Kemper said that "while non-interest income continued to be affected by recent debit card interchange regulations, commercial card fees grew 21.8% compared to last year and remained strong, while trust fees also increased 7.1%. Non-interest expense was flat compared to the same quarter of last year." Third-quarter noninterest income totaled $100.9 million, increasing slightly from $100.8 million the previous quarter, but declining from $101.6 million a year earlier.
Total deposits increased slightly during the third quarter to $16.85 billion as of Sept. 30, with coveted non-interest bearing deposits growing by 3%, while CD deposit balances declined.
The company's overall earnings performance remained relatively strong, with a third-quarter return on average assets of 1.28%, and a return on average equity of 11.57%.
Commerce's shares closed at $38.95 Monday, returning 4% year-to-date, following a 3% return during 2011.
The shares trade for 1.5 times their reported Sept. 30 book value of $26.33, and for 12.7 times the consensus 2013 EPS estimate of $3.07.
Based on a quarterly payout of 23 cents, the shares have a dividend yield of 2.36%.
Interested in more on Commerce Bancshares? See TheStreet Ratings' report card for this stock.
Written by Philip van Doorn in Jupiter, Fla.