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, 2023

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, 2023, the registrant had outstanding 124,717,779 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, 2023 (unaudited) and December 31, 2022	3
		Consolidated Statements of Income for the Three Months Ended March 31, 2023 and 2022 (unaudited)	4
		Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2023 and 2022 (unaudited)	5
		Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2023 and 2022 (unaudited)	6
		Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2023 and 2022 (unaudited)	7
		Notes to Consolidated Financial Statements	8
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	45
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	66
	Item 4.	Controls and Procedures	67
Part II	Other Information
	Item 1.	Legal Proceedings	68
	Item 1A.	Risk Factors	68
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	69
	Item 6.	Exhibits	69
Signatures			70

2

PART I: FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

Commerce Bancshares, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS

	March 31, 2023		December 31, 2022
	(Unaudited)
	(In thousands)
ASSETS
Loans	$	16,535,522	$	16,303,131
Allowance for credit losses on loans	(159,317)		(150,136)
Net loans	16,376,205		16,152,995
Loans held for sale (including $684,000 and $— of residential mortgage loans carried at fair value at March 31, 2023 and December 31, 2022, respectively)	6,162		4,964
Investment securities:
Available for sale debt, at fair value (amortized cost of $12,538,550,000 and $13,738,206,000 at
March 31, 2023 and December 31, 2022, respectively, and allowance for credit losses of $—
at both March 31, 2023 and December 31, 2022)	11,228,616		12,238,316
Trading debt	41,584		43,523
Equity	12,528		12,304
Other	268,417		225,034
Total investment securities	11,551,145		12,519,177
Federal funds sold	27,060		49,505
Securities purchased under agreements to resell	825,000		825,000
Interest earning deposits with banks	1,341,854		389,140
Cash and due from banks	351,210		452,496
Premises and equipment – net	428,169		418,909
Goodwill	138,921		138,921
Other intangible assets – net	14,918		15,234
Other assets	944,212		909,590
Total assets	$	32,004,856	$	31,875,931
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing	$	8,685,234	$	10,066,356
Savings, interest checking and money market	14,419,741		15,126,981
Certificates of deposit of less than $100,000	468,667		387,336
Certificates of deposit of $100,000 and over	1,109,818		606,767
Total deposits	24,683,460		26,187,440
Federal funds purchased and securities sold under agreements to repurchase	2,784,559		2,841,734
Other borrowings	1,507,776		9,672
Other liabilities	346,649		355,508
Total liabilities	29,322,444		29,394,354
Commerce Bancshares, Inc. stockholders’ equity:
Common stock, $5 par value
Authorized 140,000,000; issued 125,863,879 shares at March 31, 2023 and December 31, 2022	629,319		629,319
Capital surplus	2,919,060		2,932,959
Retained earnings	117,313		31,620
Treasury stock of 883,736 shares at March 31, 2023
and 605,142 shares at December 31, 2022, at cost	(59,670)		(41,743)
Accumulated other comprehensive income (loss)	(940,498)		(1,086,864)
Total Commerce Bancshares, Inc. stockholders' equity	2,665,524		2,465,291
Non-controlling interest	16,888		16,286
Total equity	2,682,412		2,481,577
Total liabilities and equity	$	32,004,856	$	31,875,931

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)		2023		2022
	(Unaudited)
INTEREST INCOME
Interest and fees on loans		$	223,816	$	132,075
Interest and fees on loans held for sale		145		150
Interest on investment securities		71,119		73,105
Interest on federal funds sold		489		1
Interest on securities purchased under agreements to resell		3,952		5,300
Interest on deposits with banks		9,336		1,151
Total interest income		308,857		211,782
INTEREST EXPENSE
Interest on deposits:
Savings, interest checking and money market		20,151		1,760
Certificates of deposit of less than $100,000		1,425		139
Certificates of deposit of $100,000 and over		6,627		427
Interest on federal funds purchased		5,586		7
Interest on securities sold under agreements to repurchase		17,495		682
Interest on other borrowings		5,950		(19)
Total interest expense		57,234		2,996
Net interest income		251,623		208,786
Provision for credit losses		11,456		(9,858)
Net interest income after credit losses		240,167		218,644
NON-INTEREST INCOME
Trust fees		45,328		47,811
Bank card transaction fees		46,654		42,045
Deposit account charges and other fees		21,752		22,307
Consumer brokerage services		5,085		4,446
Capital market fees		3,362		4,125
Loan fees and sales		2,589		4,235
Other		12,842		6,800
Total non-interest income		137,612		131,769
INVESTMENT SECURITIES GAINS (LOSSES), NET		(306)		7,163
NON-INTEREST EXPENSE
Salaries and employee benefits		144,373		135,953
Data processing and software		28,154		27,016
Net occupancy		12,759		12,296
Equipment		4,850		4,568
Supplies and communication		4,590		4,713
Marketing		5,471		6,344
Other		23,910		14,758
Total non-interest expense		224,107		205,648
Income before income taxes		153,366		151,928
Less income taxes		32,813		31,902
Net income		120,553		120,026
Less non-controlling interest expense (income)		1,101		1,872
Net income attributable to Commerce Bancshares, Inc.		$	119,452	$	118,154
Net income per common share — basic		$	.95	$	.92
Net income per common share — diluted		$	.95	$	.92

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)	2023		2022
	(Unaudited)
Net income	$	120,553	$	120,026
Other comprehensive income (loss):
Net unrealized gains (losses) on available for sale debt securities	142,466		(507,265)
Change in pension loss	270		323
Unrealized gains (losses) on cash flow hedge derivatives	3,630		(4,538)
Other comprehensive income (loss)	146,366		(511,480)
Comprehensive income (loss)	266,919		(391,454)
Less non-controlling interest (income) expense	1,101		1,872
Comprehensive income (loss) attributable to Commerce Bancshares, Inc.	$	265,818	$	(393,326)

See accompanying notes to consolidated financial statements.

5

Commerce Bancshares, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Three Months Ended March 31, 2023 and 2022

	Commerce Bancshares, Inc. Shareholders
(In thousands, except per share data)	Common Stock		Capital Surplus		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Non-Controlling Interest		Total
	(Unaudited)
Balance December 31, 2022	$	629,319	$	2,932,959	$	31,620	$	(41,743)	$	(1,086,864)	$	16,286	$	2,481,577
Net income					119,452						1,101		120,553
Other comprehensive income (loss)									146,366				146,366
Distributions to non-controlling interest											(453)		(453)
Purchases of treasury stock							(36,245)						(36,245)
Sale of non-controlling interest of subsidiary			46								(46)		—
Issuance under stock purchase and equity compensation plans			(18,318)				18,318						—
Stock-based compensation			4,373										4,373
Cash dividends paid on common stock ($.270 per share)					(33,759)								(33,759)
Balance March 31, 2023	$	629,319	$	2,919,060	$	117,313	$	(59,670)	$	(940,498)	$	16,888	$	2,682,412
Balance December 31, 2021	$	610,804	$	2,689,894	$	92,493	$	(32,973)	$	77,080	$	11,026	$	3,448,324
Net income					118,154						1,872		120,026
Other comprehensive income (loss)									(511,480)				(511,480)
Distributions to non-controlling interest											(136)		(136)
Purchases of treasury stock							(55,855)						(55,855)
Issuance under stock purchase and equity compensation plans			(16,087)				16,535						448
Stock-based compensation			4,218										4,218
Cash dividends paid on common stock ($.252 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

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)	2023		2022
	(Unaudited)
OPERATING ACTIVITIES:
Net income	$	120,553	$	120,026
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	11,456		(9,858)
Provision for depreciation and amortization	11,565		11,811
Amortization of investment security premiums, net	7,654		4,932
Investment securities (gains) losses, net (A)	306		(7,163)
Net (gains) losses on sales of loans held for sale	(137)		(1,302)
Originations of loans held for sale	(9,931)		(57,580)
Proceeds from sales of loans held for sale	8,850		57,789
Net (increase) decrease in trading debt securities, excluding unsettled transactions	11,548		9,798
Purchase of interest rate floor	(25,900)		—
Stock-based compensation	4,373		4,218
(Increase) decrease in interest receivable	(1,005)		(7,972)
Increase (decrease) in interest payable	10,025		273
Increase (decrease) in income taxes payable	26,970		28,657
Other changes, net	(60,270)		(29,115)
Net cash provided by operating activities	116,057		124,514
INVESTING ACTIVITIES:
Distributions received from equity-method investment	1,434		400
Proceeds from sales of investment securities (A)	840,435		1,745
Proceeds from maturities/pay downs of investment securities (A)	474,220		805,355
Purchases of investment securities (A)	(168,584)		(1,812,434)
Net (increase) decrease in loans	(239,230)		(287,328)
Securities purchased under agreements to resell	—		(200,000)
Purchases of premises and equipment	(20,044)		(15,597)
Sales of premises and equipment	6		175
Net cash provided by (used in) investing activities	888,237		(1,507,684)
FINANCING ACTIVITIES:
Net increase (decrease) in non-interest bearing, savings, interest checking and money market deposits	(2,137,278)		(208,358)
Net increase (decrease) in certificates of deposit	584,382		(303,277)
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase	(57,175)		(705,506)
Net increase (decrease) in other borrowings	1,498,104		(3,503)
Purchases of treasury stock	(36,245)		(55,855)
Issuance of stock under equity compensation plans	—		448
Cash dividends paid on common stock	(33,759)		(32,143)
Net cash used in financing activities	(181,971)		(1,308,194)
Increase (decrease) in cash, cash equivalents and restricted cash	822,323		(2,691,364)
Cash, cash equivalents and restricted cash at beginning of year	897,801		4,296,954
Cash, cash equivalents and restricted cash at March 31	$	1,720,124	$	1,605,590
Income tax payments, net	$	3,857	$	1,640
Interest paid on deposits and borrowings	$	47,209	$	2,723
Loans transferred to foreclosed real estate	$	72	$	25

(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 at March 31, 2022. The Company had no restricted cash at March 31, 2023.

7

Commerce Bancshares, Inc. and Subsidiaries

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2023 (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 2022 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 sheets and revenues and expenses for the periods. 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 months ended March 31, 2023 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.

The Company adopted ASU 2022-02 Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures on January 1, 2023, using the prospective transition method. This ASU eliminates the troubled debt restructuring recognition and measurement guidance and requires an entity to present gross write-offs by year of origination. The amendments also enhance disclosure requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. With the exception of enhanced disclosures, there was no material impact to the consolidated financial statements from adoption of this ASU. As of the Company's adoption date, all restructurings are evaluated to determine whether they are modifications to a borrower experiencing financial difficulty. Loans that were accounted for under the troubled debt restructuring method as of December 31, 2022 will continue to be accounted for under that method until they are paid off or modified.

The following significant accounting policies have been updated since the Company's 2022 Annual Report on Form 10-K to reflect the adoption of ASU 2022-02.

Troubled Debt Restructurings

Prior to the Company's adoption of ASU 2022-02, a loan was accounted for as a troubled debt restructuring if the Company, for economic or legal reasons related to the borrower's financial difficulties, granted a concession to the borrower that it would not otherwise consider. A troubled debt restructuring typically involves (1) modification of terms such as a reduction of the stated interest rate, loan principal, or accrued interest, (2) a loan renewal at a stated interest rate lower than the current market rate for a new loan with similar risk, or (3) debt that was not reaffirmed in bankruptcy. Business, business real estate, construction and land real estate and personal real estate troubled debt restructurings with impairment charges are placed on non-accrual status. The Company measures the impairment loss of a troubled debt restructuring at the time of modification based on the present value of expected future cash flows. Subsequent to modification, troubled debt restructurings are subject to the Company’s allowance for credit loss model, which is discussed below and in Note 2, Loans and Allowance for Credit Losses. Troubled debt restructurings that are performing under their contractual terms continue to accrue interest, which is recognized in current earnings. Loans that were accounted as troubled debt restructurings at of December 31, 2022 will continue to be accounted for under that method until they are either paid off or modified.

Modifications for Borrowers Experiencing Financial Difficulty

The Company may renegotiate the terms of existing loans for a variety of reasons. When refinancing or restructuring a loan, the Company evaluates where the borrower is experiencing financial difficulty. In making this determination, the Company considers whether the borrower is currently in default on any of its debt. In addition, the Company evaluates whether it is probable that the borrower would be in payment default on any of its debt in the foreseeable future without the modification and if the borrower (without the current modification) could obtain equivalent financing from another creditor at a market rate for

8

similar debt. Modifications of loans to borrowers in these situations may indicate that the borrower is facing financial difficulty.

Modifications of loans to borrowers experiencing financial difficulty that are in the form of principal forgiveness, interest rate reductions, other-than-insignificant payment delays, or a term extension (or a combination thereof) require disclosure. The Company's disclosures are included in Note 2, Loans and Allowance for Credit Losses.

2. Loans and Allowance for Credit Losses

Major classifications within the Company’s held for investment loan portfolio at March 31, 2023 and December 31, 2022 are as follows:

(In thousands)	March 31, 2023		December 31, 2022
Commercial:
Business	$	5,704,467	$	5,661,725
Real estate – construction and land	1,437,419		1,361,095
Real estate – business	3,486,543		3,406,981
Personal Banking:
Real estate – personal	2,952,042		2,918,078
Consumer	2,094,389		2,059,088
Revolving home equity	295,478		297,207
Consumer credit card	558,669		584,000
Overdrafts	6,515		14,957
Total loans	$	16,535,522	$	16,303,131

Accrued interest receivable totaled $61.9 million and $55.5 million at March 31, 2023 and December 31, 2022, respectively, and was included within other assets on the consolidated balance sheets. For the three months ended March 31, 2023, the Company wrote-off accrued interest by reversing interest income of $34 thousand and $1.1 million in the Commercial and Personal Banking portfolios, respectively. Similarly, for the three months ended March 31, 2022, the Company wrote-off accrued interest of $29 thousand and $899 thousand in the Commercial and Personal Banking portfolios, respectively.

At March 31, 2023, loans of $3.3 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

9

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 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, 2023 and December 31, 2022 are discussed below.

Key Assumption	March 31, 2023	December 31, 2022
Overall economic forecast	•Mild recession to start 3rd quarter of 2023 •Assume the Federal Reserve will continue raising interest rates •Mild recession is expected to weaken employment	•Continued high inflation and higher cost of borrowing create a mild recession in 2023 with stalled job growth and possible job losses •Assumes interest rates hikes will taper
Reasonable and supportable period and related reversion period	•Reasonable and supportable period of one year •Reversion to historical average loss within 2 quarters using straight-line method	•Reasonable and supportable period of one year •Reversion to historical average loss within 2 quarters using straight-line method
Forecasted macro-economic variables	•Unemployment rate ranges from 3.7% to 5.3% during the supportable forecast period •Real GDP growth ranges from (.5)% to 2.0% •BBB corporate yield from 5.3% to 5.8% •House Price Index from 280.2 to 282.0	•Unemployment rate ranges from 3.8% to 4.7% during the supportable forecast period •Real GDP growth ranging from (.9)% to 1.3% •BBB corporate yield from 5.1% to 5.8% •House Price Index from 280.9 to 284.6
Prepayment assumptions	Commercial loans •5% for most loan pools Personal banking loans •Ranging from 6.45% to 22.4% for most loan pools •Consumer credit cards 67.5%	Commercial loans •5% for most loan pools Personal banking loans •Ranging from 8.3% to 24.8% for most loan pools •Consumer credit cards 67.9%
Qualitative factors	Added qualitative factors related to: •Changes in the composition of the loan portfolios •Certain portfolios sensitive to pandemic economic uncertainties •Certain portfolios sensitive to unusually high rate of inflation and supply chain issues •Loans downgraded to special mention, substandard, or non-accrual status	Added qualitative factors related to: •Changes in the composition of the loan portfolios •Certain portfolios sensitive to pandemic economic uncertainties •Certain portfolios sensitive to unusually high rate of inflation and supply chain issues •Loans downgraded to special mention, substandard, or non-accrual status

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 credit losses.

The current forecast projects a mild recession to start in the third quarter of 2023 as the economy continues to face high inflation, higher interest rates and a weaker job market. The impacts of the market's response to unusual events or trends including high inflation, supply chain stresses, trends in health conditions and changes in the geopolitical environment could significantly modify economic projections used in the estimation of the ACL.

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, 2023 and 2022, respectively, follows:

	For the Three Months Ended March 31, 2023
(In thousands)	Commercial		Personal Banking		Total
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period	$	103,293	$	46,843	$	150,136
Provision for credit losses on loans	5,548		10,400		15,948
Deductions:
Loans charged off	292		8,756		9,048
Less recoveries on loans	66		2,215		2,281
Net loan charge-offs (recoveries)	226		6,541		6,767
Balance March 31, 2023	$	108,615	$	50,702	$	159,317
LIABILITY FOR UNFUNDED LENDING COMMITMENTS
Balance at beginning of period	$	31,743	$	1,377	$	33,120
Provision for credit losses on unfunded lending commitments	(4,638)		146		(4,492)
Balance March 31, 2023	$	27,105	$	1,523	$	28,628
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS	$	135,720	$	52,225	$	187,945

	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

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, 2023 and December 31, 2022.

(In thousands)	Current or Less Than 30 Days Past Due		30 – 89 Days Past Due		90 Days Past Due and Still Accruing		Non-accrual		Total
March 31, 2023
Commercial:
Business	$	5,692,966	$	4,644	$	496	$	6,361	$	5,704,467
Real estate – construction and land	1,432,344		4,646		429		—		1,437,419
Real estate – business	3,483,425		2,947		—		171		3,486,543
Personal Banking:
Real estate – personal	2,937,474		8,375		4,924		1,269		2,952,042
Consumer	2,067,340		25,134		1,915		—		2,094,389
Revolving home equity	293,783		846		849		—		295,478
Consumer credit card	547,228		5,254		6,187		—		558,669
Overdrafts	6,189		326		—		—		6,515
Total	$	16,460,749	$	52,172	$	14,800	$	7,801	$	16,535,522
December 31, 2022
Commercial:
Business	$	5,652,710	$	1,759	$	505	$	6,751	$	5,661,725
Real estate – construction and land	1,361,095		—		—		—		1,361,095
Real estate – business	3,406,207		585		—		189		3,406,981
Personal Banking:
Real estate – personal	2,895,742		14,289		6,681		1,366		2,918,078
Consumer	2,031,827		25,089		2,172		—		2,059,088
Revolving home equity	295,303		1,201		703		—		297,207
Consumer credit card	572,213		6,238		5,549		—		584,000
Overdrafts	14,090		647		220		—		14,957
Total	$	16,229,187	$	49,808	$	15,830	$	8,306	$	16,303,131

At March 31, 2023, the Company had $3.5 million in non-accrual business loans that had no allowance for credit loss, compared to $3.8 million in non-accrual business loans that had no allowance for credit loss at December 31, 2022. The Company did not record any interest income on non-accrual loans during the three months ended March 31, 2023 and 2022, 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

12

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, 2023 and December 31, 2022 are as follows:

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
March 31, 2023
Business
Risk Rating:
Pass	$	526,988	$	1,268,330	$	716,669	$	374,953	$	334,438	$	369,983	$	2,008,711	$	5,600,072
Special mention	14,056		1,606		4,460		7,330		513		1,643		676		30,284
Substandard	1,127		6,188		10,059		17,261		503		10,732		21,880		67,750
Non-accrual	—		158		1,818		33		1		4,280		71		6,361
Total Business:	$	542,171	$	1,276,282	$	733,006	$	399,577	$	335,455	$	386,638	$	2,031,338	$	5,704,467
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	292	$	292
Real estate-construction
Risk Rating:
Pass	$	156,801	$	552,570	$	549,106	$	83,653	$	27,431	$	3,235	$	27,547	$	1,400,343
Special mention	7,115		207		—		—		—		—		—		7,322
Substandard	—		2,016		—		—		—		27,738		—		29,754
Total Real estate-construction:	$	163,916	$	554,793	$	549,106	$	83,653	$	27,431	$	30,973	$	27,547	$	1,437,419
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real estate-business
Risk Rating:
Pass	$	229,043	$	1,136,589	$	573,233	$	495,078	$	388,892	$	401,324	$	109,489	$	3,333,648
Special mention	—		4,555		—		605		9,616		1,235		—		16,011
Substandard	—		2,811		30,886		16,416		11,924		74,676		—		136,713
Non-accrual	—		14		45		—		—		112		—		171
Total Real estate-business:	$	229,043	$	1,143,969	$	604,164	$	512,099	$	410,432	$	477,347	$	109,489	$	3,486,543
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial loans
Risk Rating:
Pass	$	912,832	$	2,957,489	$	1,839,008	$	953,684	$	750,761	$	774,542	$	2,145,747	$	10,334,063
Special mention	21,171		6,368		4,460		7,935		10,129		2,878		676		53,617
Substandard	1,127		11,015		40,945		33,677		12,427		113,146		21,880		234,217
Non-accrual	—		172		1,863		33		1		4,392		71		6,532
Total Commercial loans:	$	935,130	$	2,975,044	$	1,886,276	$	995,329	$	773,318	$	894,958	$	2,168,374	$	10,628,429
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	292	$	292

13

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Total
December 31, 2022
Business
Risk Rating:
Pass	$	1,456,476	$	782,409	$	464,201	$	360,844	$	180,375	$	219,053	$	2,146,380	$	5,609,738
Special mention	3,113		2,548		7,757		1,063		67		—		1,319		15,867
Substandard	5,752		10,004		685		37		810		10,342		1,739		29,369
Non-accrual	195		1,987		—		1		792		3,776		—		6,751
Total Business:	$	1,465,536	$	796,948	$	472,643	$	361,945	$	182,044	$	233,171	$	2,149,438	$	5,661,725
Real estate-construction
Risk Rating:
Pass	$	538,022	$	596,465	$	129,632	$	27,331	$	1,305	$	2,029	$	18,559	$	1,313,343
Special mention	352		—		—		—		—		—		—		352
Substandard	—		19,494		—		—		14,766		13,140		—		47,400
Total Real estate-construction:	$	538,374	$	615,959	$	129,632	$	27,331	$	16,071	$	15,169	$	18,559	$	1,361,095
Real estate- business
Risk Rating:
Pass	$	1,085,379	$	616,516	$	555,648	$	424,641	$	163,628	$	271,579	$	90,799	$	3,208,190
Special mention	4,608		—		618		9,737		976		279		—		16,218
Substandard	2,795		30,944		61,141		10,490		30,782		46,232		—		182,384
Non-accrual	14		45		—		—		124		6		—		189
Total Real-estate business:	$	1,092,796	$	647,505	$	617,407	$	444,868	$	195,510	$	318,096	$	90,799	$	3,406,981
Commercial loans
Risk Rating:
Pass	$	3,079,877	$	1,995,390	$	1,149,481	$	812,816	$	345,308	$	492,661	$	2,255,738	$	10,131,271
Special mention	8,073		2,548		8,375		10,800		1,043		279		1,319		32,437
Substandard	8,547		60,442		61,826		10,527		46,358		69,714		1,739		259,153
Non-accrual	209		2,032		—		1		916		3,782		—		6,940
Total Commercial loans:	$	3,096,706	$	2,060,412	$	1,219,682	$	834,144	$	393,625	$	566,436	$	2,258,796	$	10,429,801

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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, 2023 and December 31, 2022 below.

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
March 31, 2023
Real estate-personal
Current to 90 days past due	$	113,590	$	512,841	$	578,969	$	769,804	$	284,835	$	675,601	$	10,209	$	2,945,849
Over 90 days past due	—		394		946		1,372		—		2,212		—		4,924
Non-accrual	—		—		—		—		167		1,102		—		1,269
Total Real estate-personal:	$	113,590	$	513,235	$	579,915	$	771,176	$	285,002	$	678,915	$	10,209	$	2,952,042
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	18	$	—	$	18
Consumer
Current to 90 days past due	$	158,392	$	430,621	$	345,779	$	183,261	$	91,521	$	82,898	$	800,002	$	2,092,474
Over 90 days past due	—		343		310		115		62		443		642		1,915
Total Consumer:	$	158,392	$	430,964	$	346,089	$	183,376	$	91,583	$	83,341	$	800,644	$	2,094,389
Gross write-offs for the three months ended March 31, 2023	$	—	$	519	$	505	$	279	$	127	$	159	$	270	$	1,859
Revolving home equity
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	294,629	$	294,629
Over 90 days past due	—		—		—		—		—		—		849		849
Total Revolving home equity:	$	—	$	—	$	—	$	—	$	—	$	—	$	295,478	$	295,478
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer credit card
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	552,482	$	552,482
Over 90 days past due	—		—		—		—		—		—		6,187		6,187
Total Consumer credit card:	$	—	$	—	$	—	$	—	$	—	$	—	$	558,669	$	558,669
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	5,684	$	5,684
Overdrafts
Current to 90 days past due	$	6,515	$	—	$	—	$	—	$	—	$	—	$	—	$	6,515
Over 90 days past due	—		—		—		—		—		—		—		—
Total Overdrafts:	$	6,515	$	—	$	—	$	—	$	—	$	—	$	—	$	6,515
Gross write-offs for the three months ended March 31, 2023	$	1,195	$	—	$	—	$	—	$	—	$	—	$	—	$	1,195
Personal banking loans
Current to 90 days past due	$	278,497	$	943,462	$	924,748	$	953,065	$	376,356	$	758,499	$	1,657,322	$	5,891,949
Over 90 days past due	—		737		1,256		1,487		62		2,655		7,678		13,875
Non-accrual	—		—		—		—		167		1,102		—		1,269
Total Personal banking loans:	$	278,497	$	944,199	$	926,004	$	954,552	$	376,585	$	762,256	$	1,665,000	$	5,907,093
Gross write-offs for the three months ended March 31, 2023	$	1,195	$	519	$	505	$	279	$	127	$	177	$	5,954	$	8,756

15

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Total
December 31, 2022
Real estate-personal
Current to 90 days past due	$	535,283	$	589,658	$	783,651	$	290,580	$	132,305	$	568,380	$	10,174	$	2,910,031
Over 90 days past due	514		967		1,338		81		1,388		2,393		—		6,681
Non-accrual	—		—		52		169		102		1,043		—		1,366
Total Real estate-personal:	$	535,797	$	590,625	$	785,041	$	290,830	$	133,795	$	571,816	$	10,174	$	2,918,078
Consumer
Current to 90 days past due	$	536,429	$	378,118	$	205,849	$	106,733	$	36,096	$	62,255	$	731,436	$	2,056,916
Over 90 days past due	326		251		203		58		267		228		839		2,172
Total Consumer:	$	536,755	$	378,369	$	206,052	$	106,791	$	36,363	$	62,483	$	732,275	$	2,059,088
Revolving home equity
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	296,504	$	296,504
Over 90 days past due	—		—		—		—		—		—		703		703
Total Revolving home equity:	$	—	$	—	$	—	$	—	$	—	$	—	$	297,207	$	297,207
Consumer credit card
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	578,451	$	578,451
Over 90 days past due	—		—		—		—		—		—		5,549		5,549
Total Consumer credit card:	$	—	$	—	$	—	$	—	$	—	$	—	$	584,000	$	584,000
Overdrafts
Current to 90 days past due	$	14,737	$	—	$	—	$	—	$	—	$	—	$	—	$	14,737
Over 90 days past due	220		—		—		—		—		—		—		220
Total Overdrafts:	$	14,957	$	—	$	—	$	—	$	—	$	—	$	—	$	14,957
Personal banking loans
Current to 90 days past due	$	1,086,449	$	967,776	$	989,500	$	397,313	$	168,401	$	630,635	$	1,616,565	$	5,856,639
Over 90 days past due	1,060		1,218		1,541		139		1,655		2,621		7,091		15,325
Non-accrual	—		—		52		169		102		1,043		—		1,366
Total Personal banking loans:	$	1,087,509	$	968,994	$	991,093	$	397,621	$	170,158	$	634,299	$	1,623,656	$	5,873,330

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, 2023 and December 31, 2022.

(In thousands)	Business Assets		Oil & Gas Assets		Total
March 31, 2023
Commercial:
Business	$	2,611	$	1,671	$	4,282
Total	$	2,611	$	1,671	$	4,282
December 31, 2022
Commercial:
Business	$	2,778	$	1,824	$	4,602
Total	$	2,778	$	1,824	$	4,602

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

16

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 $178.1 million at March 31, 2023 and $179.2 million at December 31, 2022. The table also excludes consumer loans related to the Company's patient healthcare loan program, which totaled $195.5 million at March 31, 2023 and $197.5 million at December 31, 2022. 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, 2023 and December 31, 2022 by FICO score.

Personal Banking Loans
	% of Loan Category
	Real Estate - Personal		Consumer		Revolving Home Equity		Consumer Credit Card
March 31, 2023
FICO score:
Under 600	1.8	%	2.6	%	1.8	%	4.2	%
600 - 659	2.5		4.0		3.3		11.9
660 - 719	9.2		13.6		9.8		30.9
720 - 779	21.8		29.2		21.7		27.5
780 and over	64.7		50.6		63.4		25.5
Total	100.0	%	100.0	%	100.0	%	100.0	%
December 31, 2022
FICO score:
Under 600	1.4	%	2.2	%	1.5	%	3.4	%
600 - 659	2.2		4.2		2.8		11.4
660 - 719	8.1		14.5		9.7		30.8
720 - 779	23.7		26.7		21.4		27.1
780 and over	64.6		52.4		64.6		27.3
Total	100.0	%	100.0	%	100.0	%	100.0	%

Modifications for borrowers experiencing financial difficulty

When borrowers are experiencing financial difficulty, the Company may agree to modify the contractual terms of a loan to a borrower in order to assist the borrower in repaying principal and interest owed to the Company.

The Company's modifications of loans to borrowers experiencing financial difficulty are generally in the form of term extensions, repayment plans, payment deferrals, forbearance agreements, interest rate reductions, forgiveness of interest and/or fees, or any combination thereof. Commercial loans modified to borrowers experiencing financial difficulty are primarily loans that are substandard or non-accrual, where the maturity date was extended. Modifications on personal real estate loans are primarily those placed on forbearance plans, repayment plans, or deferral plans where monthly payments are suspended for a period of time or past due amounts are paid off over a certain period of time in the future or set up as a balloon payment at maturity. Modifications to certain credit card and other small consumer loans are often modified under debt counseling programs that can reduce the contractual rate or, in certain instances, forgive certain fees and interest charges. Other consumer loans modified to borrowers experiencing financial difficulty consist of various other workout arrangements with consumer customers.

17

The following table presents the amortized cost at March 31, 2023 of loans that were modified during the three months ended March 31, 2023.

	Three Months Ended March 31, 2023
(Dollars in thousands)	Term Extension		Payment Delay		Interest Rate Reduction		Interest/Fees Forgiven		Other		Total		% of Total Loan Category
March 31, 2023
Commercial:
Business	$	3,104	$	—	$	—	$	—	$	—	$	3,104	0.1	%
Real estate – business	23,039		—		—		—		—		23,039		0.7
Personal Banking:
Real estate – personal	—		1,666		—		—		—		1,666		0.1
Consumer	—		58		16		—		55		129		—
Consumer credit card	—		—		618		275		—		893		0.2
Total	$	26,143	$	1,724	$	634	$	275	$	55	$	28,831	0.2	%

The estimate of lifetime expected losses utilized in the allowance for credit losses model is developed using average historical experience on loans with similar risk characteristics, which includes losses from modifications of loans to borrowers experiencing financial difficulty. As a result, a change to the allowance for credit losses is generally not recorded upon modification. For modifications to loans made to borrowers experiencing financial difficulty that are placed on non-accrual status, the Company determines the allowance for credit losses on an individual evaluation, using the same process that it utilizes for other loans on non-accrual status. Modifications made to commercial loans which are not on non-accrual status for borrowers experiencing financial difficulty are collectively evaluated based on internal risk rating, loan type, delinquency, historical experience, and current economic factors. Modifications made to borrowers experiencing financial difficulty for personal banking loans which are not on non-accrual status are collectively evaluated based on loan type, delinquency, historical experience, and current economic factors.

If a loan to a borrower experiencing financial difficulty is modified and subsequently deemed uncollectible, the allowance for credit losses continues to be based on individual evaluation, if that loan is already on non-accrual status. For those loans, the allowance for credit losses is estimated using discounted expected cash flows or the fair value of collateral. If an accruing loan made to a borrower experiencing financial difficulty is modified and subsequently deemed uncollectible, 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 following table summarizes the financial impact of loan modifications and payment deferrals during the three months ended March 31, 2023. The qualitative impact of forbearance and repayment plans is the deferral of payments for 3 months up to 30 years, and therefore, those modifications are excluded from the table below.

	Term Extension
	Three Months Ended March 31, 2023
Commercial:
Business	Added a weighted-average of 12 months to the life of loans.
Real estate – business	Added a weighted-average of 17 months to the life of loans.

	Payment Delay
	Three Months Ended March 31, 2023
Personal Banking:
Real estate – personal	Deferred past due monthly payments to maturity as a balloon payment. Deferral delayed payments a weighted average of 27 years.
Consumer	Deferred past due monthly payments to maturity as a balloon payment. Deferral delayed payments a weighted average of 11 years.

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	Interest Rate Reduction
	Three Months Ended March 31, 2023
Personal Banking:
Consumer	Reduced weighted-average contractual interest by 14%.
Consumer credit card	Reduced weighted-average contractual interest by 14%.

	Forgiveness of Interest/Fees
	Three Months Ended March 31, 2023
Personal Banking:
Consumer credit card	Approximately $14 thousand of interest and fees forgiven.

The Company had commitments of $532 thousand at March 31, 2023 to lend additional funds to borrowers with restructured loans.

The following table provides the amortized cost basis of loans to borrowers experiencing financial difficulty that had a payment default during the three months ended March 31, 2023 and were modified on or after January 1, 2023 (the date we adopted ASU 2022-02) through March 31, 2023. For purposes of this disclosure, the Company considers "default" to mean 90 days or more past due as to interest or principal. In addition to the loans below, the Company charged off $25 thousand of consumer credit card loans during the three months ended March 31, 2023 that were modified during the period.

(Dollars in thousands)	Interest Rate Reduction		Interest/Fees Forgiven		Total
March 31, 2023
Personal Banking:
Consumer	$	8	$	—	$	8
Consumer credit card	63		12		75
Total	$	71	$	12	$	83

The following table presents the amortized cost basis at March 31, 2023 of loans that have been modified on or after January 1, 2023 (the date we adopted ASU 2022-02) through March 31, 2023.

(In thousands)	Current		30-89 Days Past Due		90 Days Past Due		Total
March 31, 2023
Commercial:
Business	$	3,104	$	—	$	—	$	3,104
Real estate – business	23,039		—		—		23,039
Personal Banking:
Real estate – personal	1,061		605		—		1,666
Consumer	75		46		8		129
Consumer credit card	645		173		75		893
Total	$	27,924	$	824	$	83	$	28,831

Troubled debt restructuring disclosures prior to the Company's adoption of ASU 2022-02

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

19

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)		December 31, 2022
Accruing restructured loans:
	Commercial	$	184,388
	Assistance programs	5,156
	Other consumer	4,049
Non-accrual loans		5,078
Total troubled debt restructurings		$	198,671

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 December 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)	December 31, 2022		Balance at December 31, 2022 that was 90 days past due at any time during previous 12 months
Commercial:
Business	$	12,311	$	—
Real estate - construction and land	57,547		—
Real estate - business	118,654		—
Personal Banking:
Real estate - personal	2,809		419
Consumer	2,250		268
Revolving home equity	17		—
Consumer credit card	5,083		452
Total troubled debt restructurings	$	198,671	$	1,139

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 at December 31, 2022 were estimated to decrease interest income by approximately $661 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.

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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 $12.6 million at December 31, 2022 to lend additional funds to borrowers with restructured loans.

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, 2023, the fair value of these loans was $684 thousand, and the unpaid principal balance was $666 thousand.

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, 2023 totaled $5.3 million.

At March 31, 2023, 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 $167 thousand and $96 thousand at March 31, 2023 and December 31, 2022, respectively, and included in those amounts were $167 thousand and $96 thousand at March 31, 2023 and December 31, 2022, respectively, of foreclosed residential real estate properties held as a result of obtaining physical possession. Personal property acquired in repossession, generally autos, totaled $1.4 million and $1.6 million at March 31, 2023 and December 31, 2022, 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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3. Investment Securities

Investment securities consisted of the following at March 31, 2023 and December 31, 2022.

(In thousands)	March 31, 2023		December 31, 2022
Available for sale debt securities	$	11,228,616	$	12,238,316
Trading debt securities	41,584		43,523
Equity securities:
Readily determinable fair value	6,083		6,210
No readily determinable fair value	6,445		6,094
Other:
Federal Reserve Bank stock	34,887		34,795
Federal Home Loan Bank stock	70,112		10,678
Equity method investments	—		1,434
Private equity investments	163,418		178,127
Total investment securities (1)	$	11,551,145	$	12,519,177

(1)Accrued interest receivable totaled $32.7 million and $38.8 million at March 31, 2023 and December 31, 2022, 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, 2023, 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 accumulated other comprehensive income (AOCI). A summary of the available for sale debt securities by maturity groupings as of March 31, 2023 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.

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(In thousands)	Amortized Cost		Fair Value
U.S. government and federal agency obligations:
Within 1 year	$	482,979	$	474,435
After 1 but within 5 years	391,902		378,408
After 5 but within 10 years	173,874		167,380
Total U.S. government and federal agency obligations	1,048,755		1,020,223
Government-sponsored enterprise obligations:
After 5 but within 10 years	4,955		4,631
After 10 years	50,734		39,783
Total government-sponsored enterprise obligations	55,689		44,414
State and municipal obligations:
Within 1 year	98,381		97,510
After 1 but within 5 years	465,196		442,933
After 5 but within 10 years	887,757		771,946
After 10 years	163,836		141,425
Total state and municipal obligations	1,615,170		1,453,814
Mortgage and asset-backed securities:
Agency mortgage-backed securities	4,975,242		4,271,563
Non-agency mortgage-backed securities	1,403,543		1,207,969
Asset-backed securities	2,918,160		2,763,578
Total mortgage and asset-backed securities	9,296,945		8,243,110
Other debt securities:
Within 1 year	14,040		13,572
After 1 but within 5 years	246,688		230,527
After 5 but within 10 years	245,003		209,285
After 10 years	16,260		13,671
Total other debt securities	521,991		467,055
Total available for sale debt securities	$	12,538,550	$	11,228,616

Investments in U.S. government and federal agency obligations include U.S. Treasury inflation-protected securities, which totaled $402.3 million, at fair value, at March 31, 2023. Interest earned on these securities increases with inflation and decreases with deflation, as measured by the non-seasonally adjusted Consumer Price Index (CPI-U). 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

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 which 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. Certain securities are analyzed using a projected cash flow model, discounted to present value, and compared to the current amortized cost bases of the securities. The model uses 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. Securities not analyzed using the cash flow model are analyzed by reviewing risk ratings, credit support agreements, and industry knowledge to project future cash flows and any possible credit impairment.

At March 31, 2023, the fair value of securities on this watch list was $676.0 million compared to $1.3 billion at December 31, 2022. The majority of the securities included on the Company's watch list in the current quarter were experiencing unrealized loss positions due to the significant increase in interest rates and were analyzed outside of the cash flow model. At March 31, 2023, the securities on the Company's watch list that were not deemed to be solely related to increasing interest rates were securities backed by government-guaranteed student loans and are expected to perform as contractually required. As of March 31, 2023, the Company did not identify any securities for which a credit loss exists, and for the three months ended March 31, 2023 and 2022, 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, 2023 and December 31, 2022. 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. At March 31, 2023, the Company does not intend to sell the securities, nor is it anticipated that it would be required to sell any of these securities at a loss.

	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, 2023
U.S. government and federal agency obligations	$	532,588	$	9,565	$	386,394	$	20,444	$	918,982	$	30,009
Government-sponsored enterprise obligations	4,631		324		39,783		10,951		44,414		11,275
State and municipal obligations	188,055		2,025		1,200,901		159,549		1,388,956		161,574
Mortgage and asset-backed securities:
Agency mortgage-backed securities	159,424		4,610		4,091,658		699,252		4,251,082		703,862
Non-agency mortgage-backed securities	648		12		1,199,354		195,665		1,200,002		195,677
Asset-backed securities	131,679		2,523		2,631,899		152,059		2,763,578		154,582
Total mortgage and asset-backed securities	291,751		7,145		7,922,911		1,046,976		8,214,662		1,054,121
Other debt securities	7,843		201		459,212		54,735		467,055		54,936
Total	$	1,024,868	$	19,260	$	10,009,201	$	1,292,655	$	11,034,069	$	1,311,915
December 31, 2022
U.S. government and federal agency obligations	$	605,840	$	17,490	$	380,573	$	25,940	$	986,413	$	43,430
Government-sponsored enterprise obligations	25,068		4,650		18,040		7,971		43,108		12,621
State and municipal obligations	814,799		26,708		875,329		171,385		1,690,128		198,093
Mortgage and asset-backed securities:
Agency mortgage-backed securities	1,323,938		125,330		2,966,851		654,327		4,290,789		779,657
Non-agency mortgage-backed securities	135,984		16,736		1,069,222		195,218		1,205,206		211,954
Asset-backed securities	1,331,055		50,056		2,006,188		140,424		3,337,243		190,480
Total mortgage and asset-backed securities	2,790,977		192,122		6,042,261		989,969		8,833,238		1,182,091
Other debt securities	166,040		9,690		308,818		54,707		474,858		64,397
Total	$	4,402,724	$	250,660	$	7,625,021	$	1,249,972	$	12,027,745	$	1,500,632

The entire available for sale debt portfolio included $11.0 billion of securities that were in a loss position at March 31, 2023, compared to $12.0 billion at December 31, 2022.  The total amount of unrealized loss on these securities was $1.3 billion at March 31, 2023, a decrease of $188.7 million compared to the unrealized loss at December 31, 2022.  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, 2023 and December 31, 2022, 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, 2023
U.S. government and federal agency obligations	$	1,048,755	$	1,477	$	(30,009)	$	—	$	1,020,223
Government-sponsored enterprise obligations	55,689		—		(11,275)		—		44,414
State and municipal obligations	1,615,170		218		(161,574)		—		1,453,814
Mortgage and asset-backed securities:
Agency mortgage-backed securities	4,975,242		183		(703,862)		—		4,271,563
Non-agency mortgage-backed securities	1,403,543		103		(195,677)		—		1,207,969
Asset-backed securities	2,918,160		—		(154,582)		—		2,763,578
Total mortgage and asset-backed securities	9,296,945		286		(1,054,121)		—		8,243,110
Other debt securities	521,991		—		(54,936)		—		467,055
Total	$	12,538,550	$	1,981	$	(1,311,915)	$	—	$	11,228,616
December 31, 2022
U.S. government and federal agency obligations	$	1,078,807	$	29	$	(43,430)	$	—	$	1,035,406
Government-sponsored enterprise obligations	55,729		—		(12,621)		—		43,108
State and municipal obligations	1,965,028		174		(198,093)		—		1,767,109
Mortgage and asset-backed securities:
Agency mortgage-backed securities	5,087,893		191		(779,657)		—		4,308,427
Non-agency mortgage-backed securities	1,423,469		92		(211,954)		—		1,211,607
Asset-backed securities	3,588,025		256		(190,480)		—		3,397,801
Total mortgage and asset-backed securities	10,099,387		539		(1,182,091)		—		8,917,835
Other debt securities	539,255		—		(64,397)		—		474,858
Total	$	13,738,206	$	742	$	(1,500,632)	$	—	$	12,238,316

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)	2023		2022
Proceeds from sales of securities:
Available for sale debt securities	$	812,176	$	—
Other investments	28,259		1,745
Total proceeds	$	840,435	$	1,745
Investment securities gains (losses), net:
Available for sale debt securities:
Losses realized on sales	$	(3,088)	$	—
Equity securities:
Fair value adjustments, net	(127)		(287)
Other:
Gains realized on sales	658		—
Fair value adjustments, net	2,251		7,450
Total investment securities gains (losses), net	$	(306)	$	7,163

Net losses on investment securities for the three months ended March 31, 2023 were mainly comprised of losses of $3.1 million on sales of available for sale securities, and net losses in fair value of $127 thousand on equity investments, offset by net gains in private equity securities due to sales and fair value adjustments of $658 thousand and $2.3 million, respectively.

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At March 31, 2023, securities totaling $8.1 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 $4.7 billion at December 31, 2022. Securities pledged under agreements pursuant to which the collateral may be sold or re-pledged by the secured parties approximated $211.5 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 the U.S. Treasury and 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, 2023								December 31, 2022
(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	$	5,550	$	(4,911)	$	—	$	639	$	31,270	$	(30,565)	$	—	$	705
Mortgage servicing rights	22,227		(11,548)		—		10,679		22,187		(11,258)		—		10,929
Total	$	27,777	$	(16,459)	$	—	$	11,318	$	53,457	$	(41,823)	$	—	$	11,634

Aggregate amortization expense on intangible assets was $356 thousand and $609 thousand for the three month periods ended March 31, 2023 and 2022, respectively. 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, 2023. 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)
2023	$	1,396
2024	1,260
2025	1,117
2026	977
2027	841

During the first quarter of 2023, the Company wrote off $25.7 million of core deposit intangible assets that were fully amortized. Other changes in the carrying amount of goodwill and other intangible assets for the three month period ended March 31, 2023 are as follows:

(In thousands)	Goodwill		Easement		Core Deposit Premium		Mortgage Servicing Rights
Balance January 1, 2023	$	138,921	$	3,600	$	705	$	10,929
Originations, net of disposals	—		—		—		40
Amortization	—		—		(66)		(290)
Balance March 31, 2023	$	138,921	$	3,600	$	639	$	10,679

Goodwill allocated to the Company’s operating segments at March 31, 2023 and December 31, 2022 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, 2023, that net liability was $4.9 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 $625.9 million at March 31, 2023. A portion of this amount has been conveyed to others.

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, 2023, 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, 2023, the fair value of the Company's guarantee liabilities for RPAs was $148 thousand, and the notional amount of the underlying swaps was $419.9 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 16 years.

The following table provides the components of lease income.

	For the Three Months Ended March 31
(in thousands)	2023		2022
Direct financing and sales-type leases	$	6,755	$	5,247
Operating leases(a)	2,334		2,184
Total lease income	$	9,089	$	7,431

(a) Includes rent from Tower Properties Company, a related party, of $19 thousand for the three month periods ended March 31, 2023 and 2022.

7. Pension

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

	For the Three Months Ended March 31
(In thousands)	2023		2022
Service cost	$	116	$	132
Interest cost on projected benefit obligation	1,158		665
Expected return on plan assets	(1,001)		(1,126)
Amortization of prior service cost	(67)		(68)
Amortization of unrecognized net loss	427		498
Net periodic pension cost	$	633	$	101

All benefits accrued under the Company’s defined benefit pension plan have been frozen since January 1, 2011. During the first three months of 2023, 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)	2023		2022
Basic income per common share:
Net income attributable to Commerce Bancshares, Inc.	$	119,452	$	118,154
Less income allocated to nonvested restricted stock	1,056		1,070
Net income allocated to common stock	$	118,396	$	117,084
Weighted average common shares outstanding	124,004		126,341
Basic income per common share	$	.95	$	.92
Diluted income per common share:
Net income attributable to Commerce Bancshares, Inc.	$	119,452	$	118,154
Less income allocated to nonvested restricted stock	1,054		1,068
Net income allocated to common stock	$	118,398	$	117,086
Weighted average common shares outstanding	124,004		126,341
Net effect of the assumed exercise of stock-based awards - based on the treasury stock method using the average market price for the respective periods	255		306
Weighted average diluted common shares outstanding	124,259		126,647
Diluted income per common share	$	.95	$	.92

Unexercised stock appreciation rights of 216 thousand and 125 thousand for the three month periods ended March 31, 2023 and 2022, respectively, were excluded from the computation of diluted income per common share because their inclusion would have been anti-dilutive.

In the Annual Meeting of the Shareholders, held on April 19, 2023, a proposal to increase the shares of the Company's common stock authorized for issuance under its articles of incorporation was approved. This approval increased the authorized shares from 140,000,000 to 190,000,000.

* All prior year share and per share amounts in this note have been restated for the 5% common stock dividend distributed in December 2022.

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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, 2023	$	(1,124,915)	$	(17,186)	$	55,237	$	(1,086,864)
Other comprehensive income (loss) before reclassifications to current earnings	186,868		—		9,225		196,093
Amounts reclassified to current earnings from accumulated other comprehensive income	3,088		360		(4,385)		(937)
Current period other comprehensive income (loss), before tax	189,956		360		4,840		195,156
Income tax (expense) benefit	(47,490)		(90)		(1,210)		(48,790)
Current period other comprehensive income (loss), net of tax	142,466		270		3,630		146,366
Balance March 31, 2023	$	(982,449)	$	(16,916)	$	58,867	$	(940,498)
Balance January 1, 2022	$	23,174	$	(20,668)	$	74,574	$	77,080
Other comprehensive income (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)

(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 145 locations.  This segment also includes indirect and other consumer loan financing businesses, along with debit and credit card loan and fee businesses.  In order to reflect a change in the Company's management of its portfolio of residential mortgage loans that it retains, the Company began including those loans in the Consumer segment on January 1, 2023. These loans had previously been included in the Other/Elimination column. As a result of this change, approximately $1.9 billion of loans were reclassified from the Other/Elimination column into the Consumer segment, and prior periods presented below were restated to also reflect this change. 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, 2023
Net interest income	$	96,854	$	116,166	$	17,540	$	230,560	$	21,063	$	251,623
Provision for credit losses	(6,306)		(393)		(13)		(6,712)		(4,744)		(11,456)
Non-interest income	24,303		58,324		52,944		135,571		2,041		137,612
Investment securities gains (losses), net	—		—		—		—		(306)		(306)
Non-interest expense	(77,326)		(93,623)		(39,636)		(210,585)		(13,522)		(224,107)
Income before income taxes	$	37,525	$	80,474	$	30,835	$	148,834	$	4,532	$	153,366
Three Months Ended March 31, 2022
Net interest income	$	86,818	$	108,953	$	18,869	$	214,640	$	(5,854)	$	208,786
Provision for credit losses	(4,504)		(82)		(26)		(4,612)		14,470		9,858
Non-interest income	26,415		53,651		53,206		133,272		(1,503)		131,769
Investment securities gains (losses), net	—		—		—		—		7,163		7,163
Non-interest expense	(74,823)		(89,506)		(36,288)		(200,617)		(5,031)		(205,648)
Income before income taxes	$	33,906	$	73,016	$	35,761	$	142,683	$	9,245	$	151,928

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. With the exception of the interest rate floors (discussed below), 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, 2023		December 31, 2022
Interest rate swaps	$	1,987,051	$	1,981,821
Interest rate floors	1,500,000		1,000,000
Interest rate caps	152,784		152,784
Credit risk participation agreements	577,922		579,925
Foreign exchange contracts	15,335		27,991
Mortgage loan commitments	362		—
Mortgage loan forward sale contracts	3,290		—
Forward TBA contracts	3,500		—
Total notional amount	$	4,240,244	$	3,742,521

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.

As of March 31, 2023, the Company holds three interest rate floors with a combined notional value of $1.5 billion to hedge the risk of declining interest rates on certain floating rate commercial loans. The first floor was purchased during the third quarter of 2022, has a purchased strike rate of 2.50%, is forward-starting beginning on January 1, 2024 and matures on January 1, 2030. In the event that the index rate falls below zero, the maximum rate spread the Company can earn on the notional amount is limited to 2.50%. The second floor was purchased during the fourth quarter of 2022, has a purchased strike rate of 3.00%, is forward-starting beginning on April 1, 2024 and matures on April 1, 2030. In the event that the index rate falls below zero, the maximum rate the Company can earn on the notional amount is limited to 3.00%. The third floor was purchased during the first quarter of 2023, has a purchased strike rate of 3.50%, is forward-starting beginning on July 1, 2024 and matures on July 1, 2030. In the event that the index rate falls below zero, the maximum rate the Company can earn on the notional amount is limited to 3.50%. The premium paid for these floors totaled $61.7 million. As of March 31, 2023, the maximum length of time over which the Company is hedging its exposure to lower rates is approximately 6 years. These interest rate floors qualified and were designated as cash flow hedges and were assessed for effectiveness using regression analysis. The change in the fair value of these interest rate floors is recorded in AOCI, net of the amortization of the premiums paid, which are recorded against interest and fees on loans in the consolidated statements of income. As of March 31, 2023, net deferred gains on the interest rate floors totaled $6.8 million (pre-tax) and were recorded in AOCI in the consolidated balance sheet. As of March 31, 2023, it is expected that $7.3 million (pre-tax) interest rate floor premium amortization will be reclassified from AOCI into earnings over the next 12 months.

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, 2023, the total realized gains on the monetized cash flow hedges remaining in AOCI was $69.0 million (pre-tax), which will be reclassified into interest income over the next 3.7 years. The estimated amount of net gains related to the cash flow hedges remaining in AOCI at March 31, 2023 that is expected to be reclassified into income within the next 12 months is $23.3 million.

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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 with customers to purchase or deliver specific foreign currencies 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. In late 2022, the Company temporarily paused sales of these loans and halted entering into the forward contracts, as lower demand for mortgage loans coupled with volatility in the TBA market made it difficult to effectively hedge the Company's mortgage loan production. The Company resumed sales during the first quarter of 2023.

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 15 on Fair Value Measurements.

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, 2023 in the table below, the positive fair values of cleared swaps were reduced by $11.4 million. At December 31, 2022, positive fair values of cleared swaps were reduced by $27.8 million.

	Asset Derivatives				Liability Derivatives
	Mar. 31, 2023		Dec. 31, 2022		Mar. 31, 2023		Dec. 31, 2022
(In thousands)	Fair Value				Fair Value
Derivatives designated as hedging instruments:
Interest rate floors	$	68,495	$	33,371	$	—	$	—
Total derivatives designated as hedging instruments	$	68,495	$	33,371	$	—	$	—
Derivative instruments not designated as hedging instruments:
Interest rate swaps	$	28,960	$	23,894	$	(40,352)	$	(51,742)
Interest rate caps	2,222		2,705		(2,222)		(2,705)
Credit risk participation agreements	44		34		(148)		(119)
Foreign exchange contracts	359		488		(310)		(418)
Mortgage loan commitments	77		—		—		—
Mortgage loan forward sale contracts	—		—		(1)		—
Forward TBA contracts	—		—		(35)		—
Total derivatives not designated as hedging instruments	$	31,662	$	27,121	$	(43,068)	$	(54,984)
Total	$	100,157	$	60,492	$	(43,068)	$	(54,984)

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The Company made an election to exclude the initial premiums paid on the interest rate floors from the hedge effectiveness measurement. Those initial premiums are amortized over the periods between the premium payment month and the contract maturity month. The pre-tax effects of the gains and losses (both the included and excluded amounts for hedge effectiveness assessment) recognized in the other comprehensive income from the cash flow hedging instruments and the amounts reclassified from accumulated other comprehensive income into income (both included and excluded amounts for hedge effectiveness measurement) are shown in the table 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, 2023
Derivatives in cash flow hedging relationships:
Interest rate floors	$	9,225	$	—	$	9,225	Interest and fees on loans	$	4,385	$	7,444	$	(3,059)
Total	$	9,225	$	—	$	9,225	Total	$	4,385	$	7,444	$	(3,059)
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)

The gain and loss recognized through various derivative instruments on the consolidated statements of income are shown in the table below.

	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)		2023		2022
Derivative instruments:
Interest rate swaps	Other non-interest income	$	623	$	812
Interest rate caps	Other non-interest income	—		16
Credit risk participation agreements	Other non-interest income	(19)		(10)
Foreign exchange contracts	Other non-interest income	(20)		(14)
Mortgage loan commitments	Loan fees and sales	77		(485)
Mortgage loan forward sale contracts	Loan fees and sales	(1)		—
Forward TBA contracts	Loan fees and sales	1		1,243
Total		$	661	$	1,562

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

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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, 2023
Assets:
Derivatives subject to master netting agreements	$	100,005	$	—	$	100,005	$	(2,255)	$	(93,822)	$	3,928
Derivatives not subject to master netting agreements	152		—		152
Total derivatives	$	100,157	$	—	$	100,157
Liabilities:
Derivatives subject to master netting agreements	$	42,694	$	—	$	42,694	$	(2,255)	$	—	$	40,439
Derivatives not subject to master netting agreements	374		—		374
Total derivatives	$	43,068	$	—	$	43,068
December 31, 2022
Assets:
Derivatives subject to master netting agreements	$	60,270	$	—	$	60,270	$	(1,007)	$	(56,816)	$	2,447
Derivatives not subject to master netting agreements	222		—		222
Total derivatives	$	60,492	$	—	$	60,492
Liabilities:
Derivatives subject to master netting agreements	$	54,609	$	—	$	54,609	$	(1,007)	$	—	$	53,602
Derivatives not subject to master netting agreements	375		—		375
Total derivatives	$	54,984	$	—	$	54,984

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 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.

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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, 2023 and December 31, 2022.

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, 2023
Total resale agreements, subject to master netting arrangements	$	1,025,000	$	(200,000)	$	825,000	$	—	$	(825,000)	$	—
Total repurchase agreements, subject to master netting arrangements	2,228,089		(200,000)		2,028,089		—		(2,028,089)		—
December 31, 2022
Total resale agreements, subject to master netting arrangements	$	1,025,000	$	(200,000)	$	825,000	$	—	$	(825,000)	$	—
Total repurchase agreements, subject to master netting arrangements	2,881,874		(200,000)		2,681,874		—		(2,681,874)		—

The table below shows the remaining contractual maturities of repurchase agreements outstanding at March 31, 2023 and December 31, 2022, 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, 2023
Repurchase agreements, secured by:
U.S. government and federal agency obligations	$	194,757	$	13,602	$	19,278	$	227,637
Agency mortgage-backed securities	1,472,769		14,743		205,000		1,692,512
Non-agency mortgage-backed securities	11,818		—		—		11,818
Asset-backed securities	294,161		—		—		294,161
Other debt securities	1,961		—		—		1,961
Total repurchase agreements, gross amount recognized	$	1,975,466	$	28,345	$	224,278	$	2,228,089
December 31, 2022
Repurchase agreements, secured by:
U.S. government and federal agency obligations	$	488,053	$	26,928	$	12,460	$	527,441
Agency mortgage-backed securities	1,792,314		21,744		204,500		2,018,558
Non-agency mortgage-backed securities	40,950		—		—		40,950
Asset-backed securities	293,001		—		—		293,001
Other debt securities	1,924		—		—		1,924
Total repurchase agreements, gross amount recognized	$	2,616,242	$	48,672	$	216,960	$	2,881,874

36

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 charged against income was $4.4 million and $4.2 million in the three months ended March 31, 2023 and 2022, 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, 2023, and changes during the three month period then ended, is presented below.

	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	1,148,873	$58.20
Granted	247,082	65.63
Vested	(284,800)	50.62
Forfeited	(2,238)	61.82
Nonvested at March 31, 2023	1,108,917	$61.79

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	$18.65
Assumptions:
Dividend yield	1.6	%
Volatility	27.9	%
Risk-free interest rate	3.9	%
Expected term	5.8 years

A summary of SAR activity during the first three months of 2023 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, 2023	948,727	$46.82
Granted	89,829	65.64
Forfeited	(555)	60.00
Exercised	(40,976)	25.88
Outstanding at March 31, 2023	997,025	$49.37	5.6 years	$11,094

37

14. Revenue from Contracts with Customers

Revenue from contracts with customers, Accounting Standard Codification 606 ("ASC 606"), requires revenue recognition for 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, 2023, approximately 65% 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 revenue from contracts with customers by major product line.

	Three Months Ended March 31
(In thousands)	2023		2022
Bank card transaction fees	$	46,654	$	42,045
Trust fees	45,328		47,811
Deposit account charges and other fees	21,752		22,307
Consumer brokerage services	5,085		4,446
Other non-interest income	8,339		4,495
Total non-interest income from contracts with customers	127,158		121,104
Other non-interest income (1)	10,454		10,665
Total non-interest income	$	137,612	$	131,769

(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, nearly all 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 34% and 66%, respectively, of the Company's deposit account charge revenue. All trust fees and nearly all 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, 2023 and 2022 for the Company’s significant revenue from contracts with customers.

(In thousands)	March 31, 2023		December 31, 2022		March 31, 2022		December 31, 2021
Bank card transaction fees	$	15,585	$	17,254	$	14,171	$	16,424
Trust fees	2,098		2,038		2,094		2,222
Deposit account charges and other fees	5,398		6,631		5,452		6,702
Consumer brokerage services	773		949		324		391

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.

38

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 2022 Annual Report on Form 10-K. There have been no significant changes in these methodologies since then.

39

Instruments Measured at Fair Value on a Recurring Basis

The table below presents the March 31, 2023 and December 31, 2022 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 2023 or the year ended December 31, 2022.

			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, 2023
Assets:
Residential mortgage loans held for sale	$	684	$	—	$	684	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	1,020,223		1,020,223		—		—
Government-sponsored enterprise obligations	44,414		—		44,414		—
State and municipal obligations	1,453,814		—		1,452,900		914
Agency mortgage-backed securities	4,271,563		—		4,271,563		—
Non-agency mortgage-backed securities	1,207,969		—		1,207,969		—
Asset-backed securities	2,763,578		—		2,763,578		—
Other debt securities	467,055		—		467,055		—
Trading debt securities	41,584		500		41,084		—
Equity securities	6,083		6,083		—		—
Private equity investments	163,418		—		—		163,418
Derivatives *	100,157		—		100,036		121
Assets held in trust for deferred compensation plan	18,656		18,656		—		—
Total assets	11,559,198		1,045,462		10,349,283		164,453
Liabilities:
Derivatives *	43,068		—		42,920		148
Liabilities held in trust for deferred compensation plan	18,656		18,656		—		—
Total liabilities	$	61,724	$	18,656	$	42,920	$	148
December 31, 2022
Assets:
Residential mortgage loans held for sale	$	—	$	—	$	—	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	1,035,406		1,035,406		—		—
Government-sponsored enterprise obligations	43,108		—		43,108		—
State and municipal obligations	1,767,109		—		1,765,268		1,841
Agency mortgage-backed securities	4,308,427		—		4,308,427		—
Non-agency mortgage-backed securities	1,211,607		—		1,211,607		—
Asset-backed securities	3,397,801		—		3,397,801		—
Other debt securities	474,858		—		474,858		—
Trading debt securities	43,523		—		43,523		—
Equity securities	6,210		6,210		—		—
Private equity investments	178,127		—		—		178,127
Derivatives *	60,492		—		60,458		34
Assets held in trust for deferred compensation plan	17,856		17,856		—		—
Total assets	12,544,524		1,059,472		11,305,050		180,002
Liabilities:
Derivatives *	54,984		—		54,865		119
Liabilities held in trust for deferred compensation plan	17,856		17,856		—		—
Total liabilities	$	72,840	$	17,856	$	54,865	$	119

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

40

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, 2023
Balance January 1, 2023	$	1,841	$	178,127	$	(85)	$	179,883
Total gains or losses (realized/unrealized):
Included in earnings	—		2,251		58		2,309
Included in other comprehensive income *	26		—		—		26
Investment securities called	(1,000)		—		—		(1,000)
Discount accretion	47		—		—		47
Purchases of private equity investments	—		10,532		—		10,532
Sale/pay down of private equity investments	—		(27,492)		—		(27,492)
Balance March 31, 2023	$	914	$	163,418	$	(27)	$	164,305
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2023	$	—	$	2,251	$	58	$	2,309
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2023	$	4	$	—	$	—	$	4
For the three months ended March 31, 2022
Balance January 1, 2022	$	1,984	$	147,406	$	571	$	149,961
Total gains or losses (realized/unrealized):
Included in earnings	—		7,450		(495)		6,955
Included in other comprehensive income *	(83)		—		—		(83)
Discount accretion	1		—		—		1
Purchases of private equity investments	—		300		—		300
Sale/pay down of private equity investments	—		(1,745)		—		(1,745)
Purchase of risk participation agreement	—		—		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)

* Included in "net unrealized gains (losses) on available for sale debt 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, 2023
Total gains or losses included in earnings	$	77	$	(19)	$	2,251	$	2,309
Change in unrealized gains or losses relating to assets still held at March 31, 2023	$	77	$	(19)	$	2,251	$	2,309
For the three months ended March 31, 2022
Total gains or losses included in earnings	$	(485)	$	(10)	$	7,450	$	6,955
Change in unrealized gains or losses relating to assets still held at March 31, 2022	$	279	$	(12)	$	7,450	$	7,717

41

Level 3 Inputs

The Company's significant Level 3 measurements, which employ unobservable inputs that are readily quantifiable, pertain to investments in portfolio concerns held by the Company's private equity subsidiaries and held for sale residential mortgage loan commitments. 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*
Private equity investments	Market comparable companies	EBITDA multiple	4.0	-	6.0	5.2
Mortgage loan commitments	Discounted cash flow	Probability of funding	62.6%	-	100.0%	78.3%
		Embedded servicing value	.7%	-	1.6%	1.2%

* 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 2023 and 2022, and still held as of March 31, 2023 and 2022, 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, 2023 and 2022.

			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, 2023
Collateral dependent loans	$	1,819	$	—	$	—	$	1,819	$	425
March 31, 2022
Mortgage servicing rights	$	11,360	$	—	$	—	$	11,360	$	304
Long- lived assets	497		—		—		497		(965)

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 at March 31, 2023 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	9.51		%	-	9.71		%	9.58		%
		Prepayment speeds (CPR)*	6.33		%	-	7.47		%	6.53		%
		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.

42

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, 2023 and December 31, 2022:

	Carrying Amount		Estimated Fair Value at March 31, 2023
(In thousands)			Level 1		Level 2		Level 3		Total
Financial Assets
Loans:
Business	$	5,704,467	$	—	$	—	$	5,577,723	$	5,577,723
Real estate - construction and land	1,437,419		—		—		1,407,614		1,407,614
Real estate - business	3,486,543		—		—		3,383,813		3,383,813
Real estate - personal	2,952,042		—		—		2,700,721		2,700,721
Consumer	2,094,389		—		—		2,033,884		2,033,884
Revolving home equity	295,478		—		—		296,436		296,436
Consumer credit card	558,669		—		—		530,987		530,987
Overdrafts	6,515		—		—		6,372		6,372
Total loans	16,535,522		—		—		15,937,550		15,937,550
Loans held for sale	6,162		—		6,162		—		6,162
Investment securities	11,544,700		1,026,806		10,248,563		269,331		11,544,700
Federal funds sold	27,060		27,060		—		—		27,060
Securities purchased under agreements to resell	825,000		—		—		804,959		804,959
Interest earning deposits with banks	1,341,854		1,341,854		—		—		1,341,854
Cash and due from banks	351,210		351,210		—		—		351,210
Derivative instruments	100,157		—		100,036		121		100,157
Assets held in trust for deferred compensation plan	18,656		18,656		—		—		18,656
Total	$	30,750,321	$	2,765,586	$	10,354,761	$	17,011,961	$	30,132,308
Financial Liabilities
Non-interest bearing deposits	$	8,685,234	$	8,685,234	$	—	$	—	$	8,685,234
Savings, interest checking and money market deposits	14,419,741		14,419,741		—		—		14,419,741
Certificates of deposit	1,578,485		—		—		1,577,207		1,577,207
Federal funds purchased	756,470		756,470		—		—		756,470
Securities sold under agreements to repurchase	2,028,089		—		—		2,030,615		2,030,615
Other borrowings	1,506,817		2,930		3,887		1,500,000		1,506,817
Derivative instruments	43,068		—		42,920		148		43,068
Liabilities held in trust for deferred compensation plan	18,656		18,656		—		—		18,656
Total	$	29,036,560	$	23,883,031	$	46,807	$	5,107,970	$	29,037,808

43

	Carrying Amount		Estimated Fair Value at December 31, 2022
(In thousands)			Level 1		Level 2		Level 3		Total
Financial Assets
Loans:
Business	$	5,661,725	$	—	$	—	$	5,506,128	$	5,506,128
Real estate - construction and land	1,361,095		—		—		1,347,328		1,347,328
Real estate - business	3,406,981		—		—		3,289,655		3,289,655
Real estate - personal	2,918,078		—		—		2,654,423		2,654,423
Consumer	2,059,088		—		—		1,999,788		1,999,788
Revolving home equity	297,207		—		—		295,005		295,005
Consumer credit card	584,000		—		—		538,268		538,268
Overdrafts	14,957		—		—		14,666		14,666
Total loans	16,303,131		—		—		15,645,261		15,645,261
Loans held for sale	4,964		—		4,964		—		4,964
Investment securities	12,511,649		1,041,616		11,244,592		225,441		12,511,649
Federal funds sold	49,505		49,505		—		—		49,505
Securities purchased under agreements to resell	825,000		—		—		795,574		795,574
Interest earning deposits with banks	389,140		389,140		—		—		389,140
Cash and due from banks	452,496		452,496		—		—		452,496
Derivative instruments	60,492		—		60,458		34		60,492
Assets held in trust for deferred compensation plan	17,856		17,856		—		—		17,856
Total	$	30,614,233	$	1,950,613	$	11,310,014	$	16,666,310	$	29,926,937
Financial Liabilities
Non-interest bearing deposits	$	10,066,356	$	10,066,356	$	—	$	—	$	10,066,356
Savings, interest checking and money market deposits	15,126,981		15,126,981		—		—		15,126,981
Certificates of deposit	994,103		—		—		982,613		982,613
Federal funds purchased	159,860		159,860		—		—		159,860
Securities sold under agreements to repurchase	2,681,874		—		—		2,684,471		2,684,471
Other borrowings	8,831		—		8,831		—		8,831
Derivative instruments	54,984		—		54,865		119		54,984
Liabilities held in trust for deferred compensation plan	17,856		17,856		—		—		17,856
Total	$	29,110,845	$	25,371,053	$	63,696	$	3,667,203	$	29,101,952

17. Legal and Regulatory Proceedings

The Company has various legal proceedings pending at March 31, 2023, 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.

44

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 2022 Annual Report on Form 10-K. Results of operations for the three month periods ended March 31, 2023 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 2022 Annual Report on Form 10-K. During the quarter ended March 31, 2023, there were no material changes to the Risk Factors disclosed in the Company's 2022 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 2022 Annual Report on Form 10-K. There have been no changes in the Company's application of critical accounting policies since December 31, 2022.

45

Selected Financial Data

	Three Months Ended March 31
	2023			2022
Per Share Data
Net income per common share — basic	$	.95		$	.92	*
Net income per common share — diluted	.95			.92		*
Cash dividends on common stock	.270			.252		*
Book value per common share	21.51			23.43		*
Market price	58.35			68.18		*
Selected Ratios
(Based on average balance sheets)
Loans to deposits (1)	64.99		%	51.90		%
Non-interest bearing deposits to total deposits	36.10			39.34
Equity to loans (1)	15.74			21.83
Equity to deposits	10.23			11.33
Equity to total assets	8.22			9.26
Return on total assets	1.54			1.33
Return on equity	18.75			14.41
(Based on end-of-period data)
Non-interest income to revenue (2)	35.35			38.69
Efficiency ratio (3)	57.49			60.29
Tier I common risk-based capital ratio	14.47			13.92
Tier I risk-based capital ratio	14.47			13.92
Total risk-based capital ratio	15.26			14.61
Tangible common equity to tangible assets ratio (4)	7.92			8.09
Tier I leverage ratio	10.61			9.07

* Restated for the 5% stock dividend distributed in December 2022.

(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)	2023			2022
Total equity	$	2,682,412		$	2,973,402
Less non-controlling interest	16,888			12,762
Less goodwill	138,921			138,921
Less intangible assets*	4,239			4,525
Total tangible common equity (a)	$	2,522,364		$	2,817,194
Total assets	$	32,004,856		$	34,986,793
Less goodwill	138,921			138,921
Less intangible assets*	4,239			4,525
Total tangible assets (b)	$	31,861,696		$	34,843,347
Tangible common equity to tangible assets ratio (a)/(b)	7.92		%	8.09		%

* Intangible assets other than mortgage servicing rights.

46

Results of Operations

Summary

	Three Months Ended March 31				Increase (Decrease)
(Dollars in thousands)	2023		2022		Amount		% change
Net interest income	$	251,623	$	208,786	$	42,837	20.5	%
Provision for credit losses	(11,456)		9,858		21,314		(216.2)
Non-interest income	137,612		131,769		5,843		4.4
Investment securities gains (losses), net	(306)		7,163		(7,469)		(104.3)
Non-interest expense	(224,107)		(205,648)		18,459		9.0
Income taxes	(32,813)		(31,902)		911		2.9
Non-controlling interest income (expense)	(1,101)		(1,872)		(771)		(41.2)
Net income attributable to Commerce Bancshares, Inc.	$	119,452	$	118,154	1,298		1.1	%

For the quarter ended March 31, 2023, net income attributable to Commerce Bancshares, Inc. (net income) amounted to $119.5 million, an increase of $1.3 million, or 1.1%, compared to the first quarter of the previous year. For the current quarter, the annualized return on average assets was 1.54%, the annualized return on average equity was 18.75%, and the efficiency ratio was 57.49%. Diluted earnings per common share was $.95, an increase of 3.3% compared to $.92 per share in the first quarter of 2022, and decreased 8.7% compared to $1.04 per share in the previous quarter.

Compared to the first quarter of last year, net interest income increased $42.8 million, or 20.5%, mainly due to an increase of $91.7 million in interest income on loans, partly offset by an increase in deposits and borrowings interest expense of $54.2 million. The provision for credit losses increased $21.3 million mainly due to an increase in the estimate of the allowance for credit losses on loans and higher net loan charge-offs, partly offset by a decrease in the liability for unfunded lending commitments. Non-interest income increased $5.8 million, or 4.4%, compared to the first quarter of 2022, mainly due to increases in net bank card fees and cash sweep commissions, partly offset by lower trust fees and loan fees and sales. Net losses on investment securities totaled $306 thousand in the current quarter compared to net gains of $7.2 million in the same quarter of last year. Net securities losses in the current quarter primarily resulted from losses of $3.1 million realized on the sales of available for sale debt securities, mostly offset by net fair value gains of $2.3 million and a gain of $653 thousand on the sale of an investment, both in the Company's private equity investment portfolio. Non-interest expense increased $18.5 million, or 9.0%, over the first quarter of 2022 mainly due to higher salaries and employee benefits expense, data processing and software expense, miscellaneous losses and travel and entertainment expense.

47

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, 2023 vs. 2022
	Change due to
(In thousands)	Average Volume		Average Rate		Total
Interest income, fully taxable equivalent basis:
Loans:
Business	$	2,575	$	33,046	$	35,621
Real estate - construction and land	2,558		12,402		14,960
Real estate - business	3,195		19,448		22,643
Real estate - personal	1,009		2,381		3,390
Consumer	241		8,735		8,976
Revolving home equity	196		2,603		2,799
Consumer credit card	430		3,197		3,627
Overdrafts	—		—		—
Total interest on loans	10,204		81,812		92,016
Loans held for sale	(26)		21		(5)
Investment securities:
U.S. government and federal agency securities	(39)		(4,140)		(4,179)
Government-sponsored enterprise obligations	204		188		392
State and municipal obligations	(1,600)		(114)		(1,714)
Mortgage-backed securities	(4,209)		1,269		(2,940)
Asset-backed securities	(1,948)		7,005		5,057
Other securities	231		823		1,054
Total interest on investment securities	(7,361)		5,031		(2,330)
Federal funds sold	51		437		488
Securities purchased under agreements to resell	(2,779)		1,431		(1,348)
Interest earning deposits with banks	(798)		8,983		8,185
Total interest income	(709)		97,715		97,006
Interest expense:
Deposits:
Savings	(2)		17		15
Interest checking and money market	(98)		18,474		18,376
Certificates of deposit of less than $100,000	(7)		1,293		1,286
Certificates of deposit of $100,000 and over	(37)		6,237		6,200
Total interest on deposits	(144)		26,021		25,877
Federal funds purchased	151		5428		5579
Securities sold under agreements to repurchase	(72)		16,885		16,813
Other borrowings	6,713		6		6,719
Total interest expense	6,648		48,340		54,988
Net interest income, tax equivalent basis	$	(7,357)	$	49,375	$	42,018

Net interest income in the first quarter of 2023 was $251.6 million, an increase of $42.8 million over the first quarter of 2022. On a fully taxable-equivalent (FTE) basis, net interest income totaled $253.4 million in the first quarter of 2023, up $42.0 million over the same period last year and down $3.3 million from the previous quarter. The increase in net interest

48

income compared to the first quarter of 2022 was mainly due to higher interest income earned on loans (FTE) of $92.0 million, partly offset by higher interest expense on deposits and borrowings of $55.0 million. The increase in total interest earned on loans (FTE) was the result of higher loan yields on all loan products, especially commercial loans, many of which have variable rates, coupled with higher average balances, while the increase in interest expense was due to higher rates paid on deposits and borrowings. The Company's net yield on earning assets (FTE) was 3.26% in the current quarter compared to 2.45% in the first quarter of 2022.

Total interest income (FTE) increased $97.0 million over the first quarter of 2022. Interest income on loans (FTE) was $225.0 million during the first quarter of 2023, an increase of $92.0 million, or 69.2%, over the same quarter last year. The increase in interest income over the same quarter of last year was primarily due to an increase of 202 basis points in the average rate earned and growth of $1.2 billion, or 7.8%, in average loan balances. Most of the increase in interest income occurred in the business, business real estate and construction loan categories. The largest increase to interest income occurred in business loan interest, which grew $35.6 million due to a 238 basis point increase in the average rate earned, coupled with growth in average balances of $331.9 million, or 6.2%. Business real estate loan interest income increased $22.6 million due to an increase of 227 basis points in the average rate earned and higher average balances of $383.3 million. Construction and land loan interest grew $15.0 million due to a 357 basis point increase in the average rate earned and growth of $275.9 million, or 24.3%, in average loan balances. In addition, consumer loan interest increased $9.0 million due to an increase of 172 basis points in the average rate earned, while consumer credit card loan increased $3.6 million mainly due to a 233 basis point increase in the average rate earned. Personal real estate loan interest income grew $3.4 million due to a 33 basis point increase in the average rate earned and growth of $124.8 million, or 4.4%, in average loan balances.

Interest income on investment securities (FTE) was $72.5 million during the first quarter of 2023, which was a decrease of $2.3 million from the same quarter last year. The decrease in interest income occurred mainly in interest earned on U.S. government and federal agency obligations, which declined $4.2 million due to a decrease in inflation income on the Company's U.S. Treasury inflation-protected securities (TIPS). Interest income related to TIPS, which is tied to the non-seasonally adjusted Consumer Price Index (CPI-U), decreased $4.2 million from the same quarter last year. Interest income earned on mortgage-backed securities decreased $2.9 million mainly due to a decline of $862.2 million, or 11.8%, in the average balance. In addition, an $802 thousand increase in premium amortization, reflecting slower forward prepayment speed estimates was recorded in the current quarter, compared to a premium amortization adjustment increase of $7.5 million in the prior year. These decreases were partly offset by an increase of eight basis points in the average rate earned. Interest income earned on state and municipal securities declined $1.7 million mainly due to a $283.8 million, or 13.7%, decrease in average balances. These decreases to interest income were partly offset by growth of $5.1 million in interest earned on asset-backed securities, due to an increase of 88 basis points in the average rate earned, partly offset by lower average balances of $699.3 million, or 17.8%. The average balance of the total investment portfolio (excluding unrealized fair value adjustments on available for sale debt securities) was $13.5 billion in the first quarter of 2023, compared to $15.4 billion in the first quarter of 2022.

Interest income on securities purchased under agreements to resell decreased $1.3 million from the same quarter last year, due to a decline of $908.9 million in the average balance, partly offset by an increase of 70 basis points in the average rate earned. Interest income on balances at the Federal Reserve grew $8.2 million due to an increase of 449 basis points in the average rate earned, partly offset by a decrease of $1.8 billion in the average balance invested.

The average fully taxable-equivalent yield on total interest earning assets was 4.00% in the first quarter of 2023, up from 2.49% in the first quarter of 2022.

Total interest expense increased $55.0 million compared to the first quarter of 2022 due to increases in interest expense of $25.9 million on interest bearing deposits and $29.1 million on borrowings. The increase in deposit interest expense resulted mainly from an increase of $18.4 million in interest expense on interest checking and money market deposit accounts due to a 57 basis point increase in the average rate paid. In addition, interest expense on certificates of deposit increased $7.5 million, due to an increase of 230 basis points in the average rate paid. Interest expense on borrowings was higher due to an increase of $16.8 million in interest expense on customer repurchase agreements resulting from an increase of 283 basis points in the average rate paid. Interest expense on Federal funds purchased increased $5.6 million mainly due to a 447 basis point increase in the average rate paid, while Federal Home Loan Bank (FHLB) borrowings increased $550.0 million and resulted in an increase of $6.7 million in interest expense. The overall average rate incurred on all interest bearing liabilities was 1.20% and .06% in the first quarters of 2023 and 2022, respectively.

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

49

Non-Interest Income

	Three Months Ended March 31						Increase (Decrease)
(Dollars in thousands)	2023			2022			Amount		% change
Trust fees	$	45,328		$	47,811		$	(2,483)	(5.2)	%
Bank card transaction fees	46,654			42,045			4,609		11.0
Deposit account charges and other fees	21,752			22,307			(555)		(2.5)
Consumer brokerage services	5,085			4,446			639		14.4
Capital market fees	3,362			4,125			(763)		(18.5)
Loan fees and sales	2,589			4,235			(1,646)		(38.9)
Other	12,842			6,800			6,042		88.9
Total non-interest income	$	137,612		$	131,769		$	5,843	4.4	%
Non-interest income as a % of total revenue*	35.4		%	38.7		%

* 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, 2023 and 2022.

	Three Months Ended March 31
(Dollars in thousands)	2023		2022		$ change		% change
Net debit card fees	$	10,287	$	9,552	$	735	7.7	%
Net credit card fees	3,674		3,722		(48)		(1.3)
Net merchant fees	5,351		4,980		371		7.4
Net corporate card fees	27,342		23,791		3,551		14.9
Total bank card transaction fees	$	46,654	$	42,045	$	4,609	11.0	%

For the first quarter of 2023, total non-interest income amounted to $137.6 million compared to $131.8 million in the same quarter last year, which was an increase of $5.8 million, or 4.4%. The increase was mainly due to higher net bank card fees and cash sweep commissions, partly offset by lower trust fees and loan fees and sales. Trust fees for the quarter decreased $2.5 million, or 5.2%, from the same quarter last year, as a result of lower private client fees (down 4.8%) and institutional trust fees (down 6.0%). Bank card transaction fees for the current quarter grew $4.6 million, or 11.0%, over the same period last year, mainly due to growth of $3.6 million in net corporate card fees. The growth in net corporate card fees was mainly due to higher interchange income. Compared to the first quarter of last year, deposit account fees decreased $555 thousand, or 2.5%, mainly due to lower overdraft and return item fees of $2.7 million, partly offset by higher personal deposit account fees and corporate cash management fees of $1.0 million and $959 thousand, respectively. Consumer brokerage service fees increased $639 thousand, or 14.4%, due to growth in annuity fees, partly offset by lower advisory fees. Capital market fees decreased $763 thousand, or 18.5%, while loan fees and sales decreased $1.6 million, or 38.9%, due to a decline in mortgage banking revenue. Other non-interest income increased $6.0 million, or 88.9%, mainly due to higher cash sweep commissions of $2.6 million, a write down on a branch location of $965 thousand recorded in the first quarter of 2022 and income of $524 thousand from a life insurance death benefit. In addition, a $2.0 million increase in fair value adjustments was recorded on the Company's deferred compensation plan assets, which are held in a trust, recorded as both an asset and liability, and affect both other income and other expense.

50

Investment Securities Gains (Losses), Net

	Three Months Ended March 31
(In thousands)	2023		2022
Net gains (losses) on sales of available for sale debt securities	$	(3,088)	$	—
Fair value adjustments on equity securities, net	(127)		(287)
Net gains (losses) on sales of private equity investments	658		—
Fair value adjustments on private equity investments	2,251		7,450
Total investment securities gains (losses), net	$	(306)	$	7,163

Net gains on investment securities, which were recognized in earnings during the three months ended March 31, 2023 and 2022, are shown in the table above. Net securities losses of $306 thousand were reported in the first quarter of 2023, compared to net gains of $7.2 million in the same period last year. The net losses in the first quarter of 2023 were primarily comprised of net losses of $3.1 million on the sale of available for sale securities, mostly offset by net gains in fair value of $2.3 million and a gain of $653 thousand on the sale of an investment, both in the Company’s private equity investment portfolio. The net gains on investment securities for the same quarter last year were mainly comprised of $7.5 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 $582 thousand during the first three months of 2023 and expense of $1.5 million during the first three months of 2022.

Non-Interest Expense

	Three Months Ended March 31				Increase (Decrease)
(Dollars in thousands)	2023		2022		Amount		% change
Salaries and employee benefits	$	144,373	$	135,953	$	8,420	6.2	%
Data processing and software	28,154		27,016		1,138		4.2
Net occupancy	12,759		12,296		463		3.8
Equipment	4,850		4,568		282		6.2
Supplies and communication	4,590		4,713		(123)		(2.6)
Marketing	5,471		6,344		(873)		(13.8)
Other	23,910		14,758		9,152		62.0
Total non-interest expense	$	224,107	$	205,648	$	18,459	9.0	%

Non-interest expense for the first quarter of 2023 amounted to $224.1 million, an increase of $18.5 million, or 9.0%, compared to expense of $205.6 million in the first quarter of last year. The increase in expense over the same period last year was mainly due to higher salaries and employee benefits expense, data processing and software expense and other non-interest expense. Salaries and benefits expense increased $8.4 million, or 6.2%, due to higher full-time salaries expense of $7.6 million, or 8.9%, and employee benefits expense of $1.4 million, or 5.9%, partly offset by lower incentive compensation expense of $957 thousand. Full-time equivalent employees totaled 4,636 at March 31, 2023, compared to 4,563 at March 31, 2022. Data processing and software expense increased $1.1 million, or 4.2%, due to higher bank card processing fees and increased costs for service providers. Occupancy expense increased $463 thousand, or 3.8%, mainly due to higher depreciation and utilities expense, while marketing expense decreased $873 thousand, or 13.8%. Other non-interest expense increased $9.2 million, or 62.0%, mainly due to higher FDIC insurance, deferred compensation (previously mentioned), miscellaneous losses and travel and entertainment expense of $2.3 million, $2.0 million, $1.3 million and $1.1 million, respectively.

51

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

	Three Months Ended
	Mar. 31, 2023		Dec. 31, 2022		Mar. 31, 2022
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period	$	150,136	$	143,377	$	150,044
Provision for credit losses on loans	15,948		12,404		(10,686)
Net loan charge-offs (recoveries):
Commercial:
Business	230		496		77
Real estate-construction and land	—		—		—
Real estate-business	(4)		(4)		(7)
Commercial net loan charge-offs (recoveries)	226		492		70
Personal Banking:
Real estate-personal	(11)		(40)		22
Consumer	1,275		1,522		808
Revolving home equity	(26)		(26)		18
Consumer credit card	4,325		3,467		3,372
Overdrafts	978		230		358
Personal banking net loan charge-offs (recoveries)	6,541		5,153		4,578
Total net loan charge-offs (recoveries)	6,767		5,645		4,648
Balance at end of period	$	159,317	$	150,136	$	134,710
LIABILITY FOR UNFUNDED LENDING COMMITMENTS
Balance at beginning of period	33,120		30,047		24,204
Provision for credit losses on unfunded lending commitments	(4,492)		3,073		828
Balance at end of period	28,628		33,120		25,032
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS	$	187,945	$	183,256	$	159,742

	Three Months Ended
	Mar. 31, 2023		Dec. 31, 2022		Mar. 31, 2022
Annualized net loan charge-offs (recoveries)*:
Commercial:
Business	.02	%	.04	%	.01	%
Real estate-construction and land	—		—		—
Real estate-business	—		—		—
Commercial net loan charge-offs (recoveries)	.01		.02		—
Personal Banking:
Real estate-personal	—		(.01)		—
Consumer	.25		.29		.16
Revolving home equity	(.04)		(.04)		.03
Consumer credit card	3.15		2.46		2.53
Overdrafts	89.15		12.28		28.04
Personal banking net loan charge-offs (recoveries)	.45		.35		.33
Total annualized net loan charge-offs (recoveries)	.17	%	.14	%	.12	%

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

52

To determine the amount of the allowance for credit losses on loans and the liability for unfunded lending commitments, the Company has an established process 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 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 2022 Annual Report on Form 10-K.

Net loan charge-offs in the first quarter of 2023 amounted to $6.8 million, compared to $5.6 million in the prior quarter and $4.6 million in the first quarter of last year. During the first quarter of 2023, the Company recorded net charge-offs on commercial loans of $226 thousand, compared to net charge-offs of $492 thousand in the prior quarter and $70 thousand in the first quarter of 2022. Compared to the same period last year, total net loan charge-offs in the first quarter of 2023 increased $2.1 million and increased $1.1 million over the previous quarter. The increase over the prior year was mainly driven by increases in net charge-offs on consumer credit cards, overdrafts, and consumer loans of $953 thousand, $620 thousand, and $467 thousand, respectively. The increase over the previous quarter was driven by increases in net charge-offs on consumer credit card loans and overdrafts, party offset by decreases in net charge-offs on business and consumer loans.

For the three months ended March 31, 2023, annualized net charge-offs on average consumer credit card loans totaled 3.15%, compared to 2.46% in the previous quarter and 2.53% in the same period last year. Consumer loan annualized net charge-offs in the current quarter amounted to .25%, compared to .29% in the prior quarter and .16% in the same period last year. In the first quarter of 2023, total annualized net loan charge-offs were .17%, compared to .14% in the previous quarter and .12% in the same period last year.

The provision for credit losses on loans was $15.9 million in the current quarter, which was a $3.5 million increase over the $12.4 million provision recorded in the prior quarter and a $26.6 million increase over the $10.7 million benefit recorded for the three months ended March 31,2022. The increase in the provision from the prior quarter was due to a slightly less optimistic forecast, which includes a mild recession in the first half of 2023. The provision for credit losses on loans for the first quarter of the prior year reflected lower than projected net charge-offs and an improved forecast at that point in time, resulting in the release of reserves established for uncertainties related to the pandemic during that quarter.

For the three months ended March 31, 2023, the allowance for credit losses on loans increased $9.2 million, compared to December 31, 2022. The increase was primarily the result of applying a slightly more pessimistic forecast compared to the forecast used at December 31, 2022. The allowance for credit losses on commercial loans increased by $5.3 million, while the allowance for credit losses related to personal banking loans, including consumer credit card loans, increased $3.9 million. Compared to March 31, 2022, the allowance for credit losses on loans increased $24.6 million, mainly due to a slightly less optimistic forecast, as described above. The allowance for credit losses on loans was $159.3 million at March 31, 2023 and was .96%, .92% and .87% of total loans at March 31, 2023, December 31, 2022 and March 31, 2022, respectively.

In the current quarter, the provision for credit losses on unfunded lending commitments was a benefit of $4.5 million, compared to a provision of $3.1 million in the prior quarter and $828 thousand in the first quarter of 2022. At March 31, 2023, the liability for unfunded lending commitments was $28.6 million, compared to $33.1 million at December 31, 2022 and $25.0 million at March 31, 2022. 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, 2023.

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 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.

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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, 2023			December 31, 2022
Non-accrual loans	$	7,801		$	8,306
Foreclosed real estate	167			96
Total non-performing assets	$	7,968		$	8,402
Non-performing assets as a percentage of total loans	.05		%	.05		%
Non-performing assets as a percentage of total assets	.02		%	.03		%
Total loans past due 90 days and still accruing interest	$	14,800		$	15,830

Non-accrual loans totaled $7.8 million at March 31, 2023, a decrease of $505 thousand from the balance at December 31, 2022. The decrease occurred mainly in business loans which decreased $390 thousand. At March 31, 2023, non-accrual loans were comprised of business (81.5%), personal real estate (16.3%), and business real estate (2.2%) loans. Foreclosed real estate totaled $167 thousand at March 31, 2023, an increase of $71 thousand when compared to December 31, 2022. Total loans past due 90 days or more and still accruing interest were $14.8 million as of March 31, 2023, a decrease of $1.0 million from December 31, 2022. 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 $234.8 million at March 31, 2023 compared with $259.7 million at December 31, 2022, resulting in a decrease of $24.9 million, or 9.6%.

(In thousands)	March 31, 2023		December 31, 2022
Potential problem loans:
Business	$	67,828	$	29,455
Real estate – construction and land	29,849		47,493
Real estate – business	136,878		182,526
Real estate – personal	247		250
Total potential problem loans	$	234,802	$	259,724

At March 31, 2023, the Company had $28.8 million of loans modified to a borrower experiencing financial difficulty and are further discussed in the "Modifications for borrowers experiencing financial difficulty" section in Note 2 to the consolidated financial statements.

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 8.7% of total loans outstanding at March 31, 2023. The largest component of construction and land loans was commercial construction, which increased $81.3 million during the three months ended March 31, 2023. At March 31, 2023, multi-family residential construction loans totaled approximately $330.5 million, or 27.5%, of the commercial construction loan portfolio, compared to $303.5 million, or 27.0%, at December 31, 2022.

(Dollars in thousands)	March 31, 2023		% of Total		% of Total Loans		December 31, 2022		% of Total		% of Total Loans
Commercial construction	$	1,203,399	83.7	%	7.3	%	$	1,122,105	82.4	%	6.9	%
Residential construction	130,136		9.1		.8		138,311		10.2		.8
Residential land and land development	52,595		3.6		.3		50,012		3.7		.3
Commercial land and land development	51,289		3.6		.3		50,667		3.7		.3
Total real estate - construction and land loans	$	1,437,419	100.0	%	8.7	%	$	1,361,095	100.0	%	8.3	%

Real Estate – Business Loans

Total business real estate loans were $3.5 billion at March 31, 2023 and comprised 21.1% 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, 2023, 33.2% 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, 2023		% of Total		% of Total Loans		December 31, 2022		% of Total		% of Total Loans
Owner-occupied	$	1,156,873	33.2	%	7.0	%	$	1,136,189	33.3	%	7.0	%
Office	500,524		14.4		3.0		497,601		14.6		3.1
Industrial	482,093		13.8		2.9		478,534		14.0		2.9
Retail	354,592		10.2		2.1		322,971		9.5		2.0
Multi-family	289,700		8.3		1.8		308,156		9.0		1.9
Hotels	252,463		7.2		1.5		230,972		6.8		1.4
Farm	194,723		5.6		1.2		195,920		5.8		1.2
Senior living	144,273		4.1		.9		131,217		3.9		.8
Other	111,302		3.2		.7		105,421		3.1		.6
Total real estate - business loans	$	3,486,543	100.0	%	21.1	%	$	3,406,981	100.0	%	20.9	%

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Information about the credit quality of the Company's business real estate loan portfolio as of March 31, 2023 and December 31, 2022 is provided in the table below.

(Dollars in thousands)	Pass		Special Mention		Substandard		Non-Accrual		Total
March 31, 2023
Owner-occupied	$	1,148,677	$	615	$	7,469	$	112	$	1,156,873
Office	497,137		3,387		—		—		500,524
Industrial	482,093		—		—		—		482,093
Retail	352,694		—		1,898		—		354,592
Multi-family	283,119		1,958		4,623		—		289,700
Hotels	241,194		9,606		1,663		—		252,463
Farm	194,488		177		—		58		194,723
Senior living	23,212		—		121,060		1		144,273
Other	111,034		268		—		—		111,302
Total	$	3,333,648	$	16,011	$	136,713	$	171	$	3,486,543
December 31, 2022
Owner-occupied	$	1,129,343	$	632	$	6,084	$	130	$	1,136,189
Office	494,169		3,432		—		—		497,601
Industrial	478,534		—		—		—		478,534
Retail	321,041		—		1,930		—		322,971
Multi-family	286,202		1,975		19,979		—		308,156
Hotels	174,558		9,725		46,689		—		230,972
Farm	195,685		177		—		58		195,920
Senior living	23,514		—		107,702		1		131,217
Other	105,144		277		—		—		105,421
Total	$	3,208,190	$	16,218	$	182,384	$	189	$	3,406,981

Revolving Home Equity Loans

The Company had $295.5 million in revolving home equity loans at March 31, 2023 that were generally collateralized by residential real estate. Most of these loans (91.8%) 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, 2023, the outstanding principal of loans with an original LTV higher than 80% was $32.8 million, or 11.1% of the portfolio, compared to $32.4 million as of December 31, 2022. Total revolving home equity loan balances over 30 days past due were $1.7 million at March 31, 2023 and $1.9 million at December 31, 2022, and there were no revolving home equity loans on non-accrual status at March 31, 2023 or December 31, 2022. The weighted average FICO score for the total current portfolio balance is 787. 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 2023 through 2025, approximately 18% of the Company's current outstanding balances are expected to mature. Of these balances, approximately 88% 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 39.8% of the consumer loan portfolio at March 31, 2023, and outstanding balances for auto loans were $832.8 million and $798.6 million at March 31, 2023 and December 31, 2022, respectively. The balances over 30 days past due amounted to $8.3 million at March 31, 2023 and $9.9 million at December 31, 2022, respectively and comprised 1.0% of the outstanding balances of these loans at March 31, 2023 and 1.2% at December 31, 2022, respectively. For the three months ended March 31, 2023, $120.0 million of new auto loans were originated, compared to $84.7 million during the first three months of 2022.  At March 31, 2023, the automobile loan portfolio had a weighted average FICO score of 756, and net charge-offs on auto loans were .3% of average auto loans.

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The Company's consumer loan portfolio also includes fixed rate home equity loans, typically for home repair or remodeling, and these loans comprised 11.2% of the consumer loan portfolio at March 31, 2023. Losses on these loans have historically been low, and the Company saw net recoveries of $22 thousand for the first three months of 2023. Private banking loans comprised 31.7% of the consumer loan portfolio at March 31, 2023. The Company's private banking loans are generally well-collateralized, and at March 31, 2023 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 $610 thousand in the first three months of 2023 and were .2% of the average balances of these loans at March 31, 2023.

Consumer Credit Card Loans

The Company offers low promotional rates on selected consumer credit card products. Out of a portfolio at March 31, 2023 of $558.7 million in consumer credit card loans outstanding, approximately $103.2 million, or 18.5%, carried a low promotional rate. Within the next six months, $42.5 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 $285.1 million, or 1.7% of total loans at March 31, 2023, a decrease of $11.3 million from year end 2022, as shown in the table below.

(In thousands)	March 31, 2023		December 31, 2022		Unfunded commitments at March 31, 2023
Extraction	$	233,670	$	235,933	$	150,203
Mid-stream shipping and storage	27,520		43,432		107,637
Downstream distribution and refining	14,934		7,675		8,433
Support activities	9,017		9,387		7,532
Total energy lending portfolio	$	285,141	$	296,427	$	273,805

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 totaled $1.5 billion at March 31, 2023, compared to $1.4 billion at December 31, 2022. Additional unfunded commitments at March 31, 2023 totaled $2.0 billion.

Income Taxes

Income tax expense was $32.8 million in the first quarter of 2023, compared to $34.5 million in the fourth quarter of 2022 and $31.9 million in the first quarter of 2022. The Company's effective tax rate, including the effect of non-controlling interest, was 21.6% in the first quarter of 2023, compared to 20.8% in the fourth quarter of 2022 and 21.3% in the first quarter of 2022.

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Financial Condition

Balance Sheet

Total assets of the Company were $32.0 billion at March 31, 2023 and $31.9 billion at December 31, 2022. Earning assets (excluding the allowance for credit losses on loans and fair value adjustments on debt securities) amounted to $31.6 billion at March 31, 2023 and at December 31, 2022, and consisted of 52% in loans and 41% in investment securities at March 31, 2023.

During the first quarter of 2023, average loans totaled $16.4 billion, an increase of $518.9 million over the prior quarter, and $1.2 billion, or 7.8%, over the same quarter last year. Compared to the previous quarter, average balances of business, business real estate, and construction loans grew $177.9 million, $177.7 million, and $141.9, respectively. Personal real estate loans also increased $47.1 million, while consumer loans declined $22.5 million. During the current quarter, the Company sold certain fixed rate personal real estate loans totaling $3.2 million, compared to $2.4 million in the prior quarter.

Total average available for sale debt securities decreased $591.1 million compared to the previous quarter to $11.8 billion, at fair value. The decrease in investment securities was mainly the result of lower balances of mortgage-backed, other asset-backed, and state and municipal securities. During the first quarter of 2023, the unrealized loss on available for sale securities decreased $190.0 million to $1.3 billion and sales, maturities and pay downs were $1.3 billion at period end. At March 31, 2023, the duration of the available for sale investment portfolio was 3.9 years and maturities and pay downs of approximately $2.0 billion are expected to occur during the next 12 months. The Company does not have any investment securities classified as held-to-maturity.

Total average deposits decreased $1.4 billion this quarter compared to the previous quarter. The decrease in deposits mostly resulted from lower demand deposits and interest checking and money market deposits of $1.2 billion and $428.5 million, respectively, partly offset by higher certificate of deposit balances of $333.8 million. Compared to the previous quarter, total average commercial and consumer deposits declined $868.9 million and $530.1 million, respectively, while average wealth deposits increased $39.8 million. The average loans to deposits ratio was 65.0% in the current quarter and 59.7% in the prior quarter. The Company’s average borrowings, which included customer repurchase agreements of $2.4 million, were $3.5 billion in the first quarter of 2023 and $2.6 billion in the prior quarter.

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, 2023		March 31, 2022		December 31, 2022
Liquid assets:
Available for sale debt securities	$	11,228,616	$	14,780,494	$	12,238,316
Federal funds sold	27,060		—		49,505
Securities purchased under agreements to resell	825,000		1,825,000		825,000
Balances at the Federal Reserve Bank	1,341,854		1,260,813		389,140
Total	$	13,422,530	$	17,866,307	$	13,501,961

Federal funds sold, which are funds lent to the Company's correspondent bank customers with overnight maturities, totaled $27.1 million as of March 31, 2023. Resale agreements, maturing through 2025, totaled $825.0 million at March 31, 2023. Under these agreements, the Company lends funds to upstream financial institutions and holds marketable securities, safe-kept by a third-party custodian, as collateral, and this collateral totaled $870.8 million in fair value at March 31, 2023. $700.0 million of the Company's resale agreements will mature in the next 12 months. 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, 2023 and increased $952.7 million over December 31, 2022 balances. The fair value of the available for sale debt portfolio was $11.2 billion at March 31, 2023 and included an unrealized net loss of $1.3 billion.

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Approximately $2.0 billion of the Company's available for sale debt portfolio is expected to mature or pay down during the next 12 months, and at March 31, 2023, the duration of the Company's available for sale debt securities portfolio was 3.9 years. 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, 2023		March 31, 2022		December 31, 2022
Investment securities pledged for the purpose of securing:
Federal Reserve Bank borrowings	$	3,145,959	$	16,260	$	11,469
FHLB borrowings and letters of credit	294,025		2,798		1,817
Securities sold under agreements to repurchase *	2,290,546		2,575,444		2,950,240
Other deposits and swaps	2,409,058		2,606,141		1,772,974
Total pledged securities	8,139,588		5,200,643		4,736,500
Unpledged and available for pledging	3,070,590		8,426,648		6,545,695
Ineligible for pledging	18,438		1,153,203		956,121
Total available for sale debt securities, at fair value	$	11,228,616	$	14,780,494	$	12,238,316

* 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, 2023, such deposits totaled $23.1 billion and represented 93.6% 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 $1.1 billion at March 31, 2023. These accounts are normally considered more volatile with higher cost and comprised 4.5% of total deposits at March 31, 2023.

(In thousands)	March 31, 2023		March 31, 2022		December 31, 2022
Core deposit base:
Non-interest bearing	$	8,685,234	$	11,428,372	$	10,066,356
Interest checking	6,464,948		3,301,315		1,854,336
Savings and money market	7,954,793		13,450,317		13,272,645
Total	$	23,104,975	$	28,180,004	$	25,193,337

During January 2023, the Company's deposit portfolio declined $964.6 million. At March 31, 2023, the Company's deposit portfolio was $24.7 billion, compared to $26.2 billion at December 31, 2022. The Company's uninsured deposits were $9.8 billion, or 39.7% of total deposits at March 31, 2023. The Company's uninsured deposits include $2.0 billion of affiliate deposits and collateralized deposits. Excluding those affiliate and collateralized deposits, the Company's uninsured deposits at March 31, 2023 were $7.8 billion, or 31.6% of total deposits.

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, 2023		March 31, 2022		December 31, 2022
Borrowings:
Federal funds purchased	$	756,470	$	17,315	$	159,860
Securities sold under agreements to repurchase	2,028,089		2,300,146		2,681,874
FHLB advances	1,500,000		—		—
Other debt	7,776		9,057		9,672
Total	$	4,292,335	$	2,326,518	$	2,851,406

Federal funds purchased are unsecured overnight borrowings obtained mainly from upstream correspondent banks with which the Company maintains approved lines of credit. In addition to the amount accessed as of March 31, 2023, the Company had access to an additional $3.9 billion of overnight, approved Federal funds as of that date. Repurchase agreements are borrowings by the Company from its customers in the form of securities sold under agreements to repurchase. These repurchase agreements, which generally mature overnight, are comprised of non-insured customer funds totaling $2.0 billion at March 31, 2023 and are collateralized by securities in the Company's investment portfolio. At March 31, 2023, the value of the

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collateral pledged for the benefit of customers was $2.1 billion. 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 $1.5 billion advances outstanding from the FHLB at March 31, 2023.

The Company pledges certain assets, including loans and investment securities, to both the Federal Reserve Bank (FRB) 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 and enables the FHLB to issue letters of credit in favor of public fund depositors of the Company. The FRB 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, 2023.

	March 31, 2023
(In thousands)	FHLB		Federal Reserve		Total
Total collateral value established by FHLB and FRB	$	2,165,815	$	3,829,015	$	5,994,830
Advances outstanding	(1,500,000)		—		(1,500,000)
Letters of credit issued	(111,515)		—		(111,515)
Available for future advances	$	554,300	$	3,829,015	$	4,383,315

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 increase in cash, cash equivalents and restricted cash of $822.3 million during the first three months of 2023, 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 $116.1 million and has historically been a stable source of funds. Investing activities, which occur mainly in the loan and investment securities portfolios, provided cash of $888.2 million. Activity in the investment securities portfolio provided cash of $1.1 billion from sales, maturities, and pay downs (net of purchases), but this increase in investing cash flows was partially offset by growth in the loan portfolio, which used cash of $239.2 million. Financing activities used cash of $182.0 million, largely resulting from a decrease in deposits of $1.6 billion, paired with a decrease in federal funds purchased and securities sold under agreements to repurchase of $57.2 million. Borrowings, including FHLB advances during the first three months of 2023, increased financing cash flows by $1.5 billion.

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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, 2023 and December 31, 2022, as shown in the following table.

(Dollars in thousands)	March 31, 2023			December 31, 2022			Minimum Ratios under Capital Adequacy Guidelines		Minimum Ratios for Well-Capitalized Banks *
Risk-adjusted assets	$	23,928,212		$	24,178,423
Tier I common risk-based capital	3,463,319			3,417,223
Tier I risk-based capital	3,463,319			3,417,223
Total risk-based capital	3,651,557			3,600,920
Tier I common risk-based capital ratio	14.47		%	14.13		%	7.00	%	6.50	%
Tier I risk-based capital ratio	14.47			14.13			8.50		8.00
Total risk-based capital ratio	15.26			14.89			10.50		10.00
Tier I leverage ratio	10.61			10.34			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 extended 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, 2023, the Company purchased 547,381 shares at an average price of $65.93 in open market purchases and through stock-based compensation transactions. At March 31, 2023, 2,564,677 shares remained available for purchase under the current Board authorization.

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 $.270 per share cash dividend on its common stock in the first quarter of 2023, which was a 7.1% increase compared to its 2022 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 commitments, deposit maturities and deposit withdrawals that may occur; repay borrowings; and fund loan growth. 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 2022 Annual Report on Form 10-K. Further discussion of the Company's longer-term material cash obligations and sources for fulfilling those obligations is below.

Events impacting the banking industry during the first few months of 2023, including the failure of Silicon Valley Bank and Signature Bank, have resulted in decreased confidence in banks among consumer and commercial customers, investors, and other counterparties. Additionally, rapidly rising interest rates have resulted in unrealized losses in the Company's available for sale debt securities portfolio. In response to these industry events, the Company sought additional borrowings during the first quarter of 2023, and as a result, the Company’s borrowings increased by $1.4 billion. Other than the repayment of these additional borrowings, the Company’s material cash requirements have not changed significantly since December 31, 2022. Further discussion of the Company's longer-term material cash obligations and sources for fulfilling those 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, 2023 totaled $14.2 billion (including $5.2 billion in unused, approved credit card lines). In addition, the Company enters into standby and commercial letters of credit. These contracts totaled $588.8 million (net of conveyances to other institutions) and $4.8 million, respectively, at March 31, 2023. 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 $4.9 million at March 31, 2023. 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, 2023, the liability for unfunded commitments totaled $28.6 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 was placed in service at the beginning of March 2023. As of March 31, 2023, the Company has made payments totaling $105.7 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 2023, purchases and sales of tax credits amounted to $22.2 million and $6.7 million, respectively. Fees from sales of tax credits were $561 thousand for the three months ended March 31, 2023, compared to $783 thousand in the same period last year. At March 31, 2023, the Company expected to fund outstanding purchase commitments of $93.1 million during the remainder of 2023.

The Company continued to maintain a strong liquidity position throughout the first three months of 2023. Through the various sources of liquidity described above, the Company maintains a liquidity position that it believes will adequately satisfy its financial obligations.

Segment Results

The table below is a summary of segment pre-tax income results for the first three months of 2023 and 2022.

(Dollars in thousands)	Consumer			Commercial			Wealth			Segment Totals			Other/ Elimination			Consolidated Totals
Three Months Ended March 31, 2023
Net interest income	$	96,854		$	116,166		$	17,540		$	230,560		$	21,063		$	251,623
Provision for credit losses	(6,306)			(393)			(13)			(6,712)			(4,744)			(11,456)
Non-interest income	24,303			58,324			52,944			135,571			2,041			137,612
Investment securities gains (losses), net	—			—			—			—			(306)			(306)
Non-interest expense	(77,326)			(93,623)			(39,636)			(210,585)			(13,522)			(224,107)
Income before income taxes	$	37,525		$	80,474		$	30,835		$	148,834		$	4,532		$	153,366
Three Months Ended March 31, 2022
Net interest income	$	86,818		$	108,953		$	18,869		$	214,640		$	(5,854)		$	208,786
Provision for credit losses	(4,504)			(82)			(26)			(4,612)			14,470			9,858
Non-interest income	26,415			53,651			53,206			133,272			(1,503)			131,769
Investment securities gains (losses), net	—			—			—			—			7,163			7,163
Non-interest expense	(74,823)			(89,506)			(36,288)			(200,617)			(5,031)			(205,648)
Income before income taxes	$	33,906		$	73,016		$	35,761		$	142,683		$	9,245		$	151,928
Increase (decrease) in income before income taxes:
Amount	$	3,619		$	7,458		$	(4,926)		$	6,151		$	(4,713)		$	1,438
Percent	10.7		%	10.2		%	(13.8		%)	4.3		%	(51.0)		%	.9		%

Consumer

For the three months ended March 31, 2023, income before income taxes for the Consumer segment increased $3.6 million, or 10.7%, compared to the first three months of 2022. The increase in income before income taxes was mainly due to an increase in net interest income of $10.0 million, or 11.6%, partly offset by a decrease in non-interest income of $2.1 million, or

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8.0%, and higher non-interest expense of $2.5 million, or 3.3%. Net interest income increased due to a $4.8 million increase in net allocated funding credits assigned to the Consumer segment's loan and deposit portfolios and a $9.2 million increase in loan interest income. These increases were partly offset by higher deposit interest expense of $4.0 million. Non-interest income decreased mainly due to lower mortgage banking revenue and deposit account fees, partly offset by growth in debit card fees. Deposit account fees decreased due to lower overdraft and return item fees, partly offset by higher personal deposit account fees. Non-interest expense increased over the same period in the previous year mainly due to higher salaries and benefits expense, FDIC insurance expense and occupancy expense, partly offset by lower marketing expense and allocated support costs for information technology. The provision for credit losses totaled $6.3 million, a $1.8 million increase over the first three months of 2022, mainly due to higher credit card, overdraft and personal loan net charge-offs.

Commercial

For the three months ended March 31, 2023, income before income taxes for the Commercial segment increased $7.5 million, or 10.2%, compared to the same period in the previous year. This increase was mainly due to growth in non-interest income and net interest income, partly offset by higher non-interest expense. Net interest income increased $7.2 million, or 6.6%, mainly due to higher loan interest income of $74.6 million. This increase was partly offset by lower net allocated funding credits of $32.0 million and increases of $19.0 million in deposit interest expense and $16.8 million in interest expense on customer repurchase agreements. Non-interest income increased $4.7 million, or 8.7%, over the previous year mainly due to growth in net bank card fees (mainly corporate card fees), deposit account fees (mainly corporate cash management fees) and cash sweep commissions, partly offset by a decline capital market fees. Non-interest expense increased $4.1 million, or 4.6%, mainly due to higher data processing expense, FDIC insurance expense and allocated service and support costs (mainly bank operations and commercial products and payments). These increases were partly offset by lower allocated support costs for information technology. The provision for credit losses increased $311 thousand over the same period last year, mainly due to higher overdraft and commercial credit card loan net charge-offs.

Wealth

Wealth segment pre-tax profitability for the three months ended March 31, 2023 decreased $4.9 million, or 13.8%, from the same period in the previous year. Net interest income decreased $1.3 million, or 7.0%, mainly due to an $8.0 million decline in net allocated funding credits and a $2.9 million increase in deposit interest expense, partly offset by a $9.6 million increase in loan interest income. Non-interest income decreased $262 thousand, or .5%, from the prior year largely due lower private client and institutional trust fees, partly offset by higher cash sweep commissions and consumer brokerage service fees. Non-interest expense increased $3.3 million, or 9.2%, mainly due to higher salaries and benefits expense and miscellaneous losses. The provision for credit losses decreased $13 thousand from the same period last year, due to lower personal real estate loan net charge-offs.

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 $4.7 million lower than in the same period last year. Unallocated securities losses were $306 thousand in the first three months of 2023 compared to gains of $7.2 million in 2022. Also, the unallocated provision for credit losses increased $19.2 million, primarily driven by an increase in the provision for credit losses on loans, partly offset by a decrease in the liability for unfunded lending commitments, 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 $9.2 million higher than net charge-offs in 2023, while the provision was $15.3 million lower than net charge-offs, as the provision was a benefit in 2022. For the three months ended March 31, 2023, the Company's provision on unfunded lending commitments was a benefit of $4.5 million. Additionally, non-interest expense decreased $8.5 million. These decreases to pre-tax profitability were partly offset by higher net interest income of $26.9 million, and non-interest income of $3.5 million.

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Impact of Recently Issued Accounting Standards

Reference Rate Reform The Financial Accounting Standards Board ("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 December 2022, the FASB issued ASU 2022-06 which extended 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 in 2021 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 was performed, and the Committee developed and prioritized action items. All LIBOR-based loans must be converted to an alternative index by June 30, 2023, as LIBOR will no longer be published after June 30, 2023. All of the Company's 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 of the 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. The Company is nearly finished transitioning the impacted loans.

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AVERAGE BALANCE SHEETS — AVERAGE RATES AND YIELDS

Three Months Ended March 31, 2023 and 2022

	First Quarter 2023						First Quarter 2022
(Dollars in thousands)	Average Balance		Interest Income/Expense		Avg. Rates Earned/Paid		Average Balance		Interest Income/Expense		Avg. Rates Earned/Paid
ASSETS:
Loans:
Business(A)	$	5,656,104	$	74,037	5.31	%	$	5,324,172	$	38,416	2.93	%
Real estate — construction and land	1,410,835		25,486		7.33		1,134,902		10,526		3.76
Real estate — business	3,478,382		48,444		5.65		3,095,068		25,801		3.38
Real estate — personal	2,933,750		26,086		3.61		2,808,980		22,696		3.28
Consumer	2,067,385		27,060		5.31		2,040,200		18,084		3.59
Revolving home equity	296,748		5,146		7.03		273,859		2,347		3.48
Consumer credit card	556,223		18,757		13.68		540,844		15,130		11.35
Overdrafts	4,449		—		—		5,178		—		—
Total loans	16,403,876		225,016		5.56		15,223,203		133,000		3.54
Loans held for sale	5,708		145		10.30		9,383		150		6.48
Investment securities:
U.S. government and federal agency obligations	1,099,067		5,138		1.90		1,103,749		9,317		3.42
Government-sponsored enterprise obligations	87,086		690		3.21		51,770		298		2.33
State and municipal obligations(A)	1,793,756		9,994		2.26		2,077,600		11,708		2.29
Mortgage-backed securities	6,454,408		32,830		2.06		7,316,609		35,770		1.98
Asset-backed securities	3,233,757		16,041		2.01		3,933,061		10,984		1.13
Other debt securities	528,941		2,523		1.93		636,247		3,134		2.00
Trading debt securities(A)	45,757		518		4.59		40,686		185		1.84
Equity securities(A)	12,458		714		23.24		9,498		609		26.00
Other securities(A)	229,867		4,029		7.11		192,311		2,802		5.91
Total investment securities	13,485,097		72,477		2.18		15,361,531		74,807		1.97
Federal funds sold	38,978		489		5.09		1,053		1		.39
Securities purchased under agreements to resell	825,000		3,952		1.94		1,733,887		5,300		1.24
Interest earning deposits with banks	809,935		9,336		4.67		2,608,029		1,151		.18
Total interest earning assets	31,568,594		311,415		4.00		34,937,086		214,409		2.49
Allowance for credit losses on loans	(150,117)						(149,685)
Unrealized loss on debt securities	(1,387,196)						(174,297)
Cash and due from banks	314,024						340,242
Premises and equipment, net	431,288						407,000
Other assets	631,239						557,158
Total assets	$	31,407,832					$	35,917,504
LIABILITIES AND EQUITY:
Interest bearing deposits:
Savings	$	1,550,215	193		.05		$	1,563,093	178		.05
Interest checking and money market	13,265,485		19,958		.61		14,949,727		1,582		.04
Certificates of deposit of less than $100,000	415,367		1,425		1.39		429,852		139		.13
Certificates of deposit of $100,000 and over	903,393		6,627		2.98		862,232		427		.20
Total interest bearing deposits	16,134,460		28,203		.71		17,804,904		2,326		.05
Borrowings:
Federal funds purchased	$	493,721	$	5,586	4.59		23,356		$	7	.12
Securities sold under agreements to repurchase	2,418,726		17,495		2.93		2,712,468		682		.10
Other borrowings(B)	551,267		6,720		4.94		768		1		.53
Total borrowings	3,463,714		29,801		3.49		2,736,592		690		.10
Total interest bearing liabilities	19,598,174		58,004		1.20	%	20,541,496		3,016		.06	%
Non-interest bearing deposits	9,114,512						11,544,701
Other liabilities	112,052						505,644
Equity	2,583,094						3,325,663
Total liabilities and equity	$	31,407,832					$	35,917,504
Net interest margin (FTE)			$	253,411					$	211,393
Net yield on interest earning assets					3.26	%					2.45	%

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

(B) Interest expense capitalized on construction projects is not deducted from the interest expense shown above.

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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 2022 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 three falling rate scenarios, and in each scenario, rates are assumed to change evenly over 12 months. In these scenarios, the balance sheet remains flat.

Because 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 and falling 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, 2023						December 31, 2022
(Dollars in millions)	$ Change in Net Interest Income		% Change in Net Interest Income		Assumed Deposit (Attrition)/Growth		$ Change in Net Interest Income		% Change in Net Interest Income		Assumed Deposit (Attrition)/Growth
300 basis points rising	$	(7.6)	(.75)	%	$	—	$	(.5)	(.05)	%	$	—
200 basis points rising	(6.5)		(.63)		—		2.0		.19		—
100 basis points rising	(1.3)		(.13)		—		4.1		.38		—
100 basis points falling	(16.0)		(1.56)		—		(24.0)		(2.20)		—
200 basis points falling	(40.1)		(3.92)		—		(52.6)		(4.82)		—
300 basis points falling	(66.5)		(6.49)		—		(84.9)		(7.78)		—

Simulation B	March 31, 2023						December 31, 2022
(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	$	(15.1)	(1.50)	%	$	(49.4)	$	(17.9)	(1.71)	%	$	(216.7)
200 basis points rising	(11.5)		(1.14)		(36.2)		(11.4)		(1.09)		(180.4)
100 basis points rising	(3.9)		(.39)		(20.0)		(5.0)		(.48)		(136.6)
100 basis points falling	$	(10.9)	(1.08)		$	74.7	3.6		.34		539.3
200 basis points falling	(29.1)		(2.89)		189.6		(15.2)		(1.45)		761.0
300 basis points falling	(52.4)		(5.21)		257.1		(45.6)		(4.36)		792.0

Under Simulation A, in the three rising rate scenarios and three falling rate scenarios, interest rate risk is more negative in the up scenarios and less negative in the down scenarios than the previous quarter. This was primarily due to a decrease in non-maturity deposits and an increase in short-term borrowings, partly offset by a decrease in investment securities and an increase in deposits at the Federal Reserve. Deposit attrition was removed from the simulation in both the current and previous quarters.

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 and three falling rate scenarios, interest rate risk is less negative in the up scenarios and more negative in the down scenarios than in the previous quarter, primarily due to a decrease in surge deposits.

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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.

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, 2023. 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 1A. RISK FACTORS

Liquidity and Capital Risks

Adverse developments affecting the banking industry, such as recent bank failures or concerns involving liquidity, may have material adverse effects on the Company’s operations.

Events impacting the banking industry during the first few months of 2023, including the failure of Silicon Valley Bank in March, have resulted in decreased confidence in regional banks among deposit customers, investors, and other counterparties. Additionally, these events have caused significant disruption, volatility and reduced valuations of equity and other securities of banks in the capital markets. These events occurred during a period of rapidly rising interest rates, which, among other things, has resulted in unrealized losses in the Company's available for sale debt securities portfolio and increased competition for bank deposits. These events have, and could continue to have, adverse impacts on the market price and volatility of the Company’s stock. These events could also lead to increases in the Company’s interest expense, as it has raised and may continue to raise interest rates paid to depositors in order to compete with other banks, and in an effort to replace deposits, seek borrowings which carry higher interest rates.

Recent bank failures have caused concern and uncertainty regarding the liquidity adequacy of the banking sector as a whole and resulted in some regional bank customers choosing to maintain deposits with larger financial institutions. A significant reduction in the Company’s deposits could materially, adversely impact the Company’s liquidity, ability to fund loans, and results of operations. In addition to customer deposits, the Company borrows on an overnight and short-term basis from third parties in the form of federal funds purchased and repurchase agreements and through lines of credit and borrowings from the FHLB and FRB. If the Company is not able to access borrowings through those facilities due to an increase in demand from other banks or due to insufficient levels of pledgeable assets, its ability to borrow funds may be materially adversely impacted.

The Company could recognize losses on securities held in its securities portfolio, particularly if it were to sell a significant portion of its investments prior to maturity.

The Company maintains a portfolio of investments, which includes available for sale debt securities, trading securities, equity securities, and other investments. At March 31, 2023, the Company did not hold any investments classified as held-to-maturity. The Company's available for sale debt securities portfolio is carried at fair value, with unrealized gains and losses carried in accumulated other comprehensive income (loss) within shareholder's equity. The fair value of investments, including available for sale debt investments, may change with changes in interest rates, credit concerns, or other economic factors. Due to the rapid rise of interest rates during the previous 13 months, the fair value of the Company's available of sale debt securities included a net unrealized loss of $1.3 billion at March 31, 2023. Although as of March 31, 2023, the Company has the intent and ability to maintain its available for sale debt investments until maturity, if in the future the Company were to elect to sell or needed to sell the investments before their maturity, the Company could realize significant losses in its income statement.

Any changes to regulations, regulatory policies, laws, or supervisory or enforcement activities arising from the recent events in the banking industry could increase the Company’s expenses and adversely impact the Company’s operations.

In addition to operational impacts to the Company, the recent events in the banking industry may also result in changes to the laws and regulations governing banks and bank holding companies. As part of the financial services industry, the Company is subject to extensive federal and state regulation and supervision. Changes to regulations, regulatory policies, laws, or supervisory or enforcement activities could affect the Company in substantial and adverse ways, including limiting the services and products the Company may offer, restrict the Company’s ability to pay dividends, result in the Company incurring higher costs, or subject the Company to higher capital requirements. Inability to access short-term funding, loss of client deposits or changes in our credit ratings could increase the cost of funding, limit access to capital markets or negatively impact the Company’s overall liquidity or capitalization. The Company may be impacted by concerns regarding the soundness or creditworthiness of other financial institutions, which can cause disruption within the financial markets and increased expenses. The cost of resolving the recent bank failures may also prompt the FDIC to increase its premiums above the recently increased levels or to issue additional special assessments, which would likely increase expenses and negatively impact net income.

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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, 2023	124,045		$	65.85	124,045	2,988,013
February 1 - 28, 2023	270,152		$	66.76	270,152	2,717,861
March 1 - 31, 2023	153,184		$	64.51	153,184	2,564,677
Total	547,381		$	65.93	547,381	2,564,677

The Company's stock purchases shown above were made under authorizations by the Board of Directors. Under the most recent authorization in April 2022 of 5,000,000 shares, 2,564,677 shares remained available for purchase at March 31, 2023.

Item 6. EXHIBITS

3 — Restated Articles of Incorporation of Commerce Bancshares, Inc., as amended through April 28, 2023

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)

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 4, 2023		Vice President & Secretary

	By	/s/  PAUL A. STEINER
		Paul A. Steiner
		Controller
Date: May 4, 2023		(Chief Accounting Officer)

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EX-3

RESTATED ARTICLES OF INCORPORATION

OF

COMMERCE BANCSHARES, INC.

A Missouri Corporation

ARTICLE I

The name of this corporation is Commerce Bancshares, Inc.

ARTICLE II

The address of the corporation's registered office is in care of T. Alan Peschka, 1000 Walnut Street, Kansas City, Missouri, and the name of the corporation's registered agent at such address is Commerce Bank (f/k/a Commerce Bank of Kansas City, National Association).

ARTICLE III

The total number of shares of all classes of stock which the corporation shall have authority to issue is 1492,000,000 shares, consisting of

(i) 2,000,000 shares of Preferred Stock of the par value of $1 per share, and

(ii) 1492,000,000 shares of Common Stock of the par value of $5 per share.

The voting powers, designations, preferences and relative participating, optional or other special rights, and the qualifications, limitations, or restrictions thereof, of the classes of stock of the corporation which are fixed by these Articles of Incorporation, and the authority vested in the Board of Directors to fix by resolution or resolutions providing for the issue of preferred stock the voting powers, if any, designations, preferences and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions thereof, of the shares of Preferred Stock which are not fixed by these Articles of Incorporation are as follows:

(a) The Preferred Stock may be issued from time to time in one or more series of any number of shares, provided that the aggregate number of shares issued and not canceled of any and all such series shall not exceed the total number of shares of Preferred Stock herein above authorized. Each series of Preferred Stock shall be distinctively designated by letter or descriptive words. All series of Preferred Stock shall rank equally and be identical in all respects except as permitted by the provisions of paragraph (b) of this Article III. Different series of Preferred Stock shall not be construed to constitute different classes of shares for the purpose of voting by classes.

(b) Authority is hereby vested in the Board of Directors from time to time to issue the Preferred Stock as Preferred Stock of any series and in connection with the creation of each such series to fix by resolution or resolutions providing for the issue of shares thereof the voting powers, if any, the designation, preferences and relative, participating, optional or other special rights, and the qualifications, limitations or restrictions thereof, of such series to the full extent now or hereafter permitted by these Articles of Incorporation and the laws of the State of Missouri, in respect of the matters set forth in the following subparagraphs (1) to (9), inclusive:

(1) the distinctive designation of such series and the number of shares which shall constitute such series, which number may be increased or decreased (but not below the number of shares thereof then outstanding) from time to time by action of the Board of Directors;

1

(2) the dividend rate of such series and any limitations, restrictions or conditions on the payment of dividends, subject to paragraph (c) of this Article III;

(3) the price or prices at which, and the terms and conditions on which, the shares of such series may be redeemed by the corporation;

(4) the amount or amounts payable upon the shares of such series in the event of any liquidation, dissolution or winding up of the corporation;

(5) whether or not the shares of such series shall be entitled to the benefit of a sinking fund to be applied to the purchase or redemption of shares of such series and, if so entitled, the amount of such fund and the manner of its application;

(6) whether or not the shares of such series shall be made convertible into, or exchangeable for, shares of any other class or classes of stock of the corporation or shares of any other series of Preferred Stock, and, if made so convertible or exchangeable, the conversion price or prices, or the rate or rates of exchange, and the adjustments thereof, if any, at which such conversion or exchange may be made, and any other terms and conditions of such conversion or exchange;

(7) whether or not the shares of such series shall have any voting powers and, if voting powers are so granted, the extent of such voting powers;

(8) whether or not the shares of such series shall be entitled to the benefit of conditions and restrictions upon the creation of indebtedness of the corporation or any subsidiary, upon the issue of any additional Preferred Stock (including additional shares of such series or of any other series), and upon the payment of dividends (in addition to those provided in paragraphs (c) and (d) of this Article III) or the making of other distributions on, and the purchase, redemption or other acquisition by the corporation or any subsidiary of, any outstanding stock of the corporation; and

(9) such other preferences, rights, restrictions and qualifications as shall not be inconsistent herewith.

(c) The holders of Preferred Stock of each series shall be entitled to receive, when and as declared by the Board of Directors, dividends in cash at the rate for such series fixed by the Board of Directors as provided in paragraph (b) of this Article III, and no more, payable quarterly on the first days of January, April, July and October or of such other months as may be designated by the Board of Directors (each of the quarterly periods ending on the first day of January, April, July and October in each year, or on the first days of such other months, respectively, being hereinafter called a dividend period), in each case from the date of cumulation (as defined in paragraph (h) of this Article III) of such series. Except as may otherwise be provided in the resolution or resolutions providing for the issue of any given series of Preferred Stock, dividends on Preferred Stock shall be cumulative (whether or not there shall be net profits or net assets of the corporation legally available for the payment of such dividends) so that, if at any time full cumulative dividends (as defined in paragraph (h) of this Article III) upon the Preferred Stock of all series to the end of the last completed dividend period shall not have been paid or declared and a sum sufficient for payment thereof set apart, the amount of the deficiency shall be fully paid, but without interest, or dividends in such amount shall have been declared on each such series and a sum sufficient for the payment thereof shall have been set apart for such payment, before any sum or sums shall be set aside for or applied to the purchase or redemption of Preferred Stock of any series (either pursuant to any applicable sinking fund provisions or any redemption authorized pursuant to paragraph (g) of this Article III or otherwise) or set aside for or applied to the purchase of Common Stock and before any dividend shall be paid or any other distribution made upon the Common Stock (other than a dividend payable in Common Stock); provided, however, that any moneys deposited in the sinking fund provided for any series of Preferred Stock in the resolution or resolutions providing for the issue of shares of said series, in compliance with the provisions of such sinking fund and of this paragraph (c), may thereafter be applied to the purchase or redemption of Preferred Stock in accordance with the terms of such sinking fund whether or not at the time of such application full cumulative dividends upon the outstanding Preferred Stock

2

of all series to the end of the last completed dividend period shall have been paid or declared and set apart for payment. All dividends declared upon the Preferred Stock of the respective series outstanding shall be declared pro rata, so that the amounts of dividends declared per share on the Preferred Stock of different series shall in all cases bear to each other the same ratio that accrued dividends per share on the shares of such respective series bear to each other.

(d) Before any sum or sums shall be set aside for or applied to the purchase of Common Stock and before any dividends shall be paid or any distribution ordered or made upon the Common Stock (other than a dividend payable in Common Stock), the corporation shall comply with the sinking fund provisions, if any, of any resolution or resolutions providing for the issue of any series of Preferred Stock any shares of which shall at the time be outstanding.

(e) Subject to the provisions of paragraph (c) and (d) of this Article III, the holders of Common Stock shall be entitled, to the exclusion of the holders of Preferred Stock of any and all series, to receive such dividends as from time to time may be declared by the Board of Directors.

(f) In the event of any liquidation, dissolution or winding up of the corporation, the holders of Preferred Stock of each series then outstanding shall be entitled to be paid out of the assets of the corporation available for distribution to its stockholders, whether from capital, surplus or earnings, before any payment shall be made to the holders of Common Stock, an amount determined as provided in paragraph (b) of this Article III for every share of their holdings of Preferred Stock of such series. If upon any liquidation, dissolution or winding up of the corporation the assets of the corporation available for distribution to its stockholders shall be insufficient to pay the holders of Preferred Stock of all series the full amounts to which they respectively shall be entitled, the holders of Preferred Stock of all series shall share ratably in any distribution of assets according to the respective amounts which would be payable in respect of the shares of Preferred Stock held by them upon such distribution if all amounts payable on or with respect to Preferred Stock of all series were paid in full. In the event of any liquidation, dissolution or winding up of the corporation, after payment shall have been made to the holders of Preferred Stock of the full amount to which they shall be entitled as aforesaid, the holders of Common Stock shall be entitled, to the exclusion of the holders of Preferred Stock of any and all series, to share, ratably according to the number of shares of Common Stock held by them, in all remaining assets of the corporation available for distribution to its stockholders. Neither the merger or consolidation of the corporation into or with another corporation nor the merger or consolidation of any other corporation into or with the corporation, nor the sale, transfer or lease of all or substantially all of the assets of the corporation, shall be deemed to be a liquidation, dissolution or winding up of the corporation.

(g) Subject to any requirements which may be applicable to the redemption of any given series of Preferred Stock as provided in any resolution or resolutions providing for the issue of such series of Preferred Stock, the Preferred Stock of all series, or of any series thereof, or any part of any series thereof, at any time outstanding, may be redeemed by the corporation at its election expressed by resolution of the Board of Directors, at any time or from time to time, upon not less than 30 days' previous notice to the holders of record of Preferred Stock to be redeemed, given by mail in such manner as may be prescribed by resolution or resolutions of the Board of Directors:

(1) if such redemption shall be otherwise than by the application of moneys in any sinking fund referred to in paragraph (d) of this Article III, at the redemption price, fixed as provided in paragraph (b) of this Article III, at which shares of Preferred Stock of the particular series may then be redeemed at the option of the corporation, and

(2) if such redemption shall be by the application of moneys in any sinking fund referred to in paragraph (d) of this Article III, at the redemption price, fixed as provided in paragraph (b) of this Article III, at which shares of Preferred Stock of the particular series may then be redeemed for such sinking fund;

provided, however, that, before any Preferred Stock of any series shall be redeemed at said redemption price thereof specified in clause (1) of this paragraph (g), all moneys at the time in the sinking fund, if any, for Preferred Stock of that series shall first be applied, as nearly as may be, to the purchase or redemption of Preferred Stock of that series

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as provided in the resolution or resolutions of the Board of Directors providing for such sinking fund. If less than all the outstanding shares of Preferred Stock of any series are to be redeemed, the redemption may be made either by lot or pro rata in such manner as may be prescribed by resolution of the Board of Directors. The corporation may, if it shall so elect, provide moneys for the payment of the redemption price by depositing the amount thereof for the account of the holders of Preferred Stock entitled thereto with a bank or trust company doing business in Kansas City, Missouri and having capital and surplus of at least $5,000,000. The date upon which such deposit may be made by the corporation (hereinafter called the "date of deposit") shall be prior to the date fixed as the date of redemption but not earlier than the date on which notice thereof shall be given. In any such case there shall be included in the notice of redemption a statement of the date of deposit and of the name and address of the bank or trust company with which the deposit has been or will be made. On and after the date fixed in any such notice of redemption as the date of redemption (unless default shall be made by the corporation in providing moneys for the payment of the redemption price pursuant to such notice) or, if the corporation shall have made such deposit on or before the date specified therefor in the notice, then on and after the date of deposit, all rights of the holders of the Preferred Stock to be redeemed as stockholders of the corporation, except the right to receive the redemption price as hereinafter provided, and, in the case of such deposit, any conversion rights not theretofore expired, shall cease and terminate. Such conversion rights, however, in any event shall cease and terminate upon the date fixed for redemption or upon any earlier date fixed by the Board of Directors pursuant to paragraph (b) of this Article III for termination of such conversation rights. Anything herein contained to the contrary notwithstanding, said redemption price shall include an amount equal to accrued dividends on the Preferred Stock to be redeemed to the date fixed for the redemption thereof and the corporation shall not be required to declare or pay on such Preferred Stock to be redeemed, and the holders thereof shall not be entitled to receive, any dividends in addition to those thus included in the redemption price, provided, however, that the corporation may pay in regular course any dividends thus included in the redemption price either to the holders of record on the record date fixed for the determination of stockholders entitled to receive such dividends (in which event anything to the contrary notwithstanding, the amount so deposited need not include any dividends so paid or to be paid) or as a part of the redemption price upon surrender of the certificates for the shares redeemed. At any time on or after the date fixed as aforesaid for such redemption or, if the corporation shall elect to deposit the moneys for such redemption as herein provided, then at any time on or after the date of deposit, and without awaiting the date fixed as aforesaid for such redemption, the respective holders of record of the Preferred Stock to be redeemed shall be entitled to receive the redemption price upon actual delivery to the corporation, or, in the event of such deposit, to the bank or trust company with which such deposit shall be made, of certificates for the shares to be redeemed, such certificates, if required, to be properly stamped for transfer and duly endorsed in blank or accompanied by proper instruments of assignment and transfer thereof duly executed in blank. Any funds deposited as aforesaid which shall not be required for such redemption, because of the exercise of any right of conversion or otherwise subsequent to the date of such deposit, shall be returned to the corporation forthwith. Any moneys so deposited which shall remain unclaimed by the holders of such Preferred Stock at the end of four years after the redemption date shall be paid by such bank or trust company to the corporation, after which such holders shall be deemed to be unsecured creditors of the corporation for a period of two years (after which all rights of such holders as unsecured creditors or otherwise shall cease) and any interest accrued on moneys so deposited shall belong to the corporation and shall be paid to it from time to time. Preferred stock redeemed pursuant to the provisions of this paragraph (g) shall be canceled and shall thereafter have the status of authorized and unissued shares of Preferred Stock.

(h) The term "date of cumulation" as used with reference to any series of Preferred Stock shall be deemed to mean the date fixed by the Board of Directors as the date of cumulation of such series at the time of the creation thereof or, if no date shall have been so fixed, the date on which shares of such series are first issued. Whenever used with reference to any share of any series of Preferred Stock, the term "full cumulative dividends" shall be deemed to mean (whether or not in any dividend period, or any part thereof, in respect of which such term is used there shall have been net profits or net assets of the corporation legally available for the payment of such dividends) that amount which shall be equal to dividends at the full rate fixed for such series as provided in paragraph (b) of this Article III for the period of time elapsed from the date of cumulation of such series to the date as of which full cumulative dividends are to be computed (including an amount equal to the dividend at such rate for any fraction of a dividend period included in such period of time); and the term "accrued dividends" shall be deemed to mean full cumulative dividends to the date as of which accrued dividends are to be computed, less the amount of all dividends paid, or deemed paid as hereinafter in this paragraph (h) provided, upon said share. In the event of the issue of

4

additional shares of Preferred Stock of any series after the original issue of shares of Preferred Stock of such series, all dividends paid or accrued on Preferred Stock of such series prior to the date of issue of such additional Preferred Stock shall be deemed to have been paid on the additional Preferred Stock so issued.

(i) Subject to the provisions of these Articles of Incorporation and except as otherwise provided by law, the shares of stock of the corporation, regardless of class, may be issued for such consideration and for such corporation purposes as the Board of Directors may from time to time determine.

(j) Except as otherwise provided by law or by the resolution or resolutions providing for the issue of any series of Preferred Stock, the holders of shares of Preferred Stock, as such holders, shall not have any right to vote, and are hereby specifically excluded from the right to vote, in the election of directors or for any other purpose. Except when entitled to vote as aforesaid, the holders of Preferred Stock, as such holders, shall not be entitled to notice of any meeting of stockholders.

(k) Subject to the provisions of any applicable law, or of the By‑Laws of the corporation as from time to time amended, with respect to the closing of the transfer books or the fixing of a record date for the determination of stockholders entitled to vote and except as otherwise provided by law, or by these Articles of Incorporation or by the resolution or resolutions providing for the issue of any series of Preferred Stock, the holders of outstanding shares of Common Stock shall exclusively possess voting power for the election of directors and for all other purposes, each holder of record of shares of Common Stock being entitled to one vote for each share of Common Stock standing in his name on the books of the corporation.

(l) Anything in this Article III to the contrary notwithstanding, dividends upon shares of any class of stock of the corporation shall be payable only out of assets legally available for the payment of such dividends, and the rights of the holders of the Preferred Stock of all series and of the holders of the Common Stock in respect of dividends shall at all times be subject to the power of the Board of Directors, which is hereby expressly vested in said Board, from time to time to set aside such reserves and to make such other provisions, if any, as said Board shall deem to be necessary or advisable, respecting the amount of working capital to be maintained.

ARTICLE IV

No holder of stock of the corporation of any class shall be entitled as a matter of right to subscribe for or purchase any part of any new or additional issue of stock, or securities convertible into stock, of any class whatsoever, whether now or hereafter authorized, and all such additional shares of stock or other securities convertible into stock may be issued and disposed of by the Board of Directors to such person or persons and on such terms and for such consideration (so far as may be permitted by law) as the Board of Directors, in their absolute discretion, may deem advisable.

ARTICLE V

The number and class of shares to be issued before the corporation shall commence business is Fifty (50) shares of common stock with a par value of Ten Dollars ($10) per share. The consideration to be paid therefor and the capital with which the corporation shall commence business is Five Hundred Dollars ($500). The corporation will not commence business until consideration of the value of at least Five Hundred Dollars has been received for the issuance of shares.

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ARTICLE VI

The names and places of residence of the incorporators are as follows

Name	Residence
James M. Kemper, Jr.	6612 Wyoming
	Kansas City, Missouri
P. V. Miller, Jr.	2001 West 61st Terr.
	Shawnee Mission, Kansas
T. Alan Peschka	5744 Grand
	Kansas City, Missouri

ARTICLE VII

The number of directors constituting the first board of directors of the corporation was three (3) and the number constituting the board at the time of the effectiveness of this amendment is twelve (12). The number of directors to constitute subsequent boards of directors shall be fixed by, or in the manner provided in, the By‑Laws of the corporation. Any changes in the number of directors shall be reported to the Secretary of State of the State of Missouri within thirty (30) calendar days of such change.

Unless the By‑Laws otherwise provide, the directors shall be classified with respect to the time for which they shall severally hold office by dividing them into three classes, each consisting of one‑third of the whole number of the board of directors, and all directors of the corporation shall hold office until their successors are elected and qualified. At the meeting held for the election of the first board, the directors of the first class should be elected for a term of one year; the directors of the second class for a term of two years; and the directors of the third class for a term of three years; and at each annual election the successors to the class of directors whose terms shall expire that year shall be elected to hold office for the term of three years, so that the term of office of one class of directors shall expire in each year.

Notwithstanding any other provisions of these Articles of Incorporation and notwithstanding the fact that some lesser percentage may be specified by law, the entire Board of Directors of the Corporation may be removed at any time but only by the affirmative vote of the holders of 80% or more of the outstanding shares of capital stock of the Corporation entitled to vote generally in the election of directors (considered for this purpose as one class) at a meeting of the shareholders called for that purpose.

ARTICLE VIII

The duration of the corporation is perpetual.

ARTICLE IX

The corporation is formed for the following purposes:

(a) To purchase, subscribe for or otherwise acquire and own, hold as an investment or otherwise, use, sell, assign, deal in, transfer, mortgage, pledge, exchange or otherwise dispose of, alone or in syndicates or otherwise in

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conjunction with others, shares of capital stock, bonds, debentures, notes, evidences of indebtedness and other securities, contracts or obligations of any corporation, association, partnership, entity, or governmental, municipal or public authority, domestic or foreign, and to pay therefor in whole or in part, in cash or by exchanging therefor shares of the capital stock, bonds, debentures, debenture stock, notes or other obligations of this corporation or any other corporation, and while the owner or holder of any such property to receive, collect and dispose of the interest, dividends and income arising from such property, and to possess and exercise in respect thereof all the rights, powers and privileges of ownership, including all voting powers of any securities so owned;

(b) To purchase or otherwise acquire the whole or any part of the property, assets, business, goodwill or rights and to undertake or assume the whole or any part of the bonds, mortgages, franchises, leases, contracts, indebtedness, guaranties, liabilities and obligations of any person, firm, association, corporation or organization, and to pay for the same or any part or combination thereof in cash, shares of the capital stock, bonds, debentures, debenture stock, notes, and other obligations of this corporation or otherwise, or by undertaking and assuming the whole or any part of the liabilities or obligations of the transferor; and to hold or in any manner dispose of the whole or any part of the property and assets so acquired or purchased, and to conduct in any lawful manner the whole or any part of the business so acquired and to exercise all the powers necessary or convenient in and about the conduct, management and carrying on of such business;

(c) To purchase or otherwise acquire, hold, sell, pledge, transfer or otherwise dispose of, and to reissue or cancel the shares of its own capital stock or any securities or other obligations of this corporation;

(d) To promote or assist financially, by loan, subsidy, guaranty, contribution to capital or surplus, or otherwise, corporations, syndicates, partnerships, individuals or associations of all kinds, foreign or domestic, and in connection therewith to execute mortgages, deeds of trust, other forms of encumbrances, contracts and other types of written instruments;

(e) To purchase or otherwise acquire and own, hold, lease, develop, sell, exchange, or otherwise use, deal in or dispose of, mortgage or otherwise encumber, real property or any interest therein, and to purchase or otherwise acquire and own, hold, build, construct, erect, manage, operate, repair, restore, and to dispose of by sale, lease, mortgage or otherwise, buildings and structures of all types;

(f) To purchase or otherwise acquire and own, hold, lease, sell or otherwise use, deal in or dispose of, mortgage or otherwise encumber personal property of every kind and description or any interest therein, and to operate, manage and maintain the same;

(g) To acquire, own, hold, buy sell, transfer and otherwise dispose of patents and patent rights, trademarks and trade names, copyrights, licenses, franchises, permits and other evidences of right;

(h) In general to carry on any other lawful business whatsoever in connection with the foregoing or which is calculated, directly or indirectly, to promote the interest of the corporation or to enhance the value of its properties;

(i) To have and to exercise all powers necessary or incident to carrying out its corporate purposes, to exercise all other powers permitted by law, and to possess and enjoy all rights and powers which now or at any time hereafter may be granted to or exercised by a corporation of this character.

ARTICLE X

The board of directors shall have the power to make, alter, amend or repeal the By‑Laws of the corporation from time to time.

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ARTICLE XI

The corporation reserves the right to amend, alter, change or repeal any provisions contained in these Articles of Incorporation in the manner now or hereafter prescribed by law, and all rights conferred upon shareholders herein are granted subject to this reservation:

ARTICLE XII

The affirmative vote of the holders of not less than 75 percent of the outstanding shares of "Voting Stock" (as hereinafter defined) of the corporation and the affirmative vote of the holders of not less than 67 percent of the outstanding shares of Voting Stock held by stockholders other than a "Related Person" (as hereinafter defined) shall be required for the approval or authorization of any "Business Combination" (as hereinafter defined) of the corporation with any Related Person; provided however, that the 75 percent and 67 percent voting requirements shall not be applicable if:

(1) The "Continuing Directors" of the corporation (as hereinafter defined) by a two‑thirds vote (a) have expressly approved in advance the acquisition of outstanding shares of Voting Stock of the corporation that caused the Related Person to become a Related Person, or (b) have approved the Business Combination prior to the Related Person involved in the Business Combination having become a Related Person;

(2) The Business Combination is solely between the corporation and another corporation, 100 percent of the Voting Stock of which is owned directly or indirectly by the corporation; or

(3) The Business Combination is a merger or consolidation and the cash or fair market value of the property, securities or other consideration to be received per share by holders of common stock of the corporation in the Business Combination is not less than the highest per share price (with appropriate adjustments for recapitalizations and for stock splits, stock dividends and like distributions), paid by the Related Person in acquiring any of its holdings of the corporation's common stock.

For the purposes of this Article Twelfth:

(i) The term "Business Combination" shall mean (a) any merger or consolidation of the corporation or a subsidiary with or into a Related Person, (b) any sale, lease, exchange, transfer or other disposition, including without limitation a mortgage or any other security device, of all or any "Substantial Part" (as hereinafter defined) of the assets either of the corporation (including without limitation any voting securities of a subsidiary) or of a subsidiary, to a Related Person, (c) any merger or consolidation of a Related Person with or into the corporation or a subsidiary of the corporation, (d) any sale, lease, exchange, transfer or other disposition of all or any Substantial Part of the assets of a Related Person to the corporation or a subsidiary of the corporation, (e) the issuance of any securities of the corporation or a subsidiary of the corporation to a Related Person, (f) any recapitalization that would have the effect of increasing the voting power of a Related Person, and (g) any agreement, contract or other arrangement providing for any of the transactions described in this definition of Business Combination.

(ii) The term "Related Person" shall mean and include any individual corporation, partnership or other person or entity which, together with its "Affiliates" and "Associates" (as defined on February 1, 1983 at Rule 12b‑2 under the Securities Exchange Act of 1934), "Beneficially Owns" (as defined on February 1, 1983 at Rule 13d‑3 under the Securities Exchange Act of 1934) in the aggregate 20 percent or more of the outstanding Voting Stock of the corporation, and any Affiliate or Associate of any such individual corporation, partnership or other person or entity.

(iii) The term "Substantial Part" shall mean more than 30 percent of the fair market value of the total assets of the corporation in question, as of the end of its most recent fiscal year ending prior to the time the determination is being made.

8

(iv) Without limitation, any shares of common stock of the corporation that any Related Person has the right to acquire pursuant to any agreement, or upon exercise of conversion rights, warrants, or options, or otherwise, shall be deemed beneficially owned by the Related Person.

(v) For the purposes of subparagraph (3) of this Article XII, the term "other consideration to be received" shall include, without limitation, common stock of the corporation retained by its existing public stockholders in the event of a Business Combination in which the corporation is the surviving corporation.

(vi) The term "Voting Stock" shall mean all outstanding shares of capital stock of the corporation or another corporation entitled to vote generally in the election of directors and each reference to a proportion of shares of Voting Stock shall refer to such proportion of the votes entitled to be cast by such shares.

(vii) The term "Continuing Director" shall mean a Director who was a member of the Board of Directors of the corporation immediately prior to the time that the Related Person involved in a Business Combination became a Related Person.

ARTICLE XIII

The provisions set forth at this ARTICLE XIII and at ARTICLES VII, XI, and XII herein may not be repealed or amended in any respect, unless such action is approved by the affirmative vote of the holders of not less than 75 percent of the outstanding shares of Voting Stock (as defined in ARTICLE XII) of the corporation; provided, however, that if there is a Related Person (as defined in ARTICLE XII), such action must also be approved by the affirmative vote of the holders of not less than 67 percent of the outstanding shares of Voting Stock held by stockholders other than the Related Person.

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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 4, 2023

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 4, 2023

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, 2023 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 4, 2023

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, 2023	May 02, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		124,717,779
Entity Central Index Key	0000022356
Document Fiscal Year Focus	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

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Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Loans	$ 16,535,522	$ 16,303,131
Financing Receivable, Allowance for Credit Loss	(159,317)	(150,136)
Net loans	16,376,205	16,152,995
Loans held for sale	6,162	4,964
Investment securities:
Available for sale debt securities	11,228,616	12,238,316
Trading	41,584	43,523
Equity Securities	12,528	12,304
Other securities	268,417	225,034
Total investment securities	11,551,145	12,519,177
Federal Funds Sold and Securities Purchased under Agreements to Resell	27,060	49,505
Long Term Securities Purchased Under Agreements To Resell	825,000	825,000
Interest earning deposits with banks	1,341,854	389,140
Cash and due from banks	351,210	452,496
Premises and equipment, net	428,169	418,909
Goodwill	138,921	138,921
Other intangible assets, net	14,918	15,234
Other assets	944,212	909,590
Total assets	32,004,856	31,875,931
Deposits:
Non-interest bearing	8,685,234	10,066,356
Savings, interest checking and money market	14,419,741	15,126,981
Certificates of deposit of less than $100,000	468,667	387,336
Certificates of deposit of $100,000 and over	1,109,818	606,767
Total deposits	24,683,460	26,187,440
Federal funds purchased and securities sold under agreements to repurchase	2,784,559	2,841,734
Other borrowings	1,507,776	9,672
Other liabilities	346,649	355,508
Total liabilities	29,322,444	29,394,354
Commerce Bancshares, Inc. stockholders' equity:
Common stock	629,319	629,319
Capital surplus	2,919,060	2,932,959
Retained earnings	117,313	31,620
Treasury stock, at cost	(59,670)	(41,743)
Accumulated Other Comprehensive Income (Loss)	(940,498)	(1,086,864)
Total Commerce Bancshares, Inc. stockholders' equity	2,665,524	2,465,291
Non-controlling interest	16,888	16,286
Total equity	2,682,412	2,481,577
Total liabilities and equity	$ 32,004,856	$ 31,875,931

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Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Mortgages Held-for-sale, Fair Value Disclosure	$ 684,000	$ 0
Debt Securities, Available-for-sale, Amortized Cost	12,538,550,000	13,738,206,000
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	125,863,879	125,863,879
Treasury Stock, Common, Shares	883,736	605,142

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Consolidated Statements Of Income - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
INTEREST INCOME
Interest and fees on loans		$ 223,816	$ 132,075
Interest and fees on loans held for sale		145	150
Interest on investment securities		71,119	73,105
Interest on federal funds sold and short-term securities purchased under agreements to resell		489	1
Interest on Long-Term Securities Purchased Under Agreements To Resell		3,952	5,300
Interest on deposits with banks		9,336	1,151
Total interest income		308,857	211,782
INTEREST EXPENSE
Savings, interest checking and money market		20,151	1,760
Certificates of deposit of less than $100,000		1,425	139
Certificates of deposit of $100,000 and over		6,627	427
Interest Expense, Federal Funds Purchased		5,586	7
Interest Expense, Securities Sold under Agreements to Repurchase		17,495	682
Interest on other borrowings		5,950	(19)
Total interest expense		57,234	2,996
Net interest income		251,623	208,786
Provision for credit losses		11,456	(9,858)
Net interest income after credit losses		240,167	218,644
NON-INTEREST INCOME
Trust fee revenue		45,328	47,811
Bank card transaction fees		46,654	42,045
Deposit account charges and other fees		21,752	22,307
Consumer brokerage services		5,085	4,446
Capital market fees		3,362	4,125
Loan fees and sales		2,589	4,235
Other		12,842	6,800
Total non-interest income		137,612	131,769
INVESTMENT SECURITIES GAINS (LOSSES), NET
INVESTMENT SECURITIES GAINS (LOSSES), NET	[1]	(306)	7,163
NON-INTEREST EXPENSE
Salaries and employee benefits		144,373	135,953
Data processing and software		28,154	27,016
Net occupancy		12,759	12,296
Equipment		4,850	4,568
Supplies and communication		4,590	4,713
Marketing		5,471	6,344
Other		23,910	14,758
Total non-interest expense		224,107	205,648
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		153,366	151,928
Less income taxes		32,813	31,902
Net income		120,553	120,026
Less non-controlling interest expense (income)		1,101	1,872
Net income attributable to Commerce Bancshares, Inc.		$ 119,452	$ 118,154
Net income per common share — basic		$ 0.95	$ 0.92
Net income per common share — diluted		$ 0.95	$ 0.92

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

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Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 120,553	$ 120,026
Other comprehensive income (loss)
Net unrealized gains (losses) on available for sale debt securities	142,466	(507,265)
Change in pension loss	270	323
Unrealized gains (losses) on cash flow hedge derivatives	3,630	(4,538)
Current period other comprehensive income (loss), net of tax	146,366	(511,480)
Comprehensive income (loss)	266,919	(391,454)
Less non-controlling interest (income) expense	1,101	1,872
Comprehensive income (loss) attributable to Commerce Bancshares, Inc.	$ 265,818	$ (393,326)

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Consolidated Statements Of Changes In Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Capital Surplus [Member]	Retained Earnings [Member]	Treasury Stock, Common	Accumulated Other Comprehensive Income (Loss) [Member]	Non-Controlling Interest [Member]
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
Balance at Dec. 31, 2022	2,481,577	629,319	2,932,959	31,620	(41,743)	(1,086,864)	16,286
Net income	120,553			119,452			1,101
Other comprehensive income (loss)	146,366					146,366
Distributions to non-controlling interest	(453)						(453)
Purchase of treasury stock	(36,245)				(36,245)
Sale of non-controlling interest of subsidiary	0		46				(46)
Stock Issued During Period RSAs and SARs	0		(18,318)		18,318
Stock-based compensation	4,373		4,373
Cash dividends per share, Common Stock, Cash	(33,759)			(33,759)
Balance at Mar. 31, 2023	$ 2,682,412	$ 629,319	$ 2,919,060	$ 117,313	$ (59,670)	$ (940,498)	$ 16,888

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Consolidated Statements Of Changes In Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Cash Paid	$ 0.270	$ 0.252

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Consolidated Statements Of Cash Flows - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
OPERATING ACTIVITIES:
Net income		$ 120,553	$ 120,026
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses		11,456	(9,858)
Provision for depreciation and amortization		11,565	11,811
Amortization of investment security premiums, net		7,654	4,932
Investment securities (gains) losses, net (A)	[1]	306	(7,163)
Net (gains) losses on sales of loans held for sale		(137)	(1,302)
Originations of loans held for sale		(9,931)	(57,580)
Proceeds from sales of loans held for sale		8,850	57,789
Net (increase) decrease in trading debt securities, excluding unsettled transactions		11,548	9,798
Purchase of interest rate floor		(25,900)	0
Stock-based compensation		4,373	4,218
(Increase) decrease in interest receivable		(1,005)	(7,972)
Increase (decrease) in interest payable		10,025	273
Increase (decrease) in income taxes payable		26,970	28,657
Other changes, net		(60,270)	(29,115)
Net cash provided by operating activities		116,057	124,514
INVESTING ACTIVITIES:
Distributions received from equity-method investment		1,434	400
Cash proceeds from sales of investment securities	[1]	840,435	1,745
Proceeds from maturities/pay downs of investment securities (A)	[1]	474,220	805,355
Purchases of investment securities (A)	[1]	(168,584)	(1,812,434)
Net (increase) decrease in loans		(239,230)	(287,328)
Securities purchased under agreements to resell		0	(200,000)
Purchases of premises and equipment		(20,044)	(15,597)
Sales of premises and equipment		6	175
Net cash provided by (used in) investing activities		888,237	(1,507,684)
FINANCING ACTIVITIES:
Net increase (decrease) in non-interest bearing, savings, interest checking and money market deposits		(2,137,278)	(208,358)
Net increase (decrease) in certificates of deposit		584,382	(303,277)
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase		(57,175)	(705,506)
Net increase (decrease) in other borrowings		1,498,104	(3,503)
Purchases of treasury stock		(36,245)	(55,855)
Issuance of stock under equity compensation plans		0	448
Cash dividends paid on common stock		(33,759)	(32,143)
Net cash used in financing activities		(181,971)	(1,308,194)
Increase (decrease) in cash, cash equivalents and restricted cash		822,323	(2,691,364)
Cash, cash equivalents and restricted cash at beginning of year		897,801	4,296,954
Cash, cash equivalents and restricted cash at March 31		1,720,124	1,605,590
Supplemental Cash Flow Information:
Income tax payments, net		3,857	1,640
Interest paid on deposits and borrowings		47,209	2,723
Loans transferred to foreclosed real estate		$ 72	$ 25

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

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Consolidated Statements Of Cash Flows Cash Flow Additional Information - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract]
Restricted Cash and Cash Equivalents	$ 0	$ 18,200
Cash, cash equivalents and restricted cash at March 31	$ 1,720,124	$ 1,605,590

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Principles Of Consolidation And Presentation

3 Months Ended

Mar. 31, 2023

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 2022 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 sheets and revenues and expenses for the periods. 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 months ended March 31, 2023 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.

The Company adopted ASU 2022-02 Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures on January 1, 2023, using the prospective transition method. This ASU eliminates the troubled debt restructuring recognition and measurement guidance and requires an entity to present gross write-offs by year of origination. The amendments also enhance disclosure requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. With the exception of enhanced disclosures, there was no material impact to the consolidated financial statements from adoption of this ASU. As of the Company's adoption date, all restructurings are evaluated to determine whether they are modifications to a borrower experiencing financial difficulty. Loans that were accounted for under the troubled debt restructuring method as of December 31, 2022 will continue to be accounted for under that method until they are paid off or modified.

The following significant accounting policies have been updated since the Company's 2022 Annual Report on Form 10-K to reflect the adoption of ASU 2022-02.

Troubled Debt Restructurings

Prior to the Company's adoption of ASU 2022-02, a loan was accounted for as a troubled debt restructuring if the Company, for economic or legal reasons related to the borrower's financial difficulties, granted a concession to the borrower that it would not otherwise consider. A troubled debt restructuring typically involves (1) modification of terms such as a reduction of the stated interest rate, loan principal, or accrued interest, (2) a loan renewal at a stated interest rate lower than the current market rate for a new loan with similar risk, or (3) debt that was not reaffirmed in bankruptcy. Business, business real estate, construction and land real estate and personal real estate troubled debt restructurings with impairment charges are placed on non-accrual status. The Company measures the impairment loss of a troubled debt restructuring at the time of modification based on the present value of expected future cash flows. Subsequent to modification, troubled debt restructurings are subject to the Company’s allowance for credit loss model, which is discussed below and in Note 2, Loans and Allowance for Credit Losses. Troubled debt restructurings that are performing under their contractual terms continue to accrue interest, which is recognized in current earnings. Loans that were accounted as troubled debt restructurings at of December 31, 2022 will continue to be accounted for under that method until they are either paid off or modified.

Modifications for Borrowers Experiencing Financial Difficulty

The Company may renegotiate the terms of existing loans for a variety of reasons. When refinancing or restructuring a loan, the Company evaluates where the borrower is experiencing financial difficulty. In making this determination, the Company considers whether the borrower is currently in default on any of its debt. In addition, the Company evaluates whether it is probable that the borrower would be in payment default on any of its debt in the foreseeable future without the modification and if the borrower (without the current modification) could obtain equivalent financing from another creditor at a market rate for

similar debt. Modifications of loans to borrowers in these situations may indicate that the borrower is facing financial difficulty.

Modifications of loans to borrowers experiencing financial difficulty that are in the form of principal forgiveness, interest rate reductions, other-than-insignificant payment delays, or a term extension (or a combination thereof) require disclosure. The Company's disclosures are included in Note 2, Loans and Allowance for Credit Losses.

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Loans And Allowance For Credit Losses

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Financing Receivables

Loans and Allowance for Credit Losses

Major classifications within the Company’s held for investment loan portfolio at March 31, 2023 and December 31, 2022 are as follows:

(In thousands)	March 31, 2023		December 31, 2022
Commercial:
Business	$	5,704,467	$	5,661,725
Real estate – construction and land	1,437,419		1,361,095
Real estate – business	3,486,543		3,406,981
Personal Banking:
Real estate – personal	2,952,042		2,918,078
Consumer	2,094,389		2,059,088
Revolving home equity	295,478		297,207
Consumer credit card	558,669		584,000
Overdrafts	6,515		14,957
Total loans	$	16,535,522	$	16,303,131

Accrued interest receivable totaled $61.9 million and $55.5 million at March 31, 2023 and December 31, 2022, respectively, and was included within other assets on the consolidated balance sheets. For the three months ended March 31, 2023, the Company wrote-off accrued interest by reversing interest income of $34 thousand and $1.1 million in the Commercial and Personal Banking portfolios, respectively. Similarly, for the three months ended March 31, 2022, the Company wrote-off accrued interest of $29 thousand and $899 thousand in the Commercial and Personal Banking portfolios, respectively.

At March 31, 2023, loans of $3.3 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 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, 2023 and December 31, 2022 are discussed below.

Key Assumption	March 31, 2023	December 31, 2022
Overall economic forecast	•Mild recession to start 3rd quarter of 2023 •Assume the Federal Reserve will continue raising interest rates •Mild recession is expected to weaken employment	•Continued high inflation and higher cost of borrowing create a mild recession in 2023 with stalled job growth and possible job losses •Assumes interest rates hikes will taper
Reasonable and supportable period and related reversion period	•Reasonable and supportable period of one year •Reversion to historical average loss within 2 quarters using straight-line method	•Reasonable and supportable period of one year •Reversion to historical average loss within 2 quarters using straight-line method
Forecasted macro-economic variables	•Unemployment rate ranges from 3.7% to 5.3% during the supportable forecast period •Real GDP growth ranges from (.5)% to 2.0% •BBB corporate yield from 5.3% to 5.8% •House Price Index from 280.2 to 282.0	•Unemployment rate ranges from 3.8% to 4.7% during the supportable forecast period •Real GDP growth ranging from (.9)% to 1.3% •BBB corporate yield from 5.1% to 5.8% •House Price Index from 280.9 to 284.6
Prepayment assumptions	Commercial loans •5% for most loan pools Personal banking loans •Ranging from 6.45% to 22.4% for most loan pools •Consumer credit cards 67.5%	Commercial loans •5% for most loan pools Personal banking loans •Ranging from 8.3% to 24.8% for most loan pools •Consumer credit cards 67.9%
Qualitative factors	Added qualitative factors related to: •Changes in the composition of the loan portfolios •Certain portfolios sensitive to pandemic economic uncertainties •Certain portfolios sensitive to unusually high rate of inflation and supply chain issues •Loans downgraded to special mention, substandard, or non-accrual status	Added qualitative factors related to: •Changes in the composition of the loan portfolios •Certain portfolios sensitive to pandemic economic uncertainties •Certain portfolios sensitive to unusually high rate of inflation and supply chain issues •Loans downgraded to special mention, substandard, or non-accrual status

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 credit losses.

The current forecast projects a mild recession to start in the third quarter of 2023 as the economy continues to face high inflation, higher interest rates and a weaker job market. The impacts of the market's response to unusual events or trends including high inflation, supply chain stresses, trends in health conditions and changes in the geopolitical environment could significantly modify economic projections used in the estimation of the ACL.

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, 2023 and 2022, respectively, follows:

	For the Three Months Ended March 31, 2023
(In thousands)	Commercial		Personal Banking		Total
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period	$	103,293	$	46,843	$	150,136
Provision for credit losses on loans	5,548		10,400		15,948
Deductions:
Loans charged off	292		8,756		9,048
Less recoveries on loans	66		2,215		2,281
Net loan charge-offs (recoveries)	226		6,541		6,767
Balance March 31, 2023	$	108,615	$	50,702	$	159,317
LIABILITY FOR UNFUNDED LENDING COMMITMENTS
Balance at beginning of period	$	31,743	$	1,377	$	33,120
Provision for credit losses on unfunded lending commitments	(4,638)		146		(4,492)
Balance March 31, 2023	$	27,105	$	1,523	$	28,628
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS	$	135,720	$	52,225	$	187,945

	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

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, 2023 and December 31, 2022.

(In thousands)	Current or Less Than 30 Days Past Due		30 – 89 Days Past Due		90 Days Past Due and Still Accruing		Non-accrual		Total
March 31, 2023
Commercial:
Business	$	5,692,966	$	4,644	$	496	$	6,361	$	5,704,467
Real estate – construction and land	1,432,344		4,646		429		—		1,437,419
Real estate – business	3,483,425		2,947		—		171		3,486,543
Personal Banking:
Real estate – personal	2,937,474		8,375		4,924		1,269		2,952,042
Consumer	2,067,340		25,134		1,915		—		2,094,389
Revolving home equity	293,783		846		849		—		295,478
Consumer credit card	547,228		5,254		6,187		—		558,669
Overdrafts	6,189		326		—		—		6,515
Total	$	16,460,749	$	52,172	$	14,800	$	7,801	$	16,535,522
December 31, 2022
Commercial:
Business	$	5,652,710	$	1,759	$	505	$	6,751	$	5,661,725
Real estate – construction and land	1,361,095		—		—		—		1,361,095
Real estate – business	3,406,207		585		—		189		3,406,981
Personal Banking:
Real estate – personal	2,895,742		14,289		6,681		1,366		2,918,078
Consumer	2,031,827		25,089		2,172		—		2,059,088
Revolving home equity	295,303		1,201		703		—		297,207
Consumer credit card	572,213		6,238		5,549		—		584,000
Overdrafts	14,090		647		220		—		14,957
Total	$	16,229,187	$	49,808	$	15,830	$	8,306	$	16,303,131

At March 31, 2023, the Company had $3.5 million in non-accrual business loans that had no allowance for credit loss, compared to $3.8 million in non-accrual business loans that had no allowance for credit loss at December 31, 2022. The Company did not record any interest income on non-accrual loans during the three months ended March 31, 2023 and 2022, 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, 2023 and December 31, 2022 are as follows:

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
March 31, 2023
Business
Risk Rating:
Pass	$	526,988	$	1,268,330	$	716,669	$	374,953	$	334,438	$	369,983	$	2,008,711	$	5,600,072
Special mention	14,056		1,606		4,460		7,330		513		1,643		676		30,284
Substandard	1,127		6,188		10,059		17,261		503		10,732		21,880		67,750
Non-accrual	—		158		1,818		33		1		4,280		71		6,361
Total Business:	$	542,171	$	1,276,282	$	733,006	$	399,577	$	335,455	$	386,638	$	2,031,338	$	5,704,467
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	292	$	292
Real estate-construction
Risk Rating:
Pass	$	156,801	$	552,570	$	549,106	$	83,653	$	27,431	$	3,235	$	27,547	$	1,400,343
Special mention	7,115		207		—		—		—		—		—		7,322
Substandard	—		2,016		—		—		—		27,738		—		29,754
Total Real estate-construction:	$	163,916	$	554,793	$	549,106	$	83,653	$	27,431	$	30,973	$	27,547	$	1,437,419
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real estate-business
Risk Rating:
Pass	$	229,043	$	1,136,589	$	573,233	$	495,078	$	388,892	$	401,324	$	109,489	$	3,333,648
Special mention	—		4,555		—		605		9,616		1,235		—		16,011
Substandard	—		2,811		30,886		16,416		11,924		74,676		—		136,713
Non-accrual	—		14		45		—		—		112		—		171
Total Real estate-business:	$	229,043	$	1,143,969	$	604,164	$	512,099	$	410,432	$	477,347	$	109,489	$	3,486,543
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial loans
Risk Rating:
Pass	$	912,832	$	2,957,489	$	1,839,008	$	953,684	$	750,761	$	774,542	$	2,145,747	$	10,334,063
Special mention	21,171		6,368		4,460		7,935		10,129		2,878		676		53,617
Substandard	1,127		11,015		40,945		33,677		12,427		113,146		21,880		234,217
Non-accrual	—		172		1,863		33		1		4,392		71		6,532
Total Commercial loans:	$	935,130	$	2,975,044	$	1,886,276	$	995,329	$	773,318	$	894,958	$	2,168,374	$	10,628,429
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	292	$	292

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Total
December 31, 2022
Business
Risk Rating:
Pass	$	1,456,476	$	782,409	$	464,201	$	360,844	$	180,375	$	219,053	$	2,146,380	$	5,609,738
Special mention	3,113		2,548		7,757		1,063		67		—		1,319		15,867
Substandard	5,752		10,004		685		37		810		10,342		1,739		29,369
Non-accrual	195		1,987		—		1		792		3,776		—		6,751
Total Business:	$	1,465,536	$	796,948	$	472,643	$	361,945	$	182,044	$	233,171	$	2,149,438	$	5,661,725
Real estate-construction
Risk Rating:
Pass	$	538,022	$	596,465	$	129,632	$	27,331	$	1,305	$	2,029	$	18,559	$	1,313,343
Special mention	352		—		—		—		—		—		—		352
Substandard	—		19,494		—		—		14,766		13,140		—		47,400
Total Real estate-construction:	$	538,374	$	615,959	$	129,632	$	27,331	$	16,071	$	15,169	$	18,559	$	1,361,095
Real estate- business
Risk Rating:
Pass	$	1,085,379	$	616,516	$	555,648	$	424,641	$	163,628	$	271,579	$	90,799	$	3,208,190
Special mention	4,608		—		618		9,737		976		279		—		16,218
Substandard	2,795		30,944		61,141		10,490		30,782		46,232		—		182,384
Non-accrual	14		45		—		—		124		6		—		189
Total Real-estate business:	$	1,092,796	$	647,505	$	617,407	$	444,868	$	195,510	$	318,096	$	90,799	$	3,406,981
Commercial loans
Risk Rating:
Pass	$	3,079,877	$	1,995,390	$	1,149,481	$	812,816	$	345,308	$	492,661	$	2,255,738	$	10,131,271
Special mention	8,073		2,548		8,375		10,800		1,043		279		1,319		32,437
Substandard	8,547		60,442		61,826		10,527		46,358		69,714		1,739		259,153
Non-accrual	209		2,032		—		1		916		3,782		—		6,940
Total Commercial loans:	$	3,096,706	$	2,060,412	$	1,219,682	$	834,144	$	393,625	$	566,436	$	2,258,796	$	10,429,801

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, 2023 and December 31, 2022 below.

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
March 31, 2023
Real estate-personal
Current to 90 days past due	$	113,590	$	512,841	$	578,969	$	769,804	$	284,835	$	675,601	$	10,209	$	2,945,849
Over 90 days past due	—		394		946		1,372		—		2,212		—		4,924
Non-accrual	—		—		—		—		167		1,102		—		1,269
Total Real estate-personal:	$	113,590	$	513,235	$	579,915	$	771,176	$	285,002	$	678,915	$	10,209	$	2,952,042
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	18	$	—	$	18
Consumer
Current to 90 days past due	$	158,392	$	430,621	$	345,779	$	183,261	$	91,521	$	82,898	$	800,002	$	2,092,474
Over 90 days past due	—		343		310		115		62		443		642		1,915
Total Consumer:	$	158,392	$	430,964	$	346,089	$	183,376	$	91,583	$	83,341	$	800,644	$	2,094,389
Gross write-offs for the three months ended March 31, 2023	$	—	$	519	$	505	$	279	$	127	$	159	$	270	$	1,859
Revolving home equity
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	294,629	$	294,629
Over 90 days past due	—		—		—		—		—		—		849		849
Total Revolving home equity:	$	—	$	—	$	—	$	—	$	—	$	—	$	295,478	$	295,478
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer credit card
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	552,482	$	552,482
Over 90 days past due	—		—		—		—		—		—		6,187		6,187
Total Consumer credit card:	$	—	$	—	$	—	$	—	$	—	$	—	$	558,669	$	558,669
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	5,684	$	5,684
Overdrafts
Current to 90 days past due	$	6,515	$	—	$	—	$	—	$	—	$	—	$	—	$	6,515
Over 90 days past due	—		—		—		—		—		—		—		—
Total Overdrafts:	$	6,515	$	—	$	—	$	—	$	—	$	—	$	—	$	6,515
Gross write-offs for the three months ended March 31, 2023	$	1,195	$	—	$	—	$	—	$	—	$	—	$	—	$	1,195
Personal banking loans
Current to 90 days past due	$	278,497	$	943,462	$	924,748	$	953,065	$	376,356	$	758,499	$	1,657,322	$	5,891,949
Over 90 days past due	—		737		1,256		1,487		62		2,655		7,678		13,875
Non-accrual	—		—		—		—		167		1,102		—		1,269
Total Personal banking loans:	$	278,497	$	944,199	$	926,004	$	954,552	$	376,585	$	762,256	$	1,665,000	$	5,907,093
Gross write-offs for the three months ended March 31, 2023	$	1,195	$	519	$	505	$	279	$	127	$	177	$	5,954	$	8,756

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Total
December 31, 2022
Real estate-personal
Current to 90 days past due	$	535,283	$	589,658	$	783,651	$	290,580	$	132,305	$	568,380	$	10,174	$	2,910,031
Over 90 days past due	514		967		1,338		81		1,388		2,393		—		6,681
Non-accrual	—		—		52		169		102		1,043		—		1,366
Total Real estate-personal:	$	535,797	$	590,625	$	785,041	$	290,830	$	133,795	$	571,816	$	10,174	$	2,918,078
Consumer
Current to 90 days past due	$	536,429	$	378,118	$	205,849	$	106,733	$	36,096	$	62,255	$	731,436	$	2,056,916
Over 90 days past due	326		251		203		58		267		228		839		2,172
Total Consumer:	$	536,755	$	378,369	$	206,052	$	106,791	$	36,363	$	62,483	$	732,275	$	2,059,088
Revolving home equity
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	296,504	$	296,504
Over 90 days past due	—		—		—		—		—		—		703		703
Total Revolving home equity:	$	—	$	—	$	—	$	—	$	—	$	—	$	297,207	$	297,207
Consumer credit card
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	578,451	$	578,451
Over 90 days past due	—		—		—		—		—		—		5,549		5,549
Total Consumer credit card:	$	—	$	—	$	—	$	—	$	—	$	—	$	584,000	$	584,000
Overdrafts
Current to 90 days past due	$	14,737	$	—	$	—	$	—	$	—	$	—	$	—	$	14,737
Over 90 days past due	220		—		—		—		—		—		—		220
Total Overdrafts:	$	14,957	$	—	$	—	$	—	$	—	$	—	$	—	$	14,957
Personal banking loans
Current to 90 days past due	$	1,086,449	$	967,776	$	989,500	$	397,313	$	168,401	$	630,635	$	1,616,565	$	5,856,639
Over 90 days past due	1,060		1,218		1,541		139		1,655		2,621		7,091		15,325
Non-accrual	—		—		52		169		102		1,043		—		1,366
Total Personal banking loans:	$	1,087,509	$	968,994	$	991,093	$	397,621	$	170,158	$	634,299	$	1,623,656	$	5,873,330

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, 2023 and December 31, 2022.

(In thousands)	Business Assets		Oil & Gas Assets		Total
March 31, 2023
Commercial:
Business	$	2,611	$	1,671	$	4,282
Total	$	2,611	$	1,671	$	4,282
December 31, 2022
Commercial:
Business	$	2,778	$	1,824	$	4,602
Total	$	2,778	$	1,824	$	4,602

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 $178.1 million at March 31, 2023 and $179.2 million at December 31, 2022. The table also excludes consumer loans related to the Company's patient healthcare loan program, which totaled $195.5 million at March 31, 2023 and $197.5 million at December 31, 2022. 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, 2023 and December 31, 2022 by FICO score.

Personal Banking Loans
	% of Loan Category
	Real Estate - Personal		Consumer		Revolving Home Equity		Consumer Credit Card
March 31, 2023
FICO score:
Under 600	1.8	%	2.6	%	1.8	%	4.2	%
600 - 659	2.5		4.0		3.3		11.9
660 - 719	9.2		13.6		9.8		30.9
720 - 779	21.8		29.2		21.7		27.5
780 and over	64.7		50.6		63.4		25.5
Total	100.0	%	100.0	%	100.0	%	100.0	%
December 31, 2022
FICO score:
Under 600	1.4	%	2.2	%	1.5	%	3.4	%
600 - 659	2.2		4.2		2.8		11.4
660 - 719	8.1		14.5		9.7		30.8
720 - 779	23.7		26.7		21.4		27.1
780 and over	64.6		52.4		64.6		27.3
Total	100.0	%	100.0	%	100.0	%	100.0	%

Modifications for borrowers experiencing financial difficulty

When borrowers are experiencing financial difficulty, the Company may agree to modify the contractual terms of a loan to a borrower in order to assist the borrower in repaying principal and interest owed to the Company.

The Company's modifications of loans to borrowers experiencing financial difficulty are generally in the form of term extensions, repayment plans, payment deferrals, forbearance agreements, interest rate reductions, forgiveness of interest and/or fees, or any combination thereof. Commercial loans modified to borrowers experiencing financial difficulty are primarily loans that are substandard or non-accrual, where the maturity date was extended. Modifications on personal real estate loans are primarily those placed on forbearance plans, repayment plans, or deferral plans where monthly payments are suspended for a period of time or past due amounts are paid off over a certain period of time in the future or set up as a balloon payment at maturity. Modifications to certain credit card and other small consumer loans are often modified under debt counseling programs that can reduce the contractual rate or, in certain instances, forgive certain fees and interest charges. Other consumer loans modified to borrowers experiencing financial difficulty consist of various other workout arrangements with consumer customers.

The following table presents the amortized cost at March 31, 2023 of loans that were modified during the three months ended March 31, 2023.

	Three Months Ended March 31, 2023
(Dollars in thousands)	Term Extension		Payment Delay		Interest Rate Reduction		Interest/Fees Forgiven		Other		Total		% of Total Loan Category
March 31, 2023
Commercial:
Business	$	3,104	$	—	$	—	$	—	$	—	$	3,104	0.1	%
Real estate – business	23,039		—		—		—		—		23,039		0.7
Personal Banking:
Real estate – personal	—		1,666		—		—		—		1,666		0.1
Consumer	—		58		16		—		55		129		—
Consumer credit card	—		—		618		275		—		893		0.2
Total	$	26,143	$	1,724	$	634	$	275	$	55	$	28,831	0.2	%

The estimate of lifetime expected losses utilized in the allowance for credit losses model is developed using average historical experience on loans with similar risk characteristics, which includes losses from modifications of loans to borrowers experiencing financial difficulty. As a result, a change to the allowance for credit losses is generally not recorded upon modification. For modifications to loans made to borrowers experiencing financial difficulty that are placed on non-accrual status, the Company determines the allowance for credit losses on an individual evaluation, using the same process that it utilizes for other loans on non-accrual status. Modifications made to commercial loans which are not on non-accrual status for borrowers experiencing financial difficulty are collectively evaluated based on internal risk rating, loan type, delinquency, historical experience, and current economic factors. Modifications made to borrowers experiencing financial difficulty for personal banking loans which are not on non-accrual status are collectively evaluated based on loan type, delinquency, historical experience, and current economic factors.

If a loan to a borrower experiencing financial difficulty is modified and subsequently deemed uncollectible, the allowance for credit losses continues to be based on individual evaluation, if that loan is already on non-accrual status. For those loans, the allowance for credit losses is estimated using discounted expected cash flows or the fair value of collateral. If an accruing loan made to a borrower experiencing financial difficulty is modified and subsequently deemed uncollectible, 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 following table summarizes the financial impact of loan modifications and payment deferrals during the three months ended March 31, 2023. The qualitative impact of forbearance and repayment plans is the deferral of payments for 3 months up to 30 years, and therefore, those modifications are excluded from the table below.

	Term Extension
	Three Months Ended March 31, 2023
Commercial:
Business	Added a weighted-average of 12 months to the life of loans.
Real estate – business	Added a weighted-average of 17 months to the life of loans.

	Payment Delay
	Three Months Ended March 31, 2023
Personal Banking:
Real estate – personal	Deferred past due monthly payments to maturity as a balloon payment. Deferral delayed payments a weighted average of 27 years.
Consumer	Deferred past due monthly payments to maturity as a balloon payment. Deferral delayed payments a weighted average of 11 years.

	Interest Rate Reduction
	Three Months Ended March 31, 2023
Personal Banking:
Consumer	Reduced weighted-average contractual interest by 14%.
Consumer credit card	Reduced weighted-average contractual interest by 14%.

	Forgiveness of Interest/Fees
	Three Months Ended March 31, 2023
Personal Banking:
Consumer credit card	Approximately $14 thousand of interest and fees forgiven.

The Company had commitments of $532 thousand at March 31, 2023 to lend additional funds to borrowers with restructured loans.

The following table provides the amortized cost basis of loans to borrowers experiencing financial difficulty that had a payment default during the three months ended March 31, 2023 and were modified on or after January 1, 2023 (the date we adopted ASU 2022-02) through March 31, 2023. For purposes of this disclosure, the Company considers "default" to mean 90 days or more past due as to interest or principal. In addition to the loans below, the Company charged off $25 thousand of consumer credit card loans during the three months ended March 31, 2023 that were modified during the period.

(Dollars in thousands)	Interest Rate Reduction		Interest/Fees Forgiven		Total
March 31, 2023
Personal Banking:
Consumer	$	8	$	—	$	8
Consumer credit card	63		12		75
Total	$	71	$	12	$	83

The following table presents the amortized cost basis at March 31, 2023 of loans that have been modified on or after January 1, 2023 (the date we adopted ASU 2022-02) through March 31, 2023.

(In thousands)	Current		30-89 Days Past Due		90 Days Past Due		Total
March 31, 2023
Commercial:
Business	$	3,104	$	—	$	—	$	3,104
Real estate – business	23,039		—		—		23,039
Personal Banking:
Real estate – personal	1,061		605		—		1,666
Consumer	75		46		8		129
Consumer credit card	645		173		75		893
Total	$	27,924	$	824	$	83	$	28,831

Troubled debt restructuring disclosures prior to the Company's adoption of ASU 2022-02

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)		December 31, 2022
Accruing restructured loans:
	Commercial	$	184,388
	Assistance programs	5,156
	Other consumer	4,049
Non-accrual loans		5,078
Total troubled debt restructurings		$	198,671

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 December 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)	December 31, 2022		Balance at December 31, 2022 that was 90 days past due at any time during previous 12 months
Commercial:
Business	$	12,311	$	—
Real estate - construction and land	57,547		—
Real estate - business	118,654		—
Personal Banking:
Real estate - personal	2,809		419
Consumer	2,250		268
Revolving home equity	17		—
Consumer credit card	5,083		452
Total troubled debt restructurings	$	198,671	$	1,139

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 at December 31, 2022 were estimated to decrease interest income by approximately $661 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 $12.6 million at December 31, 2022 to lend additional funds to borrowers with restructured loans.

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, 2023, the fair value of these loans was $684 thousand, and the unpaid principal balance was $666 thousand.

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, 2023 totaled $5.3 million.

At March 31, 2023, 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 $167 thousand and $96 thousand at March 31, 2023 and December 31, 2022, respectively, and included in those amounts were $167 thousand and $96 thousand at March 31, 2023 and December 31, 2022, respectively, of foreclosed residential real estate properties held as a result of obtaining physical possession. Personal property acquired in repossession, generally autos, totaled $1.4 million and $1.6 million at March 31, 2023 and December 31, 2022, 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, 2023

Investment Securities [Abstract]

Investment Securities

Investment Securities

Investment securities consisted of the following at March 31, 2023 and December 31, 2022.

(In thousands)	March 31, 2023		December 31, 2022
Available for sale debt securities	$	11,228,616	$	12,238,316
Trading debt securities	41,584		43,523
Equity securities:
Readily determinable fair value	6,083		6,210
No readily determinable fair value	6,445		6,094
Other:
Federal Reserve Bank stock	34,887		34,795
Federal Home Loan Bank stock	70,112		10,678
Equity method investments	—		1,434
Private equity investments	163,418		178,127
Total investment securities (1)	$	11,551,145	$	12,519,177

(1)Accrued interest receivable totaled $32.7 million and $38.8 million at March 31, 2023 and December 31, 2022, 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, 2023, 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 accumulated other comprehensive income (AOCI). A summary of the available for sale debt securities by maturity groupings as of March 31, 2023 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	$	482,979	$	474,435
After 1 but within 5 years	391,902		378,408
After 5 but within 10 years	173,874		167,380
Total U.S. government and federal agency obligations	1,048,755		1,020,223
Government-sponsored enterprise obligations:
After 5 but within 10 years	4,955		4,631
After 10 years	50,734		39,783
Total government-sponsored enterprise obligations	55,689		44,414
State and municipal obligations:
Within 1 year	98,381		97,510
After 1 but within 5 years	465,196		442,933
After 5 but within 10 years	887,757		771,946
After 10 years	163,836		141,425
Total state and municipal obligations	1,615,170		1,453,814
Mortgage and asset-backed securities:
Agency mortgage-backed securities	4,975,242		4,271,563
Non-agency mortgage-backed securities	1,403,543		1,207,969
Asset-backed securities	2,918,160		2,763,578
Total mortgage and asset-backed securities	9,296,945		8,243,110
Other debt securities:
Within 1 year	14,040		13,572
After 1 but within 5 years	246,688		230,527
After 5 but within 10 years	245,003		209,285
After 10 years	16,260		13,671
Total other debt securities	521,991		467,055
Total available for sale debt securities	$	12,538,550	$	11,228,616

Investments in U.S. government and federal agency obligations include U.S. Treasury inflation-protected securities, which totaled $402.3 million, at fair value, at March 31, 2023. Interest earned on these securities increases with inflation and decreases with deflation, as measured by the non-seasonally adjusted Consumer Price Index (CPI-U). 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

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 which 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. Certain securities are analyzed using a projected cash flow model, discounted to present value, and compared to the current amortized cost bases of the securities. The model uses 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. Securities not analyzed using the cash flow model are analyzed by reviewing risk ratings, credit support agreements, and industry knowledge to project future cash flows and any possible credit impairment.

At March 31, 2023, the fair value of securities on this watch list was $676.0 million compared to $1.3 billion at December 31, 2022. The majority of the securities included on the Company's watch list in the current quarter were experiencing unrealized loss positions due to the significant increase in interest rates and were analyzed outside of the cash flow model. At March 31, 2023, the securities on the Company's watch list that were not deemed to be solely related to increasing interest rates were securities backed by government-guaranteed student loans and are expected to perform as contractually required. As of March 31, 2023, the Company did not identify any securities for which a credit loss exists, and for the three months ended March 31, 2023 and 2022, 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, 2023 and December 31, 2022. 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. At March 31, 2023, the Company does not intend to sell the securities, nor is it anticipated that it would be required to sell any of these securities at a loss.

	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, 2023
U.S. government and federal agency obligations	$	532,588	$	9,565	$	386,394	$	20,444	$	918,982	$	30,009
Government-sponsored enterprise obligations	4,631		324		39,783		10,951		44,414		11,275
State and municipal obligations	188,055		2,025		1,200,901		159,549		1,388,956		161,574
Mortgage and asset-backed securities:
Agency mortgage-backed securities	159,424		4,610		4,091,658		699,252		4,251,082		703,862
Non-agency mortgage-backed securities	648		12		1,199,354		195,665		1,200,002		195,677
Asset-backed securities	131,679		2,523		2,631,899		152,059		2,763,578		154,582
Total mortgage and asset-backed securities	291,751		7,145		7,922,911		1,046,976		8,214,662		1,054,121
Other debt securities	7,843		201		459,212		54,735		467,055		54,936
Total	$	1,024,868	$	19,260	$	10,009,201	$	1,292,655	$	11,034,069	$	1,311,915
December 31, 2022
U.S. government and federal agency obligations	$	605,840	$	17,490	$	380,573	$	25,940	$	986,413	$	43,430
Government-sponsored enterprise obligations	25,068		4,650		18,040		7,971		43,108		12,621
State and municipal obligations	814,799		26,708		875,329		171,385		1,690,128		198,093
Mortgage and asset-backed securities:
Agency mortgage-backed securities	1,323,938		125,330		2,966,851		654,327		4,290,789		779,657
Non-agency mortgage-backed securities	135,984		16,736		1,069,222		195,218		1,205,206		211,954
Asset-backed securities	1,331,055		50,056		2,006,188		140,424		3,337,243		190,480
Total mortgage and asset-backed securities	2,790,977		192,122		6,042,261		989,969		8,833,238		1,182,091
Other debt securities	166,040		9,690		308,818		54,707		474,858		64,397
Total	$	4,402,724	$	250,660	$	7,625,021	$	1,249,972	$	12,027,745	$	1,500,632

The entire available for sale debt portfolio included $11.0 billion of securities that were in a loss position at March 31, 2023, compared to $12.0 billion at December 31, 2022.  The total amount of unrealized loss on these securities was $1.3 billion at March 31, 2023, a decrease of $188.7 million compared to the unrealized loss at December 31, 2022.  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, 2023 and December 31, 2022, 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, 2023
U.S. government and federal agency obligations	$	1,048,755	$	1,477	$	(30,009)	$	—	$	1,020,223
Government-sponsored enterprise obligations	55,689		—		(11,275)		—		44,414
State and municipal obligations	1,615,170		218		(161,574)		—		1,453,814
Mortgage and asset-backed securities:
Agency mortgage-backed securities	4,975,242		183		(703,862)		—		4,271,563
Non-agency mortgage-backed securities	1,403,543		103		(195,677)		—		1,207,969
Asset-backed securities	2,918,160		—		(154,582)		—		2,763,578
Total mortgage and asset-backed securities	9,296,945		286		(1,054,121)		—		8,243,110
Other debt securities	521,991		—		(54,936)		—		467,055
Total	$	12,538,550	$	1,981	$	(1,311,915)	$	—	$	11,228,616
December 31, 2022
U.S. government and federal agency obligations	$	1,078,807	$	29	$	(43,430)	$	—	$	1,035,406
Government-sponsored enterprise obligations	55,729		—		(12,621)		—		43,108
State and municipal obligations	1,965,028		174		(198,093)		—		1,767,109
Mortgage and asset-backed securities:
Agency mortgage-backed securities	5,087,893		191		(779,657)		—		4,308,427
Non-agency mortgage-backed securities	1,423,469		92		(211,954)		—		1,211,607
Asset-backed securities	3,588,025		256		(190,480)		—		3,397,801
Total mortgage and asset-backed securities	10,099,387		539		(1,182,091)		—		8,917,835
Other debt securities	539,255		—		(64,397)		—		474,858
Total	$	13,738,206	$	742	$	(1,500,632)	$	—	$	12,238,316

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)	2023		2022
Proceeds from sales of securities:
Available for sale debt securities	$	812,176	$	—
Other investments	28,259		1,745
Total proceeds	$	840,435	$	1,745
Investment securities gains (losses), net:
Available for sale debt securities:
Losses realized on sales	$	(3,088)	$	—
Equity securities:
Fair value adjustments, net	(127)		(287)
Other:
Gains realized on sales	658		—
Fair value adjustments, net	2,251		7,450
Total investment securities gains (losses), net	$	(306)	$	7,163

Net losses on investment securities for the three months ended March 31, 2023 were mainly comprised of losses of $3.1 million on sales of available for sale securities, and net losses in fair value of $127 thousand on equity investments, offset by net gains in private equity securities due to sales and fair value adjustments of $658 thousand and $2.3 million, respectively.

At March 31, 2023, securities totaling $8.1 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 $4.7 billion at December 31, 2022. Securities pledged under agreements pursuant to which the collateral may be sold or re-pledged by the secured parties approximated $211.5 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 the U.S. Treasury and 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, 2023

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, 2023								December 31, 2022
(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	$	5,550	$	(4,911)	$	—	$	639	$	31,270	$	(30,565)	$	—	$	705
Mortgage servicing rights	22,227		(11,548)		—		10,679		22,187		(11,258)		—		10,929
Total	$	27,777	$	(16,459)	$	—	$	11,318	$	53,457	$	(41,823)	$	—	$	11,634

Aggregate amortization expense on intangible assets was $356 thousand and $609 thousand for the three month periods ended March 31, 2023 and 2022, respectively. 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, 2023. 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)
2023	$	1,396
2024	1,260
2025	1,117
2026	977
2027	841

During the first quarter of 2023, the Company wrote off $25.7 million of core deposit intangible assets that were fully amortized. Other changes in the carrying amount of goodwill and other intangible assets for the three month period ended March 31, 2023 are as follows:

(In thousands)	Goodwill		Easement		Core Deposit Premium		Mortgage Servicing Rights
Balance January 1, 2023	$	138,921	$	3,600	$	705	$	10,929
Originations, net of disposals	—		—		—		40
Amortization	—		—		(66)		(290)
Balance March 31, 2023	$	138,921	$	3,600	$	639	$	10,679

Goodwill allocated to the Company’s operating segments at March 31, 2023 and December 31, 2022 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, 2023

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, 2023, that net liability was $4.9 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 $625.9 million at March 31, 2023. A portion of this amount has been conveyed to others.

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, 2023, 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, 2023, the fair value of the Company's guarantee liabilities for RPAs was $148 thousand, and the notional amount of the underlying swaps was $419.9 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, 2023

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 16 years.

The following table provides the components of lease income.

	For the Three Months Ended March 31
(in thousands)	2023		2022
Direct financing and sales-type leases	$	6,755	$	5,247
Operating leases(a)	2,334		2,184
Total lease income	$	9,089	$	7,431

(a) Includes rent from Tower Properties Company, a related party, of $19 thousand for the three month periods ended March 31, 2023 and 2022

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Pension

3 Months Ended

Mar. 31, 2023

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)	2023		2022
Service cost	$	116	$	132
Interest cost on projected benefit obligation	1,158		665
Expected return on plan assets	(1,001)		(1,126)
Amortization of prior service cost	(67)		(68)
Amortization of unrecognized net loss	427		498
Net periodic pension cost	$	633	$	101

All benefits accrued under the Company’s defined benefit pension plan have been frozen since January 1, 2011. During the first three months of 2023, 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, 2023

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)	2023		2022
Basic income per common share:
Net income attributable to Commerce Bancshares, Inc.	$	119,452	$	118,154
Less income allocated to nonvested restricted stock	1,056		1,070
Net income allocated to common stock	$	118,396	$	117,084
Weighted average common shares outstanding	124,004		126,341
Basic income per common share	$	.95	$	.92
Diluted income per common share:
Net income attributable to Commerce Bancshares, Inc.	$	119,452	$	118,154
Less income allocated to nonvested restricted stock	1,054		1,068
Net income allocated to common stock	$	118,398	$	117,086
Weighted average common shares outstanding	124,004		126,341
Net effect of the assumed exercise of stock-based awards - based on the treasury stock method using the average market price for the respective periods	255		306
Weighted average diluted common shares outstanding	124,259		126,647
Diluted income per common share	$	.95	$	.92

Unexercised stock appreciation rights of 216 thousand and 125 thousand for the three month periods ended March 31, 2023 and 2022, respectively, were excluded from the computation of diluted income per common share because their inclusion would have been anti-dilutive.

In the Annual Meeting of the Shareholders, held on April 19, 2023, a proposal to increase the shares of the Company's common stock authorized for issuance under its articles of incorporation was approved. This approval increased the authorized shares from 140,000,000 to 190,000,000.

* All prior year share and per share amounts in this note have been restated for the 5% common stock dividend distributed in December 2022.

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Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2023

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, 2023	$	(1,124,915)	$	(17,186)	$	55,237	$	(1,086,864)
Other comprehensive income (loss) before reclassifications to current earnings	186,868		—		9,225		196,093
Amounts reclassified to current earnings from accumulated other comprehensive income	3,088		360		(4,385)		(937)
Current period other comprehensive income (loss), before tax	189,956		360		4,840		195,156
Income tax (expense) benefit	(47,490)		(90)		(1,210)		(48,790)
Current period other comprehensive income (loss), net of tax	142,466		270		3,630		146,366
Balance March 31, 2023	$	(982,449)	$	(16,916)	$	58,867	$	(940,498)
Balance January 1, 2022	$	23,174	$	(20,668)	$	74,574	$	77,080
Other comprehensive income (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)

(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, 2023

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 145 locations.  This segment also includes indirect and other consumer loan financing businesses, along with debit and credit card loan and fee businesses.  In order to reflect a change in the Company's management of its portfolio of residential mortgage loans that it retains, the Company began including those loans in the Consumer segment on January 1, 2023. These loans had previously been included in the Other/Elimination column. As a result of this change, approximately $1.9 billion of loans were reclassified from the Other/Elimination column into the Consumer segment, and prior periods presented below were restated to also reflect this change. 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, 2023
Net interest income	$	96,854	$	116,166	$	17,540	$	230,560	$	21,063	$	251,623
Provision for credit losses	(6,306)		(393)		(13)		(6,712)		(4,744)		(11,456)
Non-interest income	24,303		58,324		52,944		135,571		2,041		137,612
Investment securities gains (losses), net	—		—		—		—		(306)		(306)
Non-interest expense	(77,326)		(93,623)		(39,636)		(210,585)		(13,522)		(224,107)
Income before income taxes	$	37,525	$	80,474	$	30,835	$	148,834	$	4,532	$	153,366
Three Months Ended March 31, 2022
Net interest income	$	86,818	$	108,953	$	18,869	$	214,640	$	(5,854)	$	208,786
Provision for credit losses	(4,504)		(82)		(26)		(4,612)		14,470		9,858
Non-interest income	26,415		53,651		53,206		133,272		(1,503)		131,769
Investment securities gains (losses), net	—		—		—		—		7,163		7,163
Non-interest expense	(74,823)		(89,506)		(36,288)		(200,617)		(5,031)		(205,648)
Income before income taxes	$	33,906	$	73,016	$	35,761	$	142,683	$	9,245	$	151,928

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, 2023

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. With the exception of the interest rate floors (discussed below), 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, 2023		December 31, 2022
Interest rate swaps	$	1,987,051	$	1,981,821
Interest rate floors	1,500,000		1,000,000
Interest rate caps	152,784		152,784
Credit risk participation agreements	577,922		579,925
Foreign exchange contracts	15,335		27,991
Mortgage loan commitments	362		—
Mortgage loan forward sale contracts	3,290		—
Forward TBA contracts	3,500		—
Total notional amount	$	4,240,244	$	3,742,521

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.

As of March 31, 2023, the Company holds three interest rate floors with a combined notional value of $1.5 billion to hedge the risk of declining interest rates on certain floating rate commercial loans. The first floor was purchased during the third quarter of 2022, has a purchased strike rate of 2.50%, is forward-starting beginning on January 1, 2024 and matures on January 1, 2030. In the event that the index rate falls below zero, the maximum rate spread the Company can earn on the notional amount is limited to 2.50%. The second floor was purchased during the fourth quarter of 2022, has a purchased strike rate of 3.00%, is forward-starting beginning on April 1, 2024 and matures on April 1, 2030. In the event that the index rate falls below zero, the maximum rate the Company can earn on the notional amount is limited to 3.00%. The third floor was purchased during the first quarter of 2023, has a purchased strike rate of 3.50%, is forward-starting beginning on July 1, 2024 and matures on July 1, 2030. In the event that the index rate falls below zero, the maximum rate the Company can earn on the notional amount is limited to 3.50%. The premium paid for these floors totaled $61.7 million. As of March 31, 2023, the maximum length of time over which the Company is hedging its exposure to lower rates is approximately 6 years. These interest rate floors qualified and were designated as cash flow hedges and were assessed for effectiveness using regression analysis. The change in the fair value of these interest rate floors is recorded in AOCI, net of the amortization of the premiums paid, which are recorded against interest and fees on loans in the consolidated statements of income. As of March 31, 2023, net deferred gains on the interest rate floors totaled $6.8 million (pre-tax) and were recorded in AOCI in the consolidated balance sheet. As of March 31, 2023, it is expected that $7.3 million (pre-tax) interest rate floor premium amortization will be reclassified from AOCI into earnings over the next 12 months.

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, 2023, the total realized gains on the monetized cash flow hedges remaining in AOCI was $69.0 million (pre-tax), which will be reclassified into interest income over the next 3.7 years. The estimated amount of net gains related to the cash flow hedges remaining in AOCI at March 31, 2023 that is expected to be reclassified into income within the next 12 months is $23.3 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 with customers to purchase or deliver specific foreign currencies 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. In late 2022, the Company temporarily paused sales of these loans and halted entering into the forward contracts, as lower demand for mortgage loans coupled with volatility in the TBA market made it difficult to effectively hedge the Company's mortgage loan production. The Company resumed sales during the first quarter of 2023.

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 15 on Fair Value Measurements.

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, 2023 in the table below, the positive fair values of cleared swaps were reduced by $11.4 million. At December 31, 2022, positive fair values of cleared swaps were reduced by $27.8 million.

	Asset Derivatives				Liability Derivatives
	Mar. 31, 2023		Dec. 31, 2022		Mar. 31, 2023		Dec. 31, 2022
(In thousands)	Fair Value				Fair Value
Derivatives designated as hedging instruments:
Interest rate floors	$	68,495	$	33,371	$	—	$	—
Total derivatives designated as hedging instruments	$	68,495	$	33,371	$	—	$	—
Derivative instruments not designated as hedging instruments:
Interest rate swaps	$	28,960	$	23,894	$	(40,352)	$	(51,742)
Interest rate caps	2,222		2,705		(2,222)		(2,705)
Credit risk participation agreements	44		34		(148)		(119)
Foreign exchange contracts	359		488		(310)		(418)
Mortgage loan commitments	77		—		—		—
Mortgage loan forward sale contracts	—		—		(1)		—
Forward TBA contracts	—		—		(35)		—
Total derivatives not designated as hedging instruments	$	31,662	$	27,121	$	(43,068)	$	(54,984)
Total	$	100,157	$	60,492	$	(43,068)	$	(54,984)

The Company made an election to exclude the initial premiums paid on the interest rate floors from the hedge effectiveness measurement. Those initial premiums are amortized over the periods between the premium payment month and the contract maturity month. The pre-tax effects of the gains and losses (both the included and excluded amounts for hedge effectiveness assessment) recognized in the other comprehensive income from the cash flow hedging instruments and the amounts reclassified from accumulated other comprehensive income into income (both included and excluded amounts for hedge effectiveness measurement) are shown in the table 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, 2023
Derivatives in cash flow hedging relationships:
Interest rate floors	$	9,225	$	—	$	9,225	Interest and fees on loans	$	4,385	$	7,444	$	(3,059)
Total	$	9,225	$	—	$	9,225	Total	$	4,385	$	7,444	$	(3,059)
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)

The gain and loss recognized through various derivative instruments on the consolidated statements of income are shown in the table below.

	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)		2023		2022
Derivative instruments:
Interest rate swaps	Other non-interest income	$	623	$	812
Interest rate caps	Other non-interest income	—		16
Credit risk participation agreements	Other non-interest income	(19)		(10)
Foreign exchange contracts	Other non-interest income	(20)		(14)
Mortgage loan commitments	Loan fees and sales	77		(485)
Mortgage loan forward sale contracts	Loan fees and sales	(1)		—
Forward TBA contracts	Loan fees and sales	1		1,243
Total		$	661	$	1,562

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, 2023
Assets:
Derivatives subject to master netting agreements	$	100,005	$	—	$	100,005	$	(2,255)	$	(93,822)	$	3,928
Derivatives not subject to master netting agreements	152		—		152
Total derivatives	$	100,157	$	—	$	100,157
Liabilities:
Derivatives subject to master netting agreements	$	42,694	$	—	$	42,694	$	(2,255)	$	—	$	40,439
Derivatives not subject to master netting agreements	374		—		374
Total derivatives	$	43,068	$	—	$	43,068
December 31, 2022
Assets:
Derivatives subject to master netting agreements	$	60,270	$	—	$	60,270	$	(1,007)	$	(56,816)	$	2,447
Derivatives not subject to master netting agreements	222		—		222
Total derivatives	$	60,492	$	—	$	60,492
Liabilities:
Derivatives subject to master netting agreements	$	54,609	$	—	$	54,609	$	(1,007)	$	—	$	53,602
Derivatives not subject to master netting agreements	375		—		375
Total derivatives	$	54,984	$	—	$	54,984

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Resale and Repurchase Agreements

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022.

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, 2023
Total resale agreements, subject to master netting arrangements	$	1,025,000	$	(200,000)	$	825,000	$	—	$	(825,000)	$	—
Total repurchase agreements, subject to master netting arrangements	2,228,089		(200,000)		2,028,089		—		(2,028,089)		—
December 31, 2022
Total resale agreements, subject to master netting arrangements	$	1,025,000	$	(200,000)	$	825,000	$	—	$	(825,000)	$	—
Total repurchase agreements, subject to master netting arrangements	2,881,874		(200,000)		2,681,874		—		(2,681,874)		—

The table below shows the remaining contractual maturities of repurchase agreements outstanding at March 31, 2023 and December 31, 2022, 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, 2023
Repurchase agreements, secured by:
U.S. government and federal agency obligations	$	194,757	$	13,602	$	19,278	$	227,637
Agency mortgage-backed securities	1,472,769		14,743		205,000		1,692,512
Non-agency mortgage-backed securities	11,818		—		—		11,818
Asset-backed securities	294,161		—		—		294,161
Other debt securities	1,961		—		—		1,961
Total repurchase agreements, gross amount recognized	$	1,975,466	$	28,345	$	224,278	$	2,228,089
December 31, 2022
Repurchase agreements, secured by:
U.S. government and federal agency obligations	$	488,053	$	26,928	$	12,460	$	527,441
Agency mortgage-backed securities	1,792,314		21,744		204,500		2,018,558
Non-agency mortgage-backed securities	40,950		—		—		40,950
Asset-backed securities	293,001		—		—		293,001
Other debt securities	1,924		—		—		1,924
Total repurchase agreements, gross amount recognized	$	2,616,242	$	48,672	$	216,960	$	2,881,874

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Stock-Based Compensation

3 Months Ended

Mar. 31, 2023

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 charged against income was $4.4 million and $4.2 million in the three months ended March 31, 2023 and 2022, 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, 2023, and changes during the three month period then ended, is presented below.

	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	1,148,873	$58.20
Granted	247,082	65.63
Vested	(284,800)	50.62
Forfeited	(2,238)	61.82
Nonvested at March 31, 2023	1,108,917	$61.79

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	$18.65
Assumptions:
Dividend yield	1.6	%
Volatility	27.9	%
Risk-free interest rate	3.9	%
Expected term	5.8 years

A summary of SAR activity during the first three months of 2023 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, 2023	948,727	$46.82
Granted	89,829	65.64
Forfeited	(555)	60.00
Exercised	(40,976)	25.88
Outstanding at March 31, 2023	997,025	$49.37	5.6 years	$11,094

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Revenue from Contract with Customer

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

Revenue from Contracts with Customers

Revenue from contracts with customers, Accounting Standard Codification 606 ("ASC 606"), requires revenue recognition for 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, 2023, approximately 65% 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 revenue from contracts with customers by major product line.

	Three Months Ended March 31
(In thousands)	2023		2022
Bank card transaction fees	$	46,654	$	42,045
Trust fees	45,328		47,811
Deposit account charges and other fees	21,752		22,307
Consumer brokerage services	5,085		4,446
Other non-interest income	8,339		4,495
Total non-interest income from contracts with customers	127,158		121,104
Other non-interest income (1)	10,454		10,665
Total non-interest income	$	137,612	$	131,769

(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, nearly all 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 34% and 66%, respectively, of the Company's deposit account charge revenue. All trust fees and nearly all 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, 2023 and 2022 for the Company’s significant revenue from contracts with customers.

(In thousands)	March 31, 2023		December 31, 2022		March 31, 2022		December 31, 2021
Bank card transaction fees	$	15,585	$	17,254	$	14,171	$	16,424
Trust fees	2,098		2,038		2,094		2,222
Deposit account charges and other fees	5,398		6,631		5,452		6,702
Consumer brokerage services	773		949		324		391

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, 2023

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 2022 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, 2023 and December 31, 2022 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 2023 or the year ended December 31, 2022.

			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, 2023
Assets:
Residential mortgage loans held for sale	$	684	$	—	$	684	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	1,020,223		1,020,223		—		—
Government-sponsored enterprise obligations	44,414		—		44,414		—
State and municipal obligations	1,453,814		—		1,452,900		914
Agency mortgage-backed securities	4,271,563		—		4,271,563		—
Non-agency mortgage-backed securities	1,207,969		—		1,207,969		—
Asset-backed securities	2,763,578		—		2,763,578		—
Other debt securities	467,055		—		467,055		—
Trading debt securities	41,584		500		41,084		—
Equity securities	6,083		6,083		—		—
Private equity investments	163,418		—		—		163,418
Derivatives *	100,157		—		100,036		121
Assets held in trust for deferred compensation plan	18,656		18,656		—		—
Total assets	11,559,198		1,045,462		10,349,283		164,453
Liabilities:
Derivatives *	43,068		—		42,920		148
Liabilities held in trust for deferred compensation plan	18,656		18,656		—		—
Total liabilities	$	61,724	$	18,656	$	42,920	$	148
December 31, 2022
Assets:
Residential mortgage loans held for sale	$	—	$	—	$	—	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	1,035,406		1,035,406		—		—
Government-sponsored enterprise obligations	43,108		—		43,108		—
State and municipal obligations	1,767,109		—		1,765,268		1,841
Agency mortgage-backed securities	4,308,427		—		4,308,427		—
Non-agency mortgage-backed securities	1,211,607		—		1,211,607		—
Asset-backed securities	3,397,801		—		3,397,801		—
Other debt securities	474,858		—		474,858		—
Trading debt securities	43,523		—		43,523		—
Equity securities	6,210		6,210		—		—
Private equity investments	178,127		—		—		178,127
Derivatives *	60,492		—		60,458		34
Assets held in trust for deferred compensation plan	17,856		17,856		—		—
Total assets	12,544,524		1,059,472		11,305,050		180,002
Liabilities:
Derivatives *	54,984		—		54,865		119
Liabilities held in trust for deferred compensation plan	17,856		17,856		—		—
Total liabilities	$	72,840	$	17,856	$	54,865	$	119

* 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, 2023
Balance January 1, 2023	$	1,841	$	178,127	$	(85)	$	179,883
Total gains or losses (realized/unrealized):
Included in earnings	—		2,251		58		2,309
Included in other comprehensive income *	26		—		—		26
Investment securities called	(1,000)		—		—		(1,000)
Discount accretion	47		—		—		47
Purchases of private equity investments	—		10,532		—		10,532
Sale/pay down of private equity investments	—		(27,492)		—		(27,492)
Balance March 31, 2023	$	914	$	163,418	$	(27)	$	164,305
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2023	$	—	$	2,251	$	58	$	2,309
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2023	$	4	$	—	$	—	$	4
For the three months ended March 31, 2022
Balance January 1, 2022	$	1,984	$	147,406	$	571	$	149,961
Total gains or losses (realized/unrealized):
Included in earnings	—		7,450		(495)		6,955
Included in other comprehensive income *	(83)		—		—		(83)
Discount accretion	1		—		—		1
Purchases of private equity investments	—		300		—		300
Sale/pay down of private equity investments	—		(1,745)		—		(1,745)
Purchase of risk participation agreement	—		—		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)

* Included in "net unrealized gains (losses) on available for sale debt 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, 2023
Total gains or losses included in earnings	$	77	$	(19)	$	2,251	$	2,309
Change in unrealized gains or losses relating to assets still held at March 31, 2023	$	77	$	(19)	$	2,251	$	2,309
For the three months ended March 31, 2022
Total gains or losses included in earnings	$	(485)	$	(10)	$	7,450	$	6,955
Change in unrealized gains or losses relating to assets still held at March 31, 2022	$	279	$	(12)	$	7,450	$	7,717

Level 3 Inputs

The Company's significant Level 3 measurements, which employ unobservable inputs that are readily quantifiable, pertain to investments in portfolio concerns held by the Company's private equity subsidiaries and held for sale residential mortgage loan commitments. 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*
Private equity investments	Market comparable companies	EBITDA multiple	4.0	-	6.0	5.2
Mortgage loan commitments	Discounted cash flow	Probability of funding	62.6%	-	100.0%	78.3%
		Embedded servicing value	.7%	-	1.6%	1.2%

* 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 2023 and 2022, and still held as of March 31, 2023 and 2022, 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, 2023 and 2022.

			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, 2023
Collateral dependent loans	$	1,819	$	—	$	—	$	1,819	$	425
March 31, 2022
Mortgage servicing rights	$	11,360	$	—	$	—	$	11,360	$	304
Long- lived assets	497		—		—		497		(965)

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 at March 31, 2023 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	9.51		%	-	9.71		%	9.58		%
		Prepayment speeds (CPR)*	6.33		%	-	7.47		%	6.53		%
		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, 2023

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, 2023 and December 31, 2022:

	Carrying Amount		Estimated Fair Value at March 31, 2023
(In thousands)			Level 1		Level 2		Level 3		Total
Financial Assets
Loans:
Business	$	5,704,467	$	—	$	—	$	5,577,723	$	5,577,723
Real estate - construction and land	1,437,419		—		—		1,407,614		1,407,614
Real estate - business	3,486,543		—		—		3,383,813		3,383,813
Real estate - personal	2,952,042		—		—		2,700,721		2,700,721
Consumer	2,094,389		—		—		2,033,884		2,033,884
Revolving home equity	295,478		—		—		296,436		296,436
Consumer credit card	558,669		—		—		530,987		530,987
Overdrafts	6,515		—		—		6,372		6,372
Total loans	16,535,522		—		—		15,937,550		15,937,550
Loans held for sale	6,162		—		6,162		—		6,162
Investment securities	11,544,700		1,026,806		10,248,563		269,331		11,544,700
Federal funds sold	27,060		27,060		—		—		27,060
Securities purchased under agreements to resell	825,000		—		—		804,959		804,959
Interest earning deposits with banks	1,341,854		1,341,854		—		—		1,341,854
Cash and due from banks	351,210		351,210		—		—		351,210
Derivative instruments	100,157		—		100,036		121		100,157
Assets held in trust for deferred compensation plan	18,656		18,656		—		—		18,656
Total	$	30,750,321	$	2,765,586	$	10,354,761	$	17,011,961	$	30,132,308
Financial Liabilities
Non-interest bearing deposits	$	8,685,234	$	8,685,234	$	—	$	—	$	8,685,234
Savings, interest checking and money market deposits	14,419,741		14,419,741		—		—		14,419,741
Certificates of deposit	1,578,485		—		—		1,577,207		1,577,207
Federal funds purchased	756,470		756,470		—		—		756,470
Securities sold under agreements to repurchase	2,028,089		—		—		2,030,615		2,030,615
Other borrowings	1,506,817		2,930		3,887		1,500,000		1,506,817
Derivative instruments	43,068		—		42,920		148		43,068
Liabilities held in trust for deferred compensation plan	18,656		18,656		—		—		18,656
Total	$	29,036,560	$	23,883,031	$	46,807	$	5,107,970	$	29,037,808

	Carrying Amount		Estimated Fair Value at December 31, 2022
(In thousands)			Level 1		Level 2		Level 3		Total
Financial Assets
Loans:
Business	$	5,661,725	$	—	$	—	$	5,506,128	$	5,506,128
Real estate - construction and land	1,361,095		—		—		1,347,328		1,347,328
Real estate - business	3,406,981		—		—		3,289,655		3,289,655
Real estate - personal	2,918,078		—		—		2,654,423		2,654,423
Consumer	2,059,088		—		—		1,999,788		1,999,788
Revolving home equity	297,207		—		—		295,005		295,005
Consumer credit card	584,000		—		—		538,268		538,268
Overdrafts	14,957		—		—		14,666		14,666
Total loans	16,303,131		—		—		15,645,261		15,645,261
Loans held for sale	4,964		—		4,964		—		4,964
Investment securities	12,511,649		1,041,616		11,244,592		225,441		12,511,649
Federal funds sold	49,505		49,505		—		—		49,505
Securities purchased under agreements to resell	825,000		—		—		795,574		795,574
Interest earning deposits with banks	389,140		389,140		—		—		389,140
Cash and due from banks	452,496		452,496		—		—		452,496
Derivative instruments	60,492		—		60,458		34		60,492
Assets held in trust for deferred compensation plan	17,856		17,856		—		—		17,856
Total	$	30,614,233	$	1,950,613	$	11,310,014	$	16,666,310	$	29,926,937
Financial Liabilities
Non-interest bearing deposits	$	10,066,356	$	10,066,356	$	—	$	—	$	10,066,356
Savings, interest checking and money market deposits	15,126,981		15,126,981		—		—		15,126,981
Certificates of deposit	994,103		—		—		982,613		982,613
Federal funds purchased	159,860		159,860		—		—		159,860
Securities sold under agreements to repurchase	2,681,874		—		—		2,684,471		2,684,471
Other borrowings	8,831		—		8,831		—		8,831
Derivative instruments	54,984		—		54,865		119		54,984
Liabilities held in trust for deferred compensation plan	17,856		17,856		—		—		17,856
Total	$	29,110,845	$	25,371,053	$	63,696	$	3,667,203	$	29,101,952

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Legal and Regulatory Proceedings	3 Months Ended
	Mar. 31, 2023
Legal Proceedings [Abstract]
Legal Matters and Contingencies [Text Block]	Legal and Regulatory ProceedingsThe Company has various legal proceedings pending at March 31, 2023, 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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Organization, Consolidation and Presentation of Financial Statements (Policies)

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

New Accounting Pronouncements, Policy

The Company adopted ASU 2022-02 Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures on January 1, 2023, using the prospective transition method. This ASU eliminates the troubled debt restructuring recognition and measurement guidance and requires an entity to present gross write-offs by year of origination. The amendments also enhance disclosure requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. With the exception of enhanced disclosures, there was no material impact to the consolidated financial statements from adoption of this ASU. As of the Company's adoption date, all restructurings are evaluated to determine whether they are modifications to a borrower experiencing financial difficulty. Loans that were accounted for under the troubled debt restructuring method as of December 31, 2022 will continue to be accounted for under that method until they are paid off or modified.

Troubled Debt Restructurings

Troubled Debt RestructuringsPrior to the Company's adoption of ASU 2022-02, a loan was accounted for as a troubled debt restructuring if the Company, for economic or legal reasons related to the borrower's financial difficulties, granted a concession to the borrower that it would not otherwise consider. A troubled debt restructuring typically involves (1) modification of terms such as a reduction of the stated interest rate, loan principal, or accrued interest, (2) a loan renewal at a stated interest rate lower than the current market rate for a new loan with similar risk, or (3) debt that was not reaffirmed in bankruptcy. Business, business real estate, construction and land real estate and personal real estate troubled debt restructurings with impairment charges are placed on non-accrual status. The Company measures the impairment loss of a troubled debt restructuring at the time of modification based on the present value of expected future cash flows. Subsequent to modification, troubled debt restructurings are subject to the Company’s allowance for credit loss model, which is discussed below and in Note 2, Loans and Allowance for Credit Losses. Troubled debt restructurings that are performing under their contractual terms continue to accrue interest, which is recognized in current earnings. Loans that were accounted as troubled debt restructurings at of December 31, 2022 will continue to be accounted for under that method until they are either paid off or modified.

Impaired Financing Receivable, Policy

Modifications for Borrowers Experiencing Financial Difficulty

The Company may renegotiate the terms of existing loans for a variety of reasons. When refinancing or restructuring a loan, the Company evaluates where the borrower is experiencing financial difficulty. In making this determination, the Company considers whether the borrower is currently in default on any of its debt. In addition, the Company evaluates whether it is probable that the borrower would be in payment default on any of its debt in the foreseeable future without the modification and if the borrower (without the current modification) could obtain equivalent financing from another creditor at a market rate for

similar debt. Modifications of loans to borrowers in these situations may indicate that the borrower is facing financial difficulty.

Modifications of loans to borrowers experiencing financial difficulty that are in the form of principal forgiveness, interest rate reductions, other-than-insignificant payment delays, or a term extension (or a combination thereof) require disclosure. The Company's disclosures are included in Note 2, Loans and Allowance for Credit Losses.

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Loans And Allowance For Credit Losses (Tables)

3 Months Ended

Mar. 31, 2023

Receivables [Abstract]

Summary Classification Of Held For Investment Loan Portfolio

Major classifications within the Company’s held for investment loan portfolio at March 31, 2023 and December 31, 2022 are as follows:

(In thousands)	March 31, 2023		December 31, 2022
Commercial:
Business	$	5,704,467	$	5,661,725
Real estate – construction and land	1,437,419		1,361,095
Real estate – business	3,486,543		3,406,981
Personal Banking:
Real estate – personal	2,952,042		2,918,078
Consumer	2,094,389		2,059,088
Revolving home equity	295,478		297,207
Consumer credit card	558,669		584,000
Overdrafts	6,515		14,957
Total loans	$	16,535,522	$	16,303,131

CECL Model Inputs

Key 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, 2023 and December 31, 2022 are discussed below.

Key Assumption	March 31, 2023	December 31, 2022
Overall economic forecast	•Mild recession to start 3rd quarter of 2023 •Assume the Federal Reserve will continue raising interest rates •Mild recession is expected to weaken employment	•Continued high inflation and higher cost of borrowing create a mild recession in 2023 with stalled job growth and possible job losses •Assumes interest rates hikes will taper
Reasonable and supportable period and related reversion period	•Reasonable and supportable period of one year •Reversion to historical average loss within 2 quarters using straight-line method	•Reasonable and supportable period of one year •Reversion to historical average loss within 2 quarters using straight-line method
Forecasted macro-economic variables	•Unemployment rate ranges from 3.7% to 5.3% during the supportable forecast period •Real GDP growth ranges from (.5)% to 2.0% •BBB corporate yield from 5.3% to 5.8% •House Price Index from 280.2 to 282.0	•Unemployment rate ranges from 3.8% to 4.7% during the supportable forecast period •Real GDP growth ranging from (.9)% to 1.3% •BBB corporate yield from 5.1% to 5.8% •House Price Index from 280.9 to 284.6
Prepayment assumptions	Commercial loans •5% for most loan pools Personal banking loans •Ranging from 6.45% to 22.4% for most loan pools •Consumer credit cards 67.5%	Commercial loans •5% for most loan pools Personal banking loans •Ranging from 8.3% to 24.8% for most loan pools •Consumer credit cards 67.9%
Qualitative factors	Added qualitative factors related to: •Changes in the composition of the loan portfolios •Certain portfolios sensitive to pandemic economic uncertainties •Certain portfolios sensitive to unusually high rate of inflation and supply chain issues •Loans downgraded to special mention, substandard, or non-accrual status	Added qualitative factors related to: •Changes in the composition of the loan portfolios •Certain portfolios sensitive to pandemic economic uncertainties •Certain portfolios sensitive to unusually high rate of inflation and supply chain issues •Loans downgraded to special mention, substandard, or non-accrual status

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, 2023 and 2022, respectively, follows:

	For the Three Months Ended March 31, 2023
(In thousands)	Commercial		Personal Banking		Total
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period	$	103,293	$	46,843	$	150,136
Provision for credit losses on loans	5,548		10,400		15,948
Deductions:
Loans charged off	292		8,756		9,048
Less recoveries on loans	66		2,215		2,281
Net loan charge-offs (recoveries)	226		6,541		6,767
Balance March 31, 2023	$	108,615	$	50,702	$	159,317
LIABILITY FOR UNFUNDED LENDING COMMITMENTS
Balance at beginning of period	$	31,743	$	1,377	$	33,120
Provision for credit losses on unfunded lending commitments	(4,638)		146		(4,492)
Balance March 31, 2023	$	27,105	$	1,523	$	28,628
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS	$	135,720	$	52,225	$	187,945

	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

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, 2023 and December 31, 2022.

(In thousands)	Current or Less Than 30 Days Past Due		30 – 89 Days Past Due		90 Days Past Due and Still Accruing		Non-accrual		Total
March 31, 2023
Commercial:
Business	$	5,692,966	$	4,644	$	496	$	6,361	$	5,704,467
Real estate – construction and land	1,432,344		4,646		429		—		1,437,419
Real estate – business	3,483,425		2,947		—		171		3,486,543
Personal Banking:
Real estate – personal	2,937,474		8,375		4,924		1,269		2,952,042
Consumer	2,067,340		25,134		1,915		—		2,094,389
Revolving home equity	293,783		846		849		—		295,478
Consumer credit card	547,228		5,254		6,187		—		558,669
Overdrafts	6,189		326		—		—		6,515
Total	$	16,460,749	$	52,172	$	14,800	$	7,801	$	16,535,522
December 31, 2022
Commercial:
Business	$	5,652,710	$	1,759	$	505	$	6,751	$	5,661,725
Real estate – construction and land	1,361,095		—		—		—		1,361,095
Real estate – business	3,406,207		585		—		189		3,406,981
Personal Banking:
Real estate – personal	2,895,742		14,289		6,681		1,366		2,918,078
Consumer	2,031,827		25,089		2,172		—		2,059,088
Revolving home equity	295,303		1,201		703		—		297,207
Consumer credit card	572,213		6,238		5,549		—		584,000
Overdrafts	14,090		647		220		—		14,957
Total	$	16,229,187	$	49,808	$	15,830	$	8,306	$	16,303,131

Risk Category of Loans in Commercial Portfolio

The risk category of loans in the Commercial portfolio as of March 31, 2023 and December 31, 2022 are as follows:

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
March 31, 2023
Business
Risk Rating:
Pass	$	526,988	$	1,268,330	$	716,669	$	374,953	$	334,438	$	369,983	$	2,008,711	$	5,600,072
Special mention	14,056		1,606		4,460		7,330		513		1,643		676		30,284
Substandard	1,127		6,188		10,059		17,261		503		10,732		21,880		67,750
Non-accrual	—		158		1,818		33		1		4,280		71		6,361
Total Business:	$	542,171	$	1,276,282	$	733,006	$	399,577	$	335,455	$	386,638	$	2,031,338	$	5,704,467
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	292	$	292
Real estate-construction
Risk Rating:
Pass	$	156,801	$	552,570	$	549,106	$	83,653	$	27,431	$	3,235	$	27,547	$	1,400,343
Special mention	7,115		207		—		—		—		—		—		7,322
Substandard	—		2,016		—		—		—		27,738		—		29,754
Total Real estate-construction:	$	163,916	$	554,793	$	549,106	$	83,653	$	27,431	$	30,973	$	27,547	$	1,437,419
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real estate-business
Risk Rating:
Pass	$	229,043	$	1,136,589	$	573,233	$	495,078	$	388,892	$	401,324	$	109,489	$	3,333,648
Special mention	—		4,555		—		605		9,616		1,235		—		16,011
Substandard	—		2,811		30,886		16,416		11,924		74,676		—		136,713
Non-accrual	—		14		45		—		—		112		—		171
Total Real estate-business:	$	229,043	$	1,143,969	$	604,164	$	512,099	$	410,432	$	477,347	$	109,489	$	3,486,543
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial loans
Risk Rating:
Pass	$	912,832	$	2,957,489	$	1,839,008	$	953,684	$	750,761	$	774,542	$	2,145,747	$	10,334,063
Special mention	21,171		6,368		4,460		7,935		10,129		2,878		676		53,617
Substandard	1,127		11,015		40,945		33,677		12,427		113,146		21,880		234,217
Non-accrual	—		172		1,863		33		1		4,392		71		6,532
Total Commercial loans:	$	935,130	$	2,975,044	$	1,886,276	$	995,329	$	773,318	$	894,958	$	2,168,374	$	10,628,429
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	292	$	292

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Total
December 31, 2022
Business
Risk Rating:
Pass	$	1,456,476	$	782,409	$	464,201	$	360,844	$	180,375	$	219,053	$	2,146,380	$	5,609,738
Special mention	3,113		2,548		7,757		1,063		67		—		1,319		15,867
Substandard	5,752		10,004		685		37		810		10,342		1,739		29,369
Non-accrual	195		1,987		—		1		792		3,776		—		6,751
Total Business:	$	1,465,536	$	796,948	$	472,643	$	361,945	$	182,044	$	233,171	$	2,149,438	$	5,661,725
Real estate-construction
Risk Rating:
Pass	$	538,022	$	596,465	$	129,632	$	27,331	$	1,305	$	2,029	$	18,559	$	1,313,343
Special mention	352		—		—		—		—		—		—		352
Substandard	—		19,494		—		—		14,766		13,140		—		47,400
Total Real estate-construction:	$	538,374	$	615,959	$	129,632	$	27,331	$	16,071	$	15,169	$	18,559	$	1,361,095
Real estate- business
Risk Rating:
Pass	$	1,085,379	$	616,516	$	555,648	$	424,641	$	163,628	$	271,579	$	90,799	$	3,208,190
Special mention	4,608		—		618		9,737		976		279		—		16,218
Substandard	2,795		30,944		61,141		10,490		30,782		46,232		—		182,384
Non-accrual	14		45		—		—		124		6		—		189
Total Real-estate business:	$	1,092,796	$	647,505	$	617,407	$	444,868	$	195,510	$	318,096	$	90,799	$	3,406,981
Commercial loans
Risk Rating:
Pass	$	3,079,877	$	1,995,390	$	1,149,481	$	812,816	$	345,308	$	492,661	$	2,255,738	$	10,131,271
Special mention	8,073		2,548		8,375		10,800		1,043		279		1,319		32,437
Substandard	8,547		60,442		61,826		10,527		46,358		69,714		1,739		259,153
Non-accrual	209		2,032		—		1		916		3,782		—		6,940
Total Commercial loans:	$	3,096,706	$	2,060,412	$	1,219,682	$	834,144	$	393,625	$	566,436	$	2,258,796	$	10,429,801

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, 2023 and December 31, 2022 below.

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Total
March 31, 2023
Real estate-personal
Current to 90 days past due	$	113,590	$	512,841	$	578,969	$	769,804	$	284,835	$	675,601	$	10,209	$	2,945,849
Over 90 days past due	—		394		946		1,372		—		2,212		—		4,924
Non-accrual	—		—		—		—		167		1,102		—		1,269
Total Real estate-personal:	$	113,590	$	513,235	$	579,915	$	771,176	$	285,002	$	678,915	$	10,209	$	2,952,042
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	18	$	—	$	18
Consumer
Current to 90 days past due	$	158,392	$	430,621	$	345,779	$	183,261	$	91,521	$	82,898	$	800,002	$	2,092,474
Over 90 days past due	—		343		310		115		62		443		642		1,915
Total Consumer:	$	158,392	$	430,964	$	346,089	$	183,376	$	91,583	$	83,341	$	800,644	$	2,094,389
Gross write-offs for the three months ended March 31, 2023	$	—	$	519	$	505	$	279	$	127	$	159	$	270	$	1,859
Revolving home equity
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	294,629	$	294,629
Over 90 days past due	—		—		—		—		—		—		849		849
Total Revolving home equity:	$	—	$	—	$	—	$	—	$	—	$	—	$	295,478	$	295,478
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer credit card
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	552,482	$	552,482
Over 90 days past due	—		—		—		—		—		—		6,187		6,187
Total Consumer credit card:	$	—	$	—	$	—	$	—	$	—	$	—	$	558,669	$	558,669
Gross write-offs for the three months ended March 31, 2023	$	—	$	—	$	—	$	—	$	—	$	—	$	5,684	$	5,684
Overdrafts
Current to 90 days past due	$	6,515	$	—	$	—	$	—	$	—	$	—	$	—	$	6,515
Over 90 days past due	—		—		—		—		—		—		—		—
Total Overdrafts:	$	6,515	$	—	$	—	$	—	$	—	$	—	$	—	$	6,515
Gross write-offs for the three months ended March 31, 2023	$	1,195	$	—	$	—	$	—	$	—	$	—	$	—	$	1,195
Personal banking loans
Current to 90 days past due	$	278,497	$	943,462	$	924,748	$	953,065	$	376,356	$	758,499	$	1,657,322	$	5,891,949
Over 90 days past due	—		737		1,256		1,487		62		2,655		7,678		13,875
Non-accrual	—		—		—		—		167		1,102		—		1,269
Total Personal banking loans:	$	278,497	$	944,199	$	926,004	$	954,552	$	376,585	$	762,256	$	1,665,000	$	5,907,093
Gross write-offs for the three months ended March 31, 2023	$	1,195	$	519	$	505	$	279	$	127	$	177	$	5,954	$	8,756

	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Total
December 31, 2022
Real estate-personal
Current to 90 days past due	$	535,283	$	589,658	$	783,651	$	290,580	$	132,305	$	568,380	$	10,174	$	2,910,031
Over 90 days past due	514		967		1,338		81		1,388		2,393		—		6,681
Non-accrual	—		—		52		169		102		1,043		—		1,366
Total Real estate-personal:	$	535,797	$	590,625	$	785,041	$	290,830	$	133,795	$	571,816	$	10,174	$	2,918,078
Consumer
Current to 90 days past due	$	536,429	$	378,118	$	205,849	$	106,733	$	36,096	$	62,255	$	731,436	$	2,056,916
Over 90 days past due	326		251		203		58		267		228		839		2,172
Total Consumer:	$	536,755	$	378,369	$	206,052	$	106,791	$	36,363	$	62,483	$	732,275	$	2,059,088
Revolving home equity
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	296,504	$	296,504
Over 90 days past due	—		—		—		—		—		—		703		703
Total Revolving home equity:	$	—	$	—	$	—	$	—	$	—	$	—	$	297,207	$	297,207
Consumer credit card
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	578,451	$	578,451
Over 90 days past due	—		—		—		—		—		—		5,549		5,549
Total Consumer credit card:	$	—	$	—	$	—	$	—	$	—	$	—	$	584,000	$	584,000
Overdrafts
Current to 90 days past due	$	14,737	$	—	$	—	$	—	$	—	$	—	$	—	$	14,737
Over 90 days past due	220		—		—		—		—		—		—		220
Total Overdrafts:	$	14,957	$	—	$	—	$	—	$	—	$	—	$	—	$	14,957
Personal banking loans
Current to 90 days past due	$	1,086,449	$	967,776	$	989,500	$	397,313	$	168,401	$	630,635	$	1,616,565	$	5,856,639
Over 90 days past due	1,060		1,218		1,541		139		1,655		2,621		7,091		15,325
Non-accrual	—		—		52		169		102		1,043		—		1,366
Total Personal banking loans:	$	1,087,509	$	968,994	$	991,093	$	397,621	$	170,158	$	634,299	$	1,623,656	$	5,873,330

Amortized Cost Basis of Collateral-Dependent Loans

The following table presents the amortized cost basis of collateral-dependent loans as of March 31, 2023 and December 31, 2022.

(In thousands)	Business Assets		Oil & Gas Assets		Total
March 31, 2023
Commercial:
Business	$	2,611	$	1,671	$	4,282
Total	$	2,611	$	1,671	$	4,282
December 31, 2022
Commercial:
Business	$	2,778	$	1,824	$	4,602
Total	$	2,778	$	1,824	$	4,602

Summary Of Loans In The Personal Banking Portfolio Percentage Of Balances by FICO Score

For the remainder of loans in the Personal Banking portfolio, the table below shows the percentage of balances outstanding at March 31, 2023 and December 31, 2022 by FICO score.

Personal Banking Loans
	% of Loan Category
	Real Estate - Personal		Consumer		Revolving Home Equity		Consumer Credit Card
March 31, 2023
FICO score:
Under 600	1.8	%	2.6	%	1.8	%	4.2	%
600 - 659	2.5		4.0		3.3		11.9
660 - 719	9.2		13.6		9.8		30.9
720 - 779	21.8		29.2		21.7		27.5
780 and over	64.7		50.6		63.4		25.5
Total	100.0	%	100.0	%	100.0	%	100.0	%
December 31, 2022
FICO score:
Under 600	1.4	%	2.2	%	1.5	%	3.4	%
600 - 659	2.2		4.2		2.8		11.4
660 - 719	8.1		14.5		9.7		30.8
720 - 779	23.7		26.7		21.4		27.1
780 and over	64.6		52.4		64.6		27.3
Total	100.0	%	100.0	%	100.0	%	100.0	%

Additional Information about Troubled Debt Restructurings

(In thousands)		December 31, 2022
Accruing restructured loans:
	Commercial	$	184,388
	Assistance programs	5,156
	Other consumer	4,049
Non-accrual loans		5,078
Total troubled debt restructurings		$	198,671

Financing receivable, financial impacts of loan modifications and payment deferrals

The following table summarizes the financial impact of loan modifications and payment deferrals during the three months ended March 31, 2023. The qualitative impact of forbearance and repayment plans is the deferral of payments for 3 months up to 30 years, and therefore, those modifications are excluded from the table below.

	Term Extension
	Three Months Ended March 31, 2023
Commercial:
Business	Added a weighted-average of 12 months to the life of loans.
Real estate – business	Added a weighted-average of 17 months to the life of loans.

	Payment Delay
	Three Months Ended March 31, 2023
Personal Banking:
Real estate – personal	Deferred past due monthly payments to maturity as a balloon payment. Deferral delayed payments a weighted average of 27 years.
Consumer	Deferred past due monthly payments to maturity as a balloon payment. Deferral delayed payments a weighted average of 11 years.

	Interest Rate Reduction
	Three Months Ended March 31, 2023
Personal Banking:
Consumer	Reduced weighted-average contractual interest by 14%.
Consumer credit card	Reduced weighted-average contractual interest by 14%.

	Forgiveness of Interest/Fees
	Three Months Ended March 31, 2023
Personal Banking:
Consumer credit card	Approximately $14 thousand of interest and fees forgiven.

Outstanding Balance Of Loans Classified As Troubled Debt Restructurings

The following table presents the amortized cost at March 31, 2023 of loans that were modified during the three months ended March 31, 2023.

	Three Months Ended March 31, 2023
(Dollars in thousands)	Term Extension		Payment Delay		Interest Rate Reduction		Interest/Fees Forgiven		Other		Total		% of Total Loan Category
March 31, 2023
Commercial:
Business	$	3,104	$	—	$	—	$	—	$	—	$	3,104	0.1	%
Real estate – business	23,039		—		—		—		—		23,039		0.7
Personal Banking:
Real estate – personal	—		1,666		—		—		—		1,666		0.1
Consumer	—		58		16		—		55		129		—
Consumer credit card	—		—		618		275		—		893		0.2
Total	$	26,143	$	1,724	$	634	$	275	$	55	$	28,831	0.2	%

Financing Receivable, Modified, Past Due

The following table presents the amortized cost basis at March 31, 2023 of loans that have been modified on or after January 1, 2023 (the date we adopted ASU 2022-02) through March 31, 2023.

(In thousands)	Current		30-89 Days Past Due		90 Days Past Due		Total
March 31, 2023
Commercial:
Business	$	3,104	$	—	$	—	$	3,104
Real estate – business	23,039		—		—		23,039
Personal Banking:
Real estate – personal	1,061		605		—		1,666
Consumer	75		46		8		129
Consumer credit card	645		173		75		893
Total	$	27,924	$	824	$	83	$	28,831

Financing Receivable, Modified, Subsequent Default

The following table provides the amortized cost basis of loans to borrowers experiencing financial difficulty that had a payment default during the three months ended March 31, 2023 and were modified on or after January 1, 2023 (the date we adopted ASU 2022-02) through March 31, 2023. For purposes of this disclosure, the Company considers "default" to mean 90 days or more past due as to interest or principal. In addition to the loans below, the Company charged off $25 thousand of consumer credit card loans during the three months ended March 31, 2023 that were modified during the period.

(Dollars in thousands)	Interest Rate Reduction		Interest/Fees Forgiven		Total
March 31, 2023
Personal Banking:
Consumer	$	8	$	—	$	8
Consumer credit card	63		12		75
Total	$	71	$	12	$	83

Financing Receivable, Troubled Debt Restructuring

The table below shows the balance of troubled debt restructurings by loan classification at December 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)	December 31, 2022		Balance at December 31, 2022 that was 90 days past due at any time during previous 12 months
Commercial:
Business	$	12,311	$	—
Real estate - construction and land	57,547		—
Real estate - business	118,654		—
Personal Banking:
Real estate - personal	2,809		419
Consumer	2,250		268
Revolving home equity	17		—
Consumer credit card	5,083		452
Total troubled debt restructurings	$	198,671	$	1,139

XML

Investment Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investment Securities [Abstract]

Summary Investment Holdings

(In thousands)	March 31, 2023		December 31, 2022
Available for sale debt securities	$	11,228,616	$	12,238,316
Trading debt securities	41,584		43,523
Equity securities:
Readily determinable fair value	6,083		6,210
No readily determinable fair value	6,445		6,094
Other:
Federal Reserve Bank stock	34,887		34,795
Federal Home Loan Bank stock	70,112		10,678
Equity method investments	—		1,434
Private equity investments	163,418		178,127
Total investment securities (1)	$	11,551,145	$	12,519,177

(1)Accrued interest receivable totaled $32.7 million and $38.8 million at March 31, 2023 and December 31, 2022, 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, 2023 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	$	482,979	$	474,435
After 1 but within 5 years	391,902		378,408
After 5 but within 10 years	173,874		167,380
Total U.S. government and federal agency obligations	1,048,755		1,020,223
Government-sponsored enterprise obligations:
After 5 but within 10 years	4,955		4,631
After 10 years	50,734		39,783
Total government-sponsored enterprise obligations	55,689		44,414
State and municipal obligations:
Within 1 year	98,381		97,510
After 1 but within 5 years	465,196		442,933
After 5 but within 10 years	887,757		771,946
After 10 years	163,836		141,425
Total state and municipal obligations	1,615,170		1,453,814
Mortgage and asset-backed securities:
Agency mortgage-backed securities	4,975,242		4,271,563
Non-agency mortgage-backed securities	1,403,543		1,207,969
Asset-backed securities	2,918,160		2,763,578
Total mortgage and asset-backed securities	9,296,945		8,243,110
Other debt securities:
Within 1 year	14,040		13,572
After 1 but within 5 years	246,688		230,527
After 5 but within 10 years	245,003		209,285
After 10 years	16,260		13,671
Total other debt securities	521,991		467,055
Total available for sale debt securities	$	12,538,550	$	11,228,616

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, 2023
U.S. government and federal agency obligations	$	532,588	$	9,565	$	386,394	$	20,444	$	918,982	$	30,009
Government-sponsored enterprise obligations	4,631		324		39,783		10,951		44,414		11,275
State and municipal obligations	188,055		2,025		1,200,901		159,549		1,388,956		161,574
Mortgage and asset-backed securities:
Agency mortgage-backed securities	159,424		4,610		4,091,658		699,252		4,251,082		703,862
Non-agency mortgage-backed securities	648		12		1,199,354		195,665		1,200,002		195,677
Asset-backed securities	131,679		2,523		2,631,899		152,059		2,763,578		154,582
Total mortgage and asset-backed securities	291,751		7,145		7,922,911		1,046,976		8,214,662		1,054,121
Other debt securities	7,843		201		459,212		54,735		467,055		54,936
Total	$	1,024,868	$	19,260	$	10,009,201	$	1,292,655	$	11,034,069	$	1,311,915
December 31, 2022
U.S. government and federal agency obligations	$	605,840	$	17,490	$	380,573	$	25,940	$	986,413	$	43,430
Government-sponsored enterprise obligations	25,068		4,650		18,040		7,971		43,108		12,621
State and municipal obligations	814,799		26,708		875,329		171,385		1,690,128		198,093
Mortgage and asset-backed securities:
Agency mortgage-backed securities	1,323,938		125,330		2,966,851		654,327		4,290,789		779,657
Non-agency mortgage-backed securities	135,984		16,736		1,069,222		195,218		1,205,206		211,954
Asset-backed securities	1,331,055		50,056		2,006,188		140,424		3,337,243		190,480
Total mortgage and asset-backed securities	2,790,977		192,122		6,042,261		989,969		8,833,238		1,182,091
Other debt securities	166,040		9,690		308,818		54,707		474,858		64,397
Total	$	4,402,724	$	250,660	$	7,625,021	$	1,249,972	$	12,027,745	$	1,500,632

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, 2023 and December 31, 2022, 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, 2023
U.S. government and federal agency obligations	$	1,048,755	$	1,477	$	(30,009)	$	—	$	1,020,223
Government-sponsored enterprise obligations	55,689		—		(11,275)		—		44,414
State and municipal obligations	1,615,170		218		(161,574)		—		1,453,814
Mortgage and asset-backed securities:
Agency mortgage-backed securities	4,975,242		183		(703,862)		—		4,271,563
Non-agency mortgage-backed securities	1,403,543		103		(195,677)		—		1,207,969
Asset-backed securities	2,918,160		—		(154,582)		—		2,763,578
Total mortgage and asset-backed securities	9,296,945		286		(1,054,121)		—		8,243,110
Other debt securities	521,991		—		(54,936)		—		467,055
Total	$	12,538,550	$	1,981	$	(1,311,915)	$	—	$	11,228,616
December 31, 2022
U.S. government and federal agency obligations	$	1,078,807	$	29	$	(43,430)	$	—	$	1,035,406
Government-sponsored enterprise obligations	55,729		—		(12,621)		—		43,108
State and municipal obligations	1,965,028		174		(198,093)		—		1,767,109
Mortgage and asset-backed securities:
Agency mortgage-backed securities	5,087,893		191		(779,657)		—		4,308,427
Non-agency mortgage-backed securities	1,423,469		92		(211,954)		—		1,211,607
Asset-backed securities	3,588,025		256		(190,480)		—		3,397,801
Total mortgage and asset-backed securities	10,099,387		539		(1,182,091)		—		8,917,835
Other debt securities	539,255		—		(64,397)		—		474,858
Total	$	13,738,206	$	742	$	(1,500,632)	$	—	$	12,238,316

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)	2023		2022
Proceeds from sales of securities:
Available for sale debt securities	$	812,176	$	—
Other investments	28,259		1,745
Total proceeds	$	840,435	$	1,745
Investment securities gains (losses), net:
Available for sale debt securities:
Losses realized on sales	$	(3,088)	$	—
Equity securities:
Fair value adjustments, net	(127)		(287)
Other:
Gains realized on sales	658		—
Fair value adjustments, net	2,251		7,450
Total investment securities gains (losses), net	$	(306)	$	7,163

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Goodwill And Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023								December 31, 2022
(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	$	5,550	$	(4,911)	$	—	$	639	$	31,270	$	(30,565)	$	—	$	705
Mortgage servicing rights	22,227		(11,548)		—		10,679		22,187		(11,258)		—		10,929
Total	$	27,777	$	(16,459)	$	—	$	11,318	$	53,457	$	(41,823)	$	—	$	11,634

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, 2023. 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)
2023	$	1,396
2024	1,260
2025	1,117
2026	977
2027	841

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

hanges in the carrying amount of goodwill and other intangible assets for the three month period ended March 31, 2023 are as follows:

(In thousands)	Goodwill		Easement		Core Deposit Premium		Mortgage Servicing Rights
Balance January 1, 2023	$	138,921	$	3,600	$	705	$	10,929
Originations, net of disposals	—		—		—		40
Amortization	—		—		(66)		(290)
Balance March 31, 2023	$	138,921	$	3,600	$	639	$	10,679

Schedule Of Goodwill Allocated By Operating Segments

Goodwill allocated to the Company’s operating segments at March 31, 2023 and December 31, 2022 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, 2023

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)	2023		2022
Direct financing and sales-type leases	$	6,755	$	5,247
Operating leases(a)	2,334		2,184
Total lease income	$	9,089	$	7,431

(a) Includes rent from Tower Properties Company, a related party, of $19 thousand for the three month periods ended March 31, 2023 and 2022

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Pension (Tables)

3 Months Ended

Mar. 31, 2023

Pension [Abstract]

Components of the Net Pension Costs

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

	For the Three Months Ended March 31
(In thousands)	2023		2022
Service cost	$	116	$	132
Interest cost on projected benefit obligation	1,158		665
Expected return on plan assets	(1,001)		(1,126)
Amortization of prior service cost	(67)		(68)
Amortization of unrecognized net loss	427		498
Net periodic pension cost	$	633	$	101

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Common Stock (Tables)

3 Months Ended

Mar. 31, 2023

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)	2023		2022
Basic income per common share:
Net income attributable to Commerce Bancshares, Inc.	$	119,452	$	118,154
Less income allocated to nonvested restricted stock	1,056		1,070
Net income allocated to common stock	$	118,396	$	117,084
Weighted average common shares outstanding	124,004		126,341
Basic income per common share	$	.95	$	.92
Diluted income per common share:
Net income attributable to Commerce Bancshares, Inc.	$	119,452	$	118,154
Less income allocated to nonvested restricted stock	1,054		1,068
Net income allocated to common stock	$	118,398	$	117,086
Weighted average common shares outstanding	124,004		126,341
Net effect of the assumed exercise of stock-based awards - based on the treasury stock method using the average market price for the respective periods	255		306
Weighted average diluted common shares outstanding	124,259		126,647
Diluted income per common share	$	.95	$	.92

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Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023	$	(1,124,915)	$	(17,186)	$	55,237	$	(1,086,864)
Other comprehensive income (loss) before reclassifications to current earnings	186,868		—		9,225		196,093
Amounts reclassified to current earnings from accumulated other comprehensive income	3,088		360		(4,385)		(937)
Current period other comprehensive income (loss), before tax	189,956		360		4,840		195,156
Income tax (expense) benefit	(47,490)		(90)		(1,210)		(48,790)
Current period other comprehensive income (loss), net of tax	142,466		270		3,630		146,366
Balance March 31, 2023	$	(982,449)	$	(16,916)	$	58,867	$	(940,498)
Balance January 1, 2022	$	23,174	$	(20,668)	$	74,574	$	77,080
Other comprehensive income (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)

(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, 2023

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, 2023
Net interest income	$	96,854	$	116,166	$	17,540	$	230,560	$	21,063	$	251,623
Provision for credit losses	(6,306)		(393)		(13)		(6,712)		(4,744)		(11,456)
Non-interest income	24,303		58,324		52,944		135,571		2,041		137,612
Investment securities gains (losses), net	—		—		—		—		(306)		(306)
Non-interest expense	(77,326)		(93,623)		(39,636)		(210,585)		(13,522)		(224,107)
Income before income taxes	$	37,525	$	80,474	$	30,835	$	148,834	$	4,532	$	153,366
Three Months Ended March 31, 2022
Net interest income	$	86,818	$	108,953	$	18,869	$	214,640	$	(5,854)	$	208,786
Provision for credit losses	(4,504)		(82)		(26)		(4,612)		14,470		9,858
Non-interest income	26,415		53,651		53,206		133,272		(1,503)		131,769
Investment securities gains (losses), net	—		—		—		—		7,163		7,163
Non-interest expense	(74,823)		(89,506)		(36,288)		(200,617)		(5,031)		(205,648)
Income before income taxes	$	33,906	$	73,016	$	35,761	$	142,683	$	9,245	$	151,928

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Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instrument Detail [Abstract]

Schedule Of Notional Amounts Of Derivative Instruments

(In thousands)	March 31, 2023		December 31, 2022
Interest rate swaps	$	1,987,051	$	1,981,821
Interest rate floors	1,500,000		1,000,000
Interest rate caps	152,784		152,784
Credit risk participation agreements	577,922		579,925
Foreign exchange contracts	15,335		27,991
Mortgage loan commitments	362		—
Mortgage loan forward sale contracts	3,290		—
Forward TBA contracts	3,500		—
Total notional amount	$	4,240,244	$	3,742,521

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 15 on Fair Value Measurements.

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, 2023 in the table below, the positive fair values of cleared swaps were reduced by $11.4 million. At December 31, 2022, positive fair values of cleared swaps were reduced by $27.8 million.

	Asset Derivatives				Liability Derivatives
	Mar. 31, 2023		Dec. 31, 2022		Mar. 31, 2023		Dec. 31, 2022
(In thousands)	Fair Value				Fair Value
Derivatives designated as hedging instruments:
Interest rate floors	$	68,495	$	33,371	$	—	$	—
Total derivatives designated as hedging instruments	$	68,495	$	33,371	$	—	$	—
Derivative instruments not designated as hedging instruments:
Interest rate swaps	$	28,960	$	23,894	$	(40,352)	$	(51,742)
Interest rate caps	2,222		2,705		(2,222)		(2,705)
Credit risk participation agreements	44		34		(148)		(119)
Foreign exchange contracts	359		488		(310)		(418)
Mortgage loan commitments	77		—		—		—
Mortgage loan forward sale contracts	—		—		(1)		—
Forward TBA contracts	—		—		(35)		—
Total derivatives not designated as hedging instruments	$	31,662	$	27,121	$	(43,068)	$	(54,984)
Total	$	100,157	$	60,492	$	(43,068)	$	(54,984)

Summary of Cash Flow Hedge Activity [Table Text Block]

The Company made an election to exclude the initial premiums paid on the interest rate floors from the hedge effectiveness measurement. Those initial premiums are amortized over the periods between the premium payment month and the contract maturity month. The pre-tax effects of the gains and losses (both the included and excluded amounts for hedge effectiveness assessment) recognized in the other comprehensive income from the cash flow hedging instruments and the amounts reclassified from accumulated other comprehensive income into income (both included and excluded amounts for hedge effectiveness measurement) are shown in the table 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, 2023
Derivatives in cash flow hedging relationships:
Interest rate floors	$	9,225	$	—	$	9,225	Interest and fees on loans	$	4,385	$	7,444	$	(3,059)
Total	$	9,225	$	—	$	9,225	Total	$	4,385	$	7,444	$	(3,059)
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)

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

The gain and loss recognized through various derivative instruments on the consolidated statements of income are shown in the table below.

	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)		2023		2022
Derivative instruments:
Interest rate swaps	Other non-interest income	$	623	$	812
Interest rate caps	Other non-interest income	—		16
Credit risk participation agreements	Other non-interest income	(19)		(10)
Foreign exchange contracts	Other non-interest income	(20)		(14)
Mortgage loan commitments	Loan fees and sales	77		(485)
Mortgage loan forward sale contracts	Loan fees and sales	(1)		—
Forward TBA contracts	Loan fees and sales	1		1,243
Total		$	661	$	1,562

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, 2023
Assets:
Derivatives subject to master netting agreements	$	100,005	$	—	$	100,005	$	(2,255)	$	(93,822)	$	3,928
Derivatives not subject to master netting agreements	152		—		152
Total derivatives	$	100,157	$	—	$	100,157
Liabilities:
Derivatives subject to master netting agreements	$	42,694	$	—	$	42,694	$	(2,255)	$	—	$	40,439
Derivatives not subject to master netting agreements	374		—		374
Total derivatives	$	43,068	$	—	$	43,068
December 31, 2022
Assets:
Derivatives subject to master netting agreements	$	60,270	$	—	$	60,270	$	(1,007)	$	(56,816)	$	2,447
Derivatives not subject to master netting agreements	222		—		222
Total derivatives	$	60,492	$	—	$	60,492
Liabilities:
Derivatives subject to master netting agreements	$	54,609	$	—	$	54,609	$	(1,007)	$	—	$	53,602
Derivatives not subject to master netting agreements	375		—		375
Total derivatives	$	54,984	$	—	$	54,984

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Resale and Repurchase Agreements (Tables)

3 Months Ended

Mar. 31, 2023

Resale and Repurchase Agreements [Abstract]

Resale and Repurchase Agreements [Table Text Block]

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, 2023
Total resale agreements, subject to master netting arrangements	$	1,025,000	$	(200,000)	$	825,000	$	—	$	(825,000)	$	—
Total repurchase agreements, subject to master netting arrangements	2,228,089		(200,000)		2,028,089		—		(2,028,089)		—
December 31, 2022
Total resale agreements, subject to master netting arrangements	$	1,025,000	$	(200,000)	$	825,000	$	—	$	(825,000)	$	—
Total repurchase agreements, subject to master netting arrangements	2,881,874		(200,000)		2,681,874		—		(2,681,874)		—

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

The table below shows the remaining contractual maturities of repurchase agreements outstanding at March 31, 2023 and December 31, 2022, 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, 2023
Repurchase agreements, secured by:
U.S. government and federal agency obligations	$	194,757	$	13,602	$	19,278	$	227,637
Agency mortgage-backed securities	1,472,769		14,743		205,000		1,692,512
Non-agency mortgage-backed securities	11,818		—		—		11,818
Asset-backed securities	294,161		—		—		294,161
Other debt securities	1,961		—		—		1,961
Total repurchase agreements, gross amount recognized	$	1,975,466	$	28,345	$	224,278	$	2,228,089
December 31, 2022
Repurchase agreements, secured by:
U.S. government and federal agency obligations	$	488,053	$	26,928	$	12,460	$	527,441
Agency mortgage-backed securities	1,792,314		21,744		204,500		2,018,558
Non-agency mortgage-backed securities	40,950		—		—		40,950
Asset-backed securities	293,001		—		—		293,001
Other debt securities	1,924		—		—		1,924
Total repurchase agreements, gross amount recognized	$	2,616,242	$	48,672	$	216,960	$	2,881,874

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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

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, 2023, and changes during the three month period then ended, is presented below.

	Shares	Weighted Average Grant Date Fair Value
Nonvested at January 1, 2023	1,148,873	$58.20
Granted	247,082	65.63
Vested	(284,800)	50.62
Forfeited	(2,238)	61.82
Nonvested at March 31, 2023	1,108,917	$61.79

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	$18.65
Assumptions:
Dividend yield	1.6	%
Volatility	27.9	%
Risk-free interest rate	3.9	%
Expected term	5.8 years

Summary Of SAR Activity

A summary of SAR activity during the first three months of 2023 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, 2023	948,727	$46.82
Granted	89,829	65.64
Forfeited	(555)	60.00
Exercised	(40,976)	25.88
Outstanding at March 31, 2023	997,025	$49.37	5.6 years	$11,094

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Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue [Table Text Block]

The following table disaggregates revenue from contracts with customers by major product line.

	Three Months Ended March 31
(In thousands)	2023		2022
Bank card transaction fees	$	46,654	$	42,045
Trust fees	45,328		47,811
Deposit account charges and other fees	21,752		22,307
Consumer brokerage services	5,085		4,446
Other non-interest income	8,339		4,495
Total non-interest income from contracts with customers	127,158		121,104
Other non-interest income (1)	10,454		10,665
Total non-interest income	$	137,612	$	131,769

(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, 2023 and 2022 for the Company’s significant revenue from contracts with customers.

(In thousands)	March 31, 2023		December 31, 2022		March 31, 2022		December 31, 2021
Bank card transaction fees	$	15,585	$	17,254	$	14,171	$	16,424
Trust fees	2,098		2,038		2,094		2,222
Deposit account charges and other fees	5,398		6,631		5,452		6,702
Consumer brokerage services	773		949		324		391

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Measurements [Abstract]

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

The table below presents the March 31, 2023 and December 31, 2022 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 2023 or the year ended December 31, 2022.

			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, 2023
Assets:
Residential mortgage loans held for sale	$	684	$	—	$	684	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	1,020,223		1,020,223		—		—
Government-sponsored enterprise obligations	44,414		—		44,414		—
State and municipal obligations	1,453,814		—		1,452,900		914
Agency mortgage-backed securities	4,271,563		—		4,271,563		—
Non-agency mortgage-backed securities	1,207,969		—		1,207,969		—
Asset-backed securities	2,763,578		—		2,763,578		—
Other debt securities	467,055		—		467,055		—
Trading debt securities	41,584		500		41,084		—
Equity securities	6,083		6,083		—		—
Private equity investments	163,418		—		—		163,418
Derivatives *	100,157		—		100,036		121
Assets held in trust for deferred compensation plan	18,656		18,656		—		—
Total assets	11,559,198		1,045,462		10,349,283		164,453
Liabilities:
Derivatives *	43,068		—		42,920		148
Liabilities held in trust for deferred compensation plan	18,656		18,656		—		—
Total liabilities	$	61,724	$	18,656	$	42,920	$	148
December 31, 2022
Assets:
Residential mortgage loans held for sale	$	—	$	—	$	—	$	—
Available for sale debt securities:
U.S. government and federal agency obligations	1,035,406		1,035,406		—		—
Government-sponsored enterprise obligations	43,108		—		43,108		—
State and municipal obligations	1,767,109		—		1,765,268		1,841
Agency mortgage-backed securities	4,308,427		—		4,308,427		—
Non-agency mortgage-backed securities	1,211,607		—		1,211,607		—
Asset-backed securities	3,397,801		—		3,397,801		—
Other debt securities	474,858		—		474,858		—
Trading debt securities	43,523		—		43,523		—
Equity securities	6,210		6,210		—		—
Private equity investments	178,127		—		—		178,127
Derivatives *	60,492		—		60,458		34
Assets held in trust for deferred compensation plan	17,856		17,856		—		—
Total assets	12,544,524		1,059,472		11,305,050		180,002
Liabilities:
Derivatives *	54,984		—		54,865		119
Liabilities held in trust for deferred compensation plan	17,856		17,856		—		—
Total liabilities	$	72,840	$	17,856	$	54,865	$	119

* 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, 2023
Balance January 1, 2023	$	1,841	$	178,127	$	(85)	$	179,883
Total gains or losses (realized/unrealized):
Included in earnings	—		2,251		58		2,309
Included in other comprehensive income *	26		—		—		26
Investment securities called	(1,000)		—		—		(1,000)
Discount accretion	47		—		—		47
Purchases of private equity investments	—		10,532		—		10,532
Sale/pay down of private equity investments	—		(27,492)		—		(27,492)
Balance March 31, 2023	$	914	$	163,418	$	(27)	$	164,305
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2023	$	—	$	2,251	$	58	$	2,309
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2023	$	4	$	—	$	—	$	4
For the three months ended March 31, 2022
Balance January 1, 2022	$	1,984	$	147,406	$	571	$	149,961
Total gains or losses (realized/unrealized):
Included in earnings	—		7,450		(495)		6,955
Included in other comprehensive income *	(83)		—		—		(83)
Discount accretion	1		—		—		1
Purchases of private equity investments	—		300		—		300
Sale/pay down of private equity investments	—		(1,745)		—		(1,745)
Purchase of risk participation agreement	—		—		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)

* Included in "net unrealized gains (losses) on available for sale debt 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, 2023
Total gains or losses included in earnings	$	77	$	(19)	$	2,251	$	2,309
Change in unrealized gains or losses relating to assets still held at March 31, 2023	$	77	$	(19)	$	2,251	$	2,309
For the three months ended March 31, 2022
Total gains or losses included in earnings	$	(485)	$	(10)	$	7,450	$	6,955
Change in unrealized gains or losses relating to assets still held at March 31, 2022	$	279	$	(12)	$	7,450	$	7,717

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 investments in portfolio concerns held by the Company's private equity subsidiaries and held for sale residential mortgage loan commitments. 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*
Private equity investments	Market comparable companies	EBITDA multiple	4.0	-	6.0	5.2
Mortgage loan commitments	Discounted cash flow	Probability of funding	62.6%	-	100.0%	78.3%
		Embedded servicing value	.7%	-	1.6%	1.2%

* 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 2023 and 2022, and still held as of March 31, 2023 and 2022, 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, 2023 and 2022.

			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, 2023
Collateral dependent loans	$	1,819	$	—	$	—	$	1,819	$	425
March 31, 2022
Mortgage servicing rights	$	11,360	$	—	$	—	$	11,360	$	304
Long- lived assets	497		—		—		497		(965)

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 at March 31, 2023 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	9.51		%	-	9.71		%	9.58		%
		Prepayment speeds (CPR)*	6.33		%	-	7.47		%	6.53		%
		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, 2023

Fair Value Of Financial Instruments [Abstract]

Fair value of financial instruments [Table Text Block]

	Carrying Amount		Estimated Fair Value at March 31, 2023
(In thousands)			Level 1		Level 2		Level 3		Total
Financial Assets
Loans:
Business	$	5,704,467	$	—	$	—	$	5,577,723	$	5,577,723
Real estate - construction and land	1,437,419		—		—		1,407,614		1,407,614
Real estate - business	3,486,543		—		—		3,383,813		3,383,813
Real estate - personal	2,952,042		—		—		2,700,721		2,700,721
Consumer	2,094,389		—		—		2,033,884		2,033,884
Revolving home equity	295,478		—		—		296,436		296,436
Consumer credit card	558,669		—		—		530,987		530,987
Overdrafts	6,515		—		—		6,372		6,372
Total loans	16,535,522		—		—		15,937,550		15,937,550
Loans held for sale	6,162		—		6,162		—		6,162
Investment securities	11,544,700		1,026,806		10,248,563		269,331		11,544,700
Federal funds sold	27,060		27,060		—		—		27,060
Securities purchased under agreements to resell	825,000		—		—		804,959		804,959
Interest earning deposits with banks	1,341,854		1,341,854		—		—		1,341,854
Cash and due from banks	351,210		351,210		—		—		351,210
Derivative instruments	100,157		—		100,036		121		100,157
Assets held in trust for deferred compensation plan	18,656		18,656		—		—		18,656
Total	$	30,750,321	$	2,765,586	$	10,354,761	$	17,011,961	$	30,132,308
Financial Liabilities
Non-interest bearing deposits	$	8,685,234	$	8,685,234	$	—	$	—	$	8,685,234
Savings, interest checking and money market deposits	14,419,741		14,419,741		—		—		14,419,741
Certificates of deposit	1,578,485		—		—		1,577,207		1,577,207
Federal funds purchased	756,470		756,470		—		—		756,470
Securities sold under agreements to repurchase	2,028,089		—		—		2,030,615		2,030,615
Other borrowings	1,506,817		2,930		3,887		1,500,000		1,506,817
Derivative instruments	43,068		—		42,920		148		43,068
Liabilities held in trust for deferred compensation plan	18,656		18,656		—		—		18,656
Total	$	29,036,560	$	23,883,031	$	46,807	$	5,107,970	$	29,037,808

	Carrying Amount		Estimated Fair Value at December 31, 2022
(In thousands)			Level 1		Level 2		Level 3		Total
Financial Assets
Loans:
Business	$	5,661,725	$	—	$	—	$	5,506,128	$	5,506,128
Real estate - construction and land	1,361,095		—		—		1,347,328		1,347,328
Real estate - business	3,406,981		—		—		3,289,655		3,289,655
Real estate - personal	2,918,078		—		—		2,654,423		2,654,423
Consumer	2,059,088		—		—		1,999,788		1,999,788
Revolving home equity	297,207		—		—		295,005		295,005
Consumer credit card	584,000		—		—		538,268		538,268
Overdrafts	14,957		—		—		14,666		14,666
Total loans	16,303,131		—		—		15,645,261		15,645,261
Loans held for sale	4,964		—		4,964		—		4,964
Investment securities	12,511,649		1,041,616		11,244,592		225,441		12,511,649
Federal funds sold	49,505		49,505		—		—		49,505
Securities purchased under agreements to resell	825,000		—		—		795,574		795,574
Interest earning deposits with banks	389,140		389,140		—		—		389,140
Cash and due from banks	452,496		452,496		—		—		452,496
Derivative instruments	60,492		—		60,458		34		60,492
Assets held in trust for deferred compensation plan	17,856		17,856		—		—		17,856
Total	$	30,614,233	$	1,950,613	$	11,310,014	$	16,666,310	$	29,926,937
Financial Liabilities
Non-interest bearing deposits	$	10,066,356	$	10,066,356	$	—	$	—	$	10,066,356
Savings, interest checking and money market deposits	15,126,981		15,126,981		—		—		15,126,981
Certificates of deposit	994,103		—		—		982,613		982,613
Federal funds purchased	159,860		159,860		—		—		159,860
Securities sold under agreements to repurchase	2,681,874		—		—		2,684,471		2,684,471
Other borrowings	8,831		—		8,831		—		8,831
Derivative instruments	54,984		—		54,865		119		54,984
Liabilities held in trust for deferred compensation plan	17,856		17,856		—		—		17,856
Total	$	29,110,845	$	25,371,053	$	63,696	$	3,667,203	$	29,101,952

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Loans And Allowance For Credit Losses (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Financing Receivable, Allowance for Credit Loss [Line Items]
Accrued Interest Receivable	$ 61,900,000		$ 55,500,000
Pledged Financial Instruments, Not Separately Reported, Loans Receivable, for Federal Home Loan Bank Debt	3,300,000,000
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			(661,000)
Commitments to lend additional funds to customers with restructured loans	$ 532,000		12,600,000
Financing Receivable, Modified, Minimum Term of Payment Deferral for Forbearance and Repayment Plans	3 months
Financing Receivable, Modified, Maximum Term of Payment Deferral for Forbearance and Repayment Plans	30 years
Residential mortgage loans held for sale	$ 684,000		0
Unpaid Principal Balance on Personal Real Estate Loans Held for Sale	666,000
Student Loans Held for Sale, Lower of Cost or Fair Value	5,300,000
HFS Loans on non accrual status	0
HFS loans 90 days past due and still accruing	0
Foreclosed real estate	167,000		96,000
Residential Real Estate Acquired Through Foreclosure through Obtaining Physical Possession	167,000		96,000
Personal property acquired in repossession	1,400,000		1,600,000
Business
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Nonaccrual, No Allowance	3,500,000		$ 3,800,000
Commercial Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Accrued Interest, Writeoff	34,000	$ 29,000
Personal Banking Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Accrued Interest, Writeoff	1,100,000	$ 899,000
Personal Banking Portfolio Segment [Member] | Consumer credit card
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Modified, Writeoff	$ 25,000

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Loans And Allowance For Credit Losses (Summary Classification Of Held To Maturity Loan Portfolio) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Loans And Allowance For Loan Losses [Line Items]
Held for Investment Loans	$ 16,535,522	$ 16,303,131
Business
Loans And Allowance For Loan Losses [Line Items]
Held for Investment Loans	5,704,467	5,661,725
Real estate - construction and land
Loans And Allowance For Loan Losses [Line Items]
Held for Investment Loans	1,437,419	1,361,095
Real estate - business
Loans And Allowance For Loan Losses [Line Items]
Held for Investment Loans	3,486,543	3,406,981
Real estate - personal
Loans And Allowance For Loan Losses [Line Items]
Held for Investment Loans	2,952,042	2,918,078
Consumer
Loans And Allowance For Loan Losses [Line Items]
Held for Investment Loans	2,094,389	2,059,088
Revolving Home Equity [Member]
Loans And Allowance For Loan Losses [Line Items]
Held for Investment Loans	295,478	297,207
Consumer credit card
Loans And Allowance For Loan Losses [Line Items]
Held for Investment Loans	558,669	584,000
Overdrafts
Loans And Allowance For Loan Losses [Line Items]
Held for Investment Loans	$ 6,515	$ 14,957

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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, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Credit Loss, Beginning Balance	$ 150,136	$ 150,044
Provision for credit losses on loans	15,948	(10,686)
Loans charged off	9,048	7,462
Recoveries on Loans	2,281	2,814
Net loan charge-offs (recoveries)	6,767	4,648
Allowance for Credit Loss, Ending Balance	159,317	134,710
Liability for Unfunded Lending Commitments, Beginning Balance	33,120	24,204
Provision for credit losses on unfunded lending commitments	(4,492)	828
Liability for Unfunded Lending Commitments, Ending Balance	28,628	25,032
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS	187,945	159,742
Commercial Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Credit Loss, Beginning Balance	103,293	97,776
Provision for credit losses on loans	5,548	(2,879)
Loans charged off	292	177
Recoveries on Loans	66	107
Net loan charge-offs (recoveries)	226	70
Allowance for Credit Loss, Ending Balance	108,615	94,827
Liability for Unfunded Lending Commitments, Beginning Balance	31,743	23,271
Provision for credit losses on unfunded lending commitments	(4,638)	509
Liability for Unfunded Lending Commitments, Ending Balance	27,105	23,780
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS	135,720	118,607
Personal Banking Portfolio Segment [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for Credit Loss, Beginning Balance	46,843	52,268
Provision for credit losses on loans	10,400	(7,807)
Loans charged off	8,756	7,285
Recoveries on Loans	2,215	2,707
Net loan charge-offs (recoveries)	6,541	4,578
Allowance for Credit Loss, Ending Balance	50,702	39,883
Liability for Unfunded Lending Commitments, Beginning Balance	1,377	933
Provision for credit losses on unfunded lending commitments	146	319
Liability for Unfunded Lending Commitments, Ending Balance	1,523	1,252
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS	$ 52,225	$ 41,135

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Loans And Allowance For Credit Losses (Aging Information On Past Due And Accruing Loans) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 Days Past Due	$ 16,460,749	$ 16,229,187
30 - 89 Days Past Due	52,172	49,808
90 Days Past Due and Still Accruing	14,800	15,830
Non-accrual loans	7,801	8,306
Total	16,535,522	16,303,131
Business
Loans And Allowance For Loan Losses [Line Items]
Total	5,704,467	5,661,725
Real estate - construction and land
Loans And Allowance For Loan Losses [Line Items]
Total	1,437,419	1,361,095
Real estate - business
Loans And Allowance For Loan Losses [Line Items]
Total	3,486,543	3,406,981
Real estate - personal
Loans And Allowance For Loan Losses [Line Items]
Total	2,952,042	2,918,078
Consumer
Loans And Allowance For Loan Losses [Line Items]
Total	2,094,389	2,059,088
Revolving Home Equity [Member]
Loans And Allowance For Loan Losses [Line Items]
Total	295,478	297,207
Consumer credit card
Loans And Allowance For Loan Losses [Line Items]
Total	558,669	584,000
Overdrafts
Loans And Allowance For Loan Losses [Line Items]
Total	6,515	14,957
Commercial Portfolio Segment [Member] | Business
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 Days Past Due	5,692,966	5,652,710
30 - 89 Days Past Due	4,644	1,759
90 Days Past Due and Still Accruing	496	505
Non-accrual loans	6,361	6,751
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	1,432,344	1,361,095
30 - 89 Days Past Due	4,646	0
90 Days Past Due and Still Accruing	429	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	3,483,425	3,406,207
30 - 89 Days Past Due	2,947	585
90 Days Past Due and Still Accruing	0	0
Non-accrual loans	171	189
Personal Banking Portfolio Segment [Member] | Real estate - personal
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 Days Past Due	2,937,474	2,895,742
30 - 89 Days Past Due	8,375	14,289
90 Days Past Due and Still Accruing	4,924	6,681
Non-accrual loans	1,269	1,366
Personal Banking Portfolio Segment [Member] | Consumer
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 Days Past Due	2,067,340	2,031,827
30 - 89 Days Past Due	25,134	25,089
90 Days Past Due and Still Accruing	1,915	2,172
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	293,783	295,303
30 - 89 Days Past Due	846	1,201
90 Days Past Due and Still Accruing	849	703
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	547,228	572,213
30 - 89 Days Past Due	5,254	6,238
90 Days Past Due and Still Accruing	6,187	5,549
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	6,189	14,090
30 - 89 Days Past Due	326	647
90 Days Past Due and Still Accruing	0	220
Non-accrual loans	$ 0	$ 0

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Loans And Allowance For Credit Losses (Credit Quality Indicators Commercial Loan Portfolio) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Credit Quality Indicator [Line Items]
Loans charged off	$ 9,048	$ 7,462
Commercial Portfolio Segment [Member]
Credit Quality Indicator [Line Items]
Current Fiscal Year	935,130		$ 3,096,706
Fiscal Year before Current Fiscal Year	2,975,044		2,060,412
Two Years before Current Fiscal Year	1,886,276		1,219,682
Three Years before Current Fiscal Year	995,329		834,144
Four Years before Current Fiscal Year	773,318		393,625
Prior	894,958		566,436
Revolving Loans Amortized Cost Basis	2,168,374		2,258,796
Total	10,628,429		10,429,801
Loans charged off	292	$ 177
Financing Receivable, Revolving, Writeoff	292
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff	0
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff	0
Commercial Portfolio Segment [Member] | Business
Credit Quality Indicator [Line Items]
Current Fiscal Year	542,171		1,465,536
Fiscal Year before Current Fiscal Year	1,276,282		796,948
Two Years before Current Fiscal Year	733,006		472,643
Three Years before Current Fiscal Year	399,577		361,945
Four Years before Current Fiscal Year	335,455		182,044
Prior	386,638		233,171
Revolving Loans Amortized Cost Basis	2,031,338		2,149,438
Total	5,704,467		5,661,725
Loans charged off	292
Financing Receivable, Revolving, Writeoff	292
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff	0
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff	0
Commercial Portfolio Segment [Member] | Real estate - construction and land
Credit Quality Indicator [Line Items]
Current Fiscal Year	163,916		538,374
Fiscal Year before Current Fiscal Year	554,793		615,959
Two Years before Current Fiscal Year	549,106		129,632
Three Years before Current Fiscal Year	83,653		27,331
Four Years before Current Fiscal Year	27,431		16,071
Prior	30,973		15,169
Revolving Loans Amortized Cost Basis	27,547		18,559
Total	1,437,419		1,361,095
Loans charged off	0
Financing Receivable, Revolving, Writeoff	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff	0
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff	0
Commercial Portfolio Segment [Member] | Real estate - business
Credit Quality Indicator [Line Items]
Current Fiscal Year	229,043		1,092,796
Fiscal Year before Current Fiscal Year	1,143,969		647,505
Two Years before Current Fiscal Year	604,164		617,407
Three Years before Current Fiscal Year	512,099		444,868
Four Years before Current Fiscal Year	410,432		195,510
Prior	477,347		318,096
Revolving Loans Amortized Cost Basis	109,489		90,799
Total	3,486,543		3,406,981
Loans charged off	0
Financing Receivable, Revolving, Writeoff	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff	0
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff	0
Commercial Portfolio Segment [Member] | Pass [Member]
Credit Quality Indicator [Line Items]
Current Fiscal Year	912,832		3,079,877
Fiscal Year before Current Fiscal Year	2,957,489		1,995,390
Two Years before Current Fiscal Year	1,839,008		1,149,481
Three Years before Current Fiscal Year	953,684		812,816
Four Years before Current Fiscal Year	750,761		345,308
Prior	774,542		492,661
Revolving Loans Amortized Cost Basis	2,145,747		2,255,738
Total	10,334,063		10,131,271
Commercial Portfolio Segment [Member] | Pass [Member] | Business
Credit Quality Indicator [Line Items]
Current Fiscal Year	526,988		1,456,476
Fiscal Year before Current Fiscal Year	1,268,330		782,409
Two Years before Current Fiscal Year	716,669		464,201
Three Years before Current Fiscal Year	374,953		360,844
Four Years before Current Fiscal Year	334,438		180,375
Prior	369,983		219,053
Revolving Loans Amortized Cost Basis	2,008,711		2,146,380
Total	5,600,072		5,609,738
Commercial Portfolio Segment [Member] | Pass [Member] | Real estate - construction and land
Credit Quality Indicator [Line Items]
Current Fiscal Year	156,801		538,022
Fiscal Year before Current Fiscal Year	552,570		596,465
Two Years before Current Fiscal Year	549,106		129,632
Three Years before Current Fiscal Year	83,653		27,331
Four Years before Current Fiscal Year	27,431		1,305
Prior	3,235		2,029
Revolving Loans Amortized Cost Basis	27,547		18,559
Total	1,400,343		1,313,343
Commercial Portfolio Segment [Member] | Pass [Member] | Real estate - business
Credit Quality Indicator [Line Items]
Current Fiscal Year	229,043		1,085,379
Fiscal Year before Current Fiscal Year	1,136,589		616,516
Two Years before Current Fiscal Year	573,233		555,648
Three Years before Current Fiscal Year	495,078		424,641
Four Years before Current Fiscal Year	388,892		163,628
Prior	401,324		271,579
Revolving Loans Amortized Cost Basis	109,489		90,799
Total	3,333,648		3,208,190
Commercial Portfolio Segment [Member] | Special Mention [Member]
Credit Quality Indicator [Line Items]
Current Fiscal Year	21,171		8,073
Fiscal Year before Current Fiscal Year	6,368		2,548
Two Years before Current Fiscal Year	4,460		8,375
Three Years before Current Fiscal Year	7,935		10,800
Four Years before Current Fiscal Year	10,129		1,043
Prior	2,878		279
Revolving Loans Amortized Cost Basis	676		1,319
Total	53,617		32,437
Commercial Portfolio Segment [Member] | Special Mention [Member] | Business
Credit Quality Indicator [Line Items]
Current Fiscal Year	14,056		3,113
Fiscal Year before Current Fiscal Year	1,606		2,548
Two Years before Current Fiscal Year	4,460		7,757
Three Years before Current Fiscal Year	7,330		1,063
Four Years before Current Fiscal Year	513		67
Prior	1,643		0
Revolving Loans Amortized Cost Basis	676		1,319
Total	30,284		15,867
Commercial Portfolio Segment [Member] | Special Mention [Member] | Real estate - construction and land
Credit Quality Indicator [Line Items]
Current Fiscal Year	7,115		352
Fiscal Year before Current Fiscal Year	207		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	7,322		352
Commercial Portfolio Segment [Member] | Special Mention [Member] | Real estate - business
Credit Quality Indicator [Line Items]
Current Fiscal Year	0		4,608
Fiscal Year before Current Fiscal Year	4,555		0
Two Years before Current Fiscal Year	0		618
Three Years before Current Fiscal Year	605		9,737
Four Years before Current Fiscal Year	9,616		976
Prior	1,235		279
Revolving Loans Amortized Cost Basis	0		0
Total	16,011		16,218
Commercial Portfolio Segment [Member] | Substandard [Member]
Credit Quality Indicator [Line Items]
Current Fiscal Year	1,127		8,547
Fiscal Year before Current Fiscal Year	11,015		60,442
Two Years before Current Fiscal Year	40,945		61,826
Three Years before Current Fiscal Year	33,677		10,527
Four Years before Current Fiscal Year	12,427		46,358
Prior	113,146		69,714
Revolving Loans Amortized Cost Basis	21,880		1,739
Total	234,217		259,153
Commercial Portfolio Segment [Member] | Substandard [Member] | Business
Credit Quality Indicator [Line Items]
Current Fiscal Year	1,127		5,752
Fiscal Year before Current Fiscal Year	6,188		10,004
Two Years before Current Fiscal Year	10,059		685
Three Years before Current Fiscal Year	17,261		37
Four Years before Current Fiscal Year	503		810
Prior	10,732		10,342
Revolving Loans Amortized Cost Basis	21,880		1,739
Total	67,750		29,369
Commercial Portfolio Segment [Member] | Substandard [Member] | Real estate - construction and land
Credit Quality Indicator [Line Items]
Current Fiscal Year	0		0
Fiscal Year before Current Fiscal Year	2,016		19,494
Two Years before Current Fiscal Year	0		0
Three Years before Current Fiscal Year	0		0
Four Years before Current Fiscal Year	0		14,766
Prior	27,738		13,140
Revolving Loans Amortized Cost Basis	0		0
Total	29,754		47,400
Commercial Portfolio Segment [Member] | Substandard [Member] | Real estate - business
Credit Quality Indicator [Line Items]
Current Fiscal Year	0		2,795
Fiscal Year before Current Fiscal Year	2,811		30,944
Two Years before Current Fiscal Year	30,886		61,141
Three Years before Current Fiscal Year	16,416		10,490
Four Years before Current Fiscal Year	11,924		30,782
Prior	74,676		46,232
Revolving Loans Amortized Cost Basis	0		0
Total	136,713		182,384
Commercial Portfolio Segment [Member] | Non-Accrual [Member]
Credit Quality Indicator [Line Items]
Current Fiscal Year	0		209
Fiscal Year before Current Fiscal Year	172		2,032
Two Years before Current Fiscal Year	1,863		0
Three Years before Current Fiscal Year	33		1
Four Years before Current Fiscal Year	1		916
Prior	4,392		3,782
Revolving Loans Amortized Cost Basis	71		0
Total	6,532		6,940
Commercial Portfolio Segment [Member] | Non-Accrual [Member] | Business
Credit Quality Indicator [Line Items]
Current Fiscal Year	0		195
Fiscal Year before Current Fiscal Year	158		1,987
Two Years before Current Fiscal Year	1,818		0
Three Years before Current Fiscal Year	33		1
Four Years before Current Fiscal Year	1		792
Prior	4,280		3,776
Revolving Loans Amortized Cost Basis	71		0
Total	6,361		6,751
Commercial Portfolio Segment [Member] | Non-Accrual [Member] | Real estate - business
Credit Quality Indicator [Line Items]
Current Fiscal Year	0		14
Fiscal Year before Current Fiscal Year	14		45
Two Years before Current Fiscal Year	45		0
Three Years before Current Fiscal Year	0		0
Four Years before Current Fiscal Year	0		124
Prior	112		6
Revolving Loans Amortized Cost Basis	0		0
Total	$ 171		$ 189

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Loans And Allowance for Credit Losses (Credit Quality Indicators Personal Banking Loan Portfolio) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Credit Quality Indicator [Line Items]
Loans charged off	$ 9,048	$ 7,462
Personal Banking Portfolio Segment [Member]
Credit Quality Indicator [Line Items]
Current Fiscal Year	278,497		$ 1,087,509
Fiscal Year before Current Fiscal Year	944,199		968,994
Two Years before Current Fiscal Year	926,004		991,093
Three Years before Current Fiscal Year	954,552		397,621
Four Years before Current Fiscal Year	376,585		170,158
Prior	762,256		634,299
Revolving Loans Amortized Cost Basis	1,665,000		1,623,656
Total	5,907,093		5,873,330
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff	1,195
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff	519
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff	505
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	279
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff	127
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff	177
Financing Receivable, Revolving, Writeoff	5,954
Loans charged off	8,756	7,285
Personal Banking Portfolio Segment [Member] | Real estate - personal
Credit Quality Indicator [Line Items]
Current Fiscal Year	113,590		535,797
Fiscal Year before Current Fiscal Year	513,235		590,625
Two Years before Current Fiscal Year	579,915		785,041
Three Years before Current Fiscal Year	771,176		290,830
Four Years before Current Fiscal Year	285,002		133,795
Prior	678,915		571,816
Revolving Loans Amortized Cost Basis	10,209		10,174
Total	2,952,042		2,918,078
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff	18
Financing Receivable, Revolving, Writeoff	0
Loans charged off	18
Personal Banking Portfolio Segment [Member] | Consumer
Credit Quality Indicator [Line Items]
Current Fiscal Year	158,392		536,755
Fiscal Year before Current Fiscal Year	430,964		378,369
Two Years before Current Fiscal Year	346,089		206,052
Three Years before Current Fiscal Year	183,376		106,791
Four Years before Current Fiscal Year	91,583		36,363
Prior	83,341		62,483
Revolving Loans Amortized Cost Basis	800,644		732,275
Total	2,094,389		2,059,088
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff	519
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff	505
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	279
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff	127
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff	159
Financing Receivable, Revolving, Writeoff	270
Loans charged off	1,859
Personal Banking Portfolio Segment [Member] | 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	295,478		297,207
Total	295,478		297,207
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Revolving, Writeoff	0
Loans charged off	0
Personal Banking Portfolio Segment [Member] | 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	558,669		584,000
Total	558,669		584,000
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Revolving, Writeoff	5,684
Loans charged off	5,684
Personal Banking Portfolio Segment [Member] | Overdrafts
Credit Quality Indicator [Line Items]
Current Fiscal Year	6,515		14,957
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	6,515		14,957
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff	1,195
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Revolving, Writeoff	0
Loans charged off	1,195
Personal Banking Portfolio Segment [Member] | Current to 90 Days Past Due
Credit Quality Indicator [Line Items]
Current Fiscal Year	278,497		1,086,449
Fiscal Year before Current Fiscal Year	943,462		967,776
Two Years before Current Fiscal Year	924,748		989,500
Three Years before Current Fiscal Year	953,065		397,313
Four Years before Current Fiscal Year	376,356		168,401
Prior	758,499		630,635
Revolving Loans Amortized Cost Basis	1,657,322		1,616,565
Total	5,891,949		5,856,639
Personal Banking Portfolio Segment [Member] | Current to 90 Days Past Due | Real estate - personal
Credit Quality Indicator [Line Items]
Current Fiscal Year	113,590		535,283
Fiscal Year before Current Fiscal Year	512,841		589,658
Two Years before Current Fiscal Year	578,969		783,651
Three Years before Current Fiscal Year	769,804		290,580
Four Years before Current Fiscal Year	284,835		132,305
Prior	675,601		568,380
Revolving Loans Amortized Cost Basis	10,209		10,174
Total	2,945,849		2,910,031
Personal Banking Portfolio Segment [Member] | Current to 90 Days Past Due | Consumer
Credit Quality Indicator [Line Items]
Current Fiscal Year	158,392		536,429
Fiscal Year before Current Fiscal Year	430,621		378,118
Two Years before Current Fiscal Year	345,779		205,849
Three Years before Current Fiscal Year	183,261		106,733
Four Years before Current Fiscal Year	91,521		36,096
Prior	82,898		62,255
Revolving Loans Amortized Cost Basis	800,002		731,436
Total	2,092,474		2,056,916
Personal Banking Portfolio Segment [Member] | 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	294,629		296,504
Total	294,629		296,504
Personal Banking Portfolio Segment [Member] | 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	552,482		578,451
Total	552,482		578,451
Personal Banking Portfolio Segment [Member] | Current to 90 Days Past Due | Overdrafts
Credit Quality Indicator [Line Items]
Current Fiscal Year	6,515		14,737
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	6,515		14,737
Personal Banking Portfolio Segment [Member] | Over 90 days past due
Credit Quality Indicator [Line Items]
Current Fiscal Year	0		1,060
Fiscal Year before Current Fiscal Year	737		1,218
Two Years before Current Fiscal Year	1,256		1,541
Three Years before Current Fiscal Year	1,487		139
Four Years before Current Fiscal Year	62		1,655
Prior	2,655		2,621
Revolving Loans Amortized Cost Basis	7,678		7,091
Total	13,875		15,325
Personal Banking Portfolio Segment [Member] | Over 90 days past due | Real estate - personal
Credit Quality Indicator [Line Items]
Current Fiscal Year	0		514
Fiscal Year before Current Fiscal Year	394		967
Two Years before Current Fiscal Year	946		1,338
Three Years before Current Fiscal Year	1,372		81
Four Years before Current Fiscal Year	0		1,388
Prior	2,212		2,393
Revolving Loans Amortized Cost Basis	0		0
Total	4,924		6,681
Personal Banking Portfolio Segment [Member] | Over 90 days past due | Consumer
Credit Quality Indicator [Line Items]
Current Fiscal Year	0		326
Fiscal Year before Current Fiscal Year	343		251
Two Years before Current Fiscal Year	310		203
Three Years before Current Fiscal Year	115		58
Four Years before Current Fiscal Year	62		267
Prior	443		228
Revolving Loans Amortized Cost Basis	642		839
Total	1,915		2,172
Personal Banking Portfolio Segment [Member] | 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	849		703
Total	849		703
Personal Banking Portfolio Segment [Member] | 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	6,187		5,549
Total	6,187		5,549
Personal Banking Portfolio Segment [Member] | Over 90 days past due | Overdrafts
Credit Quality Indicator [Line Items]
Current Fiscal Year	0		220
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	0		220
Personal Banking Portfolio Segment [Member] | Non-Accrual [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		52
Three Years before Current Fiscal Year	0		169
Four Years before Current Fiscal Year	167		102
Prior	1,102		1,043
Revolving Loans Amortized Cost Basis	0		0
Total	1,269		1,366
Personal Banking Portfolio Segment [Member] | Non-Accrual [Member] | Real estate - personal
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		52
Three Years before Current Fiscal Year	0		169
Four Years before Current Fiscal Year	167		102
Prior	1,102		1,043
Revolving Loans Amortized Cost Basis	0		0
Total	1,269		1,366
Commercial Portfolio Segment [Member]
Credit Quality Indicator [Line Items]
Current Fiscal Year	935,130		3,096,706
Fiscal Year before Current Fiscal Year	2,975,044		2,060,412
Two Years before Current Fiscal Year	1,886,276		1,219,682
Three Years before Current Fiscal Year	995,329		834,144
Four Years before Current Fiscal Year	773,318		393,625
Prior	894,958		566,436
Revolving Loans Amortized Cost Basis	2,168,374		2,258,796
Total	10,628,429		$ 10,429,801
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff	0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff	0
Financing Receivable, Revolving, Writeoff	292
Loans charged off	$ 292	$ 177

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Loans And Allowance for Credit Losses (Collateral-Dependent Loans) (Details) - Commercial Portfolio Segment [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Credit Quality Indicator [Line Items]
Total	$ 4,282	$ 4,602
Business
Credit Quality Indicator [Line Items]
Business	4,282	4,602
Business Assets
Credit Quality Indicator [Line Items]
Total	2,611	2,778
Business Assets | Business
Credit Quality Indicator [Line Items]
Business	2,611	2,778
Oil & Gas Assets
Credit Quality Indicator [Line Items]
Total	1,671	1,824
Oil & Gas Assets | Business
Credit Quality Indicator [Line Items]
Business	$ 1,671	$ 1,824

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Loans And Allowance For Credit Losses (Summary Of Loans In The Personal Banking Portfolio Percentage Of Balances Outstanding by FICO Score ) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Loans And Allowance For Loan Losses [Line Items]
Credit Quality Personal Real Estate Loans Excluded	$ 178.1	$ 179.2
Consumer Healthcare Loans Excluded	$ 195.5	$ 197.5
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	1.80%	1.40%
Real estate - personal | 600 - 659
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	2.50%	2.20%
Real estate - personal | 660 - 719
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	9.20%	8.10%
Real estate - personal | 720 - 779
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	21.80%	23.70%
Real estate - personal | 780 and over
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	64.70%	64.60%
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	2.60%	2.20%
Consumer | 600 - 659
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	4.00%	4.20%
Consumer | 660 - 719
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	13.60%	14.50%
Consumer | 720 - 779
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	29.20%	26.70%
Consumer | 780 and over
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	50.60%	52.40%
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	1.80%	1.50%
Revolving Home Equity [Member] | 600 - 659
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	3.30%	2.80%
Revolving Home Equity [Member] | 660 - 719
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	9.80%	9.70%
Revolving Home Equity [Member] | 720 - 779
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	21.70%	21.40%
Revolving Home Equity [Member] | 780 and over
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	63.40%	64.60%
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	4.20%	3.40%
Consumer credit card | 600 - 659
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	11.90%	11.40%
Consumer credit card | 660 - 719
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	30.90%	30.80%
Consumer credit card | 720 - 779
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	27.50%	27.10%
Consumer credit card | 780 and over
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category	25.50%	27.30%

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Loans And Allowance For Credit Losses (Modified Amortized Cost) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	$ 28,831
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage	0.20%
Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	$ 26,143
Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	1,724
Interest Rate Below Market Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	634
Interest/Fees Forgiven
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	275
Other Loan Restructuring
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	55
Commercial Portfolio Segment [Member] | Business
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	$ 3,104
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage	0.10%
Commercial Portfolio Segment [Member] | Business | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	$ 3,104
Commercial Portfolio Segment [Member] | Business | Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	0
Commercial Portfolio Segment [Member] | Business | Interest Rate Below Market Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	0
Commercial Portfolio Segment [Member] | Business | Interest/Fees Forgiven
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	0
Commercial Portfolio Segment [Member] | Business | Other Loan Restructuring
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	0
Commercial Portfolio Segment [Member] | Real estate - business
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	$ 23,039
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage	0.70%
Commercial Portfolio Segment [Member] | Real estate - business | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	$ 23,039
Commercial Portfolio Segment [Member] | Real estate - business | Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	0
Commercial Portfolio Segment [Member] | Real estate - business | Interest Rate Below Market Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	0
Commercial Portfolio Segment [Member] | Real estate - business | Interest/Fees Forgiven
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	0
Commercial Portfolio Segment [Member] | Real estate - business | Other Loan Restructuring
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	0
Personal Banking Portfolio Segment [Member] | Real estate - personal
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	$ 1,666
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage	0.10%
Personal Banking Portfolio Segment [Member] | Real estate - personal | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	$ 0
Personal Banking Portfolio Segment [Member] | Real estate - personal | Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	1,666
Personal Banking Portfolio Segment [Member] | Real estate - personal | Interest Rate Below Market Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	0
Personal Banking Portfolio Segment [Member] | Real estate - personal | Interest/Fees Forgiven
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	0
Personal Banking Portfolio Segment [Member] | Real estate - personal | Other Loan Restructuring
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	0
Personal Banking Portfolio Segment [Member] | Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	$ 129
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage	0.00%
Personal Banking Portfolio Segment [Member] | Consumer | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	$ 0
Personal Banking Portfolio Segment [Member] | Consumer | Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	58
Personal Banking Portfolio Segment [Member] | Consumer | Interest Rate Below Market Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	16
Personal Banking Portfolio Segment [Member] | Consumer | Interest/Fees Forgiven
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	0
Personal Banking Portfolio Segment [Member] | Consumer | Other Loan Restructuring
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	55
Personal Banking Portfolio Segment [Member] | Consumer credit card
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	$ 893
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage	0.20%
Personal Banking Portfolio Segment [Member] | Consumer credit card | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	$ 0
Personal Banking Portfolio Segment [Member] | Consumer credit card | Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	0
Personal Banking Portfolio Segment [Member] | Consumer credit card | Interest Rate Below Market Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	618
Personal Banking Portfolio Segment [Member] | Consumer credit card | Interest/Fees Forgiven
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	275
Personal Banking Portfolio Segment [Member] | Consumer credit card | Other Loan Restructuring
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount	$ 0

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Loans And Allowance For Credit Losses (Financial Impacts of Loan Modifications) (Details)	3 Months Ended
	Mar. 31, 2023 Rate
Commercial Portfolio Segment [Member] | Business
Financial Impacts of Loan Modifications and Deferrals [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification	12 months
Commercial Portfolio Segment [Member] | Real estate - business
Financial Impacts of Loan Modifications and Deferrals [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification	17 months
Personal Banking Portfolio Segment [Member] | Real estate - personal
Financial Impacts of Loan Modifications and Deferrals [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase for Monthly Payments	Deferred past due monthly payments to maturity as a balloon payment. Deferral delayed payments a weighted average of 27 years.
Personal Banking Portfolio Segment [Member] | Consumer
Financial Impacts of Loan Modifications and Deferrals [Line Items]
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification	14.00%
Financing Receivable, Modified, Weighted Average Term Increase for Monthly Payments	Deferred past due monthly payments to maturity as a balloon payment. Deferral delayed payments a weighted average of 11 years.
Personal Banking Portfolio Segment [Member] | Consumer credit card
Financial Impacts of Loan Modifications and Deferrals [Line Items]
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification	14.00%
Financing Receivable, Modified, Interest and Fees Forgiven	Approximately $14 thousand of interest and fees forgiven.

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Loans And Allowance For Credit Losses (Amortized Cost Basis of Loans to Borrowers with Financial Difficulty with a Payment Default) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default	$ 83
Interest Rate Below Market Reduction
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default	71
Interest/Fees Forgiven
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default	12
Personal Banking Portfolio Segment [Member] | Consumer
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default	8
Personal Banking Portfolio Segment [Member] | Consumer | Interest Rate Below Market Reduction
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default	8
Personal Banking Portfolio Segment [Member] | Consumer | Interest/Fees Forgiven
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default	0
Personal Banking Portfolio Segment [Member] | Consumer credit card
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default	75
Personal Banking Portfolio Segment [Member] | Consumer credit card | Interest Rate Below Market Reduction
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default	63
Personal Banking Portfolio Segment [Member] | Consumer credit card | Interest/Fees Forgiven
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default	$ 12

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Loans And Allowance For Credit Losses (Amortized Cost Basis of Loans Modified After Adoption of ASU 2022-02) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Financing Receivable, Modified, Past Due [Line Items]
Financing Receivable, Modified in Period, Current	$ 27,924
Financing Receivable, Modified in Period, Thirty to Eighty Nine Days Past Due	824
Financing Receivable, Modified in Period, Ninety Days Past Due	83
Financing Receivable, Modified in Period, Amount	28,831
Commercial Portfolio Segment [Member] | Business
Financing Receivable, Modified, Past Due [Line Items]
Financing Receivable, Modified in Period, Current	3,104
Financing Receivable, Modified in Period, Thirty to Eighty Nine Days Past Due	0
Financing Receivable, Modified in Period, Ninety Days Past Due	0
Financing Receivable, Modified in Period, Amount	3,104
Commercial Portfolio Segment [Member] | Real estate - business
Financing Receivable, Modified, Past Due [Line Items]
Financing Receivable, Modified in Period, Current	23,039
Financing Receivable, Modified in Period, Thirty to Eighty Nine Days Past Due	0
Financing Receivable, Modified in Period, Ninety Days Past Due	0
Financing Receivable, Modified in Period, Amount	23,039
Personal Banking Portfolio Segment [Member] | Real estate - personal
Financing Receivable, Modified, Past Due [Line Items]
Financing Receivable, Modified in Period, Current	1,061
Financing Receivable, Modified in Period, Thirty to Eighty Nine Days Past Due	605
Financing Receivable, Modified in Period, Ninety Days Past Due	0
Financing Receivable, Modified in Period, Amount	1,666
Personal Banking Portfolio Segment [Member] | Consumer
Financing Receivable, Modified, Past Due [Line Items]
Financing Receivable, Modified in Period, Current	75
Financing Receivable, Modified in Period, Thirty to Eighty Nine Days Past Due	46
Financing Receivable, Modified in Period, Ninety Days Past Due	8
Financing Receivable, Modified in Period, Amount	129
Personal Banking Portfolio Segment [Member] | Consumer credit card
Financing Receivable, Modified, Past Due [Line Items]
Financing Receivable, Modified in Period, Current	645
Financing Receivable, Modified in Period, Thirty to Eighty Nine Days Past Due	173
Financing Receivable, Modified in Period, Ninety Days Past Due	75
Financing Receivable, Modified in Period, Amount	$ 893

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Loans And Allowance For Credit Losses (Troubled Debt Restructurings by Type of Modification) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	$ 198,671
Performing/Accruing TDR Commercial [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	184,388
Performing/AccruingTDR - Assistance programs [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	5,156
Performing/Accruing TDR - Other Consumer [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	4,049
TDR Non-accrual loans [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	$ 5,078

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Loans And Allowance For Credit Losses (Outstanding Balance Of Loans Classified As Trouble Debt Restructurings) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	$ 198,671
Balance 90 days past due at any time during previous 12 months	1,139
Commercial Portfolio Segment [Member] | Business
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	12,311
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	57,547
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	118,654
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	2,809
Balance 90 days past due at any time during previous 12 months	419
Personal Banking Portfolio Segment [Member] | Consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	2,250
Balance 90 days past due at any time during previous 12 months	268
Personal Banking Portfolio Segment [Member] | Revolving Home Equity [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	17
Balance 90 days past due at any time during previous 12 months	0
Personal Banking Portfolio Segment [Member] | Consumer credit card
Financing Receivable, Troubled Debt Restructuring [Line Items]
Troubled Debt Restructurings	5,083
Balance 90 days past due at any time during previous 12 months	$ 452

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Investment Securities (Narrative) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 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	$ 676,000		$ 1,300,000
Debt Securities, Available-for-sale, Unrealized Loss Position	11,034,069		12,027,745
Unrealized Loss on AFS Debt Securities	1,311,915		1,500,632
AFS securities in loss position at period-end, change in unrealized loss	(188,700)
Securities pledged as collateral	$ 8,100,000		4,700,000
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%
Asset Pledged as Collateral with Right
Debt Securities, Available-for-sale [Line Items]
Securities pledged as collateral, amount eligible to be repledged by Counterparty	$ 211,500
Visa Class B Shares
Debt Securities, Available-for-sale [Line Items]
Equity Securities without Readily Determinable Fair Value, Amount	0
U.S. government and federal agency obligations
Debt Securities, Available-for-sale [Line Items]
U.S. Treasury inflation-protected securities held, at fair value	402,300
Debt Securities, Available-for-sale, Unrealized Loss Position	918,982		986,413
Unrealized Loss on AFS Debt Securities	30,009		$ 43,430
Available-for-sale Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Losses realized on sales	(3,088)	$ 0
Equity Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI, Unrealized Gain (Loss)	(127)	(287)
Other Investments [Member]
Debt Securities, Available-for-sale [Line Items]
Other Securities, Gains realized on sales	658	0
Fair value other securities adjustments, net	$ 2,251	$ 7,450

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Investment Securities (Investment Securities, At Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investment Securities [Abstract]
Available for sale debt securities	$ 11,228,616	$ 12,238,316
Trading debt securities	41,584	43,523
Equity securities with a readily determinable fair value	6,083	6,210
Equtiy Securities without Readily Determinable Fair Values	6,445	6,094
Federal Reserve Bank Stock	34,887	34,795
Federal Home Loan Bank Stock	70,112	10,678
Equity Method Investments	0	1,434
Private equity investments	163,418	178,127
Total investment securities	11,551,145	12,519,177
Interest Receivable, Current	$ 32,700	$ 38,800

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Investment Securities (Summary Of Available For Sale Investment Securities By Maturity Groupings) (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 12,538,550,000	$ 13,738,206,000
Fair Value	11,228,616,000	12,238,316,000
U.S. government and federal agency obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,048,755,000	1,078,807,000
Fair Value	1,020,223,000	1,035,406,000
U.S. government and federal agency obligations | Within 1 year
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	482,979,000
Fair Value	474,435,000
U.S. government and federal agency obligations | After 1 but within 5 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	391,902,000
Fair Value	378,408,000
U.S. government and federal agency obligations | After 5 but within 10 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	173,874,000
Fair Value	167,380,000
Government-sponsored enterprise obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	55,689,000	55,729,000
Fair Value	44,414,000	43,108,000
Government-sponsored enterprise obligations | After 5 but within 10 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,955,000
Fair Value	4,631,000
Government-sponsored enterprise obligations | After 10 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	50,734,000
Fair Value	39,783,000
State and municipal obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,615,170,000	1,965,028,000
Fair Value	1,453,814,000	1,767,109,000
State and municipal obligations [Member] | Within 1 year
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	98,381,000
Fair Value	97,510,000
State and municipal obligations [Member] | After 1 but within 5 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	465,196,000
Fair Value	442,933,000
State and municipal obligations [Member] | After 5 but within 10 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	887,757,000
Fair Value	771,946,000
State and municipal obligations [Member] | After 10 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	163,836,000
Fair Value	141,425,000
Agency mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,975,242,000	5,087,893,000
Fair Value	4,271,563,000	4,308,427,000
Non-Agency Mortgage-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,403,543,000	1,423,469,000
Fair Value	1,207,969,000	1,211,607,000
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,918,160,000	3,588,025,000
Fair Value	2,763,578,000	3,397,801,000
Total Mortgage And Asset-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,296,945,000	10,099,387,000
Fair Value	8,243,110,000	8,917,835,000
Other debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	521,991,000	539,255,000
Fair Value	467,055,000	$ 474,858,000
Other debt securities | Within 1 year
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	14,040,000
Fair Value	13,572,000
Other debt securities | After 1 but within 5 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	246,688,000
Fair Value	230,527,000
Other debt securities | After 5 but within 10 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	245,003,000
Fair Value	209,285,000
Other debt securities | After 10 years
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	16,260,000
Fair Value	$ 13,671,000

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Investment Securities (Securities With Unrealized Losses And Length Of Impairment Period) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	$ 1,024,868	$ 4,402,724
Unrealized Loss, Less than 12 months	19,260	250,660
Fair Value, Greater than 12 months	10,009,201	7,625,021
Unrealized Loss, Greater than 12 months	1,292,655	1,249,972
Debt Securities, Available-for-sale, Unrealized Loss Position	11,034,069	12,027,745
Unrealized Loss on AFS Debt Securities	1,311,915	1,500,632
U.S. government and federal agency obligations
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	532,588	605,840
Unrealized Loss, Less than 12 months	9,565	17,490
Fair Value, Greater than 12 months	386,394	380,573
Unrealized Loss, Greater than 12 months	20,444	25,940
Debt Securities, Available-for-sale, Unrealized Loss Position	918,982	986,413
Unrealized Loss on AFS Debt Securities	30,009	43,430
Government-sponsored enterprise obligations
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	4,631	25,068
Unrealized Loss, Less than 12 months	324	4,650
Fair Value, Greater than 12 months	39,783	18,040
Unrealized Loss, Greater than 12 months	10,951	7,971
Debt Securities, Available-for-sale, Unrealized Loss Position	44,414	43,108
Unrealized Loss on AFS Debt Securities	11,275	12,621
State and municipal obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	188,055	814,799
Unrealized Loss, Less than 12 months	2,025	26,708
Fair Value, Greater than 12 months	1,200,901	875,329
Unrealized Loss, Greater than 12 months	159,549	171,385
Debt Securities, Available-for-sale, Unrealized Loss Position	1,388,956	1,690,128
Unrealized Loss on AFS Debt Securities	161,574	198,093
Agency mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	159,424	1,323,938
Unrealized Loss, Less than 12 months	4,610	125,330
Fair Value, Greater than 12 months	4,091,658	2,966,851
Unrealized Loss, Greater than 12 months	699,252	654,327
Debt Securities, Available-for-sale, Unrealized Loss Position	4,251,082	4,290,789
Unrealized Loss on AFS Debt Securities	703,862	779,657
Non-Agency Mortgage-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	648	135,984
Unrealized Loss, Less than 12 months	12	16,736
Fair Value, Greater than 12 months	1,199,354	1,069,222
Unrealized Loss, Greater than 12 months	195,665	195,218
Debt Securities, Available-for-sale, Unrealized Loss Position	1,200,002	1,205,206
Unrealized Loss on AFS Debt Securities	195,677	211,954
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	131,679	1,331,055
Unrealized Loss, Less than 12 months	2,523	50,056
Fair Value, Greater than 12 months	2,631,899	2,006,188
Unrealized Loss, Greater than 12 months	152,059	140,424
Debt Securities, Available-for-sale, Unrealized Loss Position	2,763,578	3,337,243
Unrealized Loss on AFS Debt Securities	154,582	190,480
Total Mortgage And Asset-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	291,751	2,790,977
Unrealized Loss, Less than 12 months	7,145	192,122
Fair Value, Greater than 12 months	7,922,911	6,042,261
Unrealized Loss, Greater than 12 months	1,046,976	989,969
Debt Securities, Available-for-sale, Unrealized Loss Position	8,214,662	8,833,238
Unrealized Loss on AFS Debt Securities	1,054,121	1,182,091
Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Fair Value, Less than 12 months	7,843	166,040
Unrealized Loss, Less than 12 months	201	9,690
Fair Value, Greater than 12 months	459,212	308,818
Unrealized Loss, Greater than 12 months	54,735	54,707
Debt Securities, Available-for-sale, Unrealized Loss Position	467,055	474,858
Unrealized Loss on AFS Debt Securities	$ 54,936	$ 64,397

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Investment Securities (Available For Sale Securities Unrealized Gains And Losses, By Security Type) (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 12,538,550,000	$ 13,738,206,000
Gross Unrealized Gains	1,981,000	742,000
Gross Unrealized Losses	(1,311,915,000)	(1,500,632,000)
Allowance for Credit Losses	0	0
Fair Value	11,228,616,000	12,238,316,000
U.S. government and federal agency obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,048,755,000	1,078,807,000
Gross Unrealized Gains	1,477,000	29,000
Gross Unrealized Losses	(30,009,000)	(43,430,000)
Allowance for Credit Losses	0	0
Fair Value	1,020,223,000	1,035,406,000
Government-sponsored enterprise obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	55,689,000	55,729,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(11,275,000)	(12,621,000)
Allowance for Credit Losses	0	0
Fair Value	44,414,000	43,108,000
State and municipal obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,615,170,000	1,965,028,000
Gross Unrealized Gains	218,000	174,000
Gross Unrealized Losses	(161,574,000)	(198,093,000)
Allowance for Credit Losses	0	0
Fair Value	1,453,814,000	1,767,109,000
Agency mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	4,975,242,000	5,087,893,000
Gross Unrealized Gains	183,000	191,000
Gross Unrealized Losses	(703,862,000)	(779,657,000)
Allowance for Credit Losses	0	0
Fair Value	4,271,563,000	4,308,427,000
Non-Agency Mortgage-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1,403,543,000	1,423,469,000
Gross Unrealized Gains	103,000	92,000
Gross Unrealized Losses	(195,677,000)	(211,954,000)
Allowance for Credit Losses	0	0
Fair Value	1,207,969,000	1,211,607,000
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2,918,160,000	3,588,025,000
Gross Unrealized Gains	0	256,000
Gross Unrealized Losses	(154,582,000)	(190,480,000)
Allowance for Credit Losses	0	0
Fair Value	2,763,578,000	3,397,801,000
Total Mortgage And Asset-Backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	9,296,945,000	10,099,387,000
Gross Unrealized Gains	286,000	539,000
Gross Unrealized Losses	(1,054,121,000)	(1,182,091,000)
Allowance for Credit Losses	0	0
Fair Value	8,243,110,000	8,917,835,000
Other debt securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	521,991,000	539,255,000
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(54,936,000)	(64,397,000)
Allowance for Credit Losses	0	0
Fair Value	$ 467,055,000	$ 474,858,000

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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, 2023	Mar. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Proceeds from Sale of Debt Securities, Available-for-sale		$ 812,176	$ 0
Proceeds From Sale Of Other Securities		28,259	1,745
Total proceeds		840,435	1,745
Investment securities gains (losses), net	[1]	(306)	7,163
Available-for-sale Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Available-for-sale Securities, Losses realized on sales		(3,088)	0
Equity Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Equity Securities, FV-NI, Unrealized Gain (Loss)		(127)	(287)
Other Investments [Member]
Debt Securities, Available-for-sale [Line Items]
Other Securities, Gains realized on sales		658	0
Fair value other securities adjustments, net		$ 2,251	$ 7,450

[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, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of Intangible Assets	$ 356	$ 609
Disposal of intangible assets	$ 25,700

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Goodwill And Other Intangible Assets (Schedule Of Intangible Assets With Estimable Useful Lives) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 27,777	$ 53,457
Accumulated Amortization	(16,459)	(41,823)
Valuation Allowance	0	0
Net Amount	11,318	11,634
Core Deposit Premium
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	5,550	31,270
Accumulated Amortization	(4,911)	(30,565)
Valuation Allowance	0	0
Net Amount	639	705
Mortgage Servicing Rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	22,227	22,187
Accumulated Amortization	(11,548)	(11,258)
Valuation Allowance	0	0
Net Amount	$ 10,679	$ 10,929

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Goodwill And Other Intangible Assets (Schedule Of Estimated Annual Amortization Expense) (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 1,396
2024	1,260
2025	1,117
2026	977
2027	$ 841

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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, 2023	Mar. 31, 2022
Goodwill and Intangible Assets [Roll Forward]
Amortization	$ 356	$ 609
Goodwill
Goodwill and Intangible Assets [Roll Forward]
Balance January 1	138,921
Originations	0
Amortization	0
Balance March 31, 2023	138,921
Easement
Goodwill and Intangible Assets [Roll Forward]
Balance January 1	3,600
Originations	0
Amortization	0
Balance March 31, 2023	3,600
Core Deposit Premium
Goodwill and Intangible Assets [Roll Forward]
Balance January 1	705
Originations	0
Amortization	(66)
Balance March 31, 2023	639
Mortgage Servicing Rights
Goodwill and Intangible Assets [Roll Forward]
Balance January 1	10,929
Originations	40
Amortization	(290)
Balance March 31, 2023	$ 10,679

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Goodwill And Other Intangible Assets (Schedule Of Goodwill Allocated By Operating Segments) (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
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, 2023	Dec. 31, 2022
Guarantor Obligations [Line Items]
Derivative Liabilities	[1]	$ 43,068	$ 54,984
Notional amount of underlying interest rate swaps associated with risk participation agreements		4,240,244	$ 3,742,521
Financial Standby Letter Of Credit [Member]
Guarantor Obligations [Line Items]
Standby letters of credit, net liability		4,900
Contractual amount of letters of credit, guaranteed maximum potential future payments		625,900
Risk Participation Agreement [Member] | Indirect Guarantee Of Indebtedness [Member]
Guarantor Obligations [Line Items]
Derivative Liabilities		148
Notional amount of underlying interest rate swaps associated with risk participation agreements		$ 419,900
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, 2023
Minimum [Member]
Lessor, Lease, Description [Line Items]
Lessor, Operating Lease, Term of Contract	3 months
Maximum [Member]
Lessor, Lease, Description [Line Items]
Lessor, Operating Lease, Term of Contract	16 years

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Leases (Components of Lease Income) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Operating Lease Income [Line Items]
Direct financing and sales-type leases		$ 6,755	$ 5,247
Operating leases(a)	[1]	2,334	2,184
Total lease income		9,089	7,431
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, 2023 and 2022

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Pension Pension (Narrative) (Details)	3 Months Ended
	Mar. 31, 2023 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, 2023	Mar. 31, 2022
Pension [Abstract]
Service cost - benefits earned during the period	$ 116	$ 132
Interest cost on projected benefit obligation	1,158	665
Expected Return on Plan Assets	(1,001)	(1,126)
Amortization of Prior Service Cost	(67)	(68)
Defined Benefit Plan, Amortization of (Gain) Loss	427	498
Net periodic pension cost	$ 633	$ 101

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Common Stock Narrative (Details) - shares	Apr. 19, 2023	Mar. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Common Stock, Shares Authorized		140,000,000	140,000,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock, Shares Authorized	190,000,000

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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, 2023	Mar. 31, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Basic income per common share	$ 0.95	$ 0.92
Diluted income per common share	$ 0.95	$ 0.92
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.	$ 119,452	$ 118,154
Less income allocated to nonvested restricted stock	1,056	1,070
Net income allocated to common stock	$ 118,396	$ 117,084
Weighted average common shares outstanding	124,004	126,341
Basic income per common share	$ 0.95	$ 0.92
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.	$ 119,452	$ 118,154
Less income allocated to nonvested restricted stock	1,054	1,068
Net income allocated to common stock	$ 118,398	$ 117,086
Weighted average common shares outstanding	124,004	126,341
Net effect of the assumed exercise of stock-based awards - based on the treasury stock method using the average market price for the respective periods	255	306
Weighted average diluted common shares outstanding	124,259	126,647
Diluted income per common share	$ 0.95	$ 0.92

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Common Stock (AntiDilutive Securities Excluded from Computation of Earnings per Share) (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Common Stock nonprint [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	216	125

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Accumulated Other Comprehensive Income (Schedule Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		$ (1,086,864)	$ 77,080
Other comprehensive income (loss) before reclassifications to current earnings		196,093	(676,353)
Amounts reclassified to current earnings from accumulated other comprehensive income		(937)	(5,620)
Current period other comprehensive income (loss), before tax		195,156	(681,973)
Income tax (expense) benefit		(48,790)	170,493
Current period other comprehensive income (loss), net of tax		146,366	(511,480)
Ending balance		(940,498)	(434,400)
Unrealized Gains (Losses) on Securities (1)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	[1]	(1,124,915)	23,174
Other comprehensive income (loss) before reclassifications to current earnings	[1]	186,868	(676,353)
Amounts reclassified to current earnings from accumulated other comprehensive income	[1]	3,088	0
Current period other comprehensive income (loss), before tax	[1]	189,956	(676,353)
Income tax (expense) benefit	[1]	(47,490)	169,088
Current period other comprehensive income (loss), net of tax	[1]	142,466	(507,265)
Ending balance	[1]	(982,449)	(484,091)
Pension Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		(17,186)	(20,668)
Other comprehensive income (loss) before reclassifications to current earnings		0	0
Amounts reclassified to current earnings from accumulated other comprehensive income		360	430
Current period other comprehensive income (loss), before tax		360	430
Income tax (expense) benefit		(90)	(107)
Current period other comprehensive income (loss), net of tax		270	323
Ending balance		(16,916)	(20,345)
Unrealized Gains (Losses) on Cash Flow Hedge Derivatives (2)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	[2]	55,237	74,574
Other comprehensive income (loss) before reclassifications to current earnings	[2]	9,225	0
Amounts reclassified to current earnings from accumulated other comprehensive income	[2]	(4,385)	(6,050)
Current period other comprehensive income (loss), before tax	[2]	4,840	(6,050)
Income tax (expense) benefit	[2]	(1,210)	1,512
Current period other comprehensive income (loss), net of tax	[2]	3,630	(4,538)
Ending balance	[2]	$ 58,867	$ 70,036

[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, 2023 USD ($) Locations Operating_Segments	Mar. 31, 2022 USD ($)
Segments [Abstract]
Number of Operating Segments | Operating_Segments	3
Number Of Locations | Locations	145
Quarterly Financial Information, Segment Reporting, Change in Basis of Segmentation	$1.9 billion
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, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net interest income		$ 251,623	$ 208,786
Provision for credit losses		(11,456)	9,858
Non-interest income		137,612	131,769
INVESTMENT SECURITIES GAINS (LOSSES), NET	[1]	(306)	7,163
Non-interest expense		(224,107)	(205,648)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		153,366	151,928
Consumer segment
Segment Reporting Information [Line Items]
Net interest income		96,854	86,818
Provision for credit losses		(6,306)	(4,504)
Non-interest income		24,303	26,415
INVESTMENT SECURITIES GAINS (LOSSES), NET		0	0
Non-interest expense		(77,326)	(74,823)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		37,525	33,906
Commercial segment
Segment Reporting Information [Line Items]
Net interest income		116,166	108,953
Provision for credit losses		(393)	(82)
Non-interest income		58,324	53,651
INVESTMENT SECURITIES GAINS (LOSSES), NET		0	0
Non-interest expense		(93,623)	(89,506)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		80,474	73,016
Wealth segment
Segment Reporting Information [Line Items]
Net interest income		17,540	18,869
Provision for credit losses		(13)	(26)
Non-interest income		52,944	53,206
INVESTMENT SECURITIES GAINS (LOSSES), NET		0	0
Non-interest expense		(39,636)	(36,288)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		30,835	35,761
Segment Totals
Segment Reporting Information [Line Items]
Net interest income		230,560	214,640
Provision for credit losses		(6,712)	(4,612)
Non-interest income		135,571	133,272
INVESTMENT SECURITIES GAINS (LOSSES), NET		0	0
Non-interest expense		(210,585)	(200,617)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		148,834	142,683
Other/Elimination
Segment Reporting Information [Line Items]
Net interest income		21,063	(5,854)
Provision for credit losses		(4,744)	14,470
Non-interest income		2,041	(1,503)
INVESTMENT SECURITIES GAINS (LOSSES), NET		(306)	7,163
Non-interest expense		(13,522)	(5,031)
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest		$ 4,532	$ 9,245

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

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Derivative Instruments (Narrative) (Details) - USD ($)		3 Months Ended
		Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2020
Derivative [Line Items]
Derivative, Notional Amount		$ 4,240,244,000	$ 3,742,521,000
Derivative Asset	[1]	100,157,000	60,492,000
Interest Rate Floor [Member]
Derivative [Line Items]
Derivative, Notional Amount		1,500,000,000	1,000,000,000
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months		7,300,000
Premium paid for interest rate floor		$ 61,700,000
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge		6 years
Unrealized gain (loss) on interest rate cash flow hedges, net of tax, amount recorded in accumulated other comprehensive income		$ 6,800,000
Interest Rate Floor [Member] | September 19, 2022
Derivative [Line Items]
Derivative, Description of Terms		The first floor was purchased during the third quarter of 2022, has a purchased strike rate of 2.50%, is forward-starting beginning on January 1, 2024 and matures on January 1, 2030. In the event that the index rate falls below zero, the maximum rate spread the Company can earn on the notional amount is limited to 2.50%.
Interest Rate Floor [Member] | October 19, 2022
Derivative [Line Items]
Derivative, Description of Terms		The second floor was purchased during the fourth quarter of 2022, has a purchased strike rate of 3.00%, is forward-starting beginning on April 1, 2024 and matures on April 1, 2030. In the event that the index rate falls below zero, the maximum rate the Company can earn on the notional amount is limited to 3.00%.
Interest Rate Floor [Member] | February 23, 2023
Derivative [Line Items]
Derivative, Description of Terms		The third floor was purchased during the first quarter of 2023, has a purchased strike rate of 3.50%, is forward-starting beginning on July 1, 2024 and matures on July 1, 2030. In the event that the index rate falls below zero, the maximum rate the Company can earn on the notional amount is limited to 3.50%.
Monetized Interest Rate Floor [Member]
Derivative [Line Items]
Derivative, Notional Amount				$ 1,500,000,000
Derivative Asset				$ 163,200,000
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred		$ 69,000,000
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer		3 years 8 months 12 days
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months		$ 23,300,000
Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount		1,987,051,000	1,981,821,000
Variation Margin Impact to Positive Fair Values of Cleared Swaps		$ (11,400,000)	$ (27,800,000)

[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, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative, Notional Amount	$ 4,240,244	$ 3,742,521
Interest rate swaps
Derivative [Line Items]
Derivative, Notional Amount	1,987,051	1,981,821
Interest Rate Floor
Derivative [Line Items]
Derivative, Notional Amount	1,500,000	1,000,000
Interest rate caps
Derivative [Line Items]
Derivative, Notional Amount	152,784	152,784
Credit risk participation agreements
Derivative [Line Items]
Derivative, Notional Amount	577,922	579,925
Foreign exchange contracts
Derivative [Line Items]
Derivative, Notional Amount	15,335	27,991
Mortgage loan commitments
Derivative [Line Items]
Derivative, Notional Amount	362	0
Mortgage loan forward sale contracts
Derivative [Line Items]
Derivative, Notional Amount	3,290	0
Forward TBA contracts
Derivative [Line Items]
Derivative, Notional Amount	$ 3,500	$ 0

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Derivative Instruments (Schedule Of Fair Values Of Derivative Instruments) (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Derivative Asset	[1]	$ 100,157	$ 60,492
Derivative Liabilities	[1]	(43,068)	(54,984)
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		68,495	33,371
Derivative Liabilities		0	0
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		31,662	27,121
Derivative Liabilities		(43,068)	(54,984)
Interest rate swaps | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		28,960	23,894
Derivative Liabilities		(40,352)	(51,742)
Interest Rate Floor [Member] | Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		68,495	33,371
Derivative Liabilities		0	0
Interest rate caps | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		2,222	2,705
Derivative Liabilities		(2,222)	(2,705)
Credit risk participation agreements | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		44	34
Derivative Liabilities		(148)	(119)
Foreign exchange contracts | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		359	488
Derivative Liabilities		(310)	(418)
Mortgage loan commitments | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		77	0
Derivative Liabilities		0	0
Mortgage loan forward sale contracts | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		0	0
Derivative Liabilities		(1)	0
Forward TBA contracts | Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset		0	0
Derivative Liabilities		$ (35)	$ 0

[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, 2023	Mar. 31, 2022
Summary of Cash Flow Hedge Activity [Line Items]
OCI Derivative Instruments GainLossBeforeReclassificationAndTaxEffectivePortion	$ 9,225	$ 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	9,225	0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	4,385	6,050
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	7,444	7,566
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	(3,059)	(1,516)
Interest Rate Floor [Member]
Summary of Cash Flow Hedge Activity [Line Items]
OCI Derivative Instruments GainLossBeforeReclassificationAndTaxEffectivePortion	9,225	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	9,225	0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	4,385	6,050
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax	7,444	7,566
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax	$ (3,059)	$ (1,516)

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Derivative Instruments (Summary Of The Effects Of Derivative Instruments On Consolidated Statements Of Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	$ 661	$ 1,562
Other non-interest income | Interest rate swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	623	812
Other non-interest income | Interest rate caps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	0	16
Other non-interest income | Credit risk participation agreements
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	(19)	(10)
Other non-interest income | Foreign exchange contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	(20)	(14)
Loan fees and sales | Mortgage loan commitments
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	77	(485)
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	(1)	0
Loan fees and sales | Forward TBA contracts
Derivative Instruments, Gain (Loss) [Line Items]
Amount of Gain or (Loss) Recognized in Income on Derivatives	$ 1	$ 1,243

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Derivative Instruments (Balance Sheet Offsetting) (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement		$ 100,157	$ 60,492
Derivative Asset, Amount Offset by Liabiilty		0	0
Derivative Assets	[1]	100,157	60,492
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement		43,068	54,984
Derivative Liability, Amount Offset by Asset		0	0
Derivative Liabilities	[1]	43,068	54,984
Derivatives subject to master netting agreements
Derivative Asset, Fair Value, Gross Asset		100,005	60,270
Derivative Asset, Amount Offset by Liabiilty		0	0
Derivative Asset, Net Amount Presented in the Balance Sheet		100,005	60,270
Derivative Asset, Not Offset, Policy Election Deduction		(2,255)	(1,007)
Derivatve asset, fair value of collateral		(93,822)	(56,816)
Derivative Asset, Fair Value, Amount Offset Against Collateral		3,928	2,447
Derivative Liability, Fair Value, Gross Liability		42,694	54,609
Derivative Liability, Amount Offset by Asset		0	0
Derivative Liability, Net Amount Presented in the Balance Sheet		42,694	54,609
Derivative Liability, Not Offset, Policy Election Deduction		(2,255)	(1,007)
Derivative Liability, Fair Value of Collateral		0	0
Derivative Liability, Fair Value, Amount Offset Against Collateral		40,439	53,602
Derivatives not subject to master netting agreements
Derivative Asset, Fair Value, Gross Asset		152	222
Derivative Asset, Amount Offset by Liabiilty		0	0
Derivative Asset, Not Subject to Master Netting Arrangement		152	222
Derivative Liability, Fair Value, Gross Liability		374	375
Derivative Liability, Amount Offset by Asset		0	0
Derivative Liability, Not Subject to Master Netting Arrangement		$ 374	$ 375

[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, 2023	Dec. 31, 2022
Collateral Swap [Member]
Balance Sheet Offsetting [Line Items]
Collateral Swap Agreements	$ 200.0	$ 200.0

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Resale and Repurchase Agreements (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Total resale agreements, subject to master netting arrangements
Balance Sheet Offsetting [Line Items]
Securities Purchased under Agreements to Resell, Gross	$ 1,025,000	$ 1,025,000
Securities Purchased under Agreements to Resell, Liability	(200,000)	(200,000)
Securities purchased under agreements to resell	825,000	825,000
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	(825,000)	(825,000)
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	2,228,089	2,881,874
Securities Sold under Agreements to Repurchase, Asset	(200,000)	(200,000)
Securities Sold under Agreements to Repurchase	2,028,089	2,681,874
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	(2,028,089)	(2,681,874)
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, 2023	Dec. 31, 2022
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	$ 194,757	$ 488,053
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	13,602	26,928
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	19,278	12,460
U.S. government and federal agency obligations | Total
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	227,637	527,441
Agency mortgage-backed securities | Overnight and continuous
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	1,472,769	1,792,314
Agency mortgage-backed securities | Up to 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	14,743	21,744
Agency mortgage-backed securities | Greater than 90 days
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	205,000	204,500
Agency mortgage-backed securities | Total
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	1,692,512	2,018,558
Non-agency mortgage-backed securities | Overnight and continuous
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	11,818	40,950
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	11,818	40,950
Asset-backed securities | Overnight and continuous
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	294,161	293,001
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	294,161	293,001
Other debt securities | Overnight and continuous
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	1,961	1,924
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	1,961	1,924
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	1,975,466	2,616,242
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	28,345	48,672
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	224,278	216,960
Total repurchase agreements, gross amount recognized | Total
Assets Sold under Agreements to Repurchase [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability	$ 2,228,089	$ 2,881,874

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Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Expense	$ 4.4	$ 4.2
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

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Stock-Based Compensation (Summary Of The Status Of Nonvested Share Awards) (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Nonvested Share Awards [Roll Forward]
Nonvested, Shares, Beginning Balance | shares	1,148,873
Granted, Shares | shares	247,082
Vested, Shares | shares	(284,800)
Forfeited, Shares | shares	(2,238)
Nonvested, Shares, Ending Balance | shares	1,108,917
Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares	$ 58.20
Granted , Weighted Average Grant Date Fair Value | $ / shares	65.63
Vested , Weighted Average Grant Date Fair Value | $ / shares	50.62
Forfeited , Weighted Average Grant Date Fair Value | $ / shares	61.82
Nonvested , Weighted Average Grant Date Fair Value, Ending Balance | $ / shares	$ 61.79

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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, 2023 $ / shares
Current Year Per Share Average Fair Value and Valuation Model Assumptions [Abstract]
Weighted per share average fair value at grant date	$ 18.65
Dividend yield	1.60%
Volatility	27.90%
Risk-free interest rate	3.90%
Expected term	5 years 9 months 18 days

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Stock-Based Compensation (Summary Of SAR Activity) (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Stock Appreciation Rights [Roll Forward]
Rights Outstanding, Beginning Balance | shares	948,727
Rights Granted | shares	89,829
Rights Forfeited | shares	(555)
Rights Exercised | shares	(40,976)
Rights Outstanding, Ending Balance | shares	997,025
Weighted Average Exercise Price Outstanding, Beginning Balance | $ / shares	$ 46.82
Weighted Average Exercise Price Granted | $ / shares	65.64
Weighted Average Exercise Price Forfeited | $ / shares	60.00
Weighted Average Exercise Price Exercised | $ / shares	25.88
Weighted Average Exercise Price Outstanding, Ending Balance | $ / shares	$ 49.37
Weighted Average Remaining Contractual Term	5 years 7 months 6 days
Aggregate Intrinsic Value | $	$ 11,094

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Revenue from Contracts with Customers (Narrative) (Details)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Percent of Revenue not in scope of ASC 606	65.00%
Consumer segment
Revenue, Major Customer [Line Items]
Deposit fee revenue by segment	34.00%
Commercial segment
Revenue, Major Customer [Line Items]
Deposit fee revenue by segment	66.00%

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Revenue from Contracts with Customers (Schedule of Disaggregation of Revenue) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Non-interest income		$ 137,612	$ 131,769
Total non-interest income from contracts with customers
Disaggregation of Revenue [Line Items]
Non-interest income		127,158	121,104
Total non-interest income from contracts with customers | Bank card transaction fees
Disaggregation of Revenue [Line Items]
Non-interest income		46,654	42,045
Total non-interest income from contracts with customers | Trust fees
Disaggregation of Revenue [Line Items]
Non-interest income		45,328	47,811
Total non-interest income from contracts with customers | Deposit account charges and other fees
Disaggregation of Revenue [Line Items]
Non-interest income		21,752	22,307
Total non-interest income from contracts with customers | Consumer brokerage services
Disaggregation of Revenue [Line Items]
Non-interest income		5,085	4,446
Total non-interest income from contracts with customers | Other non-interest income
Disaggregation of Revenue [Line Items]
Non-interest income		8,339	4,495
Other non-interest income (1)
Disaggregation of Revenue [Line Items]
Non-interest income	[1]	$ 10,454	$ 10,665

[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, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Bank card transaction fees
Contract with Customer, Asset and Liability [Line Items]
Contract with Customer, Receivable	$ 15,585	$ 17,254	$ 14,171	$ 16,424
Trust fees
Contract with Customer, Asset and Liability [Line Items]
Contract with Customer, Receivable	2,098	2,038	2,094	2,222
Deposit account charges and other fees
Contract with Customer, Asset and Liability [Line Items]
Contract with Customer, Receivable	5,398	6,631	5,452	6,702
Consumer brokerage services
Contract with Customer, Asset and Liability [Line Items]
Contract with Customer, Receivable	$ 773	$ 949	$ 324	$ 391

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Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($)		Mar. 31, 2023	Dec. 31, 2022
Fair Value Measurements [Line Items]
Residential mortgage loans held for sale		$ 684,000	$ 0
U.S. government and federal agency obligations		1,020,223,000	1,035,406,000
Government-sponsored enterprise obligations		44,414,000	43,108,000
State and municipal obligations		1,453,814,000	1,767,109,000
Agency mortgage-backed securities		4,271,563,000	4,308,427,000
Non-agency mortgage-backed securities		1,207,969,000	1,211,607,000
Asset-backed securities		2,763,578,000	3,397,801,000
Other debt securities		467,055,000	474,858,000
Trading debt securities		41,584,000	43,523,000
Equity securities		6,083,000	6,210,000
Private equity investments		163,418,000	178,127,000
Derivative Asset	[1]	100,157,000	60,492,000
Assets held in trust for deferred compensation plan		18,656,000	17,856,000
Total assets		11,559,198,000	12,544,524,000
Derivative Liabilities	[1]	43,068,000	54,984,000
Liabilities held in trust for deferred compensation plan		18,656,000	17,856,000
Total Liabilities		61,724,000	72,840,000
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		1,020,223,000	1,035,406,000
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		500,000	0
Equity securities		6,083,000	6,210,000
Private equity investments		0	0
Derivative Asset	[1]	0	0
Assets held in trust for deferred compensation plan		18,656,000	17,856,000
Total assets		1,045,462,000	1,059,472,000
Derivative Liabilities	[1]	0	0
Liabilities held in trust for deferred compensation plan		18,656,000	17,856,000
Total Liabilities		18,656,000	17,856,000
Significant Other Observable Inputs (Level 2)
Fair Value Measurements [Line Items]
Residential mortgage loans held for sale		684,000	0
U.S. government and federal agency obligations		0	0
Government-sponsored enterprise obligations		44,414,000	43,108,000
State and municipal obligations		1,452,900,000	1,765,268,000
Agency mortgage-backed securities		4,271,563,000	4,308,427,000
Non-agency mortgage-backed securities		1,207,969,000	1,211,607,000
Asset-backed securities		2,763,578,000	3,397,801,000
Other debt securities		467,055,000	474,858,000
Trading debt securities		41,084,000	43,523,000
Equity securities		0	0
Private equity investments		0	0
Derivative Asset	[1]	100,036,000	60,458,000
Assets held in trust for deferred compensation plan		0	0
Total assets		10,349,283,000	11,305,050,000
Derivative Liabilities	[1]	42,920,000	54,865,000
Liabilities held in trust for deferred compensation plan		0	0
Total Liabilities		42,920,000	54,865,000
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		914,000	1,841,000
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		163,418,000	178,127,000
Derivative Asset	[1]	121,000	34,000
Assets held in trust for deferred compensation plan		0	0
Total assets		164,453,000	180,002,000
Derivative Liabilities	[1]	148,000	119,000
Liabilities held in trust for deferred compensation plan		0	0
Total Liabilities		$ 148,000	$ 119,000

[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, 2023	Mar. 31, 2022
Fair Value Assets Measured on Recurring Basis [Roll Forward]
Beginning balance		$ 179,883	$ 149,961
Total gains or losses (realized /unrealized), included in earnings		2,309	6,955
Total gains or losses (realized/unrealized), included in other comprehensive income	[1]	26	(83)
Investment Securities Called		(1,000)	0
Discount accretion		47	1
Purchase of private equity securities		10,532	300
Sale/pay down of private equity investments		(27,492)	(1,745)
Purchase Of Risk Participation Agreement		0	145
Ending balance		164,305	155,534
Total gains or losses for the annual period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at period end		2,309	7,717
Gains (Losses) included in OCI Attributable to Change in Unrealized Gains (Losses) Relating to Assets Still Held, Total		4	(83)
State and municipal obligations [Member]
Fair Value Assets Measured on Recurring Basis [Roll Forward]
Beginning balance		1,841	1,984
Total gains or losses (realized /unrealized), included in earnings		0	0
Total gains or losses (realized/unrealized), included in other comprehensive income	[1]	26	(83)
Investment Securities Called		(1,000)	0
Discount accretion		47	1
Purchase of private equity securities		0	0
Sale/pay down of private equity investments		0	0
Purchase Of Risk Participation Agreement		0	0
Ending balance		914	1,902
Total gains or losses for the annual period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at period end		0	0
Gains (Losses) included in OCI Attributable to Change in Unrealized Gains (Losses) Relating to Assets Still Held, Total		4	(83)
Private Equity Investments [Member]
Fair Value Assets Measured on Recurring Basis [Roll Forward]
Beginning balance		178,127	147,406
Total gains or losses (realized /unrealized), included in earnings		2,251	7,450
Total gains or losses (realized/unrealized), included in other comprehensive income	[1]	0	0
Investment Securities Called		0	0
Discount accretion		0	0
Purchase of private equity securities		10,532	300
Sale/pay down of private equity investments		(27,492)	(1,745)
Purchase Of Risk Participation Agreement		0	0
Ending balance		163,418	153,411
Total gains or losses for the annual period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at period end		2,251	7,450
Gains (Losses) included in OCI Attributable to Change in Unrealized Gains (Losses) Relating to Assets Still Held, Total		0	0
Derivatives [Member]
Fair Value Assets Measured on Recurring Basis [Roll Forward]
Beginning balance		(85)	571
Total gains or losses (realized /unrealized), included in earnings		58	(495)
Total gains or losses (realized/unrealized), included in other comprehensive income	[1]	0	0
Investment Securities Called		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		0	145
Ending balance		(27)	221
Total gains or losses for the annual period included in earnings attributable to the change in unrealized gains or losses relating to assets still held at period end		58	267
Gains (Losses) included in OCI Attributable to Change in Unrealized Gains (Losses) Relating to Assets Still Held, Total		$ 0	$ 0

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

XML

Fair Value Measurements (Summary Of Gains And Losses On Level 3 Assets And Liabilities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Gains and Losses included in earnings for Level 3 assets & liabilities [Line Items]
Total gains or losses included in earnings	$ 2,309	$ 6,955
Change in unrealized gains or losses relating to assets still held at period end	2,309	7,717
Loan fees and sales
Gains and Losses included in earnings for Level 3 assets & liabilities [Line Items]
Total gains or losses included in earnings	77	(485)
Change in unrealized gains or losses relating to assets still held at period end	77	279
Other non-interest income
Gains and Losses included in earnings for Level 3 assets & liabilities [Line Items]
Total gains or losses included in earnings	(19)	(10)
Change in unrealized gains or losses relating to assets still held at period end	(19)	(12)
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	2,251	7,450
Change in unrealized gains or losses relating to assets still held at period end	$ 2,251	$ 7,450

XML

Fair Value Measurements (Summary Of Quantitative Information About Level 3 Fair Value Measurements) (Details)	3 Months Ended
	Mar. 31, 2023 Rate
Fair Value Assets Measured on Recurring Basis [Line Items]
Valuation Technique, Discounted cash flow	Discounted cash flow
Private Equity Investments [Member]
Fair Value Assets Measured on Recurring Basis [Line Items]
Valuation Technique, Market comparable companies	Market comparable companies
Private Equity Investments [Member] | Minimum [Member]
Fair Value Assets Measured on Recurring Basis [Line Items]
EBITDA multiple	4.0
Private Equity Investments [Member] | Maximum [Member]
Fair Value Assets Measured on Recurring Basis [Line Items]
EBITDA multiple	6.0
Private Equity Investments [Member] | Weighted Average [Member]
Fair Value Assets Measured on Recurring Basis [Line Items]
EBITDA multiple	5.2	[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	62.60%
Embedded servicing value	0.70%
Mortgage loan commitments | Maximum [Member]
Fair Value Assets Measured on Recurring Basis [Line Items]
Probability of funding	100.00%
Embedded servicing value	1.60%
Mortgage loan commitments | Weighted Average [Member]
Fair Value Assets Measured on Recurring Basis [Line Items]
Probability of funding	78.30%	[1]
Embedded servicing value	1.20%	[1]

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

XML

Fair Value Measurements (Schedule of Fair Value Disclosures Measured On Nonrecurring Basis) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Collateral Dependent Loans	$ 1,819	$ 0
Loans Nonrecurring Basis Gains (Losses)	425	0
Mortgage servicing rights	0	11,360
Mortgage Servicing Rights Nonrecurring Basis Gains (Losses)	0	304
Long-lived assets	0	497
Long Lived Assets Nonrecurring Basis Gains Losses	0	(965)
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	1,819	0
Mortgage servicing rights	0	11,360
Long-lived assets	$ 0	$ 497

XML

Fair Value Measurements and Disclosures (Schedule of Quantitative Information about Level Three Fair Value Measurements - Nonrecurring Basis) (Details)	3 Months Ended
	Mar. 31, 2023 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	9.51%
Prepayment speeds (CPR)*	6.33%	[1]
Performing loans	$ 70
Delinquent loans	$ 200
Mortgage Servicing Rights | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	9.71%
Prepayment speeds (CPR)*	7.47%	[1]
Performing loans	$ 72
Delinquent loans	$ 750
Mortgage Servicing Rights | Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Discount rate	9.58%	[1]
Prepayment speeds (CPR)*	6.53%	[1]
Performing loans	$ 71	[1]

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

XML

Fair Value Of Financial Instruments (Schedule Of Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Carrying Amount
Fair Value, Balance Sheet Grouping [Line Items]
Loans		$ 16,535,522	$ 16,303,131
Loans held for sale		6,162	4,964
Investment securities		11,544,700	12,511,649
Federal Funds Sold		27,060	49,505
Securities purchased under agreements to resell		825,000	825,000
Interest earning deposits with banks		1,341,854	389,140
Cash and due from banks		351,210	452,496
Derivative Asset		100,157	60,492
Assets held in trust for deferred compensation plan		18,656	17,856
Assets, Fair Value Financial Instruments		30,750,321	30,614,233
Non-interest bearing deposits		8,685,234	10,066,356
Savings, interest checking and money market deposits		14,419,741	15,126,981
Certificates of deposits		1,578,485	994,103
Federal funds purchased		756,470	159,860
Securities sold under agreements to repurchase		2,028,089	2,681,874
Other borrowings		1,506,817	8,831
Derivative Liabilities		43,068	54,984
Liabilities held in trust for deferred compensation plan		18,656	17,856
Financial Liabilities Fair Value Disclosure		29,036,560	29,110,845
Carrying Amount | Business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		5,704,467	5,661,725
Carrying Amount | Real estate - construction and land
Fair Value, Balance Sheet Grouping [Line Items]
Loans		1,437,419	1,361,095
Carrying Amount | Real estate - business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		3,486,543	3,406,981
Carrying Amount | Real estate - personal
Fair Value, Balance Sheet Grouping [Line Items]
Loans		2,952,042	2,918,078
Carrying Amount | Consumer
Fair Value, Balance Sheet Grouping [Line Items]
Loans		2,094,389	2,059,088
Carrying Amount | Revolving home equity
Fair Value, Balance Sheet Grouping [Line Items]
Loans		295,478	297,207
Carrying Amount | Consumer credit card
Fair Value, Balance Sheet Grouping [Line Items]
Loans		558,669	584,000
Carrying Amount | Overdrafts
Fair Value, Balance Sheet Grouping [Line Items]
Loans		6,515	14,957
Estimated Fair Value at March 31, 2023
Fair Value, Balance Sheet Grouping [Line Items]
Loans		15,937,550	15,645,261
Loans held for sale		6,162	4,964
Investment securities		11,544,700	12,511,649
Federal Funds Sold		27,060	49,505
Securities purchased under agreements to resell		804,959	795,574
Interest earning deposits with banks		1,341,854	389,140
Cash and due from banks		351,210	452,496
Derivative Asset		100,157	60,492
Assets held in trust for deferred compensation plan		18,656	17,856
Assets, Fair Value Financial Instruments		30,132,308	29,926,937
Non-interest bearing deposits		8,685,234	10,066,356
Savings, interest checking and money market deposits		14,419,741	15,126,981
Certificates of deposits		1,577,207	982,613
Federal funds purchased		756,470	159,860
Securities sold under agreements to repurchase		2,030,615	2,684,471
Other borrowings		1,506,817	8,831
Derivative Liabilities		43,068	54,984
Liabilities held in trust for deferred compensation plan		18,656	17,856
Financial Liabilities Fair Value Disclosure		29,037,808	29,101,952
Estimated Fair Value at March 31, 2023 | Business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		5,577,723	5,506,128
Estimated Fair Value at March 31, 2023 | Real estate - construction and land
Fair Value, Balance Sheet Grouping [Line Items]
Loans		1,407,614	1,347,328
Estimated Fair Value at March 31, 2023 | Real estate - business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		3,383,813	3,289,655
Estimated Fair Value at March 31, 2023 | Real estate - personal
Fair Value, Balance Sheet Grouping [Line Items]
Loans		2,700,721	2,654,423
Estimated Fair Value at March 31, 2023 | Consumer
Fair Value, Balance Sheet Grouping [Line Items]
Loans		2,033,884	1,999,788
Estimated Fair Value at March 31, 2023 | Revolving home equity
Fair Value, Balance Sheet Grouping [Line Items]
Loans		296,436	295,005
Estimated Fair Value at March 31, 2023 | Consumer credit card
Fair Value, Balance Sheet Grouping [Line Items]
Loans		530,987	538,268
Estimated Fair Value at March 31, 2023 | Overdrafts
Fair Value, Balance Sheet Grouping [Line Items]
Loans		6,372	14,666
Estimated Fair Value at March 31, 2023 | Level 1
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Loans held for sale		0	0
Investment securities		1,026,806	1,041,616
Federal Funds Sold		27,060	49,505
Securities purchased under agreements to resell		0	0
Interest earning deposits with banks		1,341,854	389,140
Cash and due from banks		351,210	452,496
Derivative Asset		0	0
Assets held in trust for deferred compensation plan		18,656	17,856
Assets, Fair Value Financial Instruments		2,765,586	1,950,613
Non-interest bearing deposits		8,685,234	10,066,356
Savings, interest checking and money market deposits		14,419,741	15,126,981
Certificates of deposits		0	0
Federal funds purchased		756,470	159,860
Securities sold under agreements to repurchase		0	0
Other borrowings		2,930	0
Derivative Liabilities		0	0
Liabilities held in trust for deferred compensation plan		18,656	17,856
Financial Liabilities Fair Value Disclosure		23,883,031	25,371,053
Estimated Fair Value at March 31, 2023 | Level 1 | Business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2023 | Level 1 | Real estate - construction and land
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2023 | Level 1 | Real estate - business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2023 | Level 1 | Real estate - personal
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2023 | Level 1 | Consumer
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2023 | Level 1 | Revolving home equity
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2023 | Level 1 | Consumer credit card
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2023 | Level 1 | Overdrafts
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2023 | Level 2
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Loans held for sale		6,162	4,964
Investment securities		10,248,563	11,244,592
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		100,036	60,458
Assets held in trust for deferred compensation plan		0	0
Assets, Fair Value Financial Instruments		10,354,761	11,310,014
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		3,887	8,831
Derivative Liabilities		42,920	54,865
Liabilities held in trust for deferred compensation plan		0	0
Financial Liabilities Fair Value Disclosure		46,807	63,696
Estimated Fair Value at March 31, 2023 | Level 2 | Business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2023 | Level 2 | Real estate - construction and land
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2023 | Level 2 | Real estate - business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2023 | Level 2 | Real estate - personal
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2023 | Level 2 | Consumer
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2023 | Level 2 | Revolving home equity
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2023 | Level 2 | Consumer credit card
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2023 | Level 2 | Overdrafts
Fair Value, Balance Sheet Grouping [Line Items]
Loans		0	0
Estimated Fair Value at March 31, 2023 | Significant Unobservable Inputs (Level 3)
Fair Value, Balance Sheet Grouping [Line Items]
Loans		15,937,550	15,645,261
Loans held for sale		0	0
Investment securities		269,331	225,441
Federal Funds Sold		0	0
Securities purchased under agreements to resell		804,959	795,574
Interest earning deposits with banks		0	0
Cash and due from banks		0	0
Derivative Asset		121	34
Assets held in trust for deferred compensation plan		0	0
Assets, Fair Value Financial Instruments		17,011,961	16,666,310
Non-interest bearing deposits		0	0
Savings, interest checking and money market deposits		0	0
Certificates of deposits		1,577,207	982,613
Federal funds purchased		0	0
Securities sold under agreements to repurchase		2,030,615	2,684,471
Other borrowings		1,500,000	0
Derivative Liabilities		148	119
Liabilities held in trust for deferred compensation plan		0	0
Financial Liabilities Fair Value Disclosure		5,107,970	3,667,203
Estimated Fair Value at March 31, 2023 | Significant Unobservable Inputs (Level 3) | Business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		5,577,723	5,506,128
Estimated Fair Value at March 31, 2023 | Significant Unobservable Inputs (Level 3) | Real estate - construction and land
Fair Value, Balance Sheet Grouping [Line Items]
Loans		1,407,614	1,347,328
Estimated Fair Value at March 31, 2023 | Significant Unobservable Inputs (Level 3) | Real estate - business
Fair Value, Balance Sheet Grouping [Line Items]
Loans		3,383,813	3,289,655
Estimated Fair Value at March 31, 2023 | Significant Unobservable Inputs (Level 3) | Real estate - personal
Fair Value, Balance Sheet Grouping [Line Items]
Loans		2,700,721	2,654,423
Estimated Fair Value at March 31, 2023 | Significant Unobservable Inputs (Level 3) | Consumer
Fair Value, Balance Sheet Grouping [Line Items]
Loans		2,033,884	1,999,788
Estimated Fair Value at March 31, 2023 | Significant Unobservable Inputs (Level 3) | Revolving home equity
Fair Value, Balance Sheet Grouping [Line Items]
Loans		296,436	295,005
Estimated Fair Value at March 31, 2023 | Significant Unobservable Inputs (Level 3) | Consumer credit card
Fair Value, Balance Sheet Grouping [Line Items]
Loans		530,987	538,268
Estimated Fair Value at March 31, 2023 | Significant Unobservable Inputs (Level 3) | Overdrafts
Fair Value, Balance Sheet Grouping [Line Items]
Loans		6,372	14,666
Interest earning deposits with banks		1,341,854	389,140
Cash and due from banks		351,210	452,496
Derivative Asset	[1]	100,157	60,492
Assets held in trust for deferred compensation plan		18,656	17,856
Non-interest bearing deposits		8,685,234	10,066,356
Savings, interest checking and money market deposits		14,419,741	15,126,981
Other borrowings		1,507,776	9,672
Derivative Liabilities	[1]	43,068	54,984
Liabilities held in trust for deferred compensation plan		18,656	17,856
Level 1
Fair Value, Balance Sheet Grouping [Line Items]
Derivative Asset	[1]	0	0
Assets held in trust for deferred compensation plan		18,656	17,856
Derivative Liabilities	[1]	0	0
Liabilities held in trust for deferred compensation plan		18,656	17,856
Level 2
Fair Value, Balance Sheet Grouping [Line Items]
Derivative Asset	[1]	100,036	60,458
Assets held in trust for deferred compensation plan		0	0
Derivative Liabilities	[1]	42,920	54,865
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]	121	34
Assets held in trust for deferred compensation plan		0	0
Derivative Liabilities	[1]	148	119
Liabilities held in trust for deferred compensation plan		$ 0	$ 0

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