Commerce Bancshares reports higher quarterly profit, loan growth

Commerce Bancshares on Wednesday reported a slightly higher fourth-quarter profit as loan demand remained strong.

The Kansas City-based banking company earned $63.7 million in the quarter that ended Dec. 31, up from $62.7 million in the final quarter of 2014. Revenue for the quarter climbed to $278.4 million, compared with $264.2 million in the same period in 2014.

For the year, Commerce earned $263.7 million, compared with $261.8 million in 2014.

David Kemper, Commerce’s chairman and chief executive, said loan growth “remained strong” in the fourth quarter, particularly for business and commercial construction loans. Business real estate, automobile and credit card loans also grew, Kemper said.

The company reported total assets of $24.6 billion at the end of 2015, total loans of $12.4 billion and total deposits of $20 billion.

This story was originally published January 20, 2016 at 11:43 AM with the headline "Commerce Bancshares reports higher quarterly profit, loan growth."