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Parent Company Condensed Financial Statements | 12 Months Ended
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Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract] |
Parent Company Condensed Financial Statements | Parent Company Condensed Financial Statements Following are the condensed financial statements of Commerce Bancshares, Inc. (Parent only) for the periods indicated:
Condensed Balance Sheets |  |
| December 31
(In thousands) | 2020 | 2019
Assets |  |
Investment in consolidated subsidiaries: |  |
Bank | $ | 3,077,713 |  | $ | 2,687,692 |
Non-banks | 67,710 |  | 71,290 |
Cash | 171,943 |  | 301,913 |
Investment securities: |  |
Available for sale debt | 4,795 |  | 1,399 |
Equity | 3,135 |  | 2,969 |
Note receivable due from bank subsidiary | 50,000 |  | 50,000 |
Advances to subsidiaries, net of borrowings | 31,907 |  | 26,097 |
Deferred tax assets | 10,990 |  | 9,973 |
Other assets | 26,222 |  | 23,528 |
Total assets | $ | 3,444,415 |  | $ | 3,174,861 |
Liabilities and stockholders’ equity |  |
Pension obligation | $ | 17,548 |  | $ | 13,028 |
Other liabilities | 29,820 |  | 27,149 |
Total liabilities | 47,368 |  | 40,177 |
Stockholders’ equity | 3,397,047 |  | 3,134,684 |
Total liabilities and stockholders’ equity | $ | 3,444,415 |  | $ | 3,174,861 |
Condensed Statements of Income |  |  |
| For the Years Ended December 31
(In thousands) | 2020 | 2019 | 2018
Income |  |  |
Dividends received from consolidated bank subsidiary | $ | 210,001 |  | $ | 500,000 |  | $ | 200,000 |
Earnings of consolidated subsidiaries, net of dividends | 148,435 |  | (79,641) |  | 233,785 |
Interest and dividends on investment securities | 1,802 |  | 1,698 |  | 10,698 |
Management fees charged to subsidiaries | 33,472 |  | 36,776 |  | 37,688 |
Investment securities gains (losses) | 53 |  | 3,572 |  | (4,581) |
Net interest income on advances and note to subsidiaries | 233 |  | 1,208 |  | 1,299 |
Other | 4,282 |  | 4,700 |  | 2,390 |
Total income | 398,278 |  | 468,313 |  | 481,279 |
Expense |  |  |
Salaries and employee benefits | 31,277 |  | 32,882 |  | 33,588 |
Professional fees | 1,977 |  | 2,050 |  | 2,383 |
Data processing fees paid to affiliates | 2,765 |  | 3,142 |  | 3,341 |
Other | 11,850 |  | 13,106 |  | 10,881 |
Total expense | 47,869 |  | 51,180 |  | 50,193 |
Income tax benefit | (3,648) |  | (4,098) |  | (2,456) |
Net income | $ | 354,057 |  | $ | 421,231 |  | $ | 433,542 |
Condensed Statements of Cash Flows |  |  |
| For the Years Ended December 31
(In thousands) | 2020 | 2019 | 2018
Operating Activities |  |  |
Net income | $ | 354,057 |  | $ | 421,231 |  | $ | 433,542 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Earnings of consolidated subsidiaries, net of dividends | (148,435) |  | 79,641 |  | (233,785) |
Other adjustments, net | 5,504 |  | 2,491 |  | 2,505 |
Net cash provided by operating activities | 211,126 |  | 503,363 |  | 202,262 |
Investing Activities |  |  |
(Increase) decrease in investment in subsidiaries, net | 3 |  | (12) |  | — |
Proceeds from sales of investment securities | — |  | 3,856 |  | 41,638 |
Proceeds from maturities/pay downs of investment securities | 1,410 |  | 1,150 |  | 1,988 |
Purchases of investment securities | (4,863) |  | (63) |  | (125) |
Increase in advances to subsidiaries, net | (5,810) |  | (6,230) |  | (5,296) |
Net purchases of building improvements and equipment | (94) |  | (235) |  | (133) |
Net cash provided by (used in) investing activities | (9,354) |  | (1,534) |  | 38,072 |
Financing Activities |  |  |
Preferred stock redemption | (150,000) |  | — |  | — |
Purchases of treasury stock | (54,163) |  | (134,904) |  | (75,231) |
Accelerated share repurchase agreements | — |  | (150,000) |  | — |
Issuance of stock under equity compensation plans | (11) |  | (8) |  | (10) |
Cash dividends paid on common stock | (120,818) |  | (113,466) |  | (100,238) |
Cash dividends paid on preferred stock | (6,750) |  | (9,000) |  | (9,000) |
Net cash used in financing activities | (331,742) |  | (407,378) |  | (184,479) |
Increase (decrease) in cash | (129,970) |  | 94,451 |  | 55,855 |
Cash at beginning of year | 301,913 |  | 207,462 |  | 151,607 |
Cash at end of year | $ | 171,943 |  | $ | 301,913 |  | $ | 207,462 |
Income tax receipts, net | $ | (3,663) |  | $ | (2,337) |  | $ | (1,965) |
Dividends paid by the Parent to its shareholders were substantially provided from Bank dividends. The Bank may distribute common dividends without prior regulatory approval, provided that the dividends do not exceed the sum of net income for the current year and retained net income for the preceding two years, subject to maintenance of minimum capital requirements. The Parent charges fees to its subsidiaries for management services provided, which are allocated to the subsidiaries based primarily on total average assets. The Parent makes cash advances to its private equity subsidiary for general short-term cash flow purposes. Advances may be made to the Parent by its subsidiary bank holding company for temporary investment of idle funds. Interest on such advances is based on market rates. In 2017, the Bank borrowed $50.0 million from the Parent as part of its strategy to manage FDIC insurance premiums. The note has a rolling 13 month maturity, and the interest rate is a variable rate equal to the one year treasury rate. For the past several years, the Parent has maintained a $20.0 million line of credit for general corporate purposes with the Bank. The Parent has not borrowed under this line during the past three years. At December 31, 2020, the fair value of the investment securities held by the Parent consisted of investments of $4.8 million in corporate bonds and $2.8 million in preferred stock with readily determinable fair values, and $300 thousand in equity securities that do not have readily determinable fair values.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -URI http://asc.fasb.org/extlink&oid=120391182&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690 + Details
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