Hot Financial Stock to watch: Commerce Bancshares, Inc. (NASDAQ: CBSH)

Free $50 Forex No-Deposit Bonus

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%

Copyright © 2018. All Rights Reserved. FXDailyReport.Com
Risk Warning: Trading CFDs is a high risk activity and you may lose more than your initial deposit. You should never invest money that you cannot afford to lose. FXDailyReport.com will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets.