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Commerce Bancshares in Kansas City, Mo., has struck a deal for Summit Bancshares of Tulsa that would nearly double its asset base in Oklahoma.
May 16 -
Commerce Bancshares in Kansas City, Mo., has promoted John Kemper to president and chief operating officer. The $22.2 billion-asset company said Friday that Kemper succeeds his father, David, who remains its chairman and chief executive.
February 11 -
Commerce Bancshares in Kansas City, Mo., reported lower quarterly profit as interest income fell and credit costs spiked.
July 11
Commerce Bancshares (CBSH) in Kansas City, Mo., beat quarterly earnings estimates as its asset quality and fee income improved.
The $22.5 billion-asset company said Tuesday that its third-quarter earnings rose 3% from a year earlier, to $68.2 million. Earnings per share of 75 cents were 3 cents higher than the average analysts estimates from Bloomberg.
Commerces net interest income ticked up less than 1% from a year earlier, to $154.7 million. Noninterest income rose 5% from a year earlier, to $106.3 million, as bank-card fees rose 11%, to $43.9 million. Revenue from fees on deposit accounts, trusts and loans also rose.
Noninterest expenses rose 2% from a year earlier, to $156.3 million, as compensation costs were slightly higher.
Commerces loan-loss provision fell 26% from a year earlier, to $4.1 million. Net chargeoffs fell by 27% from the third quarter of 2012, to $6.6 million.
Commerce completed its $41 million purchase of the $261 million-asset Summit Bancshares in Tulsa, Okla., during the third quarter.
