Commerce in Mo. Posts Higher Profit on Card Fees, Loan Volume

Commerce Bancshares (CBSH) in Kansas City, Mo., posted stronger quarterly results because of higher card fees and loan volume.

The $22 billion-asset company's fourth-quarter earnings rose 1.2% from the third quarter and 9% from a year earlier, to $66.8 million, or 72 cents a share. Full-year earnings totaled $269 million.

Net interest income rose 5% from the third quarter but fell slightly from a year earlier, to $161.3 million. The loan portfolio increased by 2% from the third quarter and 7% from a year earlier, to $9.8 billion.

The company's noninterest income increased 2.4% from the third quarter and 10% from a year earlier, to $103 million, largely due to increases in bank card transaction fees.

The loan-loss provision increased 49% from the third quarter but fell 31% from a year earlier, to $8.3 million. Net chargeoffs rose 19% from the third quarter but fell 31% from a year earlier, to $10.8 million. Nonperforming assets fell 12% from the third quarter and 31% from a year earlier, to $64.9 million.

Commerce took $3.7 million in securities losses in the fourth quarter.

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