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
Etihad Airway's Chief Executive Officer James Hogan will leave in the second half this year. Hogan has been with the Abu Dhabi based aviation group since 2006. Chief Financial Officer James Rigney also will depart from service. Seafood lovers must now be prepared to dole out more cash than before for salmon. The price of salmon has surged globally and is now at historic highs amid acute outbreaks of sea lice. According to data from the Nasdaq Salmon Index, the price of salmon has risen by more than 15 percent in the last three months. Health-food restaurant chain Freshii Inc. has increased the price range for its initial public offering in Canada. Freshii has raised the price range for its IPO to C$10 to C$11.50 per share from the prior range of C$8.50 to C$10.0 per share, BNN reported.
comments powered by Disqus
RELATED NEWS
Trade CBSH now with 
Follow RTT