logo
Share SHARE
FONT-SIZE Plus   Neg

Commerce Bancshares Profit Rises - Update

Commerce Bancshares Inc. (CBSH) Thursday reported a higher first-quarter profit on lower loan-loss provision and other costs. Meanwhile, a slide in revenue were offset by higher investment gains.

Results for the quarter were helped by a sharp decrease in loan-loss provision to $8 million from $15.8 million last year. Annualized net loan charge-offs on average consumer credit card loans was 3.40 percent, compared to 4.73 percent in the year-ago quarter.

The quarter saw a drop in non-interest expense to $150.5 million from $154 million last year, partly reflecting lower debit card interchange fees. Results were also helped by investment securities gain of $4 million, up from $1.3 million in the prior year.

Kansas City, Missouri-based Commerce Bancshares reported first-quarter net income of $65.8 million or $0.74 per share, compared to $60.5 million or $0.66 per share last year.

On average, 13 analysts polled by Thomson Reuters expected earnings of $0.67 per share for the quarter. Analysts' estimates typically exclude special items.

Net interest income for the quarter fell to $159.7 million from $161 million last year. Net yield on earning assets was lower at 3.45 percent, compared to 3.85 percent last year. Non interest income was lower at $94.6 million, compared to $95.9 million a year ago.

Analysts expected total revenue of $259.28 million for the quarter.

At the end of the quarter, net loans for the company totaled $9.07 billion, compared to $9.2 billion in the prior year. Deposits amounted to $16.8 billion, compared to $15.5 billion last year.

The company said that during the quarter it purchased 810,642 shares of treasury stock at an average cost of $38.98.

CBSH is trading at $40.01, up $0.85 or 2.17%, on the Nasdaq.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
GoPro has just launched a facile camera, its smallest and lightest yet, as the action-camera sports maker seeks to further entice its adventure-seeking consumers. Oreo, the popular two chocolate wafers with a sweet crème filling in between has now got a new look. With about half the width of the regular Oreo, the new Oreo Thins will be thinner and slightly reduced in calorie. It will be available from July 13 with no change in its cookie taste and price tag. The Justice Department has initiated a probe to find out if airlines are colluding to limit seating capacity in order to benefit from higher airfares.
comments powered by Disqus
RELATED NEWS
Trade CBSH now with 
Follow RTT