- Missouri
Commerce Bancshares in Kansas City, Mo., reported higher second-quarter profit, citing the appreciation of inflation-protected securities and higher loan interest.
July 14 -
Commerce Bancshares in Kansas City, Mo., said Monday that first-quarter profits fell 5% from a year earlier, to $61.1 million, as net interest income fell and expenses rose.
April 13 -
Commerce Bancshares in Kansas City reported lower quarterly profit on higher expenses.
January 27
Profits fell at Commerce Bancshares in Kansas City, Mo., in the third quarter, as expenses rose and income from fees and certain securities holdings declined.
The $24 billion-asset company reported a 6% year-over-year shrinkage in earnings, to $62.4 million. Its 66 cents per share were well short of the consensus estimate of 71 cents.
Noninterest expense increased 5.8%, to $171.3 million, because of personnel and technology investments such as salary increases. Salaries and employee benefits increased 5.7% to $100.9 million, while data-processing and software costs rose $5.8% to $21.1 million.
The bank’s loan-loss provisions also increased 9.3%, to $8.4 million.
Noninterest income dropped 1% to $111 million, a result the bank attributed to a decline in credit card fees in the third quarter and branch sales in the year-earlier period that inflated the past figure.
Bank card transaction fees dropped from $44.8 million to $44.6 million
Meanwhile, revenue from investment securities reversed from a net $2.9 million gain to a $378,000 loss.
Still, buoyed by loan growth of 5.3%, Commerce's net interest income rose 4.7%, to $162 million.
The fee-income drop and rising expenses “will likely have a modest ongoing negative impact on our earnings expectations into 2016,” Morgan Stanley’s Ken A. Zerbe wrote in a research report Wednesday.
