Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) bounced back with an increase in profits during the third quarter after previously reporting second quarter results marred by the coronavirus pandemic.
The operator of six Commerce Bank branches in Springfield posted a nearly 17% increase in third quarter net income to roughly $125 million compared with the same period in 2019, according to a news release. In the second quarter this year, the company's profits fell 64.4% to $37.6 million, according to past reporting.
“We are pleased to report a healthy rebound in earnings this quarter," Commerce CEO John Kemper said in the release. "While our bank card fees have not yet fully recovered from the impact of COVID-19, trust and mortgage banking fees were at record levels.
"We remain cautiously optimistic about the recovery of the economy and are encouraged by the resiliency of our customers and communities.”
Third quarter financial highlights:
• Revenue was up nearly 3% to $345.5 million compared with the same quarter of 2019.
• Provision for credit losses dropped 71.7% to $3.1 million from roughly $11 million a year earlier. Comparatively, the provision was $80.5 million in the second quarter this year.
• Salaries and employee benefits rose roughly 3% to $127.3 million from a year earlier.
As of Sept. 30, Commerce's assets were $31.5 billion and deposits were $25.7 billion, according to the release.
CBSH shares were trading at $61.30 as of 8:52 a.m., compared with a 52-week range of $45.51 to $71.92.
Proposition S aims to bolster staffing and compensation for public safety departments.
Hollie Elliott, executive director of the Dallas County Economic Development Group, explains how local schools factor into business decisions and affect a local community.
Rachel Barks, owner of Artistree Pottery, says an important lesson she learned was not to over-expand and to do her research before hand. She gives examples from her experience as a startup business owner.
Jim and Debbie Meinsen own TCI Graphics, and are now celebrating 50 years of business. Jim Meinsen takes some time to explain his philosophy on debt, and how to stay out of it.
Caleb Scott, owner and coach of Queen City Insane Asylum semi-professional football, says the early grind was hard, but it was worth it. The team is in their second season carrying a national ranking of number 2 in the NFA IDFL.
Barak Hill, local musician and entrepreneur, tells about his switch to livestreaming in 2020. He says it was a necessary move, but also not an easy one.
Jessica Burkland, a SCORE mentor and an instructor at the MSU Department of Management, gives us a rundown of the non-profit organization SCORE. SCORE stands for Service Corps of Retired Executives and offers free consultation and advice to business owners.
Hollie Elliott, the executive director of the Dallas County Economic Development Group, discusses some of the ways helping small town businesses is different than in larger cities. The Dallas County Economic Development Group is a 501(c)(3) non-profit aimed at helping local existing and new businesses in the county.
Heather Kite gives the reason behind the name of her greenhouse business. Heather Kite is the owner of Rooted Deep Farms.
John Oke-Thomas, architect and co-founder of Minorities in Business, discusses the foundation of MIB in Springfield, and what motivated him and the other founders.
Julia King, a Branson Alderman and project manager for Healthcare performance group, shares four ideas for intentional living. King's four ideas focus on dynamic ways to respond to and prevent issues, both in workplace relationships and in productivity.