YOUR BUSINESS AUTHORITY
Springfield, MO
Commerce Bancshares Inc. announced July 15 its quarterly performance numbers. The bank holding company ended its second quarter June 30 with earnings for the quarter of $37.5 million, a 16 percent jump from the second quarter of 1997.
Earnings per share for the second quarter increased 17 percent to 63 cents, compared to 54 cents for the same period a year ago. For the first six months, earnings per share totaled $1.21.
"We are pleased to report continued strong growth in earnings which is being driven by solid advances in top line revenue across all business lines. In particular, year-to-date loan growth has continued at an annual rate of over 15 percent," said David W. Kemper, chairman and CEO, in a release.
"Our increasingly productive sales force has contributed measurably to this revenue growth and has been rewarded with higher incentive compensation," he added.
Total assets June 30 were at $10.3 billion, total loans were $6.6 billion and total deposits were $8.5 billion.
"Maintaining a strong balance sheet has been a key strategy towards building a sustainable earnings stream," Kemper said.
"While showing this strong earnings performance, we have been able to increase our loan loss reserves by over $9 million from a year ago, while maintaining a low non-performing assets ratio of 43 percent," he added.
Commerce has recently announced definitive agreements to acquire Columbus State Bank (with $84 million in assets), Columbus, Kan.; Fidelity State Bank (with assets of $176 million), Garden City, Kan.; and Heritage Bank of Olathe (with assets of $52 million), Olathe, Kan. All of the deals are expected to close before the end of the year.
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