COMMERCE BANCSHARES, INC. REPORTS FIRST QUARTER EARNINGS PER SHARE GROWTH OF 8%
Commerce Bancshares, Inc. announced earnings of $.70 per share for the three months ended March 31, 2003, an increase of 8% compared to $.65 per share in the first quarter of 2002. Net income for the first quarter amounted to $47.2 million compared with $45.5 million in the same period last year. The return on average assets for the three months ended March 31, 2003, was 1.46%, the return on equity was 13.3%, and the efficiency ratio was 61.2%.
In making this announcement, David W. Kemper, Chairman and CEO, said, "Continued low interest rates and weak loan demand hampered growth in net interest income; however, higher total earning assets allowed our net interest income to grow modestly from a year ago. Growth in bankcard, bond and deposit fee revenues helped grow overall non-interest income 8%. Non-interest expense remained controlled growing by less than 4% over the prior year."
Mr. Kemper added, "Asset quality continues to remain strong with our allowance for loan losses at 1.65% of total outstanding loans. Also non-performing loans totaled $32.0 million or .40% of total loans, well below peer averages. Net loan charge-offs for the three months ended March 31, 2003, were .46% of total average loans compared to .54% for the fourth quarter of 2002 and .39% for the same period last year."
Total assets at March 31, 2003, were $13.4 billion, total loans were $8.0 billion, and total deposits were $10.3 billion. At March 31, 2003, the allowance for loan losses amounted to $132.2 million, and was 413% of non-performing loans. During the quarter, the Company increased its cash dividend to shareholders by 7%, making this the 35th consecutive year of per share dividend increases. Also during the quarter, the Company's Board of Directors authorized a four million share stock buyback plan and approved a change in accounting that expenses the cost of stock options. This accounting change was retroactively applied. The earnings per share impact for the three months ended March 31, 2003 and 2002 was $.02 in each quarter.
Commerce Bancshares, Inc. is a registered bank holding company offering a full line of banking services, including investment management and securities brokerage. The Company currently operates in approximately 330 locations in Missouri, Illinois, and Kansas. The Company also has operating subsidiaries involved in mortgage banking, credit related insurance, venture capital, and real estate activities.
Posted to the Company's web site is management's discussion of first quarter results. To see this information please visit our web site at www.commercebank.com.
For further information contact:
Jeffery Aberdeen, Controller
P.O. Box 419248
Kansas City, MO 64141-6248
(816) 234-2081
Web Site: http://www.commercebank.com
Email: mymoney@commercebank.com
| (Amounts in thousands) |
12/31/02
|
3/31/03
|
3/31/02
|
| Non-Accrual Loans |
$28,065
|
$32,026
|
$26,181
|
| Foreclosed Real Estate |
$1,474
|
$1,748
|
$2,280
|
| Total Non-Performing Assets |
$29,539
|
$33,774
|
$28,461
|
| Non-Performing Assets to Loans |
.38%
|
.42%
|
.37%
|
| Non-Performing Assets to Total Assets |
.22%
|
.25%
|
.23%
|
| Loans 90 Days & Over Past Due — Still Accruing |
$22,428
|
$21,075
|
$20,330
|
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Symbol: CBSH
Web Site: www.commercebank.com
E-mail: MyMoney@CommerceBank.com
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