Commerce Bank's profits roughly flat in Q3

Kansas City-based Commerce Bancshares Inc.'s (Nasdaq: CBSH) third-quarter earnings were nearly unchanged compared with a year earlier.

The company, which operates four Commerce Bank branches in Springfield, reported net income of $122.8 million, compared with $122.6 million in the same quarter last year, according to a news release. Diluted share earnings rose to $1.02 from 99 cents.

“Our third-quarter results reflect the strengths of our balance sheet and diverse operating model," said John Kemper, president and CEO, in the release. “In an increasingly uncertain economic environment, the bank remains well-positioned."

Third-quarter financial notes for Commerce Bank:
• The company repurchased roughly $50 million worth of its shares.
• The allowance for credit losses on loans increased $5.3 million to $143.4 million.
• Net interest income rose by $14 million to $246.4 million.

As of Sept. 30, Commerce Bank's assets were $32.6 billion and deposits were $27.5 billion, according to the release.

CBSH shares were trading at $68.49 as of 9:23 a.m., compared with a 52-week range of $62.80 to $74.72 per share.