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Commerce Bancshares (CBSH) of Kansas City, Mo., expects to sell $150 million in preferred stock, which it will use to buy back $200 million of its common stock.
June 13 -
Commerce Bancshares (CBSH) in Kansas City, Mo., reported lower quarterly earnings because of lower income from lending.
January 14
Commerce Bancshares (CBSH) in Kansas City, Mo., reported higher quarterly earnings because of a slight increase in revenue.
The $23 billion-asset company said in a press release Tuesday that its second-quarter profit rose 1.1% from a year earlier, $66.5 million. Earnings per share of 70 cents beat analyst estimates by 2 cents.
Net interest income rose by 0.6%, to $160 million. Total loans rose by 9%, to $11.3 billion. The net interest margin compressed by 8 basis points, to 3.13%.
Noninterest income increased 6%, to $108.7 million, because of corporate card, trust and deposit fees. Noninterest expenses rose 4%, to $162.9 million, on higher costs tied to salaries and employee benefits.
Net chargeoffs fell 19%, to $7.6 million, because of increased recoveries on commercial loans and a lower number of consumer-related chargeoffs. The loan-loss provision rose by 2%, to $7.6 million.
Commerce repurchased 1.1 million shares of common stock for $47.9 million during the second quarter. The company in May
