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Commerce Bancshares vs Associated Banc-Corp: CBSH and ASB compared
Commerce Bancshares is the larger company: $494M of revenue in its latest quarter (Q3 2026) against $464M for Associated Banc-Corp (Q3 2026). Associated Banc-Corp is growing faster (+20% against +12% a year earlier). Commerce Bancshares is more profitable, with an operating margin of 41.0% against 40.9%.
Where the money goes: CBSH and ASB
Commerce Bancshares (CBSH) · Q3 2026
Commerce Bancshares, Q3 2026: revenue $494M (+12% year over year), operating margin 41.0%, net earnings $155M, operating cash flow $221M. The chart follows the revenue to costs, profit and cash.
Associated Banc-Corp (ASB) · Q3 2026
Associated Banc-Corp, Q3 2026: revenue $464M (+20% year over year), operating margin 40.9%, net earnings $147M, operating cash flow $329M. The chart follows the revenue to costs, profit and cash.
| Commerce Bancshares (CBSH) | Associated Banc-Corp (ASB) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $494M | $464M |
| Revenue growth, Y/Y | +12% | +20% |
| Operating margin | 41.0% | 40.9% |
| Net earnings | $155M | $147M |
| Net margin | 31.4% | 31.6% |
| Operating cash flow | $221M | $329M |
| Free cash flow | $181M | — |
| Market value | $7.8B | $5.9B |
| P/E | 13.1× | 10.8× |
| Analysts’ mean target | $64.28 | $34.50 |
Where the revenue comes from
Commerce Bancshares
- Net interest income: $309M (62%)
- Noninterest income: $185M (38%)
Associated Banc-Corp
- Net interest income: $377M (81%)
- Noninterest income: $87.1M (19%)
Questions
Which is bigger, Commerce Bancshares or Associated Banc-Corp?
Commerce Bancshares is the larger company: $494M of revenue in its latest quarter (Q3 2026) against $464M for Associated Banc-Corp (Q3 2026).
Is Commerce Bancshares or Associated Banc-Corp growing faster?
Associated Banc-Corp is growing faster (+20% against +12% a year earlier).
Which is more profitable, Commerce Bancshares or Associated Banc-Corp?
Commerce Bancshares is more profitable, with an operating margin of 41.0% against 40.9%.
More: Commerce Bancshares earnings · how Commerce Bancshares makes money · Associated Banc-Corp earnings · how Associated Banc-Corp makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-Q filed Oct 27, 2026). Fiscal quarters can end on different dates. Not investment advice.