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Commerce Bancshares, Inc. reported a change in its board leadership. Director Benjamin F. Rassieur, III retired from the Board of Directors effective May 7, 2026, in line with the company’s mandatory retirement requirements. He had served on the board since 1997 and was a member and former chairman of the Audit and Risk Committee, contributing to oversight of the company’s financial reporting and risk management.
Commerce Bancshares Inc Schedule 13G shows Vanguard Portfolio Management reports beneficial ownership of 8,821,011 shares of Common Stock, representing 6% of the class. The filing states Vanguard has 16,477 shares of sole voting power and sole dispositive power over 8,821,011 shares. The filing is signed by Ashley Grim on 04/29/2026.
Commerce Bancshares, Inc. authorized repurchases of up to 7,500,000 shares of its common stock under its share repurchase program. This increases the capacity to return capital to shareholders through open-market or other buyback activity.
The company’s Board appointed Steven A. Brandjord as Corporate Controller and Chief Accounting Officer, effective May 15, 2026. Shareholders elected four directors to serve until the 2029 annual meeting, ratified KPMG LLP as independent auditor for 2026, and approved the non-binding advisory vote on executive compensation, with each proposal receiving sufficient support to pass.
Commerce Bancshares explains that it owns 411,723 shares of Visa Class B-2 common stock, which are carried at zero value on its balance sheet as of March 31, 2026. Visa has launched an exchange offer to swap these Class B-2 shares for a mix of Class B-3 and Class C common stock.
The company has tendered all of its Visa Class B-2 shares and, if the tender is accepted and the exchange occurs in the second quarter of 2026, it expects to record a significant gain based on the conversion privilege of the Class C stock and the Visa Class A closing price. The company also states that, if this gain is realized, it may consider selling part of its available for sale debt securities portfolio and reinvesting, which could result in a significant loss in the same quarter depending on market conditions and the gain amount.
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.
Commerce Bancshares, Inc. reported that Paul A. Steiner, its Corporate Controller and Chief Accounting Officer, has decided to resign to pursue other opportunities. The company stated his decision is not due to any disagreement regarding finances, accounting, operations, policies, or practices.
Steiner will remain through July 7, 2026 to support an orderly transition. The company has selected Steven A. Brandjord as his successor, who will become Corporate Controller and Chief Accounting Officer effective May 2026, following Board appointment.
In connection with his promotion, Brandjord will receive approximately 2,100 restricted stock units that vest over four years under the company’s standard equity award agreement. Brandjord joined the company in 2014 and currently serves as Assistant Controller and Director of Tax.
Commerce Bancshares Inc: Amendment to a Schedule 13G/A reports that The Vanguard Group holds 0 shares of common stock and 0% of the class following an internal realignment effective January 12, 2026. The filing states certain Vanguard subsidiaries will report beneficial ownership separately in reliance on SEC Release No. 34-39538.
Commerce Bancshares Executive Chairman David W. Kemper reported an acquisition of 150 shares of common stock on March 24, 2026. The shares were received as a grant under an executive compensation plan at $48.0931 per share and are held indirectly.
After this award, Kemper’s reported holdings include 26,306 shares under the executive compensation plan, 1,269,451 shares held directly, and additional indirect positions such as 42,866 shares in the CB Kemper Rev Trust and 284,092 shares in Tower Properties Co.
BARTH KEVIN G reported acquisition or exercise transactions in this Form 4 filing.
Commerce Bancshares Executive Vice President Kevin G. Barth received an award of 137 shares of common stock on March 24, 2026 under an executive compensation plan at an indicated value of about $48.09 per share. After this grant, he indirectly holds 24,136 shares through the plan, 50,251 shares in a 401(k), 15,512 shares held by his spouse, and directly holds 44,745 shares of company stock.
Commerce Bancshares, Inc. director Timothy S. Dunn filed an amended Form 3 to correct his reported holdings of common stock. The amendment reflects that he directly holds 302 shares of common stock, including 134 shares that were inadvertently omitted from the original Form 3 filed earlier.