Commerce Bancshares Q3 2024 Update

TL;DR

CBSH Q3 earnings report filed. Looks solid.

AI Summary

Commerce Bancshares Inc. reported its third-quarter results for the period ending September 30, 2024. The company's filing indicates financial performance and operational details for this period, with the report filed on November 6, 2024.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Commerce Bancshares, Inc., crucial for understanding the bank's health and market position.

Risk Assessment

Risk Level: low — This is a routine quarterly filing (10-Q) for a well-established financial institution, indicating standard reporting practices.

Key Numbers

• 2024-09-30 — Period End Date (The report covers financial data up to this date.)
• 2024-11-06 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• COMMERCE BANCSHARES INC /MO/ (company) — Filer
• 0000022356-24-000056 (other) — Accession Number
• 20240930 (date) — Period of Report
• 20241106 (date) — Filing Date
• 6022 (other) — Standard Industrial Classification

FAQ

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 1,113,962 930,432 Certificates of depo

Filing Documents

• cbsh-20240930.htm (10-Q) — 4743KB
• cbsh9302024ex311.htm (EX-31.1) — 9KB
• cbsh9302024ex312.htm (EX-31.2) — 9KB
• cbsh9302024ex32.htm (EX-32) — 6KB
• 0000022356-24-000056.txt ( ) — 22543KB
• cbsh-20240930.xsd (EX-101.SCH) — 110KB
• cbsh-20240930_cal.xml (EX-101.CAL) — 140KB
• cbsh-20240930_def.xml (EX-101.DEF) — 514KB
• cbsh-20240930_lab.xml (EX-101.LAB) — 1079KB
• cbsh-20240930_pre.xml (EX-101.PRE) — 818KB
• cbsh-20240930_htm.xml (XML) — 5741KB

Financial Statements

Financial Statements Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Equity for the Three and Nine Months Ended September 30, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the Nine Months Ended September 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 September 30, 2024 December 31, 2023 (Unaudited) (In thousands) ASSETS Loans $ 17,090,000 $ 17,205,479 Allowance for credit losses on loans ( 160,839 ) ( 162,395 ) Net loans 16,929,161 17,043,084 Loans held for sale (including $ 1,605,000 and $ 1,585,000 of residential mortgage loans carried at fair value at September 30, 2024 and December 31, 2023, respectively) 1,707 4,177 Investment securities: Available for sale debt, at fair value (amortized cost of $ 9,954,054,000 and $ 10,904,765,000 at September 30, 2024 and December 31, 2023, respectively, and allowance for credit losses of $ — at both September 30, 2024 and December 31, 2023) 9,167,681 9,684,760 Trading debt 42,645 28,830 Equity 57,115 12,701 Other 216,543 222,473 Total investment securities 9,483,984 9,948,764 Federal funds sold 10 5,025 Securities purchased under agreements to resell 475,000 450,000 Interest earning deposits with banks 2,642,048 2,239,010 Cash and due from banks 507,941 443,147 Premises and equipment – net 469,986 469,059 Goodwill 146,539 146,539 Other intangible assets – net 13,722 14,179 Other assets 823,494 938,077 Total assets $ 31,493,592 $ 31,701,061 LIABILITIES AND STOCKHOLDERS' EQUITY Deposits: Non-interest bearing $ 7,396,153 $ 7,975,935 Savings, interest checking and money market 15,216,557 14,512,273 Certificates of deposit of less than $100,000 1,113,962 930,432 Certificates of deposit of $100,000 and over 1,511,120 1,945,258 Total deposits 25,237,792 25,363,898 Federal funds purchased and securities sold under agreements to repurchase 2,182,229 2,908,815 Other borrowings 10,201 1,404 Other liabilities 609,831 462,714 Total liabilities 28,040,053 28,736,831 Commerce Bancshares, Inc. stockholders' equity: Common stock, $ 5 par value Authorized 190,000,000 ; issued 131,064,418 shares at both September 30, 2024 and December 31, 2023

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS September 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 nine month period ended September 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

View Full Filing

View this 10-Q filing on SEC EDGAR