Commerce Bank reports stable fourth quarter

Kansas City-based Commerce Bancshares Inc. this morning reported fourth-quarter profit relatively unchanged from the same period a year earlier.

Net income for the quarter was $43.8 million, nearly on par with $43.7 million a year before. Earnings were 58 cents per share, also unchanged from fourth-quarter 2007.

For the year, net income was $188.7 million, down 9 percent from $206.7 million a year earlier. Earnings were $2.48 per share, down 8 percent from $2.69 in 2007.

During the quarter, Commerce increased its loan loss allowances by $16.6 million to $172.6 million. Net loan charge-offs for the quarter were $24.7 million, up from $18.7 million in the third quarter; about 63 percent of those losses were related to nonresidential consumer loans.

Total assets as of Dec. 31 were $17.5 billion.

"Our key objective last year was to navigate through the deteriorating economy and severe dislocations in the financial markets, while continuing our long-term plan to build our franchise," Commerce Chairman and CEO David W. Kemper said in a news release. "In the face of these challenges, we strengthened our balance sheet while maintaining strong capital and excellent liquidity."

Shares (Nasdaq: CBSH) closed Monday at $37.38 and were trading down at $36.45 as of 11 a.m. The 52-week range is $34.76 to $52.86.

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