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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 (CBSH) in Kansas City, Mo., reported lower quarter earnings because of lower interest rates.
The $22.2 billion-asset company's first-quarter earnings fell 4% from a year earlier, to $61 million, or 67 cents a share.
Net interest income fell 6% from a year earlier, to $150.3 million, because of lower yields on loans and a $4.8 million decline in interest on government securities, Commerce said. Its loan-loss provision fell 60% from a year earlier, to $3.3 million.
An increase in fee income partially offset the decline in interest income. Noninterest income rose 6% from a year earlier, to $99.8 million, as bank-card transaction fees increased 11%, to $38.5 million, and trust fees rose 10%, to $25.1 million. Commerce reported $2.1 million on securities losses, compared to a $4 million gain a year earlier.
Commerce