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EPS and FineMark deal shape Commerce Bancshares (NASDAQ: CBSH) Q1 2026

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Commerce Bancshares, Inc. reported first quarter 2026 diluted earnings per share of $0.96, up from $0.93 a year ago but down from $1.01 in the prior quarter. Net income was $141.6 million, with total revenue of $475.7 million driven by net interest income of $299.8 million and non-interest income of $175.9 million.

The quarter reflects the first full period of the FineMark Holdings, Inc. acquisition, which added about $3.9 billion in assets, $2.7 billion in loans, $3.1 billion in deposits and $8.7 billion in assets under administration. Period-end total assets reached $35.7 billion, loans $20.5 billion, and deposits $28.4 billion.

Profitability remained solid, with return on average assets of 1.62% and return on average equity of 13.22%, though the efficiency ratio rose to 60.0% as non-interest expense increased 22% year over year, including $14.0 million of acquisition-related costs and $5.4 million of intangible amortization. Asset quality stayed strong: non-accrual loans were 0.05% of total loans and net charge-offs were 0.30% of average loans. The company returned capital to shareholders via $84 million of share repurchases and a quarterly dividend of $0.275 per share.

Positive

  • Strategic FineMark acquisition added roughly $3.9 billion in assets, $2.7 billion in loans, and $3.1 billion in deposits, boosting scale in private banking and wealth management and contributing to 18% loan growth and 11% deposit growth versus the prior year.

Negative

  • None.

Insights

Solid quarter with strong balance sheet growth from FineMark, offset by temporary acquisition-related costs.

Commerce Bancshares delivered Q1 2026 net income of $141.6 million and EPS of $0.96. Total revenue rose to $475.7 million as net interest income reached $299.8 million and non-interest income $175.9 million, reflecting both organic activity and the FineMark acquisition.

The acquisition added roughly $3.9 billion of assets, $2.7 billion of loans and $3.1 billion of deposits, helping period-end assets reach $35.7 billion. Profitability metrics remained strong with ROAA at 1.62% and ROAE at 13.22%, despite integration costs.

Non-interest expense increased 22% year over year to $291.1 million, including about $14.0 million in acquisition-related expense and $5.4 million of intangible amortization, temporarily pressuring the 60.0% efficiency ratio. Credit quality remains a strength, with non-accrual loans at 0.05% of total loans and net charge-offs at 0.30%. Subsequent filings may provide further detail on cost synergies and normalization of expenses as integration progresses.

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 $0.96 per share For the three months ended March 31, 2026
Net income $141.6 million Q1 2026 net income attributable to Commerce Bancshares, Inc.
Total revenue $475.7 million Q1 2026 total revenue (net interest plus non-interest income)
Net interest income $299.8 million Q1 2026, up $16.7 million from prior quarter
Non-interest income $175.9 million Q1 2026, up $16.9 million or 10.6% vs prior-year quarter
Return on average assets 1.62% For the quarter ended March 31, 2026
Non-accrual loans ratio 0.05% of total loans As of March 31, 2026
Share repurchases $84 million Common stock buybacks during Q1 2026
net interest income financial
"Net interest income was $299.8 million, a $16.7 million increase over the prior quarter."
Net interest income is the difference between the interest a financial institution earns on loans and investments and the interest it pays on deposits and borrowings. It matters to investors because it is a primary source of profit for banks and similar firms — like the gross margin on a store’s trade — and changes with loan growth, deposit costs and interest rates, so it signals core earning power and sensitivity to rate moves.
non-interest income financial
"Non-interest income totaled $175.9 million, an increase of $16.9 million, or 10.6%, over the same quarter last year."
Non-interest income is the money a bank or financial company earns from activities other than charging interest on loans, such as service fees, account charges, trading gains, and income from managing client investments. For investors, it matters because it diversifies a firm’s revenue stream—like a store that sells both products and offers repair services—making profits less tied to lending rates and helping stability when interest-driven income falls.
efficiency ratio financial
"For the quarter, the return on average assets was 1.62%, the return on average equity was 13.22%, and the efficiency ratio was 60.0%."
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.
allowance for credit losses financial
"The allowance for credit losses on loans increased $19.1 million during the first quarter of 2026 to $198.6 million."
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.
Tier I leverage ratio financial
"Tier I leverage ratio | 12.60 % | 12.65 % | 12.29 %"
Tier I leverage ratio measures a bank’s core capital — the strongest, most readily available funds — divided by its total assets, showing how much high-quality capital the bank holds against everything it owns and owes. For investors, it’s a quick snapshot of a bank’s financial cushion: higher ratios mean more ability to absorb losses, lower risk of forced asset sales or regulatory intervention, and generally greater confidence in the bank’s stability — like a household’s emergency savings compared with all its possessions and loans.
Offering Type earnings_snapshot
Understanding 8-K Material Events →
False000002235600000223562026-04-212026-04-21

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

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 21, 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. ☐



Item 2.02 Results of Operations and Financial Condition
A copy of the press release issued April 21, 2026 by Commerce Bancshares, Inc. announcing First Quarter 2026 earnings is 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 is being furnished as Exhibit 99.2 to this Current Report on Form 8-K.
The information in this Current Report on Form 8-K, 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, 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 is available on the Company’s website at https://investor.commercebank.com/news-info/financial-news-releases/default.aspx.

Item 9.01 Financial Statements and Exhibits

Exhibits
99.1    Press release dated April 21, 2026
99.2    Slide presentation for investors and analysts dated April 21, 2026
104    The XBRL tags on the cover page of this Form 8-K are embedded within the Inline XBRL document.


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/ Paul A. Steiner  
  Paul A. Steiner
  
Controller
(Chief Accounting Officer) 
Date: April 21, 2026


Exhibit 99.1
Exhibit 99.1
commercebancshares914a01a05.jpg
CBSH
                   1000 Walnut Street / Suite 700 / Kansas City, Missouri 64106 / 816.234.2000
FOR IMMEDIATE RELEASE:
Tuesday, April 21, 2026

COMMERCE BANCSHARES, INC. REPORTS
FIRST QUARTER EARNINGS PER SHARE OF $.96

Commerce Bancshares, Inc. announced earnings of $.96 per share for the three months ended March 31, 2026, compared to $.93 per share in the same quarter last year and $1.01 per share in the fourth quarter of 2025. Net income for the first quarter of 2026 amounted to $141.6 million, compared to $131.6 million in the first quarter of 2025 and $140.7 million in the prior quarter.

In making this announcement, John Kemper, Chief Executive Officer, said, “We delivered a strong first quarter highlighted by solid profitability and continued momentum across our diversified fee businesses. This was also our first full quarter incorporating FineMark, a strategic investment that meaningfully enhances our private banking and wealth management capabilities and expands our presence in highly attractive growth markets. Our overall performance reflected the strength of our franchise, supported by resilient net interest income, continued trust fee growth, and solid returns across our core profitability measures.

Mr. Kemper continued, “Our return on average assets remained solid at 1.62% while maintaining excellent credit quality, with non-accrual loans at just .05% of total loans. Non-interest income was $175.9 million and comprised 37% of total revenue.”

“We also remained focused on thoughtful capital deployment, returning excess capital to shareholders through the repurchase of more than $84 million of common stock this quarter while maintaining a conservative capital posture that underpins our long‑term strength and flexibility. As we look ahead, Commerce is well positioned to navigate an uncertain economic environment with discipline and confidence, balancing near‑term conditions with continued investment in long‑term growth. Our strategy remains centered on delivering consistent performance and creating durable, long‑term value for our shareholders."


First Quarter 2026 Financial Highlights:

•On January 1, 2026, Commerce Bancshares, Inc. completed its acquisition of FineMark Holdings, Inc.

•Net interest income was $299.8 million, a $16.7 million increase over the prior quarter. The net yield on interest earning assets decreased one basis point to 3.59%.

•Non-interest income totaled $175.9 million, an increase of $16.9 million, or 10.6%, over the same quarter last year.

1
Exhibit 99.1
•Trust fees grew $14.5 million, or 25.5%, over the same period last year, mostly due to higher private client fees.

•Non-interest expense totaled $291.1 million and included $14.0 million in acquisition-related expense.

•Assets under administration grew $14.9 billion, or 19.5%, over the same period last year.

•Average loan balances totaled $20.3 billion, an increase of $2.7 billion, or 15.2%, over the prior quarter.

•Total average available for sale debt securities decreased $269.0 million from the prior quarter to $8.9 billion, at fair value.

•Total average deposits increased $2.1 billion, or 8.2%, over the prior quarter to $27.7 billion.

•The ratio of annualized net loan charge-offs to average loans was .30% in the current quarter compared to .22% in the prior quarter.

•The allowance for credit losses on loans increased $19.1 million during the first quarter of 2026 to $198.6 million, and the ratio of the allowance for credit losses on loans to total loans was .97% at March 31, 2026, compared to 1.01% at December 31, 2025.

•Total assets on March 31, 2026 were $35.7 billion, an increase of $2.8 billion over the prior quarter.

•For the quarter, the return on average assets was 1.62%, the return on average equity was 13.22%, and the efficiency ratio was 60.0%. Quarterly profitability metrics reflected elevated acquisition-related expenses of approximately $14 million, which temporarily pressured the efficiency ratio and return on average assets.

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.

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


2
Exhibit 99.1
COMMERCE BANCSHARES, INC. and SUBSIDIARIES
FINANCIAL HIGHLIGHTS

 For the Three Months Ended
(Unaudited)
(Dollars in thousands, except per share data)		Mar. 31, 2026Dec. 31, 2025Mar. 31, 2025
FINANCIAL SUMMARY
Net interest income$299,840 $283,152 $269,102 
Non-interest income175,851 166,208 158,949 
Total revenue475,691 449,360 428,051 
Investment securities gains (losses)11,647 2,929 (7,591)
Provision for credit losses10,960 15,993 14,487 
Non-interest expense291,126 252,995 238,376 
Income before taxes185,252 183,301 167,597 
Income taxes40,881 40,620 36,964 
Non-controlling interest expense (income)2,748 2,019 (959)
Net income attributable to Commerce Bancshares, Inc.$141,623 $140,662 $131,592 
Earnings per common share:  
Net income — basic$0.96 $1.01 $0.93 
Net income — diluted$0.96 $1.01 $0.93 
Effective tax rate22.40%22.41%21.93%
Fully-taxable equivalent net interest income$302,204 $285,830 $271,416 
Average total interest earning assets (1)
$34,130,985 $31,468,907 $30,901,110 
Diluted wtd. average shares outstanding145,856,608 137,599,105 139,725,305 
RATIOS  
Average loans to deposits (2)
73.44%69.01%69.38%
Return on total average assets1.62 1.73 1.69 
Return on average equity (3)
13.22 14.70 15.82 
Non-interest income to total revenue36.97 36.99 37.13 
Efficiency ratio (4)
60.00 56.23 55.61 
Net yield on interest earning assets3.59 3.60 3.56 
EQUITY SUMMARY  
Cash dividends per share$.275 $.262 $.262 
Cash dividends on common stock$40,355 $36,236 $36,866 
Book value per share (5)
$29.64 $27.75 $24.94 
Market value per share (5)
$49.20 $52.34 $59.27 
High market value per share$56.06 $57.36 $65.59 
Low market value per share$46.99 $48.69 $56.00 
Common shares outstanding (5)
145,979,271 137,457,138 140,277,275 
Tangible common equity to tangible assets (6)
11.07%11.11%10.33%
Tier I leverage ratio12.60%12.65%12.29%
OTHER QTD INFORMATION 
Number of bank/ATM locations249 236 242 
Full-time equivalent employees4,960 4,667 4,662 
(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.
3
Exhibit 99.1
COMMERCE BANCSHARES, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME

 (Unaudited)
(In thousands, except per share data)		For the Three Months Ended
Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025Jun. 30, 2025Mar. 31, 2025
Interest income$396,507 $373,617 $374,105 $371,636 $364,365 
Interest expense96,667 90,465 94,648 91,489 95,263 
Net interest income299,840 283,152 279,457 280,147 269,102 
Provision for credit losses10,960 15,993 20,061 5,597 14,487 
Net interest income after credit losses288,880 267,159 259,396 274,550 254,615 
NON-INTEREST INCOME   
Trust fees71,049 62,125 58,412 55,571 56,592 
Bank card transaction fees45,585 46,761 45,551 46,362 45,593 
Deposit account charges and other fees28,578 27,949 27,427 26,248 26,622 
Consumer brokerage services5,444 5,185 6,698 5,383 4,785 
Capital market fees5,338 4,230 5,138 6,175 5,112 
Loan fees and sales3,243 3,594 3,465 3,419 3,404 
Other16,614 16,364 14,820 22,455 16,841 
Total non-interest income175,851 166,208 161,511 165,613 158,949 
INVESTMENT SECURITIES GAINS (LOSSES), NET11,647 2,929 7,885 437 (7,591)
NON-INTEREST EXPENSE   
Salaries and employee benefits180,787 162,889 157,461 155,025 153,078 
Data processing and software38,328 35,273 33,555 32,904 32,238 
Professional and other services18,792 14,573 11,284 12,973 10,026 
Net occupancy15,308 13,172 13,474 13,654 14,020 
Marketing6,957 6,201 6,670 5,974 5,843 
Equipment5,671 5,682 5,421 5,157 5,248 
Supplies and communication5,238 4,841 4,837 4,962 5,046 
Deposit Insurance3,914 (81)3,074 3,312 3,744 
Other16,131 10,445 8,242 10,476 9,133 
Total non-interest expense291,126 252,995 244,018 244,437 238,376 
Income before income taxes185,252 183,301 184,774 196,163 167,597 
Less income taxes40,881 40,620 41,152 42,400 36,964 
Net income144,371 142,681 143,622 153,763 130,633 
Less non-controlling interest expense (income)2,748 2,019 2,104 1,284 (959)
Net income attributable to Commerce Bancshares, Inc.$141,623 $140,662 $141,518 $152,479 $131,592 
Net income per common share — basic$0.96 $1.01 $1.01 $1.09 $0.93 
Net income per common share — diluted$0.96 $1.01 $1.01 $1.09 $0.93 
OTHER INFORMATION
Return on total average assets1.62%1.73%1.78%1.95%1.69%
Return on average equity (1)
13.2214.7015.2617.4015.82
Efficiency ratio (2)
60.0056.2355.2654.7755.61
Effective tax rate22.4022.4122.5321.7621.93
Net yield on interest earning assets3.593.603.643.703.56
Fully-taxable equivalent net interest income$302,204 $285,830 $281,770 $282,428 $271,416 
(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.
4
Exhibit 99.1
COMMERCE BANCSHARES, INC. and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - PERIOD END

(Unaudited)
(In thousands)		Mar. 31, 2026Dec. 31, 2025Mar. 31, 2025
ASSETS   
Loans
     Business $6,750,356 $6,439,380 $6,239,276 
     Real estate — construction and land1,581,789 1,438,012 1,419,572 
     Real estate — business4,059,539 3,674,567 3,628,635 
     Real estate — personal4,407,606 3,053,435 3,047,809 
     Consumer2,475,353 2,196,822 2,116,160 
     Revolving home equity619,178 375,159 356,675 
     Consumer credit card557,733 589,694 568,163 
     Overdrafts9,510 4,194 3,131 
Total loans20,461,064 17,771,263 17,379,421 
Allowance for credit losses on loans(198,605)(179,468)(167,031)
Net loans20,262,459 17,591,795 17,212,390 
Loans held for sale2,081 4,329 2,890 
Investment securities:
Available for sale debt securities8,646,127 9,095,513 9,264,947 
Trading debt securities44,329 40,080 56,569 
Equity securities56,193 57,354 58,182 
Other securities248,339 230,459 221,370 
Total investment securities8,994,988 9,423,406 9,601,068 
Federal funds sold630 — — 
Securities purchased under agreements to resell850,000 850,000 850,000 
Interest earning deposits with banks3,270,046 2,744,393 2,756,521 
Cash and due from banks572,588 803,239 517,332 
Premises and equipment — net527,211 485,700 476,921 
Goodwill253,805 146,539 146,539 
Other intangible assets — net145,985 13,311 13,441 
Other assets837,463 852,377 787,862 
Total assets$35,717,256 $32,915,089 $32,364,964 
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Deposits:   
Non-interest bearing$8,058,024 $8,205,711 $7,518,243 
Savings, interest checking and money market17,877,836 15,047,406 15,975,283 
Certificates of deposit of less than $100,0001,032,114 1,023,406 985,878 
Certificates of deposit of $100,000 and over1,416,345 1,363,053 1,362,393 
Total deposits28,384,319 25,639,576 25,841,797 
Federal funds purchased and securities sold under agreements to repurchase2,576,723 2,989,641 2,400,036 
Other borrowings8,045 12,798 17,743 
Other liabilities421,771 458,302 606,986 
Total liabilities31,390,858 29,100,317 28,866,562 
Stockholders’ equity:   
Common stock742,606 692,944 676,054 
Capital surplus3,986,353 3,522,292 3,381,960 
Retained earnings233,094 131,826 140,220 
Treasury stock(120,692)(48,001)(85,871)
Accumulated other comprehensive income (loss)(539,592)(507,690)(634,576)
Total stockholders’ equity4,301,769 3,791,371 3,477,787 
Non-controlling interest24,629 23,401 20,615 
Total equity4,326,398 3,814,772 3,498,402 
Total liabilities and equity$35,717,256 $32,915,089 $32,364,964 

5
Exhibit 99.1
COMMERCE BANCSHARES, INC. and SUBSIDIARIES
AVERAGE BALANCE SHEETS

(Unaudited)
(In thousands)		For the Three Months Ended
Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025Jun. 30, 2025Mar. 31, 2025
ASSETS:
Loans:
Business$6,687,131 $6,317,805 $6,230,019 $6,247,252 $6,106,185 
Real estate — construction and land1,592,328 1,408,339 1,396,977 1,430,758 1,415,349 
Real estate — business4,045,670 3,730,679 3,715,597 3,692,405 3,667,833 
Real estate — personal4,417,131 3,058,834 3,059,913 3,048,895 3,045,876 
Consumer2,421,541 2,200,500 2,160,637 2,148,666 2,082,360 
Revolving home equity611,101 372,194 360,820 362,312 358,684 
Consumer credit card555,697 565,896 563,351 559,858 560,534 
Overdrafts7,144 6,592 7,037 5,663 5,860 
Total loans
20,337,743 17,660,839 17,494,351 17,495,809 17,242,681 
Allowance for credit losses on loans(201,769)(175,129)(164,623)(166,391)(162,186)
Net loans20,135,974 17,485,710 17,329,728 17,329,418 17,080,495 
Loans held for sale2,361 2,532 2,369 1,741 1,584 
Investment securities:
U.S. government and federal agency obligations3,190,796 3,197,720 2,693,327 2,623,896 2,586,944 
Government-sponsored enterprise obligations54,800 54,955 55,014 55,038 55,330 
State and municipal obligations709,332 724,737 756,137 780,063 804,363 
Mortgage-backed securities4,211,068 4,316,799 4,461,056 4,641,295 4,788,102 
Asset-backed securities1,201,187 1,336,859 1,466,770 1,585,364 1,655,701 
Other debt securities
176,676 196,633 204,281 237,385 258,136 
Unrealized gain (loss) on debt securities(630,778)(645,595)(766,025)(838,028)(935,054)
Total available for sale debt securities8,913,081 9,182,108 8,870,560 9,085,013 9,213,522 
Trading debt securities
97,801 61,160 56,032 51,131 38,298 
Equity securities50,378 52,387 50,823 54,472 57,028 
Other securities 250,641 227,395 220,041 216,560 233,461 
Total investment securities9,311,901 9,523,050 9,197,456 9,407,176 9,542,309 
Federal funds sold862 — 23 158 2,089 
Securities purchased under agreements to resell850,000 850,000 850,000 850,000 788,889 
Interest earning deposits with banks2,997,340 2,786,891 2,422,441 2,036,803 2,388,504 
Other assets2,074,538 1,700,147 1,709,247 1,671,763 1,698,296 
Total assets$35,372,976 $32,348,330 $31,511,264 $31,297,059 $31,502,166 
LIABILITIES AND EQUITY:
Non-interest bearing deposits$7,874,488 $7,592,431 $7,345,156 $7,356,882 $7,298,686 
Savings1,301,768 1,261,285 1,283,671 1,303,391 1,294,174 
Interest checking and money market16,019,323 14,335,613 13,740,770 13,901,634 13,906,827 
Certificates of deposit of less than $100,0001,035,130 1,015,617 991,877 984,845 991,826 
Certificates of deposit of $100,000 and over1,465,168 1,389,149 1,416,572 1,371,428 1,363,655 
Total deposits27,695,877 25,594,095 24,778,046 24,918,180 24,855,168 
Borrowings:
Federal funds purchased141,888 130,487 130,622 129,891 128,340 
Securities sold under agreements to repurchase2,674,484 2,429,746 2,519,660 2,371,031 2,723,227 
Other borrowings90,796 1,230 1,860 2,748 616 
Total borrowings2,907,168 2,561,463 2,652,142 2,503,670 2,852,183 
Other liabilities423,998 395,336 402,265 360,204 421,370 
Total liabilities31,027,043 28,550,894 27,832,453 27,782,054 28,128,721 
Equity4,345,933 3,797,436 3,678,811 3,515,005 3,373,445 
Total liabilities and equity$35,372,976 $32,348,330 $31,511,264 $31,297,059 $31,502,166 

6
Exhibit 99.1
COMMERCE BANCSHARES, INC. and SUBSIDIARIES
AVERAGE RATES

(Unaudited)For the Three Months Ended
Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025Jun. 30, 2025Mar. 31, 2025
ASSETS: 
Loans: 
Business (1)
5.41%5.48%5.72%5.72%5.75%
Real estate — construction and land6.59 7.05 7.37 7.39 7.30 
Real estate — business5.75 5.76 5.92 5.92 5.88 
Real estate — personal4.82 4.38 4.34 4.30 4.28 
Consumer6.20 6.23 6.42 6.43 6.52 
Revolving home equity7.29 7.25 7.94 7.41 7.26 
Consumer credit card12.64 12.81 13.21 13.18 13.49 
Overdrafts— — — — — 
Total loans5.79 5.84 6.02 6.01 6.02 
Loans held for sale4.98 5.01 6.03 9.22 5.89 
Investment securities: 
U.S. government and federal agency obligations3.60 4.07 4.06 4.28 4.09 
Government-sponsored enterprise obligations2.40 2.36 2.35 2.38 2.40 
State and municipal obligations (1)
2.10 2.06 2.05 2.05 2.05 
Mortgage-backed securities2.12 2.05 2.01 2.08 2.08 
Asset-backed securities3.80 3.78 3.69 3.73 3.46 
Other debt securities3.17 2.97 2.97 2.94 2.69 
Total available for sale debt securities2.85 2.96 2.86 2.95 2.83 
Trading debt securities (1)
3.14 4.61 4.67 4.63 4.97 
Equity securities (1)
6.49 6.35 6.09 6.26 8.02 
Other securities (1)
6.81 9.08 7.29 11.63 7.85 
Total investment securities2.97 3.12 2.99 3.16 2.98 
Federal funds sold3.29 — — 5.08 5.63 
Securities purchased under agreements to resell4.03 4.00 4.00 4.02 3.81 
Interest earning deposits with banks3.70 3.95 4.45 4.46 4.46 
Total interest earning assets4.74 4.74 4.86 4.90 4.81 
LIABILITIES AND EQUITY: 
Interest bearing deposits: 
Savings.07 .05 .05 .05 .05 
Interest checking and money market1.48 1.45 1.54 1.49 1.52 
Certificates of deposit of less than $100,0003.17 3.25 3.33 3.44 3.65 
Certificates of deposit of $100,000 and over3.35 3.60 3.71 3.78 3.96 
Total interest bearing deposits1.61 1.62 1.71 1.67 1.72 
Borrowings: 
Federal funds purchased3.66 3.92 4.34 4.37 4.37 
Securities sold under agreements to repurchase2.39 2.54 2.88 2.85 2.86 
Other borrowings3.88 .65 1.71 3.79 .66 
Total borrowings2.50 2.61 2.95 2.93 2.93 
Total interest bearing liabilities1.72%1.75%1.87%1.83%1.89%
Net yield on interest earning assets3.59%3.60%3.64%3.70%3.56%
(1) Stated on a fully taxable-equivalent basis using a federal income tax rate of 21%.







7
Exhibit 99.1
COMMERCE BANCSHARES, INC. and SUBSIDIARIES
CREDIT QUALITY

 For the Three Months Ended
(Unaudited)
(In thousands, except ratios)		Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025Jun. 30, 2025Mar. 31, 2025
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period$179,468 $175,671 $165,260 $167,031 $162,742 
     Initial allowance for credit loss at acquisition22,828 — — — — 
     Provision for credit losses on loans11,283 13,660 20,739 7,919 15,095 
     Net charge-offs (recoveries):
        Commercial portfolio:
     Business241 222 826 432 46 
     Real estate — construction and land — 16 — 24 — 
     Real estate — business5,405 (24)(23)(425)377 
5,646 214 803 31 423 
        Personal banking portfolio:
     Consumer credit card7,139 6,488 6,515 7,085 6,967 
     Consumer1,768 2,498 2,310 2,168 2,852 
     Overdraft413 485 432 360 495 
     Real estate — personal2 180 269 35 72 
     Revolving home equity6 (2)(1)11 (3)
9,328 9,649 9,525 9,659 10,383 
     Total net loan charge-offs 14,974 9,863 10,328 9,690 10,806 
Balance at end of period$198,605 $179,468 $175,671 $165,260 $167,031 
LIABILITY FOR UNFUNDED LENDING COMMITMENTS$17,699 $17,660 $15,327 $16,005 $18,327 
NET CHARGE-OFF RATIOS (1)
Commercial portfolio:
     Business.01%.01%.05%.03%—%
     Real estate — construction and land— — — .01 — 
     Real estate — business.54 — — (.05).04 
.19 .01 .03 — .02 
Personal banking portfolio:
     Consumer credit card5.21 4.55 4.59 5.08 5.04 
     Consumer.30 .45 .42 .40 .56 
     Overdraft23.45 29.19 24.36 25.50 34.26 
     Real estate — personal— .02 .03 — .01 
     Revolving home equity— — — .01 — 
.47 .62 .61 .63 .70 
Total.30%.22%.23%.22%.25%
CREDIT QUALITY RATIOS
Non-accrual loans to total loans.05%.09%.09%.11%.13%
Allowance for credit losses on loans to total loans.97 1.01 .99 .94 .96 
NON-ACCRUAL AND PAST DUE LOANS
  Non-accrual loans:
     Business$201 $123 $255 $410 $1,112 
     Real estate — construction and land— — 191 426 220 
     Real estate — business9,369 14,785 14,940 15,109 18,305 
     Real estate — personal1,316 842 867 948 989 
     Revolving home equity34 — — 1,977 1,977 
   Total 10,920 15,750 16,253 18,870 22,603 
Loans past due 90 days and still accruing interest$22,824 $24,659 $21,536 $25,303 $19,417 
(1) Net charge-offs are annualized and calculated as a percentage of average loans (excluding loans held for sale).
8
Exhibit 99.1                                        
COMMERCE BANCSHARES, INC.
Management Discussion of First Quarter Results
March 31, 2026
For the quarter ended March 31, 2026, net income amounted to $141.6 million, compared to $140.7 million in the previous quarter and $131.6 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, gains on investment securities, and a decrease in the provision for credit losses, partly offset by higher non-interest expense. The net yield on interest earning assets decreased one basis point from the previous quarter to 3.59%. Average loans and deposits increased $2.7 billion and $2.1 billion, respectively, while available for sale investment securities, at fair value, decreased $269.0 million compared to the prior quarter. For the quarter, the return on average assets was 1.62%, the return on average equity was 13.22%, and the efficiency ratio was 60.0%.

On January 1, 2026, the Company closed on its previously announced acquisition of FineMark Holdings, Inc. (“FineMark”), Ft. Meyers, Florida, with 13 banking locations in Florida, Arizona, and South Carolina. The acquisition added total assets of approximately $3.9 billion, including loans of $2.7 billion, total deposits of $3.1 billion and assets under administration of $8.7 billion.

Balance Sheet Review
During the 1st quarter of 2026, average loans totaled $20.3 billion, an increase of $2.7 billion over the prior quarter, and an increase of $3.1 billion over the same quarter last year. The increase in average balances over both periods was primarily due to the acquisition of FineMark, which added $2.7 billion in loan balances. Compared to the previous quarter, average balances of personal real estate, business, business real estate, revolving home equity and consumer loans grew $1.4 billion, $369.3 million, $315.0 million, $238.9 million and $221.0 million, respectively. During the current quarter, the Company sold certain fixed rate personal real estate loans totaling $26.2 million, compared to $27.0 million in the prior quarter.

Total average available for sale debt securities decreased $269.0 million from the previous quarter to $8.9 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. During the 1st quarter of 2026, the unrealized loss on available for sale debt securities increased $40.7 million to $687.5 million, at period end. Also, during the 1st quarter of 2026, maturities and pay downs of available for sale debt securities were $410.7 million. On March 31, 2026, the duration of the available for sale investment portfolio was 4.2 years, and maturities and pay downs of approximately $1.2 billion are expected to occur during the next 12 months.

Average interest earning deposits with banks increased $210.4 million over average balances in the
previous quarter, and the average balances within other assets increased $374.4 million mainly due to increases in goodwill, intangible assets, and premises and equipment related to the Company's acquisition of FIneMark.

Total average deposits increased $2.1 billion this quarter over the previous quarter. The increase in average balances was primarily due to the acquisition of FineMark, which added $2.7 billion of interest bearing and $425 million of non-interest bearing deposit balances. Shortly after the acquisition, the Company moved $1.0 billion of FineMark’s high-cost, money market deposit balances off-balance sheet. Compared to the prior quarter, average interest checking and money market deposits and demand deposits increased $1.7 billion and $282.1 million, respectively. Additionally, average balances of certificates of deposit of $100,000 and over increased $76.0 million compared to the prior quarter, mainly due to deposit balances acquired from FineMark. Compared to the previous quarter, total average wealth and retail banking deposits grew $2.3 billion and $251.0 million, respectively, while commercial deposits declined $408.3 million. The average loans to deposits ratio was 73.4% in the current quarter and 69.0% in the prior quarter. The Company’s average borrowings, which included average customer repurchase agreements of $2.7 billion, increased $345.7 million to $2.9 billion in the 1st quarter of 2026. Federal Home Loan Bank advances of $350.0 million, which the Company acquired from the FineMark acquisition, were paid off in January 2026.

Net Interest Income
Net interest income in the 1st quarter of 2026 amounted to $299.8 million, an increase of $16.7 million over the previous quarter. On a fully taxable-equivalent (FTE) basis, net interest income for the current quarter increased $16.4 million over the previous quarter to $302.2 million. The increase in net interest income was mostly due to the acquisition of FineMark on January 1, 2026. Accretion income on FineMark’s loans resulting from purchase accounting adjustments totaled $6.9 million. The net yield (FTE) on earning assets decreased to 3.59%, from 3.60% in the prior quarter.

Compared to the previous quarter, interest income on loans (FTE) increased $30.4 million, mostly due to higher average balances in all loan categories, except consumer credit cards, and higher average rates earned on personal real estate loans, partly offset by lower average rates earned on business, construction, and business real estate loans. The average yield (FTE) on the loan portfolio decreased five basis points to 5.79% this quarter.

Interest income on investment securities (FTE) decreased $7.3 million compared to the prior quarter, mostly due to lower average rates earned on U.S. government and federal agency obligations
9
Exhibit 99.1
COMMERCE BANCSHARES, INC.                                
Management Discussion of First Quarter Results
March 31, 2026
and other securities and lower average balances of asset-backed and mortgage-backed securities. Interest income earned on U.S. government and federal agency obligations included the impact of a $3.8 million decrease in inflation income from Treasury inflation-protected securities compared to the previous quarter. In the prior quarter, interest on other securities included dividend income of $2.1 million related to a private equity investment that did not reoccur in the current quarter. Additionally, the Company recorded a $940 thousand adjustment to premium amortization on March 31, 2026, which increased interest income to reflect slower forward prepayment speed estimates on mortgage-backed securities. This increase was higher than the $731 thousand adjustment that increased interest income in the prior quarter. The average yield (FTE) on total investment securities was 2.97% in the current quarter, compared to 3.12% in the previous quarter.

Compared to the previous quarter, interest income on deposits with banks decreased $401 thousand as lower average rates more than offset higher average balances. Interest expense increased $6.2 million over the previous quarter, mainly due to higher average interest bearing deposit balances, partly offset by lower average rates paid on interest bearing deposit balances. Interest expense on deposits increased $5.1 million mostly due to higher average interest checking and money market deposit account balances. The average rate paid on interest bearing deposits totaled 1.61% in the current quarter compared to 1.62% in the prior quarter. The overall rate paid on interest bearing liabilities was 1.72% in the current quarter and 1.75% in the prior quarter.

Non-Interest Income
In the 1st quarter of 2026, total non-interest income amounted to $175.9 million, an increase of $16.9 million, or 10.6%, over the same period last year and an increase of $9.6 million over the prior quarter. The increase in non-interest income compared to the same period last year was mainly due to higher trust fees and deposit account fees. The increase in non-interest income compared to the prior quarter was mainly due to higher trust fees.

Total net bank card fees in the current quarter were flat compared to the same period last year and decreased $1.2 million compared to the prior quarter. Net corporate card fees were flat compared to the same quarter last year. Net merchant fees decreased $184 thousand, or 3.2%, while net debit card fees increased $301 thousand, or 2.9%, mainly due to higher interchange income. Net credit card fees decreased $173 thousand, or 4.8%, mostly due to higher rewards expense. Total net bank card fees this quarter were comprised of fees on corporate card ($26.0 million), debit card ($10.6 million), merchant ($5.6 million) and credit card ($3.4 million) transactions.

In the current quarter, trust fees increased $14.5 million, or 25.5%, over the same period last year, and increased $8.9 million, or 14.4%, over the prior quarter, mostly resulting from higher private client fees. Compared to the same period last year, deposit account fees increased $2.0 million, or 7.3%, mostly due to higher corporate cash management fees.

For the 1st quarter of 2026, non-interest income comprised 37.0% of the Company’s total revenue.

Investment Securities Gains and Losses
The Company recorded net securities gains of $11.6 million in the current quarter, compared to net gains of $2.9 million in the prior quarter and net securities losses of $7.6 million in the 1st quarter of 2025. Net securities gains in the current quarter mostly resulted from net fair value adjustments of $10.9 million on the Company’s portfolio of private equity investments.

Non-Interest Expense
Non-interest expense for the current quarter amounted to $291.1 million, compared to $238.4 million in the same period last year and $253.0 million in the prior quarter. The current quarter included $14.0 million in acquisition-related expense, compared to $2.8 million in the previous quarter, as well as acquisition-related intangible amortization expense of $5.4 million. 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, and intangible amortization expense. The increase in non-interest expense over the prior quarter was mainly due to higher salaries and benefits expense, data processing and software expense, professional and other services expense, intangible amortization expense and deposit insurance expense.

Compared to the 1st quarter of 2025, salaries and employee benefits expense increased $27.7 million, or 18.1%, mostly due to an accrual for retention bonuses, acquisition-related compensation payments and the onboarding of FineMark’s team members. Acquisition-related salaries and benefits expense was $6.6 million in the current quarter. Full-time equivalent employees totaled 4,960 and 4,662 at March 31, 2026 and 2025, respectively.

Compared to the same period last year, data processing and software expense increased $6.1 million due to higher costs for service providers and software. Professional and other services, which increased $8.8 million compared to the 1st quarter of 2025, included $4.7 million in acquisition-related legal and professional services expense. The increase in other non-interest expense was mainly due to increases of $5.4 million in intangible amortization expense related to the FineMark acquisition and $2.0 million in other acquisition-related expense. Compared to the prior quarter, deposit insurance
10
Exhibit 99.1
COMMERCE BANCSHARES, INC.                                
Management Discussion of First Quarter Results
March 31, 2026
expense increased $4.0 million due to a $3.9 million accrual adjustment to the FDIC’s special assessment, recorded in the 4th quarter of 2025.

Income Taxes
The effective tax rate for the Company was 22.4% in the current quarter, 22.4% in the prior quarter, and 21.9% in the 1st quarter of 2025.

Credit Quality
Net loan charge-offs in the 1st quarter of 2026 amounted to $15.0 million, compared to $9.9 million in the prior quarter, and $10.8 million in the same period last year. The ratio of annualized net charge-offs to total average loans was .30% in the current quarter, .22% in the previous quarter, and .25% in the same quarter of last year. Compared to the prior quarter, net charge-offs on business real estate loans and consumer credit card loans increased $5.4 million and $651 thousand, respectively, while net charge-offs on consumer loans decreased $730 thousand. The increase in business real estate loan net charge-offs was mainly due to a charge-off on a senior living non-accrual loan.

In the 1st quarter of 2026, annualized net charge-offs on average consumer credit card loans were 5.21%, compared to 4.55% in the previous quarter and 5.04% in the same quarter last year. Consumer loan net charge-offs were .30% of average consumer loans in the current quarter, .45% in the prior quarter, and .56% in the same quarter last year.

At March 31, 2026, the allowance for credit losses on loans totaled $198.6 million, or .97% of total loans, and increased $19.1 million compared to the prior quarter. The increase was mostly attributed to the acquisition of FineMark, which added $22.8 million to the allowance for credit losses on January 1, 2026. Additionally, the liability for unfunded lending commitments on March 31, 2026 was $17.7 million, flat compared to the liability on December 31, 2025.

At March 31, 2026, total non-accrual loans amounted to $10.9 million, a decrease of $4.8 million compared to the previous quarter. At March 31, 2026, the balance of non-accrual loans, which represented .05% of loans outstanding, included business real estate loans of $9.4 million, personal real estate loans of $1.3 million and business loans of $201 thousand. Loans more than 90 days past due and still accruing interest totaled $22.8 million at March 31, 2026.

Other
During the 1st 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 1.6 million shares of treasury stock during the current quarter at an average price of $51.57.

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.
11
COMMERCE BANCSHARES, INC. EARNINGS HIGHLIGHTS 1st 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 $35.7 BILLION TOTAL ASSETS 40TH LARGEST U.S. BANK BASED ON ASSET SIZE1 $7.2 BILLION MARKET CAP 29TH LARGEST U.S. BANK BASED ON MARKET CAP1 $91.4 BILLION TOTAL TRUST ASSETS UNDER ADMINISTRATION 16TH LARGEST AMONG BANK-MANAGED TRUST COMPANIES BASED ON AUM2 17.34% TIER 1 COMMON RISK- BASED CAPITAL RATIO 2ND HIGHEST AMONG TOP 50 U.S. BANKS BASED ON ASSET SIZE1 AS OF DECEMBER 31, 2025 $28.4 BILLION TOTAL DEPOSITS $20.5 BILLION TOTAL LOANS4 $9.9 BILLION COMMERCIAL CARD VOLUME AS OF DECEMBER 31, 2025 13.22% RETURN ON AVERAGE COMMON EQUITY YTD 3RD 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 12/31/2025 2S&P Global Market Intelligence – Regulated U.S. depositories managed by bank holding companies, rankings as of 12/31/2025; 3Includes loans held for sale; 4Moody’s Sector Profile: Banks, February 12, 2026, Baseline Credit Assessment (BCA) reflects a bank’s standalone credit strength. Company reports and filings, information as of 3/31/2026 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 $27.0 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 7% 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 3/31/2026; 2Excludes certificates of deposit greater than $100,000, period-end balance as of 3/31/2026; 3Based on 1Q2026 paid dividend; 4As of 3/31/2026 4

 

1Q2026 HIGHLIGHTS • Earnings of $.96 per share, compared to $.93 in the same quarter last year • ROAA of 1.62% and ROAE of 13.22% • Efficiency ratio of 60.0% • Financial results reflect the first full quarter of the FineMark acquisition • Net Income of $142MM in Q1, an increase of $10MM over the same quarter last year • Net interest income of $300MM, up 11% over the same quarter last year • Net interest margin decreased 1 bp from Q4 to 3.59% • Non-interest income increased 11% over the prior year and was 37% of total revenue • Non-interest expense increased 22% over the same period in the prior year – Acquisition-related expense was $14MM in Q1 • Period-end loans increased 18% over the same quarter last year • Quarterly average deposit balances increased $2.8B, or 11%, compared to the same quarter last year • Total cost of deposits increased 1 bp over Q4 to 1.15% • Non interest-bearing deposits were 28% of average deposits as of Q1 • QTD average loan to deposit ratio of 73% • Purchased 1.6MM shares of common stock for $84MM in Q1 • $3.0B in average cash balances at Federal Reserve Bank (FRB) in Q1 • Net loan charge-offs of .30% annualized; non-accrual loans of .05% 5 Performance Income Statement Loans & Deposits Capital / Other

 

FINEMARK PURCHASE ACCOUNTING IMPACTS Methodology Income (Expense) Recognized Q1 26 As of Jan 1, 2026$ in millions $6.9$89.6Fair Value Marks on Loans (Amortized over 4 months).4.5Fair Value Marks on Time Deposits $7.3$90.1Total Methodology Income (Expense) Recognized Q1 26 As of Jan 1, 2026$ in millions Sum of years digits over 12 years$(2.6)$67.0Core Deposit Intangible Sum of years digits over 12 years(2.5)65.5Customer List Intangible (.3)5.6Other Intangible $(5.4)$138.1Total 6 Net Interest Income Accretion Non-Interest Expense Amortization As of Jan 1, 2026$ in millions $22.8Loan Credit Mark Loan Credit Mark

 

BALANCE SHEET HIGHLIGHTS 1Q26 vs. 1Q25 1Q26 vs. 4Q25 Quarterly Average Balances % Change$ Change% Change$ Change1Q26$ in millions 10%$1,135.88%$868.3$12,325.1Commercial 32%1,959.329%1,808.68,012.6Consumer 18%$3,095.115%$2,676.9$20,337.7Total Loans -2%)($230.4-2%)($211.1$9,311.9Investment Securities1 25%$608.88%$210.4$2,997.3 Interest Earning Deposits with Banks 11%$2,840.78%$2,101.8$27,695.9Deposits 19%$4.707%$1.89$29.64Book Value per Share2 Average Loans: Increased 18% compared to the prior year. Interest Earning Deposits with Banks: Ample levels of liquidity on balance sheet. Average Deposits: Increased 11% compared to the prior year. 1At fair value 2For the quarters ended March 31, 2026, December 31, 2025, and March 31, 2025 7

 

$17.6 $18.0 $19.8 $7.3 $7.6 $7.9 1Q25 4Q25 1Q26 $24.9 $25.6 $27.7 +11% $11.2 $11.5 $12.3 $6.0 $6.2 $8.0 1Q25 4Q25 1Q26 $17.2 $17.7 $20.3 +18% BALANCE SHEET 8 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 6.02% 5.84% 5.79% 1.72% 1.62% 1.61% 1Tax equivalent yield

 

LOAN PORTFOLIO 9 YoYQoQ3/31/202512/31/20253/31/2026$ in 000s 8.2%4.8%$6,239,276$6,439,380$6,750,356Business 11.4%10.0%1,419,5721,438,0121,581,789Construction 11.9%10.5%3,628,6353,674,5674,059,539Business Real Estate 44.6%44.3%3,047,8093,053,4354,407,606Personal Real Estate 17.0%12.7%2,116,1602,196,8222,475,353Consumer 73.6%65.0%356,675375,159619,178Revolving Home Equity -1.8%-5.4%568,163589,694557,733Consumer Credit Card 203.7%126.8%3,1314,1949,510Overdrafts 17.7%15.1%$17,379,421$17,771,263$20,461,064Total Loans Period-End Balances YoYQoQ3/31/202512/31/20253/31/2026$ in 000s 9.5%5.8%$6,106,185$6,317,805 $6,687,131Business 12.5%13.1%1,415,3491,408,3391,592,328Construction 10.3%8.4%3,667,8333,730,6794,045,670Business Real Estate 45.0%44.4%3,045,8763,058,8344,417,131Personal Real Estate 16.3%10.0%2,082,3602,200,5002,421,541Consumer 70.4%64.2%358,684372,194611,101Revolving Home Equity -.9%-1.8%560,534565,896555,697Consumer Credit Card 21.9%8.4%5,8606,5927,144Overdrafts 18.0%15.2%$17,242,681$17,660,839$20,337,743Total Loans QTD Average Balances

 

37.1% 16.0% 15.1% 8.8% 7.6%7.0% Owner- occupied Industrial Office Hotels RetailMulti-family 4.9% Farm 2.6% Other 0.9% Senior living COMMERCIAL REAL ESTATE BREAKDOWN 10 Real Estate - Business Loans $4.1 billion% of Total Loans Real Estate - Business Loans 7.4%Owner – Occupied 3.2%Industrial 3.0%Office 1.7%Hotels 1.5%Retail 1.4%Multi-family 1.0%Farm .2%Senior living .4%Other 19.8%Total 1Geography determined by location of collateral. Includes only loans with a balance of $1 million and above, which represents 94% of outstanding balance of the stabilized, non-owner occupied office loans 2Critized is defined as special mention, substandard, and non-accrual loans 3LTV based on current exposure and property value at time of most recent valuation. Includes only loans with a balance of $1 million and above, which represents 94% of outstanding balance of the stabilized, non- owner occupied office loans Real Estate - Business Loans: Office Outstanding Balances by Geography1 Real Estate - Business Loans: Office Attributes as of March 31, 2026 38.7% 16.5% 11.0% 10.6% 7.0% 6.5% MO KS FL TX OK OH 4.3% IL 0.5% CO 4.9% Other States • TTM Net Charge-offs on Office loans: .00% • Delinquent Office Loans: .00% • Non-Performing Office Loans: .00% • Criticized2 Office Loans to Total Office Loans: 8.5% • Weighted Average LTV of Office Loans: 65.0%3 • Percent of loans at floating interest rate: 68.8%

 

$166 $196 $283 $253 4Q25 $449 11 INCOME STATEMENT HIGHLIGHTS $159 $190 $269 $238 1Q25 $428 $176 $185 $300 $291 1Q26 $476 Non-Interest Income (+) Net Interest Income (+) Non-Interest Expense (-) Pre-Tax, Pre-Provision Net Revenue (=) 1Q26 Comparison -2.7%vs. 1Q25 -6.0%vs. 4Q25 Pre-Tax, Pre-Provision Net Revenue (PPNR) $ in millions Expenses increased 15.1% over Q4 and increased 22.1% over the prior year. Acquisition-related expense was $14MM in Q1 and $3MM in Q4. Revenue increased 5.9% over Q4 and increased 11.1% over the prior year. 1See the non-GAAP reconciliation on page 23

 

1Q26 vs. 1Q25 1Q26 vs. 4Q25 % Change$ Change% Change$ Change1Q26$ in millions 11%$30.76%$16.7$299.8Net Interest Income 11%$16.96%$9.6$175.9Non-Interest Income 22%$52.815%$38.1$291.1Non-Interest Expense -3%-$5.1-6%-$11.8$184.6Pre-Tax, Pre-Provision Net Revenue1 NM$19.2NM$8.7$11.6Investment Securities Gains, Net -24%-$3.5-31%-$5.0$11.0Provision for Credit Losses 8%$10.01%$1.0$141.6Net-Income Attributable to Commerce Bancshares, Inc. 1Q26 vs. 1Q251Q25 1Q26 vs. 4Q254Q251Q26For the three months ended 3%$.93-5%$1.01$.96Net Income per Common Share – Diluted 3 bps3.56%-1 bp3.60%3.59%Net Yield on Interest Earning Assets INCOME STATEMENT HIGHLIGHTS 1See the non-GAAP reconciliation on page 23 12

 

Total Non-Interest Income: 37% of total revenue. Trust Fees: Increase over the prior year mainly due to higher private client fees. Deposit Account Charges and Other Fees: Increase over the prior year due to higher corporate cash management fees. NON-INTEREST INCOME HIGHLIGHTS 13 1Q26 vs. 1Q25 1Q26 vs. 4Q25 % Change$ Change% Change$ Change1Q26$ in millions 26%$14.514%$8.9$71.0Trust Fees 0%.0-3%)(1.245.6Bank Card Transaction Fees 7%2.02%.628.6Deposit Account Charges and Other Fees 14%.75%.35.4Consumer Brokerage Services 4%.226%1.15.3Capital Market Fees -5%)(.2-10%)(.43.2Loan Fees and Sales -1%)(.22%.316.6Other 11%$16.96%$9.6$175.9Total Non-Interest Income

 

NON-INTEREST EXPENSE HIGHLIGHTS 14 1Q26 vs. 1Q25 1Q26 vs. 4Q25 % Change$ Change% Change$ Change1Q26$ in millions 18%$27.711%$17.9$180.8Salaries and Employee Benefits 19%6.19%3.138.3Data Processing and Software 87%8.829%4.218.8Professional and Other Services 9%1.316%2.115.3Net Occupancy 19%1.112%.87.0Marketing 8%.40%.05.7Equipment 4%.28%.45.2Supplies and Communication 5%.2NM4.03.9Deposit Insurance 77%7.054%5.716.1Other 22%$52.815%$38.1$291.1Total Non-Interest Expense Salaries and Benefits: Includes acquisition-related salaries and benefits expense of $6.6 million in the current quarter. Professional and Other Services: Includes $4.7 million in acquisition-related expense. Deposit Insurance: Increase in current quarter is due to a $3.9 million accrual adjustment to the FDIC’s special assessment recorded in Q4. Other: Includes $5.4 million in acquisition-related intangible amortization expense and $2.0 million in other acquisition- related expense.

 

15 LIQUIDITY AND CAPITAL

 

2022 2023 2024 2025 $2.8 $2.4 $2.4 $2.5 DEPOSIT BALANCE TRENDS Segment view $ in billions 16 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 4Q25 1Q26 $12.6 $12.9 Period EndAverage Balance Average Balance Segment balances do not include brokered deposits. 2022 through 2025 are year to date average balances. 4Q25 1Q26 $10.3 $10.6 Period End 4Q25 1Q26 $2.6 $4.8 Period End 4Q25 1Q26 $10.8 $10.4 4Q25 1Q26 $12.3 $12.6 4Q25 1Q26 $2.5 $4.8

 

3.56% 3.60% 3.59% Net Yield Hedging Structures: Four floor contracts (indexed to 1 Month SOFR) to hedge the risk of declining interest rates on floating rate commercial loans. The contracts have a term of 6 years. • 3.5% floor contract with a notional value of $500 million. The contract began 7/2024. • 3.25% floor contract with a notional value of $500 million. The contract began 11/2024. • 3.0% floor contract with a notional value of $500 million. The contract began 3/2025. • 2.75% floor contract with a notional value of $500 million. The contract began 7/2025. • 3.0% floor contract with a notional value of $500 million. The contract begins on 10/2026. OPPORTUNTIES TO ENHANCE AND PROTECT NET INTEREST INCOME • Cash flows of approximately $1.2B from maturities and paydowns of investments are expected over the next twelve months. • Net yield on interest earning assets decreased 1 bp from Q4 to 3.59%. 17 Q1 2025 4Q 2025 1Q 2026 Quarterly Net Yield on Interest Earning Assets

 

37% 8% 41% 12% 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 – Mar. 31, 2026 3.53.67%Treasury & agency1 4.22.10%2Municipal 5.82.12%MBS 1.43.80%Asset-backed 3.23.17%Other debt 4.22.85%Total 18 Total available for sale securities Average balance: $8.9 billion, at fair value As of March 31, 2026 • AFS debt securities portfolio duration of 4.2 years. • AOCI loss increased from $(508MM) at Q4 to $(540MM) at Q1.

 

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 19 Tier 1 Risk-Based Capital Ratio1 1S&P Global Market Intelligence, Information as of December 31, 2025 2Period-end balances, as of March 31, 2026 3Includes loans held for sale, for the quarter ended March 31, 2026 17.6% 17.3% 16.3% 14.5% 14.4% 13.9% 13.7% 13.4% 13.4% 13.2% 12.9% 12.6% 12.5% 12.1% 11.6% 11.6% 11.5% 11.4% 11.3% 11.0% PB CBSH HOMB CFR WSFS HWC FIBK BOKF UCB UBSI ABCB FULT OZK CADE SFNC ONB UMBF PNFP FNB ASB Peer Median: 12.9% Core Deposits $25.9 Billion2 Large, stable deposit base Loan to Deposit Ratio Total Deposits2 73% Average Loan to Deposit Ratio182% Commerce Peer Average

 

$22.6 $15.8 $11.0 $145.9 $160.0 1Q25 4Q25 1Q26 $10.8 $9.9 $15.0 $12.5 $20.2 1Q25 4Q25 1Q26 MAINTAINING STRONG CREDIT QUALITY Net Loan Charge-Offs (NCOs) $ in millions NCOs- CBSH NCOs - Peer Average NCO/Average Loans1 - CBSH $167.0 $179.5 $198.6 $333.6 $343.7 1Q25 4Q25 1Q26 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 7.4x 11.4x 18.2x 2.9x 2.6x 1Q25 4Q25 1Q26 Allowance for Credit Losses on Loans (ACL) to NALs ACL / NALs - CBSH ACL / NALs - Peer AverageNALs / Total Loans - CBSH NCO/Average Loans1 – Peer Average .13% NALs / Total Loans – Peer Average .09% .05% .60% ACL / Total Loans – Peer Average .96% 1.01% .97% 1.36% 1.32% .25% .22% .30% .20% .22% Percentages are illustrative and not to scale; Peer Banks include: ABCB, ASB, BOKF, CADE, CFR, FIBK, FNB, FULT, HOMB, HWC, ONB, OZK, PB, PNFP, SFNC, UBSI, UCB, UMBF, WSFS 1As a percentage of average loans (excluding loans held for sale) 20 .59%

 

ALLOCATION OF ALLOWANCE 21 CECL allowances reflect the economic and market outlook March 31, 2026December 31, 2025 % of Outstanding Loans Allowance for Credit Losses (ACL) % of Outstanding Loans Allowance for Credit Losses (ACL)$ in millions .87%$ 58.7.83%$ 53.2Business .87%35.1 .94%34.6 Bus R/E 1.99%31.42.02%29.1Construction 1.01%$ 125.21.01%$ 116.9Commercial total .64%15.8 .71%15.6 Consumer 5.73%31.95.80%34.2Consumer CC .50%22.1.36%10.9Personal R/E .55%3.4.46%1.7Revolving H/E 1.23%.1 3.53%.1 Overdrafts .91%$ 73.41.01%$ 62.6Consumer total .97%$ 198.61.01%$ 179.5Allowance 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% 0.70% 0.80% 0.90% 1.00% 1.10% $125 $150 $175 $200 $100 $158.7 2Q $162.2 3Q $162.4 4Q $160.5 1Q $158.6 $160.8 3Q $162.7 4Q $167.0 1Q $165.3 $159.3 2Q $175.7 0.99% 3Q $179.5 4Q $198.6 1Q1Q 2Q Allowance for Credit Losses (ACL) on Loans ACL - Loans (left) ACL / Total Loans (right) $ in millions 2023 2024 2025 2026

 

Quick Facts: Small Business Investment Company (SBIC) founded in 1959 Nationwide footprint with Greater Midwest Focus 30 Portfolio Companies Representing $998.8 million in Revenue Nearly 3,000 Employees Fair Value as of March 31, 2026: $183.8 million Investment Criteria • Manufacturing, distribution and certain service companies • Cash flow positive • Good management • Consistent financial performers • Operate in niche markets • Significant and defensible market positions • Differentiated products and services • Scalable business platforms Target Parameters • Revenues - $10 million to $100 million • EBITDA - $2 million to $7 million CAPITAL FOR BUSINESS® A middle-market private equity firm focused on the success of industrial growth companies Transaction Types Management buyouts Leveraged buyouts Succession plans Recapitalizations Corporate divestitures Investment Structures Subordinated debt Preferred stock Common stock Warrants Other Information Co-investors Majority control Target 5-7 year hold period Management participation 22

 

NON-GAAP RECONCILIATIONS 23 For The Three Months Ended Mar. 31, 2025Dec. 31, 2025Mar. 31, 2026(DOLLARS IN THOUSANDS) 269,102$283,152$299,840$Net Interest IncomeA 158,949$166,208$175,851$Non-Interest IncomeB 238,376$252,995$291,126$Non-Interest ExpenseC 189,675$196,365$184,565$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

FAQ

How did Commerce Bancshares (CBSH) perform financially in Q1 2026?

Commerce Bancshares earned $141.6 million in net income and $0.96 diluted EPS in Q1 2026. Total revenue was $475.7 million, including $299.8 million of net interest income and $175.9 million of non-interest income, reflecting solid core banking and fee performance.

What impact did the FineMark acquisition have on Commerce Bancshares (CBSH) in Q1 2026?

The FineMark acquisition significantly expanded Commerce Bancshares, adding about $3.9 billion in assets, $2.7 billion in loans, $3.1 billion in deposits, and $8.7 billion in assets under administration. These additions helped drive double-digit loan and deposit growth and higher trust fee revenue.

How strong were Commerce Bancshares’ (CBSH) profitability metrics in Q1 2026?

Profitability remained robust, with return on average assets at 1.62% and return on average equity at 13.22% in Q1 2026. The efficiency ratio was 60.0%, temporarily elevated by acquisition-related expenses but still consistent with a well-performing regional bank franchise.

What was Commerce Bancshares’ (CBSH) asset quality like in Q1 2026?

Asset quality was strong. Non-accrual loans were just 0.05% of total loans at March 31, 2026, and net loan charge-offs were 0.30% of average loans. The allowance for credit losses on loans totaled $198.6 million, or 0.97% of total loans.

How did Commerce Bancshares’ (CBSH) loans and deposits change in Q1 2026?

Average loans reached $20.3 billion, up $2.7 billion from the prior quarter, while average deposits rose $2.1 billion to $27.7 billion. Growth was driven primarily by the FineMark acquisition and increases in personal real estate, business, and interest-bearing deposit balances.

How is Commerce Bancshares (CBSH) returning capital to shareholders?

In Q1 2026 Commerce Bancshares repurchased more than $84 million of common stock, buying about 1.6 million shares at an average price of $51.57. It also paid a quarterly cash dividend of $0.275 per share, a 5% increase over the prior year period.

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