Commerce Bancshares, Inc. Announces First Quarter Earnings Per Share of $.67

  Commerce Bancshares, Inc. Announces First Quarter Earnings Per Share of $.67  Business Wire  KANSAS CITY, Mo. -- April 10, 2014  Commerce Bancshares, Inc. (NASDAQ: CBSH) announced earnings of $.67 per share for the three months ended March 31, 2014 compared to $.63 per share in the first quarter of 2013, or an increase of 6.3%. Net income for the first quarter amounted to $64.3 million, compared to $61.0 million in the same quarter last year, an increase of 5.4%. For the quarter, the return on average assets totaled 1.16%, the return on average equity was 11.6% and the efficiency ratio was 63.3%.  In announcing these results, David W. Kemper, Chairman and CEO, said, “Loan demand remained strong this quarter as average loans increased $288 million, or 10.8% annualized, with most of this growth occurring in commercial and industrial and automobile lending. Average deposits also grew by $293 million, an annualized increase of 6.4%. Commercial card revenue increased 13% in the quarter from a year ago while trust revenue increased 6% compared to the first quarter last year. Our net interest margin has begun to stabilize, declining 3 basis points this quarter to 3.03%.  During the quarter, unrealized net gains due to fair value adjustments on the Company’s private equity investments totaled $15.7 million. However, these gains were offset by securities losses of $5.2 million and write downs in fair value on certain bank-owned real estate totaling $1.4 million.”  Mr. Kemper continued, “Net loan charge-offs for the current quarter totaled $9.7 million, compared to $7.5 million in the previous quarter and $7.8 million in the first quarter of 2013. The increase in net loan charge-offs compared to the previous quarter is mainly due to a decline of $2.6 million in commercial loan recoveries received coupled with an increase in consumer credit card losses of $550 thousand. During the current quarter, the provision for loan losses totaled $9.7 million and matched net loan charge-offs. The allowance for loan losses amounted to $161.5 million this quarter, or 1.44% of period end loans, and was 3.4 times non-performing loans. Total non-performing assets decreased $995 thousand from the previous quarter to $54.4 million this quarter.”  Total assets at March 31, 2014 were $22.8 billion, total loans were $11.2 billion, and total deposits were $19.2 billion. During the quarter, the Company repurchased 474,854 shares of its common stock at an average price per share of $44.01 and paid a cash dividend of $.225 per share, an increase of 5% over the rate paid in 2013.  Commerce Bancshares, Inc. is a registered bank holding company offering a full line of banking services, including investment management and securities brokerage. The Company currently operates in approximately 360 locations in Missouri, Illinois, Kansas, Oklahoma and Colorado. The Company also has operating subsidiaries involved in mortgage banking, credit related insurance, and private equity activities.  Summary of Non-Performing Assets and Past Due Loans  (Dollars in thousands)              12/31/2013   3/31/2014    3/31/2013 Non-Accrual Loans                   $ 48,814     $ 47,573     $ 44,739 Foreclosed Real Estate              $ 6,625     $ 6,871     $ 14,191  Total Non-Performing Assets         $ 55,439    $ 54,444    $ 58,930  Non-Performing Assets to Loans      .51      %   .49      %   .59      % Non-Performing Assets to Total      .24      %   .24      %   .27      % Assets Loans 90 Days & Over Past Due —     $ 13,966    $ 12,487    $ 15,015  Still Accruing                                                                                This financial news release, including management's discussion of first quarter results, is posted to the Company's web site at www.commercebank.com.                                COMMERCE BANCSHARES, INC. and SUBSIDIARIES  FINANCIAL HIGHLIGHTS                                                                  For the Three Months Ended (Unaudited)                   December 31,   March 31,      March 31,                                 2013             2014             2013 FINANCIAL SUMMARY (In thousands, except per share data) Net interest income             $154,865       $153,066       $150,343 Taxable equivalent net          162,182          159,761          156,708 interest income Non-interest income             109,522          102,627          99,877 Investment securities gains     (1,342     )     10,037           (2,165     ) (losses), net Provision for loan losses       5,543            9,660            3,285 Non-interest expense            161,318          162,340          155,037 Net income attributable to      65,915           64,313           61,017 Commerce Bancshares, Inc. Cash dividends                  20,568           21,590           20,435 Net total loan charge-offs      7,543            9,660            7,785 (recoveries) Business                        (76        )     (106       )     (50        ) Real estate — construction      (1,781     )     55               (532       ) and land Real estate — business          (255       )     426              (104       ) Consumer credit card            6,110            6,447            6,048 Consumer                        2,311            2,505            1,709 Revolving home equity           596              113              139 Real estate — personal          358              6                373 Overdraft                       280              214              202 Per common share: Net income — basic              $.69             $.67             $.64 Net income — diluted            $.69             $.67             $.63 Cash dividends                  $.214            $.225            $.214 Diluted wtd. average shares   95,321        95,194        94,966      o/s RATIOS Average loans to deposits       58.73      %     59.35      %     54.65      % (1) Return on total average         1.18       %     1.16       %     1.13       % assets Return on total average         11.81      %     11.56      %     11.38      % equity Non-interest income to          41.42      %     40.14      %     39.92      % revenue (2) Efficiency ratio (3)          60.81      %   63.28      %   61.76      % AT PERIOD END Book value per share based      $23.10           $23.75           $22.87 on total equity Market value per share          $44.91           $46.42           $38.89 Allowance for loan losses       1.47       %     1.44       %     1.68       % as a percentage of loans Tier I leverage ratio           9.43       %     9.41       %     8.92       % Tangible common equity to       9.00       %     9.36       %     9.26       % assets ratio (4) Common shares outstanding       95,881,165       95,722,655       95,275,990 Shareholders of record          4,116            4,143            4,127 Number of bank/ATM              358              356              359 locations Full-time equivalent          4,727         4,745         4,725       employees OTHER QTD INFORMATION High market value per share     $45.77           $47.31           $38.94 Low market value per share      $40.80           $41.66           $33.71  (1)  Includes loans held for sale. (2)   Revenue includes net interest income and non-interest income. (3)   The efficiency ratio is calculated as non-interest expense (excluding       intangibles amortization) as a percent of revenue.       The tangible common equity ratio is calculated as stockholders’ equity (4)   reduced by goodwill and other intangible assets (excluding mortgage       servicing rights) divided by total assets reduced by goodwill and other       intangible assets (excluding mortgage servicing rights).                                           COMMERCE BANCSHARES, INC. and SUBSIDIARIES  CONSOLIDATED STATEMENTS OF INCOME                                                                          For the Three Months Ended (Unaudited)                                   December 31,   March 31,    March 31, (In thousands, except per share     2013             2014           2013 data) Interest income                     $162,141       $159,998     $158,745 Interest expense                    7,276           6,932         8,402     Net interest income                 154,865          153,066        150,343 Provision for loan losses           5,543           9,660         3,285     Net interest income after           149,322         143,406       147,058   provision for loan losses NON-INTEREST INCOME Bank card transaction fees          43,486           41,717         38,550 Trust fees                          26,308           26,573         25,169 Deposit account charges and         20,506           18,590         18,712 other fees Capital market fees                 3,195            3,870          4,391 Consumer brokerage services         2,596            2,747          2,686 Loan fees and sales                 1,525            1,209          1,473 Other                               11,906          7,921         8,896     Total non-interest income           109,522         102,627       99,877    INVESTMENT SECURITIES GAINS (LOSSES), NET Change in fair value of other-than-temporarily impaired     (230      )      (63      )     1,389 securities Portion recognized in other         206             (283     )     (1,831   ) comprehensive income Net impairment losses               (24       )      (346     )     (442     ) recognized in earnings Realized gains (losses) on sales and fair value                (1,318    )      10,383        (1,723   ) adjustments Investment securities gains         (1,342    )      10,037        (2,165   ) (losses), net NON-INTEREST EXPENSE Salaries and employee benefits      95,012           94,263         90,881 Net occupancy                       11,838           11,616         11,235 Equipment                           4,597            4,504          4,683 Supplies and communication          5,676            5,699          5,589 Data processing and software        19,723           19,087         18,951 Marketing                           2,921            3,681          3,359 Deposit insurance                   2,814            2,894          2,767 Other                               18,737          20,596        17,572    Total non-interest expense          161,318         162,340       155,037   Income before income taxes          96,184           93,730         89,733 Less income taxes                   30,359          29,609        28,925    Net income                          65,825           64,121         60,808 Less non-controlling interest       (90       )      (192     )     (209     ) expense (income) Net income attributable to          $65,915         $64,313       $61,017   Commerce Bancshares, Inc. Net income per common share —       $.69            $.67          $.64      basic Net income per common share —       $.69             $.67           $.63 diluted                                                                                                                                           COMMERCE BANCSHARES, INC. and SUBSIDIARIES  CONSOLIDATED BALANCE SHEETS                                                                   (Unaudited)                  December 31,      March 31,         March 31,                            2013            2014            2013 (In thousands) ASSETS Loans                        $10,956,836       $11,222,038       $9,982,686 Allowance for loan           (161,532    )     (161,532    )     (168,032    ) losses Net loans                    10,795,304       11,060,506       9,814,654    Loans held for sale          —                 —                 9,085 Investment securities: Available for sale           8,915,680         9,115,116         9,572,751 Trading                      19,993            15,740            23,400 Non-marketable               107,324          126,119          118,620      Total investment             9,042,997        9,256,975        9,714,771    securities Short-term federal funds sold and securities          43,845            19,525            7,820 purchased under agreements to resell Long-term securities purchased under              1,150,000         950,000           1,200,000 agreements to resell Interest earning             707,249           198,417           199,956 deposits with banks Cash and due from banks      518,420           530,244           413,019 Land, buildings and          349,654           344,790           355,464 equipment — net Goodwill                     138,921           138,921           125,585 Other intangible assets      9,268             8,811             4,870 — net Other assets                 316,378          328,931          381,984      Total assets                 $23,072,036      $22,837,120      $22,227,208  LIABILITIES AND STOCKHOLDERS’ EQUITY Deposits: Non-interest bearing         $6,750,674        $6,552,085        $6,170,274 Savings, interest checking and money           10,108,236        10,328,912        9,802,838 market Time open and C.D.’s of      983,689           967,272           1,061,350 less than $100,000 Time open and C.D.’s of      1,204,749        1,389,065        1,480,405    $100,000 and over Total deposits               19,047,348        19,237,334        18,514,867 Federal funds purchased and securities sold          1,346,558         927,152           1,126,858 under agreements to repurchase Other borrowings             107,310           105,114           102,783 Other liabilities            356,423          294,009          303,509      Total liabilities            20,857,639       20,563,609       20,048,017   Stockholders’ equity: Preferred stock              —                 —                 — Common stock                 481,224           481,224           458,646 Capital surplus              1,279,948         1,273,290         1,101,445 Retained earnings            449,836           492,559           517,792 Treasury stock               (10,097     )     (17,193     )     (32,501     ) Accumulated other            9,731            40,499           129,763      comprehensive income Total stockholders’          2,210,642         2,270,379         2,175,145 equity Non-controlling interest     3,755            3,132            4,046        Total equity                 2,214,397        2,273,511        2,179,191    Total liabilities and        $23,072,036       $22,837,120       $22,227,208 equity                                                                                                       COMMERCE BANCSHARES, INC. and SUBSIDIARIES  AVERAGE BALANCE SHEETS — AVERAGE RATES AND YIELDS                           (Unaudited)              For the Three Months Ended  (Dollars in              December 31, 2013              March 31, 2014                 March 31, 2013 thousands)                          Average         Avg. Rates      Average         Avg. Rates      Average         Avg. Rates                          Balance          Earned/Paid     Balance          Earned/Paid     Balance          Earned/Paid ASSETS:                                                                                                  Loans: Business ^ (A)           $ 3,635,223      3.04    %       $ 3,843,377      2.90    %       $ 3,156,594      3.17    % Real estate — construction and         391,315          3.98            419,628          3.77            351,573          3.87 land Real estate —            2,299,746        4.02            2,323,208        3.90            2,230,453        4.17 business Real estate —            1,782,834        3.80            1,778,573        3.86            1,600,138        4.08 personal Consumer                 1,500,404        4.52            1,533,485        4.41            1,343,210        5.03 Revolving home           420,910          3.88            423,656          3.82            428,696          4.08 equity Consumer credit card     759,917          11.20           757,423          11.43           755,167          11.38 Overdrafts               6,708          —              5,429          —              5,406          —        Total loans ^ (B)        10,797,057     4.22           11,084,779     4.12           9,871,237      4.49     Loans held for sale      —                —               —                —               9,096            3.79 Investment securities: U.S. government and federal agency           404,622          1.12            497,333          1.71            398,215          (.59    ) obligations Government-sponsored enterprise               663,504          1.63            774,749          1.66            468,608          1.86 obligations State and municipal      1,628,758        3.53            1,605,752        3.69            1,603,064        3.79 obligations ^ (A) Mortgage-backed          2,944,310        2.78            3,019,157        2.80            3,514,370        2.59 securities Asset-backed             2,843,772        .87             2,854,201        .89             3,206,907        .93 securities Other marketable         167,900        3.25           153,068        2.50           193,413        3.21     securities ^ (A) Total available for sale securities ^        8,652,866        2.14            8,904,260        2.18            9,384,577        2.07 (B) Trading securities ^     18,081           2.44            19,183           2.28            27,729           1.90 (A) Non-marketable           113,925        11.65          109,932        6.42           119,407        6.20     securities ^(A) Total investment         8,784,872      2.26           9,033,375      2.24           9,531,713      2.12     securities Short-term federal funds sold and securities purchased     34,385           .39             24,464           .43             8,680            .42 under agreements to resell Long-term securities purchased under          1,149,999        1.51            1,102,222        1.53            1,178,333        2.01 agreements to resell Interest earning         260,242         .25            161,117         .25            130,357        .24      deposits with banks Total interest           21,026,555      3.20           21,405,957      3.16           20,729,416      3.23     earning assets Non-interest earning     1,072,491                       1,039,777                       1,196,078     assets ^(B) Total assets             $ 22,099,046                    $ 22,445,734                    $ 21,925,494  LIABILITIES AND EQUITY: Interest bearing deposits: Savings                  $ 627,802        .12             $ 649,292        .12             $ 603,644        .12 Interest checking        9,199,410        .14             9,473,680        .13             9,142,100        .17 and money market Time open & C.D.’s of less than             998,376          .48             975,640          .47             1,068,695        .66 $100,000 Time open & C.D.’s       1,286,667      .46            1,339,808      .44            1,336,952      .52      of $100,000 and over Total interest           12,112,255     .20            12,438,420     .19            12,151,391     .25      bearing deposits Borrowings: Federal funds purchased and securities sold          1,186,093        .05             1,209,180        .07             1,200,818        .07 under agreements to repurchase Other borrowings         105,441        3.27           105,187        3.28           103,329        3.19     Total borrowings         1,291,534      .31            1,314,367      .33            1,304,147      .32      Total interest           13,403,789      .22     %       13,752,787      .20     %       13,455,538      .25     % bearing liabilities Non-interest bearing     6,270,980                        6,237,479                        5,929,229 deposits Other liabilities        210,287                          198,383                          366,562 Equity                   2,213,990                       2,257,085                       2,174,165     Total liabilities        $ 22,099,046                    $ 22,445,734                    $ 21,925,494  and equity Net interest income      $ 162,182                       $ 159,761                       $ 156,708     (T/E) Net yield on interest earning                          3.06    %                        3.03    %                        3.07    % assets  (A)  Stated on a tax equivalent basis using a federal income tax rate of 35%. (B)   The allowance for loan losses and unrealized gains/(losses) on available       for sale securities are included in non-interest earning assets.                                   COMMERCE BANCSHARES, INC.                  Management Discussion of First Quarter Results                                  March 31, 2014  For the quarter ended March 31, 2014, net income attributable to Commerce Bancshares, Inc. (net income) amounted to $64.3 million, an increase of $3.3 million over the same quarter last year and a decrease of $1.6 million compared to the previous quarter. The decrease in net income from the previous quarter resulted mainly from a higher provision for loan losses of $4.1 million coupled with lower non-interest income of $6.9 million, but offset by an increase in net securities gains of $11.4 million. Net securities gains for the quarter were comprised of unrealized gains on the Company’s private equity portfolio of $15.7 million offset by realized losses of $5.2 million on the sale of certain available for sale securities. Also included in the quarter were write downs to fair value on certain bank-owned properties held for sale and a litigation provision of $1.5 million. For the current quarter, the return on average assets was 1.16%, the return on average equity was 11.56%, and the efficiency ratio was 63.3%.  Balance Sheet Review  During the 1^st quarter of 2014, average loans increased $287.7 million compared to the previous quarter and increased $1.2 billion, or 12.2%, compared to the same period last year. Compared to the previous quarter, the increase in average loans resulted from growth in business (up $208.2 million), construction and business real estate (up $51.8 million), and consumer loans (up $33.1 million, mainly in automobile loans). The increase in business loans mainly resulted from continued growth in commercial and industrial and tax-advantaged lending activities. Demand for consumer automobile loans increased in the 1^st quarter as these loans grew by $49.8 million. However, average marine and RV loans, included in the consumer loan portfolio, continued to run off this quarter by $14.5 million.  Total available for sale investment securities, at fair value, averaged $9.0 billion this quarter, an increase of $244.9 million when compared to the previous quarter. Much of this growth resulted from purchases occurring late in 2013. Purchases of new securities, totaling $649.6 million in the 1^st quarter of 2014, were offset by sales, maturities and pay downs of $493.6 million. At March 31, 2014, the duration of the investment portfolio was 2.8 years, and maturities and pay downs of approximately $1.5 billion are expected to occur during the next 12 months.  Total average deposits increased $292.7 million during the 1^st quarter of 2014 compared to the previous quarter. The increase in average deposits resulted mainly from growth in money market accounts (increase of $270.2 million), certificates of deposit (increase of $30.4 million) and savings accounts (increase of $21.5 million), but were offset by a decline in non-interest bearing demand deposits (decrease of $33.5 million). Compared to the previous quarter, total average consumer, private banking and commercial deposits increased $194.9 million, $42.4 million and $40.9 million, respectively. The average loans to deposits ratio in the current quarter was 59.4%, compared to 58.7% in the previous quarter.  During the current quarter, the Company’s average borrowings increased $22.8 million compared to the previous quarter, mainly due to an increase in the average balance of customer repurchase agreements.  Net Interest Income  Net interest income (tax equivalent) in the 1^st quarter of 2014 amounted to $159.8 million compared with $162.2 million in the previous quarter, or a decrease of $2.4 million. Net interest income (tax equivalent) for the current quarter increased $3.1 million compared to the 1^st quarter of last year. During the 1^st quarter of 2014, the net yield on earning assets (tax equivalent) was 3.03%, compared with 3.06% in the previous quarter and 3.07% in the same period last year.  The decrease in net interest income (tax equivalent) in the 1^st quarter of 2014 compared to the previous quarter was partly due to fewer days in the quarter, coupled with lower rates earned on loans and a decrease in interest and dividends received on the Company’s private equity investments. The Consumer price index published this quarter increased somewhat which increased inflation interest on the Company’s inflation-protected securities by $844 thousand compared to the previous quarter. Additionally, premium amortization expense was reduced by $539 thousand this quarter due to an adjustment reflecting slowing prepayment speeds on mortgage-backed securities.  Compared to the previous quarter, interest on loans decreased $2.2 million (tax-equivalent) as a result of lower rates earned, especially on business and business real estate loans, but offset by higher volumes on automobile and business loans. The average yield on the loan portfolio declined 10 basis points this quarter. The average rate earned on the investment securities portfolio decreased 2 basis points to 2.24% this quarter, largely due to lower private equity interest and dividends mentioned above, but offset by higher inflation income.  Interest expense on deposits declined $375 thousand in the 1^st quarter of 2014 compared with the previous quarter, due mainly to slightly lower rates paid on money market accounts and certificates of deposit.  Non-Interest Income  In the 1^st quarter of 2014, total non-interest income amounted to $102.6 million, an increase of $2.8 million, or 2.8%, compared to the same period last year. Also, current quarter non-interest income decreased $6.9 million when compared to amounts recorded in the previous quarter. The increase in non-interest income over the same period last year was mainly due to higher bank card and trust fees.  Total bank card fees in the current quarter increased $3.2 million, or 8.2%, over the same period last year as a result of a 12.8% increase in corporate card fees, which totaled $21.1 million this quarter. Trust fees for the quarter increased $1.4 million, or 5.6%, compared to the same period last year, resulting mainly from continued growth in both private client and institutional trust fees.  Deposit account fees decreased slightly compared to last year as overdraft fees declined by $718 thousand, or 9.7%, but were offset by combined growth in corporate cash management and other deposit fees of $596 thousand. Capital market fees declined $521 thousand from the same quarter last year but were up $675 thousand over the prior quarter. Revenue from sales of tax credits was strong this quarter, totaling $707 thousand and up 91.0% compared to last year. This revenue was down $1.6 million from the previous quarter, when it is seasonally the strongest. This quarter the Company recorded a reduction in fair value of $688 thousand on certain bank-owned properties held for sale. This compares with net gains related to branch facilities of $1.4 million and $809 thousand in the previous quarter and 1^st quarter 2013, respectively.  Investment Securities Gains and Losses  Net securities gains this quarter totaled $10.0 million compared with losses of $2.2 million in the 1^st quarter of last year. Net securities gains were comprised of net fair value adjustments of $15.7 million on the Company’s private equity portfolio coupled with net securities losses of $5.2 million on available for sale securities. Also during the current quarter, credit-related impairment losses recorded on the Company’s non-agency guaranteed mortgage-backed securities which have been identified as other-than-temporarily impaired totaled $346 thousand. The cumulative credit-related impairment on these bonds totaled $13.2 million at quarter end. At March 31, 2014, the fair value of non-agency guaranteed mortgage-backed securities identified as other-than-temporarily impaired totaled $66.1 million, compared to $70.4 million at December 31, 2013.  Non-Interest Expense  Non-interest expense for the current quarter amounted to $162.3 million, an increase of $7.3 million, or 4.7%, over the same period last year and an increase of $1.0 million compared to the previous quarter. In the current quarter the Company recorded a litigation provision of $1.5 million and write downs of $720 thousand on certain surplus branch properties. Exclusive of these two items, non-interest expense declined $1.2 million compared to the previous quarter, mainly due to lower salaries and benefits, data processing, and occupancy costs, partly offset by higher marketing expense. The decline in salaries and benefits costs resulted from lower incentive expense this quarter offset by seasonally higher payroll taxes.  Compared to the 1^st quarter of last year, salaries and benefits expense increased $3.4 million, or 3.7%, on higher full-time salary (up $2.3 million, or 3.8%) and medical costs (up $546 thousand), partly offset by lower retirement plan expenses. Growth in salaries and benefits expense resulted partly from staffing additions in commercial banking, wealth and commercial card departments, coupled with higher staffing costs of $863 thousand related to the Summit acquisition that were not present in the 1^st quarter of 2013. Full-time equivalent employees totaled 4,745 and 4,725 at March 31, 2014 and 2013, respectively.  Compared to the 1^st quarter of last year, occupancy costs grew 3.4% on higher utilities and snow removal costs, while marketing costs grew 9.6% based on lower spending levels last year. Data processing costs grew less than 1% mainly due to lower software expense, partly offset by higher bankcard transaction processing costs. The current quarter included operating expenses related to Summit totaling $432 thousand (excluding salaries and benefits) which were not present in the same quarter last year.  Income Taxes  The effective tax rate for the Company was 31.5% in the current quarter and the previous quarter, compared to 32.2% in the 1^st quarter of 2013.  Credit Quality  Net loan charge-offs in the 1^st quarter of 2014 amounted to $9.7 million, compared with $7.5 million in the prior quarter and $7.8 million in the 1^st quarter of last year. The ratio of annualized net loan charge-offs to total average loans was .35% in the current quarter compared to .28% in the previous quarter.  In the 1^st quarter of 2014, annualized net loan charge-offs on average consumer credit card loans amounted to 3.45%, compared with 3.19% in the previous quarter and 3.25% in the same period last year. Consumer loan net charge-offs in the quarter amounted to .66% of average consumer loans, compared to .61% in the previous quarter and .52% in the same quarter last year. The provision for loan losses in the current quarter totaled $9.7 million, an increase of $4.1 million over the previous quarter and $6.4 million higher than in the same period last year. The current quarter provision for loan losses matched net loan charge-offs, while in the previous quarter the provision was $2.0 million less than net loan charge-offs. At March 31, 2014, the allowance was 1.44% of total loans and was 340% of total non-accrual loans.  At March 31, 2014, total non-performing assets amounted to $54.4 million, a decrease of $995 thousand from the previous quarter. Non-performing assets are comprised of non-accrual loans ($47.6 million) and foreclosed real estate ($6.9 million). At March 31, 2014, the balance of non-accrual loans, which represented .42% of loans outstanding, included business real estate loans of $19.1 million, business loans of $11.0 million, and construction and land loans of $9.4 million. Loans more than 90 days past due and still accruing interest totaled $12.5 million at March 31, 2014.  Other  During the quarter the Company purchased 474,854 shares of treasury stock at an average cost of $44.01. The Company declared and paid a $.225 per share cash dividend, representing an increase of 5% over the rate paid in 2013.  Forward Looking Information  This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include future financial and operating results, expectations, intentions and other statements that are not historical facts. Such statements are based on current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statement.  Contact:  Commerce Bancshares, Inc. Jeffery Aberdeen, 816-234-2081 Controller http://www.commercebank.com mymoney@commercebank.com  
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