Commerce Bancshares third-quarter results down from second quarter

Kansas City-based bank holding company Commerce Bancshares Inc. (Nasdaq: CBSH) had earnings of 67 cents per share for the quarter ending Sept. 30. Those third-quarter results are a 5.6 decrease from second-quarter earnings of 71 cents per share.

Net income for the third quarter was $55.9 million, down 6 percent from second quarter results of $59.7 million, according to a company news release.

However, third quarter net income showed an 8 percent increase from third-quarter 2009 results of $51.6 million, or 63 cents per share.

As of Sept. 30, total assets were $18.8 billion, total loans were $10 billion and total deposits were $14.4 billion.

"Third-quarter operating results reflect several continuing trends," CEO David Kember said in the release. "Record low interest rates, a flat short-term yield curve and soft loan demand put pressure on our net interest income."

Kember said net loan charge-offs totaled $21.8 million in the third quarter, nonperforming assets totaled $102.1 million and the company's allowance for loan losses remained unchanged at $197.5 million.

Commerce Bancshares - parent company of Commerce Bank - operates 370 locations in Missouri, Kansas, Illinois, Oklahoma and Colorado and has operating subsidiaries involved in mortgage banking, credit related insurance, venture capital and real estate, according to the company's investor relations Web site. Commerce Bank has seven branches in Springfield.

Commerce Bancshares shares were trading at $36.09 as of 8:40 a.m today, compared to its 52-week range of $35.10 to $43.22.[[In-content Ad]]