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Commerce Bancshares, Inc. announced record earnings of $3.16 per share in 2005 compared to $2.95 per share in 2004, an increase of 7%. Total earnings for 2005 amounted to $223.2 million compared to $220.3 million earned in 2004. For the year, the return on average assets was 1.60%, the return on average equity was 16.2% and the efficiency ratio totaled 59.3%.
For the fourth quarter, earnings amounted to $.81 per share compared to $.71 per share in the same period last year, or an increase of 14%. Net income for the fourth quarter 2005 amounted to $56.2 million compared to $52.7 million in the same period last year. For the fourth quarter, the return on average equity was 16.5% and the return on assets was 1.62%.
In announcing these results, David W. Kemper, Chairman and CEO, said, “We are pleased to report 7% growth in earnings per share for the year, representing the 21st consecutive year of record earnings. Total revenue, excluding net securities gains, grew 3% as a result of an improving net interest margin, a 5% growth in outstanding loans and a 6% growth in non-interest income. Significant growth in deposit, bankcard, and trust fees contributed to the overall increase in non-interest income, which now comprises 40.5% of total revenue. Non-interest expense grew 2.8% this year.”
Mr. Kemper continued, “During the quarter, net loan charge-offs increased $3.8 million over the previous quarter. Consistent with bank industry trends, this increase occurred mainly from higher levels of consumer and credit card loan charge-offs resulting from the new bankruptcy legislation effective in the fourth quarter. However, asset quality remains strong with net loan charge-offs for the full year of 2005 totaling .38% of average loans compared with .41% last year. Our allowance for loan losses at December 31, 2005 totaled $128.4 million, representing 1.44% of total loans.”
Total assets at December 31, 2005 were $13.9 billion, total loans were $8.9 billion, and total deposits were $10.9 billion. Non-performing loans amounted to $9.8 million or .11% of total loans. During the quarter, the Company purchased approximately 1.2 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 340 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 fourth quarter results. To see this information please visit our web site at www.commercebank.com.
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) |
9/30/05 |
12/31/05 |
12/31/04 |
Non-Accrual Loans |
$20,365 |
$9,845 |
$17,618 |
Foreclosed Real Estate |
$675 |
$1,868 |
$1,157 |
Total Non-Performing Assets |
$21,040 |
$11,713 |
$18,775 |
Non-Performing Assets to Loans |
.24% |
.13% |
.23% |
Non-Performing Assets to Total Assets |
.15% |
.08% |
.13% |
Loans 90 Days & Over Past Due – Still Accruing |
$15,388 |
$14,088 |
$13,067 |
View the Fourth 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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