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Commerce CEO cites ‘strong economy’ for record Q3 earnings

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Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) reported record quarterly earnings per share of $1.03, up from 67 cents per share a year earlier.

The operator of Commerce Bank produced $110.3 million in net income available to common shareholders during the three-month period ended Sept. 30, a 52.5 percent jump compared with $72.3 million a year earlier, according to a news release.

“We are pleased to report record earnings driven by a strong economy, higher interest rates and growth in our fee-based businesses,” Commerce CEO John Kemper said in the release. “Compared to the same period last year, fee income grew 5.8 percent, driven mainly by increases in bank card, trust and deposit fee income.”

Third-quarter financial notes:
    •    Revenue grew 10.7 percent to $331.5 million.
    •    Net interest income was up 13.8 percent to $207.8 million.
    •    Salaries and employee benefits totaled $116.2 million, a 4.3 percent increase.

As of Sept. 30, Commerce had assets of $25.1 billion, deposits of $20.1 billion and loans of $14 billion, according to the release. The company operates six branches in Springfield.

Commerce again ranked second this year in deposits held in the Springfield metropolitan statistical area. As of June 30, Commerce recorded deposits of $1.23 billion at 11 offices for a 12.4 percent market share, according to past Springfield Business Journal reporting.

CBSH shares were trading at $64.04 as of 9:21 a.m., compared with a 52-week range of $54.24 to $72.55.

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