Surprises at banks seem to skew to the negative much more often than to the positive, so a relatively dull quarter in not such a bad result for Commerce Bancshares (CBSH). What's more, this highly-focused Midwestern bank continues to show very good loan growth in an increasingly competitive market. While I like management's recent move to acquire a small bank in Oklahoma, the valuation here seems too rich and I'm not completely sold on the company's strategy of increasingly funding loans with wholesale deposits.
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Commerce Bancshares Starts The Season With A "Meh"
Seeking Alpha: Commerce Bancshares Starts The Season With A "Meh"
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