zvonkovaleoqim.blogspot.com
In a Thursday release, the Kansas City-baserd holding company (Nasdaq: CBSH) for reportedc earnings of $37 million, or 48 cente a share, in the quarter that ended June 30, down 34 percent from $56 or 74 cents a share, last The company had $17.7 billion in up 4.1 percent from $17 billion last year. The increase resulted largely froma 9.3 percenr increase in deposits to $13.7 compared with $12.5 billion a year earlier. The companuy had $10.7 billion in down 3.8 percent from $11.1 billion in the seconx quarterof 2008. Its ratil of average loans to depositss droppedto 81.6 percent from 92.
3 percent last The company said the decreases mainly resultes from lower outstanding balances in most loan categories, especiallyh in consumer-related lending. Net interesgt income was $157.5 million in the seconr quarter, up 8.8 percent from $144.88 million during the same periodlast year. The compan said this was driven by lowet rates paidfor deposits, coupledx with higher average balances for investmengt securities. Noninterest income was $98.6 down 4.1 percent from $102.7 million last year, drivem mainly by lower retail sales, whicb affected merchant and creditgcard fees.
“While loan balances declinedf this quarter, average deposits grew 5 percen over theprevious quarter, providingv an increase in overall earning assets and contributing to solie growth in net interest income,” Commerce Bancshares Chairman and CEO David Kemperd said in the release. “Additionally, noninterestt income this quarter grew 7 percenty compared to the previous quarter as a resultof double-digity growth in bank card and bond trading along with renewed growthb in both deposit and trust fees.” Commercew Bancshares ranks No. 14 on the Kansasd City BusinessJournal 's list of area publicv companies.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment