Commerce Bancshares holds 411,723 shares of Visa Class B-2 common stock, currently carried at zero value. The company has tendered all these shares into Visa's exchange offer for Class B-3 and Class C common stock. If the exchange closes in Q2 2026, the company expects to record a significant gain based on the conversion value. Management is considering a simultaneous repositioning of its available-for-sale debt securities portfolio, which could result in a significant loss in the same quarter.