Commerce Bancshares Inc. Files Q1 2024 10-Q Report

TL;DR

<b>Commerce Bancshares Inc. filed its Q1 2024 10-Q report on May 8, 2024.</b>

AI Summary

COMMERCE BANCSHARES INC /MO/ (CBSH) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Commerce Bancshares Inc. filed its quarterly report on Form 10-Q for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's Central Index Key (CIK) is 0000022356. Commerce Bancshares Inc. is incorporated in Missouri (MO) and operates under the Standard Industrial Classification code 6022 for State Commercial Banks. The filing was submitted on May 8, 2024.

Why It Matters

For investors and stakeholders tracking COMMERCE BANCSHARES INC /MO/, this filing contains several important signals. This 10-Q filing provides the latest financial and operational details for Commerce Bancshares Inc. for the first quarter of 2024, crucial for investors and analysts tracking the company's performance. The report details the company's financial position and results of operations, offering insights into its banking activities and market standing within the commercial banking sector.

Risk Assessment

Risk Level: low — COMMERCE BANCSHARES INC /MO/ shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain unusual or high-risk information, representing routine disclosure for a publicly traded company.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Commerce Bancshares' Q1 2024 performance and outlook.

Key Numbers

• 20240331 — Conformed Period of Report (End of reporting period)
• 20240508 — Filed as of Date (Date of filing)
• 001-36502 — SEC File Number (SEC filing identifier)
• 24926712 — Film Number (SEC film identifier)

Key Players & Entities

• COMMERCE BANCSHARES INC /MO/ (company) — Filer name
• 0000022356 (company) — Central Index Key
• 6022 (regulator) — Standard Industrial Classification for State Commercial Banks
• MO (company) — State of Incorporation
• 1000 WALNUT (company) — Business Address Street 1
• KANSAS CITY (company) — Business Address City
• MO (company) — Business Address State
• 64106 (company) — Business Address ZIP

FAQ

Industry Context

Commerce Bancshares Inc. operates within the State Commercial Banks industry, a sector characterized by interest income, loan portfolios, and regulatory oversight.

Regulatory Implications

As a state-chartered commercial bank, Commerce Bancshares is subject to regulations from state banking authorities and federal agencies like the Federal Reserve and FDIC.

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review management's discussion and analysis for insights into business trends.
3. Compare key financial metrics to prior periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the Q1 2024 update, following the Q4 2023 10-K or prior 10-Q filings.

Key Financial Figures

• $5 — ) Name of exchange on which registered $5 Par Value Common Stock CBSH NASDAQ Glob
• $100,000 — 3 Certificates of deposit of less than $100,000 997,979 930,432 Certificates of deposi

Filing Documents

• cbsh-20240331.htm (10-Q) — 3788KB
• cbsh3312024ex311.htm (EX-31.1) — 9KB
• cbsh3312024ex312.htm (EX-31.2) — 9KB
• cbsh3312024ex32.htm (EX-32) — 6KB
• 0000022356-24-000035.txt (&nbsp;) — 19614KB
• cbsh-20240331.xsd (EX-101.SCH) — 108KB
• cbsh-20240331_cal.xml (EX-101.CAL) — 136KB
• cbsh-20240331_def.xml (EX-101.DEF) — 500KB
• cbsh-20240331_lab.xml (EX-101.LAB) — 1041KB
• cbsh-20240331_pre.xml (EX-101.PRE) — 791KB
• cbsh-20240331_htm.xml (XML) — 4845KB

Financial Statements

Financial Statements Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Income for the Three Months Ended March 31, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (unaudited) 7

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 67 Item 4.

Controls and Procedures

Controls and Procedures 67 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 68 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 68 Item 5. Other Information 68 Item 6. Exhibits 68

Signatures

Signatures 69 2 Table of Contents

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

FINANCIAL STATEMENTS

Item 1. FINANCIAL STATEMENTS Commerce Bancshares, Inc. and Subsidiaries CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) (In thousands) ASSETS Loans $ 17,298,840 $ 17,205,479 Allowance for credit losses on loans ( 160,465 ) ( 162,395 ) Net loans 17,138,375 17,043,084 Loans held for sale (including $ 1,185,000 and $ 1,585,000 of residential mortgage loans carried at fair value at March 31, 2024 and December 31, 2023, respectively) 2,328 4,177 Investment securities: Available for sale debt, at fair value (amortized cost of $ 10,388,902,000 and $ 10,904,765,000 at March 31, 2024 and December 31, 2023, respectively, and allowance for credit losses of $ — at both March 31, 2024 and December 31, 2023) 9,141,695 9,684,760 Trading debt 56,716 28,830 Equity 12,852 12,701 Other 229,146 222,473 Total investment securities 9,440,409 9,948,764 Federal funds sold — 5,025 Securities purchased under agreements to resell 225,000 450,000 Interest earning deposits with banks 1,609,614 2,239,010 Cash and due from banks 291,040 443,147 Premises and equipment – net 467,377 469,059 Goodwill 146,539 146,539 Other intangible assets – net 13,918 14,179 Other assets 1,037,508 938,077 Total assets $ 30,372,108 $ 31,701,061 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Non-interest bearing $ 7,513,464 $ 7,975,935 Savings, interest checking and money market 14,463,211 14,512,273 Certificates of deposit of less than $100,000 997,979 930,432 Certificates of deposit of $100,000 and over 1,465,541 1,945,258 Total deposits 24,440,195 25,363,898 Federal funds purchased and securities sold under agreements to repurchase 2,505,576 2,908,815 Other borrowings 2,359 1,404 Other liabilities 460,089 462,714 Total liabilities 27,408,219 28,736,831 Commerce Bancshares, Inc. stockholders' equity: Common stock, $ 5 par value Authorized 190,000,000 ; issued 131,064,418 shares at both March 31, 2024 and December 31, 2023 655,322 655,322 Ca

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS March 31, 2024 (Unaudited) 1. Principles of Consolidation and Presentation The accompanying consolidated financial statements include the accounts of Commerce Bancshares, Inc. and all majority-owned subsidiaries (the Company). Most of the Company's operations are conducted by its subsidiary bank, Commerce Bank (the Bank). The consolidated financial statements in this report have not been audited by an independent registered public accounting firm, but in the opinion of management, all adjustments necessary to present fairly the financial position and the results of operations for the interim periods have been made. All such adjustments are of a normal recurring nature. All significant intercompany accounts and transactions have been eliminated. Certain reclassifications were made to 2023 data to conform to current year presentation. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheets and revenues and expenses for the periods. Actual results could differ significantly from those estimates. Management has evaluated subsequent events for potential recognition or disclosure. The results of operations for the three month period ended March 31, 2024 are not necessarily indicative of results to be attained for the full year or any other interim period. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission. Accordingly, the financial statements do not include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company's most recent Annual Report on Form 10-K, containing the latest audited

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View this 10-Q filing on SEC EDGAR