YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) reported higher net income in the second quarter.
The company, which operates four Commerce Bank branches in Springfield, posted profits of $127.8 million, a 10.4% increase from $115.8 million a year earlier, according to a news release. Diluted share earnings rose to $1.02 from 92 cents per share year over year.
"Against a backdrop of elevated interest rates, the company produced record revenues, showing strength in both our net interest and noninterest income categories," said John Kemper, Commerce Bank president and CEO, in the release. "These results reflect the ability of our diversified business model to perform across economic cycles."
Commerce Bank's assets were $32.8 billion and deposits were $25.9 billion at the end of the second quarter, according to the release.
CBSH shares were trading at $53.65 as of 11:07 a.m., compared with a 52-week range of $45.55 to $75.21 per share.
A safe room and classroom addition at Willard Central Elementary School will be used by the music, arts and athletic programs for a district that had 4,536 students last year, according to Missouri Department of Elementary and Secondary Education figures, but school officials say enrollment is projected to grow.
