Commerce Bank's profits more than double

Driven largely by a lower provision for credit losses, Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) more than doubled its first quarter earnings.

Net income available to common shareholders rose 164% to $131 million, or $1.11 per diluted share, according to a news release. The Commerce Bank operator has six branches in Springfield.

The company’s provision for credit losses was down by more than $60,000 compared with a year earlier.

"Continued economic recovery coupled with a more optimistic outlook resulted in a lower estimate of the allowance for credit losses and reduced our provision for credit losses this quarter," CEO John Kemper said in the release.

First quarter financial notes for Commerce Bank include:
• revenue up 5.3% to $341.8 million;
• a drop in full-time equivalent employees to 4,619, compared with 4,854 a year earlier; and
• salaries and employee benefits that were roughly flat at $129 million.

As of March 31, Commerce had $33.3 billion in assets and $27.4 billion in deposits, according to the release.

CBSH shares were trading at $76.58 as of 11:20 a.m., compared with a 52-week range of $48.61 to $83.06 per share.