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Missouri-based Commerce Bancshares Q3 net income climbs 9.1% YOY

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Missouri-based Commerce Bancshares Q3 net income climbs 9.1% YOY

Kansas City, Mo.-based Commerce Bancshares Inc. on Oct. 12 posted a 9.1% year-over-year increase in third-quarter results.

Net income available to common shareholders rose to $72.3 million, or 71 cents per share, from net income of $66.3 million, or 65 cents per share, in the third quarter of the prior year.

The S&P Capital IQ consensus estimate for normalized EPS for the third quarter was 74 cents.

Third-quarter results included a loss of $5.4 million, or 3 cents per share, related to fair value adjustments on the company's private equity investments.

The company recorded a provision for loan losses of $10.7 million, compared to $10.8 million in the previous quarter and $7.3 million a year earlier.

Net recoveries totaled $273,000 for the third quarter, compared to net charge-offs of $101,000 in the linked quarter and net recoveries of $2.5 million in the year-ago quarter.

At the end of the third quarter, nonperforming assets totaled $14.7 million, compared to $13.9 million in the linked quarter and $16.6 million a year ago.

Commerce Bancshares' efficiency ratio was 60.44% during the third quarter, compared to 60.24% in the second quarter, and 62.25% in the year-ago quarter.