10-K · February 24, 2026
Commerce Bancshares completed the FineMark acquisition (effective Jan 1, 2026) and enters 2026 with larger scale and a stronger wealth footprint. The company reported stable margin and EPS trends through 2025 (2025Q4…
Earnings analysis · 10-Q
CBSH earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Commerce Bancshares reported a strong Q1 2026 with revenue of $475.7 million, surpassing estimates by 0.2%. The earnings per share was $0.96, exceeding expectations. However, non-interest expenses saw a notable increase…
Read full summary
Commerce Bancshares reported a strong Q1 2026 with revenue of $475.7 million, surpassing estimates by 0.2%. The earnings per share was $0.96, exceeding expectations. However, non-interest expenses saw a notable increase due to acquisition-related costs, leading to a significant rise in operating expenses compared to the previous year.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.96
What stood out
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Revenue Exceeds Estimates
Q1 2026 revenue was $475.7M, surpassing the estimate of $474.7M by 0.2%.
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EPS Beat Estimates
Reported EPS for Q1 2026 was $0.96 versus an estimate of $0.93.
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Increase in Net Interest Income
Net interest income rose by $30.7 million, or 11.4%, to $299.8 million year-over-year.
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Strong Non-Interest Income Growth
Non-interest income grew by 10.6% to $175.9 million, driven by higher trust and deposit account fees.
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Reduced Provision for Credit Losses
Provision for credit losses decreased by 24.3% to $(10.96M), indicating improved asset quality.
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Successful FineMark Acquisition
Acquisition added approximately $3.9B in assets, with $2.7B in loans contributing to growth.
What to watch
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Rising Non-Interest Expense
Non-interest expenses increased by 22.1%, totaling $291.1 million, primarily due to acquisition-related costs.
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Higher Loan Charge-Offs
Net loan charge-offs increased to $15.0 million, impacting overall profitability.
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Integration Risks Post-Acquisition
The FineMark acquisition may lead to potential difficulties in integration and customer retention.
Management's outlook
Forward guidance deferred to earnings press release / call.
Earlier filings 4
10-Q · August 6, 2025
Commerce Bancshares, Inc. reported a strong Q2 2025, with revenue rising to $538 million, an increase of 2.9% from the prior quarter and 2.5% year-over-year. EPS reached $1.14, exceeding estimates of $1.03 and…
10-Q · August 4, 2023
Commerce Bancshares delivered a quarter with revenue (net interest income + non-interest income) of $397.143M and diluted EPS of $1.02, both ahead of prior-year quarter. Net income attributable to Commerce rose to…
10-Q · May 4, 2023
Commerce Bancshares reported total revenue of $389,235,000 for the quarter ended March 31, 2023, up from $340,555,000 in Q1 2022, driven by higher interest income. Net income attributable to Commerce Bancshares, Inc.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.