COMMERCE BANCSHARES INC /MO/CBSH

COMMERCE BANCSHARES INC /MO/ Debt Disclosure

10-KFiled Feb 24, 20262 min read
Borrowings
At December 31, 2025, the Company's borrowings primarily consisted of federal funds purchased and securities sold under agreements to repurchase (repurchase agreements). The following table sets forth selected information for federal funds purchased and repurchase agreements.

(Dollars in thousands)
 Year End Weighted Rate Average Weighted Rate Average Balance OutstandingMaximum Outstanding at any Month EndBalance at December 31
Federal funds purchased and repurchase agreements:
20251.88%2.86%$2,639,979 $2,989,641 $2,989,641 
20242.14 3.55 2,621,260 2,926,758 2,926,758 
20232.78 3.47 2,839,633 3,133,020 2,908,815 

Federal funds purchased and repurchase agreements comprised the majority of the Company's short-term borrowings (borrowings with an original maturity of less than one year at December 31, 2025), and $2.9 billion of these borrowings were repurchase agreements, which generally have one day maturities and are mainly comprised of non-insured customer funds secured by a portion of the Company's investment securities portfolio. Additional information about the securities pledged for repurchase agreements and repurchase agreement maturity is provided in Note 20 on Resale and Repurchase Agreements. Accrued interest for repurchase agreements was $965 thousand, $928 thousand and $695 thousand at December 31, 2025, 2024 and 2023, respectively.
The Bank is a member of the Des Moines FHLB and has access to term financing from the FHLB. These borrowings are secured under a blanket collateral agreement that includes primarily residential mortgages, as well as all unencumbered assets and stock of the borrowing bank. At December 31, 2025, the Bank had no outstanding advances from the FHLB. The FHLB also issues letters of credit to secure the Bank's obligations to certain depositors of public funds, which totaled $198.4 million at December 31, 2025.

Historical Timeline

Fiscal YearFiled
2025Feb 24, 2026Showing above
2024Feb 25, 2025
2023Feb 22, 2024
2022Feb 22, 2023
2021Feb 23, 2022
2020Feb 24, 2021
2019Feb 25, 2020
2018Feb 21, 2019
2017Feb 22, 2018
2016Feb 23, 2017
2015Feb 24, 2016

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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