On better loan results, Kansas City-based Commerce Bancshares Inc. (Nasdaq: CBSH) reported increases in fourth-quarter and full-year earnings.
The operator of seven Commerce Bank branches in Springfield posted a 13 percent bump in fourth-quarter net income available to common shareholders to $69.3 million and a 2016 earnings boost of 4.6 percent to $266.4 million, according to a news release.
“Overall, Commerce saw strong performance in 2016, with loan growth of 8 percent and growth in earnings per share of 7 percent,” Commerce Chairman and CEO David Kemper said in the release. “Loan growth was solid this quarter, as average loans grew $231 million, or 7 percent annualized.
“This increase resulted from higher business real estate loan demand, coupled with good growth in residential mortgage and other consumer loans.”
Full-year financial notes:
• Revenue in 2016 came to $1.2 billion, a 6.6 percent increase from 2015.
• Salaries and employee benefits rose 6.6 percent to $427.3 million.
• Provision for loan losses moved up 26 percent to $36.3 million.
As of Dec. 30, Commerce held assets of $25.6 billion, deposits of $21.1 billion and loans of $13.4 billion. The company operates 340 branches in Missouri, Illinois, Kansas, Oklahoma and Colorado, according to the release.
CBSH shares were trading at $54.53 as of 10:55 a.m., compared with a 52-week range of $35.66 to $59.22.
