Commerce Bank shares hit fresh high on record Q2 earnings

Investors responded favorably to Kansas City-based Commerce Bancshares Inc.’s (Nasdaq: CBSH) second-quarter earnings report released this morning.

The company’s shares climbed to a new 52-week high of $70 this morning, ahead of its 52-week low of $51.90.

The operator of six Commerce Bank branches in Springfield reported a company earnings record of $1.01 per share for the three-month period ending June 30. That’s up from 71 cents per share a year earlier, according to a news release.

“We are pleased to report strong earnings growth this quarter as a result of an increase in top-line revenue, along with stable expenses and low credit costs,” Commerce Chairman and CEO David Kemper said in the release. “The U.S. economy remains strong, and our credit environment continues to be very favorable.”

Second-quarter financial notes:
    •    Net income available to common shareholders rose 41 percent to $108.1 million.
    •    Revenue jumped nearly 13 percent to $335.8 million.
    •    Noninterest expenses were up 2.8 percent to $181.9 million.

As of March 31, Commerce Bank held assets of $24.5 billion, deposits of $20.3 billion and loans of $14 billion. The release cited nine key markets, including Springfield.