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Commerce Bancshares , Inc. 1000 Walnut Street / Suite 700 / Kansas City , Missouri 64106 / 816.234.2000 Financial News Release FOR IMMEDIATE RELEASE : Thursday , April 15 , 2021 CBSH COMMERCE BANCSHARES , INC . REPORTS FIRST QUARTER EARNINGS PER SHARE OF $ 1.11 Commerce Bancshares , Inc. announced earnings of $ 1.11 per share for the three months ended March 31 , 2021 , compared to $ .42 per common share in the same quarter last year and $ 1.11 per common share in the fourth quarter of 2020. Net income attributable to Commerce Bancshares , Inc. ( net income ) for the first quarter of 2021 amounted to $ 131.0 million , compared to $ 51.9 million in the first quarter of 2020 and $ 129.9 million in the prior quarter . For the quarter , the return on average assets was 1.63 % , the return on average equity was 15.69 % and the efficiency ratio was 56.4 % . In announcing these results , John Kemper , Chief Executive Officer , said , “ This quarter we continued to see strong performance from our fee - based businesses , which are healthy and accounted for 40 % of total revenue . Growth in non - interest income resulted from higher trust , mortgage banking and capital markets fees . Non - interest expense declined compared to the same quarter last year , as salaries and benefits expense was flat , while most other expense categories declined . Net income was also aided by the release of reserves for credit losses on loans . Continued economic recovery coupled with a more optimistic outlook resulted in a lower estimate of the allowance for credit losses and reduced our provision for credit losses this quarter . Net securities gains of $ 9.9 million were driven by an increase in the value of our portfolio of private equity investments . Compared to the previous quarter , average deposits grew $ 898.6 million , or 3.5 % , while loan demand was mixed . Average loan balances in construction and personal real estate increased , but lower business , consumer , and consumer credit card balances kept total average loan balances relatively flat . While average business loan balances decreased $ 47.4 million this quarter , this includes a net decline of $ 102.3 million of PPP loan balances . " Mr. Kemper continued , “ This quarter , net loan charge - offs totaled $ 10.0 million , compared to $ 8.0 million in the prior quarter and $ 10.9 million in the first quarter of 2020. The ratio of annualized net loan charge - offs to average loans was .25 % in the current quarter , .19 % in the prior quarter and .30 % in the first quarter of last year . Net loan charge - offs on commercial loans totaled $ 17 thousand this quarter compared to $ 572 thousand in the prior quarter . Non - performing assets decreased this quarter from $ 26.6 million to $ 23.7 million . At March 31 , 2021 , the allowance for credit losses on loans decreased to $ 200.5 million . " Total assets at March 31 , 2021 were $ 33.3 billion , total loans were $ 16.4 billion , and total deposits were $ 27.4 billion . During the quarter , the Company paid a cash dividend of $ .263 per share , representing a 2.1 % increase over the rate paid in the fourth quarter of 2020. The Company purchased 354,181 shares of its common stock this quarter .