# EDGAR Filing Document

**Accession Number:** 0000022356
**File Stem:** 0000022356-23-000002
**Filing Date:** 2023-1
**Character Count:** 68132
**Document Hash:** c8f7483c557ea079d3662fe246d91f64
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000022356-23-000002.hdr.sgml**: 20230119

**ACCESSION NUMBER**: 0000022356-23-000002

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20230119

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230119

**DATE AS OF CHANGE**: 20230119

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COMMERCE BANCSHARES INC /MO/
- **CENTRAL INDEX KEY:** 0000022356
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **IRS NUMBER:** 430889454
- **STATE OF INCORPORATION:** MO
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36502
- **FILM NUMBER:** 23537235

**BUSINESS ADDRESS:**
- **STREET 1:** 1000 WALNUT
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64106
- **BUSINESS PHONE:** 8162342000

**MAIL ADDRESS:**
- **STREET 1:** P O BOX 419248
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64141-6248

?xml version="1.0" ? cbsh-20230119

**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): January 19, 2023**

**Commerce Bancshares, Inc.** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| Missouri | 001-36502 | 43-0889454 |
| **(State of Incorporation)** | **(Commission File Number)** | **(IRS Employer Identification No.)** |

---

---

| | | |
|:---|:---|:---|
| 1000 Walnut, | 1000 Walnut, | |
| Kansas City, | MO | 64106 |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

---

<u>(816)</u> <u>234-2000</u> 

**(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:

&nbsp;&nbsp;&nbsp;&nbsp; ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

&nbsp;&nbsp;&nbsp;&nbsp; ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

&nbsp;&nbsp;&nbsp;&nbsp; ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

&nbsp;&nbsp;&nbsp;&nbsp; ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

---

| | | |
|:---|:---|:---|
| **<u>Securities registered pursuant to Section 12(b) of the Act:</u>** | **<u>Securities registered pursuant to Section 12(b) of the Act:</u>** | **<u>Securities registered pursuant to Section 12(b) of the Act:</u>** |
| **Title of class** | **Trading symbol(s)** | **Name of exchange on which registered** |
| $5 Par Value Common Stock | CBSH | NASDAQ 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 January 19, 2023 by Commerce Bancshares, Inc. announcing Fourth Quarter 2022 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 <u>https://investor.commercebank.com/news-info/financial-news-releases/default.aspx.</u>

**Item 9.01 Financial Statements and Exhibits**

Exhibits

99.1&nbsp;&nbsp;&nbsp;&nbsp;<u>[Press release](cbsh12312022ex991.htm)</u> dated January 19, 2023

99.2&nbsp;&nbsp;&nbsp;&nbsp;<u>[Slide presentation](a2022q4earningshighlight.htm)</u> for investors and analysts dated January 19, 2023

104&nbsp;&nbsp;&nbsp;&nbsp;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. | COMMERCE BANCSHARES, INC. |
| By: | /s/ Paul A. Steiner |
|  | Paul A. Steiner |
|  | Controller<br>(Chief Accounting Officer)  |

---

Date: January 19, 2023

## Exhibit 99.1

Exhibit 99.1

**Exhibit 99.1**

---

| | |
|:---|:---|
| ![commercebancshares914a01a05.jpg](commercebancshares914a01a05.jpg) | **CBSH** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 1000 Walnut Street / Suite 700 / Kansas City, Missouri 64106 / 816.234.2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; 1000 Walnut Street / Suite 700 / Kansas City, Missouri 64106 / 816.234.2000 |

---

FOR IMMEDIATE RELEASE:

Thursday, January 19, 2023

**COMMERCE BANCSHARES, INC. REPORTS** 

**FOURTH QUARTER EARNINGS PER SHARE OF $1.04**

Commerce Bancshares, Inc. announced earnings of $1.04 per share for the three months ended December 31, 2022, compared to $.90 per share in the same quarter last year and $.97 per share in the third quarter of 2022. Net income for the fourth quarter of 2022 amounted to $131.6 million, compared to $114.9 million in the fourth quarter of 2021 and $122.8 million in the prior quarter.

"The company delivered strong results in the fourth quarter," said John Kemper, President and Chief Executive Officer. "Loan growth, margin expansion, and resilient fee-based income all contributed to record quarterly revenue. Taking stock of where we are and looking ahead into 2023, the strength of our deposit franchise and our long-term, conservative and disciplined approach to credit and capital management position us well in an uncertain environment.

"Our results would not be possible without our talented team members and their unwavering commitment to our purpose and culture. Our results are a reflection of the way our team works collaboratively, communicates, and strives toward the shared goal of helping our customers focus on what matters most."

**Fourth Quarter 2022 Financial Highlights:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest income was $254.6 million, an $8.3 million increase over the prior quarter. The net yield on interest earning assets increased 17 basis points to 3.18%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-interest income totaled $136.8 million, a decrease of $1.7 million compared to the prior quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-interest expense totaled $216.7 million, an increase of $3.9 million compared to the prior quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average loan balances totaled $15.9 billion, an increase of $239.0 million, or 1.5%, over the prior quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total average available for sale debt securities decreased 7.9%, or $1.1 billion, from the prior quarter to $12.4 billion, at fair value. Purchases of securities during the quarter totaled $145.3 million, with a weighted average yield of approximately 5.05%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average deposits declined $1.1 billion, or 4.1%, from the prior quarter. The average rate paid on interest bearing deposits was .40%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ratio of annualized net loan charge-offs to average loans was .14% compared to .12% in the prior quarter.

------

Exhibit 99.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-accrual loans totaled $8.3 million compared to $7.2 million in the prior quarter. Non-accrual loans were .05% of total loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The allowance for credit losses on loans increased $6.8 million during the fourth quarter to $150.1 million, and at December 31, 2022, the ratio of the allowance for credit losses on loans to total loans was .92%, compared to .90% at September 30, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company purchased 332,178 shares of its common stock this quarter at an average price of $70.15.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total assets at December 31, 2022 were $31.9 billion, a decrease of $726.7 million, or 2.2%, from the prior quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the quarter, the return on average assets was 1.65%, the return on average equity was 21.88%, and the efficiency ratio was 55.3%.

Commerce Bancshares, Inc. is a regional bank holding company offering a full line of banking services through its subsidiaries, including payment solutions, investment management and securities brokerage. One of its subsidiaries, Commerce Bank, leverages almost 160 years of proven strength and experience to help individuals and businesses solve financial challenges. In addition to offering payment solutions across the U.S., Commerce Bank currently operates full-service banking facilities across the Midwest including the St. Louis and Kansas City metropolitan areas, Springfield, Central Missouri, Central Illinois, Wichita, Tulsa, Oklahoma City, and Denver. It also maintains commercial offices in Dallas, Houston, Cincinnati, Nashville, Des Moines, Indianapolis, and Grand Rapids. Commerce delivers high-touch service and sophisticated financial solutions at regional branches, commercial offices, ATMs, online, mobile and through a 24/7 customer service line.

This financial news release and the supplementary Earnings Highlights presentation are available on the Company's website at <u>https://investor.commercebank.com/news-info/financial-news-releases/default.aspx</u>.

**\* \* \* \* \* \* \* \* \* \* \* \* \* \* \***

For additional information, contact

Matt Burkemper, Investor Relations

(314) 746-7485

www.commercebank.com

matthew.burkemper@commercebank.com

------

Exhibit 99.1

COMMERCE BANCSHARES, INC. and SUBSIDIARIES

<u>FINANCIAL HIGHLIGHTS</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Year Ended | For the Year Ended |
| *(Unaudited)<br>(Dollars in thousands, except per share data)* | **Dec. 31, 2022** | Sep. 30, 2022 | Dec. 31, 2021 | **Dec. 31, 2022** | Dec. 31, 2021 |
| **FINANCIAL SUMMARY** | **FINANCIAL SUMMARY** | **FINANCIAL SUMMARY** | **FINANCIAL SUMMARY** |  |  |
| Net interest income | **$254641** | $246373 | $207657 | **$942185** | $835424 |
| Non-interest income | **136825** | 138514 | 147699 | **546535** | 560393 |
| Total revenue | **391466** | 384887 | 355356 | **1488720** | 1395817 |
| Investment securities gains (losses) | **8904** | 3410 | (9706) | **20506** | 30059 |
| Provision for credit losses | **15477** | 15290 | (7054) | **28071** | (66326) |
| Non-interest expense | **216740** | 212884 | 203582 | **848777** | 805901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before taxes | **168153** | 160123 | 149122 | **632378** | 686301 |
| Income taxes | **34499** | 33936 | 33764 | **132358** | 145711 |
| Non-controlling interest expense | **2026** | 3364 | 452 | **11621** | 9825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Commerce Bancshares, Inc. | **$131628** | $122823 | $114906 | **$488399** | $530765 |
| Earnings per common share: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income — basic | **$1.05** | $0.97 | $0.90 | **$3.86** | $4.12 |
| &nbsp;&nbsp;&nbsp;Net income — diluted | **$1.04** | $0.97 | $0.90 | **$3.85** | $4.11 |
| Effective tax rate | **20.77%** | 21.65% | 22.71% | **21.32%** | 21.54% |
| Fully-taxable equivalent net interest income | **$256675** | $248737 | $210424 | **$951815** | $847116 |
| Average total interest earning assets <sup>(1)</sup> | **$31991224** | $32807393 | $34318520 | $**33384162** | $32874701 |
| Diluted wtd. average shares outstanding | **124589323** | 125116585 | 127282556 | **125560387** | 128038042 |
| **RATIOS** |  |  |  |  |  |
| Average loans to deposits <sup>(2)</sup> | **59.73%** | 56.40% | 52.36% | **55.41%** | 56.46% |
| Return on total average assets | **1.65** | 1.48 | 1.28 | **1.45** | 1.55 |
| Return on average equity <sup>(3)</sup> | **21.88** | 17.84 | 13.11 | **17.31** | 15.37 |
| Non-interest income to total revenue | **34.95** | 35.99 | 41.56 | **36.71** | 40.15 |
| Efficiency ratio <sup>(4)</sup> | **55.26** | 55.19 | 57.29 | **56.90** | 57.64 |
| Net yield on interest earning assets | **3.18** | 3.01 | 2.43 | **2.85** | 2.58 |
| **EQUITY SUMMARY** |  |  |  |  |  |
| Cash dividends per share | **$.252** | $.252 | $.238 | **$1.010** | $.952 |
| Cash dividends on common stock | **$31648** | $31740 | $30489 | **$127466** | $122693 |
| Book value per share <sup>(5)</sup> | **$19.85** | $18.91 | $27.05 |  |  |
| Market value per share <sup>(5)</sup> | **$68.07** | $63.01 | $65.47 |  |  |
| High market value per share | **$72.60** | $70.45 | $68.10 |  |  |
| Low market value per share | **$63.17** | $61.14 | $61.76 |  |  |
| Common shares outstanding <sup>(5)</sup> | **124999100** | 125329198 | 127508571 |  |  |
| Tangible common equity to tangible assets <sup>(6)</sup> | **7.32%** | 6.80% | 9.01% |  |  |
| Tier I leverage ratio | **10.34%** | 9.87% | 9.13% |  |  |
| **OTHER QTD INFORMATION** |  |  |  |  |  |
| Number of bank/ATM locations | **275** | 277 | 287 |  |  |
| Full-time equivalent employees | **4594** | 4595 | 4567 |  |  |

---

*(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 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 2022.*

------

Exhibit 99.1

COMMERCE BANCSHARES, INC. and SUBSIDIARIES

<u>CONSOLIDATED STATEMENTS OF INCOME</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(Unaudited)<br>(In thousands, except per share data)* | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Year Ended | For the Year Ended |
| *(Unaudited)<br>(In thousands, except per share data)* | **Dec. 31, 2022** | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | **Dec. 31, 2022** | Dec. 31, 2021 |
| Interest income | **$286377** | $262666 | $238154 | $211782 | $210479 | **$998979** | $848290 |
| Interest expense | **31736** | 16293 | 5769 | 2996 | 2822 | **56794** | 12866 |
| Net interest income | **254641** | 246373 | 232385 | 208786 | 207657 | **942185** | 835424 |
| Provision for credit losses | **15477** | 15290 | 7162 | (9858) | (7054) | **28071** | (66326) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after credit losses | **239164** | 231083 | 225223 | 218644 | 214711 | **914114** | 901750 |
| **NON-INTEREST INCOME** |  |  |  |  |  |  |  |
| Trust fees | **44710** | 45406 | 46792 | 47811 | 48893 | **184719** | 188227 |
| Bank card transaction fees | **44588** | 45638 | 43873 | 42045 | 44773 | **176144** | 167891 |
| Deposit account charges and other fees | **21989** | 24521 | 25564 | 22307 | 25493 | **94381** | 97217 |
| Consumer brokerage services | **4518** | 5085 | 5068 | 4446 | 4878 | **19117** | 18362 |
| Capital market fees | **3386** | 3393 | 3327 | 4125 | 3841 | **14231** | 15943 |
| Loan fees and sales | **2566** | 3094 | 3246 | 4235 | 5248 | **13141** | 29720 |
| Other | **15068** | 11377 | 11557 | 6800 | 14573 | **44802** | 43033 |
| &nbsp;&nbsp;&nbsp;Total non-interest income | **136825** | 138514 | 139427 | 131769 | 147699 | **546535** | 560393 |
| **INVESTMENT SECURITIES GAINS (LOSSES), NET** | **8904** | 3410 | 1029 | 7163 | (9706) | **20506** | 30059 |
| **NON-INTEREST EXPENSE** |  |  |  |  |  |  |  |
| Salaries and employee benefits | **138458** | 137393 | 142243 | 135953 | 132640 | **554047** | 525248 |
| Data processing and software | **27991** | 28050 | 27635 | 27016 | 25777 | **110692** | 101792 |
| Net occupancy | **11774** | 12544 | 12503 | 12296 | 12308 | **49117** | 48185 |
| Equipment | **5021** | 5036 | 4734 | 4568 | 4691 | **19359** | 18089 |
| Supplies and communication | **4446** | 4581 | 4361 | 4713 | 4430 | **18101** | 17118 |
| Marketing | **5419** | 6228 | 5836 | 6344 | 5395 | **23827** | 21856 |
| Other | **23631** | 19052 | 16193 | 14758 | 18341 | **73634** | 73613 |
| &nbsp;&nbsp;&nbsp;Total non-interest expense | **216740** | 212884 | 213505 | 205648 | 203582 | **848777** | 805901 |
| Income before income taxes | **168153** | 160123 | 152174 | 151928 | 149122 | **632378** | 686301 |
| Less income taxes | **34499** | 33936 | 32021 | 31902 | 33764 | **132358** | 145711 |
| Net income | **133654** | 126187 | 120153 | 120026 | 115358 | **500020** | 540590 |
| Less non-controlling interest expense | **2026** | 3364 | 4359 | 1872 | 452 | **11621** | 9825 |
| &nbsp;&nbsp;**Net income attributable to Commerce Bancshares, Inc.** | **$131628** | $122823 | $115794 | $118154 | $114906 | **$488399** | $530765 |
| Net income per common share — basic | **$1.05** | $0.97 | $0.92 | $0.92 | $0.90 | **$3.86** | $4.12 |
| Net income per common share — diluted | **$1.04** | $0.97 | $0.92 | $0.92 | $0.90 | **$3.85** | $4.11 |
| **OTHER INFORMATION** |  |  |  |  |  |  |  |
| Return on total average assets | **1.65%** | 1.48% | 1.36% | 1.33% | 1.28% | **1.45%** | 1.55% |
| Return on average equity <sup>(1)</sup> | **21.88** | 17.84 | 16.29 | 14.41 | 13.11 | **17.31** | 15.37 |
| Efficiency ratio <sup>(2)</sup> | **55.26** | 55.19 | 57.29 | 60.29 | 57.29 | **56.90** | 57.64 |
| Effective tax rate | **20.77** | 21.65 | 21.66 | 21.26 | 22.71 | **21.32** | 21.54 |
| Net yield on interest earning assets | **3.18** | 3.01 | 2.79 | 2.45 | 2.43 | **2.85** | 2.58 |
| Fully-taxable equivalent net interest income | **$256675** | $248737 | $235010 | $211393 | $210424 | **$951815** | $847116 |

---

*(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.*

------

Exhibit 99.1

COMMERCE BANCSHARES, INC. and SUBSIDIARIES

<u>CONSOLIDATED BALANCE SHEETS - PERIOD END</u>

---

| | | | |
|:---|:---|:---|:---|
| *(Unaudited)<br>(In thousands)* | **Dec. 31, 2022** | Sep. 30, 2022 | Dec. 31, 2021 |
| **ASSETS** |  |  |  |
| Loans |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business | $**5661725** | $5528895 | $5303535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — construction and land | **1361095** | 1206955 | 1118266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — business | **3406981** | 3331627 | 3058837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — personal | **2918078** | 2862519 | 2805401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer | **2059088** | 2116371 | 2032225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolving home equity | **297207** | 286026 | 275945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer credit card | **584000** | 563349 | 575410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Overdrafts | **14957** | 3216 | 6740 |
| Total loans | **16303131** | 15898958 | 15176359 |
| Allowance for credit losses on loans | **(150136)** | (143377) | (150044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net loans** | **16152995** | 15755581 | 15026315 |
| Loans held for sale | **4964** | 8062 | 8615 |
| Investment securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Available for sale debt securities | **12238316** | 12632510 | 14450027 |
| &nbsp;&nbsp;&nbsp;Trading debt securities | **43523** | 39222 | 46235 |
| &nbsp;&nbsp;&nbsp;Equity securities | **12304** | 8954 | 9202 |
| &nbsp;&nbsp;&nbsp;Other securities | **225034** | 222742 | 194047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment securities** | **12519177** | 12903428 | 14699511 |
| Federal funds sold | **49505** | 14020 | 2800 |
| Securities purchased under agreements to resell | **825000** | 1275000 | 1625000 |
| Interest earning deposits with banks | **389140** | 642943 | 3971217 |
| Cash and due from banks | **452496** | 344178 | 305539 |
| Premises and equipment — net | **418909** | 407833 | 388738 |
| Goodwill | **138921** | 138921 | 138921 |
| Other intangible assets — net | **15234** | 15599 | 15570 |
| Other assets | **909590** | 1097031 | 506862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $**31875931** | $32602596 | $36689088 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |
| Deposits: |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-interest bearing | $**10066356** | $10468591 | $11772374 |
| &nbsp;&nbsp;&nbsp;Savings, interest checking and money market | **15126981** | 16014487 | 16598085 |
| &nbsp;&nbsp;&nbsp;Certificates of deposit of less than $100,000 | **387336** | 391145 | 435960 |
| &nbsp;&nbsp;&nbsp;Certificates of deposit of $100,000 and over | **606767** | 597093 | 1006654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total deposits** | **26187440** | 27471316 | 29813073 |
| Federal funds purchased and securities sold under agreements to repurchase | **2841734** | 2314590 | 3022967 |
| Other borrowings | **9672** | 1831 | 12560 |
| Other liabilities | **355508** | 443752 | 392164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **29394354** | 30231489 | 33240764 |
| Stockholders' equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | **629319** | 610804 | 610804 |
| &nbsp;&nbsp;&nbsp;Capital surplus | **2932959** | 2683631 | 2689894 |
| &nbsp;&nbsp;&nbsp;Retained earnings | **31620** | 353446 | 92493 |
| &nbsp;&nbsp;&nbsp;Treasury stock | **(41743)** | (176943) | (32973) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | **(1086864)** | (1119344) | 77080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | **2465291** | 2351594 | 3437298 |
| Non-controlling interest | **16286** | 19513 | 11026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | **2481577** | 2371107 | 3448324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | $**31875931** | $32602596 | $36689088 |

---

------

Exhibit 99.1

COMMERCE BANCSHARES, INC. and SUBSIDIARIES

<u>AVERAGE BALANCE SHEETS</u> 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(Unaudited)<br>(In thousands)* | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
| *(Unaudited)<br>(In thousands)* | **Dec. 31, 2022** | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
| **ASSETS:** |  |  |  |  |  |
| **Loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Business | $**5478241** | $5317696 | $5385181 | $5324172 | $5191844 |
| &nbsp;&nbsp;&nbsp;Real estate — construction and land | **1268900** | 1288721 | 1225267 | 1134902 | 1228237 |
| &nbsp;&nbsp;&nbsp;Real estate — business | **3300697** | 3258128 | 3163508 | 3095068 | 3003459 |
| &nbsp;&nbsp;&nbsp;Real estate — personal | **2886686** | 2844376 | 2825578 | 2808980 | 2785095 |
| &nbsp;&nbsp;&nbsp;Consumer | **2089912** | 2101622 | 2070560 | 2040200 | 2043690 |
| &nbsp;&nbsp;&nbsp;Revolving home equity | **293681** | 280923 | 272280 | 273859 | 276464 |
| &nbsp;&nbsp;&nbsp;Consumer credit card | **559463** | 550058 | 537681 | 540844 | 559429 |
| &nbsp;&nbsp;&nbsp;Overdrafts | **7428** | 4438 | 5524 | 5178 | 4926 |
| **Total loans**  | **15885008** | 15645962 | 15485579 | 15223203 | 15093144 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses on loans | **(143285)** | (137833) | (134670) | (149685) | (162428) |
| **Net loans** | **15741723** | 15508129 | 15350909 | 15073518 | 14930716 |
| Loans held for sale | **6567** | 7170 | 7933 | 9383 | 11203 |
| **Investment securities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government and federal agency obligations | **1055602** | 1113442 | 1119305 | 1103749 | 1009025 |
| &nbsp;&nbsp;&nbsp;&nbsp;Government-sponsored enterprise obligations | **55732** | 55753 | 55762 | 51770 | 50777 |
| &nbsp;&nbsp;&nbsp;&nbsp;State and municipal obligations | **1990643** | 2052908 | 2126380 | 2077600 | 2095517 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities | **6605936** | 6847912 | 7158252 | 7316609 | 7141249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | **3714092** | 3870953 | 4038113 | 3933061 | 3514541 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other debt securities  | **560951** | 587026 | 643463 | 636247 | 629643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on debt securities | **(1582061)** | (1064534) | (851110) | (174297) | 86020 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total available for sale debt securities** | **12400895** | 13463460 | 14290165 | 14944739 | 14526772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading debt securities  | **44626** | 35621 | 43904 | 40686 | 46513 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | **10534** | 8838 | 9094 | 9498 | 9171 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other securities | **219354** | 208708 | 195090 | 192311 | 190346 |
| **Total investment securities** | **12675409** | 13716627 | 14538253 | 15187234 | 14772802 |
| Federal funds sold | **27683** | 13486 | 4269 | 1053 | 564 |
| Securities purchased under agreements to resell | **1174457** | 1379341 | 1703569 | 1733887 | 1669835 |
| Interest earning deposits with banks | **640039** | 980273 | 1248942 | 2608029 | 2856992 |
| Other assets | **1339554** | 1256498 | 1238493 | 1304400 | 1288323 |
| **Total assets** | $**31605432** | $32861524 | $34092368 | $35917504 | $35530435 |
| **LIABILITIES AND EQUITY:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-interest bearing deposits | $**10360834** | $10758353 | $11209680 | $11544701 | $11919268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings | **1567113** | 1595857 | 1609694 | 1563093 | 1507199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest checking and money market | **13693974** | 14423713 | 14847306 | 14949727 | 13873985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit of less than $100,000 | **388304** | 397071 | 411655 | 429852 | 441920 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit of $100,000 and over | **596703** | 578158 | 648728 | 862232 | 1105480 |
| **Total deposits** | **26606928** | 27753152 | 28727063 | 29349605 | 28847852 |
| **Borrowings:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased | **143630** | 51929 | 113128 | 23356 | 20848 |
| &nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase | **2260263** | 2199866 | 2258184 | 2712468 | 2620348 |
| &nbsp;&nbsp;&nbsp;Other borrowings | **179552** | 2010 | 2029 | 768 | 1078 |
| **Total borrowings** | **2583445** | 2253805 | 2373341 | 2736592 | 2642274 |
| Other liabilities | **28745** | 123691 | 139986 | 505644 | 562102 |
| **Total liabilities** | **29219118** | 30130648 | 31240390 | 32591841 | 32052228 |
| **Equity** | **2386314** | 2730876 | 2851978 | 3325663 | 3478207 |
| **Total liabilities and equity** | $**31605432** | $32861524 | $34092368 | $35917504 | $35530435 |

---

------

Exhibit 99.1

COMMERCE BANCSHARES, INC. and SUBSIDIARIES

<u>AVERAGE RATES</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *(Unaudited)* | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended |
| *(Unaudited)* | **Dec. 31, 2022** | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
| **ASSETS:** |  |  |  |  |  |
| **Loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business <sup>(1)</sup> | **4.68%** | 3.94% | 3.16% | 2.93% | 3.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate — construction and land | **6.80** | 5.27 | 4.09 | 3.76 | 3.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate — business | **5.15** | 4.40 | 3.70 | 3.38 | 3.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate — personal | **3.45** | 3.36 | 3.27 | 3.28 | 3.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | **4.77** | 4.17 | 3.62 | 3.59 | 3.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving home equity | **5.89** | 4.82 | 3.69 | 3.48 | 3.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer credit card | **12.64** | 12.05 | 11.32 | 11.35 | 11.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;Overdrafts | **—** |  |  |  |  |
| **Total loans** | **5.03** | 4.37 | 3.72 | 3.54 | 3.62 |
| Loans held for sale | **10.09** | 8.80 | 8.14 | 6.48 | 5.10 |
| **Investment securities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government and federal agency obligations | **2.01** | 4.51 | 4.93 | 3.42 | 3.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Government-sponsored enterprise obligations | **2.36** | 2.36 | 2.39 | 2.33 | 2.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;State and municipal obligations <sup>(1)</sup> | **2.29** | 2.27 | 2.30 | 2.29 | 2.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities | **1.88** | 1.93 | 1.99 | 1.98 | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | **1.96** | 1.62 | 1.35 | 1.13 | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other debt securities | **1.89** | 1.93 | 1.97 | 2.00 | 2.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total available for sale debt securities** | **1.97** | 2.09 | 2.08 | 1.91 | 1.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading debt securities <sup>(1)</sup> | **3.81** | 2.74 | 2.46 | 1.84 | 1.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities <sup>(1)</sup> | **28.44** | 27.11 | 26.90 | 26.00 | 27.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other securities <sup>(1)</sup> | **6.67** | 7.09 | 22.38 | 5.91 | 18.39 |
| **Total investment securities** | **2.07** | 2.18 | 2.36 | 1.97 | 1.82 |
| Federal funds sold | **4.27** | 2.77 | 1.79 | .39 | .70 |
| Securities purchased under agreements to resell | **2.36** | 1.72 | 1.03 | 1.24 | 1.62 |
| Interest earning deposits with banks | **3.69** | 2.25 | .78 | .18 | .15 |
| **Total interest earning assets** | **3.59** | 3.21 | 2.86 | 2.49 | 2.47 |
| **LIABILITIES AND EQUITY:** |  |  |  |  |  |
| **Interest bearing deposits:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings | **.06** | .04 | .04 | .05 | .08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest checking and money market | **.38** | .20 | .06 | .04 | .04 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit of less than $100,000 | **.73** | .41 | .20 | .13 | .14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit of $100,000 and over | **1.42** | .60 | .29 | .20 | .14 |
| **Total interest bearing deposits** | **.40** | .21 | .07 | .05 | .05 |
| **Borrowings:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased | **3.56** | 2.41 | .79 | .12 | .11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase | **2.29** | 1.37 | .48 | .10 | .08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other borrowings | **4.02** | 1.78 | 2.37 | .53 |  |
| **Total borrowings** | **2.48** | 1.39 | .50 | .10 | .08 |
| **Total interest bearing liabilities** | **.69%** | .34% | .12% | .06% | .06% |
| **Net yield on interest earning assets** | **3.18%** | 3.01% | 2.79% | 2.45% | 2.43% |

---

*(1) Stated on a fully taxable-equivalent basis using a federal income tax rate of 21%.*

------

Exhibit 99.1

COMMERCE BANCSHARES, INC. and SUBSIDIARIES

<u>CREDIT QUALITY</u>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Three Months Ended | For the Year Ended | For the Year Ended |
| *(Unaudited)<br>(In thousands, except ratios)* | **Dec. 31, 2022** | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | **Dec. 31, 2022** | Dec. 31, 2021 |
| **ALLOWANCE FOR CREDIT LOSSES ON LOANS** |  |  |  |  |  |  |  |
| Balance at beginning of period | **$143377** | $138039 | $134710 | $150044 | $162775 | **$150044** | $220834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses on loans | **12404** | 10150 | 7287 | (10686) | (8474) | **19155** | (52223) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net charge-offs (recoveries): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial portfolio: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business | **496** | 461 | 19 | 77 | 90 | **1053** | (4758) |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — construction and land | **—** |  |  |  |  | **—** | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — business | **(4)** | (8) | (1) | (7) | 6 | **(20)** | (64) |
|  | **492** | 453 | 18 | 70 | 96 | **1033** | (4821) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal banking portfolio: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer credit card | **3467** | 2882 | 2937 | 3372 | 2964 | **12658** | 20008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer | **1522** | 827 | 633 | 808 | 919 | **3790** | 2556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Overdraft | **230** | 703 | 425 | 358 | 375 | **1716** | 919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — personal | **(40)** | (15) | (41) | 22 | (71) | **(74)** | (98) |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolving home equity | **(26)** | (38) | (14) | 18 | (26) | **(60)** | 3 |
|  | **5153** | 4359 | 3940 | 4578 | 4161 | **18030** | 23388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net loan charge-offs | **5645** | 4812 | 3958 | 4648 | 4257 | **19063** | 18567 |
| Balance at end of period | **$150136** | $143377 | $138039 | $134710 | $150044 | **$150136** | $150044 |
| **LIABILITY FOR UNFUNDED LENDING COMMITMENTS** | **$33120** | $30047 | $24907 | $25032 | $24204 |  |  |
| **NET CHARGE-OFF RATIOS** <sup>(1)</sup> |  |  |  |  |  |  |  |
| Commercial portfolio: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business | **.04%** | .03% | —% | .01% | .01% | **.02%** | (.08%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — construction and land | **—** |  |  |  |  | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — business | **—** |  |  |  |  | **—** |  |
|  | **.02** | .02 |  |  |  | **.01** | (.05) |
| Personal banking portfolio: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer credit card | **2.46** | 2.08 | 2.19 | 2.53 | 2.10 | **2.31** | 3.47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer | **.29** | .16 | .12 | .16 | .18 | **.18** | .13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Overdraft | **12.28** | 62.85 | 30.86 | 28.04 | 30.20 | **30.40** | 21.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — personal | **(.01)** |  | (.01) |  | (.01) | **—** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolving home equity | **(.04)** | (.05) | (.02) | .03 | (.04) | **(.02)** |  |
|  | **.35** | .30 | .28 | .33 | .29 | **.31** | .41 |
| Total | **.14%** | .12% | .10% | .12% | .11% | **.12%** | .12% |
| **CREDIT QUALITY RATIOS** |  |  |  |  |  |  |  |
| Non-accrual loans to total loans | **.05%** | .05% | .05% | .05% | .06% |  |  |
| Allowance for credit losses on loans to total loans | **.92** | .90 | .88 | .87 | .99 |  |  |
| **NON-ACCRUAL AND PAST DUE LOANS** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-accrual loans: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business | **$6751** | $5645 | $6314 | $6756 | $7312 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — construction and land | **—** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — business | **189** | 149 | 167 | 190 | 214 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — personal | **1366** | 1390 | 1436 | 1389 | 1631 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | **8306** | 7184 | 7917 | 8335 | 9157 |  |  |
| **Loans past due 90 days and still accruing interest** | **$15830** | $12538 | $11909 | $10670 | $11726 |  |  |

---

*(1) Net charge-offs are annualized and calculated as a percentage of average loans (excluding loans held for sale).*

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**

**COMMERCE BANCSHARES, INC.**

**Management Discussion of Fourth Quarter Results**

**December 31, 2022**

For the quarter ended December 31, 2022, net income amounted to $131.6 million, compared to $122.8 million in the previous quarter and $114.9 million in the same quarter last year. The increase in net income compared to the previous quarter was primarily the result of increases in net interest income and investment securities gains, partly offset by lower non-interest income and higher non-interest expense. The net yield on interest earning assets grew 17 basis points to 3.18%. Average loans grew $239.0 million compared to the previous quarter, while average available for sale debt securities and average deposits each declined $1.1 billion. For the quarter, the return on average assets was 1.65%, the return on average equity was 21.88%, and the efficiency ratio was 55.3%.

**Balance Sheet Review**

During the 4th quarter of 2022, average loans totaled $15.9 billion, an increase of $239.0 million over the prior quarter, and $791.9 million, or 5.3%, over the same quarter last year. Compared to the previous quarter, average balances of business, business real estate, and personal real estate loans grew $160.5 million, $42.6 million, and $42.3 million, respectively. Period end loans increased $404.2 million compared to the prior quarter. During the current quarter, the Company sold certain fixed rate personal real estate loans totaling $2.4 million, compared to $16.7 million in the prior quarter.

Total average available for sale debt securities decreased $1.1 billion compared to the previous quarter to $12.4 billion, at fair value. The decrease in investment securities was mainly the result of lower balances of mortgage-backed and other asset-backed securities. During the current quarter, purchases of securities totaled $145.3 million with a weighted average yield of approximately 5.05%. Maturities and pay downs were $573.2 million. At December 31, 2022, the duration of the investment portfolio was 3.7 years, and maturities and pay downs of approximately $2.4 billion are expected to occur during the next 12 months.

Total average deposits decreased $1.1 billion this quarter compared to the previous quarter. The decrease in deposits mostly resulted from lower demand deposits and interest checking and money market deposits of $397.5 million and $729.7 million, respectively. Compared to the previous quarter, total average commercial, consumer, and wealth deposits declined $554.3 million, $426.7 million, and $162.0 million, respectively. The average loans to deposits ratio was 59.7% in the current quarter and 56.4% in the prior quarter. The Company's average borrowings, which include customer repurchase agreements, were $2.6 billion in the 4th quarter of 2022 and $2.3 billion in the prior quarter.

**Net Interest Income**

Net interest income in the 4th quarter of 2022 amounted to $254.6 million, an increase of $8.3 million compared to the previous quarter. On a fully taxable-equivalent (FTE) basis, net interest income for the current quarter increased $7.9 million over the previous quarter to $256.7 million. The increase in net interest income was due to higher interest earned on loans, partly offset by lower interest earned on investment securities and higher interest expense. The net yield (FTE) on earning assets increased to 3.18%, compared to 3.01% in the prior quarter.

Compared to the previous quarter, interest income on loans (FTE) increased $29.2 million, mostly due to higher average rates on business, business real estate, construction, and consumer loans. The average yield (FTE) on the loan portfolio increased 66 basis points to 5.03% this quarter.

Interest income on investment securities (FTE) decreased $7.0 million compared to the prior quarter, due to lower rates earned, coupled with lower average balances. Interest income earned on U.S. government and federal agency securities decreased due to lower rates earned, which included the impact of $6.9 million in lower inflation income from Treasury inflation-protected securities this quarter. At December 31, 2022, the Company recorded a $1.1 million adjustment to premium amortization, which decreased interest income to reflect faster forward prepayment speed estimates on mortgage-backed securities. The average yield (FTE) on total investment securities was 2.07% in the current quarter, compared to 2.18% in the previous quarter.

The average rate paid on interest bearing deposits totaled .40% in the current quarter compared to .21% in the prior quarter. Interest expense on deposits increased $7.5 million this quarter compared to the previous quarter, while interest expense on securities sold under agreements to repurchase increased $5.5 million, due to a 92 basis point increase in the average rate paid. The overall rate paid on interest bearing liabilities was .69% in the current quarter compared to .34% in the prior quarter.

**Non-Interest Income**

In the 4th quarter of 2022, total non-interest income amounted to $136.8 million, a decrease of $10.9 million compared to the same period last year and decreased $1.7 million compared to the prior quarter. The decrease in non-interest income compared to the same period last year was mainly due to lower trust fees, deposit account fees, and loan fees and sales, partly offset by higher sweep fees. The decrease in non-interest income compared to the prior quarter was mainly due to lower deposit account fees and bank card fees. These decreases were partly offset by a $2.5 million increase in fair value adjustments on the Company's deferred compensation plan assets, which are held in a trust

------

**COMMERCE BANCSHARES, INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**Management Discussion of Fourth Quarter Results**

**December 31, 2022**

and recorded as both an asset and liability, affecting both other income and other expense.

Total net bank card fees in the current quarter decreased $185 thousand, or .4%, compared to the same period last year, and decreased $1.1 million compared to the prior quarter. Net corporate card fees increased $269 thousand, or 1.1%, over the same quarter of last year mainly due to higher interchange fee income, partly offset by higher rewards expense. Net debit card fees decreased $361 thousand, or 3.4%, and net credit card fees decreased $226 thousand, or 6.0%, while net merchant fees increased $133 thousand, or 2.5%. Total net bank card fees this quarter were comprised of fees on corporate card ($25.2 million), debit card ($10.4 million), merchant ($5.5 million) and credit card ($3.5 million) transactions.

In the current quarter, trust fees decreased $4.2 million, or 8.6%, from the same period last year, resulting from lower private client and institutional trust fees. Compared to the same period last year, deposit account fees decreased $3.5 million, or 13.7%, mainly due to lower overdraft and return item fees of $4.1 million. In September 2022, enhancements were made to consumer checking accounts that eliminated return item fees and lowered overdraft fees. Loan fees and sales declined $2.7 million, or 51.1%, compared to amounts recorded in the same quarter last year, mostly due to lower mortgage banking revenue.

Other non-interest income increased over the same period last year primarily due to higher sweep fees of $3.0 million, partly offset by lower gains on asset sales of $2.3 million. A $1.0 million gain on the sale of real estate was recorded this quarter, but it was lower than the $3.7 million gain on the sale of real estate recorded in the 4th quarter of 2021. For the 4th quarter of 2022, non-interest income comprised 35.0% of the Company's total revenue.

**Investment Securities Gains and Losses**

The Company recorded net securities gains of $8.9 million in the current quarter, compared to gains of $3.4 million in the prior quarter and losses of $9.7 million in the 4th quarter of 2021. In the current quarter, the Company's private equity investment portfolio had net fair value gains and a gain on the sale of an investment of $6.7 million and $1.6 million, respectively.

**Non-Interest Expense**

Non-interest expense for the current quarter amounted to $216.7 million, compared to $203.6 million in the same period last year and $212.9 million in the prior quarter. The increase in non-interest expense compared to the same period last year was mainly due to higher salaries and employee benefits expense, data processing and software expense, miscellaneous losses, and travel and entertainment expense. The increase in non-interest expense

compared to the prior quarter was mainly due to higher salaries and employee benefits expense, legal and professional fees expense, and the deferred compensation adjustment mentioned above, partly offset by lower marketing and occupancy expense.

Compared to the 4th quarter of last year, salaries and employee benefits expense increased $5.8 million, mostly due to higher full-time salaries expense, of $4.1 million, or 4.7%, and higher employee benefits expense of $1.3 million. Full-time equivalent employees totaled 4,594 and 4,567 at December 31, 2022 and 2021, respectively.

Compared to the same period last year, data processing and software expense increased $2.2 million due to higher software expense, bank card processing fees and increased costs for service providers. Other non-interest expense increased $5.3 million, mostly due to increases in miscellaneous losses, travel and entertainment, insurance, and professional fees expense of $1.6 million, $1.2 million, $742 thousand, and $507 thousand, respectively.

**Income Taxes** 

The effective tax rate for the Company was 20.8% in the current quarter, 21.6% in the previous quarter, and 22.7% in the 4th quarter of 2021.

**Credit Quality**

Net loan charge-offs in the 4th quarter of 2022 amounted to $5.6 million, compared to $4.8 million in the prior quarter and $4.3 million in the same period last year. The ratio of annualized net loan charge-offs to total average loans was .14% in the current quarter, .12% in the previous quarter, and .11% in the 4th quarter of last year. Net loan charge-offs on personal banking loans increased $794 thousand to $5.2 million, mainly due to higher consumer and consumer credit card loan net charge-offs.

In the 4th quarter of 2022, annualized net loan charge-offs on average consumer credit card loans were 2.46%, compared to 2.08% in the previous quarter, and 2.10% in the same quarter last year. Consumer loan net charge-offs were .29% of average consumer loans in the current quarter, .16% in the prior quarter, and .18% in the same quarter last year.

At December 31, 2022, the allowance for credit losses on loans totaled $150.1 million, or .92% of total loans, and increased $6.8 million compared to the prior quarter. Additionally, the liability for unfunded lending commitments at December 31, 2022 was $33.1 million, an increase of $3.1 million compared to the liability at September 30, 2022.

At December 31, 2022, total non-accrual loans amounted to $8.3 million, an increase of $1.1 million over the previous quarter. At December 31, 2022, the balance of non-accrual loans, which represented .05% of loans outstanding, included

------

**COMMERCE BANCSHARES, INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**Management Discussion of Fourth Quarter Results**

**December 31, 2022**

business loans of $6.8 million, personal real estate loans of $1.4 million, and business real estate loans of $189 thousand. Loans more than 90 days past due and still accruing interest totaled $15.8 million at December 31, 2022.

**Other**

During the 4th quarter of 2022, the Company distributed a 5% stock dividend on its common stock and paid a cash dividend of $.25 per common share (as restated for the stock dividend), representing a 6.0% increase over the same period last year. The Company purchased 332,178 shares of treasury stock during the current quarter at an average price of $70.15.

**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.

## Exhibit 99.2

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COMMERCE BANCSHARES, INC. EARNINGS HIGHLIGHTS 4th Quarter 2022

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CAUTIONARY STATEMENT A number of statements we will be making in our presentation and in the accompanying slides are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements of the Corporation's plans, goals, objectives, expectations, projections, estimates and intentions. These forward- looking statements involve significant risks and uncertainties and are subject to change based on various factors (some of which are beyond the Corporation's control). Factors that could cause the Corporation's actual results to differ materially from such forward- looking statements made herein or by management of the Corporation are set forth in the Corporation's 2021 Annual Report on Form 10-K, 3RD Quarter 2022 Report on Form 10-Q and the Corporation's Current Reports on Form 8-K. 2

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COMMERCE BANCSHARES 157 YEARS IN BUSINESS FULL-SERVICE BANKING FOOTPRINT 148 full-service branches and 293 ATMs 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 U.S. PRESENCE Extended Commercial Market Area Commercial Payments Services Offered in 48 states across the U.S. Sources: 1S&P Global Market Intelligence – Regulated U.S. depositories which includes commercial banks, bank holding companies, and credit unions, rankings as of 09/30/2022; 2Includes loans held for sale; 3Moody's Credit Opinion – Commerce Bancshares, Inc., November 11, 2022, baseline Credit Assessment (BCA) reflects a bank's standalone credit strength; Company reports and filings, information as of 12/31/2022 unless otherwise noted. 3 $31.9 BILLION TOTAL ASSETS 42ND LARGEST U.S. BANK BASED ON ASSET SIZE1 $8.5 BILLION MARKET CAP 22nd LARGEST U.S. BANK BASED ON MARKET CAP1 $60.3 BILLION TOTAL TRUST ASSETS UNDER ADMINISTRATION 18TH LARGEST AMONG BANK-MANAGED TRUST COMPANIES BASED ON AUM1 14.0% TIER 1 COMMON RISK- BASED CAPITAL RATIO AS OF 9/30/2022 5TH HIGHEST AMONG TOP 50 U.S. BANKS BASED ON ASSET SIZE1 a1 BASELINE CREDIT ASSESSMENT3 1 of 5 MOODY'S RANKS COMMERCE AMONG THE TOP 5 BANKS IN THE COUNTRY $26.2 BILLION TOTAL DEPOSITS $16.3 BILLION TOTAL LOANS2 $10.4 BILLION COMMERCIAL CARD VOLUME AS OF 12/31/2022 17.3% RETURN ON AVERAGE EQUITY YTD 6TH YTD ROACE FOR THE TOP 50 U.S. BANKS BASED ON ASSET SIZE1

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$1.04 EPS 4 • PPNR1 reached record level of $174.7 million, up 1.6% over Q3. • Net interest income increased 3.4% over Q3. • Net interest margin increased 17 bps over Q3 to 3.18%. • Non-interest income decreased 1.2% from Q3 (35.0% of total revenue). • Wealth management client assets of $60.3 billion at December 31, 2022. • Non-interest expense increased 1.8% over Q3. • QTD average loans up 1.5% over Q3. Period-end loans up 2.5% over Q3. • QTD average deposits decreased $1.1 billion from Q3. Period-end deposits decreased $1.3 billion from Q3 (includes $515 million of expected withdrawal from one customer). • Net charge-offs to total average loans of .14% and non-accrual loans to total loans of .05%. • Tangible common equity to tangible assets of 7.32%. Leverage ratio of 10.34%. • Announced bolt-on acquisition of L.J. Hart & Company, a municipal bond underwriting and advisory firm. Highlights Well-positioned for current environment 4Q2022 HIGHLIGHTS $174.7 million PPNR1 $131.6 million Net Income 21.88% ROACE 1.65% ROAA 55.26% Efficiency Ratio 1See the non-GAAP reconciliation on page 20

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Quarterly Average Balances Change vs. $ in millions 4Q22 3Q22 4Q21 Highlights Commercial1 $10,047.8 $183.3 $624.3 • Linked quarter (LQ) reflects growth in business and business real estate, partly offset by a decline in construction loans Consumer 5,837.2 55.8 167.6 Total Loans $15,885.0 $239.0 $791.9 Investment Securities $12,675.4 $(1,041.2) $(2,097.4) • LQ decrease mainly due to maturities and pay downs of AFS securities and unrealized losses Interest Earning Deposits with Banks $640.0 $(340.2) $(2,217.0) • LQ decrease resulting from lower deposit balances and higher loan balances, offset by paydowns of investment securities Deposits $26,606.9 $(1,146.2) $(2,240.9) • 4.1% decline from LQ, $515 million planned withdrawal from one customer in October • 7.8% decline from prior year (PY) Book Value per Share2 $19.85 $.94 $(7.20) • Lower long-term interest rates (AOCI impact) and higher net income drove quarterly increase BALANCE SHEET HIGHLIGHTS 5 1 PPP QTD average balances were $12.7 million and $27.0 million as of December 31, 2022 and September 30, 2022, respectively 2 For the quarters ended December 31, 2022, September 30, 2022, and December 31, 2021

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$16.9 $17.0 $16.2 $11.9 $10.8 $10.4 $28.8 4Q21 3Q22 4Q22 $27.8 $26.6 -8% $9.4 $9.9 $10.1 $5.7 $5.8 $5.8 4Q21 3Q22 4Q22 $15.1 $15.6 $15.9 BALANCE SHEET 6 Loans Consumer Loans Loan Yield Commercial Loans Deposits QTD Average Balances $ billions Non-Interest Bearing Interest Bearing Deposit Interest Bearing Deposit Yield QTD Average Balances $ billions 3.62% 4.37% 5.03% .05% .21% .40% +5%

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$2,502 2022 $10,630 2022 DEPOSIT BALANCE TRENDS Segment view $ in millions 7 $7,848 $9,938 $11,991 $11,941 2019 2020 2021 2022 +15% $10,236 $11,282 $12,839 $13,398 2019 20222020 2021 +9% $1,832 $2,271 $2,966 $2,804 20212019 2020 2022 +15% Commercial Consumer Wealth CAGR CAGR CAGR Average Balance Period End Average Balance Growth $12,976 2022 Average Balance Growth Period EndAverage Balance Average Balance Growth Average Balance Period End

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LOAN PORTFOLIO 8 $ in 000s 12/31/2022 9/30/2022 12/31/2021 QoQ YoY Business $5,661,725 $5,528,895 $5,303,535 2.4% 6.8% Business excl. PPP 5,653,659 5,507,081 5,174,372 2.7% 9.3% Construction 1,361,095 1,206,955 1,118,266 12.8% 21.7% Business Real Estate 3,406,981 3,331,627 3,058,837 2.3% 11.4% Personal Real Estate 2,918,078 2,862,519 2,805,401 1.9% 4.0% Consumer 2,059,088 2,116,371 2,032,225 -2.7% 1.3% Revolving Home Equity 297,207 286,026 275,945 3.9% 7.7% Consumer Credit Card 584,000 563,349 575,410 3.7% 1.5% Overdrafts 14,957 3,216 6,740 365.1% 121.9% Total Loans $16,303,131 $15,898,958 $15,176,359 2.5% 7.4% PPP1 8,066 21,814 129,163 -63.0% -93.8% Total Loans excl. PPP $16,295,065 $15,877,144 $15,047,196 2.6% 8.3% Period-End Balances $ in 000s 12/31/2022 9/30/2022 12/31/2021 QoQ YoY Business $5,478,241 $5,317,696 $5,191,844 3.0% 5.5% Business excl. PPP 5,465,536 5,290,731 4,972,934 3.3% 9.9% Construction 1,268,900 1,288,721 1,228,237 -1.5% 3.3% Business Real Estate 3,300,697 3,258,128 3,003,459 1.3% 9.9% Personal Real Estate 2,886,686 2,844,376 2,785,095 1.5% 3.6% Consumer 2,089,912 2,101,622 2,043,690 -.6% 2.3% Revolving Home Equity 293,681 280,923 276,464 4.5% 6.2% Consumer Credit Card 559,463 550,058 559,429 1.7% 0.0% Overdrafts 7,428 4,438 4,926 67.4% 50.8% Total Loans $15,885,008 $15,645,962 $15,093,144 1.5% 5.2% PPP1 12,705 26,965 218,910 -52.9% -94.2% Total Loans excl. PPP $15,872,303 $15,618,997 $14,874,234 1.6% 6.7% QTD Average Balances 1Paycheck protection program (PPP) loans are included in the business loan category

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Change vs. $ in millions 4Q22 3Q22 4Q21 Highlights Net Interest Income $254.6 $8.3 $47.0 • Linked quarter (LQ) increase due to higher interest earned on loans, partly offset by lower interest earned on investment securities and higher interest expense Non-Interest Income $136.8 $(1.7) $(10.9) • See page 10 Non-Interest Expense $216.7 $3.9 $13.2 • See page 11 Pre-Tax, Pre-Provision Net Revenue1 $174.7 $2.7 $23.0 Investment Securities Gains, Net $8.9 $5.5 $18.6 • 4Q22 net gains of $8.8 million on the private equity investment portfolio Provision for Credit Losses $15.5 $.2 $22.5 • 4Q22 provision reflects builds in the ACL on loans and the liability for unfunded lending commitments of $6.8 million and $3.1 million, respectively. Net-Income Attributable to Commerce Bancshares, Inc. $131.6 $8.8 $16.7 For the three months ended 4Q22 3Q22 4Q21 Net Income per Common Share – Diluted $1.04 $.97 $.90 Net Yield on Interest Earning Assets 3.18% 3.01% 2.43% • Higher rates on earning assets supported quarterly margin expansion INCOME STATEMENT HIGHLIGHTS 1See the non-GAAP reconciliation on page 20 9

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Change vs. $ in millions 4Q22 3Q22 4Q21 Highlights Bank Card Transaction Fees $44.6 $(1.1) $(.2) • Higher corporate card fees more than offset by higher rewards Trust Fees $44.7 $(.7) $(4.2) • 4Q22 reflects lower market values on assets under management compared to prior year (PY) Deposit Account Charges and Other Fees $22.0 $(2.5) $(3.5) • Decrease of 13.7% from PY mainly due to lower overdraft and return item fees (decline of $4.1 million) • Overdraft and return item fees for 4Q22 were $2.9 million Capital Market Fees $3.4 — $(.5) Consumer Brokerage Services $4.5 $(.6) $(.4) Loan Fees and Sales $2.6 $(.5) $(2.7) • Decline from PY reflects lower mortgage banking revenue Other $15.1 $3.7 $.5 • Increase over last quarter (LQ) mainly due to a $1.0 million gain on the sale of real estate and a higher deferred compensation fair value adjustment of $2.5 million Total Non-Interest Income $136.8 $(1.7) $(10.9) NON-INTEREST INCOME HIGHLIGHTS 10

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Change vs. $ in millions 4Q22 3Q22 4Q21 Highlights Salaries and Employee Benefits $138.5 $1.1 $5.8 • Increase of 4.4% over prior year (PY) due to higher full-time salaries and higher employee benefits expense Net Occupancy $11.8 $(.8) $(.5) Equipment $5.0 — $.3 Supplies and Communication $4.4 $(.1) — Data Processing and Software $28.0 $(.1) $2.2 • Increase of 8.6% over PY due to higher software expense, bank card processing fees and increased costs for service providers Marketing $5.4 $(.8) — Other $23.6 $4.6 $5.3 • Increase over last quarter (LQ) mostly due to higher deferred compensation fair value adjustment of $2.5 million, an increase in legal and professional fees of $1.6 million, and higher travel and entertainment and insurance expense Total Non-Interest Expense $216.7 $3.9 $13.2 NON-INTEREST EXPENSE HIGHLIGHTS 11

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12 PRE-TAX, PRE-PROVISION NET REVENUE (PPNR) $148 $152 $208 $204 4Q2021 $355 $139 $172 $246 $213 $385 3Q2022 $137 $175 $255 $217 $391 4Q2022 Non-Interest Income (+) Net Interest Income (+) Non-Interest Expense (-) Pre-Tax, Pre-Provision Net Revenue (=) 4Q2022 Comparison vs. 4Q2021 15.1% vs. 3Q2022 1.6% See the non-GAAP reconciliation on page 20

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$4.3 $4.8 $5.6 $3.4 $2.6 4Q21 3Q22 4Q22 MAINTAINING STRONG CREDIT QUALITY 13 Net Loan Charge-Offs (NCOs) $ in millions NCOs- CBSH NCOs - Peer Average NCO/Average Loans1 - CBSH $150.0 $143.4 $150.1 $261.2 $280.9 4Q224Q21 3Q22 Allowance for Credit Losses on Loans (ACL) $ in millions ACL - Peer Average ACL - CBSH ACL / Total Loans - CBSH $9.2 $7.2 $8.3 $104.4 $108.0 4Q21 3Q22 4Q22 Non-Accrual Loans (NALs) $ in millions NALs - CBSH NALs - Peer Average 16.4x 20.0x 18.1x 3.6x 4.7x 4Q224Q21 3Q22 Allowance for Credit Losses on Loans (ACL) to NALs ACL / NALs - CBSH ACL / NALs - Peer Average Percentages are illustrative and not to scale; Peer Banks include: ABCB, ASB, BOKF, CFR, FNB, FULT, HWC, ONB, OZK, PB, PNFP, SFNC, SNV, SSB, UMBF, UMPQ, UBSI, VLY, WTFC 1As a percentage of average loans (excluding loans held for sale) NALs / Total Loans - CBSH NCO/Average Loans1 – Peer Average .06% NALs / Total Loans – Peer Average .05% .05% .50% .42% ACL / Total Loans – Peer Average .99% .90% .92% 1.22% 1.12% .11% .12% .14% .07% .04%

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ALLOCATION OF ALLOWANCE 14 CECL allowances reflect the economic and market outlook September 30, 2022 December 31, 2022 $ in millions Allowance for Credit Losses (ACL) % of Outstanding Loans Allowance for Credit Losses (ACL) % of Outstanding Loans Business $45.0 .81% $46.3 .82% Bus R/E 28.7 .86% 28.2 .83% Construction 29.4 2.44% 28.8 2.12% Commercial total $103.1 1.02% $103.3 .99% Consumer 9.8 .46% 10.3 .50% Consumer CC 22.5 4.00% 24.9 4.26% Personal R/E 6.6 .23% 10.0 .34% Revolving H/E 1.3 .47% 1.6 .53% Overdrafts .1 2.71% .1 .74% Consumer total $40.3 .69% $46.8 .80% Allowance for credit losses on loans $143.4 .90% $150.1 .92% 1.47% 1.44% 1.35% 1.22% 1.07% 0.88% 0.90%0.92% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% $200 $150 $100 $250 3Q 0.95% $220.8 1/1 4Q $171.7 1Q $240.7 3Q2Q $236.4 $139.6 4Q $200.5 4Q $138.0 1Q 1.10% $134.7 $172.4 $150.0 2Q $162.8 $150.1 3Q 0.99% 0.87% 1Q 2Q $143.4 1.14% Allowance for Credit Losses (ACL) on Loans ACL - Loans (left) ACL / Total Loans (right) $ in millions 202220212020

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15 WELL-POSITIONED FOR CURRENT ENVIRONMENT

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0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% 4.5% 3Q2022 and 4Q2022 Hedging actions: Entered into two floor contracts (indexed to 1 Month SOFR) to hedge the risk of declining interest rates on floating rate commercial loans. The contracts have a term of 6 years. • 3Q2022: One 2.5% floor contract with a notional value of $500 million. The contract begins 1/2024. • 4Q2022: One 3.0% floor contract with a notional value of $500 million. The contract begins 4/2024. WELL-POSITIONED FOR MULTIPLE RATE ENVIRONMENTS 16 Opportunities to enhance and protect NII in a rising rate environment. • Investment securities portfolio duration of 3.7 years. • Cash flows from maturities and paydowns of securities of $2.4 billion expected over the next twelve months. • Large core deposit base and historically low betas. • Securities purchased under agreements to resell of $825 million maturing through 2025. • 100 bps of gradual rate hikes impact NII over twelve months by reducing NII by $14.0MM to increasing NII by $9.9MM2. • As of December 31, 2022, 56% of loans were variable rate, (64% commercial, 42% consumer). Cost of Total Deposits & Deposit Beta: Prior & Current Fed Cycle Source: S&P Global Market Intelligence, 2021 10-K , 3Q2022 10-Q 1 Fed Rate increase cycle from 3Q2015 through 2Q2019, +225 bps; Fed Rate increase cycle from 4Q2021 through 4Q2022, +425 bps; 2 As of September 30, 2022 Cost of Total Deposits Before Fed Rate Increases End of Fed Rate Increases / Current Deposit Beta1 Commerce (3Q2015 – 2Q2019) .12% .38% 12% Peer Median (3Q2015 – 2Q2019) .23% .85% 27% Commerce (4Q2021 – 4Q2022) .03% .24% 5% 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Quarter in the Fed Cycle Effective Fed Funds Rate (3Q2015 - 2Q2019) Effective Fed Funds Rate (4Q2021 - Current) 3Q2015 / 4Q2021

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Over 55% of total loans are variable; 64% of commercial loans have floating rates SUMMARY OF FIXED & FLOATING LOANS 40% 60% Business Total Loans: $5.7B Fixed Variable C om m er ci al 67% 33% Personal RE Total Loans: $2.9B C on su m er 99% 1% HELOC Total Loans: $0.3B 43% 57% Business RE Total Loans: $3.4B 95% 5% Consumer Card Total Loans: $0.6B 70% 30% Consumer Total Loans: $2.1B 17 5% 95% Construction Total Loans: $1.4B As of 12/31/2022

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Average Loan to Deposit Ratio3 SOUND CAPITAL AND LIQUIDITY POSITION 18 Tier 1 Risk-Based Capital Ratio1 1S&P Global Market Intelligence, Information as of September 30, 2022 2Period-end balances, as of December 31, 2022 3Includes loans held for sale, for the quarter ended December 31, 2022 15.4% 14.0% 13.3% 13.0% 12.4% 11.8% 11.7% 11.2% 11.1% 11.0% 10.9% 10.7% 10.6% 10.6% 10.6% 10.1% 10.0% 10.0% 9.9% 9.6% CBSH OZK WTFC ASB BOKF PB CFR UMBF UBSI SFNC HWC VLY FNB SSB FULT PNFP UMPQ SNV ONB ABCB Peer Median: 10.9% Core Deposits $25.2 Billion2 Large, stable deposit base Loan to Deposit Ratio Total Deposits 60% Average Loan to Deposit Ratio180% Peer Average Commerce 96%Certificates of Deposit Core Deposits - Non-Interest Bearing - Interest Checking - Savings and Money Market 4%

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Quick Facts: Small Business Investment Company (SBIC) founded in 1959 Nationwide footprint with Greater Midwest Focus 36 Portfolio Companies Representing $875 million in Revenue Over 3,400 Employees Fair Value as of December 31, 2022: $178.1 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 19

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NON-GAAP RECONCILIATIONS 20 For The Three Months Ended (DOLLARS IN THOUSANDS) Dec. 31, 2022 Sep. 30, 2022 Dec. 31, 2021 A Net Interest Income $254,641 $246,373 $207,657 B Non-Interest Income $136,825 $138,514 $147,699 C Non-Interest Expense $216,740 $212,884 $203,582 Pre-Provision Net Revenue (A+B-C) $174,726 $172,003 $151,774 Pre-tax, Pre-provision Net Revenue

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