Commerce Bank improves 1Q financials

Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) increased its first-quarter net income to $63.1 million, a 7.3 percent increase compared to $58.8 million a year earlier.

Diluted share earnings available to common shareholders moved up 7 cents to 65 cents for the three month-period ended March 31, according to a news release.

David Kemper, chairman and CEO of the Commerce Bank holding company, attributed the growth to higher revenue, especially in lending.

First-quarter revenue improved 12 percent to $283 million, while net loans moved up 8.4 percent to $12.5 billion.

“Average total loans increased by $313.1 million, or 10 percent annualized, this quarter compared to the previous quarter, with most of this growth occurring in business, construction and business real estate lending,” Kemper said in the release. “Average deposits also grew by $499.8 million, an annualized increase of 10 percent.”

As of March 31, Commerce held assets of $24.5 billion and deposits of $20.7 billion. The company operates 350 branches employing 4,765 in Missouri, Illinois, Kansas, Oklahoma and Colorado, according to the release.

CBSH shares were trading at $45.45 as of 11:26 a.m., compared to a 52-week range of $37.44 to $47.10.