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Kansas City-based Commerce Bancshares Inc.'s (Nasdaq: CBSH) earnings dropped by roughly 8% in 2022.
The company, which operates four Commerce Bank branches in Springfield, reported net income of $488.4 million, down from $530.8 million in 2021, according to a news release.
Revenue for the year rose 6.7% to nearly $1.5 billion. A higher provision for credit losses was among factors contributing to the bottom-line decrease.
"Taking stock of where we are and looking ahead into 2023, the strength of our deposit franchise and our long-term, conservative and disciplined approach to credit and capital management position us well in an uncertain environment," said John Kemper, Commerce Bank's president and CEO, in the release.
As of Dec. 31, Commerce Bank had assets of $31.9 billion and deposits of $26.2 billion, according to the release.
CBSH shares were trading at $65.38 as of 11:34 a.m., compared with a 52-week range of $62.80 to $75.21 per share.
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As a customer of Commerce Bank and Trust, I read with interest your story on Commerce Bank's net income loss of 8% in 2022. Given the brutal economic year our nation has experienced, I did a quick check on some other major banks and here's what I discovered as reported other net income losses in 2022:
Citigroup - 21% loss
Bank of America - 14.86% loss
Well Fargo - 40.43% loss
JP Morgan Chase - 29.7% loss
Made me grateful for Commerce Bank and Trust and also makes me wonder if our other area banks are reporting similar losses. Seems to me if our area banks are also reporting less than 10% losses, we are significantly outperforming some the major national banking groups in a most difficult financial season and that would be a great story to share.
I am a regular reader of SBJ and appreciate your work, community support and award recognitions.