Company Quick10K Filing
Commerce Bancshares
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 -0 $-0
10-Q 2019-11-04 Quarter: 2019-09-30
10-Q 2019-08-05 Quarter: 2019-06-30
10-Q 2019-05-07 Quarter: 2019-03-31
10-K 2019-02-21 Annual: 2018-12-31
10-Q 2018-11-05 Quarter: 2018-09-30
10-Q 2018-08-06 Quarter: 2018-06-30
10-Q 2018-05-07 Quarter: 2018-03-31
10-K 2018-02-22 Annual: 2017-12-31
10-Q 2017-11-07 Quarter: 2017-09-30
10-Q 2017-08-07 Quarter: 2017-06-30
10-Q 2017-05-05 Quarter: 2017-03-31
10-K 2017-02-23 Annual: 2016-12-31
10-Q 2016-11-07 Quarter: 2016-09-30
10-Q 2016-08-05 Quarter: 2016-06-30
10-Q 2016-05-06 Quarter: 2016-03-31
10-K 2016-02-24 Annual: 2015-12-31
10-Q 2015-11-05 Quarter: 2015-09-30
10-Q 2015-08-06 Quarter: 2015-06-30
10-Q 2015-05-07 Quarter: 2015-03-31
10-K 2015-02-24 Annual: 2014-12-31
10-Q 2014-11-06 Quarter: 2014-09-30
10-Q 2014-08-05 Quarter: 2014-06-30
10-Q 2014-05-07 Quarter: 2014-03-31
10-K 2014-02-24 Annual: 2013-12-31
10-Q 2013-11-07 Quarter: 2013-09-30
10-Q 2013-08-06 Quarter: 2013-06-30
10-Q 2013-05-06 Quarter: 2013-03-31
10-K 2013-02-22 Annual: 2012-12-31
10-Q 2012-11-07 Quarter: 2012-09-30
10-Q 2012-08-06 Quarter: 2012-06-30
10-Q 2012-05-04 Quarter: 2012-03-31
10-K 2012-02-22 Annual: 2011-12-31
10-Q 2011-11-04 Quarter: 2011-09-30
10-Q 2011-08-05 Quarter: 2011-06-30
10-Q 2011-05-09 Quarter: 2011-03-31
10-K 2011-02-25 Annual: 2010-12-31
10-Q 2010-11-08 Quarter: 2010-09-30
10-Q 2010-08-06 Quarter: 2010-06-30
10-Q 2010-05-07 Quarter: 2010-03-31
10-K 2010-02-26 Annual: 2009-12-31
8-K 2020-02-03 Officers
8-K 2020-01-22 Earnings, Exhibits
8-K 2019-10-16
8-K 2019-08-07 Other Events
8-K 2019-07-16 Earnings, Exhibits
8-K 2019-04-17 Officers
8-K 2019-04-17 Shareholder Vote
8-K 2019-04-11 Earnings, Exhibits
8-K 2019-01-23 Officers
8-K 2019-01-17 Earnings, Exhibits
8-K 2018-10-11 Earnings, Exhibits
8-K 2018-07-12 Earnings, Exhibits
8-K 2018-06-04 Officers
8-K 2018-04-18 Shareholder Vote
8-K 2018-04-12 Earnings, Exhibits
8-K 2018-04-02 Officers
8-K 2018-02-15 Officers
8-K 2018-01-26 Officers
8-K 2018-01-24 Officers
8-K 2018-01-18 Earnings, Exhibits
8-K 2018-01-09 Officers
CBSH 2019-09-30
Part I: Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition And
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii: Other Information
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 cbsh09302019ex311.htm
EX-31.2 cbsh09302019ex312.htm
EX-32 cbsh09302019ex32.htm

Commerce Bancshares Earnings 2019-09-30

CBSH 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
ZBK
AUB
RBCAA
SI
BRBS
MNSB
BBD 1,305,544 1,180,868 0 0 0 0 -14,734 0%
CNBKA 5,201 4,882 0 0 38 98 -251 -2.6 1%
HMTA 565 511 0 0 4 9 -23 -2.5 1%
CBSH 25,772 22,601 0 0 429 634 -961 -1.5 2%

Document
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Table of Contents



 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark One)
 
                QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
 
                                        SECURITIES EXCHANGE ACT OF 1934
________________________________________________________

For the quarterly period ended September 30, 2019

OR
            TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
 
                                        SECURITIES EXCHANGE ACT OF 1934
____________________________________________________________

For the transition period from           to   
       
Commission File No. 0-2989
 
COMMERCE BANCSHARES, INC.
 
(Exact name of registrant as specified in its charter)
Missouri
 
43-0889454
(State of Incorporation)
 
(IRS Employer Identification No.)
1000 Walnut,
 
 
Kansas City,
MO
 
64106
(Address of principal executive offices)
 
(Zip Code)
(816) 234-2000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
 
 
 
Title of class
Trading symbol(s)
Name of exchange on which registered
$5 Par Value Common Stock
CBSH
NASDAQ Global Select Market
Depositary Shrs, each representing a 1/1000th intrst in a shr of 6.0% Non-Cum. Perp Pref Stock, Srs B
CBSHP
NASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ     No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ     No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer þ Accelerated filer o Non-accelerated filer o Smaller reporting company Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes      No 
As of October 30, 2019, the registrant had outstanding 107,314,511 shares of its $5 par value common stock, registrant’s only class of common stock.



Commerce Bancshares, Inc. and Subsidiaries

Form 10-Q
 

 
 
 
Page
INDEX
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

2

Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. FINANCIAL STATEMENTS

Commerce Bancshares, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
 
 
September 30, 2019
 
December 31, 2018
 
(Unaudited)
 
 
 
(In thousands)
ASSETS
 
 
 
Loans
$
14,462,594

 
$
14,140,298

  Allowance for loan losses
(160,682
)
 
(159,932
)
Net loans
14,301,912

 
13,980,366

Loans held for sale (including $14,393,000 and $13,529,000 of residential mortgage loans carried at fair value at September 30, 2019 and December 31, 2018, respectively)
20,064

 
20,694

Investment securities:
 
 
 

Available for sale debt ($205,554,000 and $463,325,000 pledged at September 30, 2019 and
 
 
 
    December 31, 2018, respectively, to secure swap and repurchase agreements)
8,660,419

 
8,538,041

Trading debt
35,918

 
27,059

Equity
4,186

 
4,409

Other
147,211

 
129,157

Total investment securities
8,847,734

 
8,698,666

Federal funds sold and short-term securities purchased under agreements to resell
2,850

 
3,320

Long-term securities purchased under agreements to resell
850,000

 
700,000

Interest earning deposits with banks
344,129

 
689,876

Cash and due from banks
512,254

 
507,892

Premises and equipment, net
365,949

 
333,119

Goodwill
138,921

 
138,921

Other intangible assets, net
9,139

 
8,794

Other assets
483,527

 
382,194

Total assets
$
25,876,479

 
$
25,463,842

LIABILITIES AND EQUITY
 
 
 
Deposits:
 
 
 

   Non-interest bearing
$
6,816,527

 
$
6,980,298

   Savings, interest checking and money market
11,424,404

 
11,685,239

   Certificates of deposit of less than $100,000
627,630

 
586,091

   Certificates of deposit of $100,000 and over
1,441,590

 
1,072,031

Total deposits
20,310,151

 
20,323,659

Federal funds purchased and securities sold under agreements to repurchase
1,641,274

 
1,956,389

Other borrowings
257,383

 
8,702

Other liabilities
561,657

 
237,943

Total liabilities
22,770,465

 
22,526,693

Commerce Bancshares, Inc. stockholders’ equity:
 
 
 

   Preferred stock, $1 par value
 
 
 
      Authorized 2,000,000 shares; issued 6,000 shares
144,784

 
144,784

   Common stock, $5 par value
 
 
 

 Authorized 140,000,000 shares at September 30, 2019 and 120,000,000 shares at December 31, 2018;
 
 
 
   issued 111,886,450 shares
559,432

 
559,432

   Capital surplus
2,042,643

 
2,084,824

   Retained earnings
463,231

 
241,163

   Treasury stock of 4,314,736 shares at September 30, 2019
 
 
 
     and 555,100 shares at December 31, 2018, at cost
(251,663
)
 
(34,236
)
   Accumulated other comprehensive income (loss)
144,173

 
(64,669
)
Total Commerce Bancshares, Inc. stockholders' equity
3,102,600

 
2,931,298

Non-controlling interest
3,414

 
5,851

Total equity
3,106,014

 
2,937,149

Total liabilities and equity
$
25,876,479

 
$
25,463,842

See accompanying notes to consolidated financial statements.

3

Table of Contents

Commerce Bancshares, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF INCOME
 
For the Three Months Ended September 30
 
For the Nine Months Ended September 30
(In thousands, except per share data)
2019
2018
 
2019
2018
 
(Unaudited)
INTEREST INCOME
 
 
 
 
 
Interest and fees on loans
$
167,959

$
159,182

 
$
502,100

$
460,332

Interest and fees on loans held for sale
308

315

 
1,003

991

Interest on investment securities
58,607

59,792

 
178,687

178,598

Interest on federal funds sold and short-term securities purchased under
 
 
 
 
 
   agreements to resell
7

69

 
51

426

Interest on long-term securities purchased under agreements to resell
3,621

3,915

 
11,066

11,814

Interest on deposits with banks
1,241

1,478

 
5,113

4,208

Total interest income
231,743

224,751

 
698,020

656,369

INTEREST EXPENSE
 
 
 
 
 
Interest on deposits:
 
 
 
 
 
   Savings, interest checking and money market
10,225

7,230

 
30,081

19,338

   Certificates of deposit of less than $100,000
1,740

834

 
4,530

2,190

   Certificates of deposit of $100,000 and over
7,540

3,899

 
20,473

10,221

Interest on federal funds purchased and securities sold under
 
 
 
 
 
   agreements to repurchase
8,273

5,022

 
23,839

12,979

Interest on other borrowings
453

12

 
463

36

Total interest expense
28,231

16,997

 
79,386

44,764

Net interest income
203,512

207,754

 
618,634

611,605

Provision for loan losses
10,963

9,999

 
35,232

30,438

Net interest income after provision for loan losses
192,549

197,755

 
583,402

581,167

NON-INTEREST INCOME
 
 
 
 
 
Bank card transaction fees
44,510

42,427

 
126,800

127,095

Trust fees
39,592

37,400

 
115,223

110,498

Deposit account charges and other fees
24,032

23,755

 
71,009

70,630

Capital market fees
1,787

1,595

 
5,610

5,878

Consumer brokerage services
4,030

3,884

 
11,665

11,623

Loan fees and sales
4,755

3,579

 
12,302

9,670

Other
14,037

11,074

 
38,633

32,860

Total non-interest income
132,743

123,714

 
381,242

368,254

INVESTMENT SECURITIES GAINS, NET
4,909

4,306

 
3,874

6,641

NON-INTEREST EXPENSE
 
 
 
 
 
Salaries and employee benefits
123,836

116,194

 
366,026

347,677

Net occupancy
12,293

11,631

 
34,939

34,333

Equipment
4,941

4,592

 
14,202

13,617

Supplies and communication
5,106

5,103

 
15,543

15,542

Data processing and software
23,457

22,056

 
68,965

63,762

Marketing
6,048

4,999

 
17,963

14,946

Deposit insurance
1,621

3,167

 
5,024

9,750

Community service
564

580

 
2,008

1,965

Other
13,154

16,737

 
47,554

47,604

Total non-interest expense
191,020

185,059

 
572,224

549,196

Income before income taxes
139,181

140,716

 
396,294

406,866

Less income taxes
29,101

26,647

 
80,860

79,412

Net income
110,080

114,069

 
315,434

327,454

Less non-controlling interest expense
838

1,493

 
1,083

3,564

Net income attributable to Commerce Bancshares, Inc.
109,242

112,576

 
314,351

323,890

Less preferred stock dividends
2,250

2,250

 
6,750

6,750

Net income available to common shareholders
$
106,992

$
110,326

 
$
307,601

$
317,140

Net income per common share — basic
$
.98

$
.99

 
$
2.79

$
2.83

Net income per common share — diluted
$
.98

$
.98

 
$
2.79

$
2.82

See accompanying notes to consolidated financial statements.

4

Table of Contents

Commerce Bancshares, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
 
 
For the Three Months Ended September 30
 
For the Nine Months Ended September 30
(In thousands)
 
2019
2018
 
2019
2018
 
 
(Unaudited)
Net income
 
$
110,080

$
114,069

 
$
315,434

$
327,454

Other comprehensive income (loss):
 
 
 
 
 
 
Net unrealized gains (losses) on securities for which a portion of an other-than-temporary impairment has been recorded in earnings
 
(245
)
53

 
(432
)
(25
)
Net unrealized gains (losses) on other securities
 
21,030

(32,232
)
 
171,421

(125,442
)
Pension loss amortization
 
389

393

 
1,166

1,180

Unrealized gains (losses) on cash flow hedge derivatives
 
14,101

(1,029
)
 
36,687

(1,029
)
Other comprehensive income (loss)
 
35,275

(32,815
)
 
208,842

(125,316
)
Comprehensive income
 
145,355

81,254

 
524,276

202,138

Less non-controlling interest expense
 
838

1,493

 
1,083

3,564

Comprehensive income attributable to Commerce Bancshares, Inc.
$
144,517

$
79,761

 
$
523,193

$
198,574

See accompanying notes to consolidated financial statements.














5

Table of Contents

Commerce Bancshares, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Three Months Ended September 30, 2019 and 2018
 
 
Commerce Bancshares, Inc. Shareholders
 
 
 
 

(In thousands, except per share data)
Preferred Stock
Common Stock
Capital Surplus
Retained Earnings
Treasury Stock
Accumulated Other Comprehensive Income (Loss)
Non-Controlling Interest
Total
 
(Unaudited)
Balance June 30, 2019
$
144,784

$
559,432

$
2,077,491

$
384,232

$
(106,106
)
$
108,898

$
2,632

$
3,171,363

Net income



109,242



838

110,080

Other comprehensive income





35,275


35,275

Distributions to non-controlling interest






(56
)
(56
)
Purchase of treasury stock




(33,891
)


(33,891
)
Accelerated share repurchase agreement


(37,500
)

(112,500
)


(150,000
)
 Issuance of stock under purchase and equity compensation plans


(834
)

834




Stock-based compensation


3,486





3,486

Cash dividends paid on common stock ($.260 per share)



(27,993
)



(27,993
)
Cash dividends paid on preferred stock ($.375 per depositary share)



(2,250
)



(2,250
)
Balance September 30, 2019
$
144,784

$
559,432

$
2,042,643

$
463,231

$
(251,663
)
$
144,173

$
3,414

$
3,106,014

Balance June 30, 2018
$
144,784

$
535,407

$
1,804,057

$
408,374

$
(15,854
)
$
(108,781
)
$
3,396

$
2,771,383

Net income



112,576



1,493

114,069

Other comprehensive loss





(32,815
)

(32,815
)
Distributions to non-controlling interest






(172
)
(172
)
Purchase of treasury stock




(20,506
)


(20,506
)
 Issuance of stock under purchase and equity compensation plans


(3,187
)

3,186



(1
)
Stock-based compensation


3,161





3,161

Cash dividends paid on common stock ($.224 per share)



(25,059
)



(25,059
)
Cash dividends paid on preferred stock ($.375 per depositary share)



(2,250
)



(2,250
)
Balance September 30, 2018
$
144,784

$
535,407

$
1,804,031

$
493,641

$
(33,174
)
$
(141,596
)
$
4,717

$
2,807,810

See accompanying notes to consolidated financial statements.



6

Table of Contents

Commerce Bancshares, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Nine Months Ended September 30, 2019 and 2018