Commerce Bancshares, Inc. Announces First
Quarter Earnings Per Share of $.53
April 15, 2010 09:03 AM Eastern Daylight Time
KANSAS CITY, Mo.--(EON: Enhanced Online News)--Commerce Bancshares, Inc. (NASDAQ: CBSH)
announced earnings of $.53 per share for the three months ended March 31, 2010 compared to $.38 per share in
the first quarter of 2009, or an increase of 39.5%. Net income for the first quarter amounted to $44.2 million
compared to $30.8 million in the same quarter last year. For the quarter, the return on average assets totaled 1.00%,
the return on average equity was 9.3% and the efficiency ratio was 60.5%.
In making this announcement, David W. Kemper, Chairman and CEO, said, “The growth in net income for the first
quarter of 2010 over the same period last year was mainly the result of continued growth in our core revenues
coupled with a decline in our provision for loan losses and solid expense control. Although loan demand remains
challenging, we grew our net interest income by $12.7 million, or 8.5%, in the first quarter of 2010 compared to last
year, with our net interest margin increasing to 4.03% from 3.83% last year. Non-interest income increased over the
same period last year resulting from higher bankcard fees, which grew by 19.6% reflecting strong growth in
corporate, debit and merchant fee income. However, deposit, loan and corporate sweep fee income were lower
than in the prior year. Loan balances continued to decline this quarter as credit demand remains weak from both
consumers and corporate borrowers, while deposits also declined mainly due to seasonal changes in corporate
demand balances.”
Further, Mr. Kemper noted, “During the quarter, net loan charge-offs totaled $31.3 million, a decrease of $5.7
million from the previous quarter, while total non-performing assets declined $6.6 million from the previous quarter to
$110.1 million. We increased the allowance for loan losses by $3.1 million this quarter to $197.5 million,
representing 1.8 times non-performing a