How did the 5% stock dividend affect CBSH insider share balances?

The filing notes that all stock holding balances were adjusted for a 5% stock dividend. The dividend had a record date of December 2, 2025 and was payable on December 16, 2025, so reported holdings already incorporate this adjustment.

Commerce Bancshares (CBSH) director granted 662 common shares

Q: Was the recent CBSH insider activity a stock purchase or an award?

The recent CBSH insider activity was a grant or award acquisition , not an open-market stock purchase. The Form 4 lists transaction code “A,” indicating 662 common shares were awarded to director June McAllister Fowler at a reported price of $50.99 per share.

Q: What price was used for the Commerce Bancshares shares in Fowler’s Form 4?

The 662 awarded shares of Commerce Bancshares common stock were reported at $50.99 per share. This figure is disclosed as the transaction price per share for the grant recorded on the Form 4 insider transaction report.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Commerce Bancshares Inc. director June McAllister Fowler reported an award of common stock. On this Form 4, she acquired 662 shares of Commerce Bancshares common stock as a grant at a reported price of $50.99 per share, increasing her direct holdings to 5,787 shares.

The footnotes state that all stock holding balances were adjusted to reflect a 5% stock dividend with a record date of December 2, 2025 and a payable date of December 16, 2025, meaning the reported share balances incorporate that stock dividend.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider FOWLER JUNE MCALLISTER

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	662	$50.99	$34K

Holdings After Transaction: Common Stock — 5,787 shares (Direct)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

03/03/2026 - 04:14 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

FOWLER JUNE MCALLISTER

(Last)

(First)

(Middle)

1000 WALNUT ST.

(Street)

KANSAS CITY

64106

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
COMMERCE BANCSHARES INC /MO/ [ CBSH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
02/28/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	02/28/2026		A		662	A	$50.99	5,787⁽¹⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. All stock holding balances adjusted to include a 5% stock dividend. Record date of 12/2/2025, payable 12/16/2025.

	By: Paul A. Steiner For: June McAllister Fowler	03/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did CBSH director June McAllister Fowler report?

June McAllister Fowler reported receiving an award of 662 shares of Commerce Bancshares common stock. The shares were reported at a price of $50.99 per share, reflecting a grant rather than an open-market purchase.

Was the recent CBSH insider activity a stock purchase or an award?

The recent CBSH insider activity was a grant or award acquisition, not an open-market stock purchase. The Form 4 lists transaction code “A,” indicating 662 common shares were awarded to director June McAllister Fowler at a reported price of $50.99 per share.

How many Commerce Bancshares (CBSH) shares does Fowler hold after the transaction?

After the reported stock award, June McAllister Fowler directly holds 5,787 Commerce Bancshares shares. This total includes the newly awarded 662 common shares and reflects adjustments for a 5% stock dividend described in the filing footnote.

What price was used for the Commerce Bancshares shares in Fowler’s Form 4?

The 662 awarded shares of Commerce Bancshares common stock were reported at $50.99 per share. This figure is disclosed as the transaction price per share for the grant recorded on the Form 4 insider transaction report.