Commerce Bancshares (CBSH) Q4 2025 earnings summary

Executive summary

• Q4 2025 net income was $141M, up year-over-year, with EPS of $1.01, a 5% increase from the prior year.

• Record revenues in Q4 were driven by strong net interest and non-interest income.

• Completed the FineMark acquisition on January 1, 2026, valued at $529M, adding $2.7B in loans, $2.1B–$3.1B in deposits, and $8.7B in trust assets, expanding presence in Florida, Arizona, and South Carolina.

• Maintained a strong capital position with a Tier 1 common risk-based capital ratio of 17.46%.

Financial highlights

• Net interest income increased 6% year-over-year to $283M; non-interest income rose 7% to $166M.

• Non-interest expense grew 7% year-over-year, including $3M in acquisition-related costs and higher salaries and benefits.

• Efficiency ratio was 56.2%.

• Book value per share increased 17% year-over-year to $27.75.

• 2.2M shares repurchased for $115M in Q4 at an average price of $53.29.

Outlook and guidance

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

• Four interest rate floor contracts in place to hedge against declining rates.

• Management expects the FineMark acquisition to strengthen the platform for sustained growth in wealth management and private banking.

• Forward-looking statements caution that actual results may differ due to significant risks and uncertainties.