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Commerce Bancshares Reports Rise in REO on its Books.(Brief Article)
While Commerce Bancshares reported higher earnings in the third quarter, the company also reported that problem assets rose from the second-quarter level.
Specifically, real estate-owned increased to $2 million from $1.8 million three months earlier at the bank.
The bank reported having over $8 billion of loans on its books at the end of the third quarter, including nearly $3.6 billion of real estate loans.
David Kemper, chairman and CEO of Commerce Bancorp, said in a statement released by the company that asset quality remains good and "exceeds peer averages with net charge-offs for the third quarter at 0.48% of average loans and the reserve for loan losses at 1.67% of ...
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Source: HighBeam Research, Commerce Bancshares Reports Rise in REO on its Books.(Brief Article)