Commerce Bancshares Announces Fourth Quarter EPS of $.70

Commerce Bancshares, Inc. CBSH announced earnings of $.70 per share for the quarter ended December 31, 2010 compared to $.57 in the fourth quarter of 2009 and $.64 per share in the previous quarter. Net income for the fourth quarter amounted to $61.9 million compared to $49.6 million in the same period last year and $55.9 million in the previous quarter. The return on average assets for the three months ended December 31, 2010 was 1.34%, and the return on average equity was 12.0%. For the year ended December 31, 2010, earnings per share totaled $2.52, an increase of 27.9% compared to $1.97 in 2009. Net income amounted to $221.7 million in 2010 compared to $169.1 million in 2009, or an increase of 31.1%. The return on average assets was 1.22% in 2010 and the return on average equity was 11.1%. At December 31, 2010 the ratio of tangible common equity to total assets improved to 10.3% compared to 9.7% at year end 2009.