COMMERCE BANCSHARES INC /MO/

For the period ended Dec 31, 2025. Filed Feb 24, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 24, 2026

CBSH$56.030.0%Stored close · as of Nov 10, 2026

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Contents

Commerce Bancshares, Inc.
INDEX · Page
PART I	Item 1.	Business	3
	Item 1a.	Risk Factors	9
	Item 1b.	Unresolved Staff Comments	15
	Item 1c.	Cybersecurity	16
	Item 2.	Properties	19
	Item 3.	Legal Proceedings	19
	Item 4.	Mine Safety Disclosures	19
PART II	Item 5.	Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities	21
	Item 6.	RESERVED	22
	Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	23
	Item 7a.	Quantitative and Qualitative Disclosures about Market Risk	67
	Item 8.	Financial Statements and Supplementary Data	67
	Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	143
	Item 9a.	Controls and Procedures	143
	Item 9b.	Other Information	145
	Item 9c.	Disclosure regarding Foreign Jurisdictions that Prevent Inspections	145
PART III	Item 10.	Directors, Executive Officers and Corporate Governance	145
	Item 11.	Executive Compensation	145
	Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters	145
	Item 13.	Certain Relationships and Related Transactions, and Director Independence	145
	Item 14.	Principal Accounting Fees and Services	145
PART IV	Item 15.	Exhibits and Financial Statement Schedules	146
Signatures	149

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