Commerce Bank bumps bottom line by 12%

Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) boosted second-quarter net income 11.8 percent to $74.4 million compared to $66.5 million in the same quarter of 2014.

The company - which operates seven Commerce Bank branches in Springfield - posted earnings per share for the three-month period of 75 cents, an all-time high. That’s up from 66 cents per share a year earlier, according to a news release.

Commerce Chairman and CEO David Kemper pointed to increased loan growth during the quarter. Average loans grew by $506.4 million, or 4.5 percent, from a year earlier due to a bump in business, construction, personal real estate and automobile lending. As of June 30, total loans were $11.9 billion.

Second-quarter financial notes:

• Net interest income grew 2 percent to $163.7 million from $160.5 million a year earlier.
• Provision for loan losses was down 10.6 percent to $6.8 million compared to the same period last year.
• Salaries and employee benefits totaled $99.7 million for the quarter, up from $94.8 million in second-quarter 2014.

As of June 30, Commerce Bank’s assets were $23.7 billion and deposits were $19.3 billion. The company operates roughly 350 branches in Missouri, Illinois, Kansas, Oklahoma and Colorado, according to the release.

CBSH shares were trading at $46.99 as of 9:32 a.m., compared to a 52-week range of $38.10 to $48.