Commerce Bancshares reported an 11.8 percent jump in second-quarter earnings thanks to loan growth and higher fee income.
The $74.35 million, or 75 cents a share, earned in April, May and June exceeded the $66.53 million, or 66 cents a share, Commerce earned in the same quarter a year ago.
Kansas City-based Commerce attributed the stronger profits to solid loan growth, with the banking company’s average loans growing at a 7 percent annual rate during the three months. Increased balances came in business, construction, personal real estate and automobile lending.
Other income, from credit card fees, consumer brokerage service and similar sources, climbed 4.9 percent from the quarter a year ago.
Assets totaled $23.7 billion, including $11.9 billion in loans and $9.3 billion in securities, at the end of June. Deposits were $19.3 billion.
Profits represented a 1.26 percent return on assets in the quarter. Commerce shares closed Tuesday at $47.26, up 18 cents.