Commerce Bank boosts profits in Q2

Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) reported higher net income in the second quarter.

The company, which operates four Commerce Bank branches in Springfield, posted profits of $127.8 million, a 10.4% increase from $115.8 million a year earlier, according to a news release. Diluted share earnings rose to $1.02 from 92 cents per share year over year.

"Against a backdrop of elevated interest rates, the company produced record revenues, showing strength in both our net interest and noninterest income categories," said John Kemper, Commerce Bank president and CEO, in the release. "These results reflect the ability of our diversified business model to perform across economic cycles."

Commerce Bank's assets were $32.8 billion and deposits were $25.9 billion at the end of the second quarter, according to the release.

CBSH shares were trading at $53.65 as of 11:07 a.m., compared with a 52-week range of $45.55 to $75.21 per share.