Kansas City-based bank holding company Commerce Bancshares Inc. (Nasdaq: CBSH), which operates seven Commerce Bank branches in Springfield, grew its first-quarter net income to $60.5 million, a 37 percent increase compared to net earnings of $44.2 million in the same quarter last year.
For the three months ending March 31, the company recorded earnings of 69 cents per diluted share, 19 cents per share higher than first-quarter 2010, according to a news release.
"This growth in net income was the result of a decline in our provision for loan losses of $18.5 million due to an improving credit environment, and also our continued focus on expense management," Chairman and CEO David Kemper said in the release.
Provision for loan losses was $15.8 million million during the quarter, compared to $34.3 million in the same quarter last year.
Net income for first-quarter 2011 fell slightly from net income of $61.9 million earned in fourth-quarter 2010. Earnings per diluted shares decreased 1 cent from the fourth quarter.
As of March 31, total assets were $19 billion, total loans were $9.4 billion and total deposits were $15.5 billion, according to the release.
Commerce Bancshares' annual shareholder meeting is scheduled for 9:30 a.m. April 20 in Kansas City. Shareholders and investors can access the live Webcast through the company's
Web site.
Commerce Bancshares operates more than 360 banks in Missouri, Kansas, Illinois, Oklahoma and Colorado, with subsidiaries involved in mortgage banking, credit related insurance and private equity.
Commerce shares were trading at $40.48 as of 10:15 a.m., compared to a 52-week range of $33.43 to $42.67.[[In-content Ad]]
