COMMERCE BANCSHARES, INC. REPORTS SECOND QUARTER EARNINGS PER SHARE GROWTH OF 6%
Commerce Bancshares, Inc. announced record earnings of $.75 per share for the three months ended June 30, 2003, an increase of 5.6% compared to $.71 per share in 2002. Net income for the second quarter amounted to $50.5 million compared with $49.5 million in the same period last year. For the quarter, the return on average equity was 14.0% and the return on assets was 1.49%. The efficiency ratio for the second quarter was 58.8%, a decrease compared to the first quarter.
For the first six months ended June 30, 2003, earnings per share totaled $1.45, an increase of 6.6% compared with $1.36 in 2002. Net income amounted to $97.7 million compared with $95.0 million for 2002, an increase of 2.9%.
In announcing these results, David W. Kemper, Chairman and CEO, said, "Despite a sluggish economy and continued decline in short-term interest rates, we are pleased that total revenue increased 4.3% compared to the second quarter 2002, and increased 1.8% compared to the first quarter 2003. This growth was driven by increased bank card transaction fees, mortgage banking revenues and modest growth in net interest income due to higher total earning assets. Non-interest expense for the second quarter rose 3.9% compared to the same period last year, but declined 2.1% when compared to the first quarter."
Mr. Kemper continued, "Asset quality remains strong with our allowance for loan losses totaling over $132.7 million and 436% of non-performing loans. Net charge-offs for the first half of 2003 were .46% of average loans, slightly higher than .37% in the previous year. Our loan loss reserve amounted to 1.64% of total loans."
Total assets at June 30, 2003 were $14.0 billion, total loans were $8.1 billion, and total deposits were $10.2 billion. Total revenue (net interest income and non-interest income) amounted to $401.2 million in the first six months of 2003 compared with $383.8 million in the same period last year.
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 over 330 banking 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 second 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) |
3/31/03
|
6/30/03
|
6/30/02
|
| Non-Accrual Loans |
$32,026
|
$30,444
|
$27,243
|
| Foreclosed Real Estate |
$1,748
|
$1,836
|
$1,660
|
| Total Non-Performing Assets |
$33,774
|
$32,280
|
$28,903
|
| Non-Performing Assets to Loans |
.42%
|
.40%
|
.37%
|
| Non-Performing Assets to Total Assets |
.25%
|
.23%
|
.23%
|
| Loans 90 Days & Over Past Due — Still Accruing |
$21,075
|
$20,232
|
$20,630
|
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Symbol: CBSH
Web Site: www.commercebank.com
E-mail: MyMoney@CommerceBank.com
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