Driven by improved credit quality and double-digit increases in bank card and trust fees, Commerce Bancshares in Kansas City, Mo., reported a profit of $69 million in the second quarter, up 16% from the same period a year earlier.
The $19.6 billion-asset company said it earned 79 cents per share, beating consensus analyst estimates by eight cents, according to Thomson Reuters.
Commerce said that its loan-loss provision for the quarter was $12.2 million, down 45% from a year earlier and down 22% from the first quarter. Nonperforming assets totaled $103 million, or 0.53% of total assets.
The company also reported a 10% increase in bank card transaction fees, to $41.3 million for the quarter. Trust fees were also up 10% to $22.5 million. Still, noninterest income was flat at $101 million, as deposit account charges fell 18%, to $20.7 million.
