Commerce announces record 3Q earnings

SBJ Staff

Posted online October 24, 2005 | 11:00 pm

Commerce Bancshares Inc. Oct. 12 announced record third-quarter earnings of 94 cents per share for the three months ended Sept. 30.

Earnings are up 7 percent from the third quarter of 2004 and up 18 percent from the second quarter of 2005.

Net income for the third quarter totaled $62.8 million, compared to $62.5 million in the same quarter last year and $54.4 million in the second quarter of 2005.

“The increase in pre-tax income resulted from an improving net interest margin, continued growth in fee income and control of expenses,” said David Kemper, chairman and CEO, in a news release.

Total assets for the bank as of Sept. 30 were $13.9 billion, while total loans were $8.7 billion and total deposits were $10.4 billion.

There are 25 Commerce Bank locations in southwest Missouri.

Shares of Commerce Bancshares Inc. (Nasdaq: CBSH), the bank’s Kansas City-based holding company, closed Oct. 24 at $52.92. The 52-week range was $44.58 to $54.72.[[In-content Ad]]