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Commerce Bancshares, Inc. announced earnings of $.73 per share for the three months ended March 31, 2007, a decrease of 1.4% compared to $.74 per share in the first quarter of 2006. Net income for the first quarter amounted to $51.5 million compared with $52.9 million in the same period last year, or a decrease of 2.7%. The return on average assets for the three months ended March 31, 2007 was 1.4%, and the return on average equity was 14.4%.
In announcing these results, David W. Kemper, Chairman and CEO, said, “Net income for the quarter was down slightly from the same quarter last year due mainly to slower growth in non-interest income and normalized credit losses. However, we were pleased with 6% year over year growth in net interest income. This growth resulted from a 13% increase in average loans outstanding coupled with deposit growth of 7% and included the effects of two recent bank acquisitions. Excluding the impact of these acquisitions, net interest income grew 4% over the prior year. While deposit account fee income was flat, we continue to experience double-digit revenue growth in our debit and corporate credit card businesses. ”
Mr. Kemper continued, “Asset quality remained strong with net loan charge-offs totaling .34% this quarter. Commercial loan losses continue at low levels and our loan portfolio does not have any exposure to sub-prime lending products.”
Total assets at March 31, 2007 were $15.2 billion, total loans were $10.3 billion, and total deposits were $11.9 billion. The allowance for loan losses totaled $131.7 million, or 1.33% of total outstanding loans at the end of the first quarter. The Company has now completed its acquisition of South Tulsa Financial Corporation, Tulsa, Oklahoma, a one-bank holding company with loans of $114 million and deposits of $105 million, and on April 3, 2007 the Company announced plans to acquire Commerce Bank, Denver, Colorado with loans of $70 million and deposits of $75 million. It is expected that this transaction will be completed in the second or third quarter of 2007. Also during the quarter, the Company purchased approximately 950 thousand shares of its common stock through its treasury stock buyback plan and announced a 7.3% increase in its cash dividend paid to shareholders.
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 360 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.
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For additional information contact:
Jeffery Aberdeen, Controller
at PO Box 419248, Kansas City, MO
or by telephone at (816) 234-2081
Web Site: http://www.commercebank.com
Email: mymoney@commercebank.com
| (Amounts in thousands) |
12/31/06
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3/31/07
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3/31/06
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| Non-Accrual Loans |
$16,708
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$17,022
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$8,750
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| Foreclosed Real Estate |
$1,515
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$1,034
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$1,870
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| Total Non-Performing Assets |
$18,223
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$18,056
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$10,620
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| Non-Performing Assets to Loans |
.18%
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.18%
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.12%
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| Non-Performing Assets to Total Assets |
.12%
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.12%
|
.08%
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| Loans 90 Days & Over Past Due — Still Accruing |
$20,376
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$19,566
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$15,288
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View the First Quarter 2007 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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