LONDON, UK / ACCESSWIRE / July 17, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Commerce Bancshares, Inc. (NASDAQ: CBSH), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=CBSH, following the Company's reporting of its financial results on July 13, 2017, for the second quarter fiscal 2017. The Company's revenue gained 6.1%, while its earnings per share jumped 14% on a y-o-y c. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Earnings Reviewed
For three months ended June 30, 2017, CBSH's total revenue increased 6.1% to $305.89 million from $288.40 million in Q2 FY16. The Company's revenue surpassed analysts' expectations of $303.60 million for the reported quarter.
For the reported quarter, CBSH's net interest income increased 6.4% to $182.81 million, from $171.83 million in Q2 FY16. During Q2 FY17, the Company's net interest margin was 3.19%, reflecting an increase of 8 basis points on a y-o-y basis. The rise was attributable to an increase in interest earned on loan portfolio and stable funding cost.
During Q2 FY17, CBSH's non-interest income totaled $123.08 million, up 5.6% on a y-o-y basis. The increase was mainly driven by higher loan fees and sales, trust fees, and deposit account charges and other fees.
For the reported quarter, CBSH's non-interest expense increased to $184.6 million on a y-o-y basis. The increase was mainly due to a rise in salaries and employee benefit costs, deposit insurance, and data processing and software costs. During Q2 FY17, the Company's effective tax rate was 29.6% compared to 31.1% in Q2 FY16.
For the reported quarter, CBSH's net income increased 13% to $78.96 million from $69.89 million in Q2 FY16. The Company's EPS for Q2 FY17 increased 13.6% to $0.75 from $0.66 in the same quarter last year and came in ahead of Wall Street's expectation of $0.70 per share.
During Q2 FY17, the Company paid a cash dividend of $0.225 per common share and also paid a cash dividend of $2.3 million per preferred share. During Q2 FY17, the Company purchased 61,611 shares of treasury stock at an average price of $54.27.
Balance Sheet
As on June 17, 2017, CBSH's total loan increased by 4.1% to $13.63 billion from $13.09 billion in Q2 FY16. For the reported quarter, CBSH's total average available for sale investment securities decreased $57.0 million to $9.6 billion from Q1 FY17. The decline in investment securities was mainly the result of lower average balances of municipal, mortgage-backed and asset-backed securities.
As of June 30, 2017, CBSH's tier I leverage ratio was 9.87% compared to 9.36% in the same quarter last year. During Q2 FY17, the Company's tangible common equity to tangible assets ratio was 9.37% compared to 9.09% in Q2 FY16.
During Q2 FY17, the Company's return on average assets was 1.26% compared to 1.15% in the same quarter last year. CBSH's return on average common equity was 12.5% and the efficiency ratio was 60.2%.
Stock Performance
At the closing bell, on Friday, July 14, 2017, Commerce Bancshares' stock slightly dropped 0.02%, ending the trading session at $58.21. A total volume of 632.20 thousand shares has exchanged hands, which was higher than the 3-month average volume of 382.00 thousand shares. The Company's stock price surged 10.02% in the last three months, 1.62% in the past six months, and 24.79% in the previous twelve months. Moreover, the stock gained 0.69% since the start of the year. The stock is trading at a PE ratio of 21.78 and has a dividend yield of 1.55%. The stock currently has a market cap of $5.92 billion.
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SOURCE: Pro-Trader Daily