The holding company of Commerce Bank reported slightly higher earnings in 2014.
The Kansas City, Mo.-based company said Tuesday that net income last year was $261.8 million, compared to $261 million in 2013.
Commerce Bancshares said its net income for the fourth quarter of 2014 declined nearly 5 percent from the same quarter a year ago: from $65.9 million to $62.7 million.
“Average loans grew modestly for the quarter but increased 5.4 percent over the same quarter last year,” Commerce Bancshares CEO David Kemper said in a news release. “Deposit growth continues to be strong, with average deposits increasing 7 percent annualized for the quarter, but low short-term interest rates continue to compress our net interest margin.”
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Commerce Bank ranks fifth in the Wichita area’s deposit market share, according to the Federal Deposit Insurance Corp.