COMMERCE BANCSHARES, INC. REPORTS SECOND QUARTER EARNINGS PER SHARE GROWTH OF 10%
Commerce Bancshares, Inc. announced record earnings of $.75 per share for the three months ended June 30, 2002, an increase of 10.3% compared to $.68 per share in 2001. Net income for the second quarter amounted to $50.1 million compared with $45.8 million in the same period last year. For the quarter, the return on realized equity was 15.6% and the return on assets was 1.65%. The efficiency ratio for the quarter decreased to 57.7%.
For the first six months ended June 30, 2002, earnings per share totaled $1.46, an increase of 9.0% compared with $1.34 in 2001. Net income amounted to $97.0 million compared with $89.7 million for 2001, an increase of 8.2%.
In announcing these results, David W. Kemper, Chairman and CEO, said, "We are pleased to report double digit earnings per share growth for the second quarter and strong results for the first half of the year. This performance was led by continued improvement in net interest income and lower credit costs. Stable interest rates and continued re-pricing of certificate of deposit accounts contributed to a 13 basis point improvement in the net interest margin in the second quarter. While an uncertain economy is limiting new lending opportunities and growth in some fee-based business lines, improvements in credit costs and a flattening of general overhead expenses are offsetting this slower revenue growth."
Mr. Kemper continued, "Asset quality remains strong. Net charge-offs for the first half of 2002 were .37% of average loans compared to .44% in the previous year. Our loan loss reserve remains at 1.68% of total loans while non-performing assets remain at relatively low levels."
Total assets at June 30, 2002 were $12.3 billion, total loans were $7.7 billion, and total deposits were $9.8 billion. At June 30, 2002, the allowance for loan losses totaled $130 million and was 450% of non-performing assets.
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 340 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) |
3/31/02
|
6/30/02
|
6/30/01
|
| Non-Accrual Loans |
$26,181
|
$27,243
|
$24,458
|
| Foreclosed Real Estate |
$2,280
|
$1,660
|
$2,171
|
| Total Non-Performing Assets |
$28,461
|
$28,903
|
$26,629
|
| Non-Performing Assets to Loans |
.37%
|
.37%
|
.34%
|
| Non-Performing Assets to Total Assets |
.23%
|
.23%
|
.23%
|
| Loans 90 Days & Over Past Due — Still Accruing |
$20,330
|
$20,630
|
$20,268
|
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Symbol: CBSH
Web Site: www.commercebank.com
E-mail: MyMoney@CommerceBank.com
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