Commerce Bancshares · Earnings release · 8-K Exhibit 99

CBSH

FOR IMMEDIATE RELEASE:

COMMERCE BANCSHARES, INC. REPORTS

FOURTH QUARTER EARNINGS PER SHARE OF $1.01

Commerce Bancshares, Inc. announced earnings of $1.01 per share for the three months ended December 31, 2025, compared to $.96 per share in the same quarter last year and $1.01 per share in the third quarter of 2025. Net income for the fourth quarter of 2025 amounted to $140.7 million, compared to $136.1 million in the fourth quarter of 2024 and $141.5 million in the prior quarter.

For the year ended December 31, 2025, earnings per share totaled $4.04, compared to $3.69 last year. Net income amounted to $566.3 million for the year ended December 31, 2025, compared to $526.3 million in the comparable period last year. For the year to date, the return on average assets was 1.79%, and the return on average equity was 15.76%.

“T1Commerce delivered record revenues in the fourth quarter, driven by strong performance across both net interest income and non-interest income. Our overall results for the quarter and the full year are a reflection of the strength and diversity of our businesses and the dedication of our team members in serving our customers, communities and shareholders,” said John Kemper, President and Chief Executive Officer.

On balance sheet strength, Kemper added, “T2We repurchased 2.2 million common shares in the fourth quarter and ended the year with robust levels of liquidity and capital. Compared to the same period last year, tangible common equity to tangible assets ratio grew 119 basis points to 11.11%, and our book value per share increased by $4.09, or 17%, to $27.75. T3Credit quality remains excellent with non-accrual loans at .09% of total loans, down two basis points from the same period last year.”

Kemper continued, “T4On January 1, 2026, we closed on the FineMark acquisition and officially welcomed our new colleagues into our organization. This combination strengthens our platform for sustained growth in wealth management and private banking, and I am eager see what we can accomplish together.” At December 31, 2025, FineMark had loans of $2.7 billion, deposits of $3.1 billion, and $8.7 billion of wealth assets under administration.

Fourth Quarter 2025 Financial Highlights:

•Net interest income was $283.2 million, a $3.7 million increase over the prior quarter. T5The net yield on interest earning assets decreased four basis points to 3.60%.

•Non-interest income totaled $166.2 million, an increase of $10.8 million, or 6.9%, over the same quarter last year.

•Trust fees grew $5.8 million, or 10.3%, over the same period last year, mostly due to higher private client fees.

1

•T6Non-interest expense totaled $253.0 million, an increase of $17.3 million, or 7.3%, over the same quarter last year.

•Average loan balances totaled $17.7 billion, an increase of 1.0% over the prior quarter.

•Total average available for sale debt securities increased $311.5 million over the prior quarter to $9.2 billion, at fair value.

•Total average deposits increased $816.0 million, or 3.3%, over the prior quarter. The average rate paid on interest bearing deposits decreased nine basis points to 1.62%, compared to the prior quarter.

•The ratio of annualized net loan charge-offs to average loans was .22% in the current quarter compared to .23% in the prior quarter.

•The allowance for credit losses on loans increased $3.8 million during the fourth quarter of 2025 to $179.5 million, and the ratio of the allowance for credit losses on loans to total loans was 1.01% at December 31, 2025, compared to .99% at September 30, 2025.

•Total assets at December 31, 2025 were $32.9 billion, an increase of $626.4 million over the prior quarter.

•For the quarter, the return on average assets was 1.73%, the return on average equity was 14.70%, and the efficiency ratio was 56.2%.

Commerce Bancshares, Inc. is a regional bank holding company offering a full line of banking services through its subsidiaries, including payment solutions, wealth management and securities brokerage. Commerce Bank, its primary subsidiary, brings over 160 years of experience helping individuals and businesses through high-touch service and sophisticated, personalized financial solutions.

Commerce maintains an extensive network of banking centers, wealth offices, and ATMs throughout the Midwest, as well as commercial offices in 11 states and offers payment solutions nationwide. With the acquisition of FineMark Holdings, Inc., Commerce builds on its existing private banking and wealth management presence in Florida and adds wealth offices in Arizona and South Carolina. Customers can conveniently access their accounts 24/7 using mobile and online platforms, as well as a 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

www.commercebank.com

matthew.burkemper@commercebank.com

2

COMMERCE BANCSHARES, INC. and SUBSIDIARIES

FINANCIAL HIGHLIGHTS

For the Three Months Ended

For the Year Ended

(Unaudited)

(Dollars in thousands, except per share data)

FINANCIAL SUMMARY

Net interest income

Non-interest income

Total revenue

Investment securities gains (losses)

Provision for credit losses

Non-interest expense

Income before taxes

Income taxes

Non-controlling interest expense (income)

Net income attributable to Commerce Bancshares, Inc.

Earnings per common share:

Net income — basic

Net income — diluted

Effective tax rate

%

%

%

%

%

Fully-taxable equivalent net interest income

Average total interest earning assets (1)

Diluted wtd. average shares outstanding

RATIOS

Average loans to deposits (2)

%

%

%

%

%

Return on total average assets

Return on average equity (3)

Non-interest income to total revenue

Efficiency ratio (4)

Net yield on interest earning assets

EQUITY SUMMARY

Cash dividends per share

Cash dividends on common stock

Book value per share (5)

Market value per share (5)

High market value per share

Low market value per share

Common shares outstanding (5)

Tangible common equity to tangible assets (6)

%

%

%

Tier I leverage ratio

%

%

%

OTHER QTD INFORMATION

Number of bank/ATM locations

Full-time equivalent employees

(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 2025.

3

COMMERCE BANCSHARES, INC. and SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share data)

For the Three Months Ended

For the Year Ended

Interest income

Interest expense

Net interest income

Provision for credit losses

Net interest income after credit losses

NON-INTEREST INCOME

Trust fees

Bank card transaction fees

Deposit account charges and other fees

Consumer brokerage services

Capital market fees

Loan fees and sales

Other

Total non-interest income

INVESTMENT SECURITIES GAINS (LOSSES), NET

NON-INTEREST EXPENSE

Salaries and employee benefits

Data processing and software

Net occupancy

Professional and other services

Marketing

Equipment

Supplies and communication

Deposit Insurance

Other

Total non-interest expense

Income before income taxes

Less income taxes

Net income

Less non-controlling interest expense (income)

Net income attributable to Commerce Bancshares, Inc.

Net income per common share — basic

Net income per common share — diluted

OTHER INFORMATION

Return on total average assets

%

%

%

%

%

%

%

Return on average equity (1)

Efficiency ratio (2)

Effective tax rate

Net yield on interest earning assets

Fully-taxable equivalent net interest income

(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

COMMERCE BANCSHARES, INC. and SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS - PERIOD END

(Unaudited)

(In thousands)

ASSETS

Loans

Business

Real estate — construction and land

Real estate — business

Real estate — personal

Consumer

Revolving home equity

Consumer credit card

Overdrafts

Total loans

Allowance for credit losses on loans

Net loans

Loans held for sale

Investment securities:

Available for sale debt securities

Trading debt securities

Equity securities

Other securities

Total investment securities

Federal funds sold

—

—

Securities purchased under agreements to resell

Interest earning deposits with banks

Cash and due from banks

Premises and equipment — net

Goodwill

Other intangible assets — net

Other assets

Total assets

LIABILITIES AND STOCKHOLDERS’ EQUITY

Deposits:

Non-interest bearing

Savings, interest checking and money market

Certificates of deposit of less than $100,000

Certificates of deposit of $100,000 and over

Total deposits

Federal funds purchased and securities sold under agreements to repurchase

Other borrowings

Other liabilities

Total liabilities

Stockholders’ equity:

Common stock

Capital surplus

Retained earnings

Treasury stock

Accumulated other comprehensive income (loss)

Total stockholders’ equity

Non-controlling interest

Total equity

Total liabilities and equity

5

COMMERCE BANCSHARES, INC. and SUBSIDIARIES

AVERAGE BALANCE SHEETS

(Unaudited)

(In thousands)

For the Three Months Ended

ASSETS:

Loans:

Business

Real estate — construction and land

Real estate — business

Real estate — personal

Consumer

Revolving home equity

Consumer credit card

Overdrafts

Total loans

Allowance for credit losses on loans

Net loans

Loans held for sale

Investment securities:

U.S. government and federal agency obligations

Government-sponsored enterprise obligations

State and municipal obligations

Mortgage-backed securities

Asset-backed securities

Other debt securities

Unrealized gain (loss) on debt securities

Total available for sale debt securities

Trading debt securities

Equity securities

Other securities

Total investment securities

Federal funds sold

—

Securities purchased under agreements to resell

Interest earning deposits with banks

Other assets

Total assets

LIABILITIES AND EQUITY:

Non-interest bearing deposits

Savings

Interest checking and money market

Certificates of deposit of less than $100,000

Certificates of deposit of $100,000 and over

Total deposits

Borrowings:

Federal funds purchased

Securities sold under agreements to repurchase

Other borrowings

Total borrowings

Other liabilities

Total liabilities

Equity

Total liabilities and equity

6

COMMERCE BANCSHARES, INC. and SUBSIDIARIES

AVERAGE RATES

(Unaudited)

For the Three Months Ended

ASSETS:

Loans:

Business (1)

%

%

%

%

%

Real estate — construction and land

Real estate — business

Real estate — personal

Consumer

Revolving home equity

Consumer credit card

Overdrafts

—

—

—

—

—

Total loans

Loans held for sale

Investment securities:

U.S. government and federal agency obligations

Government-sponsored enterprise obligations

State and municipal obligations (1)

Mortgage-backed securities

Asset-backed securities

Other debt securities

Total available for sale debt securities

Trading debt securities (1)

Equity securities (1)

Other securities (1)

Total investment securities

Federal funds sold

—

—

Securities purchased under agreements to resell

Interest earning deposits with banks

Total interest earning assets

LIABILITIES AND EQUITY:

Interest bearing deposits:

Savings

Interest checking and money market

Certificates of deposit of less than $100,000

Certificates of deposit of $100,000 and over

Total interest bearing deposits

Borrowings:

Federal funds purchased

Securities sold under agreements to repurchase

Other borrowings

Total borrowings

Total interest bearing liabilities

%

%

%

%

%

Net yield on interest earning assets

%

%

%

%

%

(1) Stated on a fully taxable-equivalent basis using a federal income tax rate of 21%.

7

COMMERCE BANCSHARES, INC. and SUBSIDIARIES

CREDIT QUALITY

For the Three Months Ended

For the Year Ended

(Unaudited)

(In thousands, except ratios)

ALLOWANCE FOR CREDIT LOSSES ON LOANS

Balance at beginning of period

Provision for credit losses on loans

Net charge-offs (recoveries):

Commercial portfolio:

Business

Real estate — construction and land

—

—

—

—

Real estate — business

Personal banking portfolio:

Consumer credit card

Consumer

Overdraft

Real estate — personal

8

Revolving home equity

(2)

(1)

(3)

(3)

5

Total net loan charge-offs

Balance at end of period

LIABILITY FOR UNFUNDED LENDING COMMITMENTS

NET CHARGE-OFF RATIOS (1)

Commercial portfolio:

Business

%

%

%

—

%

%

%

%

Real estate — construction and land

—

—

—

—

—

—

Real estate — business

—

—

—

—

—

Personal banking portfolio:

Consumer credit card

Consumer

Overdraft

Real estate — personal

—

—

Revolving home equity

—

—

—

—

—

Total

%

%

%

%

%

%

%

CREDIT QUALITY RATIOS

Non-accrual loans to total loans

%

%

%

%

%

Allowance for credit losses on loans to total loans

NON-ACCRUAL AND PAST DUE LOANS

Non-accrual loans:

Business

Real estate — construction and land

—

Real estate — business

Real estate — personal

Revolving home equity

—

—

Total

Loans past due 90 days and still accruing interest

(1) Net charge-offs are annualized and calculated as a percentage of average loans (excluding loans held for sale).

8

COMMERCE BANCSHARES, INC.

Management Discussion of Fourth Quarter Results

For the quarter ended December 31, 2025, net income amounted to $140.7 million, compared to $141.5 million in the previous quarter and $136.1 million in the same quarter last year. The decrease in net income compared to the previous quarter was primarily the result of lower gains on investment securities and higher non-interest expense, partly offset by a decrease in the provision for credit losses, higher net interest income and higher non-interest income. The net yield on interest earning assets decreased four basis points from the previous quarter to 3.60%. Average loans, deposits and available for sale investment securities, at fair value, increased $166.5 million, $816.0 million and $311.5 million, respectively, over the prior quarter. For the quarter, the return on average assets was 1.73%, the return on average equity was 14.70%, and the efficiency ratio was 56.2%.

Balance Sheet Review

During the 4th quarter of 2025, average loans totaled $17.7 billion, an increase of $166.5 million over the prior quarter, and an increase of $591.1 million over the same quarter last year. Compared to the previous quarter, average balances of business and consumer loans grew $87.8 million and $39.9 million, respectively. During the current quarter, the Company sold certain fixed rate personal real estate loans totaling $27.0 million, compared to $30.6 million in the prior quarter.

Total average available for sale debt securities increased $311.5 million over the previous quarter to $9.2 billion, at fair value. The increase in available for sale debt securities was mainly the result of higher average balances of U.S. government and federal agency obligations, partly offset by lower average balances of mortgage-backed and asset-backed securities. During the 4th quarter of 2025, the unrealized loss on available for sale debt securities decreased $41.7 million to $646.8 million, at period end. Also, during the 4th quarter of 2025, purchases of available for sale debt securities totaled $444.9 million with a weighted average yield of approximately 3.59%, while maturities, sales and pay downs of available for sale debt securities were $395.0 million.

On December 31, 2025, the duration of the available for sale investment portfolio was 4.3 years, and maturities and pay downs of approximately $1.2 billion are expected to occur during the next 12 months.

Total average deposits increased $816.0 million this quarter over the previous quarter. The increase in deposits mostly resulted from growth of $594.8 million and $247.3 million in average balances of interest checking and money market deposits and demand deposits, respectively. Compared to the previous quarter, total average commercial, wealth and consumer deposits grew $690.3 million, $45.3 million and $66.2 million, respectively. The average loans to deposits ratio was 69.0% in the current quarter and 70.6% in the prior quarter. The Company’s average borrowings, which included average customer repurchase agreements of $2.4 billion, decreased $90.7 million to $2.6 billion in the 4th quarter of 2025.

Net Interest Income

Net interest income in the 4th quarter of 2025 amounted to $283.2 million, an increase of $3.7 million over the previous quarter. On a fully taxable-equivalent (FTE) basis, net interest income for the current quarter increased $4.1 million over the previous quarter to $285.8 million. The increase in net interest income was mostly due to higher interest income on investment securities and lower interest expense on borrowings and deposits, partly offset by lower interest income on loans. The net yield (FTE) on earning assets decreased to 3.60%, from 3.64% in the prior quarter.

Compared to the previous quarter, interest income on loans (FTE) decreased $5.8 million, mostly due to lower average rates earned on business, business real estate, construction and consumer banking loans, partly offset by higher average balances of business and consumer banking loans. The average yield (FTE) on the loan portfolio decreased 18 basis points to 5.84% this quarter.

Interest income on investment securities (FTE) increased $5.1 million compared to the prior quarter, mostly due to higher average balances of U.S. government and federal agency securities and higher average rates earned on other securities, partially offset by lower average balances of asset-backed and mortgage-backed securities. Interest income earned on U.S. government and federal agency securities included the impact of a $397 thousand increase in inflation income from Treasury inflation-protected securities over the previous quarter. Interest on other securities included dividend income of $2.1 million related to a private equity investment and was higher than non-accrual interest of $1.3 million recorded in the prior quarter. Additionally, the Company recorded a $731 thousand adjustment to premium amortization on December 31, 2025, which increased interest income to reflect slower forward prepayment speed estimates on mortgage-backed securities.

This increase was higher than the $314 thousand adjustment that increased interest income in the prior quarter. The average yield (FTE) on total investment securities was 3.12% in the current quarter, compared to 2.99% in the previous quarter.

Compared to the previous quarter, interest income on deposits with banks increased $580 thousand as higher average balances were mostly offset by lower average rates.

Interest expense decreased $4.2 million compared to the previous quarter, mainly due to lower average rates paid on deposits and borrowings, partially offset by higher average deposit balances. Interest expense on borrowings decreased $2.9 million mostly due to lower rates paid on securities sold under repurchase agreement balances. Interest expense on deposits decreased $1.3 million due to lower average rates, partly offset by higher average interest checking and money market deposit account balances. The average rate paid on interest bearing deposits totaled 1.62% in the current quarter compared to 1.71% in the prior quarter. The overall

9

COMMERCE BANCSHARES, INC.

Management Discussion of Fourth Quarter Results

rate paid on interest bearing liabilities was 1.75% in the current quarter and 1.87% in the prior quarter.

Non-Interest Income

In the 4th quarter of 2025, total non-interest income amounted to $166.2 million, an increase of $10.8 million, or 6.9%, over the same period last year and an increase of $4.7 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 deposit account fees, partly offset by lower bank card fees. The increase in non-interest income compared to the prior quarter was mainly due to higher trust fees.

Total net bank card fees in the current quarter decreased $1.0 million, or 2.2%, compared to the same period last year, and increased $1.2 million over the prior quarter. Net corporate card fees decreased $436 thousand, or 1.7%, compared to the same quarter of last year mainly due to higher rewards expense, partly offset by higher interchange fees. Net merchant fees decreased $150 thousand, or 2.5%, while net debit card fees decreased $141 thousand, or 1.2%. Net credit card fees decreased $319 thousand, or 7.5%, mostly due to higher rewards expense. Total net bank card fees this quarter were comprised of fees on corporate card ($25.8 million), debit card ($11.2 million), merchant ($5.9 million) and credit card ($3.9 million) transactions.

In the current quarter, trust fees increased $5.8 million, or 10.3%, over the same period last year, mostly resulting from higher private client fees. Compared to the same period last year, deposit account fees increased $2.5 million, or 9.7%, mostly due to higher corporate cash management fees.

Other non-interest income increased over the same period last year primarily due to higher tax credit sales fees and cash sweep fees of $822 thousand and $726 thousand, respectively. For the 4th quarter of 2025, non-interest income comprised 37.0% of the Company’s total revenue.

Investment Securities Gains and Losses

The Company recorded net securities gains of $2.9 million in the current quarter, compared to $7.9 million in the prior quarter and $977 thousand in the 4th quarter of 2024. Net securities gains in the current quarter mostly resulted from net fair value adjustments of $7.9 million on the Company’s portfolio of private equity investments, 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 $253.0 million, compared to $235.7 million in the same period last year and $244.0 million in the prior quarter. The increase in non-interest expense over the prior quarter and the same period last year was mainly due to higher salaries and benefits expense, data processing and software expense, and professional and other services expense, partly offset by lower deposit insurance expense.

Compared to the 4th quarter of 2024, salaries and employee benefits expense increased $9.1 million, or 5.9%, mostly due to higher full-time salaries of $3.5 million, incentive compensation of $2.7 million and healthcare expense of $1.3 million. Full-time equivalent employees totaled 4,667 and 4,693 at December 31, 2025 and 2024, respectively.

Compared to the same period last year, data processing and software expense increased $2.8 million due to higher costs for service providers and software. Software expense in the current quarter included a $1.6 million write-off of software implementation consulting fees. Professional and other services, which increased $5.6 million compared to the 4th quarter of 2024, included $2.6 million of acquisition related legal and professional services expense. Deposit insurance expense decreased $3.3 million due to a $3.9 million accrual adjustment to the FDIC’s special assessment.

Income Taxes

The effective tax rate for the Company was 22.4% in the current quarter, 22.5% in the prior quarter, and 21.2% in the 4th quarter of 2024. The increase in the effective tax rate compared to the 4th quarter of 2024 was mostly due to higher state and local income taxes.

Credit Quality

Net loan charge-offs in the 4th quarter of 2025 amounted to $9.9 million, compared to $10.3 million in the prior quarter, and $10.7 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, .23% in the previous quarter, and .25% in the same quarter of last year. Compared to the prior quarter, net loan charge-offs on business loans decreased $604 thousand, while net loan charge-offs on consumer loans increased $188 thousand.

In the 4th quarter of 2025, annualized net loan charge-offs on average consumer credit card loans were 4.55%, compared to 4.59% in both the previous quarter and the same quarter last year. Consumer loan net charge-offs were .45% of average consumer loans in the current quarter, .42% in the prior quarter, and .62% in the same quarter last year.

At December 31, 2025, the allowance for credit losses on loans totaled $179.5 million, or 1.01% of total loans, and increased $3.8 million compared to the prior quarter. The increase was mostly attributed to the business and consumer card loan portfolios. Additionally, the liability for unfunded lending commitments on December 31, 2025 was $17.7 million, an increase of $2.3 million compared to the liability on September 30, 2025.

At December 31, 2025, total non-accrual loans amounted to $15.8 million, a decrease of $503 thousand compared to the previous quarter. At December 31, 2025, the balance of non-accrual loans, which represented .09% of loans outstanding, included business real estate loans of $14.8 million, personal real estate loans of $842 thousand and business loans of $123 thousand. Loans more than 90

COMMERCE BANCSHARES, INC.

Management Discussion of Fourth Quarter Results

days past due and still accruing interest totaled $24.7 million at December 31, 2025.

Other

During the 4th quarter of 2025, the Company distributed a 5% stock dividend on its common stock and paid a cash dividend of $.262 per common share (as restated for the stock dividend), representing a 7% increase over the same period last year. The Company purchased 2.2 million shares of treasury stock during the current quarter at an average price of $53.29.

On January 1, 2026, the Company closed on its previously announced acquisition of FineMark Holdings, Inc. (“FineMark”), Ft. Meyers, Florida, with 13 banking locations in Florida, Arizona, and South Carolina. As of December 31, 2025, FineMark had loans and deposits of $2.7 billion and $3.1 billion, respectively, and $8.7 billion of assets under administration.

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 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.