SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of Report (Date of earliest event reported) May 31, 1997
Commerce Bancshares, Inc.
(Exact name of registrant as specified in its charter)
Missouri 43-0889454
(State of Incorporation) (IRS Employer Identification No.)
0-2989
(Commission File Number)
1000 Walnut, Kansas City, MO 64106
(Address of principal executive offices and Zip Code)
(816) 234-2000
(Registrant's telephone number, including area code)
<PAGE>
Item 5. Other Events
The following Commerce Bancshares, Inc. and subsidiaries
consolidated balance sheet and statements of income are presented
in accordance with Article X, Section 10.3 of the definitive
agreement to acquire Shawnee Bank Shares, Inc. This acquisition
was effective May 1, 1997 and was accounted for as a pooling of
interests. The Commerce Bancshares, Inc. and subsidiaries
consolidated financial statements have not been restated due to
immateriality.
COMMERCE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEET
<TABLE>
<CAPTION>
May 31, 1997
------------
<S> <C>
(Unaudited) (In thousands)
ASSETS
Loans, net of unearned income..................... $5,722,906
Allowance for loan losses......................... (103,815)
----------
Net loans...................................... 5,619,091
----------
Investment securities:
Available for sale.............................. 2,647,005
Trading account................................. 7,857
Other non-marketable............................ 41,622
----------
Total investment securities.................... 2,696,484
----------
Federal funds sold and securities
purchased under agreements to resell........... 205,785
Cash and due from banks........................... 742,346
Land, buildings and equipment - net............... 214,252
Goodwill and core deposit - net................... 83,904
Other assets...................................... 127,130
----------
Total assets................................... $9,688,992
==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing demand...................... $1,813,207
Savings and interest bearing demand.............. 4,045,643
Time open and C.D.'s of less than $100,000....... 2,188,211
Time open and C.D.'s of $100,000 and over........ 205,143
----------
Total deposits................................. 8,252,204
Federal funds purchased and securities sold
under agreements to repurchase................... 414,498
Long-term debt and other borrowings............... 13,531
Other liabilities................................. 76,911
----------
Total liabilities.............................. 8,757,144
----------
Stockholders' equity:
Preferred stock.................................. ---
Common stock..................................... 187,827
Capital surplus.................................. 66,944
Retained earnings................................ 682,250
Treasury stock................................... (9,624)
Unearned employee benefits....................... (564)
Unrealized securities gain - net of tax.......... 5,015
----------
Total stockholders' equity..................... 931,848
----------
Total liabilities and stockholders' equity..... $9,688,992
==========
</TABLE>
<PAGE>
COMMERCE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
For the For the
Month Five Months
Ended Ended
-------- ---------
May 31, 1997
--------------------------
<S> <C> <C>
(Unaudited) (In thousands)
INTEREST INCOME
Interest and fees on loans.............. $41,915 $199,130
Interest on investment securities....... 14,174 68,502
Interest on federal funds sold and securities
purchased under agreements to resell... 724 6,978
------ -------
Total interest income................ 56,813 274,610
------ -------
INTEREST EXPENSE
Interest on deposits:
Savings and interest bearing demand... 11,287 54,814
Time open and C.D.'s of less than $100,000 10,015 47,593
Time open and C.D.'s of $100,000 and over 920 4,430
Interest on federal funds purchased and
securities sold under agreements to repurchase 1,581 8,560
Interest on long-term debt and other borrowings 79 395
------ -------
Total interest expense............... 23,882 115,792
------ -------
Net interest income.................. 32,931 158,818
Provision for loan losses............... 2,508 12,329
------ -------
Net interest income after provision
for loan losses.................... 30,423 146,489
------ -------
NON-INTEREST INCOME
Trust fees.............................. 3,212 16,038
Deposit account charges and other fees.. 4,926 22,925
Credit card transaction fees............ 2,440 10,924
Trading account profits and commissions. 497 2,931
Net gains on securities transactions.... 188 305
Other................................... 3,183 16,373
------ ------
Total non-interest income............. 14,446 69,496
------ ------
NON-INTEREST EXPENSE
Salaries and employee benefits.......... 14,140 72,201
Net occupancy........................... 1,579 8,758
Equipment............................... 1,407 6,810
Supplies and communication.............. 1,917 10,538
Data processing......................... 1,949 9,444
Marketing............................... 956 4,429
Goodwill and core deposit............... 805 4,024
Other................................... 3,972 21,707
------ -------
Total non-interest expense............ 26,725 137,911
------ -------
Income before income taxes.............. 18,144 78,074
Less income taxes....................... 6,343 27,547
------ -------
Net income............................ $11,801 $ 50,527
======= ========
Net income per common and common equivalent
share $ .31 $1.34
======= ========
</TABLE>
<PAGE>
Item 7. Financial Statements and Exhibits
(a) Financial statements of businesses acquired.
None
(b) Pro forma financial information.
None
(c) Exhibits.
(27) Financial Data Schedule
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
COMMERCE BANCSHARES, INC.
Date: June 18, 1997 By s/Jeffery D. Aberdeen
---------------------
Jeffery D. Aberdeen
Controller
(Chief Accounting Officer)
<PAGE>
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from
Commerce Bancshares, Inc. 5/31/97 Form 8-K and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-END> MAY-31-1997
<CASH> 742,346
<INT-BEARING-DEPOSITS> 0<F1>
<FED-FUNDS-SOLD> 205,785
<TRADING-ASSETS> 7,857
<INVESTMENTS-HELD-FOR-SALE> 2,647,005<F2>
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 5,722,906<F3>
<ALLOWANCE> 103,815
<TOTAL-ASSETS> 9,688,992
<DEPOSITS> 8,252,204
<SHORT-TERM> 414,498
<LIABILITIES-OTHER> 76,911
<LONG-TERM> 13,531
0
0
<COMMON> 187,827
<OTHER-SE> 744,021
<TOTAL-LIABILITIES-AND-EQUITY> 9,688,992
<INTEREST-LOAN> 199,130
<INTEREST-INVEST> 68,361<F4>
<INTEREST-OTHER> 6,978
<INTEREST-TOTAL> 274,610
<INTEREST-DEPOSIT> 106,837
<INTEREST-EXPENSE> 115,792
<INTEREST-INCOME-NET> 158,818
<LOAN-LOSSES> 12,329
<SECURITIES-GAINS> 305
<EXPENSE-OTHER> 137,911
<INCOME-PRETAX> 78,074
<INCOME-PRE-EXTRAORDINARY> 50,527
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 50,527
<EPS-PRIMARY> 1.34
<EPS-DILUTED> 0
<YIELD-ACTUAL> 4.55<F5>
<LOANS-NON> 13,898
<LOANS-PAST> 26,308
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 98,223
<CHARGE-OFFS> 13,712
<RECOVERIES> 3,654
<ALLOWANCE-CLOSE> 103,815
<ALLOWANCE-DOMESTIC> 103,815
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
<FN>
<F1>Certificates of deposit of $297,000 are included in Investments-
Held-For-Sale
<F2>Excludes non-marketable investment securities of $41,622,000.
<F3>Gross of allowance for loan losses.
<F4>Excludes interest of $141,000 on trading account securities.
<F5>Yield is computed on a tax equivalent basis.
</FN>
</TABLE>
