Commerce Bancshares (CBSH) Investor Update summary

Company overview and strategic positioning

• 160 years in business with $32.4B in assets, $25.8B in deposits, and $17.4B in loans as of Dec 31, 2024.

• Ranked 42nd by asset size and 21st by market cap among U.S. banks; strong presence in 7 states and commercial services in 48 states.

• Maintains a super-community bank model, blending high-touch service with sophisticated product offerings and operational efficiency.

• Focus on relationship-based banking, disciplined risk management, and continuous investment in technology and expansion markets.

• Recognized for culture, community engagement, and consistent top-tier credit quality.

Financial performance and shareholder returns

• Net income for Q1 2025 was $132M, up $19M YoY; EPS of $0.98, up 20% YoY.

• Return on average assets (ROAA) at 1.69% and return on average equity (ROAE) at 15.82% for Q1 2025.

• Record net interest income of $269M, up 8% YoY; non-interest income rose 7% and comprised 37% of total revenue.

• 57 consecutive years of dividend growth; total shareholder returns have outperformed KBW Bank and S&P 500 indices over 20 years.

• Book value per share increased 5% from Q4 to $26.19.

Revenue diversification and business segments

• Fee revenue accounts for 37% of total revenue, supported by wealth management and national payments businesses.

• Commercial banking segment reported $11.4B in loans and $10.2B in deposits as of Dec 31, 2024.

• Expansion markets have seen 54% loan growth and 74% fee income growth since 2019.

• Wealth management assets under administration reached $76.5B, ranking 19th among U.S. bank-managed trust companies.

• Consumer banking serves 803,000 households with $12.5B in deposits and $3.8B in loans; 79% digital penetration.