Commerce reports lower first quarter earnings

04/11/2013 10:37 AM

04/11/2013 10:38 AM

The holding company of Commerce Bank said Thursday a decline in net interest income drove its earnings lower in the first quarter.

Commerce Bancshares said its net income was $61 million in the three-month quarter ending March 31, compared with $65.8 million the same period a year ago.

“Low interest rates, affecting both loans and investments, coupled with a decline in interest on our inflation-protected government securities of $4.8 million, resulted in a decline in net interest income,” David Kemper, Commerce Bancshares chairman and CEO, said in a news release.

The decline, Kemper said, was partially offset by a decline in credit costs and non-interest expense. He said the company saw strong revenue growth in its corporate card, merchant and trust fee businesses, compared with the first quarter of 2012.

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