What changed in this filing

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Item 1. Financial Statements

2026-05-07 compared with 2025-11-10 · 419 added, 413 removed, 1230 unchanged (40% of the section changed)

3 unchanged sentences

CONSOLIDATED BALANCE SHEETS

September 30,

2026 December 31, 2025

3 unchanged sentences

Net loans 20,262,459 17,591,795

Loans held for sale (including $ 2,163,000 and $ 2,981,000 of residential mortgage loans carried at fair value at September 30, 2025 and December 31, 2024, respectively)

Loans held for sale (including $ 1,657,000 and $ 4,028,000 of residential mortgage loans carried at fair value at March 31, 2026 and December 31, 2025, respectively)

Investment securities:

Available for sale debt, at fair value (amortized cost of $ 9,333,626,000 and $ 9,742,278,000 at

September 30, 2025 and December 31, 2024, respectively, and allowance for credit losses of $ —

at both September 30, 2025 and December 31, 2024)

March 31, 2026 and December 31, 2025, respectively, and allowance for credit losses of $ —

at both March 31, 2026 and December 31, 2025)

8,646,127 9,095,513

12 unchanged sentences

Total assets $ 35,717,256 $ 32,915,089

LIABILITIES AND STOCKHOLDERS' EQUITY

LIABILITIES AND SHAREHOLDERS' EQUITY

Non-interest bearing $ 8,058,024 $ 8,205,711

8 unchanged sentences

Commerce Bancshares, Inc.

stockholders’ equity:

shareholders’ equity:

Common stock, $ 5 par value

Authorized 190,000,000 ;

issued 135,210,812 shares at both September 30, 2025 and December 31, 2024

issued 148,521,165 and 138,588,701 shares at March 31, 2026 and December 31, 2025, respectively

742,606 692,944

1 unchanged sentence

Retained earnings 233,094 131,826

Treasury stock of 1,947,967 shares at September 30, 2025

Treasury stock of 2,286,104 shares at March 31, 2026

and 876,521 shares at December 31, 2025, at cost

2 unchanged sentences

Total Commerce Bancshares, Inc.

stockholders' equity 3,771,665 3,309,881

shareholders' equity 4,301,769 3,791,371

Non-controlling interest 24,629 23,401

5 unchanged sentences

CONSOLIDATED STATEMENTS OF INCOME

For the Three Months Ended September 30 For the Nine Months Ended September 30

For the Three Months Ended March 31

(In thousands, except per share data) 2026 2025

23 unchanged sentences

Deposit account charges and other fees 28,578 26,622

Capital market fees 5,138 5,995 16,425 14,647

Consumer brokerage services 5,444 4,785

Capital market fees 5,338 5,112

Loan fees and sales 3,243 3,404

5 unchanged sentences

Data processing and software 38,328 32,238

Net occupancy 13,474 13,411 41,148 39,529

Professional and other services 18,792 10,026

Net occupancy 15,308 14,020

Marketing 6,957 5,843

16 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended September 30 For the Nine Months Ended September 30

For the Three Months Ended March 31

(In thousands) 2026 2025

13 unchanged sentences

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Three Months Ended September 30, 2025 and 2024

Three Months Ended March 31, 2026 and 2025

Commerce Bancshares, Inc.

1 unchanged sentence

Common Stock Capital Surplus Retained Earnings Treasury Stock Accumulated Other Comprehensive Income (Loss) Non-Controlling Interest Total

Balance June 30, 2025

Balance December 31, 2025

$ 692,944 $ 3,522,292 $ 131,826 $ ( 48,001 ) $ ( 507,690 ) $ 23,401 $ 3,814,772

2 unchanged sentences

Distributions to non-controlling interest ( 1,520 ) ( 1,520 )

Acquisition of FineMark Holdings, Inc.

49,662 470,203 519,865

Purchases of treasury stock ( 84,974 ) ( 84,974 )

5 unchanged sentences

( 40,355 ) ( 40,355 )

Balance September 30, 2025

Balance March 31, 2026

$ 742,606 $ 3,986,353 $ 233,094 $ ( 120,692 ) $ ( 539,592 ) $ 24,629 $ 4,326,398

Balance June 30, 2024

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 )

Balance September 30, 2024

$ 655,322 $ 3,154,300 $ 338,512 $ ( 139,149 ) $ ( 576,904 ) $ 21,458 $ 3,453,539

See accompanying notes to consolidated financial statements.

Commerce Bancshares, Inc.

and Subsidiaries

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Nine Months Ended September 30, 2025 and 2024

Commerce Bancshares, Inc.

(In thousands, except per share data)

Common Stock Capital Surplus Retained Earnings Treasury Stock Accumulated Other Comprehensive Income (Loss) Non-Controlling Interest Total

Balance December 31, 2024

$ 676,054 $ 3,395,645 $ 45,494 $ ( 48,401 ) $ ( 758,911 ) $ 22,594 $ 3,332,475

Net income 425,589 2,429 428,018

Other comprehensive income (loss) 225,245 225,245

Distributions to non-controlling interest ( 3,641 ) ( 3,641 )

Purchases of treasury stock ( 91,544 ) ( 91,544 )

Issuance under stock purchase and equity compensation plans ( 17,977 ) 17,973 ( 4 )

Stock-based compensation 12,858 12,858

Cash dividends paid on common stock ($ .825 per share)

( 110,360 ) ( 110,360 )

Balance September 30, 2025

$ 676,054 $ 3,390,526 $ 360,723 $ ( 121,972 ) $ ( 533,666 ) $ 21,382 $ 3,793,047

Balance December 31, 2023

$ 655,322 $ 3,162,622 $ 53,183 $ ( 35,599 ) $ ( 891,412 ) $ 20,114 $ 2,964,230

Net income 390,223 6,934 397,157

Other comprehensive income (loss) 314,508 314,508

Distributions to non-controlling interest ( 5,590 ) ( 5,590 )

Purchases of treasury stock ( 124,603 ) ( 124,603 )

Issuance under stock purchase and equity compensation plans ( 21,053 ) 21,053 —

Stock-based compensation 12,731 12,731

Cash dividends paid on common stock ($ .771 per share)

( 104,894 ) ( 104,894 )

Balance September 30, 2024

Balance March 31, 2025

$ 676,054 $ 3,381,960 $ 140,220 $ ( 85,871 ) $ ( 634,576 ) $ 20,615 $ 3,498,402

3 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Nine Months Ended September 30

For the Three Months Ended March 31

(In thousands) 2026 2025

4 unchanged sentences

Provision for depreciation and amortization 21,006 13,721

Accretion of discount related to acquired loans ( 6,913 ) —

Amortization (accretion) of investment security premiums (discounts), net ( 1,785 ) ( 3,724 )

11 unchanged sentences

INVESTING ACTIVITIES:

Cash received in acquisition 501,360 —

Proceeds from sales of investment securities (A) 17,662 6,757

11 unchanged sentences

Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase ( 475,936 ) ( 526,722 )

FHLB short-term borrowings 250,000 —

Repayments of FHLB borrowings ( 603,929 ) —

Net increase (decrease) in other borrowings ( 4,753 ) 17,687

5 unchanged sentences

Cash, cash equivalents and restricted cash at beginning of year 3,547,715 3,375,992

Cash, cash equivalents and restricted cash at September 30

Cash, cash equivalents and restricted cash at March 31

$ 3,843,317 $ 3,273,905

Commerce Bancshares, Inc.

and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

For the Three Months Ended March 31

(In thousands) 2026 2025

Supplemental disclosures:

Income tax payments, net $ 564 $ 562

Interest paid on deposits and borrowings 98,990 89,831

Non-cash activities:

Loans transferred to foreclosed real estate — 449

Business combination:

Fair value of tangible assets acquired 3,327,074 —

Goodwill and other intangible assets 246,068 —

Fair value of liabilities assumed 3,549,295 —

Common stock issued 519,865 —

Fair value of equity interest in FineMark prior to acquisition 4,614 —

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

1 unchanged sentence

Restricted cash is comprised of cash collateral posted by the Company to secure interest rate swap agreements.

This balance is included in other assets in the consolidated balance sheets and totaled $ 112 thousand at September 30, 2025.

The Company had $ 111 thousand in restricted cash at September 30, 2024.

This balance is included in other assets in the consolidated balance sheets and totaled $ 53 thousand at March 31, 2026.

The Company had $ 52 thousand in restricted cash at March 31, 2025.

Commerce Bancshares, Inc.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (Unaudited)

March 31, 2026 (Unaudited)

Principles of Consolidation and Presentation

1 unchanged sentence

and all majority-owned subsidiaries (the Company).

Effective January 1, 2026, the consolidated financial statements also include the accounts of FineMark Holdings, Inc.

("FineMark"), which was acquired by the Company as described in Note 2 "Acquisition" below, and is consolidated from the date of acquisition.

Most of the Company's operations are conducted by its subsidiary bank, Commerce Bank (the Bank).

2 unchanged sentences

All significant intercompany accounts and transactions have been eliminated.

Certain reclassifications were made to 2024 data to conform to current year presentation.

Certain reclassifications were made to 2025 data to conform to current year presentation, and certain balances related to the FineMark Holdings, Inc.

acquisition were reclassified to conform to the Company's financial statement presentation.

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheets and revenues and expenses for the periods.

1 unchanged sentence

Management has evaluated subsequent events for potential recognition or disclosure.

The results of operations for the nine month period ended September 30, 2025 are not necessarily indicative of results to be attained for the full year or any other interim period.

The results of operations for the three month period ended March 31, 2026 are not necessarily indicative of results to be attained for the full year or any other interim period.

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission.

Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company's most recent Annual Report on Form 10-K, containing the latest audited consolidated financial statements and notes thereto.

The Company adopted ASU 2025-08 "Financial Instruments - Credit Losses (Topic 326):

Purchased Loans" on January 1, 2026.

This new guidance makes significant changes to the accounting for certain acquired seasoned loans subject to the current expected credit loss model (CECL).

Under the ASU, the initial allowance for credit losses recorded upon the acquisition of loans in scope is recognized as an adjustment to the amortized cost basis of the loan - similar to the model for purchased credit deteriorated assets.

For these loans, the "day-one" credit loss estimate does not impact earnings immediately but is instead amortized over time as an adjustment to interest income.

Subsequent changes in the allowance for credit losses are reported in earnings within provision for credit losses.

The following significant accounting policies have been updated or added since the Company's 2025 Annual Report on Form 10-K to reflect the adoption of ASU 2025-08.

Acquired loans - Purchased Credit Deteriorated

Loans acquired in a business combination are recognized on the acquisition date at their estimated fair value based on expected future cash flows discounted at a market-based rate of interest and inclusive of adjustments for credit risk, interest rate risk, liquidity, and other factors.

Acquired loans that have experienced more-than-insignificant deterioration in credit quality since origination are classified as purchased credit deteriorated ("PCD") loans.

An allowance for credit losses is established for the initial estimate of expected credit losses on PCD loans as of the acquisition date and recorded through a gross-up adjustment to the loan’s amortized cost basis.

Acquired loans - Purchased Seasoned Loans

Non-PCD loans acquired in a business combination are deemed purchased seasoned loans with an allowance for credit losses established for the initial estimate of expected credit losses as of the acquisition date and recorded through a gross-up adjustment to the loans’ amortized cost basis.

See Note 2 “Acquisition” for additional information on loans acquired in a business combination.

On January 1, 2026 , the Company completed its previously announced acquisition of FineMark Holdings, Inc.

, a bank holding company headquartered in Fort Myers, Florida, pursuant to the Agreement and Plan of Merger dated June 16, 2025 .

Immediately after the Merger, FineMark's wholly-owned subsidiary, FineMark National Bank & Trust, merged into the Bank, with the Bank continuing as the surviving bank.

Total purchase consideration for the acquisition was $ 519.9 million, consisting of 9.9 million shares of the Company's common stock (valued at the acquisition-date fair value of $ 52.34 per share), plus cash in lieu of fractional shares.

Prior to the acquisition date, the Company held a non-controlling equity interest in FineMark, and in accordance with ASC 805, this previously held interest was remeasured to its acquisition-date fair value of $ 4.6 million.

The total acquisition-date fair value of the business combination was $ 524.5 million, comprised of the $ 519.9 million of consideration transferred and the $ 4.6 million fair value of the Company's previously held equity interest.

Under the terms of the merger agreement, each outstanding FineMark common stock share was converted into .7245 shares of the Company's common stock, and each outstanding share of FineMark's preferred stock was converted into 36.3636 shares of FineMark common stock, prior to conversion into .7245 shares of the Company's common stock.

The acquisition of FineMark was accounted for as a business combination using the purchase method of accounting in accordance with FASB ASC Topic 805, Business Combinations, which requires assets acquired and liabilities assumed to be recognized at fair value as of the acquisition date.

The valuation of assets acquired and liabilities assumed has not yet been finalized.

The determination of fair value requires management to make estimates related to discount rates, expected future cash flows, market conditions and other future events that are highly subjective in nature and subject to change.

Any necessary adjustments from preliminary estimates must be finalized within one year from the closing date of the acquisition.

Measurement period adjustments will be recorded in the period in which they are determined, as if they had been completed at the acquisition date.

Valuations subject to refinement include, but are not limited to, loans, certain deposits, the core deposit, customer relationship, trade name intangible assets, and certain other assets.

The following table provides the preliminary allocation of the purchase consideration to the assets acquired and liabilities assumed from FineMark as of January 1, 2026:

(In thousands)

Purchase consideration

Fair value of common stock issued $ 519,865

Fair value of equity interest in FineMark held by the Company prior to acquisition 4,614

Cash for fractional shares 8

Fair value of total consideration $ 524,487

Loans, net of allowance for credit losses on loans $ 2,607,866

Trading securities 541,967

Other investments 27,180

Interest earning deposits with banks 483,821

Cash and due from banks 17,547

Premises and equipment 47,074

Identifiable intangible assets 138,082

Other assets 102,979

Total assets acquired $ 3,966,516

Non-interest bearing deposits $ 425,140

Interest-bearing deposits 2,684,381

Repurchase agreements 63,018

Other borrowings 351,458

Other liabilities 25,298

Total liabilities assumed $ 3,549,295

Preliminary fair value of net assets acquired $ 417,221

Preliminary goodwill 107,266

In connection with the acquisition, the Company recorded preliminary goodwill of $ 107.3 million, none of which is expected to be deductible for tax purposes.

The preliminary goodwill is attributable to expected synergies and other factors to arise from the transaction.

Information regarding the allocation of goodwill to the Company’s reportable segments as a result of the acquisition, as well as the carrying amounts and amortization of core deposit and other intangible assets, are provided in Note 5 "Goodwill and Other Intangible Assets" in the Notes to Consolidated Financial Statements.

Fair values for loans were based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate and prepayment rate, term, amortization status and current discount rates.

Loans were grouped together according to similar characteristics when applying various valuation techniques.

The discount rates used for loans were based on current market rates for new originations of comparable loans include adjustments for liquidity.

The discount rate does not include a factor for credit losses as that has been included as a reduction to the estimated cash flows.

Purchased loans that reflect a more-than-insignificant deterioration of credit from origination are considered purchased credit deteriorated ("PCD").

For PCD loans, the initial estimate of expected credit losses is recognized in the allowance for credit losses on loans on the date of acquisition using the same methodology as other loans held-for-investment.

The Company adopted ASU 2025-08 "Financial Instruments - Credit Losses (Topic 326):

Purchased Loans" as of January 1, 2026.

Accordingly, the initial estimate of expected credit losses recognized in the allowance for credit losses on loans included both PCD and non-PCD loans ("purchased seasoned loans").

The following table includes the fair value and unpaid principal balance of the acquired loans as of January 1, 2026:

(In thousands) Unpaid principal balance Premium / (discount) Loans Allowance for credit losses Net loans

Purchased seasoned loans $ 2,351,772 $ ( 76,873 ) $ 2,274,899 $ ( 19,870 ) $ 2,255,029

PCD loans 368,533 ( 12,738 ) 355,795 ( 2,958 ) 352,837

Total $ 2,720,305 $ ( 89,611 ) $ 2,630,694 $ ( 22,828 ) $ 2,607,866

Investment securities

The investment securities acquired by the Company were classified by the Company as trading securities and were valued utilizing the actual sale prices for those securities, as all were sold promptly after the completion of the acquisition.

Interest earning deposits with banks and Cash and due from banks

The carrying amount of these assets was a reasonable estimate of fair value based on the short-term nature of these assets.

Core deposit intangible asset

Core deposit intangibles represent the value of relationships with deposit clients and the cost savings derived from available core deposits relative to an alternative funding source.

The fair value of the core deposit intangible was estimated using a net cost savings method, a variation of the income approach.

This approach considers expected client attrition rates, average life and balance inflation, alternative cost of funds, the interest cost and net maintenance cost associated with the client deposit base, and a discount rate used to discount the future economic benefits of the core deposit intangible asset to present value The core deposit intangible asset is being amortized using an accelerated methodology over 12 years based upon the period over which the estimated economic benefits are estimated to be received.

Customer relationship intangible asset

The fair value of the customer relationship intangible asset was determined using an income-based valuation approach, specifically the multi-period excess earnings method.

The valuation reflects the present value of expected future cash flows derived from the acquired customer base, after considering expected customer attrition rates, projected earnings, contributory asset charges, and a discount rate reflecting market participant assumptions.

The customer relationship intangible asset is being amortized using an accelerated methodology over 12 years based upon the period over which the estimated economic benefits are estimated to be received.

The fair value for demand and savings deposits is the amount payable on demand at the acquisition date.

The fair value for time deposits was valued using a discounted cash flow calculation that applied interest rates currently being offered to the contractual interest rates on such time deposits.

Other borrowings

The Company assumed FHLB debt of $ 351.5 million in its acquisition of FineMark and repaid that debt in January 2026.

The fair value of FHLB debt assumed was valued using the actual payoff value as provided by the FHLB on January 1, 2026.

The results of FineMark are included in the results of the Company subsequent to the January 1, 2026.

Transaction costs incurred after the acquisition date totaled $ 14.0 million, primarily in salaries and employee benefits and professional and other services in the Consolidated Statements of Income.

Additional transaction and integration costs will be expensed in future periods as incurred.

The following table presents pro forma combined information as if FineMark had been acquired on January 1, 2025.

These results combine the historical results of FineMark into the Company’s consolidated statement of income, and while adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, the results do not necessarily reflect the results of operations that would have occurred had the acquisition taken place on January 1, 2025.

Furthermore, cost savings and other business synergies related to the acquisition are not reflected in the pro forma combined amounts.

Pro Forma Combined Results

For the Three Months Ended

(In thousands) March 31, 2026 March 31, 2025

Total revenue * $ 468,428 $ 455,698

Net Income 150,695 135,690

*Total revenue is comprised of net interest income and non-interest income.

The Company's results for the three months ended March 31, 2026 include the operating results of the acquired assets and assumed liabilities of FineMark subsequent to the acquisition on January 1, 2026.

Due to the streamlining and integration of the operating activities into those of the Company post-acquisition, historical reporting for the former FineMark operations is impracticable, and thus disclosures of the revenue from the assets acquired and income before taxes are impracticable for the period subsequent to the acquisition.

Loans and Allowance for Credit Losses

Major classifications within the Company’s held for investment loan portfolio at September 30, 2025 and December 31, 2024 are as follows:

Major classifications within the Company’s held for investment loan portfolio at March 31, 2026 and December 31, 2025 are as follows:

(In thousands)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Business $ 6,750,356 $ 6,439,380

8 unchanged sentences

Total loans $ 20,461,064 $ 17,771,263

Accrued interest receivable totaled $ 73.7 million and $ 70.6 million at September 30, 2025 and December 31, 2024, respectively, and was included within other assets on the consolidated balance sheets.

For the three months ended September 30, 2025, the Company wrote-off accrued interest by reversing interest income of $ 63 thousand and $ 1.5 million in the Commercial and Personal Banking portfolios, respectively.

Similarly, for the nine months ended September 30, 2025, the Company wrote off accrued interest of $ 266 thousand and $ 4.8 million in the Commercial and Personal Banking portfolios, respectively.

For the three months ended September 30, 2024, the Company reversed $ 56 thousand and $ 1.5 million in the Commercial and Personal Banking portfolios, respectively, and in the nine months ended September 30, 2024, reversed $ 491 thousand and $ 4.6 million in the Commercial and Personal Banking portfolios.

At September 30, 2025, loans of $ 3.5 billion were pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits.

Accrued interest receivable totaled $ 78.9 million and $ 74.4 million at March 31, 2026 and December 31, 2025, respectively, and was included within other assets on the consolidated balance sheets.

For the three months ended March 31, 2026, the Company wrote-off accrued interest by reversing interest income of $ 39 thousand and $ 1.6 million in the Commercial and Personal Banking portfolios, respectively.

For the three months ended March 31, 2025, the Company reversed $ 112 thousand and $ 1.7 million in the Commercial and Personal Banking portfolios, respectively.

At March 31, 2026, loans of $ 3.7 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 $ 2.7 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.

The assumptions utilized in estimating the Company’s allowance for credit losses at September 30, 2025 and June 30, 2025 are discussed below.

Key Assumption September 30, 2025 December 31, 2024

Overall economic forecast • The US economy faces significant downside risks, including a softer labor market

• Includes an expected 25 basis point Federal Reserve rate cut in December and an additional three 25 basis point cuts in 2026

• Economy expected to expand by 2% in 2026

• The United States economy will grow

• Expansionary fiscal policy and less immigration cause the labor market to tighten, pushing the unemployment rate lower

The assumptions utilized in estimating the Company’s allowance for credit losses at March 31, 2026 and December 31, 2025 are discussed below.

Key Assumption March 31, 2026 December 31, 2025

Overall economic forecast • Economy expected to slow but continue to expand

• Slightly increased unemployment due to reduced hiring

• Inflation remains elevated

• Assumes conflict in the Middle East will deescalate in the near term

• Increased GDP due to expected increases in consumer spending

• Stable unemployment

• Higher rates and volatility are expected to continue

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

Forecasted macro-economic variables • Unemployment rate of 4.4% during the supportable forecast period

Forecasted macro-economic variables • Unemployment rate ranges from 4.4% to 4.5% during the supportable forecast period

• Real GDP growth ranges from 1.9% to 2.4%

• BBB corporate yield from 5.5% to 5.6%

• Housing Price Index from 328.4 to 333.8

• Commercial Real Estate Price Index from 308.8 to 320.4

• CPI inflation rate from 2.8% to 3.9%

• Unemployment rate ranges from 4.3% to 4.5% during the supportable forecast period

• Real GDP growth ranges from 2.1% to 2.8%

• BBB corporate yield from 5.2% to 5.3%

• Housing Price Index from 324.9 to 329.7

• Commercial Real Estate Price Index from 292.5 to 305.6

• CPI inflation rate from 2.1% to 2.6%

Prepayment assumptions Commercial loans

12 unchanged sentences

• Loans downgraded to special mention, substandard, or non-accrual status

• Consumer credit card, auto, other vehicle and other consumer portfolios loss expectation adjustment

• Auto, other vehicle and other consumer portfolios loss expectation adjustment

• Certain portfolios where the model assumptions do not capture all identified loss risk

3 unchanged sentences

• Loans downgraded to special mention, substandard, or non-accrual status

• Consumer auto portfolio

• Auto, other vehicle and other consumer portfolios loss expectation adjustment

• 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.

The current forecast includes projections on inflation, labor market trends, Federal Reserve monetary policy, and business growth.

The current forecast includes projections on inflation, labor market trends, Federal Reserve monetary policy, business growth, and consumer spending.

Economic, political, and social developments regionally, nationally, and even globally could significantly modify economic projections used in the estimation of the allowance for credit losses.

The forecast assumes the conflict in the Middle East will de-escalate within the upcoming months and inflation trends are due to related higher energy prices.

Uncertainty around increased unemployment and other negative economic trends is heightened.

Potential changes in any one economic variable may or may not affect the overall allowance because a variety of economic variables and inputs are considered in estimating the allowance, and changes in those variables and inputs may not occur at the same rate, may not be consistent across product types, and may have offsetting impacts to other changing variables and inputs.

A summary of the activity in the allowance for credit losses on loans and the liability for unfunded lending commitments for the three and nine months ended September 30, 2025 and 2024, respectively, follows:

For the Three Months Ended September 30, 2025

For the Nine Months Ended September 30, 2025

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, 2026 and 2025, respectively, follows:

For the Three Months Ended March 31, 2026

(In thousands) Commercial Personal Banking

Commercial Personal Banking

ALLOWANCE FOR CREDIT LOSSES ON LOANS

Balance at beginning of period $ 106,854 $ 58,406 $ 165,260 $ 106,769 $ 55,973 $ 162,742

Balance at end of prior period $ 116,865 $ 62,603 $ 179,468

Initial allowance for credit losses on purchased credit deteriorated loans at acquisition 1,533 1,424 2,957

Initial allowance for credit losses on purchased seasoned loans at acquisition 7,722 12,149 19,871

Provision for credit losses on loans 4,763 6,520 11,283

2 unchanged sentences

Net loan charge-offs (recoveries) 5,646 9,328 14,974

Balance September 30, 2025 $ 112,924 $ 62,747 $ 175,671 $ 112,924 $ 62,747 $ 175,671

Balance March 31, 2026 $ 125,237 $ 73,368 $ 198,605

LIABILITY FOR UNFUNDED LENDING COMMITMENTS

Balance at beginning of period $ 14,771 $ 1,234 $ 16,005 $ 17,887 $ 1,048 $ 18,935

Balance at end of prior period $ 16,539 $ 1,121 $ 17,660

Initial allowance for credit loss at acquisition 362 — 362

Provision for credit losses on unfunded lending commitments ( 335 ) 12 ( 323 )

Balance September 30, 2025 $ 14,015 $ 1,312 $ 15,327 $ 14,015 $ 1,312 $ 15,327

Balance March 31, 2026 $ 16,566 $ 1,133 $ 17,699

ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS $ 141,803 $ 74,501 $ 216,304

For the Three Months Ended September 30, 2024

For the Nine Months Ended September 30, 2024

For the Three Months Ended March 31, 2025

(In thousands) Commercial Personal Banking

Commercial Personal Banking

ALLOWANCE FOR CREDIT LOSSES ON LOANS

4 unchanged sentences

Net loan charge-offs (recoveries) 423 10,383 10,806

Balance September 30, 2024 $ 107,047 $ 53,792 $ 160,839 $ 107,047 $ 53,792 $ 160,839

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 )

Balance September 30, 2024 $ 16,648 $ 1,336 $ 17,984 $ 16,648 $ 1,336 $ 17,984

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

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.

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, 2025 and December 31, 2024.

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, 2026 and December 31, 2025.

(In thousands)

2 unchanged sentences

90 Days Past Due and Still Accruing Non-accrual

September 30, 2025

March 31, 2026

Business $ 6,745,956 $ 3,640 $ 559 $ 201 $ 6,750,356

19 unchanged sentences

Total $ 17,648,771 $ 82,083 $ 24,659 $ 15,750 $ 17,771,263

At September 30, 2025, the Company had no 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.

The Company did not record any interest income on non-accrual loans during the nine months ended September 30, 2025 and 2024, respectively.

At March 31, 2026, the Company had $ 9.1 million non-accrual loans that had no allowance for credit loss, compared to no non-accrual loans that had no allowance for credit loss at December 31, 2025.

The Company did not record any interest income on non-accrual loans during the three months ended March 31, 2026 and 2025, 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.

The risk category of loans in the Commercial portfolio as of September 30, 2025 and December 31, 2024 are as follows:

The risk category of loans in the Commercial portfolio as of March 31, 2026 and December 31, 2025 are as follows:

Term Loans Amortized Cost Basis by Origination Year

(In thousands) 2026 2025 2024 2023 2022 Prior Revolving Loans Amortized Cost Basis Total

September 30, 2025

March 31, 2026

Pass $ 440,569 $ 1,543,502 $ 805,900 $ 543,237 $ 398,031 $ 548,931 $ 2,254,771 $ 6,534,941

4 unchanged sentences

$ 440,569 $ 1,575,861 $ 825,441 $ 547,916 $ 413,136 $ 552,812 $ 2,394,621 $ 6,750,356

Gross write-offs for the nine months ended September 30, 2025

Gross write-offs for the three months ended March 31, 2026

$ — $ — $ — $ 32 $ 55 $ 24 $ 272 $ 383

3 unchanged sentences

Substandard — — — 2,340 25,896 — — 28,236

Non-accrual — 191 — — — — — 191

Total Real estate-construction:

$ 156,781 $ 562,138 $ 325,625 $ 310,634 $ 197,155 $ 6,032 $ 23,424 $ 1,581,789

Gross write-offs for the nine months ended September 30, 2025

Gross write-offs for the three months ended March 31, 2026

$ — $ — $ — $ — $ — $ — $ — $ —

6 unchanged sentences

$ 329,613 $ 1,366,961 $ 434,892 $ 345,265 $ 560,883 $ 845,606 $ 176,319 $ 4,059,539

Gross write-offs for the nine months ended September 30, 2025

Gross write-offs for the three months ended March 31, 2026

$ — $ — $ — $ — $ — $ 5,416 $ — $ 5,416

6 unchanged sentences

$ 926,963 $ 3,504,960 $ 1,585,958 $ 1,203,815 $ 1,171,174 $ 1,404,450 $ 2,594,364 $ 12,391,684

Gross write-offs for the nine months ended September 30, 2025

Gross write-offs for the three months ended March 31, 2026

$ — $ — $ — $ 32 $ 55 $ 5,440 $ 272 $ 5,799

13 unchanged sentences

Substandard — — 2,365 25,875 18,248 — — 46,488

Non-accrual 220 — — — — — — 220

Total Real estate-construction:

17 unchanged sentences

Gross write-offs for the year ended December 31, 2025 $ — $ 429 $ 516 $ 165 $ 2 $ 10 $ 1,423 $ 2,545

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, 2025 and December 31, 2024 below.

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, 2026 and December 31, 2025 below.

Term Loans Amortized Cost Basis by Origination Year

(In thousands) 2026 2025 2024 2023 2022 Prior Revolving Loans Amortized Cost Basis Total

September 30, 2025

March 31, 2026

Real estate-personal

4 unchanged sentences

$ 153,432 $ 630,463 $ 428,121 $ 464,112 $ 614,434 $ 2,106,150 $ 10,894 $ 4,407,606

Gross write-offs for the nine months ended September 30, 2025

Gross write-offs for the three months ended March 31, 2026

$ — $ — $ — $ — $ — $ 7 $ — $ 7

3 unchanged sentences

$ 136,277 $ 492,859 $ 212,814 $ 218,511 $ 122,439 $ 142,099 $ 1,150,354 $ 2,475,353

Gross write-offs for the nine months ended September 30, 2025

Gross write-offs for the three months ended March 31, 2026

$ — $ 412 $ 593 $ 580 $ 256 $ 138 $ 584 $ 2,563

4 unchanged sentences

$ — $ — $ — $ — $ — $ — $ 619,178 $ 619,178

Gross write-offs for the nine months ended September 30, 2025

Gross write-offs for the three months ended March 31, 2026

$ — $ — $ — $ — $ — $ — $ 7 $ 7

4 unchanged sentences

$ — $ — $ — $ — $ — $ — $ 557,733 $ 557,733

Gross write-offs for the nine months ended September 30, 2025

Gross write-offs for the three months ended March 31, 2026

$ — $ — $ — $ — $ — $ — $ 8,214 $ 8,214

2 unchanged sentences

$ 9,510 $ — $ — $ — $ — $ — $ — $ 9,510

Gross write-offs for the nine months ended September 30, 2025

Gross write-offs for the three months ended March 31, 2026

$ 628 $ — $ — $ — $ — $ — $ — $ 628

5 unchanged sentences

$ 299,219 $ 1,123,322 $ 640,935 $ 682,623 $ 736,873 $ 2,248,249 $ 2,338,159 $ 8,069,380

Gross write-offs for the nine months ended September 30, 2025

Gross write-offs for the three months ended March 31, 2026

$ 628 $ 412 $ 593 $ 580 $ 256 $ 145 $ 8,805 $ 11,419

17 unchanged sentences

Over 90 days past due — — — — — — 421 421

Non-accrual — — — — — — 1,977 $ 1,977

Total Revolving home equity:

21 unchanged sentences

The Company requires that collateral-dependent loans are either over-collateralized or carry collateral equal to the amortized cost of the loan.

The following table presents the amortized cost basis of collateral-dependent loans as of September 30, 2025 and December 31, 2024.

The following table presents the amortized cost basis of collateral-dependent loans as of March 31, 2026 and December 31, 2025.

(In thousands) Real Estate Total

September 30, 2025

March 31, 2026

Real estate - business $ 9,092 $ 9,092

2 unchanged sentences

Real estate - business $ 14,508 $ 14,508

Personal Banking:

Revolving home equity 1,977 1,977

Total $ 14,508 $ 14,508

6 unchanged sentences

Other consumer loans modified to borrowers experiencing financial difficulty consist of various other workout arrangements with consumer customers.

The following tables present the amortized cost at September 30, 2025 of loans that were modified during the three and nine months ended September 30, 2025 and the amortized cost at September 30, 2024 of loans that were modified during the three and nine months ended September 30, 2024.

For the Three Months Ended September 30, 2025

The following tables present the amortized cost at March 31, 2026 of loans that were modified during the three months ended March 31, 2026 and the amortized cost at March 31, 2025 of loans that were modified during the three months ended March 31, 2025.

For the Three Months Ended March 31, 2026

(Dollars in thousands)

Term Extension Payment Delay Interest Rate Reduction Total % of Total Loan Category

September 30, 2025

Business $ 42,047 $ — $ — $ 42,047 0.7 %

Real estate – business 19,253 — — 19,253 0.5

Personal Banking:

Real estate – personal 31 1,869 — 1,900 0.1

Consumer — — 19 19 —

Consumer credit card — — 973 973 0.2

Total $ 61,331 $ 1,869 $ 992 $ 64,192 0.4 %

For the Nine Months Ended September 30, 2025

September 30, 2025

Business $ 60,984 $ — $ — $ 60,984 1.0 %

Real estate – business 96,549 — — 96,549 2.6

Personal Banking:

Real estate – personal 31 8,249 — 8,280 0.3

Consumer — 35 79 114 —

Consumer credit card — — 2,389 2,389 0.4

Total $ 157,564 $ 8,284 $ 2,468 $ 168,316 0.9 %

For the Three Months Ended September 30, 2024

(Dollars in thousands)

Term Extension Payment Delay Interest Rate Reduction Other

Total % of Total Loan Category

September 30, 2024

March 31, 2026

Business $ 62,272 $ — $ — $ 62,272 0.9 %

6 unchanged sentences

Total $ 65,145 $ 801 $ 924 $ 66,870 0.3 %

For the Nine Months Ended September 30, 2024

September 30, 2024

For the Three Months Ended March 31, 2025

(Dollars in thousands)

Term Extension Payment Delay Interest Rate Reduction Total % of Total Loan Category

March 31, 2025

Business $ 54,539 $ — $ — $ 54,539 0.9 %

Real estate – construction and land 1,915 — — — 1,915 0.1

Real estate – business 76,958 — — 76,958 2.1

12 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.

The following tables summarize the financial impact of loan modifications and payment deferrals during the three and nine months ended September 30, 2025 and September 30, 2024.

The following tables summarize the financial impact of loan modifications and payment deferrals during the three months ended March 31, 2026 and March 31, 2025.

Term Extension

Three Months Ended September 30, 2025 Three Months Ended September 30, 2024

Business Extended maturity by a weighted average of 5 months.

Extended maturity by a weighted average of 5 months.

Real estate – construction and land — Extended maturity by a weighted average of 2 months.

Real estate – business Extended maturity by a weighted average of 6 months.

Extended maturity by a weighted average of 11 months.

Personal Banking:

Real estate – personal Extended maturity by a weighted average of 9 months.

Extended maturity by a weighted average of 2 months.

Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024

Three Months Ended March 31, 2026 Three Months Ended March 31, 2025

Business Extended maturity by a weighted average of 11 months.

3 unchanged sentences

Extended maturity by a weighted average of 18 months.

Personal Banking:

Real estate – personal Extended maturity by a weighted average of 9 months.

Extended maturity by a weighted average of 5 months.

Payment Delay

Three Months Ended September 30, 2025 Three Months Ended September 30, 2024

Personal Banking:

Real estate – personal Deferred certain payments by a weighted average of 25 years .

Deferred certain payments by a weighted average of 15 years .

Consumer — Deferred certain payments by a weighted average of 19 years .

Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024

Three Months Ended March 31, 2026 Three Months Ended March 31, 2025

Personal Banking:

2 unchanged sentences

Consumer Deferred certain payments by a weighted average of 26 years.

Deferred certain payments by a weighted average of 19 years .

Interest Rate Reduction

Three Months Ended September 30, 2025 Three Months Ended September 30, 2024

Personal Banking:

Consumer Reduced contractual interest rate from average 22% to 6%.

Reduced contractual interest rate from average 21% to 6%.

Consumer credit card Reduced contractual interest rate from average 22% to 6%.

Reduced contractual interest rate from average 21% to 6%.

Nine Months Ended September 30, 2025 Nine Months Ended September 30, 2024

Three Months Ended March 31, 2026 Three Months Ended March 31, 2025

Personal Banking:

3 unchanged sentences

Reduced contractual interest rate from average 21% to 6%.

The Company had commitments of $ 13.0 million and $ 14.9 million at September 30, 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;

The Company had commitments of $ 13.3 million and $ 11.4 million at March 31, 2026 and December 31, 2025, 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.

The following tables provide the amortized cost basis at September 30, 2025 of loans to borrowers experiencing financial difficulty that had a payment default during the three and nine months ended September 30, 2025 and were modified within the 12 months preceding the payment default, as well as 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 had been modified within the 12 months preceding the payment default.

The following tables provide the amortized cost basis at March 31, 2026 of loans to borrowers experiencing financial difficulty that had a payment default during the three months ended March 31, 2026 and were modified within the 12 months preceding the payment default, as well as 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 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.

For the Three Months Ended September 30, 2025 For the Nine Months Ended September 30, 2025

(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

September 30, 2025

Business $ 45 $ — $ — $ — $ 45 $ 45 $ — $ — $ — $ 45

For the Three Months Ended March 31, 2026

(Dollars in thousands) Term Extension Payment Delay Interest Rate Reduction Interest/Fees Forgiven Total

March 31, 2026

Real estate – business $ 9,093 $ — $ — $ — $ 9,093

4 unchanged sentences

Total $ 9,093 $ 178 $ 284 $ — $ 9,555

For the Three Months Ended September 30, 2024 For the Nine Months Ended September 30, 2024

For the Three Months Ended March 31, 2025

(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

September 30, 2024

Business $ 14,872 $ — $ — $ — $ 14,872 $ 14,872 $ — $ — $ — $ 14,872

Term Extension Payment Delay Interest Rate Reduction Interest/Fees Forgiven Total

March 31, 2025

Real estate – business $ 14,667 $ — $ — $ — $ 14,667

Personal Banking:

3 unchanged sentences

Total $ 14,667 $ 1,762 $ 251 $ — $ 16,680

The following tables present the amortized cost basis at September 30, 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 September 30, 2024 of loans to borrowers experiencing financial difficulty that had been modified within the 12 months preceding September 30, 2024.

The following tables present the amortized cost basis at March 31, 2026 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, 2025 of loans to borrowers experiencing financial difficulty that had been modified within the 12 months preceding March 31, 2025.

(In thousands)

1 unchanged sentence

90 Days Past Due Total

September 30, 2025

March 31, 2026

Business $ 90,748 $ 200 $ — $ 90,948

Real estate – construction and land 2,340 — — 2,340

Real estate – business 2,260 — 9,092 11,352

7 unchanged sentences

90 Days Past Due Total

September 30, 2024

March 31, 2025

Business $ 89,831 $ 44 $ — $ 89,875

Real estate – construction and land 1,915 — — 1,915

Real estate – business 124,311 124 14,667 139,102

8 unchanged sentences

The loans are primarily sold to Federal Home Loan Mortgage Corporation (FHLMC) and Federal National Mortgage Association (FNMA).

At September 30, 2025, the fair value of these loans was $ 2.2 million, and the unpaid principal balance was $ 2.1 million.

At September 30, 2025, none of the loans held for sale were on non-accrual status or 90 days past due and still accruing interest.

At March 31, 2026, the fair value of these loans was $ 1.7 million, and the unpaid principal balance was $ 1.6 million.

At March 31, 2026, none of the loans held for sale were on non-accrual status or 90 days past due and still accruing interest.

Foreclosed real estate/repossessed assets

The Company’s holdings of foreclosed real estate totaled $ 790 thousand and $ 343 thousand at September 30, 2025 and December 31, 2024, respectively, and included in those amounts were $ 790 thousand and $ 343 thousand at September 30, 2025 and December 31, 2024, respectively, of foreclosed residential real estate properties held as a result of obtaining physical possession.

Personal property acquired in repossession, generally autos, totaled $ 2.6 million and $ 2.2 million at September 30, 2025 and December 31, 2024.

The Company’s holdings of foreclosed real estate totaled $ 678 thousand and $ 1.2 million at March 31, 2026 and December 31, 2025, respectively, and included in those amounts were $ 678 thousand and $ 1.0 million at March 31, 2026 and December 31, 2025, respectively, of foreclosed residential real estate properties held as a result of obtaining physical possession.

Personal property acquired in repossession, generally autos, totaled $ 2.8 million and $ 2.3 million at March 31, 2026 and December 31, 2025.

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

Investment securities consisted of the following at September 30, 2025 and December 31, 2024.

(In thousands) September 30, 2025 December 31, 2024

Investment securities consisted of the following at March 31, 2026 and December 31, 2025.

(In thousands) March 31, 2026 December 31, 2025

Available for sale debt securities $ 8,646,127 $ 9,095,513

8 unchanged sentences

$ 8,994,988 $ 9,423,406

(1) Accrued interest receivable totaled $ 36.1 million and $ 35.0 million at September 30, 2025 and December 31, 2024, respectively, and was included within other assets on the consolidated balance sheets.

(1) Accrued interest receivable totaled $ 36.4 million and $ 42.0 million at March 31, 2026 and December 31, 2025, 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.

2 unchanged sentences

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.

Investment in FRB stock is based on the capital structure of the investing bank, and investment in FHLB stock is tied to the asset size of the borrowing bank and the level of borrowings from the FHLB.

These holdings are carried at cost.

1 unchanged sentence

Equity Securities

The Company’s equity securities portfolio includes mutual funds, common stock, and preferred stock with readily determinable fair values as well as equity securities with no readily determinable fair value.

The Company’s equity securities portfolio includes mutual funds and common stock with readily determinable fair values as well as equity securities with no readily determinable fair value.

The Company has elected to measure equity securities with no readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes for the identical or similar investment of the same issuer.

At March 31, 2026, this portfolio included the Company’s 411,723 shares of Visa Inc.

(“Visa”) Class B-1 common stock (formerly Class B common stock), which were held by Commerce Bancshares, Inc.

The Company’s Visa Class B-1 shares had a carrying value of zero at March 31, 2024, as there had not been observable price changes in orderly transactions for identical or similar investments of the same issuer.

On April 8, 2024, Visa announced the commencement of a public offering to permit the exchange of its Class B-1 common stock for a combination of shares of its Class B-2 common stock and its Class C common stock (“Exchange Offer”).

The Company tendered all of its Visa Class B-1 shares pursuant to the Exchange Offer.

On May 3, 2024, the Exchange Offer closed, and in exchange for its 823,447 shares of Visa Class B-1 common stock, the Company received 411,723 shares of Visa Class B-2 common stock (which will be convertible under certain circumstances, as further described below, into Visa’s publicly traded Class A common stock at an initial rate of 1.5875 shares of Class A common for each share of Class B-2 common stock, subject to adjustment) and 163,404 shares of Visa Class C common stock which automatically convert into four shares of Visa's Class A common stock (subject to future adjustments for any stock splits, recapitalizations or similar transactions) upon any transfer to a person other than a Visa member or an affiliate of a Visa member.

As a condition of participating in the exchange, the Company entered into a Makewhole Agreement with Visa that provides for cash payments to Visa to the extent (if any) that future adjustments to the conversion ratio for the Visa Class B-2 common stock to Class A common stock cause such ratio to fall below zero.

Changes to the conversion ratio occur when Visa deposits funds to a litigation escrow established by Visa to pay settlements for certain covered litigation that pre-dated Visa’s initial public offering, for which Visa has been effectively indemnified by Visa USA members through reductions to the conversion ratio for its Class B-1 common stock.

The purpose of the Makewhole Agreement is to preserve the economic benefit of these adjustments to the Class B-1 conversion ratio for the benefit of Visa’s Class A and Class C common stockholders following the exchange.

(“Visa”) Class B-2 common stock, which are held by Commerce Bancshares, Inc.

and were acquired by participating in a public exchange offer by Visa in 2024 (2024 Exchange Offer).

At March 31, 2026, the Company’s Visa Class B-2 shares are carried at cost, which is $ 0 , as the Company elected the measurement alternative approach for these shares and there have not been 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.

As a condition of participating in the 2024 Exchange Offer, the Company entered into a Makewhole Agreement (2024 Makewhole Agreement) with Visa that provides for cash payments to Visa to the extent (if any) that future adjustments to the conversion ratio for the Visa Class B-2 common stock to Class A common stock cause such ratio to fall below zero.

Changes to the conversion ratio occur when Visa deposits funds to a litigation escrow established by Visa to pay settlements for certain covered litigation that pre-dated Visa’s initial public offering, for which Visa had been effectively indemnified by Visa USA members through reductions to the conversion ratio for its Class B-1 common stock.

The purpose of the 2024 Makewhole Agreement was to preserve the economic benefit of these adjustments to the Class B-1 conversion ratio for the benefit of Visa’s Class A and Class C common stockholders following the exchange.

As further described in Visa’s related Issuer Tender Offer Statement on Schedule TO and Prospectus, each dated April 8, 2024, publicly filed with the U.

Securities and Exchange Commission, both the Makewhole Agreement and the related escrow fund and transfer restrictions on Visa’s Class B-1 common stock and the new Class B-2 common stock will terminate whenever the covered litigation is ultimately resolved, at which future date outstanding shares of Visa Class B-2 common stock will be convertible into shares of its Class A common stock at the then-applicable conversion ratio.

As a result of the exchange, the Company elected the measurement alternative approach for its Visa Class C common stock and marked the stock to fair value, recording a gain based on the conversion privilege of the Visa Class C common stock and the closing price of Visa Class A common stock.

During the second quarter of 2024, the Company sold 436 thousand shares of Visa Class A common stock at an average price of $ 274.91 , resulting in proceeds of $ 119.8 million.

During the third quarter of 2024, the Company sold 218 thousand Visa Class A shares at an average price of $ 260.56 , resulting of proceeds of $ 56.8 million.

The Company sold all of the Visa Class C shares during the second and third quarters of 2024.

The Company’s Visa Class B-2 common stock will continue to be carried at cost of $ 0 as the Company elected the measurement alternative approach for these shares as well, and there are not observable price changes in orderly transactions for identical or similar investments of the same issuer for the Visa Class B-2 shares held by the Company.

Changes in equity investments with no readily determinable fair value for each period of 2024 were as follows:

Three Months Ended September 30 Nine Months Ended September 30

(In thousands) 2024 2024

Balance at beginning of period $ 65,780 $ 6,978

Observable upward price adjustments — 178,227

Observable downward price adjustments ( 416 ) ( 416 )

Impairment charges — —

Sales of securities and other activity ( 56,511 ) ( 175,936 )

Balance at end of period $ 8,853 $ 8,853

Net gains and losses for the Company's equity securities portfolio for the nine months ended September 30, 2024 were as follows:

Nine Months Ended September 30

(In thousands) 2024

Net gains (losses) recognized during the period on equity securities $ 178,098

Net (gains) losses recognized during the period on equity securities sold during the period ( 176,755 )

Net unrealized gains (losses) recognized during the reporting period on equity securities still held at the reporting date $ 1,343

Available for sale debt securities portfolio

The majority of the Company’s investment portfolio is comprised of available for sale debt securities, which are carried at fair value with changes in fair value reported in accumulated other comprehensive income (AOCI).

A summary of the available for sale debt securities by maturity groupings as of September 30, 2025 is shown below.

A summary of the available for sale debt securities by maturity groupings as of March 31, 2026 is shown below.

The investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as FHLMC, FNMA, and Government National Mortgage Association (GNMA), in addition to non-agency mortgage-backed securities, which have no guarantee but are collateralized by commercial and residential mortgages.

Also included are certain other asset-backed securities, which are primarily collateralized by credit cards, automobiles, student loans, and commercial loans.

Also included are certain other asset-backed securities, which are primarily

collateralized by credit cards, automobiles, student loans, and commercial loans.

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

8 unchanged sentences

After 1 but within 5 years 3,962 3,737

After 5 but within 10 years 30,816 26,321

After 10 years 19,821 13,927

20 unchanged sentences

government and federal agency obligations include U.S.

Treasury inflation-protected securities, which totaled $ 419.3 million, at fair value, at September 30, 2025.

Treasury inflation-protected securities, which totaled $ 380.7 million, at fair value, at March 31, 2026.

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.

At September 30, 2025, the fair value of securities on this watch list was $ 969.4 million compared to $ 1.6 billion at December 31, 2024.

At March 31, 2026, the fair value of securities on this watch list was $ 970.5 million compared to $ 896.7 million at December 31, 2025.

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.

At September 30, 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.

As of September 30, 2025, the Company did not identify any securities for which a credit loss exists, and for the nine months ended September 30, 2025 and 2024, the Company did not recognize a credit loss expense on any available for sale debt securities.

The table below summarizes debt securities available for sale in an unrealized loss position, aggregated by length of loss period, for which an allowance for credit losses has not been recorded at September 30, 2025 and December 31, 2024.

At March 31, 2026, the securities on the Company's watch list that were not deemed to be solely related to increasing interest rates were securities backed by government-guaranteed student loans and are expected to perform as contractually required.

As of March 31, 2026, the Company did not identify any securities for which a credit loss exists, and for the three

months ended March 31, 2026 and 2025, the Company did not recognize a credit loss expense on any available for sale debt securities.

Unrealized losses on these available for sale securities have not been recognized into income because after review, the securities were deemed not to be impaired.

The unrealized losses on these securities are primarily attributable to changes in interest rates and current market conditions.

At September 30, 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.

At March 31, 2026, 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

September 30, 2025

March 31, 2026

government and federal agency obligations $ 1,321,452 $ 9,277 $ 190,275 $ 7,123 $ 1,511,727 $ 16,400

19 unchanged sentences

Total $ 659,636 $ 2,704 $ 5,222,367 $ 689,390 $ 5,882,003 $ 692,094

The entire available for sale debt portfolio included $ 6.1 billion of securities that were in a loss position at September 30, 2025, compared to $ 8.1 billion at December 31, 2024.

The total amount of unrealized loss on these securities was $ 731.4 million at September 30, 2025, a decrease of $ 263.2 million compared to the unrealized loss at December 31, 2024.

The entire available for sale debt portfolio included $ 6.3 billion of securities that were in a loss position at March 31, 2026, compared to $ 5.9 billion at December 31, 2025.

The total amount of unrealized loss on these securities was $ 711.4 million at March 31, 2026, an increase of $ 19.3 million compared to the unrealized loss at December 31, 2025.

Securities with significant unrealized losses are discussed in the "Allowance for credit losses on available for sale debt securities" section above.

For debt securities classified as available for sale, the following table shows the amortized cost, fair value, and allowance for credit losses of securities available for sale at September 30, 2025 and December 31, 2024, and the corresponding amounts of gross unrealized gains and losses (pre-tax) in AOCI, by security type.

For debt securities classified as available for sale, the following table shows the amortized cost, fair value, and allowance for credit losses of securities available for sale at March 31, 2026 and December 31, 2025, 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

September 30, 2025

March 31, 2026

government and federal agency obligations $ 3,147,185 $ 16,508 $ ( 16,400 ) $ — $ 3,147,293

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

For the Nine Months Ended September 30

For the Three Months Ended March 31

(In thousands) 2026 2025

Proceeds from sales of securities:

Available for sale debt securities

$ 36,065 $ 1,057,589

Equity securities

Other investments

5 unchanged sentences

Gains realized on sales $ — $ 4

Losses realized on sales ( 4,218 ) ( 192,938 )

Equity securities:

2 unchanged sentences

Losses realized on sales

( 1,735 ) ( 1,601 )

Fair value adjustments, net 10,890 ( 8,525 )

Total investment securities gains (losses), net $ 11,647 $ ( 7,591 )

Net gains on investment securities for the nine months ended September 30, 2025 were mainly comprised of net gains in fair value of $ 3.8 million on private equity investments and net gains of $ 1.7 million on equity investments.

These gains were largely offset by net losses of $ 4.2 million on sales of available for sale securities.

During 2024, the Company executed a plan to to reposition a portion of its available for sale debt securities portfolio through the sale of securities with an amortized cost of $ 1.2 billion.

The securities that the Company sold had a yield of approximately 2.1 %, which resulted in a loss of $ 179.1 million, and the Company reinvested $ 928.8 million of the proceeds into U.S.

Treasury securities yielding approximately 4.6 %.

Net gains on investment securities for the three months ended March 31, 2026 were mainly comprised of net gains in fair value of $ 10.9 million on private equity investments.

Pledged securities

At September 30, 2025, securities totaling $ 6.7 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.

Excluding obligations of various government-sponsored enterprises such as FNMA, FHLB and FHLMC, no investment in a single issuer exceeded 10 % of stockholders’ equity.

At March 31, 2026, securities totaling $ 6.7 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 $ 7.3 billion at December 31, 2025.

Excluding obligations of various government-sponsored enterprises such as FNMA, FHLB and FHLMC, no investment in a single issuer exceeded 10 % of shareholders’ equity.

Goodwill and Other Intangible Assets

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(In thousands)

2 unchanged sentences

Core deposit premium $ 72,581 $ ( 8,031 ) $ — $ 64,550 $ 5,550 $ ( 5,427 ) $ — $ 123

Trade name 5,550 ( 277 ) — 5,273 — — — —

Customer relationships 65,500 ( 2,519 ) — 62,981 — — — —

Mortgage servicing rights 13,929 ( 4,348 ) — 9,581 13,805 ( 4,217 ) — 9,588

Total $ 157,560 $ ( 15,175 ) $ — $ 142,385 $ 19,355 $ ( 9,644 ) $ — $ 9,711

Aggregate amortization expense on intangible assets was $ 310 thousand and $ 318 thousand for the three month periods ended September 30, 2025 and 2024, respectively and was $ 954 thousand and $ 969 thousand for the nine months ended September 30, 2025 and 2024, respectively.

Aggregate amortization expense on intangible assets was $ 5.7 million and $ 338 thousand for the three month periods ended March 31, 2026 and 2025, respectively.

The following table shows the estimated annual amortization expense for the next five fiscal years.

This expense is based on existing asset balances and the interest rate environment as of September 30, 2025.

This expense is based on existing asset balances and the interest rate environment as of March 31, 2026.

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)

Changes in the carrying amount of goodwill and other intangible assets for the nine month period ended September 30, 2025 are as follows:

(In thousands) Goodwill Easement Core Deposit Premium Mortgage Servicing Rights

2026 $ 22,722

Changes in the carrying amount of goodwill and other intangible assets for the three month period ended March 31, 2026 are as follows:

(In thousands) Goodwill Easement Core Deposit Premium Trade Name Customer Relationships Mortgage Servicing Rights

Balance January 1, 2026

$ 146,539 $ 3,600 $ 123 $ — $ — $ 9,588

Acquisition 107,266 — 67,032 5,550 65,500 —

Originations, net of disposals — — — — — 284

Amortization — — ( 2,605 ) ( 277 ) ( 2,519 ) ( 291 )

Balance September 30, 2025 $ 146,539 $ 3,600 $ 150 $ 9,579

Goodwill allocated to the Company’s operating segments at September 30, 2025 and December 31, 2024 is shown below.

(In thousands) September 30, 2025 December 31, 2024

Consumer segment $ 70,721 $ 70,721

Balance March 31, 2026 $ 253,805 $ 3,600 $ 64,550 $ 5,273 $ 62,981 $ 9,581

The Company added $ 107.3 million of goodwill related to the FineMark acquisition in the first quarter of 2026.

The goodwill was calculated based on the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date and is subject to change as additional information becomes available during the measurement period.

Goodwill related to the FineMark acquisition was allocated entirely to the Company's Wealth segment.

Goodwill allocated to the Company’s operating segments at March 31, 2026 and December 31, 2025 is shown below.

(In thousands) March 31, 2026 December 31, 2025

Retail banking segment $ 70,721 $ 70,721

Commercial segment 75,072 75,072

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Upon issuance of standby letters of credit, the Company recognizes a liability for the fair value of the obligation undertaken, which is estimated to be equivalent to the amount of fees received from the customer over the life of the agreement.

At September 30, 2025, that net liability was $ 4.2 million, which will be accreted into income over the remaining life of the respective commitments.

The contractual amount of these letters of credit, which represents the maximum potential future payments guaranteed by the Company, was $ 643.6 million at September 30, 2025.

At March 31, 2026, that net liability was $ 4.4 million, which will be accreted into income over the remaining life of the respective commitments.

The contractual amount of these letters of credit, which represents the maximum potential future payments guaranteed by the Company, was $ 682.6 million at March 31, 2026.

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.

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The third parties usually have other borrowing relationships with the Company.

The Company monitors overall borrower collateral and at September 30, 2025, believes sufficient collateral is available to cover potential swap losses.

The Company monitors overall borrower collateral and at March 31, 2026, believes sufficient collateral is available to cover potential swap losses.

The RPAs are carried at fair value throughout their term with all changes in fair value, including those due to a change in the third party’s creditworthiness, recorded in current earnings.

The terms of the RPAs, which correspond to the terms of the underlying swaps, range from 1 to 11 years.

At September 30, 2025, the fair value of the Company's guarantee liabilities for RPAs was $ 94 thousand, and the notional amount of the underlying swaps was $ 274.1 million.

At March 31, 2026, the fair value of the Company's guarantee liabilities for RPAs was $ 58 thousand, and the notional amount of the underlying swaps was $ 271.2 million.

The maximum potential future payment guaranteed by the Company cannot be readily estimated but is dependent upon the fair value of the interest rate swaps at the time of default.

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The Company also leases office space to third parties, and these leases are classified as operating leases.

The leases may include options to renew or expand the leased space, and currently the leases have remaining terms of 1 month to 13 years.

The leases may include options to renew or expand the leased space, and currently the leases have remaining terms of 3 months to 13 years.

The following table provides the components of lease income.

For the Three Months Ended September 30 For the Nine Months Ended September 30

For the Three Months Ended March 31

(in thousands) 2026 2025

Direct financing and sales-type leases $ 10,130 $ 9,843

Operating leases (a)

4,842 4,249 13,327 12,641

Operating leases 5,080 4,297

Total lease income $ 15,210 $ 14,140

(a) Includes rent from Tower Properties Company, a related party, of $ 0 and $ 20 thousand for the three month periods ended September 30, 2025 and 2024, respectively, and $ 0 and $ 58 thousand for the nine month periods ended September 30, 2025 and 2024, respectively.

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:

For the Three Months Ended September 30 For the Nine Months Ended September 30

For the Three Months Ended March 31

(In thousands) 2026 2025

2 unchanged sentences

Expected return on plan assets ( 975 ) ( 980 )

Amortization of prior service cost — ( 45 ) — ( 136 )

Amortization of unrecognized net loss (gain) 138 229

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All benefits accrued under the Company’s defined benefit pension plan have been frozen since January 1, 2011.

During the first nine 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.

During the first three months of 2026, 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 *

Presented below is a summary of the components used to calculate basic and diluted income per share.

The Company applies the two-class method of computing income per share, as nonvested share-based awards that pay nonforfeitable common stock dividends are considered securities which participate in undistributed earnings with common stock.

The two-class method requires the calculation of separate income per share amounts for the nonvested share-based awards and for common stock.

The Company applies the two-class method of computing income per share, as nonvested restricted stock awards that pay nonforfeitable common stock dividends are considered securities which participate in undistributed earnings with common stock.

The two-class method requires the calculation of separate income per share amounts for the nonvested restricted stock awards and for common stock.

Income per share attributable to common stock is shown in the table below.

Nonvested share-based awards are further discussed in Note 14.

For the Three Months Ended September 30 For the Nine Months Ended September 30

For the Three Months Ended March 31

(In thousands, except per share data) 2026 2025

2 unchanged sentences

$ 141,623 $ 131,592

Less income allocated to nonvested restricted stock 1,338 1,289 4,058 3,646

Less income allocated to nonvested restricted stock awards 1,314 1,259

Net income allocated to common stock $ 140,309 $ 130,333

4 unchanged sentences

$ 141,623 $ 131,592

Less income allocated to nonvested restricted stock 1,337 1,288 4,055 3,643

Less income allocated to nonvested restricted stock awards 1,313 1,258

Net income allocated to common stock $ 140,310 $ 130,334

Weighted average common shares outstanding 145,786 139,563

Net effect of the assumed exercise of stock-based awards - based on the treasury stock method using the average market price for the respective periods 125 178 136 163

Net effect of assumed exercise of stock appreciation rights and restricted stock units - based on the treasury stock method using the average market price for the respective periods 71 162

Weighted average diluted common shares outstanding 145,857 139,725

Diluted income per common share $ .96 $ .93

Unexercised stock appreciation rights of 237 thousand and 378 thousand for the three month periods ended September 30, 2025 and 2024, respectively, and 230 thousand and 410 thousand for the six month periods ended September 30, 2025 and 2024, respectively, were excluded from the computation of diluted income per common share because their inclusion would have been anti-dilutive.

Unexercised stock appreciation rights of 439 thousand and 167 thousand for the three month periods ended March 31, 2026 and 2025, respectively, were excluded from the computation of diluted income per common share because their inclusion would have been anti-dilutive.

Nonvested time-vested restricted stock units of 42 thousand for the three month period ended March 31, 2026 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 2025.

11 unchanged sentences

Current period other comprehensive income (loss), net of tax ( 30,550 ) 103 ( 1,455 ) ( 31,902 )

Balance September 30, 2025

Balance March 31, 2026

$ ( 515,621 ) $ ( 9,520 ) $ ( 14,451 ) $ ( 539,592 )

6 unchanged sentences

Current period other comprehensive income (loss), net of tax 118,288 172 5,875 124,335

Balance September 30, 2024

Balance March 31, 2025

$ ( 624,638 ) $ ( 11,887 ) $ 1,949 $ ( 634,576 )

2 unchanged sentences

The Company segregates financial information for use in assessing its performance and allocating resources among three operating segments:

Consumer, Commercial and Wealth.

The Consumer segment consists of various consumer loan and deposit products offered through its retail branch network of approximately 140 locations.

Retail Banking, Commercial and Wealth.

The Retail Banking segment consists of various consumer loan and deposit products offered through its retail branch network of approximately 150 locations.

This segment also includes residential mortgage, indirect and other consumer loan financing businesses, along with debit and credit card loan and fee businesses.

12 unchanged sentences

(In thousands)

Consumer Commercial Wealth Other/Elimination Consolidated Totals

Three Months Ended September 30, 2025

Net interest income $ 126,606 $ 132,575 $ 22,534 $ ( 2,258 ) $ 279,457

Provision for credit losses ( 9,422 ) ( 908 ) 1 ( 9,732 ) ( 20,061 )

Non-interest income 25,364 66,408 68,100 1,639 161,511

Investment securities gains (losses), net — — — 7,885 7,885

Non-interest expense ( 84,886 ) ( 107,201 ) ( 42,254 ) ( 9,677 ) ( 244,018 )

Income before income taxes $ 57,662 $ 90,874 $ 48,381 $ ( 12,143 ) $ 184,774

Nine Months Ended September 30, 2025

Retail Banking Commercial Wealth Other/Elimination Consolidated Totals

Three Months Ended March 31, 2026

Net interest income $ 122,572 $ 133,601 $ 46,123 $ ( 2,456 ) $ 299,840

4 unchanged sentences

Income before income taxes $ 49,521 $ 84,014 $ 63,228 $ ( 11,511 ) $ 185,252

Three Months Ended September 30, 2024

Net interest income $ 128,904 $ 128,253 $ 20,966 $ ( 15,772 ) $ 262,351

Provision for loan losses ( 9,526 ) ( 186 ) 146 426 ( 9,140 )

Non-interest income 25,517 65,287 61,841 6,380 159,025

Investment securities gains (losses), net — — — 3,872 3,872

Non-interest expense ( 85,121 ) ( 102,614 ) ( 40,059 ) ( 9,806 ) ( 237,600 )

Income before income taxes $ 59,774 $ 90,740 $ 42,894 $ ( 14,900 ) $ 178,508

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

Net interest income $ 125,234 $ 133,266 $ 22,159 $ ( 11,557 ) $ 269,102

4 unchanged sentences

Income before income taxes $ 55,239 $ 99,091 $ 45,008 $ ( 31,741 ) $ 167,597

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.

Non-interest expense for the Retail Banking, Commercial, and Wealth segments above is primarily comprised of salaries, incentives, benefits, and allocated overhead costs for service and support.

Non-interest expense for the segments also includes expense for data processing and software, occupancy, and professional and other services.

7 unchanged sentences

Included in this category’s net interest income are earnings of the investment portfolio, which are not allocated to a segment.

Additionally, interest expense on the Company's brokered certificates of deposit is included in this column, as the Company's brokered certificates of deposit are not allocated to a segment.

The performance measurement of the operating segments is based on the management structure of the Company and is not necessarily comparable with similar information for any other financial institution.

3 unchanged sentences

These contractual amounts, along with other terms of the derivative, are used to determine amounts to be exchanged between counterparties and are not a measure of loss exposure.

The Company's derivatives are not accounted for as accounting hedges except for the interest rate floors, as discussed below.

The Company's derivatives are not accounted for as accounting hedges except for the interest rate floors and one interest rate swap, as discussed below.

(In thousands)

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Interest rate swaps $ 2,063,942 $ 1,968,679

15 unchanged sentences

The Company maintains debt ratings and capital well above these minimum requirements.

As of September 30, 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.

At March 31, 2026, the Company had one interest rate swap with a notional amount of $ 100.0 million, which is designated as a fair value hedge of certain variable rate loans.

This swap was acquired during the Company's acquisition of FineMark.

Gains and losses on the derivative instrument, as well as the offsetting loss or gain on the hedged loans attributable to the hedged risk, are recognized in current earnings.

These gains and losses are reported in interest and fees on loans in the accompanying consolidated statements of income.

The table below shows gains and losses related to fair value hedges.

For the Three Months Ended March 31

(In thousands)

Gain (loss) on interest rate swaps $ 299 $ —

Gain (loss) on loans ( 305 ) —

Net impact of fair value hedging instruments $ ( 6 ) $ —

As of March 31, 2026, the Company held five 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 $2.5 billion.

Each of the four interest rate floors has a six-year term and a notional amount of $500.0 million.

Each of the five interest rate floors has a six-year term and a notional amount of $500.0 million.

In the event that the index rate falls below zero, the maximum rate that the Company can earn on the notional amount of each floor is limited to the strike rate.

5 unchanged sentences

2.75 % July 1, 2025 July 1, 2031

The premium paid for the floors totaled $ 90.2 million.

At September 30, 2025, the maximum length of time over which the Company is hedging its exposure to lower rates is approximately 5.8 years.

3.00 % October 1, 2026 October 1, 2032

The premium paid for the floors totaled $ 102.2 million, including $ 11.9 million during the quarter ended March 31, 2026.

At March 31, 2026, the maximum length of time over which the Company is hedging its exposure to lower rates is

approximately 6.5 years.

These interest rate floors qualified and were designated as cash flow hedges and were assessed for effectiveness using regression analysis.

The change in the fair value of these interest rate floors is recorded in AOCI, net of the amortization of the premiums paid, which are recorded against interest and fees on loans in the consolidated statements of income.

As of September 30, 2025, net deferred losses on the interest rate floors totaled $ 21.3 million (pre-tax) and were recorded in AOCI in the consolidated balance sheet.

As of September 30, 2025,

it is expected that $ 11.6 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.

As of March 31, 2026, net deferred losses on the interest rate floors totaled $ 24.9 million (pre-tax) and were recorded in AOCI in the consolidated balance sheet.

As of March 31, 2026, it is expected that $ 14.0 million (pre-tax) interest rate floor premium amortization will be reclassified from AOCI into earnings over the next 12 months for the outstanding interest rate floors.

During the year ended December 31, 2020, the Company monetized three interest rate floors that were previously classified as cash flow hedges with a combined notional balance of $ 1.5 billion and an asset fair value of $ 163.2 million.

As of September 30, 2025, the total realized gains on the monetized cash flow hedges remaining in AOCI was $ 13.8 million (pre-tax), which will be reclassified into interest income over the next 1.2 years.

The estimated amount of net gains related to the cash flow hedges remaining in AOCI at September 30, 2025 that is expected to be reclassified into income within the next 12 months is $ 12.5 million.

As of March 31, 2026, the total realized gains on the monetized cash flow hedges remaining in AOCI was $ 5.6 million (pre-tax), which will be reclassified into interest income over the next 9 months.

The estimated amount of net gains related to the cash flow hedges remaining in AOCI at March 31, 2026 that is expected to be reclassified into income within the next 12 months is $ 5.6 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.

There was no reduction to positive or negative fair values of cleared swaps at September 30, 2025 and December 31, 2024.

There was no reduction to positive or negative fair values of cleared swaps at March 31, 2026 and December 31, 2025.

Asset Derivatives Liability Derivatives

31, 2026 Dec.

31, 2024 Sept.

31, 2025 Mar.

31, 2026 Dec.

3 unchanged sentences

Interest rate floors $ 42,788 $ 32,524 $ — $ —

Interest rate swaps $ — $ — $ ( 318 ) $ —

Total derivatives designated as hedging instruments $ 42,788 $ 32,524 $ ( 318 ) $ —

9 unchanged sentences

Total $ 58,399 $ 51,421 $ ( 15,726 ) $ ( 18,795 )

The carrying amount of the underlying variable rate loans for the fair value hedge, which includes the unamortized discount or premium and the fair value adjustment, was $ 136.3 million as of March 31, 2026.

The hedged item is presented in Loans within the balance sheet.

The Company made an election to exclude the initial premiums paid on the interest rate floors from the hedge effectiveness measurement.

4 unchanged sentences

(In thousands) Total Included Component Excluded Component Total Included Component Excluded Component

For the Three Months Ended September 30, 2025

Derivatives in cash flow hedging relationships:

Interest rate floors $ ( 10,548 ) $ ( 346 ) $ ( 10,202 ) Interest and fees on loans $ 2,177 $ 6,433 $ ( 4,256 )

Total $ ( 10,548 ) $ ( 346 ) $ ( 10,202 ) Total $ 2,177 $ 6,433 $ ( 4,256 )

For the Nine Months Ended September 30, 2025

Derivatives in cash flow hedging relationships:

Interest rate floors $ 4,833 $ 5,688 $ ( 855 ) Interest and fees on loans $ 7,082 $ 19,712 $ ( 12,630 )

Total $ 4,833 $ 5,688 $ ( 855 ) Total $ 7,082 $ 19,712 $ ( 12,630 )

For the Three Months Ended September 30, 2024

For the Three Months Ended March 31, 2026

Derivatives in cash flow hedging relationships:

1 unchanged sentence

Total $ ( 1,666 ) $ ( 3,410 ) $ 1,744 Total $ 274 $ 3,969 $ ( 3,695 )

For the Nine Months Ended September 30, 2024

For the Three Months Ended March 31, 2025

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

For the Three Months Ended September 30 For the Nine Months Ended September 30

For the Three Months Ended March 31

(In thousands) 2026 2025

Derivatives and hedged instruments in fair value hedging relationships:

Interest rate swaps and hedged loans Interest and fees on loans $ ( 6 ) $ —

Total $ ( 6 ) $ —

Derivative instruments:

Interest rate swaps Other non-interest income $ 97 $ 105

Interest rate caps Other non-interest income 2 —

Credit risk participation agreements Other non-interest income ( 310 ) ( 8 )

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Collateral exchanged between the Company and dealer bank counterparties is generally subject to thresholds and transfer minimums, and usually consists of marketable securities.

By contract, these may be sold or re-pledged by the secured party until recalled at a subsequent valuation date by the pledging party.

By contract, these may be sold or re-pledged by the secured party until recalled at a

subsequent valuation date by the pledging party.

For those swap transactions requiring central clearing, the Company posts cash or securities to its clearing agent.

4 unchanged sentences

Pledged Net Amount

September 30, 2025

March 31, 2026

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

September 30, 2025

March 31, 2026

Total resale agreements, subject to master netting arrangements

7 unchanged sentences

2,861,016 — 2,861,016 — ( 2,861,016 ) —

The table below shows the remaining contractual maturities of repurchase agreements outstanding at September 30, 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.

The table below shows the remaining contractual maturities of repurchase agreements outstanding at March 31, 2026 and December 31, 2025, 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

September 30, 2025

March 31, 2026

Repurchase agreements, secured by:

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Stock-Based Compensation

The Company issues stock-based compensation in the form of nonvested restricted stock and stock appreciation rights (SARs).

In accordance with the requirements of ASC 718-10-30-3 and 35-2, the Company measures the cost of stock-based compensation based on the grant-date fair value of the award, recognizing the cost over the requisite service period, which is generally the vesting period.

Beginning February 2026, the Company issued stock-based compensation in the form of time-vested restricted stock units (RSUs) and performance-vested restricted stock units (PSUs).

The fair value of a PSU is estimated using a Monte Carlo simulation analysis while the fair value of a RSU is the common stock (CBSH) market price.

Compensation expense for PSUs is recognized over the requisite service period based on the probable outcome of the performance conditions.

RSUs and PSUs accrue forfeitable dividend equivalents which are paid in cash upon vesting.

Dividend equivalents are included in compensation expense over the requisite service period.

Prior to February 1, 2026, the Company issued stock-based compensation in the form of nonvested restricted stock awards and stock appreciation rights (SARs).

The fair value of stock appreciation rights is estimated using the Black-Scholes option-pricing model while the fair value of a nonvested restricted stock award is the common stock (CBSH) market price.

The expense recognized for stock-based compensation is included in salaries and employee benefits expense in the accompanying consolidated statements of income.

The Company recognizes forfeitures as a reduction to expense only when they have occurred.

Historically, most of the awards have been issued during the first quarter of each year.

The stock-based compensation expense charged against income was $ 4.4 million and $ 4.3 million in the three months ended September 30, 2025 and 2024 respectively, and $ 12.9 million and $ 12.7 million in the nine months ended September 30, 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.

Total stock-based compensation expense charged against income was $ 6.2 million and $ 4.4 million in the three months ended March 31, 2026 and 2025, respectively.

Restricted Stock Awards

Nonvested restricted stock awards granted generally vest in 4 to 7 years and contain restrictions as to transferability, sale, pledging, or assigning, among others, prior to the end of the vesting period.

Dividend and voting rights are conferred upon grant.

A summary of the status of the Company’s nonvested share awards as of September 30, 2025, and changes during the nine month period then ended, is presented below.

A summary of the status of the Company’s nonvested share awards as of March 31, 2026, and changes during the three month period then ended, is presented below.

Shares Weighted Average Grant Date Fair Value

3 unchanged sentences

Forfeited ( 9,476 ) 53.44

Nonvested at September 30, 2025 1,258,118 $ 57.73

SARs are granted with exercise prices equal to the market price of the Company’s stock at the date of grant.

Nonvested at March 31, 2026 1,284,237 $ 54.57

Time-Vested Restricted Stock Units and Performance-Vested Restricted Stock Units

RSUs generally vest after 3 to 4 years of continued service.

PSUs are granted to key executives and vest at the end of a 3 -year performance period.

The number of shares ultimately earned is determined based on relative performance compared to peers over the performance period of the following equally weighted measures:

Adjusted Return on Average Equity and Diluted EPS Growth.

The earned PSU shares are further adjusted by a market condition modifier based on the Company's Total Shareholder Return relative to peers measured 3 years from the date of grant.

RSUs and PSUs earn forfeitable cash dividend equivalents, which are paid in cash at the end of the vesting period, but do not carry voting rights.

The fair value of RSUs are based on the closing common stock (CBSH) market price on the date of grant.

To measure the probability distribution of performance of the market condition, the fair value of PSUs are estimated based on a Monte Carlo simulation analysis.

The Company engages a third-party valuation expert to perform the Monte Carlo simulation, and the assumptions used are shown in the table below.

A summary of the Company's time-vested restricted stock units and performance-vested restricted stock units as of March 31, 2026, and changes during the three month period ended, is presented below.

Time-Vested Restricted Stock Units Performance-Vested Restricted Stock Units

Units Weighted Average Grant Date Fair Value Units Weighted Average Grant Date Fair Value

Nonvested at January 1, 2026 — $ — — $ —

Granted 283,820 52.09 95,266 52.68

Adjustment (1)

Vested — — — —

Forfeited ( 34 ) 51.74 — —

Nonvested at March 31, 2026 283,786 $ 52.09 95,266 $ 52.68

(1) Reflects the adjustment to target Granted PSUs, based on the current estimate of performance results.

The current year Monte Carlo assumptions are shown in the table below.

Fair value on valuation date $ 52.68

Dividend yield — %

Historical volatility 25.7 %

Risk-free interest rate 3.5 %

Expected term 2.9 years

Stock Appreciation Rights

Stock appreciation rights (SARs) are granted with exercise prices equal to the market price of the Company’s stock at the date of grant.

SARs vest ratably over 4 years of continuous service and have contractual terms of 10 years.

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In determining compensation cost, the Black-Scholes option-pricing model is used to estimate the fair value of SARs on date of grant.

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

Weighted per share average fair value at grant date $ 19.72

Dividend yield

Risk-free interest rate

Expected term

A summary of SAR activity during the first nine months of 2025 is presented below.

A summary of SAR activity during the first three months of 2026 is presented below.

(Dollars in thousands, except per share data)

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Outstanding at January 1, 2026 850,956 $ 47.99

Granted 38,770 64.93

Forfeited ( 972 ) 58.20

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Exercised ( 55,429 ) 27.25

Outstanding at September 30, 2025

Outstanding at March 31, 2026

793,335 $ 49.42 4.8 years $ 2,622

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Revenue from contracts with customers, Accounting Standard Codification 606 ("ASC 606"), requires revenue recognition for the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

For the nine months ended September 30, 2025, approximately 63 % of the Company’s total revenue was comprised of net interest income, which is not within the scope of this guidance.

For the three months ended March 31, 2026, 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.

Three Months Ended September 30 Nine Months Ended September 30

Three Months Ended March 31

(In thousands) 2026 2025

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

For bank card transaction fees, nearly all debit and credit card fees were earned in the Consumer segment, while corporate card and merchant fees were earned in the Commercial segment.

The Consumer and Commercial segments contributed approximately 28 % and 71 %, respectively, of the Company's deposit account charge revenue.

For bank card transaction fees, nearly all debit and credit card fees were earned in the Retail Banking segment, while corporate card and merchant fees were earned in the Commercial segment.

The Retail Banking and Commercial segments contributed approximately 28 % and 72 %, respectively, of the Company's deposit account charge revenue.

All trust fees and nearly all consumer brokerage services income were earned in the Wealth segment.

The following table presents the opening and closing receivable balances for the nine month periods ended September 30, 2025 and 2024 for the Company’s significant revenue from contracts with customers.

(In thousands) September 30, 2025 December 31, 2024 September 30, 2024 December 31, 2023

The following table presents the opening and closing receivable balances for the three month periods ended March 31, 2026 and 2025 for the Company’s significant revenue from contracts with customers.

(In thousands) March 31, 2026 December 31, 2025 March 31, 2025 December 31, 2024

Bank card transaction fees $ 14,331 $ 16,878 $ 14,538 $ 17,754

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Deposit account charges and other fees 7,667 8,414 7,549 7,897

Consumer brokerage services — — — 8

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

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Instruments Measured at Fair Value on a Recurring Basis

The table below presents the September 30, 2025 and December 31, 2024 carrying values of assets and liabilities measured at fair value on a recurring basis.

There were no transfers among levels during the first nine months of 2025 or the year ended December 31, 2024.

The table below presents the March 31, 2026 and December 31, 2025 carrying values of assets and liabilities measured at fair value on a recurring basis.

There were no transfers among levels during the first three months of 2026 or the year ended December 31, 2025.

Fair Value Measurements Using

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(Level 2) Significant Unobservable Inputs

September 30, 2025

March 31, 2026

Residential mortgage loans held for sale $ 1,657 $ — $ 1,657 $ —

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State and Municipal Obligations Private Equity

For the three months ended September 30, 2025

Balance June 30, 2025

$ 950 $ 174,070 $ 175,020

Total gains (losses) realized/unrealized:

Included in earnings — 7,953 7,953

Included in other comprehensive income * 10 — 10

Purchases of private equity investments — 560 560

Sale/pay down of private equity investments — ( 1,096 ) ( 1,096 )

Capitalized interest/dividends — 18 18

Balance September 30, 2025 $ 960 $ 181,505 $ 182,465

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 September 30, 2025

$ — $ 7,953 $ 7,953

*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 September 30, 2025

$ 10 $ — $ 10

For the nine months ended September 30, 2025

For the three months ended March 31, 2026

Balance January 1, 2026

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Capitalized interest/dividends — 18 18

Balance September 30, 2025 $ 960 $ 181,505 $ 182,465

Total gains (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, 2025

$ — $ 4,641 $ 4,641

*Total gains (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, 2025

$ ( 6 ) $ — $ ( 6 )

Fair Value Measurements Using

Significant Unobservable Inputs

(In thousands)

State and Municipal Obligations Private Equity

For the three months ended September 30, 2024

Balance June 30, 2024

$ 953 $ 178,321 $ 179,274

Total gains (losses) realized/unrealized:

Included in earnings — 7,428 7,428

Included in other comprehensive income * ( 2 ) — ( 2 )

Purchases of private equity investments — 375 375

Sale/pay down of private equity investments — ( 15,139 ) ( 15,139 )

Capitalized interest/dividends — ( 12 ) ( 12 )

Balance at September 30, 2024 $ 951 $ 170,973 $ 171,924

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 September 30, 2024

Balance at March 31, 2026 $ 950 $ 183,764 $ 184,714

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, 2026

$ — $ 10,890 $ 10,890

*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 September 30, 2024

*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, 2026

$ ( 3 ) $ — $ ( 3 )

For the nine months ended September 30, 2024

For the three months ended March 31, 2025

Balance January 1, 2025

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Capitalized interest/dividends — 17 17

Balance at September 30, 2024 $ 951 $ 170,973 $ 171,924

Total gains (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

Balance at March 31, 2025 $ 947 $ 175,618 $ 176,565

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 )

*Total gains (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

*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 )

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

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(In thousands) Investment Securities Gains (Losses), Net

For the three months ended September 30, 2025

Total gains or losses included in earnings $ 7,953

Change in unrealized gains or losses relating to assets still held at September 30, 2025

For the nine months ended September 30, 2025

Total gains or losses included in earnings $ 3,842

Change in unrealized gains or losses relating to assets still held at September 30, 2025

For the three months ended September 30, 2024

For the three months ended March 31, 2026

Total gains or losses included in earnings $ 10,890

Change in unrealized gains or losses relating to assets still held at September 30, 2024

For the nine months ended September 30, 2024

Change in unrealized gains or losses relating to assets still held at March 31, 2026

For the three months ended March 31, 2025

Total gains or losses included in earnings $ ( 8,525 )

Change in unrealized gains or losses relating to assets still held at September 30, 2024

Change in unrealized gains or losses relating to assets still held at March 31, 2025

Level 3 Inputs

The Company's Level 3 measurements at September 30, 2025, which employ unobservable inputs that are readily quantifiable, pertain to investments in portfolio concerns held by the Company's private equity subsidiaries.

The Company's Level 3 measurements at March 31, 2026, 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.

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Instruments Measured at Fair Value on a Nonrecurring Basis

For assets measured at fair value on a nonrecurring basis during the first nine months of 2025 and 2024, and still held as of September 30, 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 September 30, 2025 and 2024.

For assets measured at fair value on a nonrecurring basis during the first three months of 2026 and 2025, and still held as of March 31, 2026 and 2025, 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, 2026 and 2025.

Fair Value Measurements Using

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Significant Unobservable Inputs

Total Gains (Losses) Recognized During the Nine Months Ended September 30

September 30, 2025

Total Gains (Losses) Recognized During the Three Months Ended March 31

March 31, 2026

Collateral dependent loans $ 9,092 $ — $ — $ 9,092 $ ( 3,719 )

Long-lived assets 301 — — 301 ( 99 )

September 30, 2024

March 31, 2025

Collateral dependent loans $ 3,940 $ — $ — $ 3,940 $ ( 400 )

Foreclosed assets 112 — — 112 ( 55 )

Fair Value of Financial Instruments

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Changes in assumptions could significantly affect the estimates.

The estimated fair values of the Company’s financial instruments and the classification of their fair value measurement within the valuation hierarchy are as follows at September 30, 2025 and December 31, 2024:

Carrying Amount Estimated Fair Value at September 30, 2025

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, 2026 and December 31, 2025:

Carrying Amount Estimated Fair Value at March 31, 2026

(In thousands)

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Investment securities 8,984,988 3,206,719 5,528,980 249,289 8,984,988

Federal funds sold 630 630 — — 630

Securities purchased under agreements to resell 850,000 — — 862,125 862,125

32 unchanged sentences

Investment securities 9,413,603 3,339,866 5,842,326 231,411 9,413,603

Federal funds sold 3,000 3,000 — — 3,000

Securities purchased under agreements to resell 850,000 — — 869,427 869,427

10 unchanged sentences

Securities sold under agreements to repurchase 2,861,016 — — 2,863,921 2,863,921

Other borrowings 12,739 12,739 — — 12,739

Derivative instruments 18,795 — 18,718 77 18,795

2 unchanged sentences

Legal and Regulatory Proceedings

The Company has various legal proceedings pending at September 30, 2025, arising in the normal course of business.

The Company has various legal proceedings pending at March 31, 2026, 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.

What changed 10-Q

Item 1. Financial Statements