Commerce Bank shares hit new high on earnings report

Shares of Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) climbed to a new 52-week high this morning after the company released its first-quarter earnings report.

The company’s stock rose 4.3 percent from yesterday’s closing price to the new high of $61.93 this morning. The 52-week low is $51.90.

The operator of six Commerce Bank branches in Springfield posted $96.7 million in net income available to common shareholders, up nearly 43 percent from $69.3 million a year earlier. Diluted share earnings rose to a company record of 92 cents from 65 cents in first-quarter 2017, according to a news release.

“We continued to see strong growth in top-line revenue this quarter driven by a favorable interest rate environment and growth in our fee-based businesses,” Commerce Chairman and CEO David Kemper said in the release.

First-quarter financial notes:
    •    Commerce Bank’s revenue jumped by 8.6 percent to $312.6 million.
    •    Salaries and employee benefits rose 3 percent to $115.9 million.
    •    Provision for loan losses increased by 6.6 percent to $10.4 million.

As of March 31, Commerce Bank held assets of $24.6 billion, deposits of $20.5 billion and loans of $13.9 billion. The company operates 330 branches in the central United States, according to the release.