Commerce earnings gain 3 percent

The parent company of Commerce Bank had earnings of $3.09 per share for the year, up 3 percent from $3.01 per share in 2005. Net earnings for the year totaled $219.8 million, down slightly from $223.2 million the year before.

For the fourth quarter, earnings per share were 80 cents, an increase of 4 percent over the fourth quarter of 2005, and net income was up 1 percent to $57 million.

“Despite a challenging interest rate environment, we are pleased to report continued improvement in core operating earnings,” said David W. Kemper, Commerce Bancshares chairman and CEO, in a news release. He pointed to a 4.3 percent increase in net interest income for the fourth quarter over the previous three-month period, driven by loan growth and a small increase in net interest margin.

During the fourth quarter, the company also announced its plans to purchase South Tulsa Financial Corp., acquiring its two branch locations in Tulsa and its $107 million in loans and $101 million in deposits.

The company’s total assets as of Dec. 31 were $15.2 billion, total loans were $10 billion and total deposits were $11.7 billion.

Commerce Bancshares operates more than 350 locations in Missouri, Kansas and Illinois. Commerce shares (Nasdaq: CBSH) closed Jan. 16 at $48.77, compared to a 52-week range of $43.43 to $50.60.