Commerce Bancshares earns 4Q $62.3M net income

Kansas City-based bank holding company Commerce Bancshares Inc. (Nasdaq: CBSH), which operates seven Commerce Bank branches in Springfield, had fourth-quarter net income earnings of $62.3 million, a 24.8 percent increase compared to fiscal 2009 fourth-quarter net income earnings of $49.6 million.

Earnings per diluted share were 70 cents in the fourth quarter ending Dec. 31, 2010, compared to 57 cents per diluted share in the same quarter the previous year, according to a Jan. 13 news release.

David Kemper, Commerce Bancshares chairman and CEO, attributed the growth largely to the holding company selling off its student loans.

"The company sold a majority of its student loan portfolio this quarter at a gain of $9.8 million and essentially exited from the federally insured student loan business due to recent statutory changes," he said in the release. "Net interest income improved this quarter despite lower loan totals."

Commerce Bancshares' fourth-quarter earnings also were higher than third-quarter earnings. Net income increased 10.8 percent from a third-quarter net income of $55.9 million, or 67 cents per diluted share.

Commerce Bancshares operates approximately 370 locations in Missouri, Kansas, Illinois, Oklahoma and Colorado and has operating subsidiaries involved in mortgage banking, credit related insurance, venture capital and real estate.

Commerce Bancshares shares were trading at $41.21 as of 10:15 a.m., compared to a 52-week range of $33.43 to $41.87.