While fourth-quarter net income was down, Commerce Bancshares Inc. (Nasdaq: CBSH) reported an overall gain in earnings during 2021.
The Kansas City-based Commerce Bank operator posted 2021 profits of $530.8 million, a 55% increase compared with $342.1 million in 2020, according to a news release. Fourth-quarter profits dropped 11.5% to $114.9 million.
"Commerce had a strong quarter to close out 2021, reflecting a growing economy and a resilient customer base," CEO John Kemper said in the release. "Corporate and retail spending levels continued to increase, amounting to growth of 12% in bank card transaction fees over the same period last year."
Full-year financial notes for Commerce Bank:
• Revenue moved up to $1.4 billion from $1.3 billion in 2020.
• The company had a negative provision for credit losses of $66.3 million, compared with a positive $137.2 million a year earlier.
• Salaries and employee benefits rose 2.4% to $525.2 million.
As of Dec. 31, Commerce Bank's assets were $36.7 billion and deposits were $29.8 billion, according to the release. The company operates five branches in Springfield, according to its website.
CBSH shares were trading at $68.39 as of 11:09 a.m., compared with a 52-week range of $61.81 to $79.10 per share.
The expanded facility is expected to reach annual revenue of $650M.