Annual earnings climb 10% at Commerce Bank

Higher fourth-quarter profits assisted in an annual increase at Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH).

The company, which has four Commerce Bank branches in Springfield, reported 2024 net income of $526.3 million, a 10.3% increase from $477.1 million in 2023, according to a news release. Fourth-quarter earnings were up 24.6% to $136.1 million from $109.2 million a year earlier.

“Our fourth-quarter earnings were strong, reflecting our resilient balance sheet, diversified operating model and well-controlled expenses," President and CEO John Kemper said in the release. "Additionally, growth in deposits and investment securities contributed to quarterly net interest income growth."

Locally, Commerce Bank recently started construction on a 2,500-square-foot building at 2770 W. Republic Road that would replace its existing branch at the site. Crossland Construction Co. Inc. is serving as general contractor for the project designed by Esterly Schneider & Associates Inc. as project architect and frankZdesign LLC as landscape architect, with a protect completion date this winter, according to a From the Ground Up article scheduled to appear in Springfield Business Journal's Feb. 3 print edition.

Commerce Bancshares' assets were nearly $32 billion and deposits were $25.3 billion as of Dec. 30, according to the release.

CBSH shares were trading at $67.39 as of 11:46 a.m., compared with a 52-week range of $47.09 to $72.75 per share.