Commerce Bancshares, Inc. · NASDAQ:CBSH

Commerce Bancshares — Q2 2026 Earnings Presentation

46 slides from Commerce Bancshares's earnings presentation, 2026

  1. Slide 1: Commerce Bancshares, Inc. Investor Update 2nd Quarter 2026

    COMMERCE BANCSHARES, INC. INVESTOR UPDATE 2nd Quarter 2026

  2. Slide 2: Cautionary Statement

    CAUTIONARY STATEMENT Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended,

  3. Slide 3: Commerce Bancshares at a glance

    COMMERCE BANCSHARES TOTAL ASSETS $35.3 161 YEARS IN BUSINESS BILLION TOTAL DEPOSITS $27.9 BILLION 36TH LARGEST U.S. BANK BASED ON ASSET SIZE1 MARKET CAP TOTAL $20.8 LOANS4 BILLION $8.3 BILLION $9.9 COMMERCIAL CARD VOLUME 29TH BILLION AS OF DECEMBER 31, 2025 LARGEST U.S. BANK BASED ON MARKET CAP1 TOT

  4. Slide 4: Super-Community Bank Platform

    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 and engaged workforce system capabilities • Focus on the full

  5. Slide 5: Track Record of Long-Term Outperformance

    TRACK RECORD OF LONG-TERM OUTPERFORMANCE Revenue Diversification Deposit Franchise Balanced earnings profile, fee revenue $26.5 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

  6. Slide 6: A Full-Service, Diversified Operating Model

    A FULL-SERVICE, DIVERSIFIED OPERATING MODEL Revenue Source Diversification Non-Interest Income $ in millions Compared to Peers $616 $652 Higher Fee $547 $573 Income Mix Wealth Mgmt vs. Peers Deposit Service $325 $360 37% Charges 7% Fees & Commerce 15% 4% Commissions 6% 22% 4% 5% Card Income Peer Avg

  7. Slide 7: Well-Diversified Loan Portfolio

    WELL-DIVERSIFIED LOAN PORTFOLIO YTD Average Loans2 Loan Portfolio Diversification $ in millions Compared to Peers1 $20,428 Consumer/ Credit HELOCs Card $17,090 $17,476 $16,783 3% $15,570 Residential RE 3% Business Loans 22% 11% 29% 34% 2022 2023 2024 2025 YTD 2026 Commerce 2026 Loan Growth by Catego

  8. 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

  9. 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 2026 Engagement & Enablement1 Consistently scoring above the U.S. High 500+ OUTSTANDING Performing norms for engagement, Nonprofit organizations RATING enablemen

  10. Slide 10: Recent Recognition

    RECENT RECOGNITION 2026 2025 2025 Bank Director S&P Global Center for Disability Inclusion Top 25 U.S. Banks1 Market Intelligence Leader in 4 consecutive years Top 50 Public Banks2 Disability Inclusion3 3 consecutive years 3 consecutive years For a full list of Awards & Recognition, visit commerceba

  11. Slide 11: Commerce Bank Maintains Solid Performance Over Time

    COMMERCE BANK MAINTAINS SOLID PERFORMANCE OVER TIME Return on Average Assets Return on Average Common Equity 2.00% 15-yr average 20.0% 15-yr average CBSH: 1.43% CBSH: 13.91% 1.75% 1.73% Peers: 1.10% Peers: 9.12% 1.50% 15.0% 14.0% 1.25% 1.29% 11.5% 1.00% 10.0% 10.3% 0.99% 0.75% 0.50% 5.0% 2012 2016 2

  12. 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 Earnings per Share $500 $3.50 Net Income $400 $3.00 $ 000s $2.50 $300 $2.00 $200 $1.50 $100 $1.00 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Dividends per share $0.53 $0.55 $0.58 $0.64 $0.74

  13. Slide 13: Steady Shareholder Returns

    STEADY SHAREHOLDER RETURNS as of June 30, 2026 Total Shareholder Returns Annualized Comparison Indexed, 6/30/2006 = $100 Total Shareholder Returns $900 40% S&P 500 CBSH KBW Bank 35% $800 30% KBW Regional S&P 500 $700 25% 20% $600 15% 10% $500 COMMERCE 5% $400 0% -5% $300 KBW BANK 1 Year 3 Year 5 Yea

  14. Slide 14: Strategic Position

    STRATEGIC POSITION 14

  15. 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 • Accelerate API Strategy • Relationship-based banking • High-touch customer service • Consumer Digital Deposit

  16. 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.

  17. 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

  18. Slide 18: Commercial Banking: Solutions That Matter

    COMMERCIAL BANKING: SOLUTIONS THAT MATTER Revenue growth opportunities Financing solutions & deposit capabilities customized for your business • Working Capital Line of Credit • Commercial Real Estate • Full suite of Cash Management Solutions • Term Loans • ESOP Loans • Robust Card & Merchant Accept

  19. 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 Ongoing Over 160 years $226 $

  20. Slide 20: CommerceHealthcare

    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

  21. 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

  22. 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. 16TH $82 $51 Largest Among Bank-Managed BILLION BILLION Trust Total Client Assets Under Companies1

  23. 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

  24. 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 Mobile App rating: 4.7 Focus on Relationships & Customer Experience Customer Primacy Relationship Score 75% 91% 8% 50% 7th consecutive year 6th consecutive year Gro

  25. Slide 25: Liquidity and Capital

    LIQUIDITY AND CAPITAL 25

  26. Slide 26: Visa Stock & Securities Portfolio Repositioning Update

    VISA STOCK & SECURITIES PORTFOLIO REPOSITIONING UPDATE Strengthening Earnings, Capital Efficiency, and Risk Profile • Increases net interest income through reinvestment into higher yielding assets • Enhances earnings stability and overall earnings profile • Strengthens balance sheet and capital flex

  27. Slide 27: Deposit Balance Trends

    DEPOSIT BALANCE TRENDS Segment view $ in billions Commercial Retail Banking Wealth $13.4 $12.8 $12.9 $12.9 $11.9 $12.2 $12.3 $12.3 $12.6 $10.4 $10.3 $10.4 $10.1 $10.6 $10.4 $9.9 $4.8 $4.7 $4.8 $4.5 $2.8 $2.4 $2.4 $2.5 2022 2023 2024 2025 1Q26 2Q26 1Q26 2Q26 2022 2023 2024 2025 1Q26 2Q26 1Q26 2Q26 20

  28. Slide 28: Opportunities to Enhance and Protect Net Interest Income

    OPPORTUNTIES TO ENHANCE AND PROTECT NET INTEREST INCOME • Cash flows of approximately $1.1B Average Rate Earned On Securities Purchased from maturities and paydowns of Under Agreements To Resell investments are expected over the Impact to Yield from Change in 1M SOFR next twelve months. 10% Illustra

  29. Slide 29: High Quality, Highly Liquid and Diverse Investment Portfolio

    HIGH QUALITY, HIGHLY LIQUID AND DIVERSE INVESTMENT PORTFOLIO Composition of AFS Portfolio QTD – Jun. 30, 2026 Avg Rate Duration As of June 30, 2026 (yrs) Total available for sale securities Treasury & agency1 3.67% 3.9 QTD average balance: $8.7 billion, at fair value Municipal 2.07%2 4.0 MBS 2.10% 5

  30. Slide 30: Sound Capital and Liquidity Position

    SOUND CAPITAL AND LIQUIDITY POSITION Tier 1 Risk-Based Capital Ratio1 Loan to Deposit Ratio CBC Peer Median: 13.0% 28.6% Large, stable deposit base 74% CBSH 17.1% Core Deposits Average Loan to HOMB 16.7% Deposit Ratio3 PB 15.5% $25.5 Commerce 82% CFR 14.5% Average Loan to FIBK 14.3% Billion2 Deposit

  31. Slide 31: Maintaining Strong Credit Quality

    MAINTAINING STRONG CREDIT QUALITY Net Loan Charge-Offs (NCOs) Allowance for Credit $ in millions Losses on Loans (ACL) $ in millions $15.0 $12.4 $322.9 $323.3 $9.7 $9.7 $9.5 $165.3 1.36% $198.6 $195.4 .30% 1.31% .22% .18% .19% .17% .97% .94% .94% 2Q25 1Q26 2Q26 2Q25 1Q26 2Q26 NCOs- CBSH NCO/Average

  32. Slide 32: Allocation of Allowance

    ALLOCATION OF ALLOWANCE CECL allowances reflect the economic and market outlook Allowance for Credit Losses (ACL) on Loans March 31, 2026 June 30, 2026 $ in millions 0.97% Allowance Allowance 1.10% $200 0.94% for Credit % of for Credit % of Losses Outstanding Losses Outstanding $ in millions (ACL) L

  33. Slide 33: Strong Capital Position Provides Flexibility and Bolsters Resilience

    STRONG CAPITAL POSITION PROVIDES FLEXIBILITY AND BOLSTERS RESILIENCE Total Payout Ratio to Common Shareholders as a percentage of Net Income1 125% Cash dividends paid on common stock 108% Common share repurchase 94% Capital Ratios 100% 88% as of 6/30/2026 75% 70% Tier I common risk- Total Payout Rat

  34. Slide 34: Financial Results 2Q2026

    FINANCIAL RESULTS 2Q2026 34

  35. Slide 35: 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% 1.82% 1.73% $526 $3.69 $284 $301 $2.02 $2.06 YE 2024 YE 2025 YTD 2025 YTD 2026 YE 2024 YE 2025 YTD 2025 YTD 2026 YE 2024 YE 2025 YTD 20

  36. Slide 36: 2Q2026 Highlights

    2Q2026 HIGHLIGHTS • Earnings of $1.10 per share, compared to .96 in Q1 and $1.09 in Q2 2025 Performance • ROAA of 1.84% and ROAE of 14.70% • Efficiency ratio of 58.4% • Net Income of $160MM in Q2, an increase of $18MM over Q1 • Net interest income of $315MM, up 5% over Q1 Income • Net interest margi

  37. Slide 37: Balance Sheet Highlights

    BALANCE SHEET HIGHLIGHTS Quarterly Average Balances 2Q26 vs. 1Q26 2Q26 vs. 2Q25 $ in millions 2Q26 $ Change % Change $ Change % Change Commercial $12,472.6 $147.5 1% $1,102.2 10% Average Loans: Consumer 8,041.7 29.0 0% 1,916.3 31% Increased 1% compared to the previous quarter. Total Loans $20,514.3

  38. Slide 38: Balance Sheet

    BALANCE SHEET Loans Deposits QTD Average Balances QTD Average Balances $ billions $ billions +17% +11% 6.01% 5.79% 5.73% $27.7 $27.6 $24.9 $20.3 $20.5 $7.9 $8.1 $7.3 $17.5 $8.0 $8.0 $6.1 1.67% 1.61% 1.57% $17.6 $19.8 $19.5 $11.4 $12.3 $12.5 2Q25 1Q26 2Q26 2Q25 1Q26 2Q26 Consumer Loans Loan Yield1 No

  39. Slide 39: Loan Portfolio

    LOAN PORTFOLIO Period-End Balances QTD Average Balances $ in 000s 6/30/2026 3/31/2026 6/30/2025 QoQ YoY $ in 000s 6/30/2026 3/31/2026 6/30/2025 QoQ YoY Business $7,115,984 $6,750,356 $6,328,684 5.4% 12.4% Business $6,864,328 $6,687,131 $6,247,252 2.6% 9.9% Construction 1,493,455 1,581,789 1,405,398

  40. Slide 40: Income Statement Highlights

    INCOME STATEMENT HIGHLIGHTS Pre-Tax, Pre-Provision Net Revenue (PPNR) $ in millions Net Interest Income (+) 2Q26 Comparison Non-Interest Income (+) vs. 2Q25 0.3% Non-Interest Expense (-) vs. 1Q26 9.4% Pre-Tax, Pre-Provision Net Revenue (=) Revenue increased 4.9% $499 $476 over Q1 and increased $446

  41. Slide 41: Income Statement Highlights

    INCOME STATEMENT HIGHLIGHTS 2Q26 vs. 1Q26 2Q26 vs. 2Q25 $ in millions 2Q26 $ Change % Change $ Change % Change Net Interest Income $315.1 $15.2 5% $34.9 12% Non-Interest Income $183.8 $8.0 5% $18.2 11% Non-Interest Expense $297.1 $5.9 2% $52.6 22% Pre-Tax, Pre-Provision Net Revenue1 $201.8 $17.3 9%

  42. Slide 42: Non-Interest Income Highlights

    NON-INTEREST INCOME HIGHLIGHTS 2Q26 vs. 1Q26 2Q26 vs. 2Q25 $ in millions 2Q26 $ Change % Change $ Change % Change Total Non-Interest Income: Trust Fees $71.5 $.5 1% $15.9 29% 37% of total revenue. Bank Card Transaction Fees 48.1 2.5 6% 1.8 4% Bank Card Transaction Fees: Increase over the prior quart

  43. Slide 43: Non-Interest Expense Highlights

    NON-INTEREST EXPENSE HIGHLIGHTS 2Q26 vs. 1Q26 2Q26 vs. 2Q25 $ in millions 2Q26 $ Change % Change $ Change % Change Salaries and Benefits: Includes acquisition-related Salaries and Employee Benefits $180.0 ($.8) 0% $24.9 16% salaries and benefits expense of $3.7 million in the current quarter. Data P

  44. Slide 44: Non-GAAP Reconciliations

    NON-GAAP RECONCILIATIONS Pre-tax, Pre-provision Net Revenue For The Three Months Ended (DOLLARS IN THOUSANDS) Jun. 30, 2026 Mar. 31, 2026 Jun. 30, 2025 A Net Interest Income $ 315,085 $ 299,840 $ 280,147 B Non-Interest Income $ 183,828 $ 175,851 $ 165,613 C Non-Interest Expense $ 297,068 $ 291,126 $

  45. Slide 45: 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/ 45

  46. Slide 46: ] Commerce Bancshares, Inc.

    ] Commerce Bancshares, Inc.

Commerce Bancshares — Q2 2026 Earnings Presentation on 6ix