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Commerce Bancshares, Inc. announced earnings of $.75 per share for the three months ended March 31, 2004, an increase of 14% compared to $.66 per share in the first quarter of 2003. Net income for the first quarter amounted to $51.3 million compared with $47.2 million in the same period last year, an increase of 9%. The return on average assets for the three months ended March 31, 2004 was 1.45%, the return on equity was 14.1%, and the efficiency ratio was 59.2%.
In making this announcement, David W. Kemper, Chairman and CEO, said, "Growth in net income was driven largely by an increase in non-interest income coupled with continued good expense control. Trust, deposit and bank card fees all grew in excess of 10% when compared with the previous year. The investment securities portfolio was re-positioned this quarter, resulting in gains on sales of securities of $8.2 million compared to $2.3 million in the first quarter of 2003. Net interest income declined as earning assets re-priced lower due to a low interest rate environment. However, we did experience a moderate increase in loans outstanding since the fourth quarter of 2003."
Mr. Kemper added, "Asset quality remains good with our allowance for loan losses at 1.63% of total outstanding loans and 400% of non-performing loans. Net loan charge-offs for the three months ended March 31, 2004 increased to .61% of total average loans, compared to .46% for the same period last year. The increase in net loan charge-offs was the result of a single business loan, which was materially charged down during the quarter."
Total assets at March 31, 2004 were $14.5 billion, total loans were $8.1 billion, and total deposits were $10.3 billion. At March 31, 2004, the allowance for loan losses amounted to $133.1 million and non-performing loans totaled $33.3 million or .41% of total loans. During the quarter, the Company increased its cash dividend to shareholders by 7%, making this the 36th consecutive year of per share dividend increases. Also during the quarter, the Company's Board of Directors 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 330 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) |
12/31/03
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3/31/04
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3/31/03
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| Non-Accrual Loans |
$32,523
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$33,292
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$32,026
|
| Foreclosed Real Estate |
$1,162
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$2,593
|
$1,748
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| Total Non-Performing Assets |
$33,685
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$35,885
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$33,774
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| Non-Performing Assets to Loans |
.41%
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.44%
|
.42%
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| Non-Performing Assets to Total Assets |
.24%
|
.25%
|
.25%
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| Loans 90 Days & Over Past Due — Still Accruing |
$20,901
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$14,772
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$21,075
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View the First Quarter 2004 earnings release in HTML
or download
the full report in PDF*.
Symbol: CBSH
Web Site: www.commercebank.com
E-mail: MyMoney@CommerceBank.com
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