Exhibit 99.1

FOR IMMEDIATE RELEASE:
Wednesday, April 12, 2006

COMMERCE BANCSHARES, INC. REPORTS FIRST QUARTER
EPS GROWTH OF 13%

     Commerce Bancshares, Inc. announced earnings of $.78 per share for the three months ended March 31, 2006, an increase of 13.0% compared to $.69 per share in the first quarter of 2005. Net income for the first quarter amounted to $52.9 million compared with $49.8 million in the same period last year, or an increase of 6.2%. The return on average assets for the three months ended March 31, 2006 was 1.57%, and the return on average equity was 16.1%.

     In making this announcement, David W. Kemper, Chairman & CEO, said, “The 13% growth in earnings per share was mainly the result of an improved balance sheet mix of assets which included growth in average loans of 8% over the previous year. This growth was funded mainly by the continued, planned reduction in our investment securities portfolio. The increase in loans at higher margins, coupled with a 13% growth in non-interest income excluding net securities gains, generated an increase in total revenue of 6% over the same period last year. This increase in non-interest income, which now comprises 41% of total revenue, resulted from solid growth in deposit account, trust and bank card transaction fees. Non-interest expense grew by 5% this quarter compared to the previous year but continues to remain controlled.”

     Mr. Kemper added, “Asset quality was strong in the first quarter with net loan charge-offs totaling .20% of average loans, mainly due to lower levels of loan losses in the credit card and personal banking portfolios. Our allowance for loan losses totaled $128.5 million, or 1.41% of total outstanding loans at the end of the first quarter.”

     Total assets at March 31, 2006 were $13.7 billion, total loans were $9.1 billion, and total deposits were $11.2 billion. At March 31, 2006, non-performing loans amounted to $8.8 million or .10% of total loans. During the quarter, the Company increased its cash dividend to shareholders by 7%, making this the 38th consecutive year of per share dividend increases. Also during the quarter, the Company bought back 1.0 million shares of its common stock through its treasury stock buyback plan, and on April 5^th announced the purchase of the banking businesses of Boone National Savings and Loan Association, Columbia, Missouri.

     Commerce Bancshares, Inc. is a registered bank holding company offering a full line of banking services, including investment management and securities brokerage. The Company currently operates in approximately 340 locations in Missouri, Illinois, and Kansas. The Company also has operating subsidiaries involved in mortgage banking, credit related insurance, venture capital, and real estate activities.

(more)

     Posted to the Company’s web site is management’s discussion of first quarter results. To see this information, please visit our web site at www.commercebank.com. The Company’s Annual Shareholders’ meeting is scheduled for Wednesday, April 19, 2006 at 9:30AM CDST. The meeting will be held at the Sheraton Clayton Plaza Hotel, 7730 Bonhomme Avenue, Clayton, Missouri. The meeting will be web-cast and presentation materials will be available on our web site the day of the meeting.

* * * * * * * * * * * * * * *

For additional information, contact
Jeffery Aberdeen, Controller
at PO Box 419248, Kansas City, MO
or by telephone at (816) 234-2081
Web Site: http://www.commercebank.com
Email: mymoney@commercebank.com

(Amounts in thousands)	12/31/05			3/31/06			3/31/05
Non-Accrual Loans	$	9,845		$	8,750		$	17,333
Foreclosed Real Estate	$	1,868		$	1,870		$	1,262
Total Non-Performing Assets	$	11,713		$	10,620		$	18,595
Non-Performing Assets to Loans		.13	%		.12	%		.22	%
Non-Performing Assets to Total Assets		.08	%		.08	%		.13	%
Loans 90 Days & Over Past Due – Still Accruing	$	14,088		$	15,288		$	15,972

COMMERCE BANCSHARES, INC. and SUBSIDIARIES
FINANCIAL HIGHLIGHTS

	For the Three Months Ended
	December 31			March 31			March 31
(Unaudited)	2005			2006			2005
Financial Summary (In thousands, except per share data)
Net interest income	$	127,006		$	123,735		$	121,477
Taxable equivalent net interest income		128,755			125,088			121,994
Non-interest income		88,633			89,448			80,691
Provision for loan losses		11,980			4,432			2,368
Non-interest expense		127,201			129,961			123,922
Net income		56,242			52,944			49,846
Cash dividends		15,557			16,379			16,133
Net total loan charge-offs		12,839			4,411			3,802
Net business charge-offs (recoveries)		(480	)		(1,081	)		(2,621	)
Net credit card charge-offs		8,506			3,748			4,597
Net personal banking charge-offs*		3,541			1,649			1,948
Net real estate charge-offs (recoveries)		260			(255	)		(206	)
Net overdraft charge-offs		1,012			350			84
Per share:
Net income — basic	$	0.83		$	0.79		$	0.70
Net income — diluted	$	0.81		$	0.78		$	0.69
Cash dividends	$	0.229		$	0.245		$	0.229
Diluted wtd. average shares o/s		69,040			67,927			72,011
RATIOS
Average loans to deposits		83.90	%		83.32	%		79.45	%
Return on total average assets		1.62	%		1.57	%		1.44	%
Return on total average stockholders’ equity		16.52	%		16.14	%		14.35	%
Non-interest income to revenue**		40.80	%		41.30	%		38.82	%
Efficiency ratio***		59.29	%		61.66	%		62.22	%
AT PERIOD END
Book value per share based on total stockholders’ equity	$	19.79		$	19.74		$	19.45
Market value per share	$	52.12		$	51.67		$	45.90
Allowance for loan losses as a percentage of loans		1.44	%		1.41	%		1.56	%
Tier I leverage ratio		9.43	%		9.43	%		9.46	%
Common shares outstanding		67,608,906			66,776,170			70,535,460
Shareholders of record		4,522			4,505			4,735
Number of bank/ATM locations		342			344			331
Number of bank charters		3			3			3
Full-time equivalent employees		4,839			4,863			4,836

OTHER YTD INFORMATION	March 31		March 31
	2006		2005
High market value per share	$	52.53	$	47.62
Low market value per share	$	49.14	$	44.11

*	Includes consumer, student and home equity loans
**	Revenue includes net interest income and non-interest income, excluding net securites gains/losses.
***	The efficiency ratio is calculated as non-interest expense (excluding intangibles amortization) as a percent of net interest income and non-interest income (excluding net securities gains/losses).

COMMERCE BANCSHARES, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME

	For the Three Months Ended
(Unaudited)	December 31		March 31		March 31
(In thousands, except per share data)	2005		2006		2005
INTEREST INCOME
Interest and fees on loans	$	142,865	$	149,874	$	118,523
Interest on investment securities		41,319		37,130		41,746
Interest on federal funds sold and securities purchased under agreements to resell		1,159		1,623		584
Total interest income		185,343		188,627		160,853
INTEREST EXPENSE
Interest on deposits:
Savings, interest checking and money market		16,261		19,607		10,457
Time open and C.D.’s of less than $100,000		14,803		16,731		10,392
Time open and C.D.’s of $100,000 and over		9,045		13,187		6,352
Interest on other borrowings		18,228		15,367		12,175
Total interest expense		58,337		64,892		39,376
Net interest income		127,006		123,735		121,477
Provision for loan losses		11,980		4,432		2,368
Net interest income after provision for loan losses		115,026		119,303		119,109
NON-INTEREST INCOME
Deposit account charges and other fees		30,085		27,497		24,301
Bank card transaction fees		23,527		21,708		19,507
Trust fees		17,529		17,819		16,394
Trading account profits and commissions		2,251		2,565		2,614
Consumer brokerage services		2,306		2,389		2,825
Loan fees and sales		2,196		3,743		3,440
Investment securities gains, net		1,089		2,403		3,612
Other		9,650		11,324		7,998
Total non-interest income		88,633		89,448		80,691
NON-INTEREST EXPENSE
Salaries and employee benefits		68,730		71,725		70,180
Net occupancy		11,039		10,977		9,778
Equipment		5,971		5,949		5,691
Supplies and communication		8,414		8,393		8,213
Data processing and software		12,612		12,393		11,455
Marketing		4,259		4,318		3,862
Other		16,176		16,206		14,743
Total non-interest expense		127,201		129,961		123,922
Income before income taxes		76,458		78,790		75,878
Less income taxes		20,216		25,846		26,032
NET INCOME	$	56,242	$	52,944	$	49,846
Net income per share — basic	$	0.83	$	0.79	$	0.70
Net income per share — diluted	$	0.81	$	0.78	$	0.69
Cash dividends per common share	$	0.229	$	0.245	$	0.229

COMMERCE BANCSHARES, INC. and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(Unaudited)	December 31			March 31			March 31
(In thousands)	2005			2006			2005
ASSETS
Loans, net of unearned income	$	8,899,183		$	9,138,239		$	8,406,110
Allowance for loan losses		(128,447	)		(128,468	)		(130,960	)
Net loans		8,770,736			9,009,771			8,275,150
Investment securities:
Available for sale		3,667,901			3,401,823			4,442,210
Trading		24,959			25,559			13,154
Non-marketable		77,321			84,353			74,965
Total investment securities		3,770,181			3,511,735			4,530,329
Federal funds sold and securities purchased under agreements to resell		128,862			89,385			179,107
Cash and due from banks		545,273			484,456			502,362
Land, buildings and equipment — net		374,192			368,209			368,512
Goodwill		48,522			48,522			48,522
Other assets		247,779			219,044			199,290
Total assets	$	13,885,545		$	13,731,122		$	14,103,272
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing demand	$	1,399,934		$	1,418,387		$	1,347,994
Savings, interest checking and money market		6,490,326			6,449,831			6,552,169
Time open and C.D.’s of less than $100,000		1,831,980			1,925,755			1,700,853
Time open and C.D.’s of $100,000 and over		1,129,573			1,360,383			1,084,407
Total deposits		10,851,813			11,154,356			10,685,423
Federal funds purchased and securities sold under agreements to repurchase		1,326,427			901,923			1,566,914
Other borrowings		269,390			258,616			388,328
Other liabilities		100,077			97,982			91,038
Total liabilities		12,547,707			12,412,877			12,731,703
Stockholders’ equity:
Preferred stock		—			—			—
Common stock		347,049			347,049			347,049
Capital surplus		388,552			384,535			385,792
Retained earnings		693,021			729,586			737,006
Treasury stock		(86,901	)		(128,662	)		(103,696	)
Accumulated other comprehensive income (loss)		(3,883	)		(14,263	)		5,418
Total stockholders’ equity		1,337,838			1,318,245			1,371,569
Total liabilities and stockholders’ equity	$	13,885,545		$	13,731,122		$	14,103,272

COMMERCE BANCSHARES, INC. and SUBSIDIARIES
AVERAGE BALANCES

	For the Three Months Ended
(Unaudited)	December 31			March 31			March 31
(Dollars in thousands)	2005			2006			2005
Loans:
Business	$	2,436,190		$	2,542,482		$	2,246,288
Real estate — construction		482,813			441,489			442,471
Real estate — business		1,876,813			1,971,197			1,758,141
Real estate — personal		1,360,744			1,358,445			1,335,024
Consumer		1,281,487			1,288,378			1,193,063
Home equity		446,831			447,188			412,356
Student		325,126			359,961			410,020
Credit card		560,569			577,537			546,946
Overdrafts		13,084			20,114			16,297
Total loans		8,783,657			9,006,791			8,360,606
Investment securities (excluding unrealized gains and losses):
Available for sale		3,879,182			3,531,600			4,504,318
Trading		12,553			19,012			11,369
Non-marketable		81,332			84,007			76,853
Total investment securities		3,973,067			3,634,619			4,592,540
Federal funds sold and securities purchased under agreements to resell		108,784			141,750			84,987
Total interest earning assets		12,865,508			12,783,160			13,038,133
Total assets		13,814,899			13,706,253			14,070,385
Deposits:
Non-interest bearing deposits		616,862			597,492			772,869
Interest bearing deposits:
Savings		387,876			383,869			403,844
Interest checking		170,486			165,531			262,460
Money market		6,530,453			6,494,964			6,439,761
Time open & C.D.’s of less than $100,000		1,795,743			1,881,277			1,664,823
Time open & C.D.’s of $100,000 and over		968,385			1,286,151			979,011
Total interest bearing deposits		9,852,943			10,211,792			9,749,899
Total deposits		10,469,805			10,809,284			10,522,768
Borrowings:
Federal funds purchased and securities sold under agreements to repurchase		1,578,790			1,226,822			1,655,050
Long-term debt and other borrowings		325,158			260,580			388,771
Total borrowings		1,903,948			1,487,402			2,043,821
Total interest bearing liabilities		11,756,891			11,699,194			11,793,720
Total stockholders’ equity		1,350,744			1,330,334			1,408,414
Net yield on interest earning assets (tax-equivalent basis)		3.97	%		3.97	%		3.79	%

COMMERCE BANCSHARES, INC.
Management Discussion of First Quarter Results
March 31, 2006

For the quarter ended March 31, 2006, net income amounted to $52.9 million, an increase of 6.2% over the same quarter last year. For the current quarter, return on average assets was 1.6%, the return on average equity was 16.1%, and the efficiency ratio was 61.7%. Compared to the 1^st quarter of last year, net interest income increased 1.9% while non-interest income, excluding net securities gains, grew by 12.9%. Additionally, the provision for loan losses amounted to $4.4 million for the quarter, while non-interest expense grew by 4.9%.

Balance Sheet Review

During the 1^st quarter of 2006, average loans increased $223.1 million, or 2.5%, compared to the previous quarter, which represented annualized growth of 10.0%. Average loans also increased $646.2 million, or 7.7%, compared to the same period last year. Compared to the 4^th quarter of 2005, average business and business real estate loans grew $83.2 million and $94.4 million, respectively, as a result of both new business and additional borrowings from existing customers, however, construction loans declined $41.3 million as loans were paid down or transferred to permanent status. Lease loans grew by almost 12%, or $23.1 million, reflecting stronger leasing demand. Average student loans increased $34.8 million, or 10.7%, due to seasonal borrowing activity, but average personal real estate loans decreased by $2.3 million during the quarter due to a decline in loan originations. Average consumer banking loans increased only slightly during the quarter reflecting weaker demand for auto lending.

Available for sale investment securities, excluding fair value adjustments, decreased on average by $347.6 million, or 9.0%, this quarter compared with the previous quarter as the Company continued to reduce its investment securities portfolio, mainly through normal maturities. Average available for sale investment securities also declined by $972.7 million, or 21.6%, compared to the same quarter last year. During the 1^st quarter of 2006, maturities and principal pay-downs of securities totaled $284.9 million while the Company purchased approximately $57.9 million of securities, mainly tax-free municipals.

Total average deposits increased by $339.5 million during the 1^st quarter of 2006 when compared to the previous quarter. This growth was due mainly to increases in certificates of deposit ($403.3 million) and premium money market accounts ($47.2 million), but offset by declines in demand ($19.4 million), other money market ($82.6 million) and interest checking ($5.0 million) accounts. The average loans to deposits ratio for the quarter amounted to 83.3%.

During the current quarter, average borrowings decreased by $416.5 million due to decreases in federal funds purchased and Federal Home Loan Bank advances outstanding. The growth in deposit balances, coupled with the decline in investment securities, provided the liquidity to reduce this debt.

Net Interest Income

Net interest income in the 1^st quarter of 2006 amounted to $123.7 million, a decrease of $3.3 million, or 2.6%, compared with the previous quarter, and an increase of $2.3 million, or 1.9%, compared to the 1^st quarter of last year. During the 1^st quarter of 2006 the net yield on earning assets (tax-equivalent) amounted to 3.97%, compared with 3.97% in the previous quarter and 3.79% in the 1^st quarter of last year.

The decrease of $3.3 million in net interest income in the 1^st quarter of 2006 from the previous quarter was reflective of fewer days in the current quarter and the result of growth in both balances and rates on interest-bearing deposits, which added $9.4 million in interest expense over the previous quarter. Also, interest on investment securities declined $4.2 million, due mainly to lower average investment securities balances. These effects, however, were offset by an increase in loan interest income of $7.0 million in the quarter due to higher rates and balances, coupled with a decrease in interest expense on other borrowings as a result of lower average balances of federal funds purchased during the quarter.

During the quarter, the overall yield on interest earning assets increased 26 basis points to 6.03%, while the overall cost of interest bearing liabilities increased 28 basis points to 2.25%.

Non-Interest Income

For the 1^st quarter of 2006, total non-interest income amounted to $89.4 million, compared with $88.6 million in the previous quarter and $80.7 million in the same quarter last year. Excluding investment securities gains, non-interest income grew 12.9% over the same period last year, with this growth mainly the result of higher deposit account, bank card and trust fee income. Compared with the 1^st quarter of 2005, deposit account fees increased $3.2 million, or 13.2%, mainly due to growth in deposit account overdraft fees, which grew $3.7 million (23.6%). This growth over last year was the result of increasing transaction volumes during the year and pricing changes initiated in the 3^rd quarter of 2005. Offsetting this growth was a slight decline in corporate cash management fee income which continues to be affected by an increasing interest rate environment. Bank card fees for the quarter increased 11.3% over the same period last

COMMERCE BANCSHARES, INC.
Management Discussion of First Quarter Results
March 31, 2006

year, mainly due to higher fees earned on debit, credit and corporate card transactions, which grew by 19.3%, 4.6% and 33.4%, respectively. Trust fees for the quarter increased 8.7% over the same quarter last year mainly as a result of higher fees on both personal and institutional trust accounts. During the quarter, gains on sales of student loans totaled $2.7 million and compares with $2.3 million in the same period last year and $947 thousand in the previous quarter. Other non-interest income included income from leasing activities which grew $1.1 million over the same quarter last year, and the receipt of $1.2 million in non-recurring income from a parent company equity investment. The ratio of non-interest income to total revenue, excluding net securities gains, was 41.3% in the 1^st quarter of 2006 compared to 38.8% in the same period last year.

Net securities gains amounted to $2.4 million for the 1^st quarter of 2006, compared to $1.1 million in the previous quarter and $3.6 million in the 1^st quarter of last year. The current quarter gains related entirely to realized gains and fair value adjustments on certain private equity investments held by the Company’s venture capital subsidiaries. Minority interest pertaining to this income totaled $714 thousand and was reported in other non-interest expense. There were no other realized gains or losses on the Company’s investment securities portfolio.

Non-Interest Expense

Non-interest expense for the current quarter amounted to $130.0 million, an increase of $6.0 million, or 4.9%, compared with amounts recorded in the 1^st quarter of last year, and 2.2% higher than amounts recorded in the previous quarter.

Compared with the 1^st quarter of last year, salaries and benefits expense increased $1.5 million, or 2.2%, mainly as a result of normal merit increases, higher incentives, payroll taxes and medical insurance costs. In the 1^st quarter of previous years, the Company’s practice was to grant stock options to certain Company employees. This year, the Company issued stock appreciation rights with a slightly longer vesting period. This vesting change, combined with the adoption of FAS 123R estimated forfeiture accounting requirements, resulted in a reduction in stock-based compensation of $2.0 million. Full-time equivalent employees totaled 4,863 and 4,836 at March 31, 2006 and 2005, respectively.

Occupancy costs grew 12.3% over the same period last year, mainly a result of additional depreciation expense on two new office buildings and an impairment charge on a branch that is expected to be sold. Data processing expense increased 8.2% due to higher costs for bank card and online banking processing fees. Other non-interest expense included increases in travel and entertainment costs and minority interest expense as mentioned above.

Income Taxes

During the 1^st quarter of 2006, income tax expense amounted to $25.8 million, an increase of $5.6 million over the previous quarter and slightly less than the same quarter last year. The effective tax rate for the Company was 32.8% for the 1^st quarter of 2006, compared with a rate of 26.4% in the previous quarter and 34.3% in the 1^st quarter of 2005.

Credit Quality

Net loan charge-offs for the 1^st quarter of 2006 were $4.4 million, compared with $12.8 million in the 4^th quarter of 2005 and $3.8 million in the 1^st quarter of last year. The decrease in net charge-offs in the 1^st quarter of 2006 compared to the previous quarter was the result of significantly lower loan charge-offs from credit card and personal banking loans. Consistent with industry trends, higher charge-off levels occurred in the previous quarter when new bankruptcy legislation took effect. Year-to-date, the ratio of annualized net loan charge-offs to total average loans was .20% compared to .18% last year.

For the 1^st quarter of 2006, annualized net charge-offs on average credit card loans were 2.63% compared with 3.41% in the same quarter last year and 6.02% in the 4^th quarter of 2005. Additionally, personal loan net charge-offs amounted to .32% of average loans compared to .39% in the same period last year. The provision for loan losses for the quarter totaled $4.4 million, which was $7.5 million lower than the 4^th quarter 2005 provision and $2.1 million higher than the 1^st quarter 2005 provision. The allowance for loan losses at March 31, 2006 amounted to $128.5 million, or 1.41% of total loans.

Total non-performing assets amounted to $10.6 million, or .12% of loans outstanding, and decreased $1.1 million from the previous quarter. Non-performing assets are comprised of non-accrual loans ($8.8 million) and foreclosed real estate ($1.9 million). Loans past due more than 90 days and still accruing interest totaled $15.3 million at March 31, 2006.

Other

The Company maintains a treasury stock buyback program, and effective October 2005, was authorized by the Board of Directors to repurchase up to 5 million shares of its common stock. During the quarter ended March 31, 2006, the Company purchased approximately 1.0 million shares of treasury stock at an average cost of $50.41 per share. On April 5, 2006 the Company announced plans to purchase the banking businesses of Boone National Saving and Loan Association, Columbia, Missouri. Through this purchase of assets and assumption of liabilities, the Company will acquire 4 branch locations in the Columbia market with total loans and deposits of approximately $132 million and $108 million, respectively. The transaction is expected to be completed in the 3^rd quarter of 2006.

Forward Looking Information

This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include future financial and operating results, expectations, intentions and other statements that are not historical facts. Such statements are based on current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements.