# COMMERCE BANCSHARES INC /MO/ (CBSH)

Informational only - not investment advice.

CIK: 0000022356
SIC: 6022 State Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/)
Latest 10-K filed: 2026-02-24
SEC page: https://www.sec.gov/edgar/browse/?CIK=22356
Filing source: https://www.sec.gov/Archives/edgar/data/22356/000002235626000069/cbsh-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-24 · accession 0000022356-26-000069 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000022356.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,483,723,000 USD | 2025 | verified |
| Net income | 566,251,000 USD | 2025 | verified |
| Assets | 32,915,089,000 USD | 2025 | verified |
| Free cash flow | 592,388,000 USD | 2025 | computed |
| Net margin | 38.16% | 2025 | computed |
| Revenue YoY | +0.96% | 2025 | computed |
| ROE | 14.94% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | CBSH | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 38.2% | 21.9% | 98 | 149 |
| Revenue growth | 1.0% | 6.0% | 22 | 148 |
| FCF margin | 39.9% | 23.8% | 92 | 133 |
| ROE | 14.9% | 9.6% | 97 | 149 |
| ROA | 1.7% | 1.1% | 94 | 149 |
| Liabilities / equity | 7.68 | 8.04 | 41 | 149 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1483723000 | USD | 2025 | 2026-02-24 |
| Net income | 566251000 | USD | 2025 | 2026-02-24 |
| Assets | 32915089000 | USD | 2025 | 2026-02-24 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000022356.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 713,052,000 | 777,407,000 | 889,201,000 | 924,685,000 | 872,648,000 | 848,290,000 | 998,979,000 | 1,381,291,000 | 1,469,557,000 | 1,483,723,000 |
| Net income | 275,391,000 | 319,383,000 | 433,542,000 | 421,231,000 | 354,057,000 | 530,765,000 | 488,399,000 | 477,060,000 | 526,331,000 | 566,251,000 |
| Diluted EPS | 2.37 | 2.62 | 3.43 | 3.25 | 2.64 | 3.91 | 3.50 | 3.30 | 3.69 | 4.04 |
| Operating cash flow | 454,963,000 | 426,527,000 | 552,660,000 | 512,794,000 | 623,992,000 | 597,722,000 | 559,385,000 | 488,769,000 | 577,859,000 | 645,136,000 |
| Capital expenditures | 24,478,000 | 30,824,000 | 33,294,000 | 42,575,000 | 33,134,000 | 56,716,000 | 65,191,000 | 88,074,000 | 46,133,000 | 52,748,000 |
| Dividends paid |  |  |  |  |  |  | 127,466,000 | 134,734,000 | 145,093,000 | 150,237,000 |
| Share buybacks | 39,381,000 | 17,771,000 | 75,231,000 | 134,904,000 | 54,163,000 | 129,361,000 | 186,622,000 | 76,370,000 | 170,470,000 | 207,567,000 |
| Assets | 25,641,424,000 | 24,833,415,000 | 25,463,842,000 | 26,065,789,000 | 32,922,974,000 | 36,689,088,000 | 31,875,931,000 | 31,701,061,000 | 31,996,627,000 | 32,915,089,000 |
| Liabilities | 23,140,292,000 | 22,115,231,000 | 22,526,693,000 | 22,927,317,000 | 29,523,002,000 | 33,240,764,000 | 29,394,354,000 | 28,736,831,000 | 28,664,152,000 | 29,100,317,000 |
| Stockholders' equity | 2,495,783,000 | 2,716,560,000 | 2,931,298,000 | 3,134,684,000 | 3,397,047,000 | 3,437,298,000 | 2,465,291,000 | 2,944,116,000 | 3,309,881,000 | 3,791,371,000 |
| Free cash flow | 430,485,000 | 395,703,000 | 519,366,000 | 470,219,000 | 590,858,000 | 541,006,000 | 494,194,000 | 400,695,000 | 531,726,000 | 592,388,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 38.62% | 41.08% | 48.76% | 45.55% | 40.57% | 62.57% | 48.89% | 34.54% | 35.82% | 38.16% |
| Return on equity | 11.03% | 11.76% | 14.79% | 13.44% | 10.42% | 15.44% | 19.81% | 16.20% | 15.90% | 14.94% |
| Return on assets | 1.07% | 1.29% | 1.70% | 1.62% | 1.08% | 1.45% | 1.53% | 1.50% | 1.64% | 1.72% |
| Liabilities / equity | 9.27 | 8.14 | 7.68 | 7.31 | 8.69 | 9.67 | 11.92 | 9.76 | 8.66 | 7.68 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/CBSH/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000022356.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.02 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.95 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.02 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 361,162,000 | 120,596,000 | 0.96 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 362,609,000 | 109,223,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 358,721,000 | 112,663,000 | 0.86 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 369,363,000 | 139,553,000 | 1.07 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 372,068,000 | 138,007,000 | 1.07 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 369,405,000 | 136,108,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 364,365,000 | 131,592,000 | 0.98 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 371,636,000 | 152,479,000 | 1.14 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 374,105,000 | 141,518,000 | 1.06 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 373,617,000 | 140,662,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 396,507,000 | 141,623,000 | 0.96 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 407,331,000 | 159,790,000 | 1.10 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CBSH's latest 10-K: [/company/CBSH/business/](/company/CBSH/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from CBSH's latest 10-K: [/company/CBSH/risk-factors/](/company/CBSH/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/22356/000002235626000190/cbsh-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Item 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes and with the statistical information and financial data appearing in this report as well as the Company's 2025 Annual Report on Form 10-K. Results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of results to be attained for any other period.

Acquisition

On January 1, 2026, the Company completed its previously announced acquisition of FineMark Holdings, Inc. ("FineMark"), a bank holding company headquartered in Fort Myers, Florida, pursuant to the Agreement and Plan of Merger dated June 16, 2025. Immediately after the merger, FineMark's wholly-owned subsidiary, FineMark National Bank & Trust, merged into the Bank, with the Bank continuing as the surviving bank. The acquisition added total assets of approximately $4.0 billion, including loans of $2.6 billion, total deposits of $3.1 billion, and assets under administration of $8.7 billion, as well as 13 banking offices in Florida, Arizona and South Carolina.

Forward-Looking Information

This report may contain "forward-looking statements" that are subject to risks and uncertainties and include information about possible or assumed future results of operations. Many possible events or factors could affect the future financial results and performance of the Company. This could cause results or performance to differ materially from those expressed in the forward-looking statements. Words such as "expects", "anticipates", "believes", "estimates", variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers should not rely solely on the forward-looking statements and should consider all uncertainties and risks discussed throughout this report. Forward-looking statements speak only as of the date they are made. The Company 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. Such possible events or factors include: changes in economic conditions in the Company's market area; changes in policies by regulatory agencies; governmental legislation and regulation; fluctuations in interest rates; changes in liquidity requirements; demand for loans in the Company's market area; changes in accounting and tax principle;, estimates made on income taxes; competition with other entities that offer financial services; cybersecurity threats; risks related to the merger with FineMark including, among others, (i) the Company's ability to promptly and effectively integrate the merger, (ii) diversion of management’s attention from ongoing business operations and opportunities, (iii) cost savings and any revenue synergies from the merger may not be fully realized or may take longer than anticipated to be realized, (iv) deposits attrition, customer or employee loss and/or revenue loss as a result of the merger, and (v) expenses related to the merger being greater than expected; and such other factors as discussed in Part I Item 1A - "Risk Factors" and Part II Item 7 - "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's 2025 Annual Report on Form 10-K and Part II, Item 1A. - "Risk Factors" in this report.

Critical Accounting Estimates and Related Policies

The Company has identified certain policies as being critical because they require management to make particularly difficult, subjective and/or complex judgments about matters that are inherently uncertain and because of the likelihood that materially different amounts would be reported under different conditions or using different assumptions. These estimates and related policies are the Company's allowance for credit losses and fair value measurement policies. A discussion of these estimates and related policies can be found in the sections captioned "Critical Accounting Policies" and "Allowance for Credit Losses on Loans and Liability for Unfunded Lending Commitments" in Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Company's 2025 Annual Report on Form 10-K. There have been no changes in the Company's application of critical accounting policies since December 31, 2025.

54

Table of Contents

Selected Financial Data

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30","","Six Months Ended June 30"],["","2026","2025","","2026","2025"],["Per Share Data"],["Net income per common share \u2014 basic","$","1.10","","$","1.09","*","","$","2.06","","$","2.02","*"],["Net income per common share \u2014 diluted","1.10","","1.09","*","","2.06","","2.02","*"],["Cash dividends on common stock",".275","",".262","*","",".550","",".524","*"],["Book value per common share","","","","30.45","","26.12","*"],["Market price","","","","57.75","","59.21","*"],["Selected Ratios"],["(Based on average balance sheets)"],["Loans to deposits (1)","74.44","%","70.22","%","","73.94","%","69.80","%"],["Non-interest bearing deposits to total deposits","29.15","","29.52","","","28.79","","29.45"],["Equity to loans (1)","21.25","","20.09","","","21.31","","19.83"],["Equity to deposits","15.82","","14.11","","","15.75","","13.84"],["Equity to total assets","12.50","","11.23","","","12.39","","10.97"],["Return on total assets","1.84","","1.95","","","1.73","","1.82"],["Return on equity","14.70","","17.40","","","13.96","","16.63"],["(Based on end-of-period data)"],["Non-interest income to revenue (2)","36.85","","37.15","","","36.91","","37.14"],["Efficiency ratio (3)","58.40","","54.77","","","59.19","","55.18"],["Tier I common risk-based capital ratio","","","","16.85","","17.17"],["Tier I risk-based capital ratio","","","","16.85","","17.17"],["Total risk-based capital ratio","","","","17.64","","17.94"],["Tangible common equity to tangible assets ratio (4)","","","","11.39","","10.86"],["Tier I leverage ratio","","","","12.81","","12.75"]]
[[/GREPCENT_TABLE]]

* Restated for the 5% stock dividend distributed in December 2025.

(1) Includes loans held for sale.

(2) Revenue includes net interest income and non-interest income.

(3) The efficiency ratio is calculated as non-interest expense (excluding intangibles amortization) as a percent of revenue.

(4) The tangible common equity to tangible assets ratio is a measurement which management believes is a useful indicator of capital adequacy and utilization.

It provides a meaningful basis for period to period and company to company comparisons, and also assists regulators, investors and analysts in analyzing the financial position of the Company. Tangible common equity and tangible assets are non-GAAP measures and should not be viewed as substitutes for, or superior to, data prepared in accordance with GAAP.

The following table is a reconciliation of the GAAP financial measures of total equity and total assets to the non-GAAP measures of total tangible common equity and total tangible assets.

[[GREPCENT_TABLE]]
[["","June 30"],["(Dollars in thousands)","2026","2025"],["Total equity","$","4,381,805","","$","3,660,114"],["Less non-controlling interest","24,127","","19,542"],["Less goodwill","253,805","","146,539"],["Less intangible assets*","131,003","","3,785"],["Total tangible common equity (a)","$","3,972,870","","$","3,490,248"],["Total assets","$","35,269,167","","$","32,284,247"],["Less goodwill","253,805","","146,539"],["Less intangible assets*","131,003","","3,785"],["Total tangible assets (b)","$","34,884,359","","$","32,133,923"],["Tangible common equity to tangible assets ratio (a)/(b)","11.39","%","10.86","%"]]
[[/GREPCENT_TABLE]]

* Intangible assets other than mortgage servicing rights.

55

Table of Contents

Results of Operations

Summary

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30","","","Six Months Ended June 30"],["(Dollars in thousands)","2026","2025","% change","","","","2026","2025","% change"],["Net interest income (expense)","$","315,085","","$","280,147","","12.5","%","","","","$","614,925","","$","549,249","","12.0","%"],["Provision for credit losses","(8,731)","","(5,597)","","56.0","","","","","(19,691)","","(20,084)","","(2.0)"],["Non-interest income","183,828","","165,613","","11.0","","","","","359,679","","324,562","","10.8"],["Investment securities gains (losses), net","12,830","","437","","N.M.","","","","24,477","","(7,154)","","N.M."],["Non-interest expense","(297,068)","","(244,437)","","21.5","","","","","(588,194)","","(482,813)","","21.8"],["Income taxes","(45,775)","","(42,400)","","8.0","","","","","(86,656)","","(79,364)","","9.2"],["Non-controlling interest income (expense)","(379)","","(1,284)","","(70.5)","","","","","(3,127)","","(325)","","N.M."],["Net income attributable to Commerce Bancshares, Inc.","$","159,790","","$","152,479","","4.8","%","","","","$","301,413","","$","284,071","","6.1","%"]]
[[/GREPCENT_TABLE]]

N.M. - Not meaningful.

For the quarter ended June 30, 2026, net income attributable to Commerce Bancshares, Inc. (net income) amounted to $159.8 million, an increase of $7.3 million, or 4.8%, compared to the second quarter of the previous year. For the current quarter, the annualized return on average assets was 1.84%, the annualized return on average equity was 14.70%, and the efficiency ratio was 58.40%. Diluted earnings per common share was $1.10 per share in the current quarter, an increase of .92% compared to $1.09 per share in the second quarter of 2025, and increased 14.6% compared to $.96 per share in the previous quarter.

Compared to the second quarter of last year, net interest income increased $34.9 million, or 12.5%, mainly due to increases in interest income on loans and interest income on investment securities of $31.0 million and $2.7. million, respectively. Interest expense on deposits increased $3.3 million, while interest expense on borrowings decreased $2.5 million. The provision for credit losses increased $3.1 million compared to the same quarter in the prior year. Non-interest income increased $18.2 million, or 11.0%, compared to the second quarter of 2025, mainly due to increases in trust fees and deposit account fees of $15.9 million and $3.0 million, respectively. Net gains on investment securities totaled $12.8 million in the current quarter compared to net gains of $437 thousand in the same quarter of last year. Securities gains in the current quarter primarily resulted from net gains of $114.1 million recorded on equity securities, largely offset by net losses of $97.7 million on sales of available for sale debt securities. Non-interest expense increased $52.6 million, or 21.5%, over the second quarter of 2025, mainly due to higher salaries and benefits expense of $24.9 million, primarily a result of onboarding FineMark team members at the beginning of 2026. Data processing and software expense and professional and other services expense also increased $5.3 million and $3.5 million, respectively. Additionally, other non-interest expense increased $15.6 million, primarily due to $12.0 million in litigation expense and $5.4 million in intangible amortization expense related to the FineMark acquisition.

Net income for the first six months of 2026 totaled $301.4 million, an increase of $17.3 million, or 6.1% from the same period last year. Diluted earnings per common share was $2.06, an increase of 1.98% compared to $2.02 per share in the same period last year. For the first six months of 2026, the

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/22356/000002235626000069/cbsh-20251231.htm
Complete FY 2025 MD&A: /company/CBSH/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-24
Report date: 2025-12-31

Item 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS

Forward-Looking Statements

This report may contain “forward-looking statements” that are subject to risks and uncertainties and include information about possible or assumed future results of operations. Many possible events or factors could affect the future financial results and performance of Commerce Bancshares, Inc. and its subsidiaries (the "Company"). This could cause results or performance to differ materially from those expressed in the forward-looking statements. Words such as “expects”, “anticipates”, “believes”, “estimates”, variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers should not rely solely on the forward-looking statements and should consider all uncertainties and risks discussed throughout this report. Forward-looking statements speak only as of the date they are made. The Company 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. Such possible events or factors include the risk factors identified in Item 1a Risk Factors and the following: changes in economic conditions in the Company’s market area; changes in policies by regulatory agencies, governmental legislation and regulation; fluctuations in interest rates; changes in liquidity requirements; demand for loans in the Company’s market area; changes in accounting and tax principles; estimates made on income taxes; failure of litigation settlement agreements to become final in accordance with their terms; and competition with other entities that offer financial services.

Overview

The Company operates as a super-community bank and offers a broad range of financial products to consumer, municipal, and commercial customers, delivered with a focus on high-quality, personalized service. The Company is headquartered in Missouri, with its principal offices in Kansas City and St. Louis, Missouri. Customers are served from 236 locations primarily in Missouri, Kansas, Illinois, Oklahoma and Colorado and commercial offices throughout the nation's midsection. A variety of delivery platforms are utilized, including an extensive network of branches and ATM machines, full-featured online banking, a mobile application, and a centralized contact center.

The core of the Company’s competitive advantage is its focus on the local markets in which it operates, its offering of competitive, sophisticated financial products, and its concentration on relationship banking and high-touch service. In order to enhance shareholder value, the Company targets core revenue growth. To achieve this growth, the Company focuses on strategies that will expand new and existing customer relationships, offer opportunities for controlled expansion in additional markets, utilize improved technology, and enhance customer satisfaction.

Various indicators are used by management in evaluating the Company’s financial condition and operating performance. Among these indicators are the following:

•    Net income and earnings per share — Net income attributable to Commerce Bancshares, Inc. during 2025 was $566.3 million, an increase of 7.6% compared to the previous year. The return on average assets was 1.79% in 2025, and the return on average common equity was 15.76%. Diluted earnings per share increased 9.5% in 2025 compared to 2024.

•    Total revenue — Total revenue is comprised of net interest income and non-interest income. Total revenue in 2025 increased $108.3 million, or 6.5%, from 2024, as net interest income grew $71.6 million, and non-interest income increased $36.7 million. Growth in net interest income resulted principally from increases in interest income from investment securities, and a decrease in interest expense on borrowings and deposits. The increase in non-interest income in 2025 was mainly due to higher trust fees and deposit account fees, partly offset by lower bank card fees.

•    Non-interest expense — Total non-interest expense increased 3.0% this year compared to 2024, mainly due to higher salaries and employee benefits expense and professional and other services expense, partially offset by lower deposit insurance expense.

•    Asset quality — Net loan charge-offs totaled $40.7 million in 2025, an increase of $1.8 million from those recorded in 2024, and averaged .23% of loans in both 2025 and 2024. Total non-performing assets, which include non-accrual loans and foreclosed real estate, amounted to $17.0 million at December 31, 2025, compared to $18.6 million at December 31, 2024, and represented .10% of loans outstanding at December 31, 2025.

•    Shareholder return — During 2025, the Company paid cash dividends of $1.05 per share on its common stock, representing an increase of 6.9% over the previous year. In 2025, the Company issued its 32nd consecutive annual 5% common stock dividend, and in February 2026, the Company's Board of Directors authorized an increase of 5.0% in

23

Table of Contents

the common cash dividend. The Company purchased 3,608,530 shares in 2025. Total shareholder return, including the change in stock price and dividend reinvestment, was 2.1%, 9.1%, and 9.2% over the past 5, 10, and 15 years, respectively. 

The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes. The historical trends reflected in the financial information presented below are not necessarily reflective of anticipated future results.

Key Ratios

[[GREPCENT_TABLE]]
[["","2025","2024","2023","2022","2021"],["(Based on average balances)"],["Return on total assets","1.79","%","1.72","%","1.49","%","1.45","%","1.55","%"],["Return on common equity","15.76","","16.66","","17.94","","17.31","","15.37"],["Equity to total assets","11.34","","10.29","","8.33","","8.39","","10.11"],["Loans to deposits (1)","69.80","","69.73","","66.31","","55.41","","56.46"],["Non-interest bearing deposits to total deposits","29.55","","29.97","","32.61","","39.02","","40.46"],["Net yield on interest earning assets (tax equivalent basis)","3.63","","3.47","","3.16","","2.85","","2.58"],["(Based on end of period data)"],["Non-interest income to revenue (2)","36.97","","37.18","","36.47","","36.71","","40.15"],["Efficiency ratio (3)","55.47","","57.37","","59.17","","56.90","","57.64"],["Tier I common risk-based capital ratio","17.34","","16.71","","15.25","","14.13","","14.34"],["Tier I risk-based capital ratio","17.34","","16.71","","15.25","","14.13","","14.34"],["Total risk-based capital ratio","18.16","","17.48","","16.03","","14.89","","15.12"],["Tier I leverage ratio","12.65","","12.26","","11.25","","10.34","","9.13"],["Tangible common equity to tangible assets ratio (4)","11.11","","9.92","","8.85","","7.32","","9.01"],["Common cash dividend payout ratio","25.89","","26.50","","28.24","","26.10","","23.12"]]
[[/GREPCENT_TABLE]]

(1)    Includes loans held for sale.

(2)    Revenue includes net interest income and non-interest income.

(3)    The efficiency ratio is calculated as non-interest expense (excluding intangibles amortization) as a percent of total revenue.

(4) The tangible common equity to tangible assets ratio is a measurement which management believes is a useful indicator of capital adequacy and utilization. It provides a meaningful basis for period to period and company to company comparisons, and also assists regulators, investors and analysts in analyzing the financial position of the Company. Tangible common equity and tangible assets are non-GAAP measures and should not be viewed as substitutes for, or superior to, data prepared in accordance with GAAP.

The following table is a reconciliation of the GAAP financial measures of total equity and total assets to the non-GAAP measures of total tangible common equity and total tangible assets.

[[GREPCENT_TABLE]]
[["(Dollars in thousands)","2025","2024","2023","2022","2021"],["Total equity","$","3,814,772","","$","3,332,475","","$","2,964,230","","$","2,481,577","","$","3,448,324"],["Less non-controlling interest","23,401","","22,594","","20,114","","16,286","","11,026"],["Less goodwill","146,539","","146,539","","146,539","","138,921","","138,921"],["Less intangible assets*","3,723","","3,864","","4,058","","4,305","","4,604"],["Total tangible common equity (a)","$","3,641,109","","$","3,159,478","","$","2,793,519","","$","2,322,065","","$","3,293,773"],["Total assets","$","32,915,089","","$","31,996,627","","$","31,701,061","","$","31,875,931","","$","36,689,088"],["Less goodwill","146,539","","146,539","","146,539","","138,921","","138,921"],["Less intangible assets*","3,723","","3,864","","4,058","","4,305","","4,604"],["Total tangible assets (b)","$","32,764,827","","$","31,846,224","","$","31,550,464","","$","31,732,705","","$","36,545,563"],["Tangible common equity to tangible assets ratio (a)/(b)","11.11","%","9.92","%","8.85","%","7.32","%","9.01","%"]]
[[/GREPCENT_TABLE]]

* Intangible assets other than mortgage servicing rights.

24

Table of Contents

Results of Operations

[[GREPCENT_TABLE]]
[["","","","","$ Change","","% Change"],["(Dollars in thousands)","2025","2024","2023","'25-'24","'24-'23","","'25-'24","'24-'23"],["Net interest income","$","1,111,858","","$","1,040,246","","$","998,129","","$","71,612","","$","42,117","","","6.9","%","4.2","%"],["Provision for credit losses","(56,138)","","(32,903)","","(35,451)","","23,235","","(2,548)","","","70.6","","(7.2)"],["Non-interest income","652,281","","615,553","","573,045","","36,728","","42,508","","","6.0","","7.4"],["Investment securities gains (losses), net","3,660","","7,823","","14,985","","(4,163)","","(7,162)","","","(53.2)","","(47.8)"],["Non-interest expense","(979,826)","","(951,229)","","(930,982)","","28,597","","20,247","","","3.0","","2.2"],["Income taxes","(161,136)","","(145,089)","","(134,549)","","16,047","","10,540","","","11.1","","7.8"],["Income (expense) attributable to non-controlling interest","(4,448)","","(8,070)","","(8,117)","","(3,622)","","(47)","","","(44.9)","","(.6)"],["Net income attributable to Commerce Bancshares, Inc.","$","566,251","","$","526,331","","$","477,060","","$","39,920","","$","49,271","","","7.6","%","10.3","%"]]
[[/GREPCENT_TABLE]]

N.M. - Not meaningful.

Net income attributable to Commerce Bancshares, Inc. (net income) for 2025 was $566.3 million, an increase of $39.9 million, or 7.6%, compared to $526.3 million in 2024. Diluted income per common share was $4.04 in 2025, compared to $3.69 in 2024. The growth in net income resulted mainly from increases of $71.6 million in net interest income and $36.7 million in non-interest income, partly offset by increases in non-interest expense and the provision for credit losses of $28.6 million and $23.2 million, respectively. The return on average assets was 1.79% in 2025 compared to 1.72% in 2024, and the return on average common equity was 15.76% in 2025 compared to 16.66% in 2024. At December 31, 2025, the ratio of tangible common equity to tangible assets increased to 11.11%, compared to 9.92% at year end 2024.

During 2025, net interest income grew mainly due to an increase of $38.4 million in interest income earned on investment securities and $19.7 million in interest income on securities purchased under resell agreements, both due to higher average balances and rates, and a decrease of $39.7 million in interest expense on deposits, mainly due to lower average rates. These increases to net interest income were partly off

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/CBSH/mda/fy2025/
All MD&A years: /company/CBSH/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/CBSH/mda/fy2024/): filed 2025-02-25; accession 0000022356-25-000016 (https://www.sec.gov/Archives/edgar/data/22356/000002235625000016/cbsh-20241231.htm)
- [FY 2023 MD&A](/company/CBSH/mda/fy2023/): filed 2024-02-22; accession 0000022356-24-000013 (https://www.sec.gov/Archives/edgar/data/22356/000002235624000013/cbsh-20231231.htm)
- [FY 2022 MD&A](/company/CBSH/mda/fy2022/): filed 2023-02-22; accession 0000022356-23-000017 (https://www.sec.gov/Archives/edgar/data/22356/000002235623000017/cbsh-20221231.htm)
- [FY 2021 MD&A](/company/CBSH/mda/fy2021/): filed 2022-02-23; accession 0000022356-22-000014 (https://www.sec.gov/Archives/edgar/data/22356/000002235622000014/cbsh-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CBSH.md · JSON record: /company/CBSH.json · verified financials: /company/CBSH/financials.json / /company/CBSH/financials.csv · machine TOC for the whole site: /llms.txt