Diverse and stable revenue mix Higher contribution than peers from noninterest revenues Good loan performance aided by conservative lending policies Above-average funding profile • Geographic concentration in the Midwest • Fairly modest domestic market share The stable outlook on Commerce Bancshares Inc. reflects S&P Global Ratings' expectation that we are unlikely to change the rating over the next two years. We expect that loan performance will remain good, that capital ratios will remain strong, and profitability will trend higher over the next two years aided by the bank's diversified revenue streams. However, we could lower the rating over the next two years if Commerce's asset quality metrics worsen substantially, or if we see aggressive lending policies, which a material increase
