Commerce Bank's profits inch up in Q1

Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) reported a slight net income increase in the first quarter.

The company, which operates four Commerce Bank branches in Springfield, recorded profits of $119.5 million, a 1.1% increase from $118.2 million in the same quarter of 2022, according to a news release. Diluted share earnings were 95 cents, topping the 92-cent mark reported a year earlier.

“Our first-quarter results are the product of the consistent and conservative business model that Commerce has executed for nearly 160 years,” said John Kemper, the company's president and CEO, in the release. "Although disruption from recent bank failures may be felt across the industry for a period of time, we see this as a moment for our franchise to differentiate itself as a safe haven and bring peace of mind to customers who put a lot of trust in Commerce and in the banking system."

Revenue during the quarter grew 14.3% to $389.2 million.

Commerce Bank's assets were $32 billion and deposits were $24.7 billion at the end of the first quarter, according to the release.

CBSH shares were trading at $54.37 as of 10:49 a.m., compared with a 52-week range of $53.18 to $75.21 per share.