COMMERCE BANCSHARES, INC. REPORTS RECORD EARNINGS FOR 2001
Commerce Bancshares, Inc. announced record earnings of $2.73 per share in 2001 compared to $2.63 per share in 2000, an increase of 4%. Total earnings for 2001 amounted to $182.0 million, generating a return on realized equity of 15.3% and a return on assets of 1.55%.
For the fourth quarter, earnings per share increased to $.71, compared to $.69 for the same period last year, an increase of 3%. Earnings for the quarter amounted to $46.8 million, compared with $46.2 million last year. The returns on assets and realized equity for the quarter were 1.52% and 15.2%, respectively. The efficiency ratio was 57.6%.
In announcing these results, David W. Kemper, Chairman and CEO, said, "In the midst of a difficult economic environment, we are pleased to report record earnings. The increase in earnings was mainly the result of solid growth in non-interest income coupled with good expense control. Our emphasis on developing non-interest income has resulted in a 10% increase this year over last year and now comprises 37% of total revenue. Our growth in fee revenue is being driven in the deposit, trust and capital market lines of business. Non-interest expense was also well contained, increasing by 2%."
Mr. Kemper added, "Reflecting a contracting economic environment in our markets, average loan balances declined slightly from the previous quarter and from a year ago. However, average deposits have continued to grow at an annualized rate of 7%. Net charge-offs for the year were .48% of average loans, and we maintained our allowance for loan losses at 1.70% of total loans. We will continue to monitor the credit quality of our customers and look for opportunities as economic conditions improve to further invest in our franchise."
At December 31, 2001, total assets were $12.9 billion, total loans were $7.6 billion, and total deposits were $10.0 billion. At December 31, 2001, the allowance for loan losses amounted to $130.0 million, and was 422% of non-performing assets. During the fourth quarter, the Company declared and paid its eighth consecutive annual 5% stock dividend.
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 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 fourth 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) | 9/30/01
|
12/31/01
|
12/31/00
|
| Non-Accrual Loans |
$22,556
|
$28,819
|
$19,617
|
| Foreclosed Real Estate |
$2,106
|
$1,949
|
$1,707
|
| Total Non-Performing Assets |
$24,662
|
$30,768
|
$21,324
|
| Non Performing Assets to Total Loans |
.32%
|
.40%
|
.27%
|
| Non Performing Assets to Total Assets |
.20%
|
.24%
|
.19%
|
| Loans 90 Days & Over Past Due-Still Accruing |
$23,182
|
$19,699
|
$26,670
|
View the Fourth Quarter 2001 earnings release in HTML or
download the full report in PDF*.
Symbol: CBSH
Web Site: www.commercebank.com
E-mail: MyMoney@CommerceBank.com