(Mark One) | |||||
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE | |||||
SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE | |||||
SECURITIES EXCHANGE ACT OF 1934 |
(Exact name of registrant as specified in its charter) |
(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 | ||||||
Page | |||||||||||
INDEX | |||||||||||
Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 | |||||||||||
Consolidated Statements of Income for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) | |||||||||||
Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) | |||||||||||
Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) | |||||||||||
Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (unaudited) | |||||||||||
June 30, 2024 | December 31, 2023 | ||||||||||
(Unaudited) | |||||||||||
(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 $ | |||||||||||
June 30, 2024 and December 31, 2023, respectively, and allowance for credit losses of $ | |||||||||||
at both June 30, 2024 and December 31, 2023) | |||||||||||
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 | |||||||||||
and | ( | ( | |||||||||
Accumulated other comprehensive income (loss) | ( | ( | |||||||||
Total Commerce Bancshares, Inc. stockholders' equity | |||||||||||
Non-controlling interest | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
For the Three Months Ended June 30 | For the Six Months Ended June 30 | ||||||||||||||||
(In thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||||||
(Unaudited) | |||||||||||||||||
INTEREST INCOME | |||||||||||||||||
Interest and fees on loans | $ | $ | $ | $ | |||||||||||||
Interest and fees 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 | |||||||||||||||||
Trust fees | |||||||||||||||||
Bank card transaction 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 | |||||||||||||||||
Equipment | |||||||||||||||||
Marketing | |||||||||||||||||
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 Three Months Ended June 30 | For the Six Months Ended June 30 | ||||||||||||||||
(In thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||
(Unaudited) | |||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||
Other comprehensive income (loss): | |||||||||||||||||
Net unrealized gains (losses) on available for sale debt 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) expense | |||||||||||||||||
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 | ||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Balance March 31, 2024 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||
Net income | |||||||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Distributions to non-controlling interest | ( | ( | |||||||||||||||||||||
Purchases of treasury stock | ( | ( | |||||||||||||||||||||
Issuance under stock purchase and equity compensation plans | ( | ||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||
Cash dividends paid on common stock ($ | ( | ( | |||||||||||||||||||||
Balance June 30, 2024 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||
Balance March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||
Net Income | |||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||
Distributions to non-controlling interest | ( | ( | |||||||||||||||||||||
Purchases of treasury stock | ( | ( | |||||||||||||||||||||
Issuance under stock purchase and equity compensation plans | ( | ||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||
Cash dividends paid on common stock ($ | ( | ( | |||||||||||||||||||||
Balance June 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
Commerce Bancshares, Inc. Shareholders | |||||||||||||||||||||||
(In thousands, except per share data) | Common Stock | Capital Surplus | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interest | Total | ||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Balance December 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||
Net income | |||||||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Distributions to non-controlling interest | ( | ( | |||||||||||||||||||||
Purchases of treasury stock | ( | ( | |||||||||||||||||||||
Issuance under stock purchase and equity compensation plans | ( | ||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||
Cash dividends paid on common stock ($ | ( | ( | |||||||||||||||||||||
Balance June 30, 2024 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||
Balance 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 | ( | ||||||||||||||||||||||
Issuance under stock purchase and equity compensation plans | ( | ||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||
Cash dividends paid on common stock ($ | ( | ( | |||||||||||||||||||||
Balance June 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
For the Six Months Ended June 30 | |||||||||||
(In thousands) | 2024 | 2023 | |||||||||
(Unaudited) | |||||||||||
OPERATING ACTIVITIES: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | |||||||||||
Provision for depreciation and amortization | |||||||||||
Amortization of investment security premiums, net | |||||||||||
Investment securities (gains) losses, net (A) | ( | ( | |||||||||
Net (gains) losses on sales of loans held for sale | ( | ( | |||||||||
Originations of loans held for sale | ( | ( | |||||||||
Proceeds from sales of loans held for sale | |||||||||||
Net (increase) decrease in trading debt securities, excluding unsettled transactions | ( | ||||||||||
Purchase of interest rate floor derivative contracts | ( | ||||||||||
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 (used in) 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 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 | ( | ( | |||||||||
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 June 30 | $ | $ | |||||||||
Income tax payments, net | $ | $ | |||||||||
Interest paid on deposits and borrowings | $ | $ | |||||||||
Loans transferred to foreclosed real estate | $ | $ | |||||||||
(In thousands) | June 30, 2024 | 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 loans | $ | $ |
Key Assumption | June 30, 2024 | March 31, 2024 | ||||||
Overall economic forecast | •Economic growth expected to slightly cool with no significant rise in layoffs or unemployment rate •Inflation expected to moderate •Expectations the Federal Reserve will start cutting rates in September 2024 | •Economic strength is visible in the strong labor market •Fiscal policy is forecasted to be a modest drag on GDP •There are expectations that the Federal Reserve will start cutting rates in 2nd quarter 2024 | ||||||
Reasonable and supportable period and related reversion period | •Reasonable and supportable period of one year •Reversion to historical average loss rates within two quarters using a straight-line method | •Reasonable and supportable period of one year •Reversion to historical average loss rates within two quarters using a straight-line method | ||||||
Forecasted macro-economic variables | •Unemployment rate ranges from 4.0% to 4.2% during the reasonable and supportable forecast period •Real GDP growth ranges from 1.7% to 2.2% •BBB corporate yield from 5.0% to 5.4% •Housing Price Index from 321.2 to 327.1 | •Unemployment rate ranges from 3.9% to 4.1% during the reasonable and supportable forecast period •Real GDP growth ranges from 1.5% to 3.0% •BBB corporate yield from 4.7% to 5.1% •Housing Price Index from 312.1 to 316.6 | ||||||
Prepayment assumptions | Commercial loans •Pools ranging from 0% to 5% Personal banking loans •Ranging from 7.7% to 22.7% for most loan pools •Consumer credit cards 66.6% | Commercial loans •Pools ranging from 0% to 5% Personal banking loans •Ranging from 6.2% to 21.6% for most loan pools •Consumer credit cards 66.6% | ||||||
Qualitative factors | Added qualitative factors related to: •Changes in the composition of the loan portfolios •Certain industries experiencing stress or emerging concerns within the portfolio •Certain portfolios sensitive to unusually high rate of inflation and supply chain issues •Loans downgraded to special mention, substandard, or non-accrual status •Certain portfolios where the model assumptions do not capture all identified loss risk | Added qualitative factors related to: •Changes in the composition of the loan portfolios •Certain 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 •Certain portfolios where the model assumptions do not capture all identified loss risk |
For the Three Months Ended June 30, 2024 | For the Six Months Ended June 30, 2024 | ||||||||||||||||||||||
(In thousands) | Commercial | Personal Banking | Total | Commercial | Personal Banking | Total | |||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS | |||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Provision for credit losses on loans | ( | ||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||
Loans charged off | |||||||||||||||||||||||
Less recoveries on loans | |||||||||||||||||||||||
Net loan charge-offs (recoveries) | |||||||||||||||||||||||
Balance June 30, 2024 | $ | $ | $ | $ | $ | $ | |||||||||||||||||
LIABILITY FOR UNFUNDED LENDING COMMITMENTS | |||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Provision for credit losses on unfunded lending commitments | ( | ( | ( | ( | ( | ||||||||||||||||||
Balance June 30, 2024 | $ | $ | $ | $ | $ | $ | |||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | $ | $ | $ | $ | $ | $ |
For the Three Months Ended June 30, 2023 | For the Six Months Ended June 30, 2023 | ||||||||||||||||||||||
(In thousands) | Commercial | Personal Banking | Total | Commercial | Personal Banking | Total | |||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS | |||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Provision for credit losses on loans | ( | ||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||
Loans charged off | |||||||||||||||||||||||
Less recoveries on loans | |||||||||||||||||||||||
Net loan charge-offs (recoveries) | |||||||||||||||||||||||
Balance June 30, 2023 | $ | $ | $ | $ | $ | $ | |||||||||||||||||
LIABILITY FOR UNFUNDED LENDING COMMITMENTS | |||||||||||||||||||||||
Balance at beginning of period | $ | $ | $ | $ | $ | $ | |||||||||||||||||
Provision for credit losses on unfunded lending commitments | ( | ( | ( | ||||||||||||||||||||
Balance June 30, 2023 | $ | $ | $ | $ | $ | $ | |||||||||||||||||
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 | ||||||||||||
June 30, 2024 | |||||||||||||||||
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, 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 | $ | $ | $ | $ | $ |
Term Loans Amortized Cost Basis by Origination Year | ||||||||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
June 30, 2024 | ||||||||||||||||||||||||||
Business | ||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||
Total Business: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Gross write-offs for the six months ended June 30, 2024 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Real estate-construction | ||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Total Real estate-construction: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Gross write-offs for the six months ended June 30, 2024 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Real estate-business | ||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||
Total Real estate-business: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Gross write-offs for the six months ended June 30, 2024 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||
Risk Rating: | ||||||||||||||||||||||||||
Pass | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Special mention | ||||||||||||||||||||||||||
Substandard | ||||||||||||||||||||||||||
Non-accrual | ||||||||||||||||||||||||||
Total Commercial loans: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Gross write-offs for the six months ended June 30, 2024 | $ | $ | $ | $ | $ | $ | $ | $ |
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 | ||||||||||||||||||||||||||
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) | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Revolving Loans Amortized Cost Basis | Total | ||||||||||||||||||
June 30, 2024 | ||||||||||||||||||||||||||
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 six months ended June 30, 2024 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Consumer | ||||||||||||||||||||||||||
Current to 90 days past due | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Over 90 days past due | ||||||||||||||||||||||||||
Total Consumer: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Gross write-offs for the six months ended June 30, 2024 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
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 six months ended June 30, 2024 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Consumer credit card | ||||||||||||||||||||||||||
Current to 90 days past due | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Over 90 days past due | ||||||||||||||||||||||||||
Total Consumer credit card: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Gross write-offs for the six months ended June 30, 2024 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Overdrafts | ||||||||||||||||||||||||||
Current to 90 days past due | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Total Overdrafts: | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Gross write-offs for the six months ended June 30, 2024 | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
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 six months ended June 30, 2024 | $ | $ | $ | $ | $ | $ | $ | $ |
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 | $ | $ | $ | $ | $ | $ | $ | $ |
(In thousands) | Business Assets | Real Estate | Oil & Gas Assets | Total | ||||||||||
June 30, 2024 | ||||||||||||||
Commercial: | ||||||||||||||
Real estate - business | $ | $ | $ | $ | ||||||||||
Personal Banking: | ||||||||||||||
Real estate - personal | ||||||||||||||
Revolving home equity | ||||||||||||||
Total | $ | $ | $ | $ | ||||||||||
December 31, 2023 | ||||||||||||||
Commercial: | ||||||||||||||
Business | $ | $ | $ | $ | ||||||||||
Personal Banking: | ||||||||||||||
Revolving home equity | ||||||||||||||
Total | $ | $ | $ | $ |
Personal Banking Loans | ||||||||||||||
% of Loan Category | ||||||||||||||
Real Estate - Personal | Consumer | Revolving Home Equity | Consumer Credit Card | |||||||||||
June 30, 2024 | ||||||||||||||
FICO score: | ||||||||||||||
Under 600 | % | % | % | % | ||||||||||
600 - 659 | ||||||||||||||
660 - 719 | ||||||||||||||
720 - 779 | ||||||||||||||
780 and over | ||||||||||||||
Total | % | % | % | % | ||||||||||
December 31, 2023 | ||||||||||||||
FICO score: | ||||||||||||||
Under 600 | % | % | % | % | ||||||||||
600 - 659 | ||||||||||||||
660 - 719 | ||||||||||||||
720 - 779 | ||||||||||||||
780 and over | ||||||||||||||
Total | % | % | % | % |
For the Three Months Ended June 30, 2024 | |||||||||||||||||||||||
(Dollars in thousands) | Term Extension | Payment Delay | Interest Rate Reduction | Interest/Fees Forgiven | Other | Total | % of Total Loan Category | ||||||||||||||||
June 30, 2024 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Business | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||
Real estate – business | |||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||
Real estate – personal | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
Consumer credit card | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||
For the Six Months Ended June 30, 2024 | |||||||||||||||||||||||
June 30, 2024 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Business | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||
Real estate – business | |||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||
Real estate – personal | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
Consumer credit card | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | % |
For the Three Months Ended June 30, 2023 | |||||||||||||||||||||||
(Dollars in thousands) | Term Extension | Payment Delay | Interest Rate Reduction | Interest/Fees Forgiven | Other | Total | % of Total Loan Category | ||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Business | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||
Real estate – business | |||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||
Real estate – personal | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
Consumer credit card | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||
For the Six Months Ended June 30, 2023 | |||||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Business | $ | $ | $ | $ | $ | $ | % | ||||||||||||||||
Real estate – business | |||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||
Real estate – personal | |||||||||||||||||||||||
Consumer | |||||||||||||||||||||||
Consumer credit card | |||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | % |
Term Extension | ||||||||
Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | |||||||
Commercial: | ||||||||
Business | Extended maturity by a weighted average of | Extended maturity by a weighted average of | ||||||
Real estate – business | Extended maturity by a weighted average of | Extended maturity by a weighted average of | ||||||
Personal Banking: | ||||||||
Real estate – personal | Extended maturity by a weighted average of | Extended maturity by a weighted average of | ||||||
Consumer | Added | |||||||
Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |||||||
Commercial: | ||||||||
Business | Extended maturity by a weighted average of | Extended maturity by a weighted average of | ||||||
Real estate – business | Extended maturity by a weighted average of | Extended maturity by a weighted average of | ||||||
Personal Banking: | ||||||||
Real estate – personal | Extended maturity by a weighted average of | Extended maturity by a weighted average of | ||||||
Consumer | Added | |||||||
Payment Delay | ||||||||
Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | |||||||
Personal Banking: | ||||||||
Real estate – personal | Deferred certain payments by a weighted average of | Deferred certain payments by a weighted average of | ||||||
Consumer | Deferred certain payments by a weighted average of | |||||||
Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |||||||
Real estate – personal | Deferred certain payments by a weighted average of | Deferred certain payments by a weighted average of | ||||||
Consumer | Deferred certain payments by a weighted average of | |||||||
Interest Rate Reduction | ||||||||
Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | |||||||
Personal Banking: | ||||||||
Consumer | ||||||||
Consumer credit card | ||||||||
Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |||||||
Personal Banking: | ||||||||
Consumer | ||||||||
Consumer credit card | ||||||||
Forgiveness of Interest/Fees | ||||||||
Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | |||||||
Personal Banking: | ||||||||
Consumer credit card | ||||||||
Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | |||||||
Personal Banking: | ||||||||
Consumer credit card | ||||||||
For the Three Months Ended June 30, 2024 | For the Six Months Ended June 30, 2024 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Payment Delay | Interest Rate Reduction | Interest/Fees Forgiven | Total | Payment Delay | Interest Rate Reduction | Interest/Fees Forgiven | Total | |||||||||||||||||||||
June 30, 2024 | |||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||
Real estate – personal | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Consumer credit card | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
For the Three Months Ended June 30, 2023 | For the Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||
(Dollars in thousands) | Payment Delay | Interest Rate Reduction | Interest/Fees Forgiven | Total | Payment Delay | Interest Rate Reduction | Interest/Fees Forgiven | Total | |||||||||||||||||||||
June 30, 2023 | |||||||||||||||||||||||||||||
Personal Banking: | |||||||||||||||||||||||||||||
Real estate – personal | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||
Consumer | |||||||||||||||||||||||||||||
Consumer credit card | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ |
(In thousands) | Current | 30-89 Days Past Due | 90 Days Past Due | Total | ||||||||||
June 30, 2024 | ||||||||||||||
Commercial: | ||||||||||||||
Business | $ | $ | $ | $ | ||||||||||
Real estate – business | ||||||||||||||
Personal Banking: | ||||||||||||||
Real estate – personal | ||||||||||||||
Consumer | ||||||||||||||
Consumer credit card | ||||||||||||||
Total | $ | $ | $ | $ |
(In thousands) | Current | 30-89 Days Past Due | 90 Days Past Due | Total | ||||||||||
June 30, 2023 | ||||||||||||||
Commercial: | ||||||||||||||
Business | $ | $ | $ | $ | ||||||||||
Real estate – business | ||||||||||||||
Personal Banking: | ||||||||||||||
Real estate – personal | ||||||||||||||
Consumer | ||||||||||||||
Consumer credit card | ||||||||||||||
Total | $ | $ | $ | $ |
(In thousands) | June 30, 2024 | December 31, 2023 | ||||||
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 | ||||||||
Private equity investments | ||||||||
Total investment securities (1) | $ | $ |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||
(In thousands) | 2024 | 2024 | |||||||||
Balance at beginning of period | $ | $ | |||||||||
Observable upward price adjustments | |||||||||||
Observable downward price adjustments | |||||||||||
Impairment charges | |||||||||||
Sales of securities and other activity | ( | ( | |||||||||
Balance at end of period | $ | $ |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||
(In thousands) | 2024 | 2024 | |||||||||
Net gains (losses) recognized during the period on equity securities | $ | $ | |||||||||
Less: Net gains (losses) recognized during the period on equity securities sold during the period | ( | ( | |||||||||
Net unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date | $ | $ |
(In thousands) | Amortized Cost | Fair Value | ||||||
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 | ||||||||||||||||||||
June 30, 2024 | ||||||||||||||||||||||||||
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, 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 | $ | $ | $ | $ | $ | $ |
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Fair Value | ||||||||||||
June 30, 2024 | |||||||||||||||||
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, 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 | $ | $ | $ | ( | $ | $ |
For the Six Months Ended June 30 | ||||||||
(In thousands) | 2024 | 2023 | ||||||
Proceeds from sales of securities: | ||||||||
Available for sale debt securities | $ | $ | ||||||
Equity securities | ||||||||
Other investments | ||||||||
Total proceeds | $ | $ | ||||||
Investment securities gains (losses), net: | ||||||||
Available for sale debt securities: | ||||||||
Gains realized on sales | $ | $ | ||||||
Losses realized on sales | ( | ( | ||||||
Equity securities: | ||||||||
Gains (losses) on equity securities, net | ( | |||||||
Other: | ||||||||
Gains realized on sales | ||||||||
Losses realized on sales | ( | |||||||
Fair value adjustments, net | ||||||||
Total investment securities gains (losses), net | $ | $ |
June 30, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||
(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) | |||||
2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 |
(In thousands) | Goodwill | Easement | Core Deposit Premium | Mortgage Servicing Rights | ||||||||||
Balance January 1, 2024 | $ | $ | $ | $ | ||||||||||
Originations, net of disposals | ||||||||||||||
Amortization | ( | ( | ||||||||||||
Balance June 30, 2024 | $ | $ | $ | $ |
(In thousands) | June 30, 2024 | December 31, 2023 | ||||||
Consumer segment | $ | $ | ||||||
Commercial segment | ||||||||
Wealth segment | ||||||||
Total goodwill | $ | $ |
For the Three Months Ended June 30 | For the Six Months Ended June 30 | ||||||||||||||||
(in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||
Direct financing and sales-type leases | $ | $ | $ | $ | |||||||||||||
Operating leases(a) | |||||||||||||||||
Total lease income | $ | $ | $ | $ |
For the Three Months Ended June 30 | For the Six Months Ended June 30 | ||||||||||||||||
(In thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||
Interest cost on projected benefit obligation | |||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||
Amortization of prior service cost | ( | ( | ( | ( | |||||||||||||
Amortization of unrecognized net loss | |||||||||||||||||
Net periodic pension cost | $ | $ | $ | $ |
For the Three Months Ended June 30 | For the Six Months Ended June 30 | ||||||||||||||||
(In thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||||||
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 | $ | $ | $ | $ |
Unrealized Gains (Losses) on Securities (1) | Pension Loss | Unrealized Gains (Losses) on Cash Flow Hedge Derivatives (2) | Total Accumulated Other Comprehensive Income (Loss) | |||||||||||
(In thousands) | ||||||||||||||
Balance January 1, 2024 | $ | ( | $ | ( | $ | $ | ( | |||||||
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 June 30, 2024 | $ | ( | $ | ( | $ | $ | ( | |||||||
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 June 30, 2023 | $ | ( | $ | ( | $ | $ | ( |
(In thousands) | Consumer | Commercial | Wealth | Other/Elimination | Consolidated Totals | ||||||||||||
Three Months Ended June 30, 2024 | |||||||||||||||||
Net interest income | $ | $ | $ | $ | ( | $ | |||||||||||
Provision for credit losses | ( | ( | ( | ||||||||||||||
Non-interest income | |||||||||||||||||
Investment securities gains (losses), net | |||||||||||||||||
Non-interest expense | ( | ( | ( | ( | ( | ||||||||||||
Income before income taxes | $ | $ | $ | $ | ( | $ | |||||||||||
Six Months Ended June 30, 2024 | |||||||||||||||||
Net interest income | $ | $ | $ | $ | ( | $ | |||||||||||
Provision for credit losses | ( | ( | ( | ||||||||||||||
Non-interest income | |||||||||||||||||
Investment securities gains (losses), net | |||||||||||||||||
Non-interest expense | ( | ( | ( | ( | ( | ||||||||||||
Income before income taxes | $ | $ | $ | $ | ( | $ | |||||||||||
Three Months Ended June 30, 2023 | |||||||||||||||||
Net interest income | $ | $ | $ | $ | ( | $ | |||||||||||
Provision for loan losses | ( | ( | ( | ||||||||||||||
Non-interest income | |||||||||||||||||
Investment securities gains (losses), net | |||||||||||||||||
Non-interest expense | ( | ( | ( | ( | ( | ||||||||||||
Income before income taxes | $ | $ | $ | $ | ( | $ | |||||||||||
Six Months Ended June 30, 2023 | |||||||||||||||||
Net interest income | $ | $ | $ | $ | ( | $ | |||||||||||
Provision for credit losses | ( | ( | ( | ( | ( | ||||||||||||
Non-interest income | |||||||||||||||||
Investment securities gains (losses), net | |||||||||||||||||
Non-interest expense | ( | ( | ( | ( | ( | ||||||||||||
Income before income taxes | $ | $ | $ | $ | ( | $ |
(In thousands) | June 30, 2024 | December 31, 2023 | ||||||
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 | ||||||||||||||||
June 30, 2024 | Dec. 31, 2023 | June 30, 2024 | Dec. 31, 2023 | ||||||||||||||
(In thousands) | Fair Value | Fair Value | |||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||
Interest rate floors | $ | $ | $ | $ | |||||||||||||
Total derivatives designated as hedging instruments | $ | $ | $ | $ | |||||||||||||
Derivative instruments 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 | $ | $ | $ | ( | $ | ( | |||||||||||
Total | $ | $ | $ | ( | $ | ( |
Amount of Gain or (Loss) Recognized in OCI | Location of Gain (Loss) Reclassified from AOCI into Income | Amount of Gain (Loss) Reclassified from AOCI into Income | ||||||||||||||||||||||||
(In thousands) | Total | Included Component | Excluded Component | Total | Included Component | Excluded Component | ||||||||||||||||||||
For the Three Months Ended June 30, 2024 | ||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||||||||||||
Interest rate floors | $ | ( | $ | ( | $ | ( | Interest and fees on loans | $ | $ | $ | ( | |||||||||||||||
Total | $ | ( | $ | ( | $ | ( | Total | $ | $ | $ | ( | |||||||||||||||
For the Six Months Ended June 30, 2024 | ||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||||||||||||
Interest rate floors | $ | ( | $ | ( | $ | ( | Interest and fees on loans | $ | $ | $ | ( | |||||||||||||||
Total | $ | ( | $ | ( | $ | ( | Total | $ | $ | $ | ( | |||||||||||||||
For the Three Months Ended June 30, 2023 | ||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||||||||||||
Interest rate floors | $ | ( | $ | $ | ( | Interest and fees on loans | $ | $ | $ | ( | ||||||||||||||||
Total | $ | ( | $ | $ | ( | Total | $ | $ | $ | ( | ||||||||||||||||
For the Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||||||||||||||||
Interest rate floors | $ | ( | $ | $ | ( | Interest and fees on loans | $ | $ | $ | ( | ||||||||||||||||
Total | $ | ( | $ | $ | ( | Total | $ | $ | $ | ( |
Location of Gain or (Loss) Recognized in Consolidated Statements of Income | Amount of Gain or (Loss) Recognized in Income on Derivatives | |||||||||||||||||||
For the Three Months Ended June 30 | For the Six Months Ended June 30 | |||||||||||||||||||
(In thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||
Derivative instruments: | ||||||||||||||||||||
Interest rate swaps | 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 | ||||||||||||||
June 30, 2024 | ||||||||||||||||||||
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, 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 | $ | $ | $ |
Gross Amounts Not Offset in the Balance Sheet | ||||||||||||||||||||
(In thousands) | Gross Amount Recognized | Gross Amounts Offset in the Balance Sheet | Net Amounts Presented in the Balance Sheet | Financial Instruments Available for Offset | Securities Collateral Received/Pledged | Unsecured Amount | ||||||||||||||
June 30, 2024 | ||||||||||||||||||||
Total resale agreements, subject to master netting arrangements | $ | $ | $ | $ | $ | ( | $ | |||||||||||||
Total repurchase agreements, subject to master netting arrangements | ( | |||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||
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 | ||||||||||
June 30, 2024 | ||||||||||||||
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, 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 | $ | $ | $ | $ |
Shares | Weighted Average Grant Date Fair Value | |||||||
Nonvested at January 1, 2024 | $ | |||||||
Granted | ||||||||
Vested | ( | |||||||
Forfeited | ( | |||||||
Nonvested at June 30, 2024 | $ |
Weighted per share average fair value at grant date | $ | ||||
Assumptions: | |||||
Dividend yield | % | ||||
Volatility | % | ||||
Risk-free interest rate | % | ||||
Expected term |
(Dollars in thousands, except per share data) | Rights | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||
Outstanding at January 1, 2024 | $ | |||||||||||||
Granted | ||||||||||||||
Forfeited | ( | |||||||||||||
Expired | ( | |||||||||||||
Exercised | ( | |||||||||||||
Outstanding at June 30, 2024 | $ | $ |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||
(In thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||
Trust fees | $ | $ | $ | $ | |||||||||||||
Bank card transaction 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) | June 30, 2024 | December 31, 2023 | June 30, 2023 | December 31, 2022 | ||||||||||
Bank card transaction fees | $ | $ | $ | $ | ||||||||||
Trust fees | ||||||||||||||
Deposit account charges and other fees | ||||||||||||||
Consumer brokerage services |
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) | ||||||||||
June 30, 2024 | ||||||||||||||
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, 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 | $ | $ | $ | $ |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||
(In thousands) | State and Municipal Obligations | Private Equity Investments | Total | ||||||||
For the three months ended June 30, 2024 | |||||||||||
Balance March 31, 2024 | $ | $ | $ | ||||||||
Total gains or losses (realized/unrealized): | |||||||||||
Included in earnings | |||||||||||
Included in other comprehensive income * | ( | ( | |||||||||
Discount accretion | |||||||||||
Purchases of private equity investments | |||||||||||
Sale/pay down of private equity investments | ( | ( | |||||||||
Capitalized interest/dividends | |||||||||||
Balance at June 30, 2024 | $ | $ | $ | ||||||||
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2024 | $ | $ | $ | ||||||||
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2024 | $ | ( | $ | $ | ( | ||||||
For the six months ended June 30, 2024 | |||||||||||
Balance January 1, 2024 | $ | $ | $ | ||||||||
Total gains or losses (realized/unrealized): | |||||||||||
Included in earnings | |||||||||||
Included in other comprehensive income * | |||||||||||
Discount accretion | |||||||||||
Purchases of private equity investments | |||||||||||
Sale/pay down of private equity investments | ( | ( | |||||||||
Capitalized interest/dividends | ( | ( | |||||||||
Balance at June 30, 2024 | $ | $ | $ | ||||||||
Total gains or losses for the six months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2024 | $ | $ | $ | ||||||||
*Total gains or losses for the six months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2024 | $ | $ | $ |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||
(In thousands) | State and Municipal Obligations | Private Equity Investments | Total | ||||||||
For the three months ended June 30, 2023 | |||||||||||
Balance at March 31, 2023 | $ | $ | $ | ||||||||
Total gains or losses (realized/unrealized): | |||||||||||
Included in earnings | |||||||||||
Included in other comprehensive income * | |||||||||||
Discount accretion | |||||||||||
Purchases of private equity investments | |||||||||||
Balance at June 30, 2023 | $ | $ | $ | ||||||||
Total gains or losses for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023 | $ | $ | $ | ||||||||
*Total gains or losses for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023 | $ | $ | $ | ||||||||
For the six months ended June 30, 2023 | |||||||||||
Balance 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 investments | |||||||||||
Sale/pay down of private equity investments | ( | ( | |||||||||
Balance at June 30, 2023 | $ | $ | $ | ||||||||
Total gains or losses for the six months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023 | $ | $ | $ | ||||||||
*Total gains or losses for the six months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2023 | $ | $ | $ |
(In thousands) | Investment Securities Gains (Losses), Net | ||||
For the three months ended June 30, 2024 | |||||
Total gains or losses included in earnings | $ | ||||
Change in unrealized gains or losses relating to assets still held at June 30, 2024 | $ | ||||
For the six months ended June 30, 2024 | |||||
Total gains or losses included in earnings | $ | ||||
Change in unrealized gains or losses relating to assets still held at June 30, 2024 | $ | ||||
For the three months ended June 30, 2023 | |||||
Total gains or losses included in earnings | $ | ||||
Change in unrealized gains or losses relating to assets still held at June 30, 2023 | $ | ||||
For the six months ended June 30, 2023 | |||||
Total gains or losses included in earnings | $ | ||||
Change in unrealized gains or losses relating to assets still held at June 30, 2023 | $ |
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) Recognized During the Six Months Ended June 30 | ||||||||||||
June 30, 2024 | |||||||||||||||||
Collateral dependent loans | $ | $ | $ | $ | $ | ( | |||||||||||
Equity securities | |||||||||||||||||
June 30, 2023 | |||||||||||||||||
Collateral dependent loans | $ | $ | $ | $ | $ | ||||||||||||
Carrying Amount | Estimated Fair Value at June 30, 2024 | |||||||||||||||||||
(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 | ||||||||||||||||||||
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 | $ | $ | $ | $ | $ |
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 | ||||||||||||||||||||
Derivative instruments | ||||||||||||||||||||
Liabilities held in trust for deferred compensation plan | ||||||||||||||||||||
Total | $ | $ | $ | $ | $ |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Per Share Data | |||||||||||||||||
Net income per common share — basic | $ | 1.07 | $ | .97 | * | $ | 1.94 | $ | 1.88 | * | |||||||
Net income per common share — diluted | 1.07 | .97 | * | 1.93 | 1.88 | * | |||||||||||
Cash dividends on common stock | .270 | .257 | * | .540 | .514 | * | |||||||||||
Book value per common share | 24.48 | 20.50 | * | ||||||||||||||
Market price | 55.78 | 46.38 | * | ||||||||||||||
Selected Ratios | |||||||||||||||||
(Based on average balance sheets) | |||||||||||||||||
Loans to deposits (1) | 70.73 | % | 66.15 | % | 70.30 | % | 65.57 | % | |||||||||
Non-interest bearing deposits to total deposits | 30.05 | 32.63 | 30.01 | 34.35 | |||||||||||||
Equity to loans (1) | 17.64 | 16.35 | 17.44 | 16.05 | |||||||||||||
Equity to deposits | 12.48 | 10.81 | 12.26 | 10.52 | |||||||||||||
Equity to total assets | 10.02 | 8.29 | 9.82 | 8.26 | |||||||||||||
Return on total assets | 1.86 | 1.56 | 1.67 | 1.55 | |||||||||||||
Return on equity | 18.52 | 18.81 | 16.98 | 18.78 | |||||||||||||
(Based on end-of-period data) | |||||||||||||||||
Non-interest income to revenue (2) | 36.73 | 37.17 | 37.06 | 36.27 | |||||||||||||
Efficiency ratio (3) | 55.95 | 57.22 | 58.75 | 57.35 | |||||||||||||
Tier I common risk-based capital ratio | 16.19 | 14.75 | |||||||||||||||
Tier I risk-based capital ratio | 16.19 | 14.75 | |||||||||||||||
Total risk-based capital ratio | 16.96 | 15.53 | |||||||||||||||
Tangible common equity to tangible assets ratio (4) | 9.82 | 7.70 | |||||||||||||||
Tier I leverage ratio | 12.13 | 10.46 |
June 30 | ||||||||
(Dollars in thousands) | 2024 | 2023 | ||||||
Total equity | $ | 3,158,335 | $ | 2,685,228 | ||||
Less non-controlling interest | 20,600 | 17,870 | ||||||
Less goodwill | 146,539 | 146,371 | ||||||
Less intangible assets* | 3,952 | 4,173 | ||||||
Total tangible common equity (a) | $ | 2,987,244 | $ | 2,516,814 | ||||
Total assets | $ | 30,569,358 | $ | 32,831,262 | ||||
Less goodwill | 146,539 | 146,371 | ||||||
Less intangible assets* | 3,952 | 4,173 | ||||||
Total tangible assets (b) | $ | 30,418,867 | $ | 32,680,718 | ||||
Tangible common equity to tangible assets ratio (a)/(b) | 9.82 | % | 7.70 | % |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||
(Dollars in thousands) | 2024 | 2023 | % change | 2024 | 2023 | % change | |||||||||||||||||
Net interest income (expense) | $ | 262,249 | $ | 249,538 | 5.1 | % | $ | 511,248 | $ | 501,161 | 2.0 | % | |||||||||||
Provision for credit losses | (5,468) | (6,471) | (15.5) | (10,255) | (17,927) | (42.8) | |||||||||||||||||
Non-interest income | 152,244 | 147,605 | 3.1 | 301,092 | 285,217 | 5.6 | |||||||||||||||||
Investment securities gains (losses), net | 3,233 | 3,392 | (4.7) | 2,974 | 3,086 | (3.6) | |||||||||||||||||
Non-interest expense | (232,214) | (227,611) | 2.0 | (477,911) | (451,718) | 5.8 | |||||||||||||||||
Income taxes | (38,602) | (35,990) | 7.3 | (70,254) | (68,803) | 2.1 | |||||||||||||||||
Non-controlling interest income (expense) | (1,889) | (2,674) | (29.4) | (4,678) | (3,775) | 23.9 | |||||||||||||||||
Net income attributable to Commerce Bancshares, Inc. | $ | 139,553 | $ | 127,789 | 9.2 | % | $ | 252,216 | $ | 247,241 | 2.0 | % | |||||||||||
Three Months Ended June 30, 2024 vs. 2023 | Six Months Ended June 30, 2024 vs. 2023 | ||||||||||||||||||||||
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 | $ | 3,081 | $ | 7,665 | $ | 10,746 | $ | 5,454 | $ | 19,893 | $ | 25,347 | |||||||||||
Real estate - construction and land | 420 | 1,523 | 1,943 | 1,571 | 5,640 | 7,211 | |||||||||||||||||
Real estate - business | 1,855 | 2,623 | 4,478 | 5,404 | 8,659 | 14,063 | |||||||||||||||||
Real estate - personal | 768 | 2,683 | 3,451 | 1,641 | 5,499 | 7,140 | |||||||||||||||||
Consumer | 408 | 4,816 | 5,224 | 599 | 10,691 | 11,290 | |||||||||||||||||
Revolving home equity | 480 | 87 | 567 | 924 | 660 | 1,584 | |||||||||||||||||
Consumer credit card | (102) | 200 | 98 | 126 | 965 | 1,091 | |||||||||||||||||
Overdrafts | — | — | — | — | — | — | |||||||||||||||||
Total interest on loans | 6,910 | 19,597 | 26,507 | 15,719 | 52,007 | 67,726 | |||||||||||||||||
Loans held for sale | (108) | 3 | (105) | (210) | — | (210) | |||||||||||||||||
Investment securities: | |||||||||||||||||||||||
U.S. government and federal agency securities | 1,414 | 4,801 | 6,215 | (530) | 6,009 | 5,479 | |||||||||||||||||
Government-sponsored enterprise obligations | (1) | — | (1) | (225) | (135) | (360) | |||||||||||||||||
State and municipal obligations | (2,346) | (152) | (2,498) | (4,963) | (1,010) | (5,973) | |||||||||||||||||
Mortgage-backed securities | (3,963) | (151) | (4,114) | (6,795) | 1,939 | (4,856) | |||||||||||||||||
Asset-backed securities | (5,390) | 1,829 | (3,561) | (11,102) | 3,899 | (7,203) | |||||||||||||||||
Other securities | 5,226 | (4,499) | 727 | 4,986 | (1,097) | 3,889 | |||||||||||||||||
Total interest on investment securities | (5,060) | 1,828 | (3,232) | (18,629) | 9,605 | (9,024) | |||||||||||||||||
Federal funds sold | (82) | 4 | (78) | (567) | 10 | (557) | |||||||||||||||||
Securities purchased under agreements to resell | (2,580) | 902 | (1,678) | (4,925) | 929 | (3,996) | |||||||||||||||||
Interest earning deposits with banks | (2,356) | 1,732 | (624) | 11,682 | 4,790 | 16,472 | |||||||||||||||||
Total interest income | (3,276) | 24,066 | 20,790 | 3,070 | 67,341 | 70,411 | |||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Deposits: | |||||||||||||||||||||||
Savings | (23) | 33 | 10 | (50) | 62 | 12 | |||||||||||||||||
Interest checking and money market | 1,298 | 25,475 | 26,773 | 1,845 | 60,355 | 62,200 | |||||||||||||||||
Certificates of deposit of less than $100,000 | (665) | 1,063 | 398 | 5,386 | 3,778 | 9,164 | |||||||||||||||||
Certificates of deposit of $100,000 and over | 170 | 2,306 | 2,476 | 7,602 | 6,343 | 13,945 | |||||||||||||||||
Total interest on deposits | 780 | 28,877 | 29,657 | 14,783 | 70,538 | 85,321 | |||||||||||||||||
Federal funds purchased | (3,046) | 218 | (2,828) | (4,896) | 901 | (3,995) | |||||||||||||||||
Securities sold under agreements to repurchase | 371 | 1,908 | 2,279 | 1,068 | 5,154 | 6,222 | |||||||||||||||||
Other borrowings | (21,100) | (39) | (21,139) | (27,930) | 71 | (27,859) | |||||||||||||||||
Total interest expense | (22,995) | 30,964 | 7,969 | (16,975) | $ | 76,664 | $ | 59,689 | |||||||||||||||
Net interest income, tax equivalent basis | $ | 19,719 | $ | (6,898) | $ | 12,821 | $ | 20,045 | $ | (9,323) | $ | 10,722 |
Three Months Ended June 30 | Increase (Decrease) | Six Months Ended June 30 | Increase (Decrease) | ||||||||||||||||||||||||||
(Dollars in thousands) | 2024 | 2023 | Amount | % change | 2024 | 2023 | Amount | % change | |||||||||||||||||||||
Trust fees | $ | 52,291 | $ | 47,265 | $ | 5,026 | 10.6 | % | $ | 103,396 | $ | 92,593 | $ | 10,803 | 11.7 | % | |||||||||||||
Bank card transaction fees | 47,477 | 49,725 | (2,248) | (4.5) | 94,407 | 96,379 | (1,972) | (2.0) | |||||||||||||||||||||
Deposit account charges and other fees | 25,325 | 22,633 | 2,692 | 11.9 | 49,476 | 44,385 | 5,091 | 11.5 | |||||||||||||||||||||
Consumer brokerage services | 4,478 | 4,677 | (199) | (4.3) | 8,886 | 9,762 | (876) | (9.0) | |||||||||||||||||||||
Capital market fees | 4,760 | 2,945 | 1,815 | 61.6 | 8,652 | 6,307 | 2,345 | 37.2 | |||||||||||||||||||||
Loan fees and sales | 3,431 | 2,735 | 696 | 25.4 | 6,572 | 5,324 | 1,248 | 23.4 | |||||||||||||||||||||
Other | 14,482 | 17,625 | (3,143) | (17.8) | 29,703 | 30,467 | (764) | (2.5) | |||||||||||||||||||||
Total non-interest income | $ | 152,244 | $ | 147,605 | $ | 4,639 | 3.1 | % | $ | 301,092 | $ | 285,217 | $ | 15,875 | 5.6 | % | |||||||||||||
Non-interest income as a % of total revenue* | 36.7 | % | 37.2 | % | 37.1 | % | 36.3 | % |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2024 | 2023 | $ change | % change | 2024 | 2023 | $ change | % change | |||||||||||||||||||||
Net debit card fees | $ | 11,383 | $ | 11,340 | $ | 43 | .4 | % | $ | 21,788 | $ | 21,627 | $ | 161 | .7 | % | |||||||||||||
Net credit card fees | 4,033 | 3,812 | 221 | 5.8 | 7,805 | 7,486 | 319 | 4.3 | |||||||||||||||||||||
Net merchant fees | 5,865 | 5,359 | 506 | 9.4 | 11,112 | 10,710 | 402 | 3.8 | |||||||||||||||||||||
Net corporate card fees | 26,196 | 29,214 | (3,018) | (10.3) | 53,702 | 56,556 | (2,854) | (5.0) | |||||||||||||||||||||
Total bank card transaction fees | $ | 47,477 | $ | 49,725 | $ | (2,248) | (4.5 | %) | $ | 94,407 | $ | 96,379 | $ | (1,972) | (2.0 | %) |
Three Months Ended June 30 | Six Months Ended June 30 | ||||||||||||||||
(In thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||
Net gains (losses) on sales of available for sale debt securities | $ | (179,073) | $ | (5,356) | $ | (187,543) | $ | (8,444) | |||||||||
Net gains (losses) on equity securities | 178,164 | (563) | 178,306 | (690) | |||||||||||||
Net gains (losses) on sales of private equity investments | (1,535) | 221 | (566) | 879 | |||||||||||||
Fair value adjustments on private equity investments | 5,677 | 9,090 | 12,777 | 11,341 | |||||||||||||
Total investment securities gains (losses), net | $ | 3,233 | $ | 3,392 | $ | 2,974 | $ | 3,086 |
Three Months Ended June 30 | Increase (Decrease) | Six Months Ended June 30 | Increase (Decrease) | ||||||||||||||||||||||||||
(Dollars in thousands) | 2024 | 2023 | Amount | % change | 2024 | 2023 | Amount | % change | |||||||||||||||||||||
Salaries and employee benefits | $ | 149,120 | $ | 145,429 | $ | 3,691 | 2.5 | % | $ | 300,921 | $ | 289,802 | $ | 11,119 | 3.8 | % | |||||||||||||
Data processing and software | 31,529 | 28,719 | 2,810 | 9.8 | 62,682 | 56,873 | 5,809 | 10.2 | |||||||||||||||||||||
Net occupancy | 12,544 | 12,995 | (451) | (3.5) | 26,118 | 25,754 | 364 | 1.4 | |||||||||||||||||||||
Deposit insurance | 2,354 | 4,187 | (1,833) | (43.8) | 10,371 | 8,830 | 1,541 | 17.5 | |||||||||||||||||||||
Equipment | 5,091 | 4,864 | 227 | 4.7 | 10,101 | 9,714 | 387 | 4.0 | |||||||||||||||||||||
Marketing | 5,356 | 6,368 | (1,012) | (15.9) | 9,392 | 11,839 | (2,447) | (20.7) | |||||||||||||||||||||
Supplies and communication | 4,636 | 4,625 | 11 | .2 | 9,380 | 9,215 | 165 | 1.8 | |||||||||||||||||||||
Other | 21,584 | 20,424 | 1,160 | 5.7 | 48,946 | 39,691 | 9,255 | 23.3 | |||||||||||||||||||||
Total non-interest expense | $ | 232,214 | $ | 227,611 | $ | 4,603 | 2.0 | % | $ | 477,911 | $ | 451,718 | $ | 26,193 | 5.8 | % |
Three Months Ended | Six Months Ended June 30 | |||||||||||||||||||
(In thousands) | June 30, 2024 | Mar. 31, 2024 | June 30, 2023 | 2024 | 2023 | |||||||||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS | ||||||||||||||||||||
Balance at beginning of period | $ | 160,465 | $ | 162,395 | $ | 159,317 | $ | 162,395 | $ | 150,136 | ||||||||||
Provision for credit losses on loans | 7,849 | 6,947 | 5,864 | $ | 14,796 | $ | 21,812 | |||||||||||||
Net loan charge-offs (recoveries): | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||
Business | 622 | 23 | 165 | 645 | 395 | |||||||||||||||
Real estate-construction and land | — | — | (115) | — | (115) | |||||||||||||||
Real estate-business | (8) | (141) | (5) | (149) | (9) | |||||||||||||||
Commercial net loan charge-offs (recoveries) | 614 | (118) | 45 | 496 | 271 | |||||||||||||||
Personal Banking: | ||||||||||||||||||||
Real estate-personal | 79 | 24 | (6) | 103 | (17) | |||||||||||||||
Consumer | 1,804 | 1,983 | 1,273 | 3,787 | 2,548 | |||||||||||||||
Revolving home equity | (7) | (4) | (20) | (11) | (46) | |||||||||||||||
Consumer credit card | 6,746 | 6,435 | 4,687 | 13,181 | 9,012 | |||||||||||||||
Overdrafts | 521 | 557 | 517 | 1,078 | 1,495 | |||||||||||||||
Personal banking net loan charge-offs (recoveries) | 9,143 | 8,995 | 6,451 | 18,138 | 12,992 | |||||||||||||||
Total net loan charge-offs (recoveries) | 9,757 | 8,877 | 6,496 | 18,634 | 13,263 | |||||||||||||||
Balance at end of period | $ | 158,557 | $ | 160,465 | $ | 158,685 | $ | 158,557 | $ | 158,685 | ||||||||||
LIABILITY FOR UNFUNDED LENDING COMMITMENTS | ||||||||||||||||||||
Balance at beginning of period | $ | 23,086 | $ | 25,246 | $ | 28,628 | $ | 25,246 | $ | 33,120 | ||||||||||
Provision for credit losses on unfunded lending commitments | (2,381) | (2,160) | 607 | (4,541) | (3,885) | |||||||||||||||
Balance at end of period | 20,705 | 23,086 | 29,235 | 20,705 | 29,235 | |||||||||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | $ | 179,262 | $ | 183,551 | $ | 187,920 | $ | 179,262 | $ | 187,920 |
Three Months Ended | Six Months Ended June 30 | |||||||||||||||||||
June 30, 2024 | Mar. 31, 2024 | June 30, 2023 | 2024 | 2023 | ||||||||||||||||
Annualized net loan charge-offs (recoveries)*: | ||||||||||||||||||||
Commercial: | ||||||||||||||||||||
Business | .04 | % | — | % | .01 | % | .02 | % | .01 | % | ||||||||||
Real estate-construction and land | — | — | (.03) | — | (.02) | |||||||||||||||
Real estate-business | — | (.02) | — | (.01) | — | |||||||||||||||
Commercial net loan charge-offs (recoveries) | .02 | — | — | .01 | .01 | |||||||||||||||
Personal Banking: | ||||||||||||||||||||
Real estate-personal | .01 | — | — | .01 | — | |||||||||||||||
Consumer | .34 | .38 | .24 | .36 | .25 | |||||||||||||||
Revolving home equity | (.01) | — | (.03) | (.01) | (.03) | |||||||||||||||
Consumer credit card | 4.91 | 4.60 | 3.38 | 4.75 | 3.27 | |||||||||||||||
Overdrafts | 43.15 | 29.11 | 44.79 | 34.54 | 66.40 | |||||||||||||||
Personal banking net loan charge-offs (recoveries) | .61 | .60 | .44 | .60 | .44 | |||||||||||||||
Total annualized net loan charge-offs (recoveries) | .23 | % | .21 | % | .16 | % | .22 | % | .16 | % |
(Dollars in thousands) | June 30, 2024 | Mar. 31, 2024 | June 30, 2023 | |||||||||||||||||||||||
Credit Loss Allowance Allocation | % of ACL to Loan Category | Credit Loss Allowance Allocation | % of ACL to Loan Category | Credit Loss Allowance Allocation | % of ACL to Loan Category | |||||||||||||||||||||
Business | $ | 45,060 | .74 | % | $ | 43,810 | .73 | % | $ | 47,071 | .80 | % | ||||||||||||||
RE — construction and land | 29,920 | 2.14 | 31,437 | 2.10 | 31,013 | 2.14 | ||||||||||||||||||||
RE — business | 32,237 | .90 | 30,217 | .81 | 29,940 | .83 | ||||||||||||||||||||
RE — personal | 9,109 | .30 | 12,266 | .40 | 10,727 | .36 | ||||||||||||||||||||
Consumer | 11,086 | .52 | 11,849 | .56 | 11,503 | .55 | ||||||||||||||||||||
Revolving home equity | 1,789 | .54 | 1,801 | .56 | 1,572 | .52 | ||||||||||||||||||||
Consumer credit card | 29,201 | 5.15 | 28,940 | 5.13 | 26,720 | 4.65 | ||||||||||||||||||||
Overdrafts | 155 | 3.70 | 145 | .30 | 139 | 1.92 | ||||||||||||||||||||
Total | $ | 158,557 | .92 | % | $ | 160,465 | .93 | % | $ | 158,685 | .94 | % |
(Dollars in thousands) | June 30, 2024 | December 31, 2023 | ||||||
Non-accrual loans | $ | 19,303 | $ | 7,312 | ||||
Foreclosed real estate | 143 | 270 | ||||||
Total non-performing assets | $ | 19,446 | $ | 7,582 | ||||
Non-performing assets as a percentage of total loans | .11 | % | .04 | % | ||||
Non-performing assets as a percentage of total assets | .06 | % | .02 | % | ||||
Total loans past due 90 days and still accruing interest | $ | 18,566 | $ | 21,864 |
(In thousands) | June 30, 2024 | December 31, 2023 | ||||||
Potential problem loans: | ||||||||
Business | $ | 122,774 | $ | 74,760 | ||||
Real estate – construction and land | 17,452 | — | ||||||
Real estate – business | 101,549 | 140,800 | ||||||
Real estate – personal | 419 | 827 | ||||||
Total potential problem loans | $ | 242,194 | $ | 216,387 |
(Dollars in thousands) | June 30, 2024 | % of Total | % of Total Loans | December 31, 2023 | % of Total | % of Total Loans | ||||||||||||||
Commercial construction | $ | 1,157,721 | 82.9 | % | 6.7 | % | $ | 1,222,961 | 84.5 | % | 7.1 | % | ||||||||
Residential construction | 118,223 | 8.5 | .7 | 110,687 | 7.7 | .6 | ||||||||||||||
Residential land and land development | 67,469 | 4.8 | .4 | 62,417 | 4.3 | .4 | ||||||||||||||
Commercial land and land development | 53,102 | 3.8 | .3 | 50,699 | 3.5 | .3 | ||||||||||||||
Total real estate - construction and land loans | $ | 1,396,515 | 100.0 | % | 8.1 | % | $ | 1,446,764 | 100.0 | % | 8.4 | % |
(Dollars in thousands) | June 30, 2024 | % of Total | % of Total Loans | December 31, 2023 | % of Total | % of Total Loans | ||||||||||||||
Owner-occupied | $ | 1,184,115 | 33.1 | % | 6.9 | % | $ | 1,175,476 | 31.6 | % | 6.8 | % | ||||||||
Office | 525,818 | 14.7 | 3.1 | 489,320 | 13.2 | 2.8 | ||||||||||||||
Industrial | 465,706 | 13.0 | 2.7 | 630,713 | 17.0 | 3.7 | ||||||||||||||
Retail | 320,064 | 9.0 | 1.9 | 366,693 | 9.9 | 2.1 | ||||||||||||||
Hotels | 300,677 | 8.4 | 1.8 | 292,941 | 7.9 | 1.7 | ||||||||||||||
Multi-family | 292,627 | 8.2 | 1.7 | 256,657 | 6.9 | 1.5 | ||||||||||||||
Farm | 195,972 | 5.5 | 1.1 | 195,981 | 5.3 | 1.1 | ||||||||||||||
Senior living | 189,194 | 5.3 | 1.1 | 183,778 | 4.9 | 1.1 | ||||||||||||||
Other | 98,366 | 2.8 | .5 | 127,747 | 3.3 | .8 | ||||||||||||||
Total real estate - business loans | $ | 3,572,539 | 100.0 | % | 20.8 | % | $ | 3,719,306 | 100.0 | % | 21.6 | % |
(Dollars in thousands) | Pass | Special Mention | Substandard | Non-Accrual | Total | ||||||||||||
June 30, 2024 | |||||||||||||||||
Owner-occupied | $ | 1,160,625 | $ | 15,975 | $ | 7,489 | $ | 26 | $ | 1,184,115 | |||||||
Office | 505,315 | 17,800 | 2,703 | — | 525,818 | ||||||||||||
Industrial | 465,662 | 44 | — | — | 465,706 | ||||||||||||
Retail | 303,850 | 15,500 | 714 | — | 320,064 | ||||||||||||
Hotels | 299,381 | — | 1,296 | — | 300,677 | ||||||||||||
Multi-family | 280,510 | 10,984 | 1,133 | — | 292,627 | ||||||||||||
Farm | 194,951 | 691 | 330 | — | 195,972 | ||||||||||||
Senior living | 66,131 | 20,158 | 87,881 | 15,024 | 189,194 | ||||||||||||
Other | 98,141 | 225 | — | — | 98,366 | ||||||||||||
Total | $ | 3,374,566 | $ | 81,377 | $ | 101,546 | $ | 15,050 | $ | 3,572,539 | |||||||
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 |
(In thousands) | June 30, 2024 | December 31, 2023 | Unfunded commitments at June 30, 2024 | ||||||||
Extraction | $ | 212,844 | $ | 219,828 | $ | 154,932 | |||||
Mid-stream shipping and storage | 41,429 | 35,505 | 92,647 | ||||||||
Downstream distribution and refining | 7,475 | 8,890 | 40,692 | ||||||||
Support activities | 7,080 | 7,811 | 8,833 | ||||||||
Total energy lending portfolio | $ | 268,828 | $ | 272,034 | $ | 297,104 |
(In thousands) | June 30, 2024 | June 30, 2023 | December 31, 2023 | |||||||||||||||||
Liquid assets: | ||||||||||||||||||||
Balances at the Federal Reserve Bank | $ | 2,215,057 | $ | 2,568,695 | $ | 2,239,010 | ||||||||||||||
Federal funds sold | — | 2,750 | 5,025 | |||||||||||||||||
Available for sale debt securities | 8,534,271 | 10,414,625 | 9,684,760 | |||||||||||||||||
Securities purchased under agreements to resell | 475,000 | 825,000 | 450,000 | |||||||||||||||||
Total | $ | 11,224,328 | $ | 13,811,070 | $ | 12,378,795 |
(In thousands) | June 30, 2024 | June 30, 2023 | December 31, 2023 | ||||||||
Investment securities pledged for the purpose of securing: | |||||||||||
Federal Reserve Bank borrowings | $ | 1,056,405 | $ | 2,852,481 | $ | 2,636,523 | |||||
FHLB borrowings and letters of credit | 970,083 | 315,323 | 301,617 | ||||||||
Securities sold under agreements to repurchase * | 2,354,023 | 2,630,852 | 2,710,616 | ||||||||
Other deposits and swaps | 2,131,700 | 2,340,094 | 1,818,092 | ||||||||
Total pledged securities | 6,512,211 | 8,138,750 | 7,466,848 | ||||||||
Unpledged and available for pledging | 2,020,981 | 2,263,586 | 2,211,243 | ||||||||
Ineligible for pledging | 1,079 | 12,289 | 6,669 | ||||||||
Total available for sale debt securities, at fair value | $ | 8,534,271 | $ | 10,414,625 | $ | 9,684,760 |
(In thousands) | June 30, 2024 | June 30, 2023 | December 31, 2023 | ||||||||
Core deposit base: | |||||||||||
Non-interest bearing | $ | 7,492,751 | $ | 8,198,849 | $ | 7,975,935 | |||||
Interest checking | 6,870,344 | 6,790,331 | 7,020,134 | ||||||||
Savings and money market | 7,497,366 | 7,628,643 | 7,492,139 | ||||||||
Total | $ | 21,860,461 | $ | 22,617,823 | $ | 22,488,208 |
(In thousands) | June 30, 2024 | June 30, 2023 | December 31, 2023 | ||||||||
Borrowings: | |||||||||||
Federal funds purchased | $ | 254,720 | $ | 511,400 | $ | 261,305 | |||||
Securities sold under agreements to repurchase | 2,296,679 | 2,366,621 | 2,647,510 | ||||||||
FHLB advances | — | 1,000,000 | — | ||||||||
Other debt | 3,984 | 5,613 | 1,404 | ||||||||
Total | $ | 2,555,383 | $ | 3,883,634 | $ | 2,910,219 |
June 30, 2024 | |||||||||||
(In thousands) | FHLB | Federal Reserve | Total | ||||||||
Total collateral value established by FHLB and FRB | $ | 3,140,120 | $ | 3,288,661 | $ | 6,428,781 | |||||
Letters of credit issued | (115,491) | — | (115,491) | ||||||||
Available for future advances | $ | 3,024,629 | $ | 3,288,661 | $ | 6,313,290 |
Standard & Poor’s | Moody’s | |||||||
Commerce Bancshares, Inc. | ||||||||
Issuer rating | A- | |||||||
Rating outlook | Stable | |||||||
Commerce Bank | ||||||||
Issuer rating | A | A3 | ||||||
Baseline credit assessment | a2 | |||||||
Short-term rating | A-1 | P-1 | ||||||
Rating outlook | Stable | Stable |
(Dollars in thousands) | June 30, 2024 | December 31, 2023 | Minimum Capital Requirement | Capital Conservation Buffer | Minimum Ratios Requirement including Capital Conservation Buffer | Minimum Ratios for Well-Capitalized Banks * | ||||||||||||||
Risk-adjusted assets | $ | 23,488,263 | $ | 24,216,527 | ||||||||||||||||
Tier I common risk-based capital | 3,803,108 | 3,693,089 | ||||||||||||||||||
Tier I risk-based capital | 3,803,108 | 3,693,089 | ||||||||||||||||||
Total risk-based capital | 3,982,519 | 3,881,024 | ||||||||||||||||||
Tier I common risk-based capital ratio | 16.19 | % | 15.25 | % | 4.50 | % | 2.50 | % | 7.00 | % | 6.50 | % | ||||||||
Tier I risk-based capital ratio | 16.19 | 15.25 | 6.00 | 2.50 | 8.50 | 8.00 | ||||||||||||||
Total risk-based capital ratio | 16.96 | 16.03 | 8.00 | 2.50 | 10.50 | 10.00 | ||||||||||||||
Tier I leverage ratio | 12.13 | 11.25 | 4.00 | N/A | 4.00 | 5.00 |
(Dollars in thousands) | Consumer | Commercial | Wealth | Segment Totals | Other/ Elimination | Consolidated Totals | ||||||||||||||
Six Months Ended June 30, 2024 | ||||||||||||||||||||
Net interest income | $ | 254,391 | $ | 251,876 | $ | 45,424 | $ | 551,691 | $ | (40,443) | $ | 511,248 | ||||||||
Provision for credit losses | (17,925) | (766) | 4 | (18,687) | 8,432 | (10,255) | ||||||||||||||
Non-interest income | 50,335 | 128,954 | 117,999 | 297,288 | 3,804 | 301,092 | ||||||||||||||
Investment securities gains (losses), net | — | — | — | — | 2,974 | 2,974 | ||||||||||||||
Non-interest expense | (162,526) | (199,574) | (78,453) | (440,553) | (37,358) | (477,911) | ||||||||||||||
Income before income taxes | $ | 124,275 | $ | 180,490 | $ | 84,974 | $ | 389,739 | $ | (62,591) | $ | 327,148 | ||||||||
Six Months Ended June 30, 2023 | ||||||||||||||||||||
Net interest income | $ | 285,695 | $ | 265,145 | $ | 53,418 | $ | 604,258 | $ | (103,097) | $ | 501,161 | ||||||||
Provision for credit losses | (12,736) | (483) | (13) | (13,232) | (4,695) | (17,927) | ||||||||||||||
Non-interest income | 49,834 | 123,093 | 107,457 | 280,384 | 4,833 | 285,217 | ||||||||||||||
Investment securities gains (losses), net | — | — | — | — | 3,086 | 3,086 | ||||||||||||||
Non-interest expense | (160,682) | (192,094) | (80,107) | (432,883) | (18,835) | (451,718) | ||||||||||||||
Income before income taxes | $ | 162,111 | $ | 195,661 | $ | 80,755 | $ | 438,527 | $ | (118,708) | $ | 319,819 | ||||||||
Increase (decrease) in income before income taxes: | ||||||||||||||||||||
Amount | $ | (37,836) | $ | (15,171) | $ | 4,219 | $ | (48,788) | $ | 56,117 | $ | 7,329 | ||||||||
Percent | (23.3) | % | (7.8) | % | 5.2 | % | (11.1) | % | (47.3) | % | 2.3 | % |
Second Quarter 2024 | Second Quarter 2023 | ||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Income/Expense | Avg. Rates Earned/Paid | Average Balance | Interest Income/Expense | Avg. Rates Earned/Paid | |||||||||||||||||
ASSETS: | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||
Business(A) | $ | 5,980,364 | $ | 90,786 | 6.11 | % | $ | 5,757,388 | $ | 80,040 | 5.58 | % | |||||||||||
Real estate — construction and land | 1,471,504 | 30,588 | 8.36 | 1,450,196 | 28,645 | 7.92 | |||||||||||||||||
Real estate — business | 3,666,057 | 57,104 | 6.26 | 3,540,851 | 52,626 | 5.96 | |||||||||||||||||
Real estate — personal | 3,044,943 | 30,590 | 4.04 | 2,960,962 | 27,139 | 3.68 | |||||||||||||||||
Consumer | 2,127,650 | 34,678 | 6.56 | 2,098,523 | 29,454 | 5.63 | |||||||||||||||||
Revolving home equity | 326,204 | 6,228 | 7.68 | 300,623 | 5,661 | 7.55 | |||||||||||||||||
Consumer credit card | 552,896 | 19,186 | 13.96 | 555,875 | 19,088 | 13.77 | |||||||||||||||||
Overdrafts | 4,856 | — | — | 4,630 | — | — | |||||||||||||||||
Total loans | 17,174,474 | 269,160 | 6.30 | 16,669,048 | 242,653 | 5.84 | |||||||||||||||||
Loans held for sale | 2,455 | 46 | 7.54 | 5,957 | 151 | 10.17 | |||||||||||||||||
Investment securities: | |||||||||||||||||||||||
U.S. government and federal agency obligations | 1,201,954 | 15,057 | 5.04 | 1,035,651 | 8,842 | 3.42 | |||||||||||||||||
Government-sponsored enterprise obligations | 55,634 | 330 | 2.39 | 55,751 | 331 | 2.38 | |||||||||||||||||
State and municipal obligations(A) | 1,069,934 | 5,311 | 2.00 | 1,532,519 | 7,809 | 2.04 | |||||||||||||||||
Mortgage-backed securities | 5,553,656 | 28,816 | 2.09 | 6,316,224 | 32,930 | 2.09 | |||||||||||||||||
Asset-backed securities | 1,785,598 | 11,105 | 2.50 | 2,827,911 | 14,666 | 2.08 | |||||||||||||||||
Other debt securities | 364,828 | 1,826 | 2.01 | 519,988 | 2,413 | 1.86 | |||||||||||||||||
Trading debt securities(A) | 46,565 | 573 | 4.95 | 46,493 | 525 | 4.53 | |||||||||||||||||
Equity securities(A) | 127,584 | 893 | 2.82 | 12,335 | 715 | 23.25 | |||||||||||||||||
Other securities(A) | 228,403 | 7,497 | 13.20 | 273,587 | 6,409 | 9.40 | |||||||||||||||||
Total investment securities | 10,434,156 | 71,408 | 2.75 | 12,620,459 | 74,640 | 2.37 | |||||||||||||||||
Federal funds sold | 1,612 | 27 | 6.74 | 7,484 | 105 | 5.63 | |||||||||||||||||
Securities purchased under agreements to resell | 303,586 | 2,421 | 3.21 | 824,974 | 4,099 | 1.99 | |||||||||||||||||
Interest earning deposits with banks | 2,099,777 | 28,630 | 5.48 | 2,284,162 | 29,254 | 5.14 | |||||||||||||||||
Total interest earning assets | 30,016,060 | 371,692 | 4.98 | 32,412,084 | 350,902 | 4.34 | |||||||||||||||||
Allowance for credit losses on loans | (159,791) | (159,068) | |||||||||||||||||||||
Unrealized gain (loss) on debt securities | (1,272,127) | (1,331,002) | |||||||||||||||||||||
Cash and due from banks | 267,530 | 309,789 | |||||||||||||||||||||
Premises and equipment, net | 479,431 | 449,030 | |||||||||||||||||||||
Other assets | 904,847 | 1,182,521 | |||||||||||||||||||||
Total assets | $ | 30,235,950 | $ | 32,863,354 | |||||||||||||||||||
LIABILITIES AND EQUITY: | |||||||||||||||||||||||
Interest bearing deposits: | |||||||||||||||||||||||
Savings | $ | 1,328,989 | 196 | .06 | $ | 1,516,887 | 186 | .05 | |||||||||||||||
Interest checking and money market | 13,162,118 | 56,633 | 1.73 | 12,918,399 | 29,860 | .93 | |||||||||||||||||
Certificates of deposit of less than $100,000 | 1,003,798 | 10,523 | 4.22 | 1,075,110 | 10,125 | 3.78 | |||||||||||||||||
Certificates of deposit of $100,000 and over | 1,492,592 | 16,892 | 4.55 | 1,472,208 | 14,416 | 3.93 | |||||||||||||||||
Total interest bearing deposits | 16,987,497 | 84,244 | 1.99 | 16,982,604 | 54,587 | 1.29 | |||||||||||||||||
Borrowings: | |||||||||||||||||||||||
Federal funds purchased | $ | 265,042 | $ | 3,569 | 5.42 | 507,165 | $ | 6,397 | 5.06 | ||||||||||||||
Securities sold under agreements to repurchase | 2,254,849 | 19,293 | 3.44 | 2,206,612 | 17,014 | 3.09 | |||||||||||||||||
Other borrowings(B) | 838 | 8 | 3.84 | 1,617,952 | 21,147 | 5.24 | |||||||||||||||||
Total borrowings | 2,520,729 | 22,870 | 3.65 | 4,331,729 | 44,558 | 4.13 | |||||||||||||||||
Total interest bearing liabilities | 19,508,226 | 107,114 | 2.21 | % | 21,314,333 | 99,145 | 1.87 | % | |||||||||||||||
Non-interest bearing deposits | 7,297,955 | 8,224,475 | |||||||||||||||||||||
Other liabilities | 399,080 | 598,915 | |||||||||||||||||||||
Equity | 3,030,689 | 2,725,631 | |||||||||||||||||||||
Total liabilities and equity | $ | 30,235,950 | $ | 32,863,354 | |||||||||||||||||||
Net interest margin (FTE) | $ | 264,578 | $ | 251,757 | |||||||||||||||||||
Net yield on interest earning assets | 3.55 | % | 3.12 | % |
Six Months 2024 | Six Months 2023 | ||||||||||||||||||||||
(Dollars in thousands) | Average Balance | Interest Income/Expense | Avg. Rates Earned/Paid | Average Balance | Interest Income/Expense | Avg. Rates Earned/Paid | |||||||||||||||||
ASSETS: | |||||||||||||||||||||||
Loans: | |||||||||||||||||||||||
Business(A) | $ | 5,926,945 | $ | 179,424 | 6.09 | % | $ | 5,707,026 | $ | 154,077 | 5.44 | % | |||||||||||
Real estate — construction and land | 1,472,029 | 61,342 | 8.38 | 1,430,624 | 54,131 | 7.63 | |||||||||||||||||
Real estate — business | 3,696,850 | 115,133 | 6.26 | 3,509,789 | 101,070 | 5.81 | |||||||||||||||||
Real estate — personal | 3,038,068 | 60,365 | 4.00 | 2,947,431 | 53,225 | 3.64 | |||||||||||||||||
Consumer | 2,105,070 | 67,804 | 6.48 | 2,083,040 | 56,514 | 5.47 | |||||||||||||||||
Revolving home equity | 324,139 | 12,391 | 7.69 | 298,696 | 10,807 | 7.30 | |||||||||||||||||
Consumer credit card | 557,894 | 38,936 | 14.03 | 556,048 | 37,845 | 13.72 | |||||||||||||||||
Overdrafts | 6,276 | — | — | 4,540 | — | — | |||||||||||||||||
Total loans | 17,127,271 | 535,395 | 6.29 | 16,537,194 | 467,669 | 5.70 | |||||||||||||||||
Loans held for sale | 2,302 | 86 | 7.51 | 5,833 | 296 | 10.23 | |||||||||||||||||
Investment securities: | |||||||||||||||||||||||
U.S. government and federal agency obligations | 1,026,805 | 19,459 | 3.81 | 1,067,184 | 13,980 | 2.64 | |||||||||||||||||
Government-sponsored enterprise obligations | 55,643 | 661 | 2.39 | 71,332 | 1,021 | 2.89 | |||||||||||||||||
State and municipal obligations(A) | 1,200,371 | 11,830 | 1.98 | 1,662,416 | 17,803 | 2.16 | |||||||||||||||||
Mortgage-backed securities | 5,727,992 | 60,904 | 2.14 | 6,384,934 | 65,760 | 2.08 | |||||||||||||||||
Asset-backed securities | 1,935,324 | 23,504 | 2.44 | 3,029,713 | 30,707 | 2.04 | |||||||||||||||||
Other debt securities | 434,016 | 4,236 | 1.96 | 524,440 | 4,936 | 1.90 | |||||||||||||||||
Trading debt securities(A) | 43,524 | 1,106 | 5.11 | 46,127 | 1,043 | 4.56 | |||||||||||||||||
Equity securities(A) | 70,176 | 1,707 | 4.89 | 12,396 | 1,429 | 23.25 | |||||||||||||||||
Other securities(A) | 225,049 | 14,686 | 13.12 | 251,848 | 10,438 | 8.36 | |||||||||||||||||
Total investment securities | 10,718,900 | 138,093 | 2.59 | 13,050,390 | 147,117 | 2.27 | |||||||||||||||||
Federal funds sold | 1,105 | 37 | 6.73 | 23,144 | 594 | 5.18 | |||||||||||||||||
Securities purchased under agreements to resell | 322,260 | 4,055 | 2.53 | 824,987 | 8,051 | 1.97 | |||||||||||||||||
Interest earning deposits with banks | 2,019,079 | 55,062 | 5.48 | 1,551,121 | 38,590 | 5.02 | |||||||||||||||||
Total interest earning assets | 30,190,917 | 732,728 | 4.88 | 31,992,669 | 662,317 | 4.17 | |||||||||||||||||
Allowance for credit losses on loans | (160,841) | (154,617) | |||||||||||||||||||||
Unrealized gain (loss) on debt securities | (1,273,126) | (1,358,944) | |||||||||||||||||||||
Cash and due from banks | 274,570 | 311,895 | |||||||||||||||||||||
Premises and equipment, net | 478,656 | 440,208 | |||||||||||||||||||||
Other assets | 930,536 | 908,403 | |||||||||||||||||||||
Total assets | $ | 30,440,712 | $ | 32,139,614 | |||||||||||||||||||
LIABILITIES AND EQUITY: | |||||||||||||||||||||||
Interest bearing deposits: | |||||||||||||||||||||||
Savings | $ | 1,331,486 | 391 | .06 | $ | 1,533,459 | 379 | .05 | |||||||||||||||
Interest checking and money market | 13,188,694 | 112,018 | 1.71 | 13,090,983 | 49,818 | .77 | |||||||||||||||||
Certificates of deposit of less than $100,000 | 990,301 | 20,714 | 4.21 | 747,061 | 11,550 | 3.12 | |||||||||||||||||
Certificates of deposit of $100,000 and over | 1,543,951 | 34,988 | 4.56 | 1,189,372 | 21,043 | 3.57 | |||||||||||||||||
Total interest bearing deposits | 17,054,432 | 168,111 | 1.98 | 16,560,875 | 82,790 | 1.01 | |||||||||||||||||
Borrowings: | |||||||||||||||||||||||
Federal funds purchased | $ | 296,629 | $ | 7,988 | 5.42 | $ | 500,480 | 11,983 | 4.83 | ||||||||||||||
Securities sold under agreements to repurchase | 2,383,404 | 40,731 | 3.44 | 2,312,083 | 34,509 | 3.01 | |||||||||||||||||
Other borrowings(B) | 457 | 8 | 3.52 | 1,087,556 | 27,867 | 5.17 | |||||||||||||||||
Total borrowings | 2,680,490 | 48,727 | 3.66 | 3,900,119 | 74,359 | 3.84 | |||||||||||||||||
Total interest bearing liabilities | 19,734,922 | 216,838 | 2.21 | % | 20,460,994 | 157,149 | 1.55 | % | |||||||||||||||
Non-interest bearing deposits | 7,313,278 | 8,667,035 | |||||||||||||||||||||
Other liabilities | 404,695 | 356,829 | |||||||||||||||||||||
Equity | 2,987,817 | 2,654,756 | |||||||||||||||||||||
Total liabilities and equity | $ | 30,440,712 | $ | 32,139,614 | |||||||||||||||||||
Net interest margin (FTE) | $ | 515,890 | $ | 505,168 | |||||||||||||||||||
Net yield on interest earning assets | 3.44 | % | 3.18 | % |
June 30, 2024 | March 31, 2024 | ||||||||||||||||||||||
(Dollars in millions) | $ Change in Net Interest Income | % Change in Net Interest Income | $ Change in Net Interest Income | % Change in Net Interest Income | |||||||||||||||||||
300 basis points rising | $ | (7.2) | (.67) | % | $ | (13.9) | (1.37) | % | |||||||||||||||
200 basis points rising | (9.0) | (.84) | (13.6) | (1.35) | |||||||||||||||||||
100 basis points rising | (5.1) | (.47) | (7.4) | (.73) | |||||||||||||||||||
100 basis points falling | $ | (9.3) | (.86) | % | $ | (5.8) | (.57) | % | |||||||||||||||
200 basis points falling | (26.1) | (2.44) | (20.3) | (2.01) | |||||||||||||||||||
300 basis points falling | (44.6) | (4.16) | (37.9) | (3.73) |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as part of Publicly Announced Program | Maximum Number that May Yet Be Purchased Under the Program | |||||||||||||
April 1 - 30, 2024 | 100,509 | $ | 55.37 | 100,509 | 4,900,271 | ||||||||||||
May 1 - 31, 2024 | 344,845 | $ | 56.10 | 344,845 | 4,555,426 | ||||||||||||
June 1 - 30, 2024 | 240,331 | $ | 53.87 | 240,331 | 4,315,095 | ||||||||||||
Total | 685,685 | $ | 55.21 | 685,685 | 4,315,095 |
COMMERCE BANCSHARES, INC. | |||||||||||
By | /s/ MARGARET M. ROWE | ||||||||||
Margaret M. Rowe | |||||||||||
Date: August 6, 2024 | Vice President & Secretary |
By | /s/ PAUL A. STEINER | ||||||||||
Paul A. Steiner | |||||||||||
Controller | |||||||||||
Date: August 6, 2024 | (Chief Accounting Officer) |
/s/ JOHN W. KEMPER | |||||
John W. Kemper President and Chief Executive Officer | |||||
August 6, 2024 |
/s/ CHARLES G. KIM | |||||
Charles G. Kim Executive Vice President and Chief Financial Officer | |||||
August 6, 2024 |
/s/ JOHN W. KEMPER | |||||
John W. Kemper Chief Executive Officer | |||||
/s/ CHARLES G. KIM | |||||
Charles G. Kim Chief Financial Officer | |||||
August 6, 2024 |
Consolidated Balance Sheets (Parenthetical) - USD ($) |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Mortgages Held-for-sale, Fair Value Disclosure | $ 2,186,000 | $ 1,585,000 |
Debt Securities, Available-for-sale, Amortized Cost | 9,608,044,000 | 10,904,765,000 |
Allowance for Credit Losses | $ 0 | $ 0 |
Common stock, par value | $ 5 | $ 5 |
Common Stock, Shares Authorized | 190,000,000 | 190,000,000 |
Common stock, shares issued | 131,064,418 | 131,064,418 |
Treasury Stock, Common, Shares | 1,781,315 | 611,546 |
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 141,442 | $ 130,463 | $ 256,894 | $ 251,016 |
Other comprehensive income (loss) | ||||
Net unrealized gains (losses) on available for sale debt securities | 130,076 | (81,882) | 109,675 | 60,584 |
Change in pension loss | 177 | 269 | 353 | 539 |
Unrealized gains (losses) on cash flow hedge derivatives | (7,043) | (14,184) | (26,433) | (10,554) |
Current period other comprehensive income (loss), net of tax | 123,210 | (95,797) | 83,595 | 50,569 |
Comprehensive income (loss) | 264,652 | 34,666 | 340,489 | 301,585 |
Less non-controlling interest (income) expense | 1,889 | 2,674 | 4,678 | 3,775 |
Comprehensive income (loss) attributable to Commerce Bancshares, Inc. | $ 262,763 | $ 31,992 | $ 335,811 | $ 297,810 |
Consolidated Statements Of Changes In Equity - USD ($) $ in Thousands |
Total |
Common Stock [Member] |
Capital Surplus [Member] |
Retained Earnings [Member] |
Treasury Stock, Common |
Accumulated Other Comprehensive Income (Loss) [Member] |
Non-Controlling Interest [Member] |
---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2022 | $ 2,481,577 | $ 629,319 | $ 2,932,959 | $ 31,620 | $ (41,743) | $ (1,086,864) | $ 16,286 |
Net income | 251,016 | 247,241 | 3,775 | ||||
Other comprehensive income (loss) | 50,569 | 50,569 | |||||
Distributions to non-controlling interest | (2,145) | (2,145) | |||||
Purchase of treasury stock | (36,563) | (36,563) | |||||
Sale of non-controlling interest of subsidiary | 0 | 46 | (46) | ||||
Stock Issued During Period RSAs and SARs | 0 | (19,917) | 19,917 | ||||
Stock-based compensation | 8,277 | 8,277 | |||||
Cash dividends per share, Common Stock, Cash | (67,503) | (67,503) | |||||
Balance at Jun. 30, 2023 | $ 2,685,228 | 629,319 | 2,921,365 | 211,358 | (58,389) | (1,036,295) | 17,870 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.514 | ||||||
Balance at Mar. 31, 2023 | $ 2,682,412 | 629,319 | 2,919,060 | 117,313 | (59,670) | (940,498) | 16,888 |
Net income | 130,463 | 127,789 | 2,674 | ||||
Other comprehensive income (loss) | (95,797) | (95,797) | |||||
Distributions to non-controlling interest | (1,692) | (1,692) | |||||
Purchase of treasury stock | (318) | (318) | |||||
Stock Issued During Period RSAs and SARs | 0 | (1,599) | 1,599 | ||||
Stock-based compensation | 3,904 | 3,904 | |||||
Cash dividends per share, Common Stock, Cash | (33,744) | (33,744) | |||||
Balance at Jun. 30, 2023 | $ 2,685,228 | 629,319 | 2,921,365 | 211,358 | (58,389) | (1,036,295) | 17,870 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.257 | ||||||
Balance at Dec. 31, 2023 | $ 2,964,230 | 655,322 | 3,162,622 | 53,183 | (35,599) | (891,412) | 20,114 |
Net income | 256,894 | 252,216 | 4,678 | ||||
Other comprehensive income (loss) | 83,595 | 83,595 | |||||
Distributions to non-controlling interest | (4,192) | (4,192) | |||||
Purchase of treasury stock | (80,543) | (80,543) | |||||
Stock Issued During Period RSAs and SARs | 0 | (17,966) | 17,966 | ||||
Stock-based compensation | 8,451 | 8,451 | |||||
Cash dividends per share, Common Stock, Cash | (70,100) | (70,100) | |||||
Balance at Jun. 30, 2024 | $ 3,158,335 | 655,322 | 3,153,107 | 235,299 | (98,176) | (807,817) | 20,600 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.540 | ||||||
Balance at Mar. 31, 2024 | $ 2,963,889 | 655,322 | 3,148,649 | 130,706 | (59,674) | (931,027) | 19,913 |
Net income | 141,442 | 139,553 | 1,889 | ||||
Other comprehensive income (loss) | 123,210 | 123,210 | |||||
Distributions to non-controlling interest | (1,202) | (1,202) | |||||
Purchase of treasury stock | (38,229) | (38,229) | |||||
Stock Issued During Period RSAs and SARs | 0 | 273 | (273) | ||||
Stock-based compensation | 4,185 | 4,185 | |||||
Cash dividends per share, Common Stock, Cash | (34,960) | (34,960) | |||||
Balance at Jun. 30, 2024 | $ 3,158,335 | $ 655,322 | $ 3,153,107 | $ 235,299 | $ (98,176) | $ (807,817) | $ 20,600 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.270 |
Consolidated Statements Of Changes In Equity (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
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Statement of Stockholders' Equity [Abstract] | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.270 | $ 0.257 | $ 0.540 | $ 0.514 |
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands |
6 Months Ended | |||
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Jun. 30, 2024 |
Jun. 30, 2023 |
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OPERATING ACTIVITIES: | ||||
Net income | $ 256,894 | $ 251,016 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision for credit losses | 10,255 | 17,927 | ||
Provision for depreciation and amortization | 26,800 | 24,164 | ||
Amortization of investment security premiums, net | 1,649 | 9,482 | ||
Investment securities (gains) losses, net (A) | [1] | (2,974) | (3,086) | |
Net (gains) losses on sales of loans held for sale | (988) | (422) | ||
Originations of loans held for sale | (43,505) | (25,729) | ||
Proceeds from sales of loans held for sale | 45,453 | 24,210 | ||
Net (increase) decrease in trading debt securities, excluding unsettled transactions | (13,589) | 17,915 | ||
Purchase of interest rate floor | 0 | (25,900) | ||
Stock-based compensation | 8,451 | 8,277 | ||
(Increase) decrease in interest receivable | 2,794 | (667) | ||
Increase (decrease) in interest payable | (2,303) | 31,819 | ||
Increase (decrease) in income taxes payable | 528 | (74) | ||
Other changes, net | (6,630) | (108,044) | ||
Net cash provided by (used in) operating activities | 282,835 | 220,888 | ||
INVESTING ACTIVITIES: | ||||
Cash Paid in Acquisition, Net of Cash Received | 0 | (6,197) | ||
Distributions received from equity-method investment | 0 | 1,434 | ||
Proceeds from sales of investment securities (A) | [1] | 1,157,176 | 1,130,536 | |
Proceeds from maturities/pay downs of investment securities (A) | [1] | 1,166,452 | 922,759 | |
Purchases of investment securities (A) | [1] | (1,100,450) | (190,253) | |
Net (increase) decrease in loans | 23,692 | (666,743) | ||
Securities purchased under agreements to resell | (350,000) | 0 | ||
Repayments of securities purchased under agreements to resell | 325,000 | 0 | ||
Purchases of premises and equipment | (19,504) | (51,904) | ||
Sales of premises and equipment | 3,281 | 1,215 | ||
Net cash provided by (used in) investing activities | 1,205,647 | 1,140,847 | ||
FINANCING ACTIVITIES: | ||||
Net increase (decrease) in non-interest bearing, savings, interest checking and money market deposits | (669,259) | (2,506,872) | ||
Net increase (decrease) in certificates of deposit | (456,891) | 2,257,518 | ||
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase | (357,416) | 36,287 | ||
Proceeds from FHLBank Borrowings, Financing Activities | 0 | 2,250,000 | ||
Payments of FHLBank Borrowings, Financing Activities | 0 | (1,250,000) | ||
Net increase (decrease) in other borrowings | 2,580 | (4,059) | ||
Purchases of treasury stock | (79,889) | (36,563) | ||
Cash dividends paid on common stock | (70,100) | (67,503) | ||
Net cash provided by (used in) financing activities | (1,630,975) | 678,808 | ||
Increase (decrease) in cash, cash equivalents and restricted cash | (142,493) | 2,040,543 | ||
Cash, cash equivalents and restricted cash at beginning of year | 2,687,283 | 897,801 | ||
Cash, cash equivalents and restricted cash at June 30 | 2,544,790 | 2,938,344 | ||
Supplemental Cash Flow Information: | ||||
Income tax payments, net | 65,890 | 64,925 | ||
Interest paid on deposits and borrowings | 219,139 | 124,540 | ||
Loans transferred to foreclosed real estate | $ 88 | $ 72 | ||
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Consolidated Statements Of Cash Flows Cash Flow Additional Information - USD ($) $ in Thousands |
Jun. 30, 2024 |
Jun. 30, 2023 |
---|---|---|
Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] | ||
Restricted Cash and Cash Equivalents | $ 41 | $ 200 |
Cash, cash equivalents and restricted cash at June 30 | $ 2,544,790 | $ 2,938,344 |
Principles Of Consolidation And Presentation |
6 Months Ended |
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Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles Of Consolidation And Presentation | Principles of Consolidation and Presentation The accompanying consolidated financial statements include the accounts of Commerce Bancshares, Inc. and all majority-owned subsidiaries (the Company). Most of the Company's operations are conducted by its subsidiary bank, Commerce Bank (the Bank). The consolidated financial statements in this report have not been audited by an independent registered public accounting firm, but in the opinion of management, all adjustments necessary to present fairly the financial position and the results of operations for the interim periods have been made. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated. Certain reclassifications were made to 2023 data to conform to current year presentation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheets and revenues and expenses for the periods. Actual results could differ significantly from those estimates. Management has evaluated subsequent events for potential recognition or disclosure. The results of operations for the six month period ended June 30, 2024 are not necessarily indicative of results to be attained for the full year or any other interim period. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission. Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company's most recent Annual Report on Form 10-K, containing the latest audited consolidated financial statements and notes thereto.
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Loans And Allowance For Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivables | Loans and Allowance for Credit Losses Major classifications within the Company’s held for investment loan portfolio at June 30, 2024 and December 31, 2023 are as follows:
Accrued interest receivable totaled $71.9 million at both June 30, 2024 and December 31, 2023, and was included within other assets on the consolidated balance sheets. For the three months ended June 30, 2024, the Company wrote-off accrued interest by reversing interest income of $341 thousand and $1.6 million in the Commercial and Personal Banking portfolios, respectively. Similarly, for the six months ended June 30, 2024, the Company wrote off accrued interest of $435 thousand and $3.1 million in the Commercial and Personal Banking portfolios, respectively. For the three months ended June 30, 2023, the Company reversed interest income of $43 thousand and $1.1 million in the Commercial and Personal Banking portfolios, respectively, and in the six months ended June 30, 2023, reversed $77 thousand and $2.2 million in the Commercial and Personal Banking portfolios, respectively. At June 30, 2024, loans of $3.6 billion were pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits. Additional loans of $2.9 billion were pledged at the Federal Reserve Bank as collateral for discount window borrowings. Allowance for credit losses The allowance for credit losses is measured using an average historical loss model which incorporates relevant information about past events (including historical credit loss experience on loans with similar risk characteristics), current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the loans. The allowance for credit losses is measured on a collective (pool) basis. Loans are aggregated into pools based on similar risk characteristics including borrower type, collateral type and expected credit loss patterns. Loans that do not share similar risk characteristics, primarily large loans on non-accrual status, are evaluated on an individual basis. For loans evaluated for credit losses on a collective basis, average historical loss rates are calculated for each pool using the Company’s historical net charge-offs (combined charge-offs and recoveries by observable historical reporting period) and outstanding loan balances during a lookback period. Lookback periods can be different based on the individual pool and represent management’s credit expectations for the pool of loans over the remaining contractual life. In certain loan pools, if the Company’s own historical loss rate is not reflective of the loss expectations, the historical loss rate is augmented by industry and peer data. The calculated average net charge-off rate is then adjusted for current conditions and reasonable and supportable forecasts. These adjustments increase or decrease the average historical loss rate to reflect expectations of future losses given a single path economic forecast of key macroeconomic variables including GDP, disposable income, various interest rates, unemployment rate, consumer price index (CPI) inflation rate, housing price index (HPI), commercial real estate price index (CREPI) and market volatility. The adjustments are based on results from various regression models projecting the impact of the macroeconomic variables to loss rates. The forecast is used for a reasonable and supportable period before reverting back to historical averages using a straight-line method. The forecast-adjusted loss rate is applied to the amortized cost of loans over the remaining contractual lives, adjusted for expected prepayments. The contractual term excludes expected extensions (except for contractual extensions at the option of the customer), renewals and modifications. Credit cards and certain similar consumer lines of credit do not have stated maturities and therefore, for these loan classes, remaining contractual lives are determined by estimating future cash flows expected to be received from customers until payments have been fully allocated to outstanding balances. Additionally, the allowance for credit losses considers other qualitative factors not included in historical loss rates or macroeconomic forecast such as changes in portfolio composition, underwriting practices, or significant unique events or conditions. Key assumptions in the Company’s allowance for credit loss model include the economic forecast, the reasonable and supportable period, forecasted macro-economic variables, prepayment assumptions and qualitative factors applied for portfolio composition changes, underwriting practices, or significant unique events or conditions. The assumptions utilized in estimating the Company’s allowance for credit losses at June 30, 2024 and March 31, 2024 are discussed below.
The liability for unfunded lending commitments utilizes the same model as the allowance for credit losses on loans, however, the liability for unfunded lending commitments incorporates an assumption for the portion of unfunded commitments that are expected to be funded. Sensitivity in the Allowance for Credit Loss model The allowance for credit losses is an estimate that requires significant judgment including projections of the macro-economic environment. The forecasted macro-economic environment continuously changes which can cause fluctuations in the estimate of expected credit losses. The current forecast projects continued low unemployment. It is expected that the Federal Reserve will start cutting rates in September of 2024 and fiscal policy will be maintained. Updated information on inflation and labor market trends could impact the Federal Reserve's decision on the timing and degree of rate reductions. The market's response to these events along with other economic, political, and social developments regionally, nationally, and even globally could significantly modify economic projections used in the estimation of the allowance for credit losses. The upcoming presidential election could result in policy changes that might also impact the estimation of the allowance for credit losses. Potential changes in any one economic variable may or may not affect the overall allowance because a variety of economic variables and inputs are considered in estimating the allowance, and changes in those variables and inputs may not occur at the same rate, may not be consistent across product types, and may have offsetting impacts to other changing variables and inputs. A summary of the activity in the allowance for credit losses on loans and the liability for unfunded lending commitments for the three and six months ended June 30, 2024 and 2023, respectively, follows:
Delinquent and non-accrual loans The Company considers loans past due on the day following the contractual repayment date, if the contractual repayment was not received by the Company as of the end of the business day. The following table provides aging information on the Company’s past due and accruing loans, in addition to the balances of loans on non-accrual status, at June 30, 2024 and December 31, 2023.
At June 30, 2024, the Company had $2.5 million in non-accrual loans that had no allowance for credit loss, compared to $4.3 million in non-accrual loans that had no allowance for credit loss at December 31, 2023. The Company did not record any interest income on non-accrual loans during the six months ended June 30, 2024 and 2023, respectively. Credit quality indicators The following table provides information about the credit quality of the Commercial loan portfolio. The Company utilizes an internal risk rating system comprised of a series of grades to categorize loans according to perceived risk associated with the expectation of debt repayment based on borrower specific information including, but not limited to, current financial information, historical payment experience, industry information, collateral levels and collateral types. The “pass” category consists of a range of loan grades that reflect increasing, though still acceptable, risk. A loan is assigned the risk rating at origination and then monitored throughout the contractual term for possible risk rating changes. Movement of risk through the various grade levels in the “pass” category is monitored for early identification of credit deterioration. The “special mention” rating is applied to loans where the borrower exhibits negative financial trends due to borrower specific or systemic conditions that, if left uncorrected, threaten its capacity to meet its debt obligations. The borrower is believed to have sufficient financial flexibility to react to and resolve its negative financial situation. It is a transitional grade that is closely monitored for improvement or deterioration. The “substandard” rating is applied to loans where the borrower exhibits well-defined weaknesses that jeopardize its continued performance and are of a severity that the distinct possibility of default exists. Loans are placed on “non-accrual” when management does not expect to collect payments consistent with acceptable and agreed upon terms of repayment. All loans are analyzed for risk rating updates annually. For larger loans, rating assessments may be more frequent if relevant information is obtained earlier through debt covenant monitoring or overall relationship management. Smaller loans are monitored as identified by the loan officer based on the risk profile of the individual borrower or if the loan becomes past due related to credit issues. Loans rated Special Mention, Substandard or Non-accrual are subject to quarterly review and monitoring processes. In addition to the regular monitoring performed by the lending personnel and credit committees, loans are subject to review by a credit review department which verifies the appropriateness of the risk ratings for the loans chosen as part of its risk-based review plan. The risk category of loans in the Commercial portfolio as of June 30, 2024 and December 31, 2023 are as follows:
The credit quality of Personal Banking loans is monitored primarily on the basis of aging/delinquency, and this information is provided as of June 30, 2024 and December 31, 2023 below.
Collateral-dependent loans The Company's collateral-dependent loans are comprised of large loans on non-accrual status. The Company requires that collateral-dependent loans are either over-collateralized or carry collateral equal to the amortized cost of the loan. The following table presents the amortized cost basis of collateral-dependent loans as of June 30, 2024 and December 31, 2023.
Other Personal Banking loan information As noted above, the credit quality of Personal Banking loans is monitored primarily on the basis of aging/delinquency, and this information is provided in the table in the above section on "Credit quality indicators." In addition, FICO scores are obtained and updated on a quarterly basis for most of the loans in the Personal Banking portfolio. This is a published credit score designed to measure the risk of default by taking into account various factors from a borrower's financial history and is considered supplementary information utilized by the Company, as management does not consider this information in evaluating the allowance for credit losses on loans. The Bank normally obtains a FICO score at the loan's origination and renewal dates, and updates are obtained on a quarterly basis. Excluded from the table below are certain personal real estate loans for which FICO scores are not obtained because the loans generally pertain to commercial customer activities and are often underwritten with other collateral considerations. These loans totaled $170.1 million at June 30, 2024 and $168.9 million at December 31, 2023. The table also excludes consumer loans related to the Company's patient healthcare loan program, which totaled $220.5 million at June 30, 2024 and $211.3 million at December 31, 2023. As the healthcare loans are guaranteed by the hospital, customer FICO scores are not obtained for these loans. The personal real estate loans and consumer loans excluded below totaled less than 7% of the Personal Banking portfolio. For the remainder of loans in the Personal Banking portfolio, the table below shows the percentage of balances outstanding at June 30, 2024 and December 31, 2023 by FICO score.
Modifications for borrowers experiencing financial difficulty When borrowers are experiencing financial difficulty, the Company may agree to modify the contractual terms of a loan to a borrower in order to assist the borrower in repaying principal and interest owed to the Company. The Company's modifications of loans to borrowers experiencing financial difficulty are generally in the form of term extensions, repayment plans, payment deferrals, forbearance agreements, interest rate reductions, forgiveness of interest and/or fees, or any combination thereof. Commercial loans modified to borrowers experiencing financial difficulty are primarily loans that are substandard or non-accrual, where the maturity date was extended. Modifications on personal real estate loans are primarily those placed on forbearance plans, repayment plans, or deferral plans where monthly payments are suspended for a period of time or past due amounts are paid off over a certain period of time in the future or set up as a balloon payment at maturity. Modifications to certain credit card and other small consumer loans are often modified under debt counseling programs that can reduce the contractual rate or, in certain instances, forgive certain fees and interest charges. Other consumer loans modified to borrowers experiencing financial difficulty consist of various other workout arrangements with consumer customers. The following tables present the amortized cost at June 30, 2024 of loans that were modified during the three and six months ended June 30, 2024 and the amortized cost of at June 30, 2023 of loans that were modified during the three and six months ended June 30, 2023.
The estimate of lifetime expected losses utilized in the allowance for credit losses model is developed using average historical experience on loans with similar risk characteristics, which includes losses from modifications of loans to borrowers experiencing financial difficulty. As a result, a change to the allowance for credit losses is generally not recorded upon modification. For modifications to loans made to borrowers experiencing financial difficulty that are placed on non-accrual status, the Company determines the allowance for credit losses on an individual evaluation, using the same process that it utilizes for other loans on non-accrual status. Modifications made to commercial loans which are not on non-accrual status for borrowers experiencing financial difficulty are collectively evaluated based on internal risk rating, loan type, delinquency, historical experience, and current economic factors. Modifications made to borrowers experiencing financial difficulty for personal banking loans which are not on non-accrual status are collectively evaluated based on loan type, delinquency, historical experience, and current economic factors. If a loan to a borrower experiencing financial difficulty is modified and subsequently deemed uncollectible, the allowance for credit losses continues to be based on individual evaluation, if that loan is already on non-accrual status. For those loans, the allowance for credit losses is estimated using discounted expected cash flows or the fair value of collateral. If an accruing loan made to a borrower experiencing financial difficulty is modified and subsequently deemed uncollectible, the loan's risk rating is downgraded to non-accrual status and the loan's related allowance for credit losses is determined based on individual evaluation, or if necessary, the loan is charged off and collection efforts begin. The following tables summarize the financial impact of loan modifications and payment deferrals during the three and six months ended June 30, 2024 and June 30, 2023.
The Company had commitments of $7.0 million and $28.4 million at June 30, 2024 and December 31, 2023, respectively, to lend additional funds to borrowers experiencing financial difficulty and for whom the Company has modified the terms of loans in the form of an interest rate reduction; an other-than-insignificant payment delay; forgiveness of principal, interest, or fees; or a term extension during the current reporting period. The following tables provide the amortized cost basis at June 30, 2024 of loans to borrowers experiencing financial difficulty that had a payment default during the three and six months ended June 30, 2024 and were modified within the 12 months preceding the payment default, as well as the amortized cost basis at June 30, 2023 of loans to borrowers experiencing financial difficulty that had a payment default during the three and six months ended June 30, 2023 and had been modified on or after January 1, 2023 (the date we adopted ASU 2022-02). For purposes of this disclosure, the Company considers "default" to mean 90 days or more past due as to interest or principal.
The following tables present the amortized cost basis at June 30, 2024 of loans to borrowers experiencing financial difficulty that had been modified within the previous 12 months as well as the amortized cost basis at June 30, 2023 of loans to borrowers experiencing financial difficulty that had been modified on or after January 1, 2023 (the date we adopted ASU 2022-02) through June 30, 2023.
Loans held for sale The Company designates certain long-term fixed rate personal real estate loans as held for sale, and the Company has elected the fair value option for these loans. The election of the fair value option aligns the accounting for these loans with the related economic hedges discussed in Note 11. The loans are primarily sold to Federal Home Loan Mortgage Corporation (FHLMC) and Federal National Mortgage Association (FNMA). At June 30, 2024, the fair value of these loans was $2.2 million, and the unpaid principal balance was $2.2 million. The Company also designates certain student loan originations as held for sale. The borrowers are credit-worthy students who are attending colleges and universities. The loans are intended to be sold in the secondary market, and the Company maintains contracts with Sallie Mae to sell the loans within 210 days after the last disbursement to the student. These loans are carried at lower of cost or fair value, which at June 30, 2024 totaled $448 thousand. At June 30, 2024, none of the loans held for sale were on non-accrual status or 90 days past due and still accruing interest. Foreclosed real estate/repossessed assets The Company’s holdings of foreclosed real estate totaled $143 thousand and $270 thousand at June 30, 2024 and December 31, 2023, respectively, and included in those amounts were $143 thousand and $270 thousand at June 30, 2024 and December 31, 2023, respectively, of foreclosed residential real estate properties held as a result of obtaining physical possession. Personal property acquired in repossession, generally autos, totaled $2.2 million and $1.8 million at June 30, 2024 and December 31, 2023. Upon acquisition, these assets are recorded at fair value less estimated selling costs at the date of foreclosure, establishing a new cost basis. They are subsequently carried at the lower of this cost basis or fair value less estimated selling costs.
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Investment Securities |
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Investment Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities Investment securities consisted of the following at June 30, 2024 and December 31, 2023.
(1)Accrued interest receivable totaled $26.4 million and $28.9 million at June 30, 2024 and December 31, 2023, respectively, and was included within other assets on the consolidated balance sheets. Most of the Company’s investment securities are classified as available for sale debt securities, and this portfolio is discussed in more detail below. The Company’s equity securities are also discussed below. Other investment securities include Federal Reserve Bank (FRB) stock, Federal Home Loan Bank (FHLB) stock, and investments in portfolio concerns held by the Company’s private equity subsidiary. FRB stock and FHLB stock are held for debt and regulatory purposes. Investment in FRB stock is based on the capital structure of the investing bank, and investment in FHLB stock is tied to the asset size of the borrowing bank and the level of borrowings from the FHLB. These holdings are carried at cost. The Company’s private equity investments are carried at estimated fair value. Equity Securities The Company’s equity securities portfolio includes common and preferred stock with readily determinable fair values as well as equity securities with no readily determinable fair value. The Company has elected to measure equity securities with no readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes for the identical or similar investment of the same issuer. At March 31, 2024, this portfolio included the Company’s 823,447 shares of Visa Inc. (“Visa”) Class B-1 common stock (formerly Class B common stock), which were held by Commerce Bancshares, Inc. The Company’s Visa Class B-1 shares had a carrying value of zero at March 31, 2024, as there had not been observable price changes in orderly transactions for identical or similar investments of the same issuer. On April 8, 2024, Visa announced the commencement of a public offering to permit the exchange of its Class B-1 common stock for a combination of shares of its Class B-2 common stock and its Class C common stock (“Exchange Offer”). The Company tendered all of its Visa Class B-1 shares pursuant to the Exchange Offer. On May 3, 2024, the Exchange Offer closed, and in exchange for its 823,447 shares of Visa Class B-1 common stock, the Company received 411,723 shares of Visa Class B-2 common stock (which will be convertible under certain circumstances, as further described below, into Visa’s publicly traded Class A common stock at an initial rate of 1.5875 shares of Class A common for each share of Class B-2 common stock, subject to adjustment) and 163,404 shares of Visa Class C common stock which will automatically convert into four shares of Visa's Class A common stock (subject to future adjustments for any stock splits, recapitalizations or similar transactions) upon any transfer to a person other than a Visa member or an affiliate of a Visa member. As a condition of participating in the exchange, the Company entered into a Makewhole Agreement with Visa that provides for cash payments to Visa to the extent (if any) that future adjustments to the conversion ratio for the Visa Class B-2 common stock to Class A common stock cause such ratio to fall below zero. Changes to the conversion ratio occur when Visa deposits funds to a litigation escrow established by Visa to pay settlements for certain covered litigation that pre-dated Visa’s initial public offering, for which Visa has been effectively indemnified by Visa USA members through reductions to the conversion ratio for its Class B-1 common stock. The purpose of the Makewhole Agreement is to preserve the economic benefit of these adjustments to the Class B-1 conversion ratio for the benefit of Visa’s Class A and Class C common stockholders following the exchange. As further described in Visa’s related Issuer Tender Offer Statement on Schedule TO and Prospectus, each dated April 8, 2024, publicly filed with the U. S. Securities and Exchange Commission, both the Makewhole Agreement and the related escrow fund and transfer restrictions on Visa’s Class B-1 common stock and the new Class B-2 common stock will terminate whenever the covered litigation is ultimately resolved, at which future date outstanding shares of Visa Class B-2 common stock will be convertible into shares of its Class A common stock at the then-applicable conversion ratio. As a result of the exchange, the Company elected the measurement alternative approach for its Visa Class C common stock and marked the stock to fair value, recording a gain based on the conversion privilege of the Visa Class C common stock and the closing price of Visa Class A common stock. During the second quarter of 2024, the Company sold 436 thousand shares of Visa Class A common stock at an average price of $274.91, resulting in proceeds of $119.8 million. The Company’s remaining 54 thousand Visa Class C shares had a fair value of $57.2 million at June 30, 2024, and are subject to limited transfer restrictions that end on August 1, 2024. These shares are expected to continue to be marked to fair value on a recurring basis using the Visa Class A shares as evidence of orderly transactions between market participants for similar securities issued by Visa. The Company’s Visa Class B-2 common stock will continue to be carried at cost of $0 as the Company elected the measurement alternative approach for these shares as well, and there are not observable price changes in orderly transactions for identical or similar investments of the same issuer for the Visa Class B-2 shares held by the Company. Changes in equity investments with no readily determinable fair value for each period were as follows:
Net gains and losses for the Company's equity securities portfolio for each period were as follows:
Available for sale debt securities portfolio The majority of the Company’s investment portfolio is comprised of available for sale debt securities, which are carried at fair value with changes in fair value reported in accumulated other comprehensive income (AOCI). A summary of the available for sale debt securities by maturity groupings as of June 30, 2024 is shown below. The investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as FHLMC, FNMA, and Government National Mortgage Association (GNMA), in addition to non-agency mortgage-backed securities, which have no guarantee but are collateralized by commercial and residential mortgages. Also included are certain other asset-backed securities, which are primarily collateralized by credit cards, automobiles, student loans, and commercial loans. These securities differ from traditional debt securities primarily in that they may have uncertain maturity dates and are priced based on estimated prepayment rates on the underlying collateral.
Investments in U.S. government and federal agency obligations include U.S. Treasury inflation-protected securities, which totaled $399.7 million, at fair value, at June 30, 2024. Interest earned on these securities increases with inflation and decreases with deflation, as measured by the non-seasonally adjusted Consumer Price Index (CPI-U). At maturity, the principal paid is the greater of an inflation-adjusted principal or the original principal. Allowance for credit losses on available for sale debt securities Securities for which fair value is less than amortized cost are reviewed for impairment. Special emphasis is placed on securities whose credit rating has fallen below Baa3 (Moody's) or BBB- (Standard & Poor's), whose fair values have fallen more than 20% below purchase price, or those which have been identified based on management’s judgment. These securities are placed on a watch list and cash flow analyses are prepared on an individual security basis. Certain securities are analyzed using a projected cash flow model, discounted to present value, and compared to the current amortized cost bases of the securities. The model uses input factors such as cash flow projections, contractual payments required, expected delinquency rates, credit support from other tranches, prepayment speeds, collateral loss severity rates (including loan to values), and various other information related to the underlying collateral. Securities not analyzed using the cash flow model are analyzed by reviewing credit ratings, credit support agreements, and industry knowledge to project future cash flows and any possible credit impairment. At June 30, 2024, the fair value of securities on this watch list was $1.8 billion compared to $1.2 billion at December 31, 2023. Almost all of the securities included on the Company's watch list in the current quarter were experiencing unrealized loss positions due to the significant increase in interest rates and were analyzed outside of the cash flow model. At June 30, 2024, the securities on the Company's watch list that were not deemed to be solely related to increasing interest rates were securities backed by government-guaranteed student loans and are expected to perform as contractually required. As of June 30, 2024, the Company did not identify any securities for which a credit loss exists, and for the six months ended June 30, 2024 and 2023, the Company did not recognize a credit loss expense on any available for sale debt securities. The table below summarizes debt securities available for sale in an unrealized loss position, aggregated by length of loss period, for which an allowance for credit losses has not been recorded at June 30, 2024 and December 31, 2023. Unrealized losses on these available for sale securities have not been recognized into income because after review, the securities were deemed not to be impaired. The unrealized losses on these securities are primarily attributable to changes in interest rates and current market conditions. At June 30, 2024, the Company does not intend to sell the securities, nor is it anticipated that it would be required to sell any of these securities at a loss.
The entire available for sale debt portfolio included $8.0 billion of securities that were in a loss position at June 30, 2024, compared to $9.6 billion at December 31, 2023. The total amount of unrealized loss on these securities was $1.1 billion at June 30, 2024, a decrease of $144.4 million compared to the unrealized loss at December 31, 2023. Securities with significant unrealized losses are discussed in the "Allowance for credit losses on available for sale debt securities" section above. For debt securities classified as available for sale, the following table shows the amortized cost, fair value, and allowance for credit losses of securities available for sale at June 30, 2024 and December 31, 2023, and the corresponding amounts of gross unrealized gains and losses (pre-tax) in AOCI, by security type.
The following table presents proceeds from sales of securities and the components of investment securities gains and losses which have been recognized in earnings.
Net gains on investment securities for the six months ended June 30, 2024 were mainly comprised of net gains of $178.3 million on equity investments and net gains in fair value of $12.8 million recorded on private equity investments. These gains were largely offset by net losses of $187.5 million on sales of available for sale securities. Subsequent to the successful close of the Exchange Offer in early May 2024, the Company approved and executed a plan to reposition a portion of its available for sale debt securities portfolio through the sale of securities with an amortized cost of $1.2 billion. The securities that the Company sold had a yield of approximately 2.1%, which resulted in a loss of $179.1 million, and the Company reinvested $928.8 million of the proceeds into U.S. Treasury securities yielding approximately 4.6%. Pledged securities At June 30, 2024, securities totaling $6.5 billion in fair value were pledged to secure public fund deposits, securities sold under agreements to repurchase, trust funds, and borrowings at the FRB and FHLB, compared to $7.5 billion at December 31, 2023. Except for obligations of various government-sponsored enterprises such as FNMA, FHLB and FHLMC, no investment in a single issuer exceeded 10% of stockholders’ equity.
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Goodwill And Other Intangible Assets |
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Goodwill And Other Intangible Assets | Goodwill and Other Intangible Assets The following table presents information about the Company's intangible assets which have estimable useful lives.
Aggregate amortization expense on intangible assets was $320 thousand and $353 thousand for the three month periods ended June 30, 2024 and 2023, respectively, and $651 thousand and $709 thousand for the six month periods ended June 30, 2024 and 2023, respectively. The following table shows the estimated annual amortization expense for the next five fiscal years. This expense is based on existing asset balances and the interest rate environment as of June 30, 2024. 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.
Changes in the carrying amount of goodwill and other intangible assets for the six month period ended June 30, 2024 are as follows:
Goodwill allocated to the Company’s operating segments at June 30, 2024 and December 31, 2023 is shown below.
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Guarantees |
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Guarantees [Abstract] | |
Guarantees | Guarantees The Company, as a provider of financial services, routinely issues financial guarantees in the form of financial and performance standby letters of credit. Standby letters of credit are contingent commitments issued by the Company generally to guarantee the payment or performance obligation of a customer to a third party. While these represent a potential outlay by the Company, a significant amount of the commitments may expire without being drawn upon. The Company has recourse against the customer for any amount it is required to pay to a third party under a standby letter of credit. The letters of credit are subject to the same credit policies, underwriting standards and approval process as loans made by the Company. Most of the standby letters of credit are secured, and in the event of nonperformance by customers, the Company has rights to the underlying collateral, which could include commercial real estate, physical plant and property, inventory, receivables, cash and marketable securities. Upon issuance of standby letters of credit, the Company recognizes a liability for the fair value of the obligation undertaken, which is estimated to be equivalent to the amount of fees received from the customer over the life of the agreement. At June 30, 2024, that net liability was $3.6 million, which will be accreted into income over the remaining life of the respective commitments. The contractual amount of these letters of credit, which represents the maximum potential future payments guaranteed by the Company, was $633.6 million at June 30, 2024. The Company periodically enters into credit risk participation agreements (RPAs) as a guarantor to other financial institutions, in order to mitigate those institutions’ credit risk associated with interest rate swaps with third parties. The RPA stipulates that, in the event of default by the third party on the interest rate swap, the Company will reimburse a portion of the loss borne by the financial institution. These interest rate swaps are normally collateralized (generally with real property, inventories and equipment) by the third party, which limits the credit risk associated with the Company’s RPAs. The third parties usually have other borrowing relationships with the Company. The Company monitors overall borrower collateral and at June 30, 2024, believes sufficient collateral is available to cover potential swap losses. The RPAs are carried at fair value throughout their term with all changes in fair value, including those due to a change in the third party’s creditworthiness, recorded in current earnings. The terms of the RPAs, which correspond to the terms of the underlying swaps, range from 2 years to 15 years. At June 30, 2024, the fair value of the Company's guarantee liabilities for RPAs was $83 thousand, and the notional amount of the underlying swaps was $455.7 million. The maximum potential future payment guaranteed by the Company cannot be readily estimated but is dependent upon the fair value of the interest rate swaps at the time of default.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The Company has net investments in direct financing and sales-type leases to commercial, industrial, and tax-exempt entities. These leases are included within business loans on the Company's consolidated balance sheets. The Company primarily leases various types of equipment, trucks and trailers, and office furniture and fixtures. Lease agreements may include options for the lessee to renew or purchase the leased equipment at the end of the lease term. The Company has elected to adopt the lease component expedient in which the lease and nonlease components are combined into the total lease receivable. The Company also leases office space to third parties, and these leases are classified as operating leases. The leases may include options to renew or expand the leased space, and currently the leases have remaining terms of 1 month to 14 years. The following table provides the components of lease income.
(a) Includes rent from Tower Properties Company, a related party, of $19 thousand for both of the three month periods ended June 30, 2024 and 2023, and $38 thousand for both the six month periods ended June 30, 2024 and 2023.
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Pension |
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension | Pension The amount of net pension cost is shown in the table below:
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Common Stock |
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Common Stock [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Common Stock * Presented below is a summary of the components used to calculate basic and diluted income per share. The Company applies the two-class method of computing income per share, as nonvested share-based awards that pay nonforfeitable common stock dividends are considered securities which participate in undistributed earnings with common stock. The two-class method requires the calculation of separate income per share amounts for the nonvested share-based awards and for common stock. Income per share attributable to common stock is shown in the table below. Nonvested share-based awards are further discussed in Note 13.
Unexercised stock appreciation rights of 411 thousand and 450 thousand for the three month periods ended June 30, 2024 and 2023, respectively, and 382 thousand and 277 thousand for the six month periods ended June 30, 2024 and 2023, respectively, were excluded from the computation of diluted income per common share because their inclusion would have been anti-dilutive. In the Annual Meeting of the Shareholders, held on April 19, 2023, a proposal to increase the shares of the Company's common stock authorized for issuance under its articles of incorporation was approved. This approval increased the authorized shares from 140,000,000 to 190,000,000. * All prior year share and per share amounts in this note have been restated for the 5% common stock dividend distributed in December 2023.
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Accumulated Other Comprehensive Income |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income The table below shows the activity and accumulated balances for components of other comprehensive income. Information about unrealized gains and losses on securities can be found in Note 3, and information about unrealized gains and losses on cash flow hedge derivatives is located in Note 11.
(1) The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "investment securities gains (losses), net" in the consolidated statements of income. (2) The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "interest and fees on loans" in the consolidated statements of income.
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Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments | Segments The Company segregates financial information for use in assessing its performance and allocating resources among three operating segments: Consumer, Commercial and Wealth. The Consumer segment consists of various consumer loan and deposit products offered through its retail branch network of approximately 140 locations. This segment also includes indirect and other consumer loan financing businesses, along with debit and credit card loan and fee businesses. The Commercial segment provides corporate lending (including the Small Business Banking product line within the branch network), leasing, and international services, along with business and governmental deposit products and commercial cash management services. This segment also includes both merchant and commercial bank card products as well as the Commercial Tradable Products division, which sells fixed income securities, underwrites municipal bonds, and provides securities safekeeping and accounting services to its business and correspondent bank customers. The Wealth segment provides traditional trust and estate planning, advisory and discretionary investment management, and brokerage services. This segment also provides various loan and deposit related services to its private banking customers. The following table presents selected financial information by segment and reconciliations of combined segment totals to consolidated totals. There were no material intersegment revenues between the three segments. Management periodically makes changes to methods of assigning costs and income to its business segments to better reflect operating results. If appropriate, these changes are reflected in prior year information presented below. Net interest income allocated among the segments prior to 2024 has been restated to reflect a funds transfer pricing methodology change implemented on January 1, 2024 for all deposit types, except certificates of deposit. The new methodology moves from a rolling pool to a profitability range methodology. The new methodology more accurately reflects the profitability of affected deposits relative to current rates and removes most interest rate risk from business segments.
The information presented above was derived from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. This information is based on internal management accounting procedures and methods, which have been developed to reflect the underlying economics of the businesses. The methodologies are applied in connection with funds transfer pricing and assignment of overhead costs among segments. Funds transfer pricing was used in the determination of net interest income by assigning a standard cost (credit) for funds used (provided by) assets and liabilities based on their maturity, prepayment and/or repricing characteristics. The segment activity, as shown above, includes both direct and allocated items. Amounts in the “Other/Elimination” column include activity not related to the segments, such as that relating to administrative functions, the investment securities portfolio, and the effect of certain expense allocations to the segments. The provision for credit losses in this category contains the difference between net loan charge-offs assigned directly to the segments and the recorded provision for credit loss expense. Included in this category’s net interest income are earnings of the investment portfolio, which are not allocated to a segment. Additionally, in 2023, interest expense on the Company's brokered certificates of deposit was included in this column, as the Company's brokered certificates of deposit were not allocated to a segment. There were no brokered certificates of deposit in 2024. The performance measurement of the operating segments is based on the management structure of the Company and is not necessarily comparable with similar information for any other financial institution. The information is also not necessarily indicative of the segments' financial condition and results of operations if they were independent entities.
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Derivative Instruments |
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Derivative Instrument Detail [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | Derivative Instruments The notional amounts of the Company’s derivative instruments are shown in the table below. These contractual amounts, along with other terms of the derivative, are used to determine amounts to be exchanged between counterparties and are not a measure of loss exposure. The Company's derivatives are accounted for as freestanding derivatives, and with the exception of the interest rate floors, changes in their fair value are recorded in current earnings.
The largest group of notional amounts relate to interest rate swap contracts sold to commercial customers who wish to modify their interest rate sensitivity. The customers are engaged in a variety of businesses, including real estate, manufacturing, retail product distribution, education, and retirement communities. These interest rate swap contracts with customers are offset by matching interest rate swap contracts purchased by the Company from other financial institutions (dealers). Contracts with dealers that require central clearing are novated to a clearing agency who becomes the Company's counterparty. Because of the matching terms of the offsetting contracts, in addition to collateral provisions which mitigate the impact of non-performance risk, changes in fair value subsequent to initial recognition have a minimal effect on earnings. Many of the Company’s interest rate swap contracts with large financial institutions contain contingent features relating to debt ratings or capitalization levels. Under these provisions, if the Company’s debt rating falls below investment grade or if the Company ceases to be “well-capitalized” under risk-based capital guidelines, certain counterparties can require immediate and ongoing collateralization on interest rate swaps in net liability positions or instant settlement of the contracts. The Company maintains debt ratings and capital well above these minimum requirements. As of June 30, 2024, 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 $500.0 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. Information about the floors is provided in the table below.
The premium paid for the floors totaled $90.2 million. The maximum length of time over which the Company is hedging its exposure to lower rates is approximately 7 years. These interest rate floors qualified and were designated as cash flow hedges and were assessed for effectiveness using regression analysis. The change in the fair value of these interest rate floors is recorded in AOCI, net of the amortization of the premiums paid, which are recorded against interest and fees on loans in the consolidated statements of income. As of June 30, 2024, net deferred losses on the interest rate floors totaled $25.8 million (pre-tax) and were recorded in AOCI in the consolidated balance sheet. As of June 30, 2024, it is expected that $10.7 million (pre-tax) interest rate floor premium amortization will be reclassified from AOCI into earnings over the next 12 months for the outstanding interest rate floors. During the year ended December 31, 2020, the Company monetized three interest rate floors that were previously classified as cash flow hedges with a combined notional balance of $1.5 billion and an asset fair value of $163.2 million. As of June 30, 2024, the total realized gains on the monetized cash flow hedges remaining in AOCI was $40.1 million (pre-tax), which will be reclassified into interest income over the next 2.5 years. The estimated amount of net gains related to the cash flow hedges remaining in AOCI at June 30, 2024 that is expected to be reclassified into income within the next 12 months is $21.2 million. The Company also contracts with other financial institutions, as a guarantor or beneficiary, to share credit risk associated with certain interest rate swaps through risk participation agreements. The Company’s risks and responsibilities as guarantor are further discussed in Note 5 on Guarantees. In addition, the Company enters into foreign exchange contracts, which are mainly comprised of contracts with customers to purchase or deliver specific foreign currencies at specific future dates. Under its program to sell residential mortgage loans in the secondary market, the Company designates certain newly-originated residential mortgage loans as held for sale. Derivative instruments arising from this activity include mortgage loan commitments and forward loan sale contracts. Changes in the fair values of the loan commitments and funded loans prior to sale that are due to changes in interest rates are economically hedged with forward contracts to sell residential mortgage-backed securities in the to-be-announced (TBA) market. These forward TBA contracts are also considered to be derivatives and are settled in cash at the security settlement date. The fair values of the Company's derivative instruments, whose notional amounts are listed above, are shown in the table below. Information about the valuation methods used to determine fair value is provided in Note 15 on Fair Value Measurements. The Company's policy is to present its derivative assets and derivative liabilities on a gross basis on its consolidated balance sheets, and these are reported in other assets and other liabilities. In prior years, certain collateral posted to and from the Company's clearing counterparty has been applied to the fair values of the cleared swap. There was no reduction to positive or negative fair values of cleared swaps at June 30, 2024 and December 31, 2023.
The Company made an election to exclude the initial premiums paid on the interest rate floors from the hedge effectiveness measurement. Those initial premiums are amortized over the periods between the premium payment month and the contract maturity month. The pre-tax effects of the gains and losses (both the included and excluded amounts for hedge effectiveness assessment) recognized in the other comprehensive income from the cash flow hedging instruments and the amounts reclassified from accumulated other comprehensive income into income (both included and excluded amounts for hedge effectiveness measurement) are shown in the table below.
The gain and loss recognized through various derivative instruments on the consolidated statements of income are shown in the table below.
The following table shows the extent to which assets and liabilities relating to derivative instruments have been offset in the consolidated balance sheets. It also provides information about these instruments which are subject to an enforceable master netting arrangement, irrespective of whether they are offset, and the extent to which the instruments could potentially be offset. Also shown is collateral received or pledged in the form of other financial instruments, which is generally cash or marketable securities. The collateral amounts in this table are limited to the outstanding balances of the related asset or liability (after netting is applied); thus, amounts of excess collateral are not shown. Most of the derivatives in the following table were transacted under master netting arrangements that contain a conditional right of offset, such as close-out netting, upon default. While the Company is party to master netting arrangements with most of its swap derivative counterparties, the Company does not offset derivative assets and liabilities under these agreements on its consolidated balance sheets. Collateral exchanged between the Company and dealer bank counterparties is generally subject to thresholds and transfer minimums, and usually consists of marketable securities. By contract, these may be sold or re-pledged by the secured party until recalled at a subsequent valuation date by the pledging party. For those swap transactions requiring central clearing, the Company posts cash or securities to its clearing agent. Collateral positions are valued daily, and adjustments to amounts received and pledged by the Company are made as appropriate to maintain proper collateralization for these transactions. Swap derivative transactions with customers are generally secured by rights to non-financial collateral, such as real and personal property, which is not shown in the table below.
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Resale and Repurchase Agreements |
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Resale and Repurchase Agreements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resale and Repurchase Agreements [Text Block] | Resale and Repurchase Agreements The Company regularly enters into resale and repurchase agreement transactions with other financial institutions and with its own customers. Resale and repurchase agreements are agreements to purchase/sell securities subject to an obligation to resell/repurchase the same or similar securities. They are accounted for as secured lending and collateralized borrowing (e.g. financing transactions), not as true sales and purchases of the underlying collateral securities. Some of the resale and repurchase agreements were transacted under master netting arrangements that contain a conditional right of offset, such as close-out netting, upon default. The security collateral accepted or pledged in resale and repurchase agreements with other financial institutions may be sold or re-pledged by the secured party, but is usually delivered to and held by third party trustees. The Company generally retains custody of securities pledged for repurchase agreements with its customers. The following table shows the extent to which resale agreement assets and repurchase agreement liabilities with the same counterparty have been offset on the consolidated balance sheets, in addition to the extent to which they could potentially be offset. Also shown is collateral received or pledged, which consists of marketable securities. The collateral amounts in the table are limited to the outstanding balances of the related asset or liability (after offsetting is applied); thus amounts of excess collateral are not shown.
The table below shows the remaining contractual maturities of repurchase agreements outstanding at June 30, 2024 and December 31, 2023, in addition to the various types of marketable securities that have been pledged by the Company as collateral for these borrowings.
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Stock-Based Compensation |
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Stock-Based Compensation | Stock-Based Compensation The Company issues stock-based compensation in the form of nonvested restricted stock and stock appreciation rights (SARs). Historically, most of the awards have been issued during the first quarter of each year. The stock-based compensation expense charged against income was $4.2 million and $3.9 million in the three months ended June 30, 2024 and 2023 respectively, and $8.5 million and $8.3 million in the six months ended June 30, 2024 and 2023, respectively. Nonvested stock awards granted generally vest in 4 to 7 years and contain restrictions as to transferability, sale, pledging, or assigning, among others, prior to the end of the vesting period. Dividend and voting rights are conferred upon grant. A summary of the status of the Company’s nonvested share awards as of June 30, 2024, and changes during the six month period then ended, is presented below.
SARs are granted with exercise prices equal to the market price of the Company’s stock at the date of grant. SARs vest ratably over 4 years of continuous service and have contractual terms of 10 years. All SARs must be settled in stock under provisions of the plan. In determining compensation cost, the Black-Scholes option-pricing model is used to estimate the fair value of SARs on date of grant. The current year per share average fair value and the model assumptions are shown in the table below.
A summary of SAR activity during the first six months of 2024 is presented below.
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Revenue from Contract with Customer |
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Revenue from Contract with Customer [Text Block] | Revenue from Contracts with Customers Revenue from contracts with customers, Accounting Standard Codification 606 ("ASC 606"), requires revenue recognition for the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. For the six months ended June 30, 2024, approximately 63% of the Company’s total revenue was comprised of net interest income, which is not within the scope of this guidance. Of the remaining revenue, those items that were subject to this guidance mainly included fees for bank card, trust, deposit account services and consumer brokerage services. The following table disaggregates revenue from contracts with customers by major product line.
(1) This revenue is not within the scope of ASC 606, and includes fees relating to bond trading activities, loan fees and sales, derivative instruments, standby letters of credit and various other transactions. For bank card transaction fees, nearly all of debit and credit card fees are earned in the Consumer segment, while corporate card and merchant fees are earned in the Commercial segment. The Consumer and Commercial segments contributed approximately 31% and 69%, respectively, of the Company's deposit account charge revenue. All trust fees and nearly all consumer brokerage services income were earned in the Wealth segment. The following table presents the opening and closing receivable balances for the six month periods ended June 30, 2024 and 2023 for the Company’s significant revenue from contracts with customers.
For these revenue categories, none of the transaction price has been allocated to performance obligations that are unsatisfied as of the end of a reporting period.
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Fair Value Measurements |
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Fair Value Measurements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company uses fair value measurements to record fair value adjustments to certain financial and nonfinancial assets and liabilities and to determine fair value disclosures. Various financial instruments such as available for sale debt securities, equity securities, trading debt securities, certain investments relating to private equity activities, and derivatives are recorded at fair value on a recurring basis. Additionally, from time to time, the Company may be required to record at fair value other assets and liabilities on a nonrecurring basis, such as mortgage servicing rights and certain other investment securities. These nonrecurring fair value adjustments typically involve lower of cost or fair value accounting or write-downs of individual assets. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Depending on the nature of the asset or liability, the Company uses various valuation techniques and assumptions when estimating fair value. For accounting disclosure purposes, a three-level valuation hierarchy of fair value measurements has been established. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: •Level 1 – inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets. •Level 2 – inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and inputs that are observable for the assets or liabilities, either directly or indirectly (such as interest rates, yield curves, and prepayment speeds). •Level 3 – inputs to the valuation methodology are unobservable and significant to the fair value. These may be internally developed, using the Company’s best information and assumptions that a market participant would consider. The valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis are described in the Fair Value Measurements note in the Company's 2023 Annual Report on Form 10-K. There have been no significant changes in these methodologies since then. Instruments Measured at Fair Value on a Recurring Basis The table below presents the June 30, 2024 and December 31, 2023 carrying values of assets and liabilities measured at fair value on a recurring basis. There were no transfers among levels during the first six months of 2024 or the year ended December 31, 2023.
* The fair value of each class of derivative is shown in Note 11. The changes in the Company's Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:
* Included in "net unrealized gains (losses) on available for sale debt securities" in the consolidated statements of comprehensive income. Gains and losses included in earnings for the Company's Level 3 assets and liabilities in the previous table are reported in the following line items in the consolidated statements of income:
Level 3 Inputs The Company's Level 3 measurements at June 30, 2024, which employ unobservable inputs that are readily quantifiable, pertain to investments in portfolio concerns held by the Company's private equity subsidiaries. Information about these inputs is presented in the table below.
* Unobservable inputs were weighted by the relative fair value of the instruments. Instruments Measured at Fair Value on a Nonrecurring Basis For assets measured at fair value on a nonrecurring basis during the first six months of 2024 and 2023, and still held as of June 30, 2024 and 2023, the following table provides the adjustments to fair value recognized during the respective periods, the level of valuation inputs used to determine each adjustment, and the carrying value of the related individual assets or portfolios at June 30, 2024 and 2023.
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Fair Value Of Financial Instruments |
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Fair Value Of Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Of Financial Instruments | Fair Value of Financial Instruments The carrying amounts and estimated fair values of financial instruments held by the Company are set forth below. Fair value estimates are made at a specific point in time based on relevant market information. They do not reflect any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for many of the Company’s financial instruments, fair value estimates are based on judgments regarding future expected loss experience, risk characteristics and economic conditions. These estimates are subjective, involve uncertainties, and cannot be determined with precision. Changes in assumptions could significantly affect the estimates. The estimated fair values of the Company’s financial instruments and the classification of their fair value measurement within the valuation hierarchy are as follows at June 30, 2024 and December 31, 2023:
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Legal and Regulatory Proceedings |
6 Months Ended |
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Jun. 30, 2024 | |
Legal Proceedings [Abstract] | |
Legal Matters and Contingencies [Text Block] | Legal and Regulatory Proceedings The Company has various legal proceedings pending at June 30, 2024, arising in the normal course of business. While some matters pending against the Company specify damages claimed by plaintiffs, others do not seek a specified amount of damages or are at early stages of the legal process. The Company records a loss accrual for all legal and regulatory matters for which it deems a loss is probable and can be reasonably estimated. Some matters, which are in the early stages, have not yet progressed to the point where a loss amount can be determined to be probable and estimable.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
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Pay vs Performance Disclosure | ||||
Net income attributable to Commerce Bancshares, Inc. | $ 139,553 | $ 127,789 | $ 252,216 | $ 247,241 |
Insider Trading Arrangements |
3 Months Ended |
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Jun. 30, 2024 | |
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 |
Loans And Allowance For Credit Losses (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Classification Of Held For Investment Loan Portfolio | Major classifications within the Company’s held for investment loan portfolio at June 30, 2024 and December 31, 2023 are as follows:
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CECL Model Inputs | Key assumptions in the Company’s allowance for credit loss model include the economic forecast, the reasonable and supportable period, forecasted macro-economic variables, prepayment assumptions and qualitative factors applied for portfolio composition changes, underwriting practices, or significant unique events or conditions. The assumptions utilized in estimating the Company’s allowance for credit losses at June 30, 2024 and March 31, 2024 are discussed below.
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Summary Of Activity In The Allowance For Credit Losses | A summary of the activity in the allowance for credit losses on loans and the liability for unfunded lending commitments for the three and six months ended June 30, 2024 and 2023, respectively, follows:
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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 June 30, 2024 and December 31, 2023.
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Risk Category of Loans in Commercial Portfolio | The risk category of loans in the Commercial portfolio as of June 30, 2024 and December 31, 2023 are as follows:
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Risk Category of Loans in Personal Banking Portfolio | The credit quality of Personal Banking loans is monitored primarily on the basis of aging/delinquency, and this information is provided as of June 30, 2024 and December 31, 2023 below.
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Amortized Cost Basis of Collateral-Dependent Loans | The following table presents the amortized cost basis of collateral-dependent loans as of June 30, 2024 and December 31, 2023.
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Summary Of Loans In The Personal Banking Portfolio Percentage Of Balances by FICO Score | For the remainder of loans in the Personal Banking portfolio, the table below shows the percentage of balances outstanding at June 30, 2024 and December 31, 2023 by FICO score.
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Outstanding Balance Of Modified Loans to Borrowers Experiencing Financial Difficulty | The following tables present the amortized cost at June 30, 2024 of loans that were modified during the three and six months ended June 30, 2024 and the amortized cost of at June 30, 2023 of loans that were modified during the three and six months ended June 30, 2023.
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Financing receivable, financial impacts of loan modifications and payment deferrals | The following tables summarize the financial impact of loan modifications and payment deferrals during the three and six months ended June 30, 2024 and June 30, 2023.
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Financing Receivable, Modified, Subsequent Default | The following tables provide the amortized cost basis at June 30, 2024 of loans to borrowers experiencing financial difficulty that had a payment default during the three and six months ended June 30, 2024 and were modified within the 12 months preceding the payment default, as well as the amortized cost basis at June 30, 2023 of loans to borrowers experiencing financial difficulty that had a payment default during the three and six months ended June 30, 2023 and had been modified on or after January 1, 2023 (the date we adopted ASU 2022-02). For purposes of this disclosure, the Company considers "default" to mean 90 days or more past due as to interest or principal.
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Financing Receivable, Modified, Past Due | The following tables present the amortized cost basis at June 30, 2024 of loans to borrowers experiencing financial difficulty that had been modified within the previous 12 months as well as the amortized cost basis at June 30, 2023 of loans to borrowers experiencing financial difficulty that had been modified on or after January 1, 2023 (the date we adopted ASU 2022-02) through June 30, 2023.
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Investment Securities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Investment Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Investment Holdings | Investment securities consisted of the following at June 30, 2024 and December 31, 2023.
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Equity Securities without Readily Determinable Fair Value | Changes in equity investments with no readily determinable fair value for each period were as follows:
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Gain (Loss) on Securities | Net gains and losses for the Company's equity securities portfolio for each period were as follows:
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Summary Of Available For Sale Investment Securities By Maturity Groupings | A summary of the available for sale debt securities by maturity groupings as of June 30, 2024 is shown below. The investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as FHLMC, FNMA, and Government National Mortgage Association (GNMA), in addition to non-agency mortgage-backed securities, which have no guarantee but are collateralized by commercial and residential mortgages. Also included are certain other asset-backed securities, which are primarily collateralized by credit cards, automobiles, student loans, and commercial loans. These securities differ from traditional debt securities primarily in that they may have uncertain maturity dates and are priced based on estimated prepayment rates on the underlying collateral.
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Securities With Unrealized Losses And Length Of Impairment Period | The table below summarizes debt securities available for sale in an unrealized loss position, aggregated by length of loss period, for which an allowance for credit losses has not been recorded at June 30, 2024 and December 31, 2023. Unrealized losses on these available for sale securities have not been recognized into income because after review, the securities were deemed not to be impaired. The unrealized losses on these securities are primarily attributable to changes in interest rates and current market conditions. At June 30, 2024, the Company does not intend to sell the securities, nor is it anticipated that it would be required to sell any of these securities at a loss.
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Available For Sale Securities Unrealized Gains And Losses By Security Type | For debt securities classified as available for sale, the following table shows the amortized cost, fair value, and allowance for credit losses of securities available for sale at June 30, 2024 and December 31, 2023, and the corresponding amounts of gross unrealized gains and losses (pre-tax) in AOCI, by security type.
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Proceeds From Sales Of Securities And Components Of Investment Securities Gains And Losses | The following table presents proceeds from sales of securities and the components of investment securities gains and losses which have been recognized in earnings.
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Goodwill And Other Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Intangible Assets With Estimable Useful Lives | The following table presents information about the Company's intangible assets which have estimable useful lives.
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table shows the estimated annual amortization expense for the next five fiscal years. This expense is based on existing asset balances and the interest rate environment as of June 30, 2024. 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.
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Schedule Of Changes In Carrying Amount Of Goodwill And Net Other Intangible Assets | Changes in the carrying amount of goodwill and other intangible assets for the six month period ended June 30, 2024 are as follows:
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Schedule Of Goodwill Allocated By Operating Segments | Goodwill allocated to the Company’s operating segments at June 30, 2024 and December 31, 2023 is shown below.
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessor, Components of Lease Income [Table Text Block] | The following table provides the components of lease income.
(a) Includes rent from Tower Properties Company, a related party, of $19 thousand for both of the three month periods ended June 30, 2024 and 2023, and $38 thousand for both the six month periods ended June 30, 2024 and 2023.
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Pension (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of the Net Pension Costs | The amount of net pension cost is shown in the table below:
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Common Stock (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Components Used To Calculate Basic And Diluted Income Per Share | Presented below is a summary of the components used to calculate basic and diluted income per share. The Company applies the two-class method of computing income per share, as nonvested share-based awards that pay nonforfeitable common stock dividends are considered securities which participate in undistributed earnings with common stock. The two-class method requires the calculation of separate income per share amounts for the nonvested share-based awards and for common stock. Income per share attributable to common stock is shown in the table below. Nonvested share-based awards are further discussed in Note 13.
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Accumulated Other Comprehensive Income (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Income (Loss) | The table below shows the activity and accumulated balances for components of other comprehensive income. Information about unrealized gains and losses on securities can be found in Note 3, and information about unrealized gains and losses on cash flow hedge derivatives is located in Note 11.
(1) The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "investment securities gains (losses), net" in the consolidated statements of income. (2) The pre-tax amounts reclassified from accumulated other comprehensive income to current earnings are included in "interest and fees on loans" in the consolidated statements of income.
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Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Financial Information By Segment | The following table presents selected financial information by segment and reconciliations of combined segment totals to consolidated totals. There were no material intersegment revenues between the three segments. Management periodically makes changes to methods of assigning costs and income to its business segments to better reflect operating results. If appropriate, these changes are reflected in prior year information presented below. Net interest income allocated among the segments prior to 2024 has been restated to reflect a funds transfer pricing methodology change implemented on January 1, 2024 for all deposit types, except certificates of deposit. The new methodology moves from a rolling pool to a profitability range methodology. The new methodology more accurately reflects the profitability of affected deposits relative to current rates and removes most interest rate risk from business segments.
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Derivative Instruments (Tables) |
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Derivative Instrument Detail [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Notional Amounts Of Derivative Instruments | The notional amounts of the Company’s derivative instruments are shown in the table below. These contractual amounts, along with other terms of the derivative, are used to determine amounts to be exchanged between counterparties and are not a measure of loss exposure. The Company's derivatives are accounted for as freestanding derivatives, and with the exception of the interest rate floors, changes in their fair value are recorded in current earnings.
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Interest Rate Floor Summary | Information about the floors is provided in the table below.
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Schedule Of Fair Values Of Derivative Instruments | The fair values of the Company's derivative instruments, whose notional amounts are listed above, are shown in the table below. Information about the valuation methods used to determine fair value is provided in Note 15 on Fair Value Measurements. The Company's policy is to present its derivative assets and derivative liabilities on a gross basis on its consolidated balance sheets, and these are reported in other assets and other liabilities. In prior years, certain collateral posted to and from the Company's clearing counterparty has been applied to the fair values of the cleared swap. There was no reduction to positive or negative fair values of cleared swaps at June 30, 2024 and December 31, 2023.
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Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The Company made an election to exclude the initial premiums paid on the interest rate floors from the hedge effectiveness measurement. Those initial premiums are amortized over the periods between the premium payment month and the contract maturity month. The pre-tax effects of the gains and losses (both the included and excluded amounts for hedge effectiveness assessment) recognized in the other comprehensive income from the cash flow hedging instruments and the amounts reclassified from accumulated other comprehensive income into income (both included and excluded amounts for hedge effectiveness measurement) are shown in the table below.
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Summary Of The Effects Of Derivative Instruments On Consolidated Statements Of Income | The gain and loss recognized through various derivative instruments on the consolidated statements of income are shown in the table below.
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Balance Sheet Offsetting, Derivatives [Table Text Block] |
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Resale and Repurchase Agreements (Tables) |
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Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resale and Repurchase Agreements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Resale and Repurchase Agreements [Table Text Block] | The following table shows the extent to which resale agreement assets and repurchase agreement liabilities with the same counterparty have been offset on the consolidated balance sheets, in addition to the extent to which they could potentially be offset. Also shown is collateral received or pledged, which consists of marketable securities. The collateral amounts in the table are limited to the outstanding balances of the related asset or liability (after offsetting is applied); thus amounts of excess collateral are not shown.
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Schedule of Underlying Assets of Repurchase Agreements [Table Text Block] | The table below shows the remaining contractual maturities of repurchase agreements outstanding at June 30, 2024 and December 31, 2023, in addition to the various types of marketable securities that have been pledged by the Company as collateral for these borrowings.
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Stock-Based Compensation (Tables) |
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Share-Based Payment Arrangement, Noncash Expense [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of The Status Of Nonvested Share Awards | A summary of the status of the Company’s nonvested share awards as of June 30, 2024, and changes during the six month period then ended, is presented below.
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The current year per share average fair value and the model assumptions are shown in the table below.
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Summary Of SAR Activity | A summary of SAR activity during the first six months of 2024 is presented below.
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Revenue from Contracts with Customers (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Table Text Block] | The following table disaggregates revenue from contracts with customers by major product line.
(1) This revenue is not within the scope of ASC 606, and includes fees relating to bond trading activities, loan fees and sales, derivative instruments, standby letters of credit and various other transactions.
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Contract with Customer, Asset and Liability [Table Text Block] | The following table presents the opening and closing receivable balances for the six month periods ended June 30, 2024 and 2023 for the Company’s significant revenue from contracts with customers.
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Fair Value Measurements (Tables) |
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Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis | The table below presents the June 30, 2024 and December 31, 2023 carrying values of assets and liabilities measured at fair value on a recurring basis. There were no transfers among levels during the first six months of 2024 or the year ended December 31, 2023.
* The fair value of each class of derivative is shown in Note 11.
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Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis | The changes in the Company's Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows:
* Included in "net unrealized gains (losses) on available for sale debt securities" in the consolidated statements of comprehensive income.
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Summary Of Gains And Losses On Level 3 Assets And Liabilities | Gains and losses included in earnings for the Company's Level 3 assets and liabilities in the previous table are reported in the following line items in the consolidated statements of income:
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Summary Of Quantitative Information About Level 3 Fair Value Measurements | The Company's Level 3 measurements at June 30, 2024, which employ unobservable inputs that are readily quantifiable, pertain to investments in portfolio concerns held by the Company's private equity subsidiaries. Information about these inputs is presented in the table below.
* Unobservable inputs were weighted by the relative fair value of the instruments.
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Schedule Of Fair Value Disclosures Measured On Nonrecurring Basis [Table Text Block] | For assets measured at fair value on a nonrecurring basis during the first six months of 2024 and 2023, and still held as of June 30, 2024 and 2023, the following table provides the adjustments to fair value recognized during the respective periods, the level of valuation inputs used to determine each adjustment, and the carrying value of the related individual assets or portfolios at June 30, 2024 and 2023.
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Fair Value Of Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fair Value Of Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value of financial instruments [Table Text Block] |
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Loans And Allowance For Credit Losses (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
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Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Accrued Interest Receivable | $ 71,900 | $ 71,900 | $ 71,900 | ||
Pledged Financial Instruments, Not Separately Reported, Loans Receivable, for Federal Home Loan Bank Debt | 3,600,000 | 3,600,000 | |||
Pledged Financial Instruments, Not Separately Reported, Loans Receivable, for Federal Reserve Bank Debt | 2,900,000 | 2,900,000 | |||
Financing Receivable, Nonaccrual, No Allowance | $ 2,500 | 2,500 | 4,300 | ||
Period after which loans are deemed in default (in days) | 90 days | ||||
Commitments to lend additional funds to customers with restructured loans | $ 7,000 | 7,000 | 28,400 | ||
Residential mortgage loans held for sale | 2,186 | 2,186 | 1,585 | ||
Unpaid Principal Balance on Personal Real Estate Loans Held for Sale | 2,200 | 2,200 | |||
Student Loans Held for Sale, Lower of Cost or Fair Value | 448 | 448 | |||
HFS Loans on non accrual status | 0 | 0 | |||
HFS loans 90 days past due and still accruing | 0 | 0 | |||
Foreclosed real estate | 143 | 143 | 270 | ||
Residential Real Estate Acquired Through Foreclosure through Obtaining Physical Possession | 143 | 143 | 270 | ||
Personal property acquired in repossession | 2,200 | 2,200 | $ 1,800 | ||
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Accrued Interest, Writeoff | 341 | $ 43 | 435 | $ 77 | |
Personal Banking Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Financing Receivable, Accrued Interest, Writeoff | $ 1,600 | $ 1,100 | $ 3,100 | $ 2,200 |
Loans And Allowance For Credit Losses (Summary Classification Of Held To Maturity Loan Portfolio) (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
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Loans And Allowance For Loan Losses [Line Items] | ||
Held for Investment Loans | $ 17,163,065 | $ 17,205,479 |
Business | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Held for Investment Loans | 6,090,724 | 6,019,036 |
Real estate - construction and land | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Held for Investment Loans | 1,396,515 | 1,446,764 |
Real estate - business | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Held for Investment Loans | 3,572,539 | 3,719,306 |
Real estate - personal | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Held for Investment Loans | 3,055,182 | 3,026,041 |
Consumer | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Held for Investment Loans | 2,145,609 | 2,077,723 |
Revolving Home Equity [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Held for Investment Loans | 331,381 | 319,894 |
Consumer credit card | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Held for Investment Loans | 566,925 | 589,913 |
Overdrafts | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Held for Investment Loans | $ 4,190 | $ 6,802 |
Loans And Allowance For Credit Losses (Summary of Activity in the Allowance for Credit Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
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Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for Credit Loss, Beginning Balance | $ 160,465 | $ 159,317 | $ 162,395 | $ 150,136 | $ 150,136 |
Provision for credit losses on loans | 7,849 | 5,864 | 14,796 | 21,812 | |
Loans charged off | 11,868 | 8,838 | 23,033 | 17,886 | |
Recoveries on Loans | 2,111 | 2,342 | 4,399 | 4,623 | |
Net loan charge-offs (recoveries) | 9,757 | 6,496 | 18,634 | 13,263 | |
Allowance for Credit Loss, Ending Balance | 158,557 | 158,685 | 158,557 | 158,685 | 162,395 |
Liability for Unfunded Lending Commitments, Beginning Balance | 23,086 | 28,628 | 25,246 | 33,120 | 33,120 |
Provision for credit losses on unfunded lending commitments | (2,381) | 607 | (4,541) | (3,885) | |
Liability for Unfunded Lending Commitments, Ending Balance | 20,705 | 29,235 | 20,705 | 29,235 | 25,246 |
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | 179,262 | 187,920 | 179,262 | 187,920 | |
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for Credit Loss, Beginning Balance | 105,464 | 108,615 | 108,201 | 103,293 | 103,293 |
Provision for credit losses on loans | 2,367 | (546) | (488) | 5,002 | |
Loans charged off | 850 | 307 | 1,166 | 599 | 3,885 |
Recoveries on Loans | 236 | 262 | 670 | 328 | |
Net loan charge-offs (recoveries) | 614 | 45 | 496 | 271 | |
Allowance for Credit Loss, Ending Balance | 107,217 | 108,024 | 107,217 | 108,024 | 108,201 |
Liability for Unfunded Lending Commitments, Beginning Balance | 21,636 | 27,105 | 23,909 | 31,743 | 31,743 |
Provision for credit losses on unfunded lending commitments | (2,273) | 737 | (4,546) | (3,901) | |
Liability for Unfunded Lending Commitments, Ending Balance | 19,363 | 27,842 | 19,363 | 27,842 | 23,909 |
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | 126,580 | 135,866 | 126,580 | 135,866 | |
Personal Banking Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Allowance for Credit Loss, Beginning Balance | 55,001 | 50,702 | 54,194 | 46,843 | 46,843 |
Provision for credit losses on loans | 5,482 | 6,410 | 15,284 | 16,810 | |
Loans charged off | 11,018 | 8,531 | 21,867 | 17,287 | 36,283 |
Recoveries on Loans | 1,875 | 2,080 | 3,729 | 4,295 | |
Net loan charge-offs (recoveries) | 9,143 | 6,451 | 18,138 | 12,992 | |
Allowance for Credit Loss, Ending Balance | 51,340 | 50,661 | 51,340 | 50,661 | 54,194 |
Liability for Unfunded Lending Commitments, Beginning Balance | 1,450 | 1,523 | 1,337 | 1,377 | 1,377 |
Provision for credit losses on unfunded lending commitments | (108) | (130) | 5 | 16 | |
Liability for Unfunded Lending Commitments, Ending Balance | 1,342 | 1,393 | 1,342 | 1,393 | $ 1,337 |
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS | $ 52,682 | $ 52,054 | $ 52,682 | $ 52,054 |
Loans And Allowance For Credit Losses (Aging Information On Past Due And Accruing Loans) (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Loans And Allowance For Loan Losses [Line Items] | ||
Current or Less than 30 Days Past Due | $ 17,053,186 | $ 17,080,238 |
30 - 89 Days Past Due | 72,010 | 96,065 |
90 Days Past Due and Still Accruing | 18,566 | 21,864 |
Non-accrual loans | 19,303 | 7,312 |
Total | 17,163,065 | 17,205,479 |
Business | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total | 6,090,724 | 6,019,036 |
Real estate - construction and land | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total | 1,396,515 | 1,446,764 |
Real estate - business | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total | 3,572,539 | 3,719,306 |
Real estate - personal | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total | 3,055,182 | 3,026,041 |
Consumer | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total | 2,145,609 | 2,077,723 |
Revolving Home Equity [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total | 331,381 | 319,894 |
Consumer credit card | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total | 566,925 | 589,913 |
Overdrafts | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Total | 4,190 | 6,802 |
Commercial Portfolio Segment [Member] | Business | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Current or Less than 30 Days Past Due | 6,088,607 | 5,985,713 |
30 - 89 Days Past Due | 1,048 | 29,087 |
90 Days Past Due and Still Accruing | 565 | 614 |
Non-accrual loans | 504 | 3,622 |
Commercial Portfolio Segment [Member] | Real estate - construction and land | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Current or Less than 30 Days Past Due | 1,396,097 | 1,446,764 |
30 - 89 Days Past Due | 418 | 0 |
90 Days Past Due and Still Accruing | 0 | 0 |
Non-accrual loans | 0 | 0 |
Commercial Portfolio Segment [Member] | Real estate - business | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Current or Less than 30 Days Past Due | 3,556,541 | 3,714,579 |
30 - 89 Days Past Due | 948 | 4,582 |
90 Days Past Due and Still Accruing | 0 | 85 |
Non-accrual loans | 15,050 | 60 |
Personal Banking Portfolio Segment [Member] | Real estate - personal | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Current or Less than 30 Days Past Due | 3,029,550 | 2,999,988 |
30 - 89 Days Past Due | 16,598 | 14,841 |
90 Days Past Due and Still Accruing | 7,262 | 9,559 |
Non-accrual loans | 1,772 | 1,653 |
Personal Banking Portfolio Segment [Member] | Consumer | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Current or Less than 30 Days Past Due | 2,099,967 | 2,036,353 |
30 - 89 Days Past Due | 43,084 | 38,217 |
90 Days Past Due and Still Accruing | 2,558 | 3,153 |
Non-accrual loans | 0 | 0 |
Personal Banking Portfolio Segment [Member] | Revolving Home Equity [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Current or Less than 30 Days Past Due | 326,461 | 315,483 |
30 - 89 Days Past Due | 2,184 | 1,564 |
90 Days Past Due and Still Accruing | 759 | 870 |
Non-accrual loans | 1,977 | 1,977 |
Personal Banking Portfolio Segment [Member] | Consumer credit card | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Current or Less than 30 Days Past Due | 552,432 | 574,805 |
30 - 89 Days Past Due | 7,071 | 7,525 |
90 Days Past Due and Still Accruing | 7,422 | 7,583 |
Non-accrual loans | 0 | 0 |
Personal Banking Portfolio Segment [Member] | Overdrafts | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Current or Less than 30 Days Past Due | 3,531 | 6,553 |
30 - 89 Days Past Due | 659 | 249 |
90 Days Past Due and Still Accruing | 0 | 0 |
Non-accrual loans | $ 0 | $ 0 |
Loans And Allowance For Credit Losses (Credit Quality Indicators Commercial Loan Portfolio) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
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Credit Quality Indicator [Line Items] | |||||
Loans charged off | $ 11,868 | $ 8,838 | $ 23,033 | $ 17,886 | |
Commercial Portfolio Segment [Member] | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 1,151,470 | 1,151,470 | $ 2,941,370 | ||
Fiscal Year before Current Fiscal Year | 2,374,054 | 2,374,054 | 2,536,936 | ||
Two Years before Current Fiscal Year | 2,210,904 | 2,210,904 | 1,418,158 | ||
Three Years before Current Fiscal Year | 1,215,007 | 1,215,007 | 787,397 | ||
Four Years before Current Fiscal Year | 658,409 | 658,409 | 550,666 | ||
Prior | 1,004,631 | 1,004,631 | 659,957 | ||
Revolving Loans Amortized Cost Basis | 2,445,303 | 2,445,303 | 2,290,622 | ||
Total | 11,059,778 | 11,059,778 | 11,185,106 | ||
Loans charged off | 850 | $ 307 | 1,166 | $ 599 | 3,885 |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 200 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 245 | 2,260 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 40 | 57 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 41 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 17 | 134 | |||
Financing Receivable, Revolving, Writeoff | 664 | 1,393 | |||
Commercial Portfolio Segment [Member] | Business | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 699,052 | 699,052 | 1,634,580 | ||
Fiscal Year before Current Fiscal Year | 1,208,959 | 1,208,959 | 851,719 | ||
Two Years before Current Fiscal Year | 755,538 | 755,538 | 583,555 | ||
Three Years before Current Fiscal Year | 494,434 | 494,434 | 294,635 | ||
Four Years before Current Fiscal Year | 212,311 | 212,311 | 217,822 | ||
Prior | 426,186 | 426,186 | 272,205 | ||
Revolving Loans Amortized Cost Basis | 2,294,244 | 2,294,244 | 2,164,520 | ||
Total | 6,090,724 | 6,090,724 | 6,019,036 | ||
Loans charged off | 1,166 | 3,751 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 200 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 245 | 2,260 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 40 | 57 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 41 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 17 | 0 | |||
Financing Receivable, Revolving, Writeoff | 664 | 1,393 | |||
Commercial Portfolio Segment [Member] | Real estate - construction and land | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 119,192 | 119,192 | 479,557 | ||
Fiscal Year before Current Fiscal Year | 431,040 | 431,040 | 594,946 | ||
Two Years before Current Fiscal Year | 596,235 | 596,235 | 295,841 | ||
Three Years before Current Fiscal Year | 205,023 | 205,023 | 41,418 | ||
Four Years before Current Fiscal Year | 3,495 | 3,495 | 498 | ||
Prior | 3,137 | 3,137 | 2,834 | ||
Revolving Loans Amortized Cost Basis | 38,393 | 38,393 | 31,670 | ||
Total | 1,396,515 | 1,396,515 | 1,446,764 | ||
Loans charged off | 0 | 0 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Revolving, Writeoff | 0 | 0 | |||
Commercial Portfolio Segment [Member] | Real estate - business | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 333,226 | 333,226 | 827,233 | ||
Fiscal Year before Current Fiscal Year | 734,055 | 734,055 | 1,090,271 | ||
Two Years before Current Fiscal Year | 859,131 | 859,131 | 538,762 | ||
Three Years before Current Fiscal Year | 515,550 | 515,550 | 451,344 | ||
Four Years before Current Fiscal Year | 442,603 | 442,603 | 332,346 | ||
Prior | 575,308 | 575,308 | 384,918 | ||
Revolving Loans Amortized Cost Basis | 112,666 | 112,666 | 94,432 | ||
Total | 3,572,539 | 3,572,539 | 3,719,306 | ||
Loans charged off | 0 | 134 | |||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | 134 | |||
Financing Receivable, Revolving, Writeoff | 0 | 0 | |||
Commercial Portfolio Segment [Member] | Pass [Member] | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 1,141,954 | 1,141,954 | 2,893,805 | ||
Fiscal Year before Current Fiscal Year | 2,306,793 | 2,306,793 | 2,482,633 | ||
Two Years before Current Fiscal Year | 2,133,874 | 2,133,874 | 1,362,229 | ||
Three Years before Current Fiscal Year | 1,155,987 | 1,155,987 | 747,586 | ||
Four Years before Current Fiscal Year | 634,229 | 634,229 | 527,943 | ||
Prior | 923,070 | 923,070 | 585,749 | ||
Revolving Loans Amortized Cost Basis | 2,359,491 | 2,359,491 | 2,222,210 | ||
Total | 10,655,398 | 10,655,398 | 10,822,155 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | Business | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 691,447 | 691,447 | 1,609,685 | ||
Fiscal Year before Current Fiscal Year | 1,182,142 | 1,182,142 | 839,511 | ||
Two Years before Current Fiscal Year | 735,569 | 735,569 | 555,991 | ||
Three Years before Current Fiscal Year | 465,466 | 465,466 | 273,138 | ||
Four Years before Current Fiscal Year | 205,221 | 205,221 | 215,988 | ||
Prior | 413,412 | 413,412 | 257,177 | ||
Revolving Loans Amortized Cost Basis | 2,208,477 | 2,208,477 | 2,096,108 | ||
Total | 5,901,734 | 5,901,734 | 5,847,598 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | Real estate - construction and land | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 119,192 | 119,192 | 476,489 | ||
Fiscal Year before Current Fiscal Year | 431,040 | 431,040 | 579,933 | ||
Two Years before Current Fiscal Year | 578,818 | 578,818 | 295,841 | ||
Three Years before Current Fiscal Year | 205,023 | 205,023 | 41,418 | ||
Four Years before Current Fiscal Year | 3,495 | 3,495 | 498 | ||
Prior | 3,137 | 3,137 | 2,834 | ||
Revolving Loans Amortized Cost Basis | 38,393 | 38,393 | 31,670 | ||
Total | 1,379,098 | 1,379,098 | 1,428,683 | ||
Commercial Portfolio Segment [Member] | Pass [Member] | Real estate - business | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 331,315 | 331,315 | 807,631 | ||
Fiscal Year before Current Fiscal Year | 693,611 | 693,611 | 1,063,189 | ||
Two Years before Current Fiscal Year | 819,487 | 819,487 | 510,397 | ||
Three Years before Current Fiscal Year | 485,498 | 485,498 | 433,030 | ||
Four Years before Current Fiscal Year | 425,513 | 425,513 | 311,457 | ||
Prior | 506,521 | 506,521 | 325,738 | ||
Revolving Loans Amortized Cost Basis | 112,621 | 112,621 | 94,432 | ||
Total | 3,374,566 | 3,374,566 | 3,545,874 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 2,604 | 2,604 | 39,357 | ||
Fiscal Year before Current Fiscal Year | 46,550 | 46,550 | 27,044 | ||
Two Years before Current Fiscal Year | 34,667 | 34,667 | 19,940 | ||
Three Years before Current Fiscal Year | 36,615 | 36,615 | 1,527 | ||
Four Years before Current Fiscal Year | 1,414 | 1,414 | 9,665 | ||
Prior | 3,419 | 3,419 | 3,218 | ||
Revolving Loans Amortized Cost Basis | 21,935 | 21,935 | 43,054 | ||
Total | 147,204 | 147,204 | 143,805 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | Business | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 693 | 693 | 19,639 | ||
Fiscal Year before Current Fiscal Year | 10,765 | 10,765 | 3,412 | ||
Two Years before Current Fiscal Year | 8,356 | 8,356 | 19,489 | ||
Three Years before Current Fiscal Year | 21,365 | 21,365 | 643 | ||
Four Years before Current Fiscal Year | 382 | 382 | 412 | ||
Prior | 2,331 | 2,331 | 2,485 | ||
Revolving Loans Amortized Cost Basis | 21,935 | 21,935 | 43,054 | ||
Total | 65,827 | 65,827 | 89,134 | ||
Commercial Portfolio Segment [Member] | Special Mention [Member] | Real estate - construction and land | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 3,068 | ||||
Fiscal Year before Current Fiscal Year | 15,013 | ||||
Two Years before Current Fiscal Year | 0 | ||||
Three Years before Current Fiscal Year | 0 | ||||
Four Years before Current Fiscal Year | 0 | ||||
Prior | 0 | ||||
Revolving Loans Amortized Cost Basis | 0 | ||||
Total | 18,081 | ||||
Commercial Portfolio Segment [Member] | Special Mention [Member] | Real estate - business | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 1,911 | 1,911 | 16,650 | ||
Fiscal Year before Current Fiscal Year | 35,785 | 35,785 | 8,619 | ||
Two Years before Current Fiscal Year | 26,311 | 26,311 | 451 | ||
Three Years before Current Fiscal Year | 15,250 | 15,250 | 884 | ||
Four Years before Current Fiscal Year | 1,032 | 1,032 | 9,253 | ||
Prior | 1,088 | 1,088 | 733 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 81,377 | 81,377 | 36,590 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 6,854 | 6,854 | 8,208 | ||
Fiscal Year before Current Fiscal Year | 20,663 | 20,663 | 27,129 | ||
Two Years before Current Fiscal Year | 42,362 | 42,362 | 34,805 | ||
Three Years before Current Fiscal Year | 22,405 | 22,405 | 38,284 | ||
Four Years before Current Fiscal Year | 7,742 | 7,742 | 13,058 | ||
Prior | 77,719 | 77,719 | 68,622 | ||
Revolving Loans Amortized Cost Basis | 63,877 | 63,877 | 25,358 | ||
Total | 241,622 | 241,622 | 215,464 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | Business | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 6,854 | 6,854 | 5,256 | ||
Fiscal Year before Current Fiscal Year | 16,004 | 16,004 | 8,666 | ||
Two Years before Current Fiscal Year | 11,612 | 11,612 | 6,891 | ||
Three Years before Current Fiscal Year | 7,603 | 7,603 | 20,854 | ||
Four Years before Current Fiscal Year | 6,708 | 6,708 | 1,422 | ||
Prior | 10,046 | 10,046 | 10,235 | ||
Revolving Loans Amortized Cost Basis | 63,832 | 63,832 | 25,358 | ||
Total | 122,659 | 122,659 | 78,682 | ||
Commercial Portfolio Segment [Member] | Substandard [Member] | Real estate - construction and land | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 0 | 0 | |||
Fiscal Year before Current Fiscal Year | 0 | 0 | |||
Two Years before Current Fiscal Year | 17,417 | 17,417 | |||
Three Years before Current Fiscal Year | 0 | 0 | |||
Four Years before Current Fiscal Year | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving Loans Amortized Cost Basis | 0 | 0 | |||
Total | 17,417 | 17,417 | |||
Commercial Portfolio Segment [Member] | Substandard [Member] | Real estate - business | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 0 | 0 | 2,952 | ||
Fiscal Year before Current Fiscal Year | 4,659 | 4,659 | 18,463 | ||
Two Years before Current Fiscal Year | 13,333 | 13,333 | 27,914 | ||
Three Years before Current Fiscal Year | 14,802 | 14,802 | 17,430 | ||
Four Years before Current Fiscal Year | 1,034 | 1,034 | 11,636 | ||
Prior | 67,673 | 67,673 | 58,387 | ||
Revolving Loans Amortized Cost Basis | 45 | 45 | 0 | ||
Total | 101,546 | 101,546 | 136,782 | ||
Commercial Portfolio Segment [Member] | Non-Accrual [Member] | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 58 | 58 | 0 | ||
Fiscal Year before Current Fiscal Year | 48 | 48 | 130 | ||
Two Years before Current Fiscal Year | 1 | 1 | 1,184 | ||
Three Years before Current Fiscal Year | 0 | 0 | 0 | ||
Four Years before Current Fiscal Year | 15,024 | 15,024 | 0 | ||
Prior | 423 | 423 | 2,368 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 15,554 | 15,554 | 3,682 | ||
Commercial Portfolio Segment [Member] | Non-Accrual [Member] | Business | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 58 | 58 | 0 | ||
Fiscal Year before Current Fiscal Year | 48 | 48 | 130 | ||
Two Years before Current Fiscal Year | 1 | 1 | 1,184 | ||
Three Years before Current Fiscal Year | 0 | 0 | 0 | ||
Four Years before Current Fiscal Year | 0 | 0 | 0 | ||
Prior | 397 | 397 | 2,308 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 504 | 504 | 3,622 | ||
Commercial Portfolio Segment [Member] | Non-Accrual [Member] | Real estate - business | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 0 | 0 | 0 | ||
Fiscal Year before Current Fiscal Year | 0 | 0 | 0 | ||
Two Years before Current Fiscal Year | 0 | 0 | 0 | ||
Three Years before Current Fiscal Year | 0 | 0 | 0 | ||
Four Years before Current Fiscal Year | 15,024 | 15,024 | 0 | ||
Prior | 26 | 26 | 60 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | $ 15,050 | $ 15,050 | $ 60 |
Loans And Allowance for Credit Losses (Credit Quality Indicators Personal Banking Loan Portfolio) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
Credit Quality Indicator [Line Items] | |||||
Loans charged off | $ 11,868 | $ 8,838 | $ 23,033 | $ 17,886 | |
Personal Banking Portfolio Segment [Member] | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 458,151 | 458,151 | $ 984,834 | ||
Fiscal Year before Current Fiscal Year | 863,820 | 863,820 | 794,378 | ||
Two Years before Current Fiscal Year | 718,259 | 718,259 | 794,244 | ||
Three Years before Current Fiscal Year | 719,981 | 719,981 | 839,508 | ||
Four Years before Current Fiscal Year | 772,913 | 772,913 | 313,808 | ||
Prior | 876,612 | 876,612 | 650,720 | ||
Revolving Loans Amortized Cost Basis | 1,693,551 | 1,693,551 | 1,642,881 | ||
Total | 6,103,287 | 6,103,287 | 6,020,373 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 1,458 | 4,729 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 1,212 | 2,909 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 1,342 | 1,939 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 722 | 770 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 253 | 376 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 178 | 393 | |||
Financing Receivable, Revolving, Writeoff | 16,702 | 25,167 | |||
Loans charged off | 11,018 | $ 8,531 | 21,867 | $ 17,287 | 36,283 |
Personal Banking Portfolio Segment [Member] | Real estate - personal | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 206,562 | 206,562 | 459,022 | ||
Fiscal Year before Current Fiscal Year | 418,760 | 418,760 | 454,064 | ||
Two Years before Current Fiscal Year | 434,120 | 434,120 | 535,702 | ||
Three Years before Current Fiscal Year | 513,237 | 513,237 | 712,276 | ||
Four Years before Current Fiscal Year | 675,399 | 675,399 | 257,360 | ||
Prior | 797,810 | 797,810 | 598,997 | ||
Revolving Loans Amortized Cost Basis | 9,294 | 9,294 | 8,620 | ||
Total | 3,055,182 | 3,055,182 | 3,026,041 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 30 | 18 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 96 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 3 | 23 | |||
Financing Receivable, Revolving, Writeoff | 0 | 0 | |||
Loans charged off | 129 | 41 | |||
Personal Banking Portfolio Segment [Member] | Consumer | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 247,399 | 247,399 | 519,010 | ||
Fiscal Year before Current Fiscal Year | 445,060 | 445,060 | 340,314 | ||
Two Years before Current Fiscal Year | 284,139 | 284,139 | 258,542 | ||
Three Years before Current Fiscal Year | 206,744 | 206,744 | 127,232 | ||
Four Years before Current Fiscal Year | 97,514 | 97,514 | 56,448 | ||
Prior | 78,802 | 78,802 | 51,723 | ||
Revolving Loans Amortized Cost Basis | 785,951 | 785,951 | 724,454 | ||
Total | 2,145,609 | 2,145,609 | 2,077,723 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 14 | 926 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 1,182 | 2,891 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 1,246 | 1,939 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 722 | 770 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 253 | 376 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 175 | 370 | |||
Financing Receivable, Revolving, Writeoff | 1,240 | 1,051 | |||
Loans charged off | 4,832 | 8,323 | |||
Personal Banking Portfolio Segment [Member] | Revolving Home Equity [Member] | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 0 | 0 | 0 | ||
Fiscal Year before Current Fiscal Year | 0 | 0 | 0 | ||
Two Years before Current Fiscal Year | 0 | 0 | 0 | ||
Three Years before Current Fiscal Year | 0 | 0 | 0 | ||
Four Years before Current Fiscal Year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 331,381 | 331,381 | 319,894 | ||
Total | 331,381 | 331,381 | 319,894 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Revolving, Writeoff | 0 | 11 | |||
Loans charged off | 0 | 11 | |||
Personal Banking Portfolio Segment [Member] | Consumer credit card | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 0 | 0 | 0 | ||
Fiscal Year before Current Fiscal Year | 0 | 0 | 0 | ||
Two Years before Current Fiscal Year | 0 | 0 | 0 | ||
Three Years before Current Fiscal Year | 0 | 0 | 0 | ||
Four Years before Current Fiscal Year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 566,925 | 566,925 | 589,913 | ||
Total | 566,925 | 566,925 | 589,913 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Revolving, Writeoff | 15,462 | 24,105 | |||
Loans charged off | 15,462 | 24,105 | |||
Personal Banking Portfolio Segment [Member] | Overdrafts | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 4,190 | 4,190 | 6,802 | ||
Fiscal Year before Current Fiscal Year | 0 | 0 | 0 | ||
Two Years before Current Fiscal Year | 0 | 0 | 0 | ||
Three Years before Current Fiscal Year | 0 | 0 | 0 | ||
Four Years before Current Fiscal Year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 4,190 | 4,190 | 6,802 | ||
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 1,444 | 3,803 | |||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | 0 | |||
Financing Receivable, Revolving, Writeoff | 0 | 0 | |||
Loans charged off | 1,444 | 3,803 | |||
Personal Banking Portfolio Segment [Member] | Current to 90 Days Past Due | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 458,058 | 458,058 | 981,124 | ||
Fiscal Year before Current Fiscal Year | 862,046 | 862,046 | 792,257 | ||
Two Years before Current Fiscal Year | 716,025 | 716,025 | 791,661 | ||
Three Years before Current Fiscal Year | 718,054 | 718,054 | 838,650 | ||
Four Years before Current Fiscal Year | 771,275 | 771,275 | 313,553 | ||
Prior | 873,873 | 873,873 | 647,741 | ||
Revolving Loans Amortized Cost Basis | 1,682,206 | 1,682,206 | 1,630,592 | ||
Total | 6,081,537 | 6,081,537 | 5,995,578 | ||
Personal Banking Portfolio Segment [Member] | Current to 90 Days Past Due | Real estate - personal | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 206,562 | 206,562 | 455,703 | ||
Fiscal Year before Current Fiscal Year | 417,333 | 417,333 | 452,153 | ||
Two Years before Current Fiscal Year | 432,219 | 432,219 | 533,313 | ||
Three Years before Current Fiscal Year | 511,454 | 511,454 | 711,442 | ||
Four Years before Current Fiscal Year | 673,853 | 673,853 | 257,159 | ||
Prior | 795,433 | 795,433 | 596,439 | ||
Revolving Loans Amortized Cost Basis | 9,294 | 9,294 | 8,620 | ||
Total | 3,046,148 | 3,046,148 | 3,014,829 | ||
Personal Banking Portfolio Segment [Member] | Current to 90 Days Past Due | Consumer | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 247,306 | 247,306 | 518,619 | ||
Fiscal Year before Current Fiscal Year | 444,713 | 444,713 | 340,104 | ||
Two Years before Current Fiscal Year | 283,806 | 283,806 | 258,348 | ||
Three Years before Current Fiscal Year | 206,600 | 206,600 | 127,208 | ||
Four Years before Current Fiscal Year | 97,422 | 97,422 | 56,394 | ||
Prior | 78,440 | 78,440 | 51,302 | ||
Revolving Loans Amortized Cost Basis | 784,764 | 784,764 | 722,595 | ||
Total | 2,143,051 | 2,143,051 | 2,074,570 | ||
Personal Banking Portfolio Segment [Member] | Current to 90 Days Past Due | Revolving Home Equity [Member] | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 0 | 0 | 0 | ||
Fiscal Year before Current Fiscal Year | 0 | 0 | 0 | ||
Two Years before Current Fiscal Year | 0 | 0 | 0 | ||
Three Years before Current Fiscal Year | 0 | 0 | 0 | ||
Four Years before Current Fiscal Year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 328,645 | 328,645 | 317,047 | ||
Total | 328,645 | 328,645 | 317,047 | ||
Personal Banking Portfolio Segment [Member] | Current to 90 Days Past Due | Consumer credit card | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 0 | 0 | 0 | ||
Fiscal Year before Current Fiscal Year | 0 | 0 | 0 | ||
Two Years before Current Fiscal Year | 0 | 0 | 0 | ||
Three Years before Current Fiscal Year | 0 | 0 | 0 | ||
Four Years before Current Fiscal Year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 559,503 | 559,503 | 582,330 | ||
Total | 559,503 | 559,503 | 582,330 | ||
Personal Banking Portfolio Segment [Member] | Current to 90 Days Past Due | Overdrafts | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 4,190 | 4,190 | 6,802 | ||
Fiscal Year before Current Fiscal Year | 0 | 0 | 0 | ||
Two Years before Current Fiscal Year | 0 | 0 | 0 | ||
Three Years before Current Fiscal Year | 0 | 0 | 0 | ||
Four Years before Current Fiscal Year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 4,190 | 4,190 | 6,802 | ||
Personal Banking Portfolio Segment [Member] | Over 90 days past due | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 93 | 93 | 3,710 | ||
Fiscal Year before Current Fiscal Year | 1,226 | 1,226 | 1,860 | ||
Two Years before Current Fiscal Year | 2,121 | 2,121 | 2,416 | ||
Three Years before Current Fiscal Year | 1,815 | 1,815 | 858 | ||
Four Years before Current Fiscal Year | 1,638 | 1,638 | 98 | ||
Prior | 1,740 | 1,740 | 1,911 | ||
Revolving Loans Amortized Cost Basis | 9,368 | 9,368 | 10,312 | ||
Total | 18,001 | 18,001 | 21,165 | ||
Personal Banking Portfolio Segment [Member] | Over 90 days past due | Real estate - personal | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 0 | 0 | 3,319 | ||
Fiscal Year before Current Fiscal Year | 879 | 879 | 1,650 | ||
Two Years before Current Fiscal Year | 1,788 | 1,788 | 2,222 | ||
Three Years before Current Fiscal Year | 1,671 | 1,671 | 834 | ||
Four Years before Current Fiscal Year | 1,546 | 1,546 | 44 | ||
Prior | 1,378 | 1,378 | 1,490 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 7,262 | 7,262 | 9,559 | ||
Personal Banking Portfolio Segment [Member] | Over 90 days past due | Consumer | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 93 | 93 | 391 | ||
Fiscal Year before Current Fiscal Year | 347 | 347 | 210 | ||
Two Years before Current Fiscal Year | 333 | 333 | 194 | ||
Three Years before Current Fiscal Year | 144 | 144 | 24 | ||
Four Years before Current Fiscal Year | 92 | 92 | 54 | ||
Prior | 362 | 362 | 421 | ||
Revolving Loans Amortized Cost Basis | 1,187 | 1,187 | 1,859 | ||
Total | 2,558 | 2,558 | 3,153 | ||
Personal Banking Portfolio Segment [Member] | Over 90 days past due | Revolving Home Equity [Member] | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 0 | 0 | 0 | ||
Fiscal Year before Current Fiscal Year | 0 | 0 | 0 | ||
Two Years before Current Fiscal Year | 0 | 0 | 0 | ||
Three Years before Current Fiscal Year | 0 | 0 | 0 | ||
Four Years before Current Fiscal Year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 759 | 759 | 870 | ||
Total | 759 | 759 | 870 | ||
Personal Banking Portfolio Segment [Member] | Over 90 days past due | Consumer credit card | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 0 | 0 | 0 | ||
Fiscal Year before Current Fiscal Year | 0 | 0 | 0 | ||
Two Years before Current Fiscal Year | 0 | 0 | 0 | ||
Three Years before Current Fiscal Year | 0 | 0 | 0 | ||
Four Years before Current Fiscal Year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 7,422 | 7,422 | 7,583 | ||
Total | 7,422 | 7,422 | 7,583 | ||
Personal Banking Portfolio Segment [Member] | Non-Accrual [Member] | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 0 | 0 | 0 | ||
Fiscal Year before Current Fiscal Year | 548 | 548 | 261 | ||
Two Years before Current Fiscal Year | 113 | 113 | 167 | ||
Three Years before Current Fiscal Year | 112 | 112 | 0 | ||
Four Years before Current Fiscal Year | 0 | 0 | 157 | ||
Prior | 999 | 999 | 1,068 | ||
Revolving Loans Amortized Cost Basis | 1,977 | 1,977 | 1,977 | ||
Total | 3,749 | 3,749 | 3,630 | ||
Personal Banking Portfolio Segment [Member] | Non-Accrual [Member] | Real estate - personal | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 0 | 0 | 0 | ||
Fiscal Year before Current Fiscal Year | 548 | 548 | 261 | ||
Two Years before Current Fiscal Year | 113 | 113 | 167 | ||
Three Years before Current Fiscal Year | 112 | 112 | 0 | ||
Four Years before Current Fiscal Year | 0 | 0 | 157 | ||
Prior | 999 | 999 | 1,068 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | 0 | ||
Total | 1,772 | 1,772 | 1,653 | ||
Personal Banking Portfolio Segment [Member] | Non-Accrual [Member] | Revolving Home Equity [Member] | |||||
Credit Quality Indicator [Line Items] | |||||
Current Fiscal Year | 0 | 0 | 0 | ||
Fiscal Year before Current Fiscal Year | 0 | 0 | 0 | ||
Two Years before Current Fiscal Year | 0 | 0 | 0 | ||
Three Years before Current Fiscal Year | 0 | 0 | 0 | ||
Four Years before Current Fiscal Year | 0 | 0 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving Loans Amortized Cost Basis | 1,977 | 1,977 | 1,977 | ||
Total | $ 1,977 | $ 1,977 | $ 1,977 |
Loans And Allowance for Credit Losses (Collateral-Dependent Loans) (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | $ 17,549 | $ 4,398 |
Business Assets | ||
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | 0 | 1,183 |
Real Estate | ||
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | 17,549 | 1,977 |
Oil & Gas Assets | ||
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | 0 | 1,238 |
Commercial Portfolio Segment [Member] | Business | ||
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | 2,421 | |
Commercial Portfolio Segment [Member] | Real estate - business | ||
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | 15,023 | |
Commercial Portfolio Segment [Member] | Business Assets | Business | ||
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | 1,183 | |
Commercial Portfolio Segment [Member] | Business Assets | Real estate - business | ||
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | 0 | |
Commercial Portfolio Segment [Member] | Real Estate | Business | ||
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | 0 | |
Commercial Portfolio Segment [Member] | Real Estate | Real estate - business | ||
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | 15,023 | |
Commercial Portfolio Segment [Member] | Oil & Gas Assets | Business | ||
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | 1,238 | |
Commercial Portfolio Segment [Member] | Oil & Gas Assets | Real estate - business | ||
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | 0 | |
Personal Banking Portfolio Segment [Member] | Real estate - personal | ||
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | 549 | |
Personal Banking Portfolio Segment [Member] | Revolving home equity | ||
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | 1,977 | 1,977 |
Personal Banking Portfolio Segment [Member] | Business Assets | Real estate - personal | ||
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | 0 | |
Personal Banking Portfolio Segment [Member] | Business Assets | Revolving home equity | ||
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | 0 | 0 |
Personal Banking Portfolio Segment [Member] | Real Estate | Real estate - personal | ||
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | 549 | |
Personal Banking Portfolio Segment [Member] | Real Estate | Revolving home equity | ||
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | 1,977 | 1,977 |
Personal Banking Portfolio Segment [Member] | Oil & Gas Assets | Real estate - personal | ||
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | 0 | |
Personal Banking Portfolio Segment [Member] | Oil & Gas Assets | Revolving home equity | ||
Credit Quality Indicator [Line Items] | ||
Collateral Dependent Loans, Amortized Cost | $ 0 | $ 0 |
Loans And Allowance For Credit Losses (Summary Of Loans In The Personal Banking Portfolio Percentage Of Balances Outstanding by FICO Score ) (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Loans And Allowance For Loan Losses [Line Items] | ||
Credit Quality Personal Real Estate Loans Excluded | $ 170.1 | $ 168.9 |
Consumer Healthcare Loans Excluded | $ 220.5 | $ 211.3 |
Credit quality personal banking loan table percentage loans excluded | 7.00% | |
Real estate - personal | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 100.00% | 100.00% |
Real estate - personal | Under 600 | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 2.10% | 2.00% |
Real estate - personal | 600 - 659 | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 2.30% | 2.30% |
Real estate - personal | 660 - 719 | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 7.30% | 8.50% |
Real estate - personal | 720 - 779 | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 21.60% | 21.90% |
Real estate - personal | 780 and over | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 66.70% | 65.30% |
Consumer | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 100.00% | 100.00% |
Consumer | Under 600 | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 2.30% | 2.50% |
Consumer | 600 - 659 | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 4.10% | 4.30% |
Consumer | 660 - 719 | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 12.80% | 12.90% |
Consumer | 720 - 779 | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 24.20% | 28.20% |
Consumer | 780 and over | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 56.60% | 52.10% |
Revolving Home Equity [Member] | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 100.00% | 100.00% |
Revolving Home Equity [Member] | Under 600 | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 2.00% | 1.90% |
Revolving Home Equity [Member] | 600 - 659 | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 2.90% | 3.30% |
Revolving Home Equity [Member] | 660 - 719 | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 10.50% | 10.90% |
Revolving Home Equity [Member] | 720 - 779 | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 23.40% | 22.40% |
Revolving Home Equity [Member] | 780 and over | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 61.20% | 61.50% |
Consumer credit card | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 100.00% | 100.00% |
Consumer credit card | Under 600 | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 4.90% | 4.70% |
Consumer credit card | 600 - 659 | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 12.00% | 12.10% |
Consumer credit card | 660 - 719 | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 29.30% | 29.20% |
Consumer credit card | 720 - 779 | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 26.70% | 27.00% |
Consumer credit card | 780 and over | ||
Loans And Allowance For Loan Losses [Line Items] | ||
Percentage of Loan Category | 27.10% | 27.00% |
Loans And Allowance For Credit Losses (Modified Amortized Cost) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | $ 67,820 | $ 53,544 | $ 84,706 | $ 72,732 |
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.40% | 0.30% | 0.50% | 0.40% |
Extended Maturity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | $ 64,918 | $ 51,340 | $ 78,671 | $ 68,018 |
Payment Deferral | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 1,704 | 1,241 | 3,975 | 2,852 |
Interest Rate Below Market Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 1,154 | 739 | 2,016 | 1,320 |
Interest/Fees Forgiven | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 0 | 224 | 0 | 487 |
Other Loan Restructuring | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 44 | 0 | 44 | 55 |
Commercial Portfolio Segment [Member] | Business | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | $ 19,335 | $ 17,097 | $ 30,575 | $ 18,193 |
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.30% | 0.30% | 0.50% | 0.30% |
Commercial Portfolio Segment [Member] | Business | Extended Maturity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | $ 19,335 | $ 17,097 | $ 30,575 | $ 18,193 |
Commercial Portfolio Segment [Member] | Business | Payment Deferral | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 0 | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | Business | Interest Rate Below Market Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 0 | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | Business | Interest/Fees Forgiven | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 0 | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | Business | Other Loan Restructuring | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 0 | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | Real estate - business | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | $ 45,513 | $ 33,966 | $ 47,787 | $ 49,548 |
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 1.30% | 0.90% | 1.30% | 1.40% |
Commercial Portfolio Segment [Member] | Real estate - business | Extended Maturity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | $ 45,513 | $ 33,966 | $ 47,787 | $ 49,548 |
Commercial Portfolio Segment [Member] | Real estate - business | Payment Deferral | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 0 | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | Real estate - business | Interest Rate Below Market Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 0 | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | Real estate - business | Interest/Fees Forgiven | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 0 | 0 | 0 | 0 |
Commercial Portfolio Segment [Member] | Real estate - business | Other Loan Restructuring | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 0 | 0 | 0 | 0 |
Personal Banking Portfolio Segment [Member] | Real estate - personal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | $ 1,774 | $ 1,469 | $ 4,284 | $ 3,023 |
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.10% | 0.00% | 0.10% | 0.10% |
Personal Banking Portfolio Segment [Member] | Real estate - personal | Extended Maturity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | $ 70 | $ 246 | $ 309 | $ 246 |
Personal Banking Portfolio Segment [Member] | Real estate - personal | Payment Deferral | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 1,704 | 1,223 | 3,975 | 2,777 |
Personal Banking Portfolio Segment [Member] | Real estate - personal | Interest Rate Below Market Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 0 | 0 | 0 | 0 |
Personal Banking Portfolio Segment [Member] | Real estate - personal | Interest/Fees Forgiven | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 0 | 0 | 0 | 0 |
Personal Banking Portfolio Segment [Member] | Real estate - personal | Other Loan Restructuring | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 0 | 0 | 0 | 0 |
Personal Banking Portfolio Segment [Member] | Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | $ 74 | $ 57 | $ 102 | $ 182 |
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.00% | 0.00% | 0.00% | 0.00% |
Personal Banking Portfolio Segment [Member] | Consumer | Extended Maturity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | $ 0 | $ 31 | $ 0 | $ 31 |
Personal Banking Portfolio Segment [Member] | Consumer | Payment Deferral | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 0 | 18 | 0 | 75 |
Personal Banking Portfolio Segment [Member] | Consumer | Interest Rate Below Market Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 30 | 8 | 58 | 21 |
Personal Banking Portfolio Segment [Member] | Consumer | Interest/Fees Forgiven | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 0 | 0 | 0 | 0 |
Personal Banking Portfolio Segment [Member] | Consumer | Other Loan Restructuring | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 44 | 0 | 44 | 55 |
Personal Banking Portfolio Segment [Member] | Consumer credit card | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | $ 1,124 | $ 955 | $ 1,958 | $ 1,786 |
Financing Receivable, Modified in Period, to Total Financing Receivables, Percentage | 0.20% | 0.20% | 0.30% | 0.30% |
Personal Banking Portfolio Segment [Member] | Consumer credit card | Extended Maturity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | $ 0 | $ 0 | $ 0 | $ 0 |
Personal Banking Portfolio Segment [Member] | Consumer credit card | Payment Deferral | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 0 | 0 | 0 | 0 |
Personal Banking Portfolio Segment [Member] | Consumer credit card | Interest Rate Below Market Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 1,124 | 731 | 1,958 | 1,299 |
Personal Banking Portfolio Segment [Member] | Consumer credit card | Interest/Fees Forgiven | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | 0 | 224 | 0 | 487 |
Personal Banking Portfolio Segment [Member] | Consumer credit card | Other Loan Restructuring | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Modified in Period, Amount | $ 0 | $ 0 | $ 0 | $ 0 |
Loans And Allowance For Credit Losses (Financial Impacts of Loan Modifications) (Details) |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Commercial Portfolio Segment [Member] | Business | ||||
Financial Impacts of Loan Modifications and Deferrals [Line Items] | ||||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 6 months | 9 months | 6 months | 9 months |
Commercial Portfolio Segment [Member] | Real estate - business | ||||
Financial Impacts of Loan Modifications and Deferrals [Line Items] | ||||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 11 months | 12 months | 10 months | 14 months |
Personal Banking Portfolio Segment [Member] | Real estate - personal | ||||
Financial Impacts of Loan Modifications and Deferrals [Line Items] | ||||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 3 months | 7 months | 6 months | 7 months |
Financing Receivable, Modified, Payment Deferral | 4 years | 28 years | 6 years | 20 years |
Personal Banking Portfolio Segment [Member] | Consumer | ||||
Financial Impacts of Loan Modifications and Deferrals [Line Items] | ||||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 10 years | 10 years | ||
Financing Receivable, Modified, Payment Deferral | 6 months | 71 months | ||
Financing Receivable, Interest Rate Decrease from Modification | Reduced contractual interest rate from average 22% to 6%. | Reduced contractual interest rate from average 21% to 6%. | Reduced contractual interest rate from average 22% to 6%. | Reduced contractual interest rate from average 21% to 6%. |
Personal Banking Portfolio Segment [Member] | Consumer credit card | ||||
Financial Impacts of Loan Modifications and Deferrals [Line Items] | ||||
Financing Receivable, Interest Rate Decrease from Modification | Reduced contractual interest rate from average 22% to 6%. | Reduced contractual interest rate from average 21% to 6%. | Reduced contractual interest rate from average 22% to 6%. | Reduced contractual interest rate from average 21% to 6%. |
Financing Receivable, Modified, Interest and Fees Forgiven | Approximately $13 thousand of interest and fees forgiven. | Approximately $27 thousand of interest and fees forgiven. |
Loans And Allowance For Credit Losses (Amortized Cost Basis of Loans to Borrowers with Financial Difficulty with a Payment Default) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Financing Receivable, Modified, Subsequent Default | $ 2,113 | $ 930 | $ 2,437 | $ 979 |
Payment Deferral | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Financing Receivable, Modified, Subsequent Default | 1,740 | 779 | 1,956 | 779 |
Interest Rate Below Market Reduction | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Financing Receivable, Modified, Subsequent Default | 361 | 73 | 469 | 122 |
Interest/Fees Forgiven | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Financing Receivable, Modified, Subsequent Default | 12 | 78 | 12 | 78 |
Personal Banking Portfolio Segment [Member] | Real estate - personal | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Financing Receivable, Modified, Subsequent Default | 1,740 | 779 | 1,956 | 779 |
Personal Banking Portfolio Segment [Member] | Real estate - personal | Payment Deferral | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Financing Receivable, Modified, Subsequent Default | 1,740 | 779 | 1,956 | 779 |
Personal Banking Portfolio Segment [Member] | Real estate - personal | Interest Rate Below Market Reduction | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Financing Receivable, Modified, Subsequent Default | 0 | 0 | 0 | 0 |
Personal Banking Portfolio Segment [Member] | Real estate - personal | Interest/Fees Forgiven | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Financing Receivable, Modified, Subsequent Default | 0 | 0 | 0 | 0 |
Personal Banking Portfolio Segment [Member] | Consumer | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Financing Receivable, Modified, Subsequent Default | 12 | 6 | 12 | 11 |
Personal Banking Portfolio Segment [Member] | Consumer | Payment Deferral | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Financing Receivable, Modified, Subsequent Default | 0 | 0 | 0 | 0 |
Personal Banking Portfolio Segment [Member] | Consumer | Interest Rate Below Market Reduction | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Financing Receivable, Modified, Subsequent Default | 12 | 6 | 12 | 11 |
Personal Banking Portfolio Segment [Member] | Consumer | Interest/Fees Forgiven | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Financing Receivable, Modified, Subsequent Default | 0 | 0 | 0 | 0 |
Personal Banking Portfolio Segment [Member] | Consumer credit card | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Financing Receivable, Modified, Subsequent Default | 361 | 145 | 469 | 189 |
Personal Banking Portfolio Segment [Member] | Consumer credit card | Payment Deferral | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Financing Receivable, Modified, Subsequent Default | 0 | 0 | 0 | 0 |
Personal Banking Portfolio Segment [Member] | Consumer credit card | Interest Rate Below Market Reduction | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Financing Receivable, Modified, Subsequent Default | 349 | 67 | 457 | 111 |
Personal Banking Portfolio Segment [Member] | Consumer credit card | Interest/Fees Forgiven | ||||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||||
Financing Receivable, Modified, Subsequent Default | $ 12 | $ 78 | $ 12 | $ 78 |
Loans And Allowance For Credit Losses (Amortized Cost Basis of Loans Modified After Adoption of ASU 2022-02) (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Jun. 30, 2023 |
---|---|---|
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified in Period, Current | $ 111,715 | $ 71,142 |
Financing Receivable, Modified in Period, Thirty to Eighty Nine Days Past Due | 2,483 | 660 |
Financing Receivable, Modified in Period, Ninety Days Past Due | 2,073 | 930 |
Financing Receivable, Modified in Period, Amount | 116,271 | 72,732 |
Commercial Portfolio Segment [Member] | Business | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified in Period, Current | 32,565 | 18,193 |
Financing Receivable, Modified in Period, Thirty to Eighty Nine Days Past Due | 0 | 0 |
Financing Receivable, Modified in Period, Ninety Days Past Due | 0 | 0 |
Financing Receivable, Modified in Period, Amount | 32,565 | 18,193 |
Commercial Portfolio Segment [Member] | Real estate - business | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified in Period, Current | 74,512 | 49,548 |
Financing Receivable, Modified in Period, Thirty to Eighty Nine Days Past Due | 0 | 0 |
Financing Receivable, Modified in Period, Ninety Days Past Due | 0 | 0 |
Financing Receivable, Modified in Period, Amount | 74,512 | 49,548 |
Personal Banking Portfolio Segment [Member] | Real estate - personal | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified in Period, Current | 2,129 | 2,027 |
Financing Receivable, Modified in Period, Thirty to Eighty Nine Days Past Due | 2,004 | 217 |
Financing Receivable, Modified in Period, Ninety Days Past Due | 1,740 | 779 |
Financing Receivable, Modified in Period, Amount | 5,873 | 3,023 |
Personal Banking Portfolio Segment [Member] | Consumer | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified in Period, Current | 172 | 169 |
Financing Receivable, Modified in Period, Thirty to Eighty Nine Days Past Due | 1 | 7 |
Financing Receivable, Modified in Period, Ninety Days Past Due | 12 | 6 |
Financing Receivable, Modified in Period, Amount | 185 | 182 |
Personal Banking Portfolio Segment [Member] | Consumer credit card | ||
Financing Receivable, Modified, Past Due [Line Items] | ||
Financing Receivable, Modified in Period, Current | 2,337 | 1,205 |
Financing Receivable, Modified in Period, Thirty to Eighty Nine Days Past Due | 478 | 436 |
Financing Receivable, Modified in Period, Ninety Days Past Due | 321 | 145 |
Financing Receivable, Modified in Period, Amount | $ 3,136 | $ 1,786 |
Investment Securities (Narrative) (Details) |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2024
USD ($)
$ / shares
Rate
shares
|
Jun. 30, 2024
USD ($)
$ / shares
Rate
shares
|
Jun. 30, 2023
USD ($)
|
May 03, 2024
USD ($)
shares
|
Mar. 31, 2024
USD ($)
shares
|
Dec. 31, 2023
USD ($)
|
|
Debt Securities, Available-for-sale [Line Items] | ||||||
Proceeds from Sale of Equity Securities | $ 119,800,000 | |||||
Equity Securities without Readily Determinable Fair Value, Amount | 65,780,000 | $ 65,780,000 | $ 6,988,000 | $ 6,978,000 | ||
Percentage decrease requiring a review for impairment | 20.00% | |||||
Fair value of securities on impairment watch list | 1,800,000,000 | $ 1,800,000,000 | 1,200,000,000 | |||
Debt Securities, Available-for-sale, Unrealized Loss Position | 7,982,868,000 | 7,982,868,000 | 9,593,950,000 | |||
Unrealized Loss on AFS Debt Securities | 1,076,042,000 | 1,076,042,000 | 1,220,484,000 | |||
AFS securities in loss position at period-end, change in unrealized loss | (144,400,000) | |||||
Debt Securities, Available-for-Sale, Planned Sale, Amortized Cost | $ 1,200,000,000 | $ 1,200,000,000 | ||||
Debt Securities, Available-for-Sale, Planned Sale, Yield | Rate | 2.10% | 2.10% | ||||
Loss on Available for Sale debt securities portfolio repositioning | $ 179,100,000 | $ 179,100,000 | ||||
Debt Securities, Available-for-Sale, Planned Sale, Reinvestment | $ 928,800,000 | $ 928,800,000 | ||||
Debt Securities, Available-for-Sale, Planned Sale, Yield of Reinvestment | Rate | 4.60% | 4.60% | ||||
Securities pledged as collateral | $ 6,500,000,000 | $ 6,500,000,000 | 7,500,000,000 | |||
Number of investments in a single issuer that exceed 10% of stockholder's equity | 0 | 0 | ||||
No investment in a single issuer exceeds this percentage of stockholder's equity | 10.00% | 10.00% | ||||
U.S. government and federal agency obligations | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
U.S. Treasury inflation-protected securities held, at fair value | $ 399,700,000 | $ 399,700,000 | ||||
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,156,883,000 | 1,156,883,000 | 765,985,000 | |||
Unrealized Loss on AFS Debt Securities | 25,144,000 | 25,144,000 | $ 24,834,000 | |||
Available-for-sale Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Available-for-sale Securities, Losses realized on sales | 187,543,000 | $ 8,587,000 | ||||
Equity Securities [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Equity Securities, FV-NI, Gain (Loss) | $ 178,164,000 | 178,306,000 | (690,000) | |||
Other Investments [Member] | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Fair value other securities adjustments, net | $ 12,777,000 | $ 11,341,000 | ||||
Visa Class B-1 Shares | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Equity Securities without Readily Determinable Fair Value, Shares | shares | 823,447 | |||||
Exchange Offer, Original Shares Held | shares | 823,447 | |||||
Visa Class B-2 Shares | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Exchange Offer, Common Shares Received | shares | 411,723 | |||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 0 | |||||
Visa Class A Shares | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Exchange Offer, Conversion Rate of Common Stock | 1.5875 | |||||
Equity Securities Sold, Shares | shares | 436,000 | 436,000 | ||||
Equity Securities Sold, Average Price | $ / shares | $ 274.91 | $ 274.91 | ||||
Visa Class C Shares | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Exchange Offer, Common Shares Received | shares | 163,404 | |||||
Equity Securities Held, Shares | shares | 54,000 | 54,000 | ||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 57,200,000 | $ 57,200,000 |
Investment Securities (Investment Securities, At Fair Value) (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
||
---|---|---|---|---|---|
Investment Securities [Abstract] | |||||
Available for sale debt securities | $ 8,534,271 | $ 9,684,760 | |||
Trading debt securities | 45,499 | 28,830 | |||
Equity securities with a readily determinable fair value | 47,804 | 5,723 | |||
Equity Securities without Readily Determinable Fair Value, Amount | 65,780 | $ 6,988 | 6,978 | ||
Federal Reserve Bank Stock | 35,361 | 35,166 | |||
Federal Home Loan Bank Stock | 10,116 | 10,640 | |||
Private equity investments | 178,321 | 176,667 | |||
Total investment securities | [1] | 8,917,152 | 9,948,764 | ||
Interest Receivable, Current | $ 26,400 | $ 28,900 | |||
|
Investment Securities (Equity Securities without Readily Determinable Fair Value) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Dec. 31, 2023 |
|
Equity Securities without Readily Determinable Fair Value [Line Items] | ||||
Equity Securities without Readily Determinable Fair Value, Amount | $ 65,780 | $ 65,780 | $ 6,988 | $ 6,978 |
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Cumulative Amount | 178,227 | 178,227 | ||
Equity Securities without Readily Determinable Fair Value, Downward Price Adjustment, Annual Amount | 0 | 0 | ||
Equity Securities without Readily Determinable Fair Value, Impairment Loss, Annual Amount | 0 | 0 | ||
Sales of Equity Securities Without Readily Determinable Fair Value | $ (119,435) | $ (119,425) |
Investment Securities (Gain (Loss) on Securities) (Details) - Equity Securities [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Gain (Loss) on Securities [Line Items] | |||
Equity Securities, FV-NI, Gain (Loss) | $ 178,164 | $ 178,306 | $ (690) |
Equity Securities, FV-NI, Realized Gain | (119,987) | (119,987) | |
Debt and Equity Securities, Unrealized Gain (Loss) | $ 58,177 | $ 58,319 |
Investment Securities (Summary Of Available For Sale Investment Securities By Maturity Groupings) (Details) - USD ($) |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 9,608,044,000 | $ 10,904,765,000 |
Fair Value | 8,534,271,000 | 9,684,760,000 |
U.S. government and federal agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,661,224,000 | 841,267,000 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | 363,629,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 899,769,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Amortized Cost | 397,826,000 | |
Fair Value | 1,637,827,000 | 816,514,000 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 361,547,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 888,270,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Fair Value | 388,010,000 | |
Government-sponsored enterprise obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 55,629,000 | 55,658,000 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Amortized Cost | 4,935,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 50,694,000 | |
Fair Value | 43,139,000 | 43,962,000 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Fair Value | 4,453,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 38,686,000 | |
State and municipal obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 869,924,000 | 1,346,633,000 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | 70,356,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 363,730,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Amortized Cost | 311,520,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 124,318,000 | |
Fair Value | 775,983,000 | 1,197,419,000 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 69,154,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 336,379,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Fair Value | 269,379,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | 101,071,000 | |
Agency mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,411,594,000 | 4,621,821,000 |
Fair Value | 3,630,296,000 | 3,901,346,000 |
Non-Agency Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 729,009,000 | 1,331,288,000 |
Fair Value | 646,357,000 | 1,157,898,000 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,646,667,000 | 2,200,712,000 |
Fair Value | 1,583,747,000 | 2,107,485,000 |
Total Mortgage And Asset-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,787,270,000 | 8,153,821,000 |
Fair Value | 5,860,400,000 | 7,166,729,000 |
Other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 233,997,000 | 507,386,000 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Amortized Cost | 79,974,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Amortized Cost | 69,711,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Amortized Cost | 71,052,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Amortized Cost | 13,260,000 | |
Fair Value | 216,922,000 | $ 460,136,000 |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling within One Year, Fair Value | 78,505,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after One Through Five Years, Fair Value | 65,103,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 5 through 10 Years, Fair Value | 61,691,000 | |
Debt Securities, Available-for-Sale, Maturity, Allocated and Single Maturity Date, Rolling after 10 Years, Fair Value | $ 11,623,000 |
Investment Securities (Securities With Unrealized Losses And Length Of Impairment Period) (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | $ 658,346 | $ 99,075 |
Unrealized Loss, Less than 12 months | 2,765 | 1,784 |
Fair Value, Greater than 12 months | 7,324,522 | 9,494,875 |
Unrealized Loss, Greater than 12 months | 1,073,277 | 1,218,700 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 7,982,868 | 9,593,950 |
Unrealized Loss on AFS Debt Securities | 1,076,042 | 1,220,484 |
U.S. government and federal agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 647,825 | 51,585 |
Unrealized Loss, Less than 12 months | 2,025 | 809 |
Fair Value, Greater than 12 months | 509,058 | 714,400 |
Unrealized Loss, Greater than 12 months | 23,119 | 24,025 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,156,883 | 765,985 |
Unrealized Loss on AFS Debt Securities | 25,144 | 24,834 |
Government-sponsored enterprise obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 0 | 0 |
Unrealized Loss, Less than 12 months | 0 | 0 |
Fair Value, Greater than 12 months | 43,139 | 43,962 |
Unrealized Loss, Greater than 12 months | 12,490 | 11,696 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 43,139 | 43,962 |
Unrealized Loss on AFS Debt Securities | 12,490 | 11,696 |
State and municipal obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 9,885 | 24,022 |
Unrealized Loss, Less than 12 months | 735 | 760 |
Fair Value, Greater than 12 months | 763,769 | 1,167,607 |
Unrealized Loss, Greater than 12 months | 93,213 | 148,478 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 773,654 | 1,191,629 |
Unrealized Loss on AFS Debt Securities | 93,948 | 149,238 |
Agency mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 636 | 4,382 |
Unrealized Loss, Less than 12 months | 5 | 59 |
Fair Value, Greater than 12 months | 3,604,732 | 3,875,432 |
Unrealized Loss, Greater than 12 months | 781,585 | 720,649 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 3,605,368 | 3,879,814 |
Unrealized Loss on AFS Debt Securities | 781,590 | 720,708 |
Non-Agency Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 0 | 0 |
Unrealized Loss, Less than 12 months | 0 | 0 |
Fair Value, Greater than 12 months | 641,907 | 1,152,045 |
Unrealized Loss, Greater than 12 months | 82,800 | 173,526 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 641,907 | 1,152,045 |
Unrealized Loss on AFS Debt Securities | 82,800 | 173,526 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 0 | 19,086 |
Unrealized Loss, Less than 12 months | 0 | 156 |
Fair Value, Greater than 12 months | 1,544,995 | 2,081,293 |
Unrealized Loss, Greater than 12 months | 62,995 | 93,076 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,544,995 | 2,100,379 |
Unrealized Loss on AFS Debt Securities | 62,995 | 93,232 |
Total Mortgage And Asset-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 636 | 23,468 |
Unrealized Loss, Less than 12 months | 5 | 215 |
Fair Value, Greater than 12 months | 5,791,634 | 7,108,770 |
Unrealized Loss, Greater than 12 months | 927,380 | 987,251 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 5,792,270 | 7,132,238 |
Unrealized Loss on AFS Debt Securities | 927,385 | 987,466 |
Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value, Less than 12 months | 0 | 0 |
Unrealized Loss, Less than 12 months | 0 | 0 |
Fair Value, Greater than 12 months | 216,922 | 460,136 |
Unrealized Loss, Greater than 12 months | 17,075 | 47,250 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 216,922 | 460,136 |
Unrealized Loss on AFS Debt Securities | $ 17,075 | $ 47,250 |
Investment Securities (Available For Sale Securities Unrealized Gains And Losses, By Security Type) (Details) - USD ($) |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 9,608,044,000 | $ 10,904,765,000 |
Gross Unrealized Gains | 2,269,000 | 479,000 |
Gross Unrealized Losses | (1,076,042,000) | (1,220,484,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 8,534,271,000 | 9,684,760,000 |
U.S. government and federal agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,661,224,000 | 841,267,000 |
Gross Unrealized Gains | 1,747,000 | 81,000 |
Gross Unrealized Losses | (25,144,000) | (24,834,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 1,637,827,000 | 816,514,000 |
Government-sponsored enterprise obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 55,629,000 | 55,658,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (12,490,000) | (11,696,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 43,139,000 | 43,962,000 |
State and municipal obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 869,924,000 | 1,346,633,000 |
Gross Unrealized Gains | 7,000 | 24,000 |
Gross Unrealized Losses | (93,948,000) | (149,238,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 775,983,000 | 1,197,419,000 |
Agency mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 4,411,594,000 | 4,621,821,000 |
Gross Unrealized Gains | 292,000 | 233,000 |
Gross Unrealized Losses | (781,590,000) | (720,708,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 3,630,296,000 | 3,901,346,000 |
Non-Agency Mortgage-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 729,009,000 | 1,331,288,000 |
Gross Unrealized Gains | 148,000 | 136,000 |
Gross Unrealized Losses | (82,800,000) | (173,526,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 646,357,000 | 1,157,898,000 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,646,667,000 | 2,200,712,000 |
Gross Unrealized Gains | 75,000 | 5,000 |
Gross Unrealized Losses | (62,995,000) | (93,232,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 1,583,747,000 | 2,107,485,000 |
Total Mortgage And Asset-Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 6,787,270,000 | 8,153,821,000 |
Gross Unrealized Gains | 515,000 | 374,000 |
Gross Unrealized Losses | (927,385,000) | (987,466,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | 5,860,400,000 | 7,166,729,000 |
Other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 233,997,000 | 507,386,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (17,075,000) | (47,250,000) |
Allowance for Credit Losses | 0 | 0 |
Fair Value | $ 216,922,000 | $ 460,136,000 |
Investment Securities (Proceeds From Sales Of Securities And Components Of Investment Securities Gains And Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|||||
Debt Securities, Available-for-sale [Line Items] | ||||||||
Proceeds from sales of debt securities, available for sale, including pending trades | $ 1,015,845 | $ 1,101,782 | ||||||
Proceeds from Sale of Equity Securities, FV-NI | 120,012 | 0 | ||||||
Proceeds from sales of other investments, including pending trades | 21,319 | 28,754 | ||||||
Proceeds from sale of investments, total, including pending trades | 1,157,176 | 1,130,536 | ||||||
INVESTMENT SECURITIES GAINS (LOSSES), NET | $ 3,233 | $ 3,392 | 2,974 | [1] | 3,086 | [1] | ||
Available-for-sale Securities [Member] | ||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||
Available-for-sale Securities, Gains realized on sales | 0 | 143 | ||||||
Available-for-sale Securities, Losses realized on sales | (187,543) | (8,587) | ||||||
Equity Securities [Member] | ||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||
Equity Securities, FV-NI, Gain (Loss) | $ 178,164 | 178,306 | (690) | |||||
Other Investments [Member] | ||||||||
Debt Securities, Available-for-sale [Line Items] | ||||||||
Other Securities, Gains realized on sales | 956 | 879 | ||||||
Other Securities, Loss realized on sales | (1,522) | 0 | ||||||
Fair value other securities adjustments, net | $ 12,777 | $ 11,341 | ||||||
|
Goodwill And Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization of Intangible Assets | $ 320 | $ 353 | $ 651 | $ 709 |
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets With Estimable Useful Lives) (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 19,109 | $ 19,273 |
Accumulated Amortization | (8,908) | (8,694) |
Valuation Allowance | 0 | 0 |
Net Amount | 10,201 | 10,579 |
Core Deposit Premium | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,550 | 5,550 |
Accumulated Amortization | (5,198) | (5,092) |
Valuation Allowance | 0 | 0 |
Net Amount | 352 | 458 |
Mortgage Servicing Rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 13,559 | 13,723 |
Accumulated Amortization | (3,710) | (3,602) |
Valuation Allowance | 0 | 0 |
Net Amount | $ 9,849 | $ 10,121 |
Goodwill And Other Intangible Assets (Schedule Of Estimated Annual Amortization Expense) (Details) $ in Thousands |
Jun. 30, 2024
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 1,279 |
2025 | 1,175 |
2026 | 1,025 |
2027 | 884 |
2028 | $ 768 |
Goodwill And Other Intangible Assets (Schedule Of Changes In Carrying Amount Of Goodwill And Net Other Intangible Assets) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Goodwill and Intangible Assets [Roll Forward] | ||||
Amortization | $ 320 | $ 353 | $ 651 | $ 709 |
Goodwill | ||||
Goodwill and Intangible Assets [Roll Forward] | ||||
Balance January 1 | 146,539 | |||
Originations | 0 | |||
Amortization | 0 | |||
Balance June 30, 2024 | 146,539 | 146,539 | ||
Easement | ||||
Goodwill and Intangible Assets [Roll Forward] | ||||
Balance January 1 | 3,600 | |||
Originations | 0 | |||
Amortization | 0 | |||
Balance June 30, 2024 | 3,600 | 3,600 | ||
Core Deposit Premium | ||||
Goodwill and Intangible Assets [Roll Forward] | ||||
Balance January 1 | 458 | |||
Originations | 0 | |||
Amortization | (106) | |||
Balance June 30, 2024 | 352 | 352 | ||
Mortgage Servicing Rights | ||||
Goodwill and Intangible Assets [Roll Forward] | ||||
Balance January 1 | 10,121 | |||
Originations | 273 | |||
Amortization | (545) | |||
Balance June 30, 2024 | $ 9,849 | $ 9,849 |
Goodwill And Other Intangible Assets (Schedule Of Goodwill Allocated By Operating Segments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Goodwill [Line Items] | ||
Goodwill | $ 146,539 | $ 146,539 |
Consumer segment | ||
Goodwill [Line Items] | ||
Goodwill | 70,721 | 70,721 |
Commercial segment | ||
Goodwill [Line Items] | ||
Goodwill | 75,072 | 75,072 |
Wealth segment | ||
Goodwill [Line Items] | ||
Goodwill | $ 746 | $ 746 |
Guarantees (Details) - USD ($) $ in Thousands |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
|||
Guarantor Obligations [Line Items] | ||||
Derivative Liabilities | [1] | $ 36,915 | $ 37,899 | |
Notional amount of underlying interest rate swaps associated with risk participation agreements | 5,292,764 | $ 5,194,716 | ||
Financial Standby Letter Of Credit [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Standby letters of credit, net liability | 3,600 | |||
Contractual amount of letters of credit, guaranteed maximum potential future payments | 633,600 | |||
Risk Participation Agreement [Member] | Indirect Guarantee Of Indebtedness [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Derivative Liabilities | 83 | |||
Notional amount of underlying interest rate swaps associated with risk participation agreements | $ 455,700 | |||
Minimum [Member] | Risk Participation Agreement [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Term, in years | 2 years | |||
Maximum [Member] | Risk Participation Agreement [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Term, in years | 15 years | |||
|
Leases (Narrative) (Details) |
Jun. 30, 2024 |
---|---|
Minimum [Member] | |
Lessor, Lease, Description [Line Items] | |
Lessor, Operating Lease, Term of Contract | 1 month |
Maximum [Member] | |
Lessor, Lease, Description [Line Items] | |
Lessor, Operating Lease, Term of Contract | 14 years |
Leases (Components of Lease Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|||
Operating Lease Income [Line Items] | ||||||
Direct financing and sales-type leases | $ 9,043 | $ 7,541 | $ 18,055 | $ 14,296 | ||
Operating leases(a) | [1] | 4,260 | 3,483 | 8,392 | 5,816 | |
Total lease income | 13,303 | 11,024 | 26,447 | 20,112 | ||
Operating Lease Income from Related Party [Member] | ||||||
Operating Lease Income [Line Items] | ||||||
Operating leases(a) | $ 19 | $ 19 | $ 38 | $ 38 | ||
|
Pension Pension (Narrative) (Details) |
6 Months Ended |
---|---|
Jun. 30, 2024
USD ($)
| |
Pension (Narrative) [Abstract] | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 |
Pension (Net Pension Cost) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Pension [Abstract] | ||||
Service cost - benefits earned during the period | $ 96 | $ 116 | $ 193 | $ 232 |
Interest cost on projected benefit obligation | 1,113 | 1,157 | 2,225 | 2,315 |
Expected Return on Plan Assets | (1,019) | (1,001) | (2,038) | (2,002) |
Amortization of Prior Service Cost | (46) | (68) | (91) | (135) |
Defined Benefit Plan, Amortization of (Gain) Loss | 282 | 427 | 562 | 854 |
Net periodic pension cost | $ 426 | $ 631 | $ 851 | $ 1,264 |
Common Stock Narrative (Details) - shares |
Jun. 30, 2024 |
Dec. 31, 2023 |
Mar. 31, 2023 |
---|---|---|---|
Class of Stock [Line Items] | |||
Common Stock, Shares Authorized | 190,000,000 | 190,000,000 | |
CBSH Common Stock | |||
Class of Stock [Line Items] | |||
Common Stock, Shares Authorized | 190,000,000 | 140,000,000 |
Common Stock (Summary Of Components Used To Calculate Basic And Diluted Income Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Basic income per common share | $ 1.07 | $ 0.97 | $ 1.94 | $ 1.88 |
Diluted income per common share | $ 1.07 | $ 0.97 | $ 1.93 | $ 1.88 |
Basic income per common share: | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income attributable to Commerce Bancshares, Inc. | $ 139,553 | $ 127,789 | $ 252,216 | $ 247,241 |
Less income allocated to nonvested restricted stock | 1,313 | 1,128 | 2,357 | 2,184 |
Net income allocated to common stock | $ 138,240 | $ 126,661 | $ 249,859 | $ 245,057 |
Weighted average common shares outstanding | 128,458 | 130,079 | 128,750 | 130,141 |
Basic income per common share | $ 1.07 | $ 0.97 | $ 1.94 | $ 1.88 |
Diluted income per common share: | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Net income attributable to Commerce Bancshares, Inc. | $ 139,553 | $ 127,789 | $ 252,216 | $ 247,241 |
Less income allocated to nonvested restricted stock | 1,312 | 1,128 | 2,355 | 2,182 |
Net income allocated to common stock | $ 138,241 | $ 126,661 | $ 249,861 | $ 245,059 |
Weighted average common shares outstanding | 128,458 | 130,079 | 128,750 | 130,141 |
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 | 153 | 129 | 148 | 198 |
Weighted average diluted common shares outstanding | 128,611 | 130,208 | 128,898 | 130,339 |
Diluted income per common share | $ 1.07 | $ 0.97 | $ 1.93 | $ 1.88 |
Common Stock (AntiDilutive Securities Excluded from Computation of Earnings per Share) (Details) - shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Common Stock nonprint [Abstract] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 411 | 450 | 382 | 277 |
Accumulated Other Comprehensive Income (Schedule Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | $ (891,412) | $ (1,086,864) | ||||||
Other comprehensive income (loss) before reclassifications to current earnings | (70,677) | 66,812 | ||||||
Amounts reclassified to current earnings from accumulated other comprehensive income | 182,137 | 614 | ||||||
Current period other comprehensive income (loss), before tax | 111,460 | 67,426 | ||||||
Income tax (expense) benefit | (27,865) | (16,857) | ||||||
Current period other comprehensive income (loss), net of tax | $ 123,210 | $ (95,797) | 83,595 | 50,569 | ||||
Ending balance | (807,817) | (1,036,295) | (807,817) | (1,036,295) | ||||
Unrealized Gains (Losses) on Securities (1) | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | [1] | (915,001) | (1,124,915) | |||||
Other comprehensive income (loss) before reclassifications to current earnings | [1] | (41,310) | 72,335 | |||||
Amounts reclassified to current earnings from accumulated other comprehensive income | [1] | 187,543 | 8,444 | |||||
Current period other comprehensive income (loss), before tax | [1] | 146,233 | 80,779 | |||||
Income tax (expense) benefit | [1] | (36,558) | (20,195) | |||||
Current period other comprehensive income (loss), net of tax | [1] | 109,675 | 60,584 | |||||
Ending balance | [1] | (805,326) | (1,064,331) | (805,326) | (1,064,331) | |||
Pension Loss | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | (13,596) | (17,186) | ||||||
Other comprehensive income (loss) before reclassifications to current earnings | 0 | 0 | ||||||
Amounts reclassified to current earnings from accumulated other comprehensive income | 471 | 719 | ||||||
Current period other comprehensive income (loss), before tax | 471 | 719 | ||||||
Income tax (expense) benefit | (118) | (180) | ||||||
Current period other comprehensive income (loss), net of tax | 353 | 539 | ||||||
Ending balance | (13,243) | (16,647) | (13,243) | (16,647) | ||||
Unrealized Gains (Losses) on Cash Flow Hedge Derivatives (2) | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning balance | [2] | 37,185 | 55,237 | |||||
Other comprehensive income (loss) before reclassifications to current earnings | [2] | (29,367) | (5,523) | |||||
Amounts reclassified to current earnings from accumulated other comprehensive income | [2] | (5,877) | (8,549) | |||||
Current period other comprehensive income (loss), before tax | [2] | (35,244) | (14,072) | |||||
Income tax (expense) benefit | [2] | 8,811 | 3,518 | |||||
Current period other comprehensive income (loss), net of tax | [2] | (26,433) | (10,554) | |||||
Ending balance | [2] | $ 10,752 | $ 44,683 | $ 10,752 | $ 44,683 | |||
|
Segments Segments (Narrative) (Details) |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
Locations
Operating_Segments
|
|
Segments [Abstract] | ||
Number of Operating Segments | Operating_Segments | 3 | |
Number Of Locations | Locations | 140 | |
Segment Reporting Information, Intersegment Revenue | $ | $ 0 | $ 0 |
Segments (Schedule Of Financial Information By Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | $ 262,249 | $ 249,538 | $ 511,248 | $ 501,161 | ||||
Provision for credit losses | (5,468) | (6,471) | (10,255) | (17,927) | ||||
Non-interest income | 152,244 | 147,605 | 301,092 | 285,217 | ||||
INVESTMENT SECURITIES GAINS (LOSSES), NET | 3,233 | 3,392 | 2,974 | [1] | 3,086 | [1] | ||
Non-interest expense | (232,214) | (227,611) | (477,911) | (451,718) | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 180,044 | 166,453 | 327,148 | 319,819 | ||||
Corporate, Non-Segment | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | (8,924) | (45,108) | (40,443) | (103,097) | ||||
Provision for credit losses | 4,291 | 49 | 8,432 | (4,695) | ||||
Non-interest income | 1,492 | 2,792 | 3,804 | 4,833 | ||||
INVESTMENT SECURITIES GAINS (LOSSES), NET | 3,233 | 3,392 | 2,974 | 3,086 | ||||
Non-interest expense | (12,212) | (5,368) | (37,358) | (18,835) | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (12,120) | (44,243) | (62,591) | (118,708) | ||||
Consumer segment | Operating Segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | 124,715 | 141,235 | 254,391 | 285,695 | ||||
Provision for credit losses | (9,037) | (6,430) | (17,925) | (12,736) | ||||
Non-interest income | 26,000 | 25,531 | 50,335 | 49,834 | ||||
INVESTMENT SECURITIES GAINS (LOSSES), NET | 0 | 0 | 0 | 0 | ||||
Non-interest expense | (81,882) | (83,312) | (162,526) | (160,682) | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 59,796 | 77,024 | 124,275 | 162,111 | ||||
Commercial segment | Operating Segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | 125,189 | 128,018 | 251,876 | 265,145 | ||||
Provision for credit losses | (725) | (90) | (766) | (483) | ||||
Non-interest income | 65,152 | 64,769 | 128,954 | 123,093 | ||||
INVESTMENT SECURITIES GAINS (LOSSES), NET | 0 | 0 | 0 | 0 | ||||
Non-interest expense | (99,218) | (98,409) | (199,574) | (192,094) | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 90,398 | 94,288 | 180,490 | 195,661 | ||||
Wealth segment | Operating Segments | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | 21,269 | 25,393 | 45,424 | 53,418 | ||||
Provision for credit losses | 3 | 0 | 4 | (13) | ||||
Non-interest income | 59,600 | 54,513 | 117,999 | 107,457 | ||||
INVESTMENT SECURITIES GAINS (LOSSES), NET | 0 | 0 | 0 | 0 | ||||
Non-interest expense | (38,902) | (40,522) | (78,453) | (80,107) | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 41,970 | $ 39,384 | $ 84,974 | $ 80,755 | ||||
|
Derivative Instruments (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
Dec. 31, 2020 |
|||
Derivative [Line Items] | |||||
Derivative, Notional Amount | $ 5,292,764 | $ 5,194,716 | |||
Derivative Asset | [1] | $ 86,709 | 116,876 | ||
Interest Rate Floor [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Description of Terms | As of June 30, 2024, 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 $500.0 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. | ||||
Derivative, Premium Paid | $ 90,200 | ||||
Maximum Length of Time Hedged in Interest Rate Cash Flow Hedge | 7 years | ||||
Unrealized gain (loss) on interest rate cash flow hedges, pretax, amount recorded in accumulated other comprehensive income | $ 25,800 | ||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 10,700 | ||||
Derivative, Notional Amount | 2,000,000 | 2,000,000 | |||
Monetized Interest Rate Floor [Member] | |||||
Derivative [Line Items] | |||||
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 21,200 | ||||
Derivative, Notional Amount | $ 1,500,000 | ||||
Derivative Asset | $ 163,200 | ||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | $ 40,100 | ||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimate of Time to Transfer | 2 years 6 months | ||||
Interest rate swaps | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | $ 2,300,300 | $ 2,166,393 | |||
Variation Margin Impact to Positive Fair Values of Cleared Swaps | $ 0 | ||||
|
Derivative Instruments (Schedule Of Notional Amounts Of Derivative Instruments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 5,292,764 | $ 5,194,716 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 2,300,300 | 2,166,393 |
Interest Rate Floor | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 2,000,000 | 2,000,000 |
Interest rate caps | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 267,447 | 336,682 |
Credit risk participation agreements | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 676,506 | 653,887 |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 33,042 | 30,401 |
Mortgage loan commitments | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 7,252 | 3,004 |
Mortgage loan forward sale contracts | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | 717 | 1,349 |
Forward TBA contracts | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 7,500 | $ 3,000 |
Derivative Instruments (Interest Rate Floor Summary) (Details) - Interest Rate Floor [Member] |
6 Months Ended |
---|---|
Jun. 30, 2024
Rate
| |
February 23, 2023 | |
Derivative [Line Items] | |
Derivative, Floor Interest Rate | 3.50% |
Derivative, Effective Date | Jul. 01, 2024 |
Derivative, Maturity Date | Jul. 01, 2030 |
August 7, 2023 | |
Derivative [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 | |
Derivative [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 | |
Derivative [Line Items] | |
Derivative, Floor Interest Rate | 2.75% |
Derivative, Effective Date | Jul. 01, 2025 |
Derivative, Maturity Date | Jul. 01, 2031 |
Derivative Instruments (Schedule Of Fair Values Of Derivative Instruments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
||
---|---|---|---|---|
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | [1] | $ 86,709 | $ 116,876 | |
Derivative Liabilities | [1] | (36,915) | (37,899) | |
Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | 49,593 | 78,960 | ||
Derivative Liabilities | 0 | 0 | ||
Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | 37,116 | 37,916 | ||
Derivative Liabilities | (36,915) | (37,899) | ||
Interest rate swaps | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | 36,149 | 35,816 | ||
Derivative Liabilities | (36,149) | (35,816) | ||
Interest Rate Floor [Member] | Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | 49,593 | 78,960 | ||
Derivative Liabilities | 0 | 0 | ||
Interest rate caps | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | 392 | 1,391 | ||
Derivative Liabilities | (392) | (1,391) | ||
Credit risk participation agreements | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | 57 | 77 | ||
Derivative Liabilities | (83) | (194) | ||
Foreign exchange contracts | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | 359 | 534 | ||
Derivative Liabilities | (282) | (479) | ||
Mortgage loan commitments | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | 141 | 89 | ||
Derivative Liabilities | 0 | (1) | ||
Mortgage loan forward sale contracts | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | 8 | 8 | ||
Derivative Liabilities | 0 | 0 | ||
Forward TBA contracts | Not Designated as Hedging Instrument [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Derivative Asset | 10 | 1 | ||
Derivative Liabilities | $ (9) | $ (18) | ||
|
Derivative Instruments (Summary of Cash Flow Hedge Activity) (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Summary of Cash Flow Hedge Activity [Line Items] | ||||
OCI Derivative Instruments GainLossBeforeReclassificationAndTaxEffectivePortion | $ (6,502) | $ (14,748) | $ (29,367) | $ (5,523) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (131) | 0 | (10,108) | 0 |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax | (6,371) | (14,748) | (19,259) | (5,523) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2,888 | 4,165 | 5,877 | 8,550 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 7,098 | 7,455 | 14,297 | 14,899 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (4,210) | (3,290) | (8,420) | (6,349) |
Interest Rate Floor [Member] | ||||
Summary of Cash Flow Hedge Activity [Line Items] | ||||
OCI Derivative Instruments GainLossBeforeReclassificationAndTaxEffectivePortion | (6,502) | (14,748) | (29,367) | (5,523) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (131) | 0 | (10,108) | 0 |
Other Comprehensive Income (Loss), Derivative, Excluded Component, Increase (Decrease), before Adjustments and Tax | (6,371) | (14,748) | (19,259) | (5,523) |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2,888 | 4,165 | 5,877 | 8,550 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 7,098 | 7,455 | 14,297 | 14,899 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | $ (4,210) | $ (3,290) | $ (8,420) | $ (6,349) |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and fees on loans | Net interest income | Net interest income | Net interest income |
Derivative Instruments (Summary Of The Effects Of Derivative Instruments On Consolidated Statements Of Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivatives | $ 994 | $ 1,898 | $ 1,197 | $ 2,559 |
Other non-interest income | Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivatives | 1,197 | 1,873 | 1,323 | 2,496 |
Other non-interest income | Credit risk participation agreements | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivatives | (240) | 3 | (214) | (16) |
Other non-interest income | Foreign exchange contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivatives | (17) | (9) | 21 | (29) |
Loan fees and sales | Mortgage loan commitments | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivatives | 38 | (19) | 53 | 58 |
Loan fees and sales | Mortgage loan forward sale contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivatives | 8 | 1 | 0 | 0 |
Loan fees and sales | Forward TBA contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain or (Loss) Recognized in Income on Derivatives | $ 8 | $ 49 | $ 14 | $ 50 |
Derivative Instruments (Balance Sheet Offsetting) (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
||
---|---|---|---|---|
Derivative Asset, Fair Value, Gross Asset Including Not Subject to Master Netting Arrangement | $ 86,709 | $ 116,876 | ||
Derivative Asset, Amount Offset by Liabiilty | 0 | 0 | ||
Derivative Assets | [1] | 86,709 | 116,876 | |
Derivative Liability, Fair Value, Gross Liability Including Not Subject to Master Netting Arrangement | 36,915 | 37,899 | ||
Derivative Liability, Amount Offset by Asset | 0 | 0 | ||
Derivative Liabilities | [1] | 36,915 | 37,899 | |
Derivatives subject to master netting agreements | ||||
Derivative Asset, Fair Value, Gross Asset | 86,398 | 116,702 | ||
Derivative Asset, Amount Offset by Liabiilty | 0 | 0 | ||
Derivative Asset, Net Amount Presented in the Balance Sheet | 86,398 | 116,702 | ||
Derivative Asset, Not Offset, Policy Election Deduction | (2,479) | (3,930) | ||
Derivative Asset, Fair Value of Collateral | (81,090) | (107,492) | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 2,829 | 5,280 | ||
Derivative Liability, Fair Value, Gross Liability | 36,628 | 37,300 | ||
Derivative Liability, Amount Offset by Asset | 0 | 0 | ||
Derivative Liability, Net Amount Presented in the Balance Sheet | 36,628 | 37,300 | ||
Derivative Liability, Not Offset, Policy Election Deduction | (2,479) | (3,930) | ||
Derivative Liability, Fair Value of Collateral | 0 | 0 | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | 34,149 | 33,370 | ||
Derivatives not subject to master netting agreements | ||||
Derivative Asset, Fair Value, Gross Asset | 311 | 174 | ||
Derivative Asset, Amount Offset by Liabiilty | 0 | 0 | ||
Derivative Asset, Not Subject to Master Netting Arrangement | 311 | 174 | ||
Derivative Liability, Fair Value, Gross Liability | 287 | 599 | ||
Derivative Liability, Amount Offset by Asset | 0 | 0 | ||
Derivative Liability, Not Subject to Master Netting Arrangement | $ 287 | $ 599 | ||
|
Resale and Repurchase Agreements (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Balance Sheet Offsetting [Line Items] | ||
Securities purchased under agreements to resell | $ 475,000 | $ 450,000 |
Total resale agreements, subject to master netting arrangements | ||
Balance Sheet Offsetting [Line Items] | ||
Securities Purchased under Agreements to Resell, Gross | 475,000 | 450,000 |
Securities Purchased under Agreements to Resell, Liability | 0 | 0 |
Securities purchased under agreements to resell | 475,000 | 450,000 |
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 | (475,000) | (450,000) |
Securities Purchased under Agreements to Resell, Amount Offset Against Collateral | 0 | 0 |
Total repurchase agreements, subject to master netting arrangements | ||
Balance Sheet Offsetting [Line Items] | ||
Securities Sold under Agreements to Repurchase, Gross | 2,296,679 | 2,647,510 |
Securities Sold under Agreements to Repurchase, Asset | 0 | 0 |
Securities Sold under Agreements to Repurchase | 2,296,679 | 2,647,510 |
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 | (2,296,679) | (2,647,510) |
Securities Sold under Agreements to Repurchase, Amount Offset Against Collateral | $ 0 | $ 0 |
Resale and Repurchase Agreements Remaining Contractual Maturities of Repurchase Agreements (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
U.S. government and federal agency obligations | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | $ 121,800 | $ 170,293 |
U.S. government and federal agency obligations | Overnight and continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 121,800 | 170,293 |
U.S. government and federal agency obligations | Up to 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
U.S. government and federal agency obligations | Greater than 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Government-sponsored enterprise obligations | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 8,612 | 8,749 |
Government-sponsored enterprise obligations | Overnight and continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 8,612 | 8,749 |
Government-sponsored enterprise obligations | Up to 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Government-sponsored enterprise obligations | Greater than 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Agency mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 1,603,878 | 1,878,304 |
Agency mortgage-backed securities | Overnight and continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 1,576,128 | 1,833,840 |
Agency mortgage-backed securities | Up to 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 4,800 | 27,264 |
Agency mortgage-backed securities | Greater than 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 22,950 | 17,200 |
Non-agency mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 10,028 | 10,566 |
Non-agency mortgage-backed securities | Overnight and continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 10,028 | 10,566 |
Non-agency mortgage-backed securities | Up to 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Non-agency mortgage-backed securities | Greater than 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Asset-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 468,455 | 546,332 |
Asset-backed securities | Overnight and continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 420,578 | 516,726 |
Asset-backed securities | Up to 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 17,800 | 9,606 |
Asset-backed securities | Greater than 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 30,077 | 20,000 |
Other debt securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 83,906 | 33,265 |
Other debt securities | Overnight and continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 83,906 | 33,265 |
Other debt securities | Up to 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Other debt securities | Greater than 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 0 | 0 |
Total repurchase agreements, gross amount recognized | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 2,296,679 | 2,647,509 |
Total repurchase agreements, gross amount recognized | Overnight and continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 2,221,052 | 2,573,439 |
Total repurchase agreements, gross amount recognized | Up to 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | 22,600 | 36,870 |
Total repurchase agreements, gross amount recognized | Greater than 90 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Assets Sold under Agreements to Repurchase, Repurchase Liability | $ 53,027 | $ 37,200 |
Stock-Based Compensation (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 4.2 | $ 3.9 | $ 8.5 | $ 8.3 |
Nonvested Stock Award [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 4 years | |||
Nonvested Stock Award [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 7 years | |||
Stock Appreciation Rights (SARs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period (in years) | 4 years | |||
Contractual terms of stock options granted (in years) | 10 years |
Stock-Based Compensation (Summary Of The Status Of Nonvested Share Awards) (Details) |
6 Months Ended |
---|---|
Jun. 30, 2024
$ / shares
shares
| |
Nonvested Share Awards [Roll Forward] | |
Nonvested, Shares, Beginning Balance | shares | 1,166,335 |
Granted, Shares | shares | 322,088 |
Vested, Shares | shares | (250,127) |
Forfeited, Shares | shares | (27,582) |
Nonvested, Shares, Ending Balance | shares | 1,210,714 |
Nonvested, Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 58.48 |
Granted , Weighted Average Grant Date Fair Value | $ / shares | 52.03 |
Vested , Weighted Average Grant Date Fair Value | $ / shares | 52.21 |
Forfeited , Weighted Average Grant Date Fair Value | $ / shares | 59.87 |
Nonvested , Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 58.03 |
Stock-Based Compensation Stock-Based Compensation (Current Year Per Share Average Fair Value and Valuation Model Assumptions) (Details) |
6 Months Ended |
---|---|
Jun. 30, 2024
$ / shares
| |
Current Year Per Share Average Fair Value and Valuation Model Assumptions [Abstract] | |
Weighted per share average fair value at grant date | $ 14.88 |
Dividend yield | 2.10% |
Volatility | 29.30% |
Risk-free interest rate | 4.20% |
Expected term | 6 years |
Stock-Based Compensation (Summary Of SAR Activity) (Details) $ / shares in Units, $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2024
USD ($)
$ / shares
shares
| |
Stock Appreciation Rights [Roll Forward] | |
Rights Outstanding, Beginning Balance | shares | 1,023,321 |
Rights Granted | shares | 117,974 |
Rights Forfeited | shares | (5,012) |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Expired In Period | shares | (6,756) |
Rights Exercised | shares | (67,213) |
Rights Outstanding, Ending Balance | shares | 1,062,314 |
Weighted Average Exercise Price Outstanding, Beginning Balance | $ / shares | $ 47.10 |
Weighted Average Exercise Price Granted | $ / shares | 52.00 |
Weighted Average Exercise Price Forfeited | $ / shares | 59.54 |
Weighted Average Exercise Price Expired | $ / shares | 49.94 |
Weighted Average Exercise Price Exercised | $ / shares | 31.76 |
Weighted Average Exercise Price Outstanding, Ending Balance | $ / shares | $ 48.54 |
Weighted Average Remaining Contractual Term | 5 years 1 month 6 days |
Aggregate Intrinsic Value | $ | $ 9,679 |
Revenue from Contracts with Customers (Narrative) (Details) |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Percent of Revenue not in scope of ASC 606 | 63.00% |
Consumer segment | |
Revenue, Major Customer [Line Items] | |
Deposit fee revenue by segment | 31.00% |
Commercial segment | |
Revenue, Major Customer [Line Items] | |
Deposit fee revenue by segment | 69.00% |
Revenue from Contracts with Customers (Schedule of Disaggregation of Revenue) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|||
Disaggregation of Revenue [Line Items] | ||||||
Non-interest income | $ 152,244 | $ 147,605 | $ 301,092 | $ 285,217 | ||
Total non-interest income from contracts with customers | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Non-interest income | 141,896 | 133,786 | 279,006 | 260,944 | ||
Total non-interest income from contracts with customers | Trust fees | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Non-interest income | 52,291 | 47,265 | 103,396 | 92,593 | ||
Total non-interest income from contracts with customers | Bank card transaction fees | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Non-interest income | 47,477 | 49,725 | 94,407 | 96,379 | ||
Total non-interest income from contracts with customers | Deposit account charges and other fees | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Non-interest income | 25,325 | 22,633 | 49,476 | 44,385 | ||
Total non-interest income from contracts with customers | Consumer brokerage services | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Non-interest income | 4,478 | 4,677 | 8,886 | 9,762 | ||
Total non-interest income from contracts with customers | Other non-interest income | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Non-interest income | 12,325 | 9,486 | 22,841 | 17,825 | ||
Other non-interest income (1) | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Non-interest income | [1] | $ 10,348 | $ 13,819 | $ 22,086 | $ 24,273 | |
|
Revenue from Contracts with Customers (Schedule of Contract with Customer, Asset and Liability) (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|---|---|
Bank card transaction fees | ||||
Contract with Customer, Asset and Liability [Line Items] | ||||
Contract with Customer, Receivable | $ 15,824 | $ 18,069 | $ 16,321 | $ 17,254 |
Trust fees | ||||
Contract with Customer, Asset and Liability [Line Items] | ||||
Contract with Customer, Receivable | 2,174 | 1,764 | 1,984 | 2,038 |
Deposit account charges and other fees | ||||
Contract with Customer, Asset and Liability [Line Items] | ||||
Contract with Customer, Receivable | 7,366 | 6,588 | 6,488 | 6,631 |
Consumer brokerage services | ||||
Contract with Customer, Asset and Liability [Line Items] | ||||
Contract with Customer, Receivable | $ 0 | $ 8 | $ 637 | $ 949 |
Fair Value Measurements (Summary Of Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
||
---|---|---|---|---|
Fair Value Measurements [Line Items] | ||||
Residential mortgage loans held for sale | $ 2,186 | $ 1,585 | ||
U.S. government and federal agency obligations | 1,637,827 | 816,514 | ||
Government-sponsored enterprise obligations | 43,139 | 43,962 | ||
State and municipal obligations | 775,983 | 1,197,419 | ||
Agency mortgage-backed securities | 3,630,296 | 3,901,346 | ||
Non-agency mortgage-backed securities | 646,357 | 1,157,898 | ||
Asset-backed securities | 1,583,747 | 2,107,485 | ||
Other debt securities | 216,922 | 460,136 | ||
Trading debt securities | 45,499 | 28,830 | ||
Equity securities | 47,804 | 5,723 | ||
Private equity investments | 178,321 | 176,667 | ||
Derivative Asset | [1] | 86,709 | 116,876 | |
Assets held in trust for deferred compensation plan | 21,550 | 20,538 | ||
Total assets | 8,916,340 | 10,034,979 | ||
Derivative Liabilities | [1] | 36,915 | 37,899 | |
Liabilities held in trust for deferred compensation plan | 21,550 | 20,538 | ||
Total Liabilities | 58,465 | 58,437 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||||
Fair Value Measurements [Line Items] | ||||
Residential mortgage loans held for sale | 0 | 0 | ||
U.S. government and federal agency obligations | 1,637,827 | 816,514 | ||
Government-sponsored enterprise obligations | 0 | 0 | ||
State and municipal obligations | 0 | 0 | ||
Agency mortgage-backed securities | 0 | 0 | ||
Non-agency mortgage-backed securities | 0 | 0 | ||
Asset-backed securities | 0 | 0 | ||
Other debt securities | 0 | 0 | ||
Trading debt securities | 0 | 0 | ||
Equity securities | 47,804 | 5,723 | ||
Private equity investments | 0 | 0 | ||
Derivative Asset | [1] | 0 | 0 | |
Assets held in trust for deferred compensation plan | 21,550 | 20,538 | ||
Total assets | 1,707,181 | 842,775 | ||
Derivative Liabilities | [1] | 0 | 0 | |
Liabilities held in trust for deferred compensation plan | 21,550 | 20,538 | ||
Total Liabilities | 21,550 | 20,538 | ||
Significant Other Observable Inputs (Level 2) | ||||
Fair Value Measurements [Line Items] | ||||
Residential mortgage loans held for sale | 2,186 | 1,585 | ||
U.S. government and federal agency obligations | 0 | 0 | ||
Government-sponsored enterprise obligations | 43,139 | 43,962 | ||
State and municipal obligations | 775,030 | 1,196,472 | ||
Agency mortgage-backed securities | 3,630,296 | 3,901,346 | ||
Non-agency mortgage-backed securities | 646,357 | 1,157,898 | ||
Asset-backed securities | 1,583,747 | 2,107,485 | ||
Other debt securities | 216,922 | 460,136 | ||
Trading debt securities | 45,499 | 28,830 | ||
Equity securities | 0 | 0 | ||
Private equity investments | 0 | 0 | ||
Derivative Asset | [1] | 86,511 | 116,710 | |
Assets held in trust for deferred compensation plan | 0 | 0 | ||
Total assets | 7,029,687 | 9,014,424 | ||
Derivative Liabilities | [1] | 36,832 | 37,704 | |
Liabilities held in trust for deferred compensation plan | 0 | 0 | ||
Total Liabilities | 36,832 | 37,704 | ||
Significant Unobservable Inputs (Level 3) | ||||
Fair Value Measurements [Line Items] | ||||
Residential mortgage loans held for sale | 0 | 0 | ||
U.S. government and federal agency obligations | 0 | 0 | ||
Government-sponsored enterprise obligations | 0 | 0 | ||
State and municipal obligations | 953 | 947 | ||
Agency mortgage-backed securities | 0 | 0 | ||
Non-agency mortgage-backed securities | 0 | 0 | ||
Asset-backed securities | 0 | 0 | ||
Other debt securities | 0 | 0 | ||
Trading debt securities | 0 | 0 | ||
Equity securities | 0 | 0 | ||
Private equity investments | 178,321 | 176,667 | ||
Derivative Asset | [1] | 198 | 166 | |
Assets held in trust for deferred compensation plan | 0 | 0 | ||
Total assets | 179,472 | 177,780 | ||
Derivative Liabilities | [1] | 83 | 195 | |
Liabilities held in trust for deferred compensation plan | 0 | 0 | ||
Total Liabilities | $ 83 | $ 195 | ||
|
Fair Value Measurements (Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|||
Fair Value Assets Measured on Recurring Basis [Roll Forward] | ||||||
Beginning balance | $ 184,662 | $ 164,332 | $ 177,614 | $ 179,968 | ||
Total gains or losses (realized /unrealized), included in earnings | 5,677 | 9,090 | 12,777 | 11,341 | ||
Total gains or losses (realized/unrealized), included in other comprehensive income | [1] | (4) | 5 | 5 | 31 | |
Investment Securities Called | 0 | 0 | 0 | (1,000) | ||
Discount accretion | 1 | 1 | 1 | 48 | ||
Purchase of private equity securities | 1,470 | 224 | 10,947 | 10,756 | ||
Sales And Repayments Of Private Equity Securities | (12,564) | 0 | (21,964) | (27,492) | ||
Capitalized interest/dividends | 32 | (106) | 0 | |||
Ending balance | 179,274 | 173,652 | 179,274 | 173,652 | ||
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 | 5,677 | 9,090 | 11,002 | 11,341 | ||
Gains (Losses) included in OCI Attributable to Change in Unrealized Gains (Losses) Relating to Assets Still Held, Total | (4) | 5 | 5 | 10 | ||
State and municipal obligations [Member] | ||||||
Fair Value Assets Measured on Recurring Basis [Roll Forward] | ||||||
Beginning balance | 956 | 914 | 947 | 1,841 | ||
Total gains or losses (realized /unrealized), included in earnings | 0 | 0 | 0 | 0 | ||
Total gains or losses (realized/unrealized), included in other comprehensive income | [1] | (4) | 5 | 5 | 31 | |
Investment Securities Called | 0 | 0 | 0 | (1,000) | ||
Discount accretion | 1 | 1 | 1 | 48 | ||
Purchase of private equity securities | 0 | 0 | 0 | 0 | ||
Sales And Repayments Of Private Equity Securities | 0 | 0 | 0 | 0 | ||
Capitalized interest/dividends | 0 | 0 | 0 | |||
Ending balance | 953 | 920 | 953 | 920 | ||
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 | 0 | 0 | ||
Gains (Losses) included in OCI Attributable to Change in Unrealized Gains (Losses) Relating to Assets Still Held, Total | (4) | 5 | 5 | 10 | ||
Private Equity Investments [Member] | ||||||
Fair Value Assets Measured on Recurring Basis [Roll Forward] | ||||||
Beginning balance | 183,706 | 163,418 | 176,667 | 178,127 | ||
Total gains or losses (realized /unrealized), included in earnings | 5,677 | 9,090 | 12,777 | 11,341 | ||
Total gains or losses (realized/unrealized), included in other comprehensive income | [1] | 0 | 0 | 0 | 0 | |
Investment Securities Called | 0 | 0 | 0 | 0 | ||
Discount accretion | 0 | 0 | 0 | 0 | ||
Purchase of private equity securities | 1,470 | 224 | 10,947 | 10,756 | ||
Sales And Repayments Of Private Equity Securities | (12,564) | 0 | 21,964 | (27,492) | ||
Capitalized interest/dividends | 32 | (106) | 0 | |||
Ending balance | 178,321 | 172,732 | 178,321 | 172,732 | ||
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 | 5,677 | 9,090 | 11,002 | 11,341 | ||
Gains (Losses) included in OCI Attributable to Change in Unrealized Gains (Losses) Relating to Assets Still Held, Total | $ 0 | $ 0 | $ 0 | $ 0 | ||
|
Fair Value Measurements (Summary Of Gains And Losses On Level 3 Assets And Liabilities) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Gains and Losses included in earnings for Level 3 assets & liabilities [Line Items] | ||||
Change in unrealized gains or losses relating to assets still held at period end | $ 5,677 | $ 9,090 | $ 11,002 | $ 11,341 |
Investment Securities Gains (Losses), Net | ||||
Gains and Losses included in earnings for Level 3 assets & liabilities [Line Items] | ||||
Total gains or losses included in earnings | 5,677 | 9,090 | 12,777 | 11,341 |
Change in unrealized gains or losses relating to assets still held at period end | $ 5,677 | $ 9,090 | $ 11,002 | $ 11,341 |
Fair Value Measurements (Summary Of Quantitative Information About Level 3 Fair Value Measurements) (Details) - Private Equity Investments [Member] |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2024 | ||||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||||
Valuation Technique | Market comparable companies | |||
Minimum [Member] | ||||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||||
EBITDA multiple | 3.5 | |||
Maximum [Member] | ||||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||||
EBITDA multiple | 7.5 | |||
Weighted Average [Member] | ||||
Fair Value Assets Measured on Recurring Basis [Line Items] | ||||
EBITDA multiple | 5.2 | [1] | ||
|
Fair Value Measurements (Schedule of Fair Value Disclosures Measured On Nonrecurring Basis) (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Collateral Dependent Loans | $ 15,081 | $ 1,647 |
Loans Nonrecurring Basis Gains (Losses) | (2,850) | 588 |
Equity Securities Nonrecurring Basis Gains Losses | 58,241 | 0 |
Equity Securities Nonrecurring Basis | 58,376 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Collateral Dependent Loans | 0 | 0 |
Equity Securities Nonrecurring Basis | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Collateral Dependent Loans | 0 | 0 |
Equity Securities Nonrecurring Basis | 57,185 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Collateral Dependent Loans | 15,081 | 1,647 |
Equity Securities Nonrecurring Basis | $ 1,191 | $ 0 |
Fair Value Of Financial Instruments (Schedule Of Estimated Fair Value Of Financial Instruments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
||
---|---|---|---|---|
Carrying Amount | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | $ 17,163,065 | $ 17,205,479 | ||
Loans held for sale | 2,930 | 4,177 | ||
Investment securities | 8,851,372 | 9,941,786 | ||
Federal Funds Sold | 0 | 5,025 | ||
Securities purchased under agreements to resell | 475,000 | 450,000 | ||
Interest earning deposits with banks | 2,215,057 | 2,239,010 | ||
Cash and due from banks | 329,692 | 443,147 | ||
Derivative Asset | 86,709 | 116,876 | ||
Assets held in trust for deferred compensation plan | 21,550 | 20,538 | ||
Assets, Fair Value Financial Instruments | 29,145,375 | 30,426,038 | ||
Non-interest bearing deposits | 7,492,751 | 7,975,935 | ||
Savings, interest checking and money market deposits | 14,367,710 | 14,512,273 | ||
Certificates of deposits | 2,418,799 | 2,875,690 | ||
Federal funds purchased | 254,720 | 261,305 | ||
Securities sold under agreements to repurchase | 2,296,679 | 2,647,510 | ||
Other borrowings | 3,956 | 1,366 | ||
Derivative Liabilities | 36,915 | 37,899 | ||
Liabilities held in trust for deferred compensation plan | 21,550 | 20,538 | ||
Financial Liabilities Fair Value Disclosure | 26,893,080 | 28,332,516 | ||
Carrying Amount | Business | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 6,090,724 | 6,019,036 | ||
Carrying Amount | Real estate - construction and land | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 1,396,515 | 1,446,764 | ||
Carrying Amount | Real estate - business | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 3,572,539 | 3,719,306 | ||
Carrying Amount | Real estate - personal | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 3,055,182 | 3,026,041 | ||
Carrying Amount | Consumer | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 2,145,609 | 2,077,723 | ||
Carrying Amount | Revolving home equity | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 331,381 | 319,894 | ||
Carrying Amount | Consumer credit card | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 566,925 | 589,913 | ||
Carrying Amount | Overdrafts | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 4,190 | 6,802 | ||
Estimate of Fair Value Measurement [Member] | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 16,309,986 | 16,347,391 | ||
Loans held for sale | 2,930 | 4,177 | ||
Investment securities | 8,851,372 | 9,941,786 | ||
Federal Funds Sold | 0 | 5,025 | ||
Securities purchased under agreements to resell | 471,259 | 444,448 | ||
Interest earning deposits with banks | 2,215,057 | 2,239,010 | ||
Cash and due from banks | 329,692 | 443,147 | ||
Derivative Asset | 86,709 | 116,876 | ||
Assets held in trust for deferred compensation plan | 21,550 | 20,538 | ||
Assets, Fair Value Financial Instruments | 28,288,555 | 29,562,398 | ||
Non-interest bearing deposits | 7,492,751 | 7,975,935 | ||
Savings, interest checking and money market deposits | 14,367,710 | 14,512,273 | ||
Certificates of deposits | 2,454,596 | 2,916,627 | ||
Federal funds purchased | 254,720 | 261,305 | ||
Securities sold under agreements to repurchase | 2,299,857 | 2,650,951 | ||
Other borrowings | 3,956 | 1,366 | ||
Derivative Liabilities | 36,915 | 37,899 | ||
Liabilities held in trust for deferred compensation plan | 21,550 | 20,538 | ||
Financial Liabilities Fair Value Disclosure | 26,932,055 | 28,376,894 | ||
Estimate of Fair Value Measurement [Member] | Business | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 5,949,560 | 5,873,549 | ||
Estimate of Fair Value Measurement [Member] | Real estate - construction and land | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 1,369,734 | 1,420,522 | ||
Estimate of Fair Value Measurement [Member] | Real estate - business | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 3,449,075 | 3,594,834 | ||
Estimate of Fair Value Measurement [Member] | Real estate - personal | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 2,588,478 | 2,568,026 | ||
Estimate of Fair Value Measurement [Member] | Consumer | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 2,096,790 | 2,016,334 | ||
Estimate of Fair Value Measurement [Member] | Revolving home equity | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 328,442 | 317,013 | ||
Estimate of Fair Value Measurement [Member] | Consumer credit card | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 523,830 | 550,464 | ||
Estimate of Fair Value Measurement [Member] | Overdrafts | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 4,077 | 6,649 | ||
Estimate of Fair Value Measurement [Member] | Level 1 | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Investment securities | 1,685,631 | 822,237 | ||
Federal Funds Sold | 0 | 5,025 | ||
Securities purchased under agreements to resell | 0 | 0 | ||
Interest earning deposits with banks | 2,215,057 | 2,239,010 | ||
Cash and due from banks | 329,692 | 443,147 | ||
Derivative Asset | 0 | 0 | ||
Assets held in trust for deferred compensation plan | 21,550 | 20,538 | ||
Assets, Fair Value Financial Instruments | 4,251,930 | 3,529,957 | ||
Non-interest bearing deposits | 7,492,751 | 7,975,935 | ||
Savings, interest checking and money market deposits | 14,367,710 | 14,512,273 | ||
Certificates of deposits | 0 | 0 | ||
Federal funds purchased | 254,720 | 261,305 | ||
Securities sold under agreements to repurchase | 0 | 0 | ||
Other borrowings | 0 | 0 | ||
Derivative Liabilities | 0 | 0 | ||
Liabilities held in trust for deferred compensation plan | 21,550 | 20,538 | ||
Financial Liabilities Fair Value Disclosure | 22,136,731 | 22,770,051 | ||
Estimate of Fair Value Measurement [Member] | Level 1 | Business | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Level 1 | Real estate - construction and land | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Level 1 | Real estate - business | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Level 1 | Real estate - personal | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Level 1 | Consumer | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Level 1 | Revolving home equity | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Level 1 | Consumer credit card | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Level 1 | Overdrafts | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Level 2 | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 0 | 0 | ||
Loans held for sale | 2,930 | 4,177 | ||
Investment securities | 6,940,990 | 8,896,129 | ||
Federal Funds Sold | 0 | 0 | ||
Securities purchased under agreements to resell | 0 | 0 | ||
Interest earning deposits with banks | 0 | 0 | ||
Cash and due from banks | 0 | 0 | ||
Derivative Asset | 86,511 | 116,710 | ||
Assets held in trust for deferred compensation plan | 0 | 0 | ||
Assets, Fair Value Financial Instruments | 7,030,431 | 9,017,016 | ||
Non-interest bearing deposits | 0 | 0 | ||
Savings, interest checking and money market deposits | 0 | 0 | ||
Certificates of deposits | 0 | 0 | ||
Federal funds purchased | 0 | 0 | ||
Securities sold under agreements to repurchase | 0 | 0 | ||
Other borrowings | 3,956 | 1,366 | ||
Derivative Liabilities | 36,832 | 37,704 | ||
Liabilities held in trust for deferred compensation plan | 0 | 0 | ||
Financial Liabilities Fair Value Disclosure | 40,788 | 39,070 | ||
Estimate of Fair Value Measurement [Member] | Level 2 | Business | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Level 2 | Real estate - construction and land | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Level 2 | Real estate - business | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Level 2 | Real estate - personal | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Level 2 | Consumer | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Level 2 | Revolving home equity | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Level 2 | Consumer credit card | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Level 2 | Overdrafts | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 16,309,986 | 16,347,391 | ||
Loans held for sale | 0 | 0 | ||
Investment securities | 224,751 | 223,420 | ||
Federal Funds Sold | 0 | 0 | ||
Securities purchased under agreements to resell | 471,259 | 444,448 | ||
Interest earning deposits with banks | 0 | 0 | ||
Cash and due from banks | 0 | 0 | ||
Derivative Asset | 198 | 166 | ||
Assets held in trust for deferred compensation plan | 0 | 0 | ||
Assets, Fair Value Financial Instruments | 17,006,194 | 17,015,425 | ||
Non-interest bearing deposits | 0 | 0 | ||
Savings, interest checking and money market deposits | 0 | 0 | ||
Certificates of deposits | 2,454,596 | 2,916,627 | ||
Federal funds purchased | 0 | 0 | ||
Securities sold under agreements to repurchase | 2,299,857 | 2,650,951 | ||
Other borrowings | 0 | 0 | ||
Derivative Liabilities | 83 | 195 | ||
Liabilities held in trust for deferred compensation plan | 0 | 0 | ||
Financial Liabilities Fair Value Disclosure | 4,754,536 | 5,567,773 | ||
Estimate of Fair Value Measurement [Member] | Significant Unobservable Inputs (Level 3) | Business | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 5,949,560 | 5,873,549 | ||
Estimate of Fair Value Measurement [Member] | Significant Unobservable Inputs (Level 3) | Real estate - construction and land | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 1,369,734 | 1,420,522 | ||
Estimate of Fair Value Measurement [Member] | Significant Unobservable Inputs (Level 3) | Real estate - business | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 3,449,075 | 3,594,834 | ||
Estimate of Fair Value Measurement [Member] | Significant Unobservable Inputs (Level 3) | Real estate - personal | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 2,588,478 | 2,568,026 | ||
Estimate of Fair Value Measurement [Member] | Significant Unobservable Inputs (Level 3) | Consumer | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 2,096,790 | 2,016,334 | ||
Estimate of Fair Value Measurement [Member] | Significant Unobservable Inputs (Level 3) | Revolving home equity | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 328,442 | 317,013 | ||
Estimate of Fair Value Measurement [Member] | Significant Unobservable Inputs (Level 3) | Consumer credit card | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 523,830 | 550,464 | ||
Estimate of Fair Value Measurement [Member] | Significant Unobservable Inputs (Level 3) | Overdrafts | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Loans | 4,077 | 6,649 | ||
Federal Funds Sold | 0 | 5,025 | ||
Securities purchased under agreements to resell | 475,000 | 450,000 | ||
Interest earning deposits with banks | 2,215,057 | 2,239,010 | ||
Cash and due from banks | 329,692 | 443,147 | ||
Derivative Asset | [1] | 86,709 | 116,876 | |
Assets held in trust for deferred compensation plan | 21,550 | 20,538 | ||
Non-interest bearing deposits | 7,492,751 | 7,975,935 | ||
Savings, interest checking and money market deposits | 14,367,710 | 14,512,273 | ||
Other borrowings | 3,984 | 1,404 | ||
Derivative Liabilities | [1] | 36,915 | 37,899 | |
Liabilities held in trust for deferred compensation plan | 21,550 | 20,538 | ||
Level 1 | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Derivative Asset | [1] | 0 | 0 | |
Assets held in trust for deferred compensation plan | 21,550 | 20,538 | ||
Derivative Liabilities | [1] | 0 | 0 | |
Liabilities held in trust for deferred compensation plan | 21,550 | 20,538 | ||
Level 2 | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Derivative Asset | [1] | 86,511 | 116,710 | |
Assets held in trust for deferred compensation plan | 0 | 0 | ||
Derivative Liabilities | [1] | 36,832 | 37,704 | |
Liabilities held in trust for deferred compensation plan | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Balance Sheet Grouping [Line Items] | ||||
Derivative Asset | [1] | 198 | 166 | |
Assets held in trust for deferred compensation plan | 0 | 0 | ||
Derivative Liabilities | [1] | 83 | 195 | |
Liabilities held in trust for deferred compensation plan | $ 0 | $ 0 | ||
|
631
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