Commerce Bancshares in Kansas City, Mo., will use a gain from exchanging Visa shares to offset a hit from selling underperforming securities.
The company said in a press release that it will report a $99 million pretax gain from marking its newly obtained Visa Class C common stock.
Commerce also plans to record a pretax loss of $95 million after selling $911 million of low-yielding securities. The company expects to reinvest the proceeds into higher-yielding interest-earning assets.