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Commerce Bancshares, Inc. announced earnings of $.79 per share for the three months ended June 30, 2007, an increase of 1.3% compared to $.78 per share in the second quarter of 2006. Net income for the second quarter amounted to $55.6 million compared with $55.3 million in the same period last year. The return on average assets for the three months ended June 30, 2007 was 1.46%, and the return on average equity was 15.1%.
For the six months ended June 30, 2007, earnings per share totaled $1.52 and were the same as reported for the first six months of last year. Net income amounted to $107.1 million in 2007 compared with $108.3 million in 2006. For the six months of 2007, the return on average assets was 1.42%, and the return on average equity was 14.8%.
In making this announcement, David W. Kemper, Chairman and CEO, said, “Revenue growth improved this quarter as a result of a 6% increase in net interest income over the same period last year. The net interest margin was stable at 3.82%. Also, during the second quarter we experienced double-digit revenue growth in both our bankcard and trust businesses while continuing to experience significant growth in our deposit fee income. Non-interest expense was essentially flat with the prior quarter and remained well controlled. On an annualized basis, average loans outstanding grew this quarter by 13% as demand remained solid for both commercial and consumer loan products.”
Mr. Kemper continued, “While net loan charge-offs increased slightly this quarter, overall asset quality remained good with net loan charge-offs totaling .36% of average loans compared with .34% in the previous quarter. Total non-accrual loans increased to $33.2 million this quarter, representing .32% of outstanding loans. Our allowance for loan losses totaled $133.0 million, or 1.30% of outstanding loans, which represents 401% of total non-accrual loans.”
Total assets at June 30, 2007 were $15.5 billion, total loans were $10.5 billion, and total deposits were $12.1 billion. On July 1, 2007 the Company completed its acquisition of Commerce Bank, Denver, Colorado with loans of $79 million and deposits of $72 million. Also during the quarter, the Company purchased approximately 932 thousand 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 360 locations in Missouri, Illinois, Kansas and Oklahoma. 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.
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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) |
3/31/07 |
6/30/07 |
6/30/06 |
| Non-Accrual Loans |
$17,022 |
$33,159 |
$14,155 |
| Foreclosed Real Estate |
$1,034 |
$1,084 |
$1,793 |
| Total Non-Performing Assets |
$18,056 |
$34,243 |
$15,948 |
| Non-Performing Assets to Loans |
.18% |
.33% |
. 18% |
| Non-Performing Assets to Total Assets |
.12% |
.22% |
.11% |
| Loans 90 Days & Over Past Due — Still Accruing |
$19,566 |
$21,929 |
$15,186 |
View the Second Quarter 2007 earnings release.
Symbol: CBSH
Web Site: www.commercebank.com
E-mail: MyMoney@CommerceBank.com
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