YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Net income for the second quarter was $55.3 million, up from $52.9 million the previous quarter and from $54.4 million last year.
During the quarter, Commerce announced its purchase of Columbia-based Boone National Savings and Loan Association, a transaction that should be complete by the end of the month. The company also signed an agreement in the second quarter to acquire Belleville, Ill.-based West Pointe Bancorp Inc. by the end of September.
Year-to-date earnings through June 30 were $1.60 per share, up 10 percent from $1.46 reported during the same six-month period last year.
Net income for the period was $108.3 million, compared to $104.2 million last year. The return on average assets was 1.59 percent and the return on average equity was 16.4 percent.
Total assets as of June 30 were $14.3 billion, loans were $9.4 billion and deposits were $11 billion.
Shares of Commerce Bancshares (Nasdaq: CBSH) closed July 11 at $49.21.
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