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Commerce Bancshares, Inc. announced record earnings of $.80 per share for the three months ended June 30, 2005, an increase of 5% compared to $.76 per share in the second quarter 2004 and $.73 in the first quarter 2005. Net income for the second quarter 2005 amounted to $54.4 million compared to $53.8 million in the same period last year and $49.8 million in the first quarter 2005. For the second quarter, the return on average equity was 15.8% and the return on assets was 1.55%. The efficiency ratio for the quarter totaled 58.3%.
For the first six months ended June 30, 2005, earnings per share totaled $1.53, an increase of 4% compared with $1.47 in 2004. Net income amounted to $104.2 million compared with $105.2 million for 2004. The return on average assets was 1.50% and the return on average equity was 15.1%.
In announcing these results, David W. Kemper, Chairman and CEO, said, "Net income grew 9% in the second quarter 2005 compared with the previous quarter. This growth was driven by an improving net interest margin and solid expense control. Credit costs remained at low levels during the quarter. Annualized growth of 6% in both loans and deposits in the second quarter contributed to the improved net interest margin and allowed a planned reduction in the securities portfolio. Non-interest expense remained well controlled and declined in the second quarter compared with the previous quarter. In the first six months of 2005, revenues from both personal deposit and bank card transaction fees, two of our largest payment system products, experienced double-digit growth compared to the prior year and reflect continued strong results in these products."
Mr. Kemper continued, "Asset quality remained strong this quarter with net charge-offs totaling $7.0 million, or .33% of total average loans. Net charge-offs for the first six months of 2005 were .26% of average loans compared with .46% last year. Our allowance for loan losses at June 30, 2005 totaled $129.4 million and was 806% of non-performing loans. Our loan loss reserve amounted to 1.52% of total loans."
Total assets at June 30, 2005 were $14.1 billion, total loans were $8.5 billion, and total deposits were $10.7 billion. Non-performing loans amounted to $16.1 million or .19% of total loans. During the quarter the Company purchased 1.3 million shares of its common stock through its treasury 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 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 second 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) |
3/31/05
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6/30/05
|
6/30/04
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| Non-Accrual Loans |
$17,333
|
$16,060
|
$27,654
|
| Foreclosed Real Estate |
$1,262
|
$542
|
$1,877
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| Total Non-Performing Assets |
$18,595
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$16,602
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$29,531
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| Non-Performing Assets to Loans |
.22%
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.20%
|
.36%
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| Non-Performing Assets to Total Assets |
.13%
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.12%
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.20%
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| Loans 90 Days & Over Past Due — Still Accruing |
$15,972
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$15,070
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$16,481
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View the Second 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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