Commerce earnings climb in third quarter

Kansas City-based Commerce Bancshares Inc. reported a 6 percent increase in profits during the third quarter compared with a year ago.

Its $68.5 million profit equaled 68 cents a share. A year ago, Commerce had earned $64.6 million, or 63 cents a share. Profits in the quarter equaled a 1.12 percent return on its average level of assets during the quarter, up from 1.09 percent a year ago.

Commerce said its problem loans were improving with an increase in the amount of money it was recovering on loans generally considered a loss. It ended September with $13.2 billion in loans among its $24.7 billion in total assets.

This story was originally published October 14, 2016 at 9:49 AM with the headline "Commerce earnings climb in third quarter."