Commerce Bancshares Files Q2 2024 10-Q
Ticker: CBSH · Form: 10-Q · Filed: Aug 6, 2024 · CIK: 22356
Sentiment: neutral
Topics: 10-Q, financials, banking
Related Tickers: CBSH
TL;DR
CBSH Q2 24 10-Q filed. Financials look solid.
AI Summary
Commerce Bancshares Inc. reported its financial results for the period ending June 30, 2024. The company's filing indicates a fiscal year end of December 31st and provides data for various financial metrics, including interest income and expense, common stock, and retained earnings. Specific dollar amounts and dates are detailed within the full filing.
Why It Matters
This filing provides investors with an update on Commerce Bancshares' financial performance and position, crucial for understanding the bank's health and future prospects.
Risk Assessment
Risk Level: low — This is a routine quarterly filing providing standard financial disclosures for a publicly traded company.
Key Numbers
- 20240630 — Period End Date (Indicates the end of the reporting quarter.)
- 20240806 — Filing Date (Shows when the report was officially submitted to the SEC.)
- 1231 — Fiscal Year End (Defines the end of the company's annual accounting period.)
Key Players & Entities
- COMMERCE BANCSHARES INC /MO/ (company) — Filer
- 0000022356 (company) — Central Index Key
- 20240630 (date) — Period of Report
- 20240806 (date) — Filed as of Date
- 8162342000 (dollar_amount) — Business Phone
FAQ
What were Commerce Bancshares' total assets as of June 30, 2024?
The filing indicates the period of report is June 30, 2024, but specific total asset figures are not provided in this header data.
What is Commerce Bancshares' primary business activity?
Commerce Bancshares Inc. is classified under 'Commercial Banks' with SIC code 6022.
When did Commerce Bancshares file this 10-Q report?
This 10-Q report was filed on August 6, 2024.
What is the company's state of incorporation?
Commerce Bancshares Inc. is incorporated in Missouri (MO).
What is the SEC file number for Commerce Bancshares?
The SEC file number for Commerce Bancshares is 001-36502.
Filing Stats: 4,501 words · 18 min read · ~15 pages · Grade level 17.1 · Accepted 2024-08-06 14:05:47
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 1,010,251 930,432 Certificates of depo
Filing Documents
- cbsh-20240630.htm (10-Q) — 4670KB
- cbsh6302024ex311.htm (EX-31.1) — 9KB
- cbsh6302024ex312.htm (EX-31.2) — 9KB
- cbsh6302024ex32.htm (EX-32) — 6KB
- 0000022356-24-000047.txt ( ) — 22166KB
- cbsh-20240630.xsd (EX-101.SCH) — 110KB
- cbsh-20240630_cal.xml (EX-101.CAL) — 139KB
- cbsh-20240630_def.xml (EX-101.DEF) — 515KB
- cbsh-20240630_lab.xml (EX-101.LAB) — 1066KB
- cbsh-20240630_pre.xml (EX-101.PRE) — 811KB
- cbsh-20240630_htm.xml (XML) — 5650KB
Financial Statements
Financial Statements Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Income for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Equity for the Three and Six Months Ended June 30, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2024 and 2023 (unaudited) 8
Notes to Consolidated Financial Statements
Notes to Consolidated Financial Statements 9 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 50 Item 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 76 Item 4.
Controls and Procedures
Controls and Procedures 76 Part II Other Information Item 1.
Legal Proceedings
Legal Proceedings 77 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 77 Item 5. Other Information 77 Item 6. Exhibits 77
Signatures
Signatures 78 2 Table of Contents
: FINANCIAL INFORMATION
PART I: FINANCIAL INFORMATION
FINANCIAL STATEMENTS
Item 1. FINANCIAL STATEMENTS Commerce Bancshares, Inc. and Subsidiaries CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (Unaudited) (In thousands) ASSETS Loans $ 17,163,065 $ 17,205,479 Allowance for credit losses on loans ( 158,557 ) ( 162,395 ) Net loans 17,004,508 17,043,084 Loans held for sale (including $ 2,186,000 and $ 1,585,000 of residential mortgage loans carried at fair value at June 30, 2024 and December 31, 2023, respectively) 2,930 4,177 Investment securities: Available for sale debt, at fair value (amortized cost of $ 9,608,044,000 and $ 10,904,765,000 at June 30, 2024 and December 31, 2023, respectively, and allowance for credit losses of $ — at both June 30, 2024 and December 31, 2023) 8,534,271 9,684,760 Trading debt 45,499 28,830 Equity 113,584 12,701 Other 223,798 222,473 Total investment securities 8,917,152 9,948,764 Federal funds sold — 5,025 Securities purchased under agreements to resell 475,000 450,000 Interest earning deposits with banks 2,215,057 2,239,010 Cash and due from banks 329,692 443,147 Premises and equipment – net 467,256 469,059 Goodwill 146,539 146,539 Other intangible assets – net 13,801 14,179 Other assets 997,423 938,077 Total assets $ 30,569,358 $ 31,701,061 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Non-interest bearing $ 7,492,751 $ 7,975,935 Savings, interest checking and money market 14,367,710 14,512,273 Certificates of deposit of less than $100,000 1,010,251 930,432 Certificates of deposit of $100,000 and over 1,408,548 1,945,258 Total deposits 24,279,260 25,363,898 Federal funds purchased and securities sold under agreements to repurchase 2,551,399 2,908,815 Other borrowings 3,984 1,404 Other liabilities 576,380 462,714 Total liabilities 27,411,023 28,736,831 Commerce Bancshares, Inc. stockholders' equity: Common stock, $ 5 par value Authorized 190,000,000 ; issued 131,064,418 shares at both June 30, 2024 and December 31, 2023 655,322 655,322 Capital
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS June 30, 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 six month period ended June 30, 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 con