Commerce Bancshares Inc. 10-K Summary (Fiscal Year Ended Dec 31, 1997)
Business Context and Reporting Period
This Form 10-K covers the fiscal year ended December 31, 1997, for Commerce Bancshares, Inc., a Missouri-based bank holding company. The Company operates a diversified portfolio of banking subsidiaries across Missouri, Illinois, Kansas, and Nebraska, including a credit card bank. As of February 20, 1998, the Company had 38,510,451 shares of common stock outstanding with an aggregate market value of approximately $2.4 billion held by non-affiliates. The Company employed 4,497 full-time and 784 part-time personnel at year-end.
Key Financial Metrics
Revenue, Profit, Cash Flow, Margins, Debt, and Liquidity: The provided filing text does not contain specific numerical values for revenue, net income, cash flow, profit margins, debt levels, or liquidity ratios. These figures are incorporated by reference from the 1997 Annual Report to Shareholders (specifically pages 22 through 62) and are not present in the text of this 10-K form.
Market Data: As of February 20, 1998, the aggregate market value of voting stock held by non-affiliates was approximately $2,396,000,000.
Material Changes and Operational Developments
- Acquisitions: The Company completed the acquisition of two Kansas banks in 1997 and a third Kansas bank effective March 1, 1998.
- Charter Mergers: To improve customer service and minimize overhead, the Company merged subsidiary charters. Commerce Bank, N.A. (Wichita, KS) merged into Commerce Bank, N.A. (Hays, KS), with the main location moved to Wichita. Commerce Bank, N.A. (Clayton, MO) merged into Commerce Bank, N.A. (Kansas City, MO), designated as Commerce Bank, N.A. (Missouri).
- Real Estate: The Company owns or controls major office buildings in Kansas City, Clayton, Peoria, and Wichita, with occupancy rates ranging from 80% to 98%.
Outlook, Risks, and Management Commentary
Management Commentary: The Company describes its loan portfolio as well-diversified with a profitable blend of commercial, real estate, and consumer lending. It is the second largest Missouri-based bank holding company by deposit market share. The Company operates in a multi-state environment with stable local economies in Missouri, Kansas, and Illinois.
Risks and Contingencies: The filing notes that the loan portfolio contains certain risks, detailed in the Annual Report to Shareholders (pages 31-32). Legal proceedings and contingencies are referenced on page 58 of the Annual Report. The Company faces competition from approximately 500 Missouri banks, 900 Illinois banks, 500 Kansas banks, and various other financial intermediaries.
Guidance: No specific forward-looking financial guidance or numerical outlook is provided in this text.
Investor Verification Checklist
- Verify specific financial performance metrics (Revenue, Net Income, ROE, ROA) in the 1997 Annual Report to Shareholders (pages 22-62) as they are not listed in this 10-K text.
- Review the "Risk Elements" section (pages 31-32 of the Annual Report) for details on loan portfolio risks.
- Examine the "Commitments and Contingencies" section (page 58 of the Annual Report) for details on legal proceedings.
- Confirm the integration status and financial impact of the three Kansas bank acquisitions (two completed in 1997, one effective March 1998).
- Review the "Statistical Disclosure by Bank Holding Companies" (pages 23-50 of the Annual Report) for asset distribution and interest rate sensitivity data.