Commerce Bank improves 1Q bottom line
Thursday, April 10, 2014 6:37 AM
Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) improved its first-quarter net income 5.4 percent to $64.3 million, up from $61 million in the same quarter of 2013.
The holding company of seven Commerce Bank branches in Springfield recorded earnings per diluted share of 67 cents for the three months ended March 31, a 4-cent uptick from first-quarter 2013, according to a news release.
First-quarter financial notes:
As of March 31, the company's assets were $22.8 billion, deposits were $19.2 billion and loans were $11.2 billion. The company counts some 360 branches in Missouri, Illinois, Kansas, Oklahoma, according to the release.
- Average loans increased $288 million during the quarter, led by commercial, industrial and automobile lending.
- Net interest income rose 1.8 percent to $153.1 million from $150.3 million in first-quarter 2013.
- Provision for loans losses increased 194 percent to $9.7 million from $3.3 million.
As of 11:08 a.m., CBSH shares were trading at $43.77, compared to a 52-week range of $36.63 to $47.45. The company hit its 52-week high April 4.