COMMERCE BANCSHARES, INC. REPORTS RECORD EARNINGS FOR FIRST THREE MONTHS OF 2002
Commerce Bancshares, Inc. announced record earnings of $.71 per share for the three months ended March 31, 2002, an increase of 8% compared to $.66 per share in the first quarter of 2001. Total earnings for the first quarter amounted to $46.9 million compared with $43.9 million in the same period last year. The return on average assets for the three months ended March 31, 2002, was 1.55%, the return on realized equity was 15.2%, and the efficiency ratio was 59.7%.
In making this announcement, David W. Kemper, Chairman and CEO, said, "We are pleased to report record earnings this quarter driven mainly by solid improvements to our net interest income coupled with lower credit costs. A stable interest rate environment and continued re-pricing of our interest bearing deposits contributed to margin improvement from 4.16% to 4.34% on a linked quarter basis. However a sluggish economy is continuing to constrain loan growth, and is also affecting fee income in several key business lines. Core non-interest income and non-interest expense grew 3.1% and 3.5%, respectively, over the same period last year."
Mr. Kemper added, "Asset quality remains strong and above peer averages with our allowance for loan losses at 1.71% of total outstanding loans. Net loan charge-offs for the three months ended March 31, 2002, were .39% of total average loans compared to .48% for the same period last year and .60% for the fourth quarter of 2001."
Total assets at March 31, 2002, were $12.3 billion, total loans were $7.6 billion, and total deposits were $10.0 billion. At March 31, 2002, the allowance for loan losses amounted to $130.0 million, and was 457% of non-performing assets. Non-performing assets were .37% of total loans. During the quarter, the Company increased its cash dividend to shareholders by 7%, making this the 34th consecutive year of per share dividend increases. Also during the quarter, the Company's Board of Directors re-authorized a three million share stock buyback plan.
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 340 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) |
12/31/01
|
03/31/02
|
03/31/01
|
| Non-Accrual Loans |
$28,819
|
$26,181
|
$26,897
|
| Foreclosed Real Estate |
$1,949
|
$2,280
|
$2,322
|
| Total Non-Performing Assets |
$30,768
|
$28,461
|
$29,219
|
| Non-Performing Assets to Loans |
.40%
|
.37%
|
.37%
|
| Non-Performing Assets to Total Assets |
.24%
|
.23%
|
.25%
|
| Loans 90 Days & Over Past Due - Still Accruing |
$19,699
|
$20,330
|
$19,891
|
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Symbol: CBSH
Web Site: www.commercebank.com
E-mail: MyMoney@CommerceBank.com
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