Commerce Bancshares Q3 EPS $1.08; NIM Expands Ex-TIPS, 1.9M Shares Repurchased
CBSH sits 17% above its 52-week low of $46.986.
Summary
Commerce Bancshares earned $1.08 per share in Q3 2026 on $155.0M of net income, with margin expanding 5 bps excluding prior-quarter TIPS income and 1.9 million shares repurchased at an average $58.84.
Key Events · Earnings and Guidance · CBSH
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Q3 EPS $1.08, Net Income $155.0M
Diluted EPS of $1.08 versus $1.01 a year ago and $1.10 in Q2; net income of $155.0M compared with $141.5M in Q3 2025 and $159.8M last quarter.
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Margin Expands 5 bps Ex-TIPS
Reported NIM fell 6 bps to 3.71%, but excluding the $9.1M of TIPS inflation income booked in Q2 the margin expanded 5 bps; net interest income was $308.9M, down $6.2M sequentially.
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1.9M Shares Repurchased at $58.84
The company bought back approximately 1.9 million shares in the quarter at an average price of $58.84, above today's $55.16 quote, while Tier 1 common capital stood at 16.85% as of June 30, 2026.
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Nolan & Associates Deal Closed October 1
Commerce completed the acquisition of investment banking firm Nolan & Associates on October 1, 2026; the FineMark systems conversion moved to February 2027 with financial expectations and synergy targets unchanged.
Analysis · CBSH · Finance
The quarter's real story is margin: reported NIM slipped 6 bps to 3.71%, yet management notes it expanded 5 bps once last quarter's TIPS inflation income is stripped out. EPS of $1.08 came in above the $1.01 earned a year ago but below Q2's $1.10. Fee income held up (trust fees +25.7% YoY, 37.5% of revenue) and expenses fell 3.7% sequentially, so pre-tax pre-provision revenue rose 3% to $208.4M. Credit remains clean at 0.20% annualized charge-offs and 0.05% non-accruals, and the bank bought back roughly 1.9 million shares at an average $58.84 — above today's $55.16 — while keeping a 16.85% Tier 1 common ratio. The one soft spot is deposits, down $361.6M on average from Q2, with the loan-to-deposit ratio up to 76%.
How filings like this one have moved
In the 30 days to Oct 20, 2026, 29.2% of the 1466 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.57%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CBSH was trading at $55.16 on NASDAQ in the Finance sector, with a market capitalization of approximately $7.9B. The 52-week trading range was $46.99 to $60.92. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.