Commerce Bank ends year with dip in profits

Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) ended 2023 with a reduction in profits, partly due to a sharp fourth-quarter decline.

The company, which operates four Commerce Bank branches in Springfield, reported net income for the 12-month period at $477.1 million, a 2.3% decrease from $488.4 million a year earlier, according to a news release.

During the fourth quarter, net income fell by 17% to $109.2 million.

“These results reflect the strength of our core deposit base, the impact of higher earning asset yields and the contribution from key non-interest income categories, notably trust, bank card and deposit fees,” President and CEO John Kemper said in the release. "We continue to maintain ample levels of liquidity and capital, which positions us well moving into 2024.”

As of Dec. 31, Commerce Bank's assets were $31.7 billion and deposits were $25.4 billion, according to the release.

CBSH shares were trading at $54.64 as of 10:58 a.m., compared with a 52-week range of $42.96 to $68.10 per share.