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Business Description
Commerce Bancshares, Inc. is the holding company for four national banking associations that are headquartered in Missouri, Illinois, Kansas and Nebraska. The Nebraska bank is limited in its activities to the issuance of credit cards. The remaining three banking subsidiaries engage in general banking business, providing a range of retail, corporate, investment and private banking products and services to individuals and businesses. The Company also owns, directly or through its banking subsidiaries, various non-banking subsidiaries. Their activities include owning real estate leased to the Company's banking subsidiaries, underwriting credit life and credit accident and health insurance, selling property and casualty insurance (relating to consumer loans made by the banking subsidiaries), venture capital investment, securities brokerage, mortgage banking and leasing activities. Commerce Bancshares owns two second tier holding companies that are the direct owners of several of its banks.

Financial Information
For the nine months ended 9/30/04, interest income fell 2% to $452.8 million. Net interest income after loan loss prov. rose 1% to $350 million. Net income rose 10% to $167.7 million. Net interest income reflects lower avg. yields, partially offset by lower deposit costs. Net income reflects higher securities transactions gains.