common shares outstanding	120,324		122,073
Basic income per common share	$	.97	$	1.06
Diluted income per common share:
Net income attributable to Commerce Bancshares, Inc.	$	118,154	$	130,972
Less income allocated to nonvested restricted stock	1,068		1,198
Net income allocated to common stock	$	117,086	$	129,774
Weighted average common shares outstanding	120,324		122,073
Net effect of the assumed exercise of stock-based awards - based on the treasury stock method using the average market price for the respective periods	292		329
Weighted average diluted common shares outstanding	120,616		122,402
Diluted income per common share	$	.97	$	1.06

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Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

The table below shows the activity and accumulated balances for components of other comprehensive income. Information about unrealized gains and losses on securities can be found in Note 3, and information about unrealized gains and losses on cash flow hedge derivatives is located in Note 11.

	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, 2022	$	23,174	$	(20,668)	$	74,574	$	77,080
Other comprehensive loss before reclassifications to current earnings	(676,353)		—		—		(676,353)
Amounts reclassified to current earnings from accumulated other comprehensive income	—		430		(6,050)		(5,620)
Current period other comprehensive income (loss), before tax	(676,353)		430		(6,050)		(681,973)
Income tax (expense) benefit	169,088		(107)		1,512		170,493
Current period other comprehensive income (loss), net of tax	(507,265)		323		(4,538)		(511,480)
Balance March 31, 2022	$	(484,091)	$	(20,345)	$	70,036	$	(434,400)
Balance January 1, 2021	$	263,801	$	(25,118)	$	92,694	$	331,377
Other comprehensive income (loss) before reclassifications to current earnings	(211,569)		—		—		(211,569)
Amounts reclassified to current earnings from accumulated other comprehensive income	—		583		(5,848)		(5,265)
Current period other comprehensive income (loss), before tax	(211,569)		583		(5,848)		(216,834)
Income tax (expense) benefit	52,893		(146)		1,462		54,209
Current period other comprehensive income (loss), net of tax	(158,676)		437		(4,386)		(162,625)
Balance March 31, 2021	$	105,125	$	(24,681)	$	88,308	$	168,752

(1) The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "investment securities gains (losses), net" in the consolidated statements of income.

(2) The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "interest and fees on loans" in the consolidated statements of income.

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Segments (Tables)

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Schedule Of Financial Information By Segment

The following table presents selected financial information by segment and reconciliations of combined segment totals to consolidated totals. There were no material intersegment revenues between the three segments. Management periodically makes changes to methods of assigning costs and income to its business segments to better reflect operating results. If appropriate, these changes are reflected in prior year information presented below.

(In thousands)	Consumer		Commercial		Wealth		Segment Totals		Other/Elimination		Consolidated Totals
Three Months Ended March 31, 2022
Net interest income	$	79,896	$	109,530	$	18,868	$	208,294	$	492	$	208,786
Provision for credit losses	(4,498)		(82)		(26)		(4,606)		14,464		9,858
Non-interest income	28,354		53,651		53,206		135,211		(3,442)		131,769
Investment securities gains, net	—		—		—		—		7,163		7,163
Non-interest expense	(72,994)		(89,524)		(36,286)		(198,804)		(6,844)		(205,648)
Income before income taxes	$	30,758	$	73,575	$	35,762	$	140,095	$	11,833	$	151,928
Three Months Ended March 31, 2021
Net interest income	$	77,939	$	110,565	$	17,457	$	205,961	$	(213)	$	205,748
Provision for credit losses	(9,901)		(27)		5		(9,923)		16,155		6,232
Non-interest income	38,248		50,728		50,985		139,961		(3,916)		136,045
Investment securities gains, net	—		—		—		—		9,853		9,853
Non-interest expense	(70,369)		(79,281)		(33,043)		(182,693)		(9,880)		(192,573)
Income before income taxes	$	35,917	$	81,985	$	35,404	$	153,306	$	11,999	$	165,305

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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Derivative Instrument Detail [Abstract]

Schedule Of Notional Amounts Of Derivative Instruments

(In thousands)	March 31, 2022		December 31, 2021
Interest rate swaps	$	2,177,130	$	2,229,419
Interest rate caps	221,293		152,058
Credit risk participation agreements	475,944		485,633
Foreign exchange contracts	2,797		5,119
Mortgage loan commitments	19,638		21,787
Mortgage loan forward sale contracts	638		1,165
Forward TBA contracts	18,500		21,000
Total notional amount	$	2,915,940	$	2,916,181

Schedule Of Fair Values Of Derivative Instruments

The fair values of the Company's derivative instruments, whose notional amounts are listed above, are shown in the table below. Information about the valuation methods used to determine fair value is provided in Note 17 on Fair Value Measurements in the 2021 Annual Report on Form 10-K.

The Company's policy is to present its derivative assets and derivative liabilities on a gross basis in its consolidated balance sheets, and these are reported in other assets and other liabilities. Certain collateral posted to and from the Company's clearing counterparty has been applied to the fair values of the cleared swaps, such that at March 31, 2022 in the table below, the positive fair values of cleared swaps were reduced by $11.3 million and the negative fair values of cleared swaps were reduced by $5.5 million. At December 31, 2021, positive fair values of cleared swaps were reduced by $587 thousand and the negative fair values of cleared swaps were reduced by $29.7 million.

	Asset Derivatives				Liability Derivatives
	Mar. 31, 2022		Dec. 31, 2021		Mar. 31, 2022		Dec. 31, 2021
(In thousands)	Fair Value				Fair Value
Derivative instruments:
Interest rate swaps	$	11,236	$	40,752	$	(17,075)	$	(11,606)
Interest rate caps	1,137		147		(1,137)		(147)
Credit risk participation agreements	68		84		(126)		(277)
Foreign exchange contracts	28		77		(11)		(45)
Mortgage loan commitments	302		764		(23)		—
Mortgage loan forward sale contracts	4		5		—		(1)
Forward TBA contracts	355		13		(10)		(25)
Total	$	13,130	$	41,842	$	(18,382)	$	(12,101)

Summary of Cash Flow Hedge Activity [Table Text Block]

The pre-tax effects of derivative instruments on the consolidated statements of income and consolidated statements of comprehensive income are shown in the tables below.

	Amount of Gain or (Loss) Recognized in OCI						Location of Gain (Loss) Reclassified from AOCI into Income	Amount of Gain (Loss) Reclassified from AOCI into Income
(In thousands)	Total		Included Component		Excluded Component			Total		Included Component		Excluded Component
For the Three Months Ended March 31, 2022
Derivatives in cash flow hedging relationships:
Interest rate floors	$	—	$	—	$	—	Interest and fees on loans	$	(6,050)	$	(7,566)	$	1,516
Total	$	—	$	—	$	—	Total	$	(6,050)	$	(7,566)	$	1,516
For the Three Months Ended March 31, 2021
Derivatives in cash flow hedging relationships:
Interest rate floors	$	—	$	—	$	—	Interest and fees on loans	$	(5,848)	$	(7,364)	$	1,516
Total	$	—	$	—	$	—	Total	$	(5,848)	$	(7,364)	$	1,516

Summary Of The Effects Of Derivative Instruments On Consolidated Statements Of Income

	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)		2022		2021
Derivative instruments:
Interest rate swaps	Other non-interest income	$	812	$	1,075
Interest rate caps	Other non-interest income	16		15
Credit risk participation agreements	Other non-interest income	(10)		365
Foreign exchange contracts	Other non-interest income	(14)		96
Mortgage loan commitments	Loan fees and sales	(485)		(1,372)
Mortgage loan forward sale contracts	Loan fees and sales	—		39
Forward TBA contracts	Loan fees and sales	1,243		2,906
Total		$	1,562	$	3,124

Balance Sheet Offsetting, Derivatives [Table Text Block]

							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, 2022
Assets:
Derivatives subject to master netting agreements	$	12,805	$	—	$	12,805	$	(2,036)	$	(1,298)	$	9,471
Derivatives not subject to master netting agreements	325		—		325
Total derivatives	$	13,130	$	—	$	13,130
Liabilities:
Derivatives subject to master netting agreements	$	18,308	$	—	$	18,308	$	(2,036)	$	(1,035)	$	15,237
Derivatives not subject to master netting agreements	74		—		74
Total derivatives	$	18,382	$	—	$	18,382
December 31, 2021
Assets:
Derivatives subject to master netting agreements	$	40,970	$	—	$	40,970	$	(347)	$	—	$	40,623
Derivatives not subject to master netting agreements	872		—		872
Total derivatives	$	41,842	$	—	$	41,842
Liabilities:
Derivatives subject to master netting agreements	$	12,019	$	—	$	12,019	$	(347)	$	(10,146)	$	1,526
Derivatives not subject to master netting agreements	82		—		82
Total derivatives	$	12,101	$	—	$	12,101

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Resale and Repurchase Agreements (Tables)

3 Months Ended

Mar. 31, 2022

Resale and Repurchase Agreements [Abstract]

Resale and Repurchase Agreements [Table Text Block]

							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, 2022
Total resale agreements, subject to master netting arrangements	$	2,025,000	$	(200,000)	$	1,825,000	$	—	$	(1,825,000)	$	—
Total repurchase agreements, subject to master netting arrangements	2,500,146		(200,000)		2,300,146		—		(2,300,146)		—
December 31, 2021
Total resale agreements, subject to master netting arrangements	$	2,025,000	$	(400,000)	$	1,625,000	$	—	$	(1,625,000)	$	—
Total repurchase agreements, subject to master netting arrangements	3,379,582		(400,000)		2,979,582		—		(2,979,582)		—

Schedule of Underlying Assets of Repurchase Agreements [Table Text Block]

	Remaining Contractual Maturity of the Agreements
(In thousands)	Overnight and continuous		Up to 90 days		Greater than 90 days		Total
March 31, 2022
Repurchase agreements, secured by:
U.S. government and federal agency obligations	$	353,708	$	23,631	$	6,258	$	383,597
Agency mortgage-backed securities	1,572,433		1,207		209,245		1,782,885
Non-agency mortgage-backed securities	24,953		—		—		24,953
Asset-backed securities	290,783		—		—		290,783
Other debt securities	17,928		—		—		17,928
Total repurchase agreements, gross amount recognized	$	2,259,805	$	24,838	$	215,503	$	2,500,146
December 31, 2021
Repurchase agreements, secured by:
U.S. government and federal agency obligations	$	600,866	$	33,373	$	9,259	$	643,498
Agency mortgage-backed securities	1,844,652		3,908		400,250		2,248,810
Non-agency mortgage-backed securities	32,299		—		—		32,299
Asset-backed securities	422,525		—		—		422,525
Other debt securities	32,450		—		—		32,450
Total repurchase agreements, gross amount recognized	$	2,932,792	$	37,281	$	409,509	$	3,379,582

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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement, Noncash Expense [Abstract]

Summary Of The Status Of Nonvested Share Awards

A summary of the status of the Company’s nonvested share awards as of March 31, 2022, and changes during the three month period then ended, is presented below.

	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2022	1,120,491	$55.58
Granted	225,152	70.92
Vested	(238,899)	47.60
Forfeited	(3,088)	55.13
Nonvested at March 31, 2022	1,103,656	$60.44

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The current year per share average fair value and the model assumptions are shown in the table below.

Weighted per share average fair value at grant date	$17.42
Assumptions:
Dividend yield	1.5	%
Volatility	28.4	%
Risk-free interest rate	1.6	%
Expected term	5.7 years

Summary Of SAR Activity

A summary of SAR activity during the first three months of 2022 is presented below.

(Dollars in thousands, except per share data)	Rights	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	896,348	$	46.21
Granted	96,318	70.64
Forfeited	(1,797)	58.26
Expired	(257)	57.18
Exercised	(23,137)	44.54
Outstanding at March 31, 2022	967,475	$	48.65	6.0 years	$	22,190

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Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

The following table disaggregates non-interest income subject to ASC 606 by major product line.

	Three Months Ended March 31
(In thousands)	2022		2021
Bank card transaction fees	$	42,045	$	37,695
Trust fees	47,811		44,127
Deposit account charges and other fees	22,307		22,575
Consumer brokerage services	4,446		4,081
Other non-interest income	4,495		7,696
Total non-interest income from contracts with customers	121,104		116,174
Other non-interest income (1)	10,665		19,871
Total non-interest income	$	131,769	$	136,045

(1) This revenue is not within the scope of ASC 606, and includes fees relating to capital market activities, loan fees and sales, derivative instruments, standby letters of credit and various other transactions.

Contract with Customer, Asset and Liability [Table Text Block]

The following table presents the opening and closing receivable balances for the three month periods ended March 31, 2022 and 2021 for the Company’s significant revenue categories subject to ASC 606.

(In thousands)	March 31, 2022		December 31, 2021		March 31, 2021		December 31, 2020
Bank card transaction fees	$	14,171	$	16,424	$	12,437	$	14,199
Trust fees	2,094		2,222		2,017		2,071
Deposit account charges and other fees	5,452		6,702		5,281		6,933
Consumer brokerage services	324		391		323		432

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Measurements [Abstract]

Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis

The table below presents the March 31, 2022 and December 31, 2021 carrying values of assets and liabilities measured at fair value on a recurring basis. There were no transfers among levels during the first three months of 2022 or the year ended December 31, 2021.

			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, 2022
Assets:
Residential mortgage loans held for sale	$	3,901	$	—	$	3,901	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	1,129,961		1,129,961		—		—
Government-sponsored enterprise obligations	51,390		—		51,390		—
State and municipal obligations	2,072,265		—		2,070,363		1,902
Agency mortgage-backed securities	5,441,374		—		5,441,374		—
Non-agency mortgage-backed securities	1,435,363		—		1,435,363		—
Asset-backed securities	4,011,361		—		4,011,361		—
Other debt securities	638,780		—		638,780		—
Trading debt securities	31,380		—		31,380		—
Equity securities	6,866		6,866		—		—
Private equity investments	153,411		—		—		153,411
Derivatives *	13,130		—		12,760		370
Assets held in trust for deferred compensation plan	20,403		20,403		—		—
Total assets	15,009,585		1,157,230		13,696,672		155,683
Liabilities:
Derivatives *	18,382		—		18,233		149
Liabilities held in trust for deferred compensation plan	20,403		20,403		—		—
Total liabilities	$	38,785	$	20,403	$	18,233	$	149
December 31, 2021
Assets:
Residential mortgage loans held for sale	$	5,570	$	—	$	5,570	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	1,080,720		1,080,720		—		—
Government-sponsored enterprise obligations	51,755		—		51,755		—
State and municipal obligations	2,096,827		—		2,094,843		1,984
Agency mortgage-backed securities	5,683,000		—		5,683,000		—
Non-agency mortgage-backed securities	1,366,477		—		1,366,477		—
Asset-backed securities	3,539,219		—		3,539,219		—
Other debt securities	632,029		—		632,029		—
Trading debt securities	46,235		—		46,235		—
Equity securities	7,153		7,153		—		—
Private equity investments	147,406		—		—		147,406
Derivatives *	41,842		—		40,994		848
Assets held in trust for deferred compensation plan	21,794		21,794		—		—
Total assets	14,720,027		1,109,667		13,460,122		150,238
Liabilities:
Derivatives *	12,101		—		11,824		277
Liabilities held in trust for deferred compensation plan	21,794		21,794		—		—
Total liabilities	$	33,895	$	21,794	$	11,824	$	277

* The fair value of each class of derivative is shown in Note 11.

Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis

The changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:

	Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
(In thousands)	State and Municipal Obligations		Private Equity Investments		Derivatives		Total
For the three months ended March 31, 2022
Balance January 1, 2022	$	1,984	$	147,406	$	571	$	149,961
Total gains or losses (realized/unrealized):
Included in earnings	—		7,450		(495)		6,955
Included in other comprehensive income *	(83)		—		—		(83)
Discount accretion	1		—		—		1
Purchases of private equity investments	—		300		—		300
Sale/pay down of private equity investments	—		(1,745)		—		(1,745)
Purchase of risk participation agreement	—		—		145		145
Balance March 31, 2022	$	1,902	$	153,411	$	221	$	155,534
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2022	$	—	$	7,450	$	267	$	7,717
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2022	$	(83)	$	—	$	—	$	(83)

For the three months ended March 31, 2021
Balance January 1, 2021	$	7,968	$	94,368	$	2,741	$	105,077
Total gains or losses (realized/unrealized):
Included in earnings	—		8,365		(1,007)		7,358
Included in other comprehensive income *	(1)		—		—		(1)
Discount accretion	3		—		—		3
Sale/pay down of private equity investments	—		(8,476)		—		(8,476)
Sale of risk participation agreement	—		—		(98)		(98)
Balance March 31, 2021	$	7,970	$	94,257	$	1,636	$	103,863
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2021	$	—	$	8,365	$	2,050	$	10,415
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2021	$	(1)	$	—	$	—	$	(1)

* Included in "net unrealized gains (losses) on other securities" in the consolidated statements of comprehensive income.

Summary Of Gains And Losses On Level 3 Assets And Liabilities

Gains and losses included in earnings for the Level 3 assets and liabilities in the previous table are reported in the following line items in the consolidated statements of income:

(In thousands)	Loan Fees and Sales		Other Non-Interest Income		Investment Securities Gains (Losses), Net		Total
For the three months ended March 31, 2022
Total gains or losses included in earnings	$	(485)	$	(10)	$	7,450	$	6,955
Change in unrealized gains or losses relating to assets still held at March 31, 2022	$	279	$	(12)	$	7,450	$	7,717
For the three months ended March 31, 2021
Total gains or losses included in earnings	$	(1,372)	$	365	$	8,365	$	7,358
Change in unrealized gains or losses relating to assets still held at March 31, 2021	$	1,855	$	195	$	8,365	$	10,415

Summary Of Quantitative Information About Level 3 Fair Value Measurements

The Company's significant Level 3 measurements, which employ unobservable inputs that are readily quantifiable, pertain to auction rate securities (ARS), investments in portfolio concerns held by the Company's private equity subsidiaries, and held for sale residential mortgage loan commitments. ARS are included in state and municipal securities and totaled $1.9 million at March 31, 2022, while private equity investments, included in other securities, totaled $153.4 million.

Information about these inputs is presented in the table below.

Quantitative Information about Level 3 Fair Value Measurements						Weighted
	Valuation Technique	Unobservable Input	Range			Average*
Auction rate securities	Discounted cash flow	Estimated market recovery period			5 years	5 years
		Estimated market rate	2.5%	-	3.0%	2.8%
Private equity investments	Market comparable companies	EBITDA multiple	4.0	-	6.0	5.4
Mortgage loan commitments	Discounted cash flow	Probability of funding	68.2%	-	100.0%	90.2%
		Embedded servicing value	—%	-	1.4%	1.1%

* Unobservable inputs were weighted by the relative fair value of the instruments.

Schedule Of Fair Value Disclosures Measured On Nonrecurring Basis [Table Text Block]

For assets measured at fair value on a nonrecurring basis during the first three months of 2022 and 2021, and still held as of March 31, 2022 and 2021, the following table provides the adjustments to fair value recognized during the respective periods, the level of valuation inputs used to determine each adjustment, and the carrying value of the related individual assets or portfolios at March 31, 2022 and 2021.

			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, 2022
Mortgage servicing rights	11,360		—		—		11,360		304
Long-lived assets	497		—		—		497		(965)
March 31, 2021
Collateral dependent loans	$	11,233	$	—	$	—	$	11,233	$	(2,926)
Mortgage servicing rights	8,234		—		—		8,234		1,055

Information about Level Three Fair Value Measurements - Nonrecurring Basis

The Company's significant Level 3 measurements that are measured on a nonrecurring basis pertain to the Company's mortgage servicing rights retained on certain fixed rate personal real estate loan originations. Mortgage servicing rights are included in other intangible assets-net on the consolidated balance sheets, and information about these inputs is presented in the table below.

Quantitative Information about Level 3 Fair Value Measurements										Weighted
	Valuation Technique	Unobservable Input	Range							Average*
Mortgage servicing rights	Discounted cash flow	Discount rate	9.01		%	-	9.34		%	9.12		%
		Prepayment speeds (CPR)*	6.22		%	-	9.41		%	6.65		%
		Loan servicing costs - annually per loan
		Performing loans	$	70		-	$	72		$	71
		Delinquent loans	$	200		-	$	750
		Loans in foreclosure	$	1,000

*Ranges and weighted averages based on interest rate tranches.

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Fair Value Of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Of Financial Instruments [Abstract]

Fair value of financial instruments [Table Text Block]

	Carrying Amount		Estimated Fair Value at March 31, 2022
(In thousands)			Level 1		Level 2		Level 3		Total
Financial Assets
Loans:
Business	$	5,508,508	$	—	$	—	$	5,406,516	$	5,406,516
Real estate - construction and land	1,144,411		—		—		1,129,894		1,129,894
Real estate - business	3,109,668		—		—		3,059,118		3,059,118
Real estate - personal	2,820,076		—		—		2,777,860		2,777,860
Consumer	2,053,160		—		—		2,043,692		2,043,692
Revolving home equity	264,401		—		—		261,985		261,985
Consumer credit card	544,579		—		—		508,944		508,944
Overdrafts	14,211		—		—		13,985		13,985
Total loans	15,459,014		—		—		15,201,994		15,201,994
Loans held for sale	8,908		—		8,908		—		8,908
Investment securities	15,016,882		1,136,827		13,680,011		200,044		15,016,882
Securities purchased under agreements to resell	1,825,000		—		—		1,801,227		1,801,227
Interest earning deposits with banks	1,260,813		1,260,813		—		—		1,260,813
Cash and due from banks	326,549		326,549		—		—		326,549
Derivative instruments	13,130		—		12,760		370		13,130
Assets held in trust for deferred compensation plan	20,403		20,403		—		—		20,403
Total	$	33,930,699	$	2,744,592	$	13,701,679	$	17,203,635	$	33,649,906
Financial Liabilities
Non-interest bearing deposits	$	11,428,372	$	11,428,372	$	—	$	—	$	11,428,372
Savings, interest checking and money market deposits	16,751,632		16,751,632		—		—		16,751,632
Certificates of deposit	1,139,337		—		—		1,124,978		1,124,978
Federal funds purchased	17,315		17,315		—		—		17,315
Securities sold under agreements to repurchase	2,300,146		—		—		2,300,267		2,300,267
Other borrowings	8,990		—		8,990		—		8,990
Derivative instruments	18,382		—		18,233		149		18,382
Liabilities held in trust for deferred compensation plan	20,403		20,403		—		—		20,403
Total	$	31,684,577	$	28,217,722	$	27,223	$	3,425,394	$	31,670,339

	Carrying Amount		Estimated Fair Value at December 31, 2021
(In thousands)			Level 1		Level 2		Level 3		Total
Financial Assets
Loans:
Business	$	5,303,535	$	—	$	—	$	5,229,153	$	5,229,153
Real estate - construction and land	1,118,266		—		—		1,099,747		1,099,747
Real estate - business	3,058,837		—		—		3,054,481		3,054,481
Real estate - personal	2,805,401		—		—		2,809,490		2,809,490
Consumer	2,032,225		—		—		2,031,408		2,031,408
Revolving home equity	275,945		—		—		273,450		273,450
Consumer credit card	575,410		—		—		536,468		536,468
Overdrafts	6,740		—		—		6,458		6,458
Total loans	15,176,359		—		—		15,040,655		15,040,655
Loans held for sale	8,615		—		8,615		—		8,615
Investment securities	14,695,628		1,087,873		13,413,558		194,197		14,695,628
Federal funds sold	2,800		2,800		—		—		2,800
Securities purchased under agreements to resell	1,625,000		—		—		1,623,856		1,623,856
Interest earning deposits with banks	3,971,217		3,971,217		—		—		3,971,217
Cash and due from banks	305,539		305,539		—		—		305,539
Derivative instruments	41,842		—		40,994		848		41,842
Assets held in trust for deferred compensation plan	21,794		21,794		—		—		21,794
Total	$	35,848,794	$	5,389,223	$	13,463,167	$	16,859,556	$	35,711,946
Financial Liabilities
Non-interest bearing deposits	$	11,772,374	$	11,772,374	$	—	$	—	$	11,772,374
Savings, interest checking and money market deposits	16,598,085		16,598,085		—		—		16,598,085
Certificates of deposit	1,442,614		—		—		1,438,919		1,438,919
Federal funds purchased	43,385		43,385		—		—		43,385
Securities sold under agreements to repurchase	2,979,582		—		—		2,979,677		2,979,677
Other borrowings	12,514		—		12,514		—		12,514
Derivative instruments	12,101		—		11,824		277		12,101
Liabilities held in trust for deferred compensation plan	21,794		21,794		—		—		21,794
Total	$	32,882,449	$	28,435,638	$	24,338	$	4,418,873	$	32,878,849

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Loans And Allowance For Credit Losses (Narrative) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued Interest Receivable	$ 32,100,000		$ 25,900,000
Loans pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits	3,200,000,000
Pledged Financial Instruments, Not Separately Reported, Loans Receivable, for Federal Reserve Bank Debt	$ 1,300,000,000
Period after which loans are deemed in default (in days)	90 days
Effect on Interest Income Resulting From Modification to Credit Card Loans	$ (649,000)
Commitments to lend additional funds to customers with restructured loans	17,700,000
Letters of Credit to Customers with Substandard Risk Rating	24,000,000
Residential mortgage loans held for sale	3,901,000		5,570,000
Unpaid Principal Balance on Personal Real Estate Loans Held for Sale	3,900,000
Student Loans Held for Sale, Lower of Cost or Fair Value	5,000,000
HFS Loans on non accrual status	0
HFS loans past due and still accruing	0
Foreclosed real estate	296,000		115,000
Personal property acquired in repossession	1,300,000		1,100,000
Business
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Nonaccrual, No Allowance	4,900,000		$ 5,300,000
Commercial Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Accrued Interest, Writeoff	29,000	$ 125,000
Personal Banking Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Accrued Interest, Writeoff	$ 899,000	$ 2,000,000

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Loans And Allowance For Credit Losses (Summary Classification Of Held To Maturity Loan Portfolio) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Loans And Allowance For Loan Losses [Line Items]
Held for Investment Loans	$ 15,459,014	$ 15,176,359
Business
Loans And Allowance For Loan Losses [Line Items]
Held for Investment Loans	5,508,508	5,303,535
Real estate - construction and land
Loans And Allowance For Loan Losses [Line Items]
Held for Investment Loans	1,144,411	1,118,266
Real estate - business
Loans And Allowance For Loan Losses [Line Items]
Held for Investment Loans	3,109,668	3,058,837
Real estate - personal
Loans And Allowance For Loan Losses [Line Items]
Held for Investment Loans	2,820,076	2,805,401
Consumer
Loans And Allowance For Loan Losses [Line Items]
Held for Investment Loans	2,053,160	2,032,225
Revolving Home Equity [Member]
Loans And Allowance For Loan Losses [Line Items]
Held for Investment Loans	264,401	275,945
Consumer credit card
Loans And Allowance For Loan Losses [Line Items]
Held for Investment Loans	544,579	575,410
Overdrafts
Loans And Allowance For Loan Losses [Line Items]
Held for Investment Loans	$ 14,211	$ 6,740

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Loans And Allowance For Credit Losses (Summary of Activity in the Allowance for Credit Losses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Credit Loss, Beginning Balance	$ 150,044	$ 220,834
Provision for credit losses on loans	(10,686)	(10,355)
Loans charged off	7,462	12,941
Recoveries on Loans	2,814	2,989
Net loan charge-offs	4,648	9,952
Allowance for Credit Loss, Ending Balance	134,710	200,527
Liability for Unfunded Lending Commitments, Beginning Balance	24,204	38,307
Provision for credit losses on unfunded lending commitments	828	4,123
Liability for Unfunded Lending Commitments, Ending Balance	25,032	42,430
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS	159,742	242,957
Commercial Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Credit Loss, Beginning Balance	97,776	121,549
Provision for credit losses on loans	(2,879)	(1,909)
Loans charged off	177	232
Recoveries on Loans	107	215
Net loan charge-offs	70	17
Allowance for Credit Loss, Ending Balance	94,827	119,623
Liability for Unfunded Lending Commitments, Beginning Balance	23,271	37,259
Provision for credit losses on unfunded lending commitments	509	4,254
Liability for Unfunded Lending Commitments, Ending Balance	23,780	41,513
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS	118,607	161,136
Personal Banking Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Credit Loss, Beginning Balance	52,268	99,285
Provision for credit losses on loans	(7,807)	(8,446)
Loans charged off	7,285	12,709
Recoveries on Loans	2,707	2,774
Net loan charge-offs	4,578	9,935
Allowance for Credit Loss, Ending Balance	39,883	80,904
Liability for Unfunded Lending Commitments, Beginning Balance	933	1,048
Provision for credit losses on unfunded lending commitments	319	(131)
Liability for Unfunded Lending Commitments, Ending Balance	1,252	917
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS	$ 41,135	$ 81,821

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Loans And Allowance For Credit Losses (Aging Information On Past Due And Accruing Loans) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 Days Past Due	$ 15,399,709	$ 15,116,475
30 - 89 Days Past Due	40,300	39,001
90 Days Past Due and Still Accruing	10,670	11,726
Non-accrual loans	8,335	9,157
Total	15,459,014	15,176,359
Business
Loans And Allowance For Loan Losses [Line Items]
Total	5,508,508	5,303,535
Real estate - construction and land
Loans And Allowance For Loan Losses [Line Items]
Total	1,144,411	1,118,266
Real estate - business
Loans And Allowance For Loan Losses [Line Items]
Total	3,109,668	3,058,837
Real estate - personal
Loans And Allowance For Loan Losses [Line Items]
Total	2,820,076	2,805,401
Consumer
Loans And Allowance For Loan Losses [Line Items]
Total	2,053,160	2,032,225
Revolving Home Equity [Member]
Loans And Allowance For Loan Losses [Line Items]
Total	264,401	275,945
Consumer credit card
Loans And Allowance For Loan Losses [Line Items]
Total	544,579	575,410
Overdrafts
Loans And Allowance For Loan Losses [Line Items]
Total	14,211	6,740
Commercial Portfolio Segment [Member] | Business
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 Days Past Due	5,494,664	5,292,125
30 - 89 Days Past Due	6,747	3,621
90 Days Past Due and Still Accruing	341	477
Non-accrual loans	6,756	7,312
Commercial Portfolio Segment [Member] | Real estate - construction and land
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 Days Past Due	1,144,411	1,117,434
30 - 89 Days Past Due	0	832
90 Days Past Due and Still Accruing	0	0
Non-accrual loans	0	0
Commercial Portfolio Segment [Member] | Real estate - business
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 Days Past Due	3,105,452	3,058,566
30 - 89 Days Past Due	4,026	57
90 Days Past Due and Still Accruing	0	0
Non-accrual loans	190	214
Personal Banking Portfolio Segment [Member] | Real estate - personal
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 Days Past Due	2,811,330	2,796,662
30 - 89 Days Past Due	5,076	4,125
90 Days Past Due and Still Accruing	2,281	2,983
Non-accrual loans	1,389	1,631
Personal Banking Portfolio Segment [Member] | Consumer
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 Days Past Due	2,031,680	2,005,556
30 - 89 Days Past Due	18,890	24,458
90 Days Past Due and Still Accruing	2,590	2,211
Non-accrual loans	0	0
Personal Banking Portfolio Segment [Member] | Revolving Home Equity [Member]
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 Days Past Due	262,799	274,372
30 - 89 Days Past Due	748	772
90 Days Past Due and Still Accruing	854	801
Non-accrual loans	0	0
Personal Banking Portfolio Segment [Member] | Consumer credit card
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 Days Past Due	535,482	565,335
30 - 89 Days Past Due	4,493	4,821
90 Days Past Due and Still Accruing	4,604	5,254
Non-accrual loans	0	0
Personal Banking Portfolio Segment [Member] | Overdrafts
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 Days Past Due	13,891	6,425
30 - 89 Days Past Due	320	315
90 Days Past Due and Still Accruing	0	0
Non-accrual loans	$ 0	$ 0

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Loans And Allowance For Credit Losses (Credit Quality Indicators Commercial Loan Portfolio) (Details) - Commercial Portfolio Segment [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Credit Quality Indicator [Line Items]
Current Fiscal Year	$ 699,098	$ 2,917,439
Fiscal Year before Current Fiscal Year	2,620,807	1,869,035
Two Years before Current Fiscal Year	1,687,861	1,223,303
Three Years before Current Fiscal Year	1,132,435	555,494
Four Years before Current Fiscal Year	499,550	408,432
Prior	891,764	593,927
Revolving Loans Amortized Cost Basis	2,231,072	1,913,008
Total	9,762,587	9,480,638
Business
Credit Quality Indicator [Line Items]
Current Fiscal Year	310,669	1,476,920
Fiscal Year before Current Fiscal Year	1,248,812	705,474
Two Years before Current Fiscal Year	645,619	581,191
Three Years before Current Fiscal Year	541,949	267,274
Four Years before Current Fiscal Year	236,764	160,729
Prior	392,162	289,793
Revolving Loans Amortized Cost Basis	2,132,533	1,822,154
Total	5,508,508	5,303,535
Real estate - construction and land
Credit Quality Indicator [Line Items]
Current Fiscal Year	155,429	643,868
Fiscal Year before Current Fiscal Year	626,603	358,127
Two Years before Current Fiscal Year	261,482	66,985
Three Years before Current Fiscal Year	53,869	17,991
Four Years before Current Fiscal Year	17,103	15,813
Prior	15,957	2,252
Revolving Loans Amortized Cost Basis	13,968	13,230
Total	1,144,411	1,118,266
Real estate - business
Credit Quality Indicator [Line Items]
Current Fiscal Year	233,000	796,651
Fiscal Year before Current Fiscal Year	745,392	805,434
Two Years before Current Fiscal Year	780,760	575,127
Three Years before Current Fiscal Year	536,617	270,229
Four Years before Current Fiscal Year	245,683	231,890
Prior	483,645	301,882
Revolving Loans Amortized Cost Basis	84,571	77,624
Total	3,109,668	3,058,837
Pass [Member]
Credit Quality Indicator [Line Items]
Current Fiscal Year	693,148	2,848,164
Fiscal Year before Current Fiscal Year	2,564,429	1,762,837
Two Years before Current Fiscal Year	1,582,241	1,173,441
Three Years before Current Fiscal Year	1,101,960	480,987
Four Years before Current Fiscal Year	426,880	332,781
Prior	749,654	527,195
Revolving Loans Amortized Cost Basis	2,204,029	1,884,944
Total	9,322,341	9,010,349
Pass [Member] | Business
Credit Quality Indicator [Line Items]
Current Fiscal Year	305,308	1,473,869
Fiscal Year before Current Fiscal Year	1,246,520	704,157
Two Years before Current Fiscal Year	644,426	554,759
Three Years before Current Fiscal Year	533,462	248,739
Four Years before Current Fiscal Year	219,320	159,238
Prior	368,615	270,454
Revolving Loans Amortized Cost Basis	2,106,483	1,795,073
Total	5,424,134	5,206,289
Pass [Member] | Real estate - construction and land
Credit Quality Indicator [Line Items]
Current Fiscal Year	155,429	598,734
Fiscal Year before Current Fiscal Year	591,643	346,507
Two Years before Current Fiscal Year	249,882	66,985
Three Years before Current Fiscal Year	53,869	2,110
Four Years before Current Fiscal Year	1,236	2,655
Prior	2,800	2,252
Revolving Loans Amortized Cost Basis	13,968	13,230
Total	1,068,827	1,032,473
Pass [Member] | Real estate - business
Credit Quality Indicator [Line Items]
Current Fiscal Year	232,411	775,561
Fiscal Year before Current Fiscal Year	726,266	712,173
Two Years before Current Fiscal Year	687,933	551,697
Three Years before Current Fiscal Year	514,629	230,138
Four Years before Current Fiscal Year	206,324	170,888
Prior	378,239	254,489
Revolving Loans Amortized Cost Basis	83,578	76,641
Total	2,829,380	2,771,587
Special Mention [Member]
Credit Quality Indicator [Line Items]
Current Fiscal Year	2,622	50,445
Fiscal Year before Current Fiscal Year	23,987	30,448
Two Years before Current Fiscal Year	30,740	28,076
Three Years before Current Fiscal Year	10,310	50,611
Four Years before Current Fiscal Year	46,747	3,558
Prior	10,483	5,335
Revolving Loans Amortized Cost Basis	2,806	16,546
Total	127,695	185,019
Special Mention [Member] | Business
Credit Quality Indicator [Line Items]
Current Fiscal Year	2,622	1,785
Fiscal Year before Current Fiscal Year	976	126
Two Years before Current Fiscal Year	83	17,576
Three Years before Current Fiscal Year	1,315	12,050
Four Years before Current Fiscal Year	11,452	1,490
Prior	8,138	3,232
Revolving Loans Amortized Cost Basis	2,806	16,545
Total	27,392	52,804
Special Mention [Member] | Real estate - construction and land
Credit Quality Indicator [Line Items]
Current Fiscal Year	0	44,649
Fiscal Year before Current Fiscal Year	19,474	0
Two Years before Current Fiscal Year	0	0
Three Years before Current Fiscal Year	0	985
Four Years before Current Fiscal Year	976	0
Prior	0	0
Revolving Loans Amortized Cost Basis	0	0
Total	20,450	45,634
Special Mention [Member] | Real estate - business
Credit Quality Indicator [Line Items]
Current Fiscal Year	0	4,011
Fiscal Year before Current Fiscal Year	3,537	30,322
Two Years before Current Fiscal Year	30,657	10,500
Three Years before Current Fiscal Year	8,995	37,576
Four Years before Current Fiscal Year	34,319	2,068
Prior	2,345	2,103
Revolving Loans Amortized Cost Basis	0	1
Total	79,853	86,581
Substandard [Member]
Credit Quality Indicator [Line Items]
Current Fiscal Year	3,026	18,400
Fiscal Year before Current Fiscal Year	32,305	75,750
Two Years before Current Fiscal Year	74,880	21,785
Three Years before Current Fiscal Year	20,165	22,158
Four Years before Current Fiscal Year	24,288	72,093
Prior	126,704	56,040
Revolving Loans Amortized Cost Basis	24,237	11,518
Total	305,605	277,744
Substandard [Member] | Business
Credit Quality Indicator [Line Items]
Current Fiscal Year	2,437	836
Fiscal Year before Current Fiscal Year	1,230	1,191
Two Years before Current Fiscal Year	1,110	8,855
Three Years before Current Fiscal Year	7,172	4,936
Four Years before Current Fiscal Year	4,530	1
Prior	10,503	10,775
Revolving Loans Amortized Cost Basis	23,244	10,536
Total	50,226	37,130
Substandard [Member] | Real estate - construction and land
Credit Quality Indicator [Line Items]
Current Fiscal Year	0	485
Fiscal Year before Current Fiscal Year	15,486	11,620
Two Years before Current Fiscal Year	11,600	0
Three Years before Current Fiscal Year	0	14,896
Four Years before Current Fiscal Year	14,891	13,158
Prior	13,157	0
Revolving Loans Amortized Cost Basis	0	0
Total	55,134	40,159
Substandard [Member] | Real estate - business
Credit Quality Indicator [Line Items]
Current Fiscal Year	589	17,079
Fiscal Year before Current Fiscal Year	15,589	62,939
Two Years before Current Fiscal Year	62,170	12,930
Three Years before Current Fiscal Year	12,993	2,326
Four Years before Current Fiscal Year	4,867	58,934
Prior	103,044	45,265
Revolving Loans Amortized Cost Basis	993	982
Total	200,245	200,455
Non-Accrual [Member]
Credit Quality Indicator [Line Items]
Current Fiscal Year	302	430
Fiscal Year before Current Fiscal Year	86	0
Two Years before Current Fiscal Year	0	1
Three Years before Current Fiscal Year	0	1,738
Four Years before Current Fiscal Year	1,635	0
Prior	4,923	5,357
Revolving Loans Amortized Cost Basis	0	0
Total	6,946	7,526
Non-Accrual [Member] | Business
Credit Quality Indicator [Line Items]
Current Fiscal Year	302	430
Fiscal Year before Current Fiscal Year	86	0
Two Years before Current Fiscal Year	0	1
Three Years before Current Fiscal Year	0	1,549
Four Years before Current Fiscal Year	1,462	0
Prior	4,906	5,332
Revolving Loans Amortized Cost Basis	0	0
Total	6,756	7,312
Non-Accrual [Member] | Real estate - business
Credit Quality Indicator [Line Items]
Current Fiscal Year	0	0
Fiscal Year before Current Fiscal Year	0	0
Two Years before Current Fiscal Year	0	0
Three Years before Current Fiscal Year	0	189
Four Years before Current Fiscal Year	173	0
Prior	17	25
Revolving Loans Amortized Cost Basis	0	0
Total	$ 190	$ 214

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Loans And Allowance for Credit Losses (Credit Quality Indicators Personal Banking Loan Portfolio) (Details) - Personal Banking Portfolio Segment [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Credit Quality Indicator [Line Items]
Current Fiscal Year	$ 367,727	$ 1,268,784
Fiscal Year before Current Fiscal Year	1,173,495	1,238,890
Two Years before Current Fiscal Year	1,164,234	547,174
Three Years before Current Fiscal Year	494,641	237,855
Four Years before Current Fiscal Year	216,740	196,963
Prior	767,155	632,236
Revolving Loans Amortized Cost Basis	1,512,435	1,573,819
Total	5,696,427	5,695,721
Real estate - personal
Credit Quality Indicator [Line Items]
Current Fiscal Year	144,994	690,306
Fiscal Year before Current Fiscal Year	668,371	889,781
Two Years before Current Fiscal Year	854,025	354,841
Three Years before Current Fiscal Year	328,517	157,718
Four Years before Current Fiscal Year	150,365	149,488
Prior	663,842	553,797
Revolving Loans Amortized Cost Basis	9,962	9,470
Total	2,820,076	2,805,401
Consumer
Credit Quality Indicator [Line Items]
Current Fiscal Year	208,522	571,738
Fiscal Year before Current Fiscal Year	505,124	349,109
Two Years before Current Fiscal Year	310,209	192,333
Three Years before Current Fiscal Year	166,124	80,137
Four Years before Current Fiscal Year	66,375	47,475
Prior	103,313	78,439
Revolving Loans Amortized Cost Basis	693,493	712,994
Total	2,053,160	2,032,225
Revolving Home Equity [Member]
Credit Quality Indicator [Line Items]
Current Fiscal Year	0	0
Fiscal Year before Current Fiscal Year	0	0
Two Years before Current Fiscal Year	0	0
Three Years before Current Fiscal Year	0	0
Four Years before Current Fiscal Year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	264,401	275,945
Total	264,401	275,945
Consumer credit card
Credit Quality Indicator [Line Items]
Current Fiscal Year	0	0
Fiscal Year before Current Fiscal Year	0	0
Two Years before Current Fiscal Year	0	0
Three Years before Current Fiscal Year	0	0
Four Years before Current Fiscal Year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	544,579	575,410
Total	544,579	575,410
Overdrafts
Credit Quality Indicator [Line Items]
Current Fiscal Year	14,211	6,740
Fiscal Year before Current Fiscal Year	0	0
Two Years before Current Fiscal Year	0	0
Three Years before Current Fiscal Year	0	0
Four Years before Current Fiscal Year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	0	0
Total	14,211	6,740
Current to 90 Days Past Due
Credit Quality Indicator [Line Items]
Current Fiscal Year	367,727	1,268,253
Fiscal Year before Current Fiscal Year	1,173,020	1,237,405
Two Years before Current Fiscal Year	1,163,115	546,368
Three Years before Current Fiscal Year	494,090	237,372
Four Years before Current Fiscal Year	216,319	196,792
Prior	764,724	629,548
Revolving Loans Amortized Cost Basis	1,505,714	1,567,103
Total	5,684,709	5,682,841
Current to 90 Days Past Due | Real estate - personal
Credit Quality Indicator [Line Items]
Current Fiscal Year	144,994	690,058
Fiscal Year before Current Fiscal Year	668,179	888,631
Two Years before Current Fiscal Year	853,063	354,292
Three Years before Current Fiscal Year	328,209	157,485
Four Years before Current Fiscal Year	150,144	149,391
Prior	661,855	551,460
Revolving Loans Amortized Cost Basis	9,962	9,470
Total	2,816,406	2,800,787
Current to 90 Days Past Due | Consumer
Credit Quality Indicator [Line Items]
Current Fiscal Year	208,522	571,455
Fiscal Year before Current Fiscal Year	504,841	348,774
Two Years before Current Fiscal Year	310,052	192,076
Three Years before Current Fiscal Year	165,881	79,887
Four Years before Current Fiscal Year	66,175	47,401
Prior	102,869	78,088
Revolving Loans Amortized Cost Basis	692,230	712,333
Total	2,050,570	2,030,014
Current to 90 Days Past Due | Revolving Home Equity [Member]
Credit Quality Indicator [Line Items]
Current Fiscal Year	0	0
Fiscal Year before Current Fiscal Year	0	0
Two Years before Current Fiscal Year	0	0
Three Years before Current Fiscal Year	0	0
Four Years before Current Fiscal Year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	263,547	275,144
Total	263,547	275,144
Current to 90 Days Past Due | Consumer credit card
Credit Quality Indicator [Line Items]
Current Fiscal Year	0	0
Fiscal Year before Current Fiscal Year	0	0
Two Years before Current Fiscal Year	0	0
Three Years before Current Fiscal Year	0	0
Four Years before Current Fiscal Year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	539,975	570,156
Total	539,975	570,156
Current to 90 Days Past Due | Overdrafts
Credit Quality Indicator [Line Items]
Current Fiscal Year	14,211	6,740
Fiscal Year before Current Fiscal Year	0	0
Two Years before Current Fiscal Year	0	0
Three Years before Current Fiscal Year	0	0
Four Years before Current Fiscal Year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	0	0
Total	14,211	6,740
Over 90 days past due
Credit Quality Indicator [Line Items]
Current Fiscal Year	0	416
Fiscal Year before Current Fiscal Year	475	1,485
Two Years before Current Fiscal Year	1,119	555
Three Years before Current Fiscal Year	369	374
Four Years before Current Fiscal Year	314	171
Prior	1,331	1,532
Revolving Loans Amortized Cost Basis	6,721	6,716
Total	10,329	11,249
Over 90 days past due | Real estate - personal
Credit Quality Indicator [Line Items]
Current Fiscal Year	0	133
Fiscal Year before Current Fiscal Year	192	1,150
Two Years before Current Fiscal Year	962	298
Three Years before Current Fiscal Year	126	124
Four Years before Current Fiscal Year	114	97
Prior	887	1,181
Revolving Loans Amortized Cost Basis	0	0
Total	2,281	2,983
Over 90 days past due | Consumer
Credit Quality Indicator [Line Items]
Current Fiscal Year	0	283
Fiscal Year before Current Fiscal Year	283	335
Two Years before Current Fiscal Year	157	257
Three Years before Current Fiscal Year	243	250
Four Years before Current Fiscal Year	200	74
Prior	444	351
Revolving Loans Amortized Cost Basis	1,263	661
Total	2,590	2,211
Over 90 days past due | Revolving Home Equity [Member]
Credit Quality Indicator [Line Items]
Current Fiscal Year	0	0
Fiscal Year before Current Fiscal Year	0	0
Two Years before Current Fiscal Year	0	0
Three Years before Current Fiscal Year	0	0
Four Years before Current Fiscal Year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	854	801
Total	854	801
Over 90 days past due | Consumer credit card
Credit Quality Indicator [Line Items]
Current Fiscal Year	0	0
Fiscal Year before Current Fiscal Year	0	0
Two Years before Current Fiscal Year	0	0
Three Years before Current Fiscal Year	0	0
Four Years before Current Fiscal Year	0	0
Prior	0	0
Revolving Loans Amortized Cost Basis	4,604	5,254
Total	4,604	5,254
Non-Accrual [Member]
Credit Quality Indicator [Line Items]
Current Fiscal Year	0	115
Fiscal Year before Current Fiscal Year	0	0
Two Years before Current Fiscal Year	0	251
Three Years before Current Fiscal Year	182	109
Four Years before Current Fiscal Year	107	0
Prior	1,100	1,156
Revolving Loans Amortized Cost Basis	0	0
Total	1,389	1,631
Non-Accrual [Member] | Real estate - personal
Credit Quality Indicator [Line Items]
Current Fiscal Year	0	115
Fiscal Year before Current Fiscal Year	0	0
Two Years before Current Fiscal Year	0	251
Three Years before Current Fiscal Year	182	109
Four Years before Current Fiscal Year	107	0
Prior	1,100	1,156
Revolving Loans Amortized Cost Basis	0	0
Total	$ 1,389	$ 1,631

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Loans And Allowance for Credit Losses (Collateral-Dependent Loans) (Details) - Commercial Portfolio Segment [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Credit Quality Indicator [Line Items]
Total	$ 3,899	$ 4,063
Business
Credit Quality Indicator [Line Items]
Business	3,899	4,063
Business Assets
Credit Quality Indicator [Line Items]
Total	1,498	1,604
Business Assets | Business
Credit Quality Indicator [Line Items]
Business	1,498	1,604
Oil & Gas Assets
Credit Quality Indicator [Line Items]
Total	2,401	2,459
Oil & Gas Assets | Business
Credit Quality Indicator [Line Items]
Business	$ 2,401	$ 2,459

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Loans And Allowance For Credit Losses (Summary Of Loans In The Personal Banking Portfolio Percentage Of Balances Outstanding ) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Loans And Allowance For Loan Losses [Line Items]
Credit Quality Personal Real Estate Loans Excluded	$ 183.4	$ 185.6
Consumer Healthcare Loans Excluded	$ 181.8	$ 186.6
Credit quality personal banking loan table percentage loans excluded	7.00%
Real estate - personal
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	100.00%	100.00%
Real estate - personal | Under 600
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	0.90%	1.00%
Real estate - personal | 600 - 659
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	2.50%	2.40%
Real estate - personal | 660 - 719
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	7.20%	7.40%
Real estate - personal | 720 - 779
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	26.60%	25.20%
Real estate - personal | 780 and over
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	62.80%	64.00%
Consumer
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	100.00%	100.00%
Consumer | Under 600
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	1.90%	1.90%
Consumer | 600 - 659
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	3.90%	3.90%
Consumer | 660 - 719
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	13.50%	13.80%
Consumer | 720 - 779
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	24.90%	25.30%
Consumer | 780 and over
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	55.80%	55.10%
Revolving Home Equity [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	100.00%	100.00%
Revolving Home Equity [Member] | Under 600
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	0.90%	0.90%
Revolving Home Equity [Member] | 600 - 659
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	2.60%	2.60%
Revolving Home Equity [Member] | 660 - 719
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	10.10%	9.40%
Revolving Home Equity [Member] | 720 - 779
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	21.70%	20.40%
Revolving Home Equity [Member] | 780 and over
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	64.70%	66.70%
Consumer credit card
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	100.00%	100.00%
Consumer credit card | Under 600
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	3.40%	3.40%
Consumer credit card | 600 - 659
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	11.30%	11.30%
Consumer credit card | 660 - 719
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	31.00%	29.90%
Consumer credit card | 720 - 779
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	28.00%	28.20%
Consumer credit card | 780 and over
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	26.30%	27.20%

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Loans And Allowance For Credit Losses (Troubled Debt Restructurings by Type of Modification) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	$ 125,792	$ 64,887
Commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	108,789	46,867
Assistance programs
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	5,865	6,146
Other consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	4,681	4,787
Non-accrual loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	$ 6,457	$ 7,087

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Loans And Allowance For Credit Losses (Outstanding Balance Of Loans Classified As Trouble Debt Restructurings) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	$ 125,792	$ 64,887
Balance 90 days past due at any time during previous 12 months	1,529
Commercial Portfolio Segment [Member] | Business
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	30,254
Balance 90 days past due at any time during previous 12 months	0
Commercial Portfolio Segment [Member] | Real estate - construction and land
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	10,101
Balance 90 days past due at any time during previous 12 months	0
Commercial Portfolio Segment [Member] | Real estate - business
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	73,804
Balance 90 days past due at any time during previous 12 months	0
Personal Banking Portfolio Segment [Member] | Real estate - personal
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	3,220
Balance 90 days past due at any time during previous 12 months	729
Personal Banking Portfolio Segment [Member] | Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	20
Balance 90 days past due at any time during previous 12 months	0
Personal Banking Portfolio Segment [Member] | Revolving Home Equity [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	2,637
Balance 90 days past due at any time during previous 12 months	282
Personal Banking Portfolio Segment [Member] | Consumer credit card
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	5,756
Balance 90 days past due at any time during previous 12 months	$ 518

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Investment Securities (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Percentage decrease requiring a review for impairment	20.00%
Fair value of securities on impairment watch list	$ 13,100		$ 13,400
Debt Securities, Available-for-sale, Unrealized Loss Position	12,228,766		9,047,662
Unrealized Loss on AFS Debt Securities	690,051		132,929
AFS securities in loss position at period-end, change in unrealized loss	557,100
Securities pledged as collateral	5,200,000		6,400,000
Securities pledged as collateral and may be sold or re-pledged	$ 201,000
Number of investments in a single issuer that exceed 10% of stockholder's equity	0
No investment in a single issuer exceeds this percentage of stockholder's equity	10.00%
U.S. government and federal agency obligations
Debt Securities, Available-for-sale [Line Items]
U.S. Treasury inflation-protected securities held, at fair value	$ 399,400
Debt Securities, Available-for-sale, Unrealized Loss Position	390,451		296,492
Unrealized Loss on AFS Debt Securities	13,082		$ 2,241
Equity Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI, Unrealized Gain (Loss)	(287)	$ (35)
Other Investments [Member]
Debt Securities, Available-for-sale [Line Items]
Fair value other securities adjustments, net	$ 7,450	$ 8,365

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Investment Securities (Investment Securities, At Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Investment Securities [Abstract]
Available for sale debt securities	$ 14,780,494	$ 14,450,027
Trading debt securities	31,380	46,235
Equity securities with a readily determinable fair value	6,866	7,153
Equtiy Securities without Readily Determinable Fair Values	2,418	2,049
Federal Reserve Bank Stock	34,532	34,379
Federal Home Loan Bank Stock	10,199	10,428
Equity Method Investments	1,434	1,834
Private equity investments	153,411	147,406
Total investment securities	15,020,734	14,699,511
Interest Receivable, Current	$ 41,400	$ 39,500

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Investment Securities (Summary Of Available For Sale Investment Securities By Maturity Groupings) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 15,425,954,000	$ 14,419,133,000
Fair Value	14,780,494,000	14,450,027,000
U.S. government and federal agency obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,115,041,000	1,035,477,000
Fair Value	1,129,961,000	1,080,720,000
U.S. government and federal agency obligations | Within 1 year
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	186,706,000
Fair Value	189,347,000
U.S. government and federal agency obligations | After 1 but within 5 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	746,460,000
Fair Value	746,770,000
U.S. government and federal agency obligations | After 5 but within 10 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	181,875,000
Fair Value	193,844,000
Government-sponsored enterprise obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	55,765,000	50,773,000
Fair Value	51,390,000	51,755,000
Government-sponsored enterprise obligations | After 5 but within 10 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,000,000
Fair Value	5,000,000
Government-sponsored enterprise obligations | After 10 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	50,765,000
Fair Value	46,390,000
State and Municipal Obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,161,006,000	2,072,210,000
Fair Value	2,072,265,000	2,096,827,000
State and Municipal Obligations | Within 1 year
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	181,848,000
Fair Value	182,560,000
State and Municipal Obligations | After 1 but within 5 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	735,420,000
Fair Value	730,637,000
State and Municipal Obligations | After 5 but within 10 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	917,122,000
Fair Value	860,827,000
State and Municipal Obligations | After 10 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	326,616,000
Fair Value	298,241,000
Agency mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,774,953,000	5,698,088,000
Fair Value	5,441,374,000	5,683,000,000
Non-Agency Mortgage-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,525,223,000	1,383,037,000
Fair Value	1,435,363,000	1,366,477,000
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,121,388,000	3,546,024,000
Fair Value	4,011,361,000	3,539,219,000
Total Mortgage And Asset-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,421,564,000	10,627,149,000
Fair Value	10,888,098,000	10,588,696,000
Other debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	672,578,000	633,524,000
Fair Value	638,780,000	$ 632,029,000
Other debt securities | Within 1 year
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	121,215,000
Fair Value	121,629,000
Other debt securities | After 1 but within 5 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	229,677,000
Fair Value	223,109,000
Other debt securities | After 5 but within 10 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	312,426,000
Fair Value	285,620,000
Other debt securities | After 10 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,260,000
Fair Value	$ 8,422,000

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Investment Securities (Securities With Unrealized Losses And Length Of Impairment Period) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	$ 10,761,570	$ 8,581,829
Unrealized Loss, Less than 12 months	549,710	118,680
Fair Value, Greater than 12 months	1,467,196	465,833
Unrealized Loss, Greater than 12 months	140,341	14,249
Debt Securities, Available-for-sale, Unrealized Loss Position	12,228,766	9,047,662
Unrealized Loss on AFS Debt Securities	690,051	132,929
U.S. government and federal agency obligations
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	390,451	296,492
Unrealized Loss, Less than 12 months	13,082	2,241
Fair Value, Greater than 12 months	0	0
Unrealized Loss, Greater than 12 months	0	0
Debt Securities, Available-for-sale, Unrealized Loss Position	390,451	296,492
Unrealized Loss on AFS Debt Securities	13,082	2,241
Government-sponsored enterprise obligations
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	29,665	0
Unrealized Loss, Less than 12 months	1,281	0
Fair Value, Greater than 12 months	16,725	18,899
Unrealized Loss, Greater than 12 months	3,094	919
Debt Securities, Available-for-sale, Unrealized Loss Position	46,390	18,899
Unrealized Loss on AFS Debt Securities	4,375	919
State and Municipal Obligations
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	1,204,526	876,691
Unrealized Loss, Less than 12 months	80,379	15,874
Fair Value, Greater than 12 months	136,076	32,684
Unrealized Loss, Greater than 12 months	15,435	1,049
Debt Securities, Available-for-sale, Unrealized Loss Position	1,340,602	909,375
Unrealized Loss on AFS Debt Securities	95,814	16,923
Agency mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	4,009,914	3,333,691
Unrealized Loss, Less than 12 months	242,976	59,044
Fair Value, Greater than 12 months	987,082	265,835
Unrealized Loss, Greater than 12 months	96,265	8,720
Debt Securities, Available-for-sale, Unrealized Loss Position	4,996,996	3,599,526
Unrealized Loss on AFS Debt Securities	339,241	67,764
Non-Agency Mortgage-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	1,360,220	1,285,611
Unrealized Loss, Less than 12 months	87,585	17,222
Fair Value, Greater than 12 months	28,932	1,948
Unrealized Loss, Greater than 12 months	2,525	19
Debt Securities, Available-for-sale, Unrealized Loss Position	1,389,152	1,287,559
Unrealized Loss on AFS Debt Securities	90,110	17,241
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	3,439,877	2,518,935
Unrealized Loss, Less than 12 months	106,785	19,201
Fair Value, Greater than 12 months	149,894	87,893
Unrealized Loss, Greater than 12 months	6,339	525
Debt Securities, Available-for-sale, Unrealized Loss Position	3,589,771	2,606,828
Unrealized Loss on AFS Debt Securities	113,124	19,726
Total Mortgage And Asset-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	8,810,011	7,138,237
Unrealized Loss, Less than 12 months	437,346	95,467
Fair Value, Greater than 12 months	1,165,908	355,676
Unrealized Loss, Greater than 12 months	105,129	9,264
Debt Securities, Available-for-sale, Unrealized Loss Position	9,975,919	7,493,913
Unrealized Loss on AFS Debt Securities	542,475	104,731
Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	326,917	270,409
Unrealized Loss, Less than 12 months	17,622	5,098
Fair Value, Greater than 12 months	148,487	58,574
Unrealized Loss, Greater than 12 months	16,683	3,017
Debt Securities, Available-for-sale, Unrealized Loss Position	475,404	328,983
Unrealized Loss on AFS Debt Securities	$ 34,305	$ 8,115

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Investment Securities (Available For Sale Securities Unrealized Gains And Losses, By Security Type) (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 15,425,954,000	$ 14,419,133,000
Gross Unrealized Gains	44,591,000	163,823,000
Gross Unrealized Losses	(690,051,000)	(132,929,000)
Allowance for Credit Losses	0	0
Fair Value	14,780,494,000	14,450,027,000
U.S. government and federal agency obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,115,041,000	1,035,477,000
Gross Unrealized Gains	28,002,000	47,484,000
Gross Unrealized Losses	(13,082,000)	(2,241,000)
Allowance for Credit Losses	0	0
Fair Value	1,129,961,000	1,080,720,000
Government-sponsored enterprise obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	55,765,000	50,773,000
Gross Unrealized Gains	0	1,901,000
Gross Unrealized Losses	(4,375,000)	(919,000)
Allowance for Credit Losses	0	0
Fair Value	51,390,000	51,755,000
State and Municipal Obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,161,006,000	2,072,210,000
Gross Unrealized Gains	7,073,000	41,540,000
Gross Unrealized Losses	(95,814,000)	(16,923,000)
Allowance for Credit Losses	0	0
Fair Value	2,072,265,000	2,096,827,000
Agency mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	5,774,953,000	5,698,088,000
Gross Unrealized Gains	5,662,000	52,676,000
Gross Unrealized Losses	(339,241,000)	(67,764,000)
Allowance for Credit Losses	0	0
Fair Value	5,441,374,000	5,683,000,000
Non-Agency Mortgage-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,525,223,000	1,383,037,000
Gross Unrealized Gains	250,000	681,000
Gross Unrealized Losses	(90,110,000)	(17,241,000)
Allowance for Credit Losses	0	0
Fair Value	1,435,363,000	1,366,477,000
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,121,388,000	3,546,024,000
Gross Unrealized Gains	3,097,000	12,921,000
Gross Unrealized Losses	(113,124,000)	(19,726,000)
Allowance for Credit Losses	0	0
Fair Value	4,011,361,000	3,539,219,000
Total Mortgage And Asset-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	11,421,564,000	10,627,149,000
Gross Unrealized Gains	9,009,000	66,278,000
Gross Unrealized Losses	(542,475,000)	(104,731,000)
Allowance for Credit Losses	0	0
Fair Value	10,888,098,000	10,588,696,000
Other debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	672,578,000	633,524,000
Gross Unrealized Gains	507,000	6,620,000
Gross Unrealized Losses	(34,305,000)	(8,115,000)
Allowance for Credit Losses	0	0
Fair Value	$ 638,780,000	$ 632,029,000

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Investment Securities (Proceeds From Sales Of Securities And Components Of Investment Securities Gains And Losses) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Proceeds From Sale Of Other Securities		$ 1,745	$ 9,292
Total proceeds	[1]	1,745	9,292
Investment securities gains (losses), net	[1]	7,163	9,853
Equity Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI, Unrealized Gain (Loss)		(287)	(35)
Other Investments [Member]
Debt Securities, Available-for-sale [Line Items]
Other Securities, Gains realized on sales		0	1,523
Fair value other securities adjustments, net		$ 7,450	$ 8,365

[1] Available for sale debt securities, equity securities, and other securities.

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Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 609	$ 951

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Goodwill And Other Intangible Assets (Schedule Of Intangible Assets With Estimable Useful Lives) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 52,760	$ 52,140
Accumulated Amortization	(40,475)	(39,866)
Valuation Allowance	0	(304)
Net Amount	12,285	11,970
Core Deposit Premium
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	31,270	31,270
Accumulated Amortization	(30,345)	(30,266)
Valuation Allowance	0	0
Net Amount	925	1,004
Mortgage Servicing Rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	21,490	20,870
Accumulated Amortization	(10,130)	(9,600)
Valuation Allowance	0	(304)
Net Amount	$ 11,360	$ 10,966

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Goodwill And Other Intangible Assets (Schedule Of Estimated Annual Amortization Expense) (Details) $ in Thousands	Mar. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 1,785
2023	1,402
2024	1,240
2025	1,088
2026	$ 945

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Goodwill And Other Intangible Assets (Schedule Of Changes In Carrying Amount Of Goodwill And Net Other Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Goodwill and Intangible Assets [Roll Forward]
Amortization	$ 609	$ 951
Goodwill
Goodwill and Intangible Assets [Roll Forward]
Balance January 1	138,921
Originations	0
Amortization	0
Impairment reversal	0
Balance March 31, 2022	138,921
Easement
Goodwill and Intangible Assets [Roll Forward]
Balance January 1	3,600
Originations	0
Amortization	0
Impairment reversal	0
Balance March 31, 2022	3,600
Core Deposit Premium
Goodwill and Intangible Assets [Roll Forward]
Balance January 1	1,004
Originations	0
Amortization	(79)
Impairment reversal	0
Balance March 31, 2022	925
Mortgage Servicing Rights
Goodwill and Intangible Assets [Roll Forward]
Balance January 1	10,966
Originations	620
Amortization	(530)
Impairment reversal	304
Balance March 31, 2022	$ 11,360

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Goodwill And Other Intangible Assets (Schedule Of Goodwill Allocated By Operating Segments) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Goodwill [Line Items]
Goodwill	$ 138,921	$ 138,921
Consumer segment
Goodwill [Line Items]
Goodwill	70,721	70,721
Commercial segment
Goodwill [Line Items]
Goodwill	67,454	67,454
Wealth segment
Goodwill [Line Items]
Goodwill	$ 746	$ 746

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Guarantees (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Dec. 31, 2021
Guarantor Obligations [Line Items]
Derivative Liabilities	[1]	$ 18,382	$ 12,101
Notional amount of underlying interest rate swaps associated with risk participation agreements		2,915,940	$ 2,916,181
Financial Standby Letter Of Credit [Member]
Guarantor Obligations [Line Items]
Standby letters of credit, net liability		4,200
Contractual amount of letters of credit, guaranteed maximum potential future payments		502,100
Risk Participation Agreement [Member] | Indirect Guarantee Of Indebtedness [Member]
Guarantor Obligations [Line Items]
Derivative Liabilities		126
Notional amount of underlying interest rate swaps associated with risk participation agreements		$ 347,900
Minimum [Member] | Risk Participation Agreement [Member]
Guarantor Obligations [Line Items]
Term, in years		2 years
Maximum [Member] | Risk Participation Agreement [Member]
Guarantor Obligations [Line Items]
Term, in years		15 years

[1] * The fair value of each class of derivative is shown in Note 11.

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Leases (Narrative) (Details)	Mar. 31, 2022
Minimum [Member]
Lessor, Lease, Description [Line Items]
Lessor, Operating Lease, Renewal Term	3 months
Maximum [Member]
Lessor, Lease, Description [Line Items]
Lessor, Operating Lease, Renewal Term	6 years

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Leases (Components of Lease Income) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Operating Lease Income [Line Items]
Direct financing and sales-type leases		$ 5,247	$ 6,121
Operating leases(a)	[1]	2,184	2,074
Total lease income		7,431	8,195
Operating Lease Income from Related Party [Member]
Operating Lease Income [Line Items]
Operating leases(a)		$ 19	$ 19

[1] (a) Includes rent from Tower Properties Company, a related party, of $19 thousand for the three month periods ended March 31, 2022 and 2021

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Pension Pension (Narrative) (Details)	3 Months Ended
	Mar. 31, 2022 USD ($)
Pension (Narrative) [Abstract]
Defined Benefit Plan, Plan Assets, Contributions by Employer	$ 0

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Pension (Net Pension Cost) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Pension [Abstract]
Service cost - benefits earned during the period	$ 132	$ 95
Interest cost on projected benefit obligation	665	556
Expected Return on Plan Assets	(1,126)	(1,124)
Amortization of Prior Service Cost	(68)	(68)
Defined Benefit Plan, Amortization of (Gain) Loss	498	651
Net periodic pension cost	$ 101	$ 110

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Common Stock (Summary Of Components Used To Calculate Basic And Diluted Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Basic income per common share	$ 0.97	$ 1.06
Diluted income per common share	$ 0.97	$ 1.06
Basic income per common share:
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Commerce Bancshares, Inc.	$ 118,154	$ 130,972
Less income allocated to nonvested restricted stock	1,070	1,200
Net income allocated to common stock	$ 117,084	$ 129,772
Weighted average common shares outstanding	120,324	122,073
Basic income per common share	$ 0.97	$ 1.06
Diluted income per common share:
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Commerce Bancshares, Inc.	$ 118,154	$ 130,972
Less income allocated to nonvested restricted stock	1,068	1,198
Net income allocated to common stock	$ 117,086	$ 129,774
Weighted average common shares outstanding	120,324	122,073
Net effect of the assumed exercise of stock-based awards - based on the treasury stock method using the average market price for the respective periods	292	329
Weighted average diluted common shares outstanding	120,616	122,402
Diluted income per common share	$ 0.97	$ 1.06

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Common Stock Common Stock (Antidilutive Securities Excluded from Computation of Earnings per Share) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Common Stock nonprint [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	119	54

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Accumulated Other Comprehensive Income (Schedule Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance January 1		$ 77,080	$ 331,377
Other comprehensive loss before reclassifications to current earnings		(676,353)	(211,569)
Amounts reclassified to current earnings from accumulated other comprehensive income		(5,620)	(5,265)
Current period other comprehensive income (loss), before tax		(681,973)	(216,834)
Income tax (expense) benefit		170,493	54,209
Current period other comprehensive income (loss), net of tax		(511,480)	(162,625)
Balance March 31, 2022		(434,400)	168,752
Unrealized Gains (Losses) on Securities (1)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance January 1	[1]	23,174	263,801
Other comprehensive loss before reclassifications to current earnings	[1]	(676,353)	(211,569)
Amounts reclassified to current earnings from accumulated other comprehensive income	[1]	0	0
Current period other comprehensive income (loss), before tax	[1]	(676,353)	(211,569)
Income tax (expense) benefit	[1]	169,088	52,893
Current period other comprehensive income (loss), net of tax	[1]	(507,265)	(158,676)
Balance March 31, 2022	[1]	(484,091)	105,125
Pension Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance January 1		(20,668)	(25,118)
Other comprehensive loss before reclassifications to current earnings		0	0
Amounts reclassified to current earnings from accumulated other comprehensive income		430	583
Current period other comprehensive income (loss), before tax		430	583
Income tax (expense) benefit		(107)	(146)
Current period other comprehensive income (loss), net of tax		323	437
Balance March 31, 2022		(20,345)	(24,681)
Unrealized Gains (Losses) on Cash Flow Hedge Derivatives (2)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance January 1	[2]	74,574	92,694
Other comprehensive loss before reclassifications to current earnings	[2]	0	0
Amounts reclassified to current earnings from accumulated other comprehensive income	[2]	(6,050)	(5,848)
Current period other comprehensive income (loss), before tax	[2]	(6,050)	(5,848)
Income tax (expense) benefit	[2]	1,512	1,462
Current period other comprehensive income (loss), net of tax	[2]	(4,538)	(4,386)
Balance March 31, 2022	[2]	$ 70,036	$ 88,308

[1] The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "investment securities gains (losses), net" in the consolidated statements of income.

[2] The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "interest and fees on loans" in the consolidated statements of income.

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Segments Segments (Narrative) (Details)	3 Months Ended
	Mar. 31, 2022 USD ($) Locations Operating_Segments	Mar. 31, 2021 USD ($)
Segments [Abstract]
Number of Operating Segments | Operating_Segments	3
Number Of Locations | Locations	150
Segment Reporting Information, Intersegment Revenue | $	$ 0	$ 0

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Segments (Schedule Of Financial Information By Segment) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Segment Reporting Information [Line Items]
Net interest income		$ 208,786	$ 205,748
Provision for credit losses		9,858	6,232
Non-interest income		131,769	136,045
INVESTMENT SECURITIES GAINS, NET	[1]	7,163	9,853
Non-interest expense		(205,648)	(192,573)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		151,928	165,305
Consumer segment
Segment Reporting Information [Line Items]
Net interest income		79,896	77,939
Provision for credit losses		(4,498)	(9,901)
Non-interest income		28,354	38,248
INVESTMENT SECURITIES GAINS, NET		0	0
Non-interest expense		(72,994)	(70,369)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		30,758	35,917
Commercial segment
Segment Reporting Information [Line Items]
Net interest income		109,530	110,565
Provision for credit losses		(82)	(27)
Non-interest income		53,651	50,728
INVESTMENT SECURITIES GAINS, NET		0	0
Non-interest expense		(89,524)	(79,281)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		73,575	81,985
Wealth segment
Segment Reporting Information [Line Items]
Net interest income		18,868	17,457
Provision for credit losses		(26)	5
Non-interest income		53,206	50,985
INVESTMENT SECURITIES GAINS, NET		0	0
Non-interest expense		(36,286)	(33,043)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		35,762	35,404
Segment Totals
Segment Reporting Information [Line Items]
Net interest income		208,294	205,961
Provision for credit losses		(4,606)	(9,923)
Non-interest income		135,211	139,961
INVESTMENT SECURITIES GAINS, NET		0	0
Non-interest expense		(198,804)	(182,693)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		140,095	153,306
Other/Elimination
Segment Reporting Information [Line Items]
Net interest income		492	(213)
Provision for credit losses		14,464	16,155
Non-interest income		(3,442)	(3,916)
INVESTMENT SECURITIES GAINS, NET		7,163	9,853
Non-interest expense		(6,844)	(9,880)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		$ 11,833	$ 11,999

[1] Available for sale debt securities, equity securities, and other securities.

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Derivative Instruments (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative, Notional Amount		$ 2,915,940	$ 2,916,181
Derivative Asset	[1]	13,130	41,842
Monetized Interest Rate Floor [Member]
Derivative [Line Items]
Derivative, Notional Amount				$ 1,500,000
Derivative Asset				$ 163,200
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred		$ 93,400
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer		4 years 8 months 12 days
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months		$ 24,400
Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount		2,177,130	2,229,419
Derivative Asset		11,236	40,752
Variation Margin Impact to Positive Fair Values of Cleared Swaps		(11,300)	(587)
Variation Margin Impact to Negative Fair Values of Cleared Swaps		$ (5,500)	$ (29,700)

[1] * The fair value of each class of derivative is shown in Note 11.

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Derivative Instruments (Schedule Of Notional Amounts Of Derivative Instruments) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Derivative, Notional Amount	$ 2,915,940	$ 2,916,181
Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount	2,177,130	2,229,419
Interest rate caps
Derivative [Line Items]
Derivative, Notional Amount	221,293	152,058
Credit risk participation agreements
Derivative [Line Items]
Derivative, Notional Amount	475,944	485,633
Foreign exchange contracts
Derivative [Line Items]
Derivative, Notional Amount	2,797	5,119
Mortgage loan commitments
Derivative [Line Items]
Derivative, Notional Amount	19,638	21,787
Mortgage loan forward sale contracts
Derivative [Line Items]
Derivative, Notional Amount	638	1,165
Forward TBA contracts
Derivative [Line Items]
Derivative, Notional Amount	$ 18,500	$ 21,000

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Derivative Instruments (Schedule Of Fair Values Of Derivative Instruments) (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative Asset	[1]	$ 13,130	$ 41,842
Derivative Liabilities	[1]	(18,382)	(12,101)
Interest rate swaps
Derivatives, Fair Value [Line Items]
Derivative Asset		11,236	40,752
Derivative Liabilities		(17,075)	(11,606)
Interest rate caps
Derivatives, Fair Value [Line Items]
Derivative Asset		1,137	147
Derivative Liabilities		(1,137)	(147)
Credit risk participation agreements
Derivatives, Fair Value [Line Items]
Derivative Asset		68	84
Derivative Liabilities		(126)	(277)
Foreign exchange contracts
Derivatives, Fair Value [Line Items]
Derivative Asset		28	77
Derivative Liabilities		(11)	(45)
Mortgage loan commitments
Derivatives, Fair Value [Line Items]
Derivative Asset		302	764
Derivative Liabilities		(23)	0
Mortgage loan forward sale contracts
Derivatives, Fair Value [Line Items]
Derivative Asset		4	5
Derivative Liabilities		0	(1)
Forward TBA contracts
Derivatives, Fair Value [Line Items]
Derivative Asset		355	13
Derivative Liabilities		$ (10)	$ (25)

[1] * The fair value of each class of derivative is shown in Note 11.

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Derivative Instruments (Summary of Cash Flow Hedge Activity) (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Summary of Cash Flow Hedge Activity [Line Items]
OCIDerivativeInstrumentsGainLossBeforeReclassificationAndTaxEffectivePortion	$ 0	$ 0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	0	0
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax	0	0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(6,050)	(5,848)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(7,566)	(7,364)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	1,516	1,516
Interest Rate Floor [Member]
Summary of Cash Flow Hedge Activity [Line Items]
OCIDerivativeInstrumentsGainLossBeforeReclassificationAndTaxEffectivePortion	0	0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax	0	0
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax	0	0
Interest and fees on loans | Interest Rate Floor [Member]
Summary of Cash Flow Hedge Activity [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	(6,050)	(5,848)
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	(7,566)	(7,364)
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	$ 1,516	$ 1,516

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Derivative Instruments (Summary Of The Effects Of Derivative Instruments On Consolidated Statements Of Income) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	$ 1,562	$ 3,124
Other non-interest income | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	812	1,075
Other non-interest income | Interest rate caps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	16	15
Other non-interest income | Credit risk participation agreements
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	(10)	365
Other non-interest income | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	(14)	96
Loan fees and sales | Mortgage loan commitments
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	(485)	(1,372)
Loan fees and sales | Mortgage loan forward sale contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	0	39
Loan fees and sales | Forward TBA contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	$ 1,243	$ 2,906

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Derivative Instruments (Balance Sheet Offsetting) (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		$ 13,130	$ 41,842
Derivative Asset, Amount Offset by Liabiilty		0	0
Derivative Assets	[1]	13,130	41,842
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		18,382	12,101
Derivative Liability, Amount Offset by Asset		0	0
Derivative Liabilities	[1]	18,382	12,101
Derivatives subject to master netting agreements
Derivative Asset, Fair Value, Gross Asset		12,805	40,970
Derivative Asset, Amount Offset by Liabiilty		0	0
Derivative Asset, Net Amount Presented in the Balance Sheet		12,805	40,970
Derivative Asset, Not Offset, Policy Election Deduction		(2,036)	(347)
Derivatve asset, fair value of collateral		(1,298)	0
Derivative Asset, Fair Value, Amount Offset Against Collateral		9,471	40,623
Derivative Liability, Fair Value, Gross Liability		18,308	12,019
Derivative Liability, Amount Offset by Asset		0	0
Derivative Liability, Net Amount Presented in the Balance Sheet		18,308	12,019
Derivative Liability, Not Offset, Policy Election Deduction		(2,036)	(347)
Derivative Liability, Fair Value of Collateral		(1,035)	(10,146)
Derivative Liability, Fair Value, Amount Offset Against Collateral		15,237	1,526
Derivatives not subject to master netting agreements
Derivative Asset, Fair Value, Gross Asset		325	872
Derivative Asset, Amount Offset by Liabiilty		0	0
Derivative Asset, Not Subject to Master Netting Arrangement		325	872
Derivative Liability, Fair Value, Gross Liability		74	82
Derivative Liability, Amount Offset by Asset		0	0
Derivative Liability, Not Subject to Master Netting Arrangement		$ 74	$ 82

[1] * The fair value of each class of derivative is shown in Note 11.

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Resale and Repurchase Agreements (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Collateral Swap [Member]
Balance Sheet Offsetting [Line Items]
Collateral Swap Agreements	$ 200.0	$ 400.0

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Resale and Repurchase Agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Total resale agreements, subject to master netting arrangements
Balance Sheet Offsetting [Line Items]
Securities Purchased under Agreements to Resell, Gross	$ 2,025,000	$ 2,025,000
Securities Purchased under Agreements to Resell, Liability	(200,000)	(400,000)
Securities purchased under agreements to resell	1,825,000	1,625,000
Securities Purchased under Agreements to Resell, Not Subject to Master Netting Arrangement	0	0
Securities Purchased under Agreements to Resell, Collateral, Obligation to Return Securities	(1,825,000)	(1,625,000)
Securities Purchased under Agreements to Resell, Amount Offset Against Collateral	0	0
Total repurchase agreements, subject to master netting arrangements
Balance Sheet Offsetting [Line Items]
Securities Sold under Agreements to Repurchase, Gross	2,500,146	3,379,582
Securities Sold under Agreements to Repurchase, Asset	(200,000)	(400,000)
Securities Sold under Agreements to Repurchase	2,300,146	2,979,582
Securities Sold under Agreements to Repurchase, Not Subject to Master Netting Arrangement	0	0
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities	(2,300,146)	(2,979,582)
Securities Sold under Agreements to Repurchase, Amount Offset Against Collateral	$ 0	$ 0

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Resale and Repurchase Agreements Remaining Contractual Maturities of Repurchase Agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
U.S. government and federal agency obligations | Overnight and continuous
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	$ 353,708	$ 600,866
U.S. government and federal agency obligations | Up to 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	23,631	33,373
U.S. government and federal agency obligations | Greater than 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	6,258	9,259
U.S. government and federal agency obligations | Total
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	383,597	643,498
Agency mortgage-backed securities | Overnight and continuous
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	1,572,433	1,844,652
Agency mortgage-backed securities | Up to 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	1,207	3,908
Agency mortgage-backed securities | Greater than 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	209,245	400,250
Agency mortgage-backed securities | Total
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	1,782,885	2,248,810
Non-agency mortgage-backed securities | Overnight and continuous
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	24,953	32,299
Non-agency mortgage-backed securities | Up to 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	0	0
Non-agency mortgage-backed securities | Greater than 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	0	0
Non-agency mortgage-backed securities | Total
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	24,953	32,299
Asset-backed securities | Overnight and continuous
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	290,783	422,525
Asset-backed securities | Up to 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	0	0
Asset-backed securities | Greater than 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	0	0
Asset-backed securities | Total
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	290,783	422,525
Other debt securities | Overnight and continuous
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	17,928	32,450
Other debt securities | Up to 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	0	0
Other debt securities | Greater than 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	0	0
Other debt securities | Total
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	17,928	32,450
Total repurchase agreements, gross amount recognized | Overnight and continuous
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	2,259,805	2,932,792
Total repurchase agreements, gross amount recognized | Up to 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	24,838	37,281
Total repurchase agreements, gross amount recognized | Greater than 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	215,503	409,509
Total repurchase agreements, gross amount recognized | Total
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	$ 2,500,146	$ 3,379,582

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Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 4.2	$ 3.9
Nonvested Stock Award [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Nonvested Stock Award [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	7 years
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)	4 years
Contractual terms of stock options granted (in years)	10 years

XML

Stock-Based Compensation (Summary Of The Status Of Nonvested Share Awards) (Details)	3 Months Ended
	Mar. 31, 2022 $ / shares shares
Nonvested Share Awards [Roll Forward]
Nonvested, Shares, Beginning Balance | shares	1,120,491
Granted, Shares | shares	225,152
Vested, Shares | shares	(238,899)
Forfeited, Shares | shares	(3,088)
Nonvested, Shares, Ending Balance | shares	1,103,656
Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 55.58
Granted , Weighted Average Grant Date Fair Value | $ / shares	70.92
Vested , Weighted Average Grant Date Fair Value | $ / shares	47.60
Forfeited , Weighted Average Grant Date Fair Value | $ / shares	55.13
Nonvested , Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 60.44

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Stock-Based Compensation Stock-Based Compensation (Current Year Per Share Average Fair Value and Valuation Model Assumptions) (Details)	3 Months Ended
	Mar. 31, 2022 $ / shares
Current Year Per Share Average Fair Value and Valuation Model Assumptions [Abstract]
Weighted per share average fair value at grant date	$ 17.42
Dividend yield	1.50%
Volatility	28.40%
Risk-free interest rate	1.60%
Expected term	5 years 8 months 12 days

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Stock-Based Compensation (Summary Of SAR Activity) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2022 USD ($) $ / shares shares
Stock Appreciation Rights [Roll Forward]
Rights Outstanding, Beginning Balance | shares	896,348
Rights Granted | shares	96,318
Rights Forfeited | shares	(1,797)
Rights Expired | shares	(257)
Rights Exercised | shares	(23,137)
Rights Outstanding, Ending Balance | shares	967,475
Weighted Average Exercise Price Outstanding, Beginning Balance | $ / shares	$ 46.21
Weighted Average Exercise Price Granted | $ / shares	70.64
Weighted Average Exercise Price Forfeited | $ / shares	58.26
Weighted Average Exercise Price Expired | $ / shares	57.18
Weighted Average Exercise Price Exercised | $ / shares	44.54
Weighted Average Exercise Price Outstanding, Ending Balance | $ / shares	$ 48.65
Weighted Average Remaining Contractual Term	6 years
Aggregate Intrinsic Value | $	$ 22,190

XML

Revenue from Contracts with Customers (Narrative) (Details)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Percent of Revenue not in scope of ASC 606	61.00%
Consumer segment
Revenue, Major Customer [Line Items]
Deposit fee revenue by segment	39.00%
Commercial segment
Revenue, Major Customer [Line Items]
Deposit fee revenue by segment	60.00%

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Revenue from Contracts with Customers (Schedule of Disaggregation of Revenue) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Non-interest income		$ 131,769	$ 136,045
Total non-interest income from contracts with customers
Disaggregation of Revenue [Line Items]
Non-interest income		121,104	116,174
Total non-interest income from contracts with customers | Bank card transaction fees
Disaggregation of Revenue [Line Items]
Non-interest income		42,045	37,695
Total non-interest income from contracts with customers | Trust fees
Disaggregation of Revenue [Line Items]
Non-interest income		47,811	44,127
Total non-interest income from contracts with customers | Deposit account charges and other fees
Disaggregation of Revenue [Line Items]
Non-interest income		22,307	22,575
Total non-interest income from contracts with customers | Consumer brokerage services
Disaggregation of Revenue [Line Items]
Non-interest income		4,446	4,081
Total non-interest income from contracts with customers | Other non-interest income
Disaggregation of Revenue [Line Items]
Non-interest income		4,495	7,696
Other non-interest income (1)
Disaggregation of Revenue [Line Items]
Non-interest income	[1]	$ 10,665	$ 19,871

[1] This revenue is not within the scope of ASC 606, and includes fees relating to capital market activities, loan fees and sales, derivative instruments, standby letters of credit and various other transactions.

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Revenue from Contracts with Customers (Schedule of Contract with Customer, Asset and Liability) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Bank card transaction fees
Contract with Customer, Asset and Liability [Line Items]
Contract with Customer, Receivable	$ 14,171	$ 16,424	$ 12,437	$ 14,199
Trust fees
Contract with Customer, Asset and Liability [Line Items]
Contract with Customer, Receivable	2,094	2,222	2,017	2,071
Deposit account charges and other fees
Contract with Customer, Asset and Liability [Line Items]
Contract with Customer, Receivable	5,452	6,702	5,281	6,933
Consumer brokerage services
Contract with Customer, Asset and Liability [Line Items]
Contract with Customer, Receivable	$ 324	$ 391	$ 323	$ 432

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Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Fair Value Measurements [Line Items]
Private equity investments	$ 153,411	$ 147,406
Significant Unobservable Inputs (Level 3)
Fair Value Measurements [Line Items]
Auction Rate Securities Available For Sale	1,900
Private equity investments	$ 153,411	$ 147,406

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Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($)		Mar. 31, 2022	Dec. 31, 2021
Fair Value Measurements [Line Items]
Residential mortgage loans held for sale		$ 3,901,000	$ 5,570,000
U.S. government and federal agency obligations		1,129,961,000	1,080,720,000
Government-sponsored enterprise obligations		51,390,000	51,755,000
State and municipal obligations		2,072,265,000	2,096,827,000
Agency mortgage-backed securities		5,441,374,000	5,683,000,000
Non-agency mortgage-backed securities		1,435,363,000	1,366,477,000
Asset-backed securities		4,011,361,000	3,539,219,000
Other debt securities		638,780,000	632,029,000
Trading debt securities		31,380,000	46,235,000
Equity securities		6,866,000	7,153,000
Private equity investments		153,411,000	147,406,000
Derivative Asset	[1]	13,130,000	41,842,000
Assets held in trust for deferred compensation plan		20,403,000	21,794,000
Total assets		15,009,585,000	14,720,027,000
Derivative Liabilities	[1]	18,382,000	12,101,000
Liabilities held in trust for deferred compensation plan		20,403,000	21,794,000
Total Liabilities		38,785,000	33,895,000
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value Measurements [Line Items]
Residential mortgage loans held for sale		0	0
U.S. government and federal agency obligations		1,129,961,000	1,080,720,000
Government-sponsored enterprise obligations		0	0
State and municipal obligations		0	0
Agency mortgage-backed securities		0	0
Non-agency mortgage-backed securities		0	0
Asset-backed securities		0	0
Other debt securities		0	0
Trading debt securities		0	0
Equity securities		6,866,000	7,153,000
Private equity investments		0	0
Derivative Asset	[1]	0	0
Assets held in trust for deferred compensation plan		20,403,000	21,794,000
Total assets		1,157,230,000	1,109,667,000
Derivative Liabilities	[1]	0	0
Liabilities held in trust for deferred compensation plan		20,403,000	21,794,000
Total Liabilities		20,403,000	21,794,000
Significant Other Observable Inputs (Level 2)
Fair Value Measurements [Line Items]
Residential mortgage loans held for sale		3,901,000	5,570,000
U.S. government and federal agency obligations		0	0
Government-sponsored enterprise obligations		51,390,000	51,755,000
State and municipal obligations		2,070,363,000	2,094,843,000
Agency mortgage-backed securities		5,441,374,000	5,683,000,000
Non-agency mortgage-backed securities		1,435,363,000	1,366,477,000
Asset-backed securities		4,011,361,000	3,539,219,000
Other debt securities		638,780,000	632,029,000
Trading debt securities		31,380,000	46,235,000
Equity securities		0	0
Private equity investments		0	0
Derivative Asset	[1]	12,760,000	40,994,000
Assets held in trust for deferred compensation plan		0	0
Total assets		13,696,672,000	13,460,122,000
Derivative Liabilities	[1]	18,233,000	11,824,000
Liabilities held in trust for deferred compensation plan		0	0
Total Liabilities		18,233,000	11,824,000
Significant Unobservable Inputs (Level 3)
Fair Value Measurements [Line Items]
Residential mortgage loans held for sale		0	0
U.S. government and federal agency obligations		0	0
Government-sponsored enterprise obligations		0	0
State and municipal obligations		1,902,000	1,984,000
Agency mortgage-backed securities		0	0
Non-agency mortgage-backed securities		0	0
Asset-backed securities		0	0
Other debt securities		0	0
Trading debt securities		0	0
Equity securities		0	0
Private equity investments		153,411,000	147,406,000
Derivative Asset	[1]	370,000	848,000
Assets held in trust for deferred compensation plan		0	0
Total assets		155,683,000	150,238,000
Derivative Liabilities	[1]	149,000	277,000
Liabilities held in trust for deferred compensation plan		0	0
Total Liabilities		$ 149,000	$ 277,000

[1] * The fair value of each class of derivative is shown in Note 11.

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Fair Value Measurements (Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Fair Value Assets Measured on Recurring Basis [Roll Forward]
Beginning balance		$ 149,961	$ 105,077
Total gains or losses (realized /unrealized), included in earnings		6,955	7,358
Total gains or losses (realized/unrealized), included in other comprehensive income	[1]	(83)	(1)
Discount accretion		1	3
Purchase of private equity securities		300	0
Sale/pay down of private equity investments		(1,745)	(8,476)
Purchase Of Risk Participation Agreement		145	0
Sale Of Risk Participation Agreement		0	(98)
Ending balance		155,534	103,863
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2022		7,717	10,415
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2022		(83)	(1)
State and Municipal Obligations
Fair Value Assets Measured on Recurring Basis [Roll Forward]
Beginning balance		1,984	7,968
Total gains or losses (realized /unrealized), included in earnings		0	0
Total gains or losses (realized/unrealized), included in other comprehensive income	[1]	(83)	(1)
Discount accretion		1	3
Purchase of private equity securities		0	0
Sale/pay down of private equity investments		0	0
Purchase Of Risk Participation Agreement		0	0
Sale Of Risk Participation Agreement		0	0
Ending balance		1,902	7,970
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2022		0	0
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2022		(83)	(1)
Private Equity Investments
Fair Value Assets Measured on Recurring Basis [Roll Forward]
Beginning balance		147,406	94,368
Total gains or losses (realized /unrealized), included in earnings		7,450	8,365
Total gains or losses (realized/unrealized), included in other comprehensive income	[1]	0	0
Discount accretion		0	0
Purchase of private equity securities		300	0
Sale/pay down of private equity investments		(1,745)	(8,476)
Purchase Of Risk Participation Agreement		0	0
Sale Of Risk Participation Agreement		0	0
Ending balance		153,411	94,257
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2022		7,450	8,365
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2022		0	0
Derivatives
Fair Value Assets Measured on Recurring Basis [Roll Forward]
Beginning balance		571	2,741
Total gains or losses (realized /unrealized), included in earnings		(495)	(1,007)
Total gains or losses (realized/unrealized), included in other comprehensive income	[1]	0	0
Discount accretion		0	0
Purchase of private equity securities		0	0
Sale/pay down of private equity investments		0	0
Purchase Of Risk Participation Agreement		145	0
Sale Of Risk Participation Agreement		0	(98)
Ending balance		221	1,636
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2022		267	2,050
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2022		$ 0	$ 0

[1] * Included in "net unrealized gains (losses) on other securities" in the consolidated statements of comprehensive income.

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Fair Value Measurements (Summary Of Gains And Losses On Level 3 Assets And Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Gains and Losses included in earnings for Level 3 assets & liabilities [Line Items]
Total gains or losses included in earnings	$ 6,955	$ 7,358
Change in unrealized gains or losses relating to assets still held	7,717	10,415
Loan fees and sales
Gains and Losses included in earnings for Level 3 assets & liabilities [Line Items]
Total gains or losses included in earnings	(485)	(1,372)
Change in unrealized gains or losses relating to assets still held	279	1,855
Other non-interest income
Gains and Losses included in earnings for Level 3 assets & liabilities [Line Items]
Total gains or losses included in earnings	(10)	365
Change in unrealized gains or losses relating to assets still held	(12)	195
Investment Securities Gains (Losses), Net
Gains and Losses included in earnings for Level 3 assets & liabilities [Line Items]
Total gains or losses included in earnings	7,450	8,365
Change in unrealized gains or losses relating to assets still held	$ 7,450	$ 8,365

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Fair Value Measurements (Summary Of Quantitative Information About Level 3 Fair Value Measurements) (Details)	3 Months Ended
	Mar. 31, 2022 Rate
Fair Value Assets Measured on Recurring Basis [Line Items]
Valuation Technique, Discounted cash flow	Discounted cash flow
Auction rate securities
Fair Value Assets Measured on Recurring Basis [Line Items]
Valuation Technique, Discounted cash flow	Discounted cash flow
Estimated market recovery period	5 years
Auction rate securities | Minimum [Member]
Fair Value Assets Measured on Recurring Basis [Line Items]
Estimated market rate	2.50%
Auction rate securities | Maximum [Member]
Fair Value Assets Measured on Recurring Basis [Line Items]
Estimated market rate	3.00%
Auction rate securities | Weighted Average [Member]
Fair Value Assets Measured on Recurring Basis [Line Items]
Estimated market recovery period	5 years	[1]
Estimated market rate	2.80%	[1]
Private Equity Investments
Fair Value Assets Measured on Recurring Basis [Line Items]
Valuation Technique, Market comparable companies	Market comparable companies
Private Equity Investments | Minimum [Member]
Fair Value Assets Measured on Recurring Basis [Line Items]
EBITDA multiple	4.0
Private Equity Investments | Maximum [Member]
Fair Value Assets Measured on Recurring Basis [Line Items]
EBITDA multiple	6.0
Private Equity Investments | Weighted Average [Member]
Fair Value Assets Measured on Recurring Basis [Line Items]
EBITDA multiple	5.4	[1]
Mortgage loan commitments
Fair Value Assets Measured on Recurring Basis [Line Items]
Valuation Technique, Discounted cash flow	Discounted cash flow
Mortgage loan commitments | Minimum [Member]
Fair Value Assets Measured on Recurring Basis [Line Items]
Probability of funding	68.20%
Embedded servicing value	0.00%
Mortgage loan commitments | Maximum [Member]
Fair Value Assets Measured on Recurring Basis [Line Items]
Probability of funding	100.00%
Embedded servicing value	1.40%
Mortgage loan commitments | Weighted Average [Member]
Fair Value Assets Measured on Recurring Basis [Line Items]
Probability of funding	90.20%	[1]
Embedded servicing value	1.10%	[1]

[1] * Unobservable inputs were weighted by the relative fair value of the instruments.

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Fair Value Measurements (Schedule of Fair Value Disclosures Measured On Nonrecurring Basis) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Collateral Dependent Loans	$ 0	$ 11,233
Loans Nonrecurring Basis Gains (Losses)	0	(2,926)
Mortgage servicing rights	11,360	8,234
Mortgage Servicing Rights Nonrecurring Basis Gains (Losses)	304	1,055
Long-lived assets	497	0
Long Lived Assets Nonrecurring Basis Gains Losses	(965)	0
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Collateral Dependent Loans	0	0
Mortgage servicing rights	0	0
Long-lived assets	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Collateral Dependent Loans	0	0
Mortgage servicing rights	0	0
Long-lived assets	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Collateral Dependent Loans	0	11,233
Mortgage servicing rights	11,360	8,234
Long-lived assets	$ 497	$ 0

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Fair Value Measurements and Disclosures (Schedule of Quantitative Information about Level Three Fair Value Measurements - Nonrecurring Basis) (Details)	3 Months Ended
	Mar. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Valuation Technique, Discounted cash flow	Discounted cash flow
Mortgage Servicing Rights
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans in foreclosure	$ 1,000
Mortgage Servicing Rights | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	9.01%
Prepayment speeds (CPR)*	6.22%
Performing loans	$ 70
Delinquent loans	$ 200
Mortgage Servicing Rights | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	9.34%
Prepayment speeds (CPR)*	9.41%
Performing loans	$ 72
Delinquent loans	$ 750
Mortgage Servicing Rights | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	9.12%	[1]
Prepayment speeds (CPR)*	6.65%	[1]
Performing loans	$ 71	[1]

[1] *Ranges and weighted averages based on interest rate tranches

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Fair Value Of Financial Instruments (Schedule Of Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands		Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping [Line Items]
Interest earning deposits with banks		$ 1,260,813	$ 3,971,217
Cash and due from banks		326,549	305,539
Derivative Asset	[1]	13,130	41,842
Assets held in trust for deferred compensation plan		20,403	21,794
Non-interest bearing deposits		11,428,372	11,772,374
Savings, interest checking and money market deposits		16,751,632	16,598,085
Other borrowings		9,057	12,560
Derivative Liabilities	[1]	18,382	12,101
Liabilities held in trust for deferred compensation plan		20,403	21,794
Level 1
Fair Value, Balance Sheet Grouping [Line Items]
Derivative Asset	[1]	0	0
Assets held in trust for deferred compensation plan		20,403	21,794
Derivative Liabilities	[1]	0	0
Liabilities held in trust for deferred compensation plan		20,403	21,794
Level 2
Fair Value, Balance Sheet Grouping [Line Items]
Derivative Asset	[1]	12,760	40,994
Assets held in trust for deferred compensation plan		0	0
Derivative Liabilities	[1]	18,233	11,824
Liabilities held in trust for deferred compensation plan		0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping [Line Items]
Derivative Asset	[1]	370	848
Assets held in trust for deferred compensation plan		0	0
Derivative Liabilities	[1]	149	277
Liabilities held in trust for deferred compensation plan		0	0
Carrying Amount
Fair Value, Balance Sheet Grouping [Line Items]
Loans		15,459,014	15,176,359
Loans held for sale		8,908	8,615
Investment securities		15,016,882	14,695,628
Federal Funds Sold		0	2,800
Securities purchased under agreements to resell		1,825,000	1,625,000
Interest earning deposits with banks		1,260,813	3,971,217
Cash and due from banks		326,549	305,539
Derivative Asset		13,130	41,842
Assets held in trust for deferred compensation plan		20,403	21,794
Assets, Fair Value Financial Instruments		33,930,699	35,848,794
Non-interest bearing deposits		11,428,372	11,772,374
Savings, interest checking and money market deposits		16,751,632	16,598,085
Certificates of deposits		1,139,337	1,442,614
Federal funds purchased		17,315	43,385
Securities sold under agreements to repurchase		2,300,146	2,979,582
Other borrowings		8,990	12,514
Derivative Liabilities		18,382	12,101
Liabilities held in trust for deferred compensation plan		20,403	21,794
Financial Liabilities Fair Value Disclosure		31,684,577	32,882,449
Carrying Amount | Business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		5,508,508	5,303,535
Carrying Amount | Real estate - construction and land
Fair Value, Balance Sheet Grouping [Line Items]
Loans		1,144,411	1,118,266
Carrying Amount | Real estate - business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		3,109,668	3,058,837
Carrying Amount | Real estate - personal
Fair Value, Balance Sheet Grouping [Line Items]
Loans		2,820,076	2,805,401
Carrying Amount | Consumer
Fair Value, Balance Sheet Grouping [Line Items]
Loans		2,053,160	2,032,225
Carrying Amount | Revolving home equity
Fair Value, Balance Sheet Grouping [Line Items]
Loans		264,401	275,945
Carrying Amount | Consumer credit card
Fair Value, Balance Sheet Grouping [Line Items]
Loans		544,579	575,410
Carrying Amount | Overdrafts
Fair Value, Balance Sheet Grouping [Line Items]
Loans		14,211	6,740
Estimated Fair Value at March 31, 2022
Fair Value, Balance Sheet Grouping [Line Items]
Loans		15,201,994	15,040,655
Loans held for sale		8,908	8,615
Investment securities		15,016,882	14,695,628
Federal Funds Sold		0	2,800
Securities purchased under agreements to resell		1,801,227	1,623,856
Interest earning deposits with banks		1,260,813	3,971,217
Cash and due from banks		326,549	305,539
Derivative Asset		13,130	41,842
Assets held in trust for deferred compensation plan		20,403	21,794
Assets, Fair Value Financial Instruments		33,649,906	35,711,946
Non-interest bearing deposits		11,428,372	11,772,374
Savings, interest checking and money market deposits		16,751,632	16,598,085
Certificates of deposits		1,124,978	1,438,919
Federal funds purchased		17,315	43,385
Securities sold under agreements to repurchase		2,300,267	2,979,677
Other borrowings		8,990	12,514
Derivative Liabilities		18,382	12,101
Liabilities held in trust for deferred compensation plan		20,403	21,794
Financial Liabilities Fair Value Disclosure		31,670,339	32,878,849
Estimated Fair Value at March 31, 2022 | Business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		5,406,516	5,229,153
Estimated Fair Value at March 31, 2022 | Real estate - construction and land
Fair Value, Balance Sheet Grouping [Line Items]
Loans		1,129,894	1,099,747
Estimated Fair Value at March 31, 2022 | Real estate - business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		3,059,118	3,054,481
Estimated Fair Value at March 31, 2022 | Real estate - personal
Fair Value, Balance Sheet Grouping [Line Items]
Loans		2,777,860	2,809,490
Estimated Fair Value at March 31, 2022 | Consumer
Fair Value, Balance Sheet Grouping [Line Items]
Loans		2,043,692	2,031,408
Estimated Fair Value at March 31, 2022 | Revolving home equity
Fair Value, Balance Sheet Grouping [Line Items]
Loans		261,985	273,450
Estimated Fair Value at March 31, 2022 | Consumer credit card
Fair Value, Balance Sheet Grouping [Line Items]
Loans		508,944	536,468
Estimated Fair Value at March 31, 2022 | Overdrafts
Fair Value, Balance Sheet Grouping [Line Items]
Loans		13,985	6,458
Estimated Fair Value at March 31, 2022 | Level 1
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Loans held for sale		0	0
Investment securities		1,136,827	1,087,873
Federal Funds Sold		0	2,800
Securities purchased under agreements to resell		0	0
Interest earning deposits with banks		1,260,813	3,971,217
Cash and due from banks		326,549	305,539
Derivative Asset		0	0
Assets held in trust for deferred compensation plan		20,403	21,794
Assets, Fair Value Financial Instruments		2,744,592	5,389,223
Non-interest bearing deposits		11,428,372	11,772,374
Savings, interest checking and money market deposits		16,751,632	16,598,085
Certificates of deposits		0	0
Federal funds purchased		17,315	43,385
Securities sold under agreements to repurchase		0	0
Other borrowings		0	0
Derivative Liabilities		0	0
Liabilities held in trust for deferred compensation plan		20,403	21,794
Financial Liabilities Fair Value Disclosure		28,217,722	28,435,638
Estimated Fair Value at March 31, 2022 | Level 1 | Business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2022 | Level 1 | Real estate - construction and land
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2022 | Level 1 | Real estate - business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2022 | Level 1 | Real estate - personal
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2022 | Level 1 | Consumer
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2022 | Level 1 | Revolving home equity
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2022 | Level 1 | Consumer credit card
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2022 | Level 1 | Overdrafts
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2022 | Level 2
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Loans held for sale		8,908	8,615
Investment securities		13,680,011	13,413,558
Federal Funds Sold		0	0
Securities purchased under agreements to resell		0	0
Interest earning deposits with banks		0	0
Cash and due from banks		0	0
Derivative Asset		12,760	40,994
Assets held in trust for deferred compensation plan		0	0
Assets, Fair Value Financial Instruments		13,701,679	13,463,167
Non-interest bearing deposits		0	0
Savings, interest checking and money market deposits		0	0
Certificates of deposits		0	0
Federal funds purchased		0	0
Securities sold under agreements to repurchase		0	0
Other borrowings		8,990	12,514
Derivative Liabilities		18,233	11,824
Liabilities held in trust for deferred compensation plan		0	0
Financial Liabilities Fair Value Disclosure		27,223	24,338
Estimated Fair Value at March 31, 2022 | Level 2 | Business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2022 | Level 2 | Real estate - construction and land
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2022 | Level 2 | Real estate - business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2022 | Level 2 | Real estate - personal
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2022 | Level 2 | Consumer
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2022 | Level 2 | Revolving home equity
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2022 | Level 2 | Consumer credit card
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2022 | Level 2 | Overdrafts
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2022 | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping [Line Items]
Loans		15,201,994	15,040,655
Loans held for sale		0	0
Investment securities		200,044	194,197
Federal Funds Sold		0	0
Securities purchased under agreements to resell		1,801,227	1,623,856
Interest earning deposits with banks		0	0
Cash and due from banks		0	0
Derivative Asset		370	848
Assets held in trust for deferred compensation plan		0	0
Assets, Fair Value Financial Instruments		17,203,635	16,859,556
Non-interest bearing deposits		0	0
Savings, interest checking and money market deposits		0	0
Certificates of deposits		1,124,978	1,438,919
Federal funds purchased		0	0
Securities sold under agreements to repurchase		2,300,267	2,979,677
Other borrowings		0	0
Derivative Liabilities		149	277
Liabilities held in trust for deferred compensation plan		0	0
Financial Liabilities Fair Value Disclosure		3,425,394	4,418,873
Estimated Fair Value at March 31, 2022 | Significant Unobservable Inputs (Level 3) | Business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		5,406,516	5,229,153
Estimated Fair Value at March 31, 2022 | Significant Unobservable Inputs (Level 3) | Real estate - construction and land
Fair Value, Balance Sheet Grouping [Line Items]
Loans		1,129,894	1,099,747
Estimated Fair Value at March 31, 2022 | Significant Unobservable Inputs (Level 3) | Real estate - business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		3,059,118	3,054,481
Estimated Fair Value at March 31, 2022 | Significant Unobservable Inputs (Level 3) | Real estate - personal
Fair Value, Balance Sheet Grouping [Line Items]
Loans		2,777,860	2,809,490
Estimated Fair Value at March 31, 2022 | Significant Unobservable Inputs (Level 3) | Consumer
Fair Value, Balance Sheet Grouping [Line Items]
Loans		2,043,692	2,031,408
Estimated Fair Value at March 31, 2022 | Significant Unobservable Inputs (Level 3) | Revolving home equity
Fair Value, Balance Sheet Grouping [Line Items]
Loans		261,985	273,450
Estimated Fair Value at March 31, 2022 | Significant Unobservable Inputs (Level 3) | Consumer credit card
Fair Value, Balance Sheet Grouping [Line Items]
Loans		508,944	536,468
Estimated Fair Value at March 31, 2022 | Significant Unobservable Inputs (Level 3) | Overdrafts
Fair Value, Balance Sheet Grouping [Line Items]
Loans		$ 13,985	$ 6,458

[1] * The fair value of each class of derivative is shown in Note 11.