Commerce reports drop in net income

The Kansas City-based holding company for Commerce Bank announced per-share earnings for the nine months ended Sept. 30 were $2.41, up 3 percent from $2.35 per share in the same period last year. However, net income for the year is at $162.8 million, down from $167 million last year.

Third-quarter earnings per share were 81 cents, down 9 percent from 89 cents in third-quarter 2005. Net income for the quarter was $54.5 million, compared to $62.8 million last year.

The quarter was highlighted by Commerce’s completion of two acquisitions. The holding company July 21 completed its $16.25 million purchase of Columbia-based Boone National Savings and Loan Association. On Sept. 2, the company’s acquisition of Belleville, Ill.-based West Pointe Bancorp Inc. closed in a transaction valued at $80.9 million in stock and cash.

Assets as of Sept. 30 were $15.2 billion, loans were $9.8 billion and deposits were $11.6 billion.

Shares of Commerce Bancshares (Nasdaq: CBSH) closed Tuesday at $49, compared to a 52-week range of $48.08 to $53.63.