Commerce Bancshares, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2012
January 15, 2013 at 07:00 am EST
Share
Commerce Bancshares, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2012. For the quarter, the company reported interest income of $170,185,000 against $173,223,000 for the same period last year. Net interest income was $161,253,000 against $161,757,000 for the same period last year. Income before income taxes was $94,231,000 against $92,561,000 for the same period last year. Net income attributable to the company was $66,791,000 or $0.72 per diluted share against $61,504,000 or $0.66 per diluted share for the same period last year. Return on total average assets was 1.25% against 1.19% for the same period last year. Return on total average equity was 11.62% against 11.39% for the same period last year.
For the year, the company reported interest income of $677,969,000 against $697,971,000 for the same period last year. Net interest income was $639,906,000 against $646,070,000 for the same period last year. Income before income taxes was $398,608,000 against $381,035,000 for the same period last year. Net income attributable to the company was $269,329,000 or $2.90 per diluted share against $256,343,000 or $2.69 per diluted share for the same period last year. Return on total average assets was 1.30% against 1.32% for the same period last year. Return on total average equity was 12.00% against 12.15% for the same period last year. Book value per share based on total equity as at December 31, 2012 was $23.76 against $23.24 as at December 31, 2011.
The company announced that net loan charge-offs for the current quarter totaled $10.8 million, compared to $15.6 million in the fourth quarter of 2011 and $9.1 million in the previous quarter.
Commerce Bancshares, Inc. is a bank holding company of Commerce Bank (the Bank). The Bank is engaged in the general banking business, providing a range of retail, mortgage banking, corporate, investment, trust, and asset management products and services. It operates over 257 locations in Missouri, Kansas, Illinois, Oklahoma and Colorado. The Company's segments include Commercial, Consumer and Wealth. The Commercial segment offers corporate lending, merchant and commercial bank card products, payment solutions, leasing, and international services, as well as business and government deposit, investment, institutional brokerage and others. The Consumer segment includes the retail branch network, consumer installment lending, personal mortgage banking, and consumer debit and credit bank card activities. The Wealth segment provides traditional trust and estate planning services, consumer brokerage services, and advisory and discretionary investment portfolio management services.
Commerce Bancshares, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Reports Net Loan Charge-Offs for the Fourth Quarter Ended December 31, 2012