The slight EPS miss and NIM compression may pressure the stock near-term, but underlying credit quality remains pristine and expense discipline is improving. Watch for the FineMark systems conversion in February 2027 and the Nolan & Associates acquisition integration for potential cost synergies and revenue upside.
Price Chart
Executive Summary
Commerce Bancshares reported Q3 2026 EPS of $1.08, slightly below the $1.09 consensus estimate, with net income of $155.0M. Net interest income declined 2% sequentially to $308.9M as the net yield on earning assets compressed 6 bps to 3.71%, while non-interest income grew modestly and expenses fell 4%. The underlying NIM expanded 5 bps excluding prior-quarter TIPS inflation income, and credit quality remained excellent with non-accrual loans at just 0.05% of total loans.
Key Financial Metrics
Key Facts
- Q3 2026 EPS of $1.08 vs consensus $1.09 (miss of ~0.9%)
- Net income $155.0M, down from $159.8M in Q2 2026 but up from $141.5M in Q3 2025
- Net interest income $308.9M, down $6.2M (-2%) from Q2 2026
- Net yield on earning assets fell 6 bps to 3.71%; excluding TIPS, expanded 5 bps to 3.71%
- Non-interest income $185.5M, up 1% QoQ and 15% YoY, driven by trust fees (+25.7% YoY)
- Non-interest expense $285.9M, down $11.1M (-3.7%) from Q2 2026
- Efficiency ratio improved to 56.69% from 58.40% in Q2 2026
- Average loans $20.7B, up $172M (+0.8%) QoQ; period-end loans grew >7% annualized
- Average deposits $27.2B, down $362M (-1.3%) QoQ
- Net charge-offs 0.20% annualized; non-accrual loans 0.05% of total loans
- Repurchased ~1.9M shares at avg price $58.84 during the quarter
- Completed acquisition of investment banking firm Nolan & Associates on Oct 1, 2026
Financial Impact
EPS miss of ~$0.01 vs consensus; net interest income decline of $6.2M QoQ; non-interest expense decline of $11.1M QoQ
Risk Factors
- Net interest margin compression as deposit costs rise (total cost of deposits +4 bps to 1.15%)
- AOCI loss widened to $(679M) from $(499M) at Q2 2026, pressuring tangible book value
- Average deposits declined $362M QoQ, signaling potential funding pressure
- Acquisition integration costs and intangible amortization may continue to weigh on efficiency
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000022356-26-000209 |
| Document: a2026q3earningshighlight.htm | 0000022356-26-000209 |
| Document: cbsh-20261020.htm | 0000022356-26-000209 |
| Document: 0000022356-26-000209-index-headers.html | 0000022356-26-000209 |
| Document: 0000022356-26-000209-index.html | 0000022356-26-000209 |
| Document: 0000022356-26-000209.txt | 0000022356-26-000209 |
| 8-K Data (Synthetic) | 0000022356-26-000209 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 20, 2026 7d ago | 8-K | $55.58 | awaiting T+20 | awaiting T+20 | $55.34 (−0.43%) |
Aug 14, 2026 10w ago | Institutional Cluster | $59.71 $58.51 | ▼ −2.01% | ▼ −0.03% | $55.34 (−7.32%) |
Aug 6, 2026 11w ago | Insider Cluster | $59.13 $58.37 | ▼ −1.29% | ▼ −1.89% | $55.34 (−6.41%) |
Jul 31, 2026 12w ago | Insider Cluster | $59.27 $58.04 | ▼ −2.08% | ▼ −5.06% | $55.34 (−6.63%) |
Jul 30, 2026 12w ago | Insider Cluster | $59.44 $58.05 | ▼ −2.34% | ▼ −6.30% | $55.34 (−6.90%) |
Jul 29, 2026 12w ago | Insider Cluster | $60.33 $58.50 | ▼ −3.03% | ▼ −8.05% | $55.34 (−8.27%) |
Jul 6, 2026 16w ago | 8-K | $58.84 $59.67 | ▲ +1.41% | ▲ +0.08% | $55.34 (−5.95%) |
May 7, 2026 24w ago | 8-K | $52.48 $51.36 | ▼ −2.13% | ▼ −5.27% | $55.34 (+5.45%) |
Apr 28, 2026 26w ago | 8-K | $51.97 $52.41 | ▲ +0.85% | ▼ −4.62% | $55.34 (+6.48%) |
Apr 27, 2026 26w ago | 8-K | $51.97 $52.41 | ▲ +0.85% | ▼ −4.62% | $55.34 (+6.48%) |
US Market Status
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