Commerce Bancshares, Inc. reported financial results for the third quarter of 2026, announcing earnings per share of $1.08 for the three months ended September 30, 2026. This figure represents a decrease from the $1.10 per share reported in the second quarter of 2026 and an increase compared to the $1.01 per share earned in the same period last year. Net income attributable to the company totaled $154.99 million for the quarter, a decrease from $159.79 million in the prior quarter and an increase from $141.52 million in the third quarter of 2025.
For the nine months ended September 30, 2026, earnings per share totaled $3.14, compared to $3.03 for the first nine months of 2025. Net income for the year-to-date period amounted to $456.40 million, compared to $425.59 million in the comparable period last year. The company reported a return on average assets of 1.79% for the quarter and 1.75% for the year-to-date, with a return on average equity of 14.17% for the quarter and 14.03% for the year-to-date.
Key financial metrics for the quarter included net interest income of $308.88 million, a decrease of $6.21 million from the prior quarter. The net yield on interest earning assets decreased by six basis points to 3.71%. Non-interest income totaled $185.47 million, an increase of $1.64 million over the prior quarter and accounting for 37.52% of total revenue. Non-interest expense decreased by $11.11 million to $285.93 million. Average loan balances increased by $172.3 million to $20.7 billion, while total average deposits decreased by $361.6 million to $27.2 billion.
The company’s credit quality metrics showed a ratio of annualized net loan charge-offs to average loans of .20% for the quarter, compared to .19% in the prior quarter. The allowance for credit losses on loans increased by $2.5 million to $197.84 million, with the allowance ratio to total loans standing at .93% at September 30, 2026. Total assets as of September 30, 2026, were $34.82 billion, a decrease of $445.8 million from the prior quarter.
In a statement, Chief Executive Officer John Kemper noted that ending loan balances grew at an annualized rate of more than 7% during the quarter, led by strength in the commercial and wealth segments. The company also repurchased approximately 1.9 million shares of its common stock during the quarter at an average price of $58.84 per share.
