Watch for Visa exchange offer closing and CBSH's subsequent disclosure of the gain amount. The potential debt portfolio loss could offset the gain, so assess the net impact on Q2 earnings. The net effect remains uncertain until quantified.
Price Chart
Executive Summary
Commerce Bancshares disclosed that it holds 411,723 Visa Class B-2 shares (carried at zero) and has tendered them in Visa's exchange offer. If the exchange closes in Q2 2026, a significant gain is expected. Separately, the company may sell a portion of its available-for-sale debt securities, potentially resulting in a significant loss in the same quarter. The net impact is uncertain and depends on market conditions.
Key Facts
- Owns 411,723 Visa Class B-2 shares, carried at zero value on balance sheet as of March 31, 2026.
- Tendered all Visa Class B-2 shares in Visa's exchange offer for Class B-3 and Class C common stock.
- Expects to record a significant gain in Q2 2026 if the exchange closes.
- May consider repositioning its available-for-sale debt securities portfolio, which could result in a significant loss in Q2 2026.
- Timing and amount of loss depend on market conditions and the gain from Visa shares.
Financial Impact
Significant gain from Visa exchange (amount not disclosed) and potential significant loss from debt securities sale (amount not disclosed).
Risk Factors
- Loss from debt securities sale could exceed the Visa gain, resulting in a net negative impact.
- Market conditions may affect both the Visa conversion value and the loss on debt securities.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000022356-26-000125 |
| Document: 0000022356-26-000125-index-headers.html | 0000022356-26-000125 |
| Document: 0000022356-26-000125-index.html | 0000022356-26-000125 |
| Document: 0000022356-26-000125.txt | 0000022356-26-000125 |
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Aug 14, 2026 7w ago | Institutional Cluster | $59.71 $58.51 | ▼ −2.01% | ▼ −0.03% | $55.28 (−7.42%) |
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Jul 6, 2026 12w ago | 8-K | $58.84 $59.67 | ▲ +1.41% | ▲ +0.08% | $55.28 (−6.05%) |
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