Commerce Bancshares Inc. in Kansas City, Mo., announced Wednesday that its second-quarter earnings rose 2% compared with the year-earlier period, to $55.3 million.
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Diluted earnings per share rose 6%, to 82 cents, beating the analysts’ average estimate by 3 cents.
The $14.3 billion-asset company attributed the modest earnings increases to 4% revenue growth — driven primarily by fee income — as well as improved credit quality and expense control.
For the quarter Commerce’s net interest income after its provision for loan losses fell 1%, to $120.8 million.
Commerce’s provision for loan losses rose 3% for the quarter, to $5.7 million. Chargeoffs fell 19%, to $5.7 million.
