Commerce Bancshares (CBSH) Q1 2026 earnings summary

Executive summary

• Q1 2026 net income was $142 million, up $10 million year-over-year, with EPS of $0.96 compared to $0.93 last year and $1.01 sequentially.

• Financial results include the first full quarter of the FineMark acquisition, expanding private banking and wealth management presence and contributing to higher non-interest income and expenses.

• Return on average assets (ROAA) was 1.62% and return on average equity (ROAE) was 13.22%.

• Repurchased over $84 million of common stock and increased quarterly dividend by 5%.

Financial highlights

• Net interest income rose to $300 million, up 11% year-over-year and $16.7 million sequentially; non-interest income increased 11% to $175.9 million.

• Non-interest expense increased 22% year-over-year to $291.1 million, including $14 million in acquisition-related costs.

• Net interest margin/yield on interest earning assets decreased 1 bp sequentially to 3.59%.

• Book value per share increased 19% year-over-year to $29.64.

• Net loan charge-offs annualized at 0.30%; non-accrual loans at 0.05%.

Outlook and guidance

• Approximately $1.2 billion in investment maturities and paydowns expected over the next 12 months.

• Hedging structures in place to mitigate risk of declining interest rates on floating rate commercial loans.

• Management expects to navigate economic uncertainty with discipline, focusing on long-term growth and consistent performance.

• Forward-looking statements caution about risks and uncertainties that may impact future results.