False000002235600000223562025-07-162025-07-16

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________
Form 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 16, 2025

Commerce Bancshares, Inc.
(Exact name of registrant as specified in its charter)
Missouri 001-36502 43-0889454
(State of Incorporation) (Commission File Number) (IRS Employer Identification No.)
1000 Walnut,  
Kansas City,MO 64106
(Address of principal executive offices) (Zip Code)

(816) 234-2000
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
     ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
     ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
     ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
     ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of classTrading symbol(s)Name of exchange on which registered
$5 Par Value Common StockCBSHNASDAQ Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition
A copy of the press release issued July 16, 2025 by Commerce Bancshares, Inc. announcing Second Quarter 2025 earnings is furnished under Item 2.02 of this Current Report on Form 8-K as Exhibit 99.1. Additionally, a slide presentation for investors and analysts is being furnished as Exhibit 99.2 to this Current Report on Form 8-K.
The information in this Current Report on Form 8-K, including the exhibits, is furnished pursuant to Item 2.02 and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section. Furthermore, the information in this Current Report on Form 8-K, including the exhibits, shall not be deemed to be incorporated by reference into the filings of Commerce Bancshares, Inc. under the Securities Act of 1933, as amended.
All information included in this Current Report on Form 8-K is available on the Company’s website at https://investor.commercebank.com/news-info/financial-news-releases/default.aspx.

Item 9.01 Financial Statements and Exhibits

Exhibits
99.1    Press release dated July 16, 2025
99.2    Slide presentation for investors and analysts dated July 16, 2025
104    The XBRL tags on the cover page of this Form 8-K are embedded within the Inline XBRL document.


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 COMMERCE BANCSHARES, INC.
 By:  /s/ Paul A. Steiner  
  Paul A. Steiner
  
Controller
(Chief Accounting Officer) 
Date: July 16, 2025


Exhibit 99.1
Exhibit 99.1
commercebancshares914a01a05.jpg
CBSH
                   1000 Walnut Street / Suite 700 / Kansas City, Missouri 64106 / 816.234.2000
FOR IMMEDIATE RELEASE:
Wednesday, July 16, 2025

COMMERCE BANCSHARES, INC. REPORTS
SECOND QUARTER EARNINGS PER SHARE OF $1.14

Commerce Bancshares, Inc. announced earnings of $1.14 per share for the three months ended June 30, 2025, compared to $1.03 per share in the same quarter last year and $.98 per share in the first quarter of 2025. Net income for the second quarter of 2025 amounted to $152.5 million, compared to $139.6 million in the second quarter of 2024 and $131.6 million in the prior quarter.

For the six months ended June 30, 2025, earnings per share totaled $2.12, compared to $1.85 for the first six months of 2024. Net income amounted to $284.1 million for the six months ended June 30, 2025, compared to $252.2 million in the comparable period last year. For the year to date, the return on average assets was 1.82%, and the return on average equity was 16.63%.

In making this announcement, John Kemper, Chief Executive Officer, said “Commerce delivered a strong financial performance in the second quarter, one that reflected our diversified operating model and the talented team behind it. Our financial results were supported by loan growth, strong fee income, low credit costs and continued disciplined expense management, all key ingredients in our steady profit growth over time.”

Mr. Kemper continued, “Our return on average assets was strong at 1.95%. Net interest income of $280 million was another record quarter for Commerce and reflects the continued benefits of fixed-rate asset repricing, higher loan demand, and our strong deposit franchise. Non-interest income was $166 million and made up 37.2% of total revenue, led by trust fees and bank card transaction fees. Credit quality of the loan portfolio remains excellent with non-accrual loans at .11% of total loans. Capital and liquidity levels remain strong.”

On the FineMark announcement, Mr. Kemper, added, “In June, we announced our plans to acquire FineMark Holdings, a respected and well-established bank and trust company, headquartered in Fort Myers, Florida. With this acquisition, FineMark will bring new capabilities, specialized services for niche client segments, and extended market reach. Commerce will add scale and depth with resources, capital, operational infrastructure, regulatory experience, and long-term stability.

Looking ahead, our franchise is well-positioned to execute against our long-term strategies, serve our customers and deliver value to our shareholders.”


Second Quarter 2025 Financial Highlights:

•Net interest income was $280.1 million, an $11.0 million increase over the prior quarter. The net yield on interest earning assets increased 14 basis points to 3.70%.

•Non-interest income totaled $165.6 million, an increase of $13.4 million, or 8.8%, over the same quarter last year.
1
Exhibit 99.1

•Trust fees grew $3.3 million, or 6.3%, compared to the same period last year, mostly due to higher private client fees.

•Non-interest expense totaled $244.4 million, an increase of $12.2 million, or 5.3%, over the same quarter last year.

•Average loan balances totaled $17.5 billion, an increase of $253.1 million, or 1.5%, over the prior quarter.

•Total average available for sale debt securities decreased $128.5 million compared to the prior quarter to $9.1 billion, at fair value.

•Total average deposits increased $63.0 million, or .3%, over the prior quarter. The average rate paid on interest bearing deposits declined five basis points to 1.67%, compared to the prior quarter.

•The ratio of annualized net loan charge-offs to average loans was .22% in the current quarter compared to .25% in the prior quarter.

•The allowance for credit losses on loans decreased $1.8 million during the second quarter of 2025 to $165.3 million, and the ratio of the allowance for credit losses on loans to total loans was .94% on June 30, 2025, compared to .96% at March 31, 2025.

•Total assets on June 30, 2025 were $32.3 billion, a decrease of $80.7 million, or .2%, from the prior quarter.

•For the quarter, the return on average assets was 1.95%, the return on average equity was 17.40%, and the efficiency ratio was 54.8%.

Commerce Bancshares, Inc. is a regional bank holding company offering a full line of banking services through its subsidiaries, including payment solutions, investment management and securities brokerage. One of its subsidiaries, Commerce Bank, leverages 160 years of proven strength and experience to help individuals and businesses solve financial challenges. In addition to offering payment solutions across the U.S., Commerce Bank currently operates full-service banking facilities across the Midwest including the St. Louis and Kansas City metropolitan areas, Springfield, Central Missouri, Central Illinois, Wichita, Tulsa, Oklahoma City, and Denver. Beyond the Midwest, Commerce also maintains commercial offices in Dallas, Houston, Cincinnati, Nashville, Des Moines, Indianapolis, and Grand Rapids and wealth offices in Dallas, Houston, and Naples. Commerce delivers high-touch service and sophisticated financial solutions at regional branches, commercial and wealth offices, ATMs, online, mobile and through a 24/7 customer service line.

This financial news release and the supplementary Earnings Highlights presentation are available on the Company’s website at https://investor.commercebank.com/news-info/financial-news-releases/default.aspx.
* * * * * * * * * * * * * * *
For additional information, contact
Matt Burkemper, Investor Relations
(314) 746-7485
www.commercebank.com
matthew.burkemper@commercebank.com


2
Exhibit 99.1
COMMERCE BANCSHARES, INC. and SUBSIDIARIES
FINANCIAL HIGHLIGHTS

 For the Three Months EndedFor the Six Months Ended
(Unaudited)
(Dollars in thousands, except per share data)		Jun. 30, 2025Mar. 31, 2025Jun. 30, 2024Jun. 30, 2025Jun. 30, 2024
FINANCIAL SUMMARY
Net interest income$280,147 $269,102 $262,249 $549,249 $511,248 
Non-interest income165,613 158,949 152,244 324,562 301,092 
Total revenue445,760 428,051 414,493 873,811 812,340 
Investment securities gains (losses)437 (7,591)3,233 (7,154)2,974 
Provision for credit losses5,597 14,487 5,468 20,084 10,255 
Non-interest expense244,437 238,376 232,214 482,813 477,911 
Income before taxes196,163 167,597 180,044 363,760 327,148 
Income taxes42,400 36,964 38,602 79,364 70,254 
Non-controlling interest expense (income)1,284 (959)1,889 325 4,678 
Net income attributable to Commerce Bancshares, Inc.$152,479 $131,592 $139,553 $284,071 $252,216 
Earnings per common share:  
Net income — basic$1.14 $0.98 $1.03 $2.12 $1.85 
Net income — diluted$1.14 $0.98 $1.03 $2.12 $1.85 
Effective tax rate21.76 %21.93 %21.67 %21.84 %21.79 %
Fully-taxable equivalent net interest income$282,428 $271,416 $264,578 $553,844 $515,890 
Average total interest earning assets (1)
$30,629,715 $30,901,110 $30,016,060 $30,764,662 $30,190,917 
Diluted wtd. average shares outstanding132,582,673 133,071,719 135,041,228 132,825,845 135,343,213 
RATIOS  
Average loans to deposits (2)
70.22 %69.38 %70.73 %69.80 %70.30 %
Return on total average assets1.95 1.69 1.86 1.82 1.67 
Return on average equity (3)
17.40 15.82 18.52 16.63 16.98 
Non-interest income to total revenue37.15 37.13 36.73 37.14 37.06 
Efficiency ratio (4)
54.77 55.61 55.95 55.18 58.75 
Net yield on interest earning assets3.70 3.56 3.55 3.63 3.44 
EQUITY SUMMARY  
Cash dividends per share$.275 $.275 $.257 $.550 $.514 
Cash dividends on common stock$36,761 $36,866 $34,960 $73,627 $70,100 
Book value per share (5)
$27.43 $26.19 $23.31 
Market value per share (5)
$62.17 $62.23 $53.12 
High market value per share$66.14 $68.87 $54.74 
Low market value per share$52.69 $58.80 $48.50 
Common shares outstanding (5)
133,419,701 133,597,405 135,454,443 
Tangible common equity to tangible assets (6)
10.86 %10.33 %9.82 %
Tier I leverage ratio12.75 %12.29 %12.13 %
OTHER QTD INFORMATION 
Number of bank/ATM locations239 242 247 
Full-time equivalent employees4,658 4,662 4,724 
(1) Excludes allowance for credit losses on loans and unrealized gains/(losses) on available for sale debt securities.
(2) Includes loans held for sale.
(3) Annualized net income attributable to Commerce Bancshares, Inc. divided by average total equity.
(4) The efficiency ratio is calculated as non-interest expense (excluding intangibles amortization) as a percent of total revenue.
(5) As of period end.
(6) The tangible common equity ratio is a non-gaap ratio and is calculated as stockholders’ equity reduced by goodwill and other intangible assets (excluding mortgage servicing rights) divided by total assets reduced by goodwill and other intangible assets (excluding mortgage servicing rights).
All share and per share amounts have been restated to reflect the 5% stock dividend distributed in December 2024.
3
Exhibit 99.1
COMMERCE BANCSHARES, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME

 (Unaudited)
(In thousands, except per share data)		For the Three Months EndedFor the Six Months Ended
Jun. 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024Jun. 30, 2024Jun. 30, 2025Jun. 30, 2024
Interest income$371,636 $364,365 $369,405 $372,068 $369,363 $736,001 $728,084 
Interest expense91,489 95,263 102,758 109,717 107,114 186,752 216,836 
Net interest income280,147 269,102 266,647 262,351 262,249 549,249 511,248 
Provision for credit losses5,597 14,487 13,508 9,140 5,468 20,084 10,255 
Net interest income after credit losses274,550 254,615 253,139 253,211 256,781 529,165 500,993 
NON-INTEREST INCOME   
Trust fees55,571 56,592 56,345 54,689 52,291 112,163 103,396 
Bank card transaction fees46,362 45,593 47,807 47,570 47,477 91,955 94,407 
Deposit account charges and other fees26,248 26,622 25,480 25,380 25,325 52,870 49,476 
Capital market fees6,175 5,112 5,129 5,995 4,760 11,287 8,652 
Consumer brokerage services5,383 4,785 4,636 4,619 4,478 10,168 8,886 
Loan fees and sales3,419 3,404 2,874 3,444 3,431 6,823 6,572 
Other22,455 16,841 13,165 17,328 14,482 39,296 29,703 
Total non-interest income165,613 158,949 155,436 159,025 152,244 324,562 301,092 
INVESTMENT SECURITIES GAINS (LOSSES), NET437 (7,591)977 3,872 3,233 (7,154)2,974 
NON-INTEREST EXPENSE   
Salaries and employee benefits155,025 153,078 153,819 153,122 149,120 308,103 300,921 
Data processing and software32,904 32,238 32,514 32,194 31,529 65,142 62,682 
Net occupancy13,654 14,020 13,694 13,411 12,544 27,674 26,118 
Professional and other services12,973 10,026 8,982 8,830 8,617 22,999 17,265 
Marketing5,974 5,843 5,683 7,278 5,356 11,817 9,392 
Equipment5,157 5,248 5,232 5,286 5,091 10,405 10,101 
Supplies and communication4,962 5,046 4,948 4,963 4,636 10,008 9,380 
Deposit Insurance3,312 3,744 3,181 2,930 2,354 7,056 10,371 
Other10,476 9,133 7,665 9,586 12,967 19,609 31,681 
Total non-interest expense244,437 238,376 235,718 237,600 232,214 482,813 477,911 
Income before income taxes196,163 167,597 173,834 178,508 180,044 363,760 327,148 
Less income taxes42,400 36,964 36,590 38,245 38,602 79,364 70,254 
Net income153,763 130,633 137,244 140,263 141,442 284,396 256,894 
Less non-controlling interest expense (income)1,284 (959)1,136 2,256 1,889 325 4,678 
Net income attributable to Commerce Bancshares, Inc.$152,479 $131,592 $136,108 $138,007 $139,553 $284,071 $252,216 
Net income per common share — basic$1.14 $0.98 $1.01 $1.02 $1.03 $2.12 $1.85 
Net income per common share — diluted$1.14 $0.98 $1.01 $1.01 $1.03 $2.12 $1.85 
OTHER INFORMATION
Return on total average assets1.95 %1.69 %1.73 %1.80 %1.86 %1.82 %1.67 %
Return on average equity (1)
17.40 15.82 15.97 16.81 18.52 16.63 16.98 
Efficiency ratio (2)
54.77 55.61 55.77 56.31 55.95 55.18 58.75 
Effective tax rate21.76 21.93 21.19 21.70 21.67 21.84 21.79 
Net yield on interest earning assets3.70 3.56 3.49 3.50 3.55 3.63 3.44 
Fully-taxable equivalent net interest income$282,428 $271,416 $268,935 $264,638 $264,578 $553,844 $515,890 
(1) Annualized net income attributable to Commerce Bancshares, Inc. divided by average total equity.
(2) The efficiency ratio is calculated as non-interest expense (excluding intangibles amortization) as a percent of total revenue.
4
Exhibit 99.1
COMMERCE BANCSHARES, INC. and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS - PERIOD END

(Unaudited)
(In thousands)		Jun. 30, 2025Mar. 31, 2025Jun. 30, 2024
ASSETS   
Loans
     Business $6,328,684 $6,239,276 $6,090,724 
     Real estate — construction and land1,405,398 1,419,572 1,396,515 
     Real estate — business3,757,778 3,628,635 3,572,539 
     Real estate — personal3,058,845 3,047,809 3,055,182 
     Consumer2,157,867 2,116,160 2,145,609 
     Revolving home equity364,429 356,675 331,381 
     Consumer credit card576,151 568,163 566,925 
     Overdrafts16,316 3,131 4,190 
Total loans17,665,468 17,379,421 17,163,065 
Allowance for credit losses on loans(165,260)(167,031)(158,557)
Net loans17,500,208 17,212,390 17,004,508 
Loans held for sale3,592 2,890 2,930 
Investment securities:
Available for sale debt securities8,915,779 9,264,947 8,534,271 
Trading debt securities46,630 56,569 45,499 
Equity securities54,511 58,182 113,584 
Other securities219,906 221,370 223,798 
Total investment securities9,236,826 9,601,068 8,917,152 
Securities purchased under agreements to resell850,000 850,000 475,000 
Interest earning deposits with banks2,624,264 2,756,521 2,215,057 
Cash and due from banks522,049 517,332 329,692 
Premises and equipment — net477,401 476,921 467,256 
Goodwill146,539 146,539 146,539 
Other intangible assets — net13,333 13,441 13,801 
Other assets910,035 787,862 997,423 
Total assets$32,284,247 $32,364,964 $30,569,358 
LIABILITIES AND STOCKHOLDERS’ EQUITY   
Deposits:   
Non-interest bearing$7,393,559 $7,518,243 $7,492,751 
Savings, interest checking and money market15,727,549 15,975,283 14,367,710 
Certificates of deposit of less than $100,000986,014 985,878 1,010,251 
Certificates of deposit of $100,000 and over1,386,906 1,362,393 1,408,548 
Total deposits25,494,028 25,841,797 24,279,260 
Federal funds purchased and securities sold under agreements to repurchase2,596,461 2,400,036 2,551,399 
Other borrowings15,049 17,743 3,984 
Other liabilities518,595 606,986 576,380 
Total liabilities28,624,133 28,866,562 27,411,023 
Stockholders’ equity:   
Common stock676,054 676,054 655,322 
Capital surplus3,386,218 3,381,960 3,153,107 
Retained earnings255,938 140,220 235,299 
Treasury stock(96,589)(85,871)(98,176)
Accumulated other comprehensive income (loss)(581,049)(634,576)(807,817)
Total stockholders’ equity3,640,572 3,477,787 3,137,735 
Non-controlling interest19,542 20,615 20,600 
Total equity3,660,114 3,498,402 3,158,335 
Total liabilities and equity$32,284,247 $32,364,964 $30,569,358 

5
Exhibit 99.1
COMMERCE BANCSHARES, INC. and SUBSIDIARIES
AVERAGE BALANCE SHEETS

(Unaudited)
(In thousands)		For the Three Months Ended
Jun. 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024Jun. 30, 2024
ASSETS:
Loans:
Business$6,247,252 $6,106,185 $5,963,217 $5,966,797 $5,980,364 
Real estate — construction and land1,430,758 1,415,349 1,411,437 1,400,563 1,471,504 
Real estate — business3,692,405 3,667,833 3,636,026 3,580,772 3,666,057 
Real estate — personal3,048,895 3,045,876 3,047,494 3,047,563 3,044,943 
Consumer2,148,666 2,082,360 2,087,237 2,129,483 2,127,650 
Revolving home equity362,312 358,684 350,541 335,817 326,204 
Consumer credit card559,858 560,534 568,138 559,410 552,896 
Overdrafts5,663 5,860 5,628 5,460 4,856 
Total loans
17,495,809 17,242,681 17,069,718 17,025,865 17,174,474 
Allowance for credit losses on loans(166,391)(162,186)(160,286)(158,003)(159,791)
Net loans17,329,418 17,080,495 16,909,432 16,867,862 17,014,683 
Loans held for sale1,741 1,584 2,080 2,448 2,455 
Investment securities:
U.S. government and federal agency obligations2,623,896 2,586,944 2,459,485 1,888,985 1,201,954 
Government-sponsored enterprise obligations55,038 55,330 55,428 55,583 55,634 
State and municipal obligations780,063 804,363 831,695 856,620 1,069,934 
Mortgage-backed securities4,641,295 4,788,102 4,905,187 5,082,091 5,553,656 
Asset-backed securities1,585,364 1,655,701 1,570,878 1,525,593 1,785,598 
Other debt securities
237,385 258,136 221,076 224,528 364,828 
Unrealized gain (loss) on debt securities(838,028)(935,054)(896,346)(961,695)(1,272,127)
Total available for sale debt securities9,085,013 9,213,522 9,147,403 8,671,705 8,759,477 
Trading debt securities
51,131 38,298 56,440 47,440 46,565 
Equity securities54,472 57,028 56,758 85,118 127,584 
Other securities 216,560 233,461 222,529 217,377 228,403 
Total investment securities9,407,176 9,542,309 9,483,130 9,021,640 9,162,029 
Federal funds sold158 2,089 826 12 1,612 
Securities purchased under agreements to resell850,000 788,889 566,307 474,997 303,586 
Interest earning deposits with banks2,036,803 2,388,504 2,610,315 2,565,188 2,099,777 
Other assets1,671,763 1,698,296 1,701,822 1,648,321 1,651,808 
Total assets$31,297,059 $31,502,166 $31,273,912 $30,580,468 $30,235,950 
LIABILITIES AND EQUITY:
Non-interest bearing deposits$7,356,882 $7,298,686 $7,464,255 $7,284,834 $7,297,955 
Savings1,303,391 1,294,174 1,281,291 1,303,675 1,328,989 
Interest checking and money market13,901,634 13,906,827 13,679,666 13,242,398 13,162,118 
Certificates of deposit of less than $100,000984,845 991,826 1,061,783 1,055,683 1,003,798 
Certificates of deposit of $100,000 and over1,371,428 1,363,655 1,451,851 1,464,143 1,492,592 
Total deposits24,918,180 24,855,168 24,938,846 24,350,733 24,285,452 
Borrowings:
Federal funds purchased129,891 128,340 121,781 206,644 265,042 
Securities sold under agreements to repurchase2,371,031 2,723,227 2,445,956 2,351,870 2,254,849 
Other borrowings2,748 616 1,067 496 838 
Total borrowings2,503,670 2,852,183 2,568,804 2,559,010 2,520,729 
Other liabilities360,204 421,370 375,463 405,490 399,080 
Total liabilities27,782,054 28,128,721 27,883,113 27,315,233 27,205,261 
Equity3,515,005 3,373,445 3,390,799 3,265,235 3,030,689 
Total liabilities and equity$31,297,059 $31,502,166 $31,273,912 $30,580,468 $30,235,950 

6
Exhibit 99.1
COMMERCE BANCSHARES, INC. and SUBSIDIARIES
AVERAGE RATES

(Unaudited)For the Three Months Ended
Jun. 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024Jun. 30, 2024
ASSETS: 
Loans: 
Business (1)
5.72 %5.75 %5.86 %6.17 %6.11 %
Real estate — construction and land7.39 7.30 7.75 8.44 8.36 
Real estate — business5.92 5.88 6.01 6.28 6.26 
Real estate — personal4.30 4.28 4.17 4.10 4.04 
Consumer6.43 6.52 6.52 6.64 6.56 
Revolving home equity7.41 7.26 7.28 7.69 7.68 
Consumer credit card13.18 13.49 13.60 14.01 13.96 
Overdrafts— — — — — 
Total loans6.01 6.02 6.11 6.35 6.30 
Loans held for sale9.22 5.89 7.65 6.34 7.54 
Investment securities: 
U.S. government and federal agency obligations4.28 4.09 3.86 3.68 5.04 
Government-sponsored enterprise obligations2.38 2.40 2.36 2.37 2.39 
State and municipal obligations (1)
2.05 2.05 2.01 2.00 2.00 
Mortgage-backed securities2.08 2.08 2.17 1.95 2.09 
Asset-backed securities3.73 3.46 2.99 2.66 2.50 
Other debt securities2.94 2.69 2.11 2.07 2.01 
Total available for sale debt securities2.95 2.83 2.70 2.41 2.50 
Trading debt securities (1)
4.63 4.97 4.26 4.52 4.95 
Equity securities (1)
6.26 8.02 6.58 4.44 2.82 
Other securities (1)
11.63 7.85 5.75 6.09 13.20 
Total investment securities3.16 2.98 2.80 2.52 2.75 
Federal funds sold5.08 5.63 5.78 — 6.74 
Securities purchased under agreements to resell4.02 3.81 3.57 3.53 3.21 
Interest earning deposits with banks4.46 4.46 4.78 5.43 5.48 
Total interest earning assets4.90 4.81 4.83 4.96 4.98 
LIABILITIES AND EQUITY: 
Interest bearing deposits: 
Savings.05 .05 .05 .07 .06 
Interest checking and money market1.49 1.52 1.63 1.74 1.73 
Certificates of deposit of less than $100,0003.44 3.65 3.91 4.17 4.22 
Certificates of deposit of $100,000 and over3.78 3.96 4.24 4.51 4.55 
Total interest bearing deposits1.67 1.72 1.87 2.00 1.99 
Borrowings: 
Federal funds purchased4.37 4.37 4.71 5.38 5.42 
Securities sold under agreements to repurchase2.85 2.86 3.11 3.56 3.44 
Other borrowings3.79 .66 3.36 4.81 3.84 
Total borrowings2.93 2.93 3.18 3.71 3.65 
Total interest bearing liabilities1.83 %1.89 %2.04 %2.22 %2.21 %
Net yield on interest earning assets3.70 %3.56 %3.49 %3.50 %3.55 %
(1) Stated on a fully taxable-equivalent basis using a federal income tax rate of 21%.







7
Exhibit 99.1
COMMERCE BANCSHARES, INC. and SUBSIDIARIES
CREDIT QUALITY

 For the Three Months EndedFor the Six Months Ended
(Unaudited)
(In thousands, except ratios)		Jun. 30, 2025Mar. 31, 2025Dec. 31, 2024Sep. 30, 2024Jun. 30, 2024Jun. 30, 2025Jun. 30, 2024
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period$167,031 $162,742 $160,839 $158,557 $160,465 $162,742 $162,395 
     Provision for credit losses on loans7,919 15,095 12,557 11,861 7,849 23,014 14,796 
     Net charge-offs (recoveries):
        Commercial portfolio:
     Business432 46 335 114 622 478 645 
     Real estate — construction and land 24 — — — — 24 — 
     Real estate — business(425)377 50 (7)(8)(48)(149)
31 423 385 107 614 454 496 
        Personal banking portfolio:
     Consumer credit card7,085 6,967 6,557 6,273 6,746 14,052 13,181 
     Consumer2,168 2,852 3,237 2,759 1,804 5,020 3,787 
     Overdraft360 495 470 464 521 855 1,078 
     Real estate — personal35 72 8 128 79 107 103 
     Revolving home equity11 (3)(3)(152)(7)8 (11)
9,659 10,383 10,269 9,472 9,143 20,042 18,138 
     Total net loan charge-offs 9,690 10,806 10,654 9,579 9,757 20,496 18,634 
Balance at end of period$165,260 $167,031 $162,742 $160,839 $158,557 $165,260 $158,557 
LIABILITY FOR UNFUNDED LENDING COMMITMENTS$16,005 $18,327 $18,935 $17,984 $20,705 
NET CHARGE-OFF RATIOS (1)
Commercial portfolio:
     Business.03 %— %.02 %.01 %.04 %.02 %.02 %
     Real estate — construction and land.01 — — — — — — 
     Real estate — business(.05).04 .01 — — — (.01)
— .02 .01 — .02 .01 .01 
Personal banking portfolio:
     Consumer credit card5.08 5.04 4.59 4.46 4.91 5.06 4.75 
     Consumer.40 .56 .62 .52 .34 .48 .36 
     Overdraft25.50 34.26 33.22 33.81 43.15 29.93 34.54 
     Real estate — personal— .01 — .02 .01 .01 .01 
     Revolving home equity.01 — — (.18)(.01)— (.01)
.63 .70 .67 .62 .61 .66 .60 
Total.22 %.25 %.25 %.22 %.23 %.24 %.22 %
CREDIT QUALITY RATIOS
Non-accrual loans to total loans.11 %.13 %.11 %.11 %.11 %
Allowance for credit losses on loans to total loans.94 .96 .95 .94 .92 
NON-ACCRUAL AND PAST DUE LOANS
  Non-accrual loans:
     Business$410 $1,112 $101 $354 $504 
     Real estate — construction and land426 220 220 — — 
     Real estate — business15,109 18,305 14,954 14,944 15,050 
     Real estate — personal948 989 1,026 1,144 1,772 
     Revolving home equity1,977 1,977 1,977 1,977 1,977 
   Total 18,870 22,603 18,278 18,419 19,303 
Loans past due 90 days and still accruing interest$25,303 $19,417 $24,516 $21,986 $18,566 
(1) Net charge-offs are annualized and calculated as a percentage of average loans (excluding loans held for sale).
8
Exhibit 99.1                                        
COMMERCE BANCSHARES, INC.
Management Discussion of Second Quarter Results
June 30, 2025
For the quarter ended June 30, 2025, net income amounted to $152.5 million, compared to $131.6 million in the previous quarter and $139.6 million in the same quarter last year. The increase in net income compared to the previous quarter was primarily the result of higher net interest income, non-interest income, and net investment securities gains, coupled with lower provision for credit losses, partly offset by higher non-interest expense. The net yield on interest earning assets increased 14 basis points over the previous quarter to 3.70%. Average loans and deposits increased $253.1 million and $63.0 million, respectively, while average available for sale debt securities, at fair value, decreased $128.5 million compared to the prior quarter. For the quarter, the return on average assets was 1.95%, the return on average equity was 17.40%, and the efficiency ratio was 54.8%.

Balance Sheet Review
During the 2nd quarter of 2025, average loans totaled $17.5 billion, an increase of $253.1 million over the prior quarter, and an increase of $321.3 million over the same quarter last year. Compared to the previous quarter, average balances of business loans and consumer loans grew $141.1 million and $66.3 million, respectively. During the current quarter, the Company sold certain fixed rate personal real estate loans totaling $19.7 million, compared to $14.9 million in the prior quarter.

Total average available for sale debt securities decreased $128.5 million compared to the previous quarter to $9.1 billion, at fair value. The decrease in available for sale debt securities was mainly the result of lower average balances of mortgage-backed securities and asset-backed securities. During the 2nd quarter of 2025, the unrealized loss on available for sale debt securities decreased $68.5 million to $764.4 million, at period end. Also, during the 2nd quarter of 2025, purchases of available for sale debt securities totaled $24.7 million with a weighted average yield of approximately 4.01%, and sales, maturities and pay downs of available for sale debt securities were $451.5 million. On June 30, 2025, the duration of the available for sale investment portfolio was 4.2 years, and maturities and pay downs of approximately $1.3 billion are expected to occur during the next 12 months.

Total average deposits increased $63.0 million this quarter compared to the previous quarter. The increase in deposits mostly resulted from higher average demand deposit balances of $58.2 million. Compared to the previous quarter, total average wealth deposits grew $71.1 million. The average loans to deposits ratio was 70.2% in the current quarter and 69.4% in the prior quarter. The Company’s average borrowings, which included average customer repurchase agreements of $2.4 billion, decreased $348.5 million to $2.5 billion in the 2nd quarter of 2025.

Net Interest Income
Net interest income in the 2nd quarter of 2025 amounted to $280.1 million, an increase of $11.0 million over the previous quarter. On a fully taxable-equivalent (FTE) basis, net interest income for the
current quarter increased $11.0 million over the previous quarter to $282.4 million. The increase in net interest income was mostly due to higher interest income on loans and investment securities and lower interest expense on borrowings and deposits, partly offset by lower interest income on deposits with banks. The net yield (FTE) on earning assets increased to 3.70%, from 3.56% in the prior quarter.

Compared to the previous quarter, interest income on loans (FTE) increased $6.2 million, mostly due to higher average rates earned on commercial banking and personal real estate loans and higher average balances of commercial banking and consumer loans. The average yield (FTE) on the loan portfolio decreased one basis point to 6.01% this quarter.

Interest income on investment securities (FTE) increased $3.6 million over the prior quarter, mostly due to higher average balances and rates earned on U.S. government and federal agency securities and higher rates on asset-backed securities and other securities, partially offset by lower average balances of mortgage- and asset-backed securities. Interest income earned on U.S. government and federal agency securities included the impact of $1.5 million in higher inflation income from Treasury inflation-protected securities compared to previous quarter. Interest on other securities included $1.8 million of dividend and non-accrual interest income related to a private equity investment. Additionally, the Company recorded a $1.0 million adjustment to premium amortization on June 30, 2025, which increased interest income to reflect slower forward prepayment speed estimates on mortgage-backed securities. This increase was higher than the $539 thousand adjustment that increased interest income in the prior quarter. The average yield (FTE) on total investment securities was 3.16% in the current quarter, compared to 2.98% in the previous quarter.

Compared to the previous quarter, interest income on deposits with banks decreased $3.6 million, due to lower average balances. Additionally, interest earned on securities purchased under agreements to resell increased $1.1 million due to higher average balances and rates.

Interest expense decreased $3.8 million compared to the previous quarter, mainly due to lower average rates paid on deposits and lower average balances of borrowings. Interest expense on borrowings decreased $2.3 million mostly due to a decline of $352.2 million in average securities sold under repurchase agreement balances. Interest expense on deposits decreased $1.5 million mostly due to lower average rates. The average rate paid on interest bearing deposits totaled 1.67% in the current quarter compared to 1.72% in the prior quarter. The overall rate paid on interest bearing liabilities was 1.83% in the current quarter and 1.89% in the prior quarter.

9
Exhibit 99.1
COMMERCE BANCSHARES, INC.                                
Management Discussion of Second Quarter Results
June 30, 2025
Non-Interest Income
In the 2nd quarter of 2025, total non-interest income amounted to $165.6 million, an increase of $13.4 million, or 8.8%, over the same period last year and an increase of $6.7 million over the prior quarter. The increase in non-interest income compared to the same period last year was mainly due to higher trust fees and gains on sales of assets. The increase in non-interest income compared to the prior quarter was mainly due to higher gains on sales of assets of $3.3 million.

Total net bank card fees in the current quarter decreased $1.1 million, or 2.3%, compared to the same period last year, and increased $769 thousand compared to the prior quarter. Net corporate card fees decreased $270 thousand compared to the same quarter of last year mainly due to lower interchange fees, mostly offset by lower rewards expense. Net merchant fees increased $68 thousand, or 1.2%, due to lower network expense. Net debit card fees decreased $123 thousand, or 1.1%, while net credit card fees decreased $791 thousand, or 19.6%, mostly due to higher rewards expense. Total net bank card fees this quarter were comprised of fees on corporate card ($25.9 million), debit card ($11.3 million), merchant ($5.9 million) and credit card ($3.2 million) transactions.

In the current quarter, trust fees increased $3.3 million, or 6.3%, over the same period last year, mostly resulting from higher private client fees. Compared to the same period last year, deposit account fees increased $923 thousand, or 3.6%, mostly due to higher corporate cash management fees, while capital market fees increased $1.4 million, or 29.7%, mostly due to higher trading securities income.

Other non-interest income increased over the same period last year primarily due to higher gains on sales of assets of $5.5 million and higher tax credit sales income of $956 thousand. Additionally, higher fair value adjustments of $1.3 million were recorded this quarter compared to the 2nd quarter of 2024 on the Company’s deferred compensation plan assets and liabilities, which affect both other income and other expense. For the 2nd quarter of 2025, non-interest income comprised 37.2% of the Company’s total revenue.

Investment Securities Gains and Losses
The Company recorded net securities gains of $437 thousand in the current quarter, compared to losses of $7.6 million in the prior quarter and gains of $3.2 million in the 2nd quarter of 2024. Net securities gains in the current quarter mostly resulted from net fair value adjustments of $4.4 million, partly offset by losses of $4.2 million on sales of available for sale debt securities.

Non-Interest Expense
Non-interest expense for the current quarter amounted to $244.4 million, compared to $232.2 million in the same period last year and $238.4 million in the prior quarter. The increase in non-interest expense over the same period last year was mainly due to higher salaries and benefits expense,
data processing and software, and professional and other services expense, partly offset by lower contribution expense. The increase in non-interest expense compared to the prior quarter was mainly due to higher salaries expense and professional and other services expense, partly offset by lower employee benefits expense.

Compared to the 2nd quarter of 2024, salaries and employee benefits expense increased $5.9 million, or 4.0%, mostly due to higher full-time salaries of $2.1 million, incentive compensation of $2.2 million and healthcare expense of $2.3 million. Full-time equivalent employees totaled 4,658 and 4,724 on June 30, 2025 and 2024, respectively.

Compared to the same period last year, deposit insurance expense increased $958 thousand, mostly due to a $1.2 million accrual adjustment that lowered expense in the prior year from a one-time special assessment by the FDIC to replenish the Deposit Insurance Fund. Data processing and software expense increased $1.4 million due to higher costs for service providers and software. Professional and other services, which increased $4.4 million compared to the 2nd quarter of 2024, included $1.9 million of acquisition related legal and professional services expense. Other non-interest expense decreased mainly due to a $5.0 million donation to a related charitable foundation in 2024 that did not reoccur.

Income Taxes
The effective tax rate for the Company was 21.8% in the current quarter, 21.9% in the prior quarter, and 21.7% in the 2nd quarter of 2024.

Credit Quality
Net loan charge-offs in the 2nd quarter of 2025 amounted to $9.7 million, compared to $10.8 million in the prior quarter, and $9.8 million in the same period last year. The ratio of annualized net loan charge-offs to total average loans was .22% in the current quarter, .25% in the previous quarter, and .23% in the same quarter of last year. Compared to the prior quarter, net loan charge-offs on consumer loans and business real estate loans decreased $684 thousand and $802 thousand, respectively.

In the 2nd quarter of 2025, annualized net loan charge-offs on average consumer credit card loans were 5.08%, compared to 5.04% in the previous quarter and 4.91% in the same quarter last year. Consumer loan net charge-offs were .40% of average consumer loans in the current quarter, .56% in the prior quarter, and .34% in the same quarter last year.

On June 30, 2025, the allowance for credit losses on loans totaled $165.3 million, or .94% of total loans, and decreased $1.8 million compared to the prior quarter. Additionally, the liability for unfunded lending commitments on June 30, 2025 was $16.0 million, a decrease of $2.3 million compared to the liability on March 31, 2025.

10
Exhibit 99.1
COMMERCE BANCSHARES, INC.                                
Management Discussion of Second Quarter Results
June 30, 2025
On June 30, 2025, total non-accrual loans amounted to $18.9 million, a decrease of $3.7 million compared to the previous quarter. On June 30, 2025, the balance of non-accrual loans, which represented .11% of loans outstanding, included business loans of $410 thousand, revolving home equity loans of $2.0 million, personal real estate loans of $948 thousand, construction loans of $426 thousand, and business real estate loans of $15.1 million. Loans more than 90 days past due and still accruing interest totaled $25.3 million on June 30, 2025.

Other
During the 2nd quarter of 2025, the Company paid a cash dividend of $.275 per common share, representing a 7.0% increase over the same period last year. The Company purchased 171,899 shares of treasury stock during the current quarter at an average price of $60.54.

On June 16, 2025, the Company announced that it has entered into a definitive merger agreement to acquire FineMark Holdings, Inc. (OTCQX:FNBT) (“FineMark”), Ft. Meyers, Florida, with 13 banking locations in Florida, Arizona, and South Carolina. As of March 31, 2025, FineMark had loans and deposits of $2.6 billion and $3.1 billion, respectively, and $7.7 billion of investment and trust assets under administration. It is expected that this transaction will close on January 1, 2026.

Forward Looking Information
This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include future financial and operating results, expectations, intentions, and other statements that are not historical facts. Such statements are based on current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements. Additional information about risks and uncertainties is included in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections within the Company's Annual Report on Form 10-K.
11
COMMERCE BANCSHARES, INC. EARNINGS HIGHLIGHTS 2nd Quarter 2025

 
DISCLOSURES 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This presentation may contain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed business combination transaction between Commerce Bancshares, Inc. (“Commerce”) and FineMark Holdings, Inc. (“FineMark”) (the “Proposed Transaction”), the plans, objectives, expectations and intentions of Commerce and FineMark, the expected timing of completion of the Proposed Transaction, and other statements that are not historical facts. All statements other than statements of historical fact, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions. Forward-looking statements, by their nature, are subject to risks and uncertainties. There are many factors that could cause actual results to differ materially from expected results described in the forward-looking statements. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Factors relating to the Proposed Transaction that could cause or contribute to actual results differing materially from those contained or implied in forward-looking statements or historical performance include, in addition to those factors identified elsewhere in this presentation the occurrence of any event, change or other circumstances that could give rise to the right of Commerce or FineMark to terminate the definitive merger agreement governing the terms and conditions of the Proposed Transaction; the outcome of any legal proceedings that may be instituted against Commerce or FineMark; the possibility that revenue or expense synergies or the other expected benefits of the Proposed Transaction may not fully materialize or may take longer to realize than expected, or may be more costly to achieve than anticipated, including as a result of the impact of, or problems arising from, the integration of the two companies, the strength of the economy and competitive factors in the areas where Commerce and FineMark do business, or other unexpected factors or events; the possibility that the Proposed Transaction may not be completed when expected or at all because required regulatory, shareholder or other approvals or other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect Commerce or FineMark or the expected benefits of the Proposed Transaction); the risk that Commerce is unable to successfully and promptly implement its integration strategies; reputational risks and potential adverse reactions from or changes to the relationships with the companies’ customers, employees or other business partners, including resulting from the announcement or the completion of the Proposed Transaction; the dilution caused by Commerce’s issuance of common stock in connection with the Proposed Transaction; diversion of management’s attention and time from ongoing business operations and other opportunities on matters relating to the Proposed Transaction; and other factors that may affect the future results of Commerce and FineMark, including continued pressures and uncertainties within the banking industry and Commerce’s and FineMark’s markets, including changes in interest rates and deposit amounts and composition, adverse developments in the level and direction of loan delinquencies, charge-offs, and estimates of the adequacy of the allowance for loan losses, increased competitive pressures, asset and credit quality deterioration, the impact of proposed or imposed tariffs by the U.S. government or retaliatory tariffs proposed or imposed by U.S. trading partners that could have an adverse impact on customers or any recession or slowdown in economic growth particularly in the markets in which Commerce or FineMark operate, and legislative, regulatory, and fiscal policy changes and related compliance costs. These factors are not necessarily all of the factors that could cause Commerce’s or FineMark’s actual results, performance, or achievements to differ materially from those expressed in or implied by any of the forward-looking statements. Other unknown or unpredictable factors also could harm Commerce’s or FineMark’s results. Further information regarding Commerce and factors that could affect the forward-looking statements contained herein can be found in Commerce’s Annual Report on Form 10-K for the year ended December 31, 2024, which is accessible on the Securities and Exchange Commission’s (the “SEC”) website at www.sec.gov and at Investor.Commercebank.com, and in other documents Commerce files with the SEC. Information on these websites is not part of this document. All forward-looking statements attributable to Commerce or FineMark, or persons acting on Commerce’s or FineMark’s behalf, are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made and Commerce and FineMark do not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If Commerce or FineMark update one or more forward-looking statements, no inference should be drawn that Commerce or FineMark will make additional updates with respect to those or other forward-looking statements.

 
3 ADDITIONAL INFORMATION AND WHERE TO FIND IT In connection with the Proposed Transaction, Commerce will file with the SEC a Registration Statement on Form S-4 to register the shares of Commerce common stock to be issued in connection with the Proposed Transaction that will include a proxy statement of FineMark and a prospectus of Commerce (the “proxy statement/prospectus”), as well as other relevant documents concerning the Proposed Transaction. The definitive proxy statement/prospectus will be sent to the shareholders of FineMark seeking their approval of the Proposed Transaction and other related matters. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. INVESTORS AND SHAREHOLDERS OF FINEMARK ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE AND EACH OTHER RELEVANT DOCUMENT FILED WITH THE SEC BY COMMERCE IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders will be able to obtain a free copy of the definitive proxy statement/prospectus, as well as other filings containing information about the Proposed Transaction, Commerce and FineMark, without charge, at the SEC’s website, http://www.sec.gov. Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained, without charge, by directing a request to Commerce’s Investor Relations via email at matthew.burkemper@commercebank.com or by telephone at (314) 746-7485, or to FineMark’s Investor Relations via email at investorrelations@finemarkbank.com or by telephone at (239) 461-3850. PARTICIPANTS IN THE SOLICITATION Commerce, FineMark and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the shareholders of FineMark in connection with the Proposed Transaction under the rules of the SEC. Information regarding Commerce’s directors and executive officers is available in the sections entitled “Directors, Executive Officers and Corporate Governance” and “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” in Commerce’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed with the SEC on February 25, 2025 (available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000022356/000002235625000016/cbsh-20241231.htm); in the sections entitled “Security Ownership of Certain Beneficial Owners and Management,” “Composition of the Board, Board Diversity and Director Qualifications,” “Corporate Governance,” “Compensation Discussion and Analysis” and “Executive Compensation,” in Commerce’s definitive proxy statement relating to its 2025 Annual Meeting of Shareholders, which was filed with the SEC on March 14, 2025 (available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000022356/000002235625000021/cbsh-20250307.htm); and other documents filed by Commerce with the SEC. To the extent holdings of Commerce common stock by the directors and executive officers of Commerce have changed from the amounts held by such persons as reflected in the documents described above, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus relating to the Proposed Transaction. Free copies of this document may be obtained as described in the preceding paragraph. DISCLOSURES

 
COMMERCE BANCSHARES 160 YEARS IN BUSINESS 142 branches and 249 ATMs across 7 states CORE BANKING FOOTPRINT COMMERCIAL | CONSUMER | WEALTH MANAGEMENT St. Louis • Kansas City • Springfield Central Missouri • Central Illinois • Wichita Tulsa • Oklahoma City • Denver COMMERCIAL OFFICES Cincinnati • Nashville • Dallas • Des Moines Indianapolis • Grand Rapids • Houston1 WEALTH MANAGEMENT OFFICES Dallas • Houston1 • Naples1 U.S. PRESENCE Extended Market Area Commercial Payments Services Offered in 48 states across the U.S. $32.3 BILLION TOTAL ASSETS 42ND LARGEST U.S. BANK BASED ON ASSET SIZE2 $8.3 BILLION MARKET CAP 20TH LARGEST U.S. BANK BASED ON MARKET CAP2 $77.5 BILLION TOTAL TRUST ASSETS UNDER ADMINISTRATION 16TH LARGEST AMONG BANK-MANAGED TRUST COMPANIES BASED ON AUM3 16.86% TIER 1 COMMON RISK- BASED CAPITAL RATIO 2ND HIGHEST AMONG TOP 50 U.S. BANKS BASED ON ASSET SIZE2 AS OF MARCH 31, 2025 $25.5 BILLION TOTAL DEPOSITS $17.7 BILLION TOTAL LOANS4 $9.8 BILLION COMMERCIAL CARD VOLUME AS OF DECEMBER 31, 2024 16.63% RETURN ON AVERAGE COMMON EQUITY YTD 2ND YTD ROACE FOR THE TOP 50 U.S. BANKS BASED ON ASSET SIZE2 a2 BASELINE CREDIT ASSESSMENT5 TWO RATINGS ABOVE THE U.S. BANKING INDUSTRY MEDIAN RATING OF baa1 4 1Locations outside the core banking footprint that accept deposits Sources: 2S&P Global Market Intelligence – U.S. publicly traded banks, rankings as of 03/31/2025 3S&P Global Market Intelligence – Regulated U.S. depositories managed by bank holding companies, rankings as of 03/31/2025; 4Includes loans held for sale; 5Moody’s Sector Profile: Banks, May 19, 2025, Baseline Credit Assessment (BCA) reflects a bank’s standalone credit strength; Company reports and filings, information as of 6/30/2025 unless otherwise noted.

 
TRACK RECORD OF LONG-TERM OUTPERFORMANCE Revenue Diversification Balanced earnings profile, fee revenue at 37%1 of total revenue, bolstered by growing wealth and national payments businesses Deposit Franchise $24.1 billion in low-cost, diverse deposits2 with peer-leading historical deposit betas Credit Quality Conservative risk profile drives outperformance over peer averages across credit cycles Consistent Earnings and Shareholder Value Over 8% total annualized return to shareholders over the last 20 years, outperforming the annualized KBW Regional Bank Index return of nearly 4%3 Capital Management Strong capital ratios, 57th consecutive year of common dividend increases4 Continued Long-Term Investments Core banking system implementation, Enterprise Digital, Expansion Markets, Wealth Management, 1As of YTD 6/30/2025; 2Excludes certificates of deposit greater than $100,000, period-end balance as of 6/30/2025; 3As of 6/30/2025; 4Based on 1Q2025 paid dividend 5

 
2Q2025 HIGHLIGHTS • Earnings of $1.14 per share, compared to $1.03 per share in the same quarter last year • PPNR1 of $201MM, an increase of $19MM over the same quarter last year • ROAA of 1.95% and ROAE of 17.40% • Efficiency ratio of 54.8% • Net Income of $152MM in Q2, an increase of $13MM over the same quarter last year • Record net interest income $280MM, up 7% over the same quarter last year • Net interest margin increased 14 bps over Q1 to 3.70% • Non-interest income increased 9% over the prior year and was 37% of total revenue • Non-interest expense increased 5% over the same period in the prior year – Acquisition related expenses were $2MM in Q2 • Quarterly average deposit balances increased $633MM, or 3%, compared to the same quarter last year • Total cost of deposits decreased 4 bps from Q1 to 1.18% • Non interest-bearing deposits were 30% of average deposits as of Q2 • Average loans increased 1.5% over Q1 • QTD average loan to deposit ratio of 70% • Purchased $10MM of common stock in Q2 vs. $55MM in Q1 • Book value per share increased 5% compared to Q1 to $27.43 • $2.0B in average cash balances at Federal Reserve Bank (FRB) in Q2 • Net loan charge-offs of .22% annualized; non-accrual loans of .11% • Announced plan to acquire FineMark Holdings, Inc. on June 16, 2025 61See the non-GAAP reconciliation on page 25 Performance Income Statement Deposits Loans Capital / Other

 
FINEMARK ACQUISITION OVERVIEW Strategically Compelling Financially Attractive Low Integration Risk • Unique partnership with a client-focused private bank managing ~$8B in AUA1 and ~$4B in banking assets • Expands footprint in Florida, and enters new markets of Arizona, and South Carolina • FineMark brings niche wealth expertise, including ~$600M AUA1 from ~300 sports professionals • Opportunity to grow FineMark’s business with Commerce’s balance sheet and broader product suite • Strong cultural alignment and shared relationship-based business models • Commerce has over $76 billion of total wealth assets1 and is recognized as an industry leader • FineMark brand retained as a division of Commerce Bank, with leadership agreements ensuring client continuity • Similar underwriting discipline confirmed through thorough diligence Source: S&P Capital IQ Pro and Company documents. Financial data as of 3/31/2025. 1Assets under administration. 2Pro forma impact is presented for illustrative purposes only and is subject to change based on final purchase accounting entries. EPS accretion illustrated assuming no share buybacks, fully phased cost savings and excluding any restructuring charges or provision expense related to the CECL “double count”. 3The tangible book value per share (“TBVPS”) earnback is calculated using the crossover method. See page 26 for purchasing accounting summary. • ~6% accretive to 2026 consensus GAAP earnings, with fully phased cost savings2 • 1.6 years TBVPS earn back, inclusive of all one-time charges and purchase accounting marks3 • Minimal capital impact at close; CET1 remains strong at ~17% • Conservative assumptions with limited reliance on cost savings (15%) 3 States 13 Offices ~300 Associates FINEMARK NATIONAL BANK & TRUST FOOTPRINT FLORIDA Fort Myers • Bonita Springs • Estero • Jupiter • Naples ARIZONA Scottsdale SOUTH CAROLINA Charleston 7

 
BALANCE SHEET HIGHLIGHTS 2Q25 vs. 2Q24 2Q25 vs. 1Q25 Quarterly Average Balances % Change$ Change% Change$ Change2Q25$ in millions 2%$252.52%$181.0$11,370.4Commercial 1%68.81%72.16,125.4Consumer 2%$321.31%$253.1$17,495.8Total Loans 3%$245.1-1%-$135.1$9,407.2Investment Securities1 -3%-$63.0-15%-$351.7$2,036.8 Interest Earning Deposits with Banks 3%$632.70%$63.0$24,918.2Deposits 18%$4.125%$1.24$27.43Book Value per Share2 Average Loans: Increased 1% compared to the previous quarter. Interest Earning Deposits with Banks: Ample levels of liquidity on balance sheet. Average Deposits: Increased slightly compared to the previous quarter. 1At fair value 2For the quarters ended June 30, 2025, March 31, 2025, and June 30, 2024 8

 
$17.0 $17.6 $17.6 $7.3 $7.3 $7.3 2Q24 1Q25 2Q25 $24.3 $24.9 $24.9 +2% $11.1 $11.2 $11.4 $6.1 $6.0 $6.1 2Q24 1Q25 2Q25 $17.2 $17.2 $17.5 +2% BALANCE SHEET 9 Loans Consumer Loans Commercial Loans Loan Yield1 Deposits QTD Average Balances $ billions Non-Interest Bearing Interest-Bearing Deposits Interest-Bearing Deposit Cost QTD Average Balances $ billions 6.30% 6.02% 6.01% 1.99% 1.72% 1.67% 1Tax equivalent yield

 
LOAN PORTFOLIO 10 YoYQoQ6/30/20243/31/20256/30/2025$ in 000s 3.9%1.4%$6,090,724 $6,239,276$6,328,684Business .6%-1.0%1,396,5151,419,5721,405,398Construction 5.2%3.6%3,572,5393,628,6353,757,778Business Real Estate .1%.4%3,055,1823,047,8093,058,845Personal Real Estate .6%2.0%2,145,6092,116,1602,157,867Consumer 10.0%2.2%331,381356,675364,429Revolving Home Equity 1.6%1.4%566,925568,163576,151Consumer Credit Card 289.4%421.1%4,1903,13116,316Overdrafts 2.9%1.6%$17,163,065$17,379,421$17,665,468Total Loans Period-End Balances YoYQoQ6/30/20243/31/20256/30/2025$ in 000s 4.5%2.3%$5,980,364$6,106,185$6,247,252Business -2.8%1.1%1,471,5041,415,3491,430,758Construction .7%.7%3,666,0573,667,8333,692,405Business Real Estate .1%.1%3,044,9433,045,8763,048,895Personal Real Estate 1.0%3.2%2,127,6502,082,3602,148,666Consumer 11.1%1.0%326,204358,684362,312Revolving Home Equity 1.3%-.1%552,896560,534559,858Consumer Credit Card 16.6%-3.4%4,8565,8605,663Overdrafts 1.9%1.5%$17,174,474$17,242,681$17,495,809Total Loans QTD Average Balances

 
33.5% 16.6% 14.0% 9.3% 8.2%7.6% 5.2% Owner- occupied Industrial Office Multi-family RetailHotels Farm 3.3% Senior living 2.3% Other Real Estate - Business Loans: Office Outstanding Balances by Geography1 % of Total Loans Real Estate - Business Loans 7.1%Owner – Occupied 3.5%Industrial 3.0%Office 2.0%Multi-family 1.7%Retail 1.6%Hotels 1.1%Farm .7%Senior living .6%Other 21.3%Total COMMERCIAL REAL ESTATE BREAKDOWN 11 Real Estate - Business Loans $3.8 billion 1Geography determined by location of collateral. Includes only loans with a balance of $1 million and above, which represents 94% of outstanding balance of the stabilized, non-owner occupied office loans 2Critized is defined as special mention, substandard, and non-accrual loans 3LTV based on current exposure and property value at time of most recent valuation. Includes only loans with a balance of $1 million and above, which represents 94% of outstanding balance of the stabilized, non- owner occupied office loans Real Estate - Business Loans: Office Attributes as of June 30, 2025 51.3% 18.7% 11.2% MO KS TX OK IL 2.9% OH 0.6% CO Other Midwest States 5.6% 4.4% 5.3% • TTM Net Charge-offs on Office loans: .00% • Delinquent Office Loans: .00% • Non-Performing Office Loans: .00% • Criticized2 Office Loans to Total Office Loans: 11.0% • Weighted Average LTV of Office Loans: 64.8%3 • Percent of loans at floating interest rate: 72.8%

 
$159 $190 $269 $238 1Q25 $428 12 INCOME STATEMENT HIGHLIGHTS $152 $182 $262 $232 2Q24 $414 $166 $201 $280 $245 2Q25 $446 Non-Interest Income (+) Net Interest Income (+) Non-Interest Expense (-) Pre-Tax, Pre-Provision Net Revenue (=) 2Q25 Comparison 10.4%vs. 2Q24 6.1%vs. 1Q25 Pre-Tax, Pre-Provision Net Revenue (PPNR) $ in millions Expenses increased 2.5% over Q1 and 5.3% over the prior year. Acquisition related expenses were $2MM in Q2. Revenue increased 4.1% over Q1 and 7.5% over the prior year. 1See the non-GAAP reconciliation on page 25

 
2Q25 vs. 2Q24 2Q25 vs. 1Q25 % Change$ Change% Change$ Change2Q25$ in millions 7%$17.94%$11.0$280.1Net Interest Income 9%$13.44%$6.7$165.6Non-Interest Income 5%$12.23%$6.1$244.4Non-Interest Expense 10%$19.06%$11.6$201.3Pre-Tax, Pre-Provision Net Revenue1 -87%-$2.8NM$8.0$.4Investment Securities Gains, Net 2%$.1-61%-$8.9$5.6Provision for Credit Losses 9%$12.916%$20.9$152.5Net-Income Attributable to Commerce Bancshares, Inc. 2Q25 vs. 2Q242Q24 2Q25 vs. 1Q251Q252Q25For the three months ended 11%$1.0316%$.98$1.14Net Income per Common Share – Diluted 15 bps3.55%14 bps3.56%3.70%Net Yield on Interest Earning Assets INCOME STATEMENT HIGHLIGHTS 1See the non-GAAP reconciliation on page 25 13

 
NON-INTEREST INCOME HIGHLIGHTS 14 2Q25 vs. 2Q24 2Q25 vs. 1Q25 % Change$ Change% Change$ Change2Q25$ in millions 6%$3.3-2%-$1.0$55.6Trust Fees -2%-1.12%.846.4Bank Card Transaction Fees 4%.9-1%-.426.2Deposit Account Charges and Other Fees 30%1.421%1.16.2Capital Market Fees 20%.912%.65.4Consumer Brokerage Services -0%-.00%.03.4Loan Fees and Sales 55%8.033%5.622.5Other 9%$13.44%$6.7$165.6Total Non-Interest Income Trust Fees: Increase over the prior year mainly due to higher private client fees. Bank Card Transaction Fees: Decrease compared to the prior year mainly due to lower corporate card and credit card fees. Other: Higher gains on sales of assets($5.5 million) and higher tax credit sales income drove the increase over the prior year.

 
NON-INTEREST EXPENSE HIGHLIGHTS 15 2Q25 vs. 2Q24 2Q25 vs. 1Q25 % Change$ Change% Change$ Change2Q25$ in millions 4%$5.91%$1.9$155.0Salaries and Employee Benefits 4%1.42%.732.9Data Processing and Software 9%1.1-3%-.413.7Net Occupancy 51%4.429%2.913.0Professional and other services 12%.62%.16.0Marketing 1%.0-2%-.05.2Equipment 7%.3-2%-.05.0Supplies and Communication 41%1.0-12%-.43.3Deposit Insurance -19%-2.515%1.310.5Other 5%$12.23%$6.1$244.4Total Non-Interest Expense Professional and other services: Includes $1.9 million in acquisition related expenses. Deposit Insurance: Increase of $1 million compared to the prior year was driven by a $1.2 million adjustment related to a one- time FDIC special assessment that lowered expense in the prior year. Other: Decrease from the prior year was mainly due to a $5 million donation to a related charitable foundation in 2024.

 
16 LIQUIDITY AND CAPITAL

 
2021 2022 2023 2024 $3.0 $2.8 $2.4 $2.4 DEPOSIT BALANCE TRENDS Segment view $ in billions 17 2021 2022 2023 2024 $12.0 $11.9 $10.4 $9.9 2021 2022 2023 2024 $12.8 $13.4 $12.2 $12.3 Commercial Consumer Wealth Average Balance 1Q25 2Q25 $12.6 $12.4 Period EndAverage Balance Average Balance Segment balances do not include brokered deposits. 2021 through 2024 are year to date average balances. 1Q25 2Q25 $10.6 $10.6 Period End 1Q25 2Q25 $2.6 $2.5 Period End 1Q25 2Q25 $10.0 $10.0 1Q25 2Q25 $12.3 $12.4 1Q25 2Q25 $2.5 $2.6

 
3.55% 3.56% 3.70% Net Yield Hedging Structures: Four floor contracts (indexed to 1 Month SOFR) to hedge the risk of declining interest rates on floating rate commercial loans. The contracts have a term of 6 years. • 3.5% floor contract with a notional value of $500 million. The contract began 7/2024. • 3.25% floor contract with a notional value of $500 million. The contract began 11/2024. • 3.0% floor contract with a notional value of $500 million. The contract began 3/2025. • 2.75% floor contract with a notional value of $500 million. The contract began 7/2025. OPPORTUNTIES TO ENHANCE AND PROTECT NET INTEREST INCOME • Cash flows of approximately $1.3B from maturities and paydowns of investments are expected over the next twelve months. • Net yield on interest earning assets increased 14 bps over Q1 to 3.70%. • Total cost of deposits decreased 4 bps from Q1 to 1.18%. • As of December 31, 2024, 60% of loans were variable rate. 18 2Q 2024 1Q 2025 2Q 2025 Quarterly Net Yield on Interest Earning Assets

 
Over 60% of total loans are variable; 67% of commercial loans have floating rates SUMMARY OF FIXED & FLOATING LOANS 36% 64% Business Total Loans: $6.1B Fixed Variable C om m er ci al 56% 44% Personal RE Total Loans: $3.1B C on su m er 100% 40% 60% Business RE Total Loans: $3.7B 95% 5% Consumer Card Total Loans: $0.6B 69% 31% Consumer Total Loans: $2.1B 19 96% 4% Construction Total Loans: $1.4B As of 12/31/2024 HELOC Total Loans: $0.4B

 
27% 8% 47% 16% 2% Composition of AFS Portfolio Treasury & agency Municipal MBS Asset-backed Other debt HIGH QUALITY, HIGHLY LIQUID AND DIVERSE INVESTMENT PORTFOLIO 1Excludes inflation effect on TIPs; 2Tax equivalent yield Duration (yrs)Avg RateQTD – Jun. 30, 2025 3.33.66%Treasury & agency1 4.52.05%2Municipal 5.82.08%MBS 1.63.73%Asset-backed 3.22.94%Other debt 4.22.95%Total 20 Total available for sale securities Average balance: $9.1 billion, at fair value As of June 30, 2025 • Purchases of AFS debt securities in Q2 totaled $25MM with a weighted average yield of approximately 4.01%. • AFS debt securities portfolio duration of 4.2 years. • AOCI loss decreased from $(635MM) at Q1 to $(581MM) at Q2

 
91%9% Core Deposits - Non-Interest Bearing - Interest Checking - Savings and Money Market Certificates of Deposits Average Loan to Deposit Ratio3 SOUND CAPITAL AND LIQUIDITY POSITION 21 Tier 1 Risk-Based Capital Ratio1 1S&P Global Market Intelligence, Information as of March 31, 2025 2Period-end balances, as of June 30, 2025 3Includes loans held for sale, for the quarter ended June 30, 2025 16.9% 16.9% 15.4% 14.5% 14.3% 14.1% 13.7% 13.3% 13.3% 12.9% 12.9% 12.5% 12.2% 12.2% 12.1% 11.9% 11.2% 10.7% 10.7% 10.4% CADE PB HOMB UCB HWC CFR WSFS OZK BOKF CBSH UMBF SFNC FIBK ASB ONB FULT PNFP UBSI FNB ABCB Peer Median: 12.9% Core Deposits $23.1 Billion2 Large, stable deposit base Loan to Deposit Ratio Total Deposits2 70% Average Loan to Deposit Ratio182% Commerce Peer Average

 
$19.3 $22.6 $18.9 $125.2 $145.9 2Q24 1Q25 2Q25 $9.8 $10.8 $9.7$10.7 $12.5 2Q24 1Q25 2Q25 MAINTAINING STRONG CREDIT QUALITY Net Loan Charge-Offs (NCOs) $ in millions NCOs- CBSH NCOs - Peer Average NCO/Average Loans1 - CBSH $158.6 $167.0 $165.3 $316.3 $333.6 2Q24 1Q25 2Q25 Allowance for Credit Losses on Loans (ACL) $ in millions ACL - CBSH ACL - Peer Average ACL / Total Loans - CBSH Non-Accrual Loans (NALs) $ in millions NALs - CBSH NALs - Peer Average 8.2x 7.4x 8.8x 3.6x 2.9x 2Q24 1Q25 2Q25 Allowance for Credit Losses on Loans (ACL) to NALs ACL / NALs - CBSH ACL / NALs - Peer AverageNALs / Total Loans - CBSH NCO/Average Loans1 – Peer Average .11% NALs / Total Loans – Peer Average .13% .11% .52% .60% ACL / Total Loans – Peer Average .92% .96% .94% 1.34% 1.36% .23% .25% .22% .17% .20% Percentages are illustrative and not to scale; Peer Banks include: ABCB, ASB, BOKF, CADE, CFR, FIBK, FNB, FULT, HOMB, HWK, ONB, OZK, PB, PNFP, SFNC, UBSI, UCB, UMBF, WSFS 1As a percentage of average loans (excluding loans held for sale) 22

 
ALLOCATION OF ALLOWANCE 23 CECL allowances reflect the economic and market outlook June 30, 2025March 31, 2025 % of Outstanding Loans Allowance for Credit Losses (ACL) % of Outstanding Loans Allowance for Credit Losses (ACL)$ in millions .73%$ 46.5.73%$ 45.7Business .86%32.2 .87%31.7 Bus R/E 2.00%28.22.06%29.3Construction .93%$ 106.9.95%$ 106.7Commercial total .69%14.8 .71%14.9 Consumer 5.35%30.85.26%29.9Consumer CC .35%10.8.44%13.5Personal R/E .51%1.9.52%1.9Revolving H/E .83%.1 4.09%.1 Overdrafts .95%$ 58.4.99%$ 60.3Consumer total .94%$ 165.3.96%$ 167.0Allowance for credit losses on loans 0.87% 0.96% 0.94% 0.95% 0.94% 0.93% 0.92% 0.94% 0.95% 0.94% 0.70% 0.80% 0.90% 1.00% $100 $125 $150 $175 $143.4 0.90% 3Q $150.1 0.92% 4Q $159.3 $158.7 2Q $162.2 1Q $162.4 $134.7 4Q $160.5 3Q 1Q $158.6 $138.0 2Q $160.8 0.88% 3Q $162.7 4Q $167.0 1Q 1Q $165.3 2Q2Q 0.96% Allowance for Credit Losses (ACL) on Loans ACL - Loans (left) ACL / Total Loans (right) $ in millions 2022 2023 2024 2025

 
Quick Facts: Small Business Investment Company (SBIC) founded in 1959 Nationwide footprint with Greater Midwest Focus 32 Portfolio Companies Representing $973.3 million in Revenue Over 3,000 Employees Fair Value as of June 30, 2025: $174.1 million Investment Criteria • Manufacturing, distribution and certain service companies • Cash flow positive • Good management • Consistent financial performers • Operate in niche markets • Significant and defensible market positions • Differentiated products and services • Scalable business platforms Target Parameters • Revenues - $10 million to $100 million • EBITDA - $2 million to $7 million CAPITAL FOR BUSINESS® A middle-market private equity firm focused on the success of industrial growth companies Transaction Types Management buyouts Leveraged buyouts Succession plans Recapitalizations Corporate divestitures Investment Structures Subordinated debt Preferred stock Common stock Warrants Other Information Co-investors Majority control Target 5-7 year hold period Management participation 24

 
NON-GAAP RECONCILIATIONS 25 For The Three Months Ended Jun. 30, 2024Mar. 31, 2025Jun. 30, 2025(DOLLARS IN THOUSANDS) 262,249$269,102$280,147$Net Interest IncomeA 152,244$158,949$165,613$Non-Interest IncomeB 232,214$238,376$244,437$Non-Interest ExpenseC 182,279$189,675$201,323$Pre-Provision Net Revenue (A+B-C) Pre-tax, Pre-provision Net Revenue

 
26 BASIC SHARES TANGIBLE BOOK VALUE PER SHARE IMPACT $ MILLIONS (MILLIONS) $ PER SHARE CBSH tangible book value per share as of 3/31/2025 3,327 134 $24.91 (+) three quarters of consensus earnings prior to close 412 (-) three quarters of consensus dividends prior to close (110) (-) three quarters of consensus share repurchases 0 0 (+) amortization of existing intangibles 0 CBSH standalone tangible book value per share at close $3,630 134 $27.17 PRO FORMA MERGER ADJUSTMENTS (+) Stock issued to common shareholders 575 9 (-) Goodwill & intangibles created (346) (-) After-tax restructuring expenses (45) (-) Day 2 CECL non-PCD Reserve (12) (+) Gain on existing FNBT shares owned 2 CBSH pro forma tangible book value per share at close $3,803 143 $26.58 Dilution to CBSH ($) ($0.59) Dilution to CBSH (%) (2.2%) 2 1 3,4 5 22 GOODWILL & OTHER INTANGIBLE ASSET RECOGNITION $ MILLIONS Aggregate merger consideration 585 Standalone FNBT tangible book value at close 385 (-) Net Impact of fair value adjustments (122) Adjusted tangible book value at closing $264 Excess over adjusted tangible book value $322 (-) Core deposit intangible created (88) (-) Customer relationship intangible created (31) (+) DTL on intangibles created 25 Goodwill created $228 Goodwill & intangibles created $346 4 Note: Pro forma metrics projected to closing based on financial data as of March 31, 2025; Market data as of 6/13/2025. 1Tangible book value per share is defined as total shareholders' equity less goodwill and other intangible assets divided by end of period shares outstanding. 2This analysis excludes the impact of any future share repurchases for illustrative purposes only. 3Excludes approximately 121,212 FNBT shares already owned by CBSH. 4Assumes the conversion of FNBT’s convertible preferred stock at a conversion price per share of $27.50. 5Based on assumptions as of announcement date; Subject to change at transaction closing. COMMERCE | FINEMARK PRO FORMA PURCHASE ACCOUNTING SUMMARY

 
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/