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.
Total assets at the end of the third quarter were $22.5 billion.