Commerce Bancshares, Inc. Reports Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Impairment Losses for the Fourth Quarter Ended December 31, 2013
January 14, 2014 at 05:30 pm IST
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Commerce Bancshares, Inc. reported consolidated unaudited earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net interest income of $154,865,000 against $161,253,000 a year ago. Net interest income after provision for loan losses was $149,322,000 against $152,927,000 a year ago. Income before income taxes was $96,184,000 against $94,231,000 a year ago. Net income attributable to the company was $65,915,000 or $0.69 per diluted common share against $66,791,000 or $0.69 per diluted common share a year ago. Return on total average assets was 1.18% against 1.25% a year ago. Return on total average equity was 11.81% against 11.62% a year ago.
For the full year, the company reported net interest income of $619,372,000 against $639,906,000 a year ago. Net interest income after provision for loan losses was $599,019,000 against $612,619,000 a year ago. Income before income taxes was $383,347,000 against $398,608,000 a year ago. Net income attributable to the company was $260,961,000 or $2.72 per diluted common share against $269,329,000 or $2.76 per diluted common share a year ago. Return on total average assets was 1.19% against 1.30% a year ago. Return on total average equity was 11.99% against 12.00% a year ago. Book value per share based on total equity at the end of the period was $23.10 against $22.62 a year ago.
For the fourth quarter ended December 31, 2013, the company reported net impairment losses of $24,000 against $263,000 a year ago.
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 Consolidated Unaudited Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Reports Impairment Losses for the Fourth Quarter Ended December 31, 2013