Commerce 1Q earnings rise 13 percent

Net income for the quarter was $52.9 million, a 6.2 percent jump from $49.8 million last year. The return on average assets for the quarter was 1.57 percent, and the return on average equity was 16.1 percent.

“The 13 percent growth in earnings per share was mainly the result of an improved balance sheet mix of assets, which included growth in average loans of 8 percent over the previous year,” said David W. Kemper, chairman and CEO, in a news release. “This growth was funded mainly by the continued, planned reduction in our investment securities portfolio.”

Commerce also showed an increase of 6 percent in total revenue compared to first-quarter 2005. Kemper attributes the increase to solid growth in deposit account, trust and bank card transaction fees.

Total assets as of March 31 were $13.7 billion. Loans were $9.1 billion and deposits were $11.2 billion.

Shares of Commerce Bancshares (Nasdaq: CBSH) closed April 17 at $51.30, compared to a 52-week range of $43.94 to $53.63.