Exhibit 99.1

FOR IMMEDIATE RELEASE:
Thursday, April 12, 2007

COMMERCE BANCSHARES, INC. REPORTS FIRST QUARTER
EARNINGS PER SHARE OF $.73

     Commerce Bancshares, Inc. announced earnings of $.73 per share for the three months ended March 31, 2007, a decrease of 1.4% compared to $.74 per share in the first quarter of 2006. Net income for the first quarter amounted to $51.5 million compared with $52.9 million in the same period last year, or a decrease of 2.7%. The return on average assets for the three months ended March 31, 2007 was 1.4%, and the return on average equity was 14.4%.

     In announcing these results, David W. Kemper, Chairman and CEO, said, “Net income for the quarter was down slightly from the same quarter last year due mainly to slower growth in non-interest income and normalized credit losses. However, we were pleased with 6% year over year growth in net interest income. This growth resulted from a 13% increase in average loans outstanding coupled with deposit growth of 7% and included the effects of two recent bank acquisitions. Excluding the impact of these acquisitions, net interest income grew 4% over the prior year. While deposit account fee income was flat, we continue to experience double-digit revenue growth in our debit and corporate credit card businesses.”

     Mr. Kemper continued, “Asset quality remained strong with net loan charge-offs totaling .34% this quarter. Commercial loan losses continue at low levels and our loan portfolio does not have any exposure to sub-prime lending products.”

     Total assets at March 31, 2007 were $15.2 billion, total loans were $10.3 billion, and total deposits were $11.9 billion. The allowance for loan losses totaled $131.7 million, or 1.33% of total outstanding loans at the end of the first quarter. The Company has now completed its acquisition of South Tulsa Financial Corporation, Tulsa, Oklahoma, a one-bank holding company with loans of $114 million and deposits of $105 million, and on April 3, 2007 the Company announced plans to acquire Commerce Bank, Denver, Colorado with loans of $70 million and deposits of $75 million. It is expected that this transaction will be completed in the second or third quarter of 2007. Also during the quarter, the Company purchased approximately 950 thousand shares of its common stock through its treasury stock buyback plan and announced a 7.3% increase in its cash dividend paid to shareholders.

(more)

     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 360 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.

     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.

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


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)	12/31/06			3/31/07			3/31/06
Non-Accrual Loans	$	16,708		$	17,022		$	8,750
Foreclosed Real Estate	$	1,515		$	1,034		$	1,870
Total Non-Performing Assets	$	18,223		$	18,056		$	10,620
Non-Performing Assets to Loans		.18	%		.18	%		.12	%
Non-Performing Assets to Total Assets		.12	%		.12	%		.08	%
Loans 90 Days & Over Past Due — Still Accruing	$	20,376		$	19,566		$	15,288

COMMERCE BANCSHARES, INC. and SUBSIDIARIES
FINANCIAL HIGHLIGHTS

	For the Three Months Ended
	December 31			March 31			March 31
(Unaudited)	2006			2007			2006
Financial Summary (In thousands, except per share data)
Net interest income	$	134,232		$	131,479		$	123,735
Taxable equivalent net interest income		136,605			133,694			125,088
Non-interest income		90,030			84,284			87,045
Investment securities gains, net		24			3,895			2,403
Provision for loan losses		7,970			8,161			4,432
Non-interest expense		133,610			136,419			129,961
Net income		57,017			51,496			52,944
Cash dividends		16,463			17,359			16,379
Net total loan charge-offs		8,074			8,161			4,411
Net business charge-offs (recoveries)		(126	)		704			(1,081	)
Net credit card charge-offs		5,131			5,813			3,748
Net personal banking charge-offs (1)		2,217			1,965			1,649
Net real estate charge-offs (recoveries)		118			(501	)		(255	)
Net overdraft charge-offs		734			180			350
Per share:
Net income — basic	$	0.81		$	0.74		$	0.75
Net income — diluted	$	0.80		$	0.73		$	0.74
Cash dividends	$	0.233		$	0.250		$	0.233
Diluted wtd. average shares o/s		71,372			70,494			71,323
RATIOS
Average loans to deposits (2)		85.83	%		87.77	%		83.32	%
Return on total average assets		1.51	%		1.38	%		1.57	%
Return on total average stockholders’ equity		15.52	%		14.41	%		16.14	%
Non-interest income to revenue (3)		40.15	%		39.06	%		41.30	%
Efficiency ratio (4)		59.12	%		62.79	%		61.66	%
AT PERIOD END
Book value per share based on total stockholders’ equity	$	20.62		$	20.86		$	18.80
Market value per share	$	48.41		$	48.31		$	49.21
Allowance for loan losses as a percentage of loans		1.36	%		1.33	%		1.46	%
Tier I leverage ratio		9.05	%		8.94	%		9.43	%
Common shares outstanding		69,952,544			69,331,829			70,114,979
Shareholders of record		4,739			4,679			4,505
Number of bank/ATM locations		354			359			344
Number of bank charters		3			3			3
Full-time equivalent employees		4,932			5,030			4,863

OTHER YTD INFORMATION	March 31		March 31
	2007		2006
High market value per share	$	50.77	$	50.03
Low market value per share	$	46.59	$	46.80

(1)	Includes net charge-offs on consumer and home equity loans
(2)	Average loans include loans held for sale.
(3)	Revenue includes net interest income and non-interest income.
(4)	The efficiency ratio is calculated as non-interest expense (excluding intangibles amortization) as a percent of revenue.

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)	2006		2007		2006
INTEREST INCOME
Interest and fees on loans	$	180,655	$	182,623	$	149,874
Interest on investment securities		40,370		38,419		37,130
Interest on federal funds sold and securities purchased under agreements to resell		7,134		7,225		1,623
Total interest income		228,159		228,267		188,627
INTEREST EXPENSE
Interest on deposits:
Savings, interest checking and money market		27,532		27,637		19,607
Time open and C.D.’s of less than $100,000		26,007		26,565		16,731
Time open and C.D.’s of $100,000 and over		15,582		16,913		13,187
Interest on other borrowings		24,806		25,673		15,367
Total interest expense		93,927		96,788		64,892
Net interest income		134,232		131,479		123,735
Provision for loan losses		7,970		8,161		4,432
Net interest income after provision for loan losses		126,262		123,318		119,303
NON-INTEREST INCOME
Deposit account charges and other fees		29,323		26,511		27,497
Bank card transaction fees		25,475		23,083		21,708
Trust fees		18,564		18,653		17,819
Trading account profits and commissions		1,918		1,861		2,565
Consumer brokerage services		2,318		3,043		2,389
Loan fees and sales		2,059		1,285		3,743
Other		10,373		9,848		11,324
Total non-interest income		90,030		84,284		87,045
INVESTMENT SECURITIES GAINS, NET		24		3,895		2,403
NON-INTEREST EXPENSE
Salaries and employee benefits		73,140		76,900		71,725
Net occupancy		11,060		11,790		10,977
Equipment		6,536		6,433		5,949
Supplies and communication		8,332		8,506		8,393
Data processing and software		13,054		11,231		12,393
Marketing		3,945		4,318		4,318
Other		17,543		17,241		16,206
Total non-interest expense		133,610		136,419		129,961
Income before income taxes		82,706		75,078		78,790
Less income taxes		25,689		23,582		25,846
NET INCOME	$	57,017	$	51,496	$	52,944
Net income per share — basic	$	0.81	$	0.74	$	0.75
Net income per share — diluted	$	0.80	$	0.73	$	0.74
Cash dividends per common share	$	0.233	$	0.250	$	0.233

COMMERCE BANCSHARES, INC. and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(Unaudited)	December 31			March 31			March 31
(In thousands)	2006			2007			2006
ASSETS
Loans	$	9,681,520		$	9,903,568		$	8,800,497
Allowance for loan losses		(131,730	)		(131,730	)		(128,468	)
Net loans		9,549,790			9,771,838			8,672,029
Loans held for sale		278,598			363,052			337,742
Investment securities:
Available for sale		3,415,440			3,243,687			3,401,823
Trading		6,676			11,753			25,559
Non-marketable		74,207			78,605			84,353
Total investment securities		3,496,323			3,334,045			3,511,735
Federal funds sold and securities purchased under agreements to resell		527,816			466,810			89,385
Cash and due from banks		626,500			519,138			484,456
Land, buildings and equipment — net		386,095			389,714			368,209
Goodwill		97,643			99,158			48,522
Other intangible assets — net		19,633			16,207			45
Other assets		247,951			234,835			218,999
Total assets	$	15,230,349		$	15,194,797		$	13,731,122
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing demand	$	1,312,400		$	1,354,160		$	1,418,387
Savings, interest checking and money market		6,879,047			6,804,397			6,449,831
Time open and C.D.’s of less than $100,000		2,302,567			2,326,353			1,925,755
Time open and C.D.’s of $100,000 and over		1,250,840			1,447,633			1,360,383
Total deposits		11,744,854			11,932,543			11,154,356
Federal funds purchased and securities sold under agreements to repurchase		1,771,282			1,633,884			901,923
Other borrowings		53,934			39,235			258,616
Other liabilities		218,165			143,120			97,982
Total liabilities		13,788,235			13,748,782			12,412,877
Stockholders’ equity:
Preferred stock		—			—			—
Common stock		352,330			352,330			347,049
Capital surplus		427,421			421,983			384,535
Retained earnings		683,176			717,759			729,586
Treasury stock		(20,613	)		(52,134	)		(128,662	)
Accumulated other comprehensive income (loss)		(200	)		6,077			(14,263	)
Total stockholders’ equity		1,442,114			1,446,015			1,318,245
Total liabilities and stockholders’ equity	$	15,230,349		$	15,194,797		$	13,731,122

COMMERCE BANCSHARES, INC. and SUBSIDIARIES
AVERAGE BALANCES

	For the Three Months Ended
(Unaudited)	December 31			March 31			March 31
(Dollars in thousands)	2006			2007			2006
Loans:
Business	$	2,805,946		$	2,988,157		$	2,542,482
Real estate — construction		627,631			646,396			441,489
Real estate — business		2,160,705			2,147,329			1,971,197
Real estate — personal		1,505,342			1,503,649			1,358,445
Consumer		1,411,988			1,463,383			1,288,378
Home equity		443,290			435,291			447,188
Student		300,331			336,233			359,961
Credit card		611,579			632,945			577,537
Overdrafts		13,329			12,300			20,114
Total loans		9,880,141			10,165,683			9,006,791
Investment securities (excluding unrealized gains and losses):
Available for sale		3,440,245			3,329,159			3,531,600
Trading		15,471			18,555			19,012
Non-marketable		83,938			77,513			84,007
Total investment securities		3,539,654			3,425,227			3,634,619
Federal funds sold and securities purchased under agreements to resell		530,275			556,370			141,750
Total interest earning assets		13,950,070			14,147,280			12,783,160
Total assets		14,999,722			15,173,833			13,706,253
Deposits:
Non-interest bearing deposits		664,017			619,858			597,492
Interest bearing deposits:
Savings		400,737			397,406			383,869
Interest checking		179,332			165,285			165,531
Money market		6,682,961			6,716,338			6,494,964
Time open & C.D.’s of less than $100,000		2,293,197			2,308,183			1,881,277
Time open & C.D.’s of $100,000 and over		1,291,430			1,375,250			1,286,151
Total interest bearing deposits		10,847,657			10,962,462			10,211,792
Total deposits		11,511,674			11,582,320			10,809,284
Borrowings:
Federal funds purchased and securities sold under agreements to repurchase		1,792,832			1,969,041			1,226,822
Long-term debt and other borrowings		104,488			50,432			260,580
Total borrowings		1,897,320			2,019,473			1,487,402
Total interest bearing liabilities		12,744,977			12,981,935			11,699,194
Total stockholders’ equity		1,457,813			1,449,546			1,330,334
Net yield on interest earning assets (tax-equivalent basis)		3.89	%		3.83	%		3.97	%

COMMERCE BANCSHARES, INC.
Management Discussion of First Quarter Results
March 31, 2007

For the quarter ended March 31, 2007, net income amounted to $51.5 million, a decrease of 2.7% from the same quarter last year. For the current quarter, the return on average assets was 1.4%, the return on average equity was 14.4%, and the efficiency ratio was 62.8%.

Balance Sheet Review

During the 1^st quarter of 2007, average loans increased $285.5 million, or 2.9%, compared to the previous quarter, representing annualized growth of 11.6%. Also, average loans increased $1.2 billion, or 12.9%, during the 1^st quarter of 2007 compared to the 1^st quarter of 2006. The increase in average loans compared with the previous quarter reflected growth in both the commercial and consumer loan portfolios, and mainly consisted of growth in business ($182.2 million), construction ($18.8 million), consumer ($51.4 million) and student loans ($35.9 million) as demand remained solid. Included in the current quarter were loans totaling $357.6 million relating to two bank acquisitions (West Pointe and Boone) that were completed in the 3^rd quarter of 2006 and were not in last year’s 1^st quarter results.

Available for sale investment securities, excluding fair value adjustments, decreased on average by $111.1 million, or 3.2%, this quarter compared with the previous quarter. During the current quarter, maturities and principal paydowns of securities totaled $301.7 million, while the Company reinvested $118.6 million of these proceeds in federal agency, mortgage-backed and municipal securities. There were no available for sale securities sold during the current quarter.

Total average deposits increased by $70.6 million, or .6%, during the 1^st quarter of 2007 compared to the previous quarter. Compared to the 1^st quarter of 2006, average deposits grew by $773.0 million, or 7.2%, which included the two bank acquisitions completed in the 3^rd quarter of last year with approximately $432.2 million in average deposits. Compared to the previous quarter, the growth in average deposits resulted from an increase in money market accounts ($33.4 million) and certificates of deposit ($98.8 million), partly offset by reductions in business demand accounts ($47.4 million) and interest checking accounts ($14.0 million). The average loans to deposits ratio in the current quarter was 87.8%, compared to 85.8% in the previous quarter.

Average borrowings increased $122.2 million in the current quarter compared to the prior quarter, mainly due to a $251.1 million increase in federal funds purchased, partly offset by a reduction in repurchase agreement liabilities ($74.8 million) and a decline in borrowings from the Federal Home Loan Bank ($53.8 million).

Net Interest Income

Net interest income in the 1^st quarter of 2007 amounted to $131.5 million, a decrease of $2.8 million, or 2.1%, compared with the previous quarter and an increase of $7.7 million, or 6.3%, compared to the 1^st quarter of last year. During the 1^st quarter of 2007, the net yield on earning assets (tax-equivalent) was 3.83%, compared with 3.89% in the previous quarter and 3.97% in the same period last year.

The decrease of $2.8 million in net interest income in the 1^st quarter of 2007 from the previous quarter was primarily the result of fewer days in the quarter, coupled with a decline in average balances of investment securities and higher average balances of interest bearing deposits and short-term borrowings. Interest income on loans grew by $2.0 million this quarter mainly due to higher average balances on business, consumer and credit card loans coupled with relatively stable rates. The decline in interest income on investment securities of $2.0 million resulted mainly from lower average balances of short-term money market investments (which were earning higher rates in the portfolio) and lower average balances of mortgage and asset-backed securities. In addition, past due interest of $1.5 million on a debt investment held by a private equity subsidiary was recorded in the previous quarter, which did not re-occur in the current quarter. Interest expense on deposits grew $2.0 million in the 1^st quarter of 2007 compared with the previous quarter, of which $1.9 million resulted from both higher balances and rates paid on certificates of deposit. Also, interest expense on other borrowings increased by $867 thousand due to higher average balances of federal funds purchased and relatively stable interest rates.

During the current quarter, the overall tax equivalent yield on interest earning assets increased 5 basis points to 6.61%, while the overall cost of interest bearing liabilities increased 10 basis points to 3.02%.

Non-Interest Income

For the 1^st quarter of 2007, total non-interest income amounted to $84.3 million, a decrease of 3.2% compared to $87.0 million in the same period last year, and a decrease of 6.4% compared to $90.0 million recorded in the previous quarter. The decline in non-interest income from the 1^st quarter of last year resulted mainly from lower deposit account fees and fewer gains on sales of student loans, but was offset by growth in bank card, trust and brokerage fee income. Bank card fees for the quarter increased 6.3% over the same period last year, primarily due to higher fees earned on debit and corporate card transactions, which grew by 10.2% and 18.2%, respectively. Merchant fees, included in bank card revenues, decreased 4.7%, reflecting slightly lower pricing margins and the loss of a large merchant customer last year. Trust fees for the quarter increased 4.7% over the same quarter last year as a result of higher fees on personal and corporate trust accounts. Deposit account income declined $986 thousand due mainly to lower overdraft fees resulting from lower transaction volumes.

COMMERCE BANCSHARES, INC.
Management Discussion of First Quarter Results
March 31, 2007

During the current quarter, gains on sales of student loans totaled $219 thousand, compared with $2.7 million in the same period last year and $921 thousand in the previous quarter. Other non-interest income in the 1^st quarter of 2006 included $1.2 million in income from an equity investment which did not re-occur in the current quarter. The ratio of non-interest income to total revenue was 39.1% in the 1^st quarter of 2007.

Investment Securities Gains and Losses

Net securities gains amounted to $3.9 million in the 1^st quarter of 2007, compared to $2.4 million in the same quarter last year and $24 thousand in the previous quarter. These gains primarily represented fair value adjustments on certain investments held by the Company’s private equity subsidiaries. There were no realized gains or losses on the Company’s available for sale investment securities portfolio in the current quarter.

Non-Interest Expense

Non-interest expense for the current quarter amounted to $136.4 million, an increase of $6.5 million, or 5.0%, compared with amounts recorded in the same period last year, and was 2.1% higher than amounts recorded in the prior quarter. Excluding the effects of the bank acquisitions mentioned above, non-interest expense in the current quarter grew by 2.5% over the same period last year. Compared to the 1^st quarter of last year, salaries and benefits expense increased $5.2 million, or 7.2%, mainly as a result of merit increases and the effects of the previously mentioned bank acquisitions which increased salaries and benefits by approximately $1.3 million during the quarter. Full-time equivalent employees totaled 5,030 and 4,863 at March 31, 2007 and 2006, respectively.

Occupancy costs increased 7.4% over the same quarter last year due to higher seasonal maintenance costs and the effects of bank acquisitions, while equipment expenses increased 8.1% due to small equipment and maintenance costs and bank acquisitions. Higher supplies and postage costs resulted in a 1.3% increase in supplies and communication costs, while data processing software costs were down 9.4% as a result of lower negotiated fees on bank card transactions and lower outside data processing costs. Included in other expense in the current quarter was intangible asset amortization of $934 thousand resulting from the previously mentioned bank acquisitions, which did not occur last year.

Income Taxes

The effective tax rate for the Company was 31.4% for the current quarter, compared with a rate of 31.1% in the previous quarter and 32.8% in the 1^st quarter of 2006.

Credit Quality

Net loan charge-offs for the 1^st quarter of 2007 amounted to $8.2 million, compared with $8.1 million in the prior quarter and $4.4 million in the 1^st quarter of last year. The increase in net charge-offs in the 1^st quarter of 2007 compared to the previous quarter was the result of higher credit card net loan charge-offs, partly offset by slightly lower personal banking net loan charge-offs and a $600 thousand business real estate loan recovery. The lower levels of personal and credit card net loan charge-offs in the 1^st quarter of 2006 were related to the changes to bankruptcy laws occurring late in 2005, resulting in lower loan charge-off results in the first half of 2006. Year-to-date, the ratio of net loan charge-offs to total average loans was .34% compared to .21% last year.

For the 1^st quarter of 2007, annualized net charge-offs on average credit card loans were 3.72%, compared with 3.33% in the previous quarter and 2.63% in the same period last year. Additionally, personal banking loan net charge-offs for the quarter amounted to .42% of average personal loans compared to .47% in the previous quarter and .39% in the same period last year. The provision for loan losses for the quarter totaled $8.2 million, and was $191 thousand higher than the previous quarter and $3.7 million higher than the 1^st quarter of 2006. The allowance for loan losses at March 31, 2007 amounted to $131.7 million, or 1.33% of total loans.

Total non-performing assets amounted to $18.1 million, a decrease of $167 thousand from the previous quarter and .18% of loans outstanding. Non-performing assets are comprised of non-accrual loans ($17.0 million) and foreclosed real estate ($1.0 million). Loans past due more than 90 days and still accruing interest totaled $19.6 million at March 31, 2007.

Other

The Company maintains a treasury stock buyback program. Effective February 2007, the Company was authorized by the Board of Directors to repurchase up to 4 million shares of its common stock. During the quarter ended March 31, 2007, the Company purchased 950 thousand shares of treasury stock at an average cost of $49.81 per share. Also during the quarter, the Board of Directors increased the Company’s cash dividend by 7.3% to $0.25 per share. On March 30, 2007 the Company announced that it had completed its purchase of South Tulsa Financial Corporation, Tulsa, Oklahoma, which was effective April 1, 2007. On April 3, 2007 the Company announced plans to acquire Commerce Bank, Denver, Colorado which has one location and loans and deposits of $70.0 million and $75.5 million, respectively. It is expected that this transaction will be completed in the 2^nd or 3^rd quarter of 2007.

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.