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This excerpt taken from the CBSH 10-K filed Feb 26, 2008. Results
of Operations
As a supplement to its GAAP (generally accepted accounting
principles) financial results, the Company has provided non-GAAP
operating results for the year ended December 31, 2007.
The Company believes that these non-GAAP financial measures are
useful because they allow investors to assess, on a consistent
basis, the Company’s operating performance exclusive of
items management believes are not indicative of the operations
of the Company. Management uses such non-GAAP financial measures
to evaluate financial results and to establish operational
goals. These non-GAAP financial measures should be considered a
supplement to, and not a substitute for, financial measures
determined in accordance with GAAP. The non-GAAP measures
presented below exclude a $21.0 million pre-tax
indemnification charge recorded by the Company in the fourth
quarter of 2007. This charge relates to the Company’s share
of certain estimated Visa litigation costs, which are explained
in more detail in the Non-Interest Expense section of this
discussion.
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