Diverse and stable revenue mix Strong credit quality Above-average funding profile Geographic concentration in the Midwest The stable outlook on Commerce Bancshares Inc. reflects S&P Global Ratings' expectation that Commerce's conservative management practices, good asset quality, and sizable fee income revenues will translate into continued stable earnings over the next two years. We could revise the outlook to negative or lower the ratings if the company's asset quality metrics worsen more than we expect, or if we see evidence of looser underwriting or a material increase in the bank's construction exposures. We could also revise the outlook to negative or lower the ratings if capital levels were to deteriorate more rapidly than we forecast, owing to aggressive share repurchases. We
