YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
Commerce reported net income of $51.5 million, down from $52.9 million in first-quarter 2006. Earnings-per-share were 73 cents, dipping 1.4 percent from 74 cents per share a year ago.
The company’s return on average assets for the quarter was 1.4 percent, and the return on average equity was 14.4 percent.
“Net income for the quarter was down slightly from the same quarter last year due mainly to slower growth in noninterest income and normalized credit losses,” Commerce CEO and Chairman David W. Kemper said in a news release. “However, we were pleased with 6 percent year-over-year growth in net interest income.”
During the quarter, the bank completed its acquisition of South Tulsa Financial Corp., a one-bank holding company in Tulsa, Okla. The bank also purchased about 950,000 shares of its common stock through its treasury stock buyback plan.
Total assets as of March 31 were $15.2 billion, total loans were $10.3 billion and total deposits were $11.9 billion.
Shares (Nasdaq: CBSH) closed Friday at $47.61, compared to a 52-week range of $43.43 to $50.77.
This installment of Springfield Business Journal’s Architects & Engineers Project Report showcases 26 endeavors by area design and engineering professionals.
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