Commerce stock tumbles after banking company reports flat earnings

Commerce Bancshares Inc. said its earnings were flat in the third quarter, totaling $68.2 million in the current and previous year.

Shares of the Kansas City-based banking company dropped 4.7 percent, closing at $41.30, down $2.05.

Earnings per share were 72 cents a share in the just completed quarter, compared with 71 cents a share a year ago.

Commerce’s announcement said loans grew, mostly from loans to consumers. But interest income, after accounting for the interest it pays customers, declined. Commerce said it earned less from securities that pay interest tied to inflation rates.

Assets totaled $22.7 billion, including $11.4 billion in loans and nearly $9 billion in securities, at the end of September.

Its profits, if continued for a year, were equal to a 1.20 percent return on Commerce’s assets for the quarter.

This story was originally published October 15, 2014 at 9:41 AM with the headline "Commerce stock tumbles after banking company reports flat earnings."