Commerce Bancshares, Inc. Reports Fourth Quarter Earnings Per Share Of $1.11

KANSAS CITY, Mo.–(BUSINESS WIRE)–Commerce Bancshares, Inc. announced earnings of $1.11 per share for the three months ended December 31, 2020, compared to $.88 per common share in the same quarter last year and $1.06 per common share in the prior quarter. Net income attributable to Commerce Bancshares, Inc. (net income) for the fourth quarter of 2020 amounted to $129.9 million, compared to $106.9 million in the fourth quarter of 2019 and $132.4 million in the prior quarter. For the quarter, the return on average assets was 1.63%, the return on average equity was 15.49%, and the efficiency ratio was 56.7%.

For the year ended December 31, 2020, earnings per common share totaled $2.91 compared to $3.41 in 2019. Net income attributable to Commerce Bancshares, Inc. amounted to $354.1 million in 2020 compared to $421.2 million last year. For the current year, the return on average assets was 1.20%, and the return on average common equity was 10.64%.

In announcing these results, John Kemper, Chief Executive Officer, said, “Commerce had a strong quarter to close out 2020. While economic uncertainty remains top of mind, overall economic conditions, most notably unemployment, continued to improve in the fourth quarter at a pace that exceeded economic forecasts. These factors, coupled with a forecast projecting an economic recovery, resulted in a decrease in the allowance for credit losses. Our portfolio of private equity investments saw unrealized gains recorded this quarter, partially offsetting unrealized losses recorded in the first half of 2020 and reflecting improvement in the overall economy. Although net interest margins continue to be pressured from a challenging interest rate environment, our fee-based businesses are rebounding from mid-year lows and provide us with a source of revenue diversification. Bank card and deposit account fees grew from last quarter with an increase in spending activity. Loan fees and sales, driven by our mortgage banking business, continued to be strong this quarter and increased 161 percent compared to the fourth quarter of 2019. Trust fees reached another record quarter, reflecting not only higher market values, but also the results of investments we’ve made across our wealth business. Non-interest expense grew .6% compared to the same quarter last year and remained well-controlled. Compared to the previous quarter, average deposits grew $843.3 million, or 3.4%, well surpassing our expectations. While deposit balances grew this quarter, loan demand was mixed. Average loan balances in construction, business real estate, and personal real estate grew, while lower demand for business loans kept total average loan balances relatively flat.”

Mr. Kemper continued, “This quarter, net loan charge-offs totaled $8.0 million, compared to $7.6 million in the prior quarter and $15.2 million in the fourth quarter of 2019. The ratio of annualized net loan charge-offs to average loans was .19% in the current quarter, .18% in the prior quarter and .42% in the fourth quarter of last year. Net loan charge-offs on commercial loans totaled $572 thousand this quarter compared to $194 thousand in the prior quarter. Non-performing assets decreased this quarter from $40.3 million to $26.6 million. At December 31, 2020, the allowance for credit losses on loans decreased to $220.8 million.”

Total assets at December 31, 2020 were $32.9 billion, total loans were $16.3 billion, and total deposits were $26.9 billion. During the fourth quarter of 2020, the Company distributed a 5% stock dividend on its common stock. The Company also paid a cash dividend of $.257 per share, as restated for the 5% stock dividend.

Commerce Bancshares, Inc. is a regional bank holding company offering a full line of banking services, including payment solutions, investment management and securities brokerage. Commerce Bank, a subsidiary of Commerce Bancshares, Inc., leverages more than 150 years of proven strength and experience to help individuals and businesses solve financial challenges. In addition to offering payment solutions across the U.S., Commerce Bank currently operates full service banking facilities across the Midwest including the St. Louis and Kansas City metropolitan areas, Springfield, Central Missouri, Central Illinois, Wichita, Tulsa, Oklahoma City, and Denver. It also maintains commercial offices in Dallas, Houston, Cincinnati, Nashville, Des Moines, Indianapolis, and Grand Rapids. Commerce delivers high-touch service and sophisticated financial solutions at regional branches, commercial offices, ATMs, online, mobile and through a 24/7 customer service line.

This financial news release, including management’s discussion of fourth 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									For the Year Ended
(Unaudited) (Dollars in thousands, except per share data)	December 31, 2020			September 30, 2020			December 31, 2019			December 31, 2020			December 31, 2019
FINANCIAL SUMMARY
Net interest income	$209,763			$215,962			$202,659			$829,847			$821,293
Non-interest income	135,117			129,572			143,461			505,867			524,703
Total revenue	344,880			345,534			346,120			1,335,714			1,345,996
Investment securities gains (losses), net	12,307			16,155			(248)			11,032			3,626
Provision for credit losses	(4,403)			3,101			15,206			137,190			50,438
Non-interest expense	196,310			190,858			195,174			768,378			767,398
Income before taxes	165,280			167,730			135,492			441,178			531,786
Income taxes	33,084			34,375			28,214			87,293			109,074
Non-controlling interest (income) expense	2,307			907			398			(172)			1,481
Net income attributable to Commerce Bancshares, Inc.	129,889			132,448			106,880			354,057			421,231
Preferred stock dividends	—			7,466			2,250			11,966			9,000
Net income available to common shareholders	$129,889			$124,982			$104,630			$342,091			$412,231
Earnings per common share:
Net income — basic	$1.11			$1.06			$.89			$2.91			$3.42
Net income — diluted	$1.11			$1.06			$.88			$2.91			$3.41
Effective tax rate	20.30		%	20.61		%	20.88		%	19.78		%	20.57		%
Tax equivalent net interest income	$213,017			$219,118			$206,156			$842,790			$835,421
Average total interest earning assets ⁽¹⁾	$	30,297,922		$	29,352,970		$	24,372,575		$	28,143,048		$	24,034,631
Diluted wtd. average shares outstanding	116,507,841			116,444,157			117,611,663			116,584,015			119,769,634

RATIOS
Average loans to deposits ⁽²⁾	64.05		%	66.23		%	71.73		%	67.73		%	71.54		%
Return on total average assets	1.63			1.71			1.65			1.20			1.67
Return on average common equity ⁽³⁾	15.49			15.21			13.90			10.64			14.06
Non-interest income to total revenue	39.18			37.50			41.45			37.87			38.98
Efficiency ratio ⁽⁴⁾	56.68			55.00			56.29			57.19			56.87
Net yield on interest earning assets	2.80			2.97			3.36			2.99			3.48

EQUITY SUMMARY
Cash dividends per common share	$.257			$.257			$.236			$1.029			$.943
Cash dividends on common stock	$30,178			$30,174			$27,933			$120,818			$113,466
Cash dividends on preferred stock ⁽⁷⁾	$—			$7,466			$2,250			$11,966			$9,000
Book value per common share ⁽⁵⁾	$29.03			$28.23			$25.43
Market value per common share ⁽⁵⁾	$65.70			$53.61			$64.70
High market value per common share	$68.09			$59.13			$65.38
Low market value per common share	$52.10			$50.50			$51.96
Common shares outstanding ⁽⁵⁾	117,138,431			117,109,209			117,738,126
Tangible common equity to tangible assets ⁽⁶⁾	9.92		%	10.11		%	10.99		%
Tier I leverage ratio	9.45		%	9.39		%	11.38		%

OTHER QTD INFORMATION
Number of bank/ATM locations	306			308			316
Full-time equivalent employees	4,766			4,825			4,858

(1)	Excludes allowance for credit losses on loans and unrealized gains/(losses) on available for sale debt securities.
(2)	Includes loans held for sale.
(3)	Annualized net income available to common shareholders divided by average total equity less preferred stock.
(4)	The efficiency ratio is calculated as non-interest expense (excluding intangibles amortization) as a percent of revenue.
(5)	As of period end.
(6)	The tangible common equity ratio is calculated as stockholders’ equity reduced by preferred stock, goodwill and other intangible assets (excluding mortgage servicing rights) divided by total assets reduced by goodwill and other intangible assets (excluding mortgage servicing rights).
(7)	For the period ended September 30, 2020, preferred stock dividends includes $5.2 million related to the preferred stock redemption. The $5.2 million is the excess of the redemption costs over the book value of the preferred stock and is considered a dividend.
All share and per share amounts have been restated to reflect the 5% stock dividend distributed in December 2020.

COMMERCE BANCSHARES, INC. and SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME
	For the Three Months Ended											For the Year Ended
(Unaudited) (In thousands, except per share data)	December 31, 2020			September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019		December 31, 2020		December 31, 2019
Interest income	$214,726			$223,114		$213,323		$221,485		$226,665		$872,648		$924,685
Interest expense	4,963			7,152		10,266		20,420		24,006		42,801		103,392
Net interest income	209,763			215,962		203,057		201,065		202,659		829,847		821,293
Provision for credit losses	(4,403	)		3,101		80,539		57,953		15,206		137,190		50,438
Net interest income after credit losses	214,166			212,861		122,518		143,112		187,453		692,657		770,855
NON-INTEREST INCOME
Bank card transaction fees	39,979			37,873		33,745		40,200		41,079		151,797		167,879
Trust fees	41,961			40,769		37,942		39,965		40,405		160,637		155,628
Deposit account charges and other fees	24,164			23,107		22,279		23,677		24,974		93,227		95,983
Capital market fees	3,826			3,194		3,772		3,790		2,536		14,582		8,146
Consumer brokerage services	3,996			4,011		3,011		4,077		4,139		15,095		15,804
Loan fees and sales	9,031			9,769		4,649		3,235		3,465		26,684		15,767
Other	12,160			10,849		12,117		8,719		26,863		43,845		65,496
Total non-interest income	135,117			129,572		117,515		123,663		143,461		505,867		524,703
INVESTMENT SECURITIES GAINS (LOSSES), NET	12,307			16,155		(4,129	)	(13,301	)	(248	)	11,032		3,626
NON-INTEREST EXPENSE
Salaries and employee benefits	129,983			127,308		126,759		128,937		126,901		512,987		492,927
Net occupancy	11,570			12,058		11,269		11,748		12,218		46,645		47,157
Equipment	4,526			4,737		4,755		4,821		4,859		18,839		19,061
Supplies and communication	4,193			4,141		4,427		4,658		4,851		17,419		20,394
Data processing and software	24,323			23,610		23,837		23,555		23,934		95,325		92,899
Marketing	5,028			4,926		3,801		5,979		3,951		19,734		21,914
Other	16,687			14,078		12,664		14,000		18,460		57,429		73,046
Total non-interest expense	196,310			190,858		187,512		193,698		195,174		768,378		767,398
Income before income taxes	165,280			167,730		48,392		59,776		135,492		441,178		531,786
Less income taxes	33,084			34,375		9,661		10,173		28,214		87,293		109,074
Net income	132,196			133,355		38,731		49,603		107,278		353,885		422,712
Less non-controlling interest expense (income)	2,307			907		(1,132	)	(2,254	)	398		(172	)	1,481
Net income attributable to Commerce Bancshares, Inc.	129,889			132,448		39,863		51,857		106,880		354,057		421,231
Less preferred stock dividends	—			7,466		2,250		2,250		2,250		11,966		9,000
Net income available to common shareholders	$129,889			$124,982		$37,613		$49,607		$104,630		$342,091		$412,231
Net income per common share — basic	$1.11			$1.06		$.32		$.42		$.89		$2.91		$3.42
Net income per common share — diluted	$1.11			$1.06		$.32		$.42		$.88		$2.91		$3.41

OTHER INFORMATION
Return on total average assets	1.63		%	1.71	%	.54	%	.80	%	1.65	%	1.20	%	1.67	%
Return on average common equity ⁽¹⁾	15.49			15.21		4.77		6.48		13.90		10.64		14.06
Efficiency ratio ⁽²⁾	56.68			55.00		58.10		59.17		56.29		57.19		56.87
Effective tax rate	20.30			20.61		19.51		16.40		20.88		19.78		20.57
Net yield on interest earning assets	2.80			2.97		2.94		3.33		3.36		2.99		3.48
Tax equivalent net interest income	$213,017			$219,118		$206,253		$204,402		$206,156		$842,790		$835,421

(1)	Annualized net income available to common shareholders divided by average total equity less preferred stock.
(2)	The efficiency ratio is calculated as non-interest expense (excluding intangibles amortization) as a percent of revenue.

COMMERCE BANCSHARES, INC. and SUBSIDIARIES CONSOLIDATED BALANCE SHEETS – PERIOD END
(Unaudited) (In thousands)	December 31, 2020			September 30, 2020			December 31, 2019
ASSETS
Loans
Business	$	6,546,087		$	6,683,413		$	5,565,449
Real estate — construction and land	1,021,595			1,009,729			899,377
Real estate — business	3,026,117			2,993,192			2,833,554
Real estate — personal	2,820,030			2,753,867			2,354,760
Consumer	1,950,502			2,006,360			1,964,145
Revolving home equity	307,083			324,203			349,251
Consumer credit card	655,078			647,893			764,977
Overdrafts	3,149			2,270			6,304
Total loans	16,329,641			16,420,927			14,737,817
Allowance for credit losses on loans	(220,834		)	(236,360		)	(160,682		)
Net loans	16,108,807			16,184,567			14,577,135
Loans held for sale	45,089			39,483			13,809
Investment securities:
Available for sale debt securities	12,449,264			11,539,061			8,571,626
Trading debt securities	35,321			25,805			28,161
Equity securities	4,363			4,203			4,209
Other securities	156,745			122,532			137,892
Total investment securities	12,645,693			11,691,601			8,741,888
Federal funds sold and short-term securities purchased under agreements to resell	—			2,275			—
Long-term securities purchased under agreements to resell	850,000			850,000			850,000
Interest earning deposits with banks	1,747,363			1,171,697			395,850
Cash and due from banks	437,563			357,616			491,615
Premises and equipment — net	371,083			377,853			370,637
Goodwill	138,921			138,921			138,921
Other intangible assets — net	11,207			7,183			9,534
Other assets	567,248			632,621			476,400
Total assets	$	32,922,974		$	31,453,817		$	26,065,789
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing	$	10,497,598		$	10,727,827		$	6,890,687
Savings, interest checking and money market	14,604,456			12,983,505			11,621,716
Certificates of deposit of less than $100,000	529,802			556,870			626,157
Certificates of deposit of $100,000 and over	1,314,889			1,433,577			1,381,855
Total deposits	26,946,745			25,701,779			20,520,415
Federal funds purchased and securities sold under agreements to repurchase	2,098,383			1,653,064			1,850,772
Other borrowings	802			782			2,418
Other liabilities	477,072			791,928			553,712
Total liabilities	29,523,002			28,147,553			22,927,317
Stockholders’ equity:
Preferred stock	—			—			144,784
Common stock	589,352			563,978			563,978
Capital surplus	2,436,288			2,140,410			2,151,464
Retained earnings	73,000			326,890			201,562
Treasury stock	(32,970		)	(69,050		)	(37,548		)
Accumulated other comprehensive income	331,377			343,435			110,444
Total stockholders’ equity	3,397,047			3,305,663			3,134,684
Non-controlling interest	2,925			601			3,788
Total equity	3,399,972			3,306,264			3,138,472
Total liabilities and equity	$	32,922,974		$	31,453,817		$	26,065,789

COMMERCE BANCSHARES, INC. and SUBSIDIARIES AVERAGE BALANCE SHEETS
(Unaudited) (In thousands)	For the Three Months Ended
	December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020			December 31, 2019
ASSETS:
Loans:
Business	$	6,580,300		$	6,709,200		$	6,760,827		$	5,493,657		$	5,362,020
Real estate — construction and land	1,032,891			974,346			895,648			924,086			901,367
Real estate — business	3,029,799			2,989,652			2,962,076			2,853,632			2,820,189
Real estate — personal	2,778,462			2,722,300			2,582,484			2,390,716			2,283,530
Consumer	1,981,033			1,992,314			1,944,265			1,950,491			1,961,631
Revolving home equity	316,895			329,361			343,210			350,256			347,527
Consumer credit card	638,161			646,185			663,911			727,569			749,056
Overdrafts	3,762			2,689			2,912			4,044			18,322
Total loans	16,361,303			16,366,047			16,155,333			14,694,451			14,443,642
Allowance for credit losses on loans	(235,484		)	(240,286		)	(171,616		)	(139,482		)	(159,776		)
Net loans	16,125,819			16,125,761			15,983,717			14,554,969			14,283,866
Loans held for sale	30,577			24,728			6,363			12,875			15,363
Investment securities:
U.S. government and federal agency obligations	774,640			770,361			776,240			802,556			826,702
Government-sponsored enterprise obligations	69,133			102,749			114,518			134,296			184,973
State and municipal obligations	1,967,408			1,767,526			1,285,427			1,222,595			1,207,584
Mortgage-backed securities	6,646,345			6,259,926			5,325,720			4,685,782			4,685,794
Asset-backed securities	1,819,467			1,520,988			1,342,518			1,182,556			1,258,297
Other debt securities	533,646			514,166			406,665			321,733			331,167
Unrealized gain on debt securities	329,477			368,154			281,457			191,275			149,591
Total available for sale debt securities	12,140,116			11,303,870			9,532,545			8,540,793			8,644,108
Trading debt securities	28,040			27,267			31,981			34,055			32,518
Equity securities	4,221			4,193			4,137			4,273			4,200
Other securities	130,145			120,253			139,250			144,096			141,501
Total investment securities	12,302,522			11,455,583			9,707,913			8,723,217			8,822,327
Federal funds sold and short-term securities purchased under agreements to resell	355			337			92			326			714
Long-term securities purchased under agreements to resell	849,998			849,994			850,000			850,000			849,986
Interest earning deposits with banks	1,082,644			1,024,435			1,755,068			601,420			390,134
Other assets	1,291,907			1,389,683			1,461,528			1,368,464			1,315,395
Total assets	$	31,683,822		$	30,870,521		$	29,764,681		$	26,111,271		$	25,677,785

LIABILITIES AND EQUITY:
Non-interest bearing deposits	$	10,275,735		$	9,801,562		$	8,843,408		$	6,615,108		$	6,552,862
Savings	1,234,481			1,193,079			1,111,397			952,709			924,282
Interest checking and money market	12,198,928			11,731,494			11,441,694			10,777,400			10,618,347
Certificates of deposit of less than $100,000	542,212			573,207			605,136			622,840			626,944
Certificates of deposit of $100,000 and over	1,339,301			1,447,968			1,346,069			1,299,443			1,434,309
Total deposits	25,590,657			24,747,310			23,347,704			20,267,500			20,156,744
Borrowings:
Federal funds purchased and securities sold under agreements to repurchase	2,028,457			1,855,971			1,991,971			1,990,051			1,836,982
Other borrowings	1,013			1,225			345,162			161,698			94,471
Total borrowings	2,029,470			1,857,196			2,337,133			2,151,749			1,931,453
Other liabilities	727,569			899,890			763,524			466,980			458,094
Total liabilities	28,347,696			27,504,396			26,448,361			22,886,229			22,546,291
Equity	3,336,126			3,366,125			3,316,320			3,225,042			3,131,494
Total liabilities and equity	$	31,683,822		$	30,870,521		$	29,764,681		$	26,111,271		$	25,677,785

COMMERCE BANCSHARES, INC. and SUBSIDIARIES AVERAGE RATES
(Unaudited)	For the Three Months Ended
(Unaudited)	December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020		December 31, 2019
ASSETS:
Loans:
Business⁽¹⁾	3.01	%	2.95	%	2.91	%	3.50	%	3.59	%
Real estate — construction and land	3.72		3.74		3.95		4.78		5.05
Real estate — business	3.51		3.53		3.71		4.16		4.22
Real estate — personal	3.44		3.56		3.69		3.83		3.85
Consumer	4.07		4.19		4.48		4.78		4.76
Revolving home equity	3.37		3.29		3.50		4.61		4.76
Consumer credit card	11.60		11.40		11.76		12.26		12.11
Overdrafts	—		—		—		—		—
Total loans	3.69		3.69		3.80		4.39		4.47
Loans held for sale	3.54		4.25		8.03		6.15		5.32
Investment securities:
U.S. government and federal agency obligations	2.63		3.71		.46		2.09		2.16
Government-sponsored enterprise obligations	2.23		2.17		3.51		4.19		2.17
State and municipal obligations⁽¹⁾	2.44		2.53		2.97		3.11		3.05
Mortgage-backed securities	1.37		1.95		2.17		2.37		2.72
Asset-backed securities	1.59		1.90		2.25		2.63		2.62
Other debt securities	2.19		2.35		2.49		2.94		2.82
Total available for sale debt securities	1.70		2.18		2.18		2.54		2.69
Trading debt securities⁽¹⁾	1.40		1.66		2.93		2.52		2.81
Equity securities ⁽¹⁾	50.71		47.15		48.42		46.78		49.40
Other securities ⁽¹⁾	10.03		6.74		4.36		5.31		6.58
Total investment securities	1.81		2.24		2.24		2.61		2.78
Federal funds sold and short-term securities purchased under agreements to resell	1.12		—		—		2.47		2.22
Long-term securities purchased under agreements to resell	5.24		5.26		5.08		3.53		2.26
Interest earning deposits with banks	.10		.10		.10		.86		1.61
Total interest earning assets	2.86		3.07		3.09		3.66		3.75

LIABILITIES AND EQUITY:
Interest bearing deposits:
Savings	.09		.09		.09		.11		.11
Interest checking and money market	.07		.10		.13		.30		.35
Certificates of deposit of less than $100,000	.51		.71		.93		1.15		1.16
Certificates of deposit of $100,000 and over	.47		.69		1.08		1.62		1.79
Total interest bearing deposits	.12		.18		.25		.45		.52
Borrowings:
Federal funds purchased and securities sold under agreements to repurchase	.06		.09		.12		.96		1.20
Other borrowings	—		—		.82		.82		2.05
Total borrowings	.06		.09		.22		.95		1.25
Total interest bearing liabilities	.11	%	.17	%	.25	%	.52	%	.61	%

Net yield on interest earning assets	2.80	%	2.97	%	2.94	%	3.33	%	3.36	%

(1)

Stated on a tax equivalent basis using a federal income tax rate of 21%.

COMMERCE BANCSHARES, INC. and SUBSIDIARIES CREDIT QUALITY
	For the Three Months Ended																For the Year Ended
(Unaudited) (In thousands, except per share data)	December 31, 2020			September 30, 2020			June 30, 2020				March 31, 2020			December 31, 2019			December 31, 2020			December 31, 2019
ALLOWANCE FOR CREDIT LOSSES ON LOANS
Balance at beginning of period	$	236,360		$	240,744		$	171,653			$	160,682		$	160,682		$	160,682		$	159,932
Adoption of ASU 2016-13	—			—			—				(21,039		)	—			(21,039		)	—
Provision for credit losses on loans	(7,510		)	3,200			77,491				42,868			15,206			116,049			50,438
Net charge-offs (recoveries):
Commercial portfolio:
Business	581			208			3,249				(373		)	3,036			3,665			4,102
Real estate — construction and land	(2		)	(1		)	—				—			—			(3		)	(117		)
Real estate — business	(7		)	(13		)	(6		)		(21		)	35			(47		)	(60		)
	572			194			3,243				(394		)	3,071			3,615			3,925
Personal banking portfolio:
Consumer credit card	5,975			7,263			3,584				9,157			8,829			25,979			35,421
Consumer	1,160			211			1,362				1,711			2,838			4,444			8,554
Overdraft	335			200			316				426			507			1,277			1,523
Real estate — personal	(18		)	(198		)	(71		)		(4		)	6			(291		)	56
Revolving home equity	(8		)	(86		)	(34		)		(38		)	(45		)	(166		)	209
	7,444			7,390			5,157				11,252			12,135			31,243			45,763
Total net loan charge-offs	8,016			7,584			8,400				10,858			15,206			34,858			49,688
Balance at end of period	$	220,834		$	236,360		$	240,744			$	171,653		$	160,682		$	220,834		$	160,682
LIABILITY FOR UNFUNDED LENDING COMMITMENTS	$	38,307		$	35,200		$	35,299			$	32,250		$	1,075

NET CHARGE-OFF RATIOS ⁽¹⁾
Commercial portfolio:
Business	.04		%	.01		%	.19			%	(.03		%)	.22		%	.06		%	.08		%
Real estate — construction and land	—			—			—				—			—			—			(.01		)
Real estate — business	—			—			—				—			—			—			—
	.02			.01			.12				(.02		)	.13			.04			.04
Personal banking portfolio:
Consumer credit card	3.72			4.47			2.17				5.06			4.68			3.88			4.63
Consumer	.23			.04			.28				.35			.57			.23			.44
Overdraft	35.43			29.59			43.65				42.37			10.98			38.11			16.55
Real estate — personal	—			(.03		)	(.01		)		—			—			(.01		)	—
Revolving home equity	(.01		)	(.10		)	(.04		)		(.04		)	(.05		)	(.05		)	.06
	.52			.52			.37				.83			.90			.56			.87
Total	.19		%	.18		%	.21		%		.30		%	.42		%	.22		%	.35		%

CREDIT QUALITY RATIOS
Non-performing assets to total loans	.16		%	.25		%	.14		%		.07		%	.07		%
Non-performing assets to total assets	.08			.13			.08				.04			.04
Allowance for credit losses on loans to total loans⁽²⁾	1.35			1.44			1.47				1.14			1.09

NON-PERFORMING ASSETS
Non-accrual loans:
Business	$	22,524		$	37,295		$	19,034			$	7,356		$	7,489
Real estate — construction and land	—			1			1				2			2
Real estate — business	2,230			1,063			1,921				1,532			1,030
Real estate — personal	1,786			1,911			1,679				1,743			1,699
Total	26,540			40,270			22,635				10,633			10,220
Foreclosed real estate	93			57			422				422			365
Total non-performing assets	$	26,633		$	40,327		$	23,057			$	11,055		$	10,585
Loans past due 90 days and still accruing interest	$	22,190		$	14,436		$	24,583			$	16,520		$	19,859

Contacts

Matthew Burkemper, Investor Relations

at 8000 Forsyth, Mailstop: CBIR-1

Clayton, MO 63105

or by telephone at (314) 746-7485

Web Site: http://www.commercebank.com
Email: [email protected]

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