Commerce Bank earnings dip 5%

Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) reported first-quarter earnings of $61.1 million, a 5 percent decrease over $64.3 million a year earlier.

The operator of seven Commerce Bank branches in Springfield posted a 3-cent decrease in diluted share earnings to 61 cents for the three months ended March 31, according to a news release.

First-quarter financial notes:

• Net interest income decreased 4.5 percent to $146.1 million from $153.1 million last year.
• Salaries and employee benefits totaled $98.1 million, a 4 percent increase over $94.3 million a year earlier.
• Average loans grew by $142 million during the quarter.

As of March 31, Commerce reported assets of $24 billion, deposits of $19.6 billion and loans of $11.7 billion. The company operates 350 branches in Missouri, Illinois, Kansas, Oklahoma and Colorado, according to the release.

CBSH shares were trading at $42.57 as of 9:38 a.m., compared to a 52-week range of $38.10 to $45.70.[[In-content Ad]]