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.
Sign Up and Save
Get six months of free digital access to The Wichita Eagle
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.