Commerce Bancshares, Inc.
- Open
- 58.02
- Day high
- 58.02
- Day low
- 57.50
- Prev close
- 58.04
- Volume
- 929K
- Mkt cap
- $8.3B
- P/E (TTM)
- 14.0
- EPS (TTM)
- $4.11
- P/B
- 1.9
- P/S
- 3.8
- Yield
- 1.86%
- Per share
- $1.07
- ▼Insiders net selling -$2.0M over the last 3 months (0 open-market buys, 7 sales)
- 🏛Institutions accumulating (13F)
Commerce Bancshares, Inc. (CBSH) is a Financial Services company listed on NASDAQ. The stock is down 7% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 7 sales (SEC Form 4).
Commerce Bancshares, Inc. (CBSH) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CBSH earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 16, 2026 | $1.04 | $1.10 | +5.6% | $499M | +1.5% |
| Apr 21, 2026 | $0.94 | $0.96 | +1.9% | $476M | -0.2% |
| Jan 22, 2026 | $0.99 | $1.01 | +1.8% | $452M | -6.5% |
| Oct 16, 2025 | $1.04 | $1.06 | +1.7% | $449M | +0.2% |
| Jul 16, 2025 | $1.04 | $1.14 | +9.4% | $446M | +2.5% |
| Apr 16, 2025 | $0.93 | $0.98 | +5.4% | $420M | +0.6% |
| Jan 22, 2025 | $0.94 | $1.01 | +7.3% | $423M | +1.9% |
| Oct 17, 2024 | $1.00 | $1.07 | +7.1% | $425M | +1.5% |
| Jul 18, 2024 | $0.90 | $1.07 | +18.6% | $418M | +2.6% |
| Apr 16, 2024 | $0.81 | $0.86 | +5.8% | $398M | +1.8% |
| Jan 18, 2024 | $0.85 | $0.97 | +13.5% | $401M | +3.1% |
| Oct 18, 2023 | $0.93 | $0.96 | +3.0% | $396M | +0.4% |
CBSH insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 18, 2026 | Orf David Lofficer: Exec. Vice President & CCO | Sell | 642 | $60.35 |
| Aug 18, 2026 | Orf David Lofficer: Exec. Vice President & CCO | Option | 1,353 | $39.14 |
| Aug 18, 2026 | Orf David Lofficer: Exec. Vice President & CCO | Tax | 275 | $60.31 |
| Aug 18, 2026 | Orf David Lofficer: Exec. Vice President & CCO | Option | 1,194 | $37.91 |
| Aug 6, 2026 | Roller David L.officer: Senior Vice President | Option | 3,507 | $39.90 |
| Aug 6, 2026 | Roller David L.officer: Senior Vice President | Tax | 357 | $60.32 |
| Aug 6, 2026 | Roller David L.officer: Senior Vice President | Sell | 830 | $60.28 |
| Jul 31, 2026 | Holmes Robert Sofficer: Executive Vice President | Sell | 5,000 | $60.20 |
| Jul 30, 2026 | Kemper John Wdirector, officer: President and CEO | Option | 10,289 | $36.44 |
| Jul 30, 2026 | Kemper John Wdirector, officer: President and CEO | Option | 16,097 | $39.90 |
| Jul 30, 2026 | Kemper John Wdirector, officer: President and CEO | Tax | 1,618 | $60.68 |
| Jul 30, 2026 | Kemper John Wdirector, officer: President and CEO | Tax | 2,165 | $60.63 |
| Jul 30, 2026 | Kemper John Wdirector, officer: President and CEO | Sell | 5,830 | $60.58 |
| Jul 29, 2026 | KIM CHARLES Gofficer: Exec. Vice President and CFO | Sell | 19,771 | $59.18 |
| Jul 29, 2026 | Brooks Derrickofficer: Senior Vice President | Sell | 1,041 | $59.63 |
Source: CBSH SEC Form 4 filings, latest Aug 18, 2026. For informational purposes only — not investment advice.
See the full CBSH insider & 13F page →Commerce Bancshares, Inc. company profile
Overview
Commerce Bancshares, Inc. (NASDAQ:CBSH) is a regional bank holding company founded in 1865 and headquartered in Kansas City, Missouri. The company operates Commerce Bank, which provides comprehensive banking and financial services across the Midwest through 287 locations in Missouri, Kansas, Illinois, Oklahoma, and Colorado. With nearly 160 years of history, Commerce Bancshares has established itself as a prominent regional banking institution serving both individual consumers and businesses throughout its geographic footprint.
Business
Commerce Bancshares operates in the regional banking industry, providing traditional banking services and financial products through three primary business segments. The banking industry serves as a financial intermediary, accepting deposits from customers and lending those funds to borrowers while earning interest on the spread between what they pay depositors and what they charge borrowers. The Consumer segment represents the retail banking operations, offering everyday banking products to individual customers. This includes consumer deposits such as checking and savings accounts, various types of consumer loans including automobile, motorcycle, marine, recreational vehicle loans, home equity lines of credit, and personal loans. The segment also provides patient healthcare financing, real estate loans, personal mortgage banking services, consumer installment lending, and debit and credit card services. This segment typically generates the majority of the bank's deposit base and serves as the foundation for the bank's funding. The Commercial segment focuses on business banking services, providing corporate lending, equipment leasing, international banking services, merchant services, commercial bank cards, and securities safekeeping services. This segment also offers business deposit products, government deposits, commercial cash management services, and sells fixed income securities to correspondent banks, corporations, public institutions, and municipalities. Commercial banking typically generates higher interest margins than consumer banking due to larger loan sizes and more complex financial products. The Wealth segment provides high-value financial services including traditional trust and estate planning, advisory and discretionary investment portfolio management, brokerage services, and private banking accounts for affluent individuals and families. This segment generates fee-based income rather than interest income and typically serves the bank's most profitable customer relationships. The company also offers additional services including private equity investment, securities brokerage, insurance agency services, specialty lending, leasing services, and comprehensive online and mobile banking platforms across all segments.
Revenue model
Commerce Bancshares operates on the traditional banking business model, primarily generating revenue through net interest income - the difference between interest earned on loans and investments and interest paid on deposits and borrowed funds. This spread typically represents the largest portion of bank revenue. The bank collects deposits from consumers and businesses, paying them a relatively low interest rate, then lends those funds at higher interest rates to borrowers, capturing the spread as profit. The bank also generates non-interest income through various fee-based services including trust and wealth management fees, deposit service charges, debit and credit card interchange fees, loan origination fees, investment brokerage commissions, and insurance agency commissions. The wealth management segment is particularly important for fee income generation, as affluent clients typically pay ongoing management fees based on assets under management. Several factors significantly impact the bank's profitability margins. Interest rate environment is the most critical factor - when rates rise, banks can typically charge higher rates on new loans faster than they increase deposit rates, expanding net interest margins. Conversely, falling rates can compress margins. Credit quality directly affects profitability through loan loss provisions - economic downturns or specific industry stress can lead to higher charge-offs and provision expenses. Competition from other banks, credit unions, and fintech companies can pressure both lending rates and deposit costs. Regulatory compliance costs represent a significant ongoing expense, particularly for banks above certain asset thresholds. Operational efficiency becomes increasingly important as the industry faces pressure from digital transformation and changing customer preferences, requiring ongoing technology investments while potentially reducing branch networks and staffing needs.
Competitive moat
Commerce Bancshares possesses a moderate regional moat built primarily on geographic market presence and customer relationships, though this moat faces increasing competitive pressure. The bank's primary competitive advantages include its established branch network across five Midwest states, providing convenient access for customers who value in-person banking services. The company has built strong local market knowledge and community relationships over its 160-year history, which helps in commercial lending decisions and customer retention. The bank's deposit franchise represents its strongest moat component, as customer checking and savings relationships tend to be sticky due to switching costs and habit. Commercial relationships are particularly valuable, as businesses often consolidate multiple services with one bank for convenience. The wealth management segment also creates customer stickiness through ongoing advisory relationships and trust services that are difficult to replicate. However, this moat is increasingly vulnerable to several competitive threats. Digital-first banks and fintech companies offer higher deposit rates and more convenient services without the overhead of physical branches. Large national banks have superior technology platforms, broader product offerings, and can often provide more competitive pricing on loans and deposits. Credit unions operate with tax advantages and member-focused missions that can pressure commercial banks' pricing. The commoditization of basic banking services reduces differentiation opportunities, while changing customer preferences toward digital-first banking diminish the value of physical branch networks. The regional banking industry overall lacks strong structural moats compared to other financial services sectors, as the core products are largely commoditized and regulatory requirements create significant operational burdens without providing competitive advantages.
Risks & safety
Commerce Bancshares demonstrates strong financial stability with minimal solvency risk, though facing some margin pressure from the current interest rate environment. • Liquidity position: Strong with $3.37 billion in cash and short-term investments as of Q4 2024, representing over 10% of total assets • Debt levels: Minimal debt with debt-to-equity ratio of essentially zero (0.000017), indicating very conservative capital structure • Capital adequacy: Well-capitalized with tangible book value supporting operations and regulatory requirements • Credit quality: Historically strong with diversified loan portfolio across multiple states and sectors • Valuation metrics: Trading at 15.3x P/E ratio and 2.5x price-to-book, reasonable for a regional bank but not particularly cheap • Profitability trends: ROE of 15.9% for 2024 indicates solid profitability, though some quarterly volatility in earnings • Operational cash flow: Generated $578 million in operating cash flow for 2024, demonstrating consistent cash generation ability • Regulatory environment: Subject to banking regulations but appears well-positioned to meet all capital and liquidity requirements
Recent development
Based on the available financial data, Commerce Bancshares has maintained relatively stable operations over the past few years, though specific strategic initiatives are not detailed in the provided earnings summaries. The bank has demonstrated consistent profitability with net income ranging from approximately $485 million to $534 million annually between 2022-2024, indicating operational stability during a period of significant interest rate changes. The company has maintained a strong balance sheet position throughout this period, with total assets remaining relatively stable around $31-32 billion. The bank has preserved substantial liquidity positions, though cash levels have varied significantly between quarters, likely reflecting management of interest rate risk and deposit flows in the changing rate environment. Revenue performance has shown some variability, with 2024 revenue of $1.47 billion compared to $1.51 billion in 2022, suggesting the bank has navigated the challenging interest rate environment reasonably well while maintaining profitability. The bank's conservative approach to leverage and debt management has remained consistent, with minimal debt levels maintained throughout the period. Without detailed earnings call transcripts, specific strategic initiatives around digital transformation, market expansion, or new product development cannot be identified, though the maintenance of 287 physical locations suggests continued commitment to the traditional branch-based banking model alongside digital offerings.
CBSH company profile · for informational purposes only — not investment advice.
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