YOUR BUSINESS AUTHORITY
Springfield, MO
Shares of Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) climbed to a new 52-week high this morning after the company released its first-quarter earnings report.
The company’s stock rose 4.3 percent from yesterday’s closing price to the new high of $61.93 this morning. The 52-week low is $51.90.
The operator of six Commerce Bank branches in Springfield posted $96.7 million in net income available to common shareholders, up nearly 43 percent from $69.3 million a year earlier. Diluted share earnings rose to a company record of 92 cents from 65 cents in first-quarter 2017, according to a news release.
“We continued to see strong growth in top-line revenue this quarter driven by a favorable interest rate environment and growth in our fee-based businesses,” Commerce Chairman and CEO David Kemper said in the release.
First-quarter financial notes:
• Commerce Bank’s revenue jumped by 8.6 percent to $312.6 million.
• Salaries and employee benefits rose 3 percent to $115.9 million.
• Provision for loan losses increased by 6.6 percent to $10.4 million.
As of March 31, Commerce Bank held assets of $24.6 billion, deposits of $20.5 billion and loans of $13.9 billion. The company operates 330 branches in the central United States, according to the release.
Missouri State University’s science building, built in 1971 and formerly called Temple Hall, is being reconstructed and updated.