Maximizing and Protecting Shareholder Value
Commerce Bank celebrated its 150 anniversary in 2015 with solid execution and performance in a challenging banking environment. Our long-term focus continues to be on making innovative investments in people and technology to grow the company and provide shareholder returns.
2015 performance highlights include:
- Net income attributable to Commerce totaled $264 million, versus $262 million last year.
- Earnings per share totaled $2.56 in 2015 compared to $2.49 in 2014. The return on average assets was 1.11%, while the return on average equity was 11.4%. This compares to our peer bank return on average assets of .88%* and a return on average equity of 7.8%*.
- In 2015 we paid a regular cash dividend of $.857 per share (restated), making this the 47th consecutive year in which regular cash dividends increased. We also paid a 5% stock dividend for the 22nd year in a row.
- In 2015 the Company purchased $123 million in treasury stock after purchasing $271 million in treasury stock in 2014.
- Total loans grew $975 million, or 9%, to $12.4 billion. Commercial loans grew by $716 million on strong demand for business, leasing and construction lending, while consumer banking loans grew by $259 million due mainly to strong growth in auto lending. Loans in our expansion markets grew 24% to $1.3 billion.
- Our wealth management business grew trust fees by 7% to $120 million, while brokerage revenue grew by 10% to $13 million. Trust assets total $38.4 billion.
- Total shareholder equity grew to $2.4 billion, and the Tier 1 common risk-based capital ratio totaled 11.5%. New Basel III capital regulations took effect this year, and the Company's capital ratios were well above these new requirements.
- Loan losses remained very low at .28% of total loans, compared to .31% in 2014. Non-performing assets declined to lows not seen since 2006, and delinquencies also remained low.