Commerce Bancshares, Inc. (NASDAQ:CBSH) revealed net income for the third quarter of $ 110.33 million or $ 1.03 per share, compared to income of $ 108.08 million or $ 0.67 per share, in the year-ago period.
Headquartered in Kansas City, Missouri, the company disclosed, total revenue that reached $ 331.47 million, rose 11% from $ 299.48 million a year ago.
The consensus estimates from Thomson Reuters are income of $ 0.96 per share from $ 334.19 million in revenue.
John W. Kemper, CEO, said, We are pleased to report record earnings driven by a strong economy, higher interest rates and growth in our fee-based businesses. Net interest income grew $3.8 million this quarter, excluding non-recurring equity dividends received in both the current and prior quarters, as the yield on our loan portfolio grew 10 basis points while funding costs remained mostly stable.