Commerce Bancshares, Inc. (Nasdaq: CBSH) announced record
earnings of $.74 per share for the three months ended March 31,
2012 compared to $.66 per share in the first quarter of 2011, or an
increase of 12.1%. Net income for the first quarter amounted to
$65.8 million compared to $60.5 million in the same quarter last
year. For the quarter, the return on average assets totaled 1.29%,
the return on average equity was 12.0% and the efficiency ratio was
58.9%.
In announcing these results, David W. Kemper, Chairman and CEO,
said, “We were pleased to report record first quarter earnings per
share of $.74. The growth over last year resulted mainly from a
decline in our provision for loan losses of $7.6 million coupled
with revenue growth in our corporate card, capital markets and
money management businesses of 17%, 46% and 6%, respectively.
Additionally, non-interest expense declined 2% compared to the same
period last year. Average loans grew $70.8 million, or 1%, this
quarter compared to the previous quarter, as a result of growth in
business, business real estate and personal real estate loans.
Average deposits also grew by $270.2 million this quarter, or 2%.
While net interest income declined 1% compared to the previous
quarter, the margin remained stable.”
Further, Mr. Kemper noted, “Net loan charge-offs for the current
quarter totaled $11.2 million, compared to $15.6 million in the
previous quarter and $18.8 million in the first quarter of 2011.
Commercial net loan charge-offs totaled $1.8 million this quarter,
down $2.2 million from the previous quarter, while bankcard net
loan charge-offs totaled $6.2 million, or 3.4% of average bankcard
loans. During the current quarter, the provision for loan losses
totaled $8.2 million, or $3.0 million less than net loan
charge-offs, and reflected the improving credit trends in our loan
portfolio. Our allowance for loan losses amounted to $181.5 million
this quarter, representing 2.6 times our non-performing loans.
Total non-performing assets decreased $6.3 million to $87.5 million
this quarter. At March 31, 2012, our ratio of tangible common
equity to assets remained strong at 10.1%, and during the quarter
we repurchased approximately 811,000 shares of Company stock at an
average price per share of $39.”
Total assets at March 31, 2012 were $20.5 billion, total loans
were $9.3 billion, and total deposits were $16.8 billion.
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,
Oklahoma and Colorado. The Company also has operating subsidiaries
involved in mortgage banking, credit related insurance, and private
equity activities.
Summary of Non-Performing Assets and Past Due Loans
(Dollars in thousands)
12/31/2011
3/31/2012 3/31/2011 Non-Accrual
Loans $ 75,482 $
68,875 $ 77,914 Foreclosed
Real Estate $ 18,321
$ 18,585 $ 25,061
Total Non-Performing Assets $
93,803 $ 87,460
$ 102,975 Non-Performing
Assets to Loans 1.02 %
.95 % 1.10 %
Non-Performing Assets to Total Assets .45
% .43 % .54
% Loans 90 Days & Over Past Due — Still Accruing
$ 14,958 $
16,428 $ 18,717
This financial news release, including management’s
discussion of first quarter results, is posted to the Company’s web
site at www.commercebank.com.
COMMERCE BANCSHARES, INC. and
SUBSIDIARIES
FINANCIAL
HIGHLIGHTS
For the Three Months Ended (Unaudited) December
31,2011
March 31, 2012 March 31,2011
FINANCIAL SUMMARY (In thousands, except per share data) Net
interest income $ 161,757
$ 159,737 $
160,973 Taxable equivalent net interest income 167,940
165,666 166,479 Non-interest income 94,035
94,583
95,906 Investment securities gains, net 4,942
4,040 1,327
Provision for loan losses 12,143
8,165 15,789 Non-interest
expense 156,030
150,461 153,960 Net income attributable to
Commerce Bancshares, Inc. 61,504
65,799 60,453 Cash
dividends 19,504
20,438 20,054 Net total loan charge-offs
15,649
11,165 18,789 Business 650
110 2,010 Real
estate — construction and land 2,624
220 1,986 Real estate —
business 731
1,495 1,064 Consumer credit card 6,986
6,173 9,038 Consumer 2,682
2,631 4,013 Revolving home
equity 884
360 367 Real estate — personal 798
69 274
Overdraft 294
107 37 Per common share: Net income — basic $
.69
$ .74 $ .66 Net income — diluted $ .69
$
.74 $ .66 Cash dividends $ .219
$ .230 $ .219
Diluted wtd. average shares o/s 88,653
88,556 91,178
RATIOS Average
loans to deposits (1) 56.01 %
55.53 % 62.47 % Return
on total average assets 1.19 %
1.29 % 1.32 % Return
on total average equity 11.39 %
12.04 % 11.95 %
Non-interest income to revenue (2) 36.76 %
37.19 %
37.34 % Efficiency ratio (3) 60.71 %
58.91
% 59.64 %
AT PERIOD END Book value per share
based on total equity $ 24.40
$ 24.83 $ 22.64 Market
value per share $ 38.12
$ 40.52 $ 38.51 Allowance for
loan losses as a percentage of loans 2.01 %
1.96 %
2.08 % Tier I leverage ratio 9.55 %
9.70 % 10.27 %
Tangible common equity to assets ratio (4) 9.91 %
10.12
% 10.24 % Common shares outstanding 88,952,166
88,583,809 91,444,081 Shareholders of record 4,218
4,213 4,302 Number of bank/ATM locations 363
360 365
Full-time equivalent employees 4,745
4,713 4,814
OTHER QTD
INFORMATION High market value per share $ 38.67
$
41.28 $ 40.64 Low market value per share $ 31.49
$ 37.57 $ 36.70
(1) Includes loans held for sale. (2) Revenue
includes net interest income and non-interest income. (3) The
efficiency ratio is calculated as non-interest expense (excluding
intangibles amortization) as a percent of revenue. (4) The tangible
common equity ratio is calculated as stockholders’ equity reduced
by goodwill and other intangible assets (excluding mortgage
servicing rights) divided by total assets reduced by goodwill and
other intangible assets (excluding mortgage servicing rights).
COMMERCE BANCSHARES, INC. and
SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF INCOME
For the Three Months Ended (Unaudited)
(In thousands, except per share data)
December 31,2011
March 31, 2012
March 31,2011 Interest income $ 173,223
$ 169,966 $ 175,826 Interest expense
11,466
10,229 14,853 Net interest
income 161,757
159,737 160,973 Provision for loan losses
12,143
8,165 15,789 Net interest income
after provision for loan losses 149,614
151,572
145,184
NON-INTEREST INCOME Bank card
transaction fees 36,162
34,733 37,462 Trust fees 22,095
22,814 21,572 Deposit account charges and other fees 20,623
19,336 19,300 Capital market fees 4,591
6,871 4,720
Consumer brokerage services 2,142
2,526 2,663 Loan fees and
sales 1,647
1,561 1,824 Other 6,775
6,742
8,365 Total non-interest income 94,035
94,583 95,906
INVESTMENT SECURITIES GAINS
(LOSSES), NET Impairment (losses) reversals on debt securities
(796 )
5,587 6,305 Noncredit-related losses (reversals) on
securities not expected to be sold 14
(5,907 )
(6,579 ) Net impairment losses (782 )
(320 ) (274 )
Realized gains on sales and fair value adjustments 5,724
4,360 1,601 Investment securities gains, net
4,942
4,040 1,327
NON-INTEREST
EXPENSE Salaries and employee benefits 88,010
89,543
87,392 Net occupancy 11,674
11,260 12,037 Equipment 5,583
5,189 5,577 Supplies and communication 5,550
5,613
5,532 Data processing and software 17,873
17,469 16,467
Marketing 3,469
3,822 4,258 Deposit insurance 2,680
2,520 4,891 Debit overdraft litigation 7,400
— —
Indemnification obligation (3,073 )
— (1,359 ) Other 16,864
15,045 19,165 Total non-interest
expense 156,030
150,461 153,960 Income
before income taxes 92,561
99,734 88,457 Less income taxes
29,514
32,920 27,507 Net income 63,047
66,814 60,950 Less non-controlling interest expense 1,543
1,015 497
Net income attributable to
Commerce Bancshares, Inc. $ 61,504
$
65,799 $ 60,453 Net income per common share —
basic $ .69
$ .74 $ .66 Net
income per common share — diluted $ .69
$ .74 $ .66
COMMERCE BANCSHARES, INC. and
SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(Unaudited)
(In thousands)
December 31,2011
March 31, 2012
March 31,2011
ASSETS Loans $ 9,177,478
$ 9,247,971 $ 9,374,923 Allowance for loan losses
(184,532 )
(181,532 ) (194,538 )
Net loans
8,992,946
9,066,439 9,180,385 Loans
held for sale 31,076
9,673 53,411 Investment securities:
Available for sale 9,224,702
9,120,399 7,499,577 Trading
17,853
34,178 17,000 Non-marketable 115,832
120,734 104,721
Total investment
securities 9,358,387
9,275,311 7,621,298
Short-term federal funds sold and securities purchased under
agreements to resell 11,870
40,925 3,600 Long-term
securities purchased under agreements to resell 850,000
850,000 700,000 Interest earning deposits with banks 39,853
12,038 203,940 Cash and due from banks 465,828
381,462 362,148 Land, buildings and equipment — net 360,146
353,866 378,721 Goodwill 125,585
125,585 125,585
Other intangible assets — net 7,714
7,070 10,182 Other
assets 405,962
404,548 378,026
Total
assets $ 20,649,367
$ 20,526,917 $
19,017,296
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits: Non-interest bearing $ 5,377,549
$
5,209,381 $ 4,558,630 Savings, interest checking and money
market 8,933,941
9,038,283 8,074,055 Time open and C.D.’s of
less than $100,000 1,166,104
1,143,687 1,388,004 Time open
and C.D.’s of $100,000 and over 1,322,289
1,380,409
1,518,786
Total deposits 16,799,883
16,771,760 15,539,475 Federal funds purchased and securities
sold under agreements to repurchase 1,256,081
1,122,988
923,014 Other borrowings 111,817
111,520 111,972 Other
liabilities 311,225
321,443 372,345
Total liabilities 18,479,006
18,327,711
16,946,806 Stockholders’ equity: Preferred stock —
—
— Common stock 446,387
446,387 436,043 Capital surplus
1,042,065
1,032,985 976,101 Retained earnings 575,419
620,780 596,177 Treasury stock (8,362 )
(22,872
) (733 ) Accumulated other comprehensive income 110,538
118,056 61,134
Total stockholders’
equity 2,166,047
2,195,336 2,068,722 Non-controlling
interest 4,314
3,870 1,768
Total
equity 2,170,361
2,199,206 2,070,490
Total liabilities and equity $ 20,649,367
$ 20,526,917
$ 19,017,296
COMMERCE BANCSHARES, INC. and
SUBSIDIARIES
AVERAGE BALANCE
SHEETS — AVERAGE RATES AND YIELDS
(Unaudited)
(Dollars in thousands)
For the Three Months Ended December 31, 2011
March
31, 2012 March 31, 2011
AverageBalance
Avg. RatesEarned/Paid
AverageBalance
Avg. RatesEarned/Paid
AverageBalance
Avg. RatesEarned/Paid
ASSETS: Loans: Business (A) $
2,819,598 3.53 %
$ 2,893,973 3.52 % $
3,052,611 3.65 % Real estate — construction and land 386,738 4.52
380,484 4.34 451,536 4.49 Real estate — business
2,162,052 4.67
2,184,893 4.57 2,081,359 4.92 Real
estate — personal 1,421,296 4.64
1,441,520 4.58
1,443,707 5.00 Consumer 1,111,299 6.08
1,107,878 5.93
1,147,049 6.47 Revolving home equity 464,694 4.24
454,782
4.18 475,437 4.28 Consumer credit card 733,712 11.62
731,030 11.78 775,271 10.92 Overdrafts 7,101
—
7,587 — 7,121
—
Total loans (B) 9,106,490
5.01
9,202,147
4.95 9,434,091 5.15 Loans held
for sale 36,987 2.55
12,147 3.48 58,148 2.08
Investment securities: U.S. government and federal agency
obligations 328,641 2.49
328,106 2.08 434,656 3.84
Government-sponsored enterprise obligations 305,003 1.93
283,494 2.01 208,866 2.07 State and municipal
obligations (A) 1,239,330 4.16
1,263,303 4.17
1,112,740 4.63 Mortgage-backed securities 4,453,362 2.71
4,190,982 2.85 2,929,270 3.93 Asset-backed securities
2,645,538 1.12
2,761,896 1.16 2,321,312 1.44 Other
marketable securities (A) 164,545 5.39
162,616 4.11 175,860
5.91 Total available for sale securities (B)
9,136,419 2.46
8,990,397 2.48 7,182,704 3.22 Trading
securities (A) 19,785 2.87
32,628 2.95 19,016 2.88
Non-marketable securities (A) 110,486 10.81
116,873 8.55 103,810
7.04
Total investment securities 9,266,690
2.56
9,139,898
2.56 7,305,530 3.28 Short-term
federal funds sold and securities purchased under agreements to
resell 10,162 .39
13,695 .50 5,100 .80 Long-term
securities purchased under agreements to resell 850,000 1.97
850,000 2.02 567,778 1.54 Interest earning deposits
with banks 122,953 .25
87,919
.25 146,493 .25
Total
interest earning assets 19,393,282 3.67
19,305,806 3.66 17,517,140 4.20
Non-interest earning assets (B) 1,121,569
1,160,906 1,034,350
Total assets $
20,514,851
$ 20,466,712 $ 18,551,490
LIABILITIES AND EQUITY: Interest bearing
deposits: Savings $ 529,027 .17
$ 549,998
.15 $ 500,386 .14 Interest checking and money market
8,068,003 .29
8,311,734 .24 7,398,662 .37 Time open
& C.D.’s of less than $100,000 1,186,324 .75
1,155,882
.73 1,426,157 1.06 Time open & C.D.’s of $100,000 and
over 1,367,472 .59
1,444,252
.53 1,433,564 .76
Total interest bearing deposits 11,150,826 .43
11,461,866 .32 10,758,769
.50
Borrowings: Federal funds purchased
and securities sold under agreements to repurchase 1,147,421 .05
1,287,245 .07 1,022,784 .25 Other borrowings 112,024
3.26
111,800 3.26
112,381 3.30
Total borrowings
1,259,445 .33
1,399,045
.33 1,135,165 .55
Total
interest bearing liabilities 12,410,271 .37 %
12,860,911 .32 % 11,893,934 .51
% Non-interest bearing deposits 5,173,106
5,132,305
4,437,032 Other liabilities 789,564
275,349 168,248
Equity 2,141,910
2,198,147 2,052,276
Total liabilities and equity $ 20,514,851
$ 20,466,712 $ 18,551,490 Net interest
income (T/E) $ 167,940
$ 165,666 $
166,479 Net yield on interest earning assets
3.44 %
3.45 %
3.85 % (A) Stated on a tax equivalent
basis using a federal income tax rate of 35%. (B) The allowance for
loan losses and unrealized gains/(losses) on available for sale
securities are included in non-interest earning assets.
COMMERCE BANCSHARES, INC.Management
Discussion of First Quarter ResultsMarch 31, 2012
For the quarter ended March 31, 2012, net income attributable to
Commerce Bancshares, Inc. (net income) amounted to $65.8 million,
an increase of $5.3 million over the same quarter last year, and an
increase of $4.3 million compared to the previous quarter. During
the current quarter, the Company recorded a loss in fair value of
$3.0 million pre-tax on an office building which formerly housed
its operations center, which is held for sale. Also, the Company
recognized certain incentives totaling $1.1 million, pre-tax,
associated with new bankcard network agreements that became
effective in the first quarter. The after-tax effect of these items
amounted to a decrease in net income for the quarter of $1.3
million, or $.01 per share. For the current quarter, the return on
average assets was 1.29%, the return on average equity was 12.0%,
and the efficiency ratio was 58.9%.
Compared to the same quarter last year, net interest income (tax
equivalent) decreased by $813 thousand to $165.7 million, while
non-interest income decreased slightly to $94.6 million, and
included both the fair value adjustment on the office building
noted above and a decline of $5.9 million in debit card interchange
income due to regulatory changes in 2011. Investment securities
gains this quarter totaled $4.0 million compared to gains of $1.3
million in the same period last year, with virtually all of these
gains due to fair value adjustments on the Company's private equity
investments. Non-interest expense for the current quarter totaled
$150.5 million, a decrease of $3.5 million from the same period
last year. The provision for loan losses totaled $8.2 million,
representing a decline of $7.6 million from the amount recorded in
the same quarter last year.
Balance Sheet Review
During the 1st quarter of 2012, average loans, including loans
held for sale, increased $70.8 million compared to the previous
quarter but decreased $277.9 million, or 2.9%, compared to the same
period last year. The increase in average loans compared to the
previous quarter was mainly due to an increase in business,
business real estate and personal real estate loans of $74.4
million, $22.8 million and $20.2 million, respectively. Within the
consumer loan portfolio, marine/RV loans continued to run off this
quarter by approximately $24.0 million on average; however,
consumer auto loans increased $16.8 million due to higher new loan
originations. The demand for construction loans continues to be
affected by the weak housing industry and, overall, these loans
declined by 1.6% this quarter.
Total available for sale investment securities (excluding fair
value adjustments) averaged $9.0 billion this quarter, down $146.0
million compared to the previous quarter. The decrease in the
average balance was mainly the result of maturities and pay-downs
totaling $643.2 million in the 1st quarter of 2012, offset by
purchases of new securities of $540.9 million during the current
quarter. At March 31, 2012, the duration of the investment
portfolio was 2.3 years, and maturities of approximately $1.6
billion are expected to occur during the next 12 months.
Total average deposits increased $270.2 million, or 1.7%, during
the 1st quarter of 2012 compared to the previous quarter. This
increase in average deposits resulted mainly from growth in money
market deposit balances of $232.0 million. Also, certificate of
deposit (CD) average balances increased $46.3 million. The average
loans to deposits ratio in the current quarter was 55.5%, compared
to 56.0% in the previous quarter.
During the current quarter, the Company's average borrowings
increased $139.6 million compared to the previous quarter. This
increase was mainly due to an increase in customer repurchase
agreement balances.
Net Interest Income
Net interest income (tax equivalent) in the 1st quarter of 2012
amounted to $165.7 million, compared with $167.9 million in the
previous quarter, or a decrease of $2.3 million. Net interest
income this quarter was down $813 thousand compared to the 1st
quarter of last year. During the 1st quarter of 2012, the net yield
on earning assets (tax equivalent) was 3.45%, compared with 3.44%
in the previous quarter and 3.85% in the same period last year.
The decrease in net interest income (tax equivalent) in the 1st
quarter of 2012 from the previous quarter was mainly due to fewer
days in the current quarter and lower rates earned on loans, which
were partly offset by a decline in rates paid on deposit accounts.
Interest on loans, including held for sale loans, declined $2.0
million (tax equivalent), mainly due to lower average rates earned
on business real estate, personal real estate and consumer loans,
but partly offset by higher average balances of business, business
real estate and personal real estate loans. When compared to the
previous quarter, interest income on investment securities declined
by $1.5 million (tax equivalent), mainly due to lower average
balances of mortgage-backed securities and lower rates earned on
U.S. government and non-marketable securities. Inflation income
earned on inflation-protected securities declined by $358 thousand
this quarter and was not significant.
Interest expense on deposits declined $1.3 million in the 1st
quarter of 2012 compared with the previous quarter mainly due to
lower rates paid on money market and CD accounts. Overall rates
paid on total interest bearing deposits declined 5 basis points to
.32% this quarter. Interest expense on borrowings increased
slightly this quarter, due mainly to higher average rates paid on
repurchase agreement balances.
The tax equivalent yield on interest earning assets of 3.66% in
the 1st quarter of 2012 was consistent with the yield earned in the
4th quarter of 2011, while the overall cost of interest bearing
liabilities decreased 5 basis points to .32%.
Non-Interest Income
For the 1st quarter of 2012, total non-interest income amounted
to $94.6 million, a decrease of $1.3 million when compared to $95.9
million in the same period last year. Also, current quarter
non-interest income increased $548 thousand when compared to $94.0
million recorded in the previous quarter. The decrease in
non-interest income from the same period last year was mainly due
to a decline in debit card interchange fees this quarter, coupled
with a loss of $3.0 million due to fair value adjustments recorded
on an office building mentioned above, but offset by higher
corporate card and capital market fees.
Bank card fees in the current quarter declined $2.7 million, or
7.3%, from the same period last year as a result of a decline in
debit card interchange fees of $5.9 million, or 41.4%, (effect of
new regulations in 2011) but was partly offset by growth in
corporate card fees of $2.3 million, or 16.8%. Corporate card and
debit card fees for the current quarter totaled $15.7 million and
$8.4 million, respectively. Merchant fees grew by 15.1% and totaled
$5.7 million for the quarter.
Trust fees for the quarter increased 5.8% compared to the same
period last year resulting mainly from growth in both personal and
institutional trust fees. Deposit account fees increased slightly
this quarter compared to last year as corporate cash management and
other personal account fees grew by $925 thousand but overdraft
fees declined $888 thousand, or 9.6%. Capital market fees increased
$2.2 million this quarter compared to last year as a result of
growth in sales of mainly fixed income securities to correspondent
banks and other commercial customers. Other non-interest income
included the $3.0 million fair value loss on the office building
mentioned above.
Investment Securities Gains and Losses
Net securities gains amounted to $4.0 million in the 1st quarter
of 2012, compared to net gains of $4.9 million in the previous
quarter and net gains of $1.3 million in the same quarter last
year. The current quarter included a pre-tax gain of $4.1 million
related to quarterly fair value adjustments on the Company's
private equity investments. Minority interest expense related to
these gains totaled $893 thousand and is included in
non-controlling interest expense.
Also during the current quarter, the Company recorded
credit-related impairment losses of $320 thousand on certain
non-agency guaranteed mortgage-backed securities identified as
other-than-temporarily impaired, compared to losses of $782
thousand in the previous quarter and $274 thousand in the same
quarter last year. The cumulative credit-related impairment reserve
on these bonds totaled $10.2 million at quarter end. At March 31,
2012, the par value of non-agency guaranteed mortgage-backed
securities identified as other-than-temporarily impaired totaled
$131.7 million, compared to $169.4 million at March 31, 2011.
Non-Interest Expense
Non-interest expense for the current quarter amounted to $150.5
million, a decrease of $3.5 million, or 2.3%, from the same quarter
last year and a decrease of $5.6 million compared to the previous
quarter. During the current quarter, the Company signed new
bankcard network agreements and realized incentives which reduced
data processing expense by $1.1 million this quarter.
Compared to the 1st quarter of last year, salaries and benefits
expense increased $2.2 million, or 2.5%, mainly due to higher
incentive compensation of $725 thousand and higher medical costs,
payroll taxes, and 401K expense which totaled $817 thousand.
Full-time equivalent employees totaled 4,713 and 4,814 at March 31,
2012 and 2011, respectively.
Occupancy and equipment expense declined $1.2 million on a
combined basis partly due to the mild winter and lower depreciation
costs, while FDIC insurance expense declined $2.4 million as a
result of new assessment rules which became effective in the 2nd
quarter of 2011. Expense related to foreclosed property declined
$852 thousand, mainly due to lower losses on fair value adjustments
in the first quarter of 2012.
Income Taxes
The effective tax rate for the Company was 33.3% in the current
quarter, compared with 32.4% in the previous quarter and 31.3% in
the 1st quarter of 2011.
Credit Quality
Net loan charge-offs in the 1st quarter of 2012 amounted to
$11.2 million, compared with $15.6 million in the prior quarter and
$18.8 million in the 1st quarter of last year. The $4.5 million
decline in net loan charge-offs in the 1st quarter of 2012 compared
to the previous quarter was mainly the result of lower net loan
charge-offs on construction loans of $2.4 million, coupled with
lower losses on consumer credit card, business and personal real
estate loans. Net loan charge-offs on business real estate loans
increased modestly to $1.5 million this quarter. The ratio of
annualized net loan charge-offs to total average loans was .49% in
the current quarter compared to .68% in the previous quarter.
For the 1st quarter of 2012, annualized net loan charge-offs on
average consumer credit card loans amounted to 3.40%, compared with
3.78% in the previous quarter and 4.73% in the same period last
year. Consumer loan net charge-offs for the quarter amounted to
.96% of average consumer loans, compared to .96% in the previous
quarter and 1.42% in the same quarter last year. The provision for
loan losses for the current quarter totaled $8.2 million, a
decrease of $4.0 million from the previous quarter and $7.6 million
lower than in the same period last year. The current quarter
provision for loan losses was $3.0 million less than net loan
charge-offs for the current quarter, thereby reducing the allowance
for loan losses to $181.5 million. At March 31, 2012 this allowance
was 1.96% of total loans, excluding loans held for sale, and was
264% of total non-accrual loans.
At March 31, 2012, total non-performing assets amounted to $87.5
million, a decrease of $6.3 million from the previous quarter.
Non-performing assets are comprised of non-accrual loans ($68.9
million) and foreclosed real estate ($18.6 million). At March 31,
2012, the balance of non-accrual loans, which represented .7% of
loans outstanding, included construction and land loans of $21.1
million, business loans of $20.1 million and business real estate
loans of $20.7 million. Loans more than 90 days past due and still
accruing interest totaled $16.4 million at March 31, 2012.
Other
During the quarter ended March 31, 2012, the Company purchased
810,642 shares of treasury stock at an average cost of $38.98.
Forward Looking Information
This information contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Such statements include future financial and operating results,
expectations, intentions and other statements that are not
historical facts. Such statements are based on current beliefs and
expectations of the Company's management and are subject to
significant risks and uncertainties. Actual results may differ
materially from those set forth in the forward-looking
statements
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