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Commerce Bancshares Q3 earnings reach $155M

Higher trust and bank-card fees contributed to year-over-year non-interest income growth as average deposits fell $361.6 million quarter over quarter.

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Form Type
8-K

Rhea-AI Filing Summary

Commerce Bancshares, Inc. reported third-quarter 2026 diluted earnings of $1.08 per share and net income attributable to the company of $155.0 million, compared with $1.01 and $141.5 million a year earlier and $1.10 and $159.8 million in Q2. Total revenue was $494.3 million, up 12.1% year over year and down 0.9% from Q2. Net interest income was $308.9 million, down $6.2 million sequentially; non-interest income was $185.5 million, up $24.0 million year over year, mainly due to higher trust and bank-card fees. Non-interest expense was $285.9 million, down 3.7% sequentially and up 17.2% year over year, including costs associated with FineMark.

Average loans were $20.7 billion, up $172.3 million from Q2, while average deposits were $27.2 billion, down $361.6 million. Net yield on interest-earning assets was 3.71%; excluding TIPS inflation income, the prior-quarter yield was 3.66%. The allowance for credit losses on loans was $197.8 million, or 0.93% of total loans, at September 30, 2026. Commerce paid a $0.275 per-share cash dividend, a 5% increase over the same period last year, and repurchased approximately 1.9 million shares at an average $58.84 per share. It completed its acquisition of investment banking firm Nolan & Associates on October 1, 2026.

3 points · 0 major

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0 major · 0 points

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Positive

  • Moderate pointThird-quarter total revenue increased 12.1% year over year.
  • Moderate pointThird-quarter net income attributable to Commerce Bancshares increased 10% year over year.
  • Minor pointQuarterly cash dividend increased 5% year over year.

Negative

  • None.

Filing Explained

Quarter-over-quarter net yield improved on a TIPS-adjusted basis, while accumulated other comprehensive loss increased.

The filing’s quarter-end balance-sheet detail puts accumulated other comprehensive loss, a component of stockholders’ equity, at $678,958 thousand on September 30, 2026, versus $499 million on June 30, 2026; it reports the unrealized loss on available-for-sale debt securities at $847.4 million.

Reported net yield on interest-earning assets declined from 3.77% in Q2 to 3.71% in Q3; excluding prior-quarter TIPS inflation income, the comparison was 3.66% in Q2 versus 3.71% in Q3, which the company describes as an expansion.

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, or exhibit attachments filed with this report.
Diluted earnings per common share $1.08 per share Three months ended September 30, 2026
Net income attributable to Commerce Bancshares $155.0 million Third quarter 2026
Total revenue $494.3 million Third quarter 2026; increased 12.1% year over year
Net interest income $308.9 million Third quarter 2026; decreased $6.2 million from the prior quarter
Non-interest income $185.5 million Third quarter 2026; increased $24.0 million year over year
Average loan balances $20.7 billion Third quarter 2026; increased $172.3 million over the prior quarter
Total average deposits $27.2 billion Third quarter 2026; decreased $361.6 million from the prior quarter
Common shares repurchased Approximately 1.9 million shares at an average price of $58.84 per share Third quarter 2026
TIPS inflation income financial
"Excluding TIPS inflation income"
fully taxable-equivalent (FTE) financial
"On a fully taxable-equivalent (FTE) basis"
purchase accounting adjustments financial
"resulting from purchase accounting adjustments"
Purchase accounting adjustments are one-time changes made to a company’s financial statements after it buys another business, reallocating the purchase price to the acquired assets and liabilities at their fair values. Like re-appraising a house and its contents after a sale, these adjustments can shift reported assets, liabilities and future profit figures, so investors watch them because they affect balance sheets, reported earnings and comparisons with past performance.
allowance for credit losses on loans financial
"allowance for credit losses on loans totaled $197.8 million"
A bank's allowance for credit losses on loans is a reserve of money set aside to cover loans the lender expects may not be repaid. Think of it as a rainy-day fund for a loan portfolio: larger allowances signal more expected losses and reduce reported profits and available capital, so investors watch it to judge a lender’s risk exposure, earnings quality, and financial strength.
Diluted earnings per common share $1.08 per share Compared with $1.01 in Q3 2025 and $1.10 in Q2 2026
Net income attributable to Commerce Bancshares $155.0 million Compared with $141.5 million in Q3 2025 and $159.8 million in Q2 2026
Total revenue $494.3 million Increased 12.1% year over year and decreased 0.9% from Q2 2026
Net interest income $308.9 million Decreased $6.2 million from the prior quarter
Non-interest income $185.5 million Increased $24.0 million, or 14.8%, year over year and $1.6 million, or 0.9%, from the prior quarter

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were CBSH's third-quarter 2026 earnings?
Diluted earnings were $1.08 per share and net income attributable to Commerce Bancshares was $155.0 million. The comparable Q3 2025 figures were $1.01 per share and $141.5 million; Q2 2026 figures were $1.10 per share and $159.8 million.

How much revenue did CBSH report in Q3 2026?
Total revenue was $494.3 million, up 12.1% from Q3 2025 and down 0.9% from Q2 2026.

When is CBSH's FineMark systems conversion scheduled?
The FineMark systems conversion is scheduled for February 2027. Commerce said the schedule provides additional time for testing and team readiness; financial expectations and synergy targets remain unchanged.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR Accepted by SEC EDGAR
False000002235600000223562026-10-202026-10-20

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): October 20, 2026

Commerce Bancshares, Inc.
(Exact name of registrant as specified in its charter)
Missouri001-3650243-0889454
(State of Incorporation)(Commission File Number)(IRS Employer Identification No.)
1000 Walnut,
Kansas City,MO64106
(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 October 20, 2026 by Commerce Bancshares, Inc. (the Company) announcing Third 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 October 20, 2026
99.2    Slide presentation for investors and analysts dated October 20, 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/ Steven A. Brandjord 
Steven A. Brandjord
Controller
(Chief Accounting Officer) 
Date: October 20, 2026


Exhibit 99.1
commercebancshares914a01a05.jpg
CBSH
                   1000 Walnut Street / Suite 700 / Kansas City, Missouri 64106 / 816.234.2000
FOR IMMEDIATE RELEASE:
Tuesday, October 20, 2026

COMMERCE BANCSHARES, INC. REPORTS
THIRD QUARTER EARNINGS PER SHARE OF $1.08

Commerce Bancshares, Inc. announced earnings of $1.08 per share for the three months ended September 30, 2026, compared to $1.01 per share in the same quarter last year and $1.10 per share in the second quarter of 2026. Net income for the third quarter of 2026 amounted to $155.0 million, compared to $141.5 million in the third quarter of 2025 and $159.8 million in the prior quarter.

For the nine months ended September 30, 2026, earnings per share totaled $3.14 compared to $3.03 for the first nine months of 2025. Net income amounted to $456.4 million for the nine months ended September 30, 2026, compared to $425.6 million in the comparable period last year. For the year to date, the return on average assets was 1.75%, and the return on average equity was 14.03%.

In making this announcement, John Kemper, Chief Executive Officer, said, “Commerce delivered another solid quarter, with strong profitability, broad-based loan growth, continued momentum across our fee businesses and excellent credit quality. Ending loan balances grew at an annualized rate of more than 7% during the quarter, led by continued strength in our commercial and wealth segments. These results reflect the durability of our diversified business model and our team’s continued focus on serving our customers.

“Our underlying net interest margin expanded after excluding the TIPS inflation income recognized in the prior quarter. Fee income also increased, led by continued strength in our trust, bank card, and deposit fees. This balanced revenue mix remains an important source of strength for Commerce and supports consistent performance over time.

“Deposit balances performed in line with our expectations during the quarter. Our longstanding customer relationships, diverse deposit base and strong liquidity position continue to provide a solid foundation for growth. We also remained focused on disciplined capital management, repurchasing approximately 1.9 million shares while maintaining strong capital levels and supporting balance sheet growth. This balanced approach allows us to support customer growth, return capital to shareholders and maintain the strong balance sheet that has been a source of strength through economic cycles.”

Third Quarter 2026 Financial Highlights:

•Net interest income was $308.9 million, a $6.2 million decrease from the prior quarter. The net yield on interest earning assets decreased six basis points to 3.71%.

•Non-interest income totaled $185.5 million, an increase of $1.6 million, or .9%, over the prior quarter and was 37.5% of total revenue.

1
Exhibit 99.1
•Compared with the same period last year, trust fees grew $15.0 million, or 25.7%, while bank card fees increased $3.6 million, or 8.0%.

•Non-interest expense totaled $285.9 million, a decrease of $11.1 million, or 3.7%, from the prior quarter.

•Average loan balances totaled $20.7 billion, an increase of $172.3 million, or .8%, over the prior quarter.

•Total average available for sale debt securities decreased $473.7 million from the prior quarter to $8.2 billion, at fair value.

•Total average deposits decreased $361.6 million, or 1.3%, from the prior quarter to $27.2 billion.

•The ratio of annualized net loan charge-offs to average loans was .20% in the current quarter compared to .19% in the prior quarter.

•The allowance for credit losses on loans increased $2.5 million during the third quarter of 2026 to $197.8 million, and the ratio of the allowance for credit losses on loans to total loans was .93% at September 30, 2026, compared to .94% at June 30, 2026.

•The Company purchased approximately 1.9 million shares of its common stock during the current quarter at an average price of $58.84.

•Total assets on September 30, 2026 were $34.8 billion, a decrease of $445.8 million from the prior quarter.

•For the quarter, the return on average assets was 1.79%, the return on average equity was 14.17%, and the efficiency ratio was 56.69%.

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. The company also delivers financial planning, private banking, investment management and trust services to clients throughout a network of dedicated wealth offices across the country. 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 EndedFor the Nine Months Ended
(Unaudited)
(Dollars in thousands, except per share data)		Sep. 30, 2026Jun. 30, 2026Sep. 30, 2025Sep. 30, 2026Sep. 30, 2025
FINANCIAL SUMMARY
Net interest income$308,877 $315,085 $279,457 $923,802 $828,706 
Non-interest income185,466 183,828 161,511 545,145 486,073 
Total revenue494,343 498,913 440,968 1,468,947 1,314,779 
Investment securities gains (losses)4,097 12,830 7,885 28,574 731 
Provision for credit losses10,025 8,731 20,061 29,716 40,145 
Non-interest expense285,931 297,068 244,018 874,125 726,831 
Income before taxes202,484 205,944 184,774 593,680 548,534 
Income taxes44,408 45,775 41,152 131,064 120,516 
Non-controlling interest expense (income)3,086 379 2,104 6,213 2,429 
Net income attributable to Commerce Bancshares, Inc.$154,990 $159,790 $141,518 $456,403 $425,589 
Earnings per common share:
Net income — basic$1.08 $1.10 $1.01 $3.14 $3.03 
Net income — diluted$1.08 $1.10 $1.01 $3.14 $3.03 
Effective tax rate22.27%22.27%22.53%22.31%22.07%
Fully-taxable equivalent net interest income$311,255 $317,475 $281,770 $930,934 $835,614 
Average total interest earning assets (1)
$33,289,647 $33,779,032 $30,732,665 $33,730,139 $30,753,879 
Diluted wtd. average shares outstanding142,219,858 144,309,038 139,086,435 144,115,180 139,338,842 
RATIOS
Average loans to deposits (2)
76.06%74.44%70.61%74.65%70.08%
Return on total average assets1.79 1.84 1.78 1.75 1.81 
Return on average equity (3)
14.17 14.70 15.26 14.03 16.15 
Non-interest income to total revenue37.52 36.85 36.63 37.11 36.97 
Efficiency ratio (4)
56.69 58.40 55.26 58.34 55.21 
Net yield on interest earning assets3.71 3.77 3.64 3.69 3.63 
EQUITY SUMMARY
Cash dividends per share$.275 $.275 $.262 $.825 $.786 
Cash dividends on common stock$39,246 $39,861 $36,733 $119,462 $110,360 
Book value per share (5)
$29.68 $30.45 $27.15 
Market value per share (5)
$54.74 $57.75 $56.91 
High market value per share$60.92 $58.43 $63.18 
Low market value per share$54.68 $48.74 $55.16 
Common shares outstanding (5)
142,043,272 143,894,124 139,672,183 
Tangible common equity to tangible assets (6)
11.06%11.39%11.27%
Tier I leverage ratio13.04%12.81%12.95%
OTHER QTD INFORMATION
Assets under administration (shown in billions)$92.2 $94.5 $82.2 
Number of bank/ATM locations247 248 239 
Full-time equivalent employees4,969 4,976 4,666 
(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 EndedFor the Nine Months Ended
Sep. 30, 2026Jun. 30, 2026Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025Sep. 30, 2026Sep. 30, 2025
Interest income$402,695 $407,331 $396,507 $373,617 $374,105 $1,206,533 $1,110,106 
Interest expense93,818 92,246 96,667 90,465 94,648 282,731 281,400 
Net interest income308,877 315,085 299,840 283,152 279,457 923,802 828,706 
Provision for credit losses10,025 8,731 10,960 15,993 20,061 29,716 40,145 
Net interest income after credit losses298,852 306,354 288,880 267,159 259,396 894,086 788,561 
NON-INTEREST INCOME
Trust fees73,418 71,512 71,049 62,125 58,412 215,979 170,575 
Bank card transaction fees49,182 48,121 45,585 46,761 45,551 142,888 137,506 
Deposit account charges and other fees29,651 29,259 28,578 27,949 27,427 87,488 80,297 
Consumer brokerage services6,345 5,862 5,444 5,185 6,698 17,651 16,866 
Capital market fees4,034 5,667 5,338 4,230 5,138 15,039 16,425 
Loan fees and sales3,566 3,274 3,243 3,594 3,465 10,083 10,288 
Other19,270 20,133 16,614 16,364 14,820 56,017 54,116 
Total non-interest income185,466 183,828 175,851 166,208 161,511 545,145 486,073 
INVESTMENT SECURITIES GAINS (LOSSES), NET4,097 12,830 11,647 2,929 7,885 28,574 731 
NON-INTEREST EXPENSE
Salaries and employee benefits181,566 179,954 180,787 162,889 157,461 542,307 465,564 
Data processing and software38,849 38,241 38,328 35,273 33,555 115,418 98,697 
Professional and other services14,645 16,506 18,792 14,573 11,284 49,943 34,283 
Net occupancy15,068 14,638 15,308 13,172 13,474 45,014 41,148 
Marketing6,824 6,413 6,957 6,201 6,670 20,194 18,487 
Equipment5,707 5,870 5,671 5,682 5,421 17,248 15,826 
Supplies and communication5,492 5,484 5,238 4,841 4,837 16,214 14,845 
Deposit Insurance3,789 3,841 3,914 (81)3,074 11,544 10,130 
Other13,991 26,121 16,131 10,445 8,242 56,243 27,851 
Total non-interest expense285,931 297,068 291,126 252,995 244,018 874,125 726,831 
Income before income taxes202,484 205,944 185,252 183,301 184,774 593,680 548,534 
Less income taxes44,408 45,775 40,881 40,620 41,152 131,064 120,516 
Net income158,076 160,169 144,371 142,681 143,622 462,616 428,018 
Less non-controlling interest expense (income)3,086 379 2,748 2,019 2,104 6,213 2,429 
Net income attributable to Commerce Bancshares, Inc.$154,990 $159,790 $141,623 $140,662 $141,518 $456,403 $425,589 
Net income per common share — basic$1.08 $1.10 $0.96 $1.01 $1.01 $3.14 $3.03 
Net income per common share — diluted$1.08 $1.10 $0.96 $1.01 $1.01 $3.14 $3.03 
OTHER INFORMATION
Return on total average assets1.79%1.84%1.62%1.73%1.78%1.75%1.81%
Return on average equity (1)
14.1714.7013.2214.7015.2614.0316.15
Efficiency ratio (2)
56.6958.4060.0056.2355.2658.3455.21
Effective tax rate22.2722.2722.4022.4122.5322.3122.07
Net yield on interest earning assets3.713.773.593.603.643.693.63
Fully-taxable equivalent net interest income$311,255 $317,475 $302,204 $285,830 $281,770 $930,934 $835,614 
(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)		Sep. 30, 2026Jun. 30, 2026Sep. 30, 2025
ASSETS
Loans
     Business $7,262,310 $7,115,984 $6,414,792 
     Real estate — construction and land1,451,704 1,493,455 1,433,652 
     Real estate — business4,227,627 4,064,253 3,745,000 
     Real estate — personal4,335,991 4,369,077 3,070,980 
     Consumer2,712,153 2,527,448 2,171,599 
     Revolving home equity662,277 649,332 364,241 
     Consumer credit card556,558 561,277 575,317 
     Overdrafts3,321 52,655 11,186 
Total loans21,211,941 20,833,481 17,786,767 
Allowance for credit losses on loans(197,840)(195,375)(175,671)
Net loans21,014,101 20,638,106 17,611,096 
Loans held for sale2,165 3,799 2,538 
Investment securities:
Available for sale debt securities7,928,567 8,322,634 8,998,586 
Trading debt securities43,700 57,651 56,282 
Equity securities41,492 114,724 53,193 
Other securities239,001 242,737 227,430 
Total investment securities8,252,760 8,737,746 9,335,491 
Federal funds sold515 2,010 — 
Securities purchased under agreements to resell1,150,000 1,150,000 850,000 
Interest earning deposits with banks1,773,409 2,260,162 2,477,668 
Cash and due from banks624,151 645,674 476,441 
Premises and equipment — net554,527 527,679 483,000 
Goodwill253,805 253,805 146,539 
Other intangible assets — net135,087 140,482 13,329 
Other assets1,062,864 909,704 892,586 
Total assets$34,823,384 $35,269,167 $32,288,688 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing$8,217,972 $8,172,552 $7,489,645 
Savings, interest checking and money market16,741,629 17,320,654 15,551,799 
Certificates of deposit of less than $100,000991,028 1,017,503 1,002,640 
Certificates of deposit of $100,000 and over1,297,238 1,364,993 1,413,965 
Total deposits27,247,867 27,875,702 25,458,049 
Federal funds purchased and securities sold under agreements to repurchase2,696,103 2,428,291 2,473,065 
Other borrowings16,164 26,291 9,270 
Other liabilities647,826 557,078 555,257 
Total liabilities30,607,960 30,887,362 28,495,641 
Stockholders’ equity:
Common stock742,606 742,606 676,054 
Capital surplus3,999,745 3,993,098 3,390,526 
Retained earnings468,767 353,023 360,723 
Treasury stock(343,578)(232,318)(121,972)
Accumulated other comprehensive income (loss)(678,958)(498,731)(533,666)
Total stockholders’ equity4,188,582 4,357,678 3,771,665 
Non-controlling interest26,842 24,127 21,382 
Total equity4,215,424 4,381,805 3,793,047 
Total liabilities and equity$34,823,384 $35,269,167 $32,288,688 

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

(Unaudited)
(In thousands)		For the Three Months Ended
Sep. 30, 2026Jun. 30, 2026Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025
ASSETS:
Loans:
Business$6,934,517 $6,864,328 $6,687,131 $6,317,805 $6,230,019 
Real estate — construction and land1,471,171 1,545,640 1,592,328 1,408,339 1,396,977 
Real estate — business4,077,981 4,062,672 4,045,670 3,730,679 3,715,597 
Real estate — personal4,343,967 4,386,681 4,417,131 3,058,834 3,059,913 
Consumer2,653,454 2,472,965 2,421,541 2,200,500 2,160,637 
Revolving home equity653,614 630,034 611,101 372,194 360,820 
Consumer credit card545,441 544,688 555,697 565,896 563,351 
Overdrafts6,449 7,291 7,144 6,592 7,037 
Total loans
20,686,594 20,514,299 20,337,743 17,660,839 17,494,351 
Allowance for credit losses on loans(194,777)(198,032)(201,769)(175,129)(164,623)
Net loans20,491,817 20,316,267 20,135,974 17,485,710 17,329,728 
Loans held for sale1,909 1,462 2,361 2,532 2,369 
Investment securities:
U.S. government and federal agency obligations3,495,551 3,365,011 3,190,796 3,197,720 2,693,327 
Government-sponsored enterprise obligations54,554 54,593 54,800 54,955 55,014 
State and municipal obligations673,412 695,988 709,332 724,737 756,137 
Mortgage-backed securities3,444,269 4,015,292 4,211,068 4,316,799 4,461,056 
Asset-backed securities1,015,185 1,056,932 1,201,187 1,336,859 1,466,770 
Other debt securities
165,446 171,284 176,676 196,633 204,281 
Unrealized gain (loss) on debt securities(656,125)(693,080)(630,778)(645,595)(766,025)
Total available for sale debt securities8,192,292 8,666,020 8,913,081 9,182,108 8,870,560 
Trading debt securities
50,797 53,144 97,801 61,160 56,032 
Equity securities66,468 92,386 50,378 52,387 50,823 
Other securities 241,759 247,335 250,641 227,395 220,041 
Total investment securities8,551,316 9,058,885 9,311,901 9,523,050 9,197,456 
Federal funds sold901 733 862 — 23 
Securities purchased under agreements to resell1,150,000 934,617 850,000 850,000 850,000 
Interest earning deposits with banks2,242,802 2,575,956 2,997,340 2,786,891 2,422,441 
Other assets1,950,335 1,986,886 2,074,538 1,700,147 1,709,247 
Total assets$34,389,080 $34,874,806 $35,372,976 $32,348,330 $31,511,264 
LIABILITIES AND EQUITY:
Non-interest bearing deposits$8,065,085 $8,034,747 $7,874,488 $7,592,431 $7,345,156 
Savings1,299,729 1,330,292 1,301,768 1,261,285 1,283,671 
Interest checking and money market15,486,834 15,770,092 16,019,323 14,335,613 13,740,770 
Certificates of deposit of less than $100,0001,006,309 1,026,185 1,035,130 1,015,617 991,877 
Certificates of deposit of $100,000 and over1,341,305 1,399,523 1,465,168 1,389,149 1,416,572 
Total deposits27,199,262 27,560,839 27,695,877 25,594,095 24,778,046 
Borrowings:
Federal funds purchased176,809 250,160 141,888 130,487 130,622 
Securities sold under agreements to repurchase2,243,167 2,299,180 2,674,484 2,429,746 2,519,660 
Other borrowings1,119 1,362 90,796 1,230 1,860 
Total borrowings2,421,095 2,550,702 2,907,168 2,561,463 2,652,142 
Other liabilities429,744 403,831 423,998 395,336 402,265 
Total liabilities30,050,101 30,515,372 31,027,043 28,550,894 27,832,453 
Equity4,338,979 4,359,434 4,345,933 3,797,436 3,678,811 
Total liabilities and equity$34,389,080 $34,874,806 $35,372,976 $32,348,330 $31,511,264 

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

(Unaudited)For the Three Months Ended
Sep. 30, 2026Jun. 30, 2026Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025
ASSETS:
Loans:
Business (1)
5.39%5.39%5.41%5.48%5.72%
Real estate — construction and land6.42 6.40 6.59 7.05 7.37 
Real estate — business5.61 5.70 5.75 5.76 5.92 
Real estate — personal4.85 4.79 4.82 4.38 4.34 
Consumer5.97 6.12 6.20 6.23 6.42 
Revolving home equity7.21 7.27 7.29 7.25 7.94 
Consumer credit card12.54 12.58 12.64 12.81 13.21 
Overdrafts— — — — — 
Total loans5.71 5.73 5.79 5.84 6.02 
Loans held for sale6.23 6.31 4.98 5.01 6.03 
Investment securities:
U.S. government and federal agency obligations4.04 4.76 3.60 4.07 4.06 
Government-sponsored enterprise obligations2.35 2.38 2.40 2.36 2.35 
State and municipal obligations (1)
2.06 2.07 2.10 2.06 2.05 
Mortgage-backed securities2.06 2.10 2.12 2.05 2.01 
Asset-backed securities3.83 3.77 3.80 3.78 3.69 
Other debt securities3.15 3.16 3.17 2.97 2.97 
Total available for sale debt securities3.07 3.26 2.85 2.96 2.86 
Trading debt securities (1)
4.51 4.37 3.14 4.61 4.67 
Equity securities (1)
3.46 3.27 6.49 6.35 6.09 
Other securities (1)
7.84 9.28 6.81 9.08 7.29 
Total investment securities3.20 3.42 2.97 3.12 2.99 
Federal funds sold3.96 3.28 3.29 — — 
Securities purchased under agreements to resell4.04 4.03 4.03 4.00 4.00 
Interest earning deposits with banks3.74 3.70 3.70 3.95 4.45 
Total interest earning assets4.83 4.87 4.74 4.74 4.86 
LIABILITIES AND EQUITY:
Interest bearing deposits:
Savings.06 .06 .07 .05 .05 
Interest checking and money market1.54 1.45 1.48 1.45 1.54 
Certificates of deposit of less than $100,0002.96 3.07 3.17 3.25 3.33 
Certificates of deposit of $100,000 and over3.17 3.27 3.35 3.60 3.71 
Total interest bearing deposits1.63 1.57 1.61 1.62 1.71 
Borrowings:
Federal funds purchased3.73 3.67 3.66 3.92 4.34 
Securities sold under agreements to repurchase2.41 2.35 2.39 2.54 2.88 
Other borrowings1.06 .88 3.88 .65 1.71 
Total borrowings2.51 2.48 2.50 2.61 2.95 
Total interest bearing liabilities1.73%1.68%1.72%1.75%1.87%
Net yield on interest earning assets3.71%3.77%3.59%3.60%3.64%
(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 EndedFor the Nine Months Ended
(Unaudited)
(In thousands, except ratios)		Sep. 30, 2026Jun. 30, 2026Mar. 31, 2026Dec. 31, 2025Sep. 30, 2025Sep. 30, 2026Sep. 30, 2025
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period$195,375 $198,605 $179,468 $175,671 $165,260 $179,468 $162,742 
     Initial allowance for credit loss at acquisition— — 22,828 — — 22,828 — 
     Provision for credit losses on loans13,068 6,311 11,283 13,660 20,739 30,662 43,753 
     Net charge-offs (recoveries):
        Commercial portfolio:
     Business763 224 241 222 826 1,228 1,304 
     Real estate — construction and land — — — 16 — — 24 
     Real estate — business(7)(7)5,405 (24)(23)5,391 (71)
756 217 5,646 214 803 6,619 1,257 
        Personal banking portfolio:
     Consumer credit card6,323 7,029 7,139 6,488 6,515 20,491 20,567 
     Consumer2,893 1,598 1,768 2,498 2,310 6,259 7,330 
     Overdraft493 411 413 485 432 1,317 1,287 
     Real estate — personal139 203 2 180 269 344 376 
     Revolving home equity(1)83 6 (2)(1)88 7 
9,847 9,324 9,328 9,649 9,525 28,499 29,567 
     Total net loan charge-offs10,603 9,541 14,974 9,863 10,328 35,118 30,824 
Balance at end of period$197,840 $195,375 $198,605 $179,468 $175,671 $197,840 $175,671 
LIABILITY FOR UNFUNDED LENDING COMMITMENTS$17,076 $20,119 $17,699 $17,660 $15,327 
NET CHARGE-OFF RATIOS (1)
Commercial portfolio:
     Business.04%.01%.01%.01%.05%.02%.03%
     Real estate — construction and land— — — — — — — 
     Real estate — business— — .54 — — .18 — 
.02 .01 .19 .01 .03 .07 .01 
Personal banking portfolio:
     Consumer credit card4.60 5.18 5.21 4.55 4.59 4.99 4.90 
     Consumer.43 .26 .30 .45 .42 .33 .46 
     Overdraft30.33 22.61 23.45 29.19 24.36 25.30 27.79 
     Real estate — personal.01 .02 — .02 .03 .01 .02 
     Revolving home equity— .05 — — — .02 — 
.48 .47 .47 .62 .61 .47 .65 
Total.20%.19%.30%.22%.23%.23%.24%
CREDIT QUALITY RATIOS
Non-accrual loans to total loans.05%.06%.05%.09%.09%
Allowance for credit losses on loans to total loans.93 .94 .97 1.01 .99 
NON-ACCRUAL AND PAST DUE LOANS
  Non-accrual loans:
     Business$268 $92 $201 $123 $255 
     Real estate — construction and land— — — — 191 
     Real estate — business9,135 9,365 9,369 14,785 14,940 
     Real estate — personal2,070 2,128 1,316 842 867 
     Revolving home equity32 33 34 — — 
   Total 11,505 11,618 10,920 15,750 16,253 
Loans past due 90 days and still accruing interest$26,409 $23,703 $22,824 $24,659 $21,536 
(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 Third Quarter Results
September 30, 2026
For the quarter ended September 30, 2026, net income amounted to $155.0 million, compared to $159.8 million in the previous quarter and $141.5 million in the same quarter last year. The decrease in net income from the previous quarter was primarily the result of lower net interest income and net securities gains, partly offset by lower non-interest expense. The net yield on interest earning assets decreased six basis points from the previous quarter to 3.71%. Average loans increased $172.3 million, while average deposits and available for sale investment securities, at fair value, decreased $361.6 million and $473.7 million, respectively, compared to the prior quarter. For the quarter, the return on average assets was 1.79%, the return on average equity was 14.17%, and the efficiency ratio was 56.69%.

Balance Sheet Review
During the 3rd quarter of 2026, average loans totaled $20.7 billion, an increase of $172.3 million over the prior quarter, and an increase of $3.2 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 consumer and business loans grew $180.5 million and $70.2 million, respectively, while average construction and personal real estate loan balances declined $74.5 million and $42.7 million, respectively. During the current quarter, the Company sold certain fixed rate personal real estate loans totaling $24.1 million, compared to $15.9 million in the prior quarter.

Total average available for sale debt securities decreased $473.7 million from the previous quarter to $8.2 billion, at fair value. The decrease in available for sale debt securities was mainly the result of lower average balances of mortgage-backed securities, partly offset by higher average balances of U.S. government and federal agency obligations. During the 3rd quarter of 2026, the unrealized loss on available for sale debt securities increased $228.8 million to $847.4 million, at period end. Also, during the 3rd quarter of 2026, purchases of available for sale debt securities totaled $263.8 million with a weighted average yield of approximately 4.88%. Sales, maturities and pay downs of available for sale debt securities were $432.3 million. On September 30, 2026, the duration of the available for sale investment portfolio was 4.1 years, and maturities and pay downs of approximately $1.1 billion are expected to occur during the next 12 months.

Total average deposits decreased $361.6 million this quarter compared to the previous quarter and increased $2.4 billion over the same quarter last year. The decrease in average balances compared to the prior quarter was primarily due to a decline of $283.3 million in interest checking and money market deposits, while the increase in average balances over the same quarter last year was primarily due to the FineMark acquisition.

Compared to the previous quarter, total average commercial deposits grew $103.9 million, while wealth and retail banking deposits declined $295.2 million and $145.8 million, respectively. The average loans to deposits ratio was 76.1% in the current quarter and 74.4% in the prior quarter. The Company’s average borrowings, which included average customer repurchase agreements of $2.2 billion, decreased $129.6 million to $2.4 billion in the 3rd quarter of 2026.

Net Interest Income
Net interest income in the 3rd quarter of 2026 amounted to $308.9 million, a decrease of $6.2 million from the previous quarter. On a fully taxable-equivalent (FTE) basis, net interest income for the current quarter decreased $6.2 million from the previous quarter to $311.3 million. The decrease in net interest income was mostly due to lower interest income on investment securities and deposits with banks and higher interest expense on deposits, partly offset by higher interest income on loans and securities purchased under resell agreements. Accretion income on FineMark’s loans resulting from purchase accounting adjustments totaled $5.0 million in the current quarter. The net yield (FTE) on earning assets decreased to 3.71%, from 3.77% in the prior quarter. The Company sold its portfolio of Treasury inflation-protected securities (TIPS) in the previous quarter. Excluding TIPS inflation income, the net yield (FTE) on interest earning assets was 3.66% in the previous quarter compared to 3.71% in the current quarter.

Compared to the previous quarter, interest income on loans (FTE) increased $4.5 million, mostly due to higher average balances of consumer loans and higher average rates earned on personal real estate loans. These increases were partly offset by lower average balances of construction loans and lower average rates earned on consumer loans. The average yield (FTE) on the loan portfolio decreased two basis points to 5.71% this quarter.

Interest income on investment securities (FTE) decreased $8.9 million from the prior quarter, mostly due to lower rates earned on U.S. government and federal agency obligations, which included TIPS inflation income of $9.1 million in the prior quarter, and lower average balances of mortgage-backed securities. Additionally, the Company recorded a $955 thousand adjustment to premium amortization at September 30, 2026, which increased interest income to reflect slower forward prepayment speed estimates on mortgage-backed securities. This increase was lower than the $1.1 million adjustment that increased interest income in the prior quarter. The average yield (FTE) on total investment securities was 3.20% in the current quarter, compared to 3.42% in the previous quarter.

9
Exhibit 99.1
COMMERCE BANCSHARES, INC.                                
Management Discussion of Third Quarter Results
September 30, 2026
Compared to the previous quarter, interest income on deposits with banks decreased $2.6 million due to lower average balances, partly offset by higher average rates earned.

Interest expense increased $1.6 million compared to the previous quarter, mainly due to higher rates paid on interest checking and money market deposit accounts, partly offset by lower interest checking and short-term certificate of deposit balances. Interest expense on borrowings decreased $481 thousand mostly due to lower average balances of federal funds purchased and securities sold under repurchase agreements, partly offset by higher rates paid on securities sold under repurchase agreements. The average rate paid on interest bearing deposits was 1.63% in the current quarter compared to 1.57% in the prior quarter. The overall rate paid on interest bearing liabilities was 1.73% in the current quarter and 1.68% in the prior quarter.

Non-Interest Income
In the 3rd quarter of 2026, total non-interest income amounted to $185.5 million, an increase of $24.0 million, or 14.8%, over the same period last year and an increase of $1.6 million, or .9%, over the prior quarter. The increase in non-interest income over the same period last year was mainly due to higher trust fees, bank card fees and deposit account fees. The increase in non-interest income compared to the prior quarter was mainly due to higher trust fees and bank card fees, partially offset by lower capital market fees.

Total net bank card fees in the current quarter increased over the same period last year and the prior quarter by $3.6 million, or 8.0%, and $1.1 million, or 2.2%, respectively. Compared to the same period last year, net corporate card fees increased $3.6 million, or 14.2%, primarily due to higher interchange fees, partly offset by higher rewards expense. Net merchant fees increased $241 thousand, or 4.3%, while net debit card fees decreased $265 thousand, or 2.4%. Total net bank card fees this quarter were comprised of fees on corporate card ($28.7 million), debit card ($11.0 million), merchant ($5.8 million) and credit card ($3.7 million) transactions.

In the current quarter, trust fees increased $15.0 million, or 25.7%, over the same period last year, and increased $1.9 million, or 2.7%, over the prior quarter, mostly resulting from higher private client fees. Compared to the same period last year, deposit account fees increased $2.2 million, or 8.1%, mostly due to higher corporate cash management fees. In the current quarter, the Company recorded a $2.0 million gain on the sale of assets.

For the 3rd quarter of 2026, non-interest income comprised 37.5% of the Company’s total revenue.

Investment Securities Gains and Losses
The Company recorded net securities gains of $4.1 million in the current quarter, compared to net gains of $12.8 million in the prior quarter and $7.9 million in the 3rd quarter of 2025. Net securities gains in the current quarter resulted primarily from net gains of $13.4 million on the Company’s portfolio of private equity investments, driven by $8.1 million in fair value adjustments and a $5.5 million gain on the sale of an investment. In addition, gains of $3.1 million resulted from the Company’s sale of 206 thousand shares of Visa, Inc. (“Visa”) Class A common stock (converted from 51 thousand shares of Visa Class C common stock). As of September 30, 2026, the Company has sold all the Visa Class C shares it received from the 2026 Visa exchange offer. These gains were partly offset by losses of $12.4 million on sales of available for sale debt securities.

Non-Interest Expense
Non-interest expense for the current quarter amounted to $285.9 million, compared to $244.0 million in the same period last year and $297.1 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, and intangible amortization expense. The decrease in non-interest expense from the prior quarter was mainly due to lower litigation expense and professional and other services expense, partly offset by higher healthcare expense.

Compared to the 3rd quarter of 2025, salaries and employee benefits expense increased $24.1 million, or 15.3%, mostly due to the onboarding of FineMark’s team members at the beginning of 2026. Acquisition-related salaries and benefits expense was $3.3 million in the current quarter. In addition, healthcare expense increased $4.1 million over the same period last year. Full-time equivalent employees totaled 4,969 and 4,666 at September 30, 2026 and 2025, respectively.

Compared to the same period last year, data processing and software expense increased $5.3 million mainly due to higher costs for service providers. Professional and other services expense increased $3.4 million compared to the 3rd quarter of 2025 and included $1.2 million in acquisition-related legal and professional services expense. The increase in other non-interest expense was mainly due to an increase of $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, 22.3% in the prior quarter, and 22.5% in the 3rd quarter of 2025.

Credit Quality
Net loan charge-offs in the 3rd quarter of 2026
10
Exhibit 99.1
COMMERCE BANCSHARES, INC.                                
Management Discussion of Third Quarter Results
September 30, 2026
amounted to $10.6 million, compared to $9.5 million in the prior quarter, and $10.3 million in the same period last year. The ratio of annualized net charge-offs to total average loans was .20% in the current quarter, .19% in the previous quarter, and .23% in the same quarter of last year. Compared to the prior quarter, net charge-offs on consumer and business loans increased $1.3 million and $539 thousand, respectively, while net charge-offs on consumer credit card loans decreased $706 thousand.

In the 3rd quarter of 2026, annualized net charge-offs on average consumer credit card loans were 4.60% compared to 5.18% in the previous quarter and 4.59% in the same quarter last year. Consumer loan net charge-offs were .43% of average consumer loans in the current quarter, .26% in the prior quarter, and .42% in the same quarter last year.

At September 30, 2026, the allowance for credit losses on loans totaled $197.8 million, or .93% of total loans, and increased $2.5 million compared to the prior quarter. Additionally, the liability for unfunded lending commitments on September 30, 2026 was $17.1 million, a decrease of $3.0 million compared to the liability on June 30, 2026.

At September 30, 2026, total non-accrual loans amounted to $11.5 million, a decrease of $113 thousand compared to the previous quarter. At September 30, 2026, the balance of non-accrual loans, which represented .05% of loans outstanding, included business real estate loans of $9.1 million, personal real estate loans of $2.1 million and business loans of $268 thousand. Loans more than 90 days past due and still accruing interest totaled $26.4 million at September 30, 2026.

Other
During the 3rd 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 1.9 million shares of treasury stock during the current quarter at an average price of $58.84.

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 3rd 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 $34.8 BILLION TOTAL ASSETS 36TH LARGEST U.S. BANK BASED ON ASSET SIZE1 $7.8 BILLION MARKET CAP 28TH LARGEST U.S. BANK BASED ON MARKET CAP1 $92.2 BILLION TOTAL TRUST ASSETS UNDER ADMINISTRATION 15TH LARGEST AMONG BANK-MANAGED TRUST COMPANIES BASED ON AUM2 16.85% TIER 1 COMMON RISK- BASED CAPITAL RATIO 1ST HIGHEST AMONG TOP 50 U.S. BANKS BASED ON ASSET SIZE1 AS OF JUNE 30, 2026 $27.2 BILLION TOTAL DEPOSITS $21.2 BILLION TOTAL LOANS3 $9.9 BILLION COMMERCIAL CARD VOLUME AS OF DECEMBER 31, 2025 14.03% RETURN ON AVERAGE COMMON EQUITY YTD 7TH 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 6/30/2026 2S&P Global Market Intelligence – Regulated U.S. depositories managed by bank holding companies, rankings as of 6/30/2026; 3Includes loans held for sale; 4Moody’s Sector Profile: Banks, August 20, 2026, Baseline Credit Assessment (BCA) reflects a bank’s standalone credit strength. Company reports and filings, information as of 9/30/2026 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 $26.0 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 Nearly 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 9/30/2026; 2Excludes certificates of deposit greater than $100,000, period-end balance as of 9/30/2026; 3Based on 1Q2026 paid dividend; 4As of 9/30/2026 4

 

3Q2026 HIGHLIGHTS • Earnings of $1.08 per share, compared to $1.10 in Q2 and $1.01 in Q3 2025 • ROAA of 1.79% and ROAE of 14.17% • Efficiency ratio of 56.7% • Net income of $155MM in Q3, a decrease of $5MM from Q2 • Net interest income of $309MM, down 2% from Q2 • Net interest margin was 3.71%; excluding TIPS inflation income, margin expanded 5 bps over Q2 • Non-interest income increased 1% over Q2 and was 38% of total revenue • Non-interest expense decreased 4% from Q2 • Period-end loan balances increased more than 7% annualized over Q2 • Quarterly average deposit balances were down $362MM from Q2 • Average non interest-bearing deposits increased slightly to $8.1B, representing 30% of average deposits • Total cost of deposits increased 4 bps over Q2 to 1.15% • QTD average loan to deposit ratio of 76% • Repurchased approximately 1.9MM shares of common stock • $2.2B in average cash balances at Federal Reserve Bank (FRB) in Q3 • Net loan charge-offs of .20% annualized; non-accrual loans of .05% • Loan yield of 5.71% includes accretion income of $5MM • Completed the acquisition of investment banking firm Nolan & Associates on October 1, 2026 • FineMark systems conversion scheduled for February 2027 to provide additional time for testing and team readiness; financial expectations and synergy targets remain unchanged 5 Performance Income Statement Loans & Deposits Capital / Other

 

BALANCE SHEET HIGHLIGHTS 3Q26 vs. 3Q25 3Q26 vs. 2Q26 Quarterly Average Balances % Change$ Change% Change$ Change3Q26$ in millions 10%$1,141.10%$11.0$12,483.7Commercial 33%2,051.22%161.38,202.9Consumer 18%$3,192.21%$172.3$20,686.6Total Loans -7%)($646.1-6%)($507.6$8,551.3Investment Securities1 -7%)($179.6-13%)($333.2$2,242.8 Interest Earning Deposits with Banks 10%$2,421.2-1%)($361.6$27,199.3Deposits 9%$2.53-3%)($.77$29.68Book Value per Share2 Average Loans: Increased 1% compared to the previous quarter, 4% annualized Interest Earning Deposits with Banks: Ample levels of liquidity on balance sheet. 1At fair value 2For the quarters ended September 30, 2026, June 30, 2026, and September 30, 2025 6

 

$17.4 $19.5 $19.1 $7.4 $8.1 $8.1 3Q25 2Q26 3Q26 $24.8 $27.6 $27.2 +10% $11.3 $12.5 $12.5 $6.2 $8.0 $8.2 3Q25 2Q26 3Q26 $17.5 $20.5 $20.7 +18% 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 6.02% 5.73% 5.71% 1.71% 1.57% 1.63% 1Tax equivalent yield

 

LOAN PORTFOLIO 8 YoYQoQ9/30/20256/30/20269/30/2026$ in 000s 13.2%2.1%$6,414,792 $7,115,984 $7,262,310 Business 1.3%-2.8%1,433,6521,493,4551,451,704Construction 12.9%4.0%3,745,0004,064,2534,227,627Business Real Estate 41.2%-.8%3,070,9804,369,0774,335,991Personal Real Estate 24.9%7.3%2,171,5992,527,4482,712,153Consumer 81.8%2.0%364,241649,332662,277Revolving Home Equity -3.3%-.8%575,317561,277556,558Consumer Credit Card -70.3%-93.7%11,18652,6553,321Overdrafts 19.3%1.8%$17,786,767$20,833,481$21,211,941Total Loans Period-End Balances YoYQoQ9/30/20256/30/20269/30/2026$ in 000s 11.3%1.0%$6,230,019 $6,864,328 $6,934,517 Business 5.3%-4.8%1,396,9771,545,6401,471,171Construction 9.8%.4%3,715,5974,062,6724,077,981Business Real Estate 42.0%-1.0%3,059,9134,386,6814,343,967Personal Real Estate 22.8%7.3%2,160,6372,472,9652,653,454Consumer 81.1%3.7%360,820630,034653,614Revolving Home Equity -3.2%.1%563,351544,688545,441Consumer Credit Card -8.4%-11.5%7,0377,2916,449Overdrafts 18.2%.8%$17,494,351$20,514,299$20,686,594Total Loans QTD Average Balances

 

$184 $202 $315 $297 2Q26 $499 9 INCOME STATEMENT HIGHLIGHTS $162 $197 $279 $244 3Q25 $441 $185 $208 $309 $286 3Q26 $494 Non-Interest Income (+) Net Interest Income (+) Non-Interest Expense (-) Pre-Tax, Pre-Provision Net Revenue (=) 3Q26 Comparison 5.8%vs. 3Q25 3.3%vs. 2Q26 Pre-Tax, Pre-Provision Net Revenue (PPNR)1 $ in millions Expenses decreased 3.7% from Q2 and increased 17.2% over the prior year. Revenue decreased 0.9% from Q2 and increased 12.1% over the prior year. 1See the non-GAAP reconciliation on page 22

 

3Q26 vs. 3Q25 3Q26 vs. 2Q26 % Change$ Change% Change$ Change3Q26$ in millions 11%$29.4-2%-$6.2$308.9Net Interest Income 15%$24.01%$1.6$185.5Non-Interest Income 17%$41.9-4%-$11.1$285.9Non-Interest Expense 6%$11.53%$6.6$208.4Pre-Tax, Pre-Provision Net Revenue1 -48%-$3.8-68%-$8.7$4.1Investment Securities Gains, Net -50%-$10.015%$1.3$10.0Provision for Credit Losses 10%$13.5-3%-$4.8$155.0Net-Income Attributable to Commerce Bancshares, Inc. 3Q26 vs. 3Q253Q25 3Q26 vs. 2Q262Q263Q26For the three months ended 7%$1.01-2%$1.10$1.08Net Income per Common Share – Diluted 7 bps3.64%-6 bps3.77%3.71%Net Yield on Interest Earning Assets INCOME STATEMENT HIGHLIGHTS 1See the non-GAAP reconciliation on page 22 10

 

Total Non-Interest Income: 38% of total revenue in Q3 2026. Trust Fees: Increase over the prior quarter mainly due to higher private client fees. Bank Card Transaction Fees: Increase over the prior quarter mainly due to growth in corporate card fees. Other: Includes $2.0MM gain on the sale of assets. NON-INTEREST INCOME HIGHLIGHTS 11 3Q26 vs. 3Q25 3Q26 vs. 2Q26 % Change$ Change% Change$ Change3Q26$ in millions 26%$15.03%$1.9$73.4Trust Fees 8%3.62%1.149.2Bank Card Transaction Fees 8%2.21%.429.7Deposit Account Charges and Other Fees -5%)(.48%.56.3Consumer Brokerage Services -21%)(1.1-29%)(1.64.0Capital Market Fees 3%.19%.33.6Loan Fees and Sales 30%4.5-4%)(.919.3Other 15%$24.01%$1.6$185.5Total Non-Interest Income

 

NON-INTEREST EXPENSE HIGHLIGHTS 12 3Q26 vs. 3Q25 3Q26 vs. 2Q26 % Change$ Change% Change$ Change3Q26$ in millions 15%$24.11%$1.6$181.6Salaries and Employee Benefits 16%5.32%.638.8Data Processing and Software 30%3.4-11%)(1.914.6Professional and Other Services 12%1.63%.415.1Net Occupancy 2%.26%.46.8Marketing 5%.3-3%)(.25.7Equipment 14%.70%.05.5Supplies and Communication 23%.7-1%)(.13.8Deposit Insurance 70%5.7-46%)(12.114.0Other 17%$41.9-4%)($11.1$285.9Total Non-Interest Expense Salaries and Benefits: Includes acquisition-related salaries and benefits expense of $3.3 million in the current quarter. Professional and Other Services: Current quarter includes $1.2 million in acquisition-related expense. Other: Current quarter includes $5.4 million in acquisition-related intangible amortization expense.

 

13 LIQUIDITY AND CAPITAL

 

2023 2024 2025 $2.4 $2.4 $2.5 DEPOSIT BALANCE TRENDS Segment view $ in billions 14 2023 2024 2025 $10.4 $9.9 $10.3 2023 2024 2025 $12.2 $12.3 $12.3 Commercial Retail Banking Wealth Average Balance 1Q26 2Q26 3Q26 $12.9 $12.9 $12.8 Period EndAverage Balance Average Balance Segment balances do not include brokered certificates of deposits. 2023 through 2025 are year to date average balances. 1Q26 2Q26 3Q26 $10.6 $10.4 $9.9 Period End 1Q26 2Q26 3Q26 $4.8 $4.5 $4.4 Period End 1Q26 2Q26 3Q26 $10.4 $10.1 $10.2 1Q26 2Q26 3Q26 $12.6 $12.8 $12.7 1Q26 2Q26 3Q26 $4.8 $4.7 $4.4

 

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 a QTD average of 4.04% with maturities laddered from 2028-2031; select agreements include structures that increase yields as rates decline. 15 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: 3.91%* Illustrative *As of September 30, 2026

 

40% 8% 39% 11% 2% Composition of AFS Portfolio Treasury & agency Municipal MBS Asset-backed Other debt HIGH QUALITY, HIGHLY LIQUID AND DIVERSE INVESTMENT PORTFOLIO 1Tax equivalent yield Duration (yrs)Avg RateQTD – Sep. 30, 2026 3.84.04%Treasury & agency 3.92.06%1Municipal 5.52.06%MBS 1.53.83%Asset-backed 3.03.15%Other debt 4.13.07%Total 16 Total available for sale securities QTD average balance: $8.2 billion, at fair value As of September 30, 2026 • AFS debt securities portfolio duration of 4.1 years. • AOCI loss increased to $(679MM) at Q3 from $(499MM) at Q2.

 

92%8% Core Deposits - Non-Interest Bearing - Interest Checking - Savings and Money Market Certificates of Deposits Average Loan to Deposit Ratio3 SOUND CAPITAL AND LIQUIDITY POSITION 17 Tier 1 Risk-Based Capital Ratio1 1S&P Global Market Intelligence, Information as of June 30, 2026 2Period-end balances, as of September 30, 2026 3Includes loans held for sale, for the quarter ended September 30, 2026 16.3% 15.9% 14.5% 14.4% 13.8% 13.5% 13.3% 13.2% 12.9% 12.9% 12.8% 12.6% 12.0% 11.6% 11.5% 11.4% 10.9% 10.9% CBC CBSH HOMB PB FIBK CFR WSFS UCB UBSI HWC FULT BOKF ABCB OZK UMBF SFNC ONB FNB AUB ASB 28.6% 16.8% Peer Median: 12.9% Core Deposits $25.0 Billion2 Large, stable deposit base Loan to Deposit Ratio Total Deposits2 76% Average Loan to Deposit Ratio183% Commerce Peer Average

 

$16.3 $11.6 $11.5 $143.0 $155.7 3Q25 2Q26 3Q26 $10.3 $9.5 $10.6 $13.6 $13.1 3Q25 2Q26 3Q26 MAINTAINING STRONG CREDIT QUALITY Net Loan Charge-Offs (NCOs) $ in millions NCOs- CBSH NCOs - Peer Average NCO/Average Loans1 - CBSH $175.7 $195.4 $197.8 $323.6 $327.0 3Q25 2Q26 3Q26 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 10.8x 16.8x 17.2x 2.8x 2.4x 3Q25 2Q26 3Q26 Allowance for Credit Losses on Loans (ACL) to NALs ACL / NALs - CBSH ACL / NALs - Peer AverageNALs / Total Loans - CBSH NCO/Average Loans1 – Peer Average .09% NALs / Total Loans – Peer Average .06% .05% .58% ACL / Total Loans – Peer Average .99% .94% .93% 1.35% 1.29%.23% .19% .20%.21% .19% 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) 18 .62%

 

ALLOCATION OF ALLOWANCE 19 CECL allowances reflect the economic and market outlook September 30, 2026June 30, 2026 % of Outstanding Loans Allowance for Credit Losses (ACL) % of Outstanding Loans Allowance for Credit Losses (ACL)$ in millions .80%$ 58.4.80%$ 57.3Business .89%37.6 .89%36.2 Bus R/E 2.16%31.4 2.01%30.1 Construction .98%$ 127.4.98%$ 123.6Commercial total .55%14.9 .61%15.3 Consumer 5.84%32.55.75%32.3Consumer CC .45%19.5.47%20.6Personal R/E .51%3.4.53%3.5Revolving H/E 3.82%.1 .25%.1 Overdrafts .85%$ 70.4.88%$ 71.8Consumer total .93%$ 197.8.94%$ 195.4Allowance for credit losses on loans 0.93% 0.92% 0.94% 0.95% 0.96% 0.94% 1.01% 0.97% 0.94% 0.93% 0.70% 0.80% 0.90% 1.00% 1.10% $125 $150 $175 $200 $100 $160.5 1Q $158.6 2Q $160.8 3Q $162.7 4Q $167.0 1Q 2Q $175.7 0.99% 3Q $179.5 4Q $198.6 1Q $195.4 2Q $197.8 3Q $165.3 Allowance for Credit Losses (ACL) on Loans ACL - Loans (left) ACL / Total Loans (right) $ in millions 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 Q3 2026 Total Payout Ratio 45% 59% 70% 31% 44% 108% 88% 94% 96% 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 20 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 6/30/2026 Tier I common risk- based capital: 16.85% Tier I risk-based capital: 16.85% Total risk-based capital: 17.64%

 

Quick Facts: Small Business Investment Company (SBIC) founded in 1959 Nationwide footprint with Greater Midwest Focus 29 Portfolio Companies Representing: $988.4 million in Revenue Nearly 3,000 Employees Fair Value as of September 30, 2026: $177.1 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 21

 

NON-GAAP RECONCILIATIONS 22 For The Three Months Ended Sep. 30, 2025Jun. 30, 2026Sep. 30, 2026(DOLLARS IN THOUSANDS) 279,457$315,085$308,877$Net Interest IncomeA 161,511$183,828$185,466$Non-Interest IncomeB 244,018$297,068$285,931$Non-Interest ExpenseC 196,950$201,845$208,412$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/

 

 

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