Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) reported a nearly 332% increase in quarterly profits.
During the second quarter ended June 30, the Commerce Bank operator's net income available to common shareholders was $162.3 million, or $1.38 per diluted share. That's up from $37.6 million, or 32 cents per diluted share, a year earlier, according to a news release.
“After more than a year of ups and downs brought on by the pandemic, the economy appears to be on increasingly firm footing," Commerce CEO John Kemper said in the release. "A strengthening economy further bolstered our credit metrics and led to a reduction in reserves for credit losses on loans and unfunded lending commitments, which resulted in substantially higher earnings this quarter."
During the second quarter, Commerce Bank posted total revenue of $347.1 million, an 8% increase from a year earlier.
As of June 30, the company's assets were $33.9 billion, loans were $15.6 billion and deposits were $27.5 billion, according to the release. Commerce operates five branches in Springfield, according to its website.
CBSH shares were trading at $72.15 as of 11:59 a.m., compared with a 52-week range of $50.50 to $83.06 per share.
Revival 98 opened a dispensary; the 101st store for Andy’s Frozen Custard Inc. debuted; and Collectomaniacs card shop consolidated two stores in a move.
Sandra Smart, a technology and commercialization specialist, shares helpful tools and resources to use for the customer discovery phase of launching a new tech business. Smart works with tech entrepreneurs and hosts training workshops through the Missouri SBDC at Missouri State University's efactory.
Jared Rasmussen, Office Leader for Springfield and Joplin with the engineering firm Olsson, explains the vision of the Renew Jordan Creek Project. He says the city's investment demonstrates it's commitment to the community.
Both Jeramey and Julia Henson talk about their experience in PDR (paintless dent repair), and elaborate on the need for efficient time management. Sometimes you need to know when to move on to the next project. Jeramey and Julia Henson are co-owners of the HM Dentworks Academy with Chris McWhirter.
Jessica Oliva, owner of Pickles and Buns food truck and co-owner of Tinga Tacos, says not to assume you know everything. She says her time in the industry has taught her that she always has more to learn.
Sandra Smart, a technology and commercialization specialist, explains what entrepreneurs should know about starting the customer discovery phase for launching your great tech business idea. Smart works with tech entrepreneurs and startups and hosts training workshops through the Missouri SBDC at Missouri State University's efactory.
Hollie Elliot describes the trends she sees in small towns after the 2020 COVID-19 pandemic. She says that people see opportunity in these rural places they might not have seen before. Elliott is the Executive Director of the Dallas County Economic Development Group.
Sean Thouvenot, vice president of Branco Enterprises, gives an overview of what the process looks like once you have decided to invest in a new building. This video is sponsored by Branco Enterprises.
Caleb Scott, owner and coach for Queen City Insane Asylum semi-professional football team, talks about team cohesion. He says that despite the fact he may not look the part of a coach, the men look past it to see how they can work together.
Barak Hill, a professional musician living in the Springfield area, recounts when he first realized he could take his music career seriously. He recounts his journey to the point when he realized his passion could do more than pay for itself.
Rachel Barks walks through her experience as an interior designer and a basic understanding of what she considers when looking at an interior space. Barks currently owns Artistree Pottery, a business she started in 2020 after a career in interior design.