# EDGAR Filing Document

**Accession Number:** 0000022356
**File Stem:** 0000022356-26-000123
**Filing Date:** 2026-4
**Character Count:** 75572
**Document Hash:** 750bd6bd434c0eebd8c06f2f0d9469b2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000022356-26-000123.hdr.sgml**: 20260421

**ACCESSION NUMBER**: 0000022356-26-000123

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20260421

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260421

**DATE AS OF CHANGE**: 20260421

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** COMMERCE BANCSHARES INC /MO/
- **CENTRAL INDEX KEY:** 0000022356
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 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:** 26876800

**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' encoding='ASCII'? cbsh-20260421

**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): April 21, 2026**

**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 April 21, 2026 by Commerce Bancshares, Inc. announcing First Quarter 2026 earnings is furnished under Item 2.02 of this Current Report on Form 8-K as Exhibit 99.1. Additionally, a slide presentation for investors and analysts is being furnished as Exhibit 99.2 to this Current Report on Form 8-K.

The information in this Current Report on Form 8-K, including the exhibits, is furnished pursuant to Item 2.02 and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information in this Current Report on Form 8-K, including the exhibits, shall not be deemed to be incorporated by reference into the filings of Commerce Bancshares, Inc. under the Securities Act of 1933, as amended.

All information included in this Current Report on Form 8-K is available on the Company's website at <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](cbsh03312026ex991.htm)</u> dated April 21, 2026

99.2&nbsp;&nbsp;&nbsp;&nbsp;<u>[Slide presentation](a2026q1earningshighlight.htm)</u> for investors and analysts dated April 21, 2026

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: April 21, 2026

## 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:

Tuesday, April 21, 2026

**COMMERCE BANCSHARES, INC. REPORTS** 

**FIRST QUARTER EARNINGS PER SHARE OF $.96**

Commerce Bancshares, Inc. announced earnings of $.96 per share for the three months ended March 31, 2026, compared to $.93 per share in the same quarter last year and $1.01 per share in the fourth quarter of 2025. Net income for the first quarter of 2026 amounted to $141.6 million, compared to $131.6 million in the first quarter of 2025 and $140.7 million in the prior quarter.

In making this announcement, John Kemper, Chief Executive Officer, said, "We delivered a strong first quarter highlighted by solid profitability and continued momentum across our diversified fee businesses. This was also our first full quarter incorporating FineMark, a strategic investment that meaningfully enhances our private banking and wealth management capabilities and expands our presence in highly attractive growth markets. Our overall performance reflected the strength of our franchise, supported by resilient net interest income, continued trust fee growth, and solid returns across our core profitability measures.

Mr. Kemper continued, "Our return on average assets remained solid at 1.62% while maintaining excellent credit quality, with non-accrual loans at just .05% of total loans. Non-interest income was $175.9 million and comprised 37% of total revenue."

"We also remained focused on thoughtful capital deployment, returning excess capital to shareholders through the repurchase of more than $84 million of common stock this quarter while maintaining a conservative capital posture that underpins our long-term strength and flexibility. As we look ahead, Commerce is well positioned to navigate an uncertain economic environment with discipline and confidence, balancing near-term conditions with continued investment in long-term growth. Our strategy remains centered on delivering consistent performance and creating durable, long-term value for our shareholders."

**First Quarter 2026 Financial Highlights:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On January 1, 2026, Commerce Bancshares, Inc. completed its acquisition of FineMark Holdings, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net interest income was $299.8 million, a $16.7 million increase over the prior quarter. The net yield on interest earning assets decreased one basis point to 3.59%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-interest income totaled $175.9 million, an increase of $16.9 million, or 10.6%, over the same quarter last year.

------

Exhibit 99.1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trust fees grew $14.5 million, or 25.5%, over the same period last year, mostly due to higher private client fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-interest expense totaled $291.1 million and included $14.0 million in acquisition-related expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assets under administration grew $14.9 billion, or 19.5%, over the same period last year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Average loan balances totaled $20.3 billion, an increase of $2.7 billion, or 15.2%, over the prior quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total average available for sale debt securities decreased $269.0 million from the prior quarter to $8.9 billion, at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total average deposits increased $2.1 billion, or 8.2%, over the prior quarter to $27.7 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ratio of annualized net loan charge-offs to average loans was .30% in the current quarter compared to .22% in the prior quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The allowance for credit losses on loans increased $19.1 million during the first quarter of 2026 to $198.6 million, and the ratio of the allowance for credit losses on loans to total loans was .97% at March 31, 2026, compared to 1.01% at December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total assets on March 31, 2026 were $35.7 billion, an increase of $2.8 billion over the prior quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the quarter, the return on average assets was 1.62%, the return on average equity was 13.22%, and the efficiency ratio was 60.0%. Quarterly profitability metrics reflected elevated acquisition-related expenses of approximately $14 million, which temporarily pressured the efficiency ratio and return on average assets.

Commerce Bancshares, Inc. is a regional bank holding company offering a full line of banking services through its subsidiaries, including payment solutions, wealth management and securities brokerage. Commerce Bank, its primary subsidiary, brings over 160 years of experience helping individuals and businesses through high-touch service and sophisticated, personalized financial solutions. Commerce maintains an extensive network of banking centers, wealth offices, and ATMs throughout the Midwest, as well as commercial offices in 11 states and offers payment solutions nationwide. With the acquisition of FineMark Holdings, Inc., Commerce builds on its existing private banking and wealth management presence in Florida and adds wealth offices in Arizona and South Carolina. Customers can conveniently access their account 24/7 using mobile and online platforms, as well as a customer service line.

This financial news release and the supplementary Earnings Highlights presentation are available on the Company's website at <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 |
| *(Unaudited)<br>(Dollars in thousands, except per share data)* | **Mar. 31, 2026** | Dec. 31, 2025 | Mar. 31, 2025 |
| **FINANCIAL SUMMARY** |  |  |  |
| Net interest income | **$299840** | $283152 | $269102 |
| Non-interest income | **175851** | 166208 | 158949 |
| Total revenue | **475691** | 449360 | 428051 |
| Investment securities gains (losses) | **11647** | 2929 | (7591) |
| Provision for credit losses | **10960** | 15993 | 14487 |
| Non-interest expense | **291126** | 252995 | 238376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before taxes | **185252** | 183301 | 167597 |
| Income taxes | **40881** | 40620 | 36964 |
| Non-controlling interest expense (income) | **2748** | 2019 | (959) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Commerce Bancshares, Inc. | **$141623** | $140662 | $131592 |
| Earnings per common share: |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income — basic | **$0.96** | $1.01 | $0.93 |
| &nbsp;&nbsp;&nbsp;Net income — diluted | **$0.96** | $1.01 | $0.93 |
| Effective tax rate | **22.40%** | 22.41% | 21.93% |
| Fully-taxable equivalent net interest income | **$302204** | $285830 | $271416 |
| Average total interest earning assets <sup>(1)</sup> | **$34130985** | $31468907 | $30901110 |
| Diluted wtd. average shares outstanding | **145856608** | 137599105 | 139725305 |
| **RATIOS** |  |  |  |
| Average loans to deposits <sup>(2)</sup> | **73.44%** | 69.01% | 69.38% |
| Return on total average assets | **1.62** | 1.73 | 1.69 |
| Return on average equity <sup>(3)</sup> | **13.22** | 14.70 | 15.82 |
| Non-interest income to total revenue | **36.97** | 36.99 | 37.13 |
| Efficiency ratio <sup>(4)</sup> | **60.00** | 56.23 | 55.61 |
| Net yield on interest earning assets | **3.59** | 3.60 | 3.56 |
| **EQUITY SUMMARY** |  |  |  |
| Cash dividends per share | **$.275** | $.262 | $.262 |
| Cash dividends on common stock | **$40355** | $36236 | $36866 |
| Book value per share <sup>(5)</sup> | **$29.64** | $27.75 | $24.94 |
| Market value per share <sup>(5)</sup> | **$49.20** | $52.34 | $59.27 |
| High market value per share | **$56.06** | $57.36 | $65.59 |
| Low market value per share | **$46.99** | $48.69 | $56.00 |
| Common shares outstanding <sup>(5)</sup> | **145979271** | 137457138 | 140277275 |
| Tangible common equity to tangible assets <sup>(6)</sup> | **11.07%** | 11.11% | 10.33% |
| Tier I leverage ratio | **12.60%** | 12.65% | 12.29% |
| **OTHER QTD INFORMATION** |  |  |  |
| Number of bank/ATM locations | **249** | 236 | 242 |
| Full-time equivalent employees | **4960** | 4667 | 4662 |

---

*(1) Excludes allowance for credit losses on loans and unrealized gains/(losses) on available for sale debt securities.*

*(2) Includes loans held for sale.*

*(3) Annualized net income attributable to Commerce Bancshares, Inc. divided by average total equity.*

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

*(5) As of period end.*

*(6) The tangible common equity ratio is a non-gaap ratio and is calculated as stockholders' equity reduced by goodwill and other intangible assets (excluding mortgage servicing rights) divided by total assets reduced by goodwill and other intangible assets (excluding mortgage servicing rights).*

*All share and per share amounts have been restated to reflect the 5% stock dividend distributed in December 2025.*

------

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 |
| *(Unaudited)<br>(In thousands, except per share data)* | **Mar. 31, 2026** | Dec. 31, 2025 | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 |
| Interest income | **$396507** | $373617 | $374105 | $371636 | $364365 |
| Interest expense | **96667** | 90465 | 94648 | 91489 | 95263 |
| Net interest income | **299840** | 283152 | 279457 | 280147 | 269102 |
| Provision for credit losses | **10960** | 15993 | 20061 | 5597 | 14487 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest income after credit losses | **288880** | 267159 | 259396 | 274550 | 254615 |
| **NON-INTEREST INCOME** |  |  |  |  |  |
| Trust fees | **71049** | 62125 | 58412 | 55571 | 56592 |
| Bank card transaction fees | **45585** | 46761 | 45551 | 46362 | 45593 |
| Deposit account charges and other fees | **28578** | 27949 | 27427 | 26248 | 26622 |
| Consumer brokerage services | **5444** | 5185 | 6698 | 5383 | 4785 |
| Capital market fees | **5338** | 4230 | 5138 | 6175 | 5112 |
| Loan fees and sales | **3243** | 3594 | 3465 | 3419 | 3404 |
| Other | **16614** | 16364 | 14820 | 22455 | 16841 |
| &nbsp;&nbsp;&nbsp;Total non-interest income | **175851** | 166208 | 161511 | 165613 | 158949 |
| **INVESTMENT SECURITIES GAINS (LOSSES), NET** | **11647** | 2929 | 7885 | 437 | (7591) |
| **NON-INTEREST EXPENSE** |  |  |  |  |  |
| Salaries and employee benefits | **180787** | 162889 | 157461 | 155025 | 153078 |
| Data processing and software | **38328** | 35273 | 33555 | 32904 | 32238 |
| Professional and other services | **18792** | 14573 | 11284 | 12973 | 10026 |
| Net occupancy | **15308** | 13172 | 13474 | 13654 | 14020 |
| Marketing | **6957** | 6201 | 6670 | 5974 | 5843 |
| Equipment | **5671** | 5682 | 5421 | 5157 | 5248 |
| Supplies and communication | **5238** | 4841 | 4837 | 4962 | 5046 |
| Deposit Insurance | **3914** | (81) | 3074 | 3312 | 3744 |
| Other | **16131** | 10445 | 8242 | 10476 | 9133 |
| &nbsp;&nbsp;&nbsp;Total non-interest expense | **291126** | 252995 | 244018 | 244437 | 238376 |
| Income before income taxes | **185252** | 183301 | 184774 | 196163 | 167597 |
| Less income taxes | **40881** | 40620 | 41152 | 42400 | 36964 |
| Net income | **144371** | 142681 | 143622 | 153763 | 130633 |
| Less non-controlling interest expense (income) | **2748** | 2019 | 2104 | 1284 | (959) |
| &nbsp;&nbsp;**Net income attributable to Commerce Bancshares, Inc.** | **$141623** | $140662 | $141518 | $152479 | $131592 |
| Net income per common share — basic | **$0.96** | $1.01 | $1.01 | $1.09 | $0.93 |
| Net income per common share — diluted | **$0.96** | $1.01 | $1.01 | $1.09 | $0.93 |
| **OTHER INFORMATION** |  |  |  |  |  |
| Return on total average assets | **1.62%** | 1.73% | 1.78% | 1.95% | 1.69% |
| Return on average equity <sup>(1)</sup> | **13.22** | 14.70 | 15.26 | 17.40 | 15.82 |
| Efficiency ratio <sup>(2)</sup> | **60.00** | 56.23 | 55.26 | 54.77 | 55.61 |
| Effective tax rate | **22.40** | 22.41 | 22.53 | 21.76 | 21.93 |
| Net yield on interest earning assets | **3.59** | 3.60 | 3.64 | 3.70 | 3.56 |
| Fully-taxable equivalent net interest income | **$302204** | $285830 | $281770 | $282428 | $271416 |

---

*(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)* | **Mar. 31, 2026** | Dec. 31, 2025 | Mar. 31, 2025 |
| **ASSETS** |  |  |  |
| Loans |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business | **$6750356** | $6439380 | $6239276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — construction and land | **1581789** | 1438012 | 1419572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — business | **4059539** | 3674567 | 3628635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — personal | **4407606** | 3053435 | 3047809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer | **2475353** | 2196822 | 2116160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolving home equity | **619178** | 375159 | 356675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer credit card | **557733** | 589694 | 568163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Overdrafts | **9510** | 4194 | 3131 |
| Total loans | **20461064** | 17771263 | 17379421 |
| Allowance for credit losses on loans | **(198605)** | (179468) | (167031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net loans** | **20262459** | 17591795 | 17212390 |
| Loans held for sale | **2081** | 4329 | 2890 |
| Investment securities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Available for sale debt securities | **8646127** | 9095513 | 9264947 |
| &nbsp;&nbsp;&nbsp;Trading debt securities | **44329** | 40080 | 56569 |
| &nbsp;&nbsp;&nbsp;Equity securities | **56193** | 57354 | 58182 |
| &nbsp;&nbsp;&nbsp;Other securities | **248339** | 230459 | 221370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total investment securities** | **8994988** | 9423406 | 9601068 |
| Federal funds sold | **630** |  |  |
| Securities purchased under agreements to resell | **850000** | 850000 | 850000 |
| Interest earning deposits with banks | **3270046** | 2744393 | 2756521 |
| Cash and due from banks | **572588** | 803239 | 517332 |
| Premises and equipment — net | **527211** | 485700 | 476921 |
| Goodwill | **253805** | 146539 | 146539 |
| Other intangible assets — net | **145985** | 13311 | 13441 |
| Other assets | **837463** | 852377 | 787862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | **$35717256** | $32915089 | $32364964 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |
| Deposits: |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-interest bearing | **$8058024** | $8205711 | $7518243 |
| &nbsp;&nbsp;&nbsp;Savings, interest checking and money market | **17877836** | 15047406 | 15975283 |
| &nbsp;&nbsp;&nbsp;Certificates of deposit of less than $100,000 | **1032114** | 1023406 | 985878 |
| &nbsp;&nbsp;&nbsp;Certificates of deposit of $100,000 and over | **1416345** | 1363053 | 1362393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total deposits** | **28384319** | 25639576 | 25841797 |
| Federal funds purchased and securities sold under agreements to repurchase | **2576723** | 2989641 | 2400036 |
| Other borrowings | **8045** | 12798 | 17743 |
| Other liabilities | **421771** | 458302 | 606986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | **31390858** | 29100317 | 28866562 |
| Stockholders' equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | **742606** | 692944 | 676054 |
| &nbsp;&nbsp;&nbsp;Capital surplus | **3986353** | 3522292 | 3381960 |
| &nbsp;&nbsp;&nbsp;Retained earnings | **233094** | 131826 | 140220 |
| &nbsp;&nbsp;&nbsp;Treasury stock | **(120692)** | (48001) | (85871) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | **(539592)** | (507690) | (634576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | **4301769** | 3791371 | 3477787 |
| Non-controlling interest | **24629** | 23401 | 20615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total equity** | **4326398** | 3814772 | 3498402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and equity** | **$35717256** | $32915089 | $32364964 |

---

------

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)* | **Mar. 31, 2026** | Dec. 31, 2025 | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 |
| **ASSETS:** |  |  |  |  |  |
| **Loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Business | **$6687131** | $6317805 | $6230019 | $6247252 | $6106185 |
| &nbsp;&nbsp;&nbsp;Real estate — construction and land | **1592328** | 1408339 | 1396977 | 1430758 | 1415349 |
| &nbsp;&nbsp;&nbsp;Real estate — business | **4045670** | 3730679 | 3715597 | 3692405 | 3667833 |
| &nbsp;&nbsp;&nbsp;Real estate — personal | **4417131** | 3058834 | 3059913 | 3048895 | 3045876 |
| &nbsp;&nbsp;&nbsp;Consumer | **2421541** | 2200500 | 2160637 | 2148666 | 2082360 |
| &nbsp;&nbsp;&nbsp;Revolving home equity | **611101** | 372194 | 360820 | 362312 | 358684 |
| &nbsp;&nbsp;&nbsp;Consumer credit card | **555697** | 565896 | 563351 | 559858 | 560534 |
| &nbsp;&nbsp;&nbsp;Overdrafts | **7144** | 6592 | 7037 | 5663 | 5860 |
| **Total loans**  | **20337743** | 17660839 | 17494351 | 17495809 | 17242681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Allowance for credit losses on loans | **(201769)** | (175129) | (164623) | (166391) | (162186) |
| **Net loans** | **20135974** | 17485710 | 17329728 | 17329418 | 17080495 |
| Loans held for sale | **2361** | 2532 | 2369 | 1741 | 1584 |
| **Investment securities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government and federal agency obligations | **3190796** | 3197720 | 2693327 | 2623896 | 2586944 |
| &nbsp;&nbsp;&nbsp;&nbsp;Government-sponsored enterprise obligations | **54800** | 54955 | 55014 | 55038 | 55330 |
| &nbsp;&nbsp;&nbsp;&nbsp;State and municipal obligations | **709332** | 724737 | 756137 | 780063 | 804363 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities | **4211068** | 4316799 | 4461056 | 4641295 | 4788102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | **1201187** | 1336859 | 1466770 | 1585364 | 1655701 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other debt securities  | **176676** | 196633 | 204281 | 237385 | 258136 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) on debt securities | **(630778)** | (645595) | (766025) | (838028) | (935054) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total available for sale debt securities** | **8913081** | 9182108 | 8870560 | 9085013 | 9213522 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading debt securities  | **97801** | 61160 | 56032 | 51131 | 38298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities | **50378** | 52387 | 50823 | 54472 | 57028 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other securities | **250641** | 227395 | 220041 | 216560 | 233461 |
| **Total investment securities** | **9311901** | 9523050 | 9197456 | 9407176 | 9542309 |
| Federal funds sold | **862** |  | 23 | 158 | 2089 |
| Securities purchased under agreements to resell | **850000** | 850000 | 850000 | 850000 | 788889 |
| Interest earning deposits with banks | **2997340** | 2786891 | 2422441 | 2036803 | 2388504 |
| Other assets | **2074538** | 1700147 | 1709247 | 1671763 | 1698296 |
| **Total assets** | **$35372976** | $32348330 | $31511264 | $31297059 | $31502166 |
| **LIABILITIES AND EQUITY:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-interest bearing deposits | **$7874488** | $7592431 | $7345156 | $7356882 | $7298686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings | **1301768** | 1261285 | 1283671 | 1303391 | 1294174 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest checking and money market | **16019323** | 14335613 | 13740770 | 13901634 | 13906827 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit of less than $100,000 | **1035130** | 1015617 | 991877 | 984845 | 991826 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit of $100,000 and over | **1465168** | 1389149 | 1416572 | 1371428 | 1363655 |
| **Total deposits** | **27695877** | 25594095 | 24778046 | 24918180 | 24855168 |
| **Borrowings:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased | **141888** | 130487 | 130622 | 129891 | 128340 |
| &nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase | **2674484** | 2429746 | 2519660 | 2371031 | 2723227 |
| &nbsp;&nbsp;&nbsp;Other borrowings | **90796** | 1230 | 1860 | 2748 | 616 |
| **Total borrowings** | **2907168** | 2561463 | 2652142 | 2503670 | 2852183 |
| Other liabilities | **423998** | 395336 | 402265 | 360204 | 421370 |
| **Total liabilities** | **31027043** | 28550894 | 27832453 | 27782054 | 28128721 |
| **Equity** | **4345933** | 3797436 | 3678811 | 3515005 | 3373445 |
| **Total liabilities and equity** | **$35372976** | $32348330 | $31511264 | $31297059 | $31502166 |

---

------

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)* | **Mar. 31, 2026** | Dec. 31, 2025 | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 |
| **ASSETS:** |  |  |  |  |  |
| **Loans:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Business <sup>(1)</sup> | **5.41%** | 5.48% | 5.72% | 5.72% | 5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate — construction and land | **6.59** | 7.05 | 7.37 | 7.39 | 7.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate — business | **5.75** | 5.76 | 5.92 | 5.92 | 5.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate — personal | **4.82** | 4.38 | 4.34 | 4.30 | 4.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | **6.20** | 6.23 | 6.42 | 6.43 | 6.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revolving home equity | **7.29** | 7.25 | 7.94 | 7.41 | 7.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer credit card | **12.64** | 12.81 | 13.21 | 13.18 | 13.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Overdrafts | **—** |  |  |  |  |
| **Total loans** | **5.79** | 5.84 | 6.02 | 6.01 | 6.02 |
| Loans held for sale | **4.98** | 5.01 | 6.03 | 9.22 | 5.89 |
| **Investment securities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. government and federal agency obligations | **3.60** | 4.07 | 4.06 | 4.28 | 4.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Government-sponsored enterprise obligations | **2.40** | 2.36 | 2.35 | 2.38 | 2.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;State and municipal obligations <sup>(1)</sup> | **2.10** | 2.06 | 2.05 | 2.05 | 2.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage-backed securities | **2.12** | 2.05 | 2.01 | 2.08 | 2.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-backed securities | **3.80** | 3.78 | 3.69 | 3.73 | 3.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other debt securities | **3.17** | 2.97 | 2.97 | 2.94 | 2.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total available for sale debt securities** | **2.85** | 2.96 | 2.86 | 2.95 | 2.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading debt securities <sup>(1)</sup> | **3.14** | 4.61 | 4.67 | 4.63 | 4.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities <sup>(1)</sup> | **6.49** | 6.35 | 6.09 | 6.26 | 8.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other securities <sup>(1)</sup> | **6.81** | 9.08 | 7.29 | 11.63 | 7.85 |
| **Total investment securities** | **2.97** | 3.12 | 2.99 | 3.16 | 2.98 |
| Federal funds sold | **3.29** |  |  | 5.08 | 5.63 |
| Securities purchased under agreements to resell | **4.03** | 4.00 | 4.00 | 4.02 | 3.81 |
| Interest earning deposits with banks | **3.70** | 3.95 | 4.45 | 4.46 | 4.46 |
| **Total interest earning assets** | **4.74** | 4.74 | 4.86 | 4.90 | 4.81 |
| **LIABILITIES AND EQUITY:** |  |  |  |  |  |
| **Interest bearing deposits:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Savings | **.07** | .05 | .05 | .05 | .05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest checking and money market | **1.48** | 1.45 | 1.54 | 1.49 | 1.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit of less than $100,000 | **3.17** | 3.25 | 3.33 | 3.44 | 3.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit of $100,000 and over | **3.35** | 3.60 | 3.71 | 3.78 | 3.96 |
| **Total interest bearing deposits** | **1.61** | 1.62 | 1.71 | 1.67 | 1.72 |
| **Borrowings:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal funds purchased | **3.66** | 3.92 | 4.34 | 4.37 | 4.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Securities sold under agreements to repurchase | **2.39** | 2.54 | 2.88 | 2.85 | 2.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other borrowings | **3.88** | .65 | 1.71 | 3.79 | .66 |
| **Total borrowings** | **2.50** | 2.61 | 2.95 | 2.93 | 2.93 |
| **Total interest bearing liabilities** | **1.72%** | 1.75% | 1.87% | 1.83% | 1.89% |
| **Net yield on interest earning assets** | **3.59%** | 3.60% | 3.64% | 3.70% | 3.56% |

---

*(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 |
| *(Unaudited)<br>(In thousands, except ratios)* | **Mar. 31, 2026** | Dec. 31, 2025 | Sep. 30, 2025 | Jun. 30, 2025 | Mar. 31, 2025 |
| **ALLOWANCE FOR CREDIT LOSSES ON LOANS** |  |  |  |  |  |
| Balance at beginning of period | **$179468** | $175671 | $165260 | $167031 | $162742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Initial allowance for credit loss at acquisition | **22828** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Provision for credit losses on loans | **11283** | 13660 | 20739 | 7919 | 15095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net charge-offs (recoveries): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial portfolio: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business | **241** | 222 | 826 | 432 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — construction and land | **—** | 16 |  | 24 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — business | **5405** | (24) | (23) | (425) | 377 |
|  | **5646** | 214 | 803 | 31 | 423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personal banking portfolio: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer credit card | **7139** | 6488 | 6515 | 7085 | 6967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer | **1768** | 2498 | 2310 | 2168 | 2852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Overdraft | **413** | 485 | 432 | 360 | 495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — personal | **2** | 180 | 269 | 35 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolving home equity | **6** | (2) | (1) | 11 | (3) |
|  | **9328** | 9649 | 9525 | 9659 | 10383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total net loan charge-offs | **14974** | 9863 | 10328 | 9690 | 10806 |
| Balance at end of period | **$198605** | $179468 | $175671 | $165260 | $167031 |
| **LIABILITY FOR UNFUNDED LENDING COMMITMENTS** | **$17699** | $17660 | $15327 | $16005 | $18327 |
| **NET CHARGE-OFF RATIOS** <sup>(1)</sup> |  |  |  |  |  |
| Commercial portfolio: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business | **.01%** | .01% | .05% | .03% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — construction and land | **—** |  |  | .01 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — business | **.54** |  |  | (.05) | .04 |
|  | **.19** | .01 | .03 |  | .02 |
| Personal banking portfolio: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer credit card | **5.21** | 4.55 | 4.59 | 5.08 | 5.04 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer | **.30** | .45 | .42 | .40 | .56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Overdraft | **23.45** | 29.19 | 24.36 | 25.50 | 34.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — personal | **—** | .02 | .03 |  | .01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolving home equity | **—** |  |  | .01 |  |
|  | **.47** | .62 | .61 | .63 | .70 |
| Total | **.30%** | .22% | .23% | .22% | .25% |
| **CREDIT QUALITY RATIOS** |  |  |  |  |  |
| Non-accrual loans to total loans | **.05%** | .09% | .09% | .11% | .13% |
| Allowance for credit losses on loans to total loans | **.97** | 1.01 | .99 | .94 | .96 |
| **NON-ACCRUAL AND PAST DUE LOANS** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-accrual loans: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Business | **$201** | $123 | $255 | $410 | $1112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — construction and land | **—** |  | 191 | 426 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — business | **9369** | 14785 | 14940 | 15109 | 18305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real estate — personal | **1316** | 842 | 867 | 948 | 989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolving home equity | **34** |  |  | 1977 | 1977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | **10920** | 15750 | 16253 | 18870 | 22603 |
| **Loans past due 90 days and still accruing interest** | **$22824** | $24659 | $21536 | $25303 | $19417 |

---

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

------

Exhibit 99.1**&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 First Quarter Results**

**March 31, 2026**

For the quarter ended March 31, 2026, net income amounted to $141.6 million, compared to $140.7 million in the previous quarter and $131.6 million in the same quarter last year. The increase in net income over the previous quarter was primarily the result of higher net interest income, non-interest income, gains on investment securities, and a decrease in the provision for credit losses, partly offset by higher non-interest expense. The net yield on interest earning assets decreased one basis point from the previous quarter to 3.59%. Average loans and deposits increased $2.7 billion and $2.1 billion, respectively, while available for sale investment securities, at fair value, decreased $269.0 million compared to the prior quarter. For the quarter, the return on average assets was 1.62%, the return on average equity was 13.22%, and the efficiency ratio was 60.0%.

On January 1, 2026, the Company closed on its previously announced acquisition of FineMark Holdings, Inc. ("FineMark"), Ft. Meyers, Florida, with 13 banking locations in Florida, Arizona, and South Carolina. The acquisition added total assets of approximately $3.9 billion, including loans of $2.7 billion, total deposits of $3.1 billion and assets under administration of $8.7 billion.

**Balance Sheet Review**

During the 1<sup>st</sup> quarter of 2026, average loans totaled $20.3 billion, an increase of $2.7 billion over the prior quarter, and an increase of $3.1 billion over the same quarter last year. The increase in average balances over both periods was primarily due to the acquisition of FineMark, which added $2.7 billion in loan balances. Compared to the previous quarter, average balances of personal real estate, business, business real estate, revolving home equity and consumer loans grew $1.4 billion, $369.3 million, $315.0 million, $238.9 million and $221.0 million, respectively. During the current quarter, the Company sold certain fixed rate personal real estate loans totaling $26.2 million, compared to $27.0 million in the prior quarter.

Total average available for sale debt securities decreased $269.0 million from the previous quarter to $8.9 billion, at fair value. The decrease in available for sale debt securities was mainly the result of lower average balances of mortgage-backed and asset-backed securities. During the 1<sup>st</sup> quarter of 2026, the unrealized loss on available for sale debt securities increased $40.7 million to $687.5 million, at period end. Also, during the 1<sup>st</sup> quarter of 2026, maturities and pay downs of available for sale debt securities were $410.7 million. On March 31, 2026, the duration of the available for sale investment portfolio was 4.2 years, and maturities and pay downs of approximately $1.2 billion are expected to occur during the next 12 months.

Average interest earning deposits with banks increased $210.4 million over average balances in the

previous quarter, and the average balances within other assets increased $374.4 million mainly due to increases in goodwill, intangible assets, and premises and equipment related to the Company's acquisition of FIneMark.

Total average deposits increased $2.1 billion this quarter over the previous quarter. The increase in average balances was primarily due to the acquisition of FineMark, which added $2.7 billion of interest bearing and $425 million of non-interest bearing deposit balances. Shortly after the acquisition, the Company moved $1.0 billion of FineMark's high-cost, money market deposit balances off-balance sheet. Compared to the prior quarter, average interest checking and money market deposits and demand deposits increased $1.7 billion and $282.1 million, respectively. Additionally, average balances of certificates of deposit of $100,000 and over increased $76.0 million compared to the prior quarter, mainly due to deposit balances acquired from FineMark. Compared to the previous quarter, total average wealth and retail banking deposits grew $2.3 billion and $251.0 million, respectively, while commercial deposits declined $408.3 million. The average loans to deposits ratio was 73.4% in the current quarter and 69.0% in the prior quarter. The Company's average borrowings, which included average customer repurchase agreements of $2.7 billion, increased $345.7 million to $2.9 billion in the 1<sup>st</sup> quarter of 2026. Federal Home Loan Bank advances of $350.0 million, which the Company acquired from the FineMark acquisition, were paid off in January 2026.

**Net Interest Income**

Net interest income in the 1<sup>st</sup> quarter of 2026 amounted to $299.8 million, an increase of $16.7 million over the previous quarter. On a fully taxable-equivalent (FTE) basis, net interest income for the current quarter increased $16.4 million over the previous quarter to $302.2 million. The increase in net interest income was mostly due to the acquisition of FineMark on January 1, 2026. Accretion income on FineMark's loans resulting from purchase accounting adjustments totaled $6.9 million. The net yield (FTE) on earning assets decreased to 3.59%, from 3.60% in the prior quarter.

Compared to the previous quarter, interest income on loans (FTE) increased $30.4 million, mostly due to higher average balances in all loan categories, except consumer credit cards, and higher average rates earned on personal real estate loans, partly offset by lower average rates earned on business, construction, and business real estate loans. The average yield (FTE) on the loan portfolio decreased five basis points to 5.79% this quarter.

Interest income on investment securities (FTE) decreased $7.3 million compared to the prior quarter, mostly due to lower average rates earned on U.S. government and federal agency obligations

------

Exhibit 99.1

**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 First Quarter Results**

**March 31, 2026**

and other securities and lower average balances of asset-backed and mortgage-backed securities. Interest income earned on U.S. government and federal agency obligations included the impact of a $3.8 million decrease in inflation income from Treasury inflation-protected securities compared to the previous quarter. In the prior quarter, interest on other securities included dividend income of $2.1 million related to a private equity investment that did not reoccur in the current quarter. Additionally, the Company recorded a $940 thousand adjustment to premium amortization on March 31, 2026, which increased interest income to reflect slower forward prepayment speed estimates on mortgage-backed securities. This increase was higher than the $731 thousand adjustment that increased interest income in the prior quarter. The average yield (FTE) on total investment securities was 2.97% in the current quarter, compared to 3.12% in the previous quarter.

Compared to the previous quarter, interest income on deposits with banks decreased $401 thousand as lower average rates more than offset higher average balances. Interest expense increased $6.2 million over the previous quarter, mainly due to higher average interest bearing deposit balances, partly offset by lower average rates paid on interest bearing deposit balances. Interest expense on deposits increased $5.1 million mostly due to higher average interest checking and money market deposit account balances. The average rate paid on interest bearing deposits totaled 1.61% in the current quarter compared to 1.62% in the prior quarter. The overall rate paid on interest bearing liabilities was 1.72% in the current quarter and 1.75% in the prior quarter.

**Non-Interest Income**

In the 1<sup>st</sup> quarter of 2026, total non-interest income amounted to $175.9 million, an increase of $16.9 million, or 10.6%, over the same period last year and an increase of $9.6 million over the prior quarter. The increase in non-interest income compared to the same period last year was mainly due to higher trust fees and deposit account fees. The increase in non-interest income compared to the prior quarter was mainly due to higher trust fees.

Total net bank card fees in the current quarter were flat compared to the same period last year and decreased $1.2 million compared to the prior quarter. Net corporate card fees were flat compared to the same quarter last year. Net merchant fees decreased $184 thousand, or 3.2%, while net debit card fees increased $301 thousand, or 2.9%, mainly due to higher interchange income. Net credit card fees decreased $173 thousand, or 4.8%, mostly due to higher rewards expense. Total net bank card fees this quarter were comprised of fees on corporate card ($26.0 million), debit card ($10.6 million), merchant ($5.6 million) and credit card ($3.4 million) transactions.

In the current quarter, trust fees increased $14.5 million, or 25.5%, over the same period last year, and increased $8.9 million, or 14.4%, over the prior quarter, mostly resulting from higher private client fees. Compared to the same period last year, deposit account fees increased $2.0 million, or 7.3%, mostly due to higher corporate cash management fees.

For the 1<sup>st</sup> quarter of 2026, non-interest income comprised 37.0% of the Company's total revenue.

**Investment Securities Gains and Losses**

The Company recorded net securities gains of $11.6 million in the current quarter, compared to net gains of $2.9 million in the prior quarter and net securities losses of $7.6 million in the 1<sup>st</sup> quarter of 2025. Net securities gains in the current quarter mostly resulted from net fair value adjustments of $10.9 million on the Company's portfolio of private equity investments.

**Non-Interest Expense**

Non-interest expense for the current quarter amounted to $291.1 million, compared to $238.4 million in the same period last year and $253.0 million in the prior quarter. The current quarter included $14.0 million in acquisition-related expense, compared to $2.8 million in the previous quarter, as well as acquisition-related intangible amortization expense of $5.4 million. The increase in non-interest expense over the same period last year was mainly due to higher salaries and benefits expense, data processing and software expense, professional and other services expense, and intangible amortization expense. The increase in non-interest expense over the prior quarter was mainly due to higher salaries and benefits expense, data processing and software expense, professional and other services expense, intangible amortization expense and deposit insurance expense.

Compared to the 1<sup>st</sup> quarter of 2025, salaries and employee benefits expense increased $27.7 million, or 18.1%, mostly due to an accrual for retention bonuses, acquisition-related compensation payments and the onboarding of FineMark's team members. Acquisition-related salaries and benefits expense was $6.6 million in the current quarter. Full-time equivalent employees totaled 4,960 and 4,662 at March 31, 2026 and 2025, respectively.

Compared to the same period last year, data processing and software expense increased $6.1 million due to higher costs for service providers and software. Professional and other services, which increased $8.8 million compared to the 1<sup>st</sup> quarter of 2025, included $4.7 million in acquisition-related legal and professional services expense. The increase in other non-interest expense was mainly due to increases of $5.4 million in intangible amortization expense related to the FineMark acquisition and $2.0 million in other acquisition-related expense. Compared to the prior quarter, deposit insurance

------

Exhibit 99.1

**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 First Quarter Results**

**March 31, 2026**

expense increased $4.0 million due to a $3.9 million accrual adjustment to the FDIC's special assessment, recorded in the 4<sup>th</sup> quarter of 2025.

**Income Taxes**

The effective tax rate for the Company was 22.4% in the current quarter, 22.4% in the prior quarter, and 21.9% in the 1<sup>st</sup> quarter of 2025.

**Credit Quality**

Net loan charge-offs in the 1<sup>st</sup> quarter of 2026 amounted to $15.0 million, compared to $9.9 million in the prior quarter, and $10.8 million in the same period last year. The ratio of annualized net charge-offs to total average loans was .30% in the current quarter, .22% in the previous quarter, and .25% in the same quarter of last year. Compared to the prior quarter, net charge-offs on business real estate loans and consumer credit card loans increased $5.4 million and $651 thousand, respectively, while net charge-offs on consumer loans decreased $730 thousand. The increase in business real estate loan net charge-offs was mainly due to a charge-off on a senior living non-accrual loan.

In the 1<sup>st</sup> quarter of 2026, annualized net charge-offs on average consumer credit card loans were 5.21%, compared to 4.55% in the previous quarter and 5.04% in the same quarter last year. Consumer loan net charge-offs were .30% of average consumer loans in the current quarter, .45% in the prior quarter, and .56% in the same quarter last year.

At March 31, 2026, the allowance for credit losses on loans totaled $198.6 million, or .97% of total loans, and increased $19.1 million compared to the prior quarter. The increase was mostly attributed to the acquisition of FineMark, which added $22.8 million to the allowance for credit losses on January 1, 2026. Additionally, the liability for unfunded lending commitments on March 31, 2026 was $17.7 million, flat compared to the liability on December 31, 2025.

At March 31, 2026, total non-accrual loans amounted to $10.9 million, a decrease of $4.8 million compared to the previous quarter. At March 31, 2026, the balance of non-accrual loans, which represented .05% of loans outstanding, included business real estate loans of $9.4 million, personal real estate loans of $1.3 million and business loans of $201 thousand. Loans more than 90 days past due and still accruing interest totaled $22.8 million at March 31, 2026.

**Other**

During the 1<sup>st</sup> quarter of 2026, the Company paid a cash dividend of $.275 per common share, representing a 5% increase over the same period last year. The Company purchased approximately 1.6 million shares of treasury stock during the current quarter at an average price of $51.57.

**Forward Looking Information**

This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include future financial and operating results, expectations, intentions, and other statements that are not historical facts. Such statements are based on current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements. Additional information about risks and uncertainties is included in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections within the Company's Annual Report on Form 10-K.

## Exhibit 99.2

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COMMERCE BANCSHARES, INC. EARNINGS HIGHLIGHTS 1st Quarter 2026

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CAUTIONARY STATEMENT 2 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, statements about the plans, expectations, goals, projections, and intentions of Commerce Bancshares, Inc. ("Commerce"). Statements that do not relate solely to historical facts may be deemed forward-looking statements. Forward- looking statements may be identified by the use of words and phrases such as "may," "will," "should," "could," "expect," "anticipate," "plan," "project," "believe," "estimate, "intend," "forecast," "outlook," "goal," "target," "guidance," "predict," or similar expressions or the negative thereof, or comparable terminology. Forward-looking statements involve significant risks and uncertainties and are subject to change based on various factors, many of which are beyond Commerce's control. Factors that could cause Commerce's actual results to differ materially from those expressed or implied in forward-looking statements made herein or by management of Commerce include, but are not limited to: general competitive, economic, and market conditions; changes in interest rates and the impact thereof on net interest income, asset valuations, and funding costs; changes in credit quality and loan losses; failure to realize the anticipate benefits from business combination transactions; changes in U.S. and global trade, monetary, and fiscal policies, including tariffs and retaliatory trade measures; cybersecurity incidents, data breaches, ransomware attacks, and risks related to third-party vendors and technology service providers; legislative and regulatory changes, including changes in banking regulations and capital requirements; geopolitical events, armed conflicts, terrorist activities, natural disasters, and public health crises; competitive pressures from traditional and non-traditional financial service providers; changes in laws or accounting standards; the impacts of artificial intelligence and other technological developments on our business; and other risks and factors identified in Commerce's Annual Report on Form 10-K for the year ended December 31, 2025, including the discussion under "Item 1A. Risk Factors," which is accessible on the Securities and Exchange Commission's (the "SEC") website at www.sec.gov and at Investor.Commercebank.com, as well as in Commerce's subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Information on these websites is not part of this document. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date on which they are made, and Commerce does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events. Non-GAAP Financial Measures Certain financial information in this presentation has not been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and is presented on a non-GAAP basis. Commerce's management uses these non-GAAP financial measures in its analysis of the Company's performance and for internal planning and forecasting purposes. Management believes these measures provide meaningful supplemental information useful to investors in understanding the Company's financial performance, operating efficiency, and period-over-period trends. These measures generally adjust for items that management believes are not indicative of the Company's core operating performance or that may obscure trends in the Company's underlying performance. These non-GAAP financial measures should be considered in addition to, and not as an alternative to, substitute for, or superior to, measures prepared in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company's financial condition as reported under GAAP. A reconciliation of each non- GAAP financial measure to the most directly comparable GAAP financial measure can be found in the table at the back of this presentation. Because non-GAAP financial measures are not standardized, these measures may not be comparable to similarly titled measures used by other companies due to differences in methods of calculation. Commerce strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure.

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COMMERCE BANCSHARES 161 YEARS IN BUSINESS $35.7 BILLION TOTAL ASSETS 40TH LARGEST U.S. BANK BASED ON ASSET SIZE1 $7.2 BILLION MARKET CAP 29TH LARGEST U.S. BANK BASED ON MARKET CAP1 $91.4 BILLION TOTAL TRUST ASSETS UNDER ADMINISTRATION 16TH LARGEST AMONG BANK-MANAGED TRUST COMPANIES BASED ON AUM2 17.34% TIER 1 COMMON RISK- BASED CAPITAL RATIO 2ND HIGHEST AMONG TOP 50 U.S. BANKS BASED ON ASSET SIZE1 AS OF DECEMBER 31, 2025 $28.4 BILLION TOTAL DEPOSITS $20.5 BILLION TOTAL LOANS4 $9.9 BILLION COMMERCIAL CARD VOLUME AS OF DECEMBER 31, 2025 13.22% RETURN ON AVERAGE COMMON EQUITY YTD 3RD YTD ROACE FOR THE TOP 50 U.S. BANKS BASED ON ASSET SIZE1 a2 BASELINE CREDIT ASSESSMENT4 TWO RATINGS ABOVE THE U.S. BANKING INDUSTRY MEDIAN RATING OF baa1 3 1S&P Global Market Intelligence – U.S. publicly traded banks, rankings as of 12/31/2025 2S&P Global Market Intelligence – Regulated U.S. depositories managed by bank holding companies, rankings as of 12/31/2025; 3Includes loans held for sale; 4Moody's Sector Profile: Banks, February 12, 2026, Baseline Credit Assessment (BCA) reflects a bank's standalone credit strength. Company reports and filings, information as of 3/31/2026 unless otherwise noted. CORE BANKING FOOTPRINT COMMERCIAL \| CONSUMER \| WEALTH MANAGEMENT St. Louis • Kansas City • Springfield Central Missouri • Central Illinois • Wichita Tulsa • Oklahoma City • Denver COMMERCIAL OFFICES Cincinnati • Nashville • Dallas • Des Moines Indianapolis • Grand Rapids • Houston WEALTH MANAGEMENT OFFICES Dallas • Houston • Naples Fort Myers • West Palm Beach Charleston • Scottsdale U.S. PRESENCE Extended Market Area Commercial Payments Services Offered in 48 states across the U.S.

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TRACK RECORD OF LONG-TERM OUTPERFORMANCE Revenue Diversification Balanced earnings profile, fee revenue at 37%1 of total revenue, bolstered by growing wealth and national payments businesses Deposit Franchise $27.0 billion in low-cost, diverse deposits2 with peer-leading historical deposit betas Credit Quality Conservative risk profile drives outperformance over peer averages across credit cycles Consistent Earnings and Shareholder Value Over 7% total annualized return to shareholders over the last 20 years, outperforming the annualized KBW Regional Bank Index return of over 4%4 Capital Management Strong capital ratios, 58th consecutive year of common dividend increases3 Continued Long-Term Investments Core banking system implementation, Enterprise Digital, Expansion Markets, Wealth Management, 1As of YTD 3/31/2026; 2Excludes certificates of deposit greater than $100,000, period-end balance as of 3/31/2026; 3Based on 1Q2026 paid dividend; 4As of 3/31/2026 4

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1Q2026 HIGHLIGHTS • Earnings of $.96 per share, compared to $.93 in the same quarter last year • ROAA of 1.62% and ROAE of 13.22% • Efficiency ratio of 60.0% • Financial results reflect the first full quarter of the FineMark acquisition • Net Income of $142MM in Q1, an increase of $10MM over the same quarter last year • Net interest income of $300MM, up 11% over the same quarter last year • Net interest margin decreased 1 bp from Q4 to 3.59% • Non-interest income increased 11% over the prior year and was 37% of total revenue • Non-interest expense increased 22% over the same period in the prior year – Acquisition-related expense was $14MM in Q1 • Period-end loans increased 18% over the same quarter last year • Quarterly average deposit balances increased $2.8B, or 11%, compared to the same quarter last year • Total cost of deposits increased 1 bp over Q4 to 1.15% • Non interest-bearing deposits were 28% of average deposits as of Q1 • QTD average loan to deposit ratio of 73% • Purchased 1.6MM shares of common stock for $84MM in Q1 • $3.0B in average cash balances at Federal Reserve Bank (FRB) in Q1 • Net loan charge-offs of .30% annualized; non-accrual loans of .05% 5 Performance Income Statement Loans & Deposits Capital / Other

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FINEMARK PURCHASE ACCOUNTING IMPACTS Methodology Income (Expense) Recognized Q1 26 As of Jan 1, 2026$ in millions $6.9$89.6Fair Value Marks on Loans (Amortized over 4 months).4.5Fair Value Marks on Time Deposits $7.3$90.1Total Methodology Income (Expense) Recognized Q1 26 As of Jan 1, 2026$ in millions Sum of years digits over 12 years$(2.6)$67.0Core Deposit Intangible Sum of years digits over 12 years(2.5)65.5Customer List Intangible (.3)5.6Other Intangible $(5.4)$138.1Total 6 Net Interest Income Accretion Non-Interest Expense Amortization As of Jan 1, 2026$ in millions $22.8Loan Credit Mark Loan Credit Mark

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BALANCE SHEET HIGHLIGHTS 1Q26 vs. 1Q25 1Q26 vs. 4Q25 Quarterly Average Balances % Change$ Change% Change$ Change1Q26$ in millions 10%$1,135.88%$868.3$12,325.1Commercial 32%1,959.329%1,808.68,012.6Consumer 18%$3,095.115%$2,676.9$20,337.7Total Loans -2%)($230.4-2%)($211.1$9,311.9Investment Securities1 25%$608.88%$210.4$2,997.3 Interest Earning Deposits with Banks 11%$2,840.78%$2,101.8$27,695.9Deposits 19%$4.707%$1.89$29.64Book Value per Share2 Average Loans: Increased 18% compared to the prior year. Interest Earning Deposits with Banks: Ample levels of liquidity on balance sheet. Average Deposits: Increased 11% compared to the prior year. 1At fair value 2For the quarters ended March 31, 2026, December 31, 2025, and March 31, 2025 7

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$17.6 $18.0 $19.8 $7.3 $7.6 $7.9 1Q25 4Q25 1Q26 $24.9 $25.6 $27.7 +11% $11.2 $11.5 $12.3 $6.0 $6.2 $8.0 1Q25 4Q25 1Q26 $17.2 $17.7 $20.3 +18% BALANCE SHEET 8 Loans Consumer Loans Commercial Loans Loan Yield1 Deposits QTD Average Balances $ billions Non-Interest Bearing Interest-Bearing Deposits Interest-Bearing Deposit Cost QTD Average Balances $ billions 6.02% 5.84% 5.79% 1.72% 1.62% 1.61% 1Tax equivalent yield

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LOAN PORTFOLIO 9 YoYQoQ3/31/202512/31/20253/31/2026$ in 000s 8.2%4.8%$6,239,276$6,439,380$6,750,356Business 11.4%10.0%1,419, 5721,438, 0121,581,789Construction 11.9%10.5%3,628, 6353,674, 5674,059,539Business Real Estate 44.6%44.3%3,047, 8093,053, 4354,407,606Personal Real Estate 17.0%12.7%2,116, 1602,196, 8222,475,353Consumer 73.6%65.0%356,675375,159619,178Revolving Home Equity -1.8%-5.4%568,163589,694557,733Consumer Credit Card 203.7%126.8%3, 1314,1949,510Overdrafts 17.7%15.1%$17,379,421$17,771,263$20,461,064Total Loans Period-End Balances YoYQoQ3/31/202512/31/20253/31/2026$ in 000s 9.5%5.8%$6,106,185$6,317,805 $6,687,131Business 12.5%13.1%1,415, 3491,408, 3391,592,328Construction 10.3%8.4%3,667, 8333,730, 6794,045,670Business Real Estate 45.0%44.4%3,045, 8763,058, 8344,417,131Personal Real Estate 16.3%10.0%2,082, 3602,200, 5002,421,541Consumer 70.4%64.2%358,684372,194611,101Revolving Home Equity -.9%-1.8%560,534565,896555,697Consumer Credit Card 21.9%8.4%5, 8606,5927,144Overdrafts 18.0%15.2%$17,242,681$17,660,839$20,337,743Total Loans QTD Average Balances

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37.1% 16.0% 15.1% 8.8% 7.6%7.0% Owner- occupied Industrial Office Hotels RetailMulti-family 4.9% Farm 2.6% Other 0.9% Senior living COMMERCIAL REAL ESTATE BREAKDOWN 10 Real Estate - Business Loans $4.1 billion% of Total Loans Real Estate - Business Loans 7.4%Owner – Occupied 3.2%Industrial 3.0%Office 1.7%Hotels 1.5%Retail 1.4%Multi-family 1.0%Farm .2%Senior living .4%Other 19.8%Total 1Geography determined by location of collateral. Includes only loans with a balance of $1 million and above, which represents 94% of outstanding balance of the stabilized, non-owner occupied office loans 2Critized is defined as special mention, substandard, and non-accrual loans 3LTV based on current exposure and property value at time of most recent valuation. Includes only loans with a balance of $1 million and above, which represents 94% of outstanding balance of the stabilized, non- owner occupied office loans Real Estate - Business Loans: Office Outstanding Balances by Geography1 Real Estate - Business Loans: Office Attributes as of March 31, 2026 38.7% 16.5% 11.0% 10.6% 7.0% 6.5% MO KS FL TX OK OH 4.3% IL 0.5% CO 4.9% Other States • TTM Net Charge-offs on Office loans: .00% • Delinquent Office Loans: .00% • Non-Performing Office Loans: .00% • Criticized2 Office Loans to Total Office Loans: 8.5% • Weighted Average LTV of Office Loans: 65.0%3 • Percent of loans at floating interest rate: 68.8%

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$166 $196 $283 $253 4Q25 $449 11 INCOME STATEMENT HIGHLIGHTS $159 $190 $269 $238 1Q25 $428 $176 $185 $300 $291 1Q26 $476 Non-Interest Income (+) Net Interest Income (+) Non-Interest Expense (-) Pre-Tax, Pre-Provision Net Revenue (=) 1Q26 Comparison -2.7%vs. 1Q25 -6.0%vs. 4Q25 Pre-Tax, Pre-Provision Net Revenue (PPNR) $ in millions Expenses increased 15.1% over Q4 and increased 22.1% over the prior year. Acquisition-related expense was $14MM in Q1 and $3MM in Q4. Revenue increased 5.9% over Q4 and increased 11.1% over the prior year. 1See the non-GAAP reconciliation on page 23

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1Q26 vs. 1Q25 1Q26 vs. 4Q25 % Change$ Change% Change$ Change1Q26$ in millions 11%$30.76%$16.7$299.8Net Interest Income 11%$16.96%$9.6$175.9Non-Interest Income 22%$52.815%$38.1$291.1Non-Interest Expense -3%-$5.1-6%-$11.8$184.6Pre-Tax, Pre-Provision Net Revenue1 NM$19.2NM$8.7$11.6Investment Securities Gains, Net -24%-$3.5-31%-$5.0$11.0Provision for Credit Losses 8%$10.01%$1.0$141.6Net-Income Attributable to Commerce Bancshares, Inc. 1Q26 vs. 1Q251Q25 1Q26 vs. 4Q254Q251Q26For the three months ended 3%$.93-5%$1.01$.96Net Income per Common Share – Diluted 3 bps3.56%-1 bp3.60%3.59%Net Yield on Interest Earning Assets INCOME STATEMENT HIGHLIGHTS 1See the non-GAAP reconciliation on page 23 12

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Total Non-Interest Income: 37% of total revenue. Trust Fees: Increase over the prior year mainly due to higher private client fees. Deposit Account Charges and Other Fees: Increase over the prior year due to higher corporate cash management fees. NON-INTEREST INCOME HIGHLIGHTS 13 1Q26 vs. 1Q25 1Q26 vs. 4Q25 % Change$ Change% Change$ Change1Q26$ in millions 26%$14.514%$8.9$71.0Trust Fees 0%.0-3%)(1.245.6Bank Card Transaction Fees 7%2.02%.628.6Deposit Account Charges and Other Fees 14%.75%.35.4Consumer Brokerage Services 4%.226%1.15.3Capital Market Fees -5%)(.2-10%)(.43.2Loan Fees and Sales -1%)(.22%.316.6Other 11%$16.96%$9.6$175.9Total Non-Interest Income

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NON-INTEREST EXPENSE HIGHLIGHTS 14 1Q26 vs. 1Q25 1Q26 vs. 4Q25 % Change$ Change% Change$ Change1Q26$ in millions 18%$27.711%$17.9$180.8Salaries and Employee Benefits 19%6.19%3.138.3Data Processing and Software 87%8.829%4.218.8Professional and Other Services 9%1.316%2.115.3Net Occupancy 19%1.112%.87.0Marketing 8%.40%.05.7Equipment 4%.28%.45.2Supplies and Communication 5%.2NM4.03.9Deposit Insurance 77%7.054%5.716.1Other 22%$52.815%$38.1$291.1Total Non-Interest Expense Salaries and Benefits: Includes acquisition-related salaries and benefits expense of $6.6 million in the current quarter. Professional and Other Services: Includes $4.7 million in acquisition-related expense. Deposit Insurance: Increase in current quarter is due to a $3.9 million accrual adjustment to the FDIC's special assessment recorded in Q4. Other: Includes $5.4 million in acquisition-related intangible amortization expense and $2.0 million in other acquisition- related expense.

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15 LIQUIDITY AND CAPITAL

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2022 2023 2024 2025 $2.8 $2.4 $2.4 $2.5 DEPOSIT BALANCE TRENDS Segment view $ in billions 16 2022 2023 2024 2025 $11.9 $10.4 $9.9 $10.3 2022 2023 2024 2025 $13.4 $12.2 $12.3 $12.3 Commercial Retail Banking Wealth Average Balance 4Q25 1Q26 $12.6 $12.9 Period EndAverage Balance Average Balance Segment balances do not include brokered deposits. 2022 through 2025 are year to date average balances. 4Q25 1Q26 $10.3 $10.6 Period End 4Q25 1Q26 $2.6 $4.8 Period End 4Q25 1Q26 $10.8 $10.4 4Q25 1Q26 $12.3 $12.6 4Q25 1Q26 $2.5 $4.8

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3.56% 3.60% 3.59% Net Yield Hedging Structures: Four 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. • 3.5% floor contract with a notional value of $500 million. The contract began 7/2024. • 3.25% floor contract with a notional value of $500 million. The contract began 11/2024. • 3.0% floor contract with a notional value of $500 million. The contract began 3/2025. • 2.75% floor contract with a notional value of $500 million. The contract began 7/2025. • 3.0% floor contract with a notional value of $500 million. The contract begins on 10/2026. OPPORTUNTIES TO ENHANCE AND PROTECT NET INTEREST INCOME • Cash flows of approximately $1.2B from maturities and paydowns of investments are expected over the next twelve months. • Net yield on interest earning assets decreased 1 bp from Q4 to 3.59%. 17 Q1 2025 4Q 2025 1Q 2026 Quarterly Net Yield on Interest Earning Assets

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37% 8% 41% 12% 2% Composition of AFS Portfolio Treasury & agency Municipal MBS Asset-backed Other debt HIGH QUALITY, HIGHLY LIQUID AND DIVERSE INVESTMENT PORTFOLIO 1Excludes inflation effect on TIPs; 2Tax equivalent yield Duration (yrs)Avg RateQTD – Mar. 31, 2026 3.53.67%Treasury & agency1 4.22.10%2Municipal 5.82.12%MBS 1.43.80%Asset-backed 3.23.17%Other debt 4.22.85%Total 18 Total available for sale securities Average balance: $8.9 billion, at fair value As of March 31, 2026 • AFS debt securities portfolio duration of 4.2 years. • AOCI loss increased from $(508MM) at Q4 to $(540MM) at Q1.

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91%9% Core Deposits - Non-Interest Bearing - Interest Checking - Savings and Money Market Certificates of Deposits Average Loan to Deposit Ratio3 SOUND CAPITAL AND LIQUIDITY POSITION 19 Tier 1 Risk-Based Capital Ratio1 1S&P Global Market Intelligence, Information as of December 31, 2025 2Period-end balances, as of March 31, 2026 3Includes loans held for sale, for the quarter ended March 31, 2026 17.6% 17.3% 16.3% 14.5% 14.4% 13.9% 13.7% 13.4% 13.4% 13.2% 12.9% 12.6% 12.5% 12.1% 11.6% 11.6% 11.5% 11.4% 11.3% 11.0% PB CBSH HOMB CFR WSFS HWC FIBK BOKF UCB UBSI ABCB FULT OZK CADE SFNC ONB UMBF PNFP FNB ASB Peer Median: 12.9% Core Deposits $25.9 Billion2 Large, stable deposit base Loan to Deposit Ratio Total Deposits2 73% Average Loan to Deposit Ratio182% Commerce Peer Average

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$22.6 $15.8 $11.0 $145.9 $160.0 1Q25 4Q25 1Q26 $10.8 $9.9 $15.0 $12.5 $20.2 1Q25 4Q25 1Q26 MAINTAINING STRONG CREDIT QUALITY Net Loan Charge-Offs (NCOs) $ in millions NCOs- CBSH NCOs - Peer Average NCO/Average Loans1 - CBSH $167.0 $179.5 $198.6 $333.6 $343.7 1Q25 4Q25 1Q26 Allowance for Credit Losses on Loans (ACL) $ in millions ACL - CBSH ACL - Peer Average ACL / Total Loans - CBSH Non-Accrual Loans (NALs) $ in millions NALs - CBSH NALs - Peer Average 7.4x 11.4x 18.2x 2.9x 2.6x 1Q25 4Q25 1Q26 Allowance for Credit Losses on Loans (ACL) to NALs ACL / NALs - CBSH ACL / NALs - Peer AverageNALs / Total Loans - CBSH NCO/Average Loans1 – Peer Average .13% NALs / Total Loans – Peer Average .09% .05% .60% ACL / Total Loans – Peer Average .96% 1.01% .97% 1.36% 1.32% .25% .22% .30% .20% .22% Percentages are illustrative and not to scale; Peer Banks include: ABCB, ASB, BOKF, CADE, CFR, FIBK, FNB, FULT, HOMB, HWC, ONB, OZK, PB, PNFP, SFNC, UBSI, UCB, UMBF, WSFS 1As a percentage of average loans (excluding loans held for sale) 20 .59%

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ALLOCATION OF ALLOWANCE 21 CECL allowances reflect the economic and market outlook March 31, 2026December 31, 2025 % of Outstanding Loans Allowance for Credit Losses (ACL) % of Outstanding Loans Allowance for Credit Losses (ACL)$ in millions .87%$58.7.83%$53.2Business .87%35.1 .94%34.6 Bus R/E 1.99%31.42.02%29.1Construction 1.01%$125.21.01%$116.9Commercial total .64%15.8 .71%15.6 Consumer 5.73%31.95.80%34.2Consumer CC .50%22.1.36%10.9Personal R/E .55%3.4.46%1.7Revolving H/E 1.23%.1 3.53%.1 Overdrafts .91%$73.41.01%$62.6Consumer total .97%$198.61.01%$179.5Allowance for credit losses on loans 0.96% 0.94% 0.95% 0.94% 0.93% 0.92% 0.94% 0.95% 0.96% 0.94% 1.01% 0.97% 0.70% 0.80% 0.90% 1.00% 1.10% $125 $150 $175 $200 $100 $158.7 2Q $162.2 3Q $162.4 4Q $160.5 1Q $158.6 $160.8 3Q $162.7 4Q $167.0 1Q $165.3 $159.3 2Q $175.7 0.99% 3Q $179.5 4Q $198.6 1Q1Q 2Q Allowance for Credit Losses (ACL) on Loans ACL - Loans (left) ACL / Total Loans (right) $ in millions 2023 2024 2025 2026

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Quick Facts: Small Business Investment Company (SBIC) founded in 1959 Nationwide footprint with Greater Midwest Focus 30 Portfolio Companies Representing $998.8 million in Revenue Nearly 3,000 Employees Fair Value as of March 31, 2026: $183.8 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 22

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NON-GAAP RECONCILIATIONS 23 For The Three Months Ended Mar. 31, 2025Dec. 31, 2025Mar. 31, 2026(DOLLARS IN THOUSANDS) 269,102$283,152$299,840$Net Interest IncomeA 158,949$166,208$175,851$Non-Interest IncomeB 238,376$252,995$291,126$Non-Interest ExpenseC 189,675$196,365$184,565$Pre-Provision Net Revenue (A+B-C) Pre-tax, Pre-provision Net Revenue

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Contact Information: Matt Burkemper Senior Vice President, Commerce Bank Corporate Development and Investor Relations 314.746.7485 Matthew.Burkemper@commercebank.com Commerce Bancshares, Inc. Investor Relations website: http://investor.commercebank.com/

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