The holding company of Commerce Bank said Tuesday its third quarter 2013 earnings increased 3 percent from a year ago.
Commerce Bancshares said net income for the quarter ended Sept. 30 was $68.2 million compared with $66 million in the same quarter last year.
For the year, however, earnings were down nearly 4 percent from the first nine months of 2012: $195 million in the first nine months of 2013 compared with $202.5 million.
Commerce Bancshares chairman and CEO David Kemper said in a news release that third quarter 2013 earnings were helped by higher fee income, expense control and a 10 percent annualized increase in loans. Kemper said almost half the growth in loans came from an increase in business loan demand.
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Total assets at the end of the third quarter were $22.5 billion.