3 unchanged sentences
CONSOLIDATED BALANCE SHEETS
−Removed: September 30,
2025 December 31, 2024
3 unchanged sentences
Net loans 17,212,390 17,057,361
−Removed: Loans held for sale (including $ 1,605,000 and $ 1,585,000 of residential mortgage loans carried at fair value at September 30, 2024 and December 31, 2023, respectively)
+Added: Loans held for sale (including $ 2,702,000 and $ 2,981,000 of residential mortgage loans carried at fair value at March 31, 2025 and December 31, 2024, respectively)
Investment securities:
Available for sale debt, at fair value (amortized cost of $ 10,097,801,000 and $ 10,127,426,000 at
−Removed: September 30, 2024 and December 31, 2023, respectively, and allowance for credit losses of $ —
−Removed: at both September 30, 2024 and December 31, 2023)
+Added: March 31, 2025 and December 31, 2024, respectively, and allowance for credit losses of $ —
+Added: at both March 31, 2025 and December 31, 2024)
9,264,947 9,136,853
26 unchanged sentences
Authorized 190,000,000 ;
−Removed: issued 131,064,418 shares at both September 30, 2024 and December 31, 2023
+Added: issued 135,210,812 shares at both March 31, 2025 and December 31, 2024
676,054 676,054
1 unchanged sentence
Retained earnings 140,220 45,494
−Removed: Treasury stock of 2,425,152 shares at September 30, 2024
+Added: Treasury stock of 1,353,720 shares at March 31, 2025
and 784,203 shares at December 31, 2024, at cost
10 unchanged sentences
CONSOLIDATED STATEMENTS OF INCOME
−Removed: For the Three Months Ended September 30 For the Nine Months Ended September 30
+Added: For the Three Months Ended March 31
(In thousands, except per share data) 2025 2024
52 unchanged sentences
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
−Removed: For the Three Months Ended September 30 For the Nine Months Ended September 30
+Added: For the Three Months Ended March 31
(In thousands) 2025 2024
13 unchanged sentences
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
−Removed: Three Months Ended September 30, 2024 and 2023
+Added: Three Months Ended March 31, 2025 and 2024
Commerce Bancshares, Inc.
1 unchanged sentence
Common Stock Capital Surplus Retained Earnings Treasury Stock Accumulated Other Comprehensive Income (Loss) Non-Controlling Interest Total
−Removed: Balance June 30, 2024
+Added: Balance December 31, 2024
$ 676,054 $ 3,395,645 $ 45,494 $ ( 48,401 ) $ ( 758,911 ) $ 22,594 $ 3,332,475
9 unchanged sentences
( 36,866 ) ( 36,866 )
−Removed: Balance September 30, 2024
+Added: Balance March 31, 2025
$ 676,054 $ 3,381,960 $ 140,220 $ ( 85,871 ) $ ( 634,576 ) $ 20,615 $ 3,498,402
−Removed: Balance June 30, 2023
+Added: Balance December 31, 2023
$ 655,322 $ 3,162,622 $ 53,183 $ ( 35,599 ) $ ( 891,412 ) $ 20,114 $ 2,964,230
3 unchanged sentences
Purchases of treasury stock ( 42,314 ) ( 42,314 )
−Removed: Sale of non-controlling interest of subsidiary 8 ( 8 ) —
Issuance under stock purchase and equity
4 unchanged sentences
( 35,140 ) ( 35,140 )
−Removed: Balance September 30, 2023
−Removed: $ 629,319 $ 2,924,211 $ 298,297 $ ( 76,888 ) $ ( 1,193,534 ) $ 17,861 $ 2,599,266
−Removed: See accompanying notes to consolidated financial statements.
−Removed: Commerce Bancshares, Inc.
−Removed: and Subsidiaries
−Removed: CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
−Removed: Nine Months Ended September 30, 2024 and 2023
−Removed: Commerce Bancshares, Inc.
−Removed: (In thousands, except per share data)
−Removed: Common Stock Capital Surplus Retained Earnings Treasury Stock Accumulated Other Comprehensive Income (Loss) Non-Controlling Interest Total
−Removed: Balance December 31, 2023
−Removed: $ 655,322 $ 3,162,622 $ 53,183 $ ( 35,599 ) $ ( 891,412 ) $ 20,114 $ 2,964,230
−Removed: Net income 390,223 6,934 397,157
−Removed: Other comprehensive income (loss) 314,508 314,508
−Removed: Distributions to non-controlling interest ( 5,590 ) ( 5,590 )
−Removed: Purchases of treasury stock ( 124,603 ) ( 124,603 )
−Removed: Issuance under stock purchase and equity compensation plans ( 21,053 ) 21,053 —
−Removed: Stock-based compensation 12,731 12,731
−Removed: Cash dividends paid on common stock ($ .810 per share)
−Removed: ( 104,894 ) ( 104,894 )
−Removed: Balance September 30, 2024
−Removed: $ 655,322 $ 3,154,300 $ 338,512 $ ( 139,149 ) $ ( 576,904 ) $ 21,458 $ 3,453,539
−Removed: Balance December 31, 2022
−Removed: $ 629,319 $ 2,932,959 $ 31,620 $ ( 41,743 ) $ ( 1,086,864 ) $ 16,286 $ 2,481,577
−Removed: Net income 367,837 5,879 373,716
−Removed: Other comprehensive income (loss) ( 106,670 ) ( 106,670 )
−Removed: Distributions to non-controlling interest ( 4,250 ) ( 4,250 )
−Removed: Purchases of treasury stock ( 56,541 ) ( 56,541 )
−Removed: Sale of non-controlling interest of subsidiary 54 ( 54 ) —
−Removed: Issuance under stock purchase and equity compensation plans ( 21,396 ) 21,396 —
−Removed: Stock-based compensation 12,594 12,594
−Removed: Cash dividends paid on common stock ($ .771 per share)
−Removed: ( 101,160 ) ( 101,160 )
−Removed: Balance September 30, 2023
+Added: Balance March 31, 2024
$ 655,322 $ 3,148,649 $ 130,706 $ ( 59,674 ) $ ( 931,027 ) $ 19,913 $ 2,963,889
3 unchanged sentences
CONSOLIDATED STATEMENTS OF CASH FLOWS
−Removed: For the Nine Months Ended September 30
+Added: For the Three Months Ended March 31
(In thousands) 2025 2024
10 unchanged sentences
Net (increase) decrease in trading debt securities, excluding unsettled transactions ( 21,277 ) ( 40,529 )
−Removed: Purchase of interest rate floor derivative contracts — ( 54,449 )
Stock-based compensation 4,426 4,266
5 unchanged sentences
INVESTING ACTIVITIES:
−Removed: Cash paid in acquisition, net of cash received — ( 6,365 )
−Removed: Distributions received from equity-method investment — 1,434
Proceeds from sales of investment securities (A) 6,757 10,250
11 unchanged sentences
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase ( 526,722 ) ( 403,239 )
−Removed: FHLB short-term borrowings — 2,250,000
−Removed: Repayments of FHLB borrowings — ( 1,750,000 )
Net increase (decrease) in other borrowings 17,687 955
1 unchanged sentence
Cash dividends paid on common stock and distributions to non-controlling interest ( 37,886 ) ( 35,140 )
+Added: Other, net ( 2 ) —
Net cash provided by (used in) financing activities 132,734 ( 1,462,951 )
1 unchanged sentence
Cash, cash equivalents and restricted cash at beginning of year 3,375,992 2,687,283
−Removed: Cash, cash equivalents and restricted cash at September 30
+Added: Cash, cash equivalents and restricted cash at March 31
$ 3,273,905 $ 1,900,725
5 unchanged sentences
Restricted cash is comprised of cash collateral posted by the Company to secure interest rate swap agreements.
−Removed: This balance is included in other assets in the consolidated balance sheets and totaled $ 111 thousand at September 30, 2024.
−Removed: The Company had $ 130 thousand in restricted cash at September 30, 2023.
+Added: This balance is included in other assets in the consolidated balance sheets and totaled $ 52 thousand at March 31, 2025.
+Added: The Company had $ 71 thousand in restricted cash at March 31, 2024.
Commerce Bancshares, Inc.
1 unchanged sentence
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
−Removed: September 30, 2024 (Unaudited)
+Added: March 31, 2025 (Unaudited)
Principles of Consolidation and Presentation
9 unchanged sentences
Management has evaluated subsequent events for potential recognition or disclosure.
−Removed: The results of operations for the nine month period ended September 30, 2024 are not necessarily indicative of results to be attained for the full year or any other interim period.
+Added: The results of operations for the three month period ended March 31, 2025 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.
1 unchanged sentence
Loans and Allowance for Credit Losses
−Removed: Major classifications within the Company’s held for investment loan portfolio at September 30, 2024 and December 31, 2023 are as follows:
+Added: Major classifications within the Company’s held for investment loan portfolio at March 31, 2025 and December 31, 2024 are as follows:
(In thousands)
−Removed: September 30, 2024 December 31, 2023
+Added: March 31, 2025 December 31, 2024
Business $ 6,239,276 $ 6,053,820
8 unchanged sentences
Total loans $ 17,379,421 $ 17,220,103
−Removed: Accrued interest receivable totaled $ 75.9 million and $ 71.9 million at September 30, 2024 and December 31, 2023, respectively, and was included within other assets on the consolidated balance sheets.
−Removed: For the three months ended September 30, 2024, the Company wrote-off accrued interest by reversing interest income of $ 56 thousand and $ 1.5 million in the Commercial and Personal Banking portfolios, respectively.
−Removed: Similarly, for the nine months ended September 30, 2024, the Company wrote off accrued interest of $ 491 thousand and $ 4.6 million in the Commercial and Personal Banking portfolios, respectively.
−Removed: For the three months ended September 30, 2023, the Company reversed interest income of $ 237 thousand and $ 1.2 million in the Commercial and Personal Banking portfolios, respectively, and in the nine months ended September 30, 2023, reversed $ 313 thousand and $ 3.4 million in the Commercial and Personal Banking portfolios, respectively.
−Removed: At September 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.
+Added: Accrued interest receivable totaled $ 66.2 million and $ 70.6 million at March 31, 2025 and December 31, 2024, respectively, and was included within other assets on the consolidated balance sheets.
+Added: For the three months ended March 31, 2025, the Company wrote-off accrued interest by reversing interest income of $ 112 thousand and $ 1.7 million in the Commercial and Personal Banking portfolios, respectively.
+Added: Similarly, for the three months ended March 31, 2024, the Company reversed $ 94 thousand and $ 1.6 million in the Commercial and Personal Banking portfolios, respectively.
+Added: At March 31, 2025, loans of $ 3.3 billion were pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits.
Additional loans of $ 2.6 billion were pledged at the Federal Reserve Bank as collateral for discount window borrowings.
16 unchanged sentences
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.
−Removed: The assumptions utilized in estimating the Company’s allowance for credit losses at September 30, 2024 and June 30, 2024 are discussed below.
−Removed: Key Assumption September 30, 2024 June 30, 2024
−Removed: Overall economic forecast • Economic growth expected to remain steady with only a slight rise in unemployment rate
−Removed: • Inflation expected to move closer to the Federal Reserve's 2% target
−Removed: • Expected the Federal Reserve will cut rates every other meeting in 2025
−Removed: • Economic growth expected to slightly cool with no significant rise in layoffs or unemployment rate
−Removed: • Inflation expected to moderate
−Removed: • Expectations the Federal Reserve will start cutting rates in September 2024
+Added: The assumptions utilized in estimating the Company’s allowance for credit losses at March 31, 2025 and December 31, 2024 are discussed below.
+Added: Key Assumption March 31, 2025 December 31, 2024
+Added: Overall economic forecast • Economic uncertainty surged in first quarter of 2025 and will weigh on the economy
+Added: • The overall US effective tariff rate is expected to more than triple from March 31, 2025
+Added: • Federal worker layoffs cause slight increase in unemployment
+Added: • The US economy will continue to grow
+Added: • Expansionary fiscal policy and less immigration cause the labor market to tighten, pushing the unemployment rate lower
Reasonable and supportable period and related reversion period • Reasonable and supportable period of one year
2 unchanged sentences
• Reversion to historical average loss rates within two quarters using a straight-line method
−Removed: Forecasted macro-economic variables • Unemployment rate is 4.3% during the supportable forecast period
+Added: Forecasted macro-economic variables • Unemployment rate ranges from 4.2% to 4.4% during the supportable forecast period
• Real GDP growth ranges from 1.7% to 2.1%
6 unchanged sentences
Prepayment assumptions Commercial loans
−Removed: • Pools ranging from 0% to 5%
+Added: • 5% for most loan pools
Personal banking loans
2 unchanged sentences
Commercial loans
−Removed: • Pools ranging from 0% to 5%
+Added: • 5% for most loan pools
Personal banking loans
5 unchanged sentences
• Loans downgraded to special mention, substandard, or non-accrual status
+Added: • Consumer auto portfolio loss expectation adjustment
+Added: • Other consumer portfolio loss expectation adjustment
• Certain portfolios where the model assumptions do not capture all identified loss risk
2 unchanged sentences
• Certain industries experiencing stress or emerging concerns within the portfolio
−Removed: • Certain portfolios sensitive to unusually high rate of inflation and supply chain issues
• Loans downgraded to special mention, substandard, or non-accrual status
+Added: • Consumer auto portfolio
• Certain portfolios where the model assumptions do not capture all identified loss risk
3 unchanged sentences
The forecasted macro-economic environment continuously changes which can cause fluctuations in the estimate of expected credit losses.
−Removed: The current forecast projects continued low unemployment.
−Removed: It is expected that the Federal Reserve will cut rates at every other meeting next year.
−Removed: Updated information on inflation and labor market trends could impact the Federal Reserve's decision on the timing and degree of rate reductions.
−Removed: 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.
−Removed: The upcoming presidential election could result in policy changes that might also impact the estimation of the allowance for credit losses.
+Added: The current forecast includes projections on the impact of the tariffs the United States ("U.S.") administration announced and reduction in U.S.
+Added: federal workers due to announced layoffs, while noting significant policy uncertainty.
+Added: Both trade policy uncertainty and fiscal policy uncertainty are not likely to resolve in the short term.
+Added: Policy changes and the market's response to the changes could impact inflation, labor market trends, Federal Reserve monetary policy, business growth and consumer spending.
+Added: 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.
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.
−Removed: A summary of the activity in the allowance for credit losses on loans and the liability for unfunded lending commitments for the three and nine months ended September 30, 2024 and 2023, respectively, follows:
−Removed: For the Three Months Ended September 30, 2024
−Removed: For the Nine Months Ended September 30, 2024
+Added: A summary of the activity in the allowance for credit losses on loans and the liability for unfunded lending commitments for the three months ended March 31, 2025 and 2024, respectively, follows:
+Added: For the Three Months Ended March 31, 2025
(In thousands) Commercial Personal Banking
−Removed: Commercial Personal Banking
ALLOWANCE FOR CREDIT LOSSES ON LOANS
4 unchanged sentences
Net loan charge-offs (recoveries) 423 10,383 10,806
−Removed: Balance September 30, 2024 $ 107,047 $ 53,792 $ 160,839 $ 107,047 $ 53,792 $ 160,839
+Added: Balance March 31, 2025 $ 106,700 $ 60,331 $ 167,031
LIABILITY FOR UNFUNDED LENDING COMMITMENTS
1 unchanged sentence
Provision for credit losses on unfunded lending commitments ( 840 ) 232 ( 608 )
−Removed: Balance September 30, 2024 $ 16,648 $ 1,336 $ 17,984 $ 16,648 $ 1,336 $ 17,984
+Added: Balance March 31, 2025 $ 17,047 $ 1,280 $ 18,327
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS $ 123,747 $ 61,611 $ 185,358
−Removed: For the Three Months Ended September 30, 2023
−Removed: For the Nine Months Ended September 30, 2023
+Added: For the Three Months Ended March 31, 2024
(In thousands) Commercial Personal Banking
−Removed: Commercial Personal Banking
ALLOWANCE FOR CREDIT LOSSES ON LOANS
4 unchanged sentences
Net loan charge-offs (recoveries) ( 118 ) 8,995 8,877
−Removed: Balance September 30, 2023 $ 110,627 $ 51,617 $ 162,244 $ 110,627 $ 51,617 $ 162,244
+Added: Balance March 31, 2024 $ 105,464 $ 55,001 $ 160,465
LIABILITY FOR UNFUNDED LENDING COMMITMENTS
1 unchanged sentence
Provision for credit losses on unfunded lending commitments ( 2,273 ) 113 ( 2,160 )
−Removed: Balance September 30, 2023 $ 26,118 $ 1,419 $ 27,537 $ 26,118 $ 1,419 $ 27,537
+Added: Balance March 31, 2024 $ 21,636 $ 1,450 $ 23,086
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS $ 127,100 $ 56,451 $ 183,551
1 unchanged sentence
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.
−Removed: 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 September 30, 2024 and December 31, 2023.
+Added: The following table provides aging information on the Company’s past due and accruing loans, in addition to the balances of loans on non-accrual status, at March 31, 2025 and December 31, 2024.
(In thousands)
2 unchanged sentences
90 Days Past Due and Still Accruing Non-accrual
−Removed: September 30, 2024
+Added: March 31, 2025
Business $ 6,235,165 $ 2,386 $ 613 $ 1,112 $ 6,239,276
19 unchanged sentences
Total $ 17,093,789 $ 83,520 $ 24,516 $ 18,278 $ 17,220,103
−Removed: At September 30, 2024, the Company had $ 2.0 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.
−Removed: The Company did not record any interest income on non-accrual loans during the nine months ended September 30, 2024 and 2023, respectively.
+Added: At March 31, 2025, the Company had $ 5.9 million in non-accrual loans that had no allowance for credit loss, compared to $ 2.0 million in non-accrual loans that had no allowance for credit loss at December 31, 2024.
+Added: The Company did not record any interest income on non-accrual loans during the three months ended March 31, 2025 and 2024, respectively.
Credit quality indicators
15 unchanged sentences
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.
−Removed: The risk category of loans in the Commercial portfolio as of September 30, 2024 and December 31, 2023 are as follows:
+Added: The risk category of loans in the Commercial portfolio as of March 31, 2025 and December 31, 2024 are as follows:
Term Loans Amortized Cost Basis by Origination Year
(In thousands) 2025 2024 2023 2022 2021 Prior Revolving Loans Amortized Cost Basis Total
−Removed: September 30, 2024
+Added: March 31, 2025
Pass $ 419,931 $ 1,273,288 $ 838,520 $ 565,125 $ 372,791 $ 457,180 $ 2,087,293 $ 6,014,128
4 unchanged sentences
$ 420,583 $ 1,281,473 $ 853,512 $ 594,744 $ 388,860 $ 470,427 $ 2,229,677 $ 6,239,276
−Removed: Gross write-offs for the nine months ended September 30, 2024
+Added: Gross write-offs for the three months ended March 31, 2025
$ — $ — $ — $ — $ — $ — $ 326 $ 326
1 unchanged sentence
Pass $ 99,421 $ 358,930 $ 487,381 $ 402,951 $ 22,518 $ 3,742 $ 28,632 $ 1,403,575
+Added: Special mention — — — 12,953 — — — 12,953
Substandard — 236 2,588 — — — — 2,824
+Added: Non-accrual — 220 — — — — — 220
Total Real estate-construction:
$ 99,421 $ 359,386 $ 489,969 $ 415,904 $ 22,518 $ 3,742 $ 28,632 $ 1,419,572
−Removed: Gross write-offs for the nine months ended September 30, 2024
+Added: Gross write-offs for the three months ended March 31, 2025
$ — $ — $ — $ — $ — $ — $ — $ —
6 unchanged sentences
$ 153,162 $ 730,694 $ 586,613 $ 782,395 $ 460,708 $ 753,780 $ 161,283 $ 3,628,635
−Removed: Gross write-offs for the nine months ended September 30, 2024
+Added: Gross write-offs for the three months ended March 31, 2025
$ — $ — $ 400 $ — $ — $ — $ — $ 400
6 unchanged sentences
$ 673,166 $ 2,371,553 $ 1,930,094 $ 1,793,043 $ 872,086 $ 1,227,949 $ 2,419,592 $ 11,287,483
−Removed: Gross write-offs for the nine months ended September 30, 2024
+Added: Gross write-offs for the three months ended March 31, 2025
$ — $ — $ 400 $ — $ — $ — $ 326 $ 726
12 unchanged sentences
Special mention — — — — — — — —
+Added: Substandard — 2,663 — — — — — 2,663
+Added: Non-accrual 220 — — — — — — 220
Total Real estate-construction:
17 unchanged sentences
Gross write-offs for the year ended December 31, 2024 $ 200 $ 275 $ 40 $ 53 $ — $ 80 $ 1,387 $ 2,035
−Removed: The credit quality of Personal Banking loans is monitored primarily on the basis of aging/delinquency, and this information is provided as of September 30, 2024 and December 31, 2023 below.
+Added: The credit quality of Personal Banking loans is monitored primarily on the basis of aging/delinquency, and this information is provided as of March 31, 2025 and December 31, 2024 below.
Term Loans Amortized Cost Basis by Origination Year
(In thousands) 2025 2024 2023 2022 2021 Prior Revolving Loans Amortized Cost Basis Total
−Removed: September 30, 2024
+Added: March 31, 2025
Real estate-personal
4 unchanged sentences
$ 75,510 $ 370,932 $ 378,485 $ 398,412 $ 475,499 $ 1,340,073 $ 8,898 $ 3,047,809
−Removed: Gross write-offs for the nine months ended September 30, 2024
+Added: Gross write-offs for the three months ended March 31, 2025
$ — $ — $ 45 $ 35 $ — $ — $ — $ 80
3 unchanged sentences
$ 139,297 $ 362,456 $ 339,730 $ 203,237 $ 137,596 $ 104,806 $ 829,038 $ 2,116,160
−Removed: Gross write-offs for the nine months ended September 30, 2024
+Added: Gross write-offs for the three months ended March 31, 2025
$ — $ 1,139 $ 912 $ 663 $ 265 $ 140 $ 511 $ 3,630
5 unchanged sentences
$ — $ — $ — $ — $ — $ — $ 356,675 $ 356,675
−Removed: Gross write-offs for the nine months ended September 30, 2024
+Added: Gross write-offs for the three months ended March 31, 2025
$ — $ — $ — $ — $ — $ — $ — $ —
4 unchanged sentences
$ — $ — $ — $ — $ — $ — $ 568,163 $ 568,163
−Removed: Gross write-offs for the nine months ended September 30, 2024
+Added: Gross write-offs for the three months ended March 31, 2025
$ — $ — $ — $ — $ — $ — $ 8,171 $ 8,171
2 unchanged sentences
$ 3,131 $ — $ — $ — $ — $ — $ — $ 3,131
−Removed: Gross write-offs for the nine months ended September 30, 2024
+Added: Gross write-offs for the three months ended March 31, 2025
$ 686 $ — $ — $ — $ — $ — $ — $ 686
5 unchanged sentences
$ 217,938 $ 733,388 $ 718,215 $ 601,649 $ 613,095 $ 1,444,879 $ 1,762,774 $ 6,091,938
−Removed: Gross write-offs for the nine months ended September 30, 2024
+Added: Gross write-offs for the three months ended March 31, 2025
$ 686 $ 1,139 $ 957 $ 698 $ 265 $ 140 $ 8,682 $ 12,567
41 unchanged sentences
The Company requires that collateral-dependent loans are either over-collateralized or carry collateral equal to the amortized cost of the loan.
−Removed: The following table presents the amortized cost basis of collateral-dependent loans as of September 30, 2024 and December 31, 2023.
−Removed: (In thousands) Business Assets Real Estate Oil & Gas Assets Total
−Removed: September 30, 2024
+Added: The following table presents the amortized cost basis of collateral-dependent loans as of March 31, 2025 and December 31, 2024.
+Added: (In thousands) Business Assets Real Estate Total
+Added: March 31, 2025
+Added: Business $ 1,023 $ — $ 1,023
Real estate - business — 17,585 17,585
3 unchanged sentences
December 31, 2024
−Removed: Business $ 1,183 $ — $ 1,238 $ 2,421
+Added: Real estate - business $ — $ 14,667 $ 14,667
Personal Banking:
1 unchanged sentence
Total $ — $ 16,644 $ 16,644
−Removed: Other Personal Banking loan information
−Removed: 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.
−Removed: 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.
−Removed: The Bank normally obtains a FICO score at the loan's origination and renewal dates, and updates are obtained on a quarterly basis.
−Removed: 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.
−Removed: These loans totaled $ 167.7 million at September 30, 2024 and $ 168.9 million at December 31, 2023.
−Removed: The table also excludes consumer loans related to the Company's patient healthcare loan program, which totaled $ 225.2 million at September 30, 2024 and $ 211.3 million at December 31, 2023.
−Removed: As the healthcare loans are guaranteed by the hospital, customer FICO scores are not obtained for these loans.
−Removed: The personal real estate loans and consumer loans excluded below totaled less than 7 % of the Personal Banking portfolio.
−Removed: For the remainder of loans in the Personal Banking portfolio, the table below shows the percentage of balances outstanding at September 30, 2024 and December 31, 2023 by FICO score.
−Removed: Personal Banking Loans
−Removed: % of Loan Category
−Removed: Real Estate - Personal Consumer Revolving Home Equity Consumer Credit Card
−Removed: September 30, 2024
−Removed: Under 600 2.3 % 2.4 % 2.0 % 5.0 %
−Removed: 600 - 659 2.3 3.9 3.1 12.1
−Removed: 660 - 719 7.8 13.4 10.3 29.0
−Removed: 720 - 779 20.7 22.3 23.9 26.7
−Removed: 780 and over 66.9 58.0 60.7 27.2
−Removed: Total 100.0 % 100.0 % 100.0 % 100.0 %
−Removed: December 31, 2023
−Removed: Under 600 2.0 % 2.5 % 1.9 % 4.7 %
−Removed: 600 - 659 2.3 4.3 3.3 12.1
−Removed: 660 - 719 8.5 12.9 10.9 29.2
−Removed: 720 - 779 21.9 28.2 22.4 27.0
−Removed: 780 and over 65.3 52.1 61.5 27.0
−Removed: Total 100.0 % 100.0 % 100.0 % 100.0 %
Modifications for borrowers experiencing financial difficulty
5 unchanged sentences
Other consumer loans modified to borrowers experiencing financial difficulty consist of various other workout arrangements with consumer customers.
−Removed: The following tables present the amortized cost at September 30, 2024 of loans that were modified during the three and nine months ended September 30, 2024 and the amortized cost of at September 30, 2023 of loans that were modified during the three and nine months ended September 30, 2023.
−Removed: For the Three Months Ended September 30, 2024
+Added: The following tables present the amortized cost at March 31, 2025 of loans that were modified during the three months ended March 31, 2025 and the amortized cost of at March 31, 2024 of loans that were modified during the three months ended March 31, 2024.
+Added: For the Three Months Ended March 31, 2025
(Dollars in thousands)
−Removed: Term Extension Payment Delay Interest Rate Reduction Interest/Fees Forgiven Other
−Removed: Total % of Total Loan Category
−Removed: September 30, 2024
−Removed: Business $ 36,892 $ — $ — $ — $ — $ 36,892 0.6 %
−Removed: Real estate – construction and land 1,915 — — — — 1,915 0.1
−Removed: Real estate – business 70,091 — — — — 70,091 2.0
−Removed: Personal Banking:
−Removed: Real estate – personal 42 4,024 — — — 4,066 0.1
−Removed: Consumer — 720 30 — — 750 —
−Removed: Consumer credit card — — 931 — — 931 0.2
−Removed: Total $ 108,940 $ 4,744 $ 961 $ — $ — $ 114,645 0.7 %
−Removed: For the Nine Months Ended September 30, 2024
−Removed: September 30, 2024
+Added: Term Extension Payment Delay Interest Rate Reduction Total % of Total Loan Category
+Added: March 31, 2025
Business $ 54,539 $ — $ — $ 54,539 0.9 %
−Removed: Real estate – construction and land 1,915 — — — — 1,915 0.1
Real estate – business 76,958 — — 76,958 2.1
4 unchanged sentences
Total $ 131,497 $ 3,884 $ 947 $ 136,328 0.8 %
−Removed: For the Three Months Ended September 30, 2023
+Added: For the Three Months Ended March 31, 2024
(Dollars in thousands)
−Removed: Term Extension Payment Delay Interest Rate Reduction Interest/Fees Forgiven Other
−Removed: Total % of Total Loan Category
−Removed: September 30, 2023
−Removed: Business $ 3,792 $ — $ — $ — $ — $ 3,792 0.1 %
−Removed: Real estate – business 56,552 — — — — 56,552 1.6
−Removed: Personal Banking:
−Removed: Real estate – personal 45 773 — — — 818 —
−Removed: Consumer — — 49 — 31 80 —
−Removed: Consumer credit card — — 935 72 — 1,007 0.2
−Removed: Total $ 60,389 $ 773 $ 984 $ 72 $ 31 $ 62,249 0.4 %
−Removed: For the Nine Months Ended September 30, 2023
−Removed: September 30, 2023
+Added: Term Extension Payment Delay Interest Rate Reduction Total % of Total Loan Category
+Added: March 31, 2024
Business $ 11,648 $ — $ — $ 11,648 0.2 %
13 unchanged sentences
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.
−Removed: The following tables summarize the financial impact of loan modifications and payment deferrals during the three and nine months ended September 30, 2024 and September 30, 2023.
+Added: The following tables summarize the financial impact of loan modifications and payment deferrals during the three months ended March 31, 2025 and March 31, 2024.
Term Extension
−Removed: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023
−Removed: Business Extended maturity by a weighted average of 5 months.
−Removed: Extended maturity by a weighted average of 3 months.
−Removed: Real estate – construction and land Extended maturity by a weighted average of 2 months.
−Removed: Real estate – business Extended maturity by a weighted average of 11 months.
−Removed: Extended maturity by a weighted average of 12 months.
−Removed: Personal Banking:
−Removed: Real estate – personal Extended maturity by a weighted average of 2 months.
−Removed: Extended maturity by a weighted average of 6 months.
−Removed: Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023
+Added: Three Months Ended March 31, 2025 Three Months Ended March 31, 2024
Business Extended maturity by a weighted average of 7 months.
Extended maturity by a weighted average of 6 months.
−Removed: Real estate – construction and land Extended maturity by a weighted average of 2 months.
Real estate – business Extended maturity by a weighted average of 18 months.
2 unchanged sentences
Real estate – personal - Extended maturity by a weighted average of 6 months.
−Removed: Extended maturity by a weighted average of 7 months.
−Removed: Consumer Extended maturity by 10 years.
Payment Delay
−Removed: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023
+Added: Three Months Ended March 31, 2025 Three Months Ended March 31, 2024
Personal Banking:
1 unchanged sentence
Deferred certain payments by a weighted average of 8 years .
−Removed: Consumer Deferred certain payments by a weighted average of 19 years .
−Removed: Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023
−Removed: Real estate – personal Deferred certain payments by a weighted average of 10 years .
−Removed: Deferred certain payments by a weighted average of 20 years .
−Removed: Consumer Deferred certain payments by a weighted average of 19 years .
−Removed: Deferred certain payments by a weighted average of 71 months .
Interest Rate Reduction
−Removed: Three Months Ended September 30, 2024 Three Months Ended September 30, 2023
−Removed: Personal Banking:
−Removed: Consumer Reduced contractual interest rate from average 21% to 6%.
−Removed: Reduced contractual interest rate from average 21% to 6%.
−Removed: Consumer credit card Reduced contractual interest rate from average 21% to 6%.
−Removed: Reduced contractual interest rate from average 21% to 6%.
−Removed: Nine Months Ended September 30, 2024 Nine Months Ended September 30, 2023
+Added: Three Months Ended March 31, 2025 Three Months Ended March 31, 2024
Personal Banking:
3 unchanged sentences
Reduced contractual interest rate from average 23% to 6%.
−Removed: Forgiveness of Interest/Fees
−Removed: Three Months Ended September 30, 2023
−Removed: Personal Banking:
−Removed: Consumer credit card Approximately $5 thousand of interest and fees forgiven.
−Removed: Nine Months Ended September 30, 2023
−Removed: Personal Banking:
−Removed: Consumer credit card Approximately $33 thousand of interest and fees forgiven.
−Removed: The Company had commitments of $ 9.4 million and $ 28.4 million at September 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;
+Added: The Company had commitments of $ 11.8 million and $ 14.9 million at March 31, 2025 and December 31, 2024, 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;
1 unchanged sentence
or a term extension during the current reporting period.
−Removed: The following tables provide the amortized cost basis at September 30, 2024 of loans to borrowers experiencing financial difficulty that had a payment default during the three and nine months ended September 30, 2024 and were modified within the 12 months preceding the payment default, as well as the amortized cost basis at September 30, 2023 of loans to borrowers experiencing financial difficulty that had a payment default during the three and nine months ended September 30, 2023 and had been modified on or after January 1, 2023 (the date we adopted ASU 2022-02).
+Added: The following tables provide the amortized cost basis at March 31, 2025 of loans to borrowers experiencing financial difficulty that had a payment default during the three months ended March 31, 2025 and were modified within the 12 months preceding the payment default, as well as the amortized cost basis at March 31, 2024 of loans to borrowers experiencing financial difficulty that had a payment default during the three months ended March 31, 2024 and had been modified within the 12 months preceding the payment default.
For purposes of this disclosure, the Company considers "default" to mean 90 days or more past due as to interest or principal.
−Removed: For the Three Months Ended September 30, 2024 For the Nine Months Ended September 30, 2024
−Removed: (Dollars in thousands) Term Extension Payment Delay Interest Rate Reduction Interest/Fees Forgiven Total Term Extension Payment Delay Interest Rate Reduction Interest/Fees Forgiven Total
−Removed: September 30, 2024
−Removed: Business $ 14,872 $ — $ — $ — $ 14,872 $ 14,872 $ — $ — $ — $ 14,872
+Added: For the Three Months Ended March 31, 2025
+Added: (Dollars in thousands) Term Extension Payment Delay Interest Rate Reduction Interest/Fees Forgiven Total
+Added: March 31, 2025
+Added: Real estate – business $ 14,667 $ — $ — $ — $ 14,667
Personal Banking:
3 unchanged sentences
Total $ 14,667 $ 1,762 $ 251 $ — $ 16,680
−Removed: For the Three Months Ended September 30, 2023 For the Nine Months Ended September 30, 2023
+Added: For the Three Months Ended March 31, 2024
(Dollars in thousands)
−Removed: Term Extension Payment Delay Interest Rate Reduction Interest/Fees Forgiven Total Term Extension Payment Delay Interest Rate Reduction Interest/Fees Forgiven Total
−Removed: September 30, 2023
+Added: Term Extension Payment Delay Interest Rate Reduction Interest/Fees Forgiven Total
+Added: March 31, 2024
Personal Banking:
3 unchanged sentences
Total $ — $ 1,138 $ 274 $ 61 $ 1,473
−Removed: The following tables present the amortized cost basis at September 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 September 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 September 30, 2023.
+Added: The following tables present the amortized cost basis at March 31, 2025 of loans to borrowers experiencing financial difficulty that had been modified within the previous 12 months as well as the amortized cost basis at March 31, 2024 of loans to borrowers experiencing financial difficulty that had been modified within the 12 months preceding March 31, 2024.
(In thousands)
1 unchanged sentence
90 Days Past Due Total
−Removed: September 30, 2024
+Added: March 31, 2025
Business $ 89,831 $ 44 $ — $ 89,875
−Removed: Real estate – construction and land 1,915 — — 1,915
Real estate – business 124,311 124 14,667 139,102
7 unchanged sentences
90 Days Past Due Total
−Removed: September 30, 2023
+Added: March 31, 2024
Business $ 25,544 $ — $ — $ 25,544
9 unchanged sentences
The loans are primarily sold to Federal Home Loan Mortgage Corporation (FHLMC) and Federal National Mortgage Association (FNMA).
−Removed: At September 30, 2024, the fair value of these loans was $ 1.6 million, and the unpaid principal balance was $ 1.6 million.
−Removed: At September 30, 2024, none of the loans held for sale were on non-accrual status or 90 days past due and still accruing interest.
+Added: At March 31, 2025, the fair value of these loans was $ 2.7 million, and the unpaid principal balance was $ 2.7 million.
+Added: At March 31, 2025, 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
−Removed: The Company’s holdings of foreclosed real estate totaled $ 1.0 million and $ 270 thousand at September 30, 2024 and December 31, 2023, respectively, and included in those amounts were $ 792 thousand and $ 270 thousand at September 30, 2024 and December 31, 2023, respectively, of foreclosed residential real estate properties held as a result of obtaining physical possession.
−Removed: Personal property acquired in repossession, generally autos, totaled $ 2.3 million and $ 1.8 million at September 30, 2024 and December 31, 2023.
+Added: The Company’s holdings of foreclosed real estate totaled $ 642 thousand and $ 343 thousand at March 31, 2025 and December 31, 2024, respectively, and included in those amounts were $ 642 thousand and $ 343 thousand at March 31, 2025 and December 31, 2024, respectively, of foreclosed residential real estate properties held as a result of obtaining physical possession.
+Added: Personal property acquired in repossession, generally autos, totaled $ 2.3 million and $ 2.2 million at March 31, 2025 and December 31, 2024.
Upon acquisition, these assets are recorded at fair value less estimated selling costs at the date of foreclosure, establishing a new cost basis.
1 unchanged sentence
Investment Securities
−Removed: Investment securities consisted of the following at September 30, 2024 and December 31, 2023.
−Removed: (In thousands) September 30, 2024 December 31, 2023
+Added: Investment securities consisted of the following at March 31, 2025 and December 31, 2024.
+Added: (In thousands) March 31, 2025 December 31, 2024
Available for sale debt securities $ 9,264,947 $ 9,136,853
8 unchanged sentences
$ 9,601,068 $ 9,462,380
−Removed: (1) Accrued interest receivable totaled $ 29.7 million and $ 28.9 million at September 30, 2024 and December 31, 2023, respectively, and was included within other assets on the consolidated balance sheets.
+Added: (1) Accrued interest receivable totaled $ 33.3 million and $ 35.0 million at March 31, 2025 and December 31, 2024, 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.
1 unchanged sentence
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.
−Removed: FRB stock and FHLB stock are held for debt and regulatory purposes.
+Added: FRB stock and FHLB stock are held for liquidity management 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.
9 unchanged sentences
The Company tendered all of its Visa Class B-1 shares pursuant to the Exchange Offer.
−Removed: 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.
+Added: 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 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.
8 unchanged sentences
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.
−Removed: Changes in equity investments with no readily determinable fair value for each period were as follows:
−Removed: Three Months Ended September 30 Nine Months Ended September 30
−Removed: (In thousands) 2024 2024
−Removed: Balance at beginning of period $ 65,780 $ 6,978
−Removed: Observable upward price adjustments — 178,227
−Removed: Observable downward price adjustments ( 416 ) ( 416 )
−Removed: Impairment charges — —
−Removed: Sales of securities and other activity ( 56,511 ) ( 175,936 )
−Removed: Balance at end of period $ 8,853 $ 8,853
−Removed: Net gains and losses for the Company's equity securities portfolio during the nine months ended September 30, 2024 were as follows:
−Removed: Nine Months Ended September 30
−Removed: (In thousands) 2024
−Removed: Net gains (losses) recognized during the period on equity securities $ 178,098
−Removed: Net gains (losses) recognized during the period on equity securities sold during the period ( 176,755 )
−Removed: Net unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ 1,343
+Added: There were no significant changes in equity investments with no readily determinable fair value for the three months ended March 31, 2025 and March 31, 2024.
+Added: Additionally, there were no significant gains or losses in the Company's equity securities portfolio during the three months ended March 31, 2025 and March 31, 2024.
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).
−Removed: A summary of the available for sale debt securities by maturity groupings as of September 30, 2024 is shown below.
+Added: A summary of the available for sale debt securities by maturity groupings as of March 31, 2025 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.
31 unchanged sentences
government and federal agency obligations include U.S.
−Removed: Treasury inflation-protected securities, which totaled $ 411.0 million, at fair value, at September 30, 2024.
+Added: Treasury inflation-protected securities, which totaled $ 410.5 million, at fair value, at March 31, 2025.
Interest earned on these securities increases with inflation and decreases with deflation, as measured by the non-seasonally adjusted Consumer Price Index (CPI-U).
7 unchanged sentences
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.
−Removed: At September 30, 2024, the fair value of securities on this watch list was $ 814.5 million compared to $ 1.2 billion at December 31, 2023.
−Removed: 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.
−Removed: At September 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.
−Removed: As of September 30, 2024, the Company did not identify any securities for which a credit loss exists, and for the nine months ended September 30, 2024 and 2023, the Company did not recognize a credit loss expense on any available for sale debt securities.
−Removed: 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 September 30, 2024 and December 31, 2023.
+Added: At March 31, 2025, the fair value of securities on this watch list was $ 1.2 billion compared to $ 1.6 billion at December 31, 2024.
+Added: Almost all of the securities included on the Company's watch list in the current quarter were experiencing unrealized loss positions due to the increase in interest rates since their purchase and were analyzed outside of the cash flow model.
+Added: At March 31, 2025, 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.
+Added: As of March 31, 2025, the Company did not identify any securities for which a credit loss exists, and for the three months ended March 31, 2025 and 2024, the Company did not recognize a credit loss expense on any available for sale debt securities.
+Added: The table below summarizes debt securities available for sale in an unrealized loss position, aggregated by length of loss period, for which an allowance for credit losses has not been recorded at March 31, 2025 and December 31, 2024.
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.
−Removed: At September 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.
+Added: At March 31, 2025, the Company does not intend to sell the securities, nor is it anticipated that it would be required to sell any of these securities at a loss.
Less than 12 months 12 months or longer Total
3 unchanged sentences
Losses Fair Value Unrealized
−Removed: September 30, 2024
+Added: March 31, 2025
government and federal agency obligations $ 764,764 $ 8,128 $ 289,771 $ 8,437 $ 1,054,535 $ 16,565
19 unchanged sentences
Total $ 1,757,431 $ 27,884 $ 6,377,480 $ 966,650 $ 8,134,911 $ 994,534
−Removed: The entire available for sale debt portfolio included $ 7.3 billion of securities that were in a loss position at September 30, 2024, compared to $ 9.6 billion at December 31, 2023.
−Removed: The total amount of unrealized loss on these securities was $ 818.8 million at September 30, 2024, a decrease of $ 401.7 million compared to the unrealized loss at December 31, 2023.
+Added: The entire available for sale debt portfolio included $ 6.9 billion of securities that were in a loss position at March 31, 2025, compared to $ 8.1 billion at December 31, 2024.
+Added: The total amount of unrealized loss on these securities was $ 855.3 million at March 31, 2025, a decrease of $ 139.3 million compared to the unrealized loss at December 31, 2024.
Securities with significant unrealized losses are discussed in the "Allowance for credit losses on available for sale debt securities" section above.
−Removed: 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 September 30, 2024 and December 31, 2023, and the corresponding amounts of gross unrealized gains and losses (pre-tax) in AOCI, by security type.
+Added: For debt securities classified as available for sale, the following table shows the amortized cost, fair value, and allowance for credit losses of securities available for sale at March 31, 2025 and December 31, 2024, and the corresponding amounts of gross unrealized gains and losses (pre-tax) in AOCI, by security type.
(In thousands)
1 unchanged sentence
Losses Allowance for Credit Losses Fair Value
−Removed: September 30, 2024
+Added: March 31, 2025
government and federal agency obligations $ 2,626,515 $ 16,685 $ ( 16,565 ) $ — $ 2,626,635
20 unchanged sentences
The following table presents proceeds from sales of securities and the components of investment securities gains and losses which have been recognized in earnings.
−Removed: For the Nine Months Ended September 30
+Added: For the Three Months Ended March 31
(In thousands) 2025 2024
1 unchanged sentence
Available for sale debt securities
−Removed: $ 1,057,589 $ 1,101,782
−Removed: Equity securities
Other investments
−Removed: 38,558 40,167
Total proceeds
8 unchanged sentences
Losses realized on sales
−Removed: ( 1,601 ) ( 1,245 )
Fair value adjustments, net ( 8,525 ) 7,100
Total investment securities gains (losses), net $ ( 7,591 ) $ ( 259 )
−Removed: Net gains on investment securities for the nine months ended September 30, 2024 were mainly comprised of net gains of $ 178.1 million on equity investments and net gains in fair value of $ 20.2 million recorded on private equity investments.
−Removed: These gains were largely offset by net losses of $ 192.9 million on sales of available for sale securities.
−Removed: 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 during the second quarter of 2024 through the sale of securities with an amortized cost of $ 1.2 billion.
−Removed: 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.
−Removed: Treasury securities yielding approximately 4.6 %.
+Added: Net losses on investment securities for the three months ended March 31, 2025 were mainly comprised of net losses in fair value of $ 8.5 million recorded on private equity investments and net losses in fair value of $ 97 thousand of on equity investments.
+Added: These losses were partially offset by net gains of $ 1.0 million on sales of private equity securities.
Pledged securities
−Removed: At September 30, 2024, securities totaling $ 6.2 billion in fair value were pledged to secure public fund deposits, securities sold under agreements to repurchase, trust funds, and borrowings at the FRB and FHLB, compared to $ 7.5 billion at December 31, 2023.
−Removed: 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.
+Added: At March 31, 2025, securities totaling $ 6.3 billion in fair value were pledged to secure public fund deposits, securities sold under agreements to repurchase, trust funds, and borrowings at the FRB and FHLB, compared to $ 6.9 billion at December 31, 2024.
+Added: Excluding obligations of various government-sponsored enterprises such as FNMA, FHLB and FHLMC, no investment in a single issuer exceeded 10 % of stockholders’ equity.
Goodwill and Other Intangible Assets
The following table presents information about the Company's intangible assets which have estimable useful lives.
−Removed: September 30, 2024 December 31, 2023
+Added: March 31, 2025 December 31, 2024
(In thousands)
4 unchanged sentences
Total $ 19,186 $ ( 9,345 ) $ — $ 9,841 $ 19,223 $ ( 9,191 ) $ — $ 10,032
−Removed: Aggregate amortization expense on intangible assets was $ 318 thousand and $ 344 thousand for the three month periods ended September 30, 2024 and 2023, respectively, and $ 969 thousand and $ 1.1 million for the nine month periods ended September 30, 2024 and 2023, respectively.
+Added: Aggregate amortization expense on intangible assets was $ 338 thousand and $ 331 thousand for the three month periods ended March 31, 2025 and 2024, respectively.
The following table shows the estimated annual amortization expense for the next five fiscal years.
−Removed: This expense is based on existing asset balances and the interest rate environment as of September 30, 2024.
+Added: This expense is based on existing asset balances and the interest rate environment as of March 31, 2025.
The Company’s actual amortization expense in any given period may be different from the estimated amounts depending upon the acquisition of intangible assets, changes in mortgage interest rates, prepayment rates and other market conditions.
(In thousands)
−Removed: Changes in the carrying amount of goodwill and other intangible assets for the nine month period ended September 30, 2024 are as follows:
+Added: Changes in the carrying amount of goodwill and other intangible assets for the three month period ended March 31, 2025 are as follows:
(In thousands) Goodwill Easement Core Deposit Premium Mortgage Servicing Rights
3 unchanged sentences
Amortization — — ( 39 ) ( 299 )
−Removed: Balance September 30, 2024 $ 146,539 $ 3,600 $ 304 $ 9,818
−Removed: Goodwill allocated to the Company’s operating segments at September 30, 2024 and December 31, 2023 is shown below.
−Removed: (In thousands) September 30, 2024 December 31, 2023
+Added: Balance March 31, 2025 $ 146,539 $ 3,600 $ 225 $ 9,616
+Added: Goodwill allocated to the Company’s operating segments at March 31, 2025 and December 31, 2024 is shown below.
+Added: (In thousands) March 31, 2025 December 31, 2024
Consumer segment $ 70,721 $ 70,721
9 unchanged sentences
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.
−Removed: At September 30, 2024, that net liability was $ 3.9 million, which will be accreted into income over the remaining life of the respective commitments.
−Removed: The contractual amount of these letters of credit, which represents the maximum potential future payments guaranteed by the Company, was $ 627.0 million at September 30, 2024.
+Added: At March 31, 2025, that net liability was $ 4.4 million, which will be accreted into income over the remaining life of the respective commitments.
+Added: The contractual amount of these letters of credit, which represents the maximum potential future payments guaranteed by the Company, was $ 632.9 million at March 31, 2025.
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.
2 unchanged sentences
The third parties usually have other borrowing relationships with the Company.
−Removed: The Company monitors overall borrower collateral and at September 30, 2024, believes sufficient collateral is available to cover potential swap losses.
+Added: The Company monitors overall borrower collateral and at March 31, 2025, 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.
−Removed: The terms of the RPAs, which correspond to the terms of the underlying swaps, range from 2 years to 15 years.
−Removed: At September 30, 2024, the fair value of the Company's guarantee liabilities for RPAs was $ 141 thousand, and the notional amount of the underlying swaps was $ 434.4 million.
+Added: The terms of the RPAs, which correspond to the terms of the underlying swaps, range from 1 to 15 years.
+Added: At March 31, 2025, the fair value of the Company's guarantee liabilities for RPAs was $ 79 thousand, and the notional amount of the underlying swaps was $ 318.8 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.
5 unchanged sentences
The Company also leases office space to third parties, and these leases are classified as operating leases.
−Removed: 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.
+Added: The leases may include options to renew or expand the leased space, and currently the leases have remaining terms of 3 months to 14 years.
The following table provides the components of lease income.
−Removed: For the Three Months Ended September 30 For the Nine Months Ended September 30
+Added: For the Three Months Ended March 31
(in thousands) 2025 2024
1 unchanged sentence
Operating leases (a)
−Removed: 4,249 3,399 12,641 9,215
Total lease income $ 14,140 $ 13,144
−Removed: (a) Includes rent from Tower Properties Company, a related party, of $ 20 thousand and $ 19 thousand for the three month periods ended September 30, 2024 and 2023, respectively, and $ 58 thousand for both the nine month periods ended September 30, 2024 and 2023.
+Added: (a) Includes rent from Tower Properties Company, a related party, of $ 0 and $ 19 thousand for the three month periods ended March 31, 2025 and March 31, 2024, respectively.
+Added: Tower Properties Company was no longer a lessee of the Company as of January 1, 2025.
The amount of net pension cost is shown in the table below:
−Removed: For the Three Months Ended September 30 For the Nine Months Ended September 30
+Added: For the Three Months Ended March 31
(In thousands) 2025 2024
6 unchanged sentences
All benefits accrued under the Company’s defined benefit pension plan have been frozen since January 1, 2011.
−Removed: During the first nine months of 2024, the Company made no funding contributions to its defined benefit pension plan and made minimal funding contributions to a supplemental executive retirement plan (the CERP), which carries no segregated assets.
+Added: During the first three months of 2025, the Company made no funding contributions to its defined benefit pension plan and made minimal funding contributions to a supplemental executive retirement plan (the CERP), which carries no segregated assets.
Common Stock *
4 unchanged sentences
Nonvested share-based awards are further discussed in Note 13.
−Removed: For the Three Months Ended September 30 For the Nine Months Ended September 30
+Added: For the Three Months Ended March 31
(In thousands, except per share data) 2025 2024
15 unchanged sentences
Diluted income per common share $ .98 $ .82
−Removed: Unexercised stock appreciation rights of 361 thousand and 565 thousand for the three month periods ended September 30, 2024 and 2023, respectively, and 391 thousand and 359 thousand for the nine month periods ended September 30, 2024 and 2023, respectively, were excluded from the computation of diluted income per common share because their inclusion would have been anti-dilutive.
+Added: Unexercised stock appreciation rights of 159 thousand and 371 thousand for the three month periods ended March 31, 2025 and 2024, respectively, were excluded from the computation of diluted income per common share because their inclusion would have been anti-dilutive.
* All prior year share and per share amounts in this note have been restated for the 5% common stock dividend distributed in December 2024.
11 unchanged sentences
Current period other comprehensive income (loss), net of tax 118,288 172 5,875 124,335
−Removed: Balance September 30, 2024
+Added: Balance March 31, 2025
$ ( 624,638 ) $ ( 11,887 ) $ 1,949 $ ( 634,576 )
6 unchanged sentences
Current period other comprehensive income (loss), net of tax ( 20,401 ) 176 ( 19,390 ) ( 39,615 )
−Removed: Balance September 30, 2023
+Added: Balance March 31, 2024
$ ( 935,402 ) $ ( 13,420 ) $ 17,795 $ ( 931,027 )
4 unchanged sentences
The Consumer segment consists of various consumer loan and deposit products offered through its retail branch network of approximately 140 locations.
−Removed: This segment also includes indirect and other consumer loan financing businesses, along with debit and credit card loan and fee businesses.
+Added: This segment also includes residential mortgage, 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.
2 unchanged sentences
This segment also provides various loan and deposit related services to its private banking customers.
+Added: The Company’s chief executive officer is its chief operating decision maker ("CODM").
+Added: The CODM is the primary individual in control of resource allocation, and the allocation determinations are made in consultation with the Company’s executive management committee, of which the CODM is a member.
+Added: The Company’s CODM primarily utilizes net income before taxes to evaluate each segment’s performance and allocate resources (including employees, financial, or capital resources), primarily through the Company’s annual budgeting process and periodic segment performance reviews.
+Added: To manage operations and make decisions regarding resource allocations, the CODM is regularly provided and reviews total non-interest expense at a consolidated level and total non-interest expense for each segment.
The following table presents selected financial information by segment and reconciliations of combined segment totals to consolidated totals.
2 unchanged sentences
If appropriate, these changes are reflected in prior year information presented below.
−Removed: 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.
−Removed: The new methodology moves from a rolling pool to a profitability range methodology.
−Removed: The new methodology more accurately reflects the profitability of affected deposits relative to current rates and removes most interest rate risk from business segments.
(In thousands)
Consumer Commercial Wealth Other/Elimination Consolidated Totals
−Removed: Three Months Ended September 30, 2024
−Removed: Net interest income $ 130,309 $ 135,511 $ 20,966 $ ( 24,435 ) $ 262,351
−Removed: Provision for credit losses ( 9,526 ) ( 186 ) 146 426 ( 9,140 )
−Removed: Non-interest income 26,256 64,547 61,841 6,381 159,025
−Removed: Investment securities gains (losses), net — — — 3,872 3,872
−Removed: Non-interest expense ( 85,952 ) ( 101,767 ) ( 40,059 ) ( 9,822 ) ( 237,600 )
−Removed: Income before income taxes $ 61,087 $ 98,105 $ 42,894 $ ( 23,578 ) $ 178,508
−Removed: Nine Months Ended September 30, 2024
+Added: Three Months Ended March 31, 2025
Net interest income $ 125,385 $ 133,115 $ 22,159 $ ( 11,557 ) $ 269,102
4 unchanged sentences
Income before income taxes $ 55,317 $ 98,938 $ 44,919 $ ( 31,577 ) $ 167,597
−Removed: Three Months Ended September 30, 2023
+Added: Three Months Ended March 31, 2024
Net interest income $ 128,157 $ 126,687 $ 23,198 $ ( 29,043 ) $ 248,999
4 unchanged sentences
Income before income taxes $ 62,887 $ 90,092 $ 42,047 $ ( 47,922 ) $ 147,104
−Removed: Nine Months Ended September 30, 2023
−Removed: Net interest income $ 421,327 $ 393,318 $ 76,807 $ ( 141,744 ) $ 749,708
−Removed: Provision for credit losses ( 19,784 ) ( 3,206 ) ( 14 ) ( 6,568 ) ( 29,572 )
−Removed: Non-interest income 74,773 184,288 162,835 6,270 428,166
−Removed: Investment securities gains (losses), net — — — 7,384 7,384
−Removed: Non-interest expense ( 243,004 ) ( 290,953 ) ( 119,019 ) ( 26,752 ) ( 679,728 )
−Removed: Income before income taxes $ 233,312 $ 283,447 $ 120,609 $ ( 161,410 ) $ 475,958
+Added: Non-interest expense for the Consumer, Commercial, and Wealth segments above is primarily comprised of salaries, incentives, benefits, and allocated overhead costs for service and support.
+Added: Non-interest expense for the segments also includes expenses for data processing and software, occupancy, and professional and other services.
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.
14 unchanged sentences
(In thousands)
−Removed: September 30, 2024 December 31, 2023
+Added: March 31, 2025 December 31, 2024
Interest rate swaps $ 1,966,263 $ 2,065,400
7 unchanged sentences
Total notional amount $ 4,543,341 $ 4,631,381
−Removed: The largest group of notional amounts relate to interest rate swap contracts sold to commercial customers who wish to modify their interest rate sensitivity.
+Added: Interest rate swap contracts are 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.
5 unchanged sentences
The Company maintains debt ratings and capital well above these minimum requirements.
−Removed: As of September 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.
+Added: As of March 31, 2025, 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.
8 unchanged sentences
The premium paid for the floors totaled $ 90.2 million.
−Removed: At September 30, 2024, the maximum length of time over which the Company is hedging its exposure to lower rates is approximately 6.8 years.
+Added: At March 31, 2025, the maximum length of time over which the Company is hedging its exposure to lower rates is approximately 6.3 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.
−Removed: As of September 30, 2024, net deferred gains on the interest rate floors totaled $ 117.8 thousand (pre-tax) and were recorded in AOCI in the consolidated balance sheet.
−Removed: As of September 30,
−Removed: 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.
+Added: As of March 31, 2025, net deferred losses on the interest rate floors totaled $ 21.4 million (pre-tax) and were recorded in AOCI in the consolidated balance sheet.
+Added: As of March 31, 2025, it is expected that $ 11.5 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.
−Removed: As of September 30, 2024, the total realized gains on the monetized cash flow hedges remaining in AOCI was $ 34.6 million (pre-tax), which will be reclassified into interest income over the next 2.2 years.
−Removed: The estimated amount of net gains related to the cash flow hedges remaining in AOCI at September 30, 2024 that is expected to be reclassified into income within the next 12 months is $ 20.8 million.
+Added: As of March 31, 2025, the total realized gains on the monetized cash flow hedges remaining in AOCI was $ 24.0 million (pre-tax), which will be reclassified into interest income over the next 1.7 years.
+Added: The estimated amount of net gains related to the cash flow hedges remaining in AOCI at March 31, 2025 that is expected to be reclassified into income within the next 12 months is $ 18.4 million.
The Company also contracts with other financial institutions, as a guarantor or beneficiary, to share credit risk associated with certain interest rate swaps through risk participation agreements.
9 unchanged sentences
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.
−Removed: There was no reduction to positive or negative fair values of cleared swaps at September 30, 2024 and December 31, 2023.
+Added: There was no reduction to positive or negative fair values of cleared swaps at March 31, 2025 and December 31, 2024.
Asset Derivatives Liability Derivatives
31, 2025 Dec.
−Removed: 31, 2023 Sept.
+Added: 31, 2024 Mar.
31, 2025 Dec.
20 unchanged sentences
(In thousands) Total Included Component Excluded Component Total Included Component Excluded Component
−Removed: For the Three Months Ended September 30, 2024
−Removed: Derivatives in cash flow hedging relationships:
−Removed: Interest rate floors $ 23,168 $ 13,673 $ 9,495 Interest and fees on loans $ 2,816 $ 7,072 $ ( 4,256 )
−Removed: Total $ 23,168 $ 13,673 $ 9,495 Total $ 2,816 $ 7,072 $ ( 4,256 )
−Removed: For the Nine Months Ended September 30, 2024
−Removed: Derivatives in cash flow hedging relationships:
−Removed: Interest rate floors $ ( 6,199 ) $ 3,565 $ ( 9,764 ) Interest and fees on loans $ 8,693 $ 21,369 $ ( 12,676 )
−Removed: Total $ ( 6,199 ) $ 3,565 $ ( 9,764 ) Total $ 8,693 $ 21,369 $ ( 12,676 )
−Removed: For the Three Months Ended September 30, 2023
+Added: For the Three Months Ended March 31, 2025
Derivatives in cash flow hedging relationships:
1 unchanged sentence
Total $ 10,366 $ 647 $ 9,719 Total $ 2,533 $ 6,697 $ ( 4,164 )
−Removed: For the Nine Months Ended September 30, 2023
+Added: For the Three Months Ended March 31, 2024
Derivatives in cash flow hedging relationships:
3 unchanged sentences
Location of Gain or (Loss) Recognized in Consolidated Statements of Income Amount of Gain or (Loss) Recognized in Income on Derivatives
−Removed: For the Three Months Ended September 30 For the Nine Months Ended September 30
+Added: For the Three Months Ended March 31
(In thousands) 2025 2024
1 unchanged sentence
Interest rate swaps Other non-interest income $ 105 $ 126
−Removed: Interest rate caps Other non-interest income — 23 — 23
Credit risk participation agreements Other non-interest income ( 8 ) 26
7 unchanged sentences
Also shown is collateral received or pledged in the form of other financial instruments, which is generally cash or marketable securities.
−Removed: The collateral amounts in this table are limited to the outstanding balances of the related asset or liability (after
−Removed: netting is applied);
+Added: 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.
9 unchanged sentences
Pledged Net Amount
−Removed: September 30, 2024
+Added: March 31, 2025
Derivatives subject to master netting agreements
29 unchanged sentences
(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
−Removed: September 30, 2024
+Added: March 31, 2025
Total resale agreements, subject to master netting arrangements
7 unchanged sentences
2,803,043 — 2,803,043 — ( 2,803,043 ) —
−Removed: The table below shows the remaining contractual maturities of repurchase agreements outstanding at September 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.
+Added: The table below shows the remaining contractual maturities of repurchase agreements outstanding at March 31, 2025 and December 31, 2024, in addition to the various types of marketable securities that have been pledged by the Company as collateral for these borrowings.
Remaining Contractual Maturity of the Agreements
(In thousands) Overnight and continuous Up to 90 days Greater than 90 days Total
−Removed: September 30, 2024
+Added: March 31, 2025
Repurchase agreements, secured by:
18 unchanged sentences
Historically, most of the awards have been issued during the first quarter of each year.
−Removed: The stock-based compensation expense charged against income was $ 4.3 million in the three months ended September 30, 2024 and 2023 respectively, and $ 12.7 million and $ 12.6 million in the nine months ended September 30, 2024 and 2023, respectively.
+Added: The stock-based compensation expense charged against income was $ 4.4 million and $ 4.3 million in the three months ended March 31, 2025 and 2024, 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.
−Removed: A summary of the status of the Company’s nonvested share awards as of September 30, 2024, and changes during the nine month period then ended, is presented below.
+Added: A summary of the status of the Company’s nonvested share awards as of March 31, 2025, and changes during the three month period then ended, is presented below.
Shares Weighted Average Grant Date Fair Value
3 unchanged sentences
Forfeited ( 11,380 ) 54.84
−Removed: Nonvested at September 30, 2024 1,196,278 $ 58.13
+Added: Nonvested at March 31, 2025 1,295,343 $ 57.55
SARs are granted with exercise prices equal to the market price of the Company’s stock at the date of grant.
7 unchanged sentences
Expected term
−Removed: A summary of SAR activity during the first nine months of 2024 is presented below.
+Added: A summary of SAR activity during the first three months of 2025 is presented below.
(Dollars in thousands, except per share data)
7 unchanged sentences
Exercised ( 42,981 ) 37.78
−Removed: Outstanding at September 30, 2024
+Added: Outstanding at March 31, 2025
836,837 $ 50.21 5.4 years $ 10,164
1 unchanged sentence
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.
−Removed: For the nine months ended September 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.
+Added: For the three months ended March 31, 2025, 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.
−Removed: Three Months Ended September 30 Nine Months Ended September 30
+Added: Three Months Ended March 31
(In thousands) 2025 2024
12 unchanged sentences
All trust fees and nearly all consumer brokerage services income were earned in the Wealth segment.
−Removed: The following table presents the opening and closing receivable balances for the nine month periods ended September 30, 2024 and 2023 for the Company’s significant revenue from contracts with customers.
−Removed: (In thousands) September 30, 2024 December 31, 2023 September 30, 2023 December 31, 2022
+Added: The following table presents the opening and closing receivable balances for the three month periods ended March 31, 2025 and 2024 for the Company’s significant revenue from contracts with customers.
+Added: (In thousands) March 31, 2025 December 31, 2024 March 31, 2024 December 31, 2023
Bank card transaction fees $ 14,538 $ 17,754 $ 15,673 $ 18,069
20 unchanged sentences
Instruments Measured at Fair Value on a Recurring Basis
−Removed: The table below presents the September 30, 2024 and December 31, 2023 carrying values of assets and liabilities measured at fair value on a recurring basis.
−Removed: There were no transfers among levels during the first nine months of 2024 or the year ended December 31, 2023.
+Added: The table below presents the March 31, 2025 and December 31, 2024 carrying values of assets and liabilities measured at fair value on a recurring basis.
+Added: There were no transfers among levels during the first three months of 2025 or the year ended December 31, 2024.
Fair Value Measurements Using
2 unchanged sentences
(Level 2) Significant Unobservable Inputs
−Removed: September 30, 2024
+Added: March 31, 2025
Residential mortgage loans held for sale $ 2,702 $ — $ 2,702 $ —
45 unchanged sentences
State and Municipal Obligations Private Equity
−Removed: For the three months ended September 30, 2024
−Removed: Balance June 30, 2024 $ 953 $ 178,321 $ 179,274
−Removed: Total gains or losses (realized/unrealized):
−Removed: Included in earnings — 7,428 7,428
−Removed: Included in other comprehensive income * ( 2 ) — ( 2 )
−Removed: Purchases of private equity investments — 375 375
−Removed: Sale/pay down of private equity investments — ( 15,139 ) ( 15,139 )
−Removed: Capitalized interest/dividends — ( 12 ) ( 12 )
−Removed: Balance at September 30, 2024 $ 951 $ 170,973 $ 171,924
−Removed: 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 September 30, 2024
−Removed: $ — $ 7,428 $ 7,428
−Removed: *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 September 30, 2024
−Removed: $ ( 2 ) $ — $ ( 2 )
−Removed: For the nine months ended September 30, 2024
+Added: For the three months ended March 31, 2025
Balance January 1, 2025
$ 964 $ 184,386 $ 185,350
−Removed: Total gains or losses (realized/unrealized):
+Added: Total gains (losses) realized/unrealized:
Included in earnings — ( 8,525 ) ( 8,525 )
4 unchanged sentences
Capitalized interest/dividends — 17 17
−Removed: Balance at September 30, 2024 $ 951 $ 170,973 $ 171,924
−Removed: Total gains or losses for the nine months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2024
−Removed: $ — $ 10,480 $ 10,480
−Removed: *Total gains or losses for the nine months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2024
−Removed: Fair Value Measurements Using
−Removed: Significant Unobservable Inputs
−Removed: (In thousands)
−Removed: State and Municipal Obligations Private Equity
−Removed: For the three months ended September 30, 2023
−Removed: Balance at June 30, 2023
−Removed: $ 920 $ 172,732 $ 173,652
−Removed: Total gains or losses (realized/unrealized):
−Removed: Included in earnings — 5,605 5,605
−Removed: Included in other comprehensive income * 18 — 18
−Removed: Sale/pay down of private equity investments — ( 13,342 ) ( 13,342 )
−Removed: Capitalized interest/dividends — 327 327
−Removed: Balance at September 30, 2023 $ 938 $ 165,322 $ 166,260
−Removed: 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 September 30, 2023
+Added: Balance at March 31, 2025 $ 947 $ 175,618 $ 176,565
+Added: Total gains (losses) for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2025
$ — $ ( 8,525 ) $ ( 8,525 )
−Removed: *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 September 30, 2023
+Added: *Total gains (losses) for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2025
$ ( 18 ) $ — $ ( 18 )
−Removed: For the nine months ended September 30, 2023
+Added: For the three months ended March 31, 2024
Balance January 1, 2024
$ 947 $ 176,667 $ 177,614
−Removed: Total gains or losses (realized/unrealized):
+Added: Total gains (losses) realized/unrealized:
Included in earnings — 7,100 7,100
Included in other comprehensive income * 9 — 9
−Removed: Investment securities called ( 1,000 ) — ( 1,000 )
−Removed: Discount accretion 48 — 48
Purchases of private equity investments — 9,477 9,477
1 unchanged sentence
Capitalized interest/dividends — ( 138 ) ( 138 )
−Removed: Balance at September 30, 2023 $ 938 $ 165,322 $ 166,260
−Removed: Total gains or losses for the nine months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2023
−Removed: $ — $ 17,446 $ 17,446
−Removed: *Total gains or losses for the nine months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at September 30, 2023
+Added: Balance at March 31, 2024 $ 956 $ 183,706 $ 184,662
+Added: Total gains (losses) for the three months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2024
$ — $ 7,100 $ 7,100
+Added: *Total gains (losses) for the three months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at March 31, 2024
* Included in "net unrealized gains (losses) on available for sale debt securities" in the consolidated statements of comprehensive income.
1 unchanged sentence
(In thousands) Investment Securities Gains (Losses), Net
−Removed: For the three months ended September 30, 2024
−Removed: Total gains or losses included in earnings $ 7,428
−Removed: Change in unrealized gains or losses relating to assets still held at September 30, 2024
−Removed: For the nine months ended September 30, 2024
−Removed: Total gains or losses included in earnings $ 20,205
−Removed: Change in unrealized gains or losses relating to assets still held at September 30, 2024
−Removed: For the three months ended September 30, 2023
+Added: For the three months ended March 31, 2025
Total gains or losses included in earnings $ ( 8,525 )
−Removed: Change in unrealized gains or losses relating to assets still held at September 30, 2023
−Removed: For the nine months ended September 30, 2023
+Added: Change in unrealized gains or losses relating to assets still held at March 31, 2025
+Added: For the three months ended March 31, 2024
Total gains or losses included in earnings $ 7,100
−Removed: Change in unrealized gains or losses relating to assets still held at September 30, 2023
+Added: Change in unrealized gains or losses relating to assets still held at March 31, 2024
Level 3 Inputs
−Removed: The Company's Level 3 measurements at September 30, 2024, which employ unobservable inputs that are readily quantifiable, pertain to investments in portfolio concerns held by the Company's private equity subsidiaries.
+Added: The Company's Level 3 measurements at March 31, 2025, 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.
4 unchanged sentences
Instruments Measured at Fair Value on a Nonrecurring Basis
−Removed: For assets measured at fair value on a nonrecurring basis during the first nine months of 2024 and 2023, and still held as of September 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 September 30, 2024 and 2023.
+Added: For assets measured at fair value on a nonrecurring basis during the first three months of 2025 and 2024, and still held as of March 31, 2025 and 2024, the following table provides the adjustments to fair value recognized during the respective periods, the level of valuation inputs used to determine each adjustment, and the carrying value of the related individual assets or portfolios at March 31, 2025 and 2024.
Fair Value Measurements Using
3 unchanged sentences
Significant Unobservable Inputs
−Removed: Total Gains (Losses) Recognized During the Nine Months Ended September 30
−Removed: September 30, 2024
+Added: Total Gains (Losses) Recognized During the Three Months Ended March 31
+Added: March 31, 2025
Collateral dependent loans $ 3,940 $ — $ — $ 3,940 $ ( 400 )
−Removed: September 30, 2023
+Added: Foreclosed assets 112 — — 112 ( 55 )
+Added: March 31, 2024
Collateral dependent loans $ 63 $ — $ — $ 63 $ ( 32 )
−Removed: Long- lived assets 1,894 — — 1,894 ( 164 )
Fair Value of Financial Instruments
5 unchanged sentences
Changes in assumptions could significantly affect the estimates.
−Removed: 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 September 30, 2024 and December 31, 2023:
−Removed: Carrying Amount Estimated Fair Value at September 30, 2024
+Added: The estimated fair values of the Company’s financial instruments and the classification of their fair value measurement within the valuation hierarchy are as follows at March 31, 2025 and December 31, 2024:
+Added: Carrying Amount Estimated Fair Value at March 31, 2025
(In thousands)
15 unchanged sentences
Investment securities 9,591,837 2,685,911 6,683,609 222,317 9,591,837
−Removed: Federal funds sold 10 10 — — 10
Securities purchased under agreements to resell 850,000 — — 865,070 865,070
45 unchanged sentences
Securities sold under agreements to repurchase 2,803,043 — — 2,806,428 2,806,428
−Removed: Other borrowings 1,366 — 1,366 — 1,366
Derivative instruments 26,963 — 26,905 58 26,963
2 unchanged sentences
Legal and Regulatory Proceedings
−Removed: The Company has various legal proceedings pending at September 30, 2024, arising in the normal course of business.
+Added: The Company has various legal proceedings pending at March 31, 2025, 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.
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.