Commerce sees lower earnings in 2013

01/14/2014 10:14 AM

01/14/2014 10:15 AM

The parent of Commerce Bank said Tuesday that its earnings for the final quarter and full year of 2013 were down from the same periods in 2012.

Commerce Bancshares said earnings for the fourth quarter were 69 cents a share on net income of $65.9 million, compared with 71 cents a share on net income of $66.8 million in the fourth quarter of 2012.

For 2013, earnings were $2.72 a share on net income of $261 million, compared with $2.76 a share on net income of $269.3 million in 2012.

David Kemper, chairman and CEO of the Kansas City, Mo.-based company, said in a news release that commercial and consumer loan growth was strong throughout 2013, and Commerce’s loan portfolio grew by $1.1 billion.

He said expenses in the fourth quarter increased by $5 million this quarter over the previous quarter.

The company’s assets at the end of the December totaled $23.1 billion.

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