NASDAQ : CBSH
Commerce Bancshares, Inc. — Financial statements
Financials · Banks - Regional · United States
Last price 55.6 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 7.90B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Interest Income on Loans | 1.13B | 1.04B | 1.06B | 984.98M | 646.93M | 571.43M |
| Interest Income on Investments | 447.10M | 447.10M | 406.62M | 396.31M | 352.05M | 276.86M |
| Total Interest Income | 1.58B | 1.48B | 1.47B | 1.38B | 998.98M | 848.29M |
| Interest Paid on Deposits | 297.76M | 296.43M | 336.16M | 246.14M | 30.47M | 11.24M |
| Interest Paid on Borrowings | 75.44M | 75.44M | 93.15M | 137.02M | 26.33M | 1.62M |
| Total Interest Expense | 373.20M | 371.87M | 429.31M | 383.16M | 56.79M | 12.87M |
| Net Interest Income | 1.21B | 1.11B | 1.04B | 998.13M | 942.18M | 835.42M |
| Trust Income | 278.10M | 232.70M | 214.43M | 190.95M | 184.72M | 188.23M |
| Gain (Loss) on Sale of Assets | 3.80M | 3.80M | 2.50M | |||
| Gain (Loss) on Sale of Investments | 31.50M | 3.66M | 7.82M | 14.98M | 20.51M | 30.06M |
| Gain (Loss) on Sale of Equity Investments | -2.60M | |||||
| Other Non-Interest Income | 314.01M | 307.54M | 298.29M | 291.10M | 267.44M | 277.55M |
| Total Non-Interest Income | 742.86M | 655.94M | 623.38M | 588.03M | 567.04M | 590.45M |
| Revenues Before Loan Losses | 1.95B | 1.77B | 1.66B | 1.59B | 1.51B | 1.43B |
| Provision for Loan Losses | 45.71M | 56.14M | 32.90M | 35.45M | 28.07M | -66.33M |
| Revenue | 1.90B | 1.71B | 1.63B | 1.55B | 1.48B | 1.49B |
| Salaries and Employee Benefits | 654.45M | 577.71M | 558.11M | 535.50M | 507.47M | 481.75M |
| Occupancy Expenses | 58.19M | 54.32M | 53.22M | 53.63M | 49.12M | 48.19M |
| Federal Deposit Insurance | 11.46M | 10.05M | 16.48M | 33.16M | 10.58M | 9.09M |
| Selling, General & Administrative | 297.26M | 260.38M | 241.76M | 235.49M | 224.78M | 174.27M |
| Other Non-Interest Expense | 101.66M | 73.27M | 71.66M | 73.20M | 56.83M | 84.40M |
| Total Non-Interest Expense | 1.12B | 975.73M | 941.23M | 930.98M | 848.78M | 797.70M |
| EBT Excluding Unusual Items | 781.08M | 735.93M | 689.49M | 619.73M | 632.38M | 694.50M |
| Legal Settlements | 1.50M | 1.50M | -10.00M | -8.20M | ||
| Pretax Income | 776.98M | 731.84M | 679.49M | 619.73M | 632.38M | 686.30M |
| Income Tax Expense | 171.68M | 161.14M | 145.09M | 134.55M | 132.36M | 145.71M |
| Earnings From Continuing Operations | 605.30M | 570.70M | 534.40M | 485.18M | 500.02M | 540.59M |
| Minority Interest in Earnings | -8.23M | -4.45M | -8.07M | -8.12M | -11.62M | -9.82M |
| Net Income | 597.07M | 566.25M | 526.33M | 477.06M | 488.40M | 530.76M |
| Preferred Dividends & Other Adjustments | 5.39M | 5.39M | 4.91M | 4.24M | 4.45M | 4.85M |
| Net Income to Common | 591.68M | 560.87M | 521.42M | 472.82M | 483.95M | 525.92M |
| Basic Shares Outstanding | 142.44M | 138.77M | 141.25M | 143.24M | 145.02M | 147.87M |
| Diluted Shares Outstanding | 142.57M | 138.90M | 141.42M | 143.40M | 145.35M | 148.22M |
| EPS (Basic) | 4.15 | 4.04 | 3.69 | 3.30 | 3.34 | 3.56 |
| EPS (Diluted) | 4.15 | 4.04 | 3.69 | 3.30 | 3.33 | 3.55 |
| Dividend Per Share | 1.09 | 1.05 | 0.98 | 0.93 | 0.87 | 0.82 |
| Effective Tax Rate | 22.10% | 22.02% | 21.35% | 21.71% | 20.93% | 21.23% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 624.67M | 3.55B | 3.38B | 2.69B | 891.14M | 4.28B |
| Investment Securities | 11.13B | 6.63B | 6.08B | 5.26B | 7.74B | 9.18B |
| Trading Asset Securities | 43.70M | 91.50M | 100.68M | 145.71M | 104.02M | 88.08M |
| Mortgage-Backed Securities | 3.66B | 4.01B | 5.06B | 5.52B | 7.05B | |
| Total Investments | 11.18B | 10.38B | 10.20B | 10.47B | 13.36B | 16.32B |
| Gross Loans | 21.21B | 17.77B | 17.22B | 17.21B | 16.30B | 15.18B |
| Allowance for Loan Losses | -197.84M | -179.47M | -162.74M | -162.40M | -150.14M | -150.04M |
| Net Loans | 21.01B | 17.59B | 17.06B | 17.04B | 16.15B | 15.03B |
| Property, Plant & Equipment | 554.53M | 485.70M | 475.27M | 469.06M | 418.91M | 388.74M |
| Goodwill | 253.81M | 146.54M | 146.54M | 146.54M | 138.92M | 138.92M |
| Other Intangible Assets | 135.09M | 3.72M | 3.86M | 4.06M | 4.30M | 4.60M |
| Loans Held for Sale | 2.17M | 4.33M | 3.24M | 4.18M | 4.96M | 8.62M |
| Accrued Interest Receivable | 116.40M | 105.60M | 100.80M | 94.30M | 65.40M | |
| Restricted Cash | 83.00K | 82.00K | 101.00K | 6.70M | 17.40M | |
| Other Real Estate Owned & Foreclosed | 1.22M | 343.00K | 270.00K | 96.00K | 115.00K | |
| Other Long-Term Assets | 1.06B | 629.06M | 619.53M | 765.32M | 793.73M | 427.45M |
| Total Assets | 34.82B | 32.92B | 32.00B | 31.70B | 31.88B | 36.69B |
| Interest Bearing Deposits | 17.73B | 16.07B | 15.75B | 15.44B | 15.51B | 17.03B |
| Institutional Deposits | 1.30B | 1.36B | 1.39B | 1.95B | 606.77M | 1.01B |
| Non-Interest Bearing Deposits | 8.22B | 8.21B | 8.15B | 7.98B | 10.07B | 11.77B |
| Total Deposits | 27.25B | 25.64B | 25.29B | 25.36B | 26.19B | 29.81B |
| Short-Term Borrowings | 2.70B | 3.01B | 2.95B | 2.95B | 2.90B | 3.04B |
| Current Portion of Leases | 6.73M | |||||
| Long-Term Debt | 16.16M | 12.80M | 56.00K | 1.40M | 9.67M | 12.56M |
| Long-Term Leases | 24.73M | 31.20M | 26.90M | |||
| Other Long-Term Liabilities | 647.83M | 408.05M | 385.53M | 397.92M | 300.52M | 380.06M |
| Total Liabilities | 30.61B | 29.10B | 28.66B | 28.74B | 29.39B | 33.24B |
| Common Stock | 742.61M | 692.94M | 676.05M | 655.32M | 629.32M | 610.80M |
| Additional Paid-In Capital | 4.00B | 3.52B | 3.40B | 3.16B | 2.93B | 2.69B |
| Retained Earnings | 468.77M | 131.83M | 45.49M | 53.18M | 31.62M | 92.49M |
| Treasury Stock | -343.58M | -48.00M | -48.40M | -35.60M | -41.74M | -32.97M |
| Comprehensive Income & Other | -678.96M | -507.69M | -758.91M | -891.41M | -1.09B | 77.08M |
| Total Common Equity | 4.19B | 3.79B | 3.31B | 2.94B | 2.47B | 3.44B |
| Minority Interest | 26.84M | 23.40M | 22.59M | 20.11M | 16.29M | 11.03M |
| Shareholders' Equity | 4.22B | 3.81B | 3.33B | 2.96B | 2.48B | 3.45B |
| Total Liabilities & Equity | 34.82B | 32.92B | 32.00B | 31.70B | 31.88B | 36.69B |
| Total Debt | 2.71B | 3.05B | 2.98B | 2.98B | 2.91B | 3.05B |
| Net Cash (Debt) | 879.51M | 1.44B | 1.12B | 307.87M | -1.09B | 2.95B |
| Net Cash Per Share | 6.17 | 10.34 | 7.90 | 2.15 | -7.47 | 19.87 |
| Filing Date Shares Outstanding | 142.04M | 146.88M | 140.58M | 143.19M | 144.47M | 147.21M |
| Total Common Shares Outstanding | 142.04M | 137.71M | 141.15M | 143.82M | 145.00M | 147.91M |
| Book Value Per Share | 29.49 | 27.53 | 23.45 | 20.47 | 17.00 | 23.24 |
| Tangible Book Value | 3.80B | 3.64B | 3.16B | 2.79B | 2.32B | 3.29B |
| Tangible Book Value Per Share | 26.75 | 26.44 | 22.38 | 19.42 | 16.01 | 22.27 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 566.25M | 526.33M | 477.06M | 488.40M | 530.76M | |
| Depreciation & Amortization | 56.50M | 54.08M | 49.51M | 46.86M | 44.87M | |
| Gain (Loss) on Sale of Investments | -21.97M | -8.66M | 2.68M | -1.70M | 36.88M | |
| Provision for Credit Losses | 56.14M | 32.90M | 35.45M | 28.07M | -66.33M | |
| Net Decrease (Increase) in Loans Originated / Sold - Operating | 927.00K | 2.48M | 1.52M | 4.81M | 52.27M | |
| Change in Trading Asset Securities | -15.32M | -18.47M | 28.48M | 4.15M | -29.89M | |
| Accrued Interest Receivable | -11.03M | -5.36M | -5.99M | -28.44M | 19.79M | |
| Change in Income Taxes | -22.62M | 12.21M | 4.59M | -12.94M | -5.17M | |
| Other Operating Activities | 13.23M | -8.51M | -167.21M | 12.79M | 24.95M | |
| Operating Cash Flow | 645.14M | 577.86M | 488.77M | 559.38M | 597.72M | |
| Capital Expenditures | -52.75M | -46.13M | -88.07M | -65.19M | -56.72M | |
| Sale of Property, Plant and Equipment | 100.00K | 8.89M | 4.36M | 2.98M | 8.86M | |
| Cash Acquisitions | -6.37M | |||||
| Investment in Securities | 184.30M | 575.70M | 3.21B | 1.45B | -3.17B | |
| Net Decrease (Increase) in Loans Originated / Sold - Investing | -594.02M | -54.67M | -933.74M | -1.15B | 1.13B | |
| Investing Cash Flow | -462.37M | 483.79M | 2.18B | 242.27M | -2.08B | |
| Short-Term Debt Issued | 62.88M | 17.94M | 2.32B | 924.58M | ||
| Long-Term Debt Issued | 12.74M | 11.76M | ||||
| Total Debt Issued | 75.62M | 17.94M | 2.32B | 936.34M | ||
| Short-Term Debt Repaid | -181.23M | |||||
| Long-Term Debt Repaid | -1.35M | -2.26B | -2.89M | |||
| Total Debt Repaid | -1.35M | -2.26B | -184.12M | |||
| Net Debt Issued (Repaid) | 75.62M | 16.59M | 58.81M | -184.12M | 936.34M | |
| Repurchase of Common Stock | -207.57M | -170.47M | -76.37M | -186.62M | -129.36M | |
| Common Dividends Paid | -150.24M | -145.09M | -134.73M | -127.47M | -122.69M | |
| Total Dividends Paid | -150.24M | -145.09M | -134.73M | -127.47M | -122.69M | |
| Net Increase (Decrease) in Deposit Accounts | 271.14M | -73.96M | -730.83M | -3.70B | 2.89B | |
| Other Financing Activities | -4.00K | -12.00K | -3.00K | -8.00K | -15.00K | |
| Financing Cash Flow | -11.04M | -372.94M | -883.12M | -4.20B | 3.57B | |
| Net Cash Flow | 171.72M | 688.71M | 1.79B | -3.40B | 2.09B | |
| Free Cash Flow | 592.39M | 531.73M | 400.69M | 494.19M | 541.01M | |
| Free Cash Flow Margin | 34.61% | 32.61% | 25.84% | 33.37% | 36.26% | |
| Free Cash Flow Per Share | 4.26 | 3.76 | 2.79 | 3.40 | 3.65 | |
| Cash Interest Paid | 363.18M | 453.17M | 336.51M | 53.74M | 16.05M | |
| Cash Income Tax Paid | 162.91M | 126.13M | 130.96M | 117.00M | 119.67M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.93B | 7.28B | 8.39B | 6.97B | 8.53B | 8.38B |
| Last Close Price | 55.80 | 51.54 | 57.38 | 46.01 | 54.71 | 51.83 |
| PE Ratio | 13.46 | 12.97 | 16.09 | 14.74 | 17.63 | 15.94 |
| PS Ratio | 4.16 | 4.25 | 5.14 | 4.50 | 5.76 | 5.62 |
| PB Ratio | 1.89 | 1.91 | 2.52 | 2.35 | 3.44 | 2.43 |
| P/FCF Ratio | 6.53 | 12.28 | 15.78 | 17.39 | 17.26 | 15.50 |
| P/OCF Ratio | 6.28 | 11.28 | 14.52 | 14.26 | 15.25 | 14.03 |
| Debt / Equity Ratio | 0.64 | 0.80 | 0.90 | 1.00 | 1.17 | 0.88 |
| Debt / FCF Ratio | 5.15 | 5.61 | 7.42 | 5.88 | 5.63 | |
| Net Debt / Equity Ratio | -0.21 | -0.38 | -0.34 | -0.10 | 0.44 | -0.85 |
| Net Debt / FCF Ratio | -2.42 | -2.10 | -0.77 | 2.20 | -5.44 | |
| Return on Equity (ROE) | 15.12% | 15.97% | 16.97% | 17.82% | 16.86% | 15.79% |
| Return on Assets (ROA) | 1.80% | 1.76% | 1.68% | 1.53% | 1.46% | 1.55% |
| Earnings Yield | 7.43% | 7.78% | 6.27% | 6.84% | 5.73% | 6.33% |
| FCF Yield | 15.31% | 8.14% | 6.34% | 5.75% | 5.79% | 6.45% |
| Dividend Yield | 1.97% | 1.98% | 1.65% | 1.93% | 1.48% | 1.45% |
| Payout Ratio | 26.53% | 26.53% | 27.57% | 28.24% | 26.10% | 23.12% |
| Buyback Yield / Dilution | -2.13% | 1.78% | 1.38% | 1.34% | 1.93% | 0.39% |
| Total Shareholder Return | -0.16% | 3.77% | 3.03% | 3.26% | 3.42% | 1.84% |