Commerce’s second-quarter profit increases

Per-share earnings were 77 cents, up from 75 cents in second-quarter 2007. Net income for the quarter was $56 million, up from $55.6 million last year.

The return on average assets for the quarter was 1.37 percent, and the return on average equity was 14.1 percent, according to a news release.

Net interest income grew 8.2 percent to $144.8 million, a result of increases in loans and deposits and a stronger net interest margin, according to the release. Noninterest income was up 9.2 percent to $102.7 million, due to growth in bank card, corporate cash management and bond trading income.

“In this difficult economic environment, we have focused on maintaining adequate levels of liquidity and capital, while closely monitoring and controlling credit costs,” Commerce Chairman and CEO David W. Kemper said in the release.

Net nonmortgage consumer loan losses increased significantly, Kemper said, but business, construction and business real estate loan losses stayed at relatively low levels.

Total assets as of June 30 were $17 billion; total loans were $11.4 billion; and total deposits were $12.5 billion.

Commerce has about 360 locations in Missouri, Illinois, Kansas, Oklahoma and Colorado. Shares (Nasdaq: CBSH) closed Tuesday at $38.92. The 52-week range is $36.50 to $46.32.[[In-content Ad]]