Commerce Bank's profits rise by nearly 332%

Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) reported a nearly 332% increase in quarterly profits.

During the second quarter ended June 30, the Commerce Bank operator's net income available to common shareholders was $162.3 million, or $1.38 per diluted share. That's up from $37.6 million, or 32 cents per diluted share, a year earlier, according to a news release.

“After more than a year of ups and downs brought on by the pandemic, the economy appears to be on increasingly firm footing," Commerce CEO John Kemper said in the release. "A strengthening economy further bolstered our credit metrics and led to a reduction in reserves for credit losses on loans and unfunded lending commitments, which resulted in substantially higher earnings this quarter."

During the second quarter, Commerce Bank posted total revenue of $347.1 million, an 8% increase from a year earlier.

As of June 30, the company's assets were $33.9 billion, loans were $15.6 billion and deposits were $27.5 billion, according to the release. Commerce operates five branches in Springfield, according to its website.

CBSH shares were trading at $72.15 as of 11:59 a.m., compared with a 52-week range of $50.50 to $83.06 per share.