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Commerce Bancshares, Inc. announced earnings of $.73 per share for the three months ended March 31, 2005, an increase of 3% compared to $.71 per share in the first quarter of 2004. Net income for the first quarter amounted to $49.8 million compared with $51.3 million in the same period last year, or a decrease of 3%. The annualized return on average assets for the three months ended March 31, 2005 was 1.44%, the annualized return on average equity was 14.4%, and the efficiency ratio was 62.2%.
In making this announcement, David W. Kemper, Chairman & CEO, said, "Earnings per share grew 3% in the first quarter of 2005 compared to the same period last year. Favorable credit experience reduced our provision for loan losses while investment securities gains were significantly lower than last year. Although average loans have grown at an annualized rate of 7% over the last two quarters, a planned reduction in our securities portfolio led to slightly lower net interest income. Recurring fee income was flat for the quarter compared to a year ago while non-interest expenses increased 4.2%."
Mr. Kemper added, "Asset quality was strong in the first quarter with net loan charge-offs totaling .18% compared with .61% last year. Our allowance for loan losses totaled $131.0 million, or 1.56% of total outstanding loans and 756% of non-performing loans."
Total assets at March 31, 2005 were $14.1 billion, total loans were $8.4 billion, and total deposits were $10.7 billion. At March 31, 2005, total non-performing assets were $18.6 million or .22% of total loans. During the quarter, the Company increased its cash dividend to shareholders by 10%, making this the 37th consecutive year of per share dividend increases. Also during the quarter, the Company bought back 1.3 million shares of its common stock through its treasury 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. The Company's Annual Shareholders' meeting is scheduled for Wednesday, April 20, 2005 at 9:30AM CDT. The meeting will be held in the Auditorium on the 15th floor of the Commerce Trust Building at 922 Walnut Street, Kansas City, Missouri. The meeting will be web-cast and presentation materials will be available on our web site the day of the meeting.
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) |
12/31/04
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3/31/05
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3/31/04
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| Non-Accrual Loans |
$17,618
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$17,333
|
$33,292
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| Foreclosed Real Estate |
$1,157
|
$1,262
|
$2,593
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| Total Non-Performing Assets |
$18,775
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$18,595
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$35,885
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| Non-Performing Assets to Loans |
.23%
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.22%
|
.44%
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| Non-Performing Assets to Total Assets |
.13%
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.13%
|
.25%
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| Loans 90 Days & Over Past Due — Still Accruing |
$13,067
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$15,972
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$14,772
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View the First Quarter 2005 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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