Commerce Bancshares, Inc. reported a net income of $141.6 million for the first quarter of 2026, reflecting a 7.6% increase from $131.6 million in the same period last year. This translates to a diluted earnings per share of $0.96, up from $0.93 in the first quarter of 2025. The company's total revenue for the quarter was $476.7 million, driven by a significant rise in net interest income, which increased by 11.4% to $299.8 million, primarily due to higher loan balances following the acquisition of FineMark Holdings, Inc. on January 1, 2026.
The acquisition of FineMark added approximately $3.9 billion in total assets, including $2.7 billion in loans and $3.1 billion in deposits. This strategic move expanded Commerce Bancshares' footprint, adding 13 banking offices across Florida, Arizona, and South Carolina. The company also reported a notable increase in total deposits, which rose to $28.4 billion from $25.6 billion at the end of 2025, with non-interest bearing deposits accounting for $8.1 billion.
In terms of operational metrics, the company saw a rise in its loan portfolio, which reached $20.5 billion, up from $17.8 billion at the end of 2025. The allowance for credit losses on loans increased to $198.6 million, reflecting the initial allowance for FineMark's loans acquired. The company reported net loan charge-offs of $15.0 million for the quarter, compared to $10.8 million in the same period last year, indicating a slight increase in credit risk.
Looking ahead, Commerce Bancshares expressed a cautious optimism regarding its financial outlook, anticipating continued growth driven by the integration of FineMark and a stable economic environment. The company expects to leverage its expanded customer base and enhanced service offerings to drive further revenue growth. However, it remains vigilant about potential economic fluctuations and their impact on credit quality and overall performance.
About COMMERCE BANCSHARES INC /MO/
Commerce Bancshares, Inc. is a bank holding company that owns and operates Commerce Bank, providing retail, mortgage, corporate, investment, trust, and asset management services primarily in Missouri, Kansas, Illinois, Oklahoma, and Colorado. It offers a broad range of financial products, supports community-focused banking, and competes through strong customer relationships, local market knowledge, and sophisticated offerings. The company emphasizes risk management, regulatory compliance, and technological innovation.
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