Commerce Bancshares, Inc. (NASDAQ: CBSH) stock rose over 23.6% in this year (Source: Finviz). The stock continued its bullish momentum today rising over 0.6% (as of 11:33 AM GMT-4; Source: Google finance). The group’s total assets rose to $24.5 billion as at June 30, 2018. The group paid a common cash dividend of $.235 per share, which is a 9.8% rise over the rate paid in 2017, and also paid an annualized 6% cash dividend on its preferred stock.
Net interest income rose $18.1 million against last quarter which included an equity dividend of $8.9 million this quarter, offset by a comparable securities loss. The net interest margin rose 13 basis points this quarter to 3.50%, boosted by interest earned on their loan portfolio coupled with stable deposit costs. Fee income rose 8.2% against pcp boosted by rise in bank card, trust, swap and deposit fee income. On the other hand, consumer auto loan portfolio fell on the back of a sale of $25.9 million of auto loans to another financial institution this quarter.
Non-performing assets fell to $10.5 million during the quarter, while the provision for loan losses matched net loan charge-offs and the allowance for loan losses amounted to $159.5 million, or 1.14% of period end loans. On the other hand, the net securities losses reached $3.1 million during the current quarter while net securities gains reached $5.4 million in the prior quarter. Net loan charge-offs reached $10.0 million, from $10.4 million in the earlier quarter and $10.8 million in the same period last year. The ratio of annualized net loan charge-offs to total average loans reached .29% during the current quarter, against .30% in the previous quarter and .32% in the 2 nd quarter of last year.
Earnings per common share reached $1.93 from $1.36 in pcp. Net income attributable to Commerce Bancshares, Inc. rose 40.4% to $211.3 million during the six months ended June 30, 2018 from $150.5 million in pcp. Year to date, the return on average assets reached 1.73% while the return on average common equity was 16.2%