COMMERCE BANCSHARES INC /MO/ (CBSH)

Quarterly Report Filed: 2026-05-07

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Filing contains primarily structural XML metadata with limited substantive financial data visible in the provided excerpt, making comprehensive financial analysis difficult without access to full narrative sections and financial statements.
The document structure indicates reporting of segment performance across Commercial Portfolio and Personal Banking Portfolio segments, with detailed loan category breakdowns by credit quality status (Pass, Special Mention, Substandard, Non-Accrual).
Recent acquisition activity noted including FineMark Holdings Inc. (completed January 2026), suggesting CBSH is pursuing strategic growth through M&A in addition to organic operations.
Loan portfolio composition tracked across multiple categories (Business, Construction/Land, Business Real Estate, Personal Real Estate, Consumer, Revolving Credit, Credit Cards, Overdrafts) with comparative Q1 2026 vs. year-end 2025 and year-over-year Q1 2025 metrics available for trend analysis.

Current Report Filed: 2026-05-07

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Benjamin F. Rassieur III retired from the Board after 29 years of service due to mandatory retirement requirements, indicating Commerce Bancshares enforces board tenure limits and governance policies.
The departing director was a member and former chairman of the Audit and Risk Committee, suggesting the company will need to reassign committee responsibilities or appoint a replacement to maintain board committee structure.
This is a routine board transition driven by company policy rather than performance issues or conflicts, representing normal governance evolution without material operational impact.

Current Report Filed: 2026-04-28

Key Insights

Steven A. Brandjord has been appointed as Corporate Controller and Chief Accounting Officer effective May 15, 2026, indicating a planned leadership transition in the accounting function that was previously announced on March 30, 2026.
The Annual Meeting held on April 24, 2026 successfully elected four directors (Blackford F. Brauer, W. Kyle Chapman, Karen L. Daniel, and David W. Kemper) with strong shareholder support, with the lowest vote receiving 94.2M votes for out of 125.9M shares represented.
Shareholders approved the ratification of KPMG LLP as the independent registered public accounting firm for 2026 with overwhelming support (123.9M votes for versus 1.9M against), indicating strong confidence in the audit committee's selection.
The Board authorized an increase in the share repurchase program, allowing up to 7,500,000 total shares to be repurchased in combination with remaining prior authorization, signaling management's confidence in the company's valuation and cash position.
Say on Pay proposal passed with 92.6M votes for versus 8.3M against, demonstrating strong shareholder approval of executive compensation practices despite receiving relatively lower support compared to director elections.

Current Report Filed: 2026-04-27

Key Insights

Commerce Bancshares tendered all 411,723 shares of Visa Class B-2 stock (carried at zero book value) for an exchange into Class B-3 and Class C shares, with acceptance expected in Q2 2026.
The company expects to record a significant gain in Q2 2026 from the Visa exchange, driven by the conversion privilege of Class C shares and Visa's stock price at closing.
Management is considering offsetting the Visa gain by repositioning its available-for-sale debt securities portfolio, potentially realizing significant losses to rebalance the portfolio based on market conditions.
The timing and magnitude of both the gain and potential loss are contingent on multiple factors including market conditions, the final gain amount, and reinvestment strategy, creating earnings volatility in Q2 2026.

Current Report Filed: 2026-04-21

Key Insights

Commerce Bancshares announced Q1 2026 earnings results on April 21, 2026, with detailed financial performance metrics disclosed through a press release and investor presentation.
The 8-K filing is a routine earnings announcement that furnishes exhibits but is not 'filed' for Section 18 liability purposes, indicating standard disclosure protocol for quarterly results.
The filing was signed by Paul A. Steiner, Controller and Chief Accounting Officer, suggesting proper financial reporting controls are in place for earnings disclosure.

Current Report Filed: 2026-03-30

Key Insights

Commerce Bancshares announced the resignation of its Corporate Controller and Chief Accounting Officer, Paul A. Steiner, who will depart the company in July 2026 to pursue other opportunities.
The company has appointed Steven A. Brandjord as Steiner's successor, effective May 2026, and is granting him approximately 2,100 restricted stock units as part of his promotion.
Brandjord has been with the company since 2014, serving in various accounting and tax roles, and was previously a Senior Manager at BKD, LLP.

Insider Trading Filed: 2026-03-26

Key Insights

David W. Kemper, the Executive Chairman of Commerce Bancshares Inc., acquired 150 shares of the company's common stock at $48.0931 per share, indicating his continued confidence in the company's future performance.
Kemper's beneficial ownership of the company's common stock has increased to 1,269,451 shares directly, and he also holds indirect ownership through various trusts and investment vehicles, suggesting strong alignment with shareholder interests.
The insider buying activity could signal that Kemper believes the company's stock is undervalued and presents an attractive investment opportunity for long-term investors.

Insider Trading Filed: 2026-03-26

Key Insights

The Form 4 filing shows that Kevin G. Barth, an Executive Vice President at Commerce Bancshares Inc., acquired 137 shares of the company's common stock on March 24, 2026 at a price of $48.0931 per share.
Barth already beneficially owns a significant number of shares, including 24,136 shares in an Executive Compensation Plan, 50,251 shares in a 401(k) plan, and 15,512 shares held indirectly by his spouse.
The insider buying activity suggests that Barth is confident in the company's future prospects and aligns his interests with those of shareholders.

Insider Trading Filed: 2026-03-17

Key Insights

Timothy S. Dunn, a director of Commerce Bancshares Inc., acquired 2,500 shares of the company's common stock at $47.71 per share on March 13, 2026.
This purchase suggests the director has a positive outlook on the company's performance and sees potential for further growth.
Insider buying can be a signal of management's confidence in the company's future prospects, which may be of interest to investors.

Insider Trading Filed: 2026-03-11

Key Insights

The reporting person, Paula S. Petersen, is a Senior Vice President at Commerce Bancshares, Inc. (CBSH), indicating she holds a significant executive position within the company.
Petersen has disposed of 250 shares of CBSH common stock, potentially signaling some insider selling activity.
Petersen also holds an indirect beneficial ownership of 4,932 shares of CBSH common stock through a 401(k) plan, suggesting she maintains a substantial investment in the company.

Insider Trading Filed: 2026-03-09

Key Insights

Kim L. Jakovich, a Senior Vice President at Commerce Bancshares Inc., has sold 949 shares of the company's common stock at $51.45 per share.
Jakovich continues to hold 12,741 shares of direct ownership and 1,463 shares through a 401(k) plan, indicating ongoing investment in the company.
Insider selling can signal management's views on the company's future prospects, though a single transaction may not indicate a broader trend.

Insider Trading Filed: 2026-03-09

Key Insights

The reporting person, Margaret M. Rowe, who is a Senior Vice President at Commerce Bancshares Inc. (CBSH), sold 861 shares of the company's common stock on March 5, 2026 at an average price of $51.685 per share.
Rowe still holds a direct ownership of 5,742 shares of CBSH common stock, as well as an indirect ownership of 17,701 shares through a 401(k) plan.
This transaction suggests that the insider may have some concerns or is taking some cash off the table, though the overall ownership position remains substantial.

Insider Trading Filed: 2026-03-05

Key Insights

Richard W. Heise, a Senior Vice President at Commerce Bancshares Inc, disposed of 701 shares of common stock on March 3, 2026 at a price of $51.61 per share.
Following the transaction, Heise continues to beneficially own 21,033 shares of the company's common stock, maintaining his position as an insider and officer.
The sale represents a small fraction of Heise's overall holdings and does not necessarily indicate a significant change in his view of the company's prospects.

Insider Trading Filed: 2026-03-05

Key Insights

The reporting person, Kim L. Jakovich, is a Senior Vice President at Commerce Bancshares Inc. and has conducted transactions in the company's common stock.
Jakovich has disposed of 322 shares on 03/03/2026 at a price of $51.61 per share and 176 shares on 03/04/2026 at a price of $52.25 per share, reducing his direct beneficial ownership.
In addition to his direct holdings, Jakovich also holds 1,463 shares indirectly through a 401(k) plan.

Insider Trading Filed: 2026-03-05

Key Insights

Margaret M. Rowe, a Senior Vice President of Commerce Bancshares Inc., engaged in two transactions on March 3 and 4, 2026, disposing of a total of 482 shares of the company's common stock.
The transactions were carried out through the sale of shares, with the reported prices being $51.61 and $52.25 per share.
Following the reported transactions, Rowe continues to hold a significant indirect beneficial ownership of 17,701 shares in the company through a 401(k) plan.

Insider Trading Filed: 2026-03-04

Key Insights

The reporting person, Paul A. Steiner, acquired 2,415 shares of the issuer's common stock on 03/02/2026 at $0 per share, likely through an equity compensation plan or award.
Steiner then disposed of 203 shares of the issuer's common stock on 03/03/2026 at $51.61 per share, potentially for tax withholding or liquidity purposes.
Steiner holds a total of 5,894 shares of the issuer's common stock directly, as well as an additional 7,552 shares indirectly through a 401(k) plan.

Insider Trading Filed: 2026-03-03

Key Insights

Alaina G. Macia, a director at Commerce Bancshares Inc. (CBSH), acquired 662 shares of the company's common stock on February 28, 2026 at $50.99 per share, increasing her direct ownership to 1,449 shares.
The acquisition of shares by a director suggests potential confidence in the company's future prospects and aligns the director's interests with those of shareholders.
The transaction was made after a 5% stock dividend was paid to shareholders, indicating the director's continued commitment to the company even after the corporate action.

Insider Trading Filed: 2026-03-03

Key Insights

Insider Benjamin F. Rassieur III acquired 735 shares of Commerce Bancshares stock at $50.99 per share, increasing his direct beneficial ownership to 42,946 shares.
The acquisition occurred on February 28, 2026, shortly after Commerce Bancshares announced a 5% stock dividend payable on December 16, 2025.
Insider buying can be a positive signal for investors, indicating the reporting person's confidence in the company's prospects.

Insider Trading Filed: 2026-03-03

Key Insights

Insider Blackford F. Brauer acquired 736 shares of COMMERCE BANCSHARES INC /MO/ (CBSH) at $50.99 per share, increasing his direct ownership to 46,223 shares.
The transaction occurred on 2026-02-28, shortly after the company declared a 5% stock dividend on 2025-12-16.
Insider buying can signal management's confidence in the company's outlook and future performance.

Insider Trading Filed: 2026-03-03

Key Insights

The reporting person, Todd R. Schnuck, acquired an additional 809 shares of the issuer's common stock at $50.99 per share, increasing his direct beneficial ownership to 33,345 shares.
This insider purchase suggests that Schnuck, who holds the position of Director at the issuer, COMMERCE BANCSHARES INC /MO/ (CBSH), is optimistic about the company's future performance.
The transaction was reported after a 5% stock dividend was paid to shareholders, indicating that Schnuck's ownership stake has increased proportionately.

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