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.

>Contact by Email.

Philip W. van Doorn is a member of TheStreet's banking and finance team, commenting on industry and regulatory trends. He previously served as the senior analyst for TheStreet.com Ratings, responsible for assigning financial strength ratings to banks and savings and loan institutions. Mr. van Doorn previously served as a loan operations officer at Riverside National Bank in Fort Pierce, Fla., and as a credit analyst at the Federal Home Loan Bank of New York, where he monitored banks in New York, New Jersey and Puerto Rico. Mr. van Doorn has additional experience in the mutual fund and computer software industries. He holds a bachelor of science in business administration from Long Island University.

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