Commerce Bancshares (CBSH) in Kansas City, Mo., reported lower quarterly earnings because of lower income from lending.
The $23.1 billion-asset company's fourth-quarter earnings fell 1% from a year earlier, to $65.9 million. Earnings per share of 69 cents were 2 cents higher than the estimates of analysts polled by Bloomberg.
Net interest income fell 4% from a year earlier, to $154.9 million. Noninterest income rose 6% from the fourth quarter of 2012, to $109.5 million, because of higher corporate card and trust fees.
Noninterest expenses rose 2% from a year earlier, to $161.3 million, partially because of higher salaries and employee benefits and increased costs from data processing and software.
Commerce slashed its loan-loss provision by roughly a third from a year earlier, to $5.5 million. Net chargeoffs fell by 31% from the fourth quarter of 2012, to $7.5 million.
The company completed its purchase of the $261 million-asset Summit Bancshares in Tulsa, Okla., during the third quarter.