Commerce Bank's annual profits dip

Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) recorded $257.7 million in 2014 net income available to common shareholders, a 1.2 percent decrease compared to earnings of $261 million in 2013.

The company, which operates seven Commerce Bank branches in Springfield, posted diluted share earnings for the year of $2.61, a 2-cent dip, according to a news release.

2014 financial notes:

• Fourth-quarter net income available to common shareholders fell 8.3 percent to $60.5 million from $65.9 million in the same quarter a year ago. Diluted share earnings for the quarter dropped 3 cents to 62 cents.
• Salaries and employee benefits for the year rose 4.7 percent to $384.1 million.
• The company paid a cash dividend in the fourth quarter of 21 cents per common share, a 5 percent bump over the same quarter in 2013.

As of Dec. 31, Commerce Bancshares’ assets were $24 billion, deposits were $19.5 billion and loans totaled $11.5 billion. The company operates over 350 branches in five states, according to the release.

CBSH shares were trading at $40.08 as of 8:39 a.m., compared to a 52-week range of $38.10 to $45.70.