Commerce Bancshares, Inc. (CBSH) 10-Year Financial Performance & Capital Metrics

CBSH • • Banking & Credit

Financial ServicesRegional BanksCommunity & Regional Retail BankingMidwest Community Banks

AboutCommerce Bancshares, Inc. operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United States. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards. The Commercial segment provides corporate lending, leasing, international, merchant and commercial bank card, and securities safekeeping and bond accounting services; and business products, government deposits, and related commercial cash management services, as well as sells fixed income securities to correspondent banks, corporations, public institutions, municipalities, and individuals. The Wealth segment provides traditional trust and estate planning, advisory and discretionary investment portfolio management, and brokerage services, as well as private banking accounts. The company also offers private equity investment, securities brokerage, insurance agency, specialty lending, and leasing services, as well as online and mobile banking services. It operates through a network of 287 locations in Missouri, Kansas, Illinois, Oklahoma, and Colorado, as well as commercial offices. Commerce Bancshares, Inc. was founded in 1865 and is headquartered in Kansas City, Missouri.Show more

Net Interest Income $1.04B +4.2%
Total Revenue $2.09B +6.3%
Net Income $526M +10.3%
Return on Equity 16.72% -4.6%
Net Interest Margin 3.25% +3.3%
Efficiency Ratio 45.45% -3.9%
ROA 1.65% +10.1%
Equity / Assets 10.42% +11.4%
Book Value per Share 24.80 +14.2%
Tangible BV/Share 23.60 +15.0%
Debt/Equity 0.88 -10.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓Efficient operations: 45.4% efficiency ratio
✓11 consecutive years of dividend growth
✓Well capitalized: 10.4% equity/assets
✓Good 3Y average ROE of 16.9%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.65%

5Y7.57%

3Y13.31%

TTM-

Profit (Net Income) CAGR

10Y7.24%

5Y4.56%

3Y-0.28%

TTM12.72%

EPS CAGR

10Y9.23%

5Y6.61%

3Y1.33%

TTM14.75%

ROCE

10Y Avg16.44%

5Y Avg17.38%

3Y Avg19.16%

Latest18.86%

Peer Comparison

Midwest Community Banks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TFSLTFS Financial Corporation	3.97B	14.13	44.16	4.37%	11.49%	4.41%	1.15%	2.57
ASBAssociated Banc-Corp	4.43B	26.70	37.08	4.42%	5.85%	3.62%	12.08%	0.69
ASBAAssociated Banc-Corp	4.11B	24.78	30.98	-6.56%	12.92%	3.77%	13.02%	0.17
BANFBancFirst Corporation	3.81B	114.30	17.75	12.28%	23.81%	13.33%	5.89%	0.05
SYBTStock Yards Bancorp, Inc.	2.03B	68.83	17.69	15.84%	22.86%	12.99%	6.56%	0.53
PRKPark National Corporation	2.63B	163.76	17.57	14.4%	23.46%	13.22%	6.44%	0.24
NICNicolet Bankshares, Inc.	1.97B	133.08	16.53	24.6%	23.88%	11.4%	5.95%	0.14
LKFNLakeland Financial Corporation	1.52B	59.47	16.38	9.38%	21.74%	13.06%	6.18%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	634.32M	680.05M	733.68M	823.83M	821.29M	829.85M	835.42M	942.18M	998.13M	1.04B
NII Growth %	0.02%	0.07%	0.08%	0.12%	-0%	0.01%	0.01%	0.13%	0.06%	0.04%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	662.42M	713.05M	777.41M	889.2M	924.68M	872.65M	848.29M	998.98M	1.38B	1.47B
Interest Expense	28.1M	33M	43.73M	65.38M	103.39M	42.8M	12.87M	56.79M	383.16M	429.31M
Loan Loss Provision	28.73M	36.32M	45.24M	42.69M	50.44M	137.19M	-66.33M	28.07M	35.45M	32.9M
Non-Interest Income+	454.46M	446.5M	486.31M	500.85M	528.33M	516.9M	590.45M	567.04M	588.03M	623.38M
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	1.12B	1.16B	1.26B	1.39B	1.45B	1.39B	1.44B	1.57B	1.97B	2.09B
Revenue Growth %	0.02%	0.04%	0.09%	0.1%	0.05%	-0.04%	0.04%	0.09%	0.26%	0.06%
Non-Interest Expense	676.49M	689.23M	744.34M	737.82M	767.4M	768.38M	805.9M	848.78M	930.98M	951.23M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	383.56M	401M	430.41M	544.16M	531.79M	441.18M	686.3M	632.38M	619.73M	679.49M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0%	0.05%	0.07%	0.26%	-0.02%	-0.17%	0.56%	-0.08%	-0.02%	0.1%
Pretax Income+	383.56M	401M	430.41M	544.16M	531.79M	441.18M	686.3M	632.38M	619.73M	679.49M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	116.59M	124.15M	110.51M	105.95M	109.07M	87.29M	145.71M	132.36M	134.55M	145.09M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	263.73M	275.39M	319.38M	433.54M	421.23M	354.06M	530.76M	488.4M	477.06M	526.33M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.01%	0.04%	0.16%	0.36%	-0.03%	-0.16%	0.5%	-0.08%	-0.02%	0.1%
Net Income (Continuing)	266.98M	276.85M	319.9M	438.21M	422.71M	353.88M	540.59M	500.02M	485.18M	534.4M
EPS (Diluted)+	1.65	1.77	2.05	2.82	2.81	2.39	3.72	3.49	3.47	3.87
EPS Growth %	0.03%	0.07%	0.16%	0.38%	-0%	-0.15%	0.56%	-0.06%	-0.01%	0.12%
EPS (Basic)	1.65	1.77	2.06	2.83	2.81	2.39	3.73	3.50	3.47	3.88
Diluted Shares Outstanding	154.36M	150.22M	150.6M	148.96M	146.55M	142.89M	141.16M	138.43M	136.57M	134.4M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	488.21M	766.97M	469.07M	1.2B	887.47M	2.18B	4.28B	841.64M	2.68B	3.37B
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	22.14B	22.97B	22.68B	22.63B	23.26B	28.72B	29.64B	28.59B	26.92B	26.44B
Investments Growth %	0.06%	0.04%	-0.01%	-0%	0.03%	0.23%	0.03%	-0.04%	-0.06%	-0.02%
Long-Term Investments	12.36B	13.32B	13.95B	14.09B	14.69B	16.27B	15.19B	16.35B	17.24B	17.3B
Accounts Receivables	0	0	0	0	0	0	0	0	0	0
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	138.92M	138.92M	138.92M	138.92M	138.92M	138.92M	138.92M	138.92M	146.54M	146.54M
Intangible Assets	6.67M	6.71M	7.62M	8.79M	9.53M	11.21M	15.57M	15.23M	14.18M	13.63M
PP&E (Net)	352.58M	337.7M	335.11M	333.12M	370.64M	371.08M	388.74M	418.91M	469.06M	475.27M
Other Assets	1.48B	1.42B	1.21B	1.16B	1.4B	1.5B	2.23B	1.87B	1.47B	1.55B
Total Current Assets	10.27B	10.42B	9.19B	9.74B	9.46B	14.63B	18.73B	13.08B	12.37B	12.51B
Total Non-Current Assets	14.34B	15.23B	15.64B	15.73B	16.61B	18.29B	17.96B	18.8B	19.33B	19.49B
Total Assets+	24.6B	25.64B	24.83B	25.46B	26.07B	32.92B	36.69B	31.88B	31.7B	32B
Asset Growth %	0.03%	0.04%	-0.03%	0.03%	0.02%	0.26%	0.11%	-0.13%	-0.01%	0.01%
Return on Assets (ROA)	0.01%	0.01%	0.01%	0.02%	0.02%	0.01%	0.02%	0.01%	0.02%	0.02%
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Total Debt+	2.07B	1.83B	1.51B	1.97B	1.85B	2.1B	3.04B	2.85B	2.91B	2.93B
Net Debt	1.58B	1.06B	1.04B	767.32M	965.73M	-85.74M	-1.24B	2.01B	228.06M	-446.1M
Long-Term Debt	103.82M	102.05M	1.76M	8.7M	2.42M	802K	12.56M	9.67M	1.4M	56K
Short-Term Debt	1.96B	1.72B	1.51B	1.96B	1.85B	2.1B	3.02B	2.84B	2.91B	2.93B
Other Liabilities	191.32M	213.24M	180.89M	237.94M	553.71M	477.07M	392.16M	355.51M	462.71M	443.69M
Total Current Liabilities	21.94B	22.82B	21.93B	22.28B	22.37B	29.05B	32.84B	29.03B	28.27B	28.22B
Total Non-Current Liabilities	295.14M	315.29M	182.65M	246.65M	556.13M	477.87M	404.72M	365.18M	464.12M	443.75M
Total Liabilities	22.24B	23.14B	22.12B	22.53B	22.93B	29.52B	33.24B	29.39B	28.74B	28.66B
Total Equity+	2.37B	2.5B	2.72B	2.94B	3.14B	3.4B	3.45B	2.48B	2.96B	3.33B
Equity Growth %	0.01%	0.06%	0.09%	0.08%	0.07%	0.08%	0.01%	-0.28%	0.19%	0.12%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.11%	0.11%	0.12%	0.15%	0.14%	0.11%	0.16%	0.16%	0.18%	0.17%
Book Value per Share	15.34	16.65	18.05	19.72	21.42	23.79	24.43	17.93	21.70	24.80
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	489.86M	510.01M	535.41M	559.43M	563.98M	589.35M	610.8M	629.32M	655.32M	676.05M
Additional Paid-in Capital	1.34B	1.55B	1.82B	2.08B	2.15B	2.44B	2.69B	2.93B	3.16B	3.4B
Retained Earnings	383.31M	292.85M	221.37M	241.16M	201.56M	73M	92.49M	31.62M	53.18M	45.49M
Accumulated OCI	32.47M	10.97M	14.11M	-64.67M	110.44M	331.38M	77.08M	-1.09B	-891.41M	-758.91M
Treasury Stock	-26.12M	-15.29M	-14.47M	-34.24M	-37.55M	-32.97M	-32.97M	-41.74M	-35.6M	-48.4M
Preferred Stock	144.78M	144.78M	144.78M	144.78M	144.78M	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	289.06M	454.96M	426.53M	552.66M	512.79M	623.99M	597.72M	559.38M	488.77M	577.86M
Operating CF Growth %	-0.2%	0.57%	-0.06%	0.3%	-0.07%	0.22%	-0.04%	-0.06%	-0.13%	0.18%
Net Income	266.98M	276.85M	319.9M	438.21M	422.71M	353.88M	540.59M	500.02M	485.18M	534.4M
Depreciation & Amortization	42.8M	40.93M	39.73M	38.68M	41.15M	43.77M	44.87M	46.86M	49.51M	54.08M
Deferred Taxes	7.43M	-2.06M	13.62M	5.34M	14.2M	-19.54M	25.61M	21.72M	-7.4M	-591K
Other Non-Cash Items	-43.24M	125.74M	73.28M	47.42M	-2.48M	241.46M	-40.2M	12.12M	-100.82M	-10.05M
Working Capital Changes	7.08M	1.97M	-32.11M	10.17M	23.37M	-10.5M	11.43M	-38.32M	45.25M	-17M
Cash from Investing+	-1.2B	-805.21M	220.72M	-91.02M	-730.16M	-5.39B	-2.08B	242.27M	2.18B	483.79M
Purchase of Investments	-3.54B	-1.99B	-1.85B	-2.09B	-1.86B	-6.99B	-5.95B	-2.15B	-246.29M	-2.68B
Sale/Maturity of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	0	0	0	0	0	0	0	-6.37M	0
Other Investing	-825.11M	-849.41M	-586.66M	-187.25M	-795.86M	-1.64B	381.93M	-342.91M	-552.94M	-220.78M
Cash from Financing+	308.34M	652.56M	-924.54M	223.25M	-84.06M	6.07B	3.57B	-4.2B	-883.12M	-372.94M
Dividends Paid	-93.96M	-96.07M	-100.62M	-109.24M	-122.47M	-127.57M	-122.69M	-127.47M	-134.73M	-145.09M
Share Repurchases	-23.18M	-39.39M	-17.77M	-75.23M	-284.9M	-204.16M	-129.36M	-186.62M	-76.37M	-170.47M
Stock Issued	1.91M	0	-8K	-10K	-8K	-11K	-15K	-8K	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-240K	-1000K	-1000K	1000K	-1000K	-1000K	1000K	-1000K	-1000K	-1000K
Other Financing	523.59M	786.39M	-705.86M	400.78M	329.7M	6.4B	3.81B	-3.88B	1.59B	-56.03M
Net Change in Cash+	-598M	298.92M	-277.29M	684.89M	-301.43M	1.3B	2.09B	-3.4B	1.79B	688.71M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	1.1B	502.72M	801.64M	524.35M	1.21B	907.81M	2.21B	4.3B	897.8M	2.69B
Cash at End	502.72M	801.64M	524.35M	1.21B	907.81M	2.21B	4.3B	897.8M	2.69B	3.38B
Interest Paid	27.76M	31.9M	43.69M	63.24M	97.81M	52.24M	16.05M	53.74M	336.51M	453.17M
Income Taxes Paid	95.34M	119.6M	120.74M	84.17M	76.17M	90.07M	119.67M	117M	130.96M	126.13M
Free Cash Flow+	257.17M	430.49M	395.7M	519.37M	470.22M	590.86M	541.01M	494.19M	400.69M	531.73M
FCF Growth %	-0.19%	0.67%	-0.08%	0.31%	-0.09%	0.26%	-0.08%	-0.09%	-0.19%	0.33%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.22%	11.31%	12.24%	15.33%	13.87%	10.83%	15.5%	16.47%	17.52%	16.72%
Return on Assets (ROA)	1.09%	1.1%	1.27%	1.72%	1.63%	1.2%	1.52%	1.42%	1.5%	1.65%
Net Interest Margin	2.58%	2.65%	2.95%	3.24%	3.15%	2.52%	2.28%	2.96%	3.15%	3.25%
Efficiency Ratio	60.57%	59.44%	58.9%	53.08%	52.81%	55.3%	56.01%	54.2%	47.27%	45.45%
Equity / Assets	9.62%	9.75%	10.95%	11.53%	12.04%	10.33%	9.4%	7.79%	9.35%	10.42%
Book Value / Share	15.34	16.65	18.05	19.72	21.42	23.79	24.43	17.93	21.7	24.8
NII Growth	2.28%	7.21%	7.89%	12.29%	-0.31%	1.04%	0.67%	12.78%	5.94%	4.22%
Dividend Payout	32.22%	31.62%	28.69%	23.12%	26.94%	34.12%	23.12%	26.1%	28.24%	27.57%

Revenue by Segment

	2018	2019	2020	2021	2022
Commission Income	8.96M	9.07M	8M	9.33M	10.36M
Commission Income Growth	-	1.28%	-11.78%	16.57%	11.05%
Managed Account Services	6.85M	6.73M	7.09M	9.03M	8.76M
Managed Account Services Growth	-	-1.72%	5.35%	27.37%	-3.06%

Frequently Asked Questions

Valuation & Price

Commerce Bancshares, Inc. (CBSH) has a price-to-earnings (P/E) ratio of 14.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Commerce Bancshares, Inc. (CBSH) grew revenue by 6.3% over the past year. This is steady growth.

Yes, Commerce Bancshares, Inc. (CBSH) is profitable, generating $563.0M in net income for fiscal year 2024 (25.1% net margin).

Dividend & Returns

Yes, Commerce Bancshares, Inc. (CBSH) pays a dividend with a yield of 1.98%. This makes it attractive for income-focused investors.

Commerce Bancshares, Inc. (CBSH) has a return on equity (ROE) of 16.7%. This is reasonable for most industries.

Industry Metrics

Commerce Bancshares, Inc. (CBSH) has a net interest margin (NIM) of 3.3%. This indicates healthy earnings from lending activities.

Commerce Bancshares, Inc. (CBSH) has an efficiency ratio of 45.4%. This is excellent, indicating strong cost control.

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