Commerce reports second quarter earnings

Net income for the second quarter totaled $55.6 million, compared to $55.3 million in the same period last year.

For the first six months of the year, earnings per share amounted to $1.52, unchanged from 2006. Net income was $107.1 million, down 1.1 percent from the $108.3 million recorded in 2006. Total assets as of June 30 were $15.5 billion, total loans were $10.5 billion and total deposits were $12.1 billion.

On July 1, the company completed its acquisition of Commerce Bank in Denver, which had loans of $79 million and deposits of $72 million. Also during the quarter, the company purchased 932,000 shares of its common stock through a stock buyback plan.

Shares of Commerce Bancshares (Nasdaq: CBSH) closed July 11 at $44.43, compared to a 52-week range of $43.43-$50.77.