Commerce sees quarterly earnings gain

The holding company of Commerce Bank said its first quarter net income was up by $13.4 million.

The Kansas City, Mo.-based company said net income was $44.2 million compared to $30.8 million in first quarter 2009.

David Kemper, Commerce Bancshares chairman and CEO, said in a news release today that the increase in earnings came largely from growth in the company's core revenue as well as a decline in provision for loan losses and "solid" expense control.

"Although loan demand remains challenging, we grew our net interest income by $12.7 million," Kemper said.

Total assets at the company as of March 31 were $18 billion.