COMMERCE BANCSHARES, INC. REPORTS RECORD EARNINGS PER SHARE FOR THE FIRST NINE MONTHS OF 2001
Commerce Bancshares, Inc. announced record earnings of $2.12 per share for the first nine months of 2001, an increase of 4% compared to $2.04 per share during the same period in 2000. Total earnings amounted to $135.2 million in 2001, compared with $132.4 million in 2000. During this period the return on average assets was 1.56%, the return on realized equity was 15% and the efficiency ratio was 58%.
For the third quarter ended September 30, 2001, net earnings amounted to $45.5 million, or $.71 per share, compared with similar amounts for the same period last year. During the current quarter, the return on realized equity was 15% while the return on average assets was 1.52%.
In making this announcement, David W. Kemper, Chairman and CEO, said, "Total revenue this quarter was slightly above the same quarter last year even though net interest income continues to decline as a result of the rapid fall in short-term interest rates and slower loan growth. We were pleased that for the first nine months non-interest income increased 12% over the prior year while core expenses grew by 3%. Average loan balances remained flat at $7.8 billion as a result of the slowing economy while average deposits grew by 8% over the same quarter in the previous year."
Mr. Kemper continued, "A slowing economy and the terrorists' attacks of last month have created significant uncertainty in the domestic economic outlook. We are working closely with our customers and continue to monitor credit quality as we assess the extent of this economic slowdown. Core earnings remain strong and our asset quality and loan loss reserves are in line with historical levels."
Total assets at September 30, 2001, were $12.3 billion, total loans were $7.8 billion, and total deposits were $9.7 billion. At September 30, 2001, the allowance for loan losses totaled $131 million and was 531% of non-performing assets. Net charge-offs for the first nine months of 2001 were .44% of average loans compared to .37% in the previous year. Additionally, the loan loss reserve amounted to 1.68% of total loans this 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 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 the
third quarter results. To see this information please visit our web
site at www.commercebank.com.
For further information contact:
Jeffery Aberdeen, Controller
at P.O. Box 419248, Kansas City, MO 64141-6248
or by telephone at (816) 234-2081
Web Site: http://www.commercebank.com
Email: mymoney@commercebank.com
| (Amounts in thousands) |
6/30/01
|
9/30/01
|
9/30/00
|
| Non-Accrual Loans |
$24,458
|
$22,556
|
$14,640
|
| Foreclosed Real Estate |
$2,171
|
$2,106
|
$1,185
|
| Total Non-Performing Assets |
$26,629
|
$24,662
|
$15,825
|
| Non-Performing Assets to Loans |
.34%
|
.32%
|
.20%
|
| Non-Performing Assets to Total Assets |
.23%
|
.20%
|
.14%
|
| Loans 90 Days & Over Past Due - Still Accruing |
$20,268
|
$23,182
|
$30,883
|
Click here to view the third quarter 2001 Earnings Release.
Symbol: CBSH
Web Site: www.commercebank.com
E-mail: MyMoney@CommerceBank.com