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Commerce Bancshares reports higher Q3 net income YOY

Kansas City, Mo.-based Commerce Bancshares Inc. on Oct. 11 reported third-quarter net income applicable to common shares of $110.3 million, or $1.03 per share, rising from net income of $72.3 million, or 67 cents per share, in the same quarter of 2017.

The S&P Global Market Intelligence consensus GAAP EPS estimate for the third quarter was 96 cents.

CEO John Kemper said earnings were driven by a strong economy, higher interest rates and growth in the company's fee-based businesses. Net interest income increased year over year to $207.8 million from $182.6 million. Noninterest income also rose to $123.7 million from $116.9 million.

Total loans at the end of the third quarter were $13.96 billion, compared to $13.95 billion at the end of the second quarter and $13.75 billion at the end of the third quarter of 2017.

Total deposits were $20.13 billion at the end of third quarter, compared to $20.32 billion at the end of the second quarter and $20.44 billion at the end of the third quarter of 2017.