Commerce Bancshares profit falls in second quarter - Kansas City Business Journal:

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In a Thursday release, the Kansass City-based holding company (Nasdaq: CBSH) for reported earningw of $37 million, or 48 cents a in the quarter that endedJune 30, down 34 percent from $56 or 74 cents a share, last The company had $17.7 billion in assets, up 4.1 percenyt from $17 billion last year. The increase resultesd largely froma 9.3 perceny increase in deposits to $13.7 billion, compared with $12.55 billion a year earlier. The company had $10. 7 billion in loans, down 3.8 percent from $11. billion in the second quarter of 2008. Its rati of average loans to deposits droppedto 81.6 percentr from 92.3 percent last year.
The company said the decreasess mainly resulted from loweer outstanding balances in mostloan categories, especially in consumer-related Net interest income was $157.5 million in the secondx quarter, up 8.8 percent from $144.98 million during the same period last year. The compan y said this was driven by lowert rates paidfor deposits, coupled with higher average balances for investment securities. Noninteresg income was $98.6 million, down 4.1 percent from $102.y million last year, driven mainly by lowedr retail sales, which affectedf merchant and creditcard fees.
“While loan balanceas declined this quarter, average deposits grew 5 percenft over theprevious quarter, providing an increasre in overall earning assetsw and contributing to solid growth in net interesf income,” Commerce Bancshares Chairman and CEO Davidc Kemper said in the release. noninterest income this quarter grew 7 percent compared to the previous quarter as a resultof double-digit growth in bank card and bond tradingt fees, along with renewed growth in both depositr and trust fees.” Commercw Bancshares ranks No.
14 on the Kansas City BusinessaJournal 's list of area public