YOUR BUSINESS AUTHORITY

Springfield, MO

Commerce Bank posts earnings gain on higher revenue

Posted online

With increased third-quarter revenue, Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) posted a bottom-line gain.

The operator of seven Commerce Bank branches in Springfield boosted revenue 5 percent to $304.8 million from $290.6 million a year earlier. Net income available to common shareholders rose 9 percent to $72.3 million, or 71 cents per diluted share, from $66.3 million, or 65 cents per diluted share, in the third quarter of 2016, according to a news release.

“Our earnings remained strong this quarter driven by solid expense control and continued low credit losses,” Commerce Chairman and CEO David Kemper said in the release.

Third-quarter financial notes:
    •    Salaries and employee benefits moved up 4 percent to $111.4 million compared with the same period last year.
    •    Provision for loan losses jumped 47 percent to $10.7 million.
    •    Net interest income grew 6.6 percent to $182.6 million.

In the Federal Deposit Insurance Corp.’s latest deposit market share report, Commerce Bank fell to No. 2 in the Springfield metropolitan statistical area. The company had $1.2 billion in deposits, or 12.1 percent of the market, as of June 30, according to the recently released data. Great Southern Bancorp Inc. (Nasdaq: GSBC) was No. 1 with $1.3 billion in deposits, or 13.4 percent of the market share.

As of Sept. 30, Commerce held assets of $25 billion, deposits of $20.4 billion and loans of $13.8 billion. The company operates 330 branches in Missouri and four other states, according to the release.

Despite revenue and net income increases, Commerce’s shares dipped this morning by as much as 3 percent on its latest earnings report. CBSH shares were trading at $56.93 as of 9:04 a.m., compared with a 52-week range of $45.37 to $60.61.

Comments

No comments on this story |
Please log in to add your comment
Editors' Pick

Open for Business: Social

CB Social House changed its name to Social; Tri-Lakes Community Theatre merged with The Branson Arts Council Inc.; and Springfield Community Gardens expanded into the kitchen at Cox North.

Most Read
What is the top priority among these road projects in the city’s capital improvements program?

View results

SBJ Live logo
MOST-WATCHED VIDEOS
Seek Wisdom from Many

“My whole life goal is to change the world, one connection at a time,” says Keisha Mabry. Mabry, who is an author, speaker, and social entrepreneur, says she had a “quarter-life crisis” and …

DNA Uncovers Best Version of You A simple swab of the inside of your cheek can lead to optimizing your nutrition and fitness program, personal medication profile, in addition to your ancestry. According to Austin O’Reilly, owner …
Booked - Go Back to the Basics “You’ve gotta go back to the basics,” says Larry Peterson, Executive Director, Habitat for Humanity of Springfield Missouri. Peterson says he gains leadership advice from General Ulysses S. …
App-titude - Due - A Simple To Do List Are your having trouble keeping track of everything on your to-do list? Due is an iOS app that helps you keep track of all your errands. “It essentially does just one thing — it keeps a due date …
Three Tips to Build Employee Buy In “First and foremost if you have any kind of idea that you want to bring forward, it has to be data driven,” says Kelly Lee, Business Program Manager on the Infrastructure Team at Facebook. Lee …