COMMERCE BANCSHARES, INC. REPORTS THIRD QUARTER EARNINGS PER SHARE GROWTH OF 15%
Commerce Bancshares, Inc. announced record earnings of $.78 per share for the three months ended September 30, 2002, an increase of 15% compared to $.68 per share in 2001. Net income for the third quarter amounted to $51.0 million compared with $45.5 million in the same period last year. For the quarter, the return on average assets was 1.62%, the return on realized equity was 15.6% and the efficiency ratio was 56.7%.
For the nine months ended September 30, 2002, earnings per share totaled $2.24, an increase of 11% compared with $2.02 in 2001. Net income amounted to $148.0 million compared with $135.2 million for 2001, an increase of 10%.
In making this announcement, David W. Kemper, Chairman and CEO, said, "During the quarter, net interest income continued to grow as a result of the continued re-pricing of liabilities coupled with higher investment securities levels and some loan growth. For the current quarter, net interest income increased 9% over the same quarter last year. Even in a slow growth economy, we continue to focus on becoming more efficient. Non-interest expense was up 1% this quarter over the same period last year while fee-based revenues were essentially flat."
Mr. Kemper continued, "Asset quality remains strong. At September 30, 2002 non-performing assets totaled $28.4 million or .36% of total loans compared with $28.9 million the previous quarter. Net loan charge-offs, while rising slightly this quarter compared to last year, totaled .39% of average loans and are in line with historical levels. Our loan loss reserve totaled 1.68% of average loans for the third quarter."
Total assets at September 30, 2002, were $13.2 billion, total loans were $8.0 billion, and total deposits were $9.9 billion. At September 30, 2002, the allowance for loan losses totaled $131 million and was 460% 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 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) |
6/30/02
|
9/30/02
|
9/30/01
|
| Non-Accrual Loans |
$27,243
|
$26,701
|
$22,556
|
| Foreclosed Real Estate |
$1,660
|
$1,679
|
$2,106
|
| Total Non-Performing Assets |
$28,903
|
$28,380
|
$24,662
|
| Non-Performing Assets to Loans |
.37%
|
.36%
|
.32%
|
| Non-Performing Assets to Total Assets |
.23%
|
.22%
|
.20%
|
| Loans 90 Days & Over Past Due - Still Accruing |
$20,630
|
$23,435
|
$23,182
|
Click here to view the third quarter 2002 Earnings Release.
Symbol: CBSH
Web Site: www.commercebank.com
E-mail: MyMoney@CommerceBank.com