CBSH · Commerce Bancshares, Inc.

Commerce Bancshares delivered solid but sequentially softer Q1 2026 results, with diluted EPS of $0.96 — up 3.2% year-over-year but down 4.9% from Q4 2025’s $1.01 — as the company absorbed $14.0 million in acquisition-related expenses tied to its January 1, 2026, closing of FineMark Holdings, Inc. Net income rose $10.0 million year-over-year to $141.6 million, supported by a $16.7 million quarter-over-quarter increase in net interest income to $299.8 million and robust non-interest income growth of 10.6% year-over-year to $175.9 million, with trust fees surging 25.5% ($14.5 million) largely due to higher private client fees following the FineMark integration. Management emphasized that the acquisition meaningfully enhances private banking and wealth management capabilities and expands presence in high-growth markets like Florida, Arizona, and South Carolina. While net yield on interest-earning assets dipped one basis point to 3.59%, loan growth accelerated — average loans rose $2.7 billion (15.2%) quarter-over-quarter to $20.3 billion — and deposit growth remained strong, with average deposits up $2.1 billion (8.2%) to $27.7 billion. The efficiency ratio widened to 60.0% from 56.23% in Q4, directly attributable to acquisition costs, which also modestly pressured ROAA (1.62%) and ROAE (13.22%). Capital deployment continued actively: Commerce repurchased $84 million of common stock (1.6 million shares) while maintaining conservative capital ratios — Tier 1 leverage stood at 12.60% and tangible common equity at 11.07%. Credit quality remained exceptional, with non-accrual loans at just 0.05% of total loans and net charge-offs at 0.30% annualized. No forward guidance was provided in Exhibit 99.1 or 99.2.