From the Vault

Commerce Bancshares Inc. announced on Oct. 13 record earnings of $2.47 a share for the nine months ended Sept. 30, an increase of 14 percent compared to the $2.17 a share earnings for the same period in 2003.

Net income for the first nine months of 2004 totaled $167.7 million, for an increase of 10 percent, compared with $152.7 million in the same period last year.

Earnings per share for the third quarter amounted to 93 cents a share, up 18 percent from 2003’s total of 79 cents a share.

Other financial figures of note:

Net interest income remained steady compared to last year.

Total assets as of Sept. 30 were $14.1 billion, up 3.3 percent from Sept. 30, 2003.

Total loans were $8.2 billion, a 4.9 percent increase from Sept. 30, 2003.

Total deposits were $10.3 billion, 3.4 percent higher than Sept. 30, 2003.

Additionally, Commerce Bancshares announced Oct. 22 the approval of a 5 percent stock dividend. Certificates are to be distributed Dec. 13 to shareholders of record at the close of business Nov. 29.The board of directors also declared a regular quarterly dividend of 23 cents per share on the company’s common stock, payable at the same time.

Also, the board approved the additional purchase of up to 4,296,580 shares of company stock, providing the company with the authority to repurchase a total of 5,000,000 shares.

At the close of the third quarter, Commerce Bancshares stock (NASDAQ: CBSH) traded for about $48 a share.

Commerce Bancshares Inc. operates approximately 330 banking locations in Missouri, Illinois and Kansas. The company also has operating subsidiaries involved in mortgage banking, credit-related insurance, venture capital and real estate activities.

Guaranty Federal Bancshares Inc.

Guaranty Federal Bancshares Inc., the holding company for Guaranty Bank, announced Oct. 13 that earnings for the third quarter, which ended Sept. 30, 2004, were 41 cents per share, or $1,156,000, up from the 39 cents per share, or $1,077,000, the company earned during the same quarter last year. This represents a 5 percent increase in quarterly earnings per share.

Earnings for the nine months ending Sept. 30, 2004, increased 7 percent compared to the same period in 2003 to $1.12 per share, or $3,141,000. For the first nine months in 2003, earnings per share were $1.04, or $2,892,000.

Other financial highlights:

• Net interest income is up 15 percent over the prior year quarter.

• Net interest margin increased 10 basis points over the prior year quarter to 3.07 percent.

• Total assets increased $45 million, or 12 percent, from Dec. 31, 2003.

• Loans increased $53 million, or 16 percent, from Dec. 31, 2003.

• Deposits increased $35 million, or 15 percent, from Dec. 31, 2003.

Additionally, Guaranty Bank continues to repurchase up to 300,000 shares of common stock. The bank announced the buyback plan on Nov. 22, 2002; to date Guaranty Bank has repurchased 97,425 shares of common stock at an average cost of $17.32 per share. At the close of the third quarter, Guaranty Federal Bancshares stock (NASDAQ: GFED) traded for about $19.75.

Springfield-based Guaranty Bank has nine branches and 19 ATMs in Greene and Christian counties. Also, the bank is a member of the Privileged Status ATM network, which provides its customers surcharge-free access to more than 60 area ATMs and more than 1,000 ATMs nationwide.

Regions Financial Corp.

Regions Financial Corp. (NYSE: RF), the parent company for Regions Bank and Union Planters Bank, announced Oct. 15 earnings highlights for its third quarter ended Sept. 30.

Some financial figures of note:

Shareholders earned 55 cents per diluted share.

Third quarter net income totaled $256.7 million.

Net interest income increased from $369 million in the third quarter of 2003 to $676 million during the same period of 2004, driven by an increase in the net interest margin to 3.71 percent, as well as a merger with former Union Planters Corporation.

After the merger was completed, the company held assets of $84.1 billion as of Sept. 30.

The board of directors also announced a quarterly cash dividend of $.3334 per share, payable Nov. 15. It marks the 134th consecutive quarter in which the company has paid cash dividends, going back to the company’s formation in 1971. At the close of the third quarter, Regions Financial Corp. stock traded for about $31 per share.

Regions Financial Corp., with headquarters in Birmingham, Ala., is a full-service provider of retail and commercial banking, securities brokerage, mortgage, and insurance products and services. Its subsidiaries, Regions Bank and Union Planters Bank, operate more than 1,400 offices and a 1,700-ATM network across 15 states in the South and Midwest.