Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) bumped third-quarter net income 3.4 percent to $68.2 million from $66 million in the same quarter a year ago.
The company, which operates seven Commerce Bank branches in Springfield, recorded diluted earnings per share of 75 cents for the three months ended Sept. 30, a 3-cent uptick, according to a news release.
During the quarter, Commerce completed the acquisition of Tulsa, Okla.-based Summit Bancshares Inc., a Sept. 1 move valued at roughly $44 million in Commerce Bancshares stock.
With the acquisition, Commerce gains $206 million in loans in Oklahoma, bringing its total in the state to $454 million; a $230 million upgrade in deposits, upping the statewide figure to $363 million; and an increased client figure of more than 1,300, according to
Springfield Business Journal archives.
Third-quarter financial notes:
- Net interest income totaled $154.7 million, a 0.6 percent increase compared to $153.8 million in the the same quarter of 2012.
- Full-time equivalent employees rose to 4,728 from 4,707 a year ago.
- Net loans rose 12.6 percent to $10.7 billion from $9.5 billion.
As of Sept. 30, Commerce's assets were $22.5 billion and deposits were $18.2 billion. Commerce
regained the top spot in the Springfield metropolitan statistical area deposits market from Great Southern Bank, according to the Federal Deposit Insurance Corp.’s Deposit Market Share Report released Sept. 30. Commerce posted $1.18 billion in deposits at the end of June, representing 14.7 percent of the area market.
The company operates 360 locations in Missouri, Illinois, Kansas, Oklahoma and Colorado, according to the release.
CBSH shares were trading at $44.28 as of 11:12 a.m., compared to a 52-week range of $34.69 to $47.53.[[In-content Ad]]
