Commerce Bank's quarterly profits dip

Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) reported a dip in profits during the third quarter.

The company, which operates four Commerce Bank branches in Springfield, posted net income of $120.6 million, a 1.8% decrease from $122.8 million a year earlier, according to a news release. Diluted share earnings slid to 96 cents from 97 cents per share in third-quarter 2022.

"Our strong quarterly performance in this high-rate environment demonstrates the resilience of our operating model and the adaptability of our bank," said John Kemper, president and CEO, in the release.

As of Sept. 30, Commerce Bank's assets were $31.4 billion and deposits were $25.1 billion.

CBSH shares were trading at $47.24 as of 11:08 a.m., compared with a 52-week range of $42.96 to $75.21 per share.