Commerce Bancshares reported a 5 percent drop in its third-quarter earnings but also strong loan growth.
The Kansas City-based banking company said it earned $64.6 million, or 64.6 cents a share, compared with $68.2 million, or 69 cents a share, a year earlier.
“We continue to experience solid loan growth in both our commercial and consumer businesses,” chief executive David Kemper said.
Average loans increased by $211 million, 7 percent growth if continued for a full year. Gains came in business, construction, personal real estate, automobile and credit card lending.
Assets totaled $24 billion. Deposits were $19 billion. The profit equaled a 1.09 percent rate of return on assets during the quarter.
Mark Davis, email@example.com