(Mark One) | |||||
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE | |||||
SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE | |||||
SECURITIES EXCHANGE ACT OF 1934 |
(State of Incorporation) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of class | Trading symbol(s) | Name of exchange on which registered | ||||||
Securities registered pursuant to Section 12(g) of the Act: NONE | ||||||||
Commerce Bancshares, Inc. | |||||||||||
Form 10-K | |||||||||||
INDEX | Page | ||||||||||
Building | Net rentable square footage | % occupied in total | % occupied by Bank | ||||||||
1000 Walnut Kansas City, MO | 391,000 | 95 | % | 53 | % | ||||||
922 Walnut Kansas City, MO | 256,000 | 95 | 91 | ||||||||
811 Main Kansas City, MO | 237,000 | 100 | 100 | ||||||||
8001 Forsyth Clayton, MO | 274,000 | 70 | 19 | ||||||||
8000 Forsyth Clayton, MO | 178,000 | 100 | 100 |
The information required by this item is set forth in Item 8 under Note 21, Commitments, Contingencies and Guarantees on page 137. |
Name and Age | Positions with Registrant | ||||
Kevin G. Barth, 63 | Executive Vice President of the Company since April 2005, and Community President and Chief Executive Officer of Commerce Bank since October 1998. Senior Vice President of the Company and Officer of Commerce Bank prior thereto. | ||||
Derrick R. Brooks, 47 | Senior Vice President of the Company and Executive Vice President of Commerce Bank since January 2021. Senior Vice President of Commerce Bank prior thereto. | ||||
John K. Handy, 60 | Executive Vice President of the Company since January 2018 and Senior Vice President of the Company prior thereto. Community President and Chief Executive Officer of Commerce Bank since January 2018 and Senior Vice President of Commerce Bank prior thereto. | ||||
Richard W. Heise, 55 | Senior Vice President of the Company since April 2022 and Executive Vice President of Commerce Bank since July 2021. Prior to his employment with Commerce Bank in February 2017, he was employed at a healthcare tech services company where he served as a senior vice president of revenue cycle and financial services. | ||||
Robert S. Holmes, 60 | Executive Vice President of the Company since April 2015, and Community President and Chief Executive Officer of Commerce Bank since January 2016. Prior to his employment with Commerce Bank in March 2015, he was employed at a Midwest regional bank where he served as managing director and head of Regional Banking. | ||||
Kim L. Jakovich, 54 | Senior Vice President of the Company since April 2022, and Officer of the Company prior thereto. Senior Vice President of Commerce Bank since July 2015. | ||||
Name and Age | Positions with Registrant | ||||
Patricia R. Kellerhals, 66 | Senior Vice President of the Company since February 2016 and Vice President of the Company prior thereto. Executive Vice President of Commerce Bank since 2005. | ||||
David W. Kemper, 73 | Executive Chairman of the Company and of the Board of Directors of the Company since August 2018. Prior thereto, he was Chief Executive Officer of the Company and Chairman of the Board of Directors of the Company. He was President of the Company from April 1982 until February 2013. He is the brother of Jonathan M. Kemper (a former Vice Chairman of the Company), and father of John W. Kemper, President and Chief Executive Officer of the Company. | ||||
John W. Kemper, 46 | Chief Executive Officer of the Company and Chairman and Chief Executive Officer of Commerce Bank since August 2018. Prior thereto, he was Chief Operating Officer of the Company. President of the Company since February 2013 and President of Commerce Bank since March 2013. Member of Board of Directors since September 2015. He is the son of David W. Kemper (Executive Chairman of the Company) and nephew of Jonathan M. Kemper (a former Vice Chairman of the Company). | ||||
Charles G. Kim, 63 | Chief Financial Officer of the Company since July 2009. Executive Vice President of the Company since April 1995 and Executive Vice President of Commerce Bank since January 2004. Prior thereto, he was Senior Vice President of Commerce Bank. | ||||
Douglas D. Neff, 55 | Senior Vice President of the Company since January 2019 and Chairman and Chief Executive Officer of Commerce Bank Southwest Region since 2013. | ||||
Thomas J. Noack, 68 | Senior Vice President of the Company since October 2018 and was also Secretary and General Counsel of the Company from October 2018 to March 2022. He was Secretary, General Counsel and Vice President of the Company prior to October 2018. Executive Vice President of Commerce Bank since September 2021. Prior thereto, he was Secretary, General Counsel and Vice President of Commerce Bank. | ||||
David L. Orf, 57 | Executive Vice President of the Company since October 2020 and Chief Credit Officer of the Company since January 2021. Executive Vice President of Commerce Bank since January 2014 and Senior Vice President of Commerce Bank prior thereto. | ||||
Paula S. Petersen, 57 | Executive Vice President of the Company since January 2022 and Senior Vice President of the Company prior thereto. Executive Vice President of Commerce Bank since March 2012. | ||||
David L. Roller, 53 | Senior Vice President of the Company since July 2016 and Senior Vice President of Commerce Bank since September 2010. | ||||
Paul A. Steiner, 52 | Controller and Chief Accounting Officer of the Company since April 2019. He is also Controller of the Company's subsidiary bank, Commerce Bank. Assistant Controller and Director of Tax of the Company prior thereto. | ||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |||||||||||||||
Commerce (CBSH) | $ | 100.00 | $ | 128.71 | $ | 133.19 | $ | 148.55 | $ | 156.88 | $ | 131.93 | ||||||||
KBW NASDAQ Regional Banking | 100.00 | 123.87 | 113.14 | 154.61 | 143.91 | 143.34 | ||||||||||||||
S&P 500 | 100.00 | 131.47 | 155.58 | 200.19 | 163.91 | 206.95 |
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 | ||||||||||
October 1 - 31 2023 | 58,835 | $44.18 | 58,835 | 2,111,333 | ||||||||||
November 1 - 30 2023 | 224,014 | $48.05 | 224,014 | 1,887,319 | ||||||||||
December 1 - 31 2023 | 130,072 | $52.32 | 130,072 | 1,757,247 | ||||||||||
Total | 412,921 | $48.84 | 412,921 | 1,757,247 |
2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||
(Based on average balances) | |||||||||||||||||
Return on total assets | 1.49 | % | 1.45 | % | 1.55 | % | 1.20 | % | 1.67 | % | |||||||
Return on common equity | 17.94 | 17.31 | 15.37 | 10.64 | 14.06 | ||||||||||||
Equity to total assets | 8.33 | 8.39 | 10.11 | 11.18 | 12.20 | ||||||||||||
Loans to deposits (1) | 66.31 | 55.41 | 56.46 | 67.73 | 71.54 | ||||||||||||
Non-interest bearing deposits to total deposits | 32.61 | 39.02 | 40.46 | 37.83 | 32.03 | ||||||||||||
Net yield on interest earning assets (tax equivalent basis) | 3.16 | 2.85 | 2.58 | 2.99 | 3.48 | ||||||||||||
(Based on end of period data) | |||||||||||||||||
Non-interest income to revenue (2) | 36.47 | 36.71 | 40.15 | 37.87 | 38.98 | ||||||||||||
Efficiency ratio (3) | 59.17 | 56.90 | 57.64 | 57.19 | 56.87 | ||||||||||||
Tier I common risk-based capital ratio | 15.25 | 14.13 | 14.34 | 13.71 | 13.93 | ||||||||||||
Tier I risk-based capital ratio | 15.25 | 14.13 | 14.34 | 13.71 | 14.66 | ||||||||||||
Total risk-based capital ratio | 16.03 | 14.89 | 15.12 | 14.82 | 15.48 | ||||||||||||
Tier I leverage ratio | 11.25 | 10.34 | 9.13 | 9.45 | 11.38 | ||||||||||||
Tangible common equity to tangible assets ratio (4) | 8.85 | 7.32 | 9.01 | 9.92 | 10.99 | ||||||||||||
Common cash dividend payout ratio | 28.24 | 26.10 | 23.12 | 35.32 | 27.52 |
(Dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||
Total equity | $ | 2,964,230 | $ | 2,481,577 | $ | 3,448,324 | $ | 3,399,972 | $ | 3,138,472 | |||||||
Less non-controlling interest | 20,114 | 16,286 | 11,026 | 2,925 | 3,788 | ||||||||||||
Less preferred stock | — | — | — | — | 144,784 | ||||||||||||
Less goodwill | 146,539 | 138,921 | 138,921 | 138,921 | 138,921 | ||||||||||||
Less intangible assets* | 4,058 | 4,305 | 4,604 | 4,958 | 1,785 | ||||||||||||
Total tangible common equity (a) | $ | 2,793,519 | $ | 2,322,065 | $ | 3,293,773 | $ | 3,253,168 | $ | 2,849,194 | |||||||
Total assets | $ | 31,701,061 | $ | 31,875,931 | $ | 36,689,088 | $ | 32,922,974 | $ | 26,065,789 | |||||||
Less goodwill | 146,539 | 138,921 | 138,921 | 138,921 | 138,921 | ||||||||||||
Less intangible assets* | 4,058 | 4,305 | 4,604 | 4,958 | 1,785 | ||||||||||||
Total tangible assets (b) | $ | 31,550,464 | $ | 31,732,705 | $ | 36,545,563 | $ | 32,779,095 | $ | 25,925,083 | |||||||
Tangible common equity to tangible assets ratio (a)/(b) | 8.85 | % | 7.32 | % | 9.01 | % | 9.92 | % | 10.99 | % |
$ Change | % Change | |||||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | '23-'22 | '22-'21 | '23-'22 | '22-'21 | |||||||||||||||||||
Net interest income | $ | 998,129 | $ | 942,185 | $ | 835,424 | $ | 55,944 | $ | 106,761 | 5.9 | % | 12.8 | % | ||||||||||||
Provision for credit losses | (35,451) | (28,071) | 66,326 | 7,380 | 94,397 | 26.3 | (142.3) | |||||||||||||||||||
Non-interest income | 573,045 | 546,535 | 560,393 | 26,510 | (13,858) | 4.9 | (2.5) | |||||||||||||||||||
Investment securities gains (losses), net | 14,985 | 20,506 | 30,059 | (5,521) | (9,553) | (26.9) | (31.8) | |||||||||||||||||||
Non-interest expense | (930,982) | (848,777) | (805,901) | 82,205 | 42,876 | 9.7 | 5.3 | |||||||||||||||||||
Income taxes | (134,549) | (132,358) | (145,711) | 2,191 | (13,353) | 1.7 | (9.2) | |||||||||||||||||||
Income (expense) attributable to non-controlling interest | (8,117) | (11,621) | (9,825) | (3,504) | 1,796 | (30.2) | 18.3 | |||||||||||||||||||
Net income attributable to Commerce Bancshares, Inc. | $ | 477,060 | $ | 488,399 | $ | 530,765 | $ | (11,339) | $ | (42,366) | (2.3) | % | (8.0) | % | ||||||||||||
2023 | 2022 | |||||||||||||||||||
Change due to | Change due to | |||||||||||||||||||
(In thousands) | Average Volume | Average Rate | Total | Average Volume | Average Rate | Total | ||||||||||||||
Interest income, fully taxable-equivalent basis | ||||||||||||||||||||
Loans: | ||||||||||||||||||||
Business | $ | 15,048 | $ | 113,212 | $ | 128,260 | $ | (14,493) | $ | 25,763 | $ | 11,270 | ||||||||
Real estate - construction and land | 12,264 | 43,081 | 55,345 | 3,034 | 18,157 | 21,191 | ||||||||||||||
Real estate - business | 15,551 | 64,631 | 80,182 | 6,909 | 22,671 | 29,580 | ||||||||||||||
Real estate - personal | 4,589 | 11,262 | 15,851 | 1,452 | 1,159 | 2,611 | ||||||||||||||
Consumer | 840 | 36,426 | 37,266 | 2,516 | 5,167 | 7,683 | ||||||||||||||
Revolving home equity | 1,023 | 9,127 | 10,150 | (200) | 3,002 | 2,802 | ||||||||||||||
Consumer credit card | 1,663 | 10,728 | 12,391 | (3,377) | 3,935 | 558 | ||||||||||||||
Total interest on loans | 50,978 | 288,467 | 339,445 | (4,159) | 79,854 | 75,695 | ||||||||||||||
Loans held for sale | (137) | 83 | (54) | (434) | 191 | (243) | ||||||||||||||
Investment securities: | ||||||||||||||||||||
U.S. government and federal agency obligations | (3,589) | (12,585) | (16,174) | 12,468 | (4,261) | 8,207 | ||||||||||||||
Government-sponsored enterprise obligations | 205 | 185 | 390 | 92 | 21 | 113 | ||||||||||||||
State and municipal obligations | (12,406) | (3,435) | (15,841) | 1,089 | (1,689) | (600) | ||||||||||||||
Mortgage-backed securities | (14,481) | 7,436 | (7,045) | (82) | 40,827 | 40,745 | ||||||||||||||
Asset-backed securities | (17,460) | 17,062 | (398) | 12,336 | 13,675 | 26,011 | ||||||||||||||
Other securities | 2,859 | (1,819) | 1,040 | 4,599 | (2,133) | 2,466 | ||||||||||||||
Total interest on investment securities | (44,872) | 6,844 | (38,028) | 30,502 | 46,440 | 76,942 | ||||||||||||||
Federal funds sold | 27 | 220 | 247 | 61 | 347 | 408 | ||||||||||||||
Securities purchased under agreements to resell | (11,987) | 2,989 | (8,998) | 6,449 | (21,179) | (14,730) | ||||||||||||||
Interest earning deposits with banks | 6,630 | 81,520 | 88,150 | (1,375) | 13,271 | 11,896 | ||||||||||||||
Total interest income | 639 | 380,123 | 380,762 | 31,044 | 118,924 | 149,968 | ||||||||||||||
Interest expense | ||||||||||||||||||||
Interest bearing deposits: | ||||||||||||||||||||
Savings | (60) | 76 | 16 | 107 | (496) | (389) | ||||||||||||||
Interest checking and money market | (4,055) | 125,332 | 121,277 | 732 | 17,247 | 17,979 | ||||||||||||||
Certificates of deposit of less than $100,000 | 610 | 36,611 | 37,221 | (174) | 485 | 311 | ||||||||||||||
Certificates of deposit of $100,000 and over | 5,231 | 51,928 | 57,159 | (499) | 1,820 | 1,321 | ||||||||||||||
Federal funds purchased | 9,117 | 14,312 | 23,429 | 42 | 1,777 | 1,819 | ||||||||||||||
Securities sold under agreements to resell | (124) | 49,266 | 49,142 | 31 | 22,362 | 22,393 | ||||||||||||||
Other borrowings | 28,598 | 9,058 | 37,656 | 1,817 | 18 | 1,835 | ||||||||||||||
Total interest expense | 39,317 | 286,583 | 325,900 | 2,056 | 43,213 | 45,269 | ||||||||||||||
Net interest income, fully taxable-equivalent basis | $ | (38,678) | $ | 93,540 | $ | 54,862 | $ | 28,988 | $ | 75,711 | $ | 104,699 |
% Change | |||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | '23-'22 | '22-'21 | ||||||||||||
Bank card transaction fees | $ | 191,156 | $ | 176,144 | $ | 167,891 | 8.5 | % | 4.9 | % | |||||||
Trust fees | 190,954 | 184,719 | 188,227 | 3.4 | (1.9) | ||||||||||||
Deposit account charges and other fees | 90,992 | 94,381 | 97,217 | (3.6) | (2.9) | ||||||||||||
Consumer brokerage services | 17,223 | 19,117 | 18,362 | (9.9) | 4.1 | ||||||||||||
Capital market fees | 14,100 | 14,231 | 15,943 | (0.9) | (10.7) | ||||||||||||
Loan fees and sales | 11,165 | 13,141 | 29,720 | (15.0) | (55.8) | ||||||||||||
Other | 57,455 | 44,802 | 43,033 | 28.2 | 4.1 | ||||||||||||
Total non-interest income | $ | 573,045 | $ | 546,535 | $ | 560,393 | 4.9 | % | (2.5) | % | |||||||
Non-interest income as a % of total revenue* | 36.5 | % | 36.7 | % | 40.1 | % | |||||||||||
Total revenue per full-time equivalent employee | $ | 333.0 | $ | 324.1 | $ | 305.6 |
% Change | |||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | '23-'22 | '22-'21 | ||||||||||||
Net corporate card fees | $ | 110,641 | $ | 100,012 | $ | 91,701 | 10.6 | % | 9.1 | % | |||||||
Net debit card fees | 43,881 | 40,968 | 41,010 | 7.1 | (.1) | ||||||||||||
Net merchant fees | 22,186 | 20,604 | 20,036 | 7.7 | 2.8 | ||||||||||||
Net credit card fees | 14,448 | 14,560 | 15,144 | (0.8) | (3.9) | ||||||||||||
Total bank card transaction fees | $ | 191,156 | $ | 176,144 | $ | 167,891 | 8.5 | % | 4.9 | % |
(In thousands) | 2023 | 2022 | 2021 | ||||||||||||||
Net gains (losses) on sales of available for sale debt securities | $ | (8,444) | $ | (20,273) | $ | (3,284) | |||||||||||
Net gains (losses) on sales of equity securities | — | 17 | — | ||||||||||||||
Fair value adjustments on equity securities, net | (487) | (943) | 187 | ||||||||||||||
Net gains (losses) on sales of private equity investments | (100) | (2,128) | 1,452 | ||||||||||||||
Fair value adjustments of private equity investments | 24,016 | 43,833 | 31,704 | ||||||||||||||
Total investment securities gains (losses), net | $ | 14,985 | $ | 20,506 | $ | 30,059 |
% Change | |||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | '23-'22 | '22-'21 | ||||||||||||
Salaries | $ | 492,977 | $ | 471,260 | $ | 447,238 | 4.6 | % | 5.4 | % | |||||||
Employee benefits | 91,086 | 82,787 | 78,010 | 10.0 | 6.1 | ||||||||||||
Data processing and software | 118,758 | 110,692 | 101,792 | 7.3 | 8.7 | ||||||||||||
Net occupancy | 53,629 | 49,117 | 48,185 | 9.2 | 1.9 | ||||||||||||
Deposit insurance | 33,163 | 10,583 | 9,094 | 213.4 | 16.4 | ||||||||||||
Marketing | 24,511 | 23,827 | 21,856 | 2.9 | 9.0 | ||||||||||||
Equipment | 19,548 | 19,359 | 18,089 | 1.0 | 7.0 | ||||||||||||
Supplies and communication | 19,420 | 18,101 | 17,118 | 7.3 | 5.7 | ||||||||||||
Other | 77,890 | 63,051 | 64,519 | 23.5 | (2.3) | ||||||||||||
Total non-interest expense | $ | 930,982 | $ | 848,777 | $ | 805,901 | 9.7 | % | 5.3 | % | |||||||
Efficiency ratio | 59.2 | % | 56.9 | % | 57.6 | % | |||||||||||
Salaries and benefits as a % of total non-interest expense | 62.7 | % | 65.3 | % | 65.2 | % | |||||||||||
Number of full-time equivalent employees | 4,718 | 4,594 | 4,567 |
Balance at December 31 | ||||||||
(In thousands) | 2023 | 2022 | ||||||
Commercial: | ||||||||
Business | $ | 6,019,036 | $ | 5,661,725 | ||||
Real estate — construction and land | 1,446,764 | 1,361,095 | ||||||
Real estate — business | 3,719,306 | 3,406,981 | ||||||
Personal banking: | ||||||||
Real estate — personal | 3,026,041 | 2,918,078 | ||||||
Consumer | 2,077,723 | 2,059,088 | ||||||
Revolving home equity | 319,894 | 297,207 | ||||||
Consumer credit card | 589,913 | 584,000 | ||||||
Overdrafts | 6,802 | 14,957 | ||||||
Total loans | $ | 17,205,479 | $ | 16,303,131 |
Principal Payments Due | |||||||||||||||||
(In thousands) | In One Year or Less | After One Year Through Five Years | After Five Years Through Fifteen Years | After Fifteen Years | Total | ||||||||||||
Commercial: | |||||||||||||||||
Business | $ | 2,567,095 | $ | 3,009,541 | $ | 435,052 | $ | 7,348 | $ | 6,019,036 | |||||||
Real estate — construction and land | 372,555 | 1,010,254 | 58,802 | 5,153 | 1,446,764 | ||||||||||||
Real estate — business | 821,868 | 2,452,951 | 435,628 | 8,859 | 3,719,306 | ||||||||||||
Personal banking: | |||||||||||||||||
Real estate — personal | 172,385 | 546,966 | 881,128 | 1,425,562 | 3,026,041 | ||||||||||||
Consumer | 790,458 | 1,097,854 | 186,399 | 3,012 | 2,077,723 | ||||||||||||
Revolving home equity | 16,887 | 84,981 | 218,026 | — | 319,894 | ||||||||||||
Consumer credit card | 67,023 | 200,115 | 322,775 | — | 589,913 | ||||||||||||
Overdrafts | 6,802 | — | — | — | 6,802 | ||||||||||||
Total loans | $ | 4,815,073 | $ | 8,402,662 | $ | 2,537,810 | $ | 1,449,934 | $ | 17,205,479 | |||||||
Loans with fixed rates | $ | 1,343,238 | $ | 3,946,618 | $ | 1,359,742 | $ | 704,169 | $ | 7,353,767 | |||||||
Loans with floating rates | 3,471,835 | 4,456,044 | 1,178,068 | 745,765 | 9,851,712 | ||||||||||||
Total loans | $ | 4,815,073 | $ | 8,402,662 | $ | 2,537,810 | $ | 1,449,934 | $ | 17,205,479 |
(In thousands) | Fixed Rate Loans | Variable Rate Loans | Total | % Variable Rate Loans | ||||||||||
Business | $ | 2,386,522 | $ | 3,632,514 | $ | 6,019,036 | 60.4 | % | ||||||
Real estate — construction and land | 48,130 | 1,398,634 | 1,446,764 | 96.7 | ||||||||||
Real estate — business | 1,515,970 | 2,203,336 | 3,719,306 | 59.2 | ||||||||||
Real estate — personal | 1,846,408 | 1,179,633 | 3,026,041 | 39.0 | ||||||||||
Consumer | 1,522,230 | 555,493 | 2,077,723 | 26.7 | ||||||||||
Revolving home equity | — | 319,894 | 319,894 | 100.0 | ||||||||||
Consumer credit card | 27,705 | 562,208 | 589,913 | 95.3 | ||||||||||
Overdrafts | 6,802 | — | 6,802 | — | ||||||||||
Total loans | $ | 7,353,767 | $ | 9,851,712 | $ | 17,205,479 | 57.3 | % |
Years Ended December 31 | |||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | ||||||||
Loans outstanding at end of year(A) | $ | 17,205,479 | $ | 16,303,131 | $ | 15,176,359 | |||||
Average loans outstanding(A) | $ | 16,777,150 | $ | 15,561,987 | $ | 15,664,388 | |||||
Allowance for credit losses: | |||||||||||
Balance at end of prior year | $ | 150,136 | $ | 150,044 | $ | 220,834 | |||||
Provision for credit losses on loans | 43,325 | 19,155 | (52,223) | ||||||||
Loans charged off: | |||||||||||
Business | 3,751 | 1,474 | 810 | ||||||||
Real estate — construction and land | — | — | 3 | ||||||||
Real estate — business | 134 | 6 | 155 | ||||||||
Real estate — personal | 41 | 159 | 134 | ||||||||
Consumer | 8,323 | 6,073 | 5,370 | ||||||||
Revolving home equity | 11 | 77 | 188 | ||||||||
Consumer credit card | 24,105 | 19,039 | 27,461 | ||||||||
Overdrafts | 3,803 | 2,414 | 1,506 | ||||||||
Total loans charged off | 40,168 | 29,242 | 35,627 | ||||||||
Recoveries of loans previously charged off: | |||||||||||
Business | 647 | 421 | 5,568 | ||||||||
Real estate — construction and land | 115 | — | 2 | ||||||||
Real estate — business | 30 | 26 | 219 | ||||||||
Real estate — personal | 78 | 233 | 232 | ||||||||
Consumer | 2,075 | 2,283 | 2,814 | ||||||||
Revolving home equity | 68 | 137 | 185 | ||||||||
Consumer credit card | 5,052 | 6,381 | 7,453 | ||||||||
Overdrafts | 1,037 | 698 | 587 | ||||||||
Total recoveries | 9,102 | 10,179 | 17,060 | ||||||||
Net loans charged off | 31,066 | 19,063 | 18,567 | ||||||||
Balance at end of year | $ | 162,395 | $ | 150,136 | $ | 150,044 | |||||
Ratio of allowance to loans at end of year | .94 | % | .92 | % | .99 | % | |||||
Ratio of provision to average loans outstanding | .26 | % | .12 | % | (.33) | % | |||||
Non-accrual loans | $ | 7,312 | $ | 8,306 | $ | 9,157 | |||||
Ratio of non-accrual loans to total loans outstanding | .04 | % | .05 | % | .06 | % | |||||
Ratio of allowance for credit losses on loans to non-accrual loans | 2,220.94 | 1,807.56 | 1,638.57 |
Years Ended December 31 | |||||||||||
2023 | 2022 | 2021 | |||||||||
Ratio of net charge-offs (recoveries) to average loans outstanding, by loan category: | |||||||||||
Business | .05 | % | .02 | % | (.08 | %) | |||||
Real estate — construction and land | (.01) | — | — | ||||||||
Consumer | .30 | .18 | .13 | ||||||||
Revolving home equity | (.02) | (.02) | — | ||||||||
Consumer credit card | 3.40 | 2.31 | 3.47 | ||||||||
Overdrafts | 56.19 | 30.40 | 21.20 | ||||||||
Ratio of total net charge-offs to total average loans outstanding | .19 | % | .12 | % | .12 | % |
(Dollars in thousands) | 2023 | 2022 | |||||||||||||||||||||
Credit Loss Allowance Allocation | % of Loans to Total Loans | % of ACL to Loan Category | Credit Loss Allowance Allocation | % of Loans to Total Loans | % of ACL to Loan Category | ||||||||||||||||||
Business | $ | 47,114 | 35.0 | % | .78 | % | $ | 46,340 | 34.8 | % | .82 | % | |||||||||||
RE — construction and land | 31,373 | 8.4 | 2.17 | 28,799 | 8.3 | 2.12 | |||||||||||||||||
RE — business | 29,714 | 21.6 | .80 | 28,154 | 20.9 | .83 | |||||||||||||||||
RE — personal | 11,999 | 17.6 | .40 | 10,047 | 17.9 | .34 | |||||||||||||||||
Consumer | 11,665 | 12.1 | .56 | 10,252 | 12.6 | .50 | |||||||||||||||||
Revolving home equity | 1,753 | 1.9 | .55 | 1,576 | 1.8 | .53 | |||||||||||||||||
Consumer credit card | 28,667 | 3.4 | 4.86 | 24,858 | 3.6 | 4.26 | |||||||||||||||||
Overdrafts | 110 | — | 1.62 | 110 | .1 | .74 | |||||||||||||||||
Total | $ | 162,395 | 100.0 | % | .94 | % | $ | 150,136 | 100.0 | % | .92 | % |
Years Ended December 31 | |||||||||||
(In thousands) | 2023 | 2022 | 2021 | ||||||||
LIABILITY FOR UNFUNDED LENDING COMMITMENTS | |||||||||||
Balance at beginning of period | $ | 33,120 | $ | 24,204 | $ | 38,307 | |||||
Provision for credit losses on unfunded lending commitments | (7,874) | 8,916 | (14,103) | ||||||||
Balance at end of period | $ | 25,246 | $ | 33,120 | $ | 24,204 |
December 31 | |||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||
Total non-accrual loans | $ | 7,312 | $ | 8,306 | $ | 9,157 | $ | 26,540 | $ | 10,220 | |||||||
Real estate acquired in foreclosure | 270 | 96 | 115 | 93 | 365 | ||||||||||||
Total non-performing assets | $ | 7,582 | $ | 8,402 | $ | 9,272 | $ | 26,633 | $ | 10,585 | |||||||
Non-performing assets as a percentage of total loans | .04 | % | .05 | % | .06 | % | .16 | % | .07 | % | |||||||
Non-performing assets as a percentage of total assets | .02 | % | .03 | % | .03 | % | .08 | % | .04 | % | |||||||
Loans past due 90 days and still accruing interest | $ | 21,864 | $ | 15,830 | $ | 11,726 | $ | 22,190 | $ | 19,859 |
December 31 | ||||||||
(In thousands) | 2023 | 2022 | ||||||
Potential problem loans: | ||||||||
Business | $ | 74,760 | $ | 29,455 | ||||
Real estate – construction and land | — | 47,493 | ||||||
Real estate – business | 140,800 | 182,526 | ||||||
Real estate – personal | 827 | 250 | ||||||
Total potential problem loans | $ | 216,387 | $ | 259,724 |
(Dollars in thousands) | December 31, 2023 | % of Total | % of Total Loans | December 31, 2022 | % of Total | % of Total Loans | ||||||||||||||
Commercial construction | $ | 1,222,961 | 84.5 | % | 7.1 | % | $ | 1,122,105 | 82.4 | % | 6.9 | % | ||||||||
Residential construction | 110,687 | 7.7 | .6 | 138,311 | 10.2 | .8 | ||||||||||||||
Residential land and land development | 62,417 | 4.3 | .4 | 50,012 | 3.7 | .3 | ||||||||||||||
Commercial land and land development | 50,699 | 3.5 | .3 | 50,667 | 3.7 | .3 | ||||||||||||||
Total real estate – construction and land loans | $ | 1,446,764 | 100.0 | % | 8.4 | % | $ | 1,361,095 | 100.0 | % | 8.3 | % |
(Dollars in thousands) | December 31, 2023 | % of Total | % of Total Loans | December 31, 2022 | % of Total | % of Total Loans | ||||||||||||||
Owner-occupied | $ | 1,175,476 | 31.6 | % | 6.8 | % | $ | 1,136,189 | 33.3 | % | 7.0 | % | ||||||||
Industrial | 630,713 | 17.0 | 3.7 | 478,534 | 14.0 | 2.9 | ||||||||||||||
Office | 489,320 | 13.2 | 2.8 | 497,601 | 14.6 | 3.1 | ||||||||||||||
Retail | 366,693 | 9.9 | 2.1 | 322,971 | 9.5 | 2.0 | ||||||||||||||
Hotels | 292,941 | 7.9 | 1.7 | 230,972 | 6.8 | 1.4 | ||||||||||||||
Multi-family | 256,657 | 6.9 | 1.5 | 308,156 | 9.0 | 1.9 | ||||||||||||||
Farm | 195,981 | 5.3 | 1.1 | 195,920 | 5.8 | 1.2 | ||||||||||||||
Senior living | 183,778 | 4.9 | 1.1 | 131,217 | 3.9 | .8 | ||||||||||||||
Other | 127,747 | 3.3 | .8 | 105,421 | 3.1 | .6 | ||||||||||||||
Total real estate - business loans | $ | 3,719,306 | 100.0 | % | 21.6 | % | $ | 3,406,981 | 100.0 | % | 20.9 | % |
(Dollars in thousands) | Pass | Special Mention | Substandard | Non-Accrual | Total | ||||||||||||
December 31, 2023 | |||||||||||||||||
Owner-occupied | $ | 1,146,112 | $ | 10,376 | $ | 18,928 | $ | 60 | $ | 1,175,476 | |||||||
Industrial | 630,644 | 69 | — | — | 630,713 | ||||||||||||
Office | 489,320 | — | — | — | 489,320 | ||||||||||||
Retail | 349,321 | 15,500 | 1,872 | — | 366,693 | ||||||||||||
Hotels | 282,105 | 9,253 | 1,583 | — | 292,941 | ||||||||||||
Multi-family | 255,507 | 1,150 | — | — | 256,657 | ||||||||||||
Farm | 195,981 | — | — | — | 195,981 | ||||||||||||
Senior living | 69,379 | — | 114,399 | — | 183,778 | ||||||||||||
Other | 127,505 | 242 | — | — | 127,747 | ||||||||||||
Total | $ | 3,545,874 | $ | 36,590 | $ | 136,782 | $ | 60 | $ | 3,719,306 | |||||||
December 31, 2022 | |||||||||||||||||
Owner-occupied | $ | 1,129,343 | $ | 632 | $ | 6,084 | $ | 130 | $ | 1,136,189 | |||||||
Industrial | 478,534 | — | — | — | 478,534 | ||||||||||||
Office | 494,169 | 3,432 | — | — | 497,601 | ||||||||||||
Retail | 321,041 | — | 1,930 | — | 322,971 | ||||||||||||
Hotels | 174,558 | 9,725 | 46,689 | — | 230,972 | ||||||||||||
Multi-family | 286,202 | 1,975 | 19,979 | — | 308,156 | ||||||||||||
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 |
(Dollars in thousands) | Principal Outstanding at December 31, 2023 | * | New Lines Originated During 2023 | * | Unused Portion of Available Lines at December 31, 2023 | * | Balances Over 30 Days Past Due | * | ||||||||||||||||||
Loans with interest-only payments | $ | 293,847 | 91.9 | % | $ | 230,809 | 72.2 | % | $ | 876,328 | 273.9 | % | $ | 3,752 | 1.2 | % | ||||||||||
Loans with LTV: | ||||||||||||||||||||||||||
Between 80% and 90% | 30,231 | 9.5 | 10,125 | 3.2 | 45,523 | 14.2 | 604 | .2 | ||||||||||||||||||
Over 90% | 2,053 | 0.6 | 195 | .1 | 2,151 | 0.7 | — | — | ||||||||||||||||||
Over 80% LTV | $ | 32,284 | 10.1 | % | $ | 10,320 | 3.2 | % | $ | 47,674 | 14.9 | % | $ | 604 | .2 | % | ||||||||||
Total loan portfolio from which above loans were identified | $ | 319,894 | $ | 237,719 | $ | 899,980 |
(Dollars in thousands) | Principal Outstanding at December 31, 2022 | * | New Lines Originated During 2022 | * | Unused Portion of Available Lines at December 31, 2022 | * | Balances Over 30 Days Past Due | * | ||||||||||||||||||
Loans with interest-only payments | $ | 271,772 | 91.4 | % | $ | 232,767 | 78.3 | % | $ | 822,413 | 276.7 | % | $ | 1,757 | .6 | % | ||||||||||
Loans with LTV: | ||||||||||||||||||||||||||
Between 80% and 90% | 30,110 | 10.1 | 18,229 | 6.1 | 49,154 | 16.5 | 97 | — | ||||||||||||||||||
Over 90% | 2,288 | 0.8 | 820 | .3 | 2,469 | 0.8 | 16 | — | ||||||||||||||||||
Over 80% LTV | $ | 32,398 | 10.9 | % | $ | 19,049 | 6.4 | % | $ | 51,623 | 17.4 | % | $ | 113 | — | % | ||||||||||
Total loan portfolio from which above loans were identified | $ | 297,207 | $ | 244,310 | $ | 846,361 |
(In thousands) | December 31, 2023 | December 31, 2022 | Unfunded commitments at December 31, 2023 | ||||||||
Extraction | $ | 219,828 | $ | 235,933 | $ | 125,445 | |||||
Mid-stream shipping and storage | 35,505 | 43,432 | 99,026 | ||||||||
Downstream distribution and refining | 8,890 | 7,675 | 11,290 | ||||||||
Support activities | 7,811 | 9,387 | 5,027 | ||||||||
Total energy lending portfolio | $ | 272,034 | $ | 296,427 | $ | 240,788 |
December 31 | ||||||||
(In thousands) | 2023 | 2022 | ||||||
Amortized Cost | ||||||||
U.S. government and federal agency obligations | $ | 841,267 | $ | 1,078,807 | ||||
Government-sponsored enterprise obligations | 55,658 | 55,729 | ||||||
State and municipal obligations | 1,346,633 | 1,965,028 | ||||||
Agency mortgage-backed securities | 4,621,821 | 5,087,893 | ||||||
Non-agency mortgage-backed securities | 1,331,288 | 1,423,469 | ||||||
Asset-backed securities | 2,200,712 | 3,588,025 | ||||||
Other debt securities | 507,386 | 539,255 | ||||||
Total available for sale debt securities | $ | 10,904,765 | $ | 13,738,206 | ||||
Fair Value | ||||||||
U.S. government and federal agency obligations | $ | 816,514 | $ | 1,035,406 | ||||
Government-sponsored enterprise obligations | 43,962 | 43,108 | ||||||
State and municipal obligations | 1,197,419 | 1,767,109 | ||||||
Agency mortgage-backed securities | 3,901,346 | 4,308,427 | ||||||
Non-agency mortgage-backed securities | 1,157,898 | 1,211,607 | ||||||
Asset-backed securities | 2,107,485 | 3,397,801 | ||||||
Other debt securities | 460,136 | 474,858 | ||||||
Total available for sale debt securities | $ | 9,684,760 | $ | 12,238,316 |
December 31, 2023 | ||||||||||||||
Percent of Total Debt Securities | Weighted Average Yield | Estimated Average Maturity* | ||||||||||||
Available for sale debt securities: | ||||||||||||||
U.S. government and federal agency obligations | 8.4 | % | 1.19 | % | 2.3 | years | ||||||||
Government-sponsored enterprise obligations | 0.5 | 2.38 | 12.4 | |||||||||||
State and municipal obligations | 12.2 | 1.78 | 7.0 | |||||||||||
Agency mortgage-backed securities | 40.3 | 2.10 | 6.9 | |||||||||||
Non-agency mortgage-backed securities | 12.0 | 2.37 | 5.9 | |||||||||||
Asset-backed securities | 21.8 | 2.33 | 1.9 | |||||||||||
Other debt securities | 4.8 | 1.91 | 4.8 |
December 31 | ||||||||
(In thousands) | 2023 | 2022 | ||||||
Federal Reserve Bank stock | $ | 35,166 | $ | 34,795 | ||||
Federal Home Loan Bank stock | 10,640 | 10,678 | ||||||
Equity method investments | — | 1,434 | ||||||
Private equity investments in debt securities | 67,322 | 66,899 | ||||||
Private equity investments in equity securities | 109,345 | 111,228 | ||||||
Total other securities | $ | 222,473 | $ | 225,034 |
December 31 | ||||||||
2023 | 2022 | |||||||
Non-interest bearing | 31.4 | % | 38.4 | % | ||||
Savings, interest checking and money market | 57.2 | 57.8 | ||||||
Certificates of deposit of less than $100,000 | 3.7 | 1.5 | ||||||
Certificates of deposit of $100,000 and over | 7.7 | 2.3 | ||||||
Total deposits | 100.0 | % | 100.0 | % |
(In thousands) | Uninsured Certificates of Deposit at December 31, 2023 | ||||
Due in 3 months or less | $ | 957,796 | |||
Due in over 3 through 6 months | 234,012 | ||||
Due in over 6 through 12 months | 246,055 | ||||
Due in over 12 months | 96,924 | ||||
Total | $ | 1,534,787 |
(In thousands) | 2023 | 2022 | ||||||
Balances at the Federal Reserve Bank | $ | 2,239,010 | $ | 389,140 | ||||
Federal funds sold | 5,025 | 49,505 | ||||||
Securities purchased under agreements to resell | 450,000 | 825,000 | ||||||
Available for sale debt securities | 9,684,760 | 12,238,316 | ||||||
Total | $ | 12,378,795 | $ | 13,501,961 |
(In thousands) | 2023 | 2022 | ||||||
Investment securities pledged for the purpose of securing: | ||||||||
Federal Reserve Bank borrowings | $ | 2,636,523 | $ | 11,469 | ||||
FHLB borrowings and letters of credit | 301,617 | 1,817 | ||||||
Repurchase agreements * | 2,710,616 | 2,950,240 | ||||||
Other deposits | 1,818,092 | 1,772,974 | ||||||
Total pledged securities | 7,466,848 | 4,736,500 | ||||||
Unpledged and available for pledging | 2,211,243 | 6,545,695 | ||||||
Ineligible for pledging | 6,669 | 956,121 | ||||||
Total available for sale debt securities, at fair value | $ | 9,684,760 | $ | 12,238,316 |
(In thousands) | 2023 | 2022 | ||||||
Core deposit base: | ||||||||
Non-interest bearing | $ | 7,975,935 | $ | 10,066,356 | ||||
Interest checking | 7,020,134 | 1,854,336 | ||||||
Savings and money market | 7,492,139 | 13,272,645 | ||||||
Total | $ | 22,488,208 | $ | 25,193,337 |
(In thousands) | 2023 | 2022 | ||||||
Borrowings: | ||||||||
Federal funds purchased | $ | 261,305 | $ | 159,860 | ||||
Securities sold under agreements to repurchase | 2,647,510 | 2,681,874 | ||||||
Other debt | 1,404 | 9,672 | ||||||
Total | $ | 2,910,219 | $ | 2,851,406 |
December 31, 2023 | |||||||||||
(In thousands) | FHLB | Federal Reserve | Total | ||||||||
Total collateral value established by FHLB and FRB | $ | 2,521,750 | $ | 4,877,381 | $ | 7,399,131 | |||||
Letters of credit issued | (639,525) | — | (639,525) | ||||||||
Available for future advances | $ | 1,882,225 | $ | 4,877,381 | $ | 6,759,606 |
Standard & Poor’s | Moody’s | |||||||
Commerce Bancshares, Inc. | ||||||||
Issuer rating | A- | |||||||
Rating outlook | Stable | |||||||
Commerce Bank | ||||||||
Issuer rating | A | A3 | ||||||
Baseline credit assessment | a2 | |||||||
Short-term rating | A-1 | P-1 | ||||||
Rating outlook | Stable | Stable |
(In millions) | 2023 | 2022 | 2021 | ||||||||
Purchases of treasury stock | $ | 76.4 | $ | 186.6 | $ | 129.4 | |||||
Common cash dividends paid | 134.7 | 127.5 | 122.7 | ||||||||
Cash used | $ | 211.1 | $ | 314.1 | $ | 252.1 |
(In millions) | 2023 | 2022 | 2021 | ||||||||
Dividends received from subsidiaries | $ | 280.0 | $ | 300.0 | $ | 340.0 | |||||
Management fees | 47.8 | 38.6 | 36.3 | ||||||||
Total | $ | 327.8 | $ | 338.6 | $ | 376.3 |
Payments Due by Period | ||||||||||||||||||||
(In thousands) | In One Year or Less | After One Year Through Three Years | After Three Years Through Five Years | After Five Years | Total | |||||||||||||||
Operating lease obligations | $ | 6,393 | $ | 8,475 | $ | 7,124 | $ | 12,861 | $ | 34,853 | ||||||||||
Purchase obligations | 271,288 | 442,052 | 135,445 | 77,485 | 926,270 | |||||||||||||||
Certificates of Deposit* | 2,647,310 | 214,803 | 13,577 | — | 2,875,690 | |||||||||||||||
Total | $ | 2,924,991 | $ | 665,330 | $ | 156,146 | $ | 90,346 | $ | 3,836,813 |
(Dollars in thousands) | 2023 | 2022 | Minimum Capital Requirement | Capital Conservation Buffer | Minimum Ratios Requirement including Capital Conservation Buffer | Minimum Ratios for Well-Capitalized Banks* | ||||||||||||||
Risk-adjusted assets | $ | 24,216,527 | $ | 24,178,423 | ||||||||||||||||
Tier I common risk-based capital | 3,693,089 | 3,417,223 | ||||||||||||||||||
Tier I risk-based capital | 3,693,089 | 3,417,223 | ||||||||||||||||||
Total risk-based capital | 3,881,024 | 3,600,920 | ||||||||||||||||||
Tier I common risk-based capital ratio | 15.25 | % | 14.13 | % | 4.50 | % | 2.50 | % | 7.00 | % | 6.50 | % | ||||||||
Tier I risk-based capital ratio | 15.25 | 14.13 | 6.00 | 2.50 | 8.50 | 8.00 | ||||||||||||||
Total risk-based capital ratio | 16.03 | 14.89 | 8.00 | 2.50 | 10.50 | 10.00 | ||||||||||||||
Tier I leverage ratio | 11.25 | 10.34 | 4.00 | N/A | 4.00 | 5.00 | ||||||||||||||
Tangible common equity to tangible assets | 8.85 | 7.32 | ||||||||||||||||||
Dividend payout ratio | 28.24 | 26.10 |
December 31, 2023 | September 30, 2023 | ||||||||||||||||||||||||||||
(Dollars in millions) | $ Change in Net Interest Income | % Change in Net Interest Income | Assumed Deposit Attrition | $ Change in Net Interest Income | % Change in Net Interest Income | Assumed Deposit Attrition | |||||||||||||||||||||||
300 basis points rising | $ | (13.4) | (1.32) | % | $ | — | $ | (20.6) | (2.08) | % | $ | — | |||||||||||||||||
200 basis points rising | (13.1) | (1.29) | — | (17.7) | (1.79) | — | |||||||||||||||||||||||
100 basis points rising | (6.9) | (.68) | — | (9.1) | (.92) | — | |||||||||||||||||||||||
100 basis points falling | (2.6) | (0.26) | — | (0.6) | (0.06) | — | |||||||||||||||||||||||
200 basis points falling | (15.4) | (1.52) | — | (11.0) | (1.11) | — | |||||||||||||||||||||||
300 basis points falling | (32.9) | (3.24) | — | (27.0) | (2.71) | — |
2023 | 2022 | ||||||||||||||||||||||||||||||||||
(In thousands) | Notional Amount | Positive Fair Value | Negative Fair Value | Notional Amount | Positive Fair Value | Negative Fair Value | |||||||||||||||||||||||||||||
Interest rate swaps | $ | 2,166,393 | $ | 35,816 | $ | (35,816) | $ | 1,981,821 | $ | 23,894 | $ | (51,742) | |||||||||||||||||||||||
Interest rate floors | 2,000,000 | 78,960 | — | 1,000,000 | 33,371 | — | |||||||||||||||||||||||||||||
Interest rate caps | 336,682 | 1,391 | (1,391) | 152,784 | 2,705 | (2,705) | |||||||||||||||||||||||||||||
Credit risk participation agreements | 653,887 | 77 | (194) | 579,925 | 34 | (119) | |||||||||||||||||||||||||||||
Foreign exchange contracts | 30,401 | 534 | (479) | 27,991 | 488 | (418) | |||||||||||||||||||||||||||||
Mortgage loan commitments | 3,004 | 89 | (1) | — | — | — | |||||||||||||||||||||||||||||
Mortgage loan forward sale contracts | 1,349 | 8 | — | — | — | — | |||||||||||||||||||||||||||||
Forward TBA contracts | 3,000 | 1 | (18) | — | — | — | |||||||||||||||||||||||||||||
Total at December 31 | $ | 5,194,716 | $ | 116,876 | $ | (37,899) | $ | 3,742,521 | $ | 60,492 | $ | (54,984) |
(Dollars in thousands) | Consumer | Commercial | Wealth | Segment Totals | Other/Elimination | Consolidated Totals | ||||||||||||||
Year ended December 31, 2023: | ||||||||||||||||||||
Net interest income | $ | 413,856 | $ | 482,389 | $ | 73,251 | $ | 969,496 | $ | 28,633 | $ | 998,129 | ||||||||
Provision for credit losses | (27,459) | (3,513) | (28) | (31,000) | (4,451) | (35,451) | ||||||||||||||
Non-interest income | 99,910 | 246,183 | 218,241 | 564,334 | 8,711 | 573,045 | ||||||||||||||
Investment securities gains (losses), net | — | — | — | — | 14,985 | 14,985 | ||||||||||||||
Non-interest expense | (326,838) | (391,980) | (157,679) | (876,497) | (54,485) | (930,982) | ||||||||||||||
Income before income taxes | $ | 159,469 | $ | 333,079 | $ | 133,785 | $ | 626,333 | $ | (6,607) | $ | 619,726 | ||||||||
Year ended December 31, 2022: | ||||||||||||||||||||
Net interest income | $ | 366,749 | $ | 452,686 | $ | 74,416 | $ | 893,851 | $ | 48,334 | $ | 942,185 | ||||||||
Provision for loan losses | (17,832) | (1,196) | (8) | (19,036) | (9,035) | (28,071) | ||||||||||||||
Non-interest income | 106,538 | 224,890 | 213,388 | 544,816 | 1,719 | 546,535 | ||||||||||||||
Investment securities gains (losses), net | — | — | — | — | 20,506 | 20,506 | ||||||||||||||
Non-interest expense | (308,899) | (365,276) | (144,914) | (819,089) | (29,688) | (848,777) | ||||||||||||||
Income before income taxes | $ | 146,556 | $ | 311,104 | $ | 142,882 | $ | 600,542 | $ | 31,836 | $ | 632,378 | ||||||||
2023 vs 2022 | ||||||||||||||||||||
Increase (decrease) in income before income taxes: | ||||||||||||||||||||
Amount | $ | 12,913 | $ | 21,975 | $ | (9,097) | $ | 25,791 | $ | (38,443) | $ | (12,652) | ||||||||
Percent | 8.8 | % | 7.1 | % | (6.4) | % | 4.3 | % | (120.8) | % | (2.0) | % | ||||||||
Year ended December 31, 2021: | ||||||||||||||||||||
Net interest income | $ | 348,565 | $ | 453,692 | $ | 71,522 | $ | 873,779 | $ | (38,355) | $ | 835,424 | ||||||||
Provision for loan losses | (23,224) | 4,845 | (52) | (18,431) | 84,757 | 66,326 | ||||||||||||||
Non-interest income | 126,218 | 211,048 | 213,617 | 550,883 | 9,510 | 560,393 | ||||||||||||||
Investment securities gains (losses), net | — | — | — | — | 30,059 | 30,059 | ||||||||||||||
Non-interest expense | (299,998) | (329,313) | (136,356) | (765,667) | (40,234) | (805,901) | ||||||||||||||
Income before income taxes | $ | 151,561 | $ | 340,272 | $ | 148,731 | $ | 640,564 | $ | 45,737 | $ | 686,301 | ||||||||
2022 vs 2021 | ||||||||||||||||||||
Increase (decrease) in income before income taxes: | ||||||||||||||||||||
Amount | $ | (5,005) | $ | (29,168) | $ | (5,849) | $ | (40,022) | $ | (13,901) | $ | (53,923) | ||||||||
Percent | (3.3) | % | (8.6) | % | (3.9) | % | (6.2) | % | 30.4 | % | (7.9) | % |
Years Ended December 31 | |||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Income/ Expense | Average Rates Earned/Paid | Average Balance | Interest Income/ Expense | Average Rates Earned/Paid | Average Balance | Interest Income/ Expense | Average Rates Earned/Paid | ||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Loans:(A) | |||||||||||||||||||||||||||||||||||
Business(B) | $ | 5,781,736 | $ | 326,498 | 5.65 | % | $ | 5,376,584 | $ | 198,238 | 3.69 | % | $ | 5,838,682 | $ | 186,968 | 3.20 | % | |||||||||||||||||
Real estate – construction and land | 1,473,797 | 117,238 | 7.95 | 1,229,977 | 61,893 | 5.03 | 1,144,741 | 40,702 | 3.56 | ||||||||||||||||||||||||||
Real estate – business | 3,577,093 | 214,091 | 5.99 | 3,205,061 | 133,909 | 4.18 | 3,005,943 | 104,329 | 3.47 | ||||||||||||||||||||||||||
Real estate – personal | 2,979,014 | 110,729 | 3.72 | 2,841,626 | 94,878 | 3.34 | 2,797,635 | 92,267 | 3.30 | ||||||||||||||||||||||||||
Consumer | 2,096,517 | 121,310 | 5.79 | 2,075,781 | 84,044 | 4.05 | 2,009,577 | 76,361 | 3.80 | ||||||||||||||||||||||||||
Revolving home equity | 302,967 | 22,775 | 7.52 | 280,242 | 12,625 | 4.51 | 286,064 | 9,823 | 3.43 | ||||||||||||||||||||||||||
Consumer credit card | 561,103 | 77,223 | 13.76 | 547,071 | 64,832 | 11.85 | 577,411 | 64,274 | 11.13 | ||||||||||||||||||||||||||
Overdrafts | 4,923 | — | — | 5,645 | — | — | 4,335 | — | — | ||||||||||||||||||||||||||
Total loans | 16,777,150 | 989,864 | 5.90 | 15,561,987 | 650,419 | 4.18 | 15,664,388 | 574,724 | 3.67 | ||||||||||||||||||||||||||
Loans held for sale | 5,692 | 583 | 10.24 | 7,754 | 637 | 8.22 | 21,524 | 880 | 4.09 | ||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
U.S. government & federal agency obligations | 1,001,979 | 24,921 | 2.49 | 1,097,935 | 41,095 | 3.74 | 796,043 | 32,888 | 4.13 | ||||||||||||||||||||||||||
Government-sponsored enterprise obligations | 63,436 | 1,683 | 2.65 | 54,768 | 1,293 | 2.36 | 50,789 | 1,180 | 2.32 | ||||||||||||||||||||||||||
State & municipal obligations(B) | 1,518,835 | 31,280 | 2.06 | 2,061,620 | 47,121 | 2.29 | 2,015,635 | 47,721 | 2.37 | ||||||||||||||||||||||||||
Mortgage-backed securities | 6,237,225 | 128,875 | 2.07 | 6,979,862 | 135,920 | 1.95 | 6,985,897 | 95,175 | 1.36 | ||||||||||||||||||||||||||
Asset-backed securities | 2,732,093 | 58,318 | 2.13 | 3,888,405 | 58,716 | 1.51 | 2,824,993 | 32,705 | 1.16 | ||||||||||||||||||||||||||
Other debt securities | 518,549 | 9,590 | 1.85 | 606,661 | 11,811 | 1.95 | 603,720 | 12,556 | 2.08 | ||||||||||||||||||||||||||
Trading debt securities(B) | 41,092 | 1,968 | 4.79 | 41,205 | 1,129 | 2.74 | 36,534 | 452 | 1.24 | ||||||||||||||||||||||||||
Equity securities(B) | 12,317 | 2,988 | 24.26 | 9,492 | 2,578 | 27.16 | 6,809 | 2,223 | 32.65 | ||||||||||||||||||||||||||
Other securities(B) | 240,808 | 23,115 | 9.60 | 203,953 | 21,103 | 10.35 | 171,322 | 18,924 | 11.05 | ||||||||||||||||||||||||||
Total investment securities | 12,366,334 | 282,738 | 2.29 | 14,943,901 | 320,766 | 2.15 | 13,491,742 | 243,824 | 1.81 | ||||||||||||||||||||||||||
Federal funds sold | 12,464 | 659 | 5.29 | 11,701 | 412 | 3.52 | 677 | 4 | .59 | ||||||||||||||||||||||||||
Securities purchased under agreements to resell | 702,110 | 13,649 | 1.94 | 1,495,956 | 22,647 | 1.51 | 1,275,837 | 37,377 | 2.93 | ||||||||||||||||||||||||||
Interest earning deposits with banks | 1,960,185 | 103,248 | 5.27 | 1,362,863 | 15,098 | 1.11 | 2,420,533 | 3,202 | .13 | ||||||||||||||||||||||||||
Total interest earning assets | 31,823,935 | 1,390,741 | 4.37 | 33,384,162 | 1,009,979 | 3.03 | 32,874,701 | 860,011 | 2.62 | ||||||||||||||||||||||||||
Allowance for credit losses on loans | (157,398) | (141,341) | (188,758) | ||||||||||||||||||||||||||||||||
Unrealized gain (loss) on debt securities | (1,443,659) | (922,259) | 198,722 | ||||||||||||||||||||||||||||||||
Cash and due from banks | 304,610 | 323,296 | 339,431 | ||||||||||||||||||||||||||||||||
Premises and equipment - net | 454,360 | 409,235 | 408,537 | ||||||||||||||||||||||||||||||||
Other assets | 958,767 | 552,224 | 531,102 | ||||||||||||||||||||||||||||||||
Total assets | $ | 31,940,615 | $ | 33,605,317 | $ | 34,163,735 | |||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||
Interest bearing deposits: | |||||||||||||||||||||||||||||||||||
Savings | $ | 1,464,639 | 756 | .05 | $ | 1,583,983 | 740 | .05 | $ | 1,450,495 | 1,129 | .08 | |||||||||||||||||||||||
Interest checking and money market | 13,099,305 | 145,636 | 1.11 | 14,475,089 | 24,359 | .17 | 13,370,226 | 6,380 | .05 | ||||||||||||||||||||||||||
Certificates of deposit of less than $100,000 | 1,005,938 | 38,690 | 3.85 | 406,580 | 1,469 | .36 | 478,371 | 1,158 | .24 | ||||||||||||||||||||||||||
Certificates of deposit of $100,000 and over | 1,486,403 | 61,057 | 4.11 | 670,472 | 3,898 | .58 | 1,244,757 | 2,577 | .21 | ||||||||||||||||||||||||||
Total interest bearing deposits | 17,056,285 | 246,139 | 1.44 | 17,136,124 | 30,466 | .18 | 16,543,849 | 11,244 | .07 | ||||||||||||||||||||||||||
Borrowings: | |||||||||||||||||||||||||||||||||||
Federal funds purchased | 495,798 | 25,265 | 5.10 | 83,255 | 1,836 | 2.21 | 23,623 | 17 | .07 | ||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 2,343,835 | 73,164 | 3.12 | 2,356,024 | 24,022 | 1.02 | 2,311,214 | 1,629 | .07 | ||||||||||||||||||||||||||
Other borrowings(C) | 757,288 | 39,496 | 5.22 | 46,459 | 1,840 | 3.96 | 808 | 5 | .62 | ||||||||||||||||||||||||||
Total borrowings | 3,596,921 | 137,925 | 3.83 | 2,485,738 | 27,698 | 1.11 | 2,335,645 | 1,651 | .07 | ||||||||||||||||||||||||||
Total interest bearing liabilities | 20,653,206 | 384,064 | 1.86 | % | 19,621,862 | 58,164 | .30 | % | 18,879,494 | 12,895 | .07 | % | |||||||||||||||||||||||
Non-interest bearing deposits | 8,252,096 | 10,964,573 | 11,240,267 | ||||||||||||||||||||||||||||||||
Other liabilities | 375,855 | 198,002 | 591,459 | ||||||||||||||||||||||||||||||||
Equity | 2,659,458 | 2,820,880 | 3,452,515 | ||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 31,940,615 | $ | 33,605,317 | $ | 34,163,735 | |||||||||||||||||||||||||||||
Net interest margin (FTE) | $ | 1,006,677 | $ | 951,815 | $ | 847,116 | |||||||||||||||||||||||||||||
Net yield on interest earning assets | 3.16 | % | 2.85 | % | 2.58 | % | |||||||||||||||||||||||||||||
Percentage increase (decrease) in net interest margin (FTE) compared to the prior year | 5.76 | % | 12.36 | % | .51 | % |
Years Ended December 31 | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||
Average Balance | Interest Income/Expense | Average Rates Earned/Paid | Average Balance | Interest Income/Expense | Average Rates Earned/Paid | Average Balance | Interest Income/Expense | Average Rates Earned/Paid | Average Balance Five Year Compound Growth Rate | |||||||||||||||||||||||||||||
$ | 6,387,410 | $ | 196,249 | 3.07 | % | $ | 5,214,158 | $ | 202,308 | 3.88 | % | $ | 4,963,029 | $ | 184,837 | 3.72 | % | 3.10 | % | |||||||||||||||||||
956,999 | 38,619 | 4.04 | 909,367 | 49,702 | 5.47 | 967,320 | 49,440 | 5.11 | 8.79 | |||||||||||||||||||||||||||||
2,959,068 | 110,080 | 3.72 | 2,859,008 | 127,635 | 4.46 | 2,737,820 | 117,516 | 4.29 | 5.49 | |||||||||||||||||||||||||||||
2,619,211 | 94,835 | 3.62 | 2,178,716 | 85,604 | 3.93 | 2,093,802 | 80,365 | 3.84 | 7.31 | |||||||||||||||||||||||||||||
1,967,133 | 86,096 | 4.38 | 1,930,883 | 92,414 | 4.79 | 2,010,826 | 89,074 | 4.43 | .84 | |||||||||||||||||||||||||||||
334,866 | 12,405 | 3.70 | 358,474 | 18,204 | 5.08 | 379,715 | 17,513 | 4.61 | (4.42) | |||||||||||||||||||||||||||||
668,810 | 78,704 | 11.77 | 764,828 | 93,754 | 12.26 | 768,789 | 92,269 | 12.00 | (6.10) | |||||||||||||||||||||||||||||
3,351 | — | — | 9,203 | — | — | 4,778 | — | — | .60 | |||||||||||||||||||||||||||||
15,896,848 | 616,988 | 3.88 | 14,224,637 | 669,621 | 4.71 | 13,926,079 | 631,014 | 4.53 | 3.80 | |||||||||||||||||||||||||||||
18,685 | 860 | 4.60 | 18,577 | 1,209 | 6.51 | 19,493 | 1,298 | 6.66 | (21.82) | |||||||||||||||||||||||||||||
780,903 | 17,369 | 2.22 | 851,124 | 20,968 | 2.46 | 921,759 | 21,720 | 2.36 | 1.68 | |||||||||||||||||||||||||||||
105,069 | 3,346 | 3.18 | 191,406 | 4,557 | 2.38 | 308,520 | 6,098 | 1.98 | (27.12) | |||||||||||||||||||||||||||||
1,562,415 | 42,260 | 2.70 | 1,220,958 | 38,362 | 3.14 | 1,410,700 | 42,867 | 3.04 | 1.49 | |||||||||||||||||||||||||||||
5,733,398 | 109,834 | 1.92 | 4,594,576 | 123,806 | 2.69 | 4,203,625 | 111,686 | 2.66 | 8.21 | |||||||||||||||||||||||||||||
1,467,496 | 29,759 | 2.03 | 1,372,574 | 37,478 | 2.73 | 1,455,690 | 34,223 | 2.35 | 13.42 | |||||||||||||||||||||||||||||
444,489 | 10,846 | 2.44 | 333,105 | 9,017 | 2.71 | 340,458 | 8,912 | 2.62 | 8.78 | |||||||||||||||||||||||||||||
30,321 | 659 | 2.17 | 29,450 | 886 | 3.01 | 24,731 | 759 | 3.07 | 10.69 | |||||||||||||||||||||||||||||
4,206 | 2,030 | 48.26 | 4,547 | 1,792 | 39.41 | 26,459 | 11,816 | 44.66 | (14.18) | |||||||||||||||||||||||||||||
133,391 | 8,732 | 6.55 | 134,255 | 8,466 | 6.31 | 114,438 | 12,412 | 10.85 | 16.04 | |||||||||||||||||||||||||||||
10,261,688 | 224,835 | 2.19 | 8,731,995 | 245,332 | 2.81 | 8,806,380 | 250,493 | 2.84 | 7.03 | |||||||||||||||||||||||||||||
278 | 3 | 1.08 | 2,034 | 55 | 2.70 | 27,026 | 519 | 1.92 | (14.34) | |||||||||||||||||||||||||||||
849,998 | 40,647 | 4.78 | 741,089 | 15,898 | 2.15 | 696,438 | 15,881 | 2.28 | .16 | |||||||||||||||||||||||||||||
1,115,551 | 2,273 | .20 | 316,299 | 6,698 | 2.12 | 319,948 | 6,233 | 1.95 | 43.70 | |||||||||||||||||||||||||||||
28,143,048 | 885,606 | 3.15 | 24,034,631 | 938,813 | 3.91 | 23,795,364 | 905,438 | 3.81 | 5.99 | |||||||||||||||||||||||||||||
(196,942) | (160,212) | (158,791) | (.18) | |||||||||||||||||||||||||||||||||||
292,898 | 74,605 | (113,068) | 66.43 | |||||||||||||||||||||||||||||||||||
343,516 | 370,709 | 360,732 | (3.33) | |||||||||||||||||||||||||||||||||||
399,228 | 380,350 | 343,636 | 5.75 | |||||||||||||||||||||||||||||||||||
634,949 | 513,442 | 438,362 | 16.94 | |||||||||||||||||||||||||||||||||||
$ | 29,616,697 | $ | 25,213,525 | $ | 24,666,235 | 5.30 | ||||||||||||||||||||||||||||||||
$ | 1,123,413 | 1,053 | .09 | $ | 918,896 | 1,021 | .11 | $ | 867,150 | 973 | .11 | 11.05 | ||||||||||||||||||||||||||
11,539,717 | 16,798 | .15 | 10,607,224 | 38,691 | .36 | 10,817,169 | 26,830 | .25 | 3.90 | |||||||||||||||||||||||||||||
585,695 | 4,897 | .84 | 610,807 | 6,368 | 1.04 | 603,137 | 3,215 | .53 | 10.77 | |||||||||||||||||||||||||||||
1,358,389 | 12,948 | .95 | 1,396,760 | 26,945 | 1.93 | 1,114,825 | 14,658 | 1.31 | 5.92 | |||||||||||||||||||||||||||||
14,607,214 | 35,696 | .24 | 13,533,687 | 73,025 | .54 | 13,402,281 | 45,676 | .34 | 4.94 | |||||||||||||||||||||||||||||
126,203 | 794 | .63 | 247,126 | 5,332 | 2.16 | 82,179 | 1,582 | 1.93 | 43.25 | |||||||||||||||||||||||||||||
1,840,276 | 5,297 | .29 | 1,574,972 | 24,083 | 1.53 | 1,431,965 | 18,073 | 1.26 | 10.36 | |||||||||||||||||||||||||||||
126,585 | 1,029 | .81 | 43,919 | 952 | 2.17 | 1,747 | 45 | 2.58 | 236.82 | |||||||||||||||||||||||||||||
2,093,064 | 7,120 | .34 | 1,866,017 | 30,367 | 1.63 | 1,515,891 | 19,700 | 1.30 | 18.86 | |||||||||||||||||||||||||||||
16,700,278 | 42,816 | .26 | % | 15,399,704 | 103,392 | .67 | % | 14,918,172 | 65,376 | .44 | % | 6.72 | ||||||||||||||||||||||||||
8,890,263 | 6,376,204 | 6,728,971 | 4.17 | |||||||||||||||||||||||||||||||||||
715,033 | 360,587 | 247,520 | 8.71 | |||||||||||||||||||||||||||||||||||
3,311,123 | 3,077,030 | 2,771,572 | (.82) | |||||||||||||||||||||||||||||||||||
$ | 29,616,697 | $ | 25,213,525 | $ | 24,666,235 | 5.30 | % | |||||||||||||||||||||||||||||||
$ | 842,790 | $ | 835,421 | $ | 840,062 | |||||||||||||||||||||||||||||||||
2.99 | % | 3.48 | % | 3.53 | % | |||||||||||||||||||||||||||||||||
.88 | % | (.55 | %) | 9.58 | % |
Year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Average Balance | Average Rates Earned/Paid | Average Balance | Average Rates Earned/Paid | Average Balance | Average Rates Earned/Paid | Average Balance | Average Rates Earned/Paid | |||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Business(A) | $ | 5,861 | 5.91 | % | $ | 5,849 | 5.77 | % | $ | 5,756 | 5.58 | % | $ | 5,657 | 5.31 | % | |||||||||||||||||||
Real estate – construction and land | 1,524 | 8.34 | 1,509 | 8.17 | 1,450 | 7.92 | 1,411 | 7.33 | |||||||||||||||||||||||||||
Real estate – business | 3,645 | 6.18 | 3,642 | 6.13 | 3,541 | 5.96 | 3,478 | 5.65 | |||||||||||||||||||||||||||
Real estate – personal | 3,028 | 3.85 | 2,993 | 3.73 | 2,961 | 3.68 | 2,934 | 3.61 | |||||||||||||||||||||||||||
Consumer | 2,117 | 6.21 | 2,102 | 5.97 | 2,099 | 5.63 | 2,067 | 5.31 | |||||||||||||||||||||||||||
Revolving home equity | 310 | 7.70 | 304 | 7.76 | 301 | 7.55 | 297 | 7.03 | |||||||||||||||||||||||||||
Consumer credit card | 568 | 13.83 | 564 | 13.77 | 556 | 13.77 | 556 | 13.68 | |||||||||||||||||||||||||||
Overdrafts | 5 | — | 5 | — | 5 | — | 4 | — | |||||||||||||||||||||||||||
Total loans | 17,058 | 6.15 | 16,968 | 6.02 | 16,669 | 5.84 | 16,404 | 5.56 | |||||||||||||||||||||||||||
Loans held for sale | 5 | 9.93 | 6 | 10.55 | 6 | 10.17 | 6 | 10.30 | |||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
U.S. government & federal agency obligations | 889 | 2.32 | 986 | 2.31 | 1,036 | 3.42 | 1,099 | 1.90 | |||||||||||||||||||||||||||
Government-sponsored enterprise obligations | 56 | 2.36 | 56 | 2.36 | 56 | 2.38 | 87 | 3.21 | |||||||||||||||||||||||||||
State & municipal obligations(A) | 1,364 | 1.94 | 1,392 | 1.95 | 1,533 | 2.04 | 1,794 | 2.26 | |||||||||||||||||||||||||||
Mortgage-backed securities | 6,024 | 2.05 | 6,161 | 2.06 | 6,316 | 2.09 | 6,454 | 2.06 | |||||||||||||||||||||||||||
Asset-backed securities | 2,325 | 2.30 | 2,554 | 2.20 | 2,828 | 2.08 | 3,234 | 2.01 | |||||||||||||||||||||||||||
Other debt securities | 511 | 1.85 | 515 | 1.75 | 520 | 1.86 | 529 | 1.93 | |||||||||||||||||||||||||||
Trading debt securities(A) | 37 | 5.05 | 35 | 5.11 | 46 | 4.53 | 46 | 4.59 | |||||||||||||||||||||||||||
Equity securities(A) | 12 | 27.47 | 12 | 23.06 | 12 | 23.25 | 12 | 23.24 | |||||||||||||||||||||||||||
Other securities(A) | 222 | 8.60 | 237 | 13.13 | 274 | 9.40 | 230 | 7.11 | |||||||||||||||||||||||||||
Total investment securities | 11,440 | 2.27 | 11,948 | 2.33 | 12,621 | 2.37 | 13,485 | 2.18 | |||||||||||||||||||||||||||
Federal funds sold | 1 | 6.65 | 3 | 6.56 | 7 | 5.63 | 39 | 5.09 | |||||||||||||||||||||||||||
Securities purchased under agreements to resell | 450 | 1.64 | 712 | 2.08 | 825 | 1.99 | 825 | 1.94 | |||||||||||||||||||||||||||
Interest earning deposits with banks | 2,387 | 5.47 | 2,338 | 5.39 | 2,284 | 5.14 | 810 | 4.67 | |||||||||||||||||||||||||||
Total interest earning assets | 31,341 | 4.62 | 31,975 | 4.51 | 32,412 | 4.34 | 31,569 | 4.00 | |||||||||||||||||||||||||||
Allowance for credit losses on loans | (162) | (158) | (159) | (150) | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on debt securities | (1,596) | (1,458) | (1,331) | (1,387) | |||||||||||||||||||||||||||||||
Cash and due from banks | 299 | 296 | 310 | 314 | |||||||||||||||||||||||||||||||
Premises and equipment – net | 473 | 464 | 449 | 431 | |||||||||||||||||||||||||||||||
Other assets | 1,026 | 990 | 1,182 | 631 | |||||||||||||||||||||||||||||||
Total assets | $ | 31,381 | $ | 32,109 | $ | 32,863 | $ | 31,408 | |||||||||||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||
Interest bearing deposits: | |||||||||||||||||||||||||||||||||||
Savings | $ | 1,358 | .05 | $ | 1,436 | .05 | $ | 1,517 | .05 | $ | 1,550 | .05 | |||||||||||||||||||||||
Interest checking and money market | 13,167 | 1.57 | 13,048 | 1.33 | 12,919 | .93 | 13,266 | .61 | |||||||||||||||||||||||||||
Certificates of deposit under $100,000 | 1,097 | 4.21 | 1,424 | 4.32 | 1,075 | 3.78 | 415 | 1.39 | |||||||||||||||||||||||||||
Certificates of deposit $100,000 & over | 1,839 | 4.55 | 1,718 | 4.37 | 1,472 | 3.93 | 903 | 2.98 | |||||||||||||||||||||||||||
Total interest bearing deposits | 17,461 | 1.93 | 17,626 | 1.76 | 16,983 | 1.29 | 16,134 | .71 | |||||||||||||||||||||||||||
Borrowings: | |||||||||||||||||||||||||||||||||||
Federal funds purchased | 474 | 5.40 | 509 | 5.33 | 507 | 5.06 | 494 | 4.59 | |||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 2,467 | 3.25 | 2,283 | 3.20 | 2,207 | 3.09 | 2,419 | 2.93 | |||||||||||||||||||||||||||
Other borrowings | 179 | 5.45 | 685 | 5.30 | 1,618 | 5.24 | 551 | 4.94 | |||||||||||||||||||||||||||
Total borrowings | 3,120 | 3.71 | 3,477 | 3.93 | 4,332 | 4.13 | 3,464 | 3.49 | |||||||||||||||||||||||||||
Total interest bearing liabilities | 20,581 | 2.20 | % | 21,103 | 2.12 | % | 21,315 | 1.87 | % | 19,598 | 1.20 | % | |||||||||||||||||||||||
Non-interest bearing deposits | 7,749 | 7,939 | 8,224 | 9,115 | |||||||||||||||||||||||||||||||
Other liabilities | 421 | 369 | 598 | 112 | |||||||||||||||||||||||||||||||
Equity | 2,630 | 2,698 | 2,726 | 2,583 | |||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 31,381 | $ | 32,109 | $ | 32,863 | $ | 31,408 | |||||||||||||||||||||||||||
Net interest margin (FTE) | $ | 251 | $ | 251 | $ | 252 | $ | 253 | |||||||||||||||||||||||||||
Net yield on interest earning assets | 3.17 | % | 3.11 | % | 3.12 | % | 3.26 | % |
Year ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | ||||||||||||||||||||||||||||||||
(Dollars in millions) | Average Balance | Average Rates Earned/Paid | Average Balance | Average Rates Earned/Paid | Average Balance | Average Rates Earned/Paid | Average Balance | Average Rates Earned/Paid | |||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||
Loans: | |||||||||||||||||||||||||||||||||||
Business(A) | $ | 5,478 | 4.68 | % | $ | 5,318 | 3.94 | % | $ | 5,384 | 3.16 | % | $ | 5,324 | 2.93 | % | |||||||||||||||||||
Real estate – construction and land | 1,269 | 6.80 | 1,289 | 5.27 | 1,225 | 4.09 | 1,135 | 3.76 | |||||||||||||||||||||||||||
Real estate – business | 3,301 | 5.15 | 3,258 | 4.40 | 3,164 | 3.70 | 3,095 | 3.38 | |||||||||||||||||||||||||||
Real estate – personal | 2,887 | 3.45 | 2,844 | 3.36 | 2,826 | 3.27 | 2,809 | 3.28 | |||||||||||||||||||||||||||
Consumer | 2,090 | 4.77 | 2,102 | 4.17 | 2,071 | 3.62 | 2,040 | 3.59 | |||||||||||||||||||||||||||
Revolving home equity | 294 | 5.89 | 281 | 4.82 | 272 | 3.69 | 274 | 3.48 | |||||||||||||||||||||||||||
Consumer credit card | 559 | 12.64 | 550 | 12.05 | 538 | 11.32 | 541 | 11.35 | |||||||||||||||||||||||||||
Overdrafts | 7 | — | 4 | — | 6 | — | 5 | — | |||||||||||||||||||||||||||
Total loans | 15,885 | 5.03 | 15,646 | 4.37 | 15,486 | 3.72 | 15,223 | 3.54 | |||||||||||||||||||||||||||
Loans held for sale | 7 | 10.09 | 7 | 8.80 | 8 | 8.14 | 9 | 6.48 | |||||||||||||||||||||||||||
Investment securities: | |||||||||||||||||||||||||||||||||||
U.S. government & federal agency obligations | 1,056 | 2.01 | 1,113 | 4.51 | 1,119 | 4.93 | 1,104 | 3.42 | |||||||||||||||||||||||||||
Government-sponsored enterprise obligations | 56 | 2.36 | 56 | 2.36 | 56 | 2.39 | 52 | 2.33 | |||||||||||||||||||||||||||
State & municipal obligations(A) | 1,991 | 2.29 | 2,053 | 2.27 | 2,126 | 2.30 | 2,078 | 2.29 | |||||||||||||||||||||||||||
Mortgage-backed securities | 6,606 | 1.88 | 6,848 | 1.93 | 7,158 | 1.99 | 7,317 | 1.98 | |||||||||||||||||||||||||||
Asset-backed securities | 3,714 | 1.96 | 3,871 | 1.62 | 4,038 | 1.35 | 3,934 | 1.13 | |||||||||||||||||||||||||||
Other debt securities | 561 | 1.89 | 587 | 1.93 | 643 | 1.97 | 636 | 2.00 | |||||||||||||||||||||||||||
Trading debt securities(A) | 44 | 3.81 | 36 | 2.74 | 44 | 2.46 | 41 | 1.84 | |||||||||||||||||||||||||||
Equity securities(A) | 10 | 28.44 | 9 | 27.11 | 9 | 26.90 | 9 | 26.00 | |||||||||||||||||||||||||||
Other securities(A) | 219 | 6.67 | 209 | 7.09 | 195 | 22.38 | 192 | 5.91 | |||||||||||||||||||||||||||
Total investment securities | 14,257 | 2.07 | 14,782 | 2.18 | 15,388 | 2.36 | 15,363 | 1.97 | |||||||||||||||||||||||||||
Federal funds sold | 28 | 4.27 | 13 | 2.77 | 4 | 1.79 | 1 | .39 | |||||||||||||||||||||||||||
Securities purchased under agreements to resell | 1,174 | 2.36 | 1,379 | 1.72 | 1,704 | 1.03 | 1,734 | 1.24 | |||||||||||||||||||||||||||
Interest earning deposits with banks | 640 | 3.69 | 980 | 2.25 | 1,249 | .78 | 2,608 | .18 | |||||||||||||||||||||||||||
Total interest earning assets | 31,991 | 3.59 | 32,807 | 3.21 | 33,839 | 2.86 | 34,938 | 2.49 | |||||||||||||||||||||||||||
Allowance for credit losses on loans | (143) | (138) | (135) | (150) | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on debt securities | (1,582) | (1,065) | (851) | (174) | |||||||||||||||||||||||||||||||
Cash and due from banks | 327 | 311 | 315 | 340 | |||||||||||||||||||||||||||||||
Premises and equipment – net | 419 | 409 | 402 | 407 | |||||||||||||||||||||||||||||||
Other assets | 593 | 538 | 522 | 557 | |||||||||||||||||||||||||||||||
Total assets | $ | 31,605 | $ | 32,862 | $ | 34,092 | $ | 35,918 | |||||||||||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||
Interest bearing deposits: | |||||||||||||||||||||||||||||||||||
Savings | $ | 1,567 | .06 | $ | 1,596 | .04 | $ | 1,610 | .04 | $ | 1,563 | .05 | |||||||||||||||||||||||
Interest checking and money market | 13,694 | .38 | 14,424 | .20 | 14,846 | .06 | 14,950 | .04 | |||||||||||||||||||||||||||
Certificates of deposit under $100,000 | 388 | .73 | 397 | .41 | 412 | .20 | 430 | .13 | |||||||||||||||||||||||||||
Certificates of deposit $100,000 & over | 597 | 1.42 | 578 | .60 | 649 | .29 | 862 | .20 | |||||||||||||||||||||||||||
Total interest bearing deposits | 16,246 | .40 | 16,995 | .21 | 17,517 | .07 | 17,805 | .05 | |||||||||||||||||||||||||||
Borrowings: | |||||||||||||||||||||||||||||||||||
Federal funds purchased | 144 | 3.56 | 52 | 2.41 | 113 | .79 | 23 | .12 | |||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 2,260 | 2.29 | 2,200 | 1.37 | 2,258 | .48 | 2,713 | .10 | |||||||||||||||||||||||||||
Other borrowings | 179 | 4.02 | 2 | 1.78 | 2 | 2.37 | 1 | .53 | |||||||||||||||||||||||||||
Total borrowings | 2,583 | 2.48 | 2,254 | 1.39 | 2,373 | .50 | 2,737 | .10 | |||||||||||||||||||||||||||
Total interest bearing liabilities | 18,829 | .69 | % | 19,249 | .34 | % | 19,890 | .12 | % | 20,542 | .06 | % | |||||||||||||||||||||||
Non-interest bearing deposits | 10,361 | 10,758 | 11,210 | 11,545 | |||||||||||||||||||||||||||||||
Other liabilities | 29 | 124 | 140 | 505 | |||||||||||||||||||||||||||||||
Equity | 2,386 | 2,731 | 2,852 | 3,326 | |||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 31,605 | $ | 32,862 | $ | 34,092 | $ | 35,918 | |||||||||||||||||||||||||||
Net interest margin (FTE) | $ | 257 | $ | 249 | $ | 235 | $ | 211 | |||||||||||||||||||||||||||
Net yield on interest earning assets | 3.18 | % | 3.01 | % | 2.79 | % | 2.45 | % |
Year ended December 31, 2023 | For the Quarter Ended | |||||||||||||
(In thousands, except per share data) | 12/31/2023 | 9/30/2023 | 6/30/2023 | 3/31/2023 | ||||||||||
Interest income | $ | 362,609 | $ | 361,162 | $ | 348,663 | $ | 308,857 | ||||||
Interest expense | (114,188) | (112,615) | (99,125) | (57,234) | ||||||||||
Net interest income | 248,421 | 248,547 | 249,538 | 251,623 | ||||||||||
Non-interest income | 144,879 | 142,949 | 147,605 | 137,612 | ||||||||||
Investment securities gains (losses), net | 7,601 | 4,298 | 3,392 | (306) | ||||||||||
Salaries and employee benefits | (147,456) | (146,805) | (145,429) | (144,373) | ||||||||||
Other expense | (103,798) | (81,205) | (82,182) | (79,734) | ||||||||||
Provision for credit losses | (5,879) | (11,645) | (6,471) | (11,456) | ||||||||||
Income before income taxes | 143,768 | 156,139 | 166,453 | 153,366 | ||||||||||
Income taxes | (32,307) | (33,439) | (35,990) | (32,813) | ||||||||||
Non-controlling interest | (2,238) | (2,104) | (2,674) | (1,101) | ||||||||||
Net income attributable to Commerce Bancshares, Inc. | $ | 109,223 | $ | 120,596 | $ | 127,789 | $ | 119,452 | ||||||
Net income per common share — basic* | $ | .84 | $ | .92 | $ | .97 | $ | .91 | ||||||
Net income per common share — diluted* | $ | .84 | $ | .92 | $ | .97 | $ | .91 | ||||||
Weighted average shares — basic* | 129,507 | 129,904 | 130,079 | 130,204 | ||||||||||
Weighted average shares — diluted* | 129,608 | 130,009 | 130,208 | 130,472 |
Year ended December 31, 2022 | For the Quarter Ended | |||||||||||||
(In thousands, except per share data) | 12/31/2022 | 9/30/2022 | 6/30/2022 | 3/31/2022 | ||||||||||
Interest income | $ | 286,377 | $ | 262,666 | $ | 238,154 | $ | 211,782 | ||||||
Interest expense | (31,736) | (16,293) | (5,769) | (2,996) | ||||||||||
Net interest income | 254,641 | 246,373 | 232,385 | 208,786 | ||||||||||
Non-interest income | 136,825 | 138,514 | 139,427 | 131,769 | ||||||||||
Investment securities gains (losses), net | 8,904 | 3,410 | 1,029 | 7,163 | ||||||||||
Salaries and employee benefits | (138,458) | (137,393) | (142,243) | (135,953) | ||||||||||
Other expense | (78,282) | (75,491) | (71,262) | (69,695) | ||||||||||
Provision for credit losses | (15,477) | (15,290) | (7,162) | 9,858 | ||||||||||
Income before income taxes | 168,153 | 160,123 | 152,174 | 151,928 | ||||||||||
Income taxes | (34,499) | (33,936) | (32,021) | (31,902) | ||||||||||
Non-controlling interest | (2,026) | (3,364) | (4,359) | (1,872) | ||||||||||
Net income attributable to Commerce Bancshares, Inc. | $ | 131,628 | $ | 122,823 | $ | 115,794 | $ | 118,154 | ||||||
Net income per common share — basic* | $ | 1.00 | $ | .93 | $ | .87 | $ | .88 | ||||||
Net income per common share — diluted* | $ | 1.00 | $ | .92 | $ | .87 | $ | .88 | ||||||
Weighted average shares — basic* | 130,527 | 131,082 | 131,919 | 132,658 | ||||||||||
Weighted average shares — diluted* | 130,819 | 131,372 | 132,212 | 132,979 |
Year ended December 31, 2021 | For the Quarter Ended | |||||||||||||
(In thousands, except per share data) | 12/31/2021 | 9/30/2021 | 6/30/2021 | 3/31/2021 | ||||||||||
Interest income | $ | 210,479 | $ | 216,981 | $ | 211,133 | $ | 209,697 | ||||||
Interest expense | (2,822) | (2,944) | (3,151) | (3,949) | ||||||||||
Net interest income | 207,657 | 214,037 | 207,982 | 205,748 | ||||||||||
Non-interest income | 147,699 | 137,506 | 139,143 | 136,045 | ||||||||||
Investment securities gains (losses), net | (9,706) | 13,108 | 16,804 | 9,853 | ||||||||||
Salaries and employee benefits | (132,640) | (132,824) | (130,751) | (129,033) | ||||||||||
Other expense | (70,942) | (78,796) | (67,375) | (63,540) | ||||||||||
Provision for credit losses | 7,054 | 7,385 | 45,655 | 6,232 | ||||||||||
Income before income taxes | 149,122 | 160,416 | 211,458 | 165,305 | ||||||||||
Income taxes | (33,764) | (34,662) | (45,209) | (32,076) | ||||||||||
Non-controlling interest | (452) | (3,193) | (3,923) | (2,257) | ||||||||||
Net income attributable to Commerce Bancshares, Inc. | $ | 114,906 | $ | 122,561 | $ | 162,326 | $ | 130,972 | ||||||
Net income per common share — basic* | $ | .85 | $ | .91 | $ | 1.20 | $ | .96 | ||||||
Net income per common share — diluted* | $ | .85 | $ | .91 | $ | 1.19 | $ | .96 | ||||||
Weighted average shares — basic* | 133,362 | 134,095 | 134,473 | 134,585 | ||||||||||
Weighted average shares — diluted* | 133,647 | 134,374 | 134,806 | 134,948 |
December 31 | ||||||||
2023 | 2022 | |||||||
(In thousands) | ||||||||
ASSETS | ||||||||
Loans | $ | $ | ||||||
Allowance for credit losses on loans | ( | ( | ||||||
Net loans | ||||||||
Loans held for sale (including $ | ||||||||
Investment securities: | ||||||||
Available for sale debt, at fair value (amortized cost of $ | ||||||||
Trading debt | ||||||||
Equity | ||||||||
Other | ||||||||
Total investment securities | ||||||||
Federal funds sold | ||||||||
Securities purchased under agreements to resell | ||||||||
Interest earning deposits with banks | ||||||||
Cash and due from banks | ||||||||
Premises and equipment – net | ||||||||
Goodwill | ||||||||
Other intangible assets – net | ||||||||
Other assets | ||||||||
Total assets | $ | $ | ||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Deposits: | ||||||||
Non-interest bearing | $ | $ | ||||||
Savings, interest checking and money market | ||||||||
Certificates of deposit of less than $100,000 | ||||||||
Certificates of deposit of $100,000 and over | ||||||||
Total deposits | ||||||||
Federal funds purchased and securities sold under agreements to repurchase | ||||||||
Other borrowings | ||||||||
Other liabilities | ||||||||
Total liabilities | ||||||||
Commerce Bancshares, Inc. stockholders’ equity: | ||||||||
Common stock, $ Authorized | ||||||||
Capital surplus | ||||||||
Retained earnings | ||||||||
Treasury stock of | ( | ( | ||||||
Accumulated other comprehensive income (loss) | ( | ( | ||||||
Total Commerce Bancshares, Inc. stockholders’ equity | ||||||||
Non-controlling interest | ||||||||
Total equity | ||||||||
Total liabilities and equity | $ | $ |
For the Years Ended December 31 | |||||||||||
(In thousands, except per share data) | 2023 | 2022 | 2021 | ||||||||
INTEREST INCOME | |||||||||||
Interest and fees on loans | $ | $ | $ | ||||||||
Interest on loans held for sale | |||||||||||
Interest on investment securities | |||||||||||
Interest on federal funds sold | |||||||||||
Interest on securities purchased under agreements to resell | |||||||||||
Interest on deposits with banks | |||||||||||
Total interest income | |||||||||||
INTEREST EXPENSE | |||||||||||
Interest on deposits: | |||||||||||
Savings, interest checking and money market | |||||||||||
Certificates of deposit of less than $100,000 | |||||||||||
Certificates of deposit of $100,000 and over | |||||||||||
Interest on federal funds purchased | |||||||||||
Interest on securities sold under agreements to repurchase | |||||||||||
Interest on other borrowings | ( | ||||||||||
Total interest expense | |||||||||||
Net interest income | |||||||||||
Provision for credit losses | ( | ||||||||||
Net interest income after credit losses | |||||||||||
NON-INTEREST INCOME | |||||||||||
Bank card transaction fees | |||||||||||
Trust fees | |||||||||||
Deposit account charges and other fees | |||||||||||
Consumer brokerage services | |||||||||||
Capital market fees | |||||||||||
Loan fees and sales | |||||||||||
Other | |||||||||||
Total non-interest income | |||||||||||
INVESTMENT SECURITIES GAINS (LOSSES), NET | |||||||||||
NON-INTEREST EXPENSE | |||||||||||
Salaries and employee benefits | |||||||||||
Data processing and software | |||||||||||
Net occupancy | |||||||||||
Deposit insurance | |||||||||||
Marketing | |||||||||||
Equipment | |||||||||||
Supplies and communication | |||||||||||
Other | |||||||||||
Total non-interest expense | |||||||||||
Income before income taxes | |||||||||||
Less income taxes | |||||||||||
Net income | |||||||||||
Less non-controlling interest expense (income) | |||||||||||
Net income attributable to Commerce Bancshares, Inc. | $ | $ | $ | ||||||||
Net income per common share - basic | $ | $ | $ | ||||||||
Net income per common share - diluted | $ | $ | $ |
For the Years Ended December 31 | ||||||||||||||
(In thousands) | 2023 | 2022 | 2021 | |||||||||||
Net income | $ | $ | $ | |||||||||||
Other comprehensive income (loss): | ||||||||||||||
Net unrealized gains (losses) on other securities | ( | ( | ||||||||||||
Change in pension loss | ||||||||||||||
Unrealized gains (losses) on cash flow hedge derivatives | ( | ( | ( | |||||||||||
Other comprehensive income (loss) | ( | ( | ||||||||||||
Comprehensive income (loss) | ( | |||||||||||||
Less non-controlling interest (income) loss | ||||||||||||||
Comprehensive income (loss) attributable to Commerce Bancshares, Inc. | $ | $ | ( | $ |
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 | ||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||
Net income | |||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Distributions to non-controlling interest | ( | ( | |||||||||||||||||||||
Purchases of treasury stock | ( | ( | |||||||||||||||||||||
Sale of non-controlling interest of subsidiary | ( | ||||||||||||||||||||||
Cash dividends paid on common stock ($ | ( | ( | |||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||
Issuance under stock purchase and equity compensation plans | ( | ||||||||||||||||||||||
( | ( | ||||||||||||||||||||||
Balance at December 31, 2021 | ( | ||||||||||||||||||||||
Net income | |||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Distributions to non-controlling interest | ( | ( | |||||||||||||||||||||
Purchases of treasury stock | ( | ( | |||||||||||||||||||||
Cash dividends paid on common stock ($ | ( | ( | |||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||
Issuance under stock purchase and equity compensation plans | ( | ||||||||||||||||||||||
( | ( | ||||||||||||||||||||||
Balance at December 31, 2022 | ( | ( | |||||||||||||||||||||
Net income | |||||||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Distributions to non-controlling interest | ( | ( | |||||||||||||||||||||
Purchases of treasury stock | ( | ( | |||||||||||||||||||||
Sale of non-controlling interest of subsidiary | ( | ||||||||||||||||||||||
Cash dividends paid on common stock ($ | ( | ( | |||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||
Issuance under stock purchase and equity compensation plans | ( | ||||||||||||||||||||||
( | ( | ||||||||||||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
For the Years Ended December 31 | |||||||||||
(In thousands) | 2023 | 2022 | 2021 | ||||||||
OPERATING ACTIVITIES | |||||||||||
Net income | $ | $ | $ | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | ( | ||||||||||
Depreciation and amortization | |||||||||||
Amortization of investment security premiums, net | |||||||||||
Deferred income tax (benefit) expense | ( | ||||||||||
Investment securities (gains) losses, net (A) | ( | ( | ( | ||||||||
Net (gains) losses on sales of loans held for sale | ( | ( | ( | ||||||||
Proceeds from sales of loans held for sale | |||||||||||
Originations of loans held for sale | ( | ( | ( | ||||||||
Net (increase) decrease in trading securities, excluding unsettled transactions | ( | ||||||||||
Purchase of interest rate floors | ( | ( | |||||||||
Stock-based compensation | |||||||||||
(Increase) decrease in interest receivable | ( | ( | |||||||||
Increase (decrease) in interest payable | ( | ||||||||||
Increase (decrease) in income taxes payable | ( | ( | |||||||||
Other changes, net | ( | ( | |||||||||
Net cash provided by operating activities | |||||||||||
INVESTING ACTIVITIES | |||||||||||
Cash paid in acquisition, net of cash received | ( | ||||||||||
Distributions received from equity-method investment | |||||||||||
Proceeds from sales of investment securities (A) | |||||||||||
Proceeds from maturities/pay downs of investment securities (A) | |||||||||||
Purchases of investment securities (A) | ( | ( | ( | ||||||||
Net (increase) decrease in loans | ( | ( | |||||||||
Securities purchased under agreements to resell | ( | ( | |||||||||
Repayments of securities purchased under agreements to resell | |||||||||||
Purchases of premises and equipment | ( | ( | ( | ||||||||
Sales of premises and equipment | |||||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
FINANCING ACTIVITIES | |||||||||||
Net increase (decrease) in non-interest bearing, savings, interest checking and money market deposits | ( | ( | |||||||||
Net increase (decrease) in certificates of deposit | ( | ( | |||||||||
Net increase (decrease) in federal funds purchased and short-term securities sold under agreements to repurchase | ( | ||||||||||
FHLB short-term borrowings | |||||||||||
Repayments of FHLB borrowings | ( | ||||||||||
Net increase (decrease) in other borrowings | ( | ( | |||||||||
Purchases of treasury stock | ( | ( | ( | ||||||||
Cash dividends paid on common stock | ( | ( | ( | ||||||||
Other, net | ( | ( | ( | ||||||||
Net cash provided by (used in) financing activities | ( | ( | |||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | ( | ||||||||||
Cash, cash equivalents and restricted cash at beginning of year | |||||||||||
Cash, cash equivalents and restricted cash at end of year | $ | $ | $ | ||||||||
Income tax payments, net | $ | $ | $ | ||||||||
Interest paid on deposits and borrowings | |||||||||||
Loans transferred to foreclosed real estate | |||||||||||
(In thousands) | 2023 | 2022 | ||||||
Commercial: | ||||||||
Business | $ | $ | ||||||
Real estate — construction and land | ||||||||
Real estate — business | ||||||||
Personal Banking: | ||||||||
Real estate — personal | ||||||||
Consumer | ||||||||
Revolving home equity | ||||||||
Consumer credit card | ||||||||
Overdrafts | ||||||||
Total loans (1) | $ | $ |
(In thousands) | |||||
Balance at January 1, 2023 | $ | ||||
Additions | |||||
Amounts collected | ( | ||||
Amounts written off | |||||
Balance, December 31, 2023 | $ |
Key Assumption | December 31, 2023 | December 31, 2022 | ||||||
Overall economic forecast | •The US economy is projected to slow at the start of 2024, but not enter a recession •Impacts of tighter monetary and fiscal policy creates uncertainty •Consumer spending is expected to decrease | •Continued high inflation and higher cost of borrowing create a mild recession in 2023 with stalled job growth and possible job losses •Assumes interest rate hikes will taper | ||||||
Reasonable and supportable period and related reversion period | •Reasonable and supportable period of one year •Reversion to historical average loss rates within two quarters using a straight-line method | •Reasonable and supportable period of one year •Reversion to historical average loss rates within two quarters using straight-line method | ||||||
Forecasted macro-economic variables | •Unemployment rate ranges from 4.1% to 4.5% during the reasonable and supportable forecast period •Real GDP growth ranges from .46% to 2.1% •BBB corporate yield from 5.3% to 5.9% •Housing Price Index from 305.4 to 307.4 | •Unemployment rate ranges from 3.8% to 4.7% during the reasonable and supportable forecast period •Real GDP growth ranges from (.9)% to 1.3% •BBB corporate yield from 5.1% to 5.8% •Prime rate from 7.6% to 7.7% | ||||||
Prepayment assumptions | Commercial loans •5% for most loan pools Personal banking loans •Ranging from 6.5% to 23.5% for most loan pools •Consumer credit cards 66.9% | 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 stressed industries within the portfolio •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 •Uncertainty related to unusually high rate of inflation and supply chain issues •Loans downgraded to special mention, substandard, or non-accrual status |
For the Year Ended December 31 | |||||||||||
(In thousands) | Commercial | Personal Banking | Total | ||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS | |||||||||||
Balance December 31, 2022 | $ | $ | $ | ||||||||
Provision for credit losses on loans | |||||||||||
Deductions: | |||||||||||
Loans charged off | |||||||||||
Less recoveries on loans | |||||||||||
Net loan charge-offs (recoveries) | |||||||||||
Balance December 31, 2023 | $ | $ | $ | ||||||||
LIABILITY FOR UNFUNDED LENDING COMMITMENTS | |||||||||||
Balance December 31, 2022 | $ | $ | $ | ||||||||
Provision for credit losses on unfunded lending commitments | ( | ( | ( | ||||||||
Balance December 31, 2023 | $ | $ | $ | ||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | $ | $ | $ | ||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS | |||||||||||
Balance at December 31, 2021 | |||||||||||
Provision for credit losses on loans | |||||||||||
Deductions: | |||||||||||
Loans charged off | |||||||||||
Less recoveries on loans | |||||||||||
Net loan charge-offs (recoveries) | |||||||||||
Balance December 31, 2022 | $ | $ | $ | ||||||||
LIABILITY FOR UNFUNDED LENDING COMMITMENTS | |||||||||||
Balance at December 31, 2020 | |||||||||||
Provision for credit losses on unfunded lending commitments | |||||||||||
Balance December 31, 2022 | $ | $ | $ | ||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | $ | $ | $ |
(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 | ||||||||||||
December 31, 2023 | |||||||||||||||||
Commercial: | |||||||||||||||||
Business | $ | $ | $ | $ | $ | ||||||||||||
Real estate – construction and land | |||||||||||||||||
Real estate – business | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Real estate – personal | |||||||||||||||||
Consumer | |||||||||||||||||
Revolving home equity | |||||||||||||||||
Consumer credit card | |||||||||||||||||
Overdrafts | |||||||||||||||||
Total | $ | $ | $ | $ | $ | ||||||||||||
December 31, 2022 | |||||||||||||||||
Commercial: | |||||||||||||||||
Business | $ | $ | $ | $ | $ | ||||||||||||
Real estate – construction and land | |||||||||||||||||
Real estate – business | |||||||||||||||||
Personal Banking: | |||||||||||||||||
Real estate – personal | |||||||||||||||||
Consumer | |||||||||||||||||
Revolving home equity | |||||||||||||||||
Consumer credit card | |||||||||||||||||
Overdrafts | |||||||||||||||||
Total | $ | $ | $ | $ | $ |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||
Business | ||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||
Total Business: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Gross write-offs for the year ended December 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Real estate-construction | ||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total Real estate-construction: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Gross write-offs for the year ended December 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Real estate- business | ||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||
Total Real-estate business: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Gross write-offs for the year ended December 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||
Total Commercial loans: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Gross write-offs for the year ended December 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ |
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 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||
Total Business: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Real estate-construction | ||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total Real estate-construction: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Real estate- business | ||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||
Total Real-estate business: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||
Total Commercial loans: | $ | $ | $ | $ | $ | $ | $ | $ |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||
Real estate-personal | ||||||||||||||||||||||||||
Current to 90 days past due | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Over 90 days past due | ||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||
Total Real estate-personal: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Gross write-offs for the year ended December 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Current to 90 days past due | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Over 90 days past due | ||||||||||||||||||||||||||
Total Consumer: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Gross write-offs for the year ended December 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Revolving home equity | ||||||||||||||||||||||||||
Current to 90 days past due | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Over 90 days past due | ||||||||||||||||||||||||||
Non-accrual | $ | |||||||||||||||||||||||||
Total Revolving home equity: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Gross write-offs for the year ended December 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Consumer credit card | ||||||||||||||||||||||||||
Current to 90 days past due | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Over 90 days past due | ||||||||||||||||||||||||||
Total Consumer credit card: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Gross write-offs for the year ended December 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Overdrafts | ||||||||||||||||||||||||||
Current to 90 days past due | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Total Overdrafts: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Gross write-offs for the year ended December 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Personal banking loans | ||||||||||||||||||||||||||
Current to 90 days past due | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Over 90 days past due | ||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||
Total Personal banking loans: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Gross write-offs for the year ended December 31, 2023 | $ | $ | $ | $ | $ | $ | $ | $ |
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 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Over 90 days past due | ||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||
Total Real estate-personal: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Current to 90 days past due | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Over 90 days past due | ||||||||||||||||||||||||||
Total Consumer: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Revolving home equity | ||||||||||||||||||||||||||
Current to 90 days past due | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Over 90 days past due | ||||||||||||||||||||||||||
Total Revolving home equity: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Consumer credit card | ||||||||||||||||||||||||||
Current to 90 days past due | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Over 90 days past due | ||||||||||||||||||||||||||
Total Consumer credit card: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Overdrafts | ||||||||||||||||||||||||||
Current to 90 days past due | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Over 90 days past due | ||||||||||||||||||||||||||
Total Overdrafts: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Personal banking loans | ||||||||||||||||||||||||||
Current to 90 days past due | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Over 90 days past due | ||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||
Total Personal banking loans: | $ | $ | $ | $ | $ | $ | $ | $ |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
(In thousands) | Business Assets | Real Estate | Oil & Gas Assets | Total | Business Assets | Oil & Gas Assets | Total | |||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||
Business | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||
Revolving home equity | $ | |||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
Personal Banking Loans | ||||||||||||||
% of Loan Category | ||||||||||||||
Real Estate - Personal | Consumer | Revolving Home Equity | Consumer Credit Card | |||||||||||
December 31, 2023 | ||||||||||||||
FICO score: | ||||||||||||||
Under 600 | % | % | % | % | ||||||||||
600 – 659 | ||||||||||||||
660 – 719 | ||||||||||||||
720 – 779 | ||||||||||||||
780 and over | ||||||||||||||
Total | % | % | % | % | ||||||||||
December 31, 2022 | ||||||||||||||
FICO score: | ||||||||||||||
Under 600 | % | % | % | % | ||||||||||
600 – 659 | ||||||||||||||
660 – 719 | ||||||||||||||
720 – 779 | ||||||||||||||
780 and over | ||||||||||||||
Total | % | % | % | % |
For the Year Ended December 31, 2023 | |||||||||||||||||||||||
(Dollars in thousands) | Term Extension | Payment Delay | Interest Rate Reduction | Interest/Fees Forgiven | Other | Total | % of Total Loan Category | ||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Business | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||
Real estate – business | |||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||
Real estate – personal | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
Consumer credit card | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | % |
Term Extension | |||||
For the Year Ended December 31, 2023 | |||||
Commercial: | |||||
Business | Extended maturity by a weighted average of | ||||
Real estate – business | Extended maturity by a weighted average of | ||||
Personal Banking: | |||||
Real estate – personal | Extended maturity by a weighted average of | ||||
Consumer | |||||
Payment Delay | |||||
For the Year Ended December 31, 2023 | |||||
Personal Banking: | |||||
Real estate – personal | Deferred certain payments by a weighted average of | ||||
Consumer | Deferred certain payments by a weighted average of | ||||
Interest Rate Reduction | |||||
For the Year Ended December 31, 2023 | |||||
Personal Banking: | |||||
Consumer | |||||
Consumer credit card | |||||
Forgiveness of Interest/Fees | |||||
For the Year Ended December 31, 2023 | |||||
Personal Banking: | |||||
Consumer credit card | |||||
For the Year Ended December 31, 2023 | ||||||||||||||
(Dollars in thousands) | Payment Delay | Interest Rate Reduction | Interest/Fees Forgiven | Total | ||||||||||
December 31, 2023 | ||||||||||||||
Personal Banking: | ||||||||||||||
Real estate – personal | $ | $ | $ | $ | ||||||||||
Consumer | ||||||||||||||
Consumer credit card | ||||||||||||||
Total | $ | $ | $ | $ |
(In thousands) | Current | 30-89 Days Past Due | 90 Days Past Due | Total | ||||||||||
December 31, 2023 | ||||||||||||||
Commercial: | ||||||||||||||
Business | $ | $ | $ | $ | ||||||||||
Real estate – business | ||||||||||||||
Personal Banking: | ||||||||||||||
Real estate – personal | ||||||||||||||
Consumer | ||||||||||||||
Consumer credit card | ||||||||||||||
Total | $ | $ | $ | $ |
(In thousands) | December 31, 2022 | |||||||
Accruing loans: | ||||||||
Commercial | $ | |||||||
Assistance programs | ||||||||
Other consumer | ||||||||
Non-accrual loans | ||||||||
Total troubled debt restructurings | $ |
(In thousands) | December 31, 2022 | Balance 90 days past due at any time during previous 12 months | ||||||
Commercial: | ||||||||
Business | $ | $ | ||||||
Real estate – construction and land | ||||||||
Real estate – business | ||||||||
Personal Banking: | ||||||||
Real estate – personal | ||||||||
Consumer | ||||||||
Revolving home equity | ||||||||
Consumer credit card | ||||||||
Total troubled debt restructurings | $ | $ |
(In thousands) | 2023 | 2022 | ||||||
Available for sale debt securities | $ | $ | ||||||
Trading debt securities | ||||||||
Equity securities: | ||||||||
Readily determinable fair value | ||||||||
No readily determinable fair value | ||||||||
Other: | ||||||||
Federal Reserve Bank stock | ||||||||
Federal Home Loan Bank stock | ||||||||
Equity method investments | ||||||||
Private equity investments | ||||||||
Total investment securities (1) | $ | $ |
(Dollars in thousands) | Amortized Cost | Fair Value | Weighted Average Yield | ||||||||
U.S. government and federal agency obligations: | |||||||||||
Within 1 year | $ | $ | *% | ||||||||
After 1 but within 5 years | * | ||||||||||
After 5 but within 10 years | * | ||||||||||
Total U.S. government and federal agency obligations | * | ||||||||||
Government-sponsored enterprise obligations: | |||||||||||
After 5 but within 10 years | |||||||||||
After 10 years | |||||||||||
Total government-sponsored enterprise obligations | |||||||||||
State and municipal obligations: | |||||||||||
Within 1 year | |||||||||||
After 1 but within 5 years | |||||||||||
After 5 but within 10 years | |||||||||||
After 10 years | |||||||||||
Total state and municipal obligations | |||||||||||
Mortgage and asset-backed securities: | |||||||||||
Agency mortgage-backed securities | |||||||||||
Non-agency mortgage-backed securities | |||||||||||
Asset-backed securities | |||||||||||
Total mortgage and asset-backed securities | |||||||||||
Other debt securities: | |||||||||||
Within 1 year | |||||||||||
After 1 but within 5 years | |||||||||||
After 5 but within 10 years | |||||||||||
After 10 years | |||||||||||
Total other debt securities | % | ||||||||||
Total available for sale debt securities | $ | $ |
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | ||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||
U.S. government and federal agency obligations | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Government-sponsored enterprise obligations | ||||||||||||||||||||||||||
State and municipal obligations | ||||||||||||||||||||||||||
Mortgage and asset-backed securities: | ||||||||||||||||||||||||||
Agency mortgage-backed securities | ||||||||||||||||||||||||||
Non-agency mortgage-backed securities | ||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||
Total mortgage and asset-backed securities | ||||||||||||||||||||||||||
Other debt securities | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
U.S. government and federal agency obligations | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||
Government-sponsored enterprise obligations | ||||||||||||||||||||||||||
State and municipal obligations | ||||||||||||||||||||||||||
Mortgage and asset-backed securities: | ||||||||||||||||||||||||||
Agency mortgage-backed securities | ||||||||||||||||||||||||||
Non-agency mortgage-backed securities | ||||||||||||||||||||||||||
Asset-backed securities | ||||||||||||||||||||||||||
Total mortgage and asset-backed securities | ||||||||||||||||||||||||||
Other debt securities | ||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | ||||||||||||
December 31, 2023 | |||||||||||||||||
U.S. government and federal agency obligations | $ | $ | $ | ( | $ | $ | |||||||||||
Government-sponsored enterprise obligations | ( | ||||||||||||||||
State and municipal obligations | ( | ||||||||||||||||
Mortgage and asset-backed securities: | |||||||||||||||||
Agency mortgage-backed securities | ( | ||||||||||||||||
Non-agency mortgage-backed securities | ( | ||||||||||||||||
Asset-backed securities | ( | ||||||||||||||||
Total mortgage and asset-backed securities | ( | ||||||||||||||||
Other debt securities | ( | ||||||||||||||||
Total | $ | $ | $ | ( | $ | $ | |||||||||||
December 31, 2022 | |||||||||||||||||
U.S. government and federal agency obligations | $ | $ | $ | ( | $ | $ | |||||||||||
Government-sponsored enterprise obligations | ( | ||||||||||||||||
State and municipal obligations | ( | ||||||||||||||||
Mortgage and asset-backed securities: | |||||||||||||||||
Agency mortgage-backed securities | ( | ||||||||||||||||
Non-agency mortgage-backed securities | ( | ||||||||||||||||
Asset-backed securities | ( | ||||||||||||||||
Total mortgage and asset-backed securities | ( | ||||||||||||||||
Other debt securities | ( | ||||||||||||||||
Total | $ | $ | $ | ( | $ | $ |
For the Year Ended December 31 | |||||||||||
(In thousands) | 2023 | 2022 | 2021 | ||||||||
Proceeds from sales of securities: | |||||||||||
Available for sale debt securities | $ | $ | $ | ||||||||
Equity securities | |||||||||||
Other | |||||||||||
Total proceeds | $ | $ | $ | ||||||||
Investment securities gains (losses), net: | |||||||||||
Available for sale debt securities: | |||||||||||
Gains realized on sales | $ | $ | $ | ||||||||
Losses realized on sales | ( | ( | ( | ||||||||
Equity securities: | |||||||||||
Gains realized on sales | |||||||||||
Fair value adjustments, net | ( | ( | |||||||||
Other: | |||||||||||
Gains realized on sales | |||||||||||
Losses realized on sales | ( | ( | ( | ||||||||
Fair value adjustments, net | |||||||||||
Total investment securities gains (losses), net | $ | $ | $ |
(In thousands) | 2023 | 2022 | ||||||
Land | $ | $ | ||||||
Buildings and improvements | ||||||||
Equipment | ||||||||
Right of use leased assets | ||||||||
Total | ||||||||
Less accumulated depreciation | ||||||||
Net premises and equipment | $ | $ |
December 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 | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||
Mortgage servicing rights | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ |
(In thousands) | December 31, 2023 | December 31, 2022 | ||||||
Consumer segment | $ | $ | ||||||
Commercial segment | ||||||||
Wealth segment | ||||||||
Total goodwill | $ | $ |
(In thousands) | Goodwill | Easement | Core Deposit Premium | Mortgage Servicing Rights | ||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ||||||||||
Originations, net of disposals | ||||||||||||||
Amortization | ( | ( | ||||||||||||
Balance at December 31, 2022 | ||||||||||||||
Acquisition | ||||||||||||||
Originations, net of disposals | ||||||||||||||
Amortization | ( | ( | ||||||||||||
Balance at December 31, 2023 | $ | $ | $ | $ |
(In thousands) | |||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 |
(in thousands) | Operating Leases(1) | ||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
After 2028 | |||||
Total lease payments | $ | ||||
Less: Interest | |||||
Present value of lease liabilities | $ |
December 31, 2023 | December 31, 2022 | |||||||
Weighted-average remaining lease term | ||||||||
Weighted-average discount rate | % | % |
For the Year Ended December 31 | ||||||||
(in thousands) | 2023 | 2022 | ||||||
Operating cash paid toward lease liabilities | $ | |||||||
Leased assets obtained in exchange for new lease liabilities | $ |
For the Year Ended December 31 | ||||||||
(in thousands) | 2023 | 2022 | ||||||
Direct financing and sales-type leases | ||||||||
Total lease income | $ | $ |
(in thousands) | December 31, 2023 | December 31, 2022 | |||||||||
Lease payment receivable | $ | $ | |||||||||
Unguaranteed residual assets | |||||||||||
Total net investments in direct financing and sales-type leases | $ | $ | |||||||||
Deferred origination cost | |||||||||||
Total net investment included within business loans | $ | $ |
(in thousands) | Direct Financing and Sale-Type Leases | Operating Leases | Total | ||||||||
2024 | $ | $ | $ | ||||||||
2025 | |||||||||||
2026 | |||||||||||
2027 | |||||||||||
2028 | |||||||||||
After 2028 | |||||||||||
Total lease receipts | $ | $ | |||||||||
Less: Net present value adjustment | |||||||||||
Present value of lease receipts | $ |
(In thousands) | |||||
Due in 2024 | |||||
Due in 2025 | |||||
Due in 2026 | |||||
Due in 2027 | |||||
Due in 2028 | |||||
Total | $ |
(Dollars in thousands) | Year End Weighted Rate | Average Weighted Rate | Average Balance Outstanding | Maximum Outstanding at any Month End | Balance at December 31 | ||||||||||||
Federal funds purchased and repurchase agreements: | |||||||||||||||||
2023 | % | % | $ | $ | $ | ||||||||||||
2022 | |||||||||||||||||
2021 |
(In thousands) | Current | Deferred | Total | ||||||||
Year ended December 31, 2023: | |||||||||||
U.S. federal | $ | $ | ( | $ | |||||||
State and local | ( | ||||||||||
Total | $ | $ | ( | $ | |||||||
Year ended December 31, 2022: | |||||||||||
U.S. federal | $ | $ | $ | ||||||||
State and local | |||||||||||
Total | $ | $ | $ | ||||||||
Year ended December 31, 2021: | |||||||||||
U.S. federal | $ | $ | $ | ||||||||
State and local | |||||||||||
Total | $ | $ | $ |
(In thousands) | 2023 | 2022 | 2021 | ||||||||
Unrealized gain (loss) on available for sale debt securities | $ | $ | ( | $ | ( | ||||||
Change in fair value on cash flow hedges | ( | ( | ( | ||||||||
Accumulated pension (benefit) loss | |||||||||||
Income tax (benefit) expense allocated to stockholders’ equity | $ | $ | ( | $ | ( |
(In thousands) | 2023 | 2022 | ||||||
Deferred tax assets: | ||||||||
Unrealized loss on available for sale debt securities | $ | $ | ||||||
Loans, principally due to allowance for credit losses | ||||||||
Unearned fee income | ||||||||
Accrued expenses | ||||||||
Equity-based compensation | ||||||||
Deferred compensation | ||||||||
Other | ||||||||
Total deferred tax assets | ||||||||
Deferred tax liabilities: | ||||||||
Equipment lease financing | ||||||||
Land, buildings, and equipment | ||||||||
Cash flow hedges | ||||||||
Intangible assets | ||||||||
Private equity investments | ||||||||
Other | ||||||||
Total deferred tax liabilities | ||||||||
Net deferred tax assets (liabilities) | $ | $ |
(In thousands) | 2023 | 2022 | 2021 | ||||||||
Computed “expected” tax expense | $ | $ | $ | ||||||||
Increase (decrease) in income taxes resulting from: | |||||||||||
State and local income taxes, net of federal tax benefit | |||||||||||
Tax-exempt interest, net of cost to carry | ( | ( | ( | ||||||||
Non-deductible FDIC insurance premiums | |||||||||||
Share-based award payments | ( | ( | ( | ||||||||
Other | ( | ( | ( | ||||||||
Total income tax expense | $ | $ | $ |
(In thousands) | 2023 | 2022 | ||||||
Unrecognized tax benefits at beginning of year | $ | $ | ||||||
Gross increases – tax positions in prior period | ||||||||
Gross increases – current-period tax positions | ||||||||
Lapse of statute of limitations | ( | ( | ||||||
Unrecognized tax benefits at end of year | $ | $ |
(In thousands) | 2023 | 2022 | 2021 | ||||||||
Payroll taxes | $ | $ | $ | ||||||||
Medical plans | |||||||||||
401(k) plan | |||||||||||
Pension plans | |||||||||||
Other | |||||||||||
Total employee benefits | $ | $ | $ |
(In thousands) | 2023 | 2022 | 2021 | ||||||||
Service cost | $ | $ | $ | ||||||||
( | ( | ( | |||||||||
( | ( | ( | |||||||||
Net periodic pension cost | $ | $ | $ |
(In thousands) | 2023 | 2022 | ||||||
Change in projected benefit obligation | ||||||||
Projected benefit obligation at prior valuation date | $ | $ | ||||||
Service cost | ||||||||
Interest cost | ||||||||
Benefits paid | ( | ( | ||||||
Actuarial (gain) loss | ( | |||||||
Projected benefit obligation at valuation date | ||||||||
Change in plan assets | ||||||||
Fair value of plan assets at prior valuation date | ||||||||
Actual return on plan assets | ( | |||||||
Employer contributions | ||||||||
Benefits paid | ( | ( | ||||||
Fair value of plan assets at valuation date | ||||||||
Funded status and net amount recognized at valuation date | $ | ( | $ | ( |
(In thousands) | 2023 | 2022 | ||||||
Prior service credit (cost) | $ | $ | ||||||
Accumulated gain (loss) | ( | ( | ||||||
Accumulated other comprehensive income (loss) | ( | ( | ||||||
Cumulative employer contributions in excess of net periodic benefit cost | ||||||||
Net amount recognized as an accrued benefit liability on the December 31 balance sheet | $ | ( | $ | ( | ||||
Net gain (loss) arising during period | ||||||||
Amortization of net (gain) loss | ||||||||
Amortization of prior service cost | ( | ( | ||||||
Total recognized in other comprehensive income (loss) | $ | $ | ||||||
Total income (expense) recognized in net periodic pension cost and other comprehensive income | $ | $ |
2023 | 2022 | 2021 | |||||||||
Determination of benefit obligation at year end: | |||||||||||
Effective discount rate on benefit obligations | % | % | % | ||||||||
Assumed cash balance interest crediting rate | % | % | % | ||||||||
Determination of net periodic benefit cost for year ended: | |||||||||||
Effective discount rate on benefit obligations | % | % | % | ||||||||
Effective rate for interest cost on benefit obligations | % | % | % | ||||||||
Long-term rate of return on assets | % | % | % | ||||||||
Assumed cash balance interest crediting rate | % | % | % |
Fair Value Measurements | ||||||||||||||
(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) | ||||||||||
December 31, 2023 | ||||||||||||||
Assets: | ||||||||||||||
U.S. government obligations | $ | $ | $ | $ | ||||||||||
Government-sponsored enterprise obligations (a) | ||||||||||||||
State and municipal obligations | ||||||||||||||
Agency mortgage-backed securities (b) | ||||||||||||||
Non-agency mortgage-backed securities | ||||||||||||||
Asset-backed securities | ||||||||||||||
Corporate bonds (c) | ||||||||||||||
Equity securities and mutual funds: (d) | ||||||||||||||
Mutual funds | ||||||||||||||
Common stocks | ||||||||||||||
International developed markets funds | ||||||||||||||
Emerging markets funds | ||||||||||||||
Total | $ | $ | $ | $ | ||||||||||
December 31, 2022 | ||||||||||||||
Assets: | ||||||||||||||
U.S. government obligations | $ | $ | $ | $ | ||||||||||
Government-sponsored enterprise obligations (a) | ||||||||||||||
State and municipal obligations | ||||||||||||||
Agency mortgage-backed securities (b) | ||||||||||||||
Non-agency mortgage-backed securities | ||||||||||||||
Asset-backed securities | ||||||||||||||
Corporate bonds (c) | ||||||||||||||
Equity securities and mutual funds: (d) | ||||||||||||||
Mutual funds | ||||||||||||||
Common stocks | ||||||||||||||
International developed markets funds | ||||||||||||||
Emerging markets funds | ||||||||||||||
Total | $ | $ | $ | $ |
(In thousands) | |||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
2029 - 2033 |
Shares | Weighted Average Grant Date Fair Value | |||||||
Nonvested at January 1, 2023 | $ | |||||||
Granted | ||||||||
Vested | ( | |||||||
Forfeited | ( | |||||||
Nonvested at December 31, 2023 | $ |
(Dollars in thousands, except per share data) | Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||
Outstanding at January 1, 2023 | $ | ||||||||||||||||
Granted | |||||||||||||||||
Forfeited | ( | ||||||||||||||||
Expired | ( | ||||||||||||||||
Exercised | ( | ||||||||||||||||
Outstanding at December 31, 2023 | $ | years | $ | ||||||||||||||
Exercisable at December 31, 2023 | $ | years | $ | ||||||||||||||
2023 | 2022 | 2021 | |||||||||
Weighted per share average fair value at grant date | $ | $ | $ | ||||||||
Assumptions: | |||||||||||
Dividend yield | % | % | % | ||||||||
Volatility | % | % | % | ||||||||
Risk-free interest rate | % | % | % | ||||||||
Expected term |
(In thousands) | 2023 | 2022 | 2021 | ||||||||
Intrinsic value of SARs exercised | $ | $ | $ | ||||||||
Tax benefit realized SARs exercised |
(In thousands) | Unrealized Gains (Losses) on Securities (1) | Pension Loss | Unrealized Gains (Losses) on Cash Flow Hedge Derivatives (2) | Total Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||
Balance January 1, 2023 | $ | ( | $ | ( | $ | $ | ( | |||||||||||||
Other comprehensive income (loss) before reclassifications to current earnings | ( | |||||||||||||||||||
Amounts reclassified to current earnings from accumulated other comprehensive income | ( | ( | ||||||||||||||||||
Current period other comprehensive income (loss), before tax | ( | |||||||||||||||||||
Income tax (expense) benefit | ( | ( | ( | |||||||||||||||||
Current period other comprehensive income (loss), net of tax | ( | |||||||||||||||||||
Balance December 31, 2023 | $ | ( | $ | ( | $ | $ | ( | |||||||||||||
Balance January 1, 2022 | $ | $ | ( | $ | $ | |||||||||||||||
Other comprehensive income (loss) before reclassifications to current earnings | ( | ( | ( | |||||||||||||||||
Amounts reclassified to current earnings from accumulated other comprehensive income | ( | ( | ||||||||||||||||||
Current period other comprehensive income (loss), before tax | ( | ( | ( | |||||||||||||||||
Income tax (expense) benefit | ( | |||||||||||||||||||
Current period other comprehensive income (loss), net of tax | ( | ( | ( | |||||||||||||||||
Balance December 31, 2022 | $ | ( | $ | ( | $ | $ | ( |
(In thousands) | Consumer | Commercial | Wealth | Segment Totals | Other/Elimination | Consolidated Totals | ||||||||||||||
Year ended December 31, 2023: | ||||||||||||||||||||
Net interest income | $ | $ | $ | $ | $ | $ | ||||||||||||||
Provision for credit losses | ( | ( | ( | ( | ( | ( | ||||||||||||||
Non-interest income | ||||||||||||||||||||
Investment securities gains, net | ||||||||||||||||||||
Non-interest expense | ( | ( | ( | ( | ( | ( | ||||||||||||||
Income before income taxes | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
Year ended December 31, 2022: | ||||||||||||||||||||
Net interest income | $ | $ | $ | $ | $ | $ | ||||||||||||||
Provision for loan losses | ( | ( | ( | ( | ( | ( | ||||||||||||||
Non-interest income | ||||||||||||||||||||
Investment securities gains, net | ||||||||||||||||||||
Non-interest expense | ( | ( | ( | ( | ( | ( | ||||||||||||||
Income before income taxes | $ | $ | $ | $ | $ | $ | ||||||||||||||
Year ended December 31, 2021: | ||||||||||||||||||||
Net interest income | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
Provision for loan losses | ( | ( | ( | |||||||||||||||||
Non-interest income | ||||||||||||||||||||
Investment securities gains, net | ||||||||||||||||||||
Non-interest expense | ( | ( | ( | ( | ( | ( | ||||||||||||||
Income before income taxes | $ | $ | $ | $ | $ | $ |
(In thousands) | Consumer | Commercial | Wealth | Segment Totals | Other/Elimination | Consolidated Totals | ||||||||||||||
Average balances for 2023: | ||||||||||||||||||||
Assets | $ | $ | $ | $ | $ | $ | ||||||||||||||
Loans, including held for sale | ||||||||||||||||||||
Goodwill and other intangible assets | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
Average balances for 2022: | ||||||||||||||||||||
Assets | $ | $ | $ | $ | $ | $ | ||||||||||||||
Loans, including held for sale | ||||||||||||||||||||
Goodwill and other intangible assets | ||||||||||||||||||||
Deposits | ( |
(In thousands, except per share data) | 2023 | 2022 | 2021 | ||||||||
Basic income per common share: | |||||||||||
Net income attributable to Commerce Bancshares, Inc. | $ | $ | $ | ||||||||
Less income allocated to nonvested restricted stock | |||||||||||
Net income allocated to common stock | $ | $ | $ | ||||||||
Weighted average common shares outstanding | |||||||||||
Basic income per common share | $ | $ | $ | ||||||||
Diluted income per common share: | |||||||||||
Net income attributable to Commerce Bancshares, Inc. | $ | $ | $ | ||||||||
Less income allocated to nonvested restricted stock | |||||||||||
Net income allocated to common stock | $ | $ | $ | ||||||||
Weighted average common shares outstanding | |||||||||||
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 | |||||||||||
Weighted average diluted common shares outstanding | |||||||||||
Diluted income per common share | $ | $ | $ |
Years Ended December 31 | |||||||||||
(In thousands) | 2023 | 2022 | 2021 | ||||||||
Shares outstanding at January 1 | |||||||||||
Issuance of stock: | |||||||||||
Awards and sales under employee and director plans | |||||||||||
5% stock dividend | |||||||||||
Other purchases of treasury stock | ( | ( | ( | ||||||||
Other | ( | ( | ( | ||||||||
Shares outstanding at December 31 |
Actual | Minimum Capital Adequacy Requirement | Well-Capitalized Capital Requirement | ||||||||||||||||||||||||
(Dollars in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||
Total Capital (to risk-weighted assets): | ||||||||||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | % | $ | % | N.A. | N.A. | ||||||||||||||||||||
Commerce Bank | $ | % | ||||||||||||||||||||||||
Tier I Capital (to risk-weighted assets): | ||||||||||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | % | $ | % | N.A. | N.A. | ||||||||||||||||||||
Commerce Bank | $ | % | ||||||||||||||||||||||||
Tier I Common Capital (to risk-weighted assets): | ||||||||||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | % | $ | % | N.A. | N.A. | ||||||||||||||||||||
Commerce Bank | $ | % | ||||||||||||||||||||||||
Tier I Capital (to adjusted quarterly average assets): | ||||||||||||||||||||||||||
(Leverage Ratio) | ||||||||||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | % | $ | % | N.A. | N.A. | ||||||||||||||||||||
Commerce Bank | $ | % | ||||||||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||||||||
Total Capital (to risk-weighted assets): | ||||||||||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | % | $ | % | N.A. | N.A. | ||||||||||||||||||||
Commerce Bank | $ | % | ||||||||||||||||||||||||
Tier I Capital (to risk-weighted assets): | ||||||||||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | % | $ | % | N.A. | N.A. | ||||||||||||||||||||
Commerce Bank | $ | % | ||||||||||||||||||||||||
Tier I Common Capital (to risk-weighted assets): | ||||||||||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | % | $ | % | N.A. | N.A. | ||||||||||||||||||||
Commerce Bank | $ | % | ||||||||||||||||||||||||
Tier I Capital (to adjusted quarterly average assets): | ||||||||||||||||||||||||||
(Leverage Ratio) | ||||||||||||||||||||||||||
Commerce Bancshares, Inc. (consolidated) | $ | % | $ | % | N.A. | N.A. | ||||||||||||||||||||
Commerce Bank | $ | % |
For the Years Ended December 31 | |||||||||||
(In thousands) | 2023 | 2022 | 2021 | ||||||||
Bank card transaction fees | $ | $ | $ | ||||||||
Trust fees | |||||||||||
Deposit account charges and other fees | |||||||||||
Consumer brokerage services | |||||||||||
Other non-interest income | |||||||||||
Total non-interest income from contracts with customers | |||||||||||
Other non-interest income (1) | |||||||||||
Total non-interest income | $ | $ | $ |
(In thousands) | December 31, 2023 | December 31, 2022 | December 31, 2021 | ||||||||
Bank card transaction fees | $ | $ | $ | ||||||||
Trust fees | |||||||||||
Deposit account charges and other fees | |||||||||||
Consumer brokerage services |
For the Years Ended December 31 | |||||||||||
(In thousands) | 2023 | 2022 | 2021 | ||||||||
Debit card: | |||||||||||
Fee income | $ | $ | $ | ||||||||
Expense for network charges | ( | ( | ( | ||||||||
Net debit card fees | |||||||||||
Credit card: | |||||||||||
Fee income | |||||||||||
Expense for network charges and rewards | ( | ( | ( | ||||||||
Net credit card fees | |||||||||||
Corporate card: | |||||||||||
Fee income | |||||||||||
Expense for network charges and rewards | ( | ( | ( | ||||||||
Net corporate card fees | |||||||||||
Merchant: | |||||||||||
Fee income | |||||||||||
Fees to cardholder banks | ( | ( | ( | ||||||||
Expense for network charges | ( | ( | ( | ||||||||
Net merchant fees | |||||||||||
Total bank card transaction fees | $ | $ | $ |
For the Years Ended December 31 | |||||||||||
(In thousands) | 2023 | 2022 | 2021 | ||||||||
Private client | $ | $ | $ | ||||||||
Institutional | |||||||||||
Other | |||||||||||
Total trust fees | $ | $ | $ |
For the Years Ended December 31 | |||||||||||
(In thousands) | 2023 | 2022 | 2021 | ||||||||
Corporate cash management fees | $ | $ | $ | ||||||||
Overdraft and return item fees | |||||||||||
Other service charges on deposit accounts | |||||||||||
Total deposit account charges and other fees | $ | $ | $ |
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) | ||||||||||
December 31, 2023 | ||||||||||||||
Assets: | ||||||||||||||
Residential mortgage loans held for sale | $ | $ | $ | $ | ||||||||||
Available for sale debt securities: | ||||||||||||||
U.S. government and federal agency obligations | ||||||||||||||
Government-sponsored enterprise obligations | ||||||||||||||
State and municipal obligations | ||||||||||||||
Agency mortgage-backed securities | ||||||||||||||
Non-agency mortgage-backed securities | ||||||||||||||
Asset-backed securities | ||||||||||||||
Other debt securities | ||||||||||||||
Trading debt securities | ||||||||||||||
Equity securities | ||||||||||||||
Private equity investments | ||||||||||||||
Derivatives * | ||||||||||||||
Assets held in trust for deferred compensation plan | ||||||||||||||
Total assets | ||||||||||||||
Liabilities: | ||||||||||||||
Derivatives * | ||||||||||||||
Liabilities held in trust for deferred compensation plan | ||||||||||||||
Total liabilities | $ | $ | $ | $ | ||||||||||
December 31, 2022 | ||||||||||||||
Assets: | ||||||||||||||
Residential mortgage loans held for sale | $ | $ | $ | $ | ||||||||||
Available for sale debt securities: | ||||||||||||||
U.S. government and federal agency obligations | ||||||||||||||
Government-sponsored enterprise obligations | ||||||||||||||
State and municipal obligations | ||||||||||||||
Agency mortgage-backed securities | ||||||||||||||
Non-agency mortgage-backed securities | ||||||||||||||
Asset-backed securities | ||||||||||||||
Other debt securities | ||||||||||||||
Trading debt securities | ||||||||||||||
Equity securities | ||||||||||||||
Private equity investments | ||||||||||||||
Derivatives * | ||||||||||||||
Assets held in trust for deferred compensation plan | ||||||||||||||
Total assets | ||||||||||||||
Liabilities: | ||||||||||||||
Derivatives * | ||||||||||||||
Liabilities held in trust for deferred compensation plan | ||||||||||||||
Total liabilities | $ | $ | $ | $ |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||
(In thousands) | State and Municipal Obligations | Private Equity Investments | Total | ||||||||
Year ended December 31, 2023: | |||||||||||
Balance at January 1, 2023 | $ | $ | $ | ||||||||
Total gains or losses (realized/unrealized): | |||||||||||
Included in earnings | |||||||||||
Included in other comprehensive income * | |||||||||||
Investment securities called | ( | ( | |||||||||
Discount accretion | |||||||||||
Purchases of private equity securities | |||||||||||
Sale / pay down of private equity securities | ( | ( | |||||||||
Capitalized interest/dividends | |||||||||||
Balance at December 31, 2023 | $ | $ | $ | ||||||||
Total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2023 | $ | $ | $ | ||||||||
Total gains or losses for the year included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2023 | $ | $ | $ | ||||||||
Year ended December 31, 2022: | |||||||||||
Balance at January 1, 2022 | $ | $ | $ | ||||||||
Total gains or losses (realized/unrealized): | |||||||||||
( | ( | ||||||||||
Discount accretion | |||||||||||
Purchases of private equity securities | |||||||||||
Sale / pay down of private equity securities | ( | ( | |||||||||
Capitalized interest/dividends | |||||||||||
Balance at December 31, 2022 | $ | $ | $ | ||||||||
Total gains or losses for the year included in earnings attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2022 | $ | $ | |||||||||
Total gains or losses for the year included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at December 31, 2022 | $ | ( | $ | ( |
(In thousands) | Investment Securities Gains (Losses), Net | ||||
Year ended December 31, 2023: | |||||
Total gains or losses included in earnings | $ | ||||
Change in unrealized gains or losses relating to assets still held at December 31, 2023 | $ | ||||
Year ended December 31, 2022: | |||||
Total gains or losses included in earnings | $ | ||||
Change in unrealized gains or losses relating to assets still held at December 31, 2022 | $ |
Quantitative Information about Level 3 Fair Value Measurements | Weighted | |||||||||||||||||||
Valuation Technique | Unobservable Input | Range | Average* | |||||||||||||||||
Private equity investments | EBITDA multiple | - | ||||||||||||||||||
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) | ||||||||||||
Balance at December 31, 2023 | |||||||||||||||||
Collateral dependent loans | $ | $ | $ | $ | $ | ( | |||||||||||
Long-lived assets | ( | ||||||||||||||||
Balance at December 31, 2022 | |||||||||||||||||
Collateral dependent loans | $ | $ | $ | $ | $ | ( | |||||||||||
Mortgage servicing rights | |||||||||||||||||
Long-lived assets | ( |
Carrying Amount | Estimated Fair Value at December 31, 2023 | |||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial Assets | ||||||||||||||||||||
Loans: | ||||||||||||||||||||
Business | $ | $ | $ | $ | $ | |||||||||||||||
Real estate - construction and land | ||||||||||||||||||||
Real estate - business | ||||||||||||||||||||
Real estate - personal | ||||||||||||||||||||
Consumer | ||||||||||||||||||||
Revolving home equity | ||||||||||||||||||||
Consumer credit card | ||||||||||||||||||||
Overdrafts | ||||||||||||||||||||
Total loans | ||||||||||||||||||||
Loans held for sale | ||||||||||||||||||||
Investment securities | ||||||||||||||||||||
Federal funds sold | ||||||||||||||||||||
Securities purchased under agreements to resell | ||||||||||||||||||||
Interest earning deposits with banks | ||||||||||||||||||||
Cash and due from banks | ||||||||||||||||||||
Derivative instruments | ||||||||||||||||||||
Assets held in trust for deferred compensation plan | ||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Non-interest bearing deposits | $ | $ | $ | $ | $ | |||||||||||||||
Savings, interest checking and money market deposits | ||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||
Federal funds purchased | ||||||||||||||||||||
Securities sold under agreements to repurchase | ||||||||||||||||||||
Other borrowings | ||||||||||||||||||||
Liabilities held in trust for deferred compensation plan | ||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Carrying Amount | Estimated Fair Value at December 31, 2022 | |||||||||||||||||||
(In thousands) | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Financial Assets | ||||||||||||||||||||
Loans: | ||||||||||||||||||||
Business | $ | $ | $ | $ | $ | |||||||||||||||
Real estate - construction and land | ||||||||||||||||||||
Real estate - business | ||||||||||||||||||||
Real estate - personal | ||||||||||||||||||||
Consumer | ||||||||||||||||||||
Revolving home equity | ||||||||||||||||||||
Consumer credit card | ||||||||||||||||||||
Overdrafts | ||||||||||||||||||||
Total loans | ||||||||||||||||||||
Loans held for sale | ||||||||||||||||||||
Investment securities | ||||||||||||||||||||
Federal funds sold | ||||||||||||||||||||
Securities purchased under agreements to resell | ||||||||||||||||||||
Interest earning deposits with banks | ||||||||||||||||||||
Cash and due from banks | ||||||||||||||||||||
Derivative instruments | ||||||||||||||||||||
Assets held in trust for deferred compensation plan | ||||||||||||||||||||
Total | $ | $ | $ | $ | $ | |||||||||||||||
Financial Liabilities | ||||||||||||||||||||
Non-interest bearing deposits | $ | $ | $ | $ | $ | |||||||||||||||
Savings, interest checking and money market deposits | ||||||||||||||||||||
Certificates of deposit | ||||||||||||||||||||
Federal funds purchased | ||||||||||||||||||||
Securities sold under agreements to repurchase | ||||||||||||||||||||
Other borrowings | ||||||||||||||||||||
Derivative instruments | ||||||||||||||||||||
Liabilities held in trust for deferred compensation plan | ||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
December 31 | |||||||||||
(In thousands) | 2023 | 2022 | |||||||||
Interest rate swaps | $ | $ | |||||||||
Interest rate floors | |||||||||||
Interest rate caps | |||||||||||
Credit risk participation agreements | |||||||||||
Foreign exchange contracts | |||||||||||
Mortgage loan commitments | |||||||||||
Mortgage loan forward sale contracts | |||||||||||
Forward TBA contracts | |||||||||||
Total notional amount | $ | $ |
Strike Rate | Effective Date | Maturity Date | ||||||
% | ||||||||
% | ||||||||
% | ||||||||
% |
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||
December 31 | December 31 | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
(In thousands) | Fair Value | Fair Value | |||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||
Interest rate floors | $ | $ | $ | $ | |||||||||||||||||||
Total derivatives designated as hedging instruments | $ | $ | $ | $ | |||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate swaps | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Interest rate caps | ( | ( | |||||||||||||||||||||
Credit risk participation agreements | ( | ( | |||||||||||||||||||||
Foreign exchange contracts | ( | ( | |||||||||||||||||||||
Mortgage loan commitments | ( | ||||||||||||||||||||||
Mortgage loan forward sale contracts | |||||||||||||||||||||||
Forward TBA contracts | ( | ||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | $ | $ | ( | $ | ( | |||||||||||||||||
$ | $ | $ | ( | $ | ( |
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 | (In thousands) | Total | Included Component | Excluded Component | |||||||||||||||||||
For the Year Ended December 31, 2023 | ||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||||||||||||
Interest rate floors | $ | ( | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||
Total | $ | ( | $ | $ | ( | Total | $ | $ | $ | ( | ||||||||||||||||
For the Year Ended December 31, 2022 | ||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||||||||||||
Interest rate floors | $ | ( | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||
Total | $ | ( | $ | $ | ( | Total | $ | $ | $ | ( | ||||||||||||||||
For the Year Ended December 31, 2021 | ||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||||||||||||
Interest rate floors | $ | $ | $ | $ | $ | $ | ( | |||||||||||||||||||
Total | $ | $ | $ | Total | $ | $ | $ | ( |
Location of Gain/(Loss) Recognized in the Consolidated Statements of Income | Amount of Gain/(Loss) Recognized in Income on Derivative | |||||||||||||||||||
For the Years Ended December 31 | ||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2021 | |||||||||||||||||
Derivative instruments: | ||||||||||||||||||||
Interest rate swaps | Other non-interest income | $ | $ | $ | ||||||||||||||||
Interest rate caps | Other non-interest income | |||||||||||||||||||
Credit risk participation agreements | Other non-interest income | ( | ||||||||||||||||||
Foreign exchange contracts | Other non-interest income | ( | ||||||||||||||||||
Mortgage loan commitments | Loan fees and sales | ( | ( | |||||||||||||||||
Mortgage loan forward sale contracts | Loan fees and sales | ( | ||||||||||||||||||
Forward TBA contracts | Loan fees and sales | |||||||||||||||||||
Total | $ | $ | $ |
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 | ||||||||||||||
December 31, 2023 | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Derivatives subject to master netting agreements | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||
Derivatives not subject to master netting agreements | ||||||||||||||||||||
Total derivatives | $ | $ | $ | |||||||||||||||||
Liabilities: | ||||||||||||||||||||
Derivatives subject to master netting agreements | $ | $ | $ | $ | ( | $ | $ | |||||||||||||
Derivatives not subject to master netting agreements | ||||||||||||||||||||
Total derivatives | $ | $ | $ | |||||||||||||||||
December 31, 2022 | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Derivatives subject to master netting agreements | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||
Derivatives not subject to master netting agreements | ||||||||||||||||||||
Total derivatives | $ | $ | $ | |||||||||||||||||
Liabilities: | ||||||||||||||||||||
Derivatives subject to master netting agreements | $ | $ | $ | $ | ( | $ | $ | |||||||||||||
Derivatives not subject to master netting agreements | ||||||||||||||||||||
Total derivatives | $ | $ | $ |
Gross Amounts Not Offset in the Balance Sheet | ||||||||||||||||||||
(In thousands) | Gross Amount Recognized | Gross Amounts Offset on the Balance Sheet | Net Amounts Presented on the Balance Sheet | Financial Instruments Available for Offset | Securities Collateral Received/Pledged | Unsecured amount | ||||||||||||||
December 31, 2023 | ||||||||||||||||||||
Total resale agreements, subject to master netting arrangements | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
Total repurchase agreements, subject to master netting arrangements | ( | |||||||||||||||||||
December 31, 2022 | ||||||||||||||||||||
Total resale agreements, subject to master netting arrangements | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||
Total repurchase agreements, subject to master netting arrangements | ( | ( |
Remaining Contractual Maturity of the Agreements | ||||||||||||||
(In thousands) | Overnight and continuous | Up to 90 days | Greater than 90 days | Total | ||||||||||
December 31, 2023 | ||||||||||||||
Repurchase agreements, secured by: | ||||||||||||||
U.S. government and federal agency obligations | $ | $ | $ | $ | ||||||||||
Government-sponsored enterprise obligations | ||||||||||||||
Agency mortgage-backed securities | ||||||||||||||
Non-agency mortgage-backed securities | ||||||||||||||
Asset-backed securities | ||||||||||||||
Other debt securities | ||||||||||||||
Total repurchase agreements, gross amount recognized | $ | $ | $ | $ | ||||||||||
December 31, 2022 | ||||||||||||||
Repurchase agreements, secured by: | ||||||||||||||
U.S. government and federal agency obligations | $ | $ | $ | $ | ||||||||||
Agency mortgage-backed securities | ||||||||||||||
Non-agency mortgage-backed securities | ||||||||||||||
Asset-backed securities | ||||||||||||||
Other debt securities | ||||||||||||||
Total repurchase agreements, gross amount recognized | $ | $ | $ | $ |
(In thousands) | 2023 | 2022 | ||||||
Commitments to extend credit: | ||||||||
Credit card | $ | $ | ||||||
Other unfunded loan commitments | ||||||||
Standby letters of credit, net of conveyance to other financial institutions | ||||||||
Commercial letters of credit |
(In thousands) | 2023 | 2022 | 2021 | ||||||||
Leasing agent fees | $ | $ | $ | ||||||||
Operation of parking garages | |||||||||||
Building management fees | |||||||||||
Property construction management fees | |||||||||||
Project consulting fees | |||||||||||
Dividends paid on Company stock held by Tower | |||||||||||
Total | $ | $ | $ |
Condensed Balance Sheets | ||||||||
December 31 | ||||||||
(In thousands) | 2023 | 2022 | ||||||
Assets | ||||||||
Investment in consolidated subsidiaries: | ||||||||
Bank | $ | $ | ||||||
Non-banks | ||||||||
Cash | ||||||||
Investment securities: | ||||||||
Available for sale debt | ||||||||
Equity | ||||||||
Note receivable due from bank subsidiary | ||||||||
Advances to subsidiaries, net of borrowings | ||||||||
Income tax receivable and deferred tax assets | ||||||||
Other assets | ||||||||
Total assets | $ | $ | ||||||
Liabilities and stockholders’ equity | ||||||||
Pension obligation | $ | $ | ||||||
Other liabilities | ||||||||
Total liabilities | ||||||||
Stockholders’ equity | ||||||||
Total liabilities and stockholders’ equity | $ | $ |
Condensed Statements of Income | |||||||||||
For the Years Ended December 31 | |||||||||||
(In thousands) | 2023 | 2022 | 2021 | ||||||||
Income | |||||||||||
Dividends received from consolidated bank subsidiary | $ | $ | $ | ||||||||
Earnings of consolidated subsidiaries, net of dividends | |||||||||||
Interest and dividends on investment securities | |||||||||||
Management fees charged to subsidiaries | |||||||||||
Investment securities gains (losses) | ( | ( | |||||||||
Net interest income on advances and note to subsidiaries | |||||||||||
Other | |||||||||||
Total income | |||||||||||
Expense | |||||||||||
Salaries and employee benefits | |||||||||||
Professional fees | |||||||||||
Data processing fees paid to affiliates | |||||||||||
Other | |||||||||||
Total expense | |||||||||||
Income tax benefit | ( | ( | ( | ||||||||
Net income | $ | $ | $ |
Condensed Statements of Cash Flows | |||||||||||
For the Years Ended December 31 | |||||||||||
(In thousands) | 2023 | 2022 | 2021 | ||||||||
Operating Activities | |||||||||||
Net income | $ | $ | $ | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Earnings of consolidated subsidiaries, net of dividends | ( | ( | ( | ||||||||
Other adjustments, net | |||||||||||
Net cash provided by operating activities | |||||||||||
Investing Activities | |||||||||||
(Increase) decrease in investment in subsidiaries, net | ( | ||||||||||
Proceeds from maturities/pay downs of investment securities | |||||||||||
Purchases of investment securities | ( | ( | ( | ||||||||
(Increase) decrease in advances to subsidiaries, net | ( | ||||||||||
Net purchases of building improvements and equipment | ( | ( | ( | ||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
Financing Activities | |||||||||||
Purchases of treasury stock | ( | ( | ( | ||||||||
Issuance of stock under equity compensation plans | ( | ( | ( | ||||||||
Cash dividends paid on common stock | ( | ( | ( | ||||||||
Net cash used in financing activities | ( | ( | ( | ||||||||
Increase (decrease) in cash | ( | ||||||||||
Cash at beginning of year | |||||||||||
Cash at end of year | $ | $ | $ | ||||||||
Income tax receipts, net | $ | ( | $ | ( | $ | ( |
(a) The following documents are filed as a part of this report: | ||||||||||||||
Page | ||||||||||||||
(1) | Financial Statements: | |||||||||||||
(2) | Financial Statement Schedules: | |||||||||||||
All schedules are omitted as such information is inapplicable or is included in the financial statements. | ||||||||||||||
(b) The exhibits filed as part of this report and exhibits incorporated herein by reference to other documents are listed below. |
3 —Articles of Incorporation and By-Laws: | |||||
4 — Instruments defining the rights of security holders, including indentures: | |||||
(1) Pursuant to paragraph (b)(4)(iii) of Item 601 Regulation S-K, Registrant will furnish to the Commission upon request copies of long-term debt instruments. | |||||
10 — Material Contracts (Except for the Development Services Agreement and associated Amendments to the Development Service Agreement listed below, each of the following is a management contract or compensatory plan arrangement): | |||||
COMMERCE BANCSHARES, INC. | ||||||||
By: | /s/ MARGARET M. ROWE | |||||||
Margaret M. Rowe | ||||||||
Vice President & Secretary |
By: | /s/ JOHN W. KEMPER | |||||||
John W. Kemper | ||||||||
Chief Executive Officer | ||||||||
By: | /s/ CHARLES G. KIM | |||||||
Charles G. Kim | ||||||||
Chief Financial Officer | ||||||||
By: | /s/ PAUL A. STEINER | |||||||
Paul A. Steiner | ||||||||
Controller | ||||||||
(Chief Accounting Officer) |
![]() | ||||||||
Terry D. Bassham | ||||||||
Blackford F. Brauer | ||||||||
W. Kyle Chapman | ||||||||
Karen L. Daniel | ||||||||
Earl H. Devanny, III | ||||||||
June McAllister Fowler | ||||||||
David W. Kemper | ||||||||
John W. Kemper | All the Directors on the Board of Directors* | |||||||
Jonathan M. Kemper | ||||||||
Benjamin F. Rassieur, III | ||||||||
Todd R. Schnuck | ||||||||
Christine B. Taylor | ||||||||
Kimberly G. Walker | ||||||||
By: | /s/ MARGARET M. ROWE | |||||||
Margaret M. Rowe | ||||||||
Attorney-in-Fact |
Name | State or Other Jurisdiction of Incorporation | ||||
CBI-Kansas, Inc. | Kansas | ||||
Commerce Bank | Missouri | ||||
Commerce Brokerage Services, Inc. | Missouri | ||||
Clayton Holdings, LLC | Missouri | ||||
Clayton Financial Corp. | Missouri | ||||
Clayton Realty Corp. | Missouri | ||||
Illinois Financial, LLC | Delaware | ||||
Illinois Realty, LLC | Delaware | ||||
Commerce Insurance Services, Inc. | Missouri | ||||
Commerce Investment Advisors, Inc. | Missouri | ||||
CBI Equipment Finance, Inc. | Missouri | ||||
CB Acquisition, LLC | Delaware | ||||
LJ Hart & Company | Missouri | ||||
Tower Redevelopment Corporation | Missouri | ||||
CFB Partners, LLC | Delaware | ||||
CFB Venture Fund I, Inc. | Missouri | ||||
CFB Venture Fund, L.P. | Delaware | ||||
Capital for Business, Inc. | Missouri |
/s/ TERRY D. BASSHAM | |||||
/s/ BLACKFORD F. BRAUER | |||||
/s/ W. KYLE CHAPMAN | |||||
/s/ KAREN L. DANIEL | |||||
/s/ EARL H. DEVANNY, III | |||||
/s/ JUNE MCALLISTER FOWLER | |||||
/s/ DAVID W. KEMPER | |||||
/s/ JOHN W. KEMPER | |||||
/s/ JONATHAN M. KEMPER | |||||
/s/ BENJAMIN F. RASSIEUR, III | |||||
/s/ TODD R. SCHNUCK | |||||
/s/ CHRISTINE B. TAYLOR | |||||
/s/ KIMBERLY G. WALKER |
/s/ JOHN W. KEMPER | |||||
John W. Kemper President and Chief Executive Officer | |||||
February 22, 2024 |
/s/ CHARLES G. KIM | |||||
Charles G. Kim Executive Vice President and Chief Financial Officer | |||||
February 22, 2024 |
/s/ JOHN W. KEMPER | |||||
John W. Kemper Chief Executive Officer | |||||
/s/ CHARLES G. KIM | |||||
Charles G. Kim Chief Financial Officer | |||||
February 22, 2024 |
"SD>/
M($BP[&RK,#^UW_!MM\6O%OP=_P"",OAGPK\>OV=OB'X&LOAC%JGVG5O$'AB4
M-KOVK5[^]W:?9Q![R=$CN($+F%0\CLL>_8Q'Y?\ _!L+\,_CE^RS_P %8+SX
MG?M&?LU_$_P=H'B7P3JVD6&KZS\-]6CMDO+B[M)HHY9!;E8@RPN-[D*#@$C(
MH _ "? NA2PQSW45M%YMW>SS3NL=K:01X,DKDDEE6-)'(6O@SX4_&[_@
MJ#_P1G_:/^%7[,_[>WQ7T3XX?L^?$SQ'9>"?!/Q4TSPY'I.I^%-5F'EV-I>0
M1?)Y+E=OS-*0BLPE'E&)NA^&6MZK\2/^#L7XBV7BF9I;;X>?LHVUKX9@<_+"
M+G4=.GDE4=B3=3J3U((!Z"@#[4_9I_;+\(?M ^/_ !M\"M=\(ZAX-^)7PXN+
M5/&/@C6;B&:6&WNHO-M+ZVGA9H[JTF3=ME7#*R,DB1N-M>OWEY::?:2W]_=1
MP001M)--,X5(T49+,3P "23TK\S_BWXBU#P%_P=??"W3_"\C0Q^.?V4;RQ\
M311'Y9XH-1U*XBD<=R'MHE#'LH%>_P#_ 7?^(?BCX7?\$?OV@?%O@VZE@OS
M\/;BP6:%B'CBNY([29@1R"(IW.1R.M %5/\ @L%\,YOA!)^V!;_ _P 6O^SW
M#KQTQ_C();7R3"+O[&=76P\S[4VEBX^0W&WS-H,HA,0\RO:OVJOVQ_@U^R)\
M'K/XQ?$.]N]3AUS6+'1O!^B>'(DNK_Q-JMZX2SL+",NJS33, $ ]N'_P!E[5]5^#?PS^'.
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MS7P__P""X-M\6_C'I'PT^%?_ 2__:OUSP]XA\10Z=H/Q2@^%/E>%K^SEG$<
M6KI?RSJHT]XR)Q.P&8B&QSBOH+]IW]M#P5^SIXX\#_!+2_"6I^,?B3\2KVY@
M\$^!="EACGNHK:+S;N]GFG=8[6T@CP9)7))+*L:2.0M?!GPI^-W_ 5!_P""
M,_[1_P *OV9_V]OBOHGQP_9\^)GB.R\$^"?BIIGAR/2=3\*:K,/+L;2\@B^3
MR7*[?F:4A%9A*/*,3=#\,M;U7XD?\'8OQ%LO%,S2VWP\_91MK7PS Y^6$7.H
MZ=/)*H[$FZG4GJ00#T% 'VI^S3^V7X0_:!\?^-O@5KOA'4/!OQ*^'%Q:IXQ\
M$:S<0S2PV]U%YMI?6T\+-'=6DR;MLJX961DD2-QMKU^\O+33[26_O[J."""-
MI)IIG"I&BC)9B> 22>E?F?\6_$6H> O^#K[X6Z?X7D:&/QS^RC>6/B:*(_
M+/%!J.I7$4CCN0]M$H8]E KW_P#X+O\ Q#\4?"[_ ((_?M ^+?!MU+!?GX>W
M%@LT+$/'%=R1VDS CD$13N
X^%/B$/&?0@6)&?QK[_HH ^ /^(H+_@B5;_-
MK7[6VIZ:AX22^^%WB15<^@VZ>>:!_P '1O\ P0H)P/VYO_,9^)__ )65]_T$
M C!&0>HH ^$/^(FC_@AS_P!'W:?_ .$3K_\ \@5:LO\ @Y1_X(B:A$9H/V]-
M%4!MI$_A;68CGZ/9 XYZ]*^U?^$3\*_]"SI__@$G^%5;[X;_ [U.43ZEX"T
M6X<+M#SZ7"Y ],E>G)_.@#X^MO\ @XZ_X(G7^)F
MD^"/BCX<\47'CGPMX:^*VO:39ZE-9V-Y
_$GQ%XFNK[Q;)>1H4CG_M:=GGPBDJL&?LZ@X$0'%=?^R7_P3+^$7[&7
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M5KKW@
12 Months Ended
Audit Information [Abstract]
Auditor Name
KPMG, LLP
Auditor Firm ID
185
Auditor Location
Kansas City, Missouri
Statement of Financial Position [Abstract]
Mortgages Held-for-sale, Fair Value Disclosure
$ 1,585,000
$ 0
Debt Securities, Available-for-sale, Amortized Cost
10,904,765,000
13,738,206,000
Debt Securities, Available-for-sale, Allowance for Credit Loss
$ 0
$ 0
Common stock, par value
$ 5
$ 5
Common stock, shares authorized
190,000,000
140,000,000
Common stock, shares issued
131,064,418
125,863,879
Treasury Stock, Common, Shares
611,546
605,142
$ in Thousands12 Months Ended
Statement of Comprehensive Income [Abstract]
Net income
$ 485,177
$ 500,020
$ 540,590
Other comprehensive income (loss):
Net unrealized gains (losses) on other securities
209,914
(1,148,089)
(240,627)
Change in pension loss
3,590
3,482
4,450
Unrealized gains (losses) on cash flow hedge derivatives
(18,052)
(19,337)
(18,120)
Other comprehensive income (loss)
195,452
(1,163,944)
(254,297)
Comprehensive income (loss)
680,629
(663,924)
286,293
Non-controlling interest expense (income)
8,117
11,621
9,825
Comprehensive income (loss) attributable to Commerce Bancshares, Inc.
$ 672,512
$ (675,545)
$ 276,468
$ in Thousands
Beginning Balance at Dec. 31, 2020
$ 3,399,972
$ 589,352
$ 2,436,288
$ 73,000
$ (32,970)
$ 331,377
$ 2,925
Net income
540,590
530,765
9,825
Other comprehensive income (loss)
(254,297)
(254,297)
Distributions to non-controlling interest
(1,065)
(1,065)
Purchase of treasury stock
(129,361)
(129,361)
Sale of non-controlling interest in subsidiary
0
659
(659)
Cash dividends paid on common stock
(122,693)
(122,693)
Stock-based compensation
15,415
15,415
Stock Issued During Period RSAs and SARs
911
(21,799)
22,710
Dividends, Common Stock, Stock
(1,148)
21,452
259,331
(388,579)
106,648
Balance at Dec. 31, 2021
3,448,324
610,804
2,689,894
92,493
(32,973)
77,080
11,026
Net income
500,020
488,399
11,621
Other comprehensive income (loss)
(1,163,944)
(1,163,944)
Distributions to non-controlling interest
(6,361)
(6,361)
Purchase of treasury stock
(186,622)
(186,622)
Cash dividends paid on common stock
(127,466)
(127,466)
Stock-based compensation
16,995
16,995
Stock Issued During Period RSAs and SARs
1,905
(19,563)
21,468
Dividends, Common Stock, Stock
(1,274)
18,515
245,633
(421,806)
156,384
Balance at Dec. 31, 2022
2,481,577
629,319
2,932,959
31,620
(41,743)
(1,086,864)
16,286
Net income
485,177
477,060
8,117
Other comprehensive income (loss)
195,452
195,452
Distributions to non-controlling interest
(4,235)
(4,235)
Purchase of treasury stock
(76,890)
(76,890)
Sale of non-controlling interest in subsidiary
0
54
(54)
Cash dividends paid on common stock
(134,734)
(134,734)
Stock-based compensation
17,052
17,052
Stock Issued During Period RSAs and SARs
1,707
(21,732)
23,439
Dividends, Common Stock, Stock
(876)
26,003
234,289
(320,763)
59,595
Balance at Dec. 31, 2023
$ 2,964,230
$ 655,322
$ 3,162,622
$ 53,183
$ (35,599)
$ (891,412)
$ 20,114
12 Months Ended
Statement of Stockholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Cash Paid
$ 1.029
$ 0.961
$ 0.907
Stock dividend rate (percent)
5.00%
5.00%
5.00%
$ in Thousands12 Months Ended
OPERATING ACTIVITIES:
Net income
$ 485,177
$ 500,020
$ 540,590
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses
35,451
28,071
(66,326)
Provision for depreciation and amortization
49,513
46,856
44,866
Amortization of investment security premiums, net
17,666
18,805
66,934
Deferred income tax (benefit) expense
(7,399)
21,716
25,613
Investment securities (gains) losses, net
[1]
(14,985)
(20,506)
(30,059)
Net gains on sales of loans held for sale
(1,026)
(2,660)
(22,641)
Proceeds from sales of loans held for sale
58,946
123,656
576,864
Origination Of Loans Held For Sale
(57,424)
(118,850)
(524,597)
Net (increase) decrease in trading securities
28,478
4,152
(29,885)
Purchase of interest rate floor
(54,449)
(35,799)
0
Stock-based compensation
17,052
16,995
15,415
(Increase) decrease in interest receivable
(5,986)
(28,439)
19,788
Increase (decrease) in interest payable
46,650
3,054
(3,179)
Increase (decrease) in income taxes payable
4,586
(12,936)
(5,175)
Other changes, net
(113,481)
15,250
(10,486)
Net cash provided by (used in) operating activities
488,769
559,385
597,722
INVESTING ACTIVITIES
Payments to Acquire Businesses, Net of Cash Acquired
(6,365)
0
0
Proceeds from Equity Method Investment, Distribution, Return of Capital
1,434
400
13,540
Proceeds from sales of investment securities
[1]
1,141,949
106,971
80,811
Proceeds from maturities/pay downs of investment securities
[1]
1,935,552
2,691,260
3,459,106
Purchases of investment securities
[1]
(246,286)
(2,147,862)
(5,947,891)
Net (increase) decrease in loans
(933,736)
(1,146,292)
1,134,533
Securities purchased under agreements to resell
0
(200,000)
(900,000)
Repayments of securities purchased under agreements to resell
375,000
1,000,000
125,000
Purchases of land, buildings and equipment
(88,074)
(65,191)
(56,716)
Sales of land, buildings and equipment
4,358
2,985
8,859
Net cash provided by (used in) investing activities
2,183,832
242,271
(2,082,758)
FINANCING ACTIVITIES
Net increase (decrease) in non-interest bearing, savings, interest checking and money market deposits
(2,612,412)
(3,254,081)
3,291,466
Net increase (decrease) in time open and C.D.’s
1,881,587
(448,511)
(402,077)
Net increase (decrease) in short-term federal funds purchased and securities sold under agreements to repurchase
67,081
(181,233)
924,584
FHLB short-term borrowings
2,250,000
0
0
Repayments of FHLB borrowings
(2,250,000)
0
0
Net increase (decrease) in other borrowings
(8,268)
(2,888)
11,758
Purchases of treasury stock
(76,370)
(186,622)
(129,361)
Cash dividends paid on common stock
(134,734)
(127,466)
(122,693)
Other, net
(3)
(8)
(15)
Net cash provided by (used in) financing activities
(883,119)
(4,200,809)
3,573,662
Increase (decrease) in cash and cash equivalents
1,789,482
(3,399,153)
2,088,626
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Beginning of Year
897,801
4,296,954
2,208,328
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, End of Year
2,687,283
897,801
4,296,954
Supplemental Cash Flow Information:
Income tax payments, net
130,957
116,995
119,665
Interest paid on deposits and borrowings
336,512
53,740
16,045
Loans transferred to foreclosed real estate
$ 322
$ 457
$ 182
[1]
Available for sale debt securities, equity securities, and other securities.
12 Months Ended
Accounting Policies [Abstract]
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies
12 Months Ended
Loans And Allowance For Credit Losses [Abstract]
Loans And Allowance For Credit Losses
Loans and Allowance for Credit Losses
(In thousands) 2023 2022 Commercial: $ 6,019,036 $ 5,661,725 1,446,764 1,361,095 3,719,306 3,406,981 3,026,041 2,918,078 2,077,723 2,059,088 319,894 297,207 589,913 584,000 6,802 14,957 $ 17,205,479 $ 16,303,131 (In thousands) $ 41,107 Additions 2,300 Amounts collected (4,605) Amounts written off — $ 38,802 Key Assumption December 31, 2023 December 31, 2022 Overall economic forecast Reasonable and supportable period and related reversion period Forecasted macro-economic variables Prepayment assumptions Qualitative factors For the Year Ended December 31 (In thousands) Commercial Personal Banking ALLOWANCE FOR CREDIT LOSSES ON LOANS Balance December 31, 2022 $ 103,293 $ 46,843 $ 150,136 Provision for credit losses on loans 8,001 35,324 43,325 Deductions: Loans charged off 3,885 36,283 40,168 Less recoveries on loans 792 8,310 9,102 Net loan charge-offs (recoveries) 3,093 27,973 31,066 Balance December 31, 2023 $ 108,201 $ 54,194 $ 162,395 LIABILITY FOR UNFUNDED LENDING COMMITMENTS Balance December 31, 2022 $ 31,743 $ 1,377 $ 33,120 Provision for credit losses on unfunded lending commitments (7,834) (40) (7,874) Balance December 31, 2023 $ 23,909 $ 1,337 $ 25,246 ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS $ 132,110 $ 55,531 $ 187,641 ALLOWANCE FOR CREDIT LOSSES ON LOANS 97,776 52,268 150,044 Provision for credit losses on loans 6,550 12,605 19,155 Deductions: Loans charged off 1,480 27,762 29,242 Less recoveries on loans 447 9,732 10,179 Net loan charge-offs (recoveries) 1,033 18,030 19,063 $ 103,293 $ 46,843 $ 150,136 LIABILITY FOR UNFUNDED LENDING COMMITMENTS Balance at December 31, 2020 23,271 933 24,204 Provision for credit losses on unfunded lending commitments 8,472 444 8,916 $ 31,743 $ 1,377 $ 33,120 ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS $ 135,036 $ 48,220 $ 183,256 Current or Less Than 30 Days Past Due 30 – 89 Days Past Due 90 Days Past Due and Still Accruing Non-accrual Total December 31, 2023 $ 5,985,713 $ 29,087 $ 614 $ 3,622 $ 6,019,036 1,446,764 — — — 1,446,764 3,714,579 4,582 85 60 3,719,306 2,999,988 14,841 9,559 1,653 3,026,041 2,036,353 38,217 3,153 — 2,077,723 315,483 1,564 870 1,977 319,894 574,805 7,525 7,583 — 589,913 6,553 249 — — 6,802 $ 17,080,238 $ 96,065 $ 21,864 $ 7,312 $ 17,205,479 December 31, 2022 $ 5,652,710 $ 1,759 $ 505 $ 6,751 $ 5,661,725 1,361,095 — — — 1,361,095 3,406,207 585 — 189 3,406,981 2,895,742 14,289 6,681 1,366 2,918,078 2,031,827 25,089 2,172 — 2,059,088 295,303 1,201 703 — 297,207 572,213 6,238 5,549 — 584,000 14,090 647 220 — 14,957 $ 16,229,187 $ 49,808 $ 15,830 $ 8,306 $ 16,303,131 Term Loans Amortized Cost Basis by Origination Year (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total December 31, 2023 Business Risk Rating: Pass $ 1,609,685 $ 839,511 $ 555,991 $ 273,138 $ 215,988 $ 257,177 $ 2,096,108 $ 5,847,598 Special mention 19,639 3,412 19,489 643 412 2,485 43,054 89,134 Substandard 5,256 8,666 6,891 20,854 1,422 10,235 25,358 78,682 Non-accrual — 130 1,184 — — 2,308 — 3,622 Total Business: $ 1,634,580 $ 851,719 $ 583,555 $ 294,635 $ 217,822 $ 272,205 $ 2,164,520 $ 6,019,036 $ — $ 2,260 $ 57 $ 41 $ — $ — $ 1,393 $ 3,751 Real estate-construction Risk Rating: Pass $ 476,489 $ 579,933 $ 295,841 $ 41,418 $ 498 $ 2,834 $ 31,670 $ 1,428,683 Special mention 3,068 15,013 — — — — — 18,081 Substandard — — — — — — — — Total Real estate-construction: $ 479,557 $ 594,946 $ 295,841 $ 41,418 $ 498 $ 2,834 $ 31,670 $ 1,446,764 $ — $ — $ — $ — $ — $ — $ — $ — Real estate- business Risk Rating: Pass $ 807,631 $ 1,063,189 $ 510,397 $ 433,030 $ 311,457 $ 325,738 $ 94,432 $ 3,545,874 Special mention 16,650 8,619 451 884 9,253 733 — 36,590 Substandard 2,952 18,463 27,914 17,430 11,636 58,387 — 136,782 Non-accrual — — — — — 60 — 60 Total Real-estate business: $ 827,233 $ 1,090,271 $ 538,762 $ 451,344 $ 332,346 $ 384,918 $ 94,432 $ 3,719,306 $ — $ — $ — $ — $ — $ 134 $ — $ 134 Commercial loans Risk Rating: Pass $ 2,893,805 $ 2,482,633 $ 1,362,229 $ 747,586 $ 527,943 $ 585,749 $ 2,222,210 $ 10,822,155 Special mention 39,357 27,044 19,940 1,527 9,665 3,218 43,054 143,805 Substandard 8,208 27,129 34,805 38,284 13,058 68,622 25,358 215,464 Non-accrual — 130 1,184 — — 2,368 — 3,682 Total Commercial loans: $ 2,941,370 $ 2,536,936 $ 1,418,158 $ 787,397 $ 550,666 $ 659,957 $ 2,290,622 $ 11,185,106 $ — $ 2,260 $ 57 $ 41 $ — $ 134 $ 1,393 $ 3,885 Term Loans Amortized Cost Basis by Origination Year (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total December 31, 2022 Business Risk Rating: Pass $ 1,456,476 $ 782,409 $ 464,201 $ 360,844 $ 180,375 $ 219,053 $ 2,146,380 $ 5,609,738 Special mention 3,113 2,548 7,757 1,063 67 — 1,319 15,867 Substandard 5,752 10,004 685 37 810 10,342 1,739 29,369 Non-accrual 195 1,987 — 1 792 3,776 — 6,751 Total Business: $ 1,465,536 $ 796,948 $ 472,643 $ 361,945 $ 182,044 $ 233,171 $ 2,149,438 $ 5,661,725 Real estate-construction Risk Rating: Pass $ 538,022 $ 596,465 $ 129,632 $ 27,331 $ 1,305 $ 2,029 $ 18,559 $ 1,313,343 Special mention 352 — — — — — — 352 Substandard — 19,494 — — 14,766 13,140 — 47,400 Total Real estate-construction: $ 538,374 $ 615,959 $ 129,632 $ 27,331 $ 16,071 $ 15,169 $ 18,559 $ 1,361,095 Real estate- business Risk Rating: Pass $ 1,085,379 $ 616,516 $ 555,648 $ 424,641 $ 163,628 $ 271,579 $ 90,799 $ 3,208,190 Special mention 4,608 — 618 9,737 976 279 — 16,218 Substandard 2,795 30,944 61,141 10,490 30,782 46,232 — 182,384 Non-accrual 14 45 — — 124 6 — 189 Total Real-estate business: $ 1,092,796 $ 647,505 $ 617,407 $ 444,868 $ 195,510 $ 318,096 $ 90,799 $ 3,406,981 Commercial loans Risk Rating: Pass $ 3,079,877 $ 1,995,390 $ 1,149,481 $ 812,816 $ 345,308 $ 492,661 $ 2,255,738 $ 10,131,271 Special mention 8,073 2,548 8,375 10,800 1,043 279 1,319 32,437 Substandard 8,547 60,442 61,826 10,527 46,358 69,714 1,739 259,153 Non-accrual 209 2,032 — 1 916 3,782 — 6,940 Total Commercial loans: $ 3,096,706 $ 2,060,412 $ 1,219,682 $ 834,144 $ 393,625 $ 566,436 $ 2,258,796 $ 10,429,801 Term Loans Amortized Cost Basis by Origination Year (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total December 31, 2023 Real estate-personal Current to 90 days past due $ 455,703 $ 452,153 $ 533,313 $ 711,442 $ 257,159 $ 596,439 $ 8,620 $ 3,014,829 Over 90 days past due 3,319 1,650 2,222 834 44 1,490 — 9,559 Non-accrual — 261 167 — 157 1,068 — 1,653 Total Real estate-personal: $ 459,022 $ 454,064 $ 535,702 $ 712,276 $ 257,360 $ 598,997 $ 8,620 $ 3,026,041 $ — $ 18 $ — $ — $ — $ 23 $ — $ 41 Consumer Current to 90 days past due $ 518,619 $ 340,104 $ 258,348 $ 127,208 $ 56,394 $ 51,302 $ 722,595 $ 2,074,570 Over 90 days past due 391 210 194 24 54 421 1,859 3,153 Total Consumer: $ 519,010 $ 340,314 $ 258,542 $ 127,232 $ 56,448 $ 51,723 $ 724,454 $ 2,077,723 $ 926 $ 2,891 $ 1,939 $ 770 $ 376 $ 370 $ 1,051 $ 8,323 Revolving home equity Current to 90 days past due $ — $ — $ — $ — $ — $ — $ 317,047 $ 317,047 Over 90 days past due — — — — — — 870 870 Non-accrual — — — — — — 1,977 $ 1,977 Total Revolving home equity: $ — $ — $ — $ — $ — $ — $ 319,894 $ 319,894 $ — $ — $ — $ — $ — $ — $ 11 $ 11 Consumer credit card Current to 90 days past due $ — $ — $ — $ — $ — $ — $ 582,330 $ 582,330 Over 90 days past due — — — — — — 7,583 7,583 Total Consumer credit card: $ — $ — $ — $ — $ — $ — $ 589,913 $ 589,913 $ — $ — $ — $ — $ — $ — $ 24,105 $ 24,105 Overdrafts Current to 90 days past due $ 6,802 $ — $ — $ — $ — $ — $ — $ 6,802 Total Overdrafts: $ 6,802 $ — $ — $ — $ — $ — $ — $ 6,802 $ 3,803 $ — $ — $ — $ — $ — $ — $ 3,803 Personal banking loans Current to 90 days past due $ 981,124 $ 792,257 $ 791,661 $ 838,650 $ 313,553 $ 647,741 $ 1,630,592 $ 5,995,578 Over 90 days past due 3,710 1,860 2,416 858 98 1,911 10,312 21,165 Non-accrual — 261 167 — 157 1,068 1,977 3,630 Total Personal banking loans: $ 984,834 $ 794,378 $ 794,244 $ 839,508 $ 313,808 $ 650,720 $ 1,642,881 $ 6,020,373 $ 4,729 $ 2,909 $ 1,939 $ 770 $ 376 $ 393 $ 25,167 $ 36,283 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 December 31, 2023 December 31, 2022 (In thousands) Business Assets Real Estate Oil & Gas Assets Total Business Assets Oil & Gas Assets Total Commercial: Business $ 1,183 $ — $ 1,238 $ 2,421 $ 2,778 $ 1,824 $ 4,602 Revolving home equity — 1,977 — 1,977 — $ — — Total $ 1,183 $ 1,977 $ 1,238 $ 4,398 $ 2,778 $ 1,824 $ 4,602 Personal Banking Loans % of Loan Category Real Estate - Personal Consumer Revolving Home Equity Consumer Credit Card December 31, 2023 2.0 % 2.5 % 1.9 % 4.7 % 2.3 4.3 3.3 12.1 8.5 12.9 10.9 29.2 21.9 28.2 22.4 27.0 65.3 52.1 61.5 27.0 100.0 % 100.0 % 100.0 % 100.0 % December 31, 2022 1.4 % 2.2 % 1.5 % 3.4 % 2.2 4.2 2.8 11.4 8.1 14.5 9.7 30.8 23.7 26.7 21.4 27.1 64.6 52.4 64.6 27.3 100.0 % 100.0 % 100.0 % 100.0 % For the Year Ended December 31, 2023 Term Extension Payment Delay Interest Rate Reduction Interest/Fees Forgiven Total % of Total Loan Category December 31, 2023 Commercial: Business $ 28,179 $ — $ — $ — $ — $ 28,179 0.5 % Real estate – business 105,549 — — — — 105,549 2.8 Personal Banking: Real estate – personal 383 4,203 — — — 4,586 0.2 Consumer 30 68 92 — 85 275 — Consumer credit card — — 2,535 346 — 2,881 0.5 Total $ 134,141 $ 4,271 $ 2,627 $ 346 $ 85 $ 141,470 0.8 % Term Extension For the Year Ended December 31, 2023 Commercial: Business Real estate – business Personal Banking: Real estate – personal Consumer Payment Delay For the Year Ended December 31, 2023 Personal Banking: Real estate – personal Consumer Interest Rate Reduction For the Year Ended December 31, 2023 Personal Banking: Consumer Reduced weighted-average contractual interest rate from average 22% to 6%. Consumer credit card Reduced weighted-average contractual interest rate from average 22% to 6%. Forgiveness of Interest/Fees For the Year Ended December 31, 2023 Personal Banking: Consumer credit card Approximately $33 thousand of interest and fees forgiven. For the Year Ended December 31, 2023 Payment Delay Interest Rate Reduction Interest/Fees Forgiven Total December 31, 2023 Personal Banking: Real estate – personal $ 1,357 $ — $ — $ 1,357 Consumer — 24 — 24 Consumer credit card — 332 154 486 Total $ 1,357 $ 356 $ 154 $ 1,867 Current 90 Days
Past DueTotal December 31, 2023 Commercial: Business $ 26,941 $ 1,238 $ — $ 28,179 Real estate – business 102,388 3,161 — 105,549 Personal Banking: Real estate – personal 3,303 751 532 4,586 Consumer 233 28 14 275 Consumer credit card 2,071 456 354 2,881 Total $ 134,936 $ 5,634 $ 900 $ 141,470 (In thousands) December 31, 2022 Accruing loans: $ 184,388 5,156 4,049 5,078 $ 198,671 (In thousands) December 31, 2022 Balance 90 days past due at any time during previous 12 months $ 12,311 $ — 57,547 — 118,654 — 2,809 419 2,250 268 17 — 5,083 452 $ 198,671 $ 1,139
12 Months Ended
Investments, Debt and Equity Securities [Abstract]
Investment Holdings
Investment Securities
2023 2022 Available for sale debt securities $ 9,684,760 $ 12,238,316 Trading debt securities 28,830 43,523 Equity securities: Readily determinable fair value 5,723 6,210 No readily determinable fair value 6,978 6,094 Other: Federal Reserve Bank stock 35,166 34,795 Federal Home Loan Bank stock 10,640 10,678 Equity method investments — 1,434 Private equity investments 176,667 178,127 $ 9,948,764 $ 12,519,177 U.S. government and federal agency obligations: Within 1 year $ 399,926 $ 394,466 1.44 *% After 1 but within 5 years 263,138 255,368 1.26 * After 5 but within 10 years 178,203 166,680 .54 * 841,267 816,514 1.19 * Government-sponsored enterprise obligations: After 5 but within 10 years 4,948 4,505 2.94 After 10 years 50,710 39,457 2.32 55,658 43,962 2.38 State and municipal obligations: Within 1 year 62,701 61,763 1.31 After 1 but within 5 years 403,542 376,194 1.67 After 5 but within 10 years 750,535 649,221 1.82 After 10 years 129,855 110,241 2.13 1,346,633 1,197,419 1.78 Agency mortgage-backed securities 4,621,821 3,901,346 2.10 Non-agency mortgage-backed securities 1,331,288 1,157,898 2.37 Asset-backed securities 2,200,712 2,107,485 2.33 8,153,821 7,166,729 2.20 Within 1 year 48,102 47,374 1.87 After 1 but within 5 years 206,942 195,385 2.02 After 5 but within 10 years 239,082 205,950 1.83 After 10 years 13,260 11,427 1.82 507,386 460,136 1.91 % $ 10,904,765 $ 9,684,760 Less than 12 months 12 months or longer Total December 31, 2023 U.S. government and federal agency obligations $ 51,585 $ 809 $ 714,400 $ 24,025 $ 765,985 $ 24,834 Government-sponsored enterprise obligations — — 43,962 11,696 43,962 11,696 State and municipal obligations 24,022 760 1,167,607 148,478 1,191,629 149,238 Mortgage and asset-backed securities: Agency mortgage-backed securities 4,382 59 3,875,432 720,649 3,879,814 720,708 Non-agency mortgage-backed securities — — 1,152,045 173,526 1,152,045 173,526 Asset-backed securities 19,086 156 2,081,293 93,076 2,100,379 93,232 23,468 215 7,108,770 987,251 7,132,238 987,466 — — 460,136 47,250 460,136 47,250 $ 99,075 $ 1,784 $ 9,494,875 $ 1,218,700 $ 9,593,950 $ 1,220,484 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 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value December 31, 2023 U.S. government and federal agency obligations $ 841,267 $ 81 $ (24,834) $ — $ 816,514 Government-sponsored enterprise obligations 55,658 — (11,696) — 43,962 State and municipal obligations 1,346,633 24 (149,238) — 1,197,419 Mortgage and asset-backed securities: Agency mortgage-backed securities 4,621,821 233 (720,708) — 3,901,346 Non-agency mortgage-backed securities 1,331,288 136 (173,526) — 1,157,898 Asset-backed securities 2,200,712 5 (93,232) — 2,107,485 8,153,821 374 (987,466) — 7,166,729 507,386 — (47,250) — 460,136 $ 10,904,765 $ 479 $ (1,220,484) $ — $ 9,684,760 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 10,099,387 539 (1,182,091) — 8,917,835 539,255 — (64,397) — 474,858 $ 13,738,206 $ 742 $ (1,500,632) $ — $ 12,238,316 For the Year Ended December 31 (In thousands) 2023 2022 2021 $ 1,101,782 $ 86,240 $ 69,809 — 17 — 40,167 20,714 11,002 $ 1,141,949 $ 106,971 $ 80,811 Investment securities gains (losses), net: Available for sale debt securities: Gains realized on sales $ 143 $ — $ — Losses realized on sales (8,587) (20,273) (3,284) Gains realized on sales — 17 — (487) (943) 187 976 1,670 1,611 (1,076) (3,798) (159) Fair value adjustments, net 24,016 43,833 31,704 Total investment securities gains (losses), net $ 14,985 $ 20,506 $ 30,059
12 Months Ended
Property, Plant and Equipment [Abstract]
Premises and Equipment
Premises and Equipment
(In thousands) 2023 2022 Land $ 88,564 $ 89,342 Buildings and improvements 730,445 673,802 Equipment 244,636 237,867 Right of use leased assets 26,962 26,030 Total 1,090,607 1,027,041 621,548 608,132 $ 469,059 $ 418,909
12 Months Ended
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill And Other Intangible Assets
Goodwill and Other Intangible Assets
December 31, 2023 December 31, 2022 $ 5,550 $ (5,092) $ — $ 458 $ 31,270 $ (30,565) $ — $ 705 13,723 (3,602) — 10,121 22,187 (11,258) — 10,929 $ 19,273 $ (8,694) $ — $ 10,579 $ 53,457 $ (41,823) $ — $ 11,634 (In thousands) December 31, 2023 December 31, 2022 Consumer segment $ 70,721 $ 70,721 Commercial segment 75,072 67,454 Wealth segment 746 746 Total goodwill $ 146,539 $ 138,921 Easement $ 138,921 $ 3,600 $ 1,004 $ 10,966 Originations, net of disposals — — — 1,317 Amortization — — (299) (1,658) — — — 304 138,921 3,600 705 10,929 Acquisition 7,618 — — — Originations, net of disposals — — — 340 Amortization — — (247) (1,148) $ 146,539 $ 3,600 $ 458 $ 10,121 (In thousands) 2024 $ 1,315 2025 1,153 2026 1,007 2027 867 2028 752
12 Months Ended
Leases [Abstract]
Leases
Leases
(in thousands) 2024 $ 6,290 2025 4,434 2026 3,833 2027 3,609 2028 3,303 After 2028 12,624 Total lease payments $ 34,093 Less: Interest 7,199 Present value of lease liabilities $ 26,894 December 31, 2023 December 31, 2022 Weighted-average remaining lease term 9.9 years 10.6 years Weighted-average discount rate 4.11 % 3.73 % For the Year Ended December 31 (in thousands) 2023 2022 Operating cash paid toward lease liabilities $ 6,486 6,529 Leased assets obtained in exchange for new lease liabilities $ 7,085 5,161 For the Year Ended December 31 (in thousands) 2023 2022 Direct financing and sales-type leases 31,127 22,144 13,036 8,948 Total lease income $ 44,163 $ 31,092 (in thousands) December 31, 2023 December 31, 2022 Lease payment receivable $ 729,891 $ 704,509 Unguaranteed residual assets 134,105 72,157 Total net investments in direct financing and sales-type leases $ 863,996 $ 776,666 Deferred origination cost 3,024 3,222 Total net investment included within business loans $ 867,020 $ 779,888 (in thousands) Direct Financing and Sale-Type Leases Operating Leases Total 2024 $ 218,641 $ 11,976 $ 230,617 2025 182,103 10,725 192,828 2026 146,430 10,080 156,510 2027 110,328 9,034 119,362 2028 67,850 8,352 76,202 After 2028 80,861 46,783 127,644 Total lease receipts 806,213 $ 96,950 $ 903,163 Less: Net present value adjustment 76,322 Present value of lease receipts $ 729,891
12 Months Ended
Deposits [Abstract]
Deposits
Deposits
(In thousands) Due in 2024 $ 2,647,310 Due in 2025 185,368 Due in 2026 29,435 Due in 2027 7,906 Due in 2028 5,671 Total $ 2,875,690
12 Months Ended
Debt Disclosure [Abstract]
Borrowings
Borrowings
Year End Weighted Rate Average Weighted Rate Average Balance Outstanding Maximum Outstanding at any Month End Balance at December 31 Federal funds purchased and repurchase agreements: 2023 2.78 % 3.47 % $ 2,839,633 $ 3,133,020 $ 2,908,815 2022 2.01 1.06 2,439,279 2,841,734 2,841,734 2021 .06 .07 2,334,837 3,022,967 3,022,967
12 Months Ended
Income Tax Disclosure [Abstract]
Income Taxes
Income Taxes
(In thousands) Current Deferred Total U.S. federal $ 124,787 $ (6,228) $ 118,559 State and local 17,161 (1,171) 15,990 Total $ 141,948 $ (7,399) $ 134,549 U.S. federal $ 96,849 $ 19,990 $ 116,839 State and local 13,793 1,726 15,519 Total $ 110,642 $ 21,716 $ 132,358 U.S. federal $ 104,924 $ 22,184 $ 127,108 State and local 15,174 3,429 18,603 Total $ 120,098 $ 25,613 $ 145,711 (In thousands) 2023 2022 2021 $ 69,972 $ (382,697) $ (80,211) (6,017) (6,446) (6,040) 1,197 1,161 1,484 $ 65,152 $ (387,982) $ (84,767) (In thousands) 2023 2022 Unrealized loss on available for sale debt securities $ 305,001 $ 374,973 Loans, principally due to allowance for credit losses 44,702 43,553 Unearned fee income 10,810 5,534 Accrued expenses 10,531 6,748 Equity-based compensation 8,082 7,491 Deferred compensation 7,894 7,864 Other 812 1,737 387,832 447,900 Equipment lease financing 99,453 91,913 Land, buildings, and equipment 21,016 17,210 Cash flow hedges 9,468 19,747 Intangible assets 7,545 7,519 Private equity investments 6,888 9,393 Other 7,235 8,138 151,605 153,920 $ 236,227 $ 293,980 (In thousands) 2023 2022 2021 $ 128,438 $ 130,359 $ 142,060 State and local income taxes, net of federal tax benefit 12,633 12,260 14,697 Tax-exempt interest, net of cost to carry (7,002) (8,473) (9,002) Non-deductible FDIC insurance premiums 2,101 1,376 1,090 Share-based award payments (1,176) (1,669) (2,941) Other (445) (1,495) (193) $ 134,549 $ 132,358 $ 145,711 (In thousands) 2023 2022 Unrecognized tax benefits at beginning of year $ 1,205 $ 1,276 Gross increases – tax positions in prior period 25 21 Gross increases – current-period tax positions 336 235 Lapse of statute of limitations (296) (327) Unrecognized tax benefits at end of year $ 1,270 $ 1,205
12 Months Ended
Retirement Benefits [Abstract]
Employee Benefit Plans
Employee Benefit Plans
(In thousands) 2023 2022 2021 Payroll taxes $ 31,507 $ 29,580 $ 28,084 Medical plans 36,277 31,004 31,131 401(k) plan 19,216 18,590 17,237 Pension plans 499 516 388 Other 3,587 3,097 1,170 $ 91,086 $ 82,787 $ 78,010 (In thousands) 2023 2022 2021 Service cost $ 499 $ 516 $ 388 4,615 2,725 2,169 (4,051) (4,515) (4,532) (271) (271) (271) 1,464 1,717 2,578 Net periodic pension cost $ 2,256 $ 172 $ 332 2023 2022 Change in projected benefit obligation $ 95,842 $ 121,738 499 516 4,615 2,725 (7,667) (6,933) 660 (22,204) 93,949 95,842 Change in plan assets 88,396 109,807 8,307 (14,492) 806 14 (7,667) (6,933) 89,842 88,396 $ (4,107) $ (7,446) (In thousands) 2023 2022 Prior service credit (cost) $ 181 $ 452 Accumulated gain (loss) (18,304) (23,363) (18,123) (22,911) Cumulative employer contributions in excess of net periodic benefit cost 14,016 15,465 $ (4,107) $ (7,446) 3,594 3,197 1,464 1,717 (271) (271) $ 4,787 $ 4,643 $ 2,531 $ 4,471 2023 2022 2021 Effective discount rate on benefit obligations 4.98 % 5.19 % 2.58 % Assumed cash balance interest crediting rate 5.00 % 5.00 % 5.00 % Effective discount rate on benefit obligations 5.19 % 2.64 % 2.25 % Effective rate for interest cost on benefit obligations 5.09 % 2.15 % 1.63 % Long-term rate of return on assets 4.75 % 4.25 % 4.25 % Assumed cash balance interest crediting rate 5.00 % 5.00 % 5.00 % Fair Value Measurements Quoted Prices in Active Markets for Identical Assets
(Level 1)December 31, 2023 U.S. government obligations $ 14,041 $ 14,041 $ — $ — 1,039 — 1,039 — State and municipal obligations 3,740 — 3,740 — 2,230 — 2,230 — Non-agency mortgage-backed securities 2,271 — 2,271 — Asset-backed securities 5,687 — 5,687 — 48,534 — 48,534 — Mutual funds 4,443 4,443 — — Common stocks 5,809 5,809 — — International developed markets funds 1,809 1,809 — — Emerging markets funds 239 239 — — $ 89,842 $ 26,341 $ 63,501 $ — December 31, 2022 $ 9,960 $ 9,960 $ — $ — 1,022 — 1,022 — 6,840 — 6,840 — 2,871 — 2,871 — 2,527 — 2,527 — 6,768 — 6,768 — 35,234 — 35,234 — Mutual funds 4,395 4,395 — — Common stocks 15,868 15,868 — — International developed markets funds 2,604 2,604 — — Emerging markets funds 307 307 — — $ 88,396 $ 33,134 $ 55,262 $ — (In thousands) 2024 $ 7,883 2025 7,859 2026 7,734 2027 7,618 2028 7,434 2029 - 2033 33,673
12 Months Ended
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation
Stock-Based Compensation and Directors Stock Purchase Plan*
Weighted Average Grant Date Fair Value Nonvested at January 1, 2023 1,206,004 $ 55.43 Granted 331,889 59.11 Vested (341,152) 48.30 Forfeited (30,406) 58.13 Nonvested at December 31, 2023 1,166,335 $ 58.48 Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2023 995,591 $ 44.59 94,173 62.52 (5,250) 60.99 (6,114) 49.63 (55,079) 26.33 1,023,321 $ 47.10 4.8 years $ 9,189 786,452 $ 42.66 3.9 years $ 9,132 2023 2022 2021 Weighted per share average fair value at grant date $17.76 $15.80 $14.50 Assumptions: 1.6 % 1.5 % 1.4 % 27.9 % 28.4 % 28.2 % 3.9 % 1.6 % .7 % 5.8 years 5.7 years 5.7 years (In thousands) 2023 2022 2021 $ 1,723 $ 2,448 $ 7,664 362 462 1,488
12 Months Ended
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income
(In thousands) Unrealized Gains (Losses) on Securities (1) Pension Loss Unrealized Gains (Losses) on Cash Flow Hedge Derivatives (2) Total Accumulated Other Comprehensive Income (Loss) $ (1,124,915) $ (17,186) $ 55,237 $ (1,086,864) Other comprehensive income (loss) before reclassifications to current earnings 271,442 3,594 (8,860) 266,176 Amounts reclassified to current earnings from accumulated other comprehensive income 8,444 1,193 (15,209) (5,572) 279,886 4,787 (24,069) 260,604 Income tax (expense) benefit (69,972) (1,197) 6,017 (65,152) 209,914 3,590 (18,052) 195,452 $ (915,001) $ (13,596) $ 37,185 $ (891,412) Balance January 1, 2022 $ 23,174 $ (20,668) $ 74,574 $ 77,080 Other comprehensive income (loss) before reclassifications to current earnings (1,551,059) 3,197 (2,428) (1,550,290) Amounts reclassified to current earnings from accumulated other comprehensive income 20,273 1,446 (23,355) (1,636) (1,530,786) 4,643 (25,783) (1,551,926) Income tax (expense) benefit 382,697 (1,161) 6,446 387,982 (1,148,089) 3,482 (19,337) (1,163,944) $ (1,124,915) $ (17,186) $ 55,237 $ (1,086,864)
12 Months Ended
Segment Reporting [Abstract]
Segments
Segments
$ 413,856 $ 482,389 $ 73,251 $ 969,496 $ 28,633 $ 998,129 (27,459) (3,513) (28) (31,000) (4,451) (35,451) 99,910 246,183 218,241 564,334 8,711 573,045 — — — — 14,985 14,985 (326,838) (391,980) (157,679) (876,497) (54,485) (930,982) $ 159,469 $ 333,079 $ 133,785 $ 626,333 $ (6,607) $ 619,726 $ 366,749 $ 452,686 $ 74,416 $ 893,851 $ 48,334 $ 942,185 (17,832) (1,196) (8) (19,036) (9,035) (28,071) 106,538 224,890 213,388 544,816 1,719 546,535 — — — — 20,506 20,506 (308,899) (365,276) (144,914) (819,089) (29,688) (848,777) $ 146,556 $ 311,104 $ 142,882 $ 600,542 $ 31,836 $ 632,378 $ 348,565 $ 453,692 $ 71,522 $ 873,779 $ (38,355) $ 835,424 (23,224) 4,845 (52) (18,431) 84,757 66,326 126,218 211,048 213,617 550,883 9,510 560,393 — — — — 30,059 30,059 (299,998) (329,313) (136,356) (765,667) (40,234) (805,901) $ 151,561 $ 340,272 $ 148,731 $ 640,564 $ 45,737 $ 686,301 (In thousands) Consumer Commercial Wealth Segment Totals Other/Elimination Consolidated Totals $ 3,984,071 $ 11,351,223 $ 1,892,958 $ 17,228,252 $ 14,712,363 $ 31,940,615 3,832,483 11,061,461 1,878,440 16,772,384 10,458 16,782,842 81,655 72,066 746 154,467 3,600 158,067 12,243,033 10,375,075 2,377,397 24,995,505 312,876 25,308,381 $ 3,853,875 $ 10,239,825 $ 1,838,023 $ 15,931,723 $ 17,673,594 $ 33,605,317 3,705,110 10,021,057 1,827,283 15,553,450 16,291 15,569,741 82,566 67,727 746 151,039 3,600 154,639 13,417,312 11,941,396 2,804,781 28,163,489 (62,792) 28,100,697
12 Months Ended
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]
Common Stock and EPS
Common Stock*
(In thousands, except per share data) 2023 2022 2021 Basic income per common share: Net income attributable to Commerce Bancshares, Inc. $ 477,060 $ 488,399 $ 530,765 Less income allocated to nonvested restricted stock 4,241 4,450 4,846 Net income allocated to common stock $ 472,819 $ 483,949 $ 525,919 129,922 131,539 134,125 $ 3.64 $ 3.68 $ 3.92 Diluted income per common share: Net income attributable to Commerce Bancshares, Inc. $ 477,060 $ 488,399 $ 530,765 Less income allocated to nonvested restricted stock 4,237 4,442 4,838 $ 472,823 $ 483,957 $ 525,927 129,922 131,539 134,125 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 150 299 315 130,072 131,838 134,440 $ 3.64 $ 3.67 $ 3.91 Years Ended December 31 (In thousands) 2023 2022 2021 Shares outstanding at January 1 124,999 121,436 117,138 Awards and sales under employee and director plans 348 306 328 5% stock dividend 6,201 5,953 5,790 (1,355) (2,684) (1,807) (17) (12) (13) 130,176 124,999 121,436
12 Months Ended
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Regulatory Capital Requirements
Regulatory Capital Requirements
(Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2023 $ 3,881,024 16.03 % $ 1,937,322 8.00 % 3,313,640 13.81 1,919,257 8.00 $ 2,399,071 10.00 % $ 3,693,089 15.25 % $ 1,452,992 6.00 % 3,125,706 13.03 1,439,443 6.00 $ 1,919,257 8.00 % $ 3,693,089 15.25 % $ 1,089,744 4.50 % 3,125,706 13.03 1,079,582 4.50 $ 1,559,396 6.50 % $ 3,693,089 11.25 % $ 1,313,377 4.00 % 3,125,706 9.56 1,307,174 4.00 $ 1,633,968 5.00 % December 31, 2022 $ 3,600,920 14.89 % $ 1,934,274 8.00 % N.A. N.A. 3,125,987 13.05 1,916,529 8.00 $ 2,395,661 10.00 % $ 3,417,223 14.13 % $ 1,450,705 6.00 % N.A. N.A. 2,942,291 12.28 1,437,397 6.00 $ 1,916,529 8.00 % $ 3,417,223 14.13 % $ 1,088,029 4.50 % N.A. N.A. 2,942,291 12.28 1,078,047 4.50 $ 1,557,180 6.50 % $ 3,417,223 10.34 % $ 1,322,102 4.00 % N.A. N.A. 2,942,291 8.86 1,328,220 4.00 $ 1,660,275 5.00 %
12 Months Ended
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers
Revenue from Contracts with Customers
For the Years Ended December 31 (In thousands) 2023 2022 2021 Bank card transaction fees $ 191,156 $ 176,144 $ 167,891 Trust fees 190,954 184,719 188,227 Deposit account charges and other fees 90,992 94,381 97,217 Consumer brokerage services 17,223 19,117 18,362 Other non-interest income 38,784 34,742 27,223 Total non-interest income from contracts with customers 529,109 509,103 498,920 43,936 37,432 61,473 Total non-interest income $ 573,045 $ 546,535 $ 560,393 (In thousands) December 31, 2023 December 31, 2022 December 31, 2021 Bank card transaction fees $ 18,069 $ 17,254 $ 16,424 Trust fees 1,764 2,038 2,222 Deposit account charges and other fees 6,588 6,631 6,702 Consumer brokerage services 8 949 391 For the Years Ended December 31 (In thousands) 2023 2022 2021 Debit card: Fee income $ 44,795 $ 44,240 $ 44,170 Expense for network charges (914) (3,272) (3,160) Net debit card fees 43,881 40,968 41,010 Credit card: Fee income 31,639 31,609 29,214 Expense for network charges and rewards (17,191) (17,049) (14,070) Net credit card fees 14,448 14,560 15,144 Corporate card: Fee income 220,229 217,539 197,483 Expense for network charges and rewards (109,588) (117,527) (105,782) Net corporate card fees 110,641 100,012 91,701 Merchant: Fee income 36,775 34,583 33,019 Fees to cardholder banks (11,001) (10,425) (9,640) Expense for network charges (3,588) (3,554) (3,343) Net merchant fees 22,186 20,604 20,036 Total bank card transaction fees $ 191,156 $ 176,144 $ 167,891 2023 2022 2021 $ 153,524 $ 147,239 $ 147,653 31,756 31,525 33,890 5,674 5,955 6,684 $ 190,954 $ 184,719 $ 188,227 For the Years Ended December 31 (In thousands) 2023 2022 2021 Corporate cash management fees $ 56,291 $ 52,501 $ 50,051 Overdraft and return item fees 11,607 19,938 24,157 Other service charges on deposit accounts 23,094 21,942 23,009 Total deposit account charges and other fees $ 90,992 $ 94,381 $ 97,217
12 Months Ended
Fair Value Disclosures [Abstract]
Fair Value Measurements
Fair Value Measurements
Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets
(Level 1)December 31, 2023 Residential mortgage loans held for sale $ 1,585 $ — $ 1,585 $ — Available for sale debt securities: U.S. government and federal agency obligations 816,514 816,514 — — Government-sponsored enterprise obligations 43,962 — 43,962 — State and municipal obligations 1,197,419 — 1,196,472 947 Agency mortgage-backed securities 3,901,346 — 3,901,346 — Non-agency mortgage-backed securities 1,157,898 — 1,157,898 — Asset-backed securities 2,107,485 — 2,107,485 — Other debt securities 460,136 — 460,136 — Trading debt securities 28,830 — 28,830 — Equity securities 5,723 5,723 — — Private equity investments 176,667 — — 176,667 Derivatives * 116,876 — 116,710 166 Assets held in trust for deferred compensation plan 20,538 20,538 — — Total assets 10,034,979 842,775 9,014,424 177,780 Derivatives * 37,899 — 37,704 195 Liabilities held in trust for deferred compensation plan 20,538 20,538 — — Total liabilities $ 58,437 $ 20,538 $ 37,704 $ 195 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 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 State and Municipal Obligations Total $ 1,841 $ 178,127 $ 179,968 Included in earnings — 24,299 24,299 Included in other comprehensive income * 57 — 57 (1,000) — (1,000) 49 — 49 — 15,220 15,220 — (41,341) (41,341) — 362 362 $ 947 $ 176,667 $ 177,614 $ — $ 24,799 $ 24,799 $ 35 $ — $ 35 $ 1,984 $ 147,406 $ 149,390 Total gains or losses (realized/unrealized): — 43,833 43,833 (148) — (148) Discount accretion 5 — 5 Purchases of private equity securities — 12,281 12,281 Sale / pay down of private equity securities — (25,437) (25,437) Capitalized interest/dividends — 44 44 $ 1,841 $ 178,127 $ 179,968 $ — $ 35,333 35,333 $ (148) $ — (148) Investment Securities Gains (Losses), Net Total gains or losses included in earnings $ 24,299 $ 24,799 Total gains or losses included in earnings $ 43,833 $ 35,333 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 Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets
(Level 1)$ 1,517 $ — $ — $ 1,517 $ (1,662) 2,662 — — 2,662 (193) $ 1,988 $ — $ — $ 1,988 $ (2,090) 10,929 — — 10,929 304 480 — — 480 (965)
12 Months Ended
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments
Fair Value of Financial Instruments
Carrying Amount Financial Assets Loans: Business $ 6,019,036 $ — $ — $ 5,873,549 $ 5,873,549 1,446,764 — — 1,420,522 1,420,522 3,719,306 — — 3,594,834 3,594,834 3,026,041 — — 2,568,026 2,568,026 2,077,723 — — 2,016,334 2,016,334 Revolving home equity 319,894 — — 317,013 317,013 Consumer credit card 589,913 — — 550,464 550,464 6,802 — — 6,649 6,649 Total loans 17,205,479 — — 16,347,391 16,347,391 Loans held for sale 4,177 — 4,177 — 4,177 Investment securities 9,941,786 822,237 8,896,129 223,420 9,941,786 Federal funds sold 5,025 5,025 — — 5,025 Securities purchased under agreements to resell 450,000 — — 444,448 444,448 Interest earning deposits with banks 2,239,010 2,239,010 — — 2,239,010 Cash and due from banks 443,147 443,147 — — 443,147 Derivative instruments 116,876 — 116,710 166 116,876 Assets held in trust for deferred compensation plan 20,538 20,538 — — 20,538 Total $ 30,426,038 $ 3,529,957 $ 9,017,016 $ 17,015,425 $ 29,562,398 Financial Liabilities Non-interest bearing deposits $ 7,975,935 $ 7,975,935 $ — $ — $ 7,975,935 Savings, interest checking and money market deposits 14,512,273 14,512,273 — — 14,512,273 Certificates of deposit 2,875,690 — — 2,916,627 2,916,627 Federal funds purchased 261,305 261,305 — — 261,305 Securities sold under agreements to repurchase 2,647,510 — — 2,650,951 2,650,951 Other borrowings 1,366 — 1,366 — 1,366 37,899 — 37,704 195 37,899 Liabilities held in trust for deferred compensation plan 20,538 20,538 — — 20,538 Total $ 28,332,516 $ 22,770,051 $ 39,070 $ 5,567,773 $ 28,376,894 Carrying Amount Financial Assets Loans: Business $ 5,661,725 $ — $ — $ 5,506,128 $ 5,506,128 1,361,095 — — 1,347,328 1,347,328 3,406,981 — — 3,289,655 3,289,655 2,918,078 — — 2,654,423 2,654,423 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 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
12 Months Ended
Derivative Instrument Detail [Abstract]
Derivative Instruments
Derivative Instruments
(In thousands) 2023 2022 Interest rate swaps $ 2,166,393 $ 1,981,821 Interest rate floors 2,000,000 1,000,000 Interest rate caps 336,682 152,784 Credit risk participation agreements 653,887 579,925 Foreign exchange contracts 30,401 27,991 Mortgage loan commitments 3,004 — Mortgage loan forward sale contracts 1,349 — Forward TBA contracts 3,000 — Total notional amount $ 5,194,716 $ 3,742,521 Strike Rate Effective Date Maturity Date 3.50 % July 1, 2024 July 1, 2030 3.25 % November 1, 2024 November 1, 2030 3.00 % March 1, 2025 March 1, 2031 2.75 % July 1, 2025 July 1, 2031 Asset Derivatives Liability Derivatives December 31 December 31 2023 2022 2023 2022 Interest rate floors $ 78,960 $ 33,371 $ — $ — Total derivatives designated as hedging instruments $ 78,960 $ 33,371 $ — $ — Derivatives not designated as hedging instruments: Interest rate swaps $ 35,816 $ 23,894 $ (35,816) $ (51,742) Interest rate caps 1,391 2,705 (1,391) (2,705) Credit risk participation agreements 77 34 (194) (119) Foreign exchange contracts 534 488 (479) (418) Mortgage loan commitments 89 — (1) — Mortgage loan forward sale contracts 8 — — — Forward TBA contracts 1 — (18) — Total derivatives not designated as hedging instruments $ 37,916 $ 27,121 $ (37,899) $ (54,984) $ 116,876 $ 60,492 $ (37,899) $ (54,984) 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 (In thousands) Total Included Component Excluded Component Derivatives in cash flow hedging relationships: Interest rate floors $ (8,860) $ 3,122 $ (11,982) $ 15,209 $ 29,731 $ (14,522) Total $ (8,860) $ 3,122 $ (11,982) Total $ 15,209 $ 29,731 $ (14,522) Derivatives in cash flow hedging relationships: Interest rate floors $ (2,428) $ — $ (2,428) $ 23,355 $ 30,679 $ (7,324) Total $ (2,428) $ — $ (2,428) Total $ 23,355 $ 30,679 $ (7,324) Derivatives in cash flow hedging relationships: Interest rate floors $ — $ — $ — $ 24,160 $ 30,310 $ (6,150) Total $ — $ — $ — Total $ 24,160 $ 30,310 $ (6,150) Location of Gain/(Loss) Recognized in the Consolidated Statements of Income Amount of Gain/(Loss) Recognized in Income on Derivative (In thousands) 2023 2022 2021 Interest rate swaps Other non-interest income $ 3,642 $ 2,472 $ 3,170 Interest rate caps Other non-interest income 86 16 15 Credit risk participation agreements Other non-interest income 60 172 (187) Foreign exchange contracts Other non-interest income (14) 38 78 Mortgage loan commitments Loan fees and sales 87 (763) (2,463) Mortgage loan forward sale contracts Loan fees and sales 8 (4) 4 Forward TBA contracts Loan fees and sales 53 1,773 1,777 Total $ 3,922 $ 3,704 $ 2,394 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 December 31, 2023 Assets: Derivatives subject to master netting agreements $ 116,702 $ — $ 116,702 $ (3,930) $ (107,492) $ 5,280 Derivatives not subject to master netting agreements 174 — 174 Total derivatives $ 116,876 $ — $ 116,876 Liabilities: Derivatives subject to master netting agreements $ 37,300 $ — $ 37,300 $ (3,930) $ — $ 33,370 Derivatives not subject to master netting agreements 599 — 599 Total derivatives $ 37,899 $ — $ 37,899 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 Months Ended
Offsetting [Abstract]
Resale and Repurchase Agreements [Text Block]
Resale and Repurchase Agreements
Gross Amounts Not Offset in the Balance Sheet (In thousands) Gross Amount Recognized Gross Amounts Offset on the Balance Sheet Net Amounts Presented on the Balance Sheet Financial Instruments Available for Offset Securities Collateral Received/Pledged Unsecured amount December 31, 2023 Total resale agreements, subject to master netting arrangements $ 450,000 $ — $ 450,000 $ — $ (450,000) $ — Total repurchase agreements, subject to master netting arrangements 2,647,510 — 2,647,510 — (2,647,510) — 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) — Remaining Contractual Maturity of the Agreements (In thousands) Overnight and continuous Up to 90 days Greater than 90 days Total December 31, 2023 Repurchase agreements, secured by: U.S. government and federal agency obligations $ 170,293 $ — $ — $ 170,293 Government-sponsored enterprise obligations 8,749 — — 8,749 Agency mortgage-backed securities 1,833,840 27,264 17,200 1,878,304 Non-agency mortgage-backed securities 10,566 — — 10,566 Asset-backed securities 516,726 9,606 20,000 546,332 Other debt securities 33,265 — — 33,265 Total repurchase agreements, gross amount recognized $ 2,573,439 $ 36,870 $ 37,200 $ 2,647,509 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
12 Months Ended
Commitments and Contingencies Disclosure [Abstract]
Commitments, Contingencies And Guarantees
Commitments, Contingencies and Guarantees
(In thousands) 2023 2022 Commitments to extend credit: Credit card $ 5,367,102 $ 5,190,942 Other unfunded loan commitments 9,144,971 9,102,525 Standby letters of credit, net of conveyance to other financial institutions 590,551 555,858 Commercial letters of credit 2,571 4,393
12 Months Ended
Related Party Transactions [Abstract]
Related Parties
Related Parties
(In thousands) 2023 2022 2021 Leasing agent fees $ 434 $ 125 $ 31 Operation of parking garages 111 100 71 Building management fees 2,202 2,118 2,046 Property construction management fees 360 184 143 Project consulting fees 419 — 84 Dividends paid on Company stock held by Tower 265 248 234 $ 3,791 $ 2,775 $ 2,609
12 Months Ended
Condensed Financial Information Disclosure [Abstract]
Parent Company Condensed Financial Statements
Parent Company Condensed Financial Statements
Condensed Balance Sheets December 31 (In thousands) 2023 2022 Assets Investment in consolidated subsidiaries: Bank $ 2,390,595 $ 2,008,454 Non-banks 160,244 138,501 Cash 322,573 233,261 Investment securities: Available for sale debt 5,081 5,207 Equity 11,396 11,129 Note receivable due from bank subsidiary 50,000 50,000 Advances to subsidiaries, net of borrowings 1,800 20,529 Income tax receivable and deferred tax assets 10,263 11,987 30,486 26,539 $ 2,982,438 $ 2,505,607 Pension obligation $ 4,107 $ 7,446 Other liabilities 34,215 32,870 38,322 40,316 2,944,116 2,465,291 $ 2,982,438 $ 2,505,607 Condensed Statements of Income For the Years Ended December 31 (In thousands) 2023 2022 2021 $ 280,000 $ 300,001 $ 340,001 203,570 203,965 200,461 2,905 2,480 2,162 47,773 38,632 36,310 (621) (872) 79 2,636 1,403 51 2,842 3,709 2,927 539,105 549,318 581,991 41,549 44,352 37,362 3,580 2,740 2,006 3,347 3,173 2,834 16,264 15,595 12,973 64,740 65,860 55,175 (2,695) (4,941) (3,949) $ 477,060 $ 488,399 $ 530,765 Condensed Statements of Cash Flows For the Years Ended December 31 2023 2022 2021 $ 477,060 $ 488,399 $ 530,765 Earnings of consolidated subsidiaries, net of dividends (203,570) (203,965) (200,461) Other adjustments, net 5,749 2,557 8,842 279,239 286,991 339,146 4,348 (9) 6 15 38 22 (902) (4,534) (4,786) 18,729 19,996 (8,618) (490) (741) (28) 21,700 14,750 (13,404) (76,890) (186,622) (129,361) (3) (8) (15) (134,734) (127,466) (122,693) (211,627) (314,096) (252,069) 89,312 (12,355) 73,673 233,261 245,616 171,943 $ 322,573 $ 233,261 $ 245,616 $ (3,254) $ (587) $ (4,808)
$ in Thousands12 Months Ended
Pay vs Performance Disclosure
Net income
$ 477,060
$ 488,399
$ 530,765
3 Months Ended
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted
false
Non-Rule 10b5-1 Arrangement Adopted
false
Rule 10b5-1 Arrangement Terminated
false
Non-Rule 10b5-1 Arrangement Terminated
false
12 Months Ended
Accounting Policies [Abstract]
Nature Of Operations
Basis Of Presentation
New Accounting Pronouncements, Policy
Cash, Cash Equivalents and Restricted Cash
Loans And Related Earnings
Loans and Leases Receivable, Past Due Status, Policy
Non-Accrual Loans
Restructured Loans
Loans Held For Sale
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts
Off-Balance-Sheet Credit Exposure, Policy
Direct Financing And Sales Type Leases
Investments In Debt And Equity Securities
Credit Loss, Financial Instrument
Securities Purchased Under Agreements To Resell And Securities Sold Under Agreements To Repurchase
Premises and Equipment
Foreclosed Assets
Goodwill and Intangible Assets
Income Taxes
Non-Interest Income
Derivatives
Pension Plan
Stock-Based Compensation
Treasury Stock
Income Per Share
12 Months Ended
Loans And Allowance For Credit Losses [Abstract]
Summary Classification Of Held To Maturity Loan Portfolio
(In thousands) 2023 2022 Commercial: $ 6,019,036 $ 5,661,725 1,446,764 1,361,095 3,719,306 3,406,981 3,026,041 2,918,078 2,077,723 2,059,088 319,894 297,207 589,913 584,000 6,802 14,957 $ 17,205,479 $ 16,303,131
Loans To Directors And Executive Officers
(In thousands) $ 41,107 Additions 2,300 Amounts collected (4,605) Amounts written off — $ 38,802
CECL Model Inputs
Key Assumption December 31, 2023 December 31, 2022 Overall economic forecast Reasonable and supportable period and related reversion period Forecasted macro-economic variables Prepayment assumptions Qualitative factors
Summary Of Activity In The Allowance For Credit Losses
For the Year Ended December 31 (In thousands) Commercial Personal Banking ALLOWANCE FOR CREDIT LOSSES ON LOANS Balance December 31, 2022 $ 103,293 $ 46,843 $ 150,136 Provision for credit losses on loans 8,001 35,324 43,325 Deductions: Loans charged off 3,885 36,283 40,168 Less recoveries on loans 792 8,310 9,102 Net loan charge-offs (recoveries) 3,093 27,973 31,066 Balance December 31, 2023 $ 108,201 $ 54,194 $ 162,395 LIABILITY FOR UNFUNDED LENDING COMMITMENTS Balance December 31, 2022 $ 31,743 $ 1,377 $ 33,120 Provision for credit losses on unfunded lending commitments (7,834) (40) (7,874) Balance December 31, 2023 $ 23,909 $ 1,337 $ 25,246 ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS $ 132,110 $ 55,531 $ 187,641 ALLOWANCE FOR CREDIT LOSSES ON LOANS 97,776 52,268 150,044 Provision for credit losses on loans 6,550 12,605 19,155 Deductions: Loans charged off 1,480 27,762 29,242 Less recoveries on loans 447 9,732 10,179 Net loan charge-offs (recoveries) 1,033 18,030 19,063 $ 103,293 $ 46,843 $ 150,136 LIABILITY FOR UNFUNDED LENDING COMMITMENTS Balance at December 31, 2020 23,271 933 24,204 Provision for credit losses on unfunded lending commitments 8,472 444 8,916 $ 31,743 $ 1,377 $ 33,120 ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS $ 135,036 $ 48,220 $ 183,256
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 December 31, 2023 and 2022.
Current or Less Than 30 Days Past Due 30 – 89 Days Past Due 90 Days Past Due and Still Accruing Non-accrual Total December 31, 2023 $ 5,985,713 $ 29,087 $ 614 $ 3,622 $ 6,019,036 1,446,764 — — — 1,446,764 3,714,579 4,582 85 60 3,719,306 2,999,988 14,841 9,559 1,653 3,026,041 2,036,353 38,217 3,153 — 2,077,723 315,483 1,564 870 1,977 319,894 574,805 7,525 7,583 — 589,913 6,553 249 — — 6,802 $ 17,080,238 $ 96,065 $ 21,864 $ 7,312 $ 17,205,479 December 31, 2022 $ 5,652,710 $ 1,759 $ 505 $ 6,751 $ 5,661,725 1,361,095 — — — 1,361,095 3,406,207 585 — 189 3,406,981 2,895,742 14,289 6,681 1,366 2,918,078 2,031,827 25,089 2,172 — 2,059,088 295,303 1,201 703 — 297,207 572,213 6,238 5,549 — 584,000 14,090 647 220 — 14,957 $ 16,229,187 $ 49,808 $ 15,830 $ 8,306 $ 16,303,131
Credit Quality of Loans in Commercial Portfolio
Term Loans Amortized Cost Basis by Origination Year (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total December 31, 2023 Business Risk Rating: Pass $ 1,609,685 $ 839,511 $ 555,991 $ 273,138 $ 215,988 $ 257,177 $ 2,096,108 $ 5,847,598 Special mention 19,639 3,412 19,489 643 412 2,485 43,054 89,134 Substandard 5,256 8,666 6,891 20,854 1,422 10,235 25,358 78,682 Non-accrual — 130 1,184 — — 2,308 — 3,622 Total Business: $ 1,634,580 $ 851,719 $ 583,555 $ 294,635 $ 217,822 $ 272,205 $ 2,164,520 $ 6,019,036 $ — $ 2,260 $ 57 $ 41 $ — $ — $ 1,393 $ 3,751 Real estate-construction Risk Rating: Pass $ 476,489 $ 579,933 $ 295,841 $ 41,418 $ 498 $ 2,834 $ 31,670 $ 1,428,683 Special mention 3,068 15,013 — — — — — 18,081 Substandard — — — — — — — — Total Real estate-construction: $ 479,557 $ 594,946 $ 295,841 $ 41,418 $ 498 $ 2,834 $ 31,670 $ 1,446,764 $ — $ — $ — $ — $ — $ — $ — $ — Real estate- business Risk Rating: Pass $ 807,631 $ 1,063,189 $ 510,397 $ 433,030 $ 311,457 $ 325,738 $ 94,432 $ 3,545,874 Special mention 16,650 8,619 451 884 9,253 733 — 36,590 Substandard 2,952 18,463 27,914 17,430 11,636 58,387 — 136,782 Non-accrual — — — — — 60 — 60 Total Real-estate business: $ 827,233 $ 1,090,271 $ 538,762 $ 451,344 $ 332,346 $ 384,918 $ 94,432 $ 3,719,306 $ — $ — $ — $ — $ — $ 134 $ — $ 134 Commercial loans Risk Rating: Pass $ 2,893,805 $ 2,482,633 $ 1,362,229 $ 747,586 $ 527,943 $ 585,749 $ 2,222,210 $ 10,822,155 Special mention 39,357 27,044 19,940 1,527 9,665 3,218 43,054 143,805 Substandard 8,208 27,129 34,805 38,284 13,058 68,622 25,358 215,464 Non-accrual — 130 1,184 — — 2,368 — 3,682 Total Commercial loans: $ 2,941,370 $ 2,536,936 $ 1,418,158 $ 787,397 $ 550,666 $ 659,957 $ 2,290,622 $ 11,185,106 $ — $ 2,260 $ 57 $ 41 $ — $ 134 $ 1,393 $ 3,885 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
Credit Quality of Personal Banking Loan Portfolio
Term Loans Amortized Cost Basis by Origination Year (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total December 31, 2023 Real estate-personal Current to 90 days past due $ 455,703 $ 452,153 $ 533,313 $ 711,442 $ 257,159 $ 596,439 $ 8,620 $ 3,014,829 Over 90 days past due 3,319 1,650 2,222 834 44 1,490 — 9,559 Non-accrual — 261 167 — 157 1,068 — 1,653 Total Real estate-personal: $ 459,022 $ 454,064 $ 535,702 $ 712,276 $ 257,360 $ 598,997 $ 8,620 $ 3,026,041 $ — $ 18 $ — $ — $ — $ 23 $ — $ 41 Consumer Current to 90 days past due $ 518,619 $ 340,104 $ 258,348 $ 127,208 $ 56,394 $ 51,302 $ 722,595 $ 2,074,570 Over 90 days past due 391 210 194 24 54 421 1,859 3,153 Total Consumer: $ 519,010 $ 340,314 $ 258,542 $ 127,232 $ 56,448 $ 51,723 $ 724,454 $ 2,077,723 $ 926 $ 2,891 $ 1,939 $ 770 $ 376 $ 370 $ 1,051 $ 8,323 Revolving home equity Current to 90 days past due $ — $ — $ — $ — $ — $ — $ 317,047 $ 317,047 Over 90 days past due — — — — — — 870 870 Non-accrual — — — — — — 1,977 $ 1,977 Total Revolving home equity: $ — $ — $ — $ — $ — $ — $ 319,894 $ 319,894 $ — $ — $ — $ — $ — $ — $ 11 $ 11 Consumer credit card Current to 90 days past due $ — $ — $ — $ — $ — $ — $ 582,330 $ 582,330 Over 90 days past due — — — — — — 7,583 7,583 Total Consumer credit card: $ — $ — $ — $ — $ — $ — $ 589,913 $ 589,913 $ — $ — $ — $ — $ — $ — $ 24,105 $ 24,105 Overdrafts Current to 90 days past due $ 6,802 $ — $ — $ — $ — $ — $ — $ 6,802 Total Overdrafts: $ 6,802 $ — $ — $ — $ — $ — $ — $ 6,802 $ 3,803 $ — $ — $ — $ — $ — $ — $ 3,803 Personal banking loans Current to 90 days past due $ 981,124 $ 792,257 $ 791,661 $ 838,650 $ 313,553 $ 647,741 $ 1,630,592 $ 5,995,578 Over 90 days past due 3,710 1,860 2,416 858 98 1,911 10,312 21,165 Non-accrual — 261 167 — 157 1,068 1,977 3,630 Total Personal banking loans: $ 984,834 $ 794,378 $ 794,244 $ 839,508 $ 313,808 $ 650,720 $ 1,642,881 $ 6,020,373 $ 4,729 $ 2,909 $ 1,939 $ 770 $ 376 $ 393 $ 25,167 $ 36,283 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 December 31, 2023 and 2022.
December 31, 2023 December 31, 2022 (In thousands) Business Assets Real Estate Oil & Gas Assets Total Business Assets Oil & Gas Assets Total Commercial: Business $ 1,183 $ — $ 1,238 $ 2,421 $ 2,778 $ 1,824 $ 4,602 Revolving home equity — 1,977 — 1,977 — $ — — Total $ 1,183 $ 1,977 $ 1,238 $ 4,398 $ 2,778 $ 1,824 $ 4,602
Summary Of Loans In The Personal Banking Portfolio Percentage Of Balances Outstanding
For the remainder of loans in the Personal Banking portfolio, the table below shows the percentage of balances outstanding at December 31, 2023 and 2022 by FICO score.
Personal Banking Loans % of Loan Category Real Estate - Personal Consumer Revolving Home Equity Consumer Credit Card December 31, 2023 2.0 % 2.5 % 1.9 % 4.7 % 2.3 4.3 3.3 12.1 8.5 12.9 10.9 29.2 21.9 28.2 22.4 27.0 65.3 52.1 61.5 27.0 100.0 % 100.0 % 100.0 % 100.0 % December 31, 2022 1.4 % 2.2 % 1.5 % 3.4 % 2.2 4.2 2.8 11.4 8.1 14.5 9.7 30.8 23.7 26.7 21.4 27.1 64.6 52.4 64.6 27.3 100.0 % 100.0 % 100.0 % 100.0 %
Outstanding Balance Of Loans Classified As Troubled Debt Restructurings
For the Year Ended December 31, 2023 Term Extension Payment Delay Interest Rate Reduction Interest/Fees Forgiven Total % of Total Loan Category December 31, 2023 Commercial: Business $ 28,179 $ — $ — $ — $ — $ 28,179 0.5 % Real estate – business 105,549 — — — — 105,549 2.8 Personal Banking: Real estate – personal 383 4,203 — — — 4,586 0.2 Consumer 30 68 92 — 85 275 — Consumer credit card — — 2,535 346 — 2,881 0.5 Total $ 134,141 $ 4,271 $ 2,627 $ 346 $ 85 $ 141,470 0.8 %
Financing receivable, financial impacts of loan modification and payment deferrals
Term Extension For the Year Ended December 31, 2023 Commercial: Business Real estate – business Personal Banking: Real estate – personal Consumer Payment Delay For the Year Ended December 31, 2023 Personal Banking: Real estate – personal Consumer Interest Rate Reduction For the Year Ended December 31, 2023 Personal Banking: Consumer Reduced weighted-average contractual interest rate from average 22% to 6%. Consumer credit card Reduced weighted-average contractual interest rate from average 22% to 6%. Forgiveness of Interest/Fees For the Year Ended December 31, 2023 Personal Banking: Consumer credit card Approximately $33 thousand of interest and fees forgiven.
Financing Receivable, Modified, Subsequent Default
For the Year Ended December 31, 2023 Payment Delay Interest Rate Reduction Interest/Fees Forgiven Total December 31, 2023 Personal Banking: Real estate – personal $ 1,357 $ — $ — $ 1,357 Consumer — 24 — 24 Consumer credit card — 332 154 486 Total $ 1,357 $ 356 $ 154 $ 1,867
Financing Receivable, Modified, Past Due
Current 90 Days
Past DueTotal December 31, 2023 Commercial: Business $ 26,941 $ 1,238 $ — $ 28,179 Real estate – business 102,388 3,161 — 105,549 Personal Banking: Real estate – personal 3,303 751 532 4,586 Consumer 233 28 14 275 Consumer credit card 2,071 456 354 2,881 Total $ 134,936 $ 5,634 $ 900 $ 141,470
Additional Information about Troubled Debt Restructurings
(In thousands) December 31, 2022 Accruing loans: $ 184,388 5,156 4,049 5,078 $ 198,671
Financing Receivable, Troubled Debt Restructuring
(In thousands) December 31, 2022 Balance 90 days past due at any time during previous 12 months $ 12,311 $ — 57,547 — 118,654 — 2,809 419 2,250 268 17 — 5,083 452 $ 198,671 $ 1,139
12 Months Ended
Investments, Debt and Equity Securities [Abstract]
Summary Investment Holdings
2023 2022 Available for sale debt securities $ 9,684,760 $ 12,238,316 Trading debt securities 28,830 43,523 Equity securities: Readily determinable fair value 5,723 6,210 No readily determinable fair value 6,978 6,094 Other: Federal Reserve Bank stock 35,166 34,795 Federal Home Loan Bank stock 10,640 10,678 Equity method investments — 1,434 Private equity investments 176,667 178,127 $ 9,948,764 $ 12,519,177
Investments Classified by Contractual Maturity Date
A summary of the available for sale debt securities by maturity groupings as of December 31, 2023 is shown in the following table. The weighted average yield for each range of maturities was calculated using the yield on each security within that range weighted by the amortized cost of each security at December 31, 2023. Yields on tax exempt securities have not been adjusted for tax exempt status. The investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as FHLMC, FNMA, and 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.
U.S. government and federal agency obligations: Within 1 year $ 399,926 $ 394,466 1.44 *% After 1 but within 5 years 263,138 255,368 1.26 * After 5 but within 10 years 178,203 166,680 .54 * 841,267 816,514 1.19 * Government-sponsored enterprise obligations: After 5 but within 10 years 4,948 4,505 2.94 After 10 years 50,710 39,457 2.32 55,658 43,962 2.38 State and municipal obligations: Within 1 year 62,701 61,763 1.31 After 1 but within 5 years 403,542 376,194 1.67 After 5 but within 10 years 750,535 649,221 1.82 After 10 years 129,855 110,241 2.13 1,346,633 1,197,419 1.78 Agency mortgage-backed securities 4,621,821 3,901,346 2.10 Non-agency mortgage-backed securities 1,331,288 1,157,898 2.37 Asset-backed securities 2,200,712 2,107,485 2.33 8,153,821 7,166,729 2.20 Within 1 year 48,102 47,374 1.87 After 1 but within 5 years 206,942 195,385 2.02 After 5 but within 10 years 239,082 205,950 1.83 After 10 years 13,260 11,427 1.82 507,386 460,136 1.91 % $ 10,904,765 $ 9,684,760
Schedule of Unrealized Loss on Investments
Less than 12 months 12 months or longer Total December 31, 2023 U.S. government and federal agency obligations $ 51,585 $ 809 $ 714,400 $ 24,025 $ 765,985 $ 24,834 Government-sponsored enterprise obligations — — 43,962 11,696 43,962 11,696 State and municipal obligations 24,022 760 1,167,607 148,478 1,191,629 149,238 Mortgage and asset-backed securities: Agency mortgage-backed securities 4,382 59 3,875,432 720,649 3,879,814 720,708 Non-agency mortgage-backed securities — — 1,152,045 173,526 1,152,045 173,526 Asset-backed securities 19,086 156 2,081,293 93,076 2,100,379 93,232 23,468 215 7,108,770 987,251 7,132,238 987,466 — — 460,136 47,250 460,136 47,250 $ 99,075 $ 1,784 $ 9,494,875 $ 1,218,700 $ 9,593,950 $ 1,220,484 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
Unrealized Gain (Loss) on Investments
Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Fair Value December 31, 2023 U.S. government and federal agency obligations $ 841,267 $ 81 $ (24,834) $ — $ 816,514 Government-sponsored enterprise obligations 55,658 — (11,696) — 43,962 State and municipal obligations 1,346,633 24 (149,238) — 1,197,419 Mortgage and asset-backed securities: Agency mortgage-backed securities 4,621,821 233 (720,708) — 3,901,346 Non-agency mortgage-backed securities 1,331,288 136 (173,526) — 1,157,898 Asset-backed securities 2,200,712 5 (93,232) — 2,107,485 8,153,821 374 (987,466) — 7,166,729 507,386 — (47,250) — 460,136 $ 10,904,765 $ 479 $ (1,220,484) $ — $ 9,684,760 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 10,099,387 539 (1,182,091) — 8,917,835 539,255 — (64,397) — 474,858 $ 13,738,206 $ 742 $ (1,500,632) $ — $ 12,238,316
Proceeds From Sales Of Securities And Components Of Investment Securities Gains And Losses
For the Year Ended December 31 (In thousands) 2023 2022 2021 $ 1,101,782 $ 86,240 $ 69,809 — 17 — 40,167 20,714 11,002 $ 1,141,949 $ 106,971 $ 80,811 Investment securities gains (losses), net: Available for sale debt securities: Gains realized on sales $ 143 $ — $ — Losses realized on sales (8,587) (20,273) (3,284) Gains realized on sales — 17 — (487) (943) 187 976 1,670 1,611 (1,076) (3,798) (159) Fair value adjustments, net 24,016 43,833 31,704 Total investment securities gains (losses), net $ 14,985 $ 20,506 $ 30,059
12 Months Ended
Property, Plant and Equipment [Abstract]
Schedule Of Land, Buildings And Equipment
(In thousands) 2023 2022 Land $ 88,564 $ 89,342 Buildings and improvements 730,445 673,802 Equipment 244,636 237,867 Right of use leased assets 26,962 26,030 Total 1,090,607 1,027,041 621,548 608,132 $ 469,059 $ 418,909
12 Months Ended
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule Of Intangible Assets With Estimable Useful Lives
December 31, 2023 December 31, 2022 $ 5,550 $ (5,092) $ — $ 458 $ 31,270 $ (30,565) $ — $ 705 13,723 (3,602) — 10,121 22,187 (11,258) — 10,929 $ 19,273 $ (8,694) $ — $ 10,579 $ 53,457 $ (41,823) $ — $ 11,634
Schedule Of Goodwill Allocated By Operating Segments
(In thousands) December 31, 2023 December 31, 2022 Consumer segment $ 70,721 $ 70,721 Commercial segment 75,072 67,454 Wealth segment 746 746 Total goodwill $ 146,539 $ 138,921
Schedule Of Changes In Carrying Amount Of Goodwill And Net Other Intangible Assets
Easement $ 138,921 $ 3,600 $ 1,004 $ 10,966 Originations, net of disposals — — — 1,317 Amortization — — (299) (1,658) — — — 304 138,921 3,600 705 10,929 Acquisition 7,618 — — — Originations, net of disposals — — — 340 Amortization — — (247) (1,148) $ 146,539 $ 3,600 $ 458 $ 10,121
Schedule of Estimated Annual Amortization Expense
The following table shows the estimated future amortization expense based on existing asset balances and the interest rate environment as of December 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) 2024 $ 1,315 2025 1,153 2026 1,007 2027 867 2028 752
12 Months Ended
Leases [Abstract]
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
(in thousands) 2024 $ 6,290 2025 4,434 2026 3,833 2027 3,609 2028 3,303 After 2028 12,624 Total lease payments $ 34,093 Less: Interest 7,199 Present value of lease liabilities $ 26,894
Lease, Cost [Table Text Block]
December 31, 2023 December 31, 2022 Weighted-average remaining lease term 9.9 years 10.6 years Weighted-average discount rate 4.11 % 3.73 %
Schedule of Supplemental Cash Flow Information Related to Operating Leases [Table Text Block]
For the Year Ended December 31 (in thousands) 2023 2022 Operating cash paid toward lease liabilities $ 6,486 6,529 Leased assets obtained in exchange for new lease liabilities $ 7,085 5,161
Components of Lease Income [Table Text Block]
For the Year Ended December 31 (in thousands) 2023 2022 Direct financing and sales-type leases 31,127 22,144 13,036 8,948 Total lease income $ 44,163 $ 31,092
Net Investment in Sales-type and Direct Financing Leases [Table Text Block]
(in thousands) December 31, 2023 December 31, 2022 Lease payment receivable $ 729,891 $ 704,509 Unguaranteed residual assets 134,105 72,157 Total net investments in direct financing and sales-type leases $ 863,996 $ 776,666 Deferred origination cost 3,024 3,222 Total net investment included within business loans $ 867,020 $ 779,888
Schedule of Maturity of Lease Receivables [Table Text Block]
(in thousands) Direct Financing and Sale-Type Leases Operating Leases Total 2024 $ 218,641 $ 11,976 $ 230,617 2025 182,103 10,725 192,828 2026 146,430 10,080 156,510 2027 110,328 9,034 119,362 2028 67,850 8,352 76,202 After 2028 80,861 46,783 127,644 Total lease receipts 806,213 $ 96,950 $ 903,163 Less: Net present value adjustment 76,322 Present value of lease receipts $ 729,891
12 Months Ended
Deposits [Abstract]
Scheduled Maturities Of Total Time Open And Certificates Of Deposit
(In thousands) Due in 2024 $ 2,647,310 Due in 2025 185,368 Due in 2026 29,435 Due in 2027 7,906 Due in 2028 5,671 Total $ 2,875,690
12 Months Ended
Debt Disclosure [Abstract]
Short-Term Borrowings
The following table sets forth selected information for federal funds purchased and repurchase agreements.
Year End Weighted Rate Average Weighted Rate Average Balance Outstanding Maximum Outstanding at any Month End Balance at December 31 Federal funds purchased and repurchase agreements: 2023 2.78 % 3.47 % $ 2,839,633 $ 3,133,020 $ 2,908,815 2022 2.01 1.06 2,439,279 2,841,734 2,841,734 2021 .06 .07 2,334,837 3,022,967 3,022,967
12 Months Ended
Income Tax Disclosure [Abstract]
Schedule Of Components Of Income Tax Expense (Benefit)
(In thousands) Current Deferred Total U.S. federal $ 124,787 $ (6,228) $ 118,559 State and local 17,161 (1,171) 15,990 Total $ 141,948 $ (7,399) $ 134,549 U.S. federal $ 96,849 $ 19,990 $ 116,839 State and local 13,793 1,726 15,519 Total $ 110,642 $ 21,716 $ 132,358 U.S. federal $ 104,924 $ 22,184 $ 127,108 State and local 15,174 3,429 18,603 Total $ 120,098 $ 25,613 $ 145,711
Schedule Of Income Tax Expense Recorded Directly To Stockholders Equity
(In thousands) 2023 2022 2021 $ 69,972 $ (382,697) $ (80,211) (6,017) (6,446) (6,040) 1,197 1,161 1,484 $ 65,152 $ (387,982) $ (84,767)
Components Of Deferred Tax Assets And Liabilities
(In thousands) 2023 2022 Unrealized loss on available for sale debt securities $ 305,001 $ 374,973 Loans, principally due to allowance for credit losses 44,702 43,553 Unearned fee income 10,810 5,534 Accrued expenses 10,531 6,748 Equity-based compensation 8,082 7,491 Deferred compensation 7,894 7,864 Other 812 1,737 387,832 447,900 Equipment lease financing 99,453 91,913 Land, buildings, and equipment 21,016 17,210 Cash flow hedges 9,468 19,747 Intangible assets 7,545 7,519 Private equity investments 6,888 9,393 Other 7,235 8,138 151,605 153,920 $ 236,227 $ 293,980
Schedule Of Company's Actual Income Tax Expense
(In thousands) 2023 2022 2021 $ 128,438 $ 130,359 $ 142,060 State and local income taxes, net of federal tax benefit 12,633 12,260 14,697 Tax-exempt interest, net of cost to carry (7,002) (8,473) (9,002) Non-deductible FDIC insurance premiums 2,101 1,376 1,090 Share-based award payments (1,176) (1,669) (2,941) Other (445) (1,495) (193) $ 134,549 $ 132,358 $ 145,711
Schedule Of Accrued Liability For Unrecognized Tax Benefit
The activity in the accrued liability for unrecognized tax benefits for the years ended December 31, 2023 and 2022 was as follows:
(In thousands) 2023 2022 Unrecognized tax benefits at beginning of year $ 1,205 $ 1,276 Gross increases – tax positions in prior period 25 21 Gross increases – current-period tax positions 336 235 Lapse of statute of limitations (296) (327) Unrecognized tax benefits at end of year $ 1,270 $ 1,205
12 Months Ended
Retirement Benefits [Abstract]
Employee Benefits Charged To Operating Expenses
(In thousands) 2023 2022 2021 Payroll taxes $ 31,507 $ 29,580 $ 28,084 Medical plans 36,277 31,004 31,131 401(k) plan 19,216 18,590 17,237 Pension plans 499 516 388 Other 3,587 3,097 1,170 $ 91,086 $ 82,787 $ 78,010
Components Of The Net Pension Cost
(In thousands) 2023 2022 2021 Service cost $ 499 $ 516 $ 388 4,615 2,725 2,169 (4,051) (4,515) (4,532) (271) (271) (271) 1,464 1,717 2,578 Net periodic pension cost $ 2,256 $ 172 $ 332
Summary Of Pension Plans Funded Status
2023 2022 Change in projected benefit obligation $ 95,842 $ 121,738 499 516 4,615 2,725 (7,667) (6,933) 660 (22,204) 93,949 95,842 Change in plan assets 88,396 109,807 8,307 (14,492) 806 14 (7,667) (6,933) 89,842 88,396 $ (4,107) $ (7,446)
Schedule Of Amounts Not Yet Reflected In Net Periodic Benefit Cost And Included In Accumulated Other Comprehensive Income (Loss), Pre-Tax Basis
(In thousands) 2023 2022 Prior service credit (cost) $ 181 $ 452 Accumulated gain (loss) (18,304) (23,363) (18,123) (22,911) Cumulative employer contributions in excess of net periodic benefit cost 14,016 15,465 $ (4,107) $ (7,446) 3,594 3,197 1,464 1,717 (271) (271) $ 4,787 $ 4,643 $ 2,531 $ 4,471
Assumptions On A Weighted Average Basis, Used In Accounting For Plans
2023 2022 2021 Effective discount rate on benefit obligations 4.98 % 5.19 % 2.58 % Assumed cash balance interest crediting rate 5.00 % 5.00 % 5.00 % Effective discount rate on benefit obligations 5.19 % 2.64 % 2.25 % Effective rate for interest cost on benefit obligations 5.09 % 2.15 % 1.63 % Long-term rate of return on assets 4.75 % 4.25 % 4.25 % Assumed cash balance interest crediting rate 5.00 % 5.00 % 5.00 %
Fair Value Of Pension Plan Asset Category
Fair Value Measurements Quoted Prices in Active Markets for Identical Assets
(Level 1)December 31, 2023 U.S. government obligations $ 14,041 $ 14,041 $ — $ — 1,039 — 1,039 — State and municipal obligations 3,740 — 3,740 — 2,230 — 2,230 — Non-agency mortgage-backed securities 2,271 — 2,271 — Asset-backed securities 5,687 — 5,687 — 48,534 — 48,534 — Mutual funds 4,443 4,443 — — Common stocks 5,809 5,809 — — International developed markets funds 1,809 1,809 — — Emerging markets funds 239 239 — — $ 89,842 $ 26,341 $ 63,501 $ — December 31, 2022 $ 9,960 $ 9,960 $ — $ — 1,022 — 1,022 — 6,840 — 6,840 — 2,871 — 2,871 — 2,527 — 2,527 — 6,768 — 6,768 — 35,234 — 35,234 — Mutual funds 4,395 4,395 — — Common stocks 15,868 15,868 — — International developed markets funds 2,604 2,604 — — Emerging markets funds 307 307 — — $ 88,396 $ 33,134 $ 55,262 $ —
Future Benefit Payments
(In thousands) 2024 $ 7,883 2025 7,859 2026 7,734 2027 7,618 2028 7,434 2029 - 2033 33,673
12 Months Ended
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Summary Of The Status Of Nonvested Share Awards
Weighted Average Grant Date Fair Value Nonvested at January 1, 2023 1,206,004 $ 55.43 Granted 331,889 59.11 Vested (341,152) 48.30 Forfeited (30,406) 58.13 Nonvested at December 31, 2023 1,166,335 $ 58.48
Summary Of SAR Activity
A summary of SAR activity during 2023 is presented below.
Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2023 995,591 $ 44.59 94,173 62.52 (5,250) 60.99 (6,114) 49.63 (55,079) 26.33 1,023,321 $ 47.10 4.8 years $ 9,189 786,452 $ 42.66 3.9 years $ 9,132
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Table Text Block]
The per share average fair value and the model assumptions for SARs granted during the past three years are shown in the table below.
2023 2022 2021 Weighted per share average fair value at grant date $17.76 $15.80 $14.50 Assumptions: 1.6 % 1.5 % 1.4 % 27.9 % 28.4 % 28.2 % 3.9 % 1.6 % .7 % 5.8 years 5.7 years 5.7 years
Schedule Of Additional Information About Stock Options and SARs Exercises
(In thousands) 2023 2022 2021 $ 1,723 $ 2,448 $ 7,664 362 462 1,488
12 Months Ended
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Components Of Accumulated Other Comprehensive Income (Loss)
(In thousands) Unrealized Gains (Losses) on Securities (1) Pension Loss Unrealized Gains (Losses) on Cash Flow Hedge Derivatives (2) Total Accumulated Other Comprehensive Income (Loss) $ (1,124,915) $ (17,186) $ 55,237 $ (1,086,864) Other comprehensive income (loss) before reclassifications to current earnings 271,442 3,594 (8,860) 266,176 Amounts reclassified to current earnings from accumulated other comprehensive income 8,444 1,193 (15,209) (5,572) 279,886 4,787 (24,069) 260,604 Income tax (expense) benefit (69,972) (1,197) 6,017 (65,152) 209,914 3,590 (18,052) 195,452 $ (915,001) $ (13,596) $ 37,185 $ (891,412) Balance January 1, 2022 $ 23,174 $ (20,668) $ 74,574 $ 77,080 Other comprehensive income (loss) before reclassifications to current earnings (1,551,059) 3,197 (2,428) (1,550,290) Amounts reclassified to current earnings from accumulated other comprehensive income 20,273 1,446 (23,355) (1,636) (1,530,786) 4,643 (25,783) (1,551,926) Income tax (expense) benefit 382,697 (1,161) 6,446 387,982 (1,148,089) 3,482 (19,337) (1,163,944) $ (1,124,915) $ (17,186) $ 55,237 $ (1,086,864)
12 Months Ended
Segment Reporting [Abstract]
Schedule Of Financial Information By Segment
$ 413,856 $ 482,389 $ 73,251 $ 969,496 $ 28,633 $ 998,129 (27,459) (3,513) (28) (31,000) (4,451) (35,451) 99,910 246,183 218,241 564,334 8,711 573,045 — — — — 14,985 14,985 (326,838) (391,980) (157,679) (876,497) (54,485) (930,982) $ 159,469 $ 333,079 $ 133,785 $ 626,333 $ (6,607) $ 619,726 $ 366,749 $ 452,686 $ 74,416 $ 893,851 $ 48,334 $ 942,185 (17,832) (1,196) (8) (19,036) (9,035) (28,071) 106,538 224,890 213,388 544,816 1,719 546,535 — — — — 20,506 20,506 (308,899) (365,276) (144,914) (819,089) (29,688) (848,777) $ 146,556 $ 311,104 $ 142,882 $ 600,542 $ 31,836 $ 632,378 $ 348,565 $ 453,692 $ 71,522 $ 873,779 $ (38,355) $ 835,424 (23,224) 4,845 (52) (18,431) 84,757 66,326 126,218 211,048 213,617 550,883 9,510 560,393 — — — — 30,059 30,059 (299,998) (329,313) (136,356) (765,667) (40,234) (805,901) $ 151,561 $ 340,272 $ 148,731 $ 640,564 $ 45,737 $ 686,301
Segment Balance Sheet Data
(In thousands) Consumer Commercial Wealth Segment Totals Other/Elimination Consolidated Totals $ 3,984,071 $ 11,351,223 $ 1,892,958 $ 17,228,252 $ 14,712,363 $ 31,940,615 3,832,483 11,061,461 1,878,440 16,772,384 10,458 16,782,842 81,655 72,066 746 154,467 3,600 158,067 12,243,033 10,375,075 2,377,397 24,995,505 312,876 25,308,381 $ 3,853,875 $ 10,239,825 $ 1,838,023 $ 15,931,723 $ 17,673,594 $ 33,605,317 3,705,110 10,021,057 1,827,283 15,553,450 16,291 15,569,741 82,566 67,727 746 151,039 3,600 154,639 13,417,312 11,941,396 2,804,781 28,163,489 (62,792) 28,100,697
12 Months Ended
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]
Summary Of Components Used To Calculate Basic And Diluted Income Per Share
(In thousands, except per share data) 2023 2022 2021 Basic income per common share: Net income attributable to Commerce Bancshares, Inc. $ 477,060 $ 488,399 $ 530,765 Less income allocated to nonvested restricted stock 4,241 4,450 4,846 Net income allocated to common stock $ 472,819 $ 483,949 $ 525,919 129,922 131,539 134,125 $ 3.64 $ 3.68 $ 3.92 Diluted income per common share: Net income attributable to Commerce Bancshares, Inc. $ 477,060 $ 488,399 $ 530,765 Less income allocated to nonvested restricted stock 4,237 4,442 4,838 $ 472,823 $ 483,957 $ 525,927 129,922 131,539 134,125 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 150 299 315 130,072 131,838 134,440 $ 3.64 $ 3.67 $ 3.91
Schedule Of Activity In The Outstanding Shares Of The Company's Common Stock
Years Ended December 31 (In thousands) 2023 2022 2021 Shares outstanding at January 1 124,999 121,436 117,138 Awards and sales under employee and director plans 348 306 328 5% stock dividend 6,201 5,953 5,790 (1,355) (2,684) (1,807) (17) (12) (13) 130,176 124,999 121,436
12 Months Ended
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Schedule Of Capital Amounts And Ratios On Consolidated Basis
(Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio December 31, 2023 $ 3,881,024 16.03 % $ 1,937,322 8.00 % 3,313,640 13.81 1,919,257 8.00 $ 2,399,071 10.00 % $ 3,693,089 15.25 % $ 1,452,992 6.00 % 3,125,706 13.03 1,439,443 6.00 $ 1,919,257 8.00 % $ 3,693,089 15.25 % $ 1,089,744 4.50 % 3,125,706 13.03 1,079,582 4.50 $ 1,559,396 6.50 % $ 3,693,089 11.25 % $ 1,313,377 4.00 % 3,125,706 9.56 1,307,174 4.00 $ 1,633,968 5.00 % December 31, 2022 $ 3,600,920 14.89 % $ 1,934,274 8.00 % N.A. N.A. 3,125,987 13.05 1,916,529 8.00 $ 2,395,661 10.00 % $ 3,417,223 14.13 % $ 1,450,705 6.00 % N.A. N.A. 2,942,291 12.28 1,437,397 6.00 $ 1,916,529 8.00 % $ 3,417,223 14.13 % $ 1,088,029 4.50 % N.A. N.A. 2,942,291 12.28 1,078,047 4.50 $ 1,557,180 6.50 % $ 3,417,223 10.34 % $ 1,322,102 4.00 % N.A. N.A. 2,942,291 8.86 1,328,220 4.00 $ 1,660,275 5.00 %
12 Months Ended
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue [Table Text Block]
For the Years Ended December 31 (In thousands) 2023 2022 2021 Bank card transaction fees $ 191,156 $ 176,144 $ 167,891 Trust fees 190,954 184,719 188,227 Deposit account charges and other fees 90,992 94,381 97,217 Consumer brokerage services 17,223 19,117 18,362 Other non-interest income 38,784 34,742 27,223 Total non-interest income from contracts with customers 529,109 509,103 498,920 43,936 37,432 61,473 Total non-interest income $ 573,045 $ 546,535 $ 560,393
Contract with Customer, Asset and Liability [Table Text Block]
(In thousands) December 31, 2023 December 31, 2022 December 31, 2021 Bank card transaction fees $ 18,069 $ 17,254 $ 16,424 Trust fees 1,764 2,038 2,222 Deposit account charges and other fees 6,588 6,631 6,702 Consumer brokerage services 8 949 391
Bank Card Transaction Fees [Table Text Block]
For the Years Ended December 31 (In thousands) 2023 2022 2021 Debit card: Fee income $ 44,795 $ 44,240 $ 44,170 Expense for network charges (914) (3,272) (3,160) Net debit card fees 43,881 40,968 41,010 Credit card: Fee income 31,639 31,609 29,214 Expense for network charges and rewards (17,191) (17,049) (14,070) Net credit card fees 14,448 14,560 15,144 Corporate card: Fee income 220,229 217,539 197,483 Expense for network charges and rewards (109,588) (117,527) (105,782) Net corporate card fees 110,641 100,012 91,701 Merchant: Fee income 36,775 34,583 33,019 Fees to cardholder banks (11,001) (10,425) (9,640) Expense for network charges (3,588) (3,554) (3,343) Net merchant fees 22,186 20,604 20,036 Total bank card transaction fees $ 191,156 $ 176,144 $ 167,891
Trust Fees [Table Text Block]
2023 2022 2021 $ 153,524 $ 147,239 $ 147,653 31,756 31,525 33,890 5,674 5,955 6,684 $ 190,954 $ 184,719 $ 188,227
Deposit Account Charges and Other Fees [Table Text Block]
For the Years Ended December 31 (In thousands) 2023 2022 2021 Corporate cash management fees $ 56,291 $ 52,501 $ 50,051 Overdraft and return item fees 11,607 19,938 24,157 Other service charges on deposit accounts 23,094 21,942 23,009 Total deposit account charges and other fees $ 90,992 $ 94,381 $ 97,217
12 Months Ended
Fair Value Disclosures [Abstract]
Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis
Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets
(Level 1)December 31, 2023 Residential mortgage loans held for sale $ 1,585 $ — $ 1,585 $ — Available for sale debt securities: U.S. government and federal agency obligations 816,514 816,514 — — Government-sponsored enterprise obligations 43,962 — 43,962 — State and municipal obligations 1,197,419 — 1,196,472 947 Agency mortgage-backed securities 3,901,346 — 3,901,346 — Non-agency mortgage-backed securities 1,157,898 — 1,157,898 — Asset-backed securities 2,107,485 — 2,107,485 — Other debt securities 460,136 — 460,136 — Trading debt securities 28,830 — 28,830 — Equity securities 5,723 5,723 — — Private equity investments 176,667 — — 176,667 Derivatives * 116,876 — 116,710 166 Assets held in trust for deferred compensation plan 20,538 20,538 — — Total assets 10,034,979 842,775 9,014,424 177,780 Derivatives * 37,899 — 37,704 195 Liabilities held in trust for deferred compensation plan 20,538 20,538 — — Total liabilities $ 58,437 $ 20,538 $ 37,704 $ 195 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 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
Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis
State and Municipal Obligations Total $ 1,841 $ 178,127 $ 179,968 Included in earnings — 24,299 24,299 Included in other comprehensive income * 57 — 57 (1,000) — (1,000) 49 — 49 — 15,220 15,220 — (41,341) (41,341) — 362 362 $ 947 $ 176,667 $ 177,614 $ — $ 24,799 $ 24,799 $ 35 $ — $ 35 $ 1,984 $ 147,406 $ 149,390 Total gains or losses (realized/unrealized): — 43,833 43,833 (148) — (148) Discount accretion 5 — 5 Purchases of private equity securities — 12,281 12,281 Sale / pay down of private equity securities — (25,437) (25,437) Capitalized interest/dividends — 44 44 $ 1,841 $ 178,127 $ 179,968 $ — $ 35,333 35,333 $ (148) $ — (148)
Summary Of Gains And Losses On Level 3 Assets And Liabilities
Investment Securities Gains (Losses), Net Total gains or losses included in earnings $ 24,299 $ 24,799 Total gains or losses included in earnings $ 43,833 $ 35,333
Summary Of Quantitative Information About Level 3 Fair Value Measurements
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
Schedule Of Fair Value Disclosures Measured On Nonrecurring Basis [Table Text Block]
Fair Value Measurements Using Quoted Prices in Active Markets for Identical Assets
(Level 1)$ 1,517 $ — $ — $ 1,517 $ (1,662) 2,662 — — 2,662 (193) $ 1,988 $ — $ — $ 1,988 $ (2,090) 10,929 — — 10,929 304 480 — — 480 (965)
12 Months Ended
Fair Value Disclosures [Abstract]
Fair Value, by Balance Sheet Grouping [Table Text Block]
Carrying Amount Financial Assets Loans: Business $ 6,019,036 $ — $ — $ 5,873,549 $ 5,873,549 1,446,764 — — 1,420,522 1,420,522 3,719,306 — — 3,594,834 3,594,834 3,026,041 — — 2,568,026 2,568,026 2,077,723 — — 2,016,334 2,016,334 Revolving home equity 319,894 — — 317,013 317,013 Consumer credit card 589,913 — — 550,464 550,464 6,802 — — 6,649 6,649 Total loans 17,205,479 — — 16,347,391 16,347,391 Loans held for sale 4,177 — 4,177 — 4,177 Investment securities 9,941,786 822,237 8,896,129 223,420 9,941,786 Federal funds sold 5,025 5,025 — — 5,025 Securities purchased under agreements to resell 450,000 — — 444,448 444,448 Interest earning deposits with banks 2,239,010 2,239,010 — — 2,239,010 Cash and due from banks 443,147 443,147 — — 443,147 Derivative instruments 116,876 — 116,710 166 116,876 Assets held in trust for deferred compensation plan 20,538 20,538 — — 20,538 Total $ 30,426,038 $ 3,529,957 $ 9,017,016 $ 17,015,425 $ 29,562,398 Financial Liabilities Non-interest bearing deposits $ 7,975,935 $ 7,975,935 $ — $ — $ 7,975,935 Savings, interest checking and money market deposits 14,512,273 14,512,273 — — 14,512,273 Certificates of deposit 2,875,690 — — 2,916,627 2,916,627 Federal funds purchased 261,305 261,305 — — 261,305 Securities sold under agreements to repurchase 2,647,510 — — 2,650,951 2,650,951 Other borrowings 1,366 — 1,366 — 1,366 37,899 — 37,704 195 37,899 Liabilities held in trust for deferred compensation plan 20,538 20,538 — — 20,538 Total $ 28,332,516 $ 22,770,051 $ 39,070 $ 5,567,773 $ 28,376,894 Carrying Amount Financial Assets Loans: Business $ 5,661,725 $ — $ — $ 5,506,128 $ 5,506,128 1,361,095 — — 1,347,328 1,347,328 3,406,981 — — 3,289,655 3,289,655 2,918,078 — — 2,654,423 2,654,423 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 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
12 Months Ended
Derivative Instrument Detail [Abstract]
Schedule Of Notional Amounts Of Derivative Instruments
(In thousands) 2023 2022 Interest rate swaps $ 2,166,393 $ 1,981,821 Interest rate floors 2,000,000 1,000,000 Interest rate caps 336,682 152,784 Credit risk participation agreements 653,887 579,925 Foreign exchange contracts 30,401 27,991 Mortgage loan commitments 3,004 — Mortgage loan forward sale contracts 1,349 — Forward TBA contracts 3,000 — Total notional amount $ 5,194,716 $ 3,742,521
Interest rate floor summary
Information about the floors is provided in the table below.
Strike Rate Effective Date Maturity Date 3.50 % July 1, 2024 July 1, 2030 3.25 % November 1, 2024 November 1, 2030 3.00 % March 1, 2025 March 1, 2031 2.75 % July 1, 2025 July 1, 2031
Schedule Of Fair Values Of Derivative Instruments
Asset Derivatives Liability Derivatives December 31 December 31 2023 2022 2023 2022 Interest rate floors $ 78,960 $ 33,371 $ — $ — Total derivatives designated as hedging instruments $ 78,960 $ 33,371 $ — $ — Derivatives not designated as hedging instruments: Interest rate swaps $ 35,816 $ 23,894 $ (35,816) $ (51,742) Interest rate caps 1,391 2,705 (1,391) (2,705) Credit risk participation agreements 77 34 (194) (119) Foreign exchange contracts 534 488 (479) (418) Mortgage loan commitments 89 — (1) — Mortgage loan forward sale contracts 8 — — — Forward TBA contracts 1 — (18) — Total derivatives not designated as hedging instruments $ 37,916 $ 27,121 $ (37,899) $ (54,984) $ 116,876 $ 60,492 $ (37,899) $ (54,984)
Summary of Cash Flow Hedge Activity [Table Text Block]
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 (In thousands) Total Included Component Excluded Component Derivatives in cash flow hedging relationships: Interest rate floors $ (8,860) $ 3,122 $ (11,982) $ 15,209 $ 29,731 $ (14,522) Total $ (8,860) $ 3,122 $ (11,982) Total $ 15,209 $ 29,731 $ (14,522) Derivatives in cash flow hedging relationships: Interest rate floors $ (2,428) $ — $ (2,428) $ 23,355 $ 30,679 $ (7,324) Total $ (2,428) $ — $ (2,428) Total $ 23,355 $ 30,679 $ (7,324) Derivatives in cash flow hedging relationships: Interest rate floors $ — $ — $ — $ 24,160 $ 30,310 $ (6,150) Total $ — $ — $ — Total $ 24,160 $ 30,310 $ (6,150)
Summary Of The Effects Of Derivative Instruments On Consolidated Statements Of Income
Location of Gain/(Loss) Recognized in the Consolidated Statements of Income Amount of Gain/(Loss) Recognized in Income on Derivative (In thousands) 2023 2022 2021 Interest rate swaps Other non-interest income $ 3,642 $ 2,472 $ 3,170 Interest rate caps Other non-interest income 86 16 15 Credit risk participation agreements Other non-interest income 60 172 (187) Foreign exchange contracts Other non-interest income (14) 38 78 Mortgage loan commitments Loan fees and sales 87 (763) (2,463) Mortgage loan forward sale contracts Loan fees and sales 8 (4) 4 Forward TBA contracts Loan fees and sales 53 1,773 1,777 Total $ 3,922 $ 3,704 $ 2,394
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 December 31, 2023 Assets: Derivatives subject to master netting agreements $ 116,702 $ — $ 116,702 $ (3,930) $ (107,492) $ 5,280 Derivatives not subject to master netting agreements 174 — 174 Total derivatives $ 116,876 $ — $ 116,876 Liabilities: Derivatives subject to master netting agreements $ 37,300 $ — $ 37,300 $ (3,930) $ — $ 33,370 Derivatives not subject to master netting agreements 599 — 599 Total derivatives $ 37,899 $ — $ 37,899 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 Months Ended
Offsetting [Abstract]
Offsetting, Resale and Repurchase Agreements [Table Text Block]
Gross Amounts Not Offset in the Balance Sheet (In thousands) Gross Amount Recognized Gross Amounts Offset on the Balance Sheet Net Amounts Presented on the Balance Sheet Financial Instruments Available for Offset Securities Collateral Received/Pledged Unsecured amount December 31, 2023 Total resale agreements, subject to master netting arrangements $ 450,000 $ — $ 450,000 $ — $ (450,000) $ — Total repurchase agreements, subject to master netting arrangements 2,647,510 — 2,647,510 — (2,647,510) — 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]
Remaining Contractual Maturity of the Agreements (In thousands) Overnight and continuous Up to 90 days Greater than 90 days Total December 31, 2023 Repurchase agreements, secured by: U.S. government and federal agency obligations $ 170,293 $ — $ — $ 170,293 Government-sponsored enterprise obligations 8,749 — — 8,749 Agency mortgage-backed securities 1,833,840 27,264 17,200 1,878,304 Non-agency mortgage-backed securities 10,566 — — 10,566 Asset-backed securities 516,726 9,606 20,000 546,332 Other debt securities 33,265 — — 33,265 Total repurchase agreements, gross amount recognized $ 2,573,439 $ 36,870 $ 37,200 $ 2,647,509 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
12 Months Ended
Commitments and Contingencies Disclosure [Abstract]
Schedule Of Off-Balance Sheet Instruments Commitments
The following table summarizes these commitments at December 31:
(In thousands) 2023 2022 Commitments to extend credit: Credit card $ 5,367,102 $ 5,190,942 Other unfunded loan commitments 9,144,971 9,102,525 Standby letters of credit, net of conveyance to other financial institutions 590,551 555,858 Commercial letters of credit 2,571 4,393
12 Months Ended
Related Party Transactions [Abstract]
Schedule Of Related Party Expenses
(In thousands) 2023 2022 2021 Leasing agent fees $ 434 $ 125 $ 31 Operation of parking garages 111 100 71 Building management fees 2,202 2,118 2,046 Property construction management fees 360 184 143 Project consulting fees 419 — 84 Dividends paid on Company stock held by Tower 265 248 234 $ 3,791 $ 2,775 $ 2,609
12 Months Ended
Condensed Financial Information Disclosure [Abstract]
Condensed Balance Sheets
Condensed Balance Sheets December 31 (In thousands) 2023 2022 Assets Investment in consolidated subsidiaries: Bank $ 2,390,595 $ 2,008,454 Non-banks 160,244 138,501 Cash 322,573 233,261 Investment securities: Available for sale debt 5,081 5,207 Equity 11,396 11,129 Note receivable due from bank subsidiary 50,000 50,000 Advances to subsidiaries, net of borrowings 1,800 20,529 Income tax receivable and deferred tax assets 10,263 11,987 30,486 26,539 $ 2,982,438 $ 2,505,607 Pension obligation $ 4,107 $ 7,446 Other liabilities 34,215 32,870 38,322 40,316 2,944,116 2,465,291 $ 2,982,438 $ 2,505,607
Condensed Statements Of Income
Condensed Statements of Income For the Years Ended December 31 (In thousands) 2023 2022 2021 $ 280,000 $ 300,001 $ 340,001 203,570 203,965 200,461 2,905 2,480 2,162 47,773 38,632 36,310 (621) (872) 79 2,636 1,403 51 2,842 3,709 2,927 539,105 549,318 581,991 41,549 44,352 37,362 3,580 2,740 2,006 3,347 3,173 2,834 16,264 15,595 12,973 64,740 65,860 55,175 (2,695) (4,941) (3,949) $ 477,060 $ 488,399 $ 530,765
Condensed Statements Of Cash Flows
Condensed Statements of Cash Flows For the Years Ended December 31 2023 2022 2021 $ 477,060 $ 488,399 $ 530,765 Earnings of consolidated subsidiaries, net of dividends (203,570) (203,965) (200,461) Other adjustments, net 5,749 2,557 8,842 279,239 286,991 339,146 4,348 (9) 6 15 38 22 (902) (4,534) (4,786) 18,729 19,996 (8,618) (490) (741) (28) 21,700 14,750 (13,404) (76,890) (186,622) (129,361) (3) (8) (15) (134,734) (127,466) (122,693) (211,627) (314,096) (252,069) 89,312 (12,355) 73,673 233,261 245,616 171,943 $ 322,573 $ 233,261 $ 245,616 $ (3,254) $ (587) $ (4,808)
$ in Thousands12 Months Ended
Accounting Policies [Abstract]
Locations | Locations
257
Restricted Cash and Cash Equivalents
$ 101
$ 6,700
Cash Held at Federal Reserve Bank
$ 2,200,000
Amortization period of annual fees on credit card loans, months
12 months
Consumer Loans Charged Down to Fair Value [Line Items]
Delinquency Period Revolving Home Equity Loans Charged Down to Fair Value
180 days
Period past due credit card loans are charged off, days
180 days
Period past due loans are placed on non-accrual, days
90 days
Finite-Lived Intangible Assets [Line Items]
Common stock dividend rate percentage
5.00%
Minimum [Member]
Consumer Loans Charged Down to Fair Value [Line Items]
Consumer loans charged down to fair value, days delinquent
120 days
Maximum [Member]
Consumer Loans Charged Down to Fair Value [Line Items]
Consumer loans charged down to fair value, days delinquent
180 days
Buildings [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Depreciable lives for asset, years
30 years
Buildings [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Depreciable lives for asset, years
40 years
Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Depreciable lives for asset, years
10 years
Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Depreciable lives for asset, years
3 years
Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Depreciable lives for asset, years
10 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Depreciable lives for asset, years
10 years
Core Deposits [Member] | Minimum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life
8 years
Core Deposits [Member] | Maximum [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life
14 years
12 Months Ended
Loans and Leases Receivable Disclosure [Line Items]
Interest Receivable
$ 71,900,000
$ 55,500,000
Loans To Principal Holders (over 10% ownership in the Company's stock)
0
Unfunded Loan Commitments
14,500,000,000
Unused Approved Credit Card Lines of Credit
5,400,000,000
Pledged Financial Instruments, Not Separately Reported, Loans Receivable, for Federal Home Loan Bank Debt
3,500,000,000
Loans pledged at the Federal Reserve Bank as collateral for discount window borrowings
3,100,000,000
Lease Receivable, net of deferred origination costs
867,020,000
779,888,000
Loans and Leases Receivable, Deferred Income
98,600,000
73,200,000
Financing Receivable, Nonaccrual, No Allowance
4,300,000
3,800,000
Commitments to lend additional funds to customers with restructured loans
$ 28,400,000
12,600,000
Period after which loans are deemed in default
90 days
Decrease in interest income resulting from modification to credit card loans
(661,000)
Mortgages Held-for-sale, Fair Value Disclosure
$ 1,585,000
0
Unpaid Principal Balance on Personal Real Estate Loans Held for Sale
1,500,000
Student Loans Held for Sale, Lower of Cost or Fair Value
2,200,000
Personal Real Estate Loans HFS Past Due
0
HFS Student Loans Past Due
0
HFS Student Loans on Non-Accrual Status
0
Personal Real Estate Loans HFS on Non-Accrual Status
0
Foreclosed real estate
270,000
96,000
Residential Real Estate Acquired Through Foreclosure through Obtaining Physical Possession
270,000
96,000
Personal property acquired in repossession
1,800,000
1,600,000
Commercial Portfolio Segment [Member]
Loans and Leases Receivable Disclosure [Line Items]
Financing Receivable, Accrued Interest, Writeoff
460,000
145,000
Personal Banking Portfolio Segment [Member]
Loans and Leases Receivable Disclosure [Line Items]
Financing Receivable, Accrued Interest, Writeoff
4,800,000
$ 3,200,000
Business [Member] | Commercial Portfolio Segment [Member]
Loans and Leases Receivable Disclosure [Line Items]
Financing Receivable, Modified, Writeoff
2,200,000
Consumer Loan [Member] | Personal Banking Portfolio Segment [Member]
Loans and Leases Receivable Disclosure [Line Items]
Financing Receivable, Modified, Writeoff
$ 729,000
$ in Thousands
Loans And Allowance For Loan Losses [Line Items]
Total loans
$ 17,205,479
$ 16,303,131
Business [Member]
Loans And Allowance For Loan Losses [Line Items]
Total loans
6,019,036
5,661,725
Real Estate - Construction And Land [Member]
Loans And Allowance For Loan Losses [Line Items]
Total loans
1,446,764
1,361,095
Real Estate - Business [Member]
Loans And Allowance For Loan Losses [Line Items]
Total loans
3,719,306
3,406,981
Real Estate - Personal [Member]
Loans And Allowance For Loan Losses [Line Items]
Total loans
3,026,041
2,918,078
Consumer [Member]
Loans And Allowance For Loan Losses [Line Items]
Total loans
2,077,723
2,059,088
Revolving Home Equity [Member]
Loans And Allowance For Loan Losses [Line Items]
Total loans
319,894
297,207
Consumer Credit Card [Member]
Loans And Allowance For Loan Losses [Line Items]
Total loans
589,913
584,000
Overdrafts [Member]
Loans And Allowance For Loan Losses [Line Items]
Total loans
$ 6,802
$ 14,957
$ in Thousands12 Months Ended
Loans and Leases Receivable, Related Parties [Roll Forward]
Loans to directors and executive officers, beginning balance
$ 41,107
Additions
2,300
Amounts collected
(4,605)
Amounts written off
0
Loans to directors and executive officers, ending balance
$ 38,802
$ in Thousands12 Months Ended
Allowance for Credit Loss [Line Items]
Balance, Asset
$ 162,395
$ 150,136
$ 150,044
Provision for credit losses on loans
43,325
19,155
Loans charged off
40,168
29,242
Recoveries on Loans
9,102
10,179
Net loan charge-offs (recoveries)
31,066
19,063
Balance, Liability
25,246
33,120
24,204
Provision for credit losses on unfunded lending commitments
(7,874)
8,916
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS
187,641
183,256
Commercial Portfolio Segment [Member]
Allowance for Credit Loss [Line Items]
Balance, Asset
108,201
103,293
97,776
Provision for credit losses on loans
8,001
6,550
Loans charged off
3,885
1,480
Recoveries on Loans
792
447
Net loan charge-offs (recoveries)
3,093
1,033
Balance, Liability
23,909
31,743
23,271
Provision for credit losses on unfunded lending commitments
(7,834)
8,472
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS
132,110
135,036
Personal Banking Portfolio Segment [Member]
Allowance for Credit Loss [Line Items]
Balance, Asset
54,194
46,843
52,268
Provision for credit losses on loans
35,324
12,605
Loans charged off
36,283
27,762
Recoveries on Loans
8,310
9,732
Net loan charge-offs (recoveries)
27,973
18,030
Balance, Liability
1,337
1,377
$ 933
Provision for credit losses on unfunded lending commitments
(40)
444
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS
$ 55,531
$ 48,220
$ in Thousands
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 days Past Due
$ 17,080,238
$ 16,229,187
30 – 89 Days Past Due
96,065
49,808
90 Days Past Due and Still Accruing
21,864
15,830
Non-accrual
7,312
8,306
Total
17,205,479
16,303,131
Business [Member]
Loans And Allowance For Loan Losses [Line Items]
Total
6,019,036
5,661,725
Real Estate - Construction And Land [Member]
Loans And Allowance For Loan Losses [Line Items]
Total
1,446,764
1,361,095
Real Estate - Business [Member]
Loans And Allowance For Loan Losses [Line Items]
Total
3,719,306
3,406,981
Real Estate - Personal [Member]
Loans And Allowance For Loan Losses [Line Items]
Total
3,026,041
2,918,078
Consumer Loan [Member]
Loans And Allowance For Loan Losses [Line Items]
Total
2,077,723
2,059,088
Revolving Home Equity [Member]
Loans And Allowance For Loan Losses [Line Items]
Total
319,894
297,207
Consumer Credit Card [Member]
Loans And Allowance For Loan Losses [Line Items]
Total
589,913
584,000
Overdrafts [Member]
Loans And Allowance For Loan Losses [Line Items]
Total
6,802
14,957
Commercial Portfolio Segment [Member] | Business [Member]
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 days Past Due
5,985,713
5,652,710
30 – 89 Days Past Due
29,087
1,759
90 Days Past Due and Still Accruing
614
505
Non-accrual
3,622
6,751
Commercial Portfolio Segment [Member] | Real Estate - Construction And Land [Member]
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 days Past Due
1,446,764
1,361,095
30 – 89 Days Past Due
0
0
90 Days Past Due and Still Accruing
0
0
Non-accrual
0
0
Commercial Portfolio Segment [Member] | Real Estate - Business [Member]
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 days Past Due
3,714,579
3,406,207
30 – 89 Days Past Due
4,582
585
90 Days Past Due and Still Accruing
85
0
Non-accrual
60
189
Personal Banking Portfolio Segment [Member] | Real Estate - Personal [Member]
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 days Past Due
2,999,988
2,895,742
30 – 89 Days Past Due
14,841
14,289
90 Days Past Due and Still Accruing
9,559
6,681
Non-accrual
1,653
1,366
Personal Banking Portfolio Segment [Member] | Consumer Loan [Member]
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 days Past Due
2,036,353
2,031,827
30 – 89 Days Past Due
38,217
25,089
90 Days Past Due and Still Accruing
3,153
2,172
Non-accrual
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
315,483
295,303
30 – 89 Days Past Due
1,564
1,201
90 Days Past Due and Still Accruing
870
703
Non-accrual
1,977
0
Personal Banking Portfolio Segment [Member] | Consumer Credit Card [Member]
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 days Past Due
574,805
572,213
30 – 89 Days Past Due
7,525
6,238
90 Days Past Due and Still Accruing
7,583
5,549
Non-accrual
0
0
Personal Banking Portfolio Segment [Member] | Overdrafts [Member]
Loans And Allowance For Loan Losses [Line Items]
Current or Less than 30 days Past Due
6,553
14,090
30 – 89 Days Past Due
249
647
90 Days Past Due and Still Accruing
0
220
Non-accrual
$ 0
$ 0
$ in Thousands12 Months Ended
Loans And Allowance For Loan Losses [Line Items]
Loans charged off
$ 40,168
$ 29,242
Commercial Portfolio Segment [Member]
Loans And Allowance For Loan Losses [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
2,941,370
3,096,706
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
2,536,936
2,060,412
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
1,418,158
1,219,682
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
787,397
834,144
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
550,666
393,625
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
659,957
566,436
Revolving Loans Amortized Cost Basis
2,290,622
2,258,796
Total
11,185,106
10,429,801
Loans charged off
3,885
1,480
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff
0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff
2,260
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff
57
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff
41
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
134
Financing Receivable, Revolving, Writeoff
1,393
Commercial Portfolio Segment [Member] | Business [Member]
Loans And Allowance For Loan Losses [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
1,634,580
1,465,536
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
851,719
796,948
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
583,555
472,643
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
294,635
361,945
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
217,822
182,044
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
272,205
233,171
Revolving Loans Amortized Cost Basis
2,164,520
2,149,438
Total
6,019,036
5,661,725
Loans charged off
3,751
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff
0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff
2,260
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff
57
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff
41
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
1,393
Commercial Portfolio Segment [Member] | Real Estate - Construction And Land [Member]
Loans And Allowance For Loan Losses [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
479,557
538,374
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
594,946
615,959
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
295,841
129,632
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
41,418
27,331
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
498
16,071
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
2,834
15,169
Revolving Loans Amortized Cost Basis
31,670
18,559
Total
1,446,764
1,361,095
Loans charged off
0
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
Commercial Portfolio Segment [Member] | Real Estate - Business [Member]
Loans And Allowance For Loan Losses [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
827,233
1,092,796
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
1,090,271
647,505
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
538,762
617,407
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
451,344
444,868
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
332,346
195,510
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
384,918
318,096
Revolving Loans Amortized Cost Basis
94,432
90,799
Total
3,719,306
3,406,981
Loans charged off
134
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
134
Financing Receivable, Revolving, Writeoff
0
Pass [Member] | Commercial Portfolio Segment [Member]
Loans And Allowance For Loan Losses [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
2,893,805
3,079,877
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
2,482,633
1,995,390
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
1,362,229
1,149,481
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
747,586
812,816
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
527,943
345,308
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
585,749
492,661
Revolving Loans Amortized Cost Basis
2,222,210
2,255,738
Total
10,822,155
10,131,271
Pass [Member] | Commercial Portfolio Segment [Member] | Business [Member]
Loans And Allowance For Loan Losses [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
1,609,685
1,456,476
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
839,511
782,409
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
555,991
464,201
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
273,138
360,844
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
215,988
180,375
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
257,177
219,053
Revolving Loans Amortized Cost Basis
2,096,108
2,146,380
Total
5,847,598
5,609,738
Pass [Member] | Commercial Portfolio Segment [Member] | Real Estate - Construction And Land [Member]
Loans And Allowance For Loan Losses [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
476,489
538,022
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
579,933
596,465
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
295,841
129,632
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
41,418
27,331
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
498
1,305
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
2,834
2,029
Revolving Loans Amortized Cost Basis
31,670
18,559
Total
1,428,683
1,313,343
Pass [Member] | Commercial Portfolio Segment [Member] | Real Estate - Business [Member]
Loans And Allowance For Loan Losses [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
807,631
1,085,379
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
1,063,189
616,516
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
510,397
555,648
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
433,030
424,641
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
311,457
163,628
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
325,738
271,579
Revolving Loans Amortized Cost Basis
94,432
90,799
Total
3,545,874
3,208,190
Special Mention [Member] | Commercial Portfolio Segment [Member]
Loans And Allowance For Loan Losses [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
39,357
8,073
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
27,044
2,548
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
19,940
8,375
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
1,527
10,800
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
9,665
1,043
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
3,218
279
Revolving Loans Amortized Cost Basis
43,054
1,319
Total
143,805
32,437
Special Mention [Member] | Commercial Portfolio Segment [Member] | Business [Member]
Loans And Allowance For Loan Losses [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
19,639
3,113
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
3,412
2,548
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
19,489
7,757
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
643
1,063
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
412
67
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
2,485
0
Revolving Loans Amortized Cost Basis
43,054
1,319
Total
89,134
15,867
Special Mention [Member] | Commercial Portfolio Segment [Member] | Real Estate - Construction And Land [Member]
Loans And Allowance For Loan Losses [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
3,068
352
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
15,013
0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
0
0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
0
0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
0
0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
0
0
Revolving Loans Amortized Cost Basis
0
0
Total
18,081
352
Special Mention [Member] | Commercial Portfolio Segment [Member] | Real Estate - Business [Member]
Loans And Allowance For Loan Losses [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
16,650
4,608
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
8,619
0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
451
618
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
884
9,737
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
9,253
976
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
733
279
Revolving Loans Amortized Cost Basis
0
0
Total
36,590
16,218
Substandard [Member] | Commercial Portfolio Segment [Member]
Loans And Allowance For Loan Losses [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
8,208
8,547
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
27,129
60,442
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
34,805
61,826
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
38,284
10,527
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
13,058
46,358
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
68,622
69,714
Revolving Loans Amortized Cost Basis
25,358
1,739
Total
215,464
259,153
Substandard [Member] | Commercial Portfolio Segment [Member] | Business [Member]
Loans And Allowance For Loan Losses [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
5,256
5,752
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
8,666
10,004
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
6,891
685
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
20,854
37
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
1,422
810
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
10,235
10,342
Revolving Loans Amortized Cost Basis
25,358
1,739
Total
78,682
29,369
Substandard [Member] | Commercial Portfolio Segment [Member] | Real Estate - Construction And Land [Member]
Loans And Allowance For Loan Losses [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
0
0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
0
19,494
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
0
0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
0
0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
0
14,766
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
0
13,140
Revolving Loans Amortized Cost Basis
0
0
Total
0
47,400
Substandard [Member] | Commercial Portfolio Segment [Member] | Real Estate - Business [Member]
Loans And Allowance For Loan Losses [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
2,952
2,795
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
18,463
30,944
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
27,914
61,141
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
17,430
10,490
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
11,636
30,782
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
58,387
46,232
Revolving Loans Amortized Cost Basis
0
0
Total
136,782
182,384
Non-Accrual [Member] | Commercial Portfolio Segment [Member]
Loans And Allowance For Loan Losses [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
0
209
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
130
2,032
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
1,184
0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
0
1
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
0
916
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
2,368
3,782
Revolving Loans Amortized Cost Basis
0
0
Total
3,682
6,940
Non-Accrual [Member] | Commercial Portfolio Segment [Member] | Business [Member]
Loans And Allowance For Loan Losses [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
0
195
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
130
1,987
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
1,184
0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
0
1
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
0
792
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
2,308
3,776
Revolving Loans Amortized Cost Basis
0
0
Total
3,622
6,751
Non-Accrual [Member] | Commercial Portfolio Segment [Member] | Real Estate - Business [Member]
Loans And Allowance For Loan Losses [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
0
14
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
0
45
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
0
0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
0
0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
0
124
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
60
6
Revolving Loans Amortized Cost Basis
0
0
Total
$ 60
$ 189
$ in Thousands12 Months Ended
Financing Receivable, Credit Quality Indicator [Line Items]
Loans charged off
$ 40,168
$ 29,242
Personal Banking Portfolio Segment [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
984,834
1,087,509
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
794,378
968,994
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
794,244
991,093
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
839,508
397,621
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
313,808
170,158
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
650,720
634,299
Revolving Loans Amortized Cost Basis
1,642,881
1,623,656
Financing Receivable, before Allowance for Credit Loss
6,020,373
5,873,330
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff
4,729
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff
2,909
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff
1,939
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff
770
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff
376
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff
393
Financing Receivable, Revolving, Writeoff
25,167
Loans charged off
36,283
27,762
Personal Banking Portfolio Segment [Member] | Current to 90 Days Past Due [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
981,124
1,086,449
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
792,257
967,776
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
791,661
989,500
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
838,650
397,313
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
313,553
168,401
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
647,741
630,635
Revolving Loans Amortized Cost Basis
1,630,592
1,616,565
Financing Receivable, before Allowance for Credit Loss
5,995,578
5,856,639
Personal Banking Portfolio Segment [Member] | Over 90 days past due [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
3,710
1,060
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
1,860
1,218
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
2,416
1,541
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
858
139
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
98
1,655
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
1,911
2,621
Revolving Loans Amortized Cost Basis
10,312
7,091
Financing Receivable, before Allowance for Credit Loss
21,165
15,325
Personal Banking Portfolio Segment [Member] | Non-Accrual [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
0
0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
261
0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
167
52
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
0
169
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
157
102
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
1,068
1,043
Revolving Loans Amortized Cost Basis
1,977
0
Financing Receivable, before Allowance for Credit Loss
3,630
1,366
Personal Banking Portfolio Segment [Member] | Real Estate - Personal [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
459,022
535,797
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
454,064
590,625
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
535,702
785,041
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
712,276
290,830
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
257,360
133,795
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
598,997
571,816
Revolving Loans Amortized Cost Basis
8,620
10,174
Financing Receivable, before Allowance for Credit Loss
3,026,041
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
18
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
23
Financing Receivable, Revolving, Writeoff
0
Loans charged off
41
Personal Banking Portfolio Segment [Member] | Real Estate - Personal [Member] | Current to 90 Days Past Due [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
455,703
535,283
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
452,153
589,658
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
533,313
783,651
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
711,442
290,580
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
257,159
132,305
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
596,439
568,380
Revolving Loans Amortized Cost Basis
8,620
10,174
Financing Receivable, before Allowance for Credit Loss
3,014,829
2,910,031
Personal Banking Portfolio Segment [Member] | Real Estate - Personal [Member] | Over 90 days past due [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
3,319
514
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
1,650
967
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
2,222
1,338
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
834
81
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
44
1,388
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
1,490
2,393
Revolving Loans Amortized Cost Basis
0
0
Financing Receivable, before Allowance for Credit Loss
9,559
6,681
Personal Banking Portfolio Segment [Member] | Real Estate - Personal [Member] | Non-Accrual [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
0
0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
261
0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
167
52
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
0
169
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
157
102
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
1,068
1,043
Revolving Loans Amortized Cost Basis
0
0
Financing Receivable, before Allowance for Credit Loss
1,653
1,366
Personal Banking Portfolio Segment [Member] | Consumer Loan [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
519,010
536,755
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
340,314
378,369
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
258,542
206,052
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
127,232
106,791
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
56,448
36,363
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
51,723
62,483
Revolving Loans Amortized Cost Basis
724,454
732,275
Financing Receivable, before Allowance for Credit Loss
2,077,723
2,059,088
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff
926
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff
2,891
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff
1,939
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff
770
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff
376
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff
370
Financing Receivable, Revolving, Writeoff
1,051
Loans charged off
8,323
Personal Banking Portfolio Segment [Member] | Consumer Loan [Member] | Current to 90 Days Past Due [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
518,619
536,429
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
340,104
378,118
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
258,348
205,849
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
127,208
106,733
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
56,394
36,096
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
51,302
62,255
Revolving Loans Amortized Cost Basis
722,595
731,436
Financing Receivable, before Allowance for Credit Loss
2,074,570
2,056,916
Personal Banking Portfolio Segment [Member] | Consumer Loan [Member] | Over 90 days past due [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
391
326
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
210
251
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
194
203
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
24
58
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
54
267
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
421
228
Revolving Loans Amortized Cost Basis
1,859
839
Financing Receivable, before Allowance for Credit Loss
3,153
2,172
Personal Banking Portfolio Segment [Member] | Revolving Home Equity [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
0
0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
0
0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
0
0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
0
0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
0
0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
0
0
Revolving Loans Amortized Cost Basis
319,894
297,207
Financing Receivable, before Allowance for Credit Loss
319,894
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
11
Loans charged off
11
Personal Banking Portfolio Segment [Member] | Revolving Home Equity [Member] | Current to 90 Days Past Due [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
0
0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
0
0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
0
0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
0
0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
0
0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
0
0
Revolving Loans Amortized Cost Basis
317,047
296,504
Financing Receivable, before Allowance for Credit Loss
317,047
296,504
Personal Banking Portfolio Segment [Member] | Revolving Home Equity [Member] | Over 90 days past due [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
0
0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
0
0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
0
0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
0
0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
0
0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
0
0
Revolving Loans Amortized Cost Basis
870
703
Financing Receivable, before Allowance for Credit Loss
870
703
Personal Banking Portfolio Segment [Member] | Revolving Home Equity [Member] | Non-Accrual [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
0
Revolving Loans Amortized Cost Basis
1,977
Financing Receivable, before Allowance for Credit Loss
1,977
Personal Banking Portfolio Segment [Member] | Consumer Credit Card [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
0
0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
0
0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
0
0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
0
0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
0
0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
0
0
Revolving Loans Amortized Cost Basis
589,913
584,000
Financing Receivable, before Allowance for Credit Loss
589,913
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
24,105
Loans charged off
24,105
Personal Banking Portfolio Segment [Member] | Consumer Credit Card [Member] | Current to 90 Days Past Due [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
0
0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
0
0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
0
0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
0
0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
0
0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
0
0
Revolving Loans Amortized Cost Basis
582,330
578,451
Financing Receivable, before Allowance for Credit Loss
582,330
578,451
Personal Banking Portfolio Segment [Member] | Consumer Credit Card [Member] | Over 90 days past due [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
0
0
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
0
0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
0
0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
0
0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
0
0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
0
0
Revolving Loans Amortized Cost Basis
7,583
5,549
Financing Receivable, before Allowance for Credit Loss
7,583
5,549
Personal Banking Portfolio Segment [Member] | Overdrafts [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
6,802
14,957
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
0
0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
0
0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
0
0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
0
0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
0
0
Revolving Loans Amortized Cost Basis
0
0
Financing Receivable, before Allowance for Credit Loss
6,802
14,957
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff
3,803
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
3,803
Personal Banking Portfolio Segment [Member] | Overdrafts [Member] | Current to 90 Days Past Due [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
6,802
14,737
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
0
0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
0
0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
0
0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
0
0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
0
0
Revolving Loans Amortized Cost Basis
0
0
Financing Receivable, before Allowance for Credit Loss
6,802
14,737
Personal Banking Portfolio Segment [Member] | Overdrafts [Member] | Over 90 days past due [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Financing Receivable, Year One, Originated, Current Fiscal Year
0
220
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year
0
0
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year
0
0
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year
0
0
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year
0
0
Financing Receivable, Originated, More than Five Years before Current Fiscal Year
0
0
Revolving Loans Amortized Cost Basis
0
0
Financing Receivable, before Allowance for Credit Loss
$ 0
$ 220
$ in Thousands
Financing Receivable, Credit Quality Indicator [Line Items]
Collateral Dependent Loans, Amortized Cost
$ 4,398
$ 4,602
Business [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Collateral Dependent Loans, Business, Amortized Cost
2,421
4,602
Revolving Home Equity [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Collateral Dependent Loans, Business, Amortized Cost
1,977
0
Business Assets [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Collateral Dependent Loans, Amortized Cost
1,183
2,778
Business Assets [Member] | Business [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Collateral Dependent Loans, Business, Amortized Cost
1,183
2,778
Business Assets [Member] | Revolving Home Equity [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Collateral Dependent Loans, Business, Amortized Cost
0
0
Real Estate
Financing Receivable, Credit Quality Indicator [Line Items]
Collateral Dependent Loans, Amortized Cost
1,977
Real Estate | Business [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Collateral Dependent Loans, Business, Amortized Cost
0
Real Estate | Revolving Home Equity [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Collateral Dependent Loans, Business, Amortized Cost
1,977
Oil & Gas Assets [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Collateral Dependent Loans, Amortized Cost
1,238
1,824
Oil & Gas Assets [Member] | Business [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Collateral Dependent Loans, Business, Amortized Cost
1,238
1,824
Oil & Gas Assets [Member] | Revolving Home Equity [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Collateral Dependent Loans, Business, Amortized Cost
$ 0
$ 0
$ in Millions
Loans And Allowance For Credit Losses [Abstract]
Credit Quality Personal Real Estate Loans Excluded
$ 168.9
$ 179.2
Consumer Healthcare Loans Excluded
$ 211.3
$ 197.5
Credit quality personal banking loan table percentage loans excluded
7.00%
Real Estate - Personal [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
100.00%
100.00%
Real Estate - Personal [Member] | Under 600 [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
2.00%
1.40%
Real Estate - Personal [Member] | 600 - 659 [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
2.30%
2.20%
Real Estate - Personal [Member] | 660 - 719 [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
8.50%
8.10%
Real Estate - Personal [Member] | 720 - 779 [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
21.90%
23.70%
Real Estate - Personal [Member] | 780 and over [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
65.30%
64.60%
Consumer [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
100.00%
100.00%
Consumer [Member] | Under 600 [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
2.50%
2.20%
Consumer [Member] | 600 - 659 [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
4.30%
4.20%
Consumer [Member] | 660 - 719 [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
12.90%
14.50%
Consumer [Member] | 720 - 779 [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
28.20%
26.70%
Consumer [Member] | 780 and over [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
52.10%
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 [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
1.90%
1.50%
Revolving Home Equity [Member] | 600 - 659 [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
3.30%
2.80%
Revolving Home Equity [Member] | 660 - 719 [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
10.90%
9.70%
Revolving Home Equity [Member] | 720 - 779 [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
22.40%
21.40%
Revolving Home Equity [Member] | 780 and over [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
61.50%
64.60%
Consumer Credit Card [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
100.00%
100.00%
Consumer Credit Card [Member] | Under 600 [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
4.70%
3.40%
Consumer Credit Card [Member] | 600 - 659 [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
12.10%
11.40%
Consumer Credit Card [Member] | 660 - 719 [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
29.20%
30.80%
Consumer Credit Card [Member] | 720 - 779 [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
27.00%
27.10%
Consumer Credit Card [Member] | 780 and over [Member]
Loans And Allowance For Loan Losses [Line Items]
Percentage of Loan Category
27.00%
27.30%
$ in Thousands12 Months Ended
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
$ 141,470
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage
0.80%
Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
$ 134,141
Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
4,271
Interest Rate Below Market Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
2,627
Interest/Fees Forgiven
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
346
Other Loan Restructuring
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
85
Commercial Portfolio Segment [Member] | Business [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
$ 28,179
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage
0.50%
Commercial Portfolio Segment [Member] | Business [Member] | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
$ 28,179
Commercial Portfolio Segment [Member] | Business [Member] | Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
0
Commercial Portfolio Segment [Member] | Business [Member] | Interest Rate Below Market Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
0
Commercial Portfolio Segment [Member] | Business [Member] | Interest/Fees Forgiven
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
0
Commercial Portfolio Segment [Member] | Business [Member] | Other Loan Restructuring
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
0
Commercial Portfolio Segment [Member] | Real Estate - Business [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
$ 105,549
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage
2.80%
Commercial Portfolio Segment [Member] | Real Estate - Business [Member] | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
$ 105,549
Commercial Portfolio Segment [Member] | Real Estate - Business [Member] | Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
0
Commercial Portfolio Segment [Member] | Real Estate - Business [Member] | 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 [Member] | Interest/Fees Forgiven
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
0
Commercial Portfolio Segment [Member] | Real Estate - Business [Member] | 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 [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
$ 4,586
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage
0.20%
Personal Banking Portfolio Segment [Member] | Real Estate - Personal [Member] | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
$ 383
Personal Banking Portfolio Segment [Member] | Real Estate - Personal [Member] | Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
4,203
Personal Banking Portfolio Segment [Member] | Real Estate - Personal [Member] | 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 [Member] | 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 [Member] | Other Loan Restructuring
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
0
Personal Banking Portfolio Segment [Member] | Consumer Loan [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
$ 275
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage
0.00%
Personal Banking Portfolio Segment [Member] | Consumer Loan [Member] | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
$ 30
Personal Banking Portfolio Segment [Member] | Consumer Loan [Member] | Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
68
Personal Banking Portfolio Segment [Member] | Consumer Loan [Member] | Interest Rate Below Market Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
92
Personal Banking Portfolio Segment [Member] | Consumer Loan [Member] | Interest/Fees Forgiven
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
0
Personal Banking Portfolio Segment [Member] | Consumer Loan [Member] | Other Loan Restructuring
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
85
Personal Banking Portfolio Segment [Member] | Consumer Credit Card [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
$ 2,881
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage
0.50%
Personal Banking Portfolio Segment [Member] | Consumer Credit Card [Member] | Extended Maturity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
$ 0
Personal Banking Portfolio Segment [Member] | Consumer Credit Card [Member] | Payment Deferral
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
0
Personal Banking Portfolio Segment [Member] | Consumer Credit Card [Member] | Interest Rate Below Market Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
2,535
Personal Banking Portfolio Segment [Member] | Consumer Credit Card [Member] | Interest/Fees Forgiven
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
346
Personal Banking Portfolio Segment [Member] | Consumer Credit Card [Member] | Other Loan Restructuring
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Modified in Period, Amount
$ 0
12 Months Ended
Commercial Portfolio Segment [Member] | Business [Member]
Financial Impacts of Loan Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification
7 months
Commercial Portfolio Segment [Member] | Real Estate - Business [Member]
Financial Impacts of Loan Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification
13 months
Personal Banking Portfolio Segment [Member] | Real Estate - Personal [Member]
Financial Impacts of Loan Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Term Increase from Modification
7 months
Financing receivable, modified, actual term increase for monthly payments
Extended maturity by 10 years.
Financing Receivable, Modified, Weighted Average Deferral of Certain Payments
20 years
Personal Banking Portfolio Segment [Member] | Consumer Loan [Member]
Financial Impacts of Loan Modifications [Line Items]
Financing Receivable, Modified, Weighted Average Deferral of Certain Payments
71 months
Financing Receivable, Interest Rate Decrease from Modification
Reduced weighted-average contractual interest rate from average 22% to 6%.
Personal Banking Portfolio Segment [Member] | Consumer Credit Card [Member]
Financial Impacts of Loan Modifications [Line Items]
Financing Receivable, Interest Rate Decrease from Modification
Reduced weighted-average contractual interest rate from average 22% to 6%.
Financing Receivable, Modified, Interest and Fees Forgiven
Approximately $33 thousand of interest and fees forgiven.
$ in Thousands12 Months Ended
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default
$ 1,867
Payment Deferral
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default
1,357
Interest Rate Below Market Reduction
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default
356
Interest/Fees Forgiven
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default
154
Personal Banking Portfolio Segment [Member] | Real Estate - Personal [Member]
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default
1,357
Personal Banking Portfolio Segment [Member] | Real Estate - Personal [Member] | Payment Deferral
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default
1,357
Personal Banking Portfolio Segment [Member] | Real Estate - Personal [Member] | Interest Rate Below Market Reduction
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default
0
Personal Banking Portfolio Segment [Member] | Real Estate - Personal [Member] | Interest/Fees Forgiven
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default
0
Personal Banking Portfolio Segment [Member] | Consumer Loan [Member]
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default
24
Personal Banking Portfolio Segment [Member] | Consumer Loan [Member] | Payment Deferral
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default
0
Personal Banking Portfolio Segment [Member] | Consumer Loan [Member] | Interest Rate Below Market Reduction
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default
24
Personal Banking Portfolio Segment [Member] | Consumer Loan [Member] | Interest/Fees Forgiven
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default
0
Personal Banking Portfolio Segment [Member] | Consumer Credit Card [Member]
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default
486
Personal Banking Portfolio Segment [Member] | Consumer Credit Card [Member] | Payment Deferral
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default
0
Personal Banking Portfolio Segment [Member] | Consumer Credit Card [Member] | Interest Rate Below Market Reduction
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default
332
Personal Banking Portfolio Segment [Member] | Consumer Credit Card [Member] | Interest/Fees Forgiven
Financing Receivable, Modified, Subsequent Default [Line Items]
Financing Receivable, Modified, Subsequent Default
$ 154
$ in Thousands12 Months Ended
Financing Receivable, Modified, Past Due [Line Items]
Financing Receivable, Modified in Period, Current
$ 134,936
Financing Receivable, Modified in Period, Thirty to Eighty Nine Days Past Due
5,634
Financing Receivable, Modified in Period, Ninety Days Past Due
900
Financing Receivable, Modified in Period, Amount
141,470
Commercial Portfolio Segment [Member] | Business [Member]
Financing Receivable, Modified, Past Due [Line Items]
Financing Receivable, Modified in Period, Current
26,941
Financing Receivable, Modified in Period, Thirty to Eighty Nine Days Past Due
1,238
Financing Receivable, Modified in Period, Ninety Days Past Due
0
Financing Receivable, Modified in Period, Amount
28,179
Commercial Portfolio Segment [Member] | Real Estate - Business [Member]
Financing Receivable, Modified, Past Due [Line Items]
Financing Receivable, Modified in Period, Current
102,388
Financing Receivable, Modified in Period, Thirty to Eighty Nine Days Past Due
3,161
Financing Receivable, Modified in Period, Ninety Days Past Due
0
Financing Receivable, Modified in Period, Amount
105,549
Personal Banking Portfolio Segment [Member] | Real Estate - Personal [Member]
Financing Receivable, Modified, Past Due [Line Items]
Financing Receivable, Modified in Period, Current
3,303
Financing Receivable, Modified in Period, Thirty to Eighty Nine Days Past Due
751
Financing Receivable, Modified in Period, Ninety Days Past Due
532
Financing Receivable, Modified in Period, Amount
4,586
Personal Banking Portfolio Segment [Member] | Consumer Loan [Member]
Financing Receivable, Modified, Past Due [Line Items]
Financing Receivable, Modified in Period, Current
233
Financing Receivable, Modified in Period, Thirty to Eighty Nine Days Past Due
28
Financing Receivable, Modified in Period, Ninety Days Past Due
14
Financing Receivable, Modified in Period, Amount
275
Personal Banking Portfolio Segment [Member] | Consumer Credit Card [Member]
Financing Receivable, Modified, Past Due [Line Items]
Financing Receivable, Modified in Period, Current
2,071
Financing Receivable, Modified in Period, Thirty to Eighty Nine Days Past Due
456
Financing Receivable, Modified in Period, Ninety Days Past Due
354
Financing Receivable, Modified in Period, Amount
$ 2,881
$ in Thousands
Financing Receivable, Troubled Debt Restructuring [Line Items]
Restructured loans
$ 198,671
Commercial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Restructured loans
184,388
Assistance programs
Financing Receivable, Troubled Debt Restructuring [Line Items]
Restructured loans
5,156
Other consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Restructured loans
4,049
Non-accrual loans
Financing Receivable, Troubled Debt Restructuring [Line Items]
Restructured loans
$ 5,078
$ in Thousands
Loans And Allowance For Loan Losses [Line Items]
Restructured loans
$ 198,671
Balance 90 days past due at any time during previous 12 months
1,139
Commercial Portfolio Segment [Member] | Business [Member]
Loans And Allowance For Loan Losses [Line Items]
Restructured loans
12,311
Balance 90 days past due at any time during previous 12 months
0
Commercial Portfolio Segment [Member] | Real Estate - Construction And Land [Member]
Loans And Allowance For Loan Losses [Line Items]
Restructured loans
57,547
Balance 90 days past due at any time during previous 12 months
0
Commercial Portfolio Segment [Member] | Real Estate - Business [Member]
Loans And Allowance For Loan Losses [Line Items]
Restructured loans
118,654
Balance 90 days past due at any time during previous 12 months
0
Personal Banking Portfolio Segment [Member] | Real Estate - Personal [Member]
Loans And Allowance For Loan Losses [Line Items]
Restructured loans
2,809
Balance 90 days past due at any time during previous 12 months
419
Personal Banking Portfolio Segment [Member] | Consumer [Member]
Loans And Allowance For Loan Losses [Line Items]
Restructured loans
2,250
Balance 90 days past due at any time during previous 12 months
268
Personal Banking Portfolio Segment [Member] | Revolving Home Equity [Member]
Loans And Allowance For Loan Losses [Line Items]
Restructured loans
17
Balance 90 days past due at any time during previous 12 months
0
Personal Banking Portfolio Segment [Member] | Consumer Credit Card [Member]
Loans And Allowance For Loan Losses [Line Items]
Restructured loans
5,083
Balance 90 days past due at any time during previous 12 months
$ 452
12 Months Ended
Investment [Line Items]
Interest Receivable
$ 71,900,000
$ 55,500,000
Equity Securities without Readily Determinable Fair Value, Amount
$ 6,978,000
6,094,000
Percentage decrease requiring a review for impairment
20.00%
Fair value of securities on other-than-temporary impairment watch list
$ 1,200,000,000
1,300,000,000
Debt Securities, Available-for-sale, Unrealized Loss Position
9,593,950,000
12,027,745,000
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss
1,220,484,000
1,500,632,000
Available for sale securities in loss position at period end, change in unrealized loss
(280,100,000)
Securities pledged as collateral
$ 7,500,000,000
4,700,000,000
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
Investment [Line Items]
Financial Instruments, Owned, at Fair Value
$ 208,000
Visa Class B Shares [Member]
Investment [Line Items]
Equity Securities without Readily Determinable Fair Value, Shares | shares
823,447
Equity Securities without Readily Determinable Fair Value, Amount
$ 0
Visa Class B-1 Shares | Subsequent Event [Member]
Investment [Line Items]
Equity Securities without Readily Determinable Fair Value, Share Class Redenomination | shares
823,447
US Treasury and Government [Member]
Investment [Line Items]
U.S. Treasury inflation-protected securities held
404,400,000
Debt Securities, Available-for-sale, Unrealized Loss Position
765,985,000
986,413,000
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss
24,834,000
43,430,000
Investment Securities
Investment [Line Items]
Interest Receivable
$ 28,900,000
$ 38,800,000
$ in Thousands
Investments, Debt and Equity Securities [Abstract]
Debt Securities, Available-for-sale
$ 9,684,760
$ 12,238,316
Trading securities
28,830
43,523
Equity securities with readily determinable fair values
5,723
6,210
Equity Securities without Readily Determinable Fair Value, Amount
6,978
6,094
Federal Reserve Bank Stock
35,166
34,795
Federal Home Loan Bank Stock
10,640
10,678
Equity Method Investments
0
1,434
Private Equity Investments
176,667
178,127
Total investment securities
$ 9,948,764
$ 12,519,177
Investment [Line Items]
Debt Securities, Available-for-sale, Amortized Cost
$ 10,904,765,000
$ 13,738,206,000
Debt Securities, Available-for-sale, Fair Value
9,684,760,000
12,238,316,000
U.S. Government And Federal Agency Obligations [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Amortized Cost
841,267,000
1,078,807,000
Debt Securities, Available-for-sale, Fair Value
816,514,000
1,035,406,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost
399,926,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value
394,466,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost
263,138,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value
255,368,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Amortized Cost
178,203,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Fair Value
$ 166,680,000
Debt Securities, Available-for-Sale, Weighted Average Yield
[1]
1.19%
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, Year One
[1]
1.44%
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, after Year One Through Five
[1]
1.26%
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, after Year 5 Through 10
[1]
0.54%
US Government-sponsored Enterprise Debt Securities [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Amortized Cost
$ 55,658,000
55,729,000
Debt Securities, Available-for-sale, Fair Value
43,962,000
43,108,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Amortized Cost
4,948,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Fair Value
4,505,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost
50,710,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value
$ 39,457,000
Debt Securities, Available-for-Sale, Weighted Average Yield
2.38%
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, after Year 5 Through 10
2.94%
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, after Year 10
2.32%
State and municipal obligations [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Amortized Cost
$ 1,346,633,000
1,965,028,000
Debt Securities, Available-for-sale, Fair Value
1,197,419,000
1,767,109,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost
62,701,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value
61,763,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost
403,542,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value
376,194,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Amortized Cost
750,535,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Fair Value
649,221,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost
129,855,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value
$ 110,241,000
Debt Securities, Available-for-Sale, Weighted Average Yield
1.78%
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, Year One
1.31%
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, after Year One Through Five
1.67%
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, after Year 5 Through 10
1.82%
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, after Year 10
2.13%
Agency mortgage-backed securities [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Amortized Cost
$ 4,621,821,000
5,087,893,000
Debt Securities, Available-for-sale, Fair Value
$ 3,901,346,000
4,308,427,000
Debt Securities, Available-for-Sale, Weighted Average Yield
2.10%
Non-agency mortgage-backed securities [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Amortized Cost
$ 1,331,288,000
1,423,469,000
Debt Securities, Available-for-sale, Fair Value
$ 1,157,898,000
1,211,607,000
Debt Securities, Available-for-Sale, Weighted Average Yield
2.37%
Asset-backed Securities [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Amortized Cost
$ 2,200,712,000
3,588,025,000
Debt Securities, Available-for-sale, Fair Value
$ 2,107,485,000
3,397,801,000
Debt Securities, Available-for-Sale, Weighted Average Yield
2.33%
Total mortgage and asset-backed securities [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Amortized Cost
$ 8,153,821,000
10,099,387,000
Debt Securities, Available-for-sale, Fair Value
$ 7,166,729,000
8,917,835,000
Debt Securities, Available-for-Sale, Weighted Average Yield
2.20%
Other Debt Securities [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Amortized Cost
$ 507,386,000
539,255,000
Debt Securities, Available-for-sale, Fair Value
460,136,000
$ 474,858,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost
48,102,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value
47,374,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost
206,942,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value
195,385,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Amortized Cost
239,082,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Fair Value
205,950,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost
13,260,000
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value
$ 11,427,000
Debt Securities, Available-for-Sale, Weighted Average Yield
1.91%
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, Year One
1.87%
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, after Year One Through Five
2.02%
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, after Year 5 Through 10
1.83%
Debt Securities, Available-for-Sale, Weighted Average Yield, Maturity, after Year 10
1.82%
[1]
Rate does not reflect inflation adjustment on inflation-protected securities
$ in Thousands
Investment [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months
$ 99,075
$ 4,402,724
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss
1,784
250,660
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer
9,494,875
7,625,021
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss
1,218,700
1,249,972
Debt Securities, Available-for-sale, Unrealized Loss Position
9,593,950
12,027,745
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss
1,220,484
1,500,632
US Treasury and Government [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months
51,585
605,840
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss
809
17,490
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer
714,400
380,573
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss
24,025
25,940
Debt Securities, Available-for-sale, Unrealized Loss Position
765,985
986,413
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss
24,834
43,430
US Government-sponsored Enterprise Debt Securities [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months
0
25,068
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss
0
4,650
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer
43,962
18,040
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss
11,696
7,971
Debt Securities, Available-for-sale, Unrealized Loss Position
43,962
43,108
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss
11,696
12,621
State and municipal obligations [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months
24,022
814,799
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss
760
26,708
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer
1,167,607
875,329
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss
148,478
171,385
Debt Securities, Available-for-sale, Unrealized Loss Position
1,191,629
1,690,128
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss
149,238
198,093
Agency mortgage-backed securities [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months
4,382
1,323,938
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss
59
125,330
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer
3,875,432
2,966,851
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss
720,649
654,327
Debt Securities, Available-for-sale, Unrealized Loss Position
3,879,814
4,290,789
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss
720,708
779,657
Non-agency mortgage-backed securities [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months
0
135,984
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss
0
16,736
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer
1,152,045
1,069,222
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss
173,526
195,218
Debt Securities, Available-for-sale, Unrealized Loss Position
1,152,045
1,205,206
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss
173,526
211,954
Asset-backed Securities [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months
19,086
1,331,055
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss
156
50,056
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer
2,081,293
2,006,188
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss
93,076
140,424
Debt Securities, Available-for-sale, Unrealized Loss Position
2,100,379
3,337,243
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss
93,232
190,480
Total mortgage and asset-backed securities [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months
23,468
2,790,977
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss
215
192,122
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer
7,108,770
6,042,261
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss
987,251
989,969
Debt Securities, Available-for-sale, Unrealized Loss Position
7,132,238
8,833,238
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss
987,466
1,182,091
Other debt securities [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months
0
166,040
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss
0
9,690
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer
460,136
308,818
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss
47,250
54,707
Debt Securities, Available-for-sale, Unrealized Loss Position
460,136
474,858
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss
$ 47,250
$ 64,397
Investment [Line Items]
Debt Securities, Available-for-sale, Amortized Cost
$ 10,904,765,000
$ 13,738,206,000
Available For Sale Securities, Gross Unreailzed Gain at Period End
479,000
742,000
Available For Sale Securities, Gross Unrealized Loss at Period End
(1,220,484,000)
(1,500,632,000)
Debt Securities, Available-for-sale, Allowance for Credit Loss
0
0
Debt Securities, Available-for-sale, Fair Value
9,684,760,000
12,238,316,000
U.S. Government And Federal Agency Obligations [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Amortized Cost
841,267,000
1,078,807,000
Available For Sale Securities, Gross Unreailzed Gain at Period End
81,000
29,000
Available For Sale Securities, Gross Unrealized Loss at Period End
(24,834,000)
(43,430,000)
Debt Securities, Available-for-sale, Allowance for Credit Loss
0
0
Debt Securities, Available-for-sale, Fair Value
816,514,000
1,035,406,000
US Government-sponsored Enterprise Debt Securities [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Amortized Cost
55,658,000
55,729,000
Available For Sale Securities, Gross Unreailzed Gain at Period End
0
0
Available For Sale Securities, Gross Unrealized Loss at Period End
(11,696,000)
(12,621,000)
Debt Securities, Available-for-sale, Allowance for Credit Loss
0
0
Debt Securities, Available-for-sale, Fair Value
43,962,000
43,108,000
State and municipal obligations [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Amortized Cost
1,346,633,000
1,965,028,000
Available For Sale Securities, Gross Unreailzed Gain at Period End
24,000
174,000
Available For Sale Securities, Gross Unrealized Loss at Period End
(149,238,000)
(198,093,000)
Debt Securities, Available-for-sale, Allowance for Credit Loss
0
0
Debt Securities, Available-for-sale, Fair Value
1,197,419,000
1,767,109,000
Agency mortgage-backed securities [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Amortized Cost
4,621,821,000
5,087,893,000
Available For Sale Securities, Gross Unreailzed Gain at Period End
233,000
191,000
Available For Sale Securities, Gross Unrealized Loss at Period End
(720,708,000)
(779,657,000)
Debt Securities, Available-for-sale, Allowance for Credit Loss
0
0
Debt Securities, Available-for-sale, Fair Value
3,901,346,000
4,308,427,000
Non-agency mortgage-backed securities [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Amortized Cost
1,331,288,000
1,423,469,000
Available For Sale Securities, Gross Unreailzed Gain at Period End
136,000
92,000
Available For Sale Securities, Gross Unrealized Loss at Period End
(173,526,000)
(211,954,000)
Debt Securities, Available-for-sale, Allowance for Credit Loss
0
0
Debt Securities, Available-for-sale, Fair Value
1,157,898,000
1,211,607,000
Asset-backed Securities [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Amortized Cost
2,200,712,000
3,588,025,000
Available For Sale Securities, Gross Unreailzed Gain at Period End
5,000
256,000
Available For Sale Securities, Gross Unrealized Loss at Period End
(93,232,000)
(190,480,000)
Debt Securities, Available-for-sale, Allowance for Credit Loss
0
0
Debt Securities, Available-for-sale, Fair Value
2,107,485,000
3,397,801,000
Total mortgage and asset-backed securities [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Amortized Cost
8,153,821,000
10,099,387,000
Available For Sale Securities, Gross Unreailzed Gain at Period End
374,000
539,000
Available For Sale Securities, Gross Unrealized Loss at Period End
(987,466,000)
(1,182,091,000)
Debt Securities, Available-for-sale, Allowance for Credit Loss
0
0
Debt Securities, Available-for-sale, Fair Value
7,166,729,000
8,917,835,000
Other Debt Securities [Member]
Investment [Line Items]
Debt Securities, Available-for-sale, Amortized Cost
507,386,000
539,255,000
Available For Sale Securities, Gross Unreailzed Gain at Period End
0
0
Available For Sale Securities, Gross Unrealized Loss at Period End
(47,250,000)
(64,397,000)
Debt Securities, Available-for-sale, Allowance for Credit Loss
0
0
Debt Securities, Available-for-sale, Fair Value
$ 460,136,000
$ 474,858,000
$ in Thousands12 Months Ended
Investment [Line Items]
Proceeds from Sale of Available-for-sale Securities
$ 1,101,782
$ 86,240
$ 69,809
Proceeds from sale of equity securities
0
17
0
Proceeds from sales of other securities
40,167
20,714
11,002
Total proceeds
1,141,949
106,971
80,811
Investment securities gains (losses), net
[1]
14,985
20,506
30,059
Available-for-sale Securities [Member]
Investment [Line Items]
Gains realized on sales
143
0
0
Loss realized on sales
(8,587)
(20,273)
(3,284)
Equity securities [Member]
Investment [Line Items]
Gains realized on sales
0
17
0
Fair value adjustments, net
(487)
(943)
187
Other Investments [Member]
Investment [Line Items]
Gains realized on sales
976
1,670
1,611
Other securities, loss realized on sales
(1,076)
(3,798)
(159)
Fair value adjustments, net
$ 24,016
$ 43,833
$ 31,704
[1]
Available for sale debt securities, equity securities, and other securities.
$ in Thousands12 Months Ended
Property, Plant and Equipment [Abstract]
Depreciation expense
$ 36,100
$ 32,300
$ 31,900
Repairs and maintenance expense
18,500
17,700
16,000
Interest Costs Capitalized
$ 903
$ 1,400
$ 29
$ in Thousands
Property, Plant and Equipment [Line Items]
Gross land, buildings and equipment
$ 1,090,607
$ 1,027,041
Less accumulated depreciation and amortization
621,548
608,132
Net premises and equipment
469,059
418,909
Land [Member]
Property, Plant and Equipment [Line Items]
Gross land, buildings and equipment
88,564
89,342
Building and improvements [Member]
Property, Plant and Equipment [Line Items]
Gross land, buildings and equipment
730,445
673,802
Equipment [Member]
Property, Plant and Equipment [Line Items]
Gross land, buildings and equipment
244,636
237,867
Right of use leased assets [Member]
Property, Plant and Equipment [Line Items]
Gross land, buildings and equipment
$ 26,962
$ 26,030
$ in Thousands12 Months Ended
Finite-Lived Intangible Assets [Line Items]
Impairment of goodwill
$ 0
$ 0
$ 0
Aggregate amortization expense for intangible assets
1,400
$ 2,000
$ 3,100
Easement
Finite-Lived Intangible Assets [Line Items]
Indefinite-Lived Intangible Assets (Excluding Goodwill)
3,600
Mortgage Servicing Rights
Finite-Lived Intangible Assets [Line Items]
(Impairment) Recovery of Intangible Assets, Finite-lived
$ 0
$ in Thousands
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount
$ 19,273
$ 53,457
Accumulated Amortization
(8,694)
(41,823)
Valuation allowance
0
0
Finite-Lived Intangible Assets, Net, Total
10,579
11,634
Core Deposit Premium [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount
5,550
31,270
Accumulated Amortization
(5,092)
(30,565)
Valuation allowance
0
0
Finite-Lived Intangible Assets, Net, Total
458
705
Mortgage Servicing Rights
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount
13,723
22,187
Accumulated Amortization
(3,602)
(11,258)
Valuation allowance
0
0
Finite-Lived Intangible Assets, Net, Total
$ 10,121
$ 10,929
$ in Thousands
Goodwill [Line Items]
Goodwill
$ 146,539
$ 138,921
Consumer Segment [Member]
Goodwill [Line Items]
Goodwill
70,721
70,721
Commercial Segment [Member]
Goodwill [Line Items]
Goodwill
75,072
67,454
Wealth Segment [Member]
Goodwill [Line Items]
Goodwill
$ 746
$ 746
$ in Thousands12 Months Ended
Goodwill [Roll Forward]
Goodwill, Acquired During Period
$ 7,600
Amortization
1,400
$ 2,000
$ 3,100
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]
Other intangible assets – net
Disposal of intangible assets
25,700
Goodwill [Member]
Goodwill [Roll Forward]
Balance, beginning
138,921
$ 138,921
Goodwill, Acquired During Period
7,618
Originations
0
0
Amortization
0
0
(Impairment) Recovery of Intangible Assets, Finite-lived
0
Balance, ending
146,539
138,921
138,921
Easement
Goodwill [Roll Forward]
Balance, beginning
3,600
3,600
Goodwill, Acquired During Period
0
Originations
0
0
Amortization
0
0
(Impairment) Recovery of Intangible Assets, Finite-lived
0
Balance, ending
3,600
3,600
3,600
Core Deposit Premium [Member]
Goodwill [Roll Forward]
Balance, beginning
705
1,004
Goodwill, Acquired During Period
0
Originations
0
0
Amortization
(247)
(299)
(Impairment) Recovery of Intangible Assets, Finite-lived
0
Balance, ending
458
705
1,004
Mortgage Servicing Rights [Member]
Goodwill [Roll Forward]
Balance, beginning
10,929
10,966
Goodwill, Acquired During Period
0
Originations
340
1,317
Amortization
(1,148)
(1,658)
(Impairment) Recovery of Intangible Assets, Finite-lived
304
Balance, ending
$ 10,121
$ 10,929
$ 10,966
$ in Thousands
Goodwill and Intangible Assets Disclosure [Abstract]
2024
$ 1,315
2025
1,153
2026
1,007
2027
867
2028
$ 752
$ in Thousands12 Months Ended
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]
Premises and equipment – net
Premises and equipment – net
Operating Lease, Liability, Statement of Financial Position [Extensible List]
Other liabilities
Other liabilities
Operating Lease, Right-of-Use Asset
$ 26,500
$ 24,900
Operating Lease, Liability
26,894
25,200
Lease, Cost
$ 8,300
$ 7,900
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term
1 month
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Renewal Term
28 years
$ in Thousands
Leases [Abstract]
2024
$ 6,290
2025
4,434
2026
3,833
2027
3,609
2028
3,303
After 2028
12,624
Total lease payments
34,093
Less: Interest
7,199
Present value of lease liabilities
26,894
$ 25,200
Legally binding minimum lease payments for operating leases signed but not yet commenced
$ 743
Leases [Abstract]
Weighted-average remaining lease term
9 years 10 months 24 days
10 years 7 months 6 days
Weighted-average discount rate
4.11%
3.73%
$ in Thousands12 Months Ended
Leases [Abstract]
Operating cash paid toward lease liabilities
$ 6,486
$ 6,529
Leased assets obtained in exchange for new lease liabilities
$ 7,085
$ 5,161
Minimum [Member]
Lessor, Lease, Description [Line Items]
Lessor, Operating Lease, Renewal Term
1 month
Maximum [Member]
Lessor, Lease, Description [Line Items]
Lessor, Operating Lease, Renewal Term
15 years
$ in Thousands12 Months Ended
Operating Lease Income [Line Items]
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]
Other
Direct financing and sales-type leases
$ 31,127
$ 22,144
Operating Lease, Lease Income
13,036
8,948
Lease Income, Total
44,163
31,092
Operating Lease Income from Related Party [Member]
Operating Lease Income [Line Items]
Operating Lease, Lease Income
$ 76
$ 76
$ in Thousands
Leases [Abstract]
Sales-type and Direct Financing Leases, Lease Receivable
$ 729,891
$ 704,509
Sales-type and Direct Financing Leases, Unguaranteed Residual Asset
134,105
72,157
Net Investment in Lease, before Allowance for Credit Loss, Total
863,996
776,666
Deferred Costs, Leasing, Net
3,024
3,222
Sales-Type And Direct Financing Leases, Lease Receivable, net of deferred origination costs
$ 867,020
$ 779,888
$ in Thousands
Leases [Abstract]
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year One
$ 218,641
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Two
182,103
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Three
146,430
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Four
110,328
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, Year Five
67,850
Sales-Type and Direct Financing Leases, Lease Receivable, to be Received, after Year Five
80,861
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received
806,213
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount
76,322
Sales-type and Direct Financing Leases, Lease Receivable
729,891
$ 704,509
Lessor, Operating Lease, Payment to be Received, Year One
11,976
Lessor, Operating Lease, Payment to be Received, Year Two
10,725
Lessor, Operating Lease, Payment to be Received, Year Three
10,080
Lessor, Operating Lease, Payment to be Received, Year Four
9,034
Lessor, Operating Lease, Payment to be Received, Year Five
8,352
Lessor, Operating Lease, Payment to be Received, after Year Five
46,783
Lessor, Operating Lease, Payments to be Received
96,950
Lessor, Total Payments to be Received, Next Twelve Months
230,617
Lessor, Total Payments to be Received, Two Years
192,828
Lessor, Total Payments to be Received, Three Years
156,510
Lessor, Total Payments to be Received, Four Years
119,362
Lessor, Total Payments to be Received, Five Years
76,202
Lessor, Total Payments to be Received, Thereafter
127,644
Lessor, Total Payments to be Received
$ 903,163
$ in Thousands
Deposits [Abstract]
Due in 2024
$ 2,647,310
Due in 2025
185,368
Due in 2026
29,435
Due in 2027
7,906
Due in 2028
5,671
Total
2,875,690
Aggregate amount of time open and certificates of deposit that exceed the $250,000 FDIC insurance limit
$ 1,300
$ in Thousands
Debt Disclosure [Abstract]
Short-term repurchase agreement comprised of non-insured customer funds
$ 2,600,000
FHLB Advances Outstanding
0
Repurchase Agreements, Accrued Interest
695
$ 275
$ 9
FHLB issued letters of credit
$ 639,500
$ in Thousands12 Months Ended
Short-term Debt [Line Items]
Year End Weighted Rate
2.78%
2.01%
0.06%
Average Weighted Rate
3.47%
1.06%
0.07%
Average Balance Outstanding
$ 2,839,633
$ 2,439,279
$ 2,334,837
Maximum Outstanding at any Month End
3,133,020
2,841,734
3,022,967
Balance at December 31
$ 2,908,815
$ 2,841,734
$ 3,022,967
$ in Thousands12 Months Ended
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, at federal statutory income tax rate
21.00%
21.00%
21.00%
Unrecognized Tax Benefits
$ 1,270
$ 1,205
$ 1,276
Unrecognized tax benefits impact the effective tax rate
$ 1,000
$ 1,000
$ in Thousands12 Months Ended
Income Tax Disclosure [Abstract]
U.S. federal, Current
$ 124,787
$ 96,849
$ 104,924
State and local, Current
17,161
13,793
15,174
Current, income tax expense (benefit)
141,948
110,642
120,098
U.S. federal, Deferred
(6,228)
19,990
22,184
State and local, Deferred
(1,171)
1,726
3,429
Deferred, income tax expense (benefit)
(7,399)
21,716
25,613
U.S. federal, Total
118,559
116,839
127,108
State and local, Total
15,990
15,519
18,603
Total income tax expense
$ 134,549
$ 132,358
$ 145,711
$ in Thousands12 Months Ended
Income Tax Disclosure [Abstract]
Unrealized gain (loss) on securities available for sale
$ 69,972
$ (382,697)
$ (80,211)
Components of income Tax Recorded Directly to Equity, Change in Fair Value of Cash Flow Hedge
(6,017)
(6,446)
(6,040)
Accumulated pension (benefit) loss
1,197
1,161
1,484
Income tax expense (benefit) allocated to stockholders’ equity
$ 65,152
$ (387,982)
$ (84,767)
$ in Thousands
Income Tax Disclosure [Abstract]
Unrealized losses on available-for-sale securities
$ 305,001
$ 374,973
Loans, principally due to allowance for credit losses
44,702
43,553
Unearned fee income
10,810
5,534
Accrued expenses
10,531
6,748
Equity-based compensation
8,082
7,491
Deferred compensation
7,894
7,864
Deferred tax assets, Other
812
1,737
Total deferred tax assets
387,832
447,900
Equipment lease financing
99,453
91,913
Land, buildings and equipment
21,016
17,210
Cash flow hedges
9,468
19,747
Intangible assets
7,545
7,519
Private equity investments
6,888
9,393
Deferred tax liabilities, Other
7,235
8,138
Total deferred tax liabilities
151,605
153,920
Net deferred tax assets (liabilities)
$ 236,227
$ 293,980
$ in Thousands12 Months Ended
Income Tax Disclosure [Abstract]
Computed “expected” tax expense
$ 128,438
$ 130,359
$ 142,060
State and local income taxes, net of federal tax benefit
12,633
12,260
14,697
Tax-exempt interest, net of cost to carry
(7,002)
(8,473)
(9,002)
Effective Income Tax Rate Reconciliation, Non-deductible FDIC insurance premium, Amount
2,101
1,376
1,090
Effective Income Tax Rate Reconciliation, Share-based Award Payments, Amount
(1,176)
(1,669)
(2,941)
Other
(445)
(1,495)
(193)
Total income tax expense
$ 134,549
$ 132,358
$ 145,711
$ in Thousands12 Months Ended
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefits at beginning of year
$ 1,205
$ 1,276
Gross increases – tax positions in prior period
25
21
Gross increases – current-period tax positions
336
235
Lapse of statute of limitations
(296)
(327)
Unrecognized tax benefits at end of year
$ 1,270
$ 1,205
12 Months Ended
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit plan, discretionary contribution by employer
$ 0
$ 0
$ 0
Minimum Required Contribution, Next Fiscal Year
0
Contributions to the CERP
806,000
$ 14,000
$ 14,000
Increase (Decrease) in Obligation, Pension Benefits
(3,300,000)
Defined Benefit Plan Fair Value Of Plan Assets Period Increase (Decrease) more than expected
$ 4,300,000
Determination of benefit obligation at year end, Discount rate
4.98%
5.19%
2.58%
Accumulated benefit obligation
$ 93,900,000
$ 95,800,000
Expected long-term rate of return on pension plan assets
4.75%
4.25%
4.25%
Annualized 10-year return for pension plan
4.90%
Rate of return
10.30%
(12.00%)
Expected pension expense for the upcoming fiscal year
$ 1,700,000
Pension expense
$ 2,300,000
Equity securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Long-term investment target mix
10.00%
Fixed Income Securities [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Long-term investment target mix
90.00%
$ in Thousands12 Months Ended
Total employee benefits
$ 91,086
$ 82,787
$ 78,010
Payroll Taxes [Member]
Total employee benefits
31,507
29,580
28,084
Medical Plans [Member]
Total employee benefits
36,277
31,004
31,131
401K Plan [Member]
Total employee benefits
19,216
18,590
17,237
Pension Plans [Member]
Total employee benefits
499
516
388
Other [Member]
Total employee benefits
$ 3,587
$ 3,097
$ 1,170
$ in Thousands12 Months Ended
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost-benefits earned during the year
$ 499
$ 516
$ 388
Interest cost on projected benefit obligation
4,615
2,725
2,169
Expected return on plan assets
(4,051)
(4,515)
(4,532)
Amortization of prior service cost
(271)
(271)
(271)
Amortization of unrecognized net (gain) loss
1,464
1,717
2,578
Net periodic pension cost
$ 2,256
$ 172
$ 332
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]
Salaries and employee benefits
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]
Salaries and employee benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]
Salaries and employee benefits
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]
Salaries and employee benefits
$ in Thousands12 Months Ended
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
Projected benefit obligation at prior valuation date
$ 95,842
$ 121,738
Service cost
499
516
$ 388
Interest cost
4,615
2,725
2,169
Defined Benefit Plan, Benefit Obligation, Benefits Paid
(7,667)
(6,933)
Actuarial (gain) loss
660
(22,204)
Projected benefit obligation at valuation date
93,949
95,842
121,738
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]
Fair value of plan assets at prior valuation date
88,396
109,807
Actual return on plan assets
8,307
(14,492)
Employer contributions
806
14
Benefits paid
(7,667)
(6,933)
Fair value of plan assets at valuation date
89,842
88,396
$ 109,807
Funded status and net amount recognized at valuation date
$ (4,107)
$ (7,446)
$ in Thousands12 Months Ended
Retirement Benefits [Abstract]
Prior service credit (cost)
$ 181
$ 452
Accumulated gain (loss)
(18,304)
(23,363)
Accumulated other comprehensive income (loss)
(18,123)
(22,911)
Cumulative employer contributions in excess of net periodic benefit cost
14,016
15,465
Net amount recognized as an accrued benefit liability on the December 31 balance sheet
(4,107)
(7,446)
Net gain (loss) arising during period
3,594
3,197
Amortization of net (gain) loss
1,464
1,717
$ 2,578
Amortization of prior service cost
(271)
(271)
$ (271)
Total recognized in other comprehensive income (loss)
4,787
4,643
Total income (expense) recognized in net periodic pension cost and other comprehensive income
$ 2,531
$ 4,471
12 Months Ended
Defined Benefit Plan, Assumptions Used in Calculations [Abstract]
Determination of benefit obligation at year end, Discount rate
4.98%
5.19%
2.58%
Determination of benefit obligation at year end, Assumed credit on cash balance accounts
5.00%
5.00%
5.00%
Determination of net periodic benefit cost for year ended, Discount rate
5.19%
2.64%
2.25%
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Effective Rate of Interest
5.09%
2.15%
1.63%
Determination of net periodic benefit cost for year ended, Long-term rate of return on assets
4.75%
4.25%
4.25%
Determination of net periodic benefit cost for year ended, Assumed credit on cash balance accounts
5.00%
5.00%
5.00%
$ in Thousands
U.S. government obligations
$ 816,514
$ 1,035,406
Government-sponsored enterprise obligations
43,962
43,108
State and municipal obligations
1,197,419
1,767,109
Agency mortgage-backed securities
3,901,346
4,308,427
Non-agency mortgage-backed securities
1,157,898
1,211,607
Asset-backed securities
2,107,485
3,397,801
Pension Plans [Member]
U.S. government obligations
14,041
9,960
Government-sponsored enterprise obligations
[1]
1,039
1,022
State and municipal obligations
3,740
6,840
Agency mortgage-backed securities
[2]
2,230
2,871
Non-agency mortgage-backed securities
2,271
2,527
Asset-backed securities
5,687
6,768
Corporate bonds
[3]
48,534
35,234
Mutual funds
[4]
4,443
4,395
Common stocks
[4]
5,809
15,868
International developed markets
[4]
1,809
2,604
Emerging markets
[4]
239
307
Total
89,842
88,396
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
U.S. government obligations
816,514
1,035,406
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
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | Pension Plans [Member]
U.S. government obligations
14,041
9,960
Government-sponsored enterprise obligations
[1]
0
0
State and municipal obligations
0
0
Agency mortgage-backed securities
[2]
0
0
Non-agency mortgage-backed securities
0
0
Asset-backed securities
0
0
Corporate bonds
[3]
0
0
Mutual funds
[4]
4,443
4,395
Common stocks
[4]
5,809
15,868
International developed markets
[4]
1,809
2,604
Emerging markets
[4]
239
307
Total
26,341
33,134
Significant Other Observable Inputs (Level 2) [Member]
U.S. government obligations
0
0
Government-sponsored enterprise obligations
43,962
43,108
State and municipal obligations
1,196,472
1,765,268
Agency mortgage-backed securities
3,901,346
4,308,427
Non-agency mortgage-backed securities
1,157,898
1,211,607
Asset-backed securities
2,107,485
3,397,801
Significant Other Observable Inputs (Level 2) [Member] | Pension Plans [Member]
U.S. government obligations
0
0
Government-sponsored enterprise obligations
[1]
1,039
1,022
State and municipal obligations
3,740
6,840
Agency mortgage-backed securities
[2]
2,230
2,871
Non-agency mortgage-backed securities
2,271
2,527
Asset-backed securities
5,687
6,768
Corporate bonds
[3]
48,534
35,234
Mutual funds
[4]
0
0
Common stocks
[4]
0
0
International developed markets
[4]
0
0
Emerging markets
[4]
0
0
Total
63,501
55,262
Significant Unobservable Inputs (Level 3) [Member]
U.S. government obligations
0
0
Government-sponsored enterprise obligations
0
0
State and municipal obligations
947
1,841
Agency mortgage-backed securities
0
0
Non-agency mortgage-backed securities
0
0
Asset-backed securities
0
0
Significant Unobservable Inputs (Level 3) [Member] | Pension Plans [Member]
U.S. government obligations
0
0
Government-sponsored enterprise obligations
[1]
0
0
State and municipal obligations
0
0
Agency mortgage-backed securities
[2]
0
0
Non-agency mortgage-backed securities
0
0
Asset-backed securities
0
0
Corporate bonds
[3]
0
0
Mutual funds
[4]
0
0
Common stocks
[4]
0
0
International developed markets
[4]
0
0
Emerging markets
[4]
0
0
Total
$ 0
$ 0
[1]
This category represents bonds (excluding mortgage-backed securities) issued by agencies such as the Government National Mortgage Association, the Federal Home Loan Mortgage Corp and the Federal National Mortgage Association.
[2]
This category represents mortgage-backed securities issued by the agencies mentioned in (a).
[3]
This category represents investment grade bonds issued in the U.S., primarily by domestic issuers, representing diverse industries.
[4]
This category represents investments in individual common stocks and equity funds. These holdings are diversified, largely across the technology services, financial services, electronic technology, healthcare technology, and retail trade industries.
$ in Thousands
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2024
$ 7,883
2025
7,859
2026
7,734
2027
7,618
2028
7,434
2029 - 2033
$ 33,673
$ / shares in Units, $ in Millions12 Months Ended
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining number of shares available for issuance under the plan
6,197,988
Stock-based compensation
$ 17.1
$ 17.0
$ 15.4
Total tax benefit recognized from compensation arrangements
3.2
3.0
2.7
Fair value of shares vested during the period
20.9
$ 18.8
$ 17.6
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount
$ 34.0
Compensation cost is expected to be recognized over a weighted average period, years
3 years 1 month 6 days
Common stock dividend rate percentage
5.00%
Nonvested Stock Award [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards vesting period (in years)
4 years
Nonvested Stock Award [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards vesting period (in years)
7 years
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards vesting period (in years)
4 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period
10 years
Directors Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remaining number of shares available for issuance under the plan
103,307
Number of shares purchased under stock option plan
32,841
22,811
Average price of shares purchased under stock option plan
$ 52.07
$ 64.07
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized
150,000
12 Months Ended
Nonvested Share Awards [Roll Forward]
Nonvested, share awards, beginning balance | shares
1,206,004
Granted, Shares | shares
331,889
Vested, Shares | shares
(341,152)
Forfeited, Shares | shares
(30,406)
Nonvested, share awards, ending balance | shares
1,166,335
Nonvested Weighted Average Grant Date Fair Value [Roll Forward]
Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares
$ 55.43
Granted, Weighted Average Grant Date Fair Value | $ / shares
59.11
Vested, Weighted Average Grant Date Fair Value | $ / shares
48.30
Forfeited, Weighted Average Grant Date Fair Value | $ / shares
58.13
Nonvested , Weighted Average Grant Date Fair Value, Ending Balance | $ / shares
$ 58.48
$ / shares in Units, $ in Thousands12 Months Ended
Stock Appreciation Rights, Shares [Roll Forward]
Outstanding, Shares, Beginning Balance | shares
995,591
Granted, Shares | shares
94,173
Forfeited, Shares | shares
(5,250)
Expired, Shares | shares
(6,114)
Exercised, Shares | shares
(55,079)
Outstanding, Shares, Ending Balance | shares
1,023,321
Exercisable, Shares, Ending Balance | shares
786,452
Stock Appreciation Rights, Weighted Average Exercise Price [Roll Forward]
Outstanding, Weighted Average Exercise Price, Beginning Balance | $ / shares
$ 44.59
Share based compensation arrangement by share based payment award equity instruments other than options grants in period weighted average exercise price | $ / shares
62.52
Share-based Compensation Arrangement by Share-based Payment Award, Other than Options, Forfeitures and Expirations in Period, Weighted Average Exercise Price | $ / shares
60.99
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expired In Period Weighted Average Exercise Price | $ / shares
49.63
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercised In Period Weighted Average Exercise Price | $ / shares
26.33
Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares
47.10
Exercisable, Weighted Average Exercise Price, Ending Balance | $ / shares
$ 42.66
Outstanding, Weighted Average Remaining Contractual Term (in years)
4 years 9 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $
$ 9,189
Exercisable, Weighted Average Remaining Contractual Term (in years)
3 years 10 months 24 days
Exercisable, Aggregate Intrinsic Value, Ending Balance | $
$ 9,132
12 Months Ended
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value
$ 17.76
$ 15.80
$ 14.50
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate
1.60%
1.50%
1.40%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate
27.90%
28.40%
28.20%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate
3.90%
1.60%
0.70%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term
5 years 9 months 18 days
5 years 8 months 12 days
5 years 8 months 12 days
$ in Thousands
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Intrinsic value of options and SARs exercised
$ 1,723
$ 2,448
$ 7,664
Tax benefit realized from options and SARs exercised
$ 362
$ 462
$ 1,488
$ in Thousands12 Months Ended
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income
$ (891,412)
$ (1,086,864)
$ 77,080
Other Comprehensive Income (Loss), before Reclassifications, before Tax
266,176
(1,550,290)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax
(5,572)
(1,636)
Other Comprehensive Income (Loss), before Tax
260,604
(1,551,926)
Other Comprehensive Income (Loss), Tax
(65,152)
387,982
Other comprehensive income (loss)
195,452
(1,163,944)
(254,297)
Unrealized Gain Loss on Securities Other [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income
(915,001)
(1,124,915)
[1]
23,174
Other Comprehensive Income (Loss), before Reclassifications, before Tax
271,442
(1,551,059)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax
8,444
20,273
Other Comprehensive Income (Loss), before Tax
279,886
(1,530,786)
Other Comprehensive Income (Loss), Tax
(69,972)
382,697
Other comprehensive income (loss)
209,914
(1,148,089)
Pension Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income
(13,596)
(17,186)
(20,668)
Other Comprehensive Income (Loss), before Reclassifications, before Tax
3,594
3,197
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax
1,193
1,446
Other Comprehensive Income (Loss), before Tax
4,787
4,643
Other Comprehensive Income (Loss), Tax
(1,197)
(1,161)
Other comprehensive income (loss)
3,590
3,482
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income
37,185
[2]
55,237
[2]
$ 74,574
Other Comprehensive Income (Loss), before Reclassifications, before Tax
[2]
(8,860)
(2,428)
Reclassification from Accumulated Other Comprehensive Income, Current Period, before Tax
[2]
(15,209)
(23,355)
Other Comprehensive Income (Loss), before Tax
[2]
(24,069)
(25,783)
Other Comprehensive Income (Loss), Tax
[2]
6,017
6,446
Other comprehensive income (loss)
[2]
$ (18,052)
$ (19,337)
[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.
$ in Thousands12 Months Ended
Segment Reporting [Abstract]
Number of operating segments | Operating_Segments
3
Segment Reclassification - Loans | $
$ 1,900,000
$ in Thousands12 Months Ended
Segment Reporting Information [Line Items]
Net interest income
$ 998,129
$ 942,185
$ 835,424
Provision for loan losses
(35,451)
(28,071)
66,326
Non-interest income
573,045
546,535
560,393
Investment securities gains (losses), net
[1]
14,985
20,506
30,059
Non-interest expense
(930,982)
(848,777)
(805,901)
Income before income taxes
619,726
632,378
686,301
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Net interest income
28,633
48,334
(38,355)
Provision for loan losses
(4,451)
(9,035)
84,757
Non-interest income
8,711
1,719
9,510
Investment securities gains (losses), net
14,985
20,506
30,059
Non-interest expense
(54,485)
(29,688)
(40,234)
Income before income taxes
(6,607)
31,836
45,737
Consumer Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Net interest income
413,856
366,749
348,565
Provision for loan losses
(27,459)
(17,832)
(23,224)
Non-interest income
99,910
106,538
126,218
Investment securities gains (losses), net
0
0
0
Non-interest expense
(326,838)
(308,899)
(299,998)
Income before income taxes
159,469
146,556
151,561
Commercial Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Net interest income
482,389
452,686
453,692
Provision for loan losses
(3,513)
(1,196)
4,845
Non-interest income
246,183
224,890
211,048
Investment securities gains (losses), net
0
0
0
Non-interest expense
(391,980)
(365,276)
(329,313)
Income before income taxes
333,079
311,104
340,272
Wealth Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Net interest income
73,251
74,416
71,522
Provision for loan losses
(28)
(8)
(52)
Non-interest income
218,241
213,388
213,617
Investment securities gains (losses), net
0
0
0
Non-interest expense
(157,679)
(144,914)
(136,356)
Income before income taxes
133,785
142,882
148,731
Segment Totals [Member]
Segment Reporting Information [Line Items]
Net interest income
969,496
893,851
873,779
Provision for loan losses
(31,000)
(19,036)
(18,431)
Non-interest income
564,334
544,816
550,883
Investment securities gains (losses), net
0
0
0
Non-interest expense
(876,497)
(819,089)
(765,667)
Income before income taxes
$ 626,333
$ 600,542
$ 640,564
[1]
Available for sale debt securities, equity securities, and other securities.
$ in Thousands
Segment Reporting Information [Line Items]
Average Assets
$ 31,940,615
$ 33,605,317
Average Loans, including held for sale
16,782,842
15,569,741
Average Goodwill and other intangible assets
158,067
154,639
Average Deposits
25,308,381
28,100,697
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Average Assets
14,712,363
17,673,594
Average Loans, including held for sale
10,458
16,291
Average Goodwill and other intangible assets
3,600
3,600
Average Deposits
312,876
(62,792)
Consumer Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Average Assets
3,984,071
3,853,875
Average Loans, including held for sale
3,832,483
3,705,110
Average Goodwill and other intangible assets
81,655
82,566
Average Deposits
12,243,033
13,417,312
Commercial Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Average Assets
11,351,223
10,239,825
Average Loans, including held for sale
11,061,461
10,021,057
Average Goodwill and other intangible assets
72,066
67,727
Average Deposits
10,375,075
11,941,396
Wealth Segment [Member] | Operating Segments
Segment Reporting Information [Line Items]
Average Assets
1,892,958
1,838,023
Average Loans, including held for sale
1,878,440
1,827,283
Average Goodwill and other intangible assets
746
746
Average Deposits
2,377,397
2,804,781
Segment Totals [Member]
Segment Reporting Information [Line Items]
Average Assets
17,228,252
15,931,723
Average Loans, including held for sale
16,772,384
15,553,450
Average Goodwill and other intangible assets
154,467
151,039
Average Deposits
$ 24,995,505
$ 28,163,489
12 Months Ended
Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]
Common stock dividend rate percentage
5.00%
Common stock, par value
$ 5
$ 5
Antidilutive Securities Excluded from Computation of Earnings Per Share (in shares)
363,000
171,000
97,000
Shares available for purchase under the current Board authorization
5,000,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased
1,757,247
$ / shares in Units, shares in Thousands, $ in Thousands12 Months Ended
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Basic income per common share (in dollars per share)
$ 3.64
$ 3.68
$ 3.92
Diluted income per common share (in dollars per share)
$ 3.64
$ 3.67
$ 3.91
Basic Income Per Common Share [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to Commerce Bancshares, Inc.
$ 477,060
$ 488,399
$ 530,765
Less income allocated to nonvested restricted stockholders
4,241
4,450
4,846
Net income available to common stockholders
$ 472,819
$ 483,949
$ 525,919
Weighted average common shares outstanding
129,922
131,539
134,125
Basic income per common share (in dollars per share)
$ 3.64
$ 3.68
$ 3.92
Diluted Income Per Common Share [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net Income (Loss) Available to Common Stockholders, Diluted
$ 477,060
$ 488,399
$ 530,765
Less income allocated to nonvested restricted stockholders
4,237
4,442
4,838
Net income available to common stockholders
$ 472,823
$ 483,957
$ 525,927
Weighted average common shares outstanding
129,922
131,539
134,125
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
150
299
315
Weighted average diluted common shares outstanding
130,072
131,838
134,440
Diluted income per common share (in dollars per share)
$ 3.64
$ 3.67
$ 3.91
shares in Thousands12 Months Ended
Increase (Decrease) in Common Stock [Roll Forward]
Shares outstanding, beginning balance
124,999
121,436
117,138
Awards and sales under employee and director plans
348
306
328
5% stock dividend
6,201
5,953
5,790
Other purchases of treasury stock
(1,355)
(2,684)
(1,807)
Other
(17)
(12)
(13)
Shares outstanding, ending balance
130,176
124,999
121,436
$ in Thousands
Total Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Ratio
10.00%
Tier I Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Ratio
8.00%
Tier I Common Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Ratio
6.50%
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Well-Capitalized Capital Requirement Ratio
5.00%
Commerce Bancshares, Inc. (Consolidated) [Member]
Total Capital (to risk-weighted assets), Actual Amount
$ 3,881,024
$ 3,600,920
Total Capital (to risk-weighted assets), Actual Ratio
16.03%
14.89%
Total Capital (to risk-weighted assets), Minimum Capital Requirement Amount
$ 1,937,322
$ 1,934,274
Total Capital (to risk-weighted assets), Minimum Capital Requirement Ratio
8.00%
8.00%
Tier I Capital (to risk-weighted assets), Actual Amount
$ 3,693,089
$ 3,417,223
Tier I Capital (to risk-weighted assets), Actual Ratio
15.25%
14.13%
Tier I Capital (to risk-weighted assets), Minimum Capital Requirement Amount
$ 1,452,992
$ 1,450,705
Tier I Capital (to risk-weighted assets), Minimum Capital Requirement Ratio
6.00%
6.00%
Tier I Common Capital (to risk-weighted assets), Actual Amount
$ 3,693,089
$ 3,417,223
Tier I Common Capital (to rIsk-weighted assets), Actual Rato
15.25%
14.13%
Tier I Common Capital (to risk-weighted assets), Minimum Capital Requirement Amount
$ 1,089,744
$ 1,088,029
Tier I Common Capital (to risk-weighted assets), Minimum Capital Requirement Ratio
4.50%
4.50%
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Actual Amount
$ 3,693,089
$ 3,417,223
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Actual Ratio
11.25%
10.34%
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Minimum Capital Requirement Amount
$ 1,313,377
$ 1,322,102
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Minimum Capital Requirement Ratio
4.00%
4.00%
Commerce Bank [Member]
Total Capital (to risk-weighted assets), Actual Amount
$ 3,313,640
$ 3,125,987
Total Capital (to risk-weighted assets), Actual Ratio
13.81%
13.05%
Total Capital (to risk-weighted assets), Minimum Capital Requirement Amount
$ 1,919,257
$ 1,916,529
Total Capital (to risk-weighted assets), Minimum Capital Requirement Ratio
8.00%
8.00%
Total Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Amount
$ 2,399,071
$ 2,395,661
Total Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Ratio
10.00%
10.00%
Tier I Capital (to risk-weighted assets), Actual Amount
$ 3,125,706
$ 2,942,291
Tier I Capital (to risk-weighted assets), Actual Ratio
13.03%
12.28%
Tier I Capital (to risk-weighted assets), Minimum Capital Requirement Amount
$ 1,439,443
$ 1,437,397
Tier I Capital (to risk-weighted assets), Minimum Capital Requirement Ratio
6.00%
6.00%
Tier I Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Amount
$ 1,919,257
$ 1,916,529
Tier I Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Ratio
8.00%
8.00%
Tier I Common Capital (to risk-weighted assets), Actual Amount
$ 3,125,706
$ 2,942,291
Tier I Common Capital (to rIsk-weighted assets), Actual Rato
13.03%
12.28%
Tier I Common Capital (to risk-weighted assets), Minimum Capital Requirement Amount
$ 1,079,582
$ 1,078,047
Tier I Common Capital (to risk-weighted assets), Minimum Capital Requirement Ratio
4.50%
4.50%
Tier I Common Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Amount
$ 1,559,396
$ 1,557,180
Tier I Common Capital (to risk-weighted assets), Well-Capitalized Capital Requirement Ratio
6.50%
6.50%
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Actual Amount
$ 3,125,706
$ 2,942,291
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Actual Ratio
9.56%
8.86%
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Minimum Capital Requirement Amount
$ 1,307,174
$ 1,328,220
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Minimum Capital Requirement Ratio
4.00%
4.00%
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Well-Capitalized Capital Requirement Amount
$ 1,633,968
$ 1,660,275
Tier I Capital (to adjusted quarterly average assets) (Leverage Ratio), Well-Capitalized Capital Requirement Ratio
5.00%
5.00%
12 Months Ended
Revenue from Contract with Customer [Abstract]
Percent of Revenue not in scope of ASC 606
64.00%
Commercial Segment [Member]
Revenue, Major Customer [Line Items]
Corporate card fee revenue by segment
Commercial
Merchant fee revenue by segment
Commercial
Deposit fee revenue by segment
67.00%
Consumer Segment [Member]
Revenue, Major Customer [Line Items]
Debit card fee revenue by segment
majority
Credit card fee revenue by segment
majority
Deposit fee revenue by segment
33.00%
Wealth Segment [Member]
Revenue, Major Customer [Line Items]
Trust fee revenue by segment
Wealth
Consumer brokerage services revenue by segment
Nearly all
$ in Thousands12 Months Ended
Disaggregation of Revenue [Line Items]
Non-interest income
$ 573,045
$ 546,535
$ 560,393
Revenue from Contracts with Customers In Scope of ASC 606 [Member]
Disaggregation of Revenue [Line Items]
Non-interest income
529,109
509,103
498,920
Revenue from Contracts with Customers In Scope of ASC 606 [Member] | Bank Card Transaction Fees [Member]
Disaggregation of Revenue [Line Items]
Non-interest income
191,156
176,144
167,891
Revenue from Contracts with Customers In Scope of ASC 606 [Member] | Trust Fees [Member]
Disaggregation of Revenue [Line Items]
Non-interest income
190,954
184,719
188,227
Revenue from Contracts with Customers In Scope of ASC 606 [Member] | Deposit Account Charges and Other Fees [Member]
Disaggregation of Revenue [Line Items]
Non-interest income
90,992
94,381
97,217
Revenue from Contracts with Customers In Scope of ASC 606 [Member] | Consumer Brokerage Services [Member]
Disaggregation of Revenue [Line Items]
Non-interest income
17,223
19,117
18,362
Revenue from Contracts with Customers In Scope of ASC 606 [Member] | Other Non-Interest Income [Member]
Disaggregation of Revenue [Line Items]
Non-interest income
38,784
34,742
27,223
Revenue Not In Scope of ASC 606 [Member]
Disaggregation of Revenue [Line Items]
Non-interest income
[1]
$ 43,936
$ 37,432
$ 61,473
[1]
$ in Thousands
Bank Card Transaction Fees [Member]
Contract with Customer, Asset and Liability [Line Items]
Contract with Customer, Receivable
$ 18,069
$ 17,254
$ 16,424
Trust Fees [Member]
Contract with Customer, Asset and Liability [Line Items]
Contract with Customer, Receivable
1,764
2,038
2,222
Deposit Account Charges and Other Fees [Member]
Contract with Customer, Asset and Liability [Line Items]
Contract with Customer, Receivable
6,588
6,631
6,702
Consumer Brokerage Services [Member]
Contract with Customer, Asset and Liability [Line Items]
Contract with Customer, Receivable
$ 8
$ 949
$ 391
$ in Thousands12 Months Ended
Bank Card Transaction Fees [Line Items]
Bank card transaction fees
$ 191,156
$ 176,144
$ 167,891
Debit Card [Member]
Bank Card Transaction Fees [Line Items]
Bank card transaction fees
43,881
40,968
41,010
Debit Card [Member] | Fee income [Member]
Bank Card Transaction Fees [Line Items]
Bank card transaction fees
44,795
44,240
44,170
Debit Card [Member] | Network Charges Expense [Member]
Bank Card Transaction Fees [Line Items]
Bank card transaction fees
(914)
(3,272)
(3,160)
Credit Card [Member]
Bank Card Transaction Fees [Line Items]
Bank card transaction fees
14,448
14,560
15,144
Credit Card [Member] | Fee income [Member]
Bank Card Transaction Fees [Line Items]
Bank card transaction fees
31,639
31,609
29,214
Credit Card [Member] | Network Charges and Rewards Expense [Member]
Bank Card Transaction Fees [Line Items]
Bank card transaction fees
(17,191)
(17,049)
(14,070)
Corporate Card Fees [Member]
Bank Card Transaction Fees [Line Items]
Bank card transaction fees
110,641
100,012
91,701
Corporate Card Fees [Member] | Fee income [Member]
Bank Card Transaction Fees [Line Items]
Bank card transaction fees
220,229
217,539
197,483
Corporate Card Fees [Member] | Network Charges and Rewards Expense [Member]
Bank Card Transaction Fees [Line Items]
Bank card transaction fees
(109,588)
(117,527)
(105,782)
Merchant Fees [Member]
Bank Card Transaction Fees [Line Items]
Bank card transaction fees
22,186
20,604
20,036
Merchant Fees [Member] | Fee income [Member]
Bank Card Transaction Fees [Line Items]
Bank card transaction fees
36,775
34,583
33,019
Merchant Fees [Member] | Network Charges Expense [Member]
Bank Card Transaction Fees [Line Items]
Bank card transaction fees
(3,588)
(3,554)
(3,343)
Merchant Fees [Member] | Fees to Cardholder Banks [Member]
Bank Card Transaction Fees [Line Items]
Bank card transaction fees
$ (11,001)
$ (10,425)
$ (9,640)
$ in Thousands12 Months Ended
Trust Fees [Line Items]
Trust fees
$ 190,954
$ 184,719
$ 188,227
Private Client [Member]
Trust Fees [Line Items]
Trust fees
153,524
147,239
147,653
Institutional [Member]
Trust Fees [Line Items]
Trust fees
31,756
31,525
33,890
Other Trust Fees [Member]
Trust Fees [Line Items]
Trust fees
$ 5,674
$ 5,955
$ 6,684
$ in Thousands12 Months Ended
Deposit Account Charges and Other Fees [Line Items]
Deposit account charges and other fees
$ 90,992
$ 94,381
$ 97,217
Corporate Cash Management [Member]
Deposit Account Charges and Other Fees [Line Items]
Deposit account charges and other fees
56,291
52,501
50,051
Overdraft and Return Item [Member]
Deposit Account Charges and Other Fees [Line Items]
Deposit account charges and other fees
11,607
19,938
24,157
Other Deposit Account Charges [Member]
Deposit Account Charges and Other Fees [Line Items]
Deposit account charges and other fees
$ 23,094
$ 21,942
$ 23,009
$ in Thousands
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure
$ 1,585
$ 0
U.S. government and federal agency obligations
816,514
1,035,406
Government-sponsored enterprise obligations
43,962
43,108
State and municipal obligations
1,197,419
1,767,109
Agency mortgage-backed securities
3,901,346
4,308,427
Non-agency mortgage-backed securities
1,157,898
1,211,607
Asset-backed securities
2,107,485
3,397,801
Other debt securities
460,136
474,858
Trading securities
28,830
43,523
Equity securities with readily determinable fair values
5,723
6,210
Private equity investments
176,667
178,127
Derivative Assets
[1]
116,876
60,492
Deferred Compensation Plan Assets
20,538
17,856
Total Assets
10,034,979
12,544,524
Derivative Liability
[1]
37,899
54,984
Deferred Compensation Liability, Current and Noncurrent
20,538
17,856
Total liabilities
58,437
72,840
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure
0
0
U.S. government and federal agency obligations
816,514
1,035,406
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 securities
0
0
Equity securities with readily determinable fair values
5,723
6,210
Private equity investments
0
0
Derivative Assets
[1]
0
0
Deferred Compensation Plan Assets
20,538
17,856
Total Assets
842,775
1,059,472
Derivative Liability
[1]
0
0
Deferred Compensation Liability, Current and Noncurrent
20,538
17,856
Total liabilities
20,538
17,856
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure
1,585
0
U.S. government and federal agency obligations
0
0
Government-sponsored enterprise obligations
43,962
43,108
State and municipal obligations
1,196,472
1,765,268
Agency mortgage-backed securities
3,901,346
4,308,427
Non-agency mortgage-backed securities
1,157,898
1,211,607
Asset-backed securities
2,107,485
3,397,801
Other debt securities
460,136
474,858
Trading securities
28,830
43,523
Equity securities with readily determinable fair values
0
0
Private equity investments
0
0
Derivative Assets
[1]
116,710
60,458
Deferred Compensation Plan Assets
0
0
Total Assets
9,014,424
11,305,050
Derivative Liability
[1]
37,704
54,865
Deferred Compensation Liability, Current and Noncurrent
0
0
Total liabilities
37,704
54,865
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Mortgages Held-for-sale, Fair Value Disclosure
0
0
U.S. government and federal agency obligations
0
0
Government-sponsored enterprise obligations
0
0
State and municipal obligations
947
1,841
Agency mortgage-backed securities
0
0
Non-agency mortgage-backed securities
0
0
Asset-backed securities
0
0
Other debt securities
0
0
Trading securities
0
0
Equity securities with readily determinable fair values
0
0
Private equity investments
176,667
178,127
Derivative Assets
[1]
166
34
Deferred Compensation Plan Assets
0
0
Total Assets
177,780
180,002
Derivative Liability
[1]
195
119
Deferred Compensation Liability, Current and Noncurrent
0
0
Total liabilities
$ 195
$ 119
[1]
$ in Thousands12 Months Ended
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance
$ 179,968
$ 149,390
Total gains or losses (realized/unrealized) included in earnings
24,299
43,833
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)
[1]
57
(148)
Investment securities called
(1,000)
0
Discount accretion
49
(5)
Purchases of private equity securities
15,220
12,281
Sale / paydown of private equity securities
(41,341)
25,437
Capitalized interest/dividends
362
(44)
Ending balance
177,614
179,968
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
24,799
35,333
Gains (Losses) included in OCI Attributable to Change in Unrealized Gains (Losses) Relating to Assets Still Held, Total
$ 35
(148)
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]
Investment securities gains (losses), net
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]
Net unrealized gains (losses) on other securities
State and Municipal Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance
$ 1,841
1,984
Total gains or losses (realized/unrealized) included in earnings
0
0
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)
[1]
57
(148)
Investment securities called
(1,000)
0
Discount accretion
49
5
Purchases of private equity securities
0
0
Sale / paydown of private equity securities
0
0
Capitalized interest/dividends
0
0
Ending balance
947
1,841
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
35
(148)
Private Equity Investments [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning balance
178,127
147,406
Total gains or losses (realized/unrealized) included in earnings
24,299
43,833
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss)
[1]
0
0
Investment securities called
0
0
Discount accretion
0
0
Purchases of private equity securities
15,220
12,281
Sale / paydown of private equity securities
(41,341)
(25,437)
Capitalized interest/dividends
362
44
Ending balance
176,667
178,127
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
24,799
35,333
Gains (Losses) included in OCI Attributable to Change in Unrealized Gains (Losses) Relating to Assets Still Held, Total
$ 0
$ 0
[1]
$ in Thousands12 Months Ended
Trading Activity, Gains and Losses, Net [Line Items]
Change in unrealized gains or losses relating to assets still held at period end
$ 24,799
$ 35,333
Investment Securities Gains (Losses), Net [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total gains or losses included in earnings
24,299
43,833
Change in unrealized gains or losses relating to assets still held at period end
$ 24,799
$ 35,333
12 Months Ended
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Market Comparable Companies, Valuation Techniques
Market comparable companies
Minimum [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple
4.0
Maximum [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple
6.0
Weighted Average [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs, Earnings before Interest, Taxes, Depreciation, and Amortization Multiple
5.2
[1]
[1]
$ in Thousands12 Months Ended
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Collateral dependent loans, fair value
$ 1,517
$ 1,988
Collateral dependent loans, Total Gains (Losses)
(1,662)
(2,090)
Mortgage servicing rights, fair value
0
10,929
Mortgage servicing rights, Total Gains (Losses)
0
304
Long Lived Assets Nonrecurring Basis, fair value
2,662
480
Long Lived Assets Nonrecurring Basis Gains (Losses)
(193)
(965)
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Collateral dependent loans, fair value
0
0
Mortgage servicing rights, fair value
0
0
Long Lived Assets Nonrecurring Basis, fair value
0
0
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Collateral dependent loans, fair value
0
0
Mortgage servicing rights, fair value
0
0
Long Lived Assets Nonrecurring Basis, fair value
0
0
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Collateral dependent loans, fair value
1,517
1,988
Mortgage servicing rights, fair value
0
10,929
Long Lived Assets Nonrecurring Basis, fair value
$ 2,662
$ 480
$ in Thousands
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Federal funds sold
$ 5,025
$ 49,505
Securities Purchased under Agreements to Resell
450,000
825,000
Interest-bearing Deposits in Banks and Other Financial Institutions
2,239,010
389,140
Cash and due from banks
443,147
452,496
Derivative Assets
[1]
116,876
60,492
Deferred Compensation Plan Assets
20,538
17,856
Non-interest bearing
7,975,935
10,066,356
Savings, interest checking and money market
14,512,273
15,126,981
Time Deposits
2,875,690
Other borrowings
1,404
9,672
Derivative Liability
[1]
37,899
54,984
Deferred Compensation Liability, Current and Noncurrent
$ 20,538
17,856
Derivative Liability, Statement of Financial Position [Extensible Enumeration]
Other liabilities
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets
[1]
$ 0
0
Deferred Compensation Plan Assets
20,538
17,856
Derivative Liability
[1]
0
0
Deferred Compensation Liability, Current and Noncurrent
20,538
17,856
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets
[1]
116,710
60,458
Deferred Compensation Plan Assets
0
0
Derivative Liability
[1]
37,704
54,865
Deferred Compensation Liability, Current and Noncurrent
0
0
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative Assets
[1]
166
34
Deferred Compensation Plan Assets
0
0
Derivative Liability
[1]
195
119
Deferred Compensation Liability, Current and Noncurrent
0
0
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
16,347,391
15,645,261
Loans Held-for-sale, Fair Value Disclosure
4,177
4,964
Investments, Fair Value Disclosure
9,941,786
12,511,649
Federal funds sold
5,025
49,505
Securities Purchased under Agreements to Resell
444,448
795,574
Interest-bearing Deposits in Banks and Other Financial Institutions
2,239,010
389,140
Cash and due from banks
443,147
452,496
Derivative Assets
116,876
60,492
Deferred Compensation Plan Assets
20,538
17,856
Assets, Fair Value Financial Instruments
29,562,398
29,926,937
Non-interest bearing
7,975,935
10,066,356
Savings, interest checking and money market
14,512,273
15,126,981
Time Deposits
2,916,627
982,613
Federal Funds Purchased, Fair Value Disclosure
261,305
159,860
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure
2,650,951
2,684,471
Other borrowings
1,366
8,831
Derivative Liability
37,899
54,984
Deferred Compensation Liability, Current and Noncurrent
20,538
17,856
Financial Liabilities Fair Value Disclosure
28,376,894
29,101,952
Estimate of Fair Value, Fair Value Disclosure [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
0
0
Loans Held-for-sale, Fair Value Disclosure
0
0
Investments, Fair Value Disclosure
822,237
1,041,616
Federal funds sold
5,025
49,505
Securities Purchased under Agreements to Resell
0
0
Interest-bearing Deposits in Banks and Other Financial Institutions
2,239,010
389,140
Cash and due from banks
443,147
452,496
Derivative Assets
0
0
Deferred Compensation Plan Assets
20,538
17,856
Assets, Fair Value Financial Instruments
3,529,957
1,950,613
Non-interest bearing
7,975,935
10,066,356
Savings, interest checking and money market
14,512,273
15,126,981
Time Deposits
0
0
Federal Funds Purchased, Fair Value Disclosure
261,305
159,860
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure
0
0
Other borrowings
0
0
Derivative Liability
0
0
Deferred Compensation Liability, Current and Noncurrent
20,538
17,856
Financial Liabilities Fair Value Disclosure
22,770,051
25,371,053
Estimate of Fair Value, Fair Value Disclosure [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
0
0
Loans Held-for-sale, Fair Value Disclosure
4,177
4,964
Investments, Fair Value Disclosure
8,896,129
11,244,592
Federal funds sold
0
0
Securities Purchased under Agreements to Resell
0
0
Interest-bearing Deposits in Banks and Other Financial Institutions
0
0
Cash and due from banks
0
0
Derivative Assets
116,710
60,458
Deferred Compensation Plan Assets
0
0
Assets, Fair Value Financial Instruments
9,017,016
11,310,014
Non-interest bearing
0
0
Savings, interest checking and money market
0
0
Time Deposits
0
0
Federal Funds Purchased, Fair Value Disclosure
0
0
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure
0
0
Other borrowings
1,366
8,831
Derivative Liability
37,704
54,865
Deferred Compensation Liability, Current and Noncurrent
0
0
Financial Liabilities Fair Value Disclosure
39,070
63,696
Estimate of Fair Value, Fair Value Disclosure [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
16,347,391
15,645,261
Loans Held-for-sale, Fair Value Disclosure
0
0
Investments, Fair Value Disclosure
223,420
225,441
Federal funds sold
0
0
Securities Purchased under Agreements to Resell
444,448
795,574
Interest-bearing Deposits in Banks and Other Financial Institutions
0
0
Cash and due from banks
0
0
Derivative Assets
166
34
Deferred Compensation Plan Assets
0
0
Assets, Fair Value Financial Instruments
17,015,425
16,666,310
Non-interest bearing
0
0
Savings, interest checking and money market
0
0
Time Deposits
2,916,627
982,613
Federal Funds Purchased, Fair Value Disclosure
0
0
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure
2,650,951
2,684,471
Other borrowings
0
0
Derivative Liability
195
119
Deferred Compensation Liability, Current and Noncurrent
0
0
Financial Liabilities Fair Value Disclosure
5,567,773
3,667,203
Estimate of Fair Value, Fair Value Disclosure [Member] | Business [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
5,873,549
5,506,128
Estimate of Fair Value, Fair Value Disclosure [Member] | Business [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
0
0
Estimate of Fair Value, Fair Value Disclosure [Member] | Business [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
0
0
Estimate of Fair Value, Fair Value Disclosure [Member] | Business [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
5,873,549
5,506,128
Estimate of Fair Value, Fair Value Disclosure [Member] | Real Estate - Construction And Land [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
1,420,522
1,347,328
Estimate of Fair Value, Fair Value Disclosure [Member] | Real Estate - Construction And Land [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
0
0
Estimate of Fair Value, Fair Value Disclosure [Member] | Real Estate - Construction And Land [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
0
0
Estimate of Fair Value, Fair Value Disclosure [Member] | Real Estate - Construction And Land [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
1,420,522
1,347,328
Estimate of Fair Value, Fair Value Disclosure [Member] | Real Estate - Business [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
3,594,834
3,289,655
Estimate of Fair Value, Fair Value Disclosure [Member] | Real Estate - Business [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
0
0
Estimate of Fair Value, Fair Value Disclosure [Member] | Real Estate - Business [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
0
0
Estimate of Fair Value, Fair Value Disclosure [Member] | Real Estate - Business [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
3,594,834
3,289,655
Estimate of Fair Value, Fair Value Disclosure [Member] | Real Estate - Personal [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
2,568,026
2,654,423
Estimate of Fair Value, Fair Value Disclosure [Member] | Real Estate - Personal [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
0
0
Estimate of Fair Value, Fair Value Disclosure [Member] | Real Estate - Personal [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
0
0
Estimate of Fair Value, Fair Value Disclosure [Member] | Real Estate - Personal [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
2,568,026
2,654,423
Estimate of Fair Value, Fair Value Disclosure [Member] | Consumer Loan [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
2,016,334
1,999,788
Estimate of Fair Value, Fair Value Disclosure [Member] | Consumer Loan [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
0
0
Estimate of Fair Value, Fair Value Disclosure [Member] | Consumer Loan [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
0
0
Estimate of Fair Value, Fair Value Disclosure [Member] | Consumer Loan [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
2,016,334
1,999,788
Estimate of Fair Value, Fair Value Disclosure [Member] | Revolving Home Equity [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
317,013
295,005
Estimate of Fair Value, Fair Value Disclosure [Member] | Revolving Home Equity [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
0
0
Estimate of Fair Value, Fair Value Disclosure [Member] | Revolving Home Equity [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
0
0
Estimate of Fair Value, Fair Value Disclosure [Member] | Revolving Home Equity [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
317,013
295,005
Estimate of Fair Value, Fair Value Disclosure [Member] | Consumer Credit Card [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
550,464
538,268
Estimate of Fair Value, Fair Value Disclosure [Member] | Consumer Credit Card [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
0
0
Estimate of Fair Value, Fair Value Disclosure [Member] | Consumer Credit Card [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
0
0
Estimate of Fair Value, Fair Value Disclosure [Member] | Consumer Credit Card [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
550,464
538,268
Estimate of Fair Value, Fair Value Disclosure [Member] | Overdrafts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
6,649
14,666
Estimate of Fair Value, Fair Value Disclosure [Member] | Overdrafts [Member] | Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
0
0
Estimate of Fair Value, Fair Value Disclosure [Member] | Overdrafts [Member] | Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
0
0
Estimate of Fair Value, Fair Value Disclosure [Member] | Overdrafts [Member] | Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
6,649
14,666
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
17,205,479
16,303,131
Loans Held-for-sale, Fair Value Disclosure
4,177
4,964
Investments, Fair Value Disclosure
9,941,786
12,511,649
Federal funds sold
5,025
49,505
Securities Purchased under Agreements to Resell
450,000
825,000
Interest-bearing Deposits in Banks and Other Financial Institutions
2,239,010
389,140
Cash and due from banks
443,147
452,496
Derivative Assets
116,876
60,492
Deferred Compensation Plan Assets
20,538
17,856
Assets, Fair Value Financial Instruments
30,426,038
30,614,233
Non-interest bearing
7,975,935
10,066,356
Savings, interest checking and money market
14,512,273
15,126,981
Time Deposits
2,875,690
994,103
Federal Funds Purchased, Fair Value Disclosure
261,305
159,860
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure
2,647,510
2,681,874
Other borrowings
1,366
8,831
Derivative Liability
37,899
54,984
Deferred Compensation Liability, Current and Noncurrent
20,538
17,856
Financial Liabilities Fair Value Disclosure
28,332,516
29,110,845
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Business [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
6,019,036
5,661,725
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Real Estate - Construction And Land [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
1,446,764
1,361,095
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Real Estate - Business [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
3,719,306
3,406,981
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Real Estate - Personal [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
3,026,041
2,918,078
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Consumer Loan [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
2,077,723
2,059,088
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Revolving Home Equity [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
319,894
297,207
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Consumer Credit Card [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
589,913
584,000
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Overdrafts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loans Receivable, Fair Value Disclosure
$ 6,802
$ 14,957
[1]
$ in Thousands12 Months Ended
Derivative [Line Items]
Derivative, Description of Terms
As of December 31, 2023, the Company held four interest rate floors indexed to 1-month SOFR to hedge the risk of declining interest rates on certain floating rate commercial loans. The floors have a combined notional value of $2.0 billion and are forward-starting. Each of the four interest rate floors has a six-year term and a notional amount of $500 million. In the event that the index rate falls below zero, the maximum rate that the Company can earn on the notional amount of each floor is limited to the strike rate
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge
7 years
Derivative, Notional Amount
$ 5,194,716
$ 3,742,521
Derivative Assets
[1]
116,876
60,492
Interest Rate Floor [Member]
Derivative [Line Items]
Derivative, Premium Paid
90,200
Net unrealized gain (loss) on interest rate floors
1,700
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months
10,800
Derivative, Notional Amount
2,000,000
1,000,000
Monetized Interest Rate Floor [Member]
Derivative [Line Items]
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months
22,200
Derivative, Notional Amount
$ 1,500,000
Derivative Assets
$ 163,200
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred
$ 51,300
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer
3 years
Interest Rate Swaps [Member]
Derivative [Line Items]
Derivative, Notional Amount
$ 2,166,393
1,981,821
Variation Margin Impact to Positive Fair Values of Cleared Swaps
0
$ (27,800)
2023 Interest Rate Floors
Derivative [Line Items]
Derivative, Premium Paid
$ 54,400
[1]
$ in Thousands
Derivative [Line Items]
Derivative, Notional Amount
$ 5,194,716
$ 3,742,521
Interest Rate Swaps [Member]
Derivative [Line Items]
Derivative, Notional Amount
2,166,393
1,981,821
Interest Rate Floor [Member]
Derivative [Line Items]
Derivative, Notional Amount
2,000,000
1,000,000
Interest Rate Caps [Member]
Derivative [Line Items]
Derivative, Notional Amount
336,682
152,784
Credit Risk Participation Agreements [Member]
Derivative [Line Items]
Derivative, Notional Amount
653,887
579,925
Foreign Exchange Contracts [Member]
Derivative [Line Items]
Derivative, Notional Amount
30,401
27,991
Mortgage Loan Commitments [Member]
Derivative [Line Items]
Derivative, Notional Amount
3,004
0
Mortgage Loan Forward Sale Contracts [Member]
Derivative [Line Items]
Derivative, Notional Amount
1,349
0
Forward Contracts [Member]
Derivative [Line Items]
Derivative, Notional Amount
$ 3,000
$ 0
12 Months Ended
February 23, 2023 Interest Rate Floor
Interest Rate Floor [Line Items]
Derivative, Floor Interest Rate
3.50%
Derivative, Effective Date
Jul. 01, 2024
Derivative, Maturity Date
Jul. 01, 2030
August 7, 2023
Interest Rate Floor [Line Items]
Derivative, Floor Interest Rate
3.25%
Derivative, Effective Date
Nov. 01, 2024
Derivative, Maturity Date
Nov. 01, 2030
August 3, 2023 Floor 1
Interest Rate Floor [Line Items]
Derivative, Floor Interest Rate
3.00%
Derivative, Effective Date
Mar. 01, 2025
Derivative, Maturity Date
Mar. 01, 2031
August 3, 2023 Floor 2
Interest Rate Floor [Line Items]
Derivative, Floor Interest Rate
2.75%
Derivative, Effective Date
Jul. 01, 2025
Derivative, Maturity Date
Jul. 01, 2031
$ in Thousands
Derivatives, Fair Value [Line Items]
Other assets
[1]
$ 116,876
$ 60,492
Other liabilities
[1]
$ (37,899)
(54,984)
Derivative Instruments, Statement of Financial Position [Extensible Enumeration]
Other assets
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Other assets
$ 78,960
33,371
Other liabilities
0
0
Designated as Hedging Instrument [Member] | Interest Rate Floor [Member]
Derivatives, Fair Value [Line Items]
Other assets
78,960
33,371
Other liabilities
0
0
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Other assets
37,916
27,121
Other liabilities
(37,899)
(54,984)
Not Designated as Hedging Instrument [Member] | Interest Rate Swaps [Member]
Derivatives, Fair Value [Line Items]
Other assets
[2]
35,816
23,894
Other liabilities
[2]
(35,816)
(51,742)
Not Designated as Hedging Instrument [Member] | Interest Rate Caps [Member]
Derivatives, Fair Value [Line Items]
Other assets
1,391
2,705
Other liabilities
(1,391)
(2,705)
Not Designated as Hedging Instrument [Member] | Credit Risk Participation Agreements [Member]
Derivatives, Fair Value [Line Items]
Other assets
77
34
Other liabilities
(194)
(119)
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contracts [Member]
Derivatives, Fair Value [Line Items]
Other assets
534
488
Other liabilities
(479)
(418)
Not Designated as Hedging Instrument [Member] | Mortgage Loan Commitments [Member]
Derivatives, Fair Value [Line Items]
Other assets
89
0
Other liabilities
(1)
0
Not Designated as Hedging Instrument [Member] | Mortgage Loan Forward Sale Contracts [Member]
Derivatives, Fair Value [Line Items]
Other assets
8
0
Other liabilities
0
0
Not Designated as Hedging Instrument [Member] | Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Other assets
1
0
Other liabilities
$ (18)
$ 0
[1]
[2]
$2,647,310
$ in Thousands12 Months Ended
Summary of Cash Flow Hedge Activity [Line Items]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
Interest and fees on loans
Interest and fees on loans
Interest and fees on loans
Designated as Hedging Instrument [Member]
Summary of Cash Flow Hedge Activity [Line Items]
OCIDerivativeInstrumentsGainLossBeforeReclassificationAndTaxEffectivePortion
$ (8,860)
$ (2,428)
$ 0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax
3,122
0
0
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax
(11,982)
(2,428)
0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
15,209
23,355
24,160
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax
29,731
30,679
30,310
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, before Tax
(14,522)
(7,324)
(6,150)
Interest Rate Floor [Member] | Designated as Hedging Instrument [Member]
Summary of Cash Flow Hedge Activity [Line Items]
OCIDerivativeInstrumentsGainLossBeforeReclassificationAndTaxEffectivePortion
(8,860)
(2,428)
0
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax
3,122
0
0
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax
(11,982)
(2,428)
0
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
15,209
23,355
24,160
Interest Rate Floor [Member] | Designated as Hedging Instrument [Member] | Interest and Fee Income on Loans [Member]
Summary of Cash Flow Hedge Activity [Line Items]
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax
29,731
30,679
30,310
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), Adjustments, before Tax
$ (14,522)
$ (7,324)
$ (6,150)
$ in Thousands12 Months Ended
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax
$ 3,922
$ 3,704
$ 2,394
Other Non-Interest Income [Member] | Interest Rate Swaps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax
3,642
2,472
3,170
Other Non-Interest Income [Member] | Interest Rate Caps [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax
86
16
15
Other Non-Interest Income [Member] | Credit Risk Participation Agreements [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax
60
172
(187)
Other Non-Interest Income [Member] | Foreign Exchange Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax
(14)
38
78
Loans Fees And Sales [Member] | Mortgage Loan Commitments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax
87
(763)
(2,463)
Loans Fees And Sales [Member] | Mortgage Loan Forward Sale Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax
8
(4)
4
Loans Fees And Sales [Member] | Forward Contracts [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative Instruments, Net, Pretax
$ 53
$ 1,773
$ 1,777
$ in Thousands
Balance Sheet Offsetting [Line Items]
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement
$ 116,876
$ 60,492
Derivative Asset, Amount Offset by Liabiilty
0
0
Derivative Assets
[1]
116,876
60,492
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement
37,899
54,984
Derivative Liability, Amount Offset by Asset
0
0
Derivative Liability
[1]
37,899
54,984
Derivative Subject to Master Netting Agreement [Member]
Balance Sheet Offsetting [Line Items]
Derivative Asset, Fair Value, Gross Asset
116,702
60,270
Derivative Asset, Amount Offset by Liabiilty
0
0
Derivative Asset, Noncurrent
116,702
60,270
Derivative Asset, Not Offset, Policy Election Deduction
(3,930)
(1,007)
Derivative Asset, Fair Value of Collateral
(107,492)
(56,816)
Derivative Asset, Fair Value, Amount Offset Against Collateral
5,280
2,447
Derivative Liability, Fair Value, Gross Liability
37,300
54,609
Derivative Liability, Amount Offset by Asset
0
0
Derivative Liability, Noncurrent
37,300
54,609
Derivative Liability, Not Offset, Policy Election Deduction
(3,930)
(1,007)
Derivative Liability, Fair Value of Collateral
0
0
Derivative Liability, Fair Value, Amount Offset Against Collateral
33,370
53,602
Derivative Not Subject to Master Netting Agreement [Member]
Balance Sheet Offsetting [Line Items]
Derivative Asset, Fair Value, Gross Asset
174
222
Derivative Asset, Amount Offset by Liabiilty
0
0
Derivative Asset, Not Subject to Master Netting Arrangement
174
222
Derivative Liability, Fair Value, Gross Liability
599
375
Derivative Liability, Amount Offset by Asset
0
0
Derivative Liability, Not Subject to Master Netting Arrangement
$ 599
$ 375
[1]
$ in Thousands
Collateral Swap [Member]
Collateral swap agreements
$ 0
$ 200,000
$ in Thousands
Resale agreement [Member]
Balance Sheet Offsetting [Line Items]
Securities Purchased under Agreements to Resell, Gross
$ 450,000
$ 1,025,000
Securities Purchased under Agreements to Resell, Liability
0
(200,000)
Securities purchased under agreements to resell, net
450,000
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
(450,000)
(825,000)
Securities Purchased under Agreements to Resell, Amount Offset Against Collateral
0
0
Repurchase agreement [Member]
Balance Sheet Offsetting [Line Items]
Securities Sold under Agreements to Repurchase, Gross
2,647,510
2,881,874
Securities Sold under Agreements to Repurchase, Asset
0
(200,000)
Securities sold under agreements to repurchase, net
2,647,510
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
(2,647,510)
(2,681,874)
Securities Sold under Agreements to Repurchase, Amount Offset Against Collateral
$ 0
$ 0
$ in Thousands
Maturity Overnight [Member] | US Treasury and Government [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
$ 170,293
$ 488,053
Maturity Overnight [Member] | US Government-sponsored Enterprise Debt Securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
8,749
Maturity Overnight [Member] | Agency mortgage-backed securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
1,833,840
1,792,314
Maturity Overnight [Member] | Non-agency mortgage-backed securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
10,566
40,950
Maturity Overnight [Member] | Asset-backed Securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
516,726
293,001
Maturity Overnight [Member] | Other Debt Securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
33,265
1,924
Maturity Overnight [Member] | Repurchase Agreements [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
2,573,439
2,616,242
Maturity up to 90 days [Member] | US Treasury and Government [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
0
26,928
Maturity up to 90 days [Member] | US Government-sponsored Enterprise Debt Securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
0
Maturity up to 90 days [Member] | Agency mortgage-backed securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
27,264
21,744
Maturity up to 90 days [Member] | Non-agency mortgage-backed securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
0
0
Maturity up to 90 days [Member] | Asset-backed Securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
9,606
0
Maturity up to 90 days [Member] | Other Debt Securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
0
0
Maturity up to 90 days [Member] | Repurchase Agreements [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
36,870
48,672
Maturity Greater than 90 Days [Member] | US Treasury and Government [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
0
12,460
Maturity Greater than 90 Days [Member] | US Government-sponsored Enterprise Debt Securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
0
Maturity Greater than 90 Days [Member] | Agency mortgage-backed securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
17,200
204,500
Maturity Greater than 90 Days [Member] | Non-agency mortgage-backed securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
0
0
Maturity Greater than 90 Days [Member] | Asset-backed Securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
20,000
0
Maturity Greater than 90 Days [Member] | Other Debt Securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
0
0
Maturity Greater than 90 Days [Member] | Repurchase Agreements [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
37,200
216,960
Total Repurchase Agreements [Member] [Domain] | US Treasury and Government [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
170,293
527,441
Total Repurchase Agreements [Member] [Domain] | US Government-sponsored Enterprise Debt Securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
8,749
Total Repurchase Agreements [Member] [Domain] | Agency mortgage-backed securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
1,878,304
2,018,558
Total Repurchase Agreements [Member] [Domain] | Non-agency mortgage-backed securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
10,566
40,950
Total Repurchase Agreements [Member] [Domain] | Asset-backed Securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
546,332
293,001
Total Repurchase Agreements [Member] [Domain] | Other Debt Securities [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
33,265
1,924
Total Repurchase Agreements [Member] [Domain] | Repurchase Agreements [Member]
Schedule of Underlying Assets of Repurchase Agreements [Line Items]
Assets Sold under Agreements to Repurchase, Repurchase Liability
$ 2,647,509
$ 2,881,874
$ in Thousands12 Months Ended
Notional amount of underlying swaps
$ 5,194,716
$ 3,742,521
Financial Standby Letter of Credit [Member]
Carrying value of the guarantee obligations, liability
3,000
Commitments outstanding, maximum potential future payments
601,800
State Tax Credits [Member]
Purchases of state tax credits
112,100
Sales of state tax credits
54,000
Purchase Obligation, to be Paid, Year One
187,100
Purchase obligation, to be paid in years after year one
388,200
Risk Participation Agreement [Member]
Carrying value of the guarantee obligations, liability
194
Notional amount of underlying swaps
$ 475,500
Risk Participation Agreement [Member] | Minimum [Member]
Risk Participation Agreements, Term
1 year
Risk Participation Agreement [Member] | Maximum [Member]
Risk Participation Agreements, Term
15 years
$ in Thousands
Commercial letters of credit
$ 2,571
$ 4,393
Credit Card [Member]
Commitments to extend credit
5,367,102
5,190,942
Other [Member]
Commitments to extend credit
9,144,971
9,102,525
Financial Standby Letter of Credit [Member]
Standby letters of credit, net of conveyances to others
$ 590,551
$ 555,858
12 Months Ended
Percentage of Tower stock owned by the Company's Executive Officers | Rate
66.00%
Company stock owned by Tower | shares
257,680
Tower's long-term line of credit with the Bank
$ 13,500,000
Tower's line of credit, maximum borrowing amount (based on collateral)
11,000,000
Tower's maximum amount outstanding on the line of credit during period
0
$ 0
$ 0
Tower's line of credit, current balance
0
0
0
Tower's letters of credit outstanding, amount
0
0
0
Tower's line of credit facility, commitment fee amount
0
0
0
Tower's long-term construction loan
0
0
0
Rent paid to the Company by Tower
$ 82,000
$ 82,000
$ 83,000
Rent per square foot | $ / Square_Foot
17.50
17.44
17.25
$ in Thousands12 Months Ended
Related Party Transaction, Expenses from Transactions with Related Party
$ 3,791
$ 2,775
$ 2,609
Leasing Agent Fees [Member]
Related Party Transaction, Expenses from Transactions with Related Party
434
125
31
Operation Of Parking Garages [Member]
Related Party Transaction, Expenses from Transactions with Related Party
111
100
71
Building Management Fees [Member]
Related Party Transaction, Expenses from Transactions with Related Party
2,202
2,118
2,046
Property Construction Management Fees [Member]
Related Party Transaction, Expenses from Transactions with Related Party
360
184
143
Tower's project consulting fees
Related Party Transaction, Expenses from Transactions with Related Party
419
0
84
Dividends Paid On Company Stock Held By Tower [Member]
Related Party Transaction, Expenses from Transactions with Related Party
$ 265
$ 248
$ 234
$ in Thousands12 Months Ended
Investments in marketable common and preferred stock
$ 5,723
$ 6,210
Equity Securities without Readily Determinable Fair Value, Amount
6,978
6,094
Visa Class B-1 Shares | Subsequent Event [Member]
Equity Securities without Readily Determinable Fair Value, Share Class Redenomination
823,447
Commerce Bancshares, Inc. (Parent) [Member]
Note receivable due from bank subsidiary
50,000
50,000
Parent's line of credit facility with the Bank, maximum borrowing capacity
20,000
Parent line of credit with Bank, borrowings during period
0
$ 0
$ 0
Private Equity Investments, planned additional investments
69,400
Financial Instruments Owned Corporate Bonds
5,100
Investments in marketable common and preferred stock
5,400
Equity Securities without Readily Determinable Fair Value, Amount
$ 6,000
$ in Thousands
Debt Securities, Available-for-sale
$ 9,684,760
$ 12,238,316
Equity Securities, FV-NI and without Readily Determinable Fair Value
12,701
12,304
Other assets
938,077
909,590
Total assets
31,701,061
31,875,931
Other liabilities
462,714
355,508
Total liabilities
28,736,831
29,394,354
Stockholders’ equity
2,944,116
2,465,291
Total liabilities and equity
31,701,061
31,875,931
Commerce Bancshares, Inc. (Parent) [Member]
Investment in consolidated subsidiary, Banks
2,390,595
2,008,454
Investment in consolidated subsidiaries, Non-banks
160,244
138,501
Cash
322,573
233,261
Debt Securities, Available-for-sale
5,081
5,207
Equity Securities, FV-NI and without Readily Determinable Fair Value
11,396
11,129
Note receivable due from bank subsidiary
50,000
50,000
Advances to subsidiaries, net of borrowings
1,800
20,529
Income tax receivable and deferred tax assets
10,263
11,987
Other assets
30,486
26,539
Total assets
2,982,438
2,505,607
Pension obligation
4,107
7,446
Other liabilities
34,215
32,870
Total liabilities
38,322
40,316
Stockholders’ equity
2,944,116
2,465,291
Total liabilities and equity
$ 2,982,438
$ 2,505,607
$ in Thousands12 Months Ended
Interest and dividends on investment securities
$ 278,755
$ 313,892
$ 236,278
Salaries and employee benefits
584,063
554,047
525,248
Data processing fees paid to affiliates
118,758
110,692
101,792
Other
77,890
63,051
64,519
Total non-interest expense
930,982
848,777
805,901
Income tax expense (benefit)
134,549
132,358
145,711
NET INCOME ATTRIBUTABLE TO COMMERCE BANCSHARES, INC.
477,060
488,399
530,765
Commerce Bancshares, Inc. (Parent) [Member]
Dividends received from consolidated subsidiary banks
280,000
300,001
340,001
Earnings of consolidated subsidiaries, net of dividends
203,570
203,965
200,461
Interest and dividends on investment securities
2,905
2,480
2,162
Management fees charged subsidiaries
47,773
38,632
36,310
Investment securities gains (losses)
(621)
(872)
79
Net interest income on advances and note to subsidiaries
2,636
1,403
51
Other
2,842
3,709
2,927
Total income
539,105
549,318
581,991
Salaries and employee benefits
41,549
44,352
37,362
Professional fees
3,580
2,740
2,006
Data processing fees paid to affiliates
3,347
3,173
2,834
Other
16,264
15,595
12,973
Total non-interest expense
64,740
65,860
55,175
Income tax expense (benefit)
(2,695)
(4,941)
(3,949)
NET INCOME ATTRIBUTABLE TO COMMERCE BANCSHARES, INC.
$ 477,060
$ 488,399
$ 530,765
$ in Thousands12 Months Ended
OPERATING ACTIVITIES:
Net income
$ 477,060
$ 488,399
$ 530,765
Other changes, net
(113,481)
15,250
(10,486)
Net cash provided by (used in) operating activities
488,769
559,385
597,722
INVESTING ACTIVITIES
Proceeds from maturities/pay downs of investment securities
[1]
1,935,552
2,691,260
3,459,106
Purchases of investment securities
[1]
(246,286)
(2,147,862)
(5,947,891)
Purchases of land, buildings and equipment
(88,074)
(65,191)
(56,716)
Net cash provided by (used in) investing activities
2,183,832
242,271
(2,082,758)
FINANCING ACTIVITIES
Purchases of treasury stock
(76,370)
(186,622)
(129,361)
Cash dividends paid on common stock
(134,734)
(127,466)
(122,693)
Net cash provided by (used in) financing activities
(883,119)
(4,200,809)
3,573,662
Increase (decrease) in cash and cash equivalents
1,789,482
(3,399,153)
2,088,626
Income tax payments (receipts), net
130,957
116,995
119,665
Commerce Bancshares, Inc. (Parent) [Member]
OPERATING ACTIVITIES:
Net income
477,060
488,399
530,765
Earnings of consolidated subsidiaries, net of dividends
(203,570)
(203,965)
(200,461)
Other changes, net
5,749
2,557
8,842
Net cash provided by (used in) operating activities
279,239
286,991
339,146
INVESTING ACTIVITIES
(Increase) decrease in investment in subsidiaries, net
4,348
(9)
6
Proceeds from maturities/pay downs of investment securities
15
38
22
Purchases of investment securities
(902)
(4,534)
(4,786)
(Increase) decrease in advances to subsidiaries, net
18,729
19,996
(8,618)
Purchases of land, buildings and equipment
(490)
(741)
(28)
Net cash provided by (used in) investing activities
21,700
14,750
(13,404)
FINANCING ACTIVITIES
Purchases of treasury stock
(76,890)
(186,622)
(129,361)
Issuance of stock under equity compensation plans
(3)
(8)
(15)
Cash dividends paid on common stock
(134,734)
(127,466)
(122,693)
Net cash provided by (used in) financing activities
(211,627)
(314,096)
(252,069)
Increase (decrease) in cash and cash equivalents
89,312
(12,355)
73,673
Cash and cash equivalents at beginning of year
233,261
245,616
171,943
Cash and cash equivalents at end of year
322,573
233,261
245,616
Income tax payments (receipts), net
$ (3,254)
$ (587)
$ (4,808)
[1]
Available for sale debt securities, equity securities, and other securities.
-:ER&\ACMP2G?@-'('\W09!AX,
M3D:4:8=>I74=AU&?L%<;9&JR7NSQ>C"\D*LNV<++HXI/Z0*<1B[@>!WB#+H6
M@?M"GU(!LUHL/;N2F<3I_2!!ZV']EO6^_H94D53 7_P@I=
M3IS4(06L:,/UG=B]@[V?V/#E@JOVG^PZ;!(Z)&^4%M4^&!54K.Z>],=^'@X"
M_.B9@& ?$/QM0+@/"%NCG;+6UHQJFHVEV!%IT,AF&NWM(2K?8:PC('8\ NV%5XT)CLBZ-8SZM7$F$,R7
MIE^$>F2[U#DT;,N8+UP3=\=&['@X*ILY6'PN*ZA%3T>H*9MI1.A%EBD$?0)J
M6K)%Y]Q!2*Q#)-;/2$9T5=^7JG!T$,(L(?20-6W:.L\/3,\Q(F,\]%VCLF,@
MU@]!#ZHY"A9L6 $& %@PW2 ZR5GHF79L72@\Z>H@WN$/[\>?KU7YEK4Y++U2
MT@LG^%/7^ *#V\0"#^&9 (3(>$@#0Q8CLG/?%]S11[SC']X+"%@?D60&W\GR
ME]PRNV]\[@/*[[_EC:B\3O$0*+S4)'3D:YJ@&4-0M0A4+=;,QO1L.OJVZ' D>1<<
M270DC]HN54X%07$DJ%IPZ2!"T+01J%H,I=;W3X