Commerce Bancshares, Inc Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Loan Charge-Offs for the Fourth Quarter of 2017
January 18, 2018 at 07:00 am
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Commerce Bancshares, Inc. announced unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2017. For the quarter, the company reported net interest income was $190,008,000 against $173,202,000 a year ago. Total revenue was $314,220,000 against $292,681,000 a year ago. Income before taxes was $115,087,000 against $104,671,000 a year ago. Net income available to common shareholders was $92,105,000 against $69,329,000 a year ago. Diluted earnings per common share were $0.86 against $0.65 a year ago. Return on total average assets was 1.50% against 1.14% a year ago. Return on average common equity was 14.17% against 11.48% a year ago. Book value per common share was $24.14 against $22.12 per share a year ago.
For the full year, the company reported net interest income was $733,679,000 against $680,049,000 a year ago. Total revenue was $1,220,283,000 against $1,154,441,000 a year ago. Income before taxes was $430,406,000 against $401,005,000 a year ago. Net income available to common shareholders was $310,383,000 against $266,391,000 a year ago. Diluted earnings per common share were $2.89 against $2.49 a year ago. Return on total average assets was 1.28% against 1.12% a year ago. Return on average common equity was 12.46% against 11.33% a year ago.
For the current quarter, net loan charge-offs totaled $11.0 million compared to $10.7 million in the prior quarter and $9.0 million in the same period last year. This small increase was due mainly to growth in net loan charge-offs in business loans, offset by lower automobile loan net charge-offs.
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 Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2017; Reports Net Loan Charge-Offs for the Fourth Quarter of 2017