YOUR BUSINESS AUTHORITY

Springfield, MO

Log in Subscribe

Commerce hits $37.5 mil in second-quarter earnings

Posted online

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.

[[In-content Ad]]

Comments

No comments on this story |
Please log in to add your comment

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick
From the Ground Up: Reed Academy for Fine and Performing Arts

A new and improved Reed Academy is being constructed on the middle school’s original site to preserve a neighborhood connection that goes back a century.

Most Read
SBJ.net Poll
Has your business made any changes in response to shifting federal government priorities?

*

View results

Update cookies preferences