Commerce reports 60-cent per-share quarterly earnings

Quarterly earnings reflect a 21.1 percent decrease from 76 cents per share in fourth-quarter 2006. However, fourth-quarter 2007 figures included a $21 million pre-tax charge related to Commerce’s share of litigation costs with Visa U.S.A. Inc., according to a news release. Operating earnings per share, excluding the litigation charge, were 78 cents per share, or 3 percent higher than fourth-quarter 2006.

“While we were required to expense our share of certain estimated Visa litigation costs this quarter, we expect significant future benefits from our proportionate ownership in that organization,” said chairman and CEO David W. Kemper, in the release.

Quarterly net income was $43.7 million, compared to $57 million in the same period a year ago.

Kemper attributed growth in operating results to a relatively stable net interest margin, continued loan growth and solid growth in fee-based businesses.

For the year, earnings per share were $2.82, down from $2.94 in 2006, and net income in 2007 was $206.7 million, compared to $219.8 million in 2006. Exclusive of the Visa litigation costs, operating net income was $219.9 million, or $3 per share.

Total assets as of Dec. 31 were $16.2 billion, total loans were $10.8 billion and total deposits were $12.6 billion.

Company shares (Nasdaq: CBSH) closed Tuesday at $40.76, compared to a 52-week range of $39.99 to $48.35.[[In-content Ad]]