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Commerce Bank's parent company Commerce Bancshares Inc. reports Q2 results

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Kansas City-based bank holding company Commerce Bancshares, Inc. (NASDAQ: CBSH) announced today its second-quarter earnings, 71 cents per share for the the three months ending June 30.

Comparatively, the company reported second-quarter 2009 results of 46 cents per share, a 54.35 percent increase.

The company had 53 cents per share first-quarter results.

The company's net income for the quarter was $59.7 million, compared to its $44.2 million first-quarter results and $37 million second-quarter 2009 results, the release said.

Commerce Bancshares Chairman and CEO David Kemper issued a statement in the release.

"We are pleased to report strong second-quarter earnings resulting from 3.8 percent core revenue growth, a $19 million decline in our provision for loan losses and a 2.5 percent decrease in non-interest expense when compared to the same quarter last year."

Commerce Bancshares operates 370 locations in Missouri, Kansas, Illinois, Oklahoma and Colorado and has operating subsidiaries involved in mortgage banking, credit related insurance, venture capital and real estate, according to the company's investor relations Web site. Commerce Bank has seven branches in Springfield.

As of June 30, total assets for the company were $18.4 billion, total loans were $10.2 billion and total deposits were $14.5 billion, according to the release.[[In-content Ad]]


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