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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One) 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
________________________________________________________

For the quarterly period ended March 31, 2024

OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
____________________________________________________________

For the transition period from           to   
       
Commission File No. 001-36502
COMMERCE BANCSHARES, INC.
(Exact name of registrant as specified in its charter)
Missouri43-0889454
(State of Incorporation)(IRS Employer Identification No.)
1000 Walnut
Kansas City,MO64106
(Address of principal executive offices)(Zip Code)
        
(816) 234-2000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of classTrading symbol(s)Name of exchange on which registered
$5 Par Value Common StockCBSHNASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ     No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ     No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer þ Accelerated filer o Non-accelerated filer o Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No 
As of May 3, 2024, the registrant had outstanding 129,536,050 shares of its $5 par value common stock, registrant’s only class of common stock.




Commerce Bancshares, Inc. and Subsidiaries

Form 10-Q
Page
INDEX
Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 (unaudited)
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 (unaudited)
Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2024 and 2023 (unaudited)

2

PART I: FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

Commerce Bancshares, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS

March 31,
2024
December 31, 2023
(Unaudited)
(In thousands)
ASSETS
Loans$17,298,840 $17,205,479 
  Allowance for credit losses on loans(160,465)(162,395)
Net loans17,138,375 17,043,084 
Loans held for sale (including $1,185,000 and $1,585,000 of residential mortgage loans carried at fair value at March 31, 2024 and December 31, 2023, respectively)
2,328 4,177 
Investment securities: 
Available for sale debt, at fair value (amortized cost of $10,388,902,000 and $10,904,765,000 at
   March 31, 2024 and December 31, 2023, respectively, and allowance for credit losses of $
   at both March 31, 2024 and December 31, 2023)
9,141,695 9,684,760 
Trading debt56,716 28,830 
Equity12,852 12,701 
Other229,146 222,473 
Total investment securities9,440,409 9,948,764 
Federal funds sold 5,025 
Securities purchased under agreements to resell225,000 450,000 
Interest earning deposits with banks1,609,614 2,239,010 
Cash and due from banks291,040 443,147 
Premises and equipment – net467,377 469,059 
Goodwill146,539 146,539 
Other intangible assets – net13,918 14,179 
Other assets1,037,508 938,077 
Total assets$30,372,108 $31,701,061 
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits: 
   Non-interest bearing$7,513,464 $7,975,935 
   Savings, interest checking and money market14,463,211 14,512,273 
   Certificates of deposit of less than $100,000997,979 930,432 
   Certificates of deposit of $100,000 and over1,465,541 1,945,258 
Total deposits24,440,195 25,363,898 
Federal funds purchased and securities sold under agreements to repurchase2,505,576 2,908,815 
Other borrowings2,359 1,404 
Other liabilities460,089 462,714 
Total liabilities27,408,219 28,736,831 
Commerce Bancshares, Inc. stockholders’ equity: 
   Common stock, $5 par value
 
Authorized 190,000,000; issued 131,064,418 shares at both March 31, 2024 and December 31, 2023
655,322 655,322 
   Capital surplus3,148,649 3,162,622 
   Retained earnings130,706 53,183 
   Treasury stock of 1,092,341 shares at March 31, 2024
     and 611,546 shares at December 31, 2023, at cost
(59,674)(35,599)
   Accumulated other comprehensive income (loss)(931,027)(891,412)
Total Commerce Bancshares, Inc. stockholders' equity2,943,976 2,944,116 
Non-controlling interest19,913 20,114 
Total equity2,963,889 2,964,230 
Total liabilities and equity$30,372,108 $31,701,061 
See accompanying notes to consolidated financial statements.
3

Commerce Bancshares, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
For the Three Months Ended March 31
(In thousands, except per share data)20242023
(Unaudited)
INTEREST INCOME
Interest and fees on loans$264,677 $223,816 
Interest and fees on loans held for sale40 145 
Interest on investment securities65,928 71,119 
Interest on federal funds sold10 489 
Interest on securities purchased under agreements to resell1,634 3,952 
Interest on deposits with banks26,432 9,336 
Total interest income358,721 308,857 
INTEREST EXPENSE
Interest on deposits:
   Savings, interest checking and money market55,580 20,151 
   Certificates of deposit of less than $100,00010,191 1,425 
   Certificates of deposit of $100,000 and over18,096 6,627 
Interest on federal funds purchased4,419 5,586 
Interest on securities sold under agreements to repurchase21,438 17,495 
Interest on other borrowings(2)5,950 
Total interest expense109,722 57,234 
Net interest income248,999 251,623 
Provision for credit losses4,787 11,456 
Net interest income after credit losses244,212 240,167 
NON-INTEREST INCOME
Trust fees51,105 45,328 
Bank card transaction fees46,930 46,654 
Deposit account charges and other fees24,151 21,752 
Consumer brokerage services4,408 5,085 
Capital market fees3,892 3,362 
Loan fees and sales3,141 2,589 
Other15,221 12,842 
Total non-interest income148,848 137,612 
INVESTMENT SECURITIES GAINS (LOSSES), NET(259)(306)
NON-INTEREST EXPENSE
Salaries and employee benefits151,801 144,373 
Data processing and software31,153 28,154 
Net occupancy13,574 12,759 
Deposit insurance8,017 4,643 
Equipment5,010 4,850 
Supplies and communication4,744 4,590 
Marketing4,036 5,471 
Other27,362 19,267 
Total non-interest expense245,697 224,107 
Income before income taxes147,104 153,366 
Less income taxes31,652 32,813 
Net income 115,452 120,553 
Less non-controlling interest expense (income)2,789 1,101 
Net income attributable to Commerce Bancshares, Inc.$112,663 $119,452 
Net income per common share — basic$.87 $.91 
Net income per common share — diluted$.86 $.91 
See accompanying notes to consolidated financial statements.
4

Commerce Bancshares, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three Months Ended March 31
(In thousands)20242023
(Unaudited)
Net income$115,452 $120,553 
Other comprehensive income (loss):
Net unrealized gains (losses) on available for sale debt securities(20,401)142,466 
Change in pension loss176 270 
Unrealized gains (losses) on cash flow hedge derivatives(19,390)3,630 
Other comprehensive income (loss)(39,615)146,366 
Comprehensive income (loss)75,837 266,919 
Less non-controlling interest (income) expense2,789 1,101 
Comprehensive income (loss) attributable to Commerce Bancshares, Inc.$73,048 $265,818 
See accompanying notes to consolidated financial statements.













5

Commerce Bancshares, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Three Months Ended March 31, 2024 and 2023
Commerce Bancshares, Inc. Shareholders
 
 

(In thousands, except per share data)
Common StockCapital SurplusRetained EarningsTreasury StockAccumulated Other Comprehensive Income (Loss)Non-Controlling InterestTotal
(Unaudited)
Balance December 31, 2023
$655,322 $3,162,622 $53,183 $(35,599)$(891,412)$20,114 $2,964,230 
Net income112,663 2,789 115,452 
Other comprehensive income (loss)(39,615)(39,615)
Distributions to non-controlling interest(2,990)(2,990)
Purchases of treasury stock(42,314)(42,314)
Issuance under stock purchase and equity
    compensation plans
(18,239)18,239  
Stock-based compensation4,266 4,266 
Cash dividends paid on common stock
     ($0.270 per share)
(35,140)(35,140)
Balance March 31, 2024
$655,322 $3,148,649 $130,706 $(59,674)$(931,027)$19,913 $2,963,889 
Balance December 31, 2022
$629,319 $2,932,959 $31,620 $(41,743)$(1,086,864)$16,286 $2,481,577 
Net Income119,452 1,101 120,553 
Other comprehensive income (loss)146,366 146,366 
Distributions to non-controlling interest(453)(453)
Purchases of treasury stock(36,245)(36,245)
Sale of non-controlling interest of subsidiary46 (46) 
Issuance under stock purchase and equity
     compensation plans
(18,318)18,318  
Stock-based compensation4,373 4,373 
Cash dividends paid on common stock
     ($.257 per share)
(33,759)(33,759)
Balance March 31, 2023
$629,319 $2,919,060 $117,313 $(59,670)$(940,498)$16,888 $2,682,412 
See accompanying notes to consolidated financial statements.
6

Commerce Bancshares, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31
(In thousands)20242023
(Unaudited)
OPERATING ACTIVITIES:
Net income$115,452 $120,553 
Adjustments to reconcile net income to net cash provided by operating activities:
  Provision for credit losses4,787 11,456 
  Provision for depreciation and amortization13,269 11,565 
  Amortization of investment security premiums, net3,905 7,654 
  Investment securities (gains) losses, net (A)259 306 
  Net (gains) losses on sales of loans held for sale (328)(137)
  Originations of loans held for sale(15,914)(9,931)
  Proceeds from sales of loans held for sale18,007 8,850 
  Net (increase) decrease in trading debt securities, excluding unsettled transactions(40,529)11,548 
  Purchase of interest rate floor derivative contracts (25,900)
  Stock-based compensation4,266 4,373 
  (Increase) decrease in interest receivable 561 (1,005)
  Increase (decrease) in interest payable(286)10,025 
  Increase (decrease) in income taxes payable 28,750 26,970 
  Other changes, net3,277 (60,270)
Net cash provided by (used in) operating activities135,476 116,057 
INVESTING ACTIVITIES:
Distributions received from equity-method investment 1,434 
Proceeds from sales of investment securities (A)10,250 840,435 
Proceeds from maturities/pay downs of investment securities (A)571,764 474,220 
Purchases of investment securities (A)(155,475)(168,584)
Net (increase) decrease in loans(102,295)(239,230)
Securities purchased under agreements to resell(100,000) 
Repayments of securities purchased under agreements to resell325,000  
Purchases of premises and equipment(10,998)(20,044)
Sales of premises and equipment2,671 6 
Net cash provided by (used in) investing activities540,917 888,237 
FINANCING ACTIVITIES:
Net increase (decrease) in non-interest bearing, savings, interest checking and money market deposits(571,329)(2,137,278)
Net increase (decrease) in certificates of deposit(412,170)584,382 
Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase(403,239)(57,175)
Net increase (decrease) in other borrowings955 1,498,104 
Purchases of treasury stock(42,028)(36,245)
Cash dividends paid on common stock(35,140)(33,759)
Net cash provided by (used in) financing activities(1,462,951)(181,971)
Increase (decrease) in cash, cash equivalents and restricted cash(786,558)822,323 
Cash, cash equivalents and restricted cash at beginning of year2,687,283 897,801 
Cash, cash equivalents and restricted cash at March 31
$1,900,725 $1,720,124 
Income tax payments, net$1,029 $3,857 
Interest paid on deposits and borrowings$110,008 $47,209 
Loans transferred to foreclosed real estate$57 $72 
(A) Available for sale debt securities, equity securities, and other securities.
See accompanying notes to consolidated financial statements.

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 $71 thousand at March 31, 2024. The Company had no restricted cash at March 31, 2023.
7

Commerce Bancshares, Inc. and Subsidiaries
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2024 (Unaudited)
1. Principles of Consolidation and Presentation
The accompanying consolidated financial statements include the accounts of Commerce Bancshares, Inc. and all majority-owned subsidiaries (the Company). Most of the Company's operations are conducted by its subsidiary bank, Commerce Bank (the Bank). The consolidated financial statements in this report have not been audited by an independent registered public accounting firm, but in the opinion of management, all adjustments necessary to present fairly the financial position and the results of operations for the interim periods have been made. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated. Certain reclassifications were made to 2023 data to conform to current year presentation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheets and revenues and expenses for the periods. Actual results could differ significantly from those estimates. Management has evaluated subsequent events for potential recognition or disclosure. The results of operations for the three month period ended March 31, 2024 are not necessarily indicative of results to be attained for the full year or any other interim period.

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission. Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company's most recent Annual Report on Form 10-K, containing the latest audited consolidated financial statements and notes thereto.


2. Loans and Allowance for Credit Losses
Major classifications within the Company’s held for investment loan portfolio at March 31, 2024 and December 31, 2023 are as follows:

(In thousands)
March 31, 2024December 31, 2023
Commercial:
Business$5,994,974 $6,019,036 
Real estate – construction and land1,497,647 1,446,764 
Real estate – business3,711,602 3,719,306 
Personal Banking:
Real estate – personal3,039,885 3,026,041 
Consumer2,119,308 2,077,723 
Revolving home equity322,523 319,894 
Consumer credit card564,388 589,913 
Overdrafts48,513 6,802 
Total loans$17,298,840 $17,205,479 

Accrued interest receivable totaled $72.8 million and $71.9 million at March 31, 2024 and December 31, 2023, respectively, and was included within other assets on the consolidated balance sheets. For the three months ended March 31, 2024, the Company wrote-off accrued interest by reversing interest income of $94 thousand and $1.6 million in the Commercial and Personal Banking portfolios, respectively. Similarly, for the three months ended March 31, 2023, the Company reversed interest income of $34 thousand and $1.1 million in the Commercial and Personal Banking portfolios, respectively.

At March 31, 2024, loans of $3.6 billion were pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits. Additional loans of $2.9 billion were pledged at the Federal Reserve Bank as collateral for discount window borrowings.

8

Allowance for credit losses
The allowance for credit losses is measured using an average historical loss model which incorporates relevant information about past events (including historical credit loss experience on loans with similar risk characteristics), current conditions, and reasonable and supportable forecasts that affect the collectability of the remaining cash flows over the contractual term of the loans. The allowance for credit losses is measured on a collective (pool) basis. Loans are aggregated into pools based on similar risk characteristics including borrower type, collateral type and expected credit loss patterns. Loans that do not share similar risk characteristics, primarily large loans on non-accrual status, are evaluated on an individual basis.

For loans evaluated for credit losses on a collective basis, average historical loss rates are calculated for each pool using the Company’s historical net charge-offs (combined charge-offs and recoveries by observable historical reporting period) and outstanding loan balances during a lookback period. Lookback periods can be different based on the individual pool and represent management’s credit expectations for the pool of loans over the remaining contractual life. In certain loan pools, if the Company’s own historical loss rate is not reflective of the loss expectations, the historical loss rate is augmented by industry and peer data. The calculated average net charge-off rate is then adjusted for current conditions and reasonable and supportable forecasts. These adjustments increase or decrease the average historical loss rate to reflect expectations of future losses given a single path economic forecast of key macroeconomic variables including GDP, disposable income, various interest rates, unemployment rate, consumer price index (CPI) inflation rate, housing price index (HPI), commercial real estate price index (CREPI) and market volatility. The adjustments are based on results from various regression models projecting the impact of the macroeconomic variables to loss rates. The forecast is used for a reasonable and supportable period before reverting back to historical averages using a straight-line method. The forecast-adjusted loss rate is applied to the amortized cost of loans over the remaining contractual lives, adjusted for expected prepayments. The contractual term excludes expected extensions (except for contractual extensions at the option of the customer), renewals and modifications. Credit cards and certain similar consumer lines of credit do not have stated maturities and therefore, for these loan classes, remaining contractual lives are determined by estimating future cash flows expected to be received from customers until payments have been fully allocated to outstanding balances. Additionally, the allowance for credit losses considers other qualitative factors not included in historical loss rates or macroeconomic forecast such as changes in portfolio composition, underwriting practices, or significant unique events or conditions.

9

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, 2024 and December 31, 2023 are discussed below.

Key AssumptionMarch 31, 2024December 31, 2023
Overall economic forecast
Economic strength is visible in the strong labor market
Fiscal policy is forecasted to be a modest drag on GDP
There are expectations that the Federal Reserve will start cutting rates in 2nd quarter 2024

The US economy is projected to slow at the start of 2024, but not enter a recession
Impacts of tighter monetary and fiscal policy creates uncertainty
Consumer spending is expected to decrease
Reasonable and supportable period and related reversion period
Reasonable and supportable period of one year
Reversion to historical average loss rates within two quarters using a straight-line method
Reasonable and supportable period of one year
Reversion to historical average loss rates within two quarters using a straight-line method
Forecasted macro-economic variables
Unemployment rate ranges from 3.9% to 4.1% during the reasonable and supportable forecast period
Real GDP growth ranges from 1.5% to 3.0%
BBB corporate yield from 4.7% to 5.1%
Housing Price Index from 312.1 to 316.6
Unemployment rate ranges from 4.1% to 4.5% during the reasonable and supportable forecast period
Real GDP growth ranges from .46% to 2.1%
BBB corporate yield from 5.3% to 5.9%
Housing Price Index from 305.4 to 307.4
Prepayment assumptions
Commercial loans
pools ranging from 0% to 5%
Personal banking loans
Ranging from 6.2% to 21.6% for most loan pools
Consumer credit cards 66.6%
Commercial loans
5% for most loan pools
Personal banking loans
Ranging from 6.5% to 23.5% for most loan pools
Consumer credit cards 66.9%
Qualitative factors
Added qualitative factors related to:
Changes in the composition of the loan portfolios
Certain stressed industries within the portfolio
Certain portfolios sensitive to unusually high rate of inflation and supply chain issues
Loans downgraded to special mention, substandard, or non-accrual status
Certain portfolios where the model assumptions do not capture all identified loss risk
Added qualitative factors related to:
Changes in the composition of the loan portfolios
Certain stressed industries within the portfolio
Certain portfolios sensitive to unusually high rate of inflation and supply chain issues
Loans downgraded to special mention, substandard, or non-accrual status

The liability for unfunded lending commitments utilizes the same model as the allowance for credit losses on loans, however, the liability for unfunded lending commitments incorporates an assumption for the portion of unfunded commitments that are expected to be funded.

Sensitivity in the Allowance for Credit Loss model
The allowance for credit losses is an estimate that requires significant judgment including projections of the macro-economic environment. The forecasted macro-economic environment continuously changes which can cause fluctuations in the estimate of expected credit losses.

The current forecast projects low unemployment and positive GDP. It is expected the Federal Reserve will start cutting rates in the 2nd quarter of 2024.

Updated information on inflation and labor market trends could impact the Federal Reserve's decision on the timing and degree of rate reductions. The market's response to these events along with other economic, political, and social developments regionally, nationally, and even globally could significantly modify economic projections used in the estimation of the allowance for credit losses.

10

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, 2024 and 2023, respectively, follows:

For the Three Months Ended March 31, 2024
(In thousands)CommercialPersonal Banking

Total
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period$108,201 $54,194 $162,395 
Provision for credit losses on loans(2,855)9,802 6,947 
Deductions:
   Loans charged off316 10,849 11,165 
   Less recoveries on loans434 1,854 2,288 
Net loan charge-offs (recoveries)(118)8,995 8,877 
Balance March 31, 2024$105,464 $55,001 $160,465 
LIABILITY FOR UNFUNDED LENDING COMMITMENTS
Balance at beginning of period$23,909 $1,337 $25,246 
Provision for credit losses on unfunded lending commitments(2,273)113 (2,160)
Balance March 31, 2024$21,636 $1,450 $23,086 
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS$127,100 $56,451 $183,551 

For the Three Months Ended March 31, 2023
(In thousands)CommercialPersonal Banking

Total
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period$103,293 $46,843 $150,136 
Provision for credit losses on loans5,548 10,400 15,948 
Deductions:
   Loans charged off292 8,756 9,048 
   Less recoveries on loans66 2,215 2,281 
Net loan charge-offs (recoveries)226 6,541 6,767 
Balance March 31, 2023$108,615 $50,702 $159,317 
LIABILITY FOR UNFUNDED LENDING COMMITMENTS
Balance at beginning of period$31,743 $1,377 $33,120 
Provision for credit losses on unfunded lending commitments(4,638)146 (4,492)
Balance March 31, 2023$27,105 $1,523 $28,628 
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS$135,720 $52,225 $187,945 
11

Delinquent and non-accrual loans
The Company considers loans past due on the day following the contractual repayment date, if the contractual repayment was not received by the Company as of the end of the business day. The following table provides aging information on the Company’s past due and accruing loans, in addition to the balances of loans on non-accrual status, at March 31, 2024 and December 31, 2023.




(In thousands)
Current or Less Than 30 Days Past Due

30 – 89
Days Past Due
90 Days Past Due and Still AccruingNon-accrual



Total
March 31, 2024
Commercial:
Business$5,991,756 $1,644 $536 $1,038 $5,994,974 
Real estate – construction and land1,497,325 322   1,497,647 
Real estate – business3,710,321 35  1,246 3,711,602 
Personal Banking:
Real estate – personal 3,015,760 13,911 8,691 1,523 3,039,885 
Consumer2,094,997 21,409 2,902  2,119,308 
Revolving home equity318,682 1,432 432 1,977 322,523 
Consumer credit card549,407 7,261 7,720  564,388 
Overdrafts48,282 231   48,513 
Total $17,226,530 $46,245 $20,281 $5,784 $17,298,840 
December 31, 2023
Commercial:
Business$5,985,713 $29,087 $614 $3,622 $6,019,036 
Real estate – construction and land1,446,764    1,446,764 
Real estate – business3,714,579 4,582 85 60 3,719,306 
Personal Banking:
Real estate – personal 2,999,988 14,841 9,559 1,653 3,026,041 
Consumer2,036,353 38,217 3,153  2,077,723 
Revolving home equity315,483 1,564 870 1,977 319,894 
Consumer credit card574,805 7,525 7,583  589,913 
Overdrafts6,553 249   6,802 
Total $17,080,238 $96,065 $21,864 $7,312 $17,205,479 

At March 31, 2024, the Company had $3.7 million in non-accrual loans that had no allowance for credit loss, compared to $4.3 million in non-accrual loans that had no allowance for credit loss at December 31, 2023. The Company did not record any interest income on non-accrual loans during the three months ended March 31, 2024 and 2023, respectively.

Credit quality indicators
The following table provides information about the credit quality of the Commercial loan portfolio. The Company utilizes an internal risk rating system comprised of a series of grades to categorize loans according to perceived risk associated with the expectation of debt repayment based on borrower specific information including, but not limited to, current financial information, historical payment experience, industry information, collateral levels and collateral types. The “pass” category consists of a range of loan grades that reflect increasing, though still acceptable, risk. A loan is assigned the risk rating at origination and then monitored throughout the contractual term for possible risk rating changes. Movement of risk through the various grade levels in the “pass” category is monitored for early identification of credit deterioration. The “special mention” rating is applied to loans where the borrower exhibits negative financial trends due to borrower specific or systemic conditions that, if left uncorrected, threaten its capacity to meet its debt obligations. The borrower is believed to have sufficient financial flexibility to react to and resolve its negative financial situation. It is a transitional grade that is closely monitored for improvement or deterioration. The “substandard” rating is applied to loans where the borrower exhibits well-defined weaknesses that jeopardize its continued performance and are of a severity that the distinct possibility of default exists. Loans are placed on “non-accrual” when management does not expect to collect payments consistent with acceptable and agreed upon terms of repayment.

All loans are analyzed for risk rating updates annually. For larger loans, rating assessments may be more frequent if relevant information is obtained earlier through debt covenant monitoring or overall relationship management. Smaller loans are monitored as identified by the loan officer based on the risk profile of the individual borrower or if the loan becomes past
12

due related to credit issues. Loans rated Special Mention, Substandard or Non-accrual are subject to quarterly review and monitoring processes. In addition to the regular monitoring performed by the lending personnel and credit committees, loans are subject to review by a credit review department which verifies the appropriateness of the risk ratings for the loans chosen as part of its risk-based review plan.

The risk category of loans in the Commercial portfolio as of March 31, 2024 and December 31, 2023 are as follows:

Term Loans Amortized Cost Basis by Origination Year
(In thousands)20242023202220212020PriorRevolving Loans Amortized Cost BasisTotal
March 31, 2024
Business
    Risk Rating:
       Pass$344,128 $1,385,556 $790,788 $506,163 $219,920 $443,229 $2,088,966 $5,778,750 
       Special mention4,215 8,618 3,448 33,270 531 2,494 34,499 87,075 
       Substandard35 16,793 15,722 8,131 20,194 10,792 56,444 128,111 
       Non-accrual 48 108 27  855  1,038 
   Total Business:$348,378 $1,411,015 $810,066 $547,591 $240,645 $457,370 $2,179,909 $5,994,974 
Gross write-offs for the three months ended March 31, 2024
$ $ $ $ $ $ $316 $316 
Real estate-construction
    Risk Rating:
       Pass$148,846 $421,041 $578,146 $248,045 $44,049 $3,224 $36,498 $1,479,849 
       Special mention582       582 
       Substandard  17,216     17,216 
    Total Real estate-construction:$149,428 $421,041 $595,362 $248,045 $44,049 $3,224 $36,498 $1,497,647 
Gross write-offs for the three months ended March 31, 2024
$ $ $ $ $ $ $ $ 
Real estate-business
    Risk Rating:
       Pass$125,646 $731,463 $1,007,351 $495,444 $436,286 $582,000 $120,880 $3,499,070 
       Special mention1,000 35,879 27,599 14,696 1,094 10,356  90,624 
       Substandard 4,744 15,342 15,088 16,161 69,327  120,662 
       Non-accrual  1,204   42  1,246 
   Total Real estate-business:$126,646 $772,086 $1,051,496 $525,228 $453,541 $661,725 $120,880 $3,711,602 
Gross write-offs for the three months ended March 31, 2024
$ $ $ $ $ $ $ $ 
Commercial loans
    Risk Rating:
       Pass$618,620 $2,538,060 $2,376,285 $1,249,652 $700,255 $1,028,453 $2,246,344 $10,757,669 
       Special mention5,797 44,497 31,047 47,966 1,625 12,850 34,499 178,281 
       Substandard35 21,537 48,280 23,219 36,355 80,119 56,444 265,989 
       Non-accrual 48 1,312 27