Commerce Bancshares, Inc. reported a net income of $152.5 million for the second quarter of 2025, reflecting a 9.3% increase from $139.6 million in the same period last year. The company's diluted earnings per share rose to $1.14, up from $1.03 in the prior year. For the first half of 2025, net income totaled $284.1 million, a 12.6% increase compared to $252.2 million in the first half of 2024. The annualized return on average assets was 1.95%, while the return on average equity stood at 17.40%.
Total assets increased to $32.3 billion as of June 30, 2025, compared to $32.0 billion at the end of 2024. The growth in total loans was $445.4 million, or 2.6%, primarily driven by increases in business and business real estate loans. Deposits also saw a rise, totaling $25.5 billion, an increase of $200.4 million from the previous period. The company’s allowance for credit losses on loans was $165.3 million, representing 0.94% of total loans, slightly up from 0.92% a year earlier.
In terms of strategic developments, Commerce Bancshares announced a definitive merger agreement with FineMark Holdings, Inc. on June 16, 2025. The acquisition, valued at approximately $585 million, is expected to close on January 1, 2026, pending regulatory and shareholder approvals. FineMark, which has 13 banking offices across Florida, Arizona, and South Carolina, reported total assets of $3.9 billion as of June 30, 2025.
Operationally, the company reported a total of 4,658 full-time equivalent employees, a slight decrease from 4,724 a year earlier. Non-interest income for the second quarter of 2025 was $165.6 million, an increase of 8.8% from $152.2 million in the same quarter last year, driven by higher trust fees and capital market fees. The efficiency ratio improved to 54.77% from 55.95% in the previous year, indicating better cost management.
Looking ahead, Commerce Bancshares remains optimistic about its growth trajectory, supported by its strong capital position and liquidity. The company continues to focus on enhancing its loan portfolio while managing credit risk effectively. The anticipated merger with FineMark is expected to further strengthen its market presence and operational capabilities in the coming years.
About COMMERCE BANCSHARES INC /MO/
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