Commerce Bancshares Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Commerce Bancshares Inc. filed its 2023 annual report (10-K) on February 22, 2024, detailing its financial performance for the fiscal year ending December 31, 2023.</b>

AI Summary

COMMERCE BANCSHARES INC /MO/ (CBSH) filed a Annual Report (10-K) with the SEC on February 22, 2024. Commerce Bancshares Inc. filed its 2023 Form 10-K on February 22, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is commercial banking. Commerce Bancshares Inc. is incorporated in Missouri. The company's business address is 1000 Walnut, Kansas City, MO.

Why It Matters

For investors and stakeholders tracking COMMERCE BANCSHARES INC /MO/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Commerce Bancshares' financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's stability and growth prospects. As a publicly traded entity, the timely filing of this report is a regulatory requirement, ensuring transparency and providing stakeholders with essential information for investment decisions and market analysis.

Risk Assessment

Risk Level: low — COMMERCE BANCSHARES INC /MO/ shows low risk based on this filing. The filing is a standard annual report (10-K) for a well-established public company, indicating routine disclosure rather than immediate material events.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Commerce Bancshares' performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-22 — Filing Date (Date of submission)
• 180 — Public Document Count (Number of documents in the filing)
• 64106 — ZIP Code (Business address ZIP code)

Key Players & Entities

• COMMERCE BANCSHARES INC /MO/ (company) — Filer name
• CBSH (company) — Ticker symbol
• 2024-02-22 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 6022 (industry) — Standard Industrial Classification for State Commercial Banks
• MO (location) — State of incorporation and business address
• 1000 WALNUT (address) — Business street address
• KANSAS CITY (location) — Business city

FAQ

Industry Context

Commerce Bancshares operates within the commercial banking industry, a sector characterized by interest rate sensitivity, regulatory oversight, and competition.

Regulatory Implications

As a commercial bank, Commerce Bancshares is subject to extensive regulation by federal and state authorities, including the Federal Reserve and state banking departments, impacting its operations and capital requirements.

What Investors Should Do

1. Analyze the consolidated financial statements for the fiscal year ended December 31, 2023.
2. Review management's discussion and analysis of financial condition and results of operations.
3. Examine the risk factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2024-02-22: 10-K Filing — Submission of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date of the reporting period covered by the 10-K.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year 2023, providing a year-end summary of the company's financial performance and position.

Key Financial Figures

• $5 — ) Name of exchange on which registered $5 Par Value Common Stock CBSH NASDAQ Glo
• $31.7 b — the Company had consolidated assets of $31.7 billion, loans of $17.2 billion, deposits
• $17.2 b — dated assets of $31.7 billion, loans of $17.2 billion, deposits of $25.4 billion, and e
• $25.4 b — on, loans of $17.2 billion, deposits of $25.4 billion, and equity of $3.0 billion. The
• $3.0 billion — eposits of $25.4 billion, and equity of $3.0 billion. The Company's principal markets, which
• $50 billion — an increase in the asset threshold from $50 billion to $250 billion, above which the Federa
• $250 b — the asset threshold from $50 billion to $250 billion, above which the Federal Reserve
• $10 billion — depository institutions with less than $10 billion in consolidated assets; modifications t
• $250 billion — d bank holding companies with less than $250 billion in assets. Most of these provisions aff
• $250,000 — ured up to applicable limits (generally $250,000 per depositor for each account ownershi
• $16.0 million — of its final rule, the Company accrued $16.0 million in the fourth quarter of 2023 for the o
• $33.2 million — Company's deposit insurance expense was $33.2 million. Payment of Dividends The Federal Re

Filing Documents

• cbsh-20231231.htm (10-K) — 6302KB
• exhibit42descriptionofcapi.htm (EX-4.2) — 33KB
• cbsh12312023ex21q4.htm (EX-21) — 11KB
• cbsh12312023ex23q4.htm (EX-23) — 2KB
• cbsh12312023ex24q4.htm (EX-24) — 8KB
• cbsh12312023ex311.htm (EX-31.1) — 9KB
• cbsh12312023ex312.htm (EX-31.2) — 9KB
• cbsh12312023ex32.htm (EX-32) — 7KB
• cbsh12312023ex97.htm (EX-97) — 38KB
• cbsh-20231231_g1.jpg (GRAPHIC) — 102KB
• cbsh-20231231_g2.gif (GRAPHIC) — 1KB
• cbsh-20231231_g3.jpg (GRAPHIC) — 3KB
• 0000022356-24-000013.txt (&nbsp;) — 29618KB
• cbsh-20231231.xsd (EX-101.SCH) — 185KB
• cbsh-20231231_cal.xml (EX-101.CAL) — 225KB
• cbsh-20231231_def.xml (EX-101.DEF) — 750KB
• cbsh-20231231_lab.xml (EX-101.LAB) — 1814KB
• cbsh-20231231_pre.xml (EX-101.PRE) — 1234KB
• cbsh-20231231_htm.xml (XML) — 6501KB

Business

Business 3 Item 1a.

Risk Factors

Risk Factors 9 Item 1b. Unresolved Staff Comments 15 Item 1c. Cybersecurity 15 Item 2.

Properties

Properties 18 Item 3.

Legal Proceedings

Legal Proceedings 18 Item 4. Mine Safety Disclosures 18 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 Item 6. RESERVED 21 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7a.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 65 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 65 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 141 Item 9a.

Controls and Procedures

Controls and Procedures 141 Item 9b. Other Information 143 Item 9c. Disclosure regarding Foreign Jurisdictions that Prevent Inspections 143 PART III Item 10. Directors, Executive Officers and Corporate Governance 143 Item 11.

Executive Compensation

Executive Compensation 143 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 143 Item 13. Certain Relationships and Related Transactions, and Director Independence 143 Item 14. Principal Accounting Fees and Services 143 PART IV Item 15. Exhibits and Financial Statement Schedules 144 Item 16. Form 10-K Summary 145

Signatures

Signatures 146 2 Table of Contents PART I

BUSINESS

Item 1. BUSINESS General Commerce Bancshares, Inc., a bank holding company as defined in the Bank Holding Company Act of 1956, as amended, was incorporated under the laws of Missouri on August 4, 1966. Through a second tier wholly-owned bank holding company, it owns all the outstanding capital stock of Commerce Bank (the "Bank"), which is headquartered in Missouri. The Bank engages in general banking business, providing a broad range of retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses. Commerce Bancshares, Inc. also owns, directly or through the Bank, various non-banking subsidiaries. Their activities include private equity investment, securities brokerage, insurance agency, specialty lending, and leasing activities. A list of Commerce Bancshares, Inc.'s subsidiaries is included as Exhibit 21. Commerce Bancshares, Inc. and its subsidiaries (collectively, the "Company") is one of the nation's top 50 bank holding companies, based on asset size. At December 31, 2023, the Company had consolidated assets of $31.7 billion, loans of $17.2 billion, deposits of $25.4 billion, and equity of $3.0 billion. The Company's principal markets, which are served by 141 branch facilities, are located throughout Missouri, Kansas, and central Illinois, as well as Tulsa and Oklahoma City, Oklahoma and Denver, Colorado. Its two largest markets are St. Louis and Kansas City, which serve as central hubs for the Company. The Company also has offices in Dallas, Houston, Cincinnati, Nashville, Des Moines, Indianapolis, Grand Rapids, and Naples that support customers in its commercial and/or wealth segments and operates a commercial payments business with sales representatives covering the continental United States of America ("U.S."). The Company's goal is to be the preferred provider of financial services in its communities, based on strong customer relationships built through providing top quality service wi

View Full Filing

View this 10-K filing on SEC EDGAR