Commerce Bank reports higher first-quarter earnings

Earnings per share for the quarter totaled 89 cents, up 27 percent from the 70 cents per share recorded in first quarter 2007. Net income for the quarter totaled $64.2 million, up from $51.5 million last year.

“Despite a difficult economic environment, we were pleased to report revenue growth of 8 percent this quarter,” Chairman and CEO David W. Kemper said in a news release. “These higher revenues were the result of a 7 percent increase in our net interest income, coupled with continued solid growth in noninterest income.”

Net interest income for the quarter was $140 million, up from $131.5 million in first-quarter 2007, while noninterest income was $92.2 million, up from $84.3 million the year before.

Shares of Commerce Bancshares (Nasdaq: CBSH) closed Friday at $42.85, compared to a 52-week range of $38 to $46.32.