Commerce Bancshares (CBSH) investor relations material

Executive summary

• Q3 net income was $155.0MM and diluted EPS was $1.08, versus $141.5MM and $1.01 YoY; QoQ results declined from $159.8MM and $1.10.

• Fee income was 37.5% of revenue; period-end loans grew 1.8% QoQ and 19.3% YoY.

Financial highlights

• Total revenue was $494.3MM, down from $498.9MM QoQ and up from $441.0MM YoY; net interest income was $308.9MM, down $6.2MM QoQ.

• Non-interest income was $185.5MM, up 1% QoQ and 15% YoY; non-interest expense was $285.9MM, down $11.1MM QoQ and up from $244.0MM YoY.

• PPNR was $208.4MM, up 3% QoQ and 6% YoY; 9M net income was $456.4MM and diluted EPS was $3.14, versus $425.6MM and $3.03 in 9M 2025.

• Net securities gains were $4.1MM, including private equity and Visa proceeds, partly offset by $12.4MM of AFS debt-security sale losses.

• Non-interest income included a $2.0MM gain on asset sales; acquisition-related costs included $3.3MM in salaries and benefits and $1.2MM in legal and professional services.

Outlook and guidance

• AFS securities maturities and paydowns are expected to generate $1.1B in cash flows over the next 12 months; portfolio duration was 4.1 years at quarter-end.

• $2.5B of notional floor contracts maturing in 2030–2032 provide protection against declining rates on floating-rate commercial loans.

• FineMark systems conversion is scheduled for February 2027; financial expectations and synergy targets remain unchanged.