Breaking News
FONT-SIZE Plus   Neg
Share SHARE

Commerce Bancshares Profit Rises - Update

RELATED NEWS
Trade CBSH now with 

Commerce Bancshares Inc. (CBSH: Quote) 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.

Register
To receive FREE breaking news email alerts for Commerce Bancshares Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
After moving modestly higher in morning trading, stocks showed a substantial move to the downside over the course of the trading day on Wednesday. The major averages pulled back well off their highs for the session, sliding firmly into negative territory. Ebola "czar" Ron Kain is scheduled to meet with President Barack Obama on Wednesday as he begins his efforts to coordinate the government's response to the deadly disease. Klain, who previously served as chief of staff to Vice President Joe Biden and then-Vice President Al Gore, was named as Ebola Response Coordinator last Friday. Potentially complicating the outlook for control of the Senate, the results of a SurveyUSA poll conducted for WXIA-TV in Atlanta suggest that the Georgia Senate race between Republican David Perdue and Democrat Michelle Nunn could be headed for a runoff.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.