Commerce Bank earnings drop 5%

Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH), the leader in Springfield metropolitan statistical area deposits, posted third-quarter net income of $64.6 million, a 5.2 percent decrease compared to $68.2 million in the same quarter last year.

The operator of seven Commerce Bank locations in Springfield and 350 total branches recorded diluted share earnings of 66 cents for the three-month period ended Sept. 30, a 3-cent downtick, according to a news release.

Third-quarter financial notes:
    •    While net interest income beat the same quarter last year, the $162 million amount declined from $163.7 million in the second quarter.
    •    Noninterest income declined 1 percent to $111.1 million from $112.3 million in second-quarter 2014.
    •    Provision for loan losses was $8.4 million, up from $7.7 million a year earlier.

As of Sept. 30, Commerce Bancshares held assets of $24 billion, deposits of $19 billion and loans of $12.2 billion. In the Springfield MSA, Commerce Bank ranked No. 1 in deposits with $1.3 billion, or 14.8 percent of the market as of June 30, according to recently released data from the Federal Deposit Insurance Inc.

CBSH shares were trading at $44.36 as of 11:05 a.m., compared to a 52-week range of $39.39 to $48.69.