Commerce Bancshares (CBSH) investor relations material

Executive summary

• Q3 2025 earnings per share were $1.06, up from $1.01 in Q3 2024, with net income of $142M, a $4M increase year-over-year, though down sequentially from $152.5M.

• Year-to-date net income reached $425.6M, with EPS of $3.18, both higher than the same period in 2024.

• Pre-tax, pre-provision net revenue (PPNR) rose to $197M, up $13M from the prior year.

• Return on average assets (ROAA) was 1.78% and return on average equity (ROAE) was 15.26%.

• The company highlighted steady loan balances, robust fee income, disciplined expense management, and strong credit quality.

Financial highlights

• Net interest income increased 7% year-over-year to $279M; net interest margin decreased 6 bps sequentially to 3.64%.

• Non-interest income grew 2% year-over-year to $161.5M, representing 37% of total revenue, but declined $4.1M sequentially.

• Non-interest expense rose 3% year-over-year to $244M, with $1M in acquisition-related costs.

• Book value per share increased 4% sequentially to $28.51.

• Net securities gains were $7.9M, mainly from private equity portfolio adjustments.

Outlook and guidance

• FineMark acquisition expected to close January 1, 2026, with all regulatory and shareholder approvals received.

• $1.3B in investment maturities and paydowns expected over the next 12 months to support net interest income.

• The company remains focused on executing long-term strategies and supporting future growth.