Top KC-Area Financial Execs Talk COVID-19

Both Commerce Bancshares and Waddell & Reed Financial released their quarterly earnings today, and COVID-19 impacts on their businesses were top of mind for their executives.

In the case of Kansas City-based Commerce, which saw net income fall to $51.9 million from $106.9 million in the prior quarter. The bank has suspended home foreclosures as a result of the virus and is offering fee waivers, said John Kemper, chief executive officer of the bank.

“While the U.S. economy entered this quarter on solid footing, it is currently in an unprecedented state of uncertainty amid the global COVID-19 pandemic,” he said. “Our industry-leading capital levels and steadfast commitment to sound credit policy enables us to be a source of strength to our employees, customers and communities in this period of uncertainty.”

Commerce assisted 4,529 customers in securing approximately $1.5 billion of funding, with a median loan size of $64,000 after the Paycheck Protection Program was exhausted.

Meanwhile, Overland Park-based wealth-management firm Waddell & Reed saw net income rise to $22 million, up from $15.5 million the prior quarter. About 98 percent of the company’s employees are currently working remotely.

“The COVID-19 pandemic has required that we, and the world, navigate an extraordinarily complex and rapidly changing environment,” said Phillip Sanders, Waddell’s chief executive officer.