Commerce Bank ends the year with a gain in net income

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While fourth quarter net income was down, Commerce Bancshares Inc. (Nasdaq: CBSH) reported an overall increase in earnings in 2021.

Kansas City-based operator Commerce Bank reported profits of $530.8 million in 2021, a 55% increase from $342.1 million in 2020, according to a news release. Fourth-quarter profits fell 11.5% to $114.9 million.

“Commerce had a strong quarter to close out 2021, reflecting a growing economy and a resilient customer base,” CEO John Kemper said in the statement. “Business and personal spending levels continued to rise, amounting to 12% growth in credit card transaction fees compared to the same period last year.”

Commerce Bank Annual Financial Notes:
• Revenues increased from $1.3 billion in 2020 to $1.4 billion.
• The company had a negative provision for credit losses of $66.3 million, compared to a positive provision of $137.2 million a year earlier.
• Salaries and benefits increased by 2.4% to $525.2 million.

As of December 31, Commerce Bank‘s assets were $36.7 billion and deposits were $29.8 billion, according to the statement. The company operates five branches in Springfield, according to its website.

Shares of CBSH were trading at $68.39 at 11:09 a.m., down from a 52-week range of $61.81 to $79.10 per share.

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