
(In thousands)	June 30, 2026		December 31, 2025
Available for sale debt securities	$	8,322,634	$	9,095,513
Trading debt securities	57,651		40,080
Equity securities:
Readily determinable fair value	33,195		47,551
No readily determinable fair value	81,529		9,803
Other:
Federal Reserve Bank stock	51,605		35,918
Federal Home Loan Bank stock	10,099		10,198

Private equity investments	181,033		184,343
Total investment securities (1)	$	8,737,746	$	9,423,406

Most of the Company’s investment securities are classified as available for sale debt securities, and this portfolio is discussed in more detail below. The Company’s equity securities are also discussed below. Other investment securities include Federal Reserve Bank (FRB) stock, Federal Home Loan Bank (FHLB) stock, and investments in portfolio concerns held by the Company’s private equity subsidiary. FRB stock and FHLB stock are held for liquidity management and regulatory purposes. Investment in FRB stock is based on the capital structure of the investing bank, and investment in FHLB stock is tied to the asset size of the borrowing bank and the level of borrowings from the FHLB. These holdings are carried at cost. The Company’s private equity investments are carried at estimated fair value.

The Company’s equity securities portfolio includes mutual funds and common stock with readily determinable fair values as well as equity securities with no readily determinable fair value. The Company has elected to measure equity securities with no readily determinable fair value at cost minus impairment, if any, plus or minus changes resulting from observable price changes for the identical or similar investment of the same issuer. At December 31, 2025, this portfolio included the Company’s 411,723 shares of Visa Inc. (“Visa”) Class B-2 common stock, which were held by Commerce Bancshares, Inc. and were acquired by participating in a public exchange offer by Visa in 2024 (2024 Exchange Offer). At December 31, 2025, the Company’s Visa Class B-2 shares were carried at cost, which is $0, as the Company elected the measurement alternative approach for these shares and there had not been observable price changes in orderly transactions for identical or similar investments of the same issuer for the Visa Class B-2 shares held by the Company.

On April 13, 2026, Visa, Inc. announced the commencement of a public offering to permit the exchange Class B-2 common stock for a combination of shares of Class B-3 common stock and Class C common stock (“2026 Exchange Offer”). The Company tendered all of its Visa Class B-2 shares. On May 8, 2026, the Exchange Offer closed, and in exchange for its 411,723 shares of Visa Class B-2 common stock, the Company received 205,861 shares of Visa Class B-3 common stock (which will be convertible under certain circumstances, as further described below, into Visa’s publicly traded Class A common stock at an initial rate of 1.5075 share of Class A common stock for each share of Class B-3 common stock, subject to adjustment) and 77,584 shares of Visa Class C common stock each of which will automatically convert into four shares of Visa’s Class A common stock (subject to future adjustments for any stock splits, recapitalizations or similar transactions) upon any transfer to a person other than a Visa member or an affiliate of a Visa member. A full description of the terms of the 2026 Exchange Offer is set forth in Visa’s related Issuer Tender Offer Statement on Schedule TO and Prospectus, each dated April 13, 2026, publicly filed with the U. S. Securities and Exchange Commission.

As a condition of participating in the 2024 Exchange Offer, the Company entered into a Makewhole Agreement (2024 Makewhole Agreement) with Visa that provides for cash payments to Visa to the extent (if any) that future adjustments to the conversion ratio for the Visa Class B-2 common stock to Class A common stock cause such ratio to fall below zero. Changes to the conversion ratio occur when Visa deposits funds to a litigation escrow established by Visa to pay settlements for certain covered litigation that pre-dated Visa’s initial public offering, for which Visa had been effectively indemnified by Visa USA members through reductions to the conversion ratio for its Class B-1 common stock. The purpose of the 2024 Makewhole Agreement was to preserve the economic benefit of these adjustments to the Class B-1 conversion ratio for the benefit of Visa’s Class A and Class C common stockholders following the exchange. As further described in Visa’s related Issuer Tender Offer Statement on Schedule TO and Prospectus, each dated April 8, 2024, publicly filed with the U. S. Securities and Exchange

Commission, both the Makewhole Agreement and the related escrow fund and transfer restrictions on Visa’s Class B-1 and Class B-2 common stock will terminate whenever the covered litigation is ultimately resolved, at which future date outstanding shares of Visa Class B-2 common stock will be convertible into shares of its Class A common stock at the then-applicable conversion ratio. In order to continue preserving the economic benefit of those same adjustments for Visa's Class A and Class C common stockholders in relation to the Class B-2 and Class B-3 conversion ratios following the 2026 Exchange Offer, and as a condition of participating in the 2026 Exchange Offer, the Company entered into a Makewhole Agreement (2026 Makewhole Agreement) with Visa that provides for similar cash payments to Visa under the same circumstances as described above for the 2024 Makewhole Agreement. As further described in Visa’s related Issuer Tender Offer Statement on Schedule TO and Prospectus, each dated April 13, 2026, publicly filed with the U. S. Securities and Exchange Commission, both the 2026 Makewhole Agreement and the related escrow fund and transfer restrictions on Visa’s Class B-2 common stock and the new Class B-3 common stock will terminate whenever the covered litigation is ultimately resolved, at which future date outstanding shares of Visa Class B-3 common stock will be convertible into shares of its Class A common stock at the then-applicable conversion ratio. The 2026 Makewhole Agreement also includes limited transfer restrictions, such that the Company may only transfer up to one-third of the shares of Visa Class C common stock received in the exchange within the first 45 days following the 2026 Exchange Offer acceptance date, and may only transfer up to two-thirds of the Class C common stock received within the first 90 days following the 2026 Exchange Offer acceptance date.

As a result of the exchange, the Company elected the measurement alternative approach for its Visa Class C common stock and marked the stock to fair value, recording a gain based on the conversion privilege of the Visa Class C common stock and the closing price of Visa Class A common stock. During the second quarter of 2026, the Company sold 103 thousand shares of Visa Class A common stock at an average price of $333.11, resulting in proceeds of $34.5 million. The Company’s remaining 52 thousand Visa Class C shares had a fair value of $71.0 million at June 30, 2026, and are subject to limited transfer restrictions that end no later than August 2026. These Visa Class C shares are expected to continue to be marked to fair value on a recurring basis using the Visa Class A shares as evidence of orderly transactions between market participants for similar securities issued by Visa. Additionally, because the Company elected the measurement alternative approach for its Visa Class B-3 common stock, these shares will continue to be carried at cost ($0) unless there are observable price changes in orderly transactions for identical or similar investments of the same issuer for the Visa Class B-3 shares held by the Company.

The majority of the Company’s investment portfolio is comprised of available for sale debt securities, which are carried at fair value with changes in fair value reported in accumulated other comprehensive income (AOCI). A summary of the available for sale debt securities by maturity groupings as of June 30, 2026 is shown below. The investment portfolio includes agency mortgage-backed securities, which are guaranteed by agencies such as FHLMC, FNMA, and Government National Mortgage Association (GNMA), in addition to non-agency mortgage-backed securities, which have no guarantee but are collateralized by commercial and residential mortgages. Also included are certain other asset-backed securities, which are primarily collateralized by credit cards, automobiles, student loans, and commercial loans. These securities differ from traditional debt securities primarily in that they may have uncertain maturity dates and are priced based on estimated prepayment rates on the underlying collateral.


(In thousands)	Amortized Cost		Fair Value
U.S. government and federal agency obligations:
Within 1 year	$	397,508	$	397,509
After 1 but within 5 years	1,987,940		1,976,364
After 5 but within 10 years	913,318		908,439
After 10 years	204,905		204,497
Total U.S. government and federal agency obligations	3,503,671		3,486,809
Government-sponsored enterprise obligations:

After 1 but within 5 years	3,962		3,727
After 5 but within 10 years	30,808		26,193
After 10 years	19,821		13,929
Total government-sponsored enterprise obligations	54,591		43,849
State and municipal obligations:
Within 1 year	62,642		62,054
After 1 but within 5 years	424,901		404,977
After 5 but within 10 years	99,665		87,676
After 10 years	102,758		85,517
Total state and municipal obligations	689,966		640,224
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,095,101		2,602,290
Non-agency mortgage-backed securities	416,247		385,318
Asset-backed securities	1,013,942		1,002,658
Total mortgage and asset-backed securities	4,525,290		3,990,266
Other debt securities:
Within 1 year	11,438		11,294
After 1 but within 5 years	51,494		47,691
After 5 but within 10 years	81,368		79,238
After 10 years	23,414		23,263
Total other debt securities	167,714		161,486
Total available for sale debt securities	$	8,941,232	$	8,322,634

Securities for which fair value is less than amortized cost are reviewed for impairment. Special emphasis is placed on securities whose credit rating has fallen below Baa3 (Moody's) or BBB- (Standard & Poor's), whose fair values have fallen more than 20% below purchase price, or those which have been identified based on management’s judgment. These securities are placed on a watch list and cash flow analyses are prepared on an individual security basis. Certain securities are analyzed using a projected cash flow model, discounted to present value, and compared to the current amortized cost bases of the securities. The model uses input factors such as cash flow projections, contractual payments required, expected delinquency rates, credit support from other tranches, prepayment speeds, collateral loss severity rates (including loan to values), and various other information related to the underlying collateral. Securities not analyzed using the cash flow model are analyzed by reviewing credit ratings, credit support agreements, and industry knowledge to project future cash flows and any possible credit impairment.

At June 30, 2026, the fair value of securities on this watch list was $873.8 million compared to $896.7 million at December 31, 2025. Almost all of the securities included on the Company's watch list in the current quarter were experiencing unrealized loss positions due to the increase in interest rates since their purchase and were analyzed outside of the cash flow model. At June 30, 2026, the securities on the Company's watch list that were not deemed to be solely related to increasing interest rates were securities backed by government-guaranteed student loans and are expected to perform as contractually required. As of June 30, 2026, the Company did not identify any securities for which a credit loss exists, and for the six months ended June 30, 2026 and 2025, the Company did not recognize a credit loss expense on any available for sale debt securities.

The table below summarizes debt securities available for sale in an unrealized loss position, aggregated by length of loss period, for which an allowance for credit losses has not been recorded at June 30, 2026 and December 31, 2025. Unrealized losses on these available for sale securities have not been recognized into income because after review, the securities were deemed not to be impaired. The unrealized losses on these securities are primarily attributable to changes in interest rates and current market conditions. At June 30, 2026, the Company does not intend to sell the securities, nor is it anticipated that it would be required to sell any of these securities at a loss.


	Less than 12 months				12 months or longer				Total
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
June 30, 2026
U.S. government and federal agency obligations	$	2,177,177	$	20,642	$	72,263	$	2,188	$	2,249,440	$	22,830
Government-sponsored enterprise obligations	—		—		43,849		10,742		43,849		10,742
State and municipal obligations	9,609		54		599,340		49,729		608,949		49,783
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,271		59		2,530,076		494,281		2,533,347		494,340
Non-agency mortgage-backed securities	—		—		371,851		31,121		371,851		31,121
Asset-backed securities	140,296		274		439,328		13,998		579,624		14,272
Total mortgage and asset-backed securities	143,567		333		3,341,255		539,400		3,484,822		539,733
Other debt securities	25,254		169		88,121		6,257		113,375		6,426
Total	$	2,355,607	$	21,198	$	4,144,828	$	608,316	$	6,500,435	$	629,514
December 31, 2025
U.S. government and federal agency obligations	$	612,167	$	2,620	$	314,006	$	8,244	$	926,173	$	10,864
Government-sponsored enterprise obligations	—		—		44,712		10,239		44,712		10,239
State and municipal obligations	12,157		18		636,492		50,323		648,649		50,341
Mortgage and asset-backed securities:
Agency mortgage-backed securities	2,437		30		3,148,627		565,056		3,151,064		565,086
Non-agency mortgage-backed securities	—		—		421,508		31,942		421,508		31,942
Asset-backed securities	32,875		36		546,984		16,925		579,859		16,961
Total mortgage and asset-backed securities	35,312		66		4,117,119		613,923		4,152,431		613,989
Other debt securities	—		—		110,038		6,661		110,038		6,661
Total	$	659,636	$	2,704	$	5,222,367	$	689,390	$	5,882,003	$	692,094

The entire available for sale debt portfolio included $6.5 billion of securities that were in a loss position at June 30, 2026, compared to $5.9 billion at December 31, 2025. The total amount of unrealized loss on these securities was $629.5 million at June 30, 2026, a decrease of $62.6 million compared to the unrealized loss at December 31, 2025. Securities with significant unrealized losses are discussed in the "Allowance for credit losses on available for sale debt securities" section above.


(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Fair Value
June 30, 2026
U.S. government and federal agency obligations	$	3,503,671	$	5,968	$	(22,830)	$	—	$	3,486,809
Government-sponsored enterprise obligations	54,591		—		(10,742)		—		43,849
State and municipal obligations	689,966		41		(49,783)		—		640,224
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,095,101		1,529		(494,340)		—		2,602,290
Non-agency mortgage-backed securities	416,247		192		(31,121)		—		385,318
Asset-backed securities	1,013,942		2,988		(14,272)		—		1,002,658
Total mortgage and asset-backed securities	4,525,290		4,709		(539,733)		—		3,990,266
Other debt securities	167,714		198		(6,426)		—		161,486
Total	$	8,941,232	$	10,916	$	(629,514)	$	—	$	8,322,634
December 31, 2025
U.S. government and federal agency obligations	$	3,257,561	$	32,403	$	(10,864)	$	—	$	3,279,100
Government-sponsored enterprise obligations	54,951		—		(10,239)		—		44,712
State and municipal obligations	715,037		37		(50,341)		—		664,733
Mortgage and asset-backed securities:
Agency mortgage-backed securities	3,786,811		1,380		(565,086)		—		3,223,105
Non-agency mortgage-backed securities	467,200		430		(31,942)		—		435,688
Asset-backed securities	1,269,503		9,503		(16,961)		—		1,262,045
Total mortgage and asset-backed securities	5,523,514		11,313		(613,989)		—		4,920,838
Other debt securities	191,215		1,576		(6,661)		—		186,130
Total	$	9,742,278	$	45,329	$	(692,094)	$	—	$	9,095,513


	For the Six Months Ended June 30
(In thousands)	2026		2025
Proceeds from sales of securities:
Available for sale debt securities	$	806,982	$	36,065
Equity securities	34,460		—
Other investments	18,157		10,029
Total proceeds	$	859,599	$	46,094

Investment securities gains (losses), net:
Available for sale debt securities:

Gains realized on sales	$	—	$	4
Losses realized on sales	(97,686)		(4,218)

Equity securities:




Gains (losses) on equity securities, net	114,277		1,777
Other:
Gains realized on sales	1,209		1,167
Losses realized on sales	(262)		(1,773)
Fair value adjustments, net	6,939		(4,111)
Total investment securities gains (losses), net	$	24,477	$	(7,154)

Subsequent to the successful close of the Exchange Offer in May 2026, the Company approved and executed the repositioning of a portion of its available for sale debt securities portfolio during the second quarter of 2026 through the sale of securities with an amortized cost of $904.7 million. The securities that the Company sold had a yield of approximately 2.6%, which resulted in a loss of $97.7 million, and the Company reinvested $613.7 million of the proceeds into U.S. Treasury securities yielding approximately 4.3%.

At June 30, 2026, securities totaling $5.9 billion in fair value were pledged to secure public fund deposits, securities sold under agreements to repurchase, trust funds, and borrowings at the FRB and FHLB, compared to $7.3 billion at December 31, 2025. Excluding obligations of various government-sponsored enterprises such as FNMA, FHLB and FHLMC, no investment in a single issuer exceeded 10% of shareholders’ equity.