A 12.4 percent increase in fourth-quarter profits helped Commerce Bancshares Inc. boost earnings for all 2016 by 4.4 percent, the Kansas City-based banking company said Wednesday.
Commerce said higher loan volumes led to $71.6 million in profits during October, November and December, or 68 cents a share. A year ago, Commerce earned $63.7 million, or 60 cents a share in the quarter.
For the year, the company earned $275.4 million, or $2.61 a share, compared with $263.7 million, or $2.43 a share, a year ago.
Loan balances ended 2016 at $13.4 billion, compared with $12.4 billion a year earlier. Commerce said loan growth in the quarter came from business real estate loan borrowers as well as consumers seeking residential mortgages and other kinds of loans.
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Assets were $25.6 billion at the end of December, including $9.8 billion in investment securities. Deposits totaled $21.1 billion. The quarterly profit equaled a 1.14 percent return on average assets during the quarter.