Commerce earnings up 5.2% in third quarter

Quarterly earnings were a 5.2 percent increase from 77 cents per share in third-quarter 2006.

Net income for the quarter was $55.9 million, compared to $54.5 million last year. Noninterest income was $94 million, compared to $87 million in third-quarter 2006.

Year to date, earnings per share were $2.33, compared to $2.29 in the first nine months of 2006. Year-to-date net income was $163 million, compared to $162.8 million last year.

“Despite weakness in the residential real estate sector, overall economic activity in our markets has led to continued loan growth,” CEO and chairman David W. Kemper said in a company news release. He said average loans increased 11 percent in the quarter over the same period last year, driven by commercial and consumer loan growth.

During the quarter, Commerce acquired Denver-based Commerce Bank with $75 million in loans and $72 million in deposits, and the company purchased about 650,000 shares of common stock through its buyback plan.

Assets as of Sept. 30 were $16 billion, total loans were $10.8 billion and total deposits were $12 billion.

Company shares (Nasdaq: CBSH) closed Thursday at $45.23, compared to a 52-week range of $43.28 to $50.77.[[In-content Ad]]