Item 2.02 - Results of Operations and Financial Condition: The filing reports Commerce Bancshares' results of operations and financial condition as of July 16, 2026 Item 9.01 - Financial Statements and Exhibits: The filing includes financial statements and exhibits related to the reported results Company Information: Commerce Bancshares, Inc., a Missouri-incorporated state commercial bank, filed…

Our analysis rates this filing NEUTRAL. Commerce Bancshares presents a balanced risk profile appropriate for a MODERATE concern level. The company executed a deliberate strategic decision to reposition its securities portfolio, accepting a material one-time loss to strengthen long-term earnings…

Concern level: MODERATE (3.5/10). Key factors: Securities portfolio repositioning resulted in $97.7 million realized loss in Q2 2026, though characterized as strategic by management; Sequential deposit decline of $135.0 million (0.5%) to $27.6 billion indicates modest funding headwind; Sequential asset decline of $448.1 million to $35.3 billion, though attributable to deliberate portfolio actions…

Notable risk changes: Realized $97.7 million loss on securities portfolio repositioning in Q2 2026, including complete exit from Treasury inflation-protected securities - management characterizes as strategic to improve long-term NIM durability; Offsetting gain of $105.4 million on Visa Inc. stock sale, resulting in net investment securities gain that partially mitigates repositioning loss; Deposit base contracted…

The model predicts CBSH will underperform the S&P 500 by about 0.0% over 30 days (model confidence 50%). This is model analysis for research, not investment advice.