Commerce Bank's profits dip in Q1

Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) reported a 5.7% dip in profits during the first quarter.

The operator of four Commerce Bank branches in Springfield posted net income of $112.7 million, or 86 cents per diluted share, compared with $119.5 million, or 91 cents per diluted share, a year earlier, according to a news release.

President and CEO John Kemper said in the release that "interest rates continue to be elevated and put downward pressure on bank balance sheets" but was overall pleased with the results.

"Commerce delivered a strong financial performance for the first quarter," Kemper said in the release. "Our results are a reflection of fundamental strength and a diversified business model, and evidence of our ability to perform well through economic cycles."

As of March 31, Commerce Bank's assets were $30.4 billion and deposits were $24.4 billion. The company reported in a separate news release that its board approved the repurchase of 5 million shares, including the amount remaining from an April 2022 authorization.

CBSH shares were trading at $54.46 as of 10:48 a.m., compared with a 52-week range of $42.96 to $56.75 per share.