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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 : Tuesday , October 19 , 2021 COMMERCE BANCSHARES , INC . REPORTS THIRD QUARTER EARNINGS PER SHARE OF $ 1.05 CBSH Commerce Bancshares , Inc. announced earnings of $ 1.05 per share for the three months ended September 30 , 2021 , compared to $ 1.06 per common share in the same quarter last year and $ 1.38 per share in the second quarter of 2021. Net income attributable to Commerce Bancshares , Inc. ( net income ) for the third quarter of 2021 amounted to $ 122.6 million , compared to $ 132.4 million in the third quarter of 2020 and $ 162.3 million in the prior quarter . For the quarter , the return on average assets was 1.40 % , the return on average equity was 13.74 % and the efficiency ratio was 59.9 % . For the nine months ended September 30 , 2021 , earnings per common share totaled $ 3.54 compared to $ 1.80 for the first nine months of 2020. Net income attributable to Commerce Bancshares , Inc. amounted to $ 415.9 million for the nine months ended September 30 , 2021 , compared to $ 224.2 million in the comparable period last year . Year to date , the return on average assets was 1.65 % , and the return on average equity was 16.14 % . In announcing these results , John Kemper , Chief Executive Officer , said , “ We are pleased to report solid earnings again this quarter , reflecting continued robust contributions from our fee- based businesses . Trust fees grew 20.1 % compared to the same quarter last year and 5.8 % compared to the prior quarter . Bank card and deposit account fees continued to rebound strongly from last year's lows . Although loan demand has been somewhat limited , we did experience increases in construction and consumer loans this quarter and our Company remains well - positioned to benefit from a strengthening economy . Our portfolio of private equity investments also performed well , driving net investment securities gains of $ 13.1 million . Non - interest expense increased compared to the same quarter last year , as higher incentive compensation reflected our improved financial performance in 2021 and certain business expenses that declined precipitously during the pandemic are rebounding from lows set one year ago . Additionally , other expense was elevated during the quarter , reflecting non - recurring litigation settlement expenses . Compared to the previous quarter , average deposits grew $ 344.0 million , or 1.2 % , while average loan balances declined $ 731.5 million , or 4.6 % ( average PPP loan balances declined $ 689.2 million ) . As of September 30 , 2021 , 84 % percent of our PPP loan balances have been forgiven . " Mr. Kemper continued , “ Credit quality of the loan portfolio remains excellent . This quarter , net loan charge - offs totaled $ 3.7 million , compared to $ 699 thousand in the prior quarter and $ 7.6 million in the third quarter of 2020. The ratio of annualized net loan charge - offs to average loans was .10 % in the current quarter , .02 % in the prior quarter and .18 % in the third quarter of last year . Net charge - offs on consumer card loans declined $ 2.2 million from the prior quarter , and net charge - offs on consumer loans remained low . Non - performing assets totaled $ 10.5 million and also remained at very low levels . At September 30 , 2021 , the allowance for credit losses on loans