COMMERCE BANCSHARES INC /MO/ (CBSH) Form 10-Q — Aug 5, 2026

$CBSHForm 10-QFiled Aug 5, 2026, 3:13 PM ET0000022356-26-000190Original filing

Commerce Bancshares reported Q2 2026 net income of $159.8 million, up 4.8% year over year, with diluted EPS of $1.10 as net interest income grew 12.5% to $315.1 million. Return on average equity was 14.70% and the efficiency ratio was 58.40%. The quarter reflects the completed acquisition of FineMark Holdings, which closed January 1, 2026 for $519.9 million in stock and added roughly $4.0 billion of assets, $2.6 billion of loans, and $3.1 billion of deposits across 13 offices in Florida, Arizona and South Carolina. Integration lifted non-interest expense 21.5%, including $12.0 million of litigation expense and $5.4 million of acquisition-related intangible amortization.

Key figures

Eps: $1.10 diluted Q2 2026 (vs $1.09 Q2 2025); $2.06 1H 2026 (vs $2.02 1H 2025)
Net Income: $159.8M Q2 2026 (vs $152.5M Q2 2025, +4.8%); $301.4M 1H 2026 (vs $284.1M 1H 2025, +6.1%)
Total Debt: $2.43B federal funds purchased/repos + $26.3M other borrowings at June 30, 2026
Total Assets: $35.27B at June 30, 2026 (vs $32.91B at Dec 31, 2025)
Cash Position: $2.91B cash, cash equivalents and restricted cash at June 30, 2026
Deal Value Usd: $519.9M FineMark purchase consideration; $524.5M total acquisition-date fair value
Shares Outstanding: 143432178
Total Deposits: $27.88B at June 30, 2026 (vs $25.64B at Dec 31, 2025)
Visa Share Sales: 103K Visa Class A shares sold at avg $333.11 for $34.5M; remaining 52K Class C shares valued at $71.0M
Roa Q2 Annualized: 1.84%
Roe Q2 Annualized: 14.70% (vs 17.40% Q2 2025)
Finemark Goodwill: $107.3M preliminary
Book Value Per Share: $30.45 at June 30, 2026 (vs $26.12 a year earlier)
Efficiency Ratio Q2: 58.40% (vs 54.77% Q2 2025)
Dividend Per Share Q2: $0.275 (vs $0.262 Q2 2025)
Shareholders Equity: $4.36B Commerce Bancshares shareholders' equity at June 30, 2026
Finemark Assets Added: ~$4.0B total assets, $2.6B loans, $3.1B deposits, $8.7B assets under administration, 13 offices
Litigation Expense Q2: $12.0M
Net Interest Income Q2: $315.1M, +12.5% YoY (FTE $317.5M)
Non Interest Income Q2: $183.8M, +11.0% YoY
Non Interest Expense Q2: $297.1M, +21.5% YoY
Visa Equity Gains1 H2026: $114.3M net gains on equity securities
Securities Repositioning: Sold $904.7M amortized cost (~2.6% yield) at $97.7M loss; reinvested $613.7M into U.S. Treasuries yielding ~4.3%
Tier1 Common Capital Ratio: 16.85%
Accretion Income Fine Mark Q2: $6.2M
Provision For Credit Losses Q2: $8.7M (vs $5.6M Q2 2025)
Treasury Stock Purchases1 H2026: $196.3M
Unrealized Losses Afs Securities: $629.5M at June 30, 2026 (vs $692.1M at Dec 31, 2025)
Post Acquisition Transaction Costs: $19.1M through June 30, 2026

Price after filing

1 day: -1.3%7 days: -0.4%30 days: -2.6%

Close on the filing date to close N calendar days later (from $59.93). Historical, not a forecast.

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