What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2026-08-05 compared with 2026-05-07 · 367 added, 209 removed, 1440 unchanged (29% of the section changed)

8 unchanged sentences

Net loans 20,638,106 17,591,795

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)

Loans held for sale (including $ 3,376,000 and $ 4,028,000 of residential mortgage loans carried at fair value at June 30, 2026 and December 31, 2025, respectively)

Investment securities:

Available for sale debt, at fair value (amortized cost of $ 8,941,232,000 and $ 9,742,278,000 at

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

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

June 30, 2026 and December 31, 2025, respectively, and allowance for credit losses of $ —

at both June 30, 2026 and December 31, 2025)

8,322,634 9,095,513

26 unchanged sentences

Authorized 190,000,000 ;

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

issued 148,521,165 and 138,588,701 shares at June 30, 2026 and December 31, 2025, respectively

742,606 692,944

1 unchanged sentence

Retained earnings 353,023 131,826

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

Treasury stock of 4,369,979 shares at June 30, 2026

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

10 unchanged sentences

CONSOLIDATED STATEMENTS OF INCOME

For the Three Months Ended March 31

For the Three Months Ended June 30 For the Six Months Ended June 30

(In thousands, except per share data) 2026 2025 2026 2025

52 unchanged sentences

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months Ended March 31

For the Three Months Ended June 30 For the Six Months Ended June 30

(In thousands) 2026 2025 2026 2025

13 unchanged sentences

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Three Months Ended March 31, 2026 and 2025

Three Months Ended June 30, 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 December 31, 2025

Balance March 31, 2026

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

2 unchanged sentences

Distributions to non-controlling interest ( 881 ) ( 881 )

Acquisition of FineMark Holdings, Inc.

49,662 470,203 519,865

Purchases of treasury stock ( 111,324 ) ( 111,324 )

5 unchanged sentences

( 39,861 ) ( 39,861 )

Balance March 31, 2026

Balance June 30, 2026

$ 742,606 $ 3,993,098 $ 353,023 $ ( 232,318 ) $ ( 498,731 ) $ 24,127 $ 4,381,805

Balance December 31, 2024

Balance March 31, 2025

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

9 unchanged sentences

( 36,761 ) ( 36,761 )

Balance March 31, 2025

Balance June 30, 2025

$ 676,054 $ 3,386,218 $ 255,938 $ ( 96,589 ) $ ( 581,049 ) $ 19,542 $ 3,660,114

2 unchanged sentences

and Subsidiaries

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Six Months Ended June 30, 2026 and 2025

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, 2025

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

Net income 301,413 3,127 304,540

Other comprehensive income (loss) 8,959 8,959

Distributions to non-controlling interest ( 2,401 ) ( 2,401 )

Acquisition of FineMark Holdings, Inc 49,662 470,203 519,865

Purchases of treasury stock ( 196,298 ) ( 196,298 )

Issuance under stock purchase and equity compensation plans ( 11,982 ) 11,981 ( 1 )

Stock-based compensation 12,585 12,585

Cash dividends paid on common stock ($ .550 per share)

( 80,216 ) ( 80,216 )

Balance June 30, 2026

$ 742,606 $ 3,993,098 $ 353,023 $ ( 232,318 ) $ ( 498,731 ) $ 24,127 $ 4,381,805

Balance December 31, 2024

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

Net income 284,071 325 284,396

Other comprehensive income (loss) 177,862 177,862

Distributions to non-controlling interest ( 3,377 ) ( 3,377 )

Purchases of treasury stock ( 66,076 ) ( 66,076 )

Issuance under stock purchase and equity compensation plans ( 17,892 ) 17,888 ( 4 )

Stock-based compensation 8,465 8,465

Cash dividends paid on common stock ($ .524 per share)

( 73,627 ) ( 73,627 )

Balance June 30, 2025

$ 676,054 $ 3,386,218 $ 255,938 $ ( 96,589 ) $ ( 581,049 ) $ 19,542 $ 3,660,114

See accompanying notes to consolidated financial statements.

Commerce Bancshares, Inc.

and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31

For the Six Months Ended June 30

(In thousands) 2026 2025

41 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 March 31

Cash, cash equivalents and restricted cash at June 30

$ 2,907,879 $ 3,146,335

2 unchanged sentences

CONSOLIDATED STATEMENTS OF CASH FLOWS (continued)

For the Three Months Ended March 31

For the Six Months Ended June 30

(In thousands) 2026 2025

13 unchanged sentences

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 $ 53 thousand at March 31, 2026.

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

This balance is included in other assets in the consolidated balance sheets and totaled $ 33 thousand at June 30, 2026.

The Company had $ 22 thousand in restricted cash at June 30, 2025.

Commerce Bancshares, Inc.

1 unchanged sentence

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026 (Unaudited)

June 30, 2026 (Unaudited)

Principles of Consolidation and Presentation

12 unchanged sentences

Management has evaluated subsequent events for potential recognition or disclosure.

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 results of operations for the six month period ended June 30, 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.

85 unchanged sentences

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.

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

Transaction costs incurred after the acquisition date totaled $ 19.1 million as of June 30, 2026, 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.

3 unchanged sentences

Pro Forma Combined Results

For the Three Months Ended

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

For the Three Months Ended For the Six Months Ended

(In thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025

Total revenue * $ 494,200 $ 474,251 $ 964,444 $ 929,949

1 unchanged sentence

*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.

The Company's results for the three and six months ended June 30, 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 March 31, 2026 and December 31, 2025 are as follows:

Major classifications within the Company’s held for investment loan portfolio at June 30, 2026 and December 31, 2025 are as follows:

(In thousands)

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Business $ 7,115,984 $ 6,439,380

8 unchanged sentences

Total loans $ 20,833,481 $ 17,771,263

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.

Accrued interest receivable totaled $ 80.6 million and $ 74.4 million at June 30, 2026 and December 31, 2025, respectively, and was included within other assets on the consolidated balance sheets.

For the three months ended June 30, 2026, the Company wrote-off accrued interest by reversing interest income of $ 44 thousand and $ 1.6 million in the Commercial and Personal Banking portfolios.

Similarly, for the six months ended June 30, 2026, the Company wrote off accrued interest of $ 82 thousand and $ 3.1 million in the Commercial and Personal Banking portfolios.

For the three months ended June 30, 2025, the Company reversed $ 91 thousand and $ 1.6 million in the Commercial and Personal Banking portfolios, respectively, and in the six months ended June 30, 2025, reversed $ 203 thousand and $ 3.3 million in the Commercial and Personal Banking portfolios.

At June 30, 2026, loans of $ 3.9 billion were pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits.

Additional loans of $ 2.6 billion were pledged at the Federal Reserve Bank as collateral for discount window borrowings.

8 unchanged sentences

The calculated average net charge-off rate is then adjusted for current conditions and reasonable and supportable forecasts.

These adjustments increase or decrease the average historical loss rate to reflect expectations of future losses given a single path economic forecast of key macroeconomic variables including GDP, disposable income, various interest rates, unemployment rate, consumer price index (CPI) inflation rate, housing price index (HPI), commercial real estate price index (CREPI) and market volatility.

These adjustments increase or decrease the average historical loss rate to reflect expectations of future losses given a single path economic forecast of key macroeconomic variables including gross domestic product (GDP), disposable income, various interest rates, unemployment rate, consumer price index (CPI) inflation rate, housing price index (HPI), commercial real estate price index (CREPI) and market volatility.

The adjustments are based on results from various regression models projecting the impact of the macroeconomic variables to loss rates.

5 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 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

The assumptions utilized in estimating the Company’s allowance for credit losses at June 30, 2026 and December 31, 2025 are discussed below.

Key Assumption June 30, 2026 December 31, 2025

Overall economic forecast • Unemployment remains stable

• Inflation remains elevated

• Federal funds rate expected to be cut 25 bp in December 2026 and again in March 2027

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

6 unchanged sentences

• Reversion to historical average loss rates within two quarters using a straight-line method

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

Forecasted macro-economic variables • Unemployment rate is 4.3% during the supportable forecast period

• Real GDP growth ranges from 1.6% to 2.7%

35 unchanged sentences

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.

The forecast assumes the conflict in the Middle East will resolve late summer.

If the conflict is prolonged, oil prices might rise causing negative trends in economic growth and inflation indicators.

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 months ended March 31, 2026 and 2025, respectively, follows:

For the Three Months Ended March 31, 2026

A summary of the activity in the allowance for credit losses on loans and the liability for unfunded lending commitments for the three and six months ended June 30, 2026 and 2025, respectively, follows:

For the Three Months Ended June 30, 2026

For the Six Months Ended June 30, 2026

(In thousands) Commercial Personal Banking

Commercial Personal Banking

ALLOWANCE FOR CREDIT LOSSES ON LOANS

6 unchanged sentences

Net loan charge-offs (recoveries) 217 9,324 9,541 5,863 18,652 24,515

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

Balance June 30, 2026 $ 123,630 $ 71,745 $ 195,375 $ 123,630 $ 71,745 $ 195,375

LIABILITY FOR UNFUNDED LENDING COMMITMENTS

2 unchanged sentences

Provision for credit losses on unfunded lending commitments 2,442 ( 22 ) 2,420 2,107 ( 10 ) 2,097

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

Balance June 30, 2026 $ 19,008 $ 1,111 $ 20,119 $ 19,008 $ 1,111 $ 20,119

ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS $ 142,638 $ 72,856 $ 215,494 $ 142,638 $ 72,856 $ 215,494

For the Three Months Ended March 31, 2025

For the Three Months Ended June 30, 2025

For the Six Months Ended June 30, 2025

(In thousands) Commercial Personal Banking

Commercial Personal Banking

ALLOWANCE FOR CREDIT LOSSES ON LOANS

4 unchanged sentences

Net loan charge-offs (recoveries) 31 9,659 9,690 454 20,042 20,496

Balance March 31, 2025 $ 106,700 $ 60,331 $ 167,031

Balance June 30, 2025 $ 106,854 $ 58,406 $ 165,260 $ 106,854 $ 58,406 $ 165,260

LIABILITY FOR UNFUNDED LENDING COMMITMENTS

1 unchanged sentence

Provision for credit losses on unfunded lending commitments ( 2,276 ) ( 46 ) ( 2,322 ) ( 3,116 ) 186 ( 2,930 )

Balance March 31, 2025 $ 17,047 $ 1,280 $ 18,327

Balance June 30, 2025 $ 14,771 $ 1,234 $ 16,005 $ 14,771 $ 1,234 $ 16,005

ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS $ 121,625 $ 59,640 $ 181,265 $ 121,625 $ 59,640 $ 181,265

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 March 31, 2026 and December 31, 2025.

The following table provides aging information on the Company’s past due and accruing loans, in addition to the balances of loans on non-accrual status, at June 30, 2026 and December 31, 2025.

(In thousands)

2 unchanged sentences

90 Days Past Due and Still Accruing Non-accrual

March 31, 2026

June 30, 2026

Business $ 7,110,497 $ 4,437 $ 958 $ 92 $ 7,115,984

19 unchanged sentences

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

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.

At June 30, 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 six months ended June 30, 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 March 31, 2026 and December 31, 2025 are as follows:

The risk category of loans in the Commercial portfolio as of June 30, 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

March 31, 2026

June 30, 2026

Pass $ 1,132,958 $ 1,420,625 $ 643,927 $ 437,560 $ 354,488 $ 480,520 $ 2,435,834 $ 6,905,912

4 unchanged sentences

$ 1,133,384 $ 1,465,916 $ 662,054 $ 441,084 $ 360,897 $ 483,278 $ 2,569,371 $ 7,115,984

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

Gross write-offs for the six months ended June 30, 2026

$ — $ — $ — $ 74 $ 54 $ 24 $ 607 $ 759

5 unchanged sentences

$ 193,623 $ 482,519 $ 333,075 $ 310,288 $ 143,932 $ 5,868 $ 24,150 $ 1,493,455

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

Gross write-offs for the six months ended June 30, 2026

$ — $ — $ — $ — $ — $ — $ — $ —

6 unchanged sentences

$ 746,761 $ 1,146,629 $ 392,483 $ 313,049 $ 569,306 $ 724,540 $ 171,485 $ 4,064,253

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

Gross write-offs for the six months ended June 30, 2026

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

6 unchanged sentences

$ 2,073,768 $ 3,095,064 $ 1,387,612 $ 1,064,421 $ 1,074,135 $ 1,213,686 $ 2,765,006 $ 12,673,692

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

Gross write-offs for the six months ended June 30, 2026

$ — $ — $ — $ 74 $ 54 $ 5,440 $ 607 $ 6,175

32 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 March 31, 2026 and December 31, 2025 below.

The credit quality of Personal Banking loans is monitored primarily on the basis of aging/delinquency, and this information is provided as of June 30, 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

March 31, 2026

June 30, 2026

Real estate-personal

4 unchanged sentences

$ 292,599 $ 602,582 $ 406,014 $ 438,202 $ 591,095 $ 2,027,767 $ 10,818 $ 4,369,077

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

Gross write-offs for the six months ended June 30, 2026

$ — $ — $ 40 $ 73 $ 101 $ 7 $ — $ 221

3 unchanged sentences

$ 294,230 $ 446,633 $ 186,369 $ 186,635 $ 108,350 $ 123,270 $ 1,181,961 $ 2,527,448

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

Gross write-offs for the six months ended June 30, 2026

$ 15 $ 825 $ 1,344 $ 1,049 $ 457 $ 254 $ 1,051 $ 4,995

2 unchanged sentences

Over 90 days past due — — — — — — 1,041 1,041

Non-accrual — — — — — — 33 $ 33

Total Revolving home equity:

$ — $ — $ — $ — $ — $ — $ 649,332 $ 649,332

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

Gross write-offs for the six months ended June 30, 2026

$ — $ — $ — $ — $ — $ — $ 90 $ 90

4 unchanged sentences

$ — $ — $ — $ — $ — $ — $ 561,277 $ 561,277

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

Gross write-offs for the six months ended June 30, 2026

$ — $ — $ — $ — $ — $ — $ 16,564 $ 16,564

2 unchanged sentences

$ 52,655 $ — $ — $ — $ — $ — $ — $ 52,655

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

Gross write-offs for the six months ended June 30, 2026

$ 1,230 $ — $ — $ — $ — $ — $ — $ 1,230

5 unchanged sentences

$ 639,484 $ 1,049,215 $ 592,383 $ 624,837 $ 699,445 $ 2,151,037 $ 2,403,388 $ 8,159,789

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

Gross write-offs for the six months ended June 30, 2026

$ 1,245 $ 825 $ 1,384 $ 1,122 $ 558 $ 261 $ 17,705 $ 23,100

40 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 March 31, 2026 and December 31, 2025.

The following table presents the amortized cost basis of collateral-dependent loans as of June 30, 2026 and December 31, 2025.

(In thousands) Real Estate Total

March 31, 2026

June 30, 2026

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

10 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 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

The following tables present the amortized cost at June 30, 2026 of loans that were modified during the three and six months ended June 30, 2026 and the amortized cost at June 30, 2025 of loans that were modified during the three and six months ended June 30, 2025.

For the Three Months Ended June 30, 2026

(Dollars in thousands)

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

March 31, 2026

June 30, 2026

Business $ 34,914 $ — $ — $ 34,914 0.5 %

6 unchanged sentences

Total $ 53,763 $ 518 $ 828 $ 55,109 0.3 %

For the Three Months Ended March 31, 2025

For the Six Months Ended June 30, 2026

June 30, 2026

Business $ 86,348 $ — $ — $ 86,348 1.2 %

Real estate – construction and land 15,284 — — 15,284 1.0

Real estate – business 6,310 — — 6,310 0.2

Personal Banking:

Real estate – personal — 1,300 — 1,300 —

Consumer — 16 48 64 —

Consumer credit card — — 1,565 1,565 0.3

Total $ 107,942 $ 1,316 $ 1,613 $ 110,871 0.5 %

For the Three Months Ended June 30, 2025

(Dollars in thousands)

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

March 31, 2025

June 30, 2025

Business $ 35,461 $ — $ — $ 35,461 0.6 %

5 unchanged sentences

Total $ 36,583 $ 3,670 $ 940 $ 41,193 0.2 %

For the Six Months Ended June 30, 2025

June 30, 2025

Business $ 52,075 $ — $ — $ 52,075 0.8 %

Real estate – business 77,440 — — 77,440 2.1

Personal Banking:

Real estate – personal — 6,810 — 6,810 0.2

Consumer — 37 68 105 —

Consumer credit card — — 1,696 1,696 0.3

Total $ 129,515 $ 6,847 $ 1,764 $ 138,126 0.8 %

The estimate of lifetime expected losses utilized in the allowance for credit losses model is developed using average historical experience on loans with similar risk characteristics, which includes losses from modifications of loans to borrowers experiencing financial difficulty.

6 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 months ended March 31, 2026 and March 31, 2025.

The following tables summarize the financial impact of loan modifications and payment deferrals during the three and six months ended June 30, 2026 and June 30, 2025.

Term Extension

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

Three Months Ended June 30, 2026 Three Months Ended June 30, 2025

Business Extended maturity by a weighted average of 8 months.

Extended maturity by a weighted average of 2 months.

Real estate – construction and land Extended maturity by 6 months.

Real estate – business Extended maturity by a weighted average of 25 months.

Extended maturity by a weighted average of 12 months.

Six Months Ended June 30, 2026 Six Months Ended June 30, 2025

Business Extended maturity by a weighted average of 10 months.

Extended maturity by a weighted average of 7 months.

Real estate – construction and land Extended maturity by a weighted average of 7 months.

2 unchanged sentences

Payment Delay

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

Three Months Ended June 30, 2026 Three Months Ended June 30, 2025

Personal Banking:

2 unchanged sentences

Consumer Deferred certain payments by a weighted average of 5 years .

Deferred certain payments by a weighted average of 8 years .

Six Months Ended June 30, 2026 Six Months Ended June 30, 2025

Personal Banking:

Real estate – personal Deferred certain payments by a weighted average of 26 years .

Deferred certain payments by a weighted average of 23 years .

Consumer Deferred certain payments by a weighted average of 5 years .

Deferred certain payments by a weighted average of 8 years .

Interest Rate Reduction

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

Three Months Ended June 30, 2026 Three Months Ended June 30, 2025

Personal Banking:

3 unchanged sentences

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

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;

Six Months Ended June 30, 2026 Six Months Ended June 30, 2025

Personal Banking:

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

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

Consumer credit card Reduced contractual interest rate from average 21% to 6%.

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

The Company had commitments of $ 29.8 million and $ 11.4 million at June 30, 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 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.

The following tables provide the amortized cost basis at June 30, 2026 of loans to borrowers experiencing financial difficulty that had a payment default during the three and six months ended June 30, 2026 and were modified within the 12 months preceding the payment default, as well as the amortized cost basis at June 30, 2025 of loans to borrowers experiencing financial difficulty that had a payment default during the three and six months ended June 30, 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 March 31, 2026

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

March 31, 2026

For the Three Months Ended June 30, 2026 For the Six Months Ended June 30, 2026

(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

June 30, 2026

Real estate – business 9,092 — — — 9,092 $ 9,092 $ — $ — $ — $ 9,092

4 unchanged sentences

Total $ 9,092 $ 316 $ 259 $ — $ 9,667 $ 9,092 $ 316 $ 445 $ — $ 9,853

For the Three Months Ended March 31, 2025

For the Three Months Ended June 30, 2025 For the Six Months Ended June 30, 2025

(Dollars in thousands)

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

March 31, 2025

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

June 30, 2025

Business $ 44 $ — $ — $ — $ 44 $ 44 $ — $ — $ — $ 44

Real estate – business 14,792 — — — 14,792 $ 14,792 $ — $ — $ — $ 14,792

4 unchanged sentences

Total $ 14,836 $ 1,822 $ 255 $ — $ 16,913 $ 14,836 $ 2,836 $ 354 $ — $ 18,026

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.

The following tables present the amortized cost basis at June 30, 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 June 30, 2025 of loans to borrowers experiencing financial difficulty that had been modified within the 12 months preceding June 30, 2025.

(In thousands)

1 unchanged sentence

90 Days Past Due Total

March 31, 2026

June 30, 2026

Business $ 86,950 $ — $ — $ 86,950

9 unchanged sentences

90 Days Past Due Total

March 31, 2025

June 30, 2025

Business $ 81,600 $ — $ 45 $ 81,645

9 unchanged sentences

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

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.

At June 30, 2026, the fair value of these loans was $ 3.4 million, and the unpaid principal balance was $ 3.3 million.

At June 30, 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 $ 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.

The Company’s holdings of foreclosed real estate totaled $ 1.2 million and $ 1.2 million at June 30, 2026 and December 31, 2025, respectively, and included in those amounts were $ 1.2 million and $ 1.0 million at June 30, 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 $ 1.8 million and $ 2.3 million at June 30, 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 March 31, 2026 and December 31, 2025.

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

Investment securities consisted of the following at June 30, 2026 and December 31, 2025.

(In thousands) June 30, 2026 December 31, 2025

Available for sale debt securities $ 8,322,634 $ 9,095,513

8 unchanged sentences

$ 8,737,746 $ 9,423,406

(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.

(1) Accrued interest receivable totaled $ 40.0 million and $ 42.0 million at June 30, 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.

8 unchanged sentences

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-2 common stock, which are held by Commerce Bancshares, Inc.

At December 31, 2025, this portfolio included the Company’s 411,723 shares of Visa Inc.

(“Visa”) Class B-2 common stock, which were 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.

At December 31, 2025, the Company’s Visa Class B-2 shares were carried at cost, which is $ 0 , as the Company elected the measurement alternative approach for these shares and there had 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.

On April 13, 2026, Visa, Inc.

announced the commencement of a public offering to permit the exchange Class B-2 common stock for a combination of shares of Class B-3 common stock and Class C common stock (“2026 Exchange Offer”).

The Company tendered all of its Visa Class B-2 shares.

On May 8, 2026, the Exchange Offer closed, and in exchange for its 411,723 shares of Visa Class B-2 common stock, the Company received 205,861 shares of Visa Class B-3 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 1.5075 share of Class A common stock for each share of Class B-3 common stock, subject to adjustment) and 77,584 shares of Visa Class C common stock each of which will automatically convert into four shares of Visa’s Class A common stock (subject to future adjustments for any stock splits, recapitalizations or similar transactions) upon any transfer to a person other than a Visa member or an affiliate of a Visa member.

A full description of the terms of the 2026 Exchange Offer is set forth in Visa’s related Issuer Tender Offer Statement on Schedule TO and Prospectus, each dated April 13, 2026, publicly filed with the U.

Securities and Exchange Commission.

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.

2 unchanged sentences

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 and 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.

In order to continue preserving the economic benefit of those same adjustments for Visa's Class A and Class C common stockholders in relation to the Class B-2 and Class B-3 conversion ratios following the 2026 Exchange Offer, and as a condition of participating in the 2026 Exchange Offer, the Company entered into a Makewhole Agreement (2026 Makewhole Agreement) with Visa that provides for similar cash payments to Visa under the same circumstances as described above for the 2024 Makewhole Agreement.

As further described in Visa’s related Issuer Tender Offer Statement on Schedule TO and Prospectus, each dated April 13, 2026, publicly filed with the U.

Securities and Exchange Commission, both the 2026 Makewhole Agreement and the related escrow fund and transfer restrictions on Visa’s Class B-2 common stock and the new Class B-3 common stock will terminate whenever the covered litigation is ultimately resolved, at which future date outstanding shares of Visa Class B-3 common stock will be convertible into shares of its Class A common stock at the then-applicable conversion ratio.

The 2026 Makewhole Agreement also includes limited transfer restrictions, such that the Company may only transfer up to one-third of the shares of Visa Class C common stock received in the exchange within the first 45 days following the 2026 Exchange Offer acceptance date, and may only transfer up to two-thirds of the Class C common stock received within the first 90 days following the 2026 Exchange Offer acceptance date.

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 2026, the Company sold 103 thousand shares of Visa Class A common stock at an average price of $ 333.11 , resulting in proceeds of $ 34.5 million.

The Company’s remaining 52 thousand Visa Class C shares had a fair value of $ 71.0 million at June 30, 2026, and are subject to limited transfer restrictions that end no later than August 2026.

These Visa Class C shares are expected to continue to be marked to fair value on a recurring basis using the Visa Class A shares as evidence of orderly transactions between market participants for similar securities issued by Visa.

Additionally, because the Company elected the measurement alternative approach for its Visa Class B-3 common stock, these shares will continue to be carried at cost ($ 0 ) unless there are observable price changes in orderly transactions for identical or similar investments of the same issuer for the Visa Class B-3 shares held by the Company.

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

Three Months Ended June 30 Six Months Ended June 30

(In thousands) 2026 2026

Balance at beginning of period $ 10,000 $ 9,803

Additions 1,350 1,350

Observable upward price adjustments 114,063 114,260

Observable downward price adjustments — —

Impairment charges — —

Sales of securities and other activity ( 43,884 ) ( 43,884 )

Balance at end of period $ 81,529 $ 81,529

Net gains and losses during the three and six months ended June 30, 2026 on equity securities still held at June 30, 2026 were $ 71.0 million and $ 71.2 million, respectively.

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 March 31, 2026 is shown below.

A summary of the available for sale debt securities by maturity groupings as of June 30, 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.

29 unchanged sentences

Total available for sale debt securities $ 8,941,232 $ 8,322,634

Investments in U.S.

government and federal agency obligations include U.S.

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).

At maturity, the principal paid is the greater of an inflation-adjusted principal or the original principal.

Allowance for credit losses on available for sale debt securities

5 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 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.

At June 30, 2026, the fair value of securities on this watch list was $ 873.8 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 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.

The table below summarizes debt securities available for sale in an unrealized loss position, aggregated by length of loss period, for which an allowance for credit losses has not been recorded at March 31, 2026 and December 31, 2025.

At June 30, 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 June 30, 2026, the Company did not identify any securities for which a credit loss exists, and for the six months ended June 30, 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 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.

At June 30, 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

March 31, 2026

June 30, 2026

government and federal agency obligations $ 2,177,177 $ 20,642 $ 72,263 $ 2,188 $ 2,249,440 $ 22,830

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 $ 6.3 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.

The entire available for sale debt portfolio included $ 6.5 billion of securities that were in a loss position at June 30, 2026, compared to $ 5.9 billion at December 31, 2025.

The total amount of unrealized loss on these securities was $ 629.5 million at June 30, 2026, a decrease of $ 62.6 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 March 31, 2026 and December 31, 2025, 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 June 30, 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

March 31, 2026

June 30, 2026

government and federal agency obligations $ 3,503,671 $ 5,968 $ ( 22,830 ) $ — $ 3,486,809

20 unchanged sentences

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

For the Three Months Ended March 31

For the Six Months Ended June 30

(In thousands) 2026 2025

Proceeds from sales of securities:

Available for sale debt securities

$ 806,982 $ 36,065

Equity securities

Other investments

5 unchanged sentences

Gains realized on sales $ — $ 4

Losses realized on sales ( 97,686 ) ( 4,218 )

Equity securities:

2 unchanged sentences

Losses realized on sales

( 262 ) ( 1,773 )

Fair value adjustments, net 6,939 ( 4,111 )

Total investment securities gains (losses), net $ 24,477 $ ( 7,154 )

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.

Net gains on investment securities for the six months ended June 30, 2026 were mainly comprised of net gains of $ 114.3 million on equity investments.

These gains were partially offset by net losses of $ 97.7 million on available for sale securities, which are discussed further below.

Subsequent to the successful close of the Exchange Offer in May 2026, the Company approved and executed the repositioning of a portion of its available for sale debt securities portfolio during the second quarter of 2026 through the sale of securities with an amortized cost of $ 904.7 million.

The securities that the Company sold had a yield of approximately 2.6 %, which resulted in a loss of $ 97.7 million, and the Company reinvested $ 613.7 million of the proceeds into U.S.

Treasury securities yielding approximately 4.3 %.

Pledged securities

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.

At June 30, 2026, securities totaling $ 5.9 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.

1 unchanged sentence

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

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(In thousands)

6 unchanged sentences

Total $ 157,473 $ ( 20,591 ) $ — $ 136,882 $ 19,355 $ ( 9,644 ) $ — $ 9,711

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.

Aggregate amortization expense on intangible assets was $ 5.7 million and $ 306 thousand for the three month periods ended June 30, 2026 and 2025, respectively, and was $ 11.4 million and $ 644 thousand for the six month periods ended June 30, 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 March 31, 2026.

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

1 unchanged sentence

2026 $ 22,706

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

Changes in the carrying amount of goodwill and other intangible assets for the six month period ended June 30, 2026 are as follows:

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

4 unchanged sentences

Amortization — — ( 5,209 ) ( 555 ) ( 5,038 ) ( 569 )

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

Balance June 30, 2026 $ 253,805 $ 3,600 $ 61,946 $ 4,995 $ 60,462 $ 9,479

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

1 unchanged sentence

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

Goodwill allocated to the Company’s operating segments at June 30, 2026 and December 31, 2025 is shown below.

(In thousands) June 30, 2026 December 31, 2025

Retail banking segment $ 70,721 $ 70,721

9 unchanged sentences

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

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.

At June 30, 2026, that net liability was $ 4.5 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 $ 732.5 million at June 30, 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.

2 unchanged sentences

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

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

The Company monitors overall borrower collateral and at June 30, 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 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.

At June 30, 2026, the fair value of the Company's guarantee liabilities for RPAs was $ 26 thousand, and the notional amount of the underlying swaps was $ 273.8 million.

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

5 unchanged sentences

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

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 leases may include options to renew or expand the leased space, and currently the leases have remaining terms of 1 month to 12 years.

The following table provides the components of lease income.

For the Three Months Ended March 31

For the Three Months Ended June 30 For the Six Months Ended June 30

(in thousands) 2026 2025 2026 2025

3 unchanged sentences

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

For the Three Months Ended March 31

For the Three Months Ended June 30 For the Six Months Ended June 30

(In thousands) 2026 2025 2026 2025

5 unchanged sentences

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

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.

During the first six 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 *

4 unchanged sentences

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

For the Three Months Ended March 31

For the Three Months Ended June 30 For the Six Months Ended June 30

(In thousands, except per share data) 2026 2025 2026 2025

15 unchanged sentences

Diluted income per common share $ 1.10 $ 1.09 $ 2.06 $ 2.02

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.

Unexercised stock appreciation rights of 435 thousand and 302 thousand for the three month periods ended June 30, 2026 and 2025, respectively, and 436 thousand and 237 thousand for the six month periods ended June 30, 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 143 for the three month period ended June 30, 2026, and 284 for the six month period ended June 30, 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 21,125 208 ( 12,374 ) 8,959

Balance March 31, 2026

Balance June 30, 2026

$ ( 463,946 ) $ ( 9,415 ) $ ( 25,370 ) $ ( 498,731 )

6 unchanged sentences

Current period other comprehensive income (loss), net of tax 169,662 343 7,857 177,862

Balance March 31, 2025

Balance June 30, 2025

$ ( 573,264 ) $ ( 11,716 ) $ 3,931 $ ( 581,049 )

19 unchanged sentences

Retail Banking Commercial Wealth Other/Elimination Consolidated Totals

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

Net interest income $ 124,205 $ 131,400 $ 50,273 $ 9,207 $ 315,085

4 unchanged sentences

Income before income taxes $ 53,277 $ 79,969 $ 69,820 $ 2,878 $ 205,944

Three Months Ended March 31, 2025

Six Months Ended June 30, 2026

Net interest income $ 246,777 $ 265,001 $ 96,396 $ 6,751 $ 614,925

4 unchanged sentences

Income before income taxes $ 102,798 $ 163,983 $ 133,048 $ ( 8,633 ) $ 391,196

Three Months Ended June 30, 2025

Net interest income $ 127,118 $ 127,613 $ 23,036 $ 2,380 $ 280,147

Provision for loan losses ( 9,569 ) ( 108 ) ( 18 ) 4,098 ( 5,597 )

Non-interest income 24,430 74,654 63,848 2,681 165,613

Investment securities gains (losses), net — — — 437 437

Non-interest expense ( 83,075 ) ( 108,058 ) ( 40,752 ) ( 12,552 ) ( 244,437 )

Income before income taxes $ 58,904 $ 94,101 $ 46,114 $ ( 2,956 ) $ 196,163

Six Months Ended June 30, 2025

Net interest income $ 252,352 $ 260,879 $ 45,195 $ ( 9,177 ) $ 549,249

Provision for credit losses ( 19,819 ) ( 640 ) ( 18 ) 393 ( 20,084 )

Non-interest income 47,690 144,980 127,886 4,006 324,562

Investment securities gains (losses), net — — — ( 7,154 ) ( 7,154 )

Non-interest expense ( 166,080 ) ( 212,027 ) ( 81,941 ) ( 22,765 ) ( 482,813 )

Income before income taxes $ 114,143 $ 193,192 $ 91,122 $ ( 34,697 ) $ 363,760

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.

12 unchanged sentences

The notional amounts of the Company’s derivative instruments are shown in the table below.

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

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 and one interest rate swap, as discussed below.

(In thousands)

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

Interest rate swaps $ 2,112,473 $ 1,968,679

15 unchanged sentences

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

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.

At June 30, 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.

1 unchanged sentence

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.

As of June 30, 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.

8 unchanged sentences

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.

The premium paid for the floors totaled $ 102.2 million, including $ 11.9 million during the six months ended June 30, 2026.

At June 30, 2026, the maximum length of time over which the Company is hedging its exposure to lower rates is approximately 6.3 years.

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

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

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.

As of June 30, 2026, net deferred losses on the interest rate floors totaled $ 36.7 million (pre-tax) and were recorded in AOCI in the

consolidated balance sheet.

As of June 30, 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 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.

As of June 30, 2026, the total realized gains on the monetized cash flow hedges remaining in AOCI was $ 2.9 million (pre-tax), which will be reclassified into interest income over the next 6 months.

The estimated amount of net gains related to the cash flow hedges remaining in AOCI at June 30, 2026 that is expected to be reclassified into income within the next 12 months is $ 2.9 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 March 31, 2026 and December 31, 2025.

There was no reduction to positive or negative fair values of cleared swaps at June 30, 2026 and December 31, 2025.

Asset Derivatives Liability Derivatives

31, 2026 Dec.

31, 2025 Mar.

31, 2026 Dec.

June 30, 2026 Dec.

31, 2025 June 30, 2026 Dec.

(In thousands )

14 unchanged sentences

Total $ 44,154 $ 51,421 $ ( 16,722 ) $ ( 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 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 $ 132.5 million as of June 30, 2026.

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

5 unchanged sentences

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

For the Three Months Ended March 31, 2026

For the Three Months Ended June 30, 2026

Derivatives in cash flow hedging relationships:

1 unchanged sentence

Total $ ( 15,316 ) $ ( 505 ) $ ( 14,811 ) Total $ ( 757 ) $ 3,221 $ ( 3,978 )

For the Three Months Ended March 31, 2025

For the Six Months Ended June 30, 2026

Derivatives in cash flow hedging relationships:

1 unchanged sentence

Total $ ( 16,982 ) $ ( 3,915 ) $ ( 13,067 ) Total $ ( 483 ) $ 7,190 $ ( 7,673 )

For the Three Months Ended June 30, 2025

Derivatives in cash flow hedging relationships:

Interest rate floors $ 5,015 $ 5,387 $ ( 372 ) Interest and fees on loans $ 2,372 $ 6,582 $ ( 4,210 )

Total $ 5,015 $ 5,387 $ ( 372 ) Total $ 2,372 $ 6,582 $ ( 4,210 )

For the Six Months Ended June 30, 2025

Derivatives in cash flow hedging relationships:

Interest rate floors $ 15,381 $ 6,034 $ 9,347 Interest and fees on loans $ 4,905 $ 13,279 $ ( 8,374 )

Total $ 15,381 $ 6,034 $ 9,347 Total $ 4,905 $ 13,279 $ ( 8,374 )

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

Location of Gain or (Loss) Recognized in Consolidated Statements of Income Amount of Gain or (Loss) Recognized in Income on Derivatives

For the Three Months Ended March 31

For the Three Months Ended June 30 For the Six Months Ended June 30

(In thousands) 2026 2025 2026 2025

12 unchanged sentences

The following table shows the extent to which assets and liabilities relating to derivative instruments have been offset in the consolidated balance sheets.

It also provides information about these instruments which are subject to an enforceable master netting arrangement, irrespective of whether they are offset, and the extent to which the instruments could potentially be offset.

It also provides information about these instruments which are subject to an enforceable master

netting arrangement, irrespective of whether they are offset, and the extent to which the instruments could potentially be offset.

Also shown is collateral received or pledged in the form of other financial instruments, which is generally cash or marketable securities.

4 unchanged sentences

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

March 31, 2026

June 30, 2026

Derivatives subject to master netting agreements

21 unchanged sentences

Some of the resale and repurchase agreements were transacted under master netting arrangements that contain a conditional right of offset, such as close-out netting, upon default.

The security collateral accepted or pledged in resale and repurchase agreements with other financial institutions may be sold or re-pledged by the secured party, but is usually delivered to and held by third party trustees.

The security collateral accepted or pledged in resale and repurchase agreements with other

financial institutions may be sold or re-pledged by the secured party, but is usually delivered to and held by third party trustees.

The Company generally retains custody of securities pledged for repurchase agreements with its customers.

5 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

March 31, 2026

June 30, 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 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.

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

March 31, 2026

June 30, 2026

Repurchase agreements, secured by:

27 unchanged sentences

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

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.

Total stock-based compensation expense charged against income was $ 6.6 million and $ 4.1 million in the three months ended June 30, 2026 and 2025, and $ 12.8 million and $ 8.5 million in the six months ended June 30, 2026 and 2025, respectively.

Restricted Stock Awards

1 unchanged sentence

Dividend and voting rights are conferred upon grant.

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.

A summary of the status of the Company’s nonvested share awards as of June 30, 2026, and changes during the six month period then ended, is presented below.

Shares Weighted Average Grant Date Fair Value

3 unchanged sentences

Forfeited ( 17,802 ) 54.39

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

Nonvested at June 30, 2026 1,265,102 $ 54.63

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

8 unchanged sentences

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.

A summary of the Company's time-vested restricted stock units and performance-vested restricted stock units as of June 30, 2026, and changes during the six month period ended, is presented below.

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

5 unchanged sentences

Forfeited ( 2,131 ) 50.91 — —

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

Nonvested at June 30, 2026 291,224 $ 52.07 95,266 $ 52.68

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

10 unchanged sentences

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

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

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

(Dollars in thousands, except per share data)

6 unchanged sentences

Exercised ( 70,724 ) 30.65

Outstanding at March 31, 2026

Outstanding at June 30, 2026

775,921 $ 49.54 4.6 years $ 6,634

1 unchanged sentence

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

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.

For the six months ended June 30, 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 March 31

Three Months Ended June 30 Six Months Ended June 30

(In thousands) 2026 2025 2026 2025

12 unchanged sentences

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 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

The following table presents the opening and closing receivable balances for the six month periods ended June 30, 2026 and 2025 for the Company’s significant revenue from contracts with customers.

(In thousands) June 30, 2026 December 31, 2025 June 30, 2025 December 31, 2024

Bank card transaction fees $ 15,067 $ 16,878 $ 14,296 $ 17,754

19 unchanged sentences

Instruments Measured at Fair Value on a Recurring Basis

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.

The table below presents the June 30, 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 six months of 2026 or the year ended December 31, 2025.

Fair Value Measurements Using

2 unchanged sentences

(Level 2) Significant Unobservable Inputs

March 31, 2026

June 30, 2026

Residential mortgage loans held for sale $ 3,376 $ — $ 3,376 $ —

45 unchanged sentences

State and Municipal Obligations Private Equity

For the three months ended March 31, 2026

For the three months ended June 30, 2026

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

Total gains (losses) realized/unrealized:

Included in earnings — ( 3,951 ) ( 3,951 )

Included in other comprehensive income * 15 — 15

Purchases of private equity investments — 1,214 1,214

Sale/pay down of private equity investments — ( 11 ) ( 11 )

Capitalized interest/dividends — 17 17

Balance at June 30, 2026 $ 965 $ 181,033 $ 181,998

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 June 30, 2026

$ — $ ( 3,951 ) $ ( 3,951 )

*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 June 30, 2026

$ 15 $ — $ 15

For the six months ended June 30, 2026

Balance January 1, 2026

7 unchanged sentences

Capitalized interest/dividends — 35 35

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

Balance at June 30, 2026 $ 965 $ 181,033 $ 181,998

Total gains (losses) for the six months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2026

$ — $ 6,939 $ 6,939

*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

*Total gains (losses) for the six months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2026

$ 12 $ — $ 12

For the three months ended March 31, 2025

Fair Value Measurements Using

Significant Unobservable Inputs

(In thousands)

State and Municipal Obligations Private Equity

For the three months ended June 30, 2025

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

Total gains (losses) realized/unrealized:

Included in earnings — 4,414 4,414

Included in other comprehensive income * 2 — 2

Discount accretion 1 — 1

Purchases of private equity investments — 728 728

Sale/pay down of private equity investments — ( 6,707 ) ( 6,707 )

Capitalized interest/dividends — 17 17

Balance at June 30, 2025 $ 950 $ 174,070 $ 175,020

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 June 30, 2025

$ — $ 4,414 $ 4,414

*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 June 30, 2025

For the six months ended June 30, 2025

Balance January 1, 2025

7 unchanged sentences

Capitalized interest/dividends — 34 34

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

Balance at June 30, 2025 $ 950 $ 174,070 $ 175,020

Total gains (losses) for the six months included in earnings attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2025

$ — $ ( 3,312 ) $ ( 3,312 )

*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

*Total gains (losses) for the six months included in other comprehensive income attributable to the change in unrealized gains or losses relating to assets still held at June 30, 2025

$ ( 16 ) $ — $ ( 16 )

2 unchanged sentences

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

For the three months ended March 31, 2026

For the three months ended June 30, 2026

Total gains or losses included in earnings $ ( 3,951 )

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

For the three months ended March 31, 2025

Change in unrealized gains or losses relating to assets still held at June 30, 2026

For the six months ended June 30, 2026

Total gains or losses included in earnings $ 6,939

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

Change in unrealized gains or losses relating to assets still held at June 30, 2026

For the three months ended June 30, 2025

Total gains or losses included in earnings $ 4,414

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

For the six months ended June 30, 2025

Total gains or losses included in earnings $ ( 4,111 )

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

Level 3 Inputs

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.

The Company's Level 3 measurements at June 30, 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.

4 unchanged sentences

Instruments Measured at Fair Value on a Nonrecurring Basis

For assets measured at fair value on a nonrecurring basis during the first three months of 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.

For assets measured at fair value on a nonrecurring basis during the first six months of 2026 and 2025, and still held as of June 30, 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 June 30, 2026 and 2025.

Fair Value Measurements Using

3 unchanged sentences

Significant Unobservable Inputs

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

March 31, 2026

Total Gains (Losses) Recognized During the Six Months Ended June 30

June 30, 2026

Collateral dependent loans $ 9,140 $ — $ — $ 9,140 $ ( 3,749 )

March 31, 2025

Long-lived assets 703 — — 703 ( 126 )

June 30, 2025

Collateral dependent loans $ 251 $ — $ — $ 251 $ ( 147 )

Foreclosed assets 112 — — 112 ( 55 )

Fair Value of Financial Instruments

5 unchanged sentences

Changes in assumptions could significantly affect the estimates.

The estimated fair values of the Company’s financial instruments and the classification of their fair value measurement within the valuation hierarchy are as follows at March 31, 2026 and December 31, 2025:

Carrying Amount Estimated Fair Value at March 31, 2026

The estimated fair values of the Company’s financial instruments and the classification of their fair value measurement within the valuation hierarchy are as follows at June 30, 2026 and December 31, 2025:

Carrying Amount Estimated Fair Value at June 30, 2026

(In thousands)

67 unchanged sentences

Legal and Regulatory Proceedings

The Company has various legal proceedings pending at March 31, 2026, arising in the normal course of business.

The Company has various legal proceedings pending at June 30, 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