Commerce announces earnings

Commerce Bancshares Inc. announced record earnings of $3.36 per share in 1997, compared to $2.97 per share in 1996, an increase of 13 percent. That and the following information was obtained from a Jan. 14 press release.

Total earnings for 1997 were $133 million, an increase of $13 million compared to $120 million earned in 1996. For the fourth quarter and the year, return on assets was 1.46 percent and 1.37 percent, compared with 1.37 percent and 1.28 percent in the prior year's quarter and prior year, respectively.

Net income for the fourth quarter amounted to $37 million, compared to $32 million in the same period last year, an increase of 13 percent. Earnings per share were 93 cents, compared to 81 cents last year, an increase of 15 percent. The return on equity for the quarter was 15 percent, while the efficiency ratio was 59 percent.

Total loans on Dec. 31, 1997, were $6.2 billion, and total deposits were $8.7 billion. The allowance for loan losses of $106 million was 1.7 percent of total loans. Net charge-offs for the year were 0.48 percent of average loans, compared to 0.47 percent in 1996.

During the quarter, the company announced a definitive agreement to acquire City National Bank of Pittsburg, Kan., with assets of $120 million. This transaction is scheduled to close in the first quarter of 1998. The company also paid a 5 percent stock dividend to shareholders in December.

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 270 locations in Missouri, Illinois and Kansas. [[In-content Ad]]