<PAGE>
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) November 30, 1988
Commerce Bancshares, Inc.
(Exact name of registrant as specified in its charter)
Missouri 43-0889454
(State of Incorporation) (IRS Employer dentification 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 10.4 of the definitive
agreement to acquire Fidelity Bankshares, Inc. This acquisition
was effective November 1, 1998 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)
November 30, 1998
-----------------
<S> <C>
(Unaudited) (In thousands)
ASSETS
Loans, net of unearned income $7,035,782
Allowance for loan losses (117,784)
----------
Net loans 6,917,998
----------
Investment securities:
Available for sale 2,737,050
Trading account 9,784
Other non-marketable 28,577
----------
Total investment securities 2,775,411
----------
Federal funds sold and securities
purchased under agreements to resell 453,077
Cash and due from banks 679,430
Land, buildings and equipment - net 223,673
Goodwill and core deposit - net 77,784
Other assets 132,496
-----------
Total assets $11,259,869
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits:
Non-interest bearing demand $1,692,295
Savings and interest bearing demand 5,148,670
Time open and C.D.'s of less than $100,000 2,278,237
Time open and C.D.'s of $100,000 and over 294,583
----------
Total deposits 9,413,785
Federal funds purchased and securities sold
under agreements to repurchase 590,216
Long-term debt and other borrowings 27,206
Other liabilities 157,074
----------
Total liabilities 10,188,281
----------
Stockholders' equity:
Stock and surplus 293,352
Retained earnings 748,124
Treasury stock (16,518)
Unearned employee benefits (929)
Unrealized securities gain - net of tax 47,559
----------
Total stockholders' equity 1,071,588
----------
Total liabilities and stockholders'equity $11,259,869
===========
</TABLE>
<PAGE>
COMMERCE BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
<CAPTION>
For the For the
Month Eleven Months
Ended Ended
-------- ---------
November 30, 1998
---------------------
<S> <C> <C>
(Unaudited) (In thousands)
INTEREST INCOME
Interest and fees on loans $46,955 $506,199
Interest on investment securities 13,293 143,904
Interest on federal funds sold and securities
purchased under agreements to resell 1,861 14,559
------- --------
Total interest income 62,109 664,662
------- --------
INTEREST EXPENSE
Interest on deposits:
Savings and interest bearing demand 11,416 130,602
Time open and C.D.'s of less than $100,000 10,032 108,324
Time open and C.D.'s of $100,000 and over 1,310 12,403
Interest on federal funds purchased and
securities sold under agreements to repurchase 2,159 23,677
Interest on long-term debt and other borrowings 55 384
------- -------
Total interest expense 24,972 275,390
------- -------
Net interest income 37,137 389,272
Provision for loan losses 1,839 34,132
------- -------
Net interest income after provision
for loan losses 35,298 355,140
------- -------
NON-INTEREST INCOME
Trust fees 4,085 45,922
Deposit account charges and other fees 5,340 57,083
Credit card transaction fees 3,156 31,654
Trading account profits and commissions 873 7,753
Net gains on securities transactions 137 6,729
Other 3,924 42,455
------- -------
Total non-interest income 17,515 191,596
------- -------
NON-INTEREST EXPENSE
Salaries and employee benefits 16,906 181,151
Net occupancy 2,076 21,652
Equipment 1,690 16,376
Supplies and communication 2,356 26,857
Data processing 3,010 26,992
Marketing 724 11,740
Goodwill and core deposit 766 8,419
Other 5,593 48,343
------- -------
Total non-interest expense 33,121 341,530
------- -------
Income before income taxes 19,692 205,206
Less income taxes 6,420 69,437
------- --------
Net income $13,272 $135,769
======= ========
Net income per share - basic* $.22 $2.22
======= ========
Net income per share - diluted* $.21 $2.19
======= ========
* Per share amounts reflect a 5% stock dividend declared October 2,
1998 to holders of record as of November 30, 1998 and distributed
on December 18, 1998.
</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: December 21, 1998 By s/Jeffery D. Aberdeen
---------------------
Jeffery D. Aberdeen
Controller
(Chief Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
This schedule contains summary financial information extracted from
Commerce Bancshares, Inc. 11/30/98 Form 8-K and is qualified in its
entirety by reference to such financial statements.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> NOV-30-1998
<CASH> 679,430
<INT-BEARING-DEPOSITS> 0<F1>
<FED-FUNDS-SOLD> 453,077
<TRADING-ASSETS> 9,784
<INVESTMENTS-HELD-FOR-SALE> 2,737,050<F2>
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 7,035,782<F3>
<ALLOWANCE> 117,784
<TOTAL-ASSETS> 11,259,869
<DEPOSITS> 9,413,785
<SHORT-TERM> 590,216
<LIABILITIES-OTHER> 157,074
<LONG-TERM> 27,206
0
0
<COMMON> 293,229
<OTHER-SE> 778,359
<TOTAL-LIABILITIES-AND-EQUITY> 11,259,869
<INTEREST-LOAN> 506,199
<INTEREST-INVEST> 143,389<F4>
<INTEREST-OTHER> 14,559
<INTEREST-TOTAL> 664,662
<INTEREST-DEPOSIT> 251,329
<INTEREST-EXPENSE> 275,390
<INTEREST-INCOME-NET> 389,272
<LOAN-LOSSES> 34,132
<SECURITIES-GAINS> 6,729
<EXPENSE-OTHER> 341,530
<INCOME-PRETAX> 205,206
<INCOME-PRE-EXTRAORDINARY> 135,769
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 135,769
<EPS-PRIMARY> 2.22
<EPS-DILUTED> 2.19
<YIELD-ACTUAL> 4.57<F5>
<LOANS-NON> 18,423
<LOANS-PAST> 26,293
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 105,918
<CHARGE-OFFS> 37,649
<RECOVERIES> 9,576
<ALLOWANCE-CLOSE> 117,784
<ALLOWANCE-DOMESTIC> 117,784
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
<FN>
<F1>Certificates of deposit of $100,000 are included in Investments-
Held-For-Sale.
<F2>Excludes non-marketable securities of $28,577,000.
<F3>Gross of allowance for loan losses.
<F4>Excludes interest of $515,000 on trading account securities.
<F5>Yield is computed on a tax equivalent basis.
</FN>
</TABLE>
