Commerce Bancshares Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Announces Net Loan Charge-Offs for the Fourth Quarter of 2016
January 18, 2017 at 02:29 pm
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Commerce Bancshares Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported total revenue of $292,681,000, up from $278,529,000 a year ago. Net interest income was $173,202,000 compared to $162,487,000 a year ago. Income before income taxes was $104,671,000 compared to $92,086,000 a year ago. Net income available to common shareholders was $71,579,000 compared to $63,710,000 a year ago. Net income per basic and diluted common share was $0.68 compared to $0.60 a year ago. Return on total average assets was 1.14% compared to 1.05% a year ago. Return on average common equity was 11.48% compared to 10.88% a year ago.
For the full year 2016, the company reported total revenue of $1,154,441,000, up from $1,082,459,000 a year ago. Net interest income was $680,049,000 compared to $634,320,000 a year ago. Income before income taxes was $401,005,000 compared to $383,565,000 a year ago. Net income available to common shareholders was $266,391,000 compared to $254,730,000 a year ago. Net income per diluted common share was $2.61 compared to $2.43 a year ago. Return on total average assets was 1.12% compared to 1.11% a year ago. Return on average common equity was 11.33% compared to 11.43% a year ago. Book value per common share was $23.22 compared to $21.77 a year ago.
Net loan charge-offs in the fourth quarter of 2016 amounted to $9.0 million, compared to $9.2 million in the same period last year.
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 Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Announces Net Loan Charge-Offs for the Fourth Quarter of 2016