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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 September 30, 2025


☐			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)


Missouri		43-0889454
(State of Incorporation)		(IRS Employer Identification No.)
1000 Walnut
Kansas City,	MO	64106
(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 class	Trading symbol(s)	Name of exchange on which registered
$5 Par Value Common Stock	CBSH	NASDAQ 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 November 6, 2025, the registrant had outstanding 132,414,687 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
Part I	Financial Information
	Item 1.	Financial Statements
		Consolidated Balance Sheets as of September 30, 2025 (unaudited) and December 31, 2024	3
		Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)	4
		Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)	5
		Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2025 and 2024 (unaudited)	6
		Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2025 and 2024 (unaudited)	8
		Notes to Consolidated Financial Statements	9
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	50
	Item 3.	Quantitative and Qualitative Disclosures about Market Risk	76
	Item 4.	Controls and Procedures	76

Part II	Other Information
	Item 1.	Legal Proceedings	77
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	77
	Item 5.	Other Information	77
	Item 6.	Exhibits	77
Signatures			79

Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

Commerce Bancshares, Inc. and Subsidiaries

CONSOLIDATED BALANCE SHEETS


	September 30, 2025		December 31, 2024
	(Unaudited)
	(In thousands)
ASSETS
Loans	$	17,786,767	$	17,220,103
Allowance for credit losses on loans	(175,671)		(162,742)
Net loans	17,611,096		17,057,361
Loans held for sale (including $2,163,000 and $2,981,000 of residential mortgage loans carried at fair value at September 30, 2025 and December 31, 2024, respectively)	2,538		3,242
Investment securities:
Available for sale debt, at fair value (amortized cost of $9,687,084,000 and $10,127,426,000 at
September 30, 2025 and December 31, 2024, respectively, and allowance for credit losses of $—
at both September 30, 2025 and December 31, 2024)	8,998,586		9,136,853
Trading debt	56,282		38,034
Equity	53,193		57,442
Other	227,430		230,051
Total investment securities	9,335,491		9,462,380
Federal funds sold	—		3,000
Securities purchased under agreements to resell	850,000		625,000
Interest earning deposits with banks	2,477,668		2,624,553
Cash and due from banks	476,441		748,357
Premises and equipment – net	483,000		475,275
Goodwill	146,539		146,539
Other intangible assets – net	13,329		13,632
Other assets	892,586		837,288
Total assets	$	32,288,688	$	31,996,627
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing	$	7,489,645	$	8,150,669
Savings, interest checking and money market	15,551,799		14,754,571
Certificates of deposit of less than $100,000	1,002,640		996,721
Certificates of deposit of $100,000 and over	1,413,965		1,391,683
Total deposits	25,458,049		25,293,644
Federal funds purchased and securities sold under agreements to repurchase	2,473,065		2,926,758
Other borrowings	9,270		56
Other liabilities	555,257		443,694
Total liabilities	28,495,641		28,664,152
Commerce Bancshares, Inc. stockholders’ equity:



Common stock, $5 par value
Authorized 190,000,000; issued 135,210,812 shares at both September 30, 2025 and December 31, 2024	676,054		676,054
Capital surplus	3,390,526		3,395,645
Retained earnings	360,723		45,494
Treasury stock of 1,947,967 shares at September 30, 2025
and 784,203 shares at December 31, 2024, at cost	(121,972)		(48,401)
Accumulated other comprehensive income (loss)	(533,666)		(758,911)
Total Commerce Bancshares, Inc. stockholders' equity	3,771,665		3,309,881
Non-controlling interest	21,382		22,594
Total equity	3,793,047		3,332,475
Total liabilities and equity	$	32,288,688	$	31,996,627

See accompanying notes to consolidated financial statements.

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Commerce Bancshares, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF INCOME


	For the Three Months Ended September 30				For the Nine Months Ended September 30
(In thousands, except per share data)	2025		2024		2025		2024
	(Unaudited)
INTEREST INCOME
Interest and fees on loans	$	263,855	$	270,086	$	778,493	$	802,226
Interest and fees on loans held for sale	36		39		99		125
Interest on investment securities	74,469		62,694		230,919		199,398
Interest on federal funds sold	—		—		31		37
Interest on securities purchased under agreements to resell	8,578		4,215		24,512		8,270
Interest on deposits with banks	27,167		35,034		76,052		90,096
Total interest income	374,105		372,068		1,110,106		1,100,152
INTEREST EXPENSE
Interest on deposits:
Savings, interest checking and money market	53,357		58,177		157,595		170,586
Certificates of deposit of less than $100,000	8,337		11,073		25,714		31,787
Certificates of deposit of $100,000 and over	13,258		16,603		39,491		51,591
Interest on federal funds purchased	1,428		2,792		4,228		10,780
Interest on securities sold under agreements to repurchase	18,260		21,066		54,337		61,797
Interest on other borrowings	8		6		35		12
Total interest expense	94,648		109,717		281,400		326,553
Net interest income	279,457		262,351		828,706		773,599
Provision for credit losses	20,061		9,140		40,145		19,395
Net interest income after credit losses	259,396		253,211		788,561		754,204
NON-INTEREST INCOME
Trust fees	58,412		54,689		170,575		158,085
Bank card transaction fees	45,551		47,570		137,506		141,977
Deposit account charges and other fees	27,427		25,380		80,297		74,856
Capital market fees	5,138		5,995		16,425		14,647
Consumer brokerage services	6,698		4,619		16,866		13,505
Loan fees and sales	3,465		3,444		10,288		10,016
Other	14,820		17,328		54,116		47,031
Total non-interest income	161,511		159,025		486,073		460,117





INVESTMENT SECURITIES GAINS (LOSSES), NET	7,885		3,872		731		6,846
NON-INTEREST EXPENSE
Salaries and employee benefits	157,461		153,122		465,564		454,043
Data processing and software	33,555		32,194		98,697		94,876
Net occupancy	13,474		13,411		41,148		39,529
Professional and other services	11,284		8,830		34,283		26,095
Marketing	6,670		7,278		18,487		16,670
Equipment	5,421		5,286		15,826		15,387
Supplies and communication	4,837		4,963		14,845		14,343
Deposit insurance	3,074		2,930		10,130		13,301
Other	8,242		9,586		27,851		41,267
Total non-interest expense	244,018		237,600		726,831		715,511
Income before income taxes	184,774		178,508		548,534		505,656
Less income taxes	41,152		38,245		120,516		108,499
Net income	143,622		140,263		428,018		397,157
Less non-controlling interest expense (income)	2,104		2,256		2,429		6,934
Net income attributable to Commerce Bancshares, Inc.	$	141,518	$	138,007	$	425,589	$	390,223


Net income per common share — basic	$	1.06	$	1.02	$	3.18	$	2.87
Net income per common share — diluted	$	1.06	$	1.01	$	3.18	$	2.86

See accompanying notes to consolidated financial statements.

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Commerce Bancshares, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME


	For the Three Months Ended September 30				For the Nine Months Ended September 30
(In thousands)	2025		2024		2025		2024
	(Unaudited)
Net income	$	143,622	$	140,263	$	428,018	$	397,157
Other comprehensive income (loss), net of tax:


Net unrealized gains (losses) on available for sale debt securities	56,893		215,550		226,555		325,225
Change in pension loss	34		100		377		453
Unrealized gains (losses) on cash flow hedge derivatives	(9,544)		15,263		(1,687)		(11,170)
Other comprehensive income (loss), net of tax	47,383		230,913		225,245		314,508
Comprehensive income (loss)	191,005		371,176		653,263		711,665
Less non-controlling interest (income) expense	2,104		2,256		2,429		6,934
Comprehensive income (loss) attributable to Commerce Bancshares, Inc.	$	188,901	$	368,920	$	650,834	$	704,731

See accompanying notes to consolidated financial statements.

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Commerce Bancshares, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Three Months Ended September 30, 2025 and 2024


	Commerce Bancshares, Inc. Shareholders
(In thousands, except per share data)	Common Stock		Capital Surplus		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Non-Controlling Interest		Total
	(Unaudited)
Balance June 30, 2025	$	676,054	$	3,386,218	$	255,938	$	(96,589)	$	(581,049)	$	19,542	$	3,660,114
Net income					141,518						2,104		143,622
Other comprehensive income (loss)									47,383				47,383
Distributions to non-controlling interest											(264)		(264)
Purchases of treasury stock							(25,468)						(25,468)


Issuance under stock purchase and equity compensation plans			(85)				85						—
Stock-based compensation			4,393										4,393
Cash dividends paid on common stock ($0.275 per share)					(36,733)								(36,733)

Balance September 30, 2025	$	676,054	$	3,390,526	$	360,723	$	(121,972)	$	(533,666)	$	21,382	$	3,793,047
Balance June 30, 2024	$	655,322	$	3,153,107	$	235,299	$	(98,176)	$	(807,817)	$	20,600	$	3,158,335

Net Income					138,007						2,256		140,263
Other comprehensive income (loss)									230,913				230,913
Distributions to non-controlling interest											(1,398)		(1,398)
Purchases of treasury stock							(44,060)						(44,060)

Issuance under stock purchase and equity compensation plans			(3,087)				3,087						—
Stock-based compensation			4,280										4,280
Cash dividends paid on common stock ($.257 per share)					(34,794)								(34,794)

Balance September 30, 2024	$	655,322	$	3,154,300	$	338,512	$	(139,149)	$	(576,904)	$	21,458	$	3,453,539

See accompanying notes to consolidated financial statements.

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Commerce Bancshares, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

Nine Months Ended September 30, 2025 and 2024


	Commerce Bancshares, Inc. Shareholders
(In thousands, except per share data)	Common Stock		Capital Surplus		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Non-Controlling Interest		Total
	(Unaudited)
Balance December 31, 2024	$	676,054	$	3,395,645	$	45,494	$	(48,401)	$	(758,911)	$	22,594	$	3,332,475


Net income					425,589						2,429		428,018
Other comprehensive income (loss)									225,245				225,245
Distributions to non-controlling interest											(3,641)		(3,641)

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

Issuance under stock purchase and equity compensation plans			(17,977)				17,973						(4)
Stock-based compensation			12,858										12,858
Cash dividends paid on common stock ($.825 per share)					(110,360)								(110,360)

Balance September 30, 2025	$	676,054	$	3,390,526	$	360,723	$	(121,972)	$	(533,666)	$	21,382	$	3,793,047
Balance December 31, 2023	$	655,322	$	3,162,622	$	53,183	$	(35,599)	$	(891,412)	$	20,114	$	2,964,230



Net income					390,223						6,934		397,157
Other comprehensive income (loss)									314,508				314,508
Distributions to non-controlling interest											(5,590)		(5,590)
Purchases of treasury stock							(124,603)						(124,603)

Issuance under stock purchase and equity compensation plans			(21,053)				21,053						—
Stock-based compensation			12,731										12,731
Cash dividends paid on common stock ($.771 per share)					(104,894)								(104,894)

Balance September 30, 2024	$	655,322	$	3,154,300	$	338,512	$	(139,149)	$	(576,904)	$	21,458	$	3,453,539

See accompanying notes to consolidated financial statements.

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Commerce Bancshares, Inc. and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS


	For the Nine Months Ended September 30
(In thousands)	2025		2024
	(Unaudited)
OPERATING ACTIVITIES:
Net income	$	428,018	$	397,157
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	40,145		19,395
Provision for depreciation and amortization	41,756		40,513
Amortization (accretion) of investment security premiums (discounts), net	(13,113)		2,781
Investment securities (gains) losses, net (A)	(731)		(6,846)
Net (gains) losses on sales of loans held for sale	(2,082)		(1,823)
Originations of loans held for sale	(90,432)		(73,502)
Proceeds from sales of loans held for sale	92,578		77,468
Net (increase) decrease in trading debt securities, excluding unsettled transactions	(26,588)		(25,771)

Stock-based compensation	12,858		12,731
(Increase) decrease in interest receivable	(4,889)		(4,878)
Increase (decrease) in interest payable	6,149		(2,564)
Increase (decrease) in income taxes payable	(21,405)		16,791


Other changes, net	(83,448)		263,062
Net cash provided by (used in) operating activities	378,816		714,514
INVESTING ACTIVITIES:



Proceeds from sales of investment securities (A)	46,628		1,272,927
Proceeds from maturities/pay downs of investment securities (A)	1,417,157		1,753,061
Purchases of investment securities (A)	(1,001,256)		(2,095,180)
Net (increase) decrease in loans	(598,897)		86,128
Securities purchased under agreements to resell	(350,000)		(350,000)
Repayments of securities purchased under agreements to resell	125,000		325,000
Purchases of premises and equipment	(39,011)		(32,114)
Sales of premises and equipment	100		8,858
Net cash provided by (used in) investing activities	(400,279)		968,680
FINANCING ACTIVITIES:
Net increase (decrease) in non-interest bearing, savings, interest checking and money market deposits	222,245		(17,928)
Net increase (decrease) in certificates of deposit	28,201		(250,608)


Net increase (decrease) in federal funds purchased and securities sold under agreements to repurchase	(453,693)		(726,586)




Net increase (decrease) in other borrowings	9,214		8,797

Purchases of treasury stock	(92,270)		(123,558)



Cash dividends paid on common stock and distributions to non-controlling interest	(114,001)		(110,484)

Other, net	(4)		—
Net cash provided by (used in) financing activities	(400,308)		(1,220,367)
Increase (decrease) in cash, cash equivalents and restricted cash	(421,771)		462,827
Cash, cash equivalents and restricted cash at beginning of year	3,375,992		2,687,283
Cash, cash equivalents and restricted cash at September 30	$	2,954,221	$	3,150,110
Income tax payments, net	$	134,228	$	86,048
Interest paid on deposits and borrowings	$	275,251	$	329,117
Loans transferred to foreclosed real estate	$	1,409	$	1,138

(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 $112 thousand at September 30, 2025. The Company had $111 thousand in restricted cash at September 30, 2024.

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Commerce Bancshares, Inc. and Subsidiaries

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2025 (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 2024 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 nine month period ended September 30, 2025 are not necessarily indicative of results to be attained for the full year or any other interim period.

The 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 September 30, 2025 and December 31, 2024 are as follows:


(In thousands)	September 30, 2025		December 31, 2024
Commercial:
Business	$	6,414,792	$	6,053,820
Real estate – construction and land	1,433,652		1,409,901
Real estate – business	3,745,000		3,661,218
Personal Banking:
Real estate – personal	3,070,980		3,058,195
Consumer	2,171,599		2,073,123
Revolving home equity	364,241		356,650
Consumer credit card	575,317		595,930
Overdrafts	11,186		11,266
Total loans	$	17,786,767	$	17,220,103

Accrued interest receivable totaled $73.7 million and $70.6 million at September 30, 2025 and December 31, 2024, respectively, and was included within other assets on the consolidated balance sheets. For the three months ended September 30, 2025, the Company wrote-off accrued interest by reversing interest income of $63 thousand and $1.5 million in the Commercial and Personal Banking portfolios, respectively. Similarly, for the nine months ended September 30, 2025, the Company wrote off accrued interest of $266 thousand and $4.8 million in the Commercial and Personal Banking portfolios, respectively. For the three months ended September 30, 2024, the Company reversed $56 thousand and $1.5 million in the Commercial and Personal Banking portfolios, respectively, and in the nine months ended September 30, 2024, reversed $491 thousand and $4.6 million in the Commercial and Personal Banking portfolios.

At September 30, 2025, loans of $3.5 billion were pledged at the Federal Home Loan Bank as collateral for borrowings and letters of credit obtained to secure public deposits. Additional loans of $2.7 billion were pledged at the Federal Reserve Bank as collateral for discount window borrowings.

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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.

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Key assumptions in the Company’s allowance for credit loss model include the economic forecast, the reasonable and supportable period, forecasted macro-economic variables, prepayment assumptions and qualitative factors applied for portfolio composition changes, underwriting practices, or significant unique events or conditions. The assumptions utilized in estimating the Company’s allowance for credit losses at September 30, 2025 and June 30, 2025 are discussed below.


Key Assumption	September 30, 2025	December 31, 2024

Overall economic forecast	•The US economy faces significant downside risks, including a softer labor market •Includes an expected 25 basis point Federal Reserve rate cut in December and an additional three 25 basis point cuts in 2026 •Economy expected to expand by 2% in 2026	•The United States economy will grow •Expansionary fiscal policy and less immigration cause the labor market to tighten, pushing the unemployment rate lower
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 of 4.4% during the supportable forecast period •Real GDP growth ranges from 1.6% to 2.2% •BBB corporate yield from 5.5% to 5.6% •Housing Price Index from 324.0 to 327.9	•Unemployment rate ranges from 4.2% to 4.3% during the supportable forecast period •Real GDP growth ranges from 2.5% to 2.7% •BBB corporate yield from 5.2% to 5.3% •Housing Price Index from 324.8 to 335.4
Prepayment assumptions	Commercial loans •5% for most loan pools Personal banking loans •Ranging from 8.2% to 23.8% for most loan pools •Consumer credit cards 66.8%	Commercial loans •5% for most loan pools Personal banking loans •Ranging from 8.9% to 23.1% for most loan pools •Consumer credit cards 66.5%
Qualitative factors	Added qualitative factors related to: •Changes in the composition of the loan portfolios •Certain industries experiencing stress or emerging concerns within the portfolio •Loans downgraded to special mention, substandard, or non-accrual status •Consumer credit card, auto, other vehicle and other consumer portfolios loss expectation adjustment •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 industries experiencing stress or emerging concerns within the portfolio •Loans downgraded to special mention, substandard, or non-accrual status •Consumer auto portfolio •Certain portfolios where the model assumptions do not capture all identified loss risk

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 includes projections on inflation, labor market trends, Federal Reserve monetary policy, and business growth. 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. Uncertainty around increased unemployment and other negative economic trends is heightened.

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

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


	For the Three Months Ended September 30, 2025						For the Nine Months Ended September 30, 2025
(In thousands)	Commercial		Personal Banking		Total		Commercial		Personal Banking		Total
ALLOWANCE FOR CREDIT LOSSES ON LOANS


Balance at beginning of period	$	106,854	$	58,406	$	165,260	$	106,769	$	55,973	$	162,742
Provision for credit losses on loans	6,873		13,866		20,739		7,412		36,341		43,753
Deductions:
Loans charged off	889		11,739		12,628		2,110		35,836		37,946
Less recoveries on loans	86		2,214		2,300		853		6,269		7,122
Net loan charge-offs (recoveries)	803		9,525		10,328		1,257		29,567		30,824
Balance September 30, 2025	$	112,924	$	62,747	$	175,671	$	112,924	$	62,747	$	175,671
LIABILITY FOR UNFUNDED LENDING COMMITMENTS


Balance at beginning of period	$	14,771	$	1,234	$	16,005	$	17,887	$	1,048	$	18,935
Provision for credit losses on unfunded lending commitments	(756)		78		(678)		(3,872)		264		(3,608)
Balance September 30, 2025	$	14,015	$	1,312	$	15,327	$	14,015	$	1,312	$	15,327
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS	$	126,939	$	64,059	$	190,998	$	126,939	$	64,059	$	190,998


	For the Three Months Ended September 30, 2024						For the Nine Months Ended September 30, 2024
(In thousands)	Commercial		Personal Banking		Total		Commercial		Personal Banking		Total
ALLOWANCE FOR CREDIT LOSSES ON LOANS


Balance at beginning of period	$	107,217	$	51,340	$	158,557	$	108,201	$	54,194	$	162,395
Provision for credit losses on loans	(63)		11,924		11,861		(551)		27,208		26,657
Deductions:
Loans charged off	362		11,395		11,757		1,528		33,262		34,790
Less recoveries on loans	255		1,923		2,178		925		5,652		6,577
Net loan charge-offs (recoveries)	107		9,472		9,579		603		27,610		28,213
Balance September 30, 2024	$	107,047	$	53,792	$	160,839	$	107,047	$	53,792	$	160,839
LIABILITY FOR UNFUNDED LENDING COMMITMENTS


Balance at beginning of period	$	19,363	$	1,342	$	20,705	$	23,909	$	1,337	$	25,246
Provision for credit losses on unfunded lending commitments	(2,715)		(6)		(2,721)		(7,261)		(1)		(7,262)
Balance September 30, 2024	$	16,648	$	1,336	$	17,984	$	16,648	$	1,336	$	17,984
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND LIABILITY FOR UNFUNDED LENDING COMMITMENTS	$	123,695	$	55,128	$	178,823	$	123,695	$	55,128	$	178,823

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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 September 30, 2025 and December 31, 2024.


(In thousands)	Current or Less Than 30 Days Past Due		30 – 89 Days Past Due		90 Days Past Due and Still Accruing		Non-accrual		Total
September 30, 2025
Commercial:
Business	$	6,407,415	$	6,323	$	799	$	255	$	6,414,792
Real estate – construction and land	1,433,078		383		—		191		1,433,652
Real estate – business	3,727,793		2,267		—		14,940		3,745,000
Personal Banking:
Real estate – personal	3,054,874		5,573		9,666		867		3,070,980
Consumer	2,140,052		28,754		2,793		—		2,171,599
Revolving home equity	362,863		760		618		—		364,241
Consumer credit card	560,209		7,448		7,660		—		575,317
Overdrafts	10,952		234		—		—		11,186
Total	$	17,697,236	$	51,742	$	21,536	$	16,253	$	17,786,767
December 31, 2024
Commercial:
Business	$	6,051,654	$	1,501	$	564	$	101	$	6,053,820
Real estate – construction and land	1,409,681		—		—		220		1,409,901
Real estate – business	3,640,643		5,621		—		14,954		3,661,218
Personal Banking:
Real estate – personal	3,021,017		25,267		10,885		1,026		3,058,195
Consumer	2,029,115		40,398		3,610		—		2,073,123
Revolving home equity	351,056		2,798		819		1,977		356,650
Consumer credit card	579,670		7,622		8,638		—		595,930
Overdrafts	10,953		313		—		—		11,266
Total	$	17,093,789	$	83,520	$	24,516	$	18,278	$	17,220,103

At September 30, 2025, the Company had no non-accrual loans that had no allowance for credit loss, compared to $2.0 million in non-accrual loans that had no allowance for credit loss at December 31, 2024. The Company did not record any interest income on non-accrual loans during the nine months ended September 30, 2025 and 2024, respectively.

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

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are monitored as identified by the loan officer based on the risk profile of the individual borrower or if the loan becomes past due related to credit issues. Loans rated special mention, substandard or non-accrual are subject to quarterly review and monitoring processes. In addition to the regular monitoring performed by the lending personnel and credit committees, loans are subject to review by a credit review department which verifies the appropriateness of the risk ratings for the loans chosen as part of its risk-based review plan.

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


	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Total
September 30, 2025
Business
Risk Rating:
Pass	$	1,319,194	$	974,365	$	624,134	$	441,379	$	275,042	$	380,683	$	2,176,145	$	6,190,942
Special mention	6,442		4,184		5,587		3,955		1,301		1,738		85,100		108,307
Substandard	318		1,775		4,341		17,268		8,053		967		82,566		115,288
Non-accrual	—		93		161		—		—		1		—		255
Total Business:	$	1,325,954	$	980,417	$	634,223	$	462,602	$	284,396	$	383,389	$	2,343,811	$	6,414,792
Gross write-offs for the nine months ended September 30, 2025	$	—	$	344	$	116	$	165	$	—	$	10	$	1,051	$	1,686
Real estate-construction
Risk Rating:
Pass	$	318,318	$	328,321	$	398,141	$	297,506	$	4,069	$	3,090	$	23,294	$	1,372,739
Special mention	14,181		—		—		25,854		—		—		—		40,035
Substandard	—		—		2,439		—		18,248		—		—		20,687
Non-accrual	—		191		—		—		—		—		—		191
Total Real estate-construction:	$	332,499	$	328,512	$	400,580	$	323,360	$	22,317	$	3,090	$	23,294	$	1,433,652
Gross write-offs for the nine months ended September 30, 2025	$	—	$	24	$	—	$	—	$	—	$	—	$	—	$	24
Real estate-business
Risk Rating:
Pass	$	965,802	$	558,063	$	394,876	$	592,924	$	384,769	$	486,977	$	119,098	$	3,502,509
Special mention	23,926		46,146		2,821		12,860		980		2,423		13		89,169
Substandard	—		999		25,295		27,177		13,560		64,397		6,954		138,382
Non-accrual	—		—		144		124		164		14,508		—		14,940
Total Real estate-business:	$	989,728	$	605,208	$	423,136	$	633,085	$	399,473	$	568,305	$	126,065	$	3,745,000
Gross write-offs for the nine months ended September 30, 2025	$	—	$	—	$	400	$	—	$	—	$	—	$	—	$	400
Commercial loans
Risk Rating:
Pass	$	2,603,314	$	1,860,749	$	1,417,151	$	1,331,809	$	663,880	$	870,750	$	2,318,537	$	11,066,190
Special mention	44,549		50,330		8,408		42,669		2,281		4,161		85,113		237,511
Substandard	318		2,774		32,075		44,445		39,861		65,364		89,520		274,357
Non-accrual	—		284		305		124		164		14,509		—		15,386
Total Commercial loans:	$	2,648,181	$	1,914,137	$	1,457,939	$	1,419,047	$	706,186	$	954,784	$	2,493,170	$	11,593,444
Gross write-offs for the nine months ended September 30, 2025	$	—	$	368	$	516	$	165	$	—	$	10	$	1,051	$	2,110

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	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Total
December 31, 2024
Business
Risk Rating:
Pass	$	1,505,299	$	956,449	$	596,681	$	405,669	$	148,483	$	350,106	$	1,887,596	$	5,850,283
Special mention	13,576		7,978		8,941		4,155		263		2,065		34,997		71,975
Substandard	2,218		5,596		19,145		5,069		928		10,086		88,419		131,461
Non-accrual	1		47		1		—		—		52		—		101
Total Business:	$	1,521,094	$	970,070	$	624,768	$	414,893	$	149,674	$	362,309	$	2,011,012	$	6,053,820
Gross write-offs for the year ended December 31, 2024	$	200	$	275	$	40	$	53	$	—	$	18	$	1,387	$	1,973
Real estate-construction
Risk Rating:
Pass	$	419,562	$	442,720	$	451,606	$	53,462	$	3,143	$	2,450	$	34,075	$	1,407,018
Special mention	—		—		—		—		—		—		—		—
Substandard	—		2,663		—		—		—		—		—		2,663
Non-accrual	220		—		—		—		—		—		—		220
Total Real estate-construction:	$	419,782	$	445,383	$	451,606	$	53,462	$	3,143	$	2,450	$	34,075	$	1,409,901
Gross write-offs for the year ended December 31, 2024	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Real estate- business
Risk Rating:
Pass	$	755,498	$	604,936	$	753,023	$	448,041	$	363,717	$	368,350	$	129,868	$	3,423,433
Special mention	324		—		12,383		12,524		1,643		298		—		27,172
Substandard	1,280		23,420		36,657		18,429		4,416		104,382		7,075		195,659
Non-accrual	—		—		170		—		14,668		116		—		14,954
Total Real-estate business:	$	757,102	$	628,356	$	802,233	$	478,994	$	384,444	$	473,146	$	136,943	$	3,661,218
Gross write-offs for the year ended December 31, 2024	$	—	$	—	$	—	$	—	$	—	$	62	$	—	$	62
Commercial loans
Risk Rating:
Pass	$	2,680,359	$	2,004,105	$	1,801,310	$	907,172	$	515,343	$	720,906	$	2,051,539	$	10,680,734
Special mention	13,900		7,978		21,324		16,679		1,906		2,363		34,997		99,147
Substandard	3,498		31,679		55,802		23,498		5,344		114,468		95,494		329,783
Non-accrual	221		47		171		—		14,668		168		—		15,275
Total Commercial loans:	$	2,697,978	$	2,043,809	$	1,878,607	$	947,349	$	537,261	$	837,905	$	2,182,030	$	11,124,939
Gross write-offs for the year ended December 31, 2024	$	200	$	275	$	40	$	53	$	—	$	80	$	1,387	$	2,035

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The credit quality of Personal Banking loans is monitored primarily on the basis of aging/delinquency, and this information is provided as of September 30, 2025 and December 31, 2024 below.


	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2025		2024		2023		2022		2021		Prior		Revolving Loans Amortized Cost Basis		Total
September 30, 2025
Real estate-personal
Current to 90 days past due	$	300,852	$	334,177	$	353,865	$	375,031	$	449,366	$	1,238,685	$	8,471	$	3,060,447
Over 90 days past due	—		150		635		1,993		1,582		5,306		—		9,666
Non-accrual	—		—		—		—		104		763		—		867
Total Real estate-personal:	$	300,852	$	334,327	$	354,500	$	377,024	$	451,052	$	1,244,754	$	8,471	$	3,070,980
Gross write-offs for the nine months ended September 30, 2025	$	—	$	47	$	65	$	228	$	48	$	29	$	—	$	417
Consumer
Current to 90 days past due	$	403,858	$	285,987	$	271,178	$	149,318	$	104,175	$	72,581	$	881,709	$	2,168,806
Over 90 days past due	90		414		177		184		123		225		1,580		2,793

Total Consumer:	$	403,948	$	286,401	$	271,355	$	149,502	$	104,298	$	72,806	$	883,289	$	2,171,599
Gross write-offs for the nine months ended September 30, 2025	$	325	$	2,884	$	2,428	$	1,414	$	589	$	280	$	1,508	$	9,428
Revolving home equity
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	363,623	$	363,623
Over 90 days past due	—		—		—		—		—		—		618		618

Total Revolving home equity:	$	—	$	—	$	—	$	—	$	—	$	—	$	364,241	$	364,241
Gross write-offs for the nine months ended September 30, 2025	$	—	$	—	$	—	$	—	$	—	$	—	$	15	$	15
Consumer credit card
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	567,657	$	567,657
Over 90 days past due	—		—		—		—		—		—		7,660		7,660

Total Consumer credit card:	$	—	$	—	$	—	$	—	$	—	$	—	$	575,317	$	575,317
Gross write-offs for the nine months ended September 30, 2025	$	—	$	—	$	—	$	—	$	—	$	—	$	24,102	$	24,102
Overdrafts
Current to 90 days past due	$	11,186	$	—	$	—	$	—	$	—	$	—	$	—	$	11,186


Total Overdrafts:	$	11,186	$	—	$	—	$	—	$	—	$	—	$	—	$	11,186
Gross write-offs for the nine months ended September 30, 2025	$	1,874	$	—	$	—	$	—	$	—	$	—	$	—	$	1,874
Personal banking loans
Current to 90 days past due	$	715,896	$	620,164	$	625,043	$	524,349	$	553,541	$	1,311,266	$	1,821,460	$	6,171,719
Over 90 days past due	90		564		812		2,177		1,705		5,531		9,858		20,737
Non-accrual	—		—		—		—		104		763		—		867
Total Personal banking loans:	$	715,986	$	620,728	$	625,855	$	526,526	$	555,350	$	1,317,560	$	1,831,318	$	6,193,323
Gross write-offs for the nine months ended September 30, 2025	$	2,199	$	2,931	$	2,493	$	1,642	$	637	$	309	$	25,625	$	35,836

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	Term Loans Amortized Cost Basis by Origination Year
(In thousands)	2024		2023		2022		2021		2020		Prior		Revolving Loans Amortized Cost Basis		Total
December 31, 2024
Real estate-personal
Current to 90 days past due	$	387,119	$	387,486	$	404,680	$	482,733	$	637,115	$	736,217	$	10,934	$	3,046,284
Over 90 days past due	665		892		1,431		1,890		3,180		2,827		—		10,885
Non-accrual	—		8		—		108		—		910		—		1,026
Total Real estate-personal:	$	387,784	$	388,386	$	406,111	$	484,731	$	640,295	$	739,954	$	10,934	$	3,058,195
Gross write-offs for the year ended December 31, 2024	$	—	$	82	$	115	$	83	$	—	$	22	$	—	$	302
Consumer
Current to 90 days past due	$	418,902	$	369,855	$	228,189	$	165,030	$	72,314	$	49,890	$	765,333	$	2,069,513
Over 90 days past due	465		584		406		213		47		367		1,528		3,610

Total Consumer:	$	419,367	$	370,439	$	228,595	$	165,243	$	72,361	$	50,257	$	766,861	$	2,073,123
Gross write-offs for the year ended December 31, 2024	$	1,438	$	3,109	$	2,859	$	1,308	$	540	$	255	$	2,309	$	11,818
Revolving home equity
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	353,854	$	353,854
Over 90 days past due	—		—		—		—		—		—		819		819
Non-accrual	—		—		—		—		—		—		1,977		$	1,977
Total Revolving home equity:	$	—	$	—	$	—	$	—	$	—	$	—	$	356,650	$	356,650
Gross write-offs for the year ended December 31, 2024	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer credit card
Current to 90 days past due	$	—	$	—	$	—	$	—	$	—	$	—	$	587,292	$	587,292
Over 90 days past due	—		—		—		—		—		—		8,638		8,638

Total Consumer credit card:	$	—	$	—	$	—	$	—	$	—	$	—	$	595,930	$	595,930
Gross write-offs for the year ended December 31, 2024	$	—	$	—	$	—	$	—	$	—	$	—	$	30,427	$	30,427
Overdrafts
Current to 90 days past due	$	11,266	$	—	$	—	$	—	$	—	$	—	$	—	$	11,266


Total Overdrafts:	$	11,266	$	—	$	—	$	—	$	—	$	—	$	—	$	11,266
Gross write-offs for the year ended December 31, 2024	$	2,689	$	—	$	—	$	—	$	—	$	—	$	—	$	2,689
Personal banking loans
Current to 90 days past due	$	817,287	$	757,341	$	632,869	$	647,763	$	709,429	$	786,107	$	1,717,413	$	6,068,209
Over 90 days past due	1,130		1,476		1,837		2,103		3,227		3,194		10,985		23,952
Non-accrual	—		8		—		108		—		910		1,977		3,003
Total Personal banking loans:	$	818,417	$	758,825	$	634,706	$	649,974	$	712,656	$	790,211	$	1,730,375	$	6,095,164
Gross write-offs for the year ended December 31, 2024	$	4,127	$	3,191	$	2,974	$	1,391	$	540	$	277	$	32,736	$	45,236

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Collateral-dependent loans

The Company's collateral-dependent loans are comprised of large loans on non-accrual status. The Company requires that collateral-dependent loans are either over-collateralized or carry collateral equal to the amortized cost of the loan. The following table presents the amortized cost basis of collateral-dependent loans as of September 30, 2025 and December 31, 2024.


(In thousands)	Real Estate		Total
September 30, 2025
Commercial:


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






Total	$	14,508	$	14,508
December 31, 2024
Commercial:


Real estate - business	$	14,667	$	14,667
Personal Banking:


Revolving home equity	1,977		1,977


Total	$	16,644	$	16,644

Modifications for borrowers experiencing financial difficulty

When borrowers are experiencing financial difficulty, the Company may agree to modify the contractual terms of a loan to a borrower in order to assist the borrower in repaying principal and interest owed to the Company.

The Company's modifications of loans to borrowers experiencing financial difficulty are generally in the form of term extensions, repayment plans, payment deferrals, forbearance agreements, interest rate reductions, forgiveness of interest and/or fees, or any combination thereof. Commercial loans modified to borrowers experiencing financial difficulty are primarily loans that are substandard or non-accrual, where the maturity date was extended. Modifications on personal real estate loans are primarily those placed on forbearance plans, repayment plans, or deferral plans where monthly payments are suspended for a period of time or past due amounts are paid off over a certain period of time in the future or set up as a balloon payment at maturity. Modifications to certain credit card and other small consumer loans are often modified under debt counseling programs that can reduce the contractual rate or, in certain instances, forgive certain fees and interest charges. Other consumer loans modified to borrowers experiencing financial difficulty consist of various other workout arrangements with consumer customers.

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


	For the Three Months Ended September 30, 2025
(Dollars in thousands)	Term Extension		Payment Delay		Interest Rate Reduction		Total		% of Total Loan Category
September 30, 2025
Commercial:
Business	$	42,047	$	—	$	—	$	42,047	0.7	%

Real estate – business	19,253		—		—		19,253		0.5
Personal Banking:
Real estate – personal	31		1,869		—		1,900		0.1
Consumer	—		—		19		19		—

Consumer credit card	—		—		973		973		0.2

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

	For the Nine Months Ended September 30, 2025
September 30, 2025
Commercial:
Business	$	60,984	$	—	$	—	$	60,984	1.0	%

Real estate – business	96,549		—		—		96,549		2.6
Personal Banking:
Real estate – personal	31		8,249		—		8,280		0.3
Consumer	—		35		79		114		—

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

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


	For the Three Months Ended September 30, 2024
(Dollars in thousands)	Term Extension		Payment Delay		Interest Rate Reduction		Other		Total		% of Total Loan Category
September 30, 2024
Commercial:
Business	$	36,892	$	—	$	—	$	—	$	36,892	0.6	%
Real estate – construction and land	1,915		—		—		—		1,915		0.1
Real estate – business	70,091		—		—		—		70,091		2.0
Personal Banking:
Real estate – personal	42		4,024		—		—		4,066		0.1
Consumer	—		720		30		—		750		—

Consumer credit card	—		—		931		—		931		0.2

Total	$	108,940	$	4,744	$	961	$	—	$	114,645	0.7	%

	For the Nine Months Ended September 30, 2024
September 30, 2024
Commercial:
Business	$	54,608	$	—	$	—	$	—	$	54,608	0.9	%
Real estate – construction and land	1,915		—		—		—		1,915		0.1
Real estate – business	117,718		—		—		—		117,718		3.3
Personal Banking:
Real estate – personal	42		6,586		—		—		6,628		0.2
Consumer	—		720		84		44		848		—

Consumer credit card	—		—		2,642		—		2,642		0.5

Total	$	174,283	$	7,306	$	2,726	$	44	$	184,359	1.1	%

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The estimate of lifetime expected losses utilized in the allowance for credit losses model is developed using average historical experience on loans with similar risk characteristics, which includes losses from modifications of loans to borrowers experiencing financial difficulty. As a result, a change to the allowance for credit losses is generally not recorded upon modification. For modifications to loans made to borrowers experiencing financial difficulty that are placed on non-accrual status, the Company determines the allowance for credit losses on an individual evaluation, using the same process that it utilizes for other loans on non-accrual status. Modifications made to commercial loans which are not on non-accrual status for borrowers experiencing financial difficulty are collectively evaluated based on internal risk rating, loan type, delinquency, historical experience, and current economic factors. Modifications made to borrowers experiencing financial difficulty for personal banking loans which are not on non-accrual status are collectively evaluated based on loan type, delinquency, historical experience, and current economic factors.

If a loan to a borrower experiencing financial difficulty is modified and subsequently deemed uncollectible, the allowance for credit losses continues to be based on individual evaluation, if that loan is already on non-accrual status. For those loans, the allowance for credit losses is estimated using discounted expected cash flows or the fair value of collateral. If an accruing loan made to a borrower experiencing financial difficulty is modified and subsequently deemed uncollectible, the loan's risk rating is downgraded to non-accrual status and the loan's related allowance for credit losses is determined based on individual evaluation, or if necessary, the loan is charged off and collection efforts begin.

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


	Term Extension
	Three Months Ended September 30, 2025	Three Months Ended September 30, 2024
Commercial:
Business	Extended maturity by a weighted average of 5 months.	Extended maturity by a weighted average of 5 months.
Real estate – construction and land	—	Extended maturity by a weighted average of 2 months.
Real estate – business	Extended maturity by a weighted average of 6 months.	Extended maturity by a weighted average of 11 months.
Personal Banking:
Real estate – personal	Extended maturity by a weighted average of 9 months.	Extended maturity by a weighted average of 2 months.





	Nine Months Ended September 30, 2025	Nine Months Ended September 30, 2024
Commercial:
Business	Extended maturity by a weighted average of 10 months.	Extended maturity by a weighted average of 5 months.
Real estate – construction and land	—	Extended maturity by a weighted average of 2 months.
Real estate – business	Extended maturity by a weighted average of 15 months.	Extended maturity by a weighted average of 11 months.
Personal Banking:
Real estate – personal	Extended maturity by a weighted average of 9 months.	Extended maturity by a weighted average of 5 months.

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




Personal Banking:
Real estate – personal	Deferred certain payments by a weighted average of 25 years.	Deferred certain payments by a weighted average of 15 years.
Consumer	—	Deferred certain payments by a weighted average of 19 years.



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




Personal Banking:
Real estate – personal	Deferred certain payments by a weighted average of 24 years.	Deferred certain payments by a weighted average of 10 years.
Consumer	Deferred certain payments by a weighted average of 8 years.	Deferred certain payments by a weighted average of 19 years.


	Interest Rate Reduction
	Three Months Ended September 30, 2025	Three Months Ended September 30, 2024




Personal Banking:

Consumer	Reduced contractual interest rate from average 22% to 6%.	Reduced contractual interest rate from average 21% to 6%.

Consumer credit card	Reduced contractual interest rate from average 22% to 6%.	Reduced contractual interest rate from average 21% to 6%.


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




Personal Banking:

Consumer	Reduced contractual interest rate from average 22% to 6%.	Reduced contractual interest rate from average 21% to 6%.

Consumer credit card	Reduced contractual interest rate from average 22% to 6%.	Reduced contractual interest rate from average 21% to 6%.

The Company had commitments of $13.0 million and $14.9 million at September 30, 2025 and December 31, 2024, respectively, to lend additional funds to borrowers experiencing financial difficulty and for whom the Company has modified the terms of loans in the form of an interest rate reduction; an other-than-insignificant payment delay; forgiveness of principal, interest, or fees; or a term extension during the current reporting period.

The following tables provide the amortized cost basis at September 30, 2025 of loans to borrowers experiencing financial difficulty that had a payment default during the three and nine months ended September 30, 2025 and were modified within the 12 months preceding the payment default, as well as the amortized cost basis at September 30, 2024 of loans to borrowers experiencing financial difficulty that had a payment default during the three and nine months ended September 30, 2024 and had been modified within the 12 months preceding the payment default. For purposes of this disclosure, the Company considers "default" to mean 90 days or more past due as to interest or principal.

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	For the Three Months Ended September 30, 2025										For the Nine Months Ended September 30, 2025
(Dollars in thousands)	Term Extension		Payment Delay		Interest Rate Reduction		Interest/Fees Forgiven		Total			Term Extension		Payment Delay		Interest Rate Reduction		Interest/Fees Forgiven		Total
September 30, 2025
Commercial:
Business	$	45	$	—	$	—	$	—	$	45		$	45	$	—	$	—	$	—	$	45

Real estate – business	14,632		—		—		—		14,632			14,632		—		—		—		14,632
Personal Banking:
Real estate – personal	—		761		—		—		761			—		2,276		—		—		2,276
Consumer	—		—		1		—		1			—		—		25		—		25

Consumer credit card	—		—		257		—		257			—		—		451		—		451

Total	$	14,677	$	761	$	258	$	—	$	15,696		$	14,677	$	2,276	$	476	$	—	$	17,429

	For the Three Months Ended September 30, 2024										For the Nine Months Ended September 30, 2024
(Dollars in thousands)	Term Extension		Payment Delay		Interest Rate Reduction		Interest/Fees Forgiven		Total			Term Extension		Payment Delay		Interest Rate Reduction		Interest/Fees Forgiven		Total
September 30, 2024
Commercial:
Business	$	14,872	$	—	$	—	$	—	$	14,872		$	14,872	$	—	$	—	$	—	$	14,872


Personal Banking:
Real estate – personal	$	—	$	2,600	$	—	$	—	$	2,600		$	—	$	3,728	$	—	$	—	$	3,728
Consumer	—		—		13		—		13			—		—		24		—		24

Consumer credit card	—		—		251		—		251			—		—		536		20		556

Total	$	14,872	$	2,600	$	264	$	—	$	17,736		$	14,872	$	3,728	$	560	$	20	$	19,180

The following tables present the amortized cost basis at September 30, 2025 of loans to borrowers experiencing financial difficulty that had been modified within the previous 12 months as well as the amortized cost basis at September 30, 2024 of loans to borrowers experiencing financial difficulty that had been modified within the 12 months preceding September 30, 2024.


(In thousands)	Current		30-89 Days Past Due		90 Days Past Due		Total
September 30, 2025
Commercial:
Business	$	88,589	$	—	$	45	$	88,634

Real estate – business	88,961		—		14,632		103,593
Personal Banking:
Real estate – personal	8,701		917		761		10,379
Consumer	99		35		1		135

Consumer credit card	2,319		405		257		2,981

Total	$	188,669	$	1,357	$	15,696	$	205,722

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(In thousands)	Current		30-89 Days Past Due		90 Days Past Due		Total
September 30, 2024
Commercial:
Business	$	56,517	$	86	$	—	$	56,603
Real estate – construction and land	1,915		—		—		1,915
Real estate – business	102,846		—		14,872		117,718
Personal Banking:

COMMERCE BANCSHARES INC /MO/ 10-Q