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Commerce Bancshares (NASDAQ: CBSH) lifts Q2 profit and margin

Filing Impact
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Filing Sentiment
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Form Type
8-K/A

Rhea-AI Filing Summary

Commerce Bancshares, Inc. corrected a typographical description of asset growth and at the same time reported solid second‑quarter 2026 results. The amended statement now reads that assets under administration grew $3.1 billion, or 3.4%, over the prior quarter.

Diluted earnings per share were $1.10, compared with $1.09 in the same quarter of 2025 and $0.96 in the first quarter of 2026, on net income of $159.8 million. Net interest income was $315.1 million and non‑interest income $183.8 million, with net interest margin improving to 3.77%. For the quarter, return on average assets was 1.84%, return on average equity 14.70%, and the efficiency ratio 58.40%.

Average loans were $20.5 billion and average deposits $27.6 billion. Credit quality indicators remained favorable, with annualized net loan charge‑offs at 0.19% of average loans and non‑accrual loans at 0.06% of total loans. Commerce repurchased approximately 2.1 million shares for $110 million and paid a quarterly dividend of $0.275 per share.

Positive

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Negative

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Filing Explained

The amendment leaves reported earnings unchanged; the completed securities repositioning included a realized loss of $97.7 million.

The Form 8-K/A, signed July 17, 2026, is a furnished amendment to the earnings announcement; the company says the original release and investor slides otherwise remain unchanged. The filing and exhibits are furnished rather than deemed filed under Section 18 or incorporated by reference into Securities Act filings.

Form 8-K reports specified material events, while this amendment records the disclosed correction to that event report. Separately, the company says it completed a repositioning of part of its available-for-sale debt securities portfolio, including the sale of all Treasury inflation-protected securities.

During the quarter, sales, maturities, and paydowns of available-for-sale debt securities totaled $1.2 billion, and the repositioning produced a realized net loss of $97.7 million. The company also reported purchases of $810.0 million of available-for-sale securities, with an approximate weighted-average yield of 4.21%.

The filing also reports the sale of 103,000 Visa Class A shares, converted from Class C shares, at an average price of $333.11, for stated proceeds of $34.3 million. As of June 30, 2026, the company had sold one third of the Visa Class C shares received in the 2026 Visa exchange offer; approximately $1.1 billion of investment maturities and paydowns were expected over the next 12 months.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Diluted EPS Q2 2026 $1.10 Three months ended June 30, 2026; compared to $1.09 in Q2 2025 and $0.96 in Q1 2026
Net income Q2 2026 $159.8 million Net income for the second quarter of 2026
Net interest income Q2 2026 $315.1 million Second quarter 2026 net interest income; $15.2 million higher than prior quarter
Non-interest income Q2 2026 $183.8 million Second quarter 2026 non-interest income; $8.0 million or 4.5% above prior quarter
Net interest margin Q2 2026 3.77% Net yield on interest earning assets; increased 18 basis points from 3.59% in prior quarter
Return on average assets Q2 2026 1.84% Return on total average assets for the quarter ended June 30, 2026
Total assets $35.3 billion Total assets at June 30, 2026; a decrease of $448.1 million from the prior quarter
Average loans Q2 2026 $20.5 billion Average loan balances in the second quarter of 2026; up $176.6 million over prior quarter
net interest margin financial
"Net interest income increased as margin expanded to 3.77%"
Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.
efficiency ratio financial
"For the quarter, the return on average assets was 1.84% and the efficiency ratio was 58.40%"
A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.
assets under administration financial
"Assets under administration grew $3.1 billion, or 3.4%, over the prior quarter"
Assets under administration (AUA) is the total market value of clients’ investments and accounts that a financial firm oversees for recordkeeping, reporting, and transaction processing without necessarily deciding how the money is invested. Think of it like a warehouse that stores and tracks other people’s goods: bigger AUA shows a firm’s scale, steady fee potential and client trust, so changes can signal growing business or client withdrawals that matter to investors.
Treasury inflation-protected securities financial
"included the sale of the Company’s portfolio of U.S. Treasury inflation-protected securities"
allowance for credit losses financial
"The allowance for credit losses on loans was .94% of total loans at June 30, 2026"
Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.
Diluted EPS $1.10 compared to $1.09 in Q2 2025 and $0.96 in Q1 2026
Net income $159.8 million compared to $152.5 million in Q2 2025 and $141.6 million in the prior quarter
Net interest margin 3.77% increased 18 basis points from 3.59% in the prior quarter
Return on average assets 1.84% versus 1.62% in the prior quarter and 1.95% in Q2 2025

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FAQ

What were Commerce Bancshares (CBSH) earnings per share in Q2 2026?
Commerce Bancshares reported diluted earnings per share of $1.10 for Q2 2026, versus $1.09 in Q2 2025 and $0.96 in Q1 2026. This produced net income of $159.8 million for the three months ended June 30, 2026.

How much net income did Commerce Bancshares (CBSH) generate year-to-date 2026?
For the six months ended June 30, 2026, Commerce Bancshares generated $301.4 million of net income, up from $284.1 million in the same period of 2025. Year‑to‑date diluted earnings per share totaled $2.06, compared with $2.02 a year earlier.

How did net interest income and margin perform for CBSH in Q2 2026?
Net interest income in Q2 2026 was $315.1 million, an increase of $15.2 million over the prior quarter. The net yield on interest earning assets, or net interest margin, rose 18 basis points to 3.77%, reflecting higher loan and securities income and lower funding costs.

What correction did Commerce Bancshares (CBSH) make regarding assets under administration?
The company corrected a typographical description of asset growth. The revised statement now reads: “Assets under administration grew $3.1 billion, or 3.4%, over the prior quarter.” The prior wording had incorrectly referenced growth over the same period in the prior year.

What were Commerce Bancshares (CBSH) loan and deposit levels at June 30, 2026?
At June 30, 2026, Commerce Bancshares reported $20.8 billion of total loans and $27.9 billion of total deposits on its balance sheet. During Q2 2026, average loan balances were $20.5 billion and average deposits were $27.6 billion.

What were key credit quality metrics for Commerce Bancshares (CBSH) in Q2 2026?
Net loan charge‑offs were 0.19% of average loans in Q2 2026, down from 0.30% in the prior quarter. The allowance for credit losses on loans was $195.4 million, or 0.94% of total loans, and non‑accrual loans were 0.06% of loans outstanding.
True000002235600000223562026-07-162026-07-16

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________
Form 8-K/A

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 16, 2026

Commerce Bancshares, Inc.
(Exact name of registrant as specified in its charter)
Missouri 001-36502 43-0889454
(State of Incorporation) (Commission File Number) (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)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
     ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of classTrading symbol(s)Name of exchange on which registered
$5 Par Value Common StockCBSHNASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
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. ☐

Explanatory Note
This Current Report on Form 8-K/A is being furnished to amend Items 2.02 and 9.01 of the Current Report on Form 8-K furnished on July 16, 2026 announcing the Second Quarter 2026 earnings of Commerce Bancshares, Inc. (the Company). This amendment is to fix a typographical error as described in Item 2.02 below.


Item 2.02 Results of Operations and Financial Condition
On July 16, 2026, the Company issued a press release announcing Second Quarter 2026 earnings that was furnished under Item 2.02 of this Current Report on Form 8-K as Exhibit 99.1. Additionally, a slide presentation for investors and analysts was furnished as Exhibit 99.2 to the Current Report on Form 8-K.
Subsequent to the issuance of the earnings release and furnishing with the original Form 8-K on July 16, 2026, the Company identified that the growth in assets under administration had been incorrectly described as growth over the same period in the prior year rather than growth over the prior quarter. Therefore, the Company has prepared and furnished as Exhibit 99.1 to this Current Report on Form 8-K/A a corrected earnings release for investors and analysts that highlights the Company's Second Quarter 2026 earnings. The amended earnings release corrects the description of growth in the Company’s assets under administration on the second page of the earnings release. The statement as corrected reads as follows: “Assets under administration grew $3.1 billion, or 3.4%, over the prior quarter.” Apart from the correction of this typographical error, there were no changes to the information provided in the original press release and slide presentation.
The information in this Current Report on Form 8-K/A, including the exhibits, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information in this Current Report on Form 8-K/A, including the exhibits, shall not be deemed to be incorporated by reference into the filings of Commerce Bancshares, Inc. under the Securities Act of 1933, as amended.
All information included in this Current Report on Form 8-K/A is available on the Company’s Internet site at https://investor.commercebank.com/news-info/financial-news-releases/default.aspx.

Item 9.01 Financial Statements and Exhibits

Exhibits
99.1    Corrected press release dated July 16, 2026, corrected July 17, 2026
99.2    Slide presentation for investors and analysts dated July 16, 2026*
104    The XBRL tags on the cover page of this Form 8-K are embedded within the Inline XBRL document.
*previously filed


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 COMMERCE BANCSHARES, INC.
 By:  /s/ Steven A. Brandjord 
  Steven A. Brandjord
  
Controller
(Chief Accounting Officer) 
Date: July 17, 2026


Exhibit 99.1
Exhibit 99.1
commercebancshares914a01a05a.jpg
CBSH
                   1000 Walnut Street / Suite 700 / Kansas City, Missouri 64106 / 816.234.2000
FOR IMMEDIATE RELEASE:
Thursday, July 16, 2026

COMMERCE BANCSHARES, INC. REPORTS
SECOND QUARTER EARNINGS PER SHARE OF $1.10

Commerce Bancshares, Inc. announced earnings of $1.10 per share for the three months ended June 30, 2026, compared to $1.09 per share in the same quarter last year and $.96 per share in the first quarter of 2026. Net income for the second quarter of 2026 amounted to $159.8 million, compared to $152.5 million in the second quarter of 2025 and $141.6 million in the prior quarter.

For the six months ended June 30, 2026, earnings per share totaled $2.06 compared to $2.02 for the first six months of 2025. Net income amounted to $301.4 million for the six months ended June 30, 2026, compared to $284.1 million in the comparable period last year. For the year to date, the return on average assets was 1.73%, and the return on average equity was 13.96%.

In making this announcement, John Kemper, Chief Executive Officer, said, “Commerce delivered a strong quarter, with expanding net interest margin, solid loan growth, lower funding costs and excellent credit quality. These results drove a return on average assets of 1.84% and reflect the strength of our business model, our diversified revenue streams and our team’s continued focus on long-standing customer relationships.”

Mr. Kemper continued, “Revenue growth was broad-based during the quarter. Net interest income increased as margin expanded to 3.77%, and fee revenue grew $8.0 million this quarter, supported by continued strength in trust, bank card and deposit-related businesses. We believe this balanced revenue mix remains a key differentiator for Commerce and supports consistent performance across economic cycles.”

“We remained focused on disciplined capital management. During the quarter, we repurchased approximately 2.1 million shares of common stock for $110 million while maintaining a strong capital position. This gives us flexibility to invest in growth, support our customers and continue returning capital to shareholders.”

“We also completed the repositioning of a portion of our available for sale securities portfolio, including the sale of our Treasury inflation-protected securities portfolio. This repositioning increases the portfolio’s overall yield, improves the consistency of future net interest income, and supports a more durable net interest margin over time. We believe these portfolio changes strengthen Commerce’s long-term earnings profile and position us to deliver sustained shareholder value.”

Second Quarter 2026 Financial Highlights:

•Net interest income was $315.1 million, a $15.2 million increase over the prior quarter. The net yield on interest earning assets increased 18 basis points to 3.77%.
1
Exhibit 99.1

•Non-interest income totaled $183.8 million, an increase of $8.0 million, or 4.5%, over the prior quarter and was 37% of total revenue in both the current and prior quarters.

•Trust fees grew $15.9 million, or 28.7%, over the same period last year, and bank card fees grew $2.5 million, or 5.6%, over the prior quarter.

•Non-interest expense totaled $297.1 million, an increase of $5.9 million, or 2.0%, over the prior quarter.

•Assets under administration grew $3.1 billion, or 3.4%, over the prior quarter.

•Average loan balances totaled $20.5 billion, an increase of $176.6 million, or .9%, over the prior quarter.

•Total average available for sale debt securities decreased $247.1 million from the prior quarter to $8.7 billion, at fair value.

•Investment securities gains included a $105.4 million gain on Visa Inc. stock and a $97.7 million loss on the repositioning of a portion of the Company’s available for sale debt securities portfolio, which included the sale of the Company’s portfolio of U.S. Treasury inflation-protected securities.

•Total average deposits decreased $135.0 million, or .5%, from the prior quarter to $27.6 billion.

•The ratio of annualized net loan charge-offs to average loans was .19% in the current quarter compared to .30% in the prior quarter.

•The allowance for credit losses on loans decreased $3.2 million during the second quarter of 2026 to $195.4 million, and the ratio of the allowance for credit losses on loans to total loans was .94% at June 30, 2026, compared to .97% at March 31, 2026.

•The Company purchased approximately 2.1 million shares of its common stock during the current quarter at an average price of $53.03.

•Total assets on June 30, 2026 were $35.3 billion, a decrease of $448.1 million from the prior quarter.

•For the quarter, the return on average assets was 1.84%, the return on average equity was 14.70%, and the efficiency ratio was 58.40%.

Commerce Bancshares, Inc. is a regional bank holding company offering a full line of banking services through its subsidiaries, including payment solutions, wealth management and securities brokerage. Commerce Bank, its primary subsidiary, brings over 160 years of experience helping individuals and businesses through high-touch service and sophisticated, personalized financial solutions. Commerce maintains an extensive network of banking centers, wealth offices, and ATMs throughout the Midwest, as well as commercial offices in 11 states and offers payment solutions nationwide. With the acquisition of FineMark Holdings, Inc., Commerce builds on its existing private banking and wealth management presence in Florida and adds wealth offices in Arizona and South Carolina. Customers can conveniently access their account 24/7 using mobile and online platforms, as well as a customer service line.

2
Exhibit 99.1
This financial news release and the supplementary Earnings Highlights presentation are available on the Company’s website at https://investor.commercebank.com/news-info/financial-news-releases/default.aspx.
* * * * * * * * * * * * * * *
For additional information, contact
Matt Burkemper, Investor Relations
(314) 746-7485
www.commercebank.com
matthew.burkemper@commercebank.com


3
Exhibit 99.1
COMMERCE BANCSHARES, INC. and SUBSIDIARIES
FINANCIAL HIGHLIGHTS

 For the Three Months EndedFor the Six Months Ended
(Unaudited)
(Dollars in thousands, except per share data)		Jun. 30, 2026Mar. 31, 2026Jun. 30, 2025Jun. 30, 2026Jun. 30, 2025
FINANCIAL SUMMARY
Net interest income$315,085 $299,840 $280,147 $614,925 $549,249 
Non-interest income183,828 175,851 165,613 359,679 324,562 
Total revenue498,913 475,691 445,760 974,604 873,811 
Investment securities gains (losses)12,830 11,647 437 24,477 (7,154)
Provision for credit losses8,731 10,960 5,597 19,691 20,084 
Non-interest expense297,068 291,126 244,437 588,194 482,813 
Income before taxes205,944 185,252 196,163 391,196 363,760 
Income taxes45,775 40,881 42,400 86,656 79,364 
Non-controlling interest expense (income)379 2,748 1,284 3,127 325 
Net income attributable to Commerce Bancshares, Inc.$159,790 $141,623 $152,479 $301,413 $284,071 
Earnings per common share:  
Net income — basic$1.10 $0.96 $1.09 $2.06 $2.02 
Net income — diluted$1.10 $0.96 $1.09 $2.06 $2.02 
Effective tax rate22.27%22.40%21.76%22.33%21.84%
Fully-taxable equivalent net interest income$317,475 $302,204 $282,428 $619,679 $553,844 
Average total interest earning assets (1)
$33,779,032 $34,130,985 $30,629,715 $33,954,036 $30,764,662 
Diluted wtd. average shares outstanding144,309,038 145,856,608 139,211,807 145,078,548 139,467,137 
RATIOS  
Average loans to deposits (2)
74.44%73.44%70.22%73.94%69.80%
Return on total average assets1.84 1.62 1.95 1.73 1.82 
Return on average equity (3)
14.70 13.22 17.40 13.96 16.63 
Non-interest income to total revenue36.85 36.97 37.15 36.91 37.14 
Efficiency ratio (4)
58.40 60.00 54.77 59.19 55.18 
Net yield on interest earning assets3.77 3.59 3.70 3.68 3.63 
EQUITY SUMMARY  
Cash dividends per share$.275 $.275 $.262 $.550 $.524 
Cash dividends on common stock$39,861 $40,355 $36,761 $80,216 $73,627 
Book value per share (5)
$30.45 $29.64 $26.12 
Market value per share (5)
$57.75 $49.20 $59.21 
High market value per share$58.43 $56.06 $62.99 
Low market value per share$48.74 $46.99 $50.18 
Common shares outstanding (5)
143,894,124 145,979,271 140,090,686 
Tangible common equity to tangible assets (6)
11.39%11.07%10.86%
Tier I leverage ratio12.81%12.60%12.75%
OTHER QTD INFORMATION 
Number of bank/ATM locations248 249 239 
Full-time equivalent employees4,976 4,960 4,658 
(1) Excludes allowance for credit losses on loans and unrealized gains/(losses) on available for sale debt securities.
(2) Includes loans held for sale.
(3) Annualized net income attributable to Commerce Bancshares, Inc. divided by average total equity.
(4) The efficiency ratio is calculated as non-interest expense (excluding intangibles amortization) as a percent of total revenue.
(5) As of period end.
(6) The tangible common equity ratio is a non-gaap ratio and is calculated as stockholders’ equity reduced by goodwill and other intangible assets (excluding mortgage servicing rights) divided by total assets reduced by goodwill and other intangible assets (excluding mortgage servicing rights).
All share and per share amounts have been restated to reflect the 5% stock dividend distributed in December 2025.
4
Exhibit 99.1
COMMERCE BANCSHARES, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME

 (Unaudited)
(In thousands, except per share data)		For the Three Months EndedFor the Six Months Ended
Jun. 30, 2026Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025Jun. 30, 2025Jun. 30, 2026Jun. 30, 2025
Interest income$407,331 $396,507 $373,617 $374,105 $371,636 $803,838 $736,001 
Interest expense92,246 96,667 90,465 94,648 91,489 188,913 186,752 
Net interest income315,085 299,840 283,152 279,457 280,147 614,925 549,249 
Provision for credit losses8,731 10,960 15,993 20,061 5,597 19,691 20,084 
Net interest income after credit losses306,354 288,880 267,159 259,396 274,550 595,234 529,165 
NON-INTEREST INCOME   
Trust fees71,512 71,049 62,125 58,412 55,571 142,561 112,163 
Bank card transaction fees48,121 45,585 46,761 45,551 46,362 93,706 91,955 
Deposit account charges and other fees29,259 28,578 27,949 27,427 26,248 57,837 52,870 
Consumer brokerage services5,862 5,444 5,185 6,698 5,383 11,306 10,168 
Capital market fees5,667 5,338 4,230 5,138 6,175 11,005 11,287 
Loan fees and sales3,274 3,243 3,594 3,465 3,419 6,517 6,823 
Other20,133 16,614 16,364 14,820 22,455 36,747 39,296 
Total non-interest income183,828 175,851 166,208 161,511 165,613 359,679 324,562 
INVESTMENT SECURITIES GAINS (LOSSES), NET12,830 11,647 2,929 7,885 437 24,477 (7,154)
NON-INTEREST EXPENSE   
Salaries and employee benefits179,954 180,787 162,889 157,461 155,025 360,741 308,103 
Data processing and software38,241 38,328 35,273 33,555 32,904 76,569 65,142 
Professional and other services16,506 18,792 14,573 11,284 12,973 35,298 22,999 
Net occupancy14,638 15,308 13,172 13,474 13,654 29,946 27,674 
Marketing6,413 6,957 6,201 6,670 5,974 13,370 11,817 
Equipment5,870 5,671 5,682 5,421 5,157 11,541 10,405 
Supplies and communication5,484 5,238 4,841 4,837 4,962 10,722 10,008 
Deposit Insurance3,841 3,914 (81)3,074 3,312 7,755 7,056 
Other26,121 16,131 10,445 8,242 10,476 42,252 19,609 
Total non-interest expense297,068 291,126 252,995 244,018 244,437 588,194 482,813 
Income before income taxes205,944 185,252 183,301 184,774 196,163 391,196 363,760 
Less income taxes45,775 40,881 40,620 41,152 42,400 86,656 79,364 
Net income160,169 144,371 142,681 143,622 153,763 304,540 284,396 
Less non-controlling interest expense (income)379 2,748 2,019 2,104 1,284 3,127 325 
Net income attributable to Commerce Bancshares, Inc.$159,790 $141,623 $140,662 $141,518 $152,479 $301,413 $284,071 
Net income per common share — basic$1.10 $0.96 $1.01 $1.01 $1.09 $2.06 $2.02 
Net income per common share — diluted$1.10 $0.96 $1.01 $1.01 $1.09 $2.06 $2.02 
OTHER INFORMATION
Return on total average assets1.84%1.62%1.73%1.78%1.95%1.73%1.82%
Return on average equity (1)
14.7013.2214.7015.2617.4013.9616.63
Efficiency ratio (2)
58.4060.0056.2355.2654.7759.1955.18
Effective tax rate22.2722.4022.4122.5321.7622.3321.84
Net yield on interest earning assets3.773.593.603.643.703.683.63
Fully-taxable equivalent net interest income$317,475 $302,204 $285,830 $281,770 $282,428 $619,679 $553,844 
(1) Annualized net income attributable to Commerce Bancshares, Inc. divided by average total equity.
(2) The efficiency ratio is calculated as non-interest expense (excluding intangibles amortization) as a percent of total revenue.
5
Exhibit 99.1
COMMERCE BANCSHARES, INC. and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - PERIOD END

(Unaudited)
(In thousands)		Jun. 30, 2026Mar. 31, 2026Jun. 30, 2025
ASSETS   
Loans
     Business $7,115,984 $6,750,356 $6,328,684 
     Real estate — construction and land1,493,455 1,581,789 1,405,398 
     Real estate — business4,064,253 4,059,539 3,757,778 
     Real estate — personal4,369,077 4,407,606 3,058,845 
     Consumer2,527,448 2,475,353 2,157,867 
     Revolving home equity649,332 619,178 364,429 
     Consumer credit card561,277 557,733 576,151 
     Overdrafts52,655 9,510 16,316 
Total loans20,833,481 20,461,064 17,665,468 
Allowance for credit losses on loans(195,375)(198,605)(165,260)
Net loans20,638,106 20,262,459 17,500,208 
Loans held for sale3,799 2,081 3,592 
Investment securities:
Available for sale debt securities8,322,634 8,646,127 8,915,779 
Trading debt securities57,651 44,329 46,630 
Equity securities114,724 56,193 54,511 
Other securities242,737 248,339 219,906 
Total investment securities8,737,746 8,994,988 9,236,826 
Federal funds sold2,010 630 — 
Securities purchased under agreements to resell1,150,000 850,000 850,000 
Interest earning deposits with banks2,260,162 3,270,046 2,624,264 
Cash and due from banks645,674 572,588 522,049 
Premises and equipment — net527,679 527,211 477,401 
Goodwill253,805 253,805 146,539 
Other intangible assets — net140,482 145,985 13,333 
Other assets909,704 837,463 910,035 
Total assets$35,269,167 $35,717,256 $32,284,247 
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Deposits:   
Non-interest bearing$8,172,552 $8,058,024 $7,393,559 
Savings, interest checking and money market17,320,654 17,877,836 15,727,549 
Certificates of deposit of less than $100,0001,017,503 1,032,114 986,014 
Certificates of deposit of $100,000 and over1,364,993 1,416,345 1,386,906 
Total deposits27,875,702 28,384,319 25,494,028 
Federal funds purchased and securities sold under agreements to repurchase2,428,291 2,576,723 2,596,461 
Other borrowings26,291 8,045 15,049 
Other liabilities557,078 421,771 518,595 
Total liabilities30,887,362 31,390,858 28,624,133 
Stockholders’ equity:   
Common stock742,606 742,606 676,054 
Capital surplus3,993,098 3,986,353 3,386,218 
Retained earnings353,023 233,094 255,938 
Treasury stock(232,318)(120,692)(96,589)
Accumulated other comprehensive income (loss)(498,731)(539,592)(581,049)
Total stockholders’ equity4,357,678 4,301,769 3,640,572 
Non-controlling interest24,127 24,629 19,542 
Total equity4,381,805 4,326,398 3,660,114 
Total liabilities and equity$35,269,167 $35,717,256 $32,284,247 

6
Exhibit 99.1
COMMERCE BANCSHARES, INC. and SUBSIDIARIES
AVERAGE BALANCE SHEETS

(Unaudited)
(In thousands)		For the Three Months Ended
Jun. 30, 2026Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025Jun. 30, 2025
ASSETS:
Loans:
Business$6,864,328 $6,687,131 $6,317,805 $6,230,019 $6,247,252 
Real estate — construction and land1,545,640 1,592,328 1,408,339 1,396,977 1,430,758 
Real estate — business4,062,672 4,045,670 3,730,679 3,715,597 3,692,405 
Real estate — personal4,386,681 4,417,131 3,058,834 3,059,913 3,048,895 
Consumer2,472,965 2,421,541 2,200,500 2,160,637 2,148,666 
Revolving home equity630,034 611,101 372,194 360,820 362,312 
Consumer credit card544,688 555,697 565,896 563,351 559,858 
Overdrafts7,291 7,144 6,592 7,037 5,663 
Total loans
20,514,299 20,337,743 17,660,839 17,494,351 17,495,809 
Allowance for credit losses on loans(198,032)(201,769)(175,129)(164,623)(166,391)
Net loans20,316,267 20,135,974 17,485,710 17,329,728 17,329,418 
Loans held for sale1,462 2,361 2,532 2,369 1,741 
Investment securities:
U.S. government and federal agency obligations3,365,011 3,190,796 3,197,720 2,693,327 2,623,896 
Government-sponsored enterprise obligations54,593 54,800 54,955 55,014 55,038 
State and municipal obligations695,988 709,332 724,737 756,137 780,063 
Mortgage-backed securities4,015,292 4,211,068 4,316,799 4,461,056 4,641,295 
Asset-backed securities1,056,932 1,201,187 1,336,859 1,466,770 1,585,364 
Other debt securities
171,284 176,676 196,633 204,281 237,385 
Unrealized gain (loss) on debt securities(693,080)(630,778)(645,595)(766,025)(838,028)
Total available for sale debt securities8,666,020 8,913,081 9,182,108 8,870,560 9,085,013 
Trading debt securities
53,144 97,801 61,160 56,032 51,131 
Equity securities92,386 50,378 52,387 50,823 54,472 
Other securities 247,335 250,641 227,395 220,041 216,560 
Total investment securities9,058,885 9,311,901 9,523,050 9,197,456 9,407,176 
Federal funds sold733 862 — 23 158 
Securities purchased under agreements to resell934,617 850,000 850,000 850,000 850,000 
Interest earning deposits with banks2,575,956 2,997,340 2,786,891 2,422,441 2,036,803 
Other assets1,986,886 2,074,538 1,700,147 1,709,247 1,671,763 
Total assets$34,874,806 $35,372,976 $32,348,330 $31,511,264 $31,297,059 
LIABILITIES AND EQUITY:
Non-interest bearing deposits$8,034,747 $7,874,488 $7,592,431 $7,345,156 $7,356,882 
Savings1,330,292 1,301,768 1,261,285 1,283,671 1,303,391 
Interest checking and money market15,770,092 16,019,323 14,335,613 13,740,770 13,901,634 
Certificates of deposit of less than $100,0001,026,185 1,035,130 1,015,617 991,877 984,845 
Certificates of deposit of $100,000 and over1,399,523 1,465,168 1,389,149 1,416,572 1,371,428 
Total deposits27,560,839 27,695,877 25,594,095 24,778,046 24,918,180 
Borrowings:
Federal funds purchased250,160 141,888 130,487 130,622 129,891 
Securities sold under agreements to repurchase2,299,180 2,674,484 2,429,746 2,519,660 2,371,031 
Other borrowings1,362 90,796 1,230 1,860 2,748 
Total borrowings2,550,702 2,907,168 2,561,463 2,652,142 2,503,670 
Other liabilities403,831 423,998 395,336 402,265 360,204 
Total liabilities30,515,372 31,027,043 28,550,894 27,832,453 27,782,054 
Equity4,359,434 4,345,933 3,797,436 3,678,811 3,515,005 
Total liabilities and equity$34,874,806 $35,372,976 $32,348,330 $31,511,264 $31,297,059 

7
Exhibit 99.1
COMMERCE BANCSHARES, INC. and SUBSIDIARIES
AVERAGE RATES

(Unaudited)For the Three Months Ended
Jun. 30, 2026Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025Jun. 30, 2025
ASSETS: 
Loans: 
Business (1)
5.39%5.41%5.48%5.72%5.72%
Real estate — construction and land6.40 6.59 7.05 7.37 7.39 
Real estate — business5.70 5.75 5.76 5.92 5.92 
Real estate — personal4.79 4.82 4.38 4.34 4.30 
Consumer6.12 6.20 6.23 6.42 6.43 
Revolving home equity7.27 7.29 7.25 7.94 7.41 
Consumer credit card12.58 12.64 12.81 13.21 13.18 
Overdrafts— — — — — 
Total loans5.73 5.79 5.84 6.02 6.01 
Loans held for sale6.31 4.98 5.01 6.03 9.22 
Investment securities: 
U.S. government and federal agency obligations4.76 3.60 4.07 4.06 4.28 
Government-sponsored enterprise obligations2.38 2.40 2.36 2.35 2.38 
State and municipal obligations (1)
2.07 2.10 2.06 2.05 2.05 
Mortgage-backed securities2.10 2.12 2.05 2.01 2.08 
Asset-backed securities3.77 3.80 3.78 3.69 3.73 
Other debt securities3.16 3.17 2.97 2.97 2.94 
Total available for sale debt securities3.26 2.85 2.96 2.86 2.95 
Trading debt securities (1)
4.37 3.14 4.61 4.67 4.63 
Equity securities (1)
3.27 6.49 6.35 6.09 6.26 
Other securities (1)
9.28 6.81 9.08 7.29 11.63 
Total investment securities3.42 2.97 3.12 2.99 3.16 
Federal funds sold3.28 3.29 — — 5.08 
Securities purchased under agreements to resell4.03 4.03 4.00 4.00 4.02 
Interest earning deposits with banks3.70 3.70 3.95 4.45 4.46 
Total interest earning assets4.87 4.74 4.74 4.86 4.90 
LIABILITIES AND EQUITY: 
Interest bearing deposits: 
Savings.06 .07 .05 .05 .05 
Interest checking and money market1.45 1.48 1.45 1.54 1.49 
Certificates of deposit of less than $100,0003.07 3.17 3.25 3.33 3.44 
Certificates of deposit of $100,000 and over3.27 3.35 3.60 3.71 3.78 
Total interest bearing deposits1.57 1.61 1.62 1.71 1.67 
Borrowings: 
Federal funds purchased3.67 3.66 3.92 4.34 4.37 
Securities sold under agreements to repurchase2.35 2.39 2.54 2.88 2.85 
Other borrowings.88 3.88 .65 1.71 3.79 
Total borrowings2.48 2.50 2.61 2.95 2.93 
Total interest bearing liabilities1.68%1.72%1.75%1.87%1.83%
Net yield on interest earning assets3.77%3.59%3.60%3.64%3.70%
(1) Stated on a fully taxable-equivalent basis using a federal income tax rate of 21%.







8
Exhibit 99.1
COMMERCE BANCSHARES, INC. and SUBSIDIARIES
CREDIT QUALITY

 For the Three Months EndedFor the Six Months Ended
(Unaudited)
(In thousands, except ratios)		Jun. 30, 2026Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025Jun. 30, 2025Jun. 30, 2026Jun. 30, 2025
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period$198,605 $179,468 $175,671 $165,260 $167,031 $179,468 $162,742 
     Initial allowance for credit loss at acquisition— 22,828 — — — 22,828 — 
     Provision for credit losses on loans6,311 11,283 13,660 20,739 7,919 17,594 23,014 
     Net charge-offs (recoveries):
        Commercial portfolio:
     Business224 241 222 826 432 465 478 
     Real estate — construction and land — — 16 — 24 — 24 
     Real estate — business(7)5,405 (24)(23)(425)5,398 (48)
217 5,646 214 803 31 5,863 454 
        Personal banking portfolio:
     Consumer credit card7,029 7,139 6,488 6,515 7,085 14,168 14,052 
     Consumer1,598 1,768 2,498 2,310 2,168 3,366 5,020 
     Overdraft411 413 485 432 360 824 855 
     Real estate — personal203 2 180 269 35 205 107 
     Revolving home equity83 6 (2)(1)11 89 8 
9,324 9,328 9,649 9,525 9,659 18,652 20,042 
     Total net loan charge-offs 9,541 14,974 9,863 10,328 9,690 24,515 20,496 
Balance at end of period$195,375 $198,605 $179,468 $175,671 $165,260 $195,375 $165,260 
LIABILITY FOR UNFUNDED LENDING COMMITMENTS$20,119 $17,699 $17,660 $15,327 $16,005 
NET CHARGE-OFF RATIOS (1)
Commercial portfolio:
     Business.01%.01%.01%.05%.03%.01%.02%
     Real estate — construction and land— — — — .01 — — 
     Real estate — business— .54 — — (.05).27 — 
.01 .19 .01 .03 — .10 .01 
Personal banking portfolio:
     Consumer credit card5.18 5.21 4.55 4.59 5.08 5.19 5.06 
     Consumer.26 .30 .45 .42 .40 .28 .48 
     Overdraft22.61 23.45 29.19 24.36 25.50 23.02 29.93 
     Real estate — personal.02 — .02 .03 — .01 .01 
     Revolving home equity.05 — — — .01 .03 — 
.47 .47 .62 .61 .63 .47 .66 
Total.19%.30%.22%.23%.22%.24%.24%
CREDIT QUALITY RATIOS
Non-accrual loans to total loans.06%.05%.09%.09%.11%
Allowance for credit losses on loans to total loans.94 .97 1.01 .99 .94 
NON-ACCRUAL AND PAST DUE LOANS
  Non-accrual loans:
     Business$92 $201 $123 $255 $410 
     Real estate — construction and land— — — 191 426 
     Real estate — business9,365 9,369 14,785 14,940 15,109 
     Real estate — personal2,128 1,316 842 867 948 
     Revolving home equity33 34 — — 1,977 
   Total 11,618 10,920 15,750 16,253 18,870 
Loans past due 90 days and still accruing interest$23,703 $22,824 $24,659 $21,536 $25,303 
(1) Net charge-offs are annualized and calculated as a percentage of average loans (excluding loans held for sale).
9
Exhibit 99.1                                        
COMMERCE BANCSHARES, INC.
Management Discussion of Second Quarter Results
June 30, 2026
For the quarter ended June 30, 2026, net income amounted to $159.8 million, compared to $141.6 million in the previous quarter and $152.5 million in the same quarter last year. The increase in net income over the previous quarter was primarily the result of higher net interest income, non-interest income, and a decrease in the provision for credit losses, partly offset by higher non-interest expense. The net yield on interest earning assets increased 18 basis points over the previous quarter to 3.77%. Average loans increased $176.6 million, while average deposits and available for sale investment securities, at fair value, decreased $135.0 million and $247.1 million, respectively, compared to the prior quarter. For the quarter, the return on average assets was 1.84%, the return on average equity was 14.70%, and the efficiency ratio was 58.40%.

Balance Sheet Review
During the 2nd quarter of 2026, average loans totaled $20.5 billion, an increase of $176.6 million over the prior quarter, and an increase of $3.0 billion over the same quarter last year. The increase in average balances over same quarter last year was primarily due to the acquisition of FineMark, which added $2.7 billion in loan balances on January 1, 2026. Compared to the previous quarter, average balances of business and consumer loans grew $177.2 million and $51.4 million, respectively, while average construction loan balances declined $46.7 million. During the current quarter, the Company sold certain fixed rate personal real estate loans totaling $15.9 million, compared to $26.2 million in the prior quarter.

Total average available for sale debt securities decreased $247.1 million from the previous quarter to $8.7 billion, at fair value. The decrease in available for sale debt securities was mainly the result of lower average balances of mortgage-backed and asset-backed securities, partly offset by higher average balances of U.S. government and federal agency obligations. During the 2nd quarter of 2026, the unrealized loss on available for sale debt securities decreased $68.9 million to $618.6 million, at period end. Also, during the 2nd quarter of 2026, purchases of available for sale debt securities totaled $810.0 million with a weighted average yield of approximately 4.21%. Sales, maturities and pay downs of available for sale debt securities were $1.2 billion, which included the sale of all the Company’s portfolio of U.S. Treasury inflation-protected securities (TIPS). On June 30, 2026, the duration of the available for sale investment portfolio was 4.2 years, and maturities and pay downs of approximately $1.1 billion are expected to occur during the next 12 months.

Total average deposits decreased $135.0 million this quarter compared to the previous quarter and increased $2.6 billion compared to the same quarter last year. The decrease in average balances compared to the prior quarter was primarily due to lower interest checking and money market deposits,
partly offset by higher non-interest bearing demand deposit balances, while the increase in average balances over the same quarter last year was primarily due to the FineMark acquisition.

Compared to the prior quarter, average interest checking and money market deposits decreased $249.2 million, while non-interest bearing demand deposits increased $160.3 million. Compared to the previous quarter, total average retail banking deposits grew $256.5 million, while commercial and wealth deposits declined $332.6 million and $61.4 million, respectively. The average loans to deposits ratio was 74.4% in the current quarter and 73.4% in the prior quarter. The Company’s average borrowings, which included average customer repurchase agreements of $2.3 billion, decreased $356.5 million to $2.6 billion in the 2nd quarter of 2026.

Net Interest Income
Net interest income in the 2nd quarter of 2026 amounted to $315.1 million, an increase of $15.2 million over the previous quarter. On a fully taxable-equivalent (FTE) basis, net interest income for the current quarter increased $15.3 million over the previous quarter to $317.5 million. The increase in net interest income was mostly due to higher interest income on loans and investment securities and lower interest expense on borrowing and deposits, partly offset by lower interest income on deposits with banks. Accretion income on FineMark’s loans resulting from purchase accounting adjustments totaled $6.2 million. The net yield (FTE) on earning assets increased to 3.77%, from 3.59% in the prior quarter.

Compared to the previous quarter, interest income on loans (FTE) increased $3.1 million, mostly due to higher average balances of business and consumer loans and higher average rates earned on business loans. These increases were partly offset by lower average balances and rates on construction loans. The average yield (FTE) on the loan portfolio decreased six basis points to 5.73% this quarter.

Interest income on investment securities (FTE) increased $10.4 million over the prior quarter, mostly due to higher average balances and rates earned on U.S. government and federal agency obligations and higher rates earned on other securities, partly offset by lower average balances of asset-backed and mortgage-backed securities. Interest income earned on U.S. government and federal agency obligations included $9.1 million in TIPS inflation income, a $9.6 million increase over the previous quarter. Interest income on other securities included dividend income of $863 thousand related to a private equity investment. Additionally, the Company recorded a $1.1 million adjustment to premium amortization at June 30, 2026, which increased interest income to reflect slower forward prepayment speed estimates on mortgage-backed securities. This increase was higher than the $940
10
Exhibit 99.1
COMMERCE BANCSHARES, INC.                                
Management Discussion of Second Quarter Results
June 30, 2026
thousand adjustment that increased interest income in the prior quarter. The average yield (FTE) on total investment securities was 3.42% in the current quarter, compared to 2.97% in the previous quarter.

Compared to the previous quarter, interest income on deposits with banks decreased $3.6 million due to lower average balances.

Interest expense decreased $4.4 million compared to the previous quarter, mainly due to lower average balances of deposits and borrowings. Interest expense on deposits decreased $2.3 million mostly due to lower average balances and rates paid on interest checking and money market deposit accounts. Interest expense on borrowings decreased $2.1 million mostly due to lower average balances of securities sold under agreements to repurchase. The average rate paid on interest bearing deposits was 1.57% in the current quarter compared to 1.61% in the prior quarter. The overall rate paid on interest bearing liabilities was 1.68% in the current quarter and 1.72% in the prior quarter.

Non-Interest Income
In the 2nd quarter of 2026, total non-interest income amounted to $183.8 million, an increase of $18.2 million, or 11.0%, over the same period last year and an increase of $8.0 million, or 4.5%, over the prior quarter. The increase in non-interest income over the same period last year was mainly due to higher trust fees and deposit account fees, partly offset by lower gains on sales of assets. The increase in non-interest income compared to the prior quarter was mainly due to higher bank card fee and swap fee income. Additionally, an increase of $2.5 million in fair value adjustments was recorded on the Company’s deferred compensation plan, which are held in a trust and recorded as both an asset and a liability, affecting both other income and other expense.

Total net bank card fees in the current quarter increased over the same period last year and the prior quarter by $1.8 million, or 3.8%, and $2.5 million, or 5.6%, respectively. Compared to the same period last year, net credit card fees increased $804 thousand, or 24.8%, primarily due to lower rewards expense, and net merchant fees increased $212 thousand, or 3.6%, primarily due to lower royalty expense and lower network expense. Net corporate card fees increased $811 thousand, or 3.1%, due to higher interchange fees, partly offset by higher rewards expense, while debit card fees decreased $68 thousand. Total net bank card fees this quarter were comprised of fees on corporate card ($26.7 million), debit card ($11.2 million), merchant ($6.1 million) and credit card ($4.0 million) transactions.

In the current quarter, trust fees increased $15.9 million, or 28.7%, over the same period last year, and increased $463 thousand, over the prior quarter, mostly resulting from higher private client fees. Compared to the same period last year, deposit
account fees increased $3.0 million, or 11.5%, mostly due to higher corporate cash management fees.

For the 2nd quarter of 2026, non-interest income comprised 36.8% of the Company’s total revenue.

Investment Securities Gains and Losses
The Company recorded net securities gains of $12.8 million in the current quarter, compared to net gains of $11.6 million in the prior quarter and $437 thousand in the 2nd quarter of 2025. Net securities gains in the current quarter resulted primarily from gains of $105.4 million recognized on Visa Inc. (“Visa”) common stock and $8.6 million on other equity securities. During the 2nd quarter of 2026, the Company sold 103 thousand shares of Visa Class A common stock (converted from 26 thousand shares of Visa Class C common stock) at an average price of $333.11. As of June 30, 2026, the Company has sold one third of the Visa Class C shares it received from the 2026 Visa exchange offer. Partly offsetting these gains, net fair value losses of $4.0 million were recorded on the Company’s portfolio of private equity investments. In addition, as a result of the completion of the Company’s previously disclosed repositioning of a portion of its available for sale debt securities portfolio, net losses of $97.7 million were realized during the quarter.

Non-Interest Expense
Non-interest expense for the current quarter amounted to $297.1 million, compared to $244.4 million in the same period last year and $291.1 million in the prior quarter. The increase in non-interest expense over the same period last year was mainly due to higher salaries and benefits expense, data processing and software expense, professional and other services expense, litigation expense, and intangible amortization expense. The increase in non-interest expense over the prior quarter was mainly due to higher salaries expense and litigation expense, partly offset by lower benefits expense and professional and other services expense.

Compared to the 2nd quarter of 2025, salaries and employee benefits expense increased $24.9 million, or 16.1%, mostly due to the onboarding of FineMark’s team members at the beginning of 2026. Acquisition-related salaries and benefits expense was $3.7 million in the current quarter. Full-time equivalent employees totaled 4,976 and 4,658 at June 30, 2026 and 2025, respectively.

Compared to the same period last year, data processing and software expense increased $5.3 million due to higher costs for service providers and software. Professional and other services expense increased $3.5 million compared to the 2nd quarter of 2025, and included $1.5 million in acquisition-related legal and professional services expense. The increase in other non-interest expense was mainly due to increases of $12.0 million in litigation expense
11
Exhibit 99.1
COMMERCE BANCSHARES, INC.                                
Management Discussion of Second Quarter Results
June 30, 2026
and $5.4 million in intangible amortization expense related to the FineMark acquisition.

Income Taxes
The effective tax rate for the Company was 22.3% in the current quarter, 22.4% in the prior quarter, and 21.8% in the 2nd quarter of 2025.

Credit Quality
Net loan charge-offs in the 2nd quarter of 2026 amounted to $9.5 million, compared to $15.0 million in the prior quarter, and $9.7 million in the same period last year. The ratio of annualized net charge-offs to total average loans was .19% in the current quarter, .30% in the previous quarter, and .22% in the same quarter of last year. Compared to the prior quarter, net charge-offs on business real estate loans decreased $5.4 million.

In the 2nd quarter of 2026, annualized net charge-offs on average consumer credit card loans were 5.18%, compared to 5.21% in the previous quarter and 5.08% in the same quarter last year. Consumer loan net charge-offs were .26% of average consumer loans in the current quarter, .30% in the prior quarter, and .40% in the same quarter last year.

At June 30, 2026, the allowance for credit losses on loans totaled $195.4 million, or .94% of total loans, and decreased $3.2 million compared to the prior quarter. Additionally, the liability for unfunded lending commitments on June 30, 2026 was $20.1 million, an increase of $2.4 million compared to the liability on March 31, 2026.

At June 30, 2026, total non-accrual loans amounted to $11.6 million, an increase of $698 thousand compared to the previous quarter. At June 30, 2026, the balance of non-accrual loans, which represented .06% of loans outstanding, included business real estate loans of $9.4 million, personal real estate loans of $2.1 million and business loans of $92 thousand. Loans more than 90 days past due and still accruing interest totaled $23.7 million at June 30, 2026.

Other
During the 2nd quarter of 2026, the Company paid a cash dividend of $.275 per common share, representing a 5% increase over the same period last year. The Company purchased approximately 2.1 million shares of treasury stock during the current quarter at an average price of $53.03.

Forward Looking Information
This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include future financial and operating results, expectations, intentions, and other statements that are not historical facts. Such statements are based on current beliefs and expectations of the Company’s management and
are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements. Additional information about risks and uncertainties is included in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections within the Company's Annual Report on Form 10-K.
12
COMMERCE BANCSHARES, INC. EARNINGS HIGHLIGHTS 2nd Quarter 2026

 

CAUTIONARY STATEMENT 2 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements about the plans, expectations, goals, projections, and intentions of Commerce Bancshares, Inc. (“Commerce”). Statements that do not relate solely to historical facts may be deemed forward-looking statements. Forward- looking statements may be identified by the use of words and phrases such as “may,” “will,” “should,” “could,” “expect,” “anticipate,” “plan,” “project,” “believe,” “estimate, “intend,” “forecast,” “outlook,” “goal,” “target,” “guidance,” “predict,” or similar expressions or the negative thereof, or comparable terminology. Forward-looking statements involve significant risks and uncertainties and are subject to change based on various factors, many of which are beyond Commerce’s control. Factors that could cause Commerce’s actual results to differ materially from those expressed or implied in forward-looking statements made herein or by management of Commerce include, but are not limited to: general competitive, economic, and market conditions; changes in interest rates and the impact thereof on net interest income, asset valuations, and funding costs; changes in credit quality and loan losses; failure to realize the anticipate benefits from business combination transactions; changes in U.S. and global trade, monetary, and fiscal policies, including tariffs and retaliatory trade measures; cybersecurity incidents, data breaches, ransomware attacks, and risks related to third-party vendors and technology service providers; legislative and regulatory changes, including changes in banking regulations and capital requirements; geopolitical events, armed conflicts, terrorist activities, natural disasters, and public health crises; competitive pressures from traditional and non-traditional financial service providers; changes in laws or accounting standards; the impacts of artificial intelligence and other technological developments on our business; and other risks and factors identified in Commerce’s Annual Report on Form 10-K for the year ended December 31, 2025, including the discussion under “Item 1A. Risk Factors,” which is accessible on the Securities and Exchange Commission's (the “SEC”) website at www.sec.gov and at Investor.Commercebank.com, as well as in Commerce’s subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Information on these websites is not part of this document. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date on which they are made, and Commerce does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events. Non-GAAP Financial Measures Certain financial information in this presentation has not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and is presented on a non-GAAP basis. Commerce's management uses these non-GAAP financial measures in its analysis of the Company's performance and for internal planning and forecasting purposes. Management believes these measures provide meaningful supplemental information useful to investors in understanding the Company's financial performance, operating efficiency, and period-over-period trends. These measures generally adjust for items that management believes are not indicative of the Company's core operating performance or that may obscure trends in the Company's underlying performance. These non-GAAP financial measures should be considered in addition to, and not as an alternative to, substitute for, or superior to, measures prepared in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company's financial condition as reported under GAAP. A reconciliation of each non- GAAP financial measure to the most directly comparable GAAP financial measure can be found in the table at the back of this presentation. Because non-GAAP financial measures are not standardized, these measures may not be comparable to similarly titled measures used by other companies due to differences in methods of calculation. Commerce strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure.

 

COMMERCE BANCSHARES 161 YEARS IN BUSINESS $35.3 BILLION TOTAL ASSETS 36TH LARGEST U.S. BANK BASED ON ASSET SIZE1 $8.3 BILLION MARKET CAP 29TH LARGEST U.S. BANK BASED ON MARKET CAP1 $94.5 BILLION TOTAL TRUST ASSETS UNDER ADMINISTRATION 15TH LARGEST AMONG BANK-MANAGED TRUST COMPANIES BASED ON AUM2 17.09% TIER 1 COMMON RISK- BASED CAPITAL RATIO 1ST HIGHEST AMONG TOP 50 U.S. BANKS BASED ON ASSET SIZE1 AS OF MARCH 31, 2026 $27.9 BILLION TOTAL DEPOSITS $20.8 BILLION TOTAL LOANS4 $9.9 BILLION COMMERCIAL CARD VOLUME AS OF DECEMBER 31, 2025 13.96% RETURN ON AVERAGE COMMON EQUITY YTD 5TH HIGHEST YTD ROACE FOR THE TOP 50 U.S. BANKS BASED ON ASSET SIZE1 a2 BASELINE CREDIT ASSESSMENT4 TWO RATINGS ABOVE THE U.S. BANKING INDUSTRY MEDIAN RATING OF baa1 3 1S&P Global Market Intelligence – U.S. publicly traded banks, rankings as of 3/31/2026 2S&P Global Market Intelligence – Regulated U.S. depositories managed by bank holding companies, rankings as of 3/31/2026; 3Includes loans held for sale; 4Moody’s Sector Profile: Banks, May 21, 2026, Baseline Credit Assessment (BCA) reflects a bank’s standalone credit strength. Company reports and filings, information as of 6/30/2026 unless otherwise noted. CORE BANKING FOOTPRINT COMMERCIAL | CONSUMER | WEALTH MANAGEMENT St. Louis • Kansas City • Springfield Central Missouri • Central Illinois • Wichita Tulsa • Oklahoma City • Denver COMMERCIAL OFFICES Cincinnati • Nashville • Dallas • Des Moines Indianapolis • Grand Rapids • Houston WEALTH MANAGEMENT OFFICES Dallas • Houston • Naples Fort Myers • West Palm Beach Charleston • Scottsdale U.S. PRESENCE Extended Market Area Commercial Payments Services Offered in 48 states across the U.S.

 

TRACK RECORD OF LONG-TERM OUTPERFORMANCE Revenue Diversification Balanced earnings profile, fee revenue at 37%1 of total revenue, bolstered by growing wealth and national payments businesses Deposit Franchise $26.5 billion in low-cost, diverse deposits2 with peer-leading historical deposit betas Credit Quality Conservative risk profile drives outperformance over peer averages across credit cycles Consistent Earnings and Shareholder Value Over 8% total annualized return to shareholders over the last 20 years, outperforming the annualized KBW Regional Bank Index return of over 4%4 Capital Management Strong capital ratios, 58th consecutive year of common dividend increases3 Continued Long-Term Investments Core banking system implementation, Enterprise Digital, Expansion Markets, Wealth Management, 1As of YTD 6/30/2026; 2Excludes certificates of deposit greater than $100,000, period-end balance as of 6/30/2026; 3Based on 1Q2026 paid dividend; 4As of 6/30/2026 4

 

2Q2026 HIGHLIGHTS • Earnings of $1.10 per share, compared to .96 in Q1 and $1.09 in Q2 2025 • ROAA of 1.84% and ROAE of 14.70% • Efficiency ratio of 58.4% • Net Income of $160MM in Q2, an increase of $18MM over Q1 • Net interest income of $315MM, up 5% over Q1 • Net interest margin increased 18 bps over Q1 to 3.77% • Non-interest income increased 5% over Q1 and was 37% of total revenue • Investment securities gains included a $105MM gain on Visa Inc. (Visa) stock and a $98MM loss on the repositioning of a portion of the Company’s available for sale debt securities (AFS) portfolio • Non-interest expense increased 2% over Q1 • Period-end loans increased 2% over Q1 • Quarterly average deposit balances were down $135MM from Q1 • Total cost of deposits decreased 4 bps from Q1 to 1.11% • Non interest-bearing deposits were 29% of average deposits • QTD average loan to deposit ratio of 74% • Purchased $110MM of common stock compared to $84MM in Q1 • $2.6B in average cash balances at Federal Reserve Bank (FRB) in Q2 • Net loan charge-offs of .19% annualized; non-accrual loans of .06% • Loan yield of 5.73% includes accretion income of $6.2MM 5 Performance Income Statement Loans & Deposits Capital / Other

 

BALANCE SHEET HIGHLIGHTS 2Q26 vs. 2Q25 2Q26 vs. 1Q26 Quarterly Average Balances % Change$ Change% Change$ Change2Q26$ in millions 10%$1,102.21%$147.5$12,472.6Commercial 31%1,916.30%29.08,041.7Consumer 17%$3,018.51%$176.6$20,514.3Total Loans -4%)($348.3-3%)($253.0$9,058.9Investment Securities1 26%$539.2-14%)($421.4$2,576.0 Interest Earning Deposits with Banks 11%$2,642.7-0%)($135.0$27,560.8Deposits 17%$4.333%$.81$30.45Book Value per Share2 Average Loans: Increased 1% compared to the previous quarter. Interest Earning Deposits with Banks: Ample levels of liquidity on balance sheet. 1At fair value 2For the quarters ended June 30, 2026, March 31, 2026, and June 30, 2025 6

 

$17.6 $19.8 $19.5 $7.3 $7.9 $8.1 2Q25 1Q26 2Q26 $24.9 $27.7 $27.6 +11% $11.4 $12.3 $12.5 $6.1 $8.0 $8.0 2Q25 1Q26 2Q26 $17.5 $20.3 $20.5 +17% BALANCE SHEET 7 Loans Consumer Loans Commercial Loans Loan Yield1 Deposits QTD Average Balances $ billions Non-Interest Bearing Interest-Bearing Deposits Interest-Bearing Deposit Cost QTD Average Balances $ billions 6.01% 5.79% 5.73% 1.67% 1.61% 1.57% 1Tax equivalent yield

 

LOAN PORTFOLIO 8 YoYQoQ6/30/20253/31/20266/30/2026$ in 000s 12.4%5.4%$6,328,684 $6,750,356$7,115,984 Business 6.3%-5.6%1,405,3981,581,7891,493,455Construction 8.2%.1%3,757,7784,059,5394,064,253Business Real Estate 42.8%-.9%3,058,8454,407,6064,369,077Personal Real Estate 17.1%2.1%2,157,8672,475,3532,527,448Consumer 78.2%4.9%364,429619,178649,332Revolving Home Equity -2.6%.6%576,151557,733561,277Consumer Credit Card 222.7%453.7%16,3169,51052,655Overdrafts 17.9%1.8%$17,665,468$20,461,064$20,833,481Total Loans Period-End Balances YoYQoQ6/30/20253/31/20266/30/2026$ in 000s 9.9%2.6%$6,247,252 $6,687,131$6,864,328 Business 8.0%-2.9%1,430,7581,592,3281,545,640Construction 10.0%.4%3,692,4054,045,6704,062,672Business Real Estate 43.9%-.7%3,048,8954,417,1314,386,681Personal Real Estate 15.1%2.1%2,148,6662,421,5412,472,965Consumer 73.9%3.1%362,312611,101630,034Revolving Home Equity -2.7%-2.0%559,858555,697544,688Consumer Credit Card 28.7%2.1%5,6637,1447,291Overdrafts 17.3%.9%$17,495,809$20,337,743$20,514,299Total Loans QTD Average Balances

 

$176 $185 $300 $291 1Q26 $476 9 INCOME STATEMENT HIGHLIGHTS $166 $201 $280 $245 2Q25 $446 $184 $202 $315 $297 2Q26 $499 Non-Interest Income (+) Net Interest Income (+) Non-Interest Expense (-) Pre-Tax, Pre-Provision Net Revenue (=) 2Q26 Comparison 0.3%vs. 2Q25 9.4%vs. 1Q26 Pre-Tax, Pre-Provision Net Revenue (PPNR) $ in millions Expenses increased 2.0% over Q1 and increased 21.5% over the prior year. Revenue increased 4.9% over Q1 and increased 11.9% over the prior year. 1See the non-GAAP reconciliation on page 22

 

2Q26 vs. 2Q25 2Q26 vs. 1Q26 % Change$ Change% Change$ Change2Q26$ in millions 12%$34.95%$15.2$315.1Net Interest Income 11%$18.25%$8.0$183.8Non-Interest Income 22%$52.62%$5.9$297.1Non-Interest Expense 0%$.59%$17.3$201.8Pre-Tax, Pre-Provision Net Revenue1 NM$12.410%$1.2$12.8Investment Securities Gains, Net 56%$3.1-20%-$2.2$8.7Provision for Credit Losses 5%$7.313%$18.2$159.8Net-Income Attributable to Commerce Bancshares, Inc. 2Q26 vs. 2Q252Q25 2Q26 vs. 1Q261Q262Q26For the three months ended 1%$1.0915%$.96$1.10Net Income per Common Share – Diluted 7 bps3.70%18 bps3.59%3.77%Net Yield on Interest Earning Assets INCOME STATEMENT HIGHLIGHTS 1See the non-GAAP reconciliation on page 22 10

 

Total Non-Interest Income: 37% of total revenue. Bank Card Transaction Fees: Increase over the prior quarter mainly due to growth in corporate and credit card fees. Deposit Account Charges and Other Fees: Increase over prior quarter due to higher corporate cash management fees. Other: Includes $2.5MM increase in fair value adjustments on deferred compensation plan over the prior quarter. NON-INTEREST INCOME HIGHLIGHTS 11 2Q26 vs. 2Q25 2Q26 vs. 1Q26 % Change$ Change% Change$ Change2Q26$ in millions 29%$15.91%$.5$71.5Trust Fees 4%1.86%2.548.1Bank Card Transaction Fees 11%3.02%.729.3Deposit Account Charges and Other Fees 9%.58%.45.9Consumer Brokerage Services -8%)(.56%.35.7Capital Market Fees -4%)(.11%-3.3Loan Fees and Sales -10%)(2.321%3.520.1Other 11%$18.25%$8.0$183.8Total Non-Interest Income

 

NON-INTEREST EXPENSE HIGHLIGHTS 12 2Q26 vs. 2Q25 2Q26 vs. 1Q26 % Change$ Change% Change$ Change2Q26$ in millions 16%$24.90%)($.8$180.0Salaries and Employee Benefits 16%5.30%(.1)38.2Data Processing and Software 27%3.5-12%)(2.316.5Professional and Other Services 7%1.0-4%)(.714.6Net Occupancy 7%.4-8%)(.56.4Marketing 14%.74%.25.9Equipment 11%.55%.25.5Supplies and Communication 16%.5-2%)(.13.8Deposit Insurance 149%15.662%10.026.1Other 22%$52.62%$5.9$297.1Total Non-Interest Expense Salaries and Benefits: Includes acquisition-related salaries and benefits expense of $3.7 million in the current quarter. Professional and Other Services: Current quarter includes $1.5 million in acquisition-related expense. Other: Current quarter includes $5.4 million in acquisition-related intangible amortization expense, $12.0 million in litigation expense and a $2.5 million increase in fair value adjustments on the deferred compensation plan over the prior quarter.

 

13 LIQUIDITY AND CAPITAL

 

2022 2023 2024 2025 $2.8 $2.4 $2.4 $2.5 DEPOSIT BALANCE TRENDS Segment view $ in billions 14 2022 2023 2024 2025 $11.9 $10.4 $9.9 $10.3 2022 2023 2024 2025 $13.4 $12.2 $12.3 $12.3 Commercial Retail Banking Wealth Average Balance 1Q26 2Q26 $12.9 $12.9 Period EndAverage Balance Average Balance Segment balances do not include brokered certificates of deposits. 2022 through 2025 are year to date average balances. 1Q26 2Q26 $10.6 $10.4 Period End 1Q26 2Q26 $4.8 $4.5 Period End 1Q26 2Q26 $10.4 $10.1 1Q26 2Q26 $12.6 $12.8 1Q26 2Q26 $4.8 $4.7

 

2Q26 vs. 1Q26Period-End Balances $ Change1Q262Q26$ in millions $356$3,202$3,558U.S. government and federal agency obligations )($16$706$690State and municipal obligations )($636$4,147$3,511Mortgage-backed securities )($91$1,105$1,014Asset-backed securities )($6$174$168Other debt securities $68)($687)($619Unrealized gain (loss) on debit securities )($323$8,646$8,323Total available for sale debt securities $300$850$1,150Securities purchased under agreements to resell VISA STOCK & SECURITIES PORTFOLIO REPOSITIONING UPDATE 15 2.6% 4.3% Approximate yield* of AFS securities sold for repositioning Approximate reinvestment yields of AFS securities +170 bps AFS Securities Repositioning Yields • Recognized $105.4 million gain on Visa shares. • Sold approximately 103,000 Visa Class A shares (converted from Class C shares) resulting in proceeds of $34.3 million. • Realized $97.7 million net loss related to previously announced plan to sell approximately $911 million (amortized cost) of AFS debt securities. • Purchased $613.7 million of AFS securities, with approximate yields of 4.3%, and $300.0 million of repo securities at approximate yields of 4.1%. *TIPs yield includes an inflation assumption of 2.5%

 

OPPORTUNTIES TO ENHANCE AND PROTECT NET INTEREST INCOME • Cash flows of approximately $1.1B from maturities and paydowns of investments are expected over the next twelve months. • $2.5 billion notional portfolio floor contracts, with maturities laddered from 2030-2032, providing protection against declining rates on floating-rate commercial loans. • $1.15 billion portfolio of securities purchased under agreements to resell, earning 4.03% on average with maturities laddered from 2028-2031; select agreements include structures that increase yields as rates decline. 16 0% 2% 4% 6% 8% 10% 6.00% 5.50% 5.00% 4.50% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% Average Rate Earned On Securities Purchased Under Agreements To Resell Impact to Yield from Change in 1M SOFR 1 Month SOFR Current 1M SOFR: 3.63%* Illustrative *As of June 30, 2026

 

37% 7% 43% 11% 2% Composition of AFS Portfolio Treasury & agency Municipal MBS Asset-backed Other debt HIGH QUALITY, HIGHLY LIQUID AND DIVERSE INVESTMENT PORTFOLIO 1Excludes inflation effect on TIPs; 2Tax equivalent yield Duration (yrs)Avg RateQTD – Jun. 30, 2026 3.93.67%Treasury & agency1 4.02.07%2Municipal 5.62.10%MBS 1.43.77%Asset-backed 3.13.16%Other debt 4.23.26%Total 17 Total available for sale securities QTD average balance: $8.7 billion, at fair value As of June 30, 2026 • AFS debt securities portfolio duration of 4.2 years. • AOCI loss decreased from $(540MM) at Q1 to $(499MM) at Q2.

 

91%9% Core Deposits - Non-Interest Bearing - Interest Checking - Savings and Money Market Certificates of Deposits Average Loan to Deposit Ratio3 SOUND CAPITAL AND LIQUIDITY POSITION 18 Tier 1 Risk-Based Capital Ratio1 1S&P Global Market Intelligence, Information as of March 31, 2026 2Period-end balances, as of June 30, 2026 3Includes loans held for sale, for the quarter ended June 30, 2026 17.1% 16.7% 15.5% 14.5% 14.3% 13.9% 13.4% 13.3% 13.3% 13.0% 12.7% 12.6% 12.4% 11.7% 11.6% 11.6% 11.4% 11.0% 10.8% CBC CBSH HOMB PB CFR FIBK WSFS UCB HWC UBSI ABCB FULT BOKF OZK UMBF SFNC ONB FNB ASB AUB 28.6% Peer Median: 13.0% Core Deposits $25.5 Billion2 Large, stable deposit base Loan to Deposit Ratio Total Deposits2 74% Average Loan to Deposit Ratio182% Commerce Peer Average

 

$18.9 $10.9 $11.6 $136.9 $151.4 2Q25 1Q26 2Q26 $9.7 $15.0 $9.5$9.7 $12.4 2Q25 1Q26 2Q26 MAINTAINING STRONG CREDIT QUALITY Net Loan Charge-Offs (NCOs) $ in millions NCOs- CBSH NCOs - Peer Average NCO/Average Loans1 - CBSH $165.3 $198.6 $195.4 $322.9 $323.3 2Q25 1Q26 2Q26 Allowance for Credit Losses on Loans (ACL) $ in millions ACL - CBSH ACL - Peer Average ACL / Total Loans - CBSH Non-Accrual Loans (NALs) $ in millions NALs - CBSH NALs - Peer Average 8.8x 18.2x 16.8x 3.1x 2.6x 2Q25 1Q26 2Q26 Allowance for Credit Losses on Loans (ACL) to NALs ACL / NALs - CBSH ACL / NALs - Peer AverageNALs / Total Loans - CBSH NCO/Average Loans1 – Peer Average .11% NALs / Total Loans – Peer Average .05% .06% .57% ACL / Total Loans – Peer Average .94% .97% .94% 1.36% 1.31% .22% .30% .19%.17% .18% Percentages are illustrative and not to scale; Peer Banks include: ABCB, ASB, AUB, BOKF, CBC, CFR, FIBK, FNB, FULT, HOMB, HWC, ONB, OZK, PB, SFNC, UBSI, UCB, UMBF, WSFS 1As a percentage of average loans (excluding loans held for sale) 19 .61%

 

ALLOCATION OF ALLOWANCE 20 CECL allowances reflect the economic and market outlook June 30, 2026March 31, 2026 % of Outstanding Loans Allowance for Credit Losses (ACL) % of Outstanding Loans Allowance for Credit Losses (ACL)$ in millions .80%$ 57.3.87%$ 58.7Business .89%36.2 .87%35.1 Bus R/E 2.01%30.1 1.99%31.4Construction .98%$ 123.61.01%$ 125.2Commercial total .61%15.3 .64%15.8 Consumer 5.75%32.35.73%31.9Consumer CC .47%20.6.50%22.1Personal R/E .53%3.5.55%3.4Revolving H/E .25%.1 1.23%.1 Overdrafts .88%$ 71.8.91%$ 73.4Consumer total .94%$ 195.4.97%$ 198.6Allowance for credit losses on loans 0.96% 0.94% 0.95% 0.94% 0.93% 0.92% 0.94% 0.95% 0.96% 0.94% 1.01% 0.97% 0.94% 0.70% 0.80% 0.90% 1.00% 1.10% $100 $125 $150 $175 $200 3Q $162.4 4Q $160.5 1Q $158.6 2Q $159.3 1Q 3Q $162.7 4Q $167.0 1Q $165.3 $158.7 2Q $175.7 2Q 3Q $179.5 4Q $198.6 $160.8 1Q $195.4 $162.2 2Q 0.99% Allowance for Credit Losses (ACL) on Loans ACL - Loans (left) ACL / Total Loans (right) $ in millions 2023 2024 2025 2026

 

0% 25% 50% 75% 100% 125% Qtrly Avg 2023 Qtrly Avg 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Total Payout Ratio 45% 59% 70% 31% 44% 108% 88% 94% STRONG CAPITAL POSITION PROVIDES FLEXIBILITY AND BOLSTERS RESILIENCE Cash dividends paid on common stock Common share repurchase Total Payout Ratio to Common Shareholders as a percentage of Net Income1 1Net Income is defined as Net Income Available to Common Shareholders; 2Based on Q126 declared dividend 10-year average based on total payout returned to common shareholders as a percentage of net income available to common shareholders 21 58 consecutive years of regular common cash dividend increases.2 Returned more than half of net income to common shareholders over the past decade: 10-year average total payout ratio of 54%. Capital Ratios as of 3/31/2026 Tier I common risk- based capital: 17.09% Tier I risk-based capital: 17.09% Total risk-based capital: 17.90%

 

NON-GAAP RECONCILIATIONS 22 For The Three Months Ended Jun. 30, 2025Mar. 31, 2026Jun. 30, 2026(DOLLARS IN THOUSANDS) 280,147$299,840$315,085$Net Interest IncomeA 165,613$175,851$183,828$Non-Interest IncomeB 244,437$291,126$297,068$Non-Interest ExpenseC 201,323$184,565$201,845$Pre-Provision Net Revenue (A+B-C) Pre-tax, Pre-provision Net Revenue

 

Contact Information: Matt Burkemper Senior Vice President, Commerce Bank Corporate Development and Investor Relations 314.746.7485 Matthew.Burkemper@commercebank.com Commerce Bancshares, Inc. Investor Relations website: http://investor.commercebank.com/

 

Source: View Original Filing on SEC EDGAR

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