Commerce Bancshares 2Q earnings rise 6.5%

SBJ Staff

Posted online July 11, 2006 | 11:00 pm

Kansas City-based Commerce Bancshares Inc., the holding company of Commerce Bank, Wednesday announced quarterly earnings of 82 cents per share, a 6.5 percent increase from the same period last year.

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 it would purchase 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 Tuesday at $49.21 and had climbed to $49.76 as of 11:30 this morning, following the earnings release.

See SBJ’s July 17 issue for more banking news.[[In-content Ad]]