Commerce Bancshares Q1 Earnings Top Views

reported better-than-expected earnings for the first quarter. The Kansas City, Missouri-based bank posted quarterly earnings of $61.1 million, or $0.61 per share, compared to $64.3 million, or $0.64 per share, in the year-ago quarter. The return on average assets was 1.05%, while the return on average common equity was 10.7% for the quarter. During the first quarter, average loans rose 4.0% from the year-ago period, while total average deposits gained $278.9 million from the previous quarter. Total non-interest income climbed 3.7% y/y to $106.4 million in the quarter, while non-interest expense rose 1.1% y/y to $163.7 million. At March 31, 2015, total loans were $11.7 billion, while total deposits were $19.6 billion. During the quarter, Commerce Bancshares paid a common cash dividend of $0.225 per share. David W. Kemper, Chairman and CEO, said, "Average loans grew by $142 million, or 5% annualized, this quarter compared to the previous quarter, with most of this growth occurring in business and automobile lending. Average deposits also grew by $279 million, an annualized increase of 6.0%. This quarter our net interest margin was relatively stable, exclusive of the decline in earnings on our inflation-protected securities." Commerce Bancshares shares rose 0.24% to $42.00 in pre-market trading.