Commerce Bancshares, Inc. · NASDAQ:CBSH
Commerce Bancshares — Q4 2025 Earnings Presentation
48 slides from Commerce Bancshares's earnings presentation, 2026
Slide 1: Investor Update, 4th Quarter 2025
COMMERCE BANCSHARES, INC. INVESTOR UPDATE 4th Quarter 2025 ~·~ ltl) ......,, Commerce Bancshares, Inc .
Slide 2: Cautionary Statement
CAUTIONARY STATEMENT Forward-Looking Statements This presentation may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about the plans, expectations, goals, projections, and intentions of Commerce
Slide 3: Commerce Bancshares at a glance
COMMERCE BANCSHARES TOTAL ASSETS $32.9 160 YEARS IN BUSINESS BILLION TOTAL DEPOSITS $25.6 BILLION 43RD LARGEST U.S. BANK BASED ON ASSET SIZE2 MARKET CAP TOTAL $17.8 LOANS4 BILLION $7.2 BILLION $9.9 COMMERCIAL CARD VOLUME 27TH BILLION AS OF DECEMBER 31, 2025 LARGEST U.S. BANK BASED ON MARKET CAP2 TOT
Slide 4: A consistent strategy with a long-term view
SUPER-COMMUNITY BANK PLATFORM A consistent strategy with a long-term view Customer relationship-based: Community Bank Challenge Accepted.® Super-Regional Bank • Award-winning High-performing teams • Sophisticated payment customer service system capabilities and engaged workforce • Focus on the full
Slide 5: Track Record of Long-Term Outperformance
TRACK RECORD OF LONG-TERM OUTPERFORMANCE Revenue Diversification Deposit Franchise Balanced earnings profile, fee revenue $24.3 billion in low-cost, diverse at 37%1 of total revenue, bolstered by deposits2 with peer-leading growing wealth and national payments historical deposit betas businesses Cre
Slide 6: A Full-Service, Diversified Operating Model
A FULL-SERVICE, DIVERSIFIED OPERATING MODEL Card, Wealth & Deposit fees provide stable, growing revenue source Revenue Source Diversification Non-Interest Income Compared to Peers1 $ in millions $652 $616 $573 3% 5% $560 $547 5% 4% 4% 9% 6% 5% 6% Peers Commerce 2021 2022 2023 2024 2025 Banks Bank 13
Slide 7: Well-Diversified Loan Portfolio
WELL-DIVERSIFIED LOAN PORTFOLIO YTD Average Loans2 Loan Portfolio Diversification $ in millions Compared to Peers1 $17,090 $17,476 3% $16,783 $15,686 $15,570 29% 22% 3% 11% 37% 21% Commerce 2021 2022 2023 2024 2025 Bank Peers Banks 2025 Loan Growth by Category (QTD Average loans Dec. 2025 vs. Sep. 2
Slide 8: A Strong Culture Is the Foundation of Our Success
A STRONG CULTURE IS THE FOUNDATION OF OUR SUCCESS At Commerce, our core values shape the way we live and work: We have a We collaborate We act with We are We strive for long-term as one team integrity customer- excellence view focused How we put our culture into practice: What defines us, ultimately
Slide 9: Commerce's Focus Extends Beyond Banking
COMMERCE’S FOCUS EXTENDS BEYOND BANKING We seek opportunities to help make our communities and our company a better place to live and work 2025 Engagement MORE THAN and Enablement2 500 Sense of Consistently scoring above the U.S. High Performing norms for Belonging2 engagement, enablement and 85% ef
Slide 10: Recent Recognition
RECENT RECOGNITION 2025 2025 Bank Director U.S. News & World Report Best Companies to Work For Top 25 U.S. Banks1 in Finance & Insurance Midwest2 2 consecutive years 3 consecutive years 2024 2025 S&P Global Center for Disability Inclusion Market Intelligence Leader in Top 50 Public Banks3 Disability
Slide 11: Commerce Bank Maintains Solid Performance Over Time
COMMERCE BANK MAINTAINS SOLID PERFORMANCE OVER TIME Return on Average Assets 2.0% 1.5% ROAA 15-yr average 1.0% CBSH: 1.41% 0.5% Peers: 1.06% 0.0% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Commerce Peer Median Large Bank Median Return on Average Common Equity 20.0% 15
Slide 12: Long-Term View: Net Income and Earnings per Share
LONG-TERM VIEW: NET INCOME AND EARNINGS PER SHARE 600 $4.50 Earnings Per Share Net Income $4.00 500 Earnings per Share $3.50 Net Income 400 $3.00 $ 000s $2.50 300 $2.00 200 $1.50 100 $1.00 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividends $0.55 $0.58 $0.64 $0.74 $0.81 $0.82 $0.87 $0.93 $0.
Slide 13: Steady Shareholder Returns
STEADY SHAREHOLDER RETURNS as of December 31, 2025 Total Shareholder Returns Annualized Comparison Indexed, 12/31/2005 = $100 Total Shareholder Returns $900 40% CBSH KBW Bank $800 S&P 500 30% KBW Regional S&P 500 $700 20% $600 10% $500 0% $400 COMMERCE -10% -20% $300 KBW BANK 1 Year 3 Year 5 Year 10
Slide 14: Strategic Position
STRATEGIC POSITION ,..... ~ \.11' Commerce Bancshares, Inc. 14
Slide 15: Strategic Posture: Maintaining the Balance
STRATEGIC POSTURE: MAINTAINING THE BALANCE STRONG PERFORMANCE with Disciplined focus on ongoing refinement of the PRIORITY BLUE CHIP “Core Bank” investments • Super-Community Bank platform • Elevate Together – • Relationship-based banking FineMark Integration • High-touch customer service • Full sui
Slide 16: Digital Technology: Application Modernization
DIGITAL TECHNOLOGY: APPLICATION MODERNIZATION Application Modernization is the focused effort to re-platform, replace, or significantly improve application platforms for the express purpose of modernizing features and capabilities, improving total cost of ownership, and/or reducing operating risk. P
Slide 17: Enterprise Digital Strategy: Meeting Our Customers Where They Are
ENTERPRISE DIGITAL STRATEGY: MEETING OUR CUSTOMERS WHERE THEY ARE Our Vision Why it’s Important Transform the digital experience by • Demand for digital capabilities remains strong staying current on digital trends and and enduring across both current and future creating seamless digital ecosystems
Slide 18: We're Built for You: Commercial Banking
WE’RE BUILT FOR YOU: COMMERCIAL BANKING Revenue Revenuegrowth growthopportunities opportunities Financing solutions and deposit capabilities customized for your business • Working Capital Line of Credit • Commercial Real Estate • Full Suite of Cash Management Solutions • Term Loans • ESOP Loans • Ro
Slide 19: Industry-Leading Commercial Payments Capabilities
INDUSTRY-LEADING COMMERCIAL PAYMENTS CAPABILITIES Innovative payments solutions to manage payables and receivables that enhance cash flow, streamline processing and increase efficiencies Treasury Commercial Payments Merchant Management Card Revenue Volume Revenue Volume $226 $74 $9.9 $8.1 MILLION MI
Slide 20: CommerceHealthcare specialty
We don’t just serve the healthcare industry. It’s our specialty. CommerceHealthcare® Relationship Patient Receivables Engagement Management Solutions Solutions • Patient Lending • Receivables Optimization • Online Bill Pay • Reconciliation Automation • Patient Refunds • Healthcare Lockbox Accounts P
Slide 21: Expansion Markets Offer Growth Opportunities
EXPANSION MARKETS OFFER GROWTH OPPORTUNITIES Expansion Markets Loan Growth 1 Core Banking and Expansion $ in billions $3.5 $3.6 Market Footprint $3.3 $2.9 $2.5 $2.6 Expansion Markets Loan Growth +46% since 2020 2020 2021 2022 2023 2024 2025 Expansion Markets Fee Income Growth2 $ in millions $43.2 Ex
Slide 22: Commerce Trust
For more than 100 years, Commerce Trust has helped clients navigate through life events, delivering personalized service to achieve long-term financial goals through our holistic, team-based approach. 19TH $82 $51 Largest Among Bank-Managed BILLION BILLION Trust Total Client Assets Under Companies1
Slide 23: Wealth Key Growth Initiatives
Wealth Key Growth Initiatives Strengthening our Wealth Brands • Strengthening Wealth Capabilities: Integrating FineMark and enhancing the capabilities of our holistic multi-disciplinary model. • Geographic Growth: Support expansion into select, high-growth markets to broaden reach and accelerate wea
Slide 24: Retail Banking Snapshot
RETAIL BANKING SNAPSHOT 140 Branches 247 ATMs $12.3 $3.7 754 BILLION BILLION THOUSAND Retail Retail Retail Deposits1 Loans1 Households2 Focus on Digital 4.7 4.7 82% $50,925 30% Commerce Bank Digital Digital Loan Mobile App Rating3 Penetration Sales (000s) Deposit Use Period end balances. All informa
Slide 25: Liquidity and Capital
LIQUIDITY AND CAPITAL ,..... ~ \.11' Commerce Bancshares, Inc. 25
Slide 26: Deposit Balance Trends
DEPOSIT BALANCE TRENDS Segment view $ in billions Commercial Retail Wealth $13.4 $12.8 $12.0 $11.9 $12.2 $12.3 $12.2 $12.3 $12.3 $12.6 $10.8 $10.7 $10.3 $10.4 $9.9 $10.2 $3.0 $2.8 $2.4 $2.4 $2.5 $2.5 $2.5 $2.6 2021 2022 2023 2024 3Q25 4Q25 3Q25 4Q25 2021 2022 2023 2024 3Q25 4Q25 3Q25 4Q25 2021 2022
Slide 27: Opportunities to Enhance and Protect Net Interest Income
OPPORTUNTIES TO ENHANCE AND PROTECT NET INTEREST INCOME Quarterly Net Yield on Interest Earning Assets • Cash flows of approximately $1.2B from Q4 2024 3Q 2025 4Q 2025 maturities and paydowns of investments are expected over the next twelve months. 3.64% 3.60% 3.49% • Net yield on interest earning a
Slide 28: High Quality, Highly Liquid and Diverse Investment Portfolio
HIGH QUALITY, HIGHLY LIQUID AND DIVERSE INVESTMENT PORTFOLIO Duration Composition of AFS Portfolio QTD – Dec. 31, 2025 Avg Rate (yrs) As of December 31, 2025 Treasury & agency1 3.65% 3.7 Total available for sale securities Average balance: $9.2 billion, at fair value Municipal 2.06%2 4.4 MBS 2.05% 5
Slide 29: Sound Capital and Liquidity Position
SOUND CAPITAL AND LIQUIDITY POSITION Tier 1 Risk-Based Capital Ratio1 Loan to Deposit Ratio PB Peer Median: 13.2% Large, stable deposit base 17.5% 69% Average CBSH 17.5% Core Deposits Loan to HOMB 16.1% Deposit Ratio3 CFR 14.6% $23.3 Commerce 82% WSFS 14.4% Average Loan to HWC 14.1% Billion2 Deposit
Slide 30: Summary of Fixed & Floating Loans
SUMMARY OF FIXED & FLOATING LOANS Over 62% of total loans are variable; 69% of commercial loans have floating rates Fixed Variable Business Construction Business RE Commercial Total Loans: $6.4B Total Loans: $1.4B Total Loans: $3.7B 5% 33% 38% 67% 62% 95% Personal RE Consumer HELOC Consumer Card Tot
Slide 31: Commercial Real Estate Breakdown
COMMERCIAL REAL ESTATE BREAKDOWN Real Estate - Business Loans: Office Outstanding Balances by Geography1 Other Real Estate - Business Loans Midwest CO States Real Estate - % of Total Business Loans Loans $3.7 billion OK IL 4.2% 5.6% 0.6% Owner – Occupied 7.0% Owner- Industrial OH 5.1% occupied 7.8%
Slide 32: Maintaining Strong Credit Quality
MAINTAINING STRONG CREDIT QUALITY Net Loan Charge-Offs (NCOs) Allowance for Credit $ in millions Losses on Loans (ACL) $ in millions $16.0 $13.5 $349.3 $10.7 $321.4 $10.3 $9.9 $162.7 $175.7 1.36% $179.5 1.34% .25% .22% .23% .22% .99% 1.01% .19% .95% 4Q24 3Q25 4Q25 4Q24 3Q25 4Q25 NCOs- CBSH NCO/Avera
Slide 33: Allocation of Allowance
ALLOCATION OF ALLOWANCE CECL allowances reflect the economic and market outlook Allowance for Credit Losses (ACL) on Loans September 30, 2025 December 31, 2025 $ in millions Allowance for % of Allowance for % of $200 1.10% Credit Losses Outstanding Credit Losses Outstanding $ in millions (ACL) Loans
Slide 34: Strong Capital Position – Flexibility in Capital Planning
STRONG CAPITAL POSITION – FLEXIBILITY IN CAPITAL PLANNING 57 consecutive years of regular common cash dividend increases Capital Returned to Common Shareholders as a percentage of Net Income1 Cash dividends paid on common stock (left) Total Payout Ratio (%) $300 200% Common share repurchase (left) $
Slide 35: Financial Results 4Q2025
FINANCIAL RESULTS 4Q2025 ,..... ~ \.11' Commerce Bancshares, Inc. 35
Slide 36: Financial Performance vs. Prior Years
FINANCIAL PERFORMANCE VS. PRIOR YEARS Net Income Earnings Return on Total Attributable to CBI ($ in Millions) per Common Share Average Assets $566 $4.04 1.72% 1.79% $526 $3.69 $477 $3.30 1.49% YE 2023 YE 2024 YE 2025 YE 2023 YE 2024 YE 2025 YE 2023 YE 2024 YE 2025 Return on Average Period End Loans
Slide 37: 4Q2025 Highlights
4Q2025 HIGHLIGHTS • Earnings of $1.01 per share, compared to $.96 in the same quarter last year • PPNR1 of $196MM, an increase of $10MM over the same quarter last year Performance • ROAA of 1.73% and ROAE of 14.70% • Efficiency ratio of 56.2% • Net Income of $141MM in Q4, an increase of $5MM over th
Slide 38: FineMark Acquisition Update
FINEMARK ACQUISITION UPDATE Highlights • Merger completed on January 1, 2026 • Approximate value at close of $529MM1 • Consideration Mix: 100% stock • Fixed Exchange Ratio: .7245x with 9.9MM shares issued • Systems conversion targeted for late 2026 Acquisition-Related Balance Sheet Actions • Liquida
Slide 39: Balance Sheet Highlights
BALANCE SHEET HIGHLIGHTS Quarterly Average Balances 4Q25 vs. 3Q25 4Q25 vs. 4Q24 Average Loans: Increased 3% compared to $ in millions 4Q25 $ Change % Change $ Change % Change the prior year. Commercial $11,456.8 $114.2 1% $446.1 4% Interest Earning Deposits with Banks: Ample levels Consumer 6,204.0
Slide 40: Balance Sheet
BALANCE SHEET Loans Deposits QTD Average Balances QTD Average Balances $ billions $ billions 6.11% 6.02% +3% 5.84% $24.9 $24.8 $25.6 +3% $7.4 $7.4 $7.6 $17.1 $17.5 $17.7 $6.1 $6.2 $6.2 1.87% 1.71% 1.62% $17.5 $17.4 $18.0 $11.0 $11.3 $11.5 4Q24 3Q25 4Q25 4Q24 3Q25 4Q25 Consumer Loans Loan Yield1 Non-
Slide 41: Loan Portfolio
LOAN PORTFOLIO Period-End Balances QTD Average Balances $ in 000s 12/31/2025 9/30/2025 12/31/2024 QoQ YoY $ in 000s 12/31/2025 9/30/2025 12/31/2024 QoQ YoY Business $6,439,380 $6,414,792 $6,053,820 .4% 6.4% Business $6,317,805 $6,230,019 $5,963,217 1.4% 5.9% Construction 1,438,012 1,433,652 1,409,90
Slide 42: Income Statement Highlights
INCOME STATEMENT HIGHLIGHTS Pre-Tax, Pre-Provision Net Revenue (PPNR) $ in millions Net Interest Income (+) 4Q25 Comparison Non-Interest Income (+) vs. 4Q24 5.4% Non-Interest Expense (-) Revenue increased 1.9% vs. 3Q25 -.3% over Q3 and increased Pre-Tax, Pre-Provision Net Revenue (=) 6.5% over the p
Slide 43: Income Statement Highlights
INCOME STATEMENT HIGHLIGHTS 4Q25 vs. 3Q25 4Q25 vs. 4Q24 $ in millions 4Q25 $ Change % Change $ Change % Change Net Interest Income $283.2 $3.7 1% $16.5 6% Non-Interest Income $166.2 $4.7 3% $10.8 7% Non-Interest Expense $253.0 $9.0 4% $17.3 7% Pre-Tax, Pre-Provision Net Revenue1 $196.4 -$.6 -0% $10.
Slide 44: Non-Interest Income Highlights
NON-INTEREST INCOME HIGHLIGHTS 4Q25 vs. 3Q25 4Q25 vs. 4Q24 $ in millions 4Q25 $ Change % Change $ Change % Change Trust Fees: Increase over the prior year Trust Fees $62.1 $3.7 6% $5.8 10% mainly due to higher private client fees. Bank Card Transaction Fees 46.8 1.2 3% -1.0 -2% Bank Card Transaction
Slide 45: Non-Interest Expense Highlights
NON-INTEREST EXPENSE HIGHLIGHTS 4Q25 vs. 3Q25 4Q25 vs. 4Q24 $ in millions 4Q25 $ Change % Change $ Change % Change Salaries and Employee Benefits $162.9 $5.4 3% $9.1 6% Salaries and Benefits: Data Processing and Software 35.3 1.7 5% 2.8 8% Increase over the previous year mainly due to higher full-ti
Slide 46: Net Interest Income: QTD – December 31, 2025
NET INTEREST INCOME: QTD – December 31, 2025 Quarterly Net Interest Income (Fully taxable-equivalent) • Net interest income (fully taxable-equivalent) $300 3.8% increased $4.1 MM over the prior quarter. $280 3.6% • The net yield on interest earning assets Net interest income – 3.4% $260 decreased fo
Slide 47: Non-GAAP Reconciliations
NON-GAAP RECONCILIATIONS Pre-tax, Pre-provision Net Revenue For The Three Months Ended (DOLLARS IN THOUSANDS) Dec. 31, 2025 Sep. 30, 2025 Dec. 31, 2024 A Net Interest Income $ 283,152 $ 279,457 $ 266,647 B Non-Interest Income $ 166,208 $ 161,511 $ 155,436 C Non-Interest Expense $ 252,995 $ 244,018 $
Slide 48: Contact Information
Contact Information: Matt Burkemper Senior Vice President, Commerce Bank Corporate Development and Investor Relations 314.746.7485 Matthew.Burkemper@commercebank.com Commerce Bancshares, Inc. Investor Relations website: http://investor.commercebank.com/