WASHINGTON (dpa-AFX) - Commerce Bancshares, Inc. (CBSH) said its first-quarter profit was up to $65.8 million or $0.74 per share, higher than $60.45 million or $0.66 per share last year.
On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.67 per share. Analysts' estimates typically exclude special items.
Net interest income fell to $159.74 million from $160.97 million in the prior-year quarter. Total non-interest income declined to $94.58 million from $95.91 million a year ago. Analysts estimated revenues of $259.28 million.
Provsion for loan losses were down to $8.17 million from the previous year's $15.79 million.
David Kemper, Chairman and CEO, said, 'We were pleased to report record first quarter earnings per share of $.74. The growth over last year resulted mainly from a decline in our provision for loan losses of $7.6 million coupled with revenue growth in our corporate card, capital markets and money management businesses of 17%, 46% and 6%, respectively. Additionally, non-interest expense declined 2% compared to the same period last year...
...During the current quarter, the provision for loan losses totaled $8.2 million, or $3.0 million less than net loan charge-offs, and reflected the improving credit trends in our loan portfolio...'
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