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Springfield, MO
While revenue was up, net income was down on higher expenses during the third quarter for Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH).
Net income available to common shareholders dipped 3% to nearly $107 million, compared with $110.3 million for the quarter ended Sept. 30, 2018. Diluted share earnings were flat at 98 cents, according to a news release.
“While the recent drop in interest rates has started to impact net interest income, the strength of our fee-based businesses, disciplined approach to credit and focus on expense management are mitigating some of the adverse effects of the declining interest rate environment,” CEO John Kemper said in the release.
Third quarter financial notes for Commerce Bank:
• Revenue increased 1.4% to $336.3 million.
• Noninterest expense climbed more than 3% to $191 million.
• Provision for loan losses was up 9.6% to nearly $11 million.
As of Sept. 30, Commerce’s assets were $25.9 billion, deposits were $20.3 billion and total loans were $14.5 billion, according to the release. The company operates six Springfield branches.
CBSH shares were trading at $61.70 as of 9:37 a.m., compared with a 52-week range of $53.40 to $64.70.
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