Commerce Bancshares Inc. 10-K Summary (Fiscal Year Ended Dec 31, 1998)
Business Context and Reporting Period
This Form 10-K covers the fiscal year ended December 31, 1998 for Commerce Bancshares, Inc., a Missouri-based bank holding company. The Company operates six banking subsidiaries across Missouri, Illinois, Kansas, and Nebraska, including a credit card bank. It is the second-largest Missouri-based bank holding company by deposit market share. The Company employs 5,105 full-time and 957 part-time personnel. In 1998, the Company completed the acquisition of four Kansas banks. A three-for-two stock split occurred on March 30, 1998, and all financial data has been restated to reflect this.
Key Financial Metrics
The provided filing text incorporates the Annual Report to Shareholders by reference for specific financial data; therefore, the following metrics are not explicitly stated in this document:
- Revenue and Profit: Not provided in this text.
- Cash Flow: Not provided in this text.
- Margins: Not provided in this text.
- Debt and Liquidity: Not provided in this text.
- Market Data: As of February 19, 1999, the aggregate market value of voting stock held by non-affiliates was approximately $2,257,000,000. There were 60,893,055 shares of $5 Par Value Common Stock outstanding.
Material Changes
- Acquisitions: Completed the acquisition of four Kansas banks during 1998.
- Stock Split: Executed a three-for-two stock split on March 30, 1998.
- Management Changes: Several executive officers assumed new roles in October 1998, including Andrew F. Anderson, Kevin G. Barth, and Seth M. Leadbeater.
Guidance, Outlook, and Risks
Specific guidance, outlook, and quantitative risk disclosures are incorporated by reference from the Annual Report to Shareholders (pages 27-45 and 38-61) and are not detailed in this text. However, the filing notes the following:
- Regulatory Environment: The Company is regulated by the Federal Reserve, the Office of the Comptroller of the Currency, and state banking authorities. Capital adequacy and dividend restrictions are discussed in the Annual Report.
- Legal Proceedings: Information regarding commitments and contingencies is incorporated by reference from page 61 of the Annual Report.
- Market Conditions: The Company operates in Missouri, Kansas, and Illinois, economies described as stable and well-diversified with unemployment rates generally at or below the national average.
Investor Verification Checklist
- Verify the specific revenue, net income, and earnings per share figures in the 1998 Annual Report to Shareholders (incorporated by reference).
- Review the Consolidated Balance Sheets to assess the impact of the four Kansas bank acquisitions on total assets and loan portfolios.
- Examine the Notes to Financial Statements for details on the three-for-two stock split restatement and its effect on historical comparability.
- Check the Commitments and Contingencies section (Annual Report page 61) for details on pending legal proceedings.
- Confirm the current status of the Shareholder Rights Plan and long-term debt instruments referenced in the exhibits.