Commerce Bancshares 2Q Net Up 7.7%

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Commerce Bancshares, Inc. reported a 7.7 percent increase in second-quarter earnings.

The company reported per-share income of 84 cents for the quarter ended June 30,up from 75 cents in the year-earlier quarter. Net income rose to $74.3 million, up from $69 million. 

The company attributed growth to increased margins and reduced costs.  Non-performing assets decreased to 40 percent from 53 percent from second quarter 2011 to 2012.

Commerce’s stock rose 3.21 percent to $39.25 following the earnings release.

The company operates Commerce banks and other financial firms in approximately 360 locations in Missouri, Illinois, Kansas, Oklahoma and Colorado.

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