Kansas City-based bank holding company Commerce Bancshares Inc. (Nasdaq: CBSH) posted third-quarter net income of $65.4 million, a 17 percent increase compared to $55.9 million in the same quarter last year. Commerce Bank operates seven branches in Springfield and 13 in the area.
For the quarter ended Sept. 30, earnings per diluted share were 76 cents, an 8-cent uptick compared to third-quarter 2010, according to a Commerce news release.
"This growth in net income was primarily the result of a $10.4 million decline in our provision for loan losses coupled with flat expenses," Commerce Chairman and CEO David Kemper said in the release.
The company's provision for loan losses was $11.4 million in the quarter, down from $21.8 million in the same quarter last year. Total loans were down 6.3 percent to $9.1 billion from $9.7 billion in the third quarter of 2010.
Deposits increased to $16 billion during the quarter, up from $14.4 billion in the same quarter last year.
In the Springfield metropolitan statistical area,
Commerce has overtaken Great Southern deposit market share leader. As of June 30, Commerce held 12.53 percent of the market with deposits of $932.5 million across 13 branches in the Springfield MSA. The Federal Deposit Insurance Corp. released the updated market share rankings Oct. 4.
Commerce's assets totaled $20.6 billion as of Sept. 30.
Commerce Bancshares operates more than 360 bank branches in Missouri, Illinois, Kansas, Oklahoma and Colorado.
As of 11:10 a.m., the company's shares were trading at $36.25, compared to a 52-week range of $33.06 to $44.[[In-content Ad]]
