Commerce Bank profits drop in Q2 amid 'uncertain economy'

While Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) posted a nearly 29% decrease in second-quarter profits, the results were favorable considering economic pressures, according to the company's CEO.

The company, which has four branches in Springfield, reported net income of $115.8 million, down from $162.3 million in the same quarter of 2021, according to a news release. Diluted share earnings dipped to 96 cents from $1.32 per share.

"Against the backdrop of an uncertain economy, we are pleased with our second-quarter performance," CEO John Kemper said in the release. "Consumer and commercial spending remain at healthy levels, despite supply chain impacts, inflation and geopolitical challenges."

Total revenue during the quarter was up roughly 7% to $371.8 million.

Commerce Bank had assets of $33.4 billion and deposits of $28.2 billion as of June 30, according to the release.