Commerce Bancshares Inc. (NASDAQ: CBSH) saw its shares race ahead Thursday on record second-quarter earnings. The Kansas City, Mo.-based company announced earnings of $1.01 per common share for the three months ended June 30, compared to 71 cents per share in the same quarter last year and $.92 per share in the prior quarter.
Net income attributable to Commerce Bancshares, Inc. for the second quarter amounted to $110.3 million, compared to $79.0 million in the second quarter of 2017 and $101.0 million in the prior quarter. For the quarter, the return on average assets was 1.80%, the return on average common equity was 16.8%, and the efficiency ratio was 54.1%.
CEO David W. Kemper said, "We are pleased to report strong earnings growth this quarter as a result of an increase in top line revenue, along with stable expenses and low credit costs. Compared to the prior quarter, net interest income grew $18.1 million but included an equity dividend of $8.9 million this quarter, offset by a comparable securities loss."
During the quarter, the Company paid a common cash dividend of $.235 per share, representing a 9.8% increase over the rate paid in 2017, and also paid an annualized 6% cash dividend on its preferred stock.
Commerce Bancshares currently operates banking facilities in nine key markets including St. Louis, Kansas City, Springfield, Central Missouri, Central Illinois, Wichita, Tulsa, Oklahoma City and Denver.
Shares acquired $2.03, or 3.1%, to $68.42
