Business

Commerce Bancshares earnings dip 5 percent, but loans grow

“We continue to experience solid loan growth in both our commercial and consumer businesses,” Commerce Bancshares chief executive David Kemper said.
“We continue to experience solid loan growth in both our commercial and consumer businesses,” Commerce Bancshares chief executive David Kemper said.

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, mdavis@kcstar.com

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