Commerce Bank quarterly profits slip

Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) yesterday reported $105.7 million in second-quarter net income available to common shareholders.

That’s down 2.2% from $108.1 million a year earlier. Diluted share earnings, however, were flat at 96 cents, according to a news release.

“We are pleased to report strong earnings this quarter, driven by the performance of our diversified, fee-based businesses, focus on credit quality and prudent expense management,” said John Kemper, CEO of the Commerce Bank holding company, in the release.

Second-quarter financial notes:
• Revenue rose by nearly 1% to $338.9 million.
• Noninterest expenses climbed 4.4% to $189.8 million.
• Salaries and employee benefits increased by nearly 4% to roughly $120 million.

As of June 30, Commerce held $25.8 billion in assets, $19.8 billion in deposits and $14.3 billion in loans. According to the release, the company operates in “nine key markets,” including Springfield, where it has six branches.

CBSH shares were trading at $58.06 as of 9:13 a.m., compared with a 52-week range of $53.40 to $69.10.