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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., reported lower quarter earnings because of lower interest rates.
April 11
Commerce Bancshares (CBSH) in Kansas City, Mo., reported lower quarterly profit as interest income fell and credit costs spiked.
The $21.9 billion-asset company's second-quarter earnings fell 7% from a year earlier, to $65.8 million, or 72 cents a share. The results still beat the estimates of analysts polled by Bloomberg by a penny.
Net interest income fell 3% from a year earlier, to $159.5 million, as the net yield on earning assets fell 34 basis points, to 3.21%. Commerce's loan portfolio rose by 10% over the past year, to $10.4 billion.
The loan-loss provision rose 41% from a year earlier, to $7.4 million; net chargeoffs rose 15%, to $9.4 million. Commerce attributed its higher chargeoffs largely to losses on credit-card loans.
Noninterest income rose 2% from the second quarter of 2012, to $102.7 million, because of an 8% rise in total fees, led by a 6% rise in bank-card fees, to $40.7 million.
In May,