Commerce Bancshares in Kansas City, Mo., reported a small rise in fourth-quarter profit, on growth in business and commercial construction loans.
The $24.6 billion-asset company's net income increased 1.6% to $61.5 million, compared to a year earlier, according to a Wednesday news release. Earnings per share rose 5% to 63 cents. Total revenue rose 5% to $278.4 million.
Net interest income after the provision for loan losses rose 4.1% to $153.3 million. Commerce's provision rose 97% to $9.2 million. Average business loans rose 11% to $4.4 billion, and average construction loans rose 46% to $584 million.
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Commerce Bancshares in Kansas City, Mo., has established relationships with several new organizations, including environmental groups and universities, to offer co-branded credit cards.
June 5 -
B of A executives capped a challenging year by reporting strong consumer and global lending as well as other upbeat fundamentals, but like a lot of their banking peers spent most of their earnings presentation fighting off gloomy questions about the future.
January 19 -
The company badly missed Wall Street estimates in the third quarter, prompting management to ramp up plans to cut costs. Mariner Kemper, in a wide-ranging interview, discussed those challenges while also addressing key changes among his executive ranks.
December 29
In addition to higher earning asset balances, net interest income also benefited from higher rates earned on mortgage and asset-backed securities.
Noninterest income grew 3.2% to $115.9 million, on higher bank card transaction fees, loan fees and sales and deposit account charges.
Noninterest expense increased 3.3% to $175.6 million due to increased salary and technology costs. The efficiency ratio improved to 62.95%.
