Commerce Bancshares gains $99M on Visa exchange; plans $911M bond repositioning with ~$95M loss

COMMERCE BANCSHARES INC /MO/

• Visa accepted Commerce Bancshares' tender of 411,723 Visa Class B-2 shares; company records $99M pre-tax gain on Visa Class C mark-to-market.
• Company to sell ~$911M of low-yield (2.5%) available-for-sale debt securities, expecting ~$95M pre-tax loss.
• Proceeds from sale to be reinvested into assets yielding ~4.0%, targeting increased net interest income and reduced volatility.
• Cumulative impact of Visa gain and securities repositioning expected to be approximately neutral to Common Equity Tier 1 ratio.

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