Earnings fell 6 percent in the second quarter at Commerce Bancshares compared with a year ago, the Kansas City-based banking company said Wednesday.
Commerce earned $69.9 million, or 70 cents a share, in April, May and June. A year earlier, it earned $74.4 million, or 72 cents a share.
Chief executive David Kemper said in the announcement that during the quarter the bank “continued to experience strong loan growth, improved net interest income, low credit losses and stable expenses.” Expenses were higher than in the same quarter a year ago, which is why earnings fell compared with a year ago.
Commerce also reported that assets reached $24.7 billion at the end of June, including $13.1 billion in loans. The profit equaled a 1.15 percent return on average assets for the recent quarter.
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Deposits ended the quarter at $20.2 billion.