Commerce Bancshares Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Loan Charge-Offs in the Fourth Quarter Ended December 31, 2015
January 20, 2016 at 10:09 am
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Commerce Bancshares Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2015. For the quarter, the company reported revenue of $278.4 million, up from $264.2 million in the fourth quarter of 2014. Interest income was $169.74 million compared to $158.92 million in the fourth quarter of 2014. Net interest income was $162.49 million compared to $151.93 million in the fourth quarter of 2014. Net interest income after provision for loan losses was $153.3 million compared to $147.27 million in the fourth quarter of 2014. Income before income taxes was $92.09 million compared to $93.23 million in the fourth quarter of 2014. Net income was $64.43 million compared to $63.74 million in the fourth quarter of 2014. Net income attributable to Commerce Bancshares, Inc.was $63.71 million compared to $62.73 million in the fourth quarter of 2014. Net income available to common shareholders was $61.46 million compared to $60.48 million in the fourth quarter of 2014. Net income per diluted common share was $0.63 compared to $0.60 in the fourth quarter of 2014. Return on total average assets was 1.05% compared to 1.08% in the fourth quarter of 2014. Return on average common equity was 10.88% compared to 10.98% in the fourth quarter of 2014. Net interest income increased slightly this quarter due to higher earning asset balances and higher rates earned on mortgage and asset-backed securities, but was offset by a decline in inflation income of $4.7 million on the Company's inflation-protected securities. Fee income also grew 4.3% on higher fees mainly from deposit, bank card, trust and mortgage banking activities.
For the full year 2015, the company revenue totaled $1.08 billion up from nearly $1.06 billion the prior year. Interest income was $662.42 million compared to $648.29 million for the year 2014. Net interest income was $634.32 million compared to $620.2 million for the year 2014. Net interest income after provision for loan losses was $605.59 million compared to $590.67 million for the year 2014. Income before income taxes was $383.57 million compared to $384.43 million for the year 2014. Net income was $266.98 million compared to $262.78 million for the year 2014. Net income attributable to Commerce Bancshares, Inc.was $263.73 million compared to $261.75 million for the year 2014. Net income available to common shareholders was $254.73 million compared to $257.7 million for the year 2014. Net income per diluted common share was $2.56 compared to $2.49 for the year 2014. Return on total average assets was 1.11% compared to 1.15% for the year 2014. Return on average common equity was 11.43% compared to 11.65% for the year 2014.
The company's net loan charge-offs totaled $9.2 million in the fourth quarter ended December 31, 2015, or 0.28% of average loans.
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, 2015; Reports Net Loan Charge-Offs in the Fourth Quarter Ended December 31, 2015