Commerce Bank reports profit decrease in 4Q, 2013

Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) recorded fourth-quarter earnings of $65.9 million, a 1.3 percent decrease compared to profits of $66.8 million in the same quarter of the prior year.

The holding company, which operates seven Commerce Bank branches in Springfield, reported flat diluted earnings per share of 69 cents for the quarter ended Dec. 31, according to a news release.

Full-year profits also decreased, by 3.1 percent, to $261 million in 2013 from $269.3 million in 2012. Diluted earnings per share for last year dropped 4 cents to $2.72.

Full-year financial notes:

• Commerce completed the acquisition of Tulsa, Okla.-based Summit Bancshares Inc. during the third quarter, a move valued at roughly $44 million in Commerce Bancshares stock.
• The company's loan portfolio increased by $1.1 billion, or 11 percent, with more than $200 million in loans added through the Summit acquisition. Net loans were up to $10.8 billion as of Dec. 31.
• Net interest income for the year ended Dec. 31 was $619.4 million, down 3.2 percent from $639.9 million recorded in 2012.

As of Dec. 31, Commerce's assets totaled $23.1 billion and deposits were $19 billion. The company operates some 360 locations in Missouri, Illinois, Kansas, Oklahoma and Colorado, according to the release.

CBSH shares were trading at $44.60 as of 10:24 a.m., compared to a 52-week range of $34.29 to $46.03. The company's shares closed at $45.06 yesterday, before the release of its earnings report this morning.