Commerce Bank boosts Q2 profits by 9%

The release of Kansas City-based Commerce Bancshares Inc.'s (Nasdaq: CBSH) second-quarter financial report triggered a boost for the company's stock this week.

The operator of four Commerce Bank branches in Springfield posted a 9.2% increase in quarterly profits to $139.6 million from $127.8 million a year earlier, according to a news release. Diluted share earnings climbed to $1.07 from 97 cents per share year over year.

"Our earnings remained strong this quarter, driven by an expanding net interest margin, solid fee income and well-controlled expenses," said John Kemper, president and CEO of Commerce Bank, in the release. "We continue to maintain strong capital and liquidity levels."

The company's stock hit a 52-week high this morning of $64.39 per share. The stock's 52-week low is $42.96 per share.

As of June 30, Commerce Bank's assets were $30.6 billion and deposits were $24.3 billion, according to the release.