(State of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of class | Trading symbol(s) | Name of exchange on which registered | ||||||
COMMERCE BANCSHARES, INC. | |||||||||||
By: | /s/ Paul A. Steiner | ||||||||||
Paul A. Steiner | |||||||||||
Controller (Chief Accounting Officer) |
CBSH | |||||
1000 Walnut Street / Suite 700 / Kansas City, Missouri 64106 / 816.234.2000 | |||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||
(Unaudited) (Dollars in thousands, except per share data) | September 30, 2021 | June 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||
FINANCIAL SUMMARY | ||||||||||||||||||||
Net interest income | $214,037 | $207,982 | $215,962 | $627,767 | $620,084 | |||||||||||||||
Non-interest income | 137,506 | 139,143 | 129,572 | 412,694 | 370,750 | |||||||||||||||
Total revenue | 351,543 | 347,125 | 345,534 | 1,040,461 | 990,834 | |||||||||||||||
Investment securities gains (losses), net | 13,108 | 16,804 | 16,155 | 39,765 | (1,275) | |||||||||||||||
Provision for credit losses | (7,385) | (45,655) | 3,101 | (59,272) | 141,593 | |||||||||||||||
Non-interest expense | 211,620 | 198,126 | 190,858 | 602,319 | 572,068 | |||||||||||||||
Income before taxes | 160,416 | 211,458 | 167,730 | 537,179 | 275,898 | |||||||||||||||
Income taxes | 34,662 | 45,209 | 34,375 | 111,947 | 54,209 | |||||||||||||||
Non-controlling interest (income) expense | 3,193 | 3,923 | 907 | 9,373 | (2,479) | |||||||||||||||
Net income attributable to Commerce Bancshares, Inc. | 122,561 | 162,326 | 132,448 | 415,859 | 224,168 | |||||||||||||||
Preferred stock dividends | — | — | 7,466 | — | 11,966 | |||||||||||||||
Net income available to common shareholders | $122,561 | $162,326 | $124,982 | $415,859 | $212,202 | |||||||||||||||
Earnings per common share: | ||||||||||||||||||||
Net income — basic | $1.05 | $1.38 | $1.06 | $3.55 | $1.80 | |||||||||||||||
Net income — diluted | $1.05 | $1.38 | $1.06 | $3.54 | $1.80 | |||||||||||||||
Effective tax rate | 22.05 | % | 21.78 | % | 20.61 | % | 21.21 | % | 19.47 | % | ||||||||||
Tax equivalent net interest income | $216,858 | $211,060 | $219,118 | $636,692 | $629,773 | |||||||||||||||
Average total interest earning assets (1) | $ | 33,306,752 | $ | 32,556,658 | $ | 29,352,970 | $ | 32,388,139 | $ | 27,419,514 | ||||||||||
Diluted wtd. average shares outstanding | 116,077,229 | 116,450,430 | 116,444,157 | 116,365,204 | 116,609,592 | |||||||||||||||
RATIOS | ||||||||||||||||||||
Average loans to deposits (2) | 54.44 | % | 57.78 | % | 66.23 | % | 57.91 | % | 69.12 | % | ||||||||||
Return on total average assets | 1.40 | 1.93 | 1.71 | 1.65 | 1.04 | |||||||||||||||
Return on average common equity (3) | 13.74 | 19.12 | 15.21 | 16.14 | 8.93 | |||||||||||||||
Non-interest income to total revenue | 39.11 | 40.08 | 37.50 | 39.66 | 37.42 | |||||||||||||||
Efficiency ratio (4) | 59.95 | 56.90 | 55.00 | 57.76 | 57.37 | |||||||||||||||
Net yield on interest earning assets | 2.58 | 2.60 | 2.97 | 2.63 | 3.07 | |||||||||||||||
EQUITY SUMMARY | ||||||||||||||||||||
Cash dividends per common share | $.263 | $.263 | $.257 | $.788 | $.771 | |||||||||||||||
Cash dividends on common stock | $30,645 | $30,760 | $30,174 | $92,204 | $90,640 | |||||||||||||||
Cash dividends on preferred stock | $— | $— | $7,466 | $— | $11,966 | |||||||||||||||
Book value per common share (5) | $30.01 | $29.89 | $28.23 | |||||||||||||||||
Market value per common share (5) | $69.68 | $74.56 | $53.61 | |||||||||||||||||
High market value per common share | $75.68 | $81.19 | $59.13 | |||||||||||||||||
Low market value per common share | $64.90 | $70.69 | $50.50 | |||||||||||||||||
Common shares outstanding (5) | 116,332,177 | 116,893,573 | 117,109,209 | |||||||||||||||||
Tangible common equity to tangible assets (6) | 9.71 | % | 9.91 | % | 10.11 | % | ||||||||||||||
Tier I leverage ratio | 9.31 | % | 9.36 | % | 9.39 | % | ||||||||||||||
OTHER QTD INFORMATION | ||||||||||||||||||||
Number of bank/ATM locations | 292 | 295 | 308 | |||||||||||||||||
Full-time equivalent employees | 4,582 | 4,590 | 4,825 |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||
(Unaudited) (In thousands, except per share data) | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||
Interest income | $216,981 | $211,133 | $209,697 | $214,726 | $223,114 | $637,811 | $657,922 | |||||||||||||||||||
Interest expense | 2,944 | 3,151 | 3,949 | 4,963 | 7,152 | 10,044 | 37,838 | |||||||||||||||||||
Net interest income | 214,037 | 207,982 | 205,748 | 209,763 | 215,962 | 627,767 | 620,084 | |||||||||||||||||||
Provision for credit losses | (7,385) | (45,655) | (6,232) | (4,403) | 3,101 | (59,272) | 141,593 | |||||||||||||||||||
Net interest income after credit losses | 221,422 | 253,637 | 211,980 | 214,166 | 212,861 | 687,039 | 478,491 | |||||||||||||||||||
NON-INTEREST INCOME | ||||||||||||||||||||||||||
Bank card transaction fees | 42,815 | 42,608 | 37,695 | 39,979 | 37,873 | 123,118 | 111,818 | |||||||||||||||||||
Trust fees | 48,950 | 46,257 | 44,127 | 41,961 | 40,769 | 139,334 | 118,676 | |||||||||||||||||||
Deposit account charges and other fees | 25,161 | 23,988 | 22,575 | 24,164 | 23,107 | 71,724 | 69,063 | |||||||||||||||||||
Capital market fees | 3,794 | 3,327 | 4,981 | 3,826 | 3,194 | 12,102 | 10,756 | |||||||||||||||||||
Consumer brokerage services | 4,900 | 4,503 | 4,081 | 3,996 | 4,011 | 13,484 | 11,099 | |||||||||||||||||||
Loan fees and sales | 6,842 | 7,446 | 10,184 | 9,031 | 9,769 | 24,472 | 17,653 | |||||||||||||||||||
Other | 5,044 | 11,014 | 12,402 | 12,160 | 10,849 | 28,460 | 31,685 | |||||||||||||||||||
Total non-interest income | 137,506 | 139,143 | 136,045 | 135,117 | 129,572 | 412,694 | 370,750 | |||||||||||||||||||
INVESTMENT SECURITIES GAINS (LOSSES), NET | 13,108 | 16,804 | 9,853 | 12,307 | 16,155 | 39,765 | (1,275) | |||||||||||||||||||
NON-INTEREST EXPENSE | ||||||||||||||||||||||||||
Salaries and employee benefits | 132,824 | 130,751 | 129,033 | 129,983 | 127,308 | 392,608 | 383,004 | |||||||||||||||||||
Net occupancy | 12,329 | 11,527 | 12,021 | 11,570 | 12,058 | 35,877 | 35,075 | |||||||||||||||||||
Equipment | 4,440 | 4,605 | 4,353 | 4,526 | 4,737 | 13,398 | 14,313 | |||||||||||||||||||
Supplies and communication | 4,530 | 4,033 | 4,125 | 4,193 | 4,141 | 12,688 | 13,226 | |||||||||||||||||||
Data processing and software | 25,598 | 24,954 | 25,463 | 24,323 | 23,610 | 76,015 | 71,002 | |||||||||||||||||||
Marketing | 5,623 | 5,680 | 5,158 | 5,028 | 4,926 | 16,461 | 14,706 | |||||||||||||||||||
Other | 26,276 | 16,576 | 12,420 | 16,687 | 14,078 | 55,272 | 40,742 | |||||||||||||||||||
Total non-interest expense | 211,620 | 198,126 | 192,573 | 196,310 | 190,858 | 602,319 | 572,068 | |||||||||||||||||||
Income before income taxes | 160,416 | 211,458 | 165,305 | 165,280 | 167,730 | 537,179 | 275,898 | |||||||||||||||||||
Less income taxes | 34,662 | 45,209 | 32,076 | 33,084 | 34,375 | 111,947 | 54,209 | |||||||||||||||||||
Net income | 125,754 | 166,249 | 133,229 | 132,196 | 133,355 | 425,232 | 221,689 | |||||||||||||||||||
Less non-controlling interest expense (income) | 3,193 | 3,923 | 2,257 | 2,307 | 907 | 9,373 | (2,479) | |||||||||||||||||||
Net income attributable to Commerce Bancshares, Inc. | 122,561 | 162,326 | 130,972 | 129,889 | 132,448 | 415,859 | 224,168 | |||||||||||||||||||
Less preferred stock dividends | — | — | — | — | 7,466 | — | 11,966 | |||||||||||||||||||
Net income available to common shareholders | $122,561 | $162,326 | $130,972 | $129,889 | $124,982 | $415,859 | $212,202 | |||||||||||||||||||
Net income per common share — basic | $1.05 | $1.38 | $1.12 | $1.11 | $1.06 | $3.55 | $1.80 | |||||||||||||||||||
Net income per common share — diluted | $1.05 | $1.38 | $1.11 | $1.11 | $1.06 | $3.54 | $1.80 | |||||||||||||||||||
OTHER INFORMATION | ||||||||||||||||||||||||||
Return on total average assets | 1.40 | % | 1.93 | % | 1.63 | % | 1.63 | % | 1.71 | % | 1.65 | % | 1.04 | % | ||||||||||||
Return on average common equity (1) | 13.74 | 19.12 | 15.69 | 15.49 | 15.21 | 16.14 | 8.93 | |||||||||||||||||||
Efficiency ratio (2) | 59.95 | 56.90 | 56.37 | 56.68 | 55.00 | 57.76 | 57.37 | |||||||||||||||||||
Effective tax rate | 22.05 | 21.78 | 19.67 | 20.30 | 20.61 | 21.21 | 19.47 | |||||||||||||||||||
Net yield on interest earning assets | 2.58 | 2.60 | 2.71 | 2.80 | 2.97 | 2.63 | 3.07 | |||||||||||||||||||
Tax equivalent net interest income | $216,858 | $211,060 | $208,774 | $213,017 | $219,118 | $636,692 | $629,773 |
(Unaudited) (In thousands) | September 30, 2021 | June 30, 2021 | September 30, 2020 | |||||||||||
ASSETS | ||||||||||||||
Loans | ||||||||||||||
Business | $ | 5,277,850 | $ | 5,803,760 | $ | 6,683,413 | ||||||||
Real estate — construction and land | 1,257,836 | 1,103,661 | 1,009,729 | |||||||||||
Real estate — business | 2,937,852 | 3,017,560 | 2,993,192 | |||||||||||
Real estate — personal | 2,769,292 | 2,793,213 | 2,753,867 | |||||||||||
Consumer | 2,049,559 | 2,049,166 | 2,006,360 | |||||||||||
Revolving home equity | 281,442 | 283,568 | 324,203 | |||||||||||
Consumer credit card | 569,976 | 586,358 | 647,893 | |||||||||||
Overdrafts | 4,583 | 2,978 | 2,270 | |||||||||||
Total loans | 15,148,390 | 15,640,264 | 16,420,927 | |||||||||||
Allowance for credit losses on loans | (162,775) | (172,395) | (236,360) | |||||||||||
Net loans | 14,985,615 | 15,467,869 | 16,184,567 | |||||||||||
Loans held for sale | 16,043 | 23,697 | 39,483 | |||||||||||
Investment securities: | ||||||||||||||
Available for sale debt securities | 14,165,656 | 13,291,506 | 11,539,061 | |||||||||||
Trading debt securities | 40,114 | 29,002 | 25,805 | |||||||||||
Equity securities | 9,174 | 8,678 | 4,203 | |||||||||||
Other securities | 184,450 | 176,439 | 122,532 | |||||||||||
Total investment securities | 14,399,394 | 13,505,625 | 11,691,601 | |||||||||||
Federal funds sold | — | 5,945 | 2,275 | |||||||||||
Securities purchased under agreements to resell | 1,750,000 | 1,300,000 | 850,000 | |||||||||||
Interest earning deposits with banks | 1,888,545 | 2,161,644 | 1,171,697 | |||||||||||
Cash and due from banks | 344,460 | 358,122 | 357,616 | |||||||||||
Premises and equipment — net | 377,476 | 371,989 | 377,853 | |||||||||||
Goodwill | 138,921 | 138,921 | 138,921 | |||||||||||
Other intangible assets — net | 14,458 | 14,148 | 7,183 | |||||||||||
Other assets | 582,631 | 508,202 | 632,621 | |||||||||||
Total assets | $ | 34,497,543 | $ | 33,856,162 | $ | 31,453,817 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||
Deposits: | ||||||||||||||
Non-interest bearing | $ | 11,622,855 | $ | 11,085,286 | $ | 10,727,827 | ||||||||
Savings, interest checking and money market | 14,907,654 | 14,654,696 | 12,983,505 | |||||||||||
Certificates of deposit of less than $100,000 | 452,432 | 478,838 | 556,870 | |||||||||||
Certificates of deposit of $100,000 and over | 1,163,343 | 1,267,417 | 1,433,577 | |||||||||||
Total deposits | 28,146,284 | 27,486,237 | 25,701,779 | |||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 2,253,753 | 2,318,228 | 1,653,064 | |||||||||||
Other borrowings | 4,006 | 2,194 | 782 | |||||||||||
Other liabilities | 602,279 | 555,673 | 791,928 | |||||||||||
Total liabilities | 31,006,322 | 30,362,332 | 28,147,553 | |||||||||||
Stockholders’ equity: | ||||||||||||||
Common stock | 589,352 | 589,352 | 563,978 | |||||||||||
Capital surplus | 2,427,544 | 2,424,157 | 2,140,410 | |||||||||||
Retained earnings | 396,655 | 304,739 | 326,890 | |||||||||||
Treasury stock | (92,047) | (53,018) | (69,050) | |||||||||||
Accumulated other comprehensive income | 159,166 | 220,390 | 343,435 | |||||||||||
Total stockholders’ equity | 3,480,670 | 3,485,620 | 3,305,663 | |||||||||||
Non-controlling interest | 10,551 | 8,210 | 601 | |||||||||||
Total equity | 3,491,221 | 3,493,830 | 3,306,264 | |||||||||||
Total liabilities and equity | $ | 34,497,543 | $ | 33,856,162 | $ | 31,453,817 |
(Unaudited) (In thousands) | For the Three Months Ended | ||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||
ASSETS: | |||||||||||||||||
Loans: | |||||||||||||||||
Business | $ | 5,437,498 | $ | 6,211,610 | $ | 6,532,921 | $ | 6,580,300 | $ | 6,709,200 | |||||||
Real estate — construction and land | 1,168,566 | 1,088,433 | 1,091,969 | 1,032,891 | 974,346 | ||||||||||||
Real estate — business | 2,982,847 | 3,014,955 | 3,022,979 | 3,029,799 | 2,989,652 | ||||||||||||
Real estate — personal | 2,775,638 | 2,804,388 | 2,826,112 | 2,778,462 | 2,722,300 | ||||||||||||
Consumer | 2,041,263 | 2,004,625 | 1,947,322 | 1,981,033 | 1,992,314 | ||||||||||||
Revolving home equity | 281,689 | 287,031 | 299,371 | 316,895 | 329,361 | ||||||||||||
Consumer credit card | 566,406 | 575,725 | 608,747 | 638,161 | 646,185 | ||||||||||||
Overdrafts | 5,110 | 3,735 | 3,546 | 3,762 | 2,689 | ||||||||||||
Total loans | 15,259,017 | 15,990,502 | 16,332,967 | 16,361,303 | 16,366,047 | ||||||||||||
Allowance for credit losses on loans | (172,112) | (200,801) | (220,512) | (235,484) | (240,286) | ||||||||||||
Net loans | 15,086,905 | 15,789,701 | 16,112,455 | 16,125,819 | 16,125,761 | ||||||||||||
Loans held for sale | 16,021 | 23,389 | 35,814 | 30,577 | 24,728 | ||||||||||||
Investment securities: | |||||||||||||||||
U.S. government and federal agency obligations | 727,566 | 719,849 | 725,367 | 774,640 | 770,361 | ||||||||||||
Government-sponsored enterprise obligations | 50,785 | 50,793 | 50,801 | 69,133 | 102,749 | ||||||||||||
State and municipal obligations | 2,039,942 | 1,966,673 | 1,958,637 | 1,967,408 | 1,767,526 | ||||||||||||
Mortgage-backed securities | 7,115,419 | 6,685,407 | 6,998,521 | 6,646,345 | 6,259,926 | ||||||||||||
Asset-backed securities | 3,028,076 | 2,653,928 | 2,085,491 | 1,819,467 | 1,520,988 | ||||||||||||
Other debt securities | 608,642 | 605,772 | 570,115 | 533,646 | 514,166 | ||||||||||||
Unrealized gain on debt securities | 230,058 | 197,124 | 283,511 | 329,477 | 368,154 | ||||||||||||
Total available for sale debt securities | 13,800,488 | 12,879,546 | 12,672,443 | 12,140,116 | 11,303,870 | ||||||||||||
Trading debt securities | 32,238 | 34,955 | 32,320 | 28,040 | 27,267 | ||||||||||||
Equity securities | 8,756 | 4,914 | 4,321 | 4,221 | 4,193 | ||||||||||||
Other securities | 183,397 | 156,984 | 154,030 | 130,145 | 120,253 | ||||||||||||
Total investment securities | 14,024,879 | 13,076,399 | 12,863,114 | 12,302,522 | 11,455,583 | ||||||||||||
Federal funds sold | 792 | 1,338 | 7 | 355 | 337 | ||||||||||||
Securities purchased under agreements to resell | 1,633,205 | 937,372 | 849,999 | 849,998 | 849,994 | ||||||||||||
Interest earning deposits with banks | 2,602,896 | 2,724,782 | 1,480,331 | 1,082,644 | 1,024,435 | ||||||||||||
Other assets | 1,261,277 | 1,258,989 | 1,308,105 | 1,291,907 | 1,389,683 | ||||||||||||
Total assets | $ | 34,625,975 | $ | 33,811,970 | $ | 32,649,825 | $ | 31,683,822 | $ | 30,870,521 | |||||||
LIABILITIES AND EQUITY: | |||||||||||||||||
Non-interest bearing deposits | $ | 11,475,113 | $ | 11,109,198 | $ | 10,438,637 | $ | 10,275,735 | $ | 9,801,562 | |||||||
Savings | 1,484,923 | 1,474,391 | 1,333,177 | 1,234,481 | 1,193,079 | ||||||||||||
Interest checking and money market | 13,343,180 | 13,283,481 | 12,970,629 | 12,198,928 | 11,731,494 | ||||||||||||
Certificates of deposit of less than $100,000 | 464,367 | 491,446 | 516,728 | 542,212 | 573,207 | ||||||||||||
Certificates of deposit of $100,000 and over | 1,289,665 | 1,354,685 | 1,230,075 | 1,339,301 | 1,447,968 | ||||||||||||
Total deposits | 28,057,248 | 27,713,201 | 26,489,246 | 25,590,657 | 24,747,310 | ||||||||||||
Borrowings: | |||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 2,360,876 | 2,165,696 | 2,166,072 | 2,028,457 | 1,855,971 | ||||||||||||
Other borrowings | 347 | 978 | 831 | 1,013 | 1,225 | ||||||||||||
Total borrowings | 2,361,223 | 2,166,674 | 2,166,903 | 2,029,470 | 1,857,196 | ||||||||||||
Other liabilities | 667,786 | 527,401 | 608,212 | 727,569 | 899,890 | ||||||||||||
Total liabilities | 31,086,257 | 30,407,276 | 29,264,361 | 28,347,696 | 27,504,396 | ||||||||||||
Equity | 3,539,718 | 3,404,694 | 3,385,464 | 3,336,126 | 3,366,125 | ||||||||||||
Total liabilities and equity | $ | 34,625,975 | $ | 33,811,970 | $ | 32,649,825 | $ | 31,683,822 | $ | 30,870,521 | |||||||
(Unaudited) | For the Three Months Ended | ||||||||||||||||
September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | |||||||||||||
ASSETS: | |||||||||||||||||
Loans: | |||||||||||||||||
Business (1) | 3.43 | % | 3.15 | % | 3.09 | % | 3.01 | % | 2.95 | % | |||||||
Real estate — construction and land | 3.51 | 3.56 | 3.54 | 3.72 | 3.74 | ||||||||||||
Real estate — business | 3.46 | 3.49 | 3.52 | 3.51 | 3.53 | ||||||||||||
Real estate — personal | 3.27 | 3.31 | 3.40 | 3.44 | 3.56 | ||||||||||||
Consumer | 3.71 | 3.84 | 4.02 | 4.07 | 4.19 | ||||||||||||
Revolving home equity | 3.46 | 3.43 | 3.38 | 3.37 | 3.29 | ||||||||||||
Consumer credit card | 11.29 | 11.22 | 10.97 | 11.60 | 11.40 | ||||||||||||
Overdrafts | — | — | — | — | — | ||||||||||||
Total loans | 3.74 | 3.65 | 3.66 | 3.69 | 3.69 | ||||||||||||
Loans held for sale | 4.63 | 4.20 | 3.44 | 3.54 | 4.25 | ||||||||||||
Investment securities: | |||||||||||||||||
U.S. government and federal agency obligations | 5.74 | 5.52 | 2.54 | 2.63 | 3.71 | ||||||||||||
Government-sponsored enterprise obligations | 2.30 | 2.33 | 2.36 | 2.23 | 2.17 | ||||||||||||
State and municipal obligations (1) | 2.35 | 2.41 | 2.46 | 2.44 | 2.53 | ||||||||||||
Mortgage-backed securities | 1.53 | 1.11 | 1.39 | 1.37 | 1.95 | ||||||||||||
Asset-backed securities | 1.08 | 1.25 | 1.39 | 1.59 | 1.90 | ||||||||||||
Other debt securities | 2.04 | 2.06 | 2.15 | 2.19 | 2.35 | ||||||||||||
Total available for sale debt securities | 1.80 | 1.64 | 1.67 | 1.70 | 2.18 | ||||||||||||
Trading debt securities (1) | 1.01 | 1.19 | 1.08 | 1.40 | 1.66 | ||||||||||||
Equity securities (1) | 23.92 | 43.10 | 49.56 | 50.71 | 47.15 | ||||||||||||
Other securities (1) | 7.46 | 11.90 | 5.26 | 10.03 | 6.74 | ||||||||||||
Total investment securities | 1.89 | 1.78 | 1.72 | 1.81 | 2.24 | ||||||||||||
Federal funds sold | .50 | .60 | — | 1.12 | — | ||||||||||||
Securities purchased under agreements to resell | 2.19 | 4.46 | 5.31 | 5.24 | 5.26 | ||||||||||||
Interest earning deposits with banks | .15 | .11 | .10 | .10 | .10 | ||||||||||||
Total interest earning assets | 2.62 | 2.64 | 2.76 | 2.86 | 3.07 | ||||||||||||
LIABILITIES AND EQUITY: | |||||||||||||||||
Interest bearing deposits: | |||||||||||||||||
Savings | .08 | .08 | .08 | .09 | .09 | ||||||||||||
Interest checking and money market | .05 | .05 | .06 | .07 | .10 | ||||||||||||
Certificates of deposit of less than $100,000 | .18 | .27 | .37 | .51 | .71 | ||||||||||||
Certificates of deposit of $100,000 and over | .14 | .20 | .35 | .47 | .69 | ||||||||||||
Total interest bearing deposits | .06 | .07 | .09 | .12 | .18 | ||||||||||||
Borrowings: | |||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | .08 | .06 | .06 | .06 | .09 | ||||||||||||
Other borrowings | 1.14 | .82 | .98 | — | — | ||||||||||||
Total borrowings | .08 | .06 | .06 | .06 | .09 | ||||||||||||
Total interest bearing liabilities | .06 | % | .07 | % | .09 | % | .11 | % | .17 | % | |||||||
Net yield on interest earning assets | 2.58 | % | 2.60 | % | 2.71 | % | 2.80 | % | 2.97 | % |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||
(Unaudited) (In thousands, except per share data) | September 30, 2021 | June 30, 2021 | March 31, 2021 | December 31, 2020 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||
ALLOWANCE FOR CREDIT LOSSES ON LOANS | ||||||||||||||||||||||||||
Balance at beginning of period | $172,395 | $200,527 | $220,834 | $236,360 | $240,744 | $220,834 | $160,682 | |||||||||||||||||||
Adoption of ASU 2016-13 | — | — | — | — | — | — | (21,039) | |||||||||||||||||||
Provision for credit losses on loans | (5,961) | (27,433) | (10,355) | (7,510) | 3,200 | (43,749) | 123,559 | |||||||||||||||||||
Net charge-offs (recoveries): | ||||||||||||||||||||||||||
Commercial portfolio: | ||||||||||||||||||||||||||
Business | 65 | (4,909) | (4) | 581 | 208 | (4,848) | 3,084 | |||||||||||||||||||
Real estate — construction and land | — | — | 1 | (2) | (1) | 1 | (1) | |||||||||||||||||||
Real estate — business | (5) | (85) | 20 | (7) | (13) | (70) | (40) | |||||||||||||||||||
60 | (4,994) | 17 | 572 | 194 | (4,917) | 3,043 | ||||||||||||||||||||
Personal banking portfolio: | ||||||||||||||||||||||||||
Consumer credit card | 2,908 | 5,155 | 8,981 | 5,975 | 7,263 | 17,044 | 20,004 | |||||||||||||||||||
Consumer | 496 | 378 | 763 | 1,160 | 211 | 1,637 | 3,284 | |||||||||||||||||||
Overdraft | 243 | 148 | 153 | 335 | 200 | 544 | 942 | |||||||||||||||||||
Real estate — personal | (26) | (16) | 15 | (18) | (198) | (27) | (273) | |||||||||||||||||||
Revolving home equity | (22) | 28 | 23 | (8) | (86) | 29 | (158) | |||||||||||||||||||
3,599 | 5,693 | 9,935 | 7,444 | 7,390 | 19,227 | 23,799 | ||||||||||||||||||||
Total net loan charge-offs | 3,659 | 699 | 9,952 | 8,016 | 7,584 | 14,310 | 26,842 | |||||||||||||||||||
Balance at end of period | $162,775 | $172,395 | $200,527 | $220,834 | $236,360 | $162,775 | $236,360 | |||||||||||||||||||
LIABILITY FOR UNFUNDED LENDING COMMITMENTS | $22,784 | $24,208 | $42,430 | $38,307 | $35,200 | |||||||||||||||||||||
NET CHARGE-OFF RATIOS (1) | ||||||||||||||||||||||||||
Commercial portfolio: | ||||||||||||||||||||||||||
Business | — | % | (.32 | %) | — | % | .04 | % | .01 | % | (.11 | %) | .07 | % | ||||||||||||
Real estate — construction and land | — | — | — | — | — | — | — | |||||||||||||||||||
Real estate — business | — | (.01) | — | — | — | — | — | |||||||||||||||||||
— | (.19) | — | .02 | .01 | (.06) | .04 | ||||||||||||||||||||
Personal banking portfolio: | ||||||||||||||||||||||||||
Consumer credit card | 2.04 | 3.59 | 5.98 | 3.72 | 4.47 | 3.91 | 3.93 | |||||||||||||||||||
Consumer | .10 | .08 | .16 | .23 | .04 | .11 | .22 | |||||||||||||||||||
Overdraft | 18.87 | 15.89 | 17.50 | 35.43 | 29.59 | 17.59 | 39.16 | |||||||||||||||||||
Real estate — personal | — | — | — | — | (.03) | — | (.01) | |||||||||||||||||||
Revolving home equity | (.03) | .04 | .03 | (.01) | (.10) | .01 | (.06) | |||||||||||||||||||
.25 | .40 | .71 | .52 | .52 | .45 | .57 | ||||||||||||||||||||
Total | .10 | % | .02 | % | .25 | % | .19 | % | .18 | % | .12 | % | .23 | % | ||||||||||||
CREDIT QUALITY RATIOS | ||||||||||||||||||||||||||
Non-performing assets to total loans | .07 | % | .07 | % | .14 | % | .16 | % | .25 | % | ||||||||||||||||
Non-performing assets to total assets | .03 | .03 | .07 | .08 | .13 | |||||||||||||||||||||
Allowance for credit losses on loans to total loans(2) | 1.07 | 1.10 | 1.22 | 1.35 | 1.44 | |||||||||||||||||||||
NON-PERFORMING ASSETS | ||||||||||||||||||||||||||
Non-accrual loans: | ||||||||||||||||||||||||||
Business | $8,293 | $8,839 | $20,215 | $22,524 | $37,295 | |||||||||||||||||||||
Real estate — construction and land | — | — | — | — | 1 | |||||||||||||||||||||
Real estate — business | 577 | 655 | 1,572 | 2,230 | 1,063 | |||||||||||||||||||||
Real estate — personal | 1,551 | 1,672 | 1,719 | 1,786 | 1,911 | |||||||||||||||||||||
Total | 10,421 | 11,166 | 23,506 | 26,540 | 40,270 | |||||||||||||||||||||
Foreclosed real estate | 115 | 229 | 208 | 93 | 57 | |||||||||||||||||||||
Total non-performing assets | $10,536 | $11,395 | $23,714 | $26,633 | $40,327 | |||||||||||||||||||||
Loans past due 90 days and still accruing interest | $10,496 | $12,338 | $21,512 | $22,190 | $14,436 |
T?_?0H' :)[B('R88B2%)&-S$]3C/ _.LG_A
M=UU_T X?_ @__$UGZC\9-=N8FCLK6UL\_P 8!D8?3/'Z4"@\'3?,FVT=E\6?
M$5OI_AM])20&\OL#8#RD8.2Q^N,?B?2O(/">CG7O%%AIY7, G/(_"L;2]&U'6KAX--M)+F5$WLJ8R%R!
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MZ_[_ #?XUZKXP&WX9Q@]H[^@UX_21ZF+;4UZ&]X-T^+5/%=C;SJ&BW&1U/
M\6T%L'\0*[#XD^([ZQO(-*LIWMT:(2RO&=K-DD 9[#C]:X7PYJHT37[34&4L
MD3X<#J5((/Z&O4O$GAFR\:VEOJ&GWL8F5-J2CYD=>NUNXP2?ID\4%4$Y491A
M\7Z'D]KK6IV5P)[>_N$D!SD2$Y^HZ'\:]&O?&.@:]X1>UU*Y6.]D@YC$+D+*
M.A! QU]^AKD;[P#XBL;;KG[PX-!K3?0LT444&H4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% &?J
M<>8TD]#@UFUNW4?FVSKWQQ6%08U%J%%%%!F%%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%%!4MPHHHH)"BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "K>G
MR[)RIZ.,?C52E!*D$'DQ'N.WXCO6!=W!N[V>Y*[3-(TFW.<9.<5#3/,4W&?-$^H671
M?&6@8/E7MA<#.0>A_FK#\Q7FNJ_!6X$S-I&IQ-$3Q'= J5_X$H.?R%>=Z+XB
MU7P]
%SKD>HPQ1[9&\IHR3\A/?/M0%.G*H[15SB:*T_#VC/XAUVUTJ.987N"P$C
M#(&%+=/PKT#_ (4G??\ 09MO^_+?XT%T\/4J*\%<\LK
MI7 7_P!":@6%2A3E7>ZV.0\0_$O7]:N'%M
5MQ"\G'ZFJE% K/AO_D:-*_Z^XO_
M $(4SFC&TU%]SU.Z^%'ABPC5[S5KB!6. 9944$_B*S]5^$MG)I3WF@:FURRJ
M6"N599,=@P[UV?COPE-XML+6VANH[
H:==:5>R65["8;B/&]"0<9&>WUJK5[6-6NM
"/$,^E_VE>:7;M]OTYY%20R/&H\Q=WREU()P3WXJ
M_9:GX=U[QYIMW<6VJ:/XCMH)5BMKR#R3>+->U&-9[VQO_ .SK02#/
MV>)%!R@/3<6))^OJ: .EM/''AB^TV74;;7+.2UA=4EE3Q0:A?V]K)*CR()G"Y5!ESD]@",UY_\:=#LI?#":RJ+#?0W5O&TJ<-
M-&TJ_(W]X [6&>A7ZU9\:Z7::O\ %7P/:WT*SVXCO9&B<95RJH0".XR <>U
M';:=KNE:MI/]JV-]#-I_S?Z0&PF%)#')[#!YK(MOB-X.N[U+2'Q#8M,[;$R^
M%<^@8_*?P-
2?4D_K4=P8KKQCHMU%XCF@1[65TTH#"7:D??.>?ER#^73G/!?#V%/'
MR:?<:PZBS\/PP0VNCMU\P1+BXE!ZY_@[8_&NGUK_ )+-X6_[!]Y_[)0!O7_C
M/PWI<=P][K-I +>;R)0[\K)C.W'4G!!P*LZ'XDT;Q);/<:-J5O>QH.-4DA5[I-2$,;L,F-=BD[?3.1GUP*L:M:PZ7\9_#5U9
MQK#)JMI>0WFP8$HC570MZD$]>M '4ZYXIT+PTD;:SJEM9^9]Q9'^9_HHY/Y5
M#:>,_#=]8I>VNM6