COMMERCE BANCSHARES, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) For the Three Months Ended For the Six Months Ended
(In thousands, except per share data) March 31
2002		 June 30
2002		 June 30
2001		 June 30
2002		 June 30
2001
INTEREST INCOME    
Interest and fees on loans $119,112 $117,796 $153,586 $236,908 $317,968
Interest on investment securities 44,089 44,666 32,714 88,755 61,466
Interest on federal funds sold and securities
  purchased under agreements to resell		 541 411 6,426 952 14,477
    Total interest income 163,742 162,873 192,726 326,615 393,911
INTEREST EXPENSE    
Interest on deposits:    
  Savings and interest bearing demand 11,994 12,101 27,367 24,095 63,171
  Time open and C.D.'s of less than $100,000 21,249 17,872 32,046 39,121 63,464
  Time open and C.D.'s of $100,000 and over 5,018 4,743 7,428 9,761 14,345
Interest on other borrowings 4,888 3,769 8,236 8,657 18,386
  Total interest expense 43,149 38,485 75,077 81,634 159,366
  Net interest income 120,593 124,388 117,649 244,981 234,545
Provision for loan losses 7,399 6,668 7,992 14,067 17,522
  Net interest income after
    provision for loan losses		 113,194 117,720 109,657 230,914 217,023
NON-INTEREST INCOME    
Trust fees 15,439 15,774 16,790 31,213 31,992
Deposit account charges and other fees 21,093 22,793 21,355 43,886 40,584
Credit card transaction fees 12,883 14,229 13,695 27,112 26,402
Trading account profits and commissions 4,045 3,826 3,578 7,871 7,430
Mortgage banking revenue 571 1,066 1,432 1,637 3,127
Net gains (losses) on securities transactions 36 (328) 510 (292) 1,747
Other 15,101 12,456 13,316 27,557 26,258
  Total non-interest income 69,168 69,816 70,676 138,984 137,540
NON-INTEREST EXPENSE    
Salaries and employee benefits 63,635 61,066 58,772 124,701 116,685
Net occupancy 8,427 8,207 7,550 16,634 15,988
Equipment 5,111 6,003 5,527 11,114 11,155
Supplies and communication 7,943 8,221 8,600 16,164 16,610
Data processing and software 11,876 12,476 12,318 24,352 23,670
Marketing 3,368 3,628 3,571 6,996 6,388
Goodwill amortization - - 1,126 - 2,323
Other intangible assets amortization 724 668 755 1,392 1,506
Other 12,938 12,727 13,500 25,665 25,530
  Total non-interest expense 114,022 112,996 111,719 227,018 219,855
Income before income taxes 68,340 74,540 68,614 142,880 134,708
Less income taxes 21,428 24,434 22,831 45,862 45,048
NET INCOME $46,912 $50,106 $45,783 $97,018 $89,660
Net income per share - basic $0.72 $0.76 $0.69 $1.48 $1.36
Net income per share - diluted $0.71 $0.75 $0.68 $1.46 $1.34
Cash dividends per common share $0.163 $0.163 $0.152 $0.325 $0.305
 
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