CBSH Commerce Bancshares, Inc.
Commerce Bancshares, Inc. operates as a bank holding company for Commerce Bank. It provides general banking services, such as retail, corporate, investment, trust, and asset management products and services to individuals and businesses. The company operates through the following business segments: Consumer, Commercial and Wealth. The Consumer segment includes the retail branch network, consumer installment lending, personal mortgage banking, and debit & credit bank card activities. The Commercial segment provides corporate lending, including the small business banking product line within the branch network, leasing, international services, and business, government deposit, and related commercial cash management services, as well as merchant and commercial bank card products. The Wealth segment provides traditional trust and estate tax planning, advisory and discretionary investment management and brokerage services. The company was founded on August 4, 1966 and is headquartered in Kansas City, MO.
Company profile
Ticker
CBSH
Exchange
Website
CEO
John W. Kemper
Employees
Incorporated in
Location
Fiscal year end
Sector
Industry (SEC)
SEC CIK
Corporate docs
IRS number
430889454
Calendar
25 Feb 20
7 Apr 20
31 Dec 20
News
Company financial data Financial data
| Quarter (USD) | Dec 19 | Sep 19 | Jun 19 | Mar 19 | |
|---|---|---|---|---|---|
| Revenue | 0 | 0 | 0 | ||
| Net income | 106.88M | 109.24M | 107.97M | 97.14M | |
| Diluted EPS | 0.79 | 0.98 | 0.96 | 0.85 | |
| Net change in cash | 23.43M | -77.08M | 355.02M | -602.81M | |
| Cash on hand | 907.81M | 884.38M | 961.46M | 606.43M |
| Annual (USD) | Dec 19 | Dec 18 | Dec 17 | Dec 16 | |
|---|---|---|---|---|---|
| Net income | 421.23M | 433.54M | 319.38M | 275.39M | |
| Diluted EPS | 3.58 | 3.6 | 2.62 | 2.37 | |
| Net change in cash | -301.43M | 697.4M | -270.59M | 279.72M | |
| Cash on hand | 907.81M | 1.21B | 511.85M | 782.44M |
Financial data from company earnings reports
Recent insider trades
| Date | Owner | Security | Transaction | Code | $Price | #Shares | $Value | #Remaining |
|---|---|---|---|---|---|---|---|---|
| 1 Apr 20 | Holmes Robert S | Common Stock | Payment of exercise | Dispose F | 49.54 | 761 | 37.7K | 34,873 |
| 23 Mar 20 | Barth Kevin G | Common Stock | Grant | Aquire A | 52.0412 | 83 | 4.32K | 16,191 |
| 23 Mar 20 | Callahan Daniel D. | Common Stock | Grant | Aquire A | 52.0412 | 3 | 156.12 | 357 |
| 23 Mar 20 | David W Kemper | Common Stock | Grant | Aquire A | 52.0412 | 91 | 4.74K | 17,647 |
| 23 Mar 20 | Kemper Jonathan M | Common Stock | Grant | Aquire A | 52.0412 | 764 | 39.76K | 148,391 |
Institutional ownership Q4 2019
69.9% owned by funds/institutions
13F holders |
Current |
|---|---|
| Total holders | 357 |
| Opened positions | 48 |
| Closed positions | 31 |
| Increased positions | 234 |
| Reduced positions | 66 |
13F shares |
Current |
|---|---|
| Total value | 18.93B |
| Total shares | 78.38M |
| Total puts | 78.47K |
| Total calls | 19.58K |
| Total put/call ratio | 4.0 |
Largest owners |
Shares | Value |
|---|---|---|
| Vanguard | 10.75M | $730.66M |
| BLK BlackRock | 9.66M | $656.14M |
| Commerce Bank | 7.29M | $495.43M |
| STT State Street | 5.7M | $387.29M |
| Aristotle Capital Management | 5.45M | $370.58M |
| Lazard Asset Management | 4.33M | $294.28M |
| American Century Companies | 3.05M | $207.32M |
| JPM JPMorgan Chase & Co. | 2.01M | $136.6M |
| Cooke & Bieler | 1.85M | $125.44M |
| WFC Wells Fargo & Co. | 1.5M | $102.1M |
Financial report summary
?Risks
- Difficult market conditions may affect the Company’s industry.
- The performance of the Company is dependent on the economic conditions of the markets in which the Company operates.
- The Company operates in a highly competitive industry and market area.
- The soundness of other financial institutions could adversely affect the Company.
- The Company is subject to extensive government regulation and supervision.
- Significant changes in federal monetary policy could materially affect the Company’s business.
- The Company is subject to both interest rate and liquidity risk.
- The impact of the phase-out of LIBOR is uncertain.
- The Company’s asset valuation may include methodologies, models, estimations and assumptions which are subject to differing interpretations and could result in changes to asset valuations that may materially adversely affect its results of operations or financial condition.
- The Company’s investment portfolio values may be adversely impacted by deterioration in the credit quality of underlying collateral within the various categories of investment securities it owns.
- The allowance for credit losses may be insufficient or future credit losses could increase.
- New lines of business or new products and services may subject the Company to additional risk.
- A successful cyber attack or other computer system breach could significantly harm the Company, its reputation and its customers.
- The Company’s operations rely on certain external vendors.
- The Company plans to convert its core customer and deposit systems during 2020 and may encounter significant adverse developments.
- Commerce Bancshares, Inc. relies on dividends from its subsidiary bank for most of its revenue.
- The Company must attract and retain skilled employees.
Management Discussion
- This report may contain “forward-looking statements” that are subject to risks and uncertainties and include information about possible or assumed future results of operations. Many possible events or factors could affect the future financial results and performance of Commerce Bancshares, Inc. and its subsidiaries (the "Company"). This could cause results or performance to differ materially from those expressed in the forward-looking statements. Words such as “expects”, “anticipates”, “believes”, “estimates”, variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers should not rely solely on the forward-looking statements and should consider all uncertainties and risks discussed throughout this report. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made or to reflect the occurrence of unanticipated events. Such possible events or factors include the risk factors identified in Item 1a Risk Factors and the following: changes in economic conditions in the Company’s market area; changes in policies by regulatory agencies, governmental legislation and regulation; fluctuations in interest rates; changes in liquidity requirements; demand for loans in the Company’s market area; changes in accounting and tax principles; estimates made on income taxes; failure of litigation settlement agreements to become final in accordance with their terms; and competition with other entities that offer financial services.
Content analysis
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H.S. freshman Bad
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New words:
boosted, channel, commenced, commencement, conversion, coordinating, copy, counsel, discontinued, disintermediation, evenly, evolve, exceptionally, fallback, furniture, insufficient, intraperiod, introductory, Kingdom, language, lifetime, LLC, macroeconomic, matter, Morgan, nonlease, outflow, panel, Paul, platform, prioritizing, producer, prudent, remeasurement, revert, scrutiny, seemingly, Social, Stanley, Steering, Steiner, tabletop, teller, track, Visa
Removed:
Aberdeen, adherence, aforementioned, assume, attached, breakage, chip, Codification, composed, correlation, demolition, depict, depreciated, derecognition, extinguishment, frame, gift, identifiable, increasingly, Jan, Jeffery, job, judicial, metropolitan, outsourced, payroll, phased, political, precise, predominance, prepaid, promoted, prospectively, reconciling, redeemable, rental, reputable, resolution, restatement, sensitive, staffing, static, subprime, subscription, traveler, unchanged, unidentified, unredeemed, withdrawal
Financial reports
10-K
2019 FY
Annual report
25 Feb 20
10-Q
2019 Q3
Quarterly report
4 Nov 19
10-Q
2019 Q2
Quarterly report
5 Aug 19
10-Q
2019 Q1
Quarterly report
7 May 19
10-K
2018 FY
Annual report
21 Feb 19
10-Q
2018 Q3
Quarterly report
5 Nov 18
10-Q
2018 Q2
Quarterly report
6 Aug 18
10-Q
2018 Q1
Quarterly report
7 May 18
10-K
2017 FY
Annual report
22 Feb 18
10-Q
2017 Q3
Quarterly report
7 Nov 17
Current reports
8-K
Regulation FD Disclosure
3 Apr 20
8-K
Departure of Directors or Certain Officers
7 Feb 20
8-K
Commerce Bancshares, Inc. Reports Fourth
22 Jan 20
8-K
Commerce Bancshares, Inc. Reports Third
16 Oct 19
8-K
Other Events
9 Aug 19
8-K
Commerce Bancshares, Inc. Reports
16 Jul 19
8-K
Submission of Matters to a Vote of Security Holders
23 Apr 19
8-K
Departure of Directors or Certain Officers
23 Apr 19
8-K
Commerce Bancshares, Inc. Reports
11 Apr 19
8-K
Departure of Directors or Certain Officers
29 Jan 19
Registration and prospectus
S-8
Registration of securities for employees
8 Nov 16
424B5
Prospectus supplement for primary offering
16 Jun 14
8-A12B
Registration of securities on exchange
16 Jun 14
424B5
Prospectus supplement for primary offering
12 Jun 14
FWP
Free writing prospectus
12 Jun 14
S-3ASR
Automatic shelf registration
12 Jun 14
424B3
Prospectus supplement
31 Jul 13
S-4/A
Registration of securities issued in business combination transactions (amended)
25 Jul 13
S-4
Registration of securities issued in business combination transactions
21 Jun 13
S-8
Registration of securities for employees
6 May 13
Proxies
DEFA14A
Additional proxy soliciting materials
3 Apr 20
DEFA14A
Additional proxy soliciting materials
6 Mar 20
DEF 14A
Definitive proxy
6 Mar 20
DEFA14A
Additional proxy soliciting materials
8 Mar 19
DEF 14A
Definitive proxy
8 Mar 19
PRE 14A
Preliminary proxy
21 Feb 19
DEF 14A
Definitive proxy
9 Mar 18
DEFA14A
Additional proxy soliciting materials
9 Mar 18
DEF 14A
Definitive proxy
9 Mar 17
DEF 14A
Definitive proxy
16 Mar 16
Other
CORRESP
Correspondence with SEC
30 Jul 13
CORRESP
Correspondence with SEC
30 Jul 13
EFFECT
Notice of effectiveness
30 Jul 13
CORRESP
Correspondence with SEC
25 Jul 13
UPLOAD
Letter from SEC
22 Jul 13
CORRESP
Correspondence with SEC
12 Jul 13
UPLOAD
Letter from SEC
8 Jul 13
UPLOAD
Letter from SEC
9 Oct 12
CORRESP
Correspondence with SEC
5 Sep 12
UPLOAD
Letter from SEC
24 Aug 12
Ownership
4
COMMERCE BANCSHARES / Robert S Holmes ownership change
2 Apr 20
4
COMMERCE BANCSHARES / JONATHAN M KEMPER ownership change
24 Mar 20
4
COMMERCE BANCSHARES / DAVID W KEMPER ownership change
24 Mar 20
4
COMMERCE BANCSHARES / Daniel D. Callahan ownership change
24 Mar 20
4
COMMERCE BANCSHARES / KEVIN G BARTH ownership change
24 Mar 20
4
COMMERCE BANCSHARES / DAVID W KEMPER ownership change
19 Mar 20
4
COMMERCE BANCSHARES / PAUL A STEINER ownership change
5 Mar 20
4
COMMERCE BANCSHARES / John K Handy ownership change
4 Mar 20
4
COMMERCE BANCSHARES / PAUL A STEINER ownership change
4 Mar 20
4
COMMERCE BANCSHARES / Douglas D Neff ownership change
4 Mar 20