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Commerce Bank ends year up 37% in profits

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Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) completed 2018 with net income available to common shareholders of $424.5 million, a 37 percent increase from $310.4 million in 2017.

The operator of six Commerce Bank branches in Springfield produced diluted share earnings of $3.78 during 2018, an increase of $1.02 from the prior year, according to a news release.

“Overall, the economy appears solid and the credit environment remains favorable,” Commerce CEO John Kemper said in the release. “Capital and liquidity levels continue to remain very strong.”

2018 financial notes:
    •    Contributing to the full year was fourth-quarter net income available to common shareholders of $107.4 million, a 16.6 percent increase from the same quarter of 2017.
    •    Revenue for the year was $1.3 billion, an 11 percent jump.
    •    Salaries and employee benefits rose 4.4 perent to $468.2 million.

As of Dec. 31, Commerce held $25.5 billion in assets and $20.3 billion in deposits, according to the release.

CBSH shares were trading at $59.59 as of 9:04 a.m., compared with a 52-week range of $52.24 to $69.10.

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