Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) reported a slight drop in third-quarter profits as higher expenses pushed bottom lines into the bottom line.
The Commerce Bank operator’s net profit available to common shareholders fell 2% to $ 122.6 million from $ 125 million a year earlier, according to a press release. Diluted earnings per share fell 1 cent to $ 1.05.
“Non-interest expense increased compared to the same quarter last year as the higher incentive compensation reflected our improved financial performance in 2021 and some business expenses that fell precipitously during the year. pandemic rebound from lows set a year ago, ”CEO John Kemper said in the statement. , referring to an almost 11% increase in non-interest expense to $ 211.6 million.
Third Quarter Financial Notes for Commerce Bank:
• Revenue increased 1.7% to $ 351.5 million from the previous year.
• Salaries and benefits increased 4.3% to $ 132.8 million.
• The company paid a dividend to shareholders of approximately 26 cents, an increase of 2.1% from the third quarter of 2020.
As of September 30, Commerce held $ 34.5 billion in assets and $ 28 billion in deposits, the statement said. The company operates five branches in Springfield, according to its website.
CBSH shares were trading at $ 71.49 at 10:35 a.m., against a 52-week range of $ 57.23 to $ 83.06 per share.